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BUS. ADM.
LIBRARY
t (.
o-
TV
ommerrial f
RCO, U.
COPYRIGHTED IN 1#41 8Y WILLIAM B.
DANA COMPANY, NEW YORK.
ISSU6d^e«eYtraCw-
VOL 153.
PAT. OFFICE
ENTERED AS SECOND-CLASS MATTER
JUNE 23, 187B, AT THE POST OFFICE AT NEW YORK. NEW YORK, UNDER THE ACTOF MARCH 3, 187#
NEW YORK, AUGUST 23,1941
NO. 3974.;
.
BROOKLYN TRUST
CHASE
THE
COMPANY
NATIONAL
BANK
Chartered 1866
OF THE CITY OF NEW YORK
OF
I
1
.
'
George V. McLaughlin
President
BROOKLYN
NEW YORK
Member Federal Deposit Insurance
Corporation
NEW
Broaden your customer
sen
YORK
ice with Chase
correspondent
facilities
Member Federal Deposit Insurance
Corporation
Hallgarten & Co.
i:
Established 1850
STATE
NEW YORK
AND
London
Chicago
MUNICIPAL
[City of
BONDS
Philadelphia
Bonds
"Guide to Railroad
Reorganization Securities"
Improved 1941 Issue
The New and
Containing all New Plans of Reorganiza¬
tion and all the changes in prior plans,
together
detailed
with
system.
maps
of
each
The
FIRST BOSTON
CORPORATION
:
There will be only one
BOSTON
NEW YORK
This book is now
S5
Moncure Biddle & Co.
printing
available at
per copy
SAN FRANCISCO
PHILADELPHIA
(Including New York City Sales Tax)
philadelphia
CHICAGO
AND OTHER PRINCIPAL
CITIES
Pflugfelder, Bampton & Rust
Members
New
York
Stock Exchange
61 Broadway
New York
Telephone—DIgby 4-4933
J
Bell Teletype—NY 1-310
-
Riter & Co.
The
Members New York Stock
New York Trust
Exchange
NewYork Curb Exchange (Associate)
Members
Members
Chicago Stock Exchange i
Philadelphia Stock, Exchange
Company
48 Wall
Capital Funds
.
$37,500,000
OTIS & CO.
(Incorporated)
Street, New York
CHICAGO
PHILADELPHIA
Morristown
IOO BROADWAY
St. Paul
Milwaukee
Rochester
Hartford
Easton
Established 1899
NewYork
CLEVELAND
Chicago
AVENUE
MADISON
R. H.JOHNSON & CO,
AND 40TH
STREET
LAMBORN & CO., INC.
99 Wall Street. N. Y. C
INVESTMENT SECURITIES
64 Wall
sugar
NewYork
Street
Export—Imports—Futures.
TEN
DIgby 4-2727
PHILADELPHIA
BOSTON
ROCKEFELLER
PLAZA
Canadian Securities
Carl JVLLoeb, Rhoades & Co.
i
61
BROADWAY
Member of the
NEW YORK
,
London
Geneva
Buenos Aires
HART SMITH & CO.
Federal Deposit
Insurance
Corporation
52 William St.
Montreal
NEW YORK
Toronto
'
II
The Commercial & Financial Chronicle
Aug. 23,
1941
Dividends
-Manville
American
Corporation
The
DIVIDEND
Telephone and
Director# declared
The Board of
regular
a
quarterly dividend ol $1.75 per #hareon the
Cumulative 7% Preferred Stock, said divi¬
dend to be payable October 1,1941 to holdera
of record of all shares outstandiogon Septem¬
Telegraph Company
EXPANDIT
such shares
as
shall have been drawn on September 4,
1941 for redemption on October 1, 1941. The
holders of the Preferred Stock drawn for re¬
ber 17,1941 with the exception of
3% Convertible
demption will receive an amount equivalent
to the regular quarterly dividend as part of
redemption price of their stock. A divi¬
dend of $.75 per share was declared on the
Common Stock payable September 24, 1941
to holders of record September 10, 1941.
Debentures (1956)
;
-
Binder
the
(When, as and if issued)
Practical
A
and
SerOiceable Binder
C. H. ROBERTS, Treasurer
for
Rights
Magazines
your
and Periodicals.
L I. du Pont de Nemours
& Company
Wilmington, Del awake: August
Prospectus on request
Directors has declared
The Board of
Member sJNewT York Stock Exchange
Members
York Curb Exchange
New
the outstanding
Preferred Stock, payable October 25, 1941, to
stockholders of record at the close of business on
October 10, 1941; also $1.75 a share, as the
third "interim" dividend for 1941, on the out¬
standing Common Stock, payable September 13,
1941, to stockholders of record at the close of
business
126 Broadway, N.
adjustable to the size of the
Its back Is
number
of
issues
It
contains,
thereby
eliminating all waste space and adding greatly
its
to
This is
appearance.
feature.
The magazines
en
are
exclusive
held In place
wire holder, and can be inserted
In lees time than it takes to tell about It;
without
punching
holes,
pulling strings,
or mutilating the copies in any way.
by means of
August 25, 1941.
on
Y. Tel. REctor 2-7815-30
so constructed
that It will always open flat, whether it be
filled to its capacity of six-inch expansion,
or whether it contains only one issue.
dividend of $1.12J4 a share on
MCDonnell & Co-
"Expandit" Binder it
The
18, 1941
this day a
W. F. RASKOB, Secretary
a
Successive or Intervening Issues may be in¬
serted without the necessity of disturbing
KANSAS CITY POWER & LIGHT COMPANY
Dividend No. 59.
August 20, 1941.
Preferred, Series B.
Kansas City, Missouri.
First
The
Dividends
quarterly dividend of $1.50 per
Stock of
regular
share on the First Preferred, Series "B",
that
Radios
I
CORPORATION
Radio-Phonographs
•
Auto Radios
Tubes
•
Air Conditioners
•
•
Refrigerators
Batteries
1
COMMON
Whether
ber 13
have declared
five
on
is
the
cents
Aug. 26th,
on
third
dividend
This
twenty-five
1941.
of
($.25) declared this
PHILCO
C.
H.
AND
STOCK
($.25) per share, payable
Sept. 12th, 1941,10 stockholders
of record
Calumet
pany
1941.
of record
share
a
on
June
Common
24,1941
Directory of Stock
and Bond Houses
^Security Dealers of
North America9'
A
lar
and
fifty
the
on
cents
($1.50)
outstanding
per
value)
1941
Thirty (30) Cents per share has
the Capital Stock ($5.00 par
Company, payable October 15,
to
stockholders
of record
at
J.
R.
FAST,
stock, payable September 13, 1941,
of business
the
close
Starts*
Corporation
On August 19, 1941, a dividend of 37% cents
share was declared on the stock of this
Corporation, payable September 15, 1941, to
maintained
address
and
Stock.
used
for
One
Pound
Seven
H. E.
Ordinary
Coupon No. 187 must be
Dividend.
All transfers received in order at
London
on
or
before
August 29th
of divi¬
will be in time for payment
dend to transferees.
BRITISH-AMERICAN
TOBACCO COMPANY, LIMITED
August 19, 1941
of
street
rssldsnt
of
bnslnsss
and
class
of
■took
Bxchange
memberships
htld.
DODGE, Secretary.
Frlvats
Wire
Conneetlons.
Booal and Bong Distance Telephone
V limbers.
Notice
Pence
of
with
Correspondents.
At a meeting of Directors held
August 19, 1941 in England, it was
decided to pay on September 30th
Dividend of
names
ssonrltlss handled,
stockholders of record at the close of business
August 29, 1941.
each
as:
Fartnsrs.
or
Character
per
Interim
ani
details
managers.
Dividend No. 52
for
arranged
States
Department Beads.
Branches
Newmont Mining
B. E. HUTCHINSON
by
fall
Address.
Offloers
Secretary.
close
August 25, 1941.
Chairman, Finance Committee
with
of
September 26, 1941.
common
to stockholders of record at the
Cities
on
of this
business
listings
alphabetically
A dividend of
declared
Page Book containing
11,000
over
Broadway
New York, August 19, 1941.
been
1080
YORK TRANSIT1COMPANY
26
dol¬
New York City
Spruce St.,
Stock have
Philadelphia, Pa.
COMMON STOCK
share
25
dividend of 20 cents
declared, payable Septem¬
ber 30,1941, to respective holders
August 29,1941.
THE UNITED GAS IMPROVEMENT CO.
NEW
one
application
The "EXPANDIT' Binder
The quarterly dividend of $1.25
a share on $5 Dividend Preferred
ON
dividend of
on
NICHOLAS, Secretary.
D.
Stock and
you oct the poop twnqi bust from chrysiee cwoeahon
a
Plus postage
Prices for larger sizes
COMPANY
I. W. MORRIS, Treasurer
Chrysler Corporation
13x8 >4 inches
Price $2,00 each
of record at the close of business August 30,
Checks
will be mailed from the
Old
A.
PLYMOUTH
have declared
In sizes up to
every
Boston, August 20, 1941.
DE SOTO
The directors of
or
thin, the
adjustable to its
feature that
proved of practical value and it avoids
are objectionable.
CONSOLIDATED
HECLA
been
DIVIDEND
thick
is
Colony Trust Company, Boston, Mass.
year.
DODGE
be
embodies
Hecla Consolidated Copper Com¬
and
CORPORATION
Yj_L E R
Issue
Binder
It
DAVIS, Assistant Secretary
A dividend of twenty-five cents ($0.25) per
share will be paid on September 13, 1941, to
holders of the outstanding Capital Stock of the
a
C H R
has
Dividend No. 37
dividend of twenty-
a
"Expandit"
All persons holding stock of the company are
requested to transfer on or before September 13,
1941, such stock to the persons who are entitled
to receive'the dividends.
COPPER
cents
an
all that
1941.
ON
The directors of Philco Corporation
remain
thickness.
CALUMET
DIVIDEND
you
the others
the Kansas City Power & Light Company has
been declared payable October 1, 1941, to stock¬
holders of record at the close of business Septem¬
PHILCO
You handle only the particular
desire to Insert or remove,
in their proper position.
other issues.
copy
The
Bank
of
Suisun,
National
Association
located at Suisun, in the State of California is
closing its affairs.
All note holders and other
creditors of the association are therefore hereby
Published semi-mnmuelly
HERBERT II. SfilBERT & CO.
notified to present the notes and other claims
Incorporated
for payment.
F.
S.
Publishers
JONES, President
Dated July 9, 1941
15
The Winters National Bank located at Winters,
in the State of 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.
W. W.
Dated July 8, 1941;
STARK, Cashier.
SPRUCE STREET
NEW YORK CITY
Telephone—BEekman 3-1717
Volume
The Commercial & Financial Chronicle
153
This announcement appear*
This is not
an
offering prospectus.
III
matter of record.
as a
The offer of these securities is made only by the offering prospectus which, however, does not constitute
underwriter to sell these securities in any state to
These issues,
though registered,
to whom it is unlawful for such underwriter to make such offer
not approved or disapproved by the Securities and Exchange Commission,
any person
are
which does not pass on
the merits of
any
an
offer by
any
in such state.
registered securities.
Standard Oil Company of California
$25,000,000 2%% Debentures, due August 1,1966
$15,000,000 Serial Notes
Due $1,500,000 on each August 1, 1946 to 1955, inclusive
The several maturities of Serial Notes bear interest
as
follows:
1946
Dated
in each
1948
1.45%
1950
1.80%
1952
100%
1954
110%
1947
in part
1.05%
li5
1949
1.65
1951
1.90
1953
105
1955
120
August 1,1941. Interest payable February 1 and August 1. Redeemable (otherwise than for the sinking fund), at the option of the Company, as
by lot, and, as to the Notes, in part by redemption of all of any one or more maturities), at any time, upon at least thirty days' published notice,
plus accrued interest:
case
of
1% for each full
year
as to
the Debentures, to and including August 1,1945 at
a whole (or, as to the Debentures,
at the following redemption prices
periodically reducing prices; as to the Notes, at 100% plus 15/100
redeemable for the sinking fund, by lpt, at 100% plus accrued interest.
104)^%, and thereafter
from the date of redemption to the maturity date. The Debentures
are
at
The
following is a briej outline of certain injormalion contained in Ihe offering prospectus and is subject to the more detailed statements in such prospectus and in
registration statement, which also include important injormalion not outlined or indicated herein. The offering prospectus, which must be furnished to each
purchaser, should be read prior to any purchase of these securities.
the
THE COMPANY: Standard Oil
Company of California
was
organized
on
CAPITALIZATION: Funded debt and capital stock of the Company as of June 30,
1941, adjusted to give effect to the issue and sale of the Debentures and Notes and to
January 27,
1926, under the laws of Delaware. The Company is primarily an operating company
engaged in the acquisition and development of prospective and proven oil and gas
lands; the production, purchase, transportation and sale of crude oil and natural
the prepayment of the
gasoline; the refining of crude oil; the production, purchase, processing and sale at
wholesale of natural gas; and the manufacture,
transportation and wholesale and
Issue,
Company's $25,000,000 of 2.15% Unsecured Installment Notes
(the entire funded debt presently outstanding) referred to below under Purpose of
are as
follows:
2%%, Debentures, due August 1, 1966.
retail
$25,000,000
$15,000,000
marketing of petroleum products. The Company also holds securities of sub¬
sidiary and other companies, most of which are engaged principally in one or more
phases of the petroleum industry, or in businesses related thereto, in the United
Serial Notes, due $1,500,000
States and in foreign countries. The principal properties of the Company and its
unproven oil and gas properties, natural gasoline
plants, transportation facilities (including pipe lines and tankships), marine terminals,
refineries, and marketing facilities.
PURPOSE OF ISSUE: The net proceeds to be received
by the Company from the
sale of the Debentures and Notes will amount to
Capital Stock,
subsidiaries include proven and
no par,
on
each August 1,1946 to 1955, inclusive..
stated value $25 per share
sive of accrued interest and after
13,003,953 shs.
approximately $39,822,498, exclu¬
deducting underwriting discounts and $215,002 as
The Company and its subsidiaries intend to continue to carry on business of the gen¬
the estimated amount of
expenses payable by the
issues. Of the net proceeds, $25,000,000 is to be
eral character described above.
of the Debentures and
Installment Notes
other funds of the
EARNINGS: The following tabulation of profit and loss of the Company and consoli¬
Company). The balance of such net proceeds will be added to the
Company's general funds and no allocation of such balance to any particular purpose
has been or is to be made. The
general funds of the Company will be used from time to
dated subsidiaries has been condensed from the consolidated statement of
(in which certain substantial charges to earned surplus
are
at
Company in connection with the
applied, simultaneously with the sale
Notes, to the prepayment of the Company's 2.15% Unsecured
the principal amount thereof (interest thereon to be paid out of
earnings
referred to) included with
ments,
offering prospectus. Such financial state¬
together with the notes appearing thereon or appended thereto, and the
certificate of Messrs. Price, Waterhouse St Co., independent public accountants, all
contained in the offering prospectus, should be read in conjunction with the following
time for corporate purposes as the Board of Directors
may determine. From such funds
the Company expects from time to time to make substantial
capital expenditures in¬
tabulation, to all of which such tabulation is subject:
opment work on domestic oil lands and
the financial statements contained in the
volving,
of the
Six Months
A:
Ended
1938
Gross
operating income.
Cost
of
products
1939
1940
$177,650,184
$176,144,614
$ 91,793,186
an
ation,
133,362,758
130,485,504
20,545,576
19,501,302
18,950,759
9,273,950
explora-
Profits
expenses
or
6,534,492
8,207,989
6,036,835
155,473,098
77,863,573
16,578,135
20,671,516
13,929,613
240,744
1,856,536
DEBENTURE SINKING FUND: The
2,386,773
161,072,049
30,111,821
tion
982,412
......
(273,261)
Other income and credits
3,123,965
2,980,242
2,322,945
19,799,121
24,850,997
15,580,638
160,244
537,291
268,750
2.15% Notes
—
486,872
356,372
326,120
1,400,000
1,500,000
1,916,616
2,363,411
Subject to certain terms and conditions, the underwriters
(including the undersigned) have severally agreed
purchase the Debentures and Notes from the Company, not later than the eighth
full business day after the registration statement becomes
effective, at 100ji% and
99%, respectively, or a total of $40,037,500, plus accrued interest. The Debentures
2,810,571
$ 28,875,653
$ 17,882,505
$ 22,487,586
Company is to covenant in the Indenture
to
; 2,432,000
4,086,872
tax...........
sub¬
named in the offering prospectus
109,821
3,600,000
Sundry deductions
any
UNDERWRITING:
Provision for Federal in¬
Net profit.........
City of
addi¬
cash received by the Trustee as a Sinking Fund
payment is to be applied to the
redemption of Debentures, by lot, at the principal amount thereof plus accrued in¬
terest, on August 1 next following the receipt of such cash by the Trustee.
668,613
32,962,525
come
of the
by the
Company for cancellation or previously redeemed, otherwise than through the Sinking
Fund, and not theretofore applied as a credit with respect to the Sinking Fund. Any
in for¬
eign countries
on
to be issued under
that it will, on June 15, 1956, and on each June 15
thereafter, pay to the Trustee the
of $1,500,000 in cash, less the principal amount of Debentures delivered
wholly-owned subsidi¬
Interest
are
not to authorize the issuance of
any
sum
(losses) (net) of
aries operating
Trustee. The Indenture is
exceptions) without effectively providing that the Debentures and Notes (together
with, if the Company should so determine, any other indebtedness ranking equally
with the Debentures and Notes, including guarantees of indebtedness of
others) shall
be secured by the security of such secured indebtedness
equally and ratably there¬
with, all as more fully to be provided in the Indenture.
development
150,736,308
';
as
nor the Notes are to be secured but the Company
is to covenant in the Indenture not to create secured indebtedness
(with certain
for
depreci¬
depletion and
and
York,
sidiary. Neither the Debentures
66,202,850
costs, abandonment
losses
foreign oil lands of subsidiaries
Company, principally in South America.
exceptions) by
123,656,240
amortization
Prospect
refining equipment and processes,
financing of exploration and devel¬
of the
tional securities thereunder, but is not to restrict the issuance of other securities
by
the Company, except as indicated below, or (with certain
sold
expenses.........
new
on some
Indenture, dated August 1, 1941, with The Chase National Bank
New
and selling and gener¬
al
Provision
other things, installation of
DEBENTURES AND NOTES: The Debentures and Notes
June 30,1941
$180,848,129
among
the expansion of transportation facilities and the
and Notes
are
to be offered at the
accrued interest. The
are
$ 12,770,067
\
prices set forth below, or a total of $40,587,500, plus
underwriting discounts with respect to the Debentures and Notes
or a total of $550,000 (not including $25,000 to be
%% and lA%, respectively,
paid by the Company to the underwriters in partial reimbursement of their expenses).
Prices:
102V2% for the Debentures
993/4% for the Serial Notes (all maturities)
plus accrued interest from August 1,1941
to the date of
delivery
The offer of these securities is made only by the offering prospectus and is subject to the terms of offering set forth therein, and to approval of legal proceedings
v,
by Messrs. Wright, Gordon, Zachry, Parlin c3 Cahill, counsel for the underwriters, and vy Messrs. s. iiioi/aty, sr* iiiscuvi i e3 Sulro, counselfor the Company. £.1
by
Pillsbury, Madison
It
is expected that the Debentures and Notes in temporary form will be ready for delivery on or about August22,1941, at the office of Dillon, Read <3 Co., New York,
against payment therefor in New York funds.
tS'USCf
TO FACILITATE THE OFFERING, IT IS INTENDED
Wf
lite
Of
urtu.
TO STABILIZE THE RESPECTIVE PRICES OF THE DEBENTURES AND NOTES. THIS STATEMENT
IS NOT AN ASSURANCE THAT SUCH RESPECTIVE PRICES WILL BE STABILIZED OR THAT THE
STABILIZING,
IF COMMENCED, MAY NOT BE DISCONTINUED AT ANY TIME.
financial statements, is contained in the registration statement on file with the Securities and Exchange Commission,
offering prospectus which must be furnished to each purchaser and is obtainable from the undersigned.
Further information, particularly
and in the
Dillon, Read & Co.
August 21, 1941.
No. 3974
AUGUST 23, 1941
Vol.153
CONTENTS
Editorials
1029
The Financial Situation
.....1041
Amending the Securities Acts
..1044
Patriotism.
Comment and Review
Earnings of United States
the Six Months Ended June 30.
Gross and Net
Week
the European
on
Railroads for
—1046
1033
Stock Exchanges
—1033
1038 & 1079
Situation
Exchange Rates and Comment
Foreign Political and Economic
Foreign
Course of the Bond
..1050
.1050
1031
1077
Market
Indications of Business
Activity
Week
on
the New York Stock
Week
on
the New York Curb
Exchange
Exchange
News
Current Events
Bank and Trust Company
General
.1062
and Discussions
.1076
Items
.1120
Corporation and Investment News..
.1156
Dry Goods Trade
State and
.1157
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
1079
...
1079
1079
Auction Sales
.1079
New York Stock Exchange—Stock Quotations
1088
*New York Stock Exchange—Bond Quotations. 1088 & 1098
New York Curb Exchange—Stock Quotations.
1104
♦New York Curb Exchange—Bond Quotations.
1108
Other Exchanges—Stock and Bond Quotations..
1110
Canadian Markets—Stock and Bond Quotations
1114
Over-the-Counter Securities—Stock & Bond Quotations. 1117
Dividends Declared
—
Reports
1079
Foreign Bank Statements
Course of Bank Clearings.
...
Federal Reserve Bank Statements
General Corporation
..1077
..1030 &
1085
and Investment News.. .........1120
Commodities
The Commercial
Markets and the Crops
Cotton...
Breadstuff s
*
on
Attention
column incorporated in our tables
and New York Curb Exchange bond quota¬
is directed to the new
New York Stock Exchange
tions
Published Every
...
....1147
1149
1153
pertaining to bank eligibility
Saturday Morning by the William
and rating.
B. Dana Company, 25 Spruce Street, New York City, N. Y.
William D. Rlggs, Business Manager.
Board and Editor; William Dana Seibert, President and Treasurer;
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle
Edwards & Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1941 by William B. Dana Company.
June23,1879, at the post office at New York, N. Y.. under the Act of March 3.1879.
Subscriptions
Herbert D. Seibert, Chairman of the
Street (Telephone State 0613). London—
Entered as second-class matter
in United Statec and Possessions, S18.UO
Other offices:
and Central America, Spain, Mexico and
8er year, $10.00 for 6 months; in Dominion of Great Britain, Continental Europe (except Spain), Asia. Australia and Africa, $23.00 per year,
South
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: On account
of the fluctuations in the rates
of exchange, remittances
for foreign subscriptions and
advertisements must be
made in New York funds.
The Financial Situation
WHAT is knownhas the morale to
as
of
created
army
of
now
daily discussion in the
little
those
who
the
to
concern
been
called
used
the
envisage
subject of
a
future
For
a
holding
as
"team
the
sporting world,
military establishment
regular, frequent and
hement,
but
in the
ranks
not good.
was
recently official denials of
any
the
is
less
the
a
affairs
of
than
personage
Chief
of
Staff, who,
however, finds the
of
the
he
condition
calls
the
the
cause
what
in
"morale
of
people behind the
army."
there
is
In
event
any
evidently
lack
a
of enthusiasm and
without
any
army
want
a
be
limit
effective
which
have
must
the
in
battle
to
field
the
adequacy of equipment
hand—which
at
what
matter
110
cause
or
Failure
to
incident¬
ally is still woefully want¬
Until quite
would invite disaster.
likely to
Approach Needed
the
thousand years.
ap¬
.
At
home, for
hope that the
orable
could be
in
slaughter
time
a
is, and this is what makes
with
which,
more
se¬
rious than otherwise would
be the case,
greater
no
So
industrial
we
were
forced
to
hope,
armies
and
are
tend
appeasers
for
and compromisers who
treaties
with
forces
of treaties;
who
are
]
of
now
covered and officials
admit
is
than
a
more
dis¬
now
army
or
longer
be
con¬
are
in
some
as
matters, should
this
type
this
entirely
should
not
solemn
being played by his
part
who
sons
officers
Young Dem-
have
in
our
establishment
Louisville,
become
military
via
"the
political
recognized
of the factors which
have
proving
instance.
ant
approach is needed, and
longer deferred.
new
be
way"
some
astute as he is in
long ago have
of appeal is not
that
in
belligerent
more
easy
President,
effective
as¬
the
warnings; the conspicuous
Ky., Aug. 21.
The
world
which
outgivings and
convinced that only by having the brigand
nations stopped abroad is there safety for
at
a
President continues to in¬
are
convention
as
with
terlard his
national security.
Their horror of war is
more intense than that of those of us who
in
no
the repeated
surances
some
assembled
can
by the alarmist
regarded
not
crats
legions to the
even
menace;
making the progress of our national
difficult, who are sincere in their
that
by
a
mysterious way peace
may come with inaction, or inadequate action
—what they advocate is none the less perilous
An
exists, in the
nothing
there
Hitler's
point where they
pledges at their
that
es¬
and
attrition reduce the power
for agreements with forces
Granted
destruction
cape
were
make
that
Russian
somehow
can
our¬
only by defeating the sinister powers of
cynical conquest,
before
they reach our
shores, could we even have the slightest
staying out of actual war.
Unfortunately, here, as abroad, there
whether warranted
not, that the
or
disrupt
arm
whatever its out¬
heavily; the persistent
would let
fabric; not only to
pro¬
German military machine
that
that what the
general public has
res¬
must be costing the
come,
cherished the vain
we
the Americas.—The President to
the situation far
The
enjoying; the
are
selves to the teeth; to become the armory for
the democracies, for it soon became evident
to
The truth of the matter
situation
tracted struggle in Russia
us alone; inex¬
taught us that there
safety in passivity; no sanctuary
war
isolation.
beliefs
evangelical oratory.
individual
the
of
pite that the British Isles
abroad
events
with the usual
and
many
are
under discussion.
>
.
.
more
destruction,
slaughter.
defense
stage management
our
accordingly.
course
causes
alternative but matching destruction with
no
pointed civilian officer,
propaganda,
bottom, and shape
There
Against naked force the only possible de¬
fence is naked force.
The aggressor makes
the rules for such a war; the defenders have
convenience.
newly
only
but essential that
future
despotism which would re-enslave the globe
by turning back the clock of progress half a
that foreswear promises and
labeled
V
of
doctor,"
has
could lead
to conform
care
probe this situation to
its
encroachment and attack of the dark forces
mock
someone
officialdom
now
•-
we
Democracy has a new significance these
days, for the word, whether spelled with a
capital or a small "d," has merged the mean¬
ing of both.
In its world-wide application, it means the
defense of the great freedoms against the
be cured by any "morale
as
of
part
,
chance of
which is not
be identified and
the
on
foreign policies to the situation existing at home
our
were
New
A
ing—and this infirmity is
one
than ordinary im¬
Failure to take great
tragedy.
a
more
properly to diagnose the situation
our
have
two
causes
portance that underlying
recognized.
corresponding
The
They both spring from
causes.
soil, and it is of
same
the
to
elsewhere.
proper
our
of
enthusiasm
attributesTthis lack of the
army
It is therefore not
of that readiness to sacri¬
fice
he
the
ve¬
officially recognized by
no
when
in
have
facts
state
of
such condition
again proved stubborn and
now
the
grave
term much
a
spirit
common
good while past it
spirit," to borrow
matter
of
want
no
repeatedly reported that what might be
the
in
and
the
desired
public authorities, particularly
danger for this country.
has
press
of
oura newly
topic
be
grown
—
played
these
an
are
import¬
part in what is being
termed the "let-down" in
this
less
condition which has
country in
weeks.
recent
v
long plainly existed throughout the entire nation.
Else
the
endless
labor leaders,
grasping
the farmer to
whatever
the
be
defense
the
demand
persistent
permitted to get what he
he
way
can,
political
of
can
and other,
in
from
effort, and the growingly evident
un¬
willingness of the rank and file to make material
sacrifices for the s'ake of armament, to say nothing
of
actual
dition
fighting,
which
would not exist.
permeates
the
whole
It is
a
ficult if not
long
civilian
as
impossible to have high
such
a
army
state of mind exists
population, but he fails to
the roots
Our
is
not
as
What
new,
Difficulties
these do not lie at the
we
but
have of late been
merely
a
further
development of what has existed from the first,
of affairs which has served to
turn
limelight
cause
the
of
difficulty.
experiencing
gree
morale
among
go to
of the
The
nation.
Roots
But such circumstances
root
con¬
Chief of Staff is correct in the belief that it is dif¬
so
The
interruptions of work incited by
a
condition which in
very
substantial de¬
far antedates this current period.
of
present predicament is, in
a
bring into the
our
The major
considered
opinion, to be found in the fact that the President
lias
never
fense
or
been able
to
present any convincing de¬
justification for much of his
course
gards foreign affairs, and for the simple
as
re¬
reason that
TheCommercial
1030
& Financial
His efforts to lay a
realistic necessity
have led him, doubtless with sincerity, to go to almost fantastic extremes at times, and the work of
soine of his aides, which one must suppose wTas fully
approved if not inspired by him, to reach the same
ends have at times
been but nothing short of
justification existed.
such
no
foundation in logical and
solid
The good old-fashioned camp meeting
has been repeatedly
pathetic.
emotionalism to which resort
Administration interventionists,
only by
made not
of this art as Mr. Willkie have
feelings and fanned
hatreds, but like the effects of camp meeting re¬
vivals, these emotions have appeared to have rela¬
tively little influence upon the daily conduct of
many and in any event soon lost their force.
Defense of democracy, the old Wilsonian notion
by such masters
but
brief
for
aroused
periods
democracy, the pleas
making the world safe for
of
of life," and the demand that we
about our "way
push and maintain the
"rim of freedom" as wide as
be—such oratory has rather too obviously been
rendered out of place by the entry of Russia into the
may
It has required
fray.
considerable agility to extend
"arsenal of democracy"
our
service to the hundreds
The wortlilessness of the
Mr. Stalin.
of
philosophy to include
of millions under the yoke of
remains
Adolf Hitler
as
pledged word
before, but too many
the Nation had been led to believe it would be produced and as it could and should have been produced, but the multitude of "shortages" of this, that
and the other material with the accompanying interference with civilian supply of many articles of
ordinary consumption, and what appears
of
Joseph Stalin are
their force, and with them, went a
ments have lost
good deal of the enthusiasms of the idealists. Nature
consideration and the obvious lessons of the war as
it has been
unfolding itself during the past year or
have riddled the
more
alarmist accounts of the puta¬
danger" to which we were said to be
tive "mortal
The President and the others had badly
overstated their case, which is always a serious
exposed.
They and we are now
error.
reaping the fruits of
!
that blunder.
One of the other
major causes lies in the circum¬
President, while couching his pur¬
stance that the
altruistic of lan¬
always appealed to the selfish desires
and programs in the most
poses
guage,
has
and the
acquisitive impulses of large groups, if not
More
prices
for farm products and subsidies to boot; subsidized
housing for the so-called lower income groups,
which, after all, constitute most of us, &c., &c.these, not better and more efficient work, frugal
management of what one has, and the like, have been
the keynotes of all his campaigns, and even unto this
day he has not repudiated or revoked his repeated
the
majority of the people of the Nation.
wages,
shorter hours for the worker; higher
assurances
that
none
of these beneficiaries of his
should be called
upon to surrender any of their "gains," or, for that
matter, to be deprived of great further advantages.
as
wage-earners,
It is not
the
so
much what has been done or what
promised
as
has
the very nature of the appeal to
cupidity and the immediate self-interest of the
masses
him to
tical
that is
preach
success
now
a
making it doubly difficult for
doctrine of immolation with prac¬
to these same
people.
Bungling of Armament Management
Add to all this the
rapidly spreading conviction,
apparently well supported by the evidence, that the
entire armament effort has been and is being hor¬
ribly mismanaged.
To this ineffectiveness "at the
in the manufacture and dis¬
To most observers this
tribution of such products.
improving, appears to be grow¬
and the best remedy the Presi¬
able to think of is to draw even
situation, far from
ing steadily worse,
be
dent seems to
inexperienced dreamers who
innumberable "reform" meas¬
are exacting a heavy toll of de-
heavily upon the
more
helped him design the
which today
ures
l'ense production.
Then, there is too the suspicion, to use no stronger
term, that if not the President, then his most trusted
advisers with no interference on his part are conducting the affairs of Government, including de¬
fcnse in many of its facets, with an eye fully as much
upon furthering advancement of New Deal theories
and its fanciful programs as upon
winning the war
against Germany or aiding others to do so.
The
work upon "projects" to be placed in re¬
constant
for
a
later date wiien the armament program
of its urgency; the
has lost some
stronger
no
"strategy," to use
by the President in
term, employed
respect of the St. Lawrrence water power project;
the indirection constantly being applied by him in
his efforts to obtain
that which he can not get
rectly and forthrightly—these
di¬
things can scarcely
injure the morale of the entire Nation at a
when the President and all the others in Wash¬
fail to
time
ington are daily shouting
the
from the housetops about
of subordinating everything to the
necessity
armament program.
If it is true, as
has
most observers fully believe, that it
hope of
the
been
the war-minded leaders in
"enemies" would
would virtually
oblige us to enter the fighting, or at least give the
President an opportunity to start shooting, as one
of the much publicized sons of the Chief Executive
only a day or two ago suggested, thoughtful men
that
Washington
some
of
our
presently commit some act which
and
can
women
with the good of
the country at heart
only hope that they will not be
accommodated.
To be plunged into this fray with not only the army,
but the entire Nation so divided, and on the whole
so Laodicean in its attitude toward it all would be
something very little short such horrors even if Presi¬
of calamity as the there
is little
likelihood of
or no
dent has
predicted
largesse are to be called upon or
been
to be the
severity of this
needless sacrifice on the part of both consumer and
those who make their living, both as business men
and
impending marked increase in the
serve
much more the promises
worth. The ideological argu¬
people are wondering how
1941
Aug. 23,
Chronicle
upon our
sume.
If the
himself to
as our
lot from German attacks
It is a risk that wre must not as¬
President is wise, he will either bestir
shores.
remedy those conditions that are
ble for the low state of morale
responsi¬
throughout the
coun-
try or else trim his sails considerably in the management of our foreign affairs—or, better
still, both.
Reading extracts from Lincoln—or any one else—
will not
help much.
Nor will mere repetition of his
perennial "warnings" and denunciations tinged with
ill-will toward those who do not think as he does.
Much
more
is
needed, and no time should be lost.
Federal Reserve Bank Statement
top" is being charged, and probably with justice, not
CREDIT and currency changes for the weekly
recorded in the
official
banking
statistics
.only the failure to produce armament as rapidly as
period ended Aug. 20 were modest and much along
The Commercial &
1S3
Volume
the lines made
familiar by a long string of
Financial Chronicle
previous
Excess reserves of member banks
requirements increased $30,000,000 to
weekly reports.
legal
over
The increase occurred despite a
$5,060,000,000.
to
fur-
gain of currency in circulation by $48,000,000
fresh record at $9,840,000,000.
The monetary
ther
a
$7,000,000 to
gold stock of the country advanced
still
record
another
$22,710,000,000,
at
but the
refrain from
gold by depositing
Treasury in Washington continues to
reimbursing itself for such new
the Federal Reserve banks.
certificates with
currency
change was more than offset by heavy
bursements of United
The
dis-
States Treasury funds from
general account with the regional banks, and as
member bank balances the
its
these funds trickled into
advance in excess reserves was
made possible.
The
picture reflects continued
demand side of the credit
Commercial,
the week
ended Aug. 20 were reported by New York City
weekly reporting member banks at $2,385,000,000,
up $13,000,000. Loans by the same banks to brokers
effective
inquiry for accommodation.
and
industrial
and
dealers
on
agricultural
for
loans
security collateral, however, were
$11,000,000 to $317,000,000.
Gold certificate holdings of the 12 Federal Re-
down
banks, combined, were down
serve
week to
receded
banks
also
serves
$997,000 for the
Other cash of the regional
$20,299,532,000.
somewhat, and their total re-
declined
eral
Reserve
$6,770,000 to $20,590,400,000. Fednotes in actual circulation increased
Total deposits with
$46,194,000 to $6,952,605,000.
the
regional institutions were down
$25,604,000 to
$15,657,516,000, with the account variations consisting of
an
increase of member bank reserve balances
$13,037,470,000; a drop of the
Treasury general account by $134,081,000 to $785,344,000; an increase of foreign deposits by $8,566,000
to $1,202,872,000, and an increase of otlier deposits
by $10,165,000 to $631,830,000.
The reserve ratio
fell to 91.1% from 91.2%.
Discounts by the 12 Fedby $89,746,000 to
eral Reserve banks were
off $1,673,000 to $8,289,000.
Industrial advances increased
$316,000 to $9,586,000,
while commitments to make such advances were up
There were no open market
$20,000 to $13,078,000.
operations, as holdings of United States Treasury
somewhat higher than in June, 1940, when
plosives, firearms and ammunition aggregated only
about half as much as in June, 1940'. Cotton shipments were on the accustomed small scale of recent
months, totaling 75,236 bales valued at $4,716,000
compared with 71,539 bales worth $4,389,000 in May
and 133,530 bales valued at $8,189,000' in June, 1940.
On the other hand, meat shipments rose to
$9,184,000 from $925,000 last year; dairy products
to $7,827,000 from $993,000 and lard to $1,793,000
from $719,000. Wheat flour exports increased to
$2,483,000 from $1,086,000 in June, 1940, but wheat
grain decreased to only $90,000 from $450,000.
Corn shipments declined to $218,000 from $2,728,000
in June, 1940. Sugar dropped to $416,000 from
$2,682,000.
In the import category, wool showed the most
marked rise, receipts in June amounting to $20,564,000 as in compared with $4,534,000 in June, 1940.
Silk also arrived in greater quantities, receipts of
this now almost unobtainable item aggregating $10,233,000 compared with $6,228,000 in June last year,
Included among other items arriving here in considerably increased amounts were non-ferrous
metals, cocoa, crude rubber, industrial chemicals,
bides, skins, and furs. There were also some items
which were imported in June in smaller quantity
than in June, 1940, including whiskey, wines, cheese,
vegetable oils and diamonds.
Gold imports in June amounted to $30,719,000 and
were the smallest of any month since February, 1938.
They compare with $34,835,000 in May and $1,164,224,000 in June, 1940. Exports of gold were only a
slightly offsetting factor in any of these periods.
Silver imports in June totaled $4,099,000 compared
with $3,347,000 in May and $4,673,000 in June, 1940.
Exports of silver amounted to $210,000 in June,
$615,000 in May and $884,000 in June last year,
THE foreignscale inofJune Unitedin the preceding
trade the than States was on a
smaller
merchandise.
both the inflow and outflow
Exports also
were
below June,
32% increase as compared with that month. Shipments abroad in June
aggregated $337,745,000 in comparison with $384,637,000 in May and $349,728,000 in June, 1940. Imports in the month totaled $279,536,000 compared
with $296,930,000 in May and $211,425,000 in June,
last year.
The reduced shipments abroad occurred
in face of reported larger forwardings under the
1940, but imports showed a
Lend-Lease Act.
have been due to
But the increase would seem to
larger food shipments rather than
munitions of war, for
the former category
in the totals several items in
showed marked gains over both
May and June, 1940, while many
were
munitions articles
shipped in smaller quantities.
Among the individual
items of export, aircraft
shipments dropped to only
since last
$39,200,000, the lowest
February, comparing with $53,900,000 in
May and $66,300,000 in
The New York Stock Market
QTOCKS in the New York market drifted deep
Foreign Trade in July
of
$27,-
600,000 was shipped. Metal working machinery
dropped to $13,552,000 from $19,135,000 in June,
1940; all industrial machinery dropped to $28,377,000 from $35,729,000; iron and steel fell to $42,100,000 from $48,200,000.
Various non-ferrous
metals, particularly aluminum, dropped to only a
fraction of the volume exported in June, 1940. Ex-
obligations were unchanged at $2,184,100,000.
month with respect to
1031
April; they were, however,
O in the summer doldrums this week,while price
with tradexceedingly small scale,
ing on
an
changes were almost too modest for comment. The
market was simply neglected by the vast numbers
of investors and the coteries of speculators and
traders. Observers on all sides noted that inquiries
were frequent and numerous, but seldom resulted
in decisions to buy or sell. The tendency quite obviously was to await a definite turn in the market, or
perhaps some outstanding event in national or international affairs which might afford a clue to the
persistent query as to where the world may end up.
In so far as the stock market was concerned,
answers to that question patently were lacking and
even convictions on the subject were scarce.
One
result of the slack trading was a sale of a seat on the
New York Stock Exchange, Wednesday, at $28,000,
a decline of $7,000 from the last previous sale.
Stocks as a whole advanced by small fractions in
session and lost their gains in the next. There
pronounced general movements, and the
level at the close yesterday was virtually the same
one
were no
The Commercial &
1*1032
Railroad stocks were
earlier.
that noted a week
as
utility
slightly more in demand than industrial and
of market
that
prevailed.
Turnover never attained the
500,000-share figure in any session on the Big
shares, but this is saying little in the sort
Board.
:
reflected
bonds
Listed
',?)■ r,
active
more
United
quite well main¬
Treasury obligations were
States
•
somewhat
a
investors and speculators.
interest among
turin^ issues established the best
the narrowest since the
tions also continued in
changes
interest, however, was a rapid dis¬
investment
of
tribution of
Indicative
$40,000,000 debentures and serial notes
of Standard Oil Co. of
California, and $20,000,000
equipment certificates of Atchison Topeka & Santa
g
Fe
Railway, marketed by underwriting syndicates.
exhibited
reflecting the best buying.
Latin
securities the
bond
foreign dollar
Among
obligations stood out, owing to sharp im-
provement of prices on better volume of business,
Various other
The
vance.
a
foreign securities also tended to ad-
commodity markets
few items
remaining
price controls
now
cultural items
base metals
actual transactions.
changed from noon until the final hour, when prices
In the busiest day in almost two weeks,
were
dull, with only
to trading under the
open
imposed by Washington. Agriaround former levels, and
hovered
Foreign
naturally were motionless.
ex¬
which
off its indeThere was a return
to the firmer tone manifested as the week started,
and the improvement was steady throughout the day
until the late afternoon, when a lull set in. Gains
were not large, nor was the volume of business enlarged greatly. Industrial issues rather than those
of railroads or public utilities featured the rise.
Activity
values
touched
York
New
new
Stock
Exchange
high levels for the
week while IT stocks touched
the
York
New
Curb
year
68
stocks
the present
low levels.
new
On
Exchange 34 stocks touched
high levels and 12 stocks touched new low
new
Call loans
mained at
Saturday
shares;
the New York Stock
on
Exchange
re¬
Exchange the sales
on
ranged from fractions to more than a point.
note, with the
The share list started out on a firm
steel issues the favorites, and the market pushed
forward steadily until the fourth hour, with the
demand shifted to the motion picture and aircraft
Much of the reawakened
manufacturing stocks.
New York
were
Stock
119,600 shares;
Monday, 402,160
on
Tuesday, 390,340 shares; on Wednesday,
on
486,580 shares;
on
Thursday, 388,870 shares, and
on
the New
shares;
York
Curb
on
Tuesday, 65,065 shares;
100,675 shares;
With
by brokers
been able to
on
following the loss of many foreign markets because
The only two sections to falter were the
of war.
shipping and tobacco issues, while the utilities were
Inactivity in price changes ruled Thursday
mixed.
on
the day's business to be as near a stand-off as it has
been at any time in the recent stalemated sessions,
Wednesday,
developments offered little light for
shift in the international scene
to alter their present position on the sidelines.
The
announcement that production of automobile pas¬
senger cars would be reduced 26%% during August,
on
Thursday, 81,805 shares, and
on
Friday, 93,125 shares.
nothing to stir it into activity, the stock
market drifted
the companies have
Monday, 65,870
Exchange the sales
29,000 shares;
were
on
the fact that
in the stock market, and closing quotations showed
Friday, 362,200 shares.
Saturday
to
adjust themselves successfully to a domestic basis
1%.
On the
On
aircraft
interest in the film shares is attributed
levels.
?
centered principally in the amusement,
groups.
The enhancement in
was
and
provement in the Canadian dollar.
the
the stock market
righted itself Wednesday as it threw
steel
On
return of buyers,
saw a
cision of the previous session.
change trading was noteworth only because of im¬
'-V
with bid and offer quotations than
Many leading stocks were un¬
taken up more
one
American
V'
about balanced.
Opening prices were slightly mixed. Dealings came
to a virtual halt in the afternoon, with the tape
with the railroad groups
'■
The issues to show
in either direction were
hardened.
V;'
M I.
gains, with steels
latter part of June and
definite trend.
no
Speculative corporate bonds were in mild demand,
■
1941
by. Again taking its cue from the many uncertainties in the international picture, and influenced also by the desire of traders to await a fuller
pronouncement on the steps agreed upon at the historic Roosevelt-Churchill rendezvous at sea, the
stock market's pace slowed Tuesday to a walk. Except for some interest in low-priced shares and activity generated by a few special situations, trading
was
ranges.
23,
near
tained, the day-by-day variations amounting only to
smallest fractions.
Highly rated corporate obliga¬
previous
Aug.
Financial Chronicle
through two hours of trading Satur-
The day's
those
news
awaiting
some
day and showed the lowest volume since May 31.
September and October was a bit more drastic than
After
had
jogging through the first hour, prices
Exchange were a trifle firmer at the close.
quotations showed
limited to
were
ceptional.
variety,
on
Friday.
Traders
were
the
prediction of William S. Knudsen,
Chairman of the Office of Production
gains
that the output
that was
ex¬
where they had left
up
been
Final
but most
over
the
The opening showed little change, and
of the leaders picked
many
off
some
%, and anything
on
Steel,
indifferent.
beginning
dealings
bit
in
to take meager
demand
than
other
classes, although
ment.
Business in the stock market continued Mon¬
day at the recent slower
a
decidedly better tone.
values
any
was
pace,
The improved status for
interest.
general
gains,
At
most
the
mostly
sprinkling of increases which
The
although the list had
purely technical and failed to attract
outside
showed
improve¬
ran
impressive advances
steels, aircrafts, and coppers.
close
the
fractional,
to
a
came
point
in
market
and
a
or more.
the
rails,
Aircraft manufac-
a
by
Washington
curtailment which would be
progressively greater toward the year-end.
equipment, finance and oil groups were a
more
indicated
was
officials, who forecast
electrical
most sections of the list showed moderate
That this new rate is only
below the 1940 levels.
the
Management,
until December would be held 20%
in the
were
light and prices firm.
profits entered the amusement list
morning, but this was offset by strength in
the steel group,
ations wide.
The
steels
but in no instances were price alter¬
The trend
gave
up
was narrow
close, when trading became
the slowest of the session.
sections
was
were
sustained
Mail
Mixed changes in most
the order of the
order
day.
Small fractional
by the motion picture stocks,
with steels and rayons
finish.
in the afternoon.
their earlier gains, and a few
rails eased toward the
losses
Initial
Some selling
also on the losing side at the
shares
improved,
while
other
Volume
On
either firm or slightly changed.
were
groups
Friday stocks went through another day of indecision, but although most of the time the
of the leaders
down by fractions,
were
majority
the tone was
Motor shares, the rubbers and the oils were
steady.
depressed, but for the most part the losses were
Somewhat high prices were the
be seen by a comparison of
only fractional.
rule this
week,
as may
closing prices of this week with final figures on
the
Friday of the previous week.
Electric
General
31%
on
Friday of last week ; Consolidated Edison
Co. of New York
17% against 17%; Columbia
at
against 2%; Public Service
& Electric at 2%
Gas
Friday at 31% against
closed
Corp. of N. J. at 22% against 22% ;
International
53% against 52%; Sears, Roebuck &
Harvester at
against 70%; Montgomery Ward & Co. at
Co. at 72
29%,
34% against 32%; Woolworth at 29% against
153% against 152%>.
and American Tel. & Tel. at
Friday at 27% against 27%
Western Union closed
Friday of last week; Allied Chemical & Dye at
on
160
against 161; E. I. du Pont de Nemours at
156%
Register at 13%
against 13%; National Dairy Products at 14%
against 14%; National Biscuit at 16% against 16%;
Texas Gulf Sulphur at 37% Against 37%; Continental Can at 36% against 36%; Eastman Kodak at
139
Cash
National
157%;
against
Distill15% against 14%, and National Distillers at
at
ers
92
5%;
against 139%; Westinghouse Elec. & Mfg. at
against 91%; Standard Brands at 5% against
Canada
Dry at 15% against 14%; Schenley
22% against 20%.
the
In
closed
rubber
Pennsylvania
against 23
on
& Santa Fe at
at
United
closed Friday at 23%
RR.
Friday of last week; Atchison Topeka
27% against 27%; New York Central
12% against 12%; Union Pacific at 80% against
Ry. at 18 against 17%, and Northern Pacific at
7% against 7%.
The
steel
shares
United
week.
moved
States Steel
into
higher levels this
closed Friday at 56%
against 56% on Friday of last week; Crucible
Steel
against 39%; Bethlehem Steel at 68% against
at 40
67%,
and
Youngstown
Sheet
&
Tube
at
37%
against 37.
In
the motor
group,
General Motors closed Fri-
day at 38% against 37% on Friday of last week;
Chrysler at 56 against 56%; Packard at 3 against 3,
and Studebaker at
5% against 5%.
Among the oil stocks, Standard Oil of N. J. closed
Friday at 43 against 41% on Friday of last week;
Shell Union Oil at 14
against 14%, and Atlantic Re-
fining at 22 against 22.
Among
closed
week;
34%c., the close on Friday of last week.
In the matter of foreign exchanges, cable transfers on London closed Friday at $4.03%, unchanged
from the close on Friday of last week.
European Stock Markets
the
stocks,
copper
Anaconda
Copper
Friday at 28% against 27% on Friday of last
American
Smelting
&
Refining
\y7ELL sustained price advances were reported
W
generally higher the present
81%; Southern Pacific at 13% against 13%; Southern
reported by Edison Electric Institute at 3,200,818,000 kwh., against 3,196,009,000 kwh. in the preceding week and 2,745,697,000 kwh. at this time in
1940. Car loadings of revenue freight for the week
ended Aug. 16 were reported by the Association of
American Railroads at 890,374 cars, an increase
over the previous week of 11,825 cars, and over the
similar week of 1940 by 147,324 cars.
$\
As indicating the course of the commodity markets, the September option for wheat in Chicago
closed Friday at 112% against 112% on Friday of
last week. September corn at Chicago closed Friday
at 77%c. against 78%c. the close on Friday of last
week. September oats at Chicago closed Friday at
44%c. against 42c. the close on Friday of last week.
The spot price for cotton here in New York closed
Friday at 17.00c. against 16.65c. the close on Friday
of last week. Domestic rubber closed Friday at
22%c. against 22%e., nominal, the close on Friday
of last week. Domestic copper closed Friday at 12c.,
the close on Friday of last week.
In London the price of bar silver closed Friday at
23 7/16 pence per ounce, the close on Friday of last
week, and spot silver in New York closed Friday at
was
Goodyear Tire & Rubber
group,
week; B. F. Goodrich at 18% against 18, and
States Rubber at 22% against 22%.
week.
estimated by American Iron and Steel Institute at
98.2% of capacity, against 97.5% last week, 97.9%
a month ago, and 89.7% at this time last year. Pro¬
duction of electric power for the week ended Aug. 16
Friday at 18% against 18% on Friday of last
Railroad stocks were
1033
Commercial & Financial Chronicle
The
153
at
this week on stock exchanges in all the lead-
ing European financial centers,
so
the movement being
pronounced as to occasion a good deal of general
interest. War reports were rather gloomy from
British point of view, but the defeats suffered by
the
the
Russians failed to dampen enthusiasm in London,
possibly because the deeper penetration of German
troops into Russia makes an invasion attempt
against England the less likely. Gilt-edged stocks
moved slowly, but impressively higher on the
don 'Stock
Exchange.
Lon-
Industrial shares were in
modest demand, while a sharp improvement was
noted in home rail issues. South African gold
stocks were marked higher and most foreign issues
also did well. Perhaps the only noteworthy exception to the trend was afforded by Anglo-Iranian oil
shares, which fell on prospects of military activities
in Iran. The Berlin Boerse responded to the vicTories of German arms by a rapid improvement in
quotations of almost all securities. The so-called
German colonial stocks attracted much buying. On
the Amsterdam Bourse the trend was more uneven,
but the prevailing direction of prices was upward.
Shipping and rubber stocks were leaders in the
Amsterdam movement.
41%
Conferees Return
against 41, and Phelps Dodge at 32% against 31%.
In the aviation group,
Curtiss-Wright closed Fri-
day at 9 against 9 on Friday of last week; Boeing
Airplane at 18% against 17%, and Douglas Aircraft
at
69% against 69.
Trade and industrial
reports suggest difficulty in
raising the level of production, owing to shortages
of
materials, priorities, strikes and other obstacles,
Steel
operations for the week ending today
were
piECEMEAL disclosure apparently is to be made
*
by President Roosevelt and Prime Minister
Churchill of decisions reached by them in their historic sea conference off the American coast, Aug.
9 to 11.
The joint declaration made soon after the
meeting ended already has been followed by a number of measures not mentioned in that general statement, and the conclusion must be drawn that other
perhaps graver commitments also were made.
a broadened scheme for aiding
and
Joint endeavors in
Russia
disclosed
were
the
on
eve
of the return to
Rumors of other steps
that possibly were
arranged at the meeting range from a closer ap-
proach to convoying of British ships, to American
$ occupation of bases in the Irish Free State. That
the Far Eastern perils were closely studied by the
conferees
two
of
area
in
battleship Prince of Wales must be regarded,
circumstances,
and of
war
as
primary development
a
Anglo-American collaboration.
disembarked
lished the policy of aid to the democracies which,
Roosevelt
His comments since then have been
in
always
Prime
harmony.
Churchill reached London last
Iceland,
preparations
on
that island.
London dis-
patches revealed that Mr. Churchill carried
munication from Mr. Roosevelt to
After discussions with his
King George VI.
speak
rangements
Several
sea
were
grasped by Mr. Roose-
were
developments in general
and his conference with Mr. Churchill in
complete understanding
resulted from
the
President.
answer
the
on
war
particular,
situation had
conference, according to the
sea
to
a
question put by
a repre-
sentative of the press,
Mr. Roosevelt stated that the
United States
nearer
left for the
said,
in
or
conference in
to
realize
is to be
He turned
very grave,
they have
To
won.
is to be carried
fighting.
Prime
a
a
major struggle
on
their
and
a
no
idea that the
war
put through by hard, tough
parallel in the situation today,
commented.
Minister, it
are
by Lincoln in 1862, to
people have
on
better
democracies
In another press
emphliasize his point, the Presi-
There is
Roosevelt
His
was
meeting with the
indicated, had
meeting of minds
on
oc-
the fight the
making against Nazism.
public debate as to American foreign
policy precipitated by the Roosevelt-Churchill conference the
Senate took the
lead, and speeches in
body reflect the utter confusion of views and
sentiments.
as
any
Nazism;
a
or
major particular without automatically
willingness to accept compromise with
to agree to a world peace which would
give to Nazism domination over large numbers of
Such
conquered Nations."
be
for
Mr. Roosevelt last
having divulged to
Representatives the
Mr. Churchill.
a
essence
These
President for
Monday
group
of
was
reported
Senators
and
of his conversations with
alleged disclosures played
part in the Senate debate
various isolationist
inevitably would
second war to extend the control over Europe
a
Asia to
and
the American hemisphere itself, the
to Congress contended.
message
A reminder was
on
Senators
Mr. Roose¬
written word of the Nazi Government.
velt
concluded
with
comment
a
that
the
joint
declaration includes of necessity the world need for
and
of religion
freedom
freedom
of information,
The final comment in the message occasioned the
most interest, for much crticism had been leveled at
the joint declaration because of the failure to mention freedom of
speech and religion,
.
*° ^uss^a
ACTING jointly, President Roosevelt and Prime
Minister Churchill took steps for aiding Rus-
sia, in the course of their sea parley, which necessarily will prove highly expensive for the American
The text of a joint message to Premier
people.
Joseph Stalin, promising such assistance and pro-
posing
a
three-Power conference of "high representa-
tives" in Moscow, was disclosed by the State Depart-
ment
in
Washington,
late last
week.
The com-
patently designed to stimulate the
defense and prevent, if possible, any
munication
Russian
was
capitulation by the latest victim of Nazi aggression,
A
report
by
the
President's
personal
emissary,
Tuesday, which
the best methods for Anglo-American assistance in
the "splendid defense" of the Russians, according
to the communication.
war
Already
many
shiploads of
supplies have been dispatched, and others are to
follow in the immediate future, this publicly pro¬
claimed note added.
the long,
After suitable references to
hard road still to be traversed before
a
a
"complete victory" is assured, the President and
saw
Prime Minister referred vaguely to still other fronts
vigorously assail the
making the joint declaration with Mr.
a peace
gift to Nazism to take breath—armed breath—
a
Harry Hopkins, occasioned the consultation as to
In the vast
that
in
pose
admitting
reports
fight of the democracies against Nazism
the effect that the
casioned
than before he
saying that the American people
as
The President found the
torships "east and west."
declaration so clear cut that "it is difficult to op-
Washington, Tuesday, Mr. Roosevelt
dent quoted statements made
British
war
affiliated Nations.
represented
hands if the
Mr.
Mr. Roosevelt said, are waging war against dicta-
he discussed the effects of Nazi influences
as
must
no
meeting.
occupied
was
was
reminded that the lend-lease legislation had estab-
added of the utter lack of validity of the spoken or
effected.
opportunities
In
the
concern
in which Anglo-American ar-
velt to comment upon war
A
over
tomorrow, and the talk doubtless will
meeting at
a com-
Cabinet, the Prime Min-
ister let it be known that he would
the
his
on
journey, to inspect the joint Anglo-American
"defense"
radio
cryptic
Minister
Tuesday, and it then
disclosed that he had stopped at
return
at
upon
not
was
The secrecy of the meeting was attributed to
ism.
the problems of safety involved, and Congress was
Saturday from the Presidential yacht
which he set forth on his "fishing"
Me., last
Potomac,
cruise.
the text of the Anglo-American pronouncement and
dismissing summarily all criticisms as favoring Naz-
Rockland,
President
and
Washington, and
the American cruiser
on
these
of the
in
diplomatic and military contests.
ferences
British
indicated
was
probably will develop regarding that
measures
new
the
brief message to Congress communicating officially
stations
Roosevelt.
entry by the United States into the war, even to
The con-
airplanes by American civilian fliers to British
in the Near East were revealed by Mr.
can
Churchill, and for entering into what some believed
to be commitments designed to assure full military-
Augusta and the
Plans for the "ferrying" of Ameri-
spokesmen.
Aug. 23, 1941
extent of sending an expeditionary force abroad,
Administration spokesmen in the Senate denied such
charges flatly and declared that Mr. Roosevelt had
not given any war pledge to Mr. Churchill.
The
President conferred, meanwhile, with Lord Beaverbrook, British Minister of Supply, and sought in this
further conference to stimulate the flow of war materials to Great Britain, Russia and China,
Obviously goaded by the numberless criticisms of
the joint declaration and the searching questions as
to the constitutionality of his meeting with Mr.
Churchill, President Roosevelt on Thursday sent a
Washington and London of the American and British
Chronicle
The Commercial & Financial
1034
that
may
racies
develop.
are
Although resources of the dernoc-
immense, they are limited, and the
con-
Volume
The Commercial & Financial Chronicle
153
ference in Moscow
suggested
was
as a means
of ap-
heedless to say,
Premier Stalin promptly and en-
thusiastically welcomed the offer of Anglo-Ameriassistance.
material
can
the Soviet dictator
matic
The
cordial
gratitude of
conveyed through the diplo-
was
huge losses suffered by the respective enemies, and
the statements
portioning the joint resources.
services, and the Russian
praised f ul-
press
1035
may
well be close approximations of
German reports claimed
the truth.
of thou-
scores
sands of Russian prisoners added to those previously captured, and even after due allowances are
made for duplications it would
by their
seem
that the Nazis,
taken considerably more
own accounts, have
somely the "united front of peoples standing for
than 1,000,000 prisoners since the conflict began on
freedom
June 22.
and
in
made
were
sideration
Preparations
against enslavement."
Washington for Congressional con"lend-lease"
another
of
appropriation,
The High Command in Berlin had nothing
to say about Russian dead and wounded, but Ger-
spokesmen plalced these at such high figures
man
variously estimated at $4,000,000,000 to $7,000,000,-
that total losses of the Soviet in dead, wounded and
000, much of which would be devoted to Russian aid,
captured
if
servative and possibly
Congress
nounced
The British Government an-
approves.
last
were
estimated at 5,000,000'.
More
con-
accurate were Russian
more
Anglo-Russian trade
semi-official estimates that the Germans so far have
agreement, which includes a credit to Russia of £10,-
fact that the
lost 2,000,000 men in the struggle, half of them believed dead by the Russians. The Soviet Vice-Com-
major
missar for Foreign Affairs, S. A. Lozovsky, stated
000,000.
Sunday
new
a
Altogether obvious is
United
the
States, which already is meeting
share of costs entailed
a
by aid to Great Britain, will
on
Thursday that there is
no
alarm
or
pessimism in
have to bear
virtually all of the joint assistance ex-
the Russian ranks, and that the war has only begun,
penses
foreshadowed with respect to Russia.
He remarked that by Russian standards relatively
little territorial gains so far have been made by the
now
When Mr. Roosevelt arrived
at
Rockland, Me., he
indicated that Russia will be expected
American
capacity
Federal
as
Wednesday, that
without
to pay for
indefatigable dis-
Administrator,
Loan
loan to Russia might be made,
a
security, to expedite munitions shipments.
The entire
criticism,
matter
aroused
Stalin
might at
demands, and
regime
ending the German
The problem of the Russians was rather
Dnieper.
than to hold the region, which contains much of the
Nor
the
was
of aiding the cruelest and most despotic
Russian heavy industrial establishment.
The Rus-
sian naval base at Nikolaev was seized by the Germans,
last Sunday, and Moscow acknowledged the
In a special
fall of the town the following day.
statement Berlin indicated that ships under con-
earth acceptable in all quarters.
on
now
remained heaviest against the Southern
Ukraine, where swift thrusts carried the Reich
troops into every important sector west of the
be
cannot
time bow to Ger-
any
supplies made available by America.
program
During much of the week
pressure
that of extricating their army of some 750,000 men
deliver to Hitler the war
even
Nazis.
great deal of public
a
for the possibility
however,
denied that
man
That
of public funds, Jesse H. Jones, suggested in
penser
his
materials.
war
struction at Nikolaev which had fallen to the Reich
troops included a 35,000 ton battleship, a 10,000 ton
#
Russian Resistance
GRAVE tidings of Russian territorial losses were marines. several destroyers and to numberon Tuescruiser, Odessa was subjected a attack of subcoupled this week with indications that the
sharpest possible resistance still
tained
Nazis.
of
third
being main-
was
by Soviet forces against the advancing tide
the
As
Russo-German
war
its
entered
day, and the ctiy yesterday was described as a rag-
ing
inferno,
with
embattled
Russians contesting
foot of ground. The great grain port was being
every
month, yesterday, the fact could hardly be dis-
destroyed by the Ilusians in accordance with their
guised that serious blows have been sustained by the
scorched-earth policy, while the Germans shelled it
defenders.
tlie
The drive of the German
Ukraine
entire
of that rich
area
River, and
some
heads to the
the Reich
admittedly
aggressors
covered
had
in
the
almost
region west of the Dnieper
accounts even stated that bridge-
western bank had been established by
troops. Odessa remained in Russian hands,
believed to
but
was
the
central
sector
claimed
the
another
battle
be
of
sharply under attack.
the
front
vast
the
In
Germans
smashing of 25 Russian divisions in
of
annihilation,
centering around
mercilessly.
que was
were
Berlin claimed that another Dunker-
in progress at Odessa, where the Rjissians
trying to embark some troops for escape over
The great Dnieperstroy
the Black Sea to the East.
Dam at Dnepropetrovsk was reported from London
as having been blown up by the retreating Russians,
but Berlin maintained on Thursday that only a few
locks of the control system
On
the
central
front,
had been damaged,
about
half-way between
Kiev and Smolensk, the vast battle of Gomel was
Gomel in the Northern Ukraine. That another Reich
fought and ended successfully for the
advance toward Moscow
according to a midnight Berlin announcement, Wed-
be doubted.
developed into
the
immediate
almost
the
impends is hardly to
The Northern end of the
has
a
line, finally,
bloody melee, with Leningrad
objective of the Germans who have
surrounded that
German
now
city.
As
an
offset to the
advances, the Russians were able to point to
tremendous
losses
necessarily suffered by the
Nazis, and to the undiminished fighting fervor of
the Soviet soldiers.
Victory after victory
nesday.
claimed by the Nazi
In that area a battle of "total annihila-
divisions,
Moscow acknowledged
a retreat at Gomel, but only after terrible losses
were inflicted upon the Germans.
In the final days
of that struggle, it appears, the Russians dropped
tanks by airplane behind the German lines and
tion" smashed no less than 25 Russian
the special statement added.
added
was
Reich forces,
to the Reich
losses in this fashion.
A few
villages were recaptured for a time by the Russians
The implications of the Gomel
High Command in the vast battle in Russia, and
in such maneuvers.
there appears to
defeat are, of course, very serious for the Russians,
torial
reason
to doubt the terri-
claims, since the Moscow reports tended to
confirm them.
losses,
be little
but
Neither side said much
both
issued
as
to its
own
semi-official estimates
of
since the Germans now are in a position to flank
either the eastern Ukraine or else the Russian forces
still battling at Smolensk.
Indeed, drives in both
The Commercial & Financial Chronicle
1036
to
the other hand, may be able
The Russians, on
bring
period of
possibly will develop after a
directions
rest
fresh divisions from their extraordinary
up
storehouse of man-power.
of the German force began
The far Northern wing
impressively early in the week, obviously
basis of the Berlin belief that Russian resist-
to
move
on
the
weakening in the South and Center.
Mos-
provided the first hint of that newest
heavy
ance was
cow
thrust
of Soviet
70 miles southwest of
This indicated that the Germans had
announcing the withdrawal
by
troops from Kingisepp, some
Leningrad.
their
satisfaction
Russian
the
isolated
to
divisions
trapped around Tallinn, in Estonia.
with Narva and
Novgorod claimed by the German
Some Swedish reports
yesterday placed the Germans as only a few miles
from Leningrad.
Russian commanders appealed to
the soldiers and citizens of
Leningrad to defend the
city to the death and never to permit it to
fall into
Estimates of the Russian soldiers in
Leningrad area range from relatively modest
the
hands.
1,000,000 men, and Berlin spokesmen de-
numbers to
Dunkerques
clare that two new
Tallinn
at
and
Finns exerted
were
in development
From the North the
Leningrad.
around both sides of Lake
pressure
another
still
offered
and
Ladoga
the Communists.
upon
threat
to
Leningrad.
w
P
estern
urope
order to
main German assault
The British are believed to
have tried on a few occasions to find a "soft spot"
on the Continent, but no satisfactory information is
available, for obvious military reasons. Berlin dispatches last Monday mentioned vaguely some attempted British landings from large motor boats,
Any real move of this nature might well develop,
however, in an area that would afford direct communications with the Russians. Grave dangers and
difficulties obviously would be involved in a land
attack against the Nazis, wherever it might be tried,
The
High Command, Thursday.
enemy
second land front for the Germans, in
draw some strength from the
M'ddl
F
e as
1
Leningrad gained headway steadily,
toward
drive
own
a
Aug. 23, 1941
F^VIPLOMATIC moves in the Middle East have
begun to foreshadow fresh military developmerits in the world struggle between the Axis and
the Anglo-Russian Alliance. These incidents tended
to overshadow the desultory fighting in the Mediterranean, where a few airplane raids and submarine
forays made up the bulk of activities. British forces
continued to hold Tobruk, and the possibility of a
British move was held forth in French Somaliland.
The decision by President Roosevelt to aid actively
in the ferrying of airplanes to British forces in the
Middle East suggests the concern felt in the highest
circles with respect to the territory from Turkey
to India. Persia, now known as Iran, appeared to
be the subject of a diplomatic tug-of-war between
London and Berlin.
British authorities last Satur-
WIIENEVER of British, airplanes again blasted ^ay requested the Iranians to replace numerous
squadrons the weather permitted, great
German technicians with British experts, on the
this week at German industrial centers and
away
ports, and heavily bombed numerous points held by
the Nazis in France and the Low Countries.
Han-
particular target over the last week-end,
than 200 bombers flying over that German
over was a
less
no
city in the effort to blow its munitions plants out
when
300
record
A
existence.
of
Continent
within
Duisburg,
24
Duesseldorf
in for fresh
came
tacked
probably
established
German
bomb various British
of
claiming
The Germans sent over
cities, and also lost
a
number
planes, while doing little effective damage.
the
war
at
sea
raiders
were
sinking
one or
the Reich
In
submarines, mines and air
regularly
reported
from
Berlin
as
two ships daily, but London made no
information
available.
claimed the
sinking of
British
The
many
Admiralty
Axis vessels, and ad-
mitted the loss of the submarine "Cachalot."
Invasion talk
pears more
a
move
once
The
latter
likely that Great Britain will attempt
try to effect a landing in England,
possibility is not being overlooked in
London, where arrangements
tral
"larders"
event
recent
of
100
invasion
or
areas,
are
reported for
cen-
to supply food in the
heavy
aerial
attacks.
The
warning by Prime Minister Churchill that
Sept. 1 might
not been
don
in
and
see
the start of
forgotten.
But
a
many
German offense has
dispatches from Lon-
Washington have hinted, in recent days,
that the Russians
made
a
reply that satisfied the
preparations to act in the circumstances, and the
up
of a front in Iran would not be sur1
French Unrest
ROWING
fully expect the establishment of
unrest
and
increasing uncertainty
to be the lot of the French people in
both the occupied and the Vichv areas, with suffering sure to increase now that summer is waning and
more rigorous weather impends.
The declaration
of Franco-German collaboration made by Marshal
Henri Philippe Petain on Aug. 12 has not yet resuited in acknowledged arrangements for joint
action. That the declaration is not to be construed
as unfriendly to the United States was maintained,
Wednesday, by Vichy's Ambassador to Washington,
Gaston Henry-Have.
The State Department was
appear
assured
again is rife, but it now ap-
against the Nazi-held Continent than that
the Germans will
diplo-
There were numerous reports of British
towns
relatively modest squadrons of airplanes to
some
have not yet
jans
British.
opening
spokesmen
the Reich
larger numbers shot down.
attempted in the
But German
debacle.
prising.
other
and
Russian
matic pressure was no less emphatic, and the Iran-
Magdeburg, Cologne,
hours.
a
hammering, and Berlin was at-
with
day,
one
of
event
the
over
gauged by admitted British losses of 14 airplanes
in
forCes of a possible invasion, to be
The extent of the attack could be
well.
as
was
bombers soared
large British
ground that the Germans were merely the advance
tion
or
likely.
by the Ambassador that military coopera-
the surrender of the French fleet were un-
Within France, Marshal Petain appeared to
have the usual difficulty in rallying the people to
the standard he has raised.
A general appeal for
support was issued by the aged Marshal, Tuesday.
But the rumblings of discontent continued to swell,
and in the occupied zone German authorities began
to
take drastic measures.
mans
Warnings by the Ger-
that aid to the Communists would be punished
by court martial and death had little effect.
joint
5,000
move
In
a
by French and German police, more than
persons
suddenly
were
arrested
in
Paris,
Thursday, and a tightening of regulations was re-
Volume
The Commercial & Financial Chronicle
153
ported everywhere in France.
in Paris
Communists, and they
tion
were
hustled off to concentra¬
the typical Nazi
camps in
this
The arrested persons
generally accused of being Jews and
were
remains to be
Friday
against 1 1-32@1 1-16%
as
on
call at London
on
Money
on
1%.
was
Discount Rates of Foreign Central Banks
the French
cow
bills,
Friday of last week.
Whether
manner.
display of the mailed fist will
three months'
1037
seen.
THEREdiscount noof
have been changes during the week in
of the foreign central
the
Far Eastern Crisis
banks.
rates
Present
any
rates
the
at
leading
centers
are
shown in the table which follows:
THROUGH incidents, the Far Eastern situation
the mere passage of time without
warlike
was
generally regarded this week
proved to
slight degree, but to experts
a
Eastern affairs the betterment
was
Rale in
Country
having im¬
as
not
Far
on
particularly
The
imposed
sanctions
economic
States
by the United
Japan
and Great
Belgium
2
Jan.
5 1940
2X
5
Dec.
1 1940
6
India
East
Indies,
fresh
pour
for
a
lesser extent by The Netherlands
obvious warnings to Tokio against
are
But Japan continued to
military ventures.
troops into French Indo-China and to prepare
campaigns
new
of aggression
and expansion.
Dutch
interests
the
if
Thailand
Most students
stone.
of
the
is
next
stepping
policy rather inclined to
belief, however, that Japan really intends to act
against Siberia, if and when the Germans defeat
the Russians in
States may
The part that the United
Europe.
American declaration
After the joint Anglo-
issued, persistent rumors
was
that the United
"regional guardianship"
States is
establish
to
the vast Pacific
over
in London hinted at such
sources
his return
An
a
devel¬
the
State
the Far East.
was
economic
sanctions occupied
Washington
in
Department
Americans
100
Approximately
all
week.
stranded
are
in
Japan and anxiously wish to return to this country,
but
Morocco
Norway
shipping facilities
are
now
lacking.
An ex¬
pected call at Japanese ports by the American ves¬
Coolidge
was
refused for
time to consider other
were
made
July
15 1939
May 28 1935
4H
May
4Vx
4
7
4X
4
16 1940
4H
3H
Portugal
Oct.
26 1939
3
Rumania
Estonia
4H
Oct.
1 1935
5
SouthAfrica
3 1934
..
4 Ya
Sept.12 1940
3X
Poland
June 30 1932
Mar. 31T941
3
Oct.
2
13 1940
Dec. 17.1937
May 15 1933
3X
4H
5
4
Greece
4H
Spain
*4
Mar. 29 1939
5
Mar. 17 1941
2
Sweden
3
May 29 1941
3X
Apr.
6 1940
4
Switzerland
1H
Nov. 26 1936
2
6
_.
Dec.
IVa
3X
France
Germany
Jan.
4 1937
7
Yugoslavia.
5
Feb
1 1935
6M
Not officially confirmed.
Bank of England
Statement
nPHE Bank's statement for the week ended Aug. 20
1
12
showed
a
loss in note
weeks, of £2,802,000 to
Since
last
total of £665,375,000.
April, when the fiduciary issue
creased £50,000,000,
accompanied
was
in¬
circulation has risen £46,000,-
A slight increase of
000.
circulation, the first in
a
by
£21,411 in gold holdings
an
advance
in
of
reserves
dropped £1,056,000,
deposits gained £5,802,600.
The latter
deposits
Public
£2,823,000.
while other
bankers'
of
and
£6,482,517,
which
accounts,
other
increased
which
accounts,
declined
The proportion of reserves to liabilities
8.8% from 7.5% a week ago; a year ago it
£679,917.
rose
to
11.5%.
creased
advances"
holdings
de¬
while other securities expanded
Other
£1,193,145.
and
security
Government
£250,000,
comprise
securities
and
"securities,"
"discounts
which
gained
No change was
Below we show the
£224,913 and £968,232, respectively.
made in the
2% discount rate.
various items with
OF
comparisons for previous
years:
COMPARATIVE STATEMENT
ENGLAND'S
prohibited by Tokio, in
Aug. 21,
Aug. 23,
1940
1939
£
Aug. 20,
1941
After repre¬
through Ambassador Joseph
Aug. 24,
1938
£
arrangements
repatriation of the Americans.
sentations
C.
a
5
14 1937
6X
3
reprisal for the sanctions, and the Japanese cooly
for the
3.65
Jan.
6
4
BANK
sel President
May 18 1936
Apr.
7 1936
22 1940
3
England
Finland
3«
4H
Erie..
__
4
Nov. 28 1935
3
Lithuania-.
1 1936
Denmark
Oct.
3.29
area.
of President Roosevelt
concern
of the
offshoot
3X
5
m
2 1937
was
upon
Java
Jan.
3
3
Italy
Japan
5
a
opment, and Washington dispatches made it quite
clear that the first
4
Jan.
consists
Informed
16 1936
18 1933
4
play in halting the Japanese aroused
anxiety in this country.
indicated
Dec.
July
3
June 26 1941
3
...
3
was
some
Rale
2H
'
Mar. 11 1935
2H
to the next Japanese move,
way
clearly be directed against British and
vious
...
4
-
Danzig....
Closer relations between Japan and Thailand pos¬
sibly point the
Holland
1 1936
Czechoslo¬
*
which would
Date
Effective
Hungary
Bulgaria
vakia
Britain, and to
Country
Mar.
Colombia.
against
Rate
3K-
Chile
Pre-.'
Effect
Aug 22
vious
i
Argentina..
Canada
perceptible.
Rate in
Pre¬
Dale
Effective
Effect
Aug 22
Aug. 25,
1937
665,375,000 609,585, 244 508 ,063,708 478,698,934 488,266,998
22 ,371,358
23,959,683 25,376,710
14,544 970
36-,617,000
151,251,689 172,052, 508 128 ,360,941 135,632,931 128,816,892
Other deposits—.92 ,132,255 101,559.981
92,819,213
Bankers' accounts
102,610,008 123,371, 628
36 228,686
34,072,950
35,997,679
48,641,681
48,680, 880
Other accounts.
99 666,164 101,911,164 108,837,487
Govt, securities.-— 161,952,838 151,812, 838
30 045,374
26,909,085 23,960,361
26,283,258 31,259, 611
Other securities
5 711,062
6,267,277
4,317,646
8,833, 673
6,470,634
Dsic't & advances.
19,642.715
22,425, 938 24 334,312 20,641,808
19,812,624
Securities
39 198,973
674
48,948,643 39,594,438
16,615,000 21,577,
Reserve notes <fc coin
1,990,171
1,162, 918 247 262,681 327,647,577 327,861,436
Coin and bullion
Circulation
Public
deposits.—_
—
.
_.
Grew, Tokio made accommodations available on
Thursday for 26 of the Americans, who are to pro¬
—
ceed to
To
all
Shanghai
on
their circuitous return journey.
intents and purposes,
trade between Japan
Proportion of reserve
to
and the United States
business
Japan.
sanctions
is
Associated Press
ery
is being set
nary
halted, and not much
apparently is being done between
Britain and
strict
has
now
up
a
•
a
on
Tuesday that machin¬
possible continuance of ordi¬
British authorities,
financing licensed
exports
When criticisms of such schemes
ish authorities
there
was
no
on
ll^d.
2%
were
to
ac¬
Japan.
against
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
Friday of last week,
as
and
an
in¬
interest to State of 1,-
000,000,000 francs and a fractional decline in the
reserve ratio ot 25.30% from 25.38% the previous
No change
week.
francs
gold
reserve.
occurred in the 84,000,000,000
Total sight obligations rose about
1,000,000,000 francs to 332,000,000,000 francs, com¬
Foreign Money Rates
were
total of 239,500,000,000 francs,
in advances without
crease
voiced, Brit¬
least retreat from the stand
a
a
ac¬
Wednesday hastened to state that
25.6%
11 Hd. 84s.
THE weeklyrise in note of the Bankofas500,000,000
statement circulation
of July 24
showed
pared
on
30.6%
2%
84s.
Bank of France Statement
francs to
aggression in the Far East.
on
6d.
Great
cording to such reports, are setting up clearing
for
148s.
168s.
question, however, since the
reported
for
168s.
26.0%
2%
11.5%
2%
,
2%
Whether London will maintain
commercial relations.
counts
8.8%
liabilities
Bank rate
Gold val. per fine oz_
1 1-32@1 1-16% for
with
163,699,920,993
declaration of war.
account for
a
sum
francs prior to the
advanced in the special
German occupation costs was lowered by
few million francs.
for the
The
Following
different periods:
we
furnish the figures
The Commercial &
1038
'
'
\;.l'
r,
-•
■
July 24, 1941
Francs
Aug. 31, 1939a
July 17, 1941
Francs
Francs
84.000.000,000
84,000.000,000
332,000,000,000 *331,000,000,000
239,500,000.000 239,000.000.000
62,200,000,000
63,200,000,000
25.30%
Total sight obligations...
Note circulation
Advances without int. to State
97,266,039,155
163,699.920,993
142,358,597,920
20,576,820,960
*25.38%
117,655,000,000
Proportion of gold on hand to
sight liabilities.^....
7-16% asked; for bills running
five
and six months, %% bid and 9-16% asked.
The
bill buying rate of the New York Reserve Bank is
%% for bills running from 1 to 90 days.
months, 9-16% bid and %% asked; for
for four
59.42%
117.650,000,000
Gold holdings
.....
Course of Sterling
Cost of German Array of Oc'■'
cupation
*
Revised,
a
STERLING pound hardlysteady in from thetrading.
exchange is deviates limited official
The free
The range for
rates.
MODESTLYthe New York
increased activity was noted this
week in
market, largely
money
borrowing by various govern¬
because of short-term
bank¬
There was little business in
mental entities.
The supply of
commercial paper tends to expand, but here also
the banks usually hold on to their acquisitions and
not much trading is done at the unvarying rates.
bills, and rates were unchanged.
The Treasury
in Washington sold last Monday a
$100,'000,000 discount bills due in
further issue of
days, and awards were at 0.116% average, com¬
91
puted
on an
annual bank discount basis. New York
Monday $100,000,000 notes due in
with
a
The
months, carrying 0.20% interest, and a modest
volume of
October, carrying %% interest.
various dates next
No
companies within New York
of $55,000,000 revenue bills due on
aggregate
an
New York City sold
trading developed.
to 25 banks and trust
Call
trading was reported in these instruments.
loans
all
for
the New York Stock
on
Exchange held to 1%
transactions, and time loans again were
quoted at
1%%
for 60 and 90 days, and 1%% for
four to six months'
datings.
sterling this week has been be¬
and $4.03% for bankers'
tween $4.03
range
for
range
cable transfers has been between
Official rates quoted by
unchanged:
tinue
the Bank of England con¬
(Canadian official, 90.09c. @
90.91c. per United States dollar); Australia, 3.2150
@3.2280; New Zealand, 3.2280@3.2442.
American
commercial bank rates for official sterling continue
4.43@4.47
Canada,
buying and 4.04 selling.
at 4.02
ruling quotation all through the week for both new
renewals.
and
up
to 90 days and
market
for
time
money
1%% for four to six months'
commercial paper
The market for prime
maturities.
continued
paper
The
Rates continued nominal at 1%%
continues quiet.
The supply of
week.
active this
very
has been large and the demand has been heavy.
Ruling rates
Italy,
Since
on
Germany,
of the invaded European countries.
July 26 exchange on Japan and China has been
any
or
In New York
of the Continental
countries, due to the June 14 Executive freezing
order.
Exchange on Japan and China was similarly
suspended on July 26, but trading has been resumed
in the Shanghai yuan, under special Treasury license.
Greatly increased lease-lend aid is expected to
Government order.
suspended by
exchange is not quoted on any
aid
Britain,
to
Russia and
enhanced scale urged in
week between Presi¬
Minister Churchill.
China
on
the greatly
brook, the British Supply Minister, at first
the
probable
new
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount rates
recent advances
on
Governnent obligations are
in the footnote to the table.
schedule of rates
of paper at
now
shown
The following is the
in effect for the various classes
scaled down after Mon¬
$10,000,000,000, but were
day's conference between the
President and Con¬
gressional leaders to from $4,000,000,000 to $6,000,-
hope of financing
lease-lend credits.
000,000, based on the President's
the different Reserve banks:
General Wm. S. Knudsen disclosed at a recent press
conference that in his discussions
going
on a
had put
Rate
civilian
IX
In
1
Sept.
1
Aug. 27, 1937
Philadelphia
IX
Sept.
4, 1937
2
Cleveland
IX
May 11, 1935
2
IX
Richmond
IX
Aug. 27, 1937
2
Atlanta..
*1X
Aug. 21, 1937
2
Chicago
*1X
Aug. 21, 1937
Sept.
2, 1937
2
IX
*1X
Aug. 24, 1937
2
3, 1937
2
*1X
IX
Aug. 31, 1937
2
materials, minimizing the problem of
supply munitions on the huge scale
urged by the British representatives if the needs of
2
3, 1937
6,000,000 to 7,000,000 persons to producing
order to
2
*1X
basis England had increased
supply.
Date
New York
war
working week per man to 60 hours and
wrar
Established
1, 1939
complete
strictly
Previous
Aug. 22
Boston
with Lord Beaver¬
brook, the British Supply Minister stated that by
Rate in Effect
Federal Reserve Banks
speed¬
ing shipments of tanks, planes, foodstuffs, steel, oil,
and other raw materials to Britain.
OPM Director
the average
DISCOUNT RATES OF FEDERAL RESERVE BANKS
placed
fund at from $7,000,000,000 to
Lord Beaverbrook stressed the necessity for
Discount Rates of the Federal Reserve Banks
Ten¬
requirements to finance
Washington by Lord Beaver-
aid to Russia by other than
%@%% for all maturities.
are
quoted
London exchange is not
In
tative estimates of additional
loans
$4.02%@$4.03%;
York,
New
dent Roosevelt and Prime
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
of be¬
$4.03% and $4.03% a week ago.
tween
result from the discussions last
New York Money Rates
sight, compared
of between $4.03 and $4.03% last week.
$4.03% and $4.04, compared with a range
State allotted last
seven
Exchange
Prior to declaration of war.
New York Money Market
ers'
1941
days are %% bid and
FRANCE'S COMPARATIVE STATEMENT
BANK OF
'
<
Aug. 23,
Financial Chronicle
St. Louis
_
Minneapolis
Kansas City..
Dallas
San Francisco
Sept.
SeDt.
-
Auvanra ou uovernment oDiigations Dear a rate 01 iyc, effective sept, i, 1939,
Chicago; Sept. 16, 1939, Atlanta. Kansas City and Dallas; Sept. 21. 1939, St. Louis,
Russia, China and
sion
are
other nations resisting aggres¬
it is agreed that United States
munitions manufacture will have to be
expanded.
on
President
enormously
Following conferences with Lord Beaver¬
brook and Harry L.
trator,
Bankers' Acceptances
any
also to be met,
Hopkins, Lease-Lend Adminis¬
supply needs of the Anti-Axis nations,
Roosevelt stated
must be made not
on
Aug. 19 that
a
new
only of United States de¬
THE market for prime week. The demand has
bankers' acceptances has
been
this
survey
been
productive capacities of Britain, Russia and China,
inactive
good but prime bills
Dealers' rates
are
are
still in light supply.
reported by the Federal Reserve
Bank of New York for bills up to
and including 90
fense
production, but of the munitions needs and
through 1943,
on
the basis of which will be deter¬
mined the amount of additional lease-lend funds re-
Volume
The Commercial &
153
Pending achievement of the expanded pro¬
quired.
duction
objective, it is understood that
tribution
joint dis¬
a
advisory board is to be established to
present lease-lend
with representatives of
program,
Britain, China, Russia and other governments which
resist Axis aggression. -iVv:--'v.«.vV.v
may
Although
criticized
defense .production
present
been
has
seriously ineffective in the light of
as
re¬
1039
systems is understood to be responsible for the merger
of the former
Under
ensure
distribution of materials available under the
proper
Financial Chronicle
ister
shipping and transport ministries.
plan announced Aug. 14 by Labor Min¬
a
Bevin, to expedite ship sailings by maintaining
ample supply of dock workers, all problems af¬
an
fecting the workers
are
Corp., Ltd., which will be responsible
employment projects and for the transfer of dock
for
workers to various ports as
cently disclosed needs of the anti-Axis belligerents,
workers will each be
the United States
tors
Department of Commerce stated
on
Aug. 15 that current industrial output is double that
in
middle
the
of
1938, when it reached the level
maintained throughout
An
tive
capacity from
deemed
goods to
consumer
The
inevitable.
war
accelerated
production has already created
supplies is
of
pace
"priorities
a
war
unem¬
ployment" problem by shutting off the flow of
materials
from
factories
Through action announced
the Office of Production
a
Defense Contract
War and Navy
serving
on
boards
needs.
civilian
Aug. 20, the Council of
Management has established
Service, with the approval of the
departments, revising their purchas¬
Local
appointed by the corporation will cooperate
plan, the corporation is to maintain
Government, with employers contributing not
than
25% of their
gross wages
Emergency food supplies
was
announced by
Minister, in describing
Where
workers.
defense
save
factories
sion.
These "shadow
tation
with
the
larders," prepared in consul¬
military authorities, would insure
up
depots
to
to
signed
on
Aug. 16 between
also
in
now
needy
Reserves of water, food
provided for in
centers
emergency
is
use are
serving 1,000,000 meals daily
persons.
Owing to
reemploy the workers.
The trade agreement
are
placed several miles outside of towns, and cooking
to
converted
be
cannot
production, machinery has been set
retrain and
on
the jobs of perhaps 2,000,000
areas,
taken to feed the
measures
and coal
5,000 threatened plants in operation
bill.
hidden in 100
population if all imports should be cut off by inva¬
adequate food for weeks.
some
are
Lord Woolton, the British Food
to
keep
a
fund, to be underwritten by
ing policies and sub-contracting procedure in order
defense work and
chairman and
finance
a
regional port directors in supplying dock labor.
more
it
Employers and
the board of direc¬
a
national management
raw
on
appointed by the Labor Minister.
To finance the
the
needed.
represented
by three members, with
member
with
the World War.
unprecedented diversion of American produc¬
to be handled by the National
Dock Labor
growing
a
shortage of
in Britain that
manpower
acute daily, it was announced
more
on
Great Britain and Russia grants a
£10,000,000 credit
Monday by Parliamentary Labor Secretary Asheton,
to the Soviet Union for five years
at 3% interest for
women
will be drafted for
work if necessary.
war
In New Zealand the Government's
in
con¬
hope to purchase rubber, industrial diamonds, tin,
trolling prices is demonstrated in a statement
pre¬
wool, hides and shellac.
sented to Parliament
the
purchase of various materials.
The
The British
Russians
hemp, glycerine and timber.
platinum,
seeking
are
Purchase
Industries
and
on
Aug. 15 by the Ministry of
Commerce.
Prices
have
arrangements will be made in a protocol to be signed
only 5% since the beginning of the
by representatives of the Bank of England and the
with
Bank.
State
Soviet
Britain
is
already importing
large amounts of Russian goods and the credit
ap¬
plies only to the balance of British exports
The
ports.
agreement is regarded
new
as
merely
preliminary to the coming Moscow conference
Russian
supply needs and
on
the possible pooling of
British, American and Russian
steady flow of
resources
to
ensure a
the
Administrator
of
war,
compared
7% in Australia and Canada and 2*6% in Great
Effective wages have risen
Britain.
5% and factory
at
WijR Bank of England note circulation on Aug. 20
£665,375,000, recording its first decline in 12
weeks, and ratio of
mounting
wages
and
reserves
war
to liabilities at 8.8%,
costs, combined with
re¬
newed hoarding due to invasion warnings, caused the
Government to extend for two yearn the Treasury's
supplies wherever needed.
war
The clearance section recently established in
of
on
advanced
employees have increased from 102,000 to 108,000.
im¬
over
success
the
authority to control the fiduciary issue without
ap¬
Washington expedites the handling of export appli¬
plying to Parliament. An increase in the fiduciary
issue is regarded as certain as circulation has in¬
cations by
creased by £46,000,000 since
office
establishing
foreign traders
materials
Under
the
central point through which
submit proposals for export of
may
deemed
a
Export Control in
essential
for
friendly
countries.
Secretary of Commerce Taylor stated that
regional and district offices of the Department of
the issue
£50,000,000 to £680,000,000 in April.
The
London
money
market is
money
was
advanced
tighter.
Call
is in demand at 1%. Bill rates are as follows:
Two-months
bills,
1 1-32%;
three-months
bills,
supply of application forms for
1
1-32% to 1 1-16%; four-months bills, 1 1-32% to
priorities and current instructions available for the
1
1-16%, and six-months bills, 1 3-32%.
The Canadian dollar is firm, reflecting tourist
Commerce will have
a
execution of these forms in the 31
The
serve.
new
areas
which
they
arrangement is expected to reduce
subject
to
export
control—furs,
fibers, wood, natural aspirin
or
All
ocean
On
highest since 1939.
Prime Minister Mackenzie
King arrived in London on Wednesday for discussions
synthetic
bitumen, non-ferrous
shipping and inland transportation
created
sys¬
newly
Ministry of War Transport, in order to facili¬
tate the movement
of
war
ordination in the port areas
supplies.
with
the
British
mission headed by
been unified under the
On
were
metals, and precious metals.
tems in Britain have
covering of regular remittances.
Wednesday and Thursday the unit reached 89.25, the
export difficulties due to priorities restrictions.
Aug. 19 six additional articles and materials
made
and
demand
A lack of
co¬
between water and inland
James A.
tour of
Government.
A
Canadian trade
the Minister of Trade and Finance,
McKinnon, left
on
Aug. 14 for*
a
10-week
six of the largest South American republics
to discuss
commercial problems.
Canadian domestic
exports in July, at $169,691,600, were 68.3% greater
than
a
year ago.
Foreign exports
were
$1,216,283,
Total domestic
against $601,111 in July 1940.
ex¬
ports for the first seven months of 1941 were $882,-
Total foreign exports for the
period.
were
real funds
count of
frozen on June 14 got
European
nationals
under way
this week when the Federal Reserve Bank
were
of New York sent form letters and
circulars to banks
months
seven
several thousand
Mont¬
ranged during the week between
a
1941
in the New York district and to
$9,612,758, against $6,252,908.
11%% and
Aug. 23,
1940
078,432, compared with $648,921,294 in the
of 1941
Chronicle
The Commercial & Financial
1040
dis¬
a
and individuals on its mailing list.
corporations
Complete instructions for the preparation of Form
TFR-30O, which has been issued in nine series to
discount of 10 11-16%.
The amounts of
gold imports and exports which
taken from the weekly statement of the
the
cover
various ownership groups
and types of
cover
property, have been made available in Public Circular No. 4.
When the census is completed on Sept.
GOLD IMPORTS AND EXPORTS, AUG. 7 TO AUG. 13, INCLUSIVE
30, the Government will have at its disposal for
further study a comprehensive statement of the ex¬
follow
are
United States Department of
Commerce and
the week ended Aug. 13, 1941.
I mports
Exports
$493
#$814,862
Ore and base bullion.......—.
Refined bullion and coin
—
tent of
arid
10,019,726
foreign interest in United States property
business, whether such participation is enjoyed
by nationals of the British Empire, the Latin Amer¬
$493
$10,834,588
Total
Details of
Refined Bullion and Coin Imports
$714,906
Canada.
2,923,201
Hongkong-.,
Australia
British Oceania.
Colombia
2,223,486
New Zealand....
U. S. S. R. (Russia)
$3,407,285
United Kingdom..
*
78,581
banks remained un¬
changed (luring the week ended Aug. 13 at $1,963,725,148; in the week
ended Aug. 6 there was an increase of $19,211,453.
Referring to day-to-day rates, sterling exchange
Saturday last was $4.03@$4.03% for bankers'
sight and $4.03% @$4.04 for cable transfers.
On
Monday the range was $4.03@$4.03% for bankers'
sight and $4.03%@$4.03% for cable transfers.
transfers
bankers'
On
$4.03@$4.03% and cable
$4.03%@$4.03%.
were
sight
was
On
Wednesday
$4.03@$4.03% and cable trans-
fers
were
was
$4.03@$4.03% for bankers' sight and $4.03%®
On Thursday the
$4.034,4@$4.03%.
On Friday the
$4.03% for cable transfers.
was
Friday
range
Closing quotations
on
$4.03% for demand and $4.03% for
were
Commercial sight bills finished at
cable transfers.
33
'
h%7% v
r
#
'%
rD'Tc-
•-
%%(."'•%
■;
V
•;
bonds at lower interest rates is reported by the
"State bonds
Zeitung.
the standard
3%% rate for the Reich's current bor¬
000,000
•' .'tVV 'i33'
rVci'V)*:.
Continental and Other Foreign Exchange
4%, with
4%% to 4%
1,500,000,000 marks this
year.
con¬
total of 335,-
a
outstanding.
reported
are
Mortgage
expected to
Reich Treasury
in the absence of
the market
notes dominate
new
private bond issues, and the current 3%% series is
expected to reach a record high of 3,000,000,000
marks.
Sabotage of French railroad lines has
such serious proportions
is menaced.
Last
reached
that the Paris food supply
Friday the commander of the Ger¬
occupation forces proclaimed that the entire
man
population of occupied France will be held
respon¬
sible, and the Paris police have offered
million
reward
francs
for information
Wednesday
delegation
a
tinental France left
called
EXPRESSIONS in Washington official and mil¬
of confidence in Russian industrial quarters
marks
bonds converted from
total
following
are
The prevailing rate for both new and
rowing.
verted industrial bonds is
On
$4.00 ; 60- and 90-day bills are no longer quoted.
*•'
gage
range
$4.03@$4.03% for bankers' sight and $4.03% @
$4.03% for cable transfers.
other
Frankfurter
Gold held under earmark at the Federal Reserve
Tuesday bankers' sight was
or
Refunding of German State, industrial and mort¬
353,943
135,627
republics, German, Italian, Japanese,
European or Asiatic interests.
182,697
.....
Chiefly $308,075 Canada, $129,905 Mexico, $85,998 Nicaragua.
on
ican
a
leading to arrests.
representing
Vichy to attend
a
by General Weygand in Algiers to find
to increase
Con¬
conference
ways
shipments of foodstuffs from the African
colonies to France.
itary staying power were voiced this week on the
basis of reports
Administrator,
Premier
with
by Harry L. Hopkins, Lease-Lend
on
He is
Stalin.
Roosevelt
President
sured
his recent
Moscow conference
reported to have as¬
and
Churchill that Soviet industrial
last
five years
Germans
will be
hold
new
Minister
has been so great that even if the
the Western
able, with
immediate
Prime
expansion in the
Ukraine, the Russians
American and British aid for
some
needs, to equip new armies and organize
air forces for
a
long war.
According to the
EXCHANGE on the Latin American countries is
without special feature.
Unconfirmed reports
state that the United
British
on
exports to Latin America in order to release both
raw
materials and
aid.
of
goods
now
the effects
of further
by following the Great Circle route from Seattle to
necessary raw
the
essing,
as
a
safe,
Russian gold is reaching the
apparently to
of
pay
for
war
United States again,
purchases.
$3,407,285 in the week to Aug. 13
by the Department of Commerce.
It
Shipments
were
was
reported
stated that
only two other gold shipments have been received
from Rusia in several years.
In his Aug. 20 press
conference; Federal Loan Administrator Jesse Jones
said that
a
Russian credit will be available if
re-
The
and machinery replacements.
a
pesos
census
of
foreign-owned
property
in
the
United States ordered when the funds of Continental
It
proc¬
was
disr
by the Argentine Finance Ministry
Treasury bond issue of about 250,000,000
in bonds of
one
to five years' maturity, with
interest at 2.75%, is being negotiated with private
banks for defense and production needs. A $17,000,900 credit to Uruguay from the United States Export-Import Bank for the purchase of military,
naval and air equipment in the United States was
ratified in Montevideo
The
Argentine
on
Aug. 19.
unofficial
closed at 23.90 against 23.90.
quired.
as
operating schedules for lack of
materials, supplies for further
closed last week
that
deep-water, ice-free route.
Exporters fear
reducing their shipments
Latin American factories have already been
forced to cut their
Survey and is described
is being made
survey
might be useful to Great Britain.
ing from West Coast ports to Russia can save time
Geodetic
a
being sent to South America which
many
and
productive capacity for British
It is understood that
Department of Commerce, supply vessels proceed¬
Orient, which has been surveyed by the Coast
States has been asked by the
Supply Minister to place further restrictions
or
free
market
peso
The Argentine official
peso is pegged at 29.78. The Brazilian milreis closed
at 5.15 against 5.15. Chilean exchange is nominally
Volume
The Commercial
153
The Chilean export peso
quoted at 5.17 against 5.17.
is
15.75
The Mexican peso is quoted
against 15.75.
nominally at 20.70 against 20.70.
was
yen
The Ameri-
suspended on July 26.
can-British-Chinese Stabilization Board on
fixed the official
511-32 United
Chungking dollar exchange rate at
above the
about 10%
States cents,
The Shanghai yuan,
"black market" rate.
current
Monday
principal commercial unit traded in on the New
advanced 45 points to 5.39 on Monday
the
York market,
reports of the operation, but
on
to 5.17 and
weakened to 4.94
on
A national sales tax will be
1
on
declined Tuesday
both
That
crusade to drive money changers
a
ple,
they
or
to
by all
imposed in Japan Oct.
articles such as jewelry. It will
purchasing power" and will yield around
1 and
American
patents will be affected by a Japanese order of Aug.
17 prohibiting withdrawal of money derived from
patent rights by concerns belonging to countries
subject to Japanese freezing orders. The entire Jap¬
anese shipping industry was placed under State con¬
trol on Wednesday.
A special war corporation:is
1,230,000,000 yen ($288,800,000) between Oct.
About 1,000 British and
next month
mobilization law, with
under the national
authority to supervise trans¬
requisition ships, draft
crews, set their wages, and supervise compulsory
shipbuilding at fixed prices.
The Shanghai yuan closed on Friday at 5 5/16
against 5.25 on Friday of last week. The Hongkong
at fixed rates,
portation
closed at 25 5/16 against
dollar
49.85
25.35; Manila at
against 49%; Singapore at 47% against
Bombay at 30.31 against 30.31, and Calcutta at
47%;
30.31
against 30.31.
Commission
steadily has taken the position, when
amendment
of
Banks
ll%d.
per
fine ounce)
principal European banks as of respective
of most recent statements, reported to us by
the
in
dates
special
shown
cable yesterday (Friday); comparisons are
for the corresponding dates in the previous
four years:
1941
England
France y
Germany x.
Spain
Italy
.
Netherlands
Nat. Belg'm
1940
1939
£
£
£
3.882,700
242,451,946
3,884,150
328,601,484
3,830,500
293,728,209
63,667.000
63,667,000
63,667,000
63,667,000
16,602,000
17,440,000
23,400,000
25,232,000
327,861,436
293,248,181
2,493,425
87,323,000
25,232,000
97,714,000
132,857,000
84,758,000
97,714,000
96,117,000
123,380,000
105,490,000
132,857,000
100,571,000
87,022,000
102,896,000
98,442,000
34,888,000
113,788,000
83,403;000
29,292,000
25,890,000
6,500,000
6,539,000
6,549,000
6,666,000
7,442,000
6,602,000
240,687,670
6.505,000
Norway
6,667,000
696,340,799
696,329,972
700,498,184
700,510.793
Total week.
Prev. week.
£
327,647,577
*588,088
*1,006,429
Denmark
Sweden
N
*141,458,980
,
86,730,000
41,994,000
6,505,000
6,667,000
Switzerland
1937
1938
£
Banks of—
41,994.000
3,008,600
904,141,964 1,080,746,386 1,066,988,042
901,958,097 1.077,810,676 1.067,575,668
made It impossible to obtain up-to-date reports
this tabulation. Even before the present
obtainable from Spain and Italy, figures for which
are as of April 30, 1938. and March 20, 1940, respectively.
The last report from
Switzerland was received Oct. 25: Belgium, May 24; Netherlands, May 17; Sweden,
May 24; Denmark, March 29; Norway, March 1 (all as of 1940), and Germany as of
Aug. 8,1941, and France as of Aug. 22, 1941.
♦
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
statements for March 1, 1939, and since have carried the gold holdings of the Bank
at the market value current as cf the statement date, instead of the statutory price
which was formerly the basis cf value.
On the market price basis (168s. per fine
ounce), the Bank reported holdings of £1,990,171, equivalent, however, to only
about £1,006,429 at the statutory rate (84s. 11Hd. per fine ounce), according to our
calculations.
In order to make the current figure comparable with former periods
as well as with the figures for other countries in the tabulation, we show English
holdings in the above in statutory pounds.
i V
Note—The war In Europe has
from
war.
many
of the countries shown in
regular reports were net
reported in 1939 and since include
foreign currencies."
have been revalued several times in recent
years; on basts of latest valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
tuted March 7, 1940, there are per British statutory pound about 349 francs; prior
to March 7, 1940, there were about2 96 francs per pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to the statutory pound.
For details
of changes, see footnote to this table in Issue of July 20.1940.
x
Gold holdings of the
Bank of Germany as
•deposits held abroad" and "reserves in
y The Bank of France gold holdings
securities"
Act
was
May and June to amend both Acts, how¬
was
the Commission apparently decided the time
For instead of turning
"politically opportune."
thumbs down
on
confer
on
these measures, it requested delay in
the form amendments to the Acts should
And after close to
take.
of
curities
America,
New
Dealers,
Stock
York
New
of conferences with
a year
of the Investment Bankers Asso¬
National Association of Se¬
representatives
ciation
affected interests could
action until
congressional
York Curb
both
Exchange,
industry and the Commission
Exchange and
the securities
transmitted to
gressional committees reports on proposals to
not
only the two Securities Acts but the
Act
as
con¬
amend
Bankruptcy
well.
told, 86 amendments to the three Acts were
All
proposed—48 to the Securities Act, 36 to
Exchange Act and
curities
the Se¬
2 to the Bankruptcy
Act;—so it seems probable, if the attention
of Con¬
be diverted from defense measures for suf¬
time to insure its understanding of the ques¬
gress can
issue, the prospects for some
at
strictions
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
statutory rate, 84s.
in
Following the introduction of bills in Congress a
tions
British
"truth
the
portune."
ficient
Gold Bullion in European
But while minor
Exchange Act have been
permitted in the past, the Securities and Exchange
ever,
established
capital supply system
New Deal politicians.
save
"absorb
be
badly in need of a complete
revisions in the Securities
year ago
to
are
effectively, has long been admitted
function
ments, and luxury
31, 1942.
tinkering,
were
from the tem¬
appreciation of the
intricacy of the machinery with which
remodeling, if the Nation's
is
and the
with little
by reformers
delicacy
1933
of
proposed, that the times were not "politically op¬
Thursday.
liquors, sugar, textiles, refreshments, amuse¬
March
Act
Securities
the
Exchange Act of 1934, devised in the heat
Securities
of
EXCHANGElimited trading. Eastern countries is
on the Far Trading in the Jap¬
heavy in
anese
Amending the Securities Acts
Peru is nominal at
nominally quoted at 4.00.
1041
& Financial Chronicle
the
on
operations
tributing machinery appear
Since the substance of
our
easing of re¬
security dis¬
encouraging.
the reports submitted by
industry and the SEC have received
the securities
considerable
of
attention from
both the general and
broad discussion of the various
warranted at this time-. Rather,
it is proposed to devote this limited" comment to an
exploration of the major areas of disagreement be¬
tween the industry and the SEC, between divisions
the financial press, no
proposals seems
of the securities
industry itself, and between general
securities industry and the SEC,
with respect to both the 1933 and 1934 Acts.
The securities industry and the SEC, as already
business,
the
noted, have proposed an aggregate of 48 amend¬
ments to the 1933 Securities Act, with respect to
33 of which
they
are
in virtual agreement, and
with
which they are in complete or partial
disagreement. Only three of these areas of dis¬
agreement, however, merit discussion here.
respect to 15 of'
One of the more
the
use
important of these areas covers
of information before
and after the effective
and
Under the Act as it now
stands, a security underwriter or dealer may give
oral information to a prospective buyer concerning
an issue in registration, provided no sales, or solici¬
tations to buy, or offers to buy are made or accepted
date
of
a
registration statement, and the use
delivery of prospectuses.
prior to the
effective date of the registration state-
The Commercial & Financial Chronicle
1042
Failure
ment.
and the making of an offer to sell
violations of the Act,
willful
whether
and to injunctions for viola-
"offer to
an
not,
or
the distinction between
and
or
him to criminal penalties for willful
subject
tions
part of the underwriter
clear distinction between the giving
a
of information
may
the
on
dealer to make
But,
unfortunately,
giving of information
a mere
sell," "an attempt
offer to dispose
or
offer to buy"
of
a
security"
is
a
bit too fine for the average security dealer or
"solicitation of
or a
an
Aug. 23, 1941
After all, this proposal is wholly unnecessary, if
the investor, who has based his purchase on the
data contained in a limited prospectus, is given the
right to cancel his purchase, should examination of
the general prospectus show the offering to be unattractive. By every standard of theory or practice, this proposed amendment must be classed as
a
drive for increased bureaucratic authority, and
not a measure to protect the investing
l°ss-
public from
prospective purchaser to grasp, and unless under-
The second area of disagreement between the
information whatever during the
securities industry and the SEC concerns the exemption of certain classes of issuers and transactions
fr°m
registration procedure, but not from the
fraud provisions of the Act. Under the terms of
the Public Utility Holding Company Act, utility
holding companies and their operating electric and
gas subsidiaries are required to file exhaustive financial and operating reports with the Commission, and
4o secure its approval of all proposed capital engagements. At the same time, under the provisions of
the Securities Act as it now reads, these utilities must
file registration statements with the same Commission, covering the same proposed security issues
previously examined and approved by it. This,
obviously, is productive of duplication of expense
to financing utilities, without any offsetting benefits
to them or the ultimate purchasers of their securities,
Now it so happens that railroads and other issuers
of securities, coming under the jurisdiction of the
Interstate Commerce Commission, must file exhaustive data with that agency and secure its approval of all proposed security issues, before they
can be underwritten or distributed.
But once the
ICC's approval has been secured, these issuers are
under no compulsion or necessity to register their
writers
give out
no
waiting period, they lay themselves open to grave
risksv
In
attempt to comply with the theory of the
an
present Act that information should be made freely
available to in vestors prior to the effective date of a
registration statement, and at the same time avoid
"no sale" and "no attempt to
risk of violating its
sell" provisions,
the securities industry has suggested
amending the law to permit
"limited"
or
bond
abbreviated
an
the
to
old-style
circular, for distribution to prospective
chasers during
firm
orders
for
Even
date.
effective
execution
then,
portunity
roughly
examine
to
op-
for
But the SEC conditioned
business day.
one
an
prospectus
general
a
the
only after
sale would become
no
buyer had had
binding until the
or
pur-
the waiting period, and to permit the
of
solicitation
its
of
use
similar
prospectus,
acceptance of this, proposal upon the industry's
acceptance of a proposal of its own.
Under the
present Act, security dealers
mitted to make
without the
statement,
provided
prospectus,
him not
later
curities,
or
now
a
date
of
registration
a
buyer having examined
of
delivery of his
therefor.
his payment
a
is delivered to
prospectus
the time
than
per-
are
offerings and binding sales of
the effective
after
securities
oral
the
But
se-
SEC
considers this arrangement a "loophole" in the
("You
Act.
wouldn't buy an
phone, would you?
and it has
giving
chaser,
proposed
oral
of
automobile
You'd want to
an
the
over
the car"),
see
amendment prohibiting the
information to
a
prospective
pur-
the oral solicitation of orders, unless
or
limited prospectus
registration
(if before the effective date of
statement),
or
general
a
a
a
prospectus
(if after the* effective date), has been in his hands for
Accordingly, the securities
industry has proposed that financing utilities, registered with the SEC and required to secure its approval
of proposed security issues, should not be compelled
to comply with its registration procedure.
But the
SEC, clinging tightly to its every prerogative, has
opposed the adoption of this amendment to the Act.
Moreover, the smaller the amount of capital
engaged, the greater is the proportionate cost of the
registration procedure to the issuing corporation,
and largely for that reason, the present Act specififrom the registration procedure
cally exempts
at least 24 hours.
This
issues with the SEC.
all
but its adoption would
less. The securities industry
and several business associations believe this statu-
greatly hamper security underwriting and distribu-
tory limitation on exemption should be raised to at
proposal
strike the layman
may
fair and somewhat innocuous,
tion, and would
prove
major
conditions,
reasons
when
are
Nazi
developments
may
kets, time is
of the
distribution.
Once
eminently
the most devastating form of
regulation yet imposed
The
as
on
the securities industry,
Under present-day
these.
successes
other
or
foreign
violently disturb financial
the
mar-
of successful security
essence
underwriting
contract
is
issues of $100,000
least $500,000,
or
an
as
aid to small
concerns
level to above $300,000.
The third area of disagreement
between
organization of the Commission itself.
securities, regardless of ensuing market fluctuations,
more
be
must
distributed
delay, if possibilities of loss
increased.
But
solicitation
of
if
security
orders
until
with
are
dealers
they
investors in all sections of the
a
minimum
of
not to be greatly
are
for
at
least
24
been
chairmen,
curities
land have had pros¬
hours, security distribution
may
be
grave
seven
in existence,
During the
this five-man Commission
years
it
has
lost
members
seven
through resignation, and has been served by five
must postpone
greatly delayed, and underwriters exposed to
risks.
has
than
legally certain
pectuses, prepared in New York, in their possession
the
securities industry and the SEC covers the size and
signed and the underwriter is obligated to buy the
securities
which
find the cost of compliance with the registration
requirement almost prohibitive. But the
SEC
has so far refused to approve boosting this exemption
been
forced
sonalities
of this
the
to
the
inconvenience
of
the
se¬
to
and
adjust themselves to shifting
philosophies.
Moreover,
as
a
per¬
result
rapid ^turn-over in Commission membership,
SEC
lame
much
industry and financing enterprise, which have
has
ducks,
come
or
a
"to be
regarded
as
a
haven for
resting place for deserving New
The Commercial & Financial Chronicle
Volume 153
Dealers,
while
stabilize
secure
its
they
solicit
employment.
secure
Commission
endeavor
an
membership
to
eventually
performance of
disagreement, five
The two
assigned tasks, the securities industry has
pro¬
fail
proposed by the industry and
are
by the Commission.
seven
and
Commission skilled in the
a
and
lucrative
more
Largely in
1043
major
Commission's
in which the two factions
areas
completely to
the
cover
agree
of the
scope
present and proposed authority, and
posed that the compensation of Commissioners be
elimination of the threat of
increased
tions of broker and dealer.
The first of these
of
primarily because
from
annually, their
$10,000 to $15,000
tenure of office increased from 5 to 10 years,
retirement pay
attaining the
of 70
age
fit vastly
seen
expand the activities of the Commission by heaping
and
more
securities
sion be
five
it
upon
to
administer, the
industry has proposed that the Commis¬
comprised of nine members, rather than the
members
For
laws
more
provided
somewhat
under
confused
posed expansion
of
the
membership, while
coyly avoided expressing
opinion
any
Act.
present
the SEC has op¬
reasons,
its
Commission
developed
proposed
amendments
Act, which would give it
years.
Furthermore, since Congress has
to
and that
be made available to serving members
disagreement
on
it has
the
pro¬
with
exchange
segregation of the func¬
power
officials,
disciplinary
sought
and
the
to
classification
over
of
addition,
In
action.
their
for
election of
members
the
and
SEC
has
to limit the borrowings of both dealers
power
brokers, and to dictate procedure in the handling
of customers' funds.
sion's
In other
words, the Commis¬
proposals would, in the main, vastly expand
its control
the
stock
over
exchanges and brokers, while,
posal to boost salaries, increase tenure of office and
at
provide retirement
to the unlisted and over-the-counter fields.
Such, in brief,
are
3 of the 15
areas
The second
of disagree¬
the
to force
a
of the industry's recommenda¬
Section
11(e) of the
1934
The SEC,
mission
"to
study of the
one
proposed the amendment of the
instance, has
with
Act
present
respect
employees'
to
pension,
proposal the securities industry has withheld recom¬
on
The
Controllers
of America,
Institute
it
•
never
intended
was
the
within
that
Securities
Act
event, within the registration requirements
the
plans
employees'
(or, in
any
of Section 5 of
Act), that it is not socially desirable that employees'
plans be within the jurisdiction of the Commission, and,
therefore, that the primary design of any amendment adopted
should be to make clear that the Act is not applicable to
employees' plans, and in any event that the registration
requirements of the Act are not so applicable.
Again, the securities industry has proposed, with
the approval of
amended
would
to
the SEC, that the present Act be
classify
"public offerings,"
as
brought within the
thereby be
which
registration
could do
onerous
and also less
placement
to be
writing of securities, has registered its opposition
this
to
The
proposed
condition
of
amendment
complains is, obviously,
Couldn't
the
the
which
interests
tection of investors
a
to
1933
the
Controllers
Act.
Institute
product of over-regulation.
of
regulation and the
pro¬
adequately be served by a more
to
direction for
SEC's
radical
more
without
a
June, 1936, it
able
find
to
find
to
secure
under
way
sponsors
to
success
of
induce
a
year
it
later, the best they
inclusion of the above-quoted
study of the problem.
"Segregation Report"
But when the
finally released in
was
found that the Commission,
was
now
that
impracticable,
a
un¬
segregation practicable, was unwilling
and
it
has
completely
ignored the question for the past five years.
But
relinquishment of its doubtful right to
segregation is sought, the Commission refused
grant its consent.
"less
expensive" than public under¬
believing private
America,
the
And when the Securities Exchange Act
was
the
Unlike
Institute
During the spring of
3, 1936."
under consideration
divisions
Controllers
Com¬
feasibility and
broker, and to report the results
tried
legislation
of
the
Jan.
mandatory.
was
to
But
Act directed the
Congress to make segregation of the two functions
force
$3,000,000.
a
the Securities Act,
ments of
of
make
1933, when congressional hearings were
requirements of the Securities Act, all private place¬
security issues having a face value in excess
segregation of security brokers and dealers.
before
that
be included
re¬
may possess
study and recommendations to the Congress
or
on
however, has taken the position that:
possible right it
advisability of the complete segregation of the func¬
of its
mendation.
any
tions of dealer and
profit-sharing and other benefit plans, from which
,
of disagreement between
Securities Act
tions, has arisen in professional circles.
.
area
relinquish
posals, and to
should
major
industry and the SEC involves the latter's
Opposition to certain of the SEC's pro¬
1933.
for
time, extending increased jurisdiction
same
fusal to
proposed amendments to the
over
of
pay.
between the SEC and the securities industry
ment
I
the
1934
to enforce compliance
rules, to expel members
violation, and to give it authority
exchange
areas
almost
of the
between
complete agreement
securities
industry with respect to
proposed amendments to the 1933 Act, an important
segment of the industry is
least
violently opposed to at
amendment to the 1934 Act, proposed by
one
the New York Curb Exchange
and New York Stock
Exchange, but neither approved nor disapproved by
Investment Bankers Association and the Na¬
the
Under the
tional Association of Securities Dealers.
simple amendment of the Act—one which would so
wording of this proposal, which would "equalize"
lower the costs of
listed and unlisted security issuers
ing
fraternity,
registration that the underwrit¬
regulatory
authorities
and
small
enterprise all could benefit?
Turning
now
1934, to which
been
to the
an
Securities Exchange Act of
aggregate of 36 amendments have
proposed by the two reports, it develops that
the securities
industry and the SEC are in virtual
agreement with respect to 20 proposals, in partial
disagreement with respect to four proposals, and in
traded
in
the
over-the-counter
stick" of $3,000,000
in
number, both
with
an
by requiring
disclosure from corporations
complete
as
Dealers
of-thumb
as
a
markets,
a
"yard¬
in assets and 300 stockholders
minima, is set up in connection
exemption provision.
Security
more
with issues
Association
And the New York
visualizes
this rule-
standard for automatically qualifying
complete disagreement with respect to 12 proposals.
registered issues for unlisted trading privileges on
national stock exchanges.
The fact that the N ational
Of the
Association of Manufacturers has
proposals falling within the area of complete
thrown its weight
The Commercial &
1044
At the opposite intellectual extreme is the frequently heard "my country, right or wrong, but still my country/' with its
premeditated and often interested intimation that a
government is entitled to the moral acquiescence,
as well as the material and physical support of all
its citizens or subjects in all its errors, however
wicked and mischievous, as much as when it is indu-
"yardstick"
its opposition to the proposal may be
fight for the elimination of this
would suggest
well-founded.
Association of Manu-
In addition to the National
indicated
facturers'
amendment
proposed
Act,; the
to
advised the
has
America
of
Institute
Controllers
one
Exchange
Securities
the
to
opposition
bitably right. Both wittily and with potent suggestion it has been declared that this latter maxim
is the spiritual and immoral equivalent of "my
mother, drunk or sober, but still my mother." We
are certain to hear a gieat deal, during the coming
months, of what is called patriotism. Its oratorical
definitions are already being fantastically expanded
the form of an amendment
proposed to the "proxy" provision of the Act. This
proposal, advocated by the two New York exchanges
and approved by the SEC, is neither recommended
nor opposed by the Investment Banker and Security
SEC of its opposition to
Dealer associations
The memorandum of the Con-
.
reads, in part:
trailers Institute to the SEC
mission should not press for
of the stock
attaching
companies be applied equally to unlisted comThis applies particularly to the proposed extension
the restrictions and regulations
exchanges that
listed
to
extensions of its areas of control
to satisfy the requests
time in order
this
at
feels that the Com-
panics.
of the proxy
registered
...
Further opposition may
.
.
.
,
*
.
„
develop from two sources,
i
,
...
congressional committee hearings on proposed
.
A
,
,
amendments to the two Acts get
So
fall.
'.
j.
i
under
.
,
j
..
facturers has indicated its attitude on
,
.
,i
•
the
way in
National Association of Manu-
the
far,
.
.
.
t-v
,
.c.
,
but
one
...
inon
specihc
x,
,
1939, it published a
proposal, but in December,
lengthy report in which it set out its conception
.ci
,
•
•
.
.
,
•
1
.
.
3
,
general, the securities industry
m
.
11
the SEC and
And unless its views in this respect have
Congress.
changed materially in the past 20 months, it may
he
expected to
certain of the proposals
oppose
made to amend the 1933 and 193
New
.
.
boldlv
f
bridled violence from every available stump.
vjctjon
to
service of
,
,
.
»
.
.
.
1
' 11
q
attributes make
,
,
searching insistence- "What
t i seaiciiing insistence, patriot
vvnat
a real
e
the essentials of
up
0^+„oll
f
and what actually
}
'
patriotism
*
T
,,
.
it ^ means
u
«Mber]and „ the
.
,
„
,
or
erg> f),.
land
one's
a(]jmlct «terra„ bei
we
have
a
State,
a
na,
nobinty
by introducing his own
one
tion to press
And since
designation
aris,ocracv; and
or
well, has announced his mten-
for consideration of his own measure
he has assumed the role of champion
of
in
]at(er
«love
as
,noves
a
of
person
one>s
continued
Countrv, the passion
defending it from invasion
in protecting its
or
right& and maibtainillg its laws and institutIons."
business, certain of the amendments proposed
Nothing in these definitions, which
by the securities industry and the SEC are
the
likely to draw his fire, both
committee rooms and
in
the floor of the House.
the valuable contributions
by the SEC and representatives of the securities
industry, which resulted from
many
months of effort
conference, the amendments to the Securities
Act and the Securities
Exchange Act eventually to
largely
out of the legislative hopper are still
unwritten.
In their final form,
small amount of
they will contain
politics.
and
a
heaping measure
a
p
.
.
cynical and misleading aphorism, in-
by Samuel Johnson and apt for recollection
time, which asserts that "patriotism is the
last
refuge of
a
and
accurate
all
scoundrel."
that
To render it truthful
would
would have been to prefix the
have
been
necessary
adjective "sham": it
might well be said that "sham patriotism is the last
are
are
taken from
closely paralleled
by all othor authorities, suggests the unquestioning
complete surrender of the right of individual
judgment
to
any
hereditary and
and
an
group
of
office-holders,
pretending to divine right,
claiming that
s]lip is in fact
a
or
either
elective
temporary and titular leader-
delegation of authority to think for
entire people, to interpret each and every item
a
of fundamental law in violent
disregard of both its
literal
meaning and all the precedents, and to
corn-
mand
implicit
from
evei.y
citizen.
tion, suggest
__________
Patriotism
There is
a
wisdom, experience and judgment,
sizable dose of compromise,
Century Dictionarv but
and
despite
Accordingly,
this
or
to serve hig countrv, either
both
at
{amil
with many others,
small
vented
a
of the found-
zea]()US]y supports and defends its interests," and
which
of
the
birth,
implied and
"patriarch," the puta-
«patriarchy». «patricia,i,"
«fathers„ of
.
,
derivatives.
many
of
titnIar fatller and the rn]er of
op
d
the
Thence
I]nderstood<
tiye
.
the demands of completely
are
Tile Latin word "patria" has
1bp
a
.
minds do not bend before the winds oi
emotional and ephemeral passion and who ask to be
.
1
1
led wisely and honorably rather than merely to be
'
/
J
J
led, could find no better time than the immediate
'
-
ment Advisers Act as
pour
Good
and untruth.
unreason
...
Act, the Investment Company Act and the Invest-
and
it is
reasoning minds, especially when
beat the gun
«patriot„ and «patriotism»
0f the last "two the
bill to amend not' formeI. is defined as one «who loves his conntry and
only the two Securities Acts, but the Trust Indenture
made
But
declamation is not argument and fails to carry con-
York, who attempted to
last April
on
exa"<mr-
to their descendants to constitute sometimes a nftmi-
Representative James W. Wadsworth
Then, too
of
being
c s-
•
P "Bicians suDsiai ett Dy patronage Dolcl y e aBse
ate its requirements and declaim them with un-
of
principles mvolved m industaal finance,
the edification of its members, private enterprise
the 10 basic
for
,
_
men, whose
exchange.
-r,
once
,
rules to companies which do not have securities
on an
policies of the ruling group and "
in aid of unpopular
number of smaller companies that
be affected, the Institute also
would
■
.
.
Because of the large
Aug. 23, 1941
refuge of many scoundrels."
Association
behind the New York!Security Dealers
in its
Financial Chronicle
acquiescence
and
obedience
Neither do they, singly
any
or
in combina-
obligation to support, with armed
force or by sacrificing any of the necessities of
decent and comfortable
living, the activities in
war-
fare in remote nations, with whose sufferings and
difficulties there
though they
were
may
be profound sympathy
even
incurred without connivance
or
encouragement from the people whose assistance is
solicited.
Nor is
it
always patriotism to render
uncritical and undeviating support to any ruler or
any
temporarily ruling clique.
Among the maxims
Volume
of
The Commercial & Financial Chronicle
153
Bishop Berkeley appears the following, in which,
instead of the word
"Government,"
Being loud
or
"court," Americans should read
vehement, either against a court or for a
or
.
Where the heart is
.
.
right, there is true patriotism.
and at Nasebv and
deposed Charles I; true patriots
invited William III from Holland and installed him
the throne from which they had driven the
upon
Stuart
king who had proved himself disloyal to the
unwritten
English Constitution; and in our own
isms for
killing of
or
of
consumed
or
and
army
ished
ning the victory over Lord Cornwallis at Yorktown.
essential
These
are
fort
great
truth.
intellectually and
nary men
and
continues
humanity
even
weak in integrity
ready to yield their very pliable principles to
of real or supposed self-interest, are
every pressure
available for
office; and
rarely installed
are
while
but men, sometimes very ordi¬
effective
among
these the really best
leaders; the truest and most
as
patriotism is that which insistently
deavors to influence the Government towards
rect
Such
course.
wisdom and
shall
demand, with subservience
conscience
walk
fear
or
no
right to
opinion, that its government
or
straightly within their
concede
never
admissible
when
that
deeds
committed
be
can
in
virtuous
the
of
individuals.
of faith
the
to
force will
only to the
be
ever
of
detriment
scripted for military service,
esties open
none
from
after
con¬
of the dishon¬
of the ultimate
possessors
tolerated
forgiven
or
the
partial,
or
youths
any
Government
satisfactory to patriots of the highest quality
doned
as
a
Degradation of the coinage,
repudiation of debt whether complete
breaches
or
of
name
commission,
by
or con¬
genuine
solely in the maiming and
in
supporting
Meanwhile,
for
legitimate
suitable
to
standards
commodities of
be
cannot
than
more
peaceful trade
replaced.
attempts
to
of
the
governed,
be less just
and
comprehending citizenship
or
and
honorable
to
an
whenever
than
adventure
in¬
it
its
upon
policies and paths they strongly disapprove, which
are
also forbidden
at
once
by their traditions and
the annual interest
be greater
of
during
In
fensive
are
yielding persistence in
of bold
every
wealth,
are
to material sacrifices
are
more
few of the great¬
that, although
obviously but the
greater sacrifices which
and
a very
today being called
inevitable.
are
upon
to submit
severe
precursers
in them¬
of much
daily becoming
The standard of
more
living of the
preponderating
debt has been
probably
presidency
the
of
Herbert
of the sacrifices
many
time, the military
same
This is
a
in the
peace-preserving Nation.
the
strongest terms.
peace-loving and it has usually been
Almost
ago,
States
of the
the
upon
Lincoln
oppose
Republic
Mexico,
throughout his
1917 President
function
"keep
of
patriotic and
was
us
few backward
one
which
enough
courageous
leader, ceased to endeavor to
out of war" and led the
Nation into
ican
intervention
that
it
the War with
not
deviated
of peace.
its
In 1940
Europe since the
ventions of the
the
was
disastrous.
Beyond
with the possible exception of
Spain in 1898, the United States has
from
no
intervention in the
for
involved, served only to
more
normal
and
strong policies
American presumed to favor
that has
war
summer
raged throughout
of 1939.
When the
presidency the state of the conflict
not very
different from that
ing, except that communistic Russia
passive ally rather than
of Germany.
an
now
was
a
active and belligerent
Both parties pledged them¬
conceive,
against
intervention
in
any
form,
and
partisan platforms, as all politicians loudly assert
before election and very
contracts with the
be
violated
Mr.
rarely deny at
any
time,
without
dishonor.
Mr.
Roosevelt
and
Willkie, during the campaign, competed vigor¬
ously, each striving to
surpass
the other in pledging
people entire immunity from
during
the
exhausted his generous
he
are
electorate, contracts that cannot
impregnable devotion to
year's service, has been flouted and
exist¬
then
selves, in the strongest terms their leaders could
tioned
a
con¬
great parties met to nominate candi¬
peatedly,
at the close of
a
European conflict which his course, and the Amer¬
conscripted for involuntary
military servitude, and the Nation's pledge, sanc¬
by President and Congress, to release them
to
term in Congress, and
ticipation in the remote and exotic struggle.
have been
war
a
Abraham
Wilson, beguiled by ambition to
world
a
as
a
Union, President Polk forced
greater impairment is being made unavoidable.
men
a
in
supposed interest of the institution of human
slavery which lingered unduly in
in
century
a
to the
million
de¬
or
Democratic
even
portion
of the citizenship has
already been materially lowered, and further and
A
soon
committees in both House and Senate condemn the
enemy
people, except those occupying the
highest political offices and
selves,
legitimate expedient
opposition. .5K
The American
est
un¬
disappearing and
are
mismanaged that
so
executive direction
abroad
criticism and to
com¬
unable to
are
time of nominal peace the Nation is
a
and, at the
war
dates
courageous
living and
that debt will
on
already being forced to accept
by their fundamental laws, the highest obligation
sharpest and most
fam¬
than the whole yearly cost of the Federal
Government
Hoover.
of the most
loyal patriotism should inspire to the
is
doubled; it is likely again to double, and
these instances, and
government ought ever to be more than
of
The national
minds continue to be unclouded.
no
both
navy,
production
losing markets which they
are
lengthen and to render
strumentality
enlarged
materials, manufacturers of goods
raw
patriots whose principles remain clear and whose
The truth is that
largely superfluous
a
unnecessarily
an
to be
war
wasted in useless maneuvers,
or
supply, and trade is being diminished because the
bound¬
narrow
nation which would be dishonorable and base
acts
or
It will be bold and definite in criticism and
aries.
will
cor¬
a
patriotism will seek the paths of
yielding to alleged authority which has
control
en¬
be
excessively costly and startlingly grandiose
surviving the hardships of Valley Forge and win¬
Indeed,
pro¬
preserved from idleness by "war-games" conducted
scale.
none
of
personally innocent of wrong-doing
intention; of munitions of
wrong
upon an
examples but they illustrate a
could
men
similarly employed
George III and finally won their independence by
fallible; and
multitudes
the annual production of their
as
destruction; lethal weapons, the practical
which
of
country they were true patriots who rebelled against
extreme
belonging to
capital
well
as
portions and dissipated in the production of mechan¬
use
patriots followed Cromwell at iMarston Moor
True
The
citizens,
capacity and toil, is being seized in increasing
sometimes "President":
court, is no proof of patriotism.
broken.
1045
campaign,
any
the
sort of par¬
Re¬
President
vocabulary to proclaim his
publicly declared that
peace.
:
On Oct. 23,
1940,
The Commercial & Financial Chronicle
1046
We will not participate in foreign wars and will not send
our
naval,
army,
To
fight
foreign
in
cisely that entanglement in
lands,
American
you
The
which
fathers
Your
assurance:
wars.
and
boys
mothers,
not
are
foregoing
give
^
requires
one
you
are
assured
at
the
has
policy
not
polls.
Perhaps
been
the
term
titular,
and
was
unquestionably tend towards
Gross and Net
measures
this
vacillating.
preferred by
to
strictly
a
uncertain
so
On the contrary, the true and
of the
course
country
and policies merely to
con-
highest patriotism would be to
exhaust every lawful means to oppose and to pre-
consciously
abandoned, but
there are daily acts and almost
daily utterances
that are wholly inconsistent with its
intelligent pursuance, and that
of
citizen
nominal, leadership that is
or
sistent
fundamental
the
Cer¬
obligation of patriotism which
patriotic
accord-with
but samples, no stronger than a
number of similar declarations which were
large
the
willingly participate.
never
no
consent to alter its purposes
-
uninterrupted and frequent until the third
would
it
tainly there is
going to be sent into
:
,
I
quarrel not their own
a
which the American public does not approve and in
days later he said, also publicly :
foreign
any
to
in case of attack.
except
And four
more
forces
air
or
Aug. 23, 1941
vent the surrender of control of the
to
executive
an
its
department
country's action
widely deviating from
so
declarations of intention and from the
own
an-
ticipations and wishes of the electorate.
pre-
Earnings of United States Railroads
for the Six Months
Ended June 30
Improvement on a spectacular scale was recorded in the
railroad transportation business
during the first six months
of 1941 as against
preceding periods all the. way back to
the final boom years which ended in the
and
During
the
entire
modest
initial
half
reason
for
decade
when
of
of
the
contrasted
the
current
assuming
1930's
with
reversals
is,
will
early future, under the defense and aid
for
moreover,
develop
in
Great
to
not
no
the
Britain
mean
preparations in the United States, since the world situation
commits the United
tary
It
course.
defense
States
was,
of
that occasioned
trial
activity which,
vast
accession
fields.
The
indicative
of
much
business
the
of
boom
produced
caution
booms
war
of
in
the
the
the
the
the
mili¬
a
turn
toward
gain in heavy indus¬
is
for
fact
to
of
sort
the
ultimate
is
other
many
a
a
passenger
therefore
so
that
prosperity
respect
and
program
it
as
The
relative
sharp
freight
defense
railroads,
with
vigorously to
provided the carriers with
aspects of general business.
quires
more
course,
in turn,
future
for
ever
of
war
country
re¬
since
prospects,
traditionally end in periods of depression and
uncertainty.
adopted by the Roosevelt Administration
may not have been inevitable in the
Whatever the
immediate
may
political aspects of the matter may be, the
economic
results
plain
are
in
such
rapid
and
in
June,
1940, and the
closer
ever
Great Britain and the United States.
democracy,"
tarian
and
country
kind
every
technical
more
latterly
of Russia,
has
and
moved
for
As the "arsenal
the
production
upward
organizational
completely
of
and
fastest
the
of
for
totali¬
materials of
war
the
at
skill
collaboration
rate
that
available
sup¬
plies of material made possible.
Many manufactures of a
pacific nature were curtailed and even
discontinued in the
face
of
the
this
is
an
demand
small business
railroading is
The
one.
upon
not
in
are
the current
a
quite
are
most
endeavor.
Federal
fense
especially
the
general
will
the
aid
to
considerations
in mind,
made
implied
in
are
since the carriers
impact
specifically to the
Great
essential
being
prudent investor in railroad
bear
which
an
demands
the
But
manner.
much subject to their
Government,
That
to
enough.
business, and it is
meeting
which
We refer
and
production.
matter,
admirable
numerous
course
as
defense
small
a
securities necessarily
are
all-out
serious
of the country, is obvious
men
carriers
them
There
for
increasingly
as
vast
Russia,
securities.
is less
authorities
in
directed
are
and
not
such
a
China
and
de¬
other
Much
of
only
fantastic scale that
of
income curtailed
in
New
Deal
be
against
inflationary
attempting
industrial
of
and
share
tremendous
and
ever-increasing burden.
already is cutting heavily into the
prise
in
the
United
States,
and
net
Taxation
earnings of all enter¬
owners
of
railroad
bonds
some
prices,
domestic
viewed with puzzling
are
raise
to
products
items
notwithstanding
primary item in all costs.
If
seen.
com¬
half-hearted at best, since they
agricultural
controls will prove
to
are
are
Washington,
wages are the
than
Against the latter phenomenon the
origin.
complacency
the
fact
that
Whether the price
effective, in these circumstances, remains
they
only partly corrective of
are
dangers,
rising
costs
of
railroad
current
operations
probably will cut sharply into the net earnings of railroads.
This
matter is emphasized
by demands for increases of
railroad wages by 30%, already made
by the transportation
workers through their unions.
The wage demand is
being
subjected
such
to
the
complicated
contingenies
without
machinery
halt
a
in
set
traffic,
and
phase of final adjustment for
a
to
up
meet
probably
some
months
to come.
After
mains
such
reservations
necessary
are
comforting to find that railroad
expressed
ings in the first half of 1941 moved forward at
well
maintained pace.
Every month
comparable month of 1940.
Gross
saw
did
the
over
not attain
levels established in the boom
years of the 1920's, but
penses
were
held
down
by the seasoned
re¬
earn¬
swift and
a
gain
a
revenues
it
and net
gross
managers
of
ex¬
the
great transportation units, and net
earnings soared dispro¬
portionately.
The net earnings for the
half-year
a
scale
outstripped only in the single
were
of 1929,
year
on
when
the boom
of that period was
approaching its feverish end.
The comparison of the first half
of 1941 with the similar
period of last year shows
gross
earnings advancing to
.$2,420,002,097 from $1,991,775,776, a gain of
$428,226,321,
21.50%.
Operating
expenses
were
somewhat
higher
as
or
a
matter of course, but the
effectiveness of the economy
prac¬
ticed by the rail executives
is illustrated by a reduction
of
the ratio of
earnings to expenses to 69.20% from 75.00%.
This trend
obviously cannot be maintained, but for the first
half of 1941 the result
of all factors was a
net earnings
figure of $742,568,054 against
$496,073,743 in the first half
of 1940, a gain of
$246,494,311, or
49.62%.
Jan. 1 to June 30
Mileage of 132
1941
roads
1940
Inc. ( + ) or Dec.
(—)
232,282
%
Cross earnings..
Operating
233,158
%
—876
expenses.
%
..
Net earnings
These
742,568 054
gains
in
railroad
simply the
result
programs.
It is true that
before
ress
years
and
such
ago,
the
and
services
—0.38
S
2,420,002.097 1,991,775,776 -1-428,226.321
+21.50
l,677,434,u43 1,495,702,033 + 181,732.010
+ 12.15
earnings..
(69.20)
(75.00)
....^
496.073,743 + 246,494,311
United
the
still
Outright monetary inflation appar¬
feared, for the time being,
Wage demands also
Ratio of expenses to
the cross debt of
States Treasury
already exceeds $50.0fM).000,(X)0
and promises to
rise to unknown
heights above that figure.
A good
part of the cost also is
being met from increase 1
taxation, and the railroads
naturally must bear their
the
find their
Washington
against
financing, which has
on
be
to
barriers, but the efforts
outlays of the
countries engaged in defense
against aggression.
the outlay is
being met from dificit
proceeded
to
other lines of
covering the costs of
Britain,
expect
modity price inflation.
given circumstances.
sustained advances in
heavy industrial production as the
country has witnessed since the
collapse of the French de¬
fense
ently
will not reach
The course
or
of railroad
the
Even the end of the European war
apparently
any decided decline in the rate of defense
programs.
would
earnings
statistics
There
year.
that
railroad
the
can
sharply in the future.
The danger of inflationary
developments also has a de¬
cided bearing upon railroad finances and
upon the holders
collapse of 1929.
were
stocks
more
of
the
earnings
defense
a
European
the
been
to
and
not
the
+ 49.62
entirely
and
aid-to-Great Britain
business advance
war
increased
contributed
matters have
are
began,
demands
just
for
was
short
in
prog¬
of
general
two
goods
carrier improvement.
But
merged into and overshadowed
by
Volume
The
153
the war measures,
and no separate appraisal any longer
is
elements entering
into the transportation gains.
Illustrative is a sharp im¬
provement in overland hauls between the Atlantic and
Pacific coasts, occasioned by the growing shortage of ocean¬
possible of the incidence of the various
going vessels and the heavy
assistance.
British
some
localities
was
diversion of American ships to
railroads in
termination
of the special
This is
States Government business.
grant rates on United
land-
of the vast traffic for the
steadily growing armed forces of the Nation. The omnibus
railroad bill enacted last year effected the termination of
the
land-grant
rates,
which long previously were an
especially significant in the light
busi¬
Interstate motor freight and passenger
anachronism.
Commis¬
sion, along with all inland water-borne traffic, and some
of the unfair aspects of competing modes of transportation
by the Interstate Commerce
is regulated
ness now
have been adjusted, to
the benefit of the
the disposal of the
The sizable earnings at
possible
railroads.
railroads made
important
pertaining
to
Huge loans then
1930\s.
arranged with banks and
will be re¬
were
half of 1941 the carriers
the first
During
brought about at least a
degree of consideration for shareholders.
In the month-by-month comparison of railroads' earnings
for the first half of 1941 and the similar period of 1940
the fact stands out that sustained progress was made.
The
rate of improvement necessarily was uneven, however, not
only because of seasonal fluctuations, but also because of
such special considerations as the strike in the Appalachian
coal region which halted bituminous mining for precisely
one month, during April.
The strike began on April 1, and
in the important Southern area work was not resumed until
May 1. This curtailed considerably, for the time being, the
activities of the railroads in the Pocahontas region.
But
there was a good deal of advance movement of coal, as the
strike loomed, and some hastening of the traffic after it
ended.
The net loss in bituminous business remained seri¬
ous, however, and is reflected in a slower rate of advance
than
region rail earnings for
is recorded for the
the entire half-year
active in the first half
more
month's
table show
Mileage
Decrease (—)
Year
Preceding
Year
Year
Given
Amount
§376,628,399 8344,859,189 + 531,769,210
+ 44,711,515
357,580,996 312,869,481
+ 89,159,655
415,525,798 326,366,143
+ 53,412,739
374.304,613 320,891,874
+ 98,863,928
441,529,184 342,665,256
344,195,836 + 110,336,240
454.532,076
January
...
March......
April...
May
.......
Percent
Year
Given
Preced'g
+ 9.21
movements
+ 27.31
232,415
232,300
+ 16.65
232,250
+ 28.85
232,242
232,136
+ 32.06
(—)
Year
Preceding
A mount
8108,463,461
102,734,685
February............
132,899,823
March
100,508,419
April......
.;i.
.:
145,348,136
May ..........
...
155,957,655
June.
...
2,995,823
2,428,528
1,961,989
871,448
3,225,443
2,549,962
cars,' trucks, &c.).a..
1,623,087
1,699,364
667,079
3,667,983
......
.
_
..... ..
+ 20,164,047
Constr. contr, awarded b
:'•v
'-V;
;i'v" .y,y
trade and
+ 40.72
78,414,722
Freight Traffic:
25,516,953
Car loadings, all (cars) _e 19,846,428 16.906,395 15,263,800 14,107,820
ern
South¬
receipts,
Cotton
2,321,229
621,059
34,844
38,972
76,467
106,072
28,800
43,901
39,153
y
14,188
12,119
9,868
10,256
11,730
25,173
10,827
125,742
10,614
119,920
87,360
25,412
36,480
12,025
9,519
100,155
59,982
30,275
11,441
3,501
Chicago (cars)
Omaha (cars)
....
grain
Western flour and
receipts: h
barrels)...
Wheat (000 bushels)
_ .
128,385
89,703
35,615
V 33,569
9,393 yy 7,617
111,042
bushels)...
Oats (000 bushels)
Barley (000 bushels)..
Corn (000
24,883
43,922
Rye (000 bushels)....
9,296
b
Iron & Steel (net tons)
14,025,053
Pig iron production.k.. 27,053.100 21,083,600
Steel ingot productlon.l. 40,911,886 29,405,402 21,451,476
(000 feet):
Lumber
Production,
.
6,229,866
m
Shipments, m
......
5,120,158
5,397,421
5,437,970
5,534,655
6,624,010
5,710,664
5,656,767
6,926,618
Orders received.m
Note—Figures In above table
a
142,537
57,179
21,690
6,200
7,789,072 24,237,875
8,737,368 33,004,861
2,806,164
3,563,013
3,413,186
9,302,096
9,486,965
9,515,817
Issued by:
for 37
United States Bureau of the Census,
b P. W. Dodge Corp. (figures
east of Rocky Mountains),
c National Bituminous Coal Commission,
Association of American Railroads, f Com¬
piled from private telegraphic reports, g Reported by major stock yard companies
in each city,
h New York Produce Exchange,
k "Iron Age." 1 American Iron
and Steel Institute,
m National Lumber Manufacturers Association (number of
reporting mills varies in the different years).
d United States Bureau
of Mines,
e
When, as is our custom, we arrange
the roads in groups,
geographical division, according to their
or
location, the
returns are very
clearly mani¬
the three great
districts—the
character of the
favorable
fested,
in
much as all
as
and the Western—together with all
regions comprising these districts, without a
Eastern, the Southern,
various
the
single exception, reveal increases
net
in both gross earnings and
earnings alike.
Both the Eastern
The Southern District, which
strike was in
respectively in net earnings.
received
gain of 17% in gross and
38%
region, a part of the Southern
Dis¬
in April, showed a
progress
The Pocohontas
trict, was
rose
set-back when the coal
serious
a
showed gains of
gains of 44% and 49%
and Western Districts
in gross earnings and
22%
especially affected by the
only 6% and net
strike and here gross
7%.
is as below.
As previously ex¬
roads to conform with the classifica¬
IOC.
The boundaries of the different groups
are indicated in the footnote to the table:
plained, we group the
tion
of the
and regions
BY
SUMMARY
GROUPS—SIX MONTHS ENDED
JUNE 30
Gross Earnings
1940
1941
District and Region
Inc.
(+)
or
Dec. (—)
526,474,995
%
+ 18,432,815 + 22.58
81,629,594
+ 74,338,060 + 19.66
378,246,214
422,483,180 + 103,991,815 +24.61
1,079,121,678
882,258,988 + 196,762,690 + 22.30
s
Eastern District—
New England
region (10 roads)
_
(23 roads)._
Eastern region (18 rds.)
++'■
100,062,409
452.584,274
roads)...
— -----
Southern District—
$
328,201,590
141,223,675
266,327,734
133,145,272
+ 61,873,856 + 23.23
+ 6.07
+ 8,078,403
469,425,265
399,473,006
+ 70,096,259 + 17.51
(15 roads).
259,925,993
region (16 rds.)
Southwestern region (20 roads).
432,209,090
179,320,071
215,678,174
346,931,443
147,406,165
+ 44,247,819 + 20.52
+ 85,277,647 + 24.58
871,455,154
710,015,782 + 161,439,372 + 22.74
+ 69.48
Southern region (26
+ 24,812,082
+ 32.78
Pocahontas region
90,573,937
+ 54,774,199
92,404,546
+ 63,553,109
+68.79
roads)
+ 60.48
other statistics, and
consideration of leading
their effect upon railroad
(4 roads)
Total (30 roads)
Northwestern region
Central Western
Total (51 roads)
—
simplified form the measure of
activity, we have brought
11,899
133,779
States
+ 54,485,101
revenues.
trade
'-"s
38,126
14,804
Kansas City (cars)
Flour (000
1,929,832
3,394,799
1.541,683
ports (bales) .f—
Livestock receipts:.g
75,696,337
customary
In order to indicate in a
>
Coal (net tons):
161315000 144588000 259573000
Bituminous _c.. ........ 226226000 219583000
25,946,000 25,727,000 26,952,000 24,162,000 35,733,000
Pa. anthracite.d
Western District—
We turn now7 to our
'•
+ 22.84
+ 29,726,070
together in the table we
'fyuyyyyyyy.
"
Buildlng (§000):
Percent
588,299,414
73,008,615
r;
1929
1932
1939
1940
Production (passenger
Total (51
January.,...
yW:
Automobiles (units):
Central
Year
Given
mm
y:yyyy
Great Lakes region
M onth
mmm.
the roads of such important
over
232,850
Inc. (+) or Dec.
i
The form statistics in the
1941
30
6 Mos. Ended June
y
Net Earnings
of a strike, any in¬
yy-yy'^yy
vfr'yyyy&yy.
-.v.
232,825
233,052
233,020
232,951
232,863
232,431
+ 14.29
because
be impressive.
Our summary by groups
Month
June
April
in
down
.
port receipts
were on a greatly reduced scale as compared with 1940, but
other agricultural products did not show any great change.
periods:
Increase (+) or
yyyy
^yyy-y-yyy^
yyy
yyy
<•;
products as grains, livestock and cotton. Cotton
in net.
February
shut
should
crease
periods, which again tends to make the comparison
accurate and appropriate.
In the following tables we show
earnings for each of the different months of the semi-annual
Gross Earnings
!;i h
.
production, the
most basic statistics of all, substantially higher than the
boom year 1929.
Bituminous coal output was only slightly
larger than in the first half of 1940, but considering the
ing years and, in the case of iron and steel
over
in both
considerably
of 1941 than in the two preced¬
industry included w7ere
of
branches
all
that
railroads in any other section of
There were no serious
;>•'
perusal of the figures tabulated
It is apparent from a brief
national disasters, such
as earthquakes and floods, to hamper railroading in either
half-year for which a comparison here is presented.
Agri¬
cultural and weather conditions were generally favorable
the country.
of 1939, 1938,
1932 and 1929.
prosperity of the railroads has
in Pocahontas
re¬
months of 1940,
compared with the corresponding period
as
Finance Corporation, it
made
large repayments of such loans.
In a few instances, in¬
deed, the loans were entirely repaid, but most roads which
found it necessary to resort to such assistance during the
1930's were unable to discharge the obligations in full.
The prospects, on the other hand, are excellent for con¬
tinued reductions of such debts.
A further favorable
aspect of railroad affairs is to be found in the rapid
emergence of many carriers from reorganization proceed¬
ings.
More than one-third of the mileage of the country
was
involved in reorganization, as a consequence of the
difficulties encountered in the 1930's.
Most of the reor¬
ganization plans eliminated the interests of common stock¬
holders, and in some cases even preferred shares were de¬
clared worthless.
In recent months, however, the relative
called.
grain, cotton and livestock receipts and
freight car loadings, for the first six
venue
alleviations of the serious difficulties en¬
by the carriers in the depression decade of the
with the Reconstruction
together with those
the country,
industries of
some
countered
of activity in the more
present below the figures indicative
Also of much aid to the
the
1047
Commercial & Financial Chronicle
Total all districts
........
(132 roads)
.
+ 31,913,906 + 21.65
2,420,002,097 1,991,847,776 + 428,298,321 + 21.50
'7"".7
''y ^
The Commercial &
1048
Net Earnings
Financial Chronicle
Aug.
CHANGES
PRINCIPAL
District & Region
Eastern
$
$
1940
1941
District-
Inc.
(4-)
or Dec.
%
$
24,471
6,717 32,806,749
26,213 139,411,318
24,523 156,129,130 115,527,382 +40,601,748
+ 59.53
57,239
57,453 328,347,197 227,358.766 + 100 988431
+44.42
New Engl, region.
26,070
Cent. East, region.
Total.——.
20,564,285 -f-12,242,464
91,267,099 + 48,144,219
6,698
Great Lakes region
+ 52.75
mm-i
y
■■y-'y-il}.
i.
+ 35.15
t
WM RR
\mmmrnm
::'
Dlst.—
Southern
i
38,112
6,082
38,288 100,757,297
62,947.817
6,064
64,073,999 + 42,683,298
58,649,276
+4,298,641
+66.62
+ 7.33
44,194
44,352 169,705,114 122,723,275 + 46,981,839
+ 38.28
lili pssi®
Northwest'n region
45,527
45,681
76,102,873
Cent, West, region
56,453
116,539,213
+ 67.81
+ 66.70
$m& -MMS
0:Emi ;
Southwest* n region
56,255
29,067
29,219
54/706,259
45,349,303 + 30,753,570
69,908,982 + 46,630,231
32,838,731 +21,867,528
99,251,329
+67.02
Tot. all districts 232,282 233,158 745,400.656 498,179,057 +247221599
+49.62
Southern region...
Pocahontas
mm$m
region
Total—
M% \'emf-§m
:
y--
-i:~r
Total—..— 130,849 131,353 247,348,345 148,097,016 +
>
.
—
Western Dlst,—r
+66.59
US I i ill
EASTERN
yy-yyyy ;yyyyyyyyyy
■ymyyy yyyyyyyy:y-\y:
.,
-''V-v
■':.\,y.-yy
y:y
.,
■
Great
'
■M'y.yy;sr
yyyyy
v'.
Lakes Region—Comprises the
section on the Canadian boundary between
Lake Michigan to Chicago, and north of
south of the Great Lakes Region
Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va.,
and a line thence to the southwestern corner of Maryland and by the Potomac
Central Eastern Region—Comprises the section
.
River to its mouth.
DISTRICT
W-yyy
of Kentucky and the southern boundary of Virginia to
the Atlantic.
Pocohontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
mL
_
Dul Missabe & Iron R_
.
...
.
Union Pacific
Its mouth.
thence by the Potomac River to
yy
Seaboard Air Line
-
—
Pacific
—
WESTERN DISTRICT
m
■
Lehigh Valley.
Pere Marquette
—
.
Central Western Region—Comprises the section south of the Northwestern Region
Chicago to Peoria and thence to St. Louis, and north of a line
west of a line from
City and thence to El Paso and by
from St. Louis to Kansas
the Mexican boundary
to the Pacific.
WM
Ilsil
.
y.r--yy
Southwestern Region—Comprises the section lying between the Mississippi
south of St. Louis and a line from St. Louis to Kansas City and thence to El
Pittsburgh & Lake Erie.
the operations of the New York Central and the
Cincinnati Chicago & St. Louis, Michigan Central,
and Evansville Indianapolis & Terre Haute,
In¬
These figures cover
Northern,
of $19,863 ,304.
cluding Pittsburgh & Lake Erie, the result is an increase
reduced scale dur¬
Movement of cotton to ports was on a
ing the first half year in consonance
of the staple
shipments
with the decrease in
The port movement ag¬
abroad.
with 2,321,229
yyyyy^yyy
yyy yyyyyt
yyky;:f]
mem w.
fyyikyrW^y
c
as
a
whole.
Turning
Houston, &c.
show increases of
in their gross earnings in the first
or more
half of
and 08 roads re¬
their net earnings. Gross
earnings of the Pennsylvania Bit. increased $47,305,651
and this was easily the largest gain reported by any road.
The New York Central was next with a gain of $33,201,017
1041, compared with that period of 1040,
y
:.-y,
:
ported increases of such size in
--.yA-yyyy-yy
y
\mme
■
y
y
■y:ly
yyy.r-y-:,
y &y
y
mm
y-y^yyy-y-yy:
followed by the Southern
\,
'"I;
'
me
MM
:/yyyy-yy-y
the
than
Pacific
Southern
respectively.
showed greater net gains
$18,073,300
and
$17,010,501
table we show all changes for the sepa¬
amounts in excess of $500,000,
and systems for
whether increases or decreases,
yy
and in both gross and net:
i
':y
rj-
me
MONTHS
h':',..:
'«1
•
m my
y:\yyy y'y
IN
CHANGES
PRINCIPAL
y
y'yyy ..{t;
!.
v<i
.
T&i
r.
•
GROSS EARNINGS FOR THE SIX
ENDED JUNE 30, 1941
PYPfl
'
$47,365,651
New York Central
a33,291,017
■
yy.y-y
Southern Pac (2 roads) _
Atch Top & Santa Fe..
27,602,620
22,098,691
21,201,432
19,249,927
14,276,584
Union Pacific
I
f
—
Southern
Chic Milw St P & Pac..
N Y N H & Hartford.
Erie---
-
Missouri Pacific.
Illinois Central
Great Northern
Atlantic Coast Line.
_
.
_
Chicago & Northwest'n
Chic Burl & Quincy
Louisville & Nashville..
Chicago Rock Isl & Pac
Reading
Seaboard
Air
Line
St L San Fran
$:y.
N
.
^yyyyy,
y-
.
(2 roads)
Y Chicago & St L
_
Wabash....
Elgin Joliet&Eastern..
Lehigh VaUey.....
Pere Marquette.
Norfolk & Western
Boston & Maine
....
Dul Missabe & Ir Range
Northern Pacific
.
y-yy-
Del Lack & Western,._
3,068 436
Pittsburgh & Lake Erie.
Central of New Jersey.
2,985,043
2 965 217
Grand Trunk Western.
St. Louis Southwestern.
Increase
Missouri-Kansas-Texas
Central of Georgia.....
11,726
Mobile
Delaware &
Hudson.2,480,630
cover
Minn St P & S S M-_._
Nashv Chatt & St L___
Texas & Pacific
....
Pacific
Richm Fred & Potomac
Western
Internat Gt Northern..
Clinchfield
1,841,621
1,828,228
1,778,010
1,771,953
1,701,643
1,492,070
1,485,980
1,480,828
1,459,588
1,443,611
1,423,978
1,138,767
1,087,086
1,007,955
1,005,052
978,119
961,607
954,314
New Orleans & Northe.
937,917
930,895
881,780
Louisiana & Arkansas..
874,125
Chesapeake & Ohio
Colo & Southern (2 rds)
Det Toledo & Ironton..
Georgia South & Florida
Minneapolis & St Louis.
802,386
741,135
651,919
611,164
563,925
525,047
510,908
Central Vermont
Penn
Reading Seash L_
Georgia
Total
(75 roads)
$411,558,637
the operations of the New York Central and
the
Cincinnati NoSSnDanH
nnati Chicago & St. Louis, Michigan Central,
oil Erie, the result is an increase of
In¬
cluding Pittsburgh T Lake 5V-ans7ulle Indianapolis & Terre Haute.
&
12,004
Savannah
575
■
Brownsville...
••
FROM JAN. 1 TO JUNE 30
AND 1936
T
$36,276 060
1636
1937
1938
1939
;
184,811
413,643
192,955
166,151
389,230
155,373
19,354
13,859
4,438
2,312
584,245
11,065
608,805
139,385
220,049
28,931
54,690
780
1,991
•
''
m
6,783
472,272
67,333
20,270
34,363
vi'i* zzriy
'mi 1
26,654
22,027
2,303
.......
„
288,521
372,263
16,304
1,150
41,963
18,304
9,700
'
738
6,447
17,323
3,276
1,129
601
Lake Charles...
3,844
309
Wilmington
2,200
3,522
18,342
9,899
Norfolk.
6,648
1,058
3,973
22,920
6,414
17,609
120
437
126
19,912
877
Charleston
Jacksonville
Panama City
Total
15
...
..........
The aggregate
:
27,393
4,727
162
; iyy-m
------
621.059 1,546.471 1,214,779 1,324,806
1,541,683 2,321,229
of Western grain receipts in the first half
amounted to 314,885 bushels of all grains compared
year
with 278,565 bushels in
Flour receipts
the first half of 1040.
only slightly greater this year, amounting to 10,827
were
barrels
in
comparison with 10,614 barrels in the first six
months of 1040.
Larger amounts of wheat, corn and barley
slightly smaller amounts of oats and rye.
received and
the
In
table
which
follows
we
Western grain movement in our
2,174,225
2,052,112
1,982,091
1,902,572
Gulf Mobile & Ohio
2,905,307
2,776,889
_
3
Pensacola
$2,268,282
2,319,516
Bessemer & Lake Erie..
10,074,870
9,934,959
Alton.....
9,769,781
Cin New Oris & Tex Pac
9,728,110
Chicago Great Western.
9,130,165
Denv & Rio Gr West...
8,772,755
Kansas City Southern..
8,502,482
Spokane Portl & Seattle
8,330,529 Western Maryland
7,875,734
Chicago & Eastern 111
7,543,073 Alabama Gt Southern._
7,442,769 Maine Central
7,331,973 New York
Connecting.
6,608,472
Long Island....
6,066,598 Yazoo & Miss
Valley.__
5,783,528 Chic St P Minn & Om__
5,316,426
5,138,490
4,957,981
4,888,127
4,869,965
4,603,708
4,365,754
3,516,428
3,168,107
Texas & New Orleans..
::'v
'■
Pennsylvania
Baltimore & Ohio
*M;:; m
/
New Orleans
were
mm my
■
1937,
520,156
625,982
3,865
18,236
999,796
83,532
20,297
19,590
3,633
2,162
762,845
Corpus Christi.
,
.
In the following
rate roads
both
namely,
(Pennsylvania,
translate $14,757,-
earnings, but the New York Central
450 of its gain to net
and
Pacific with an increase of $27,-
The Pennsylvania managed to
602,620.
:
V*
subjoined table:
1938.
1940
1941
252,973
480,354
Galveston.
Beaumont
$500,000
1939.
1940,
1941,
with
general totals.
than 75 roads were able to
No fewer
of the staple for the
details of the port movement
Full
past six years are given in the
attention now to the separate
our
the results shown in the
that
period of 1939.
RECEIPTS OF COTTON AT SOUTHERN PORTS
systems, we find the exhibits in consonance
roads and
fev;1
Paso,
1,025,258 bales from 867,425
of 1040 and 540,167 bales in
half
the first
in
bales
The overland movement
period of 1940.
of cotton however increased to
been dealing with the roads
In all the foregoing we have
y.yyyyyy
River
Grande to the Gulf of Mexico.
and by the Rio
mmmm
840,375
_
Norfolk & Western
Grand Trunk Western.
bales in the same
section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
Northwestern Region—Comprises the
Xy'S.s
913,069
_
—
gregated only 1,541,683 bales in comparison
m.
'iyyyy
973,981
970,187
961,968
_
Boston & Maine
a
_
838,885
781,790
773,668
3,796,936 Maine Central
767,902
3.705,859 Internat Gt Northern.
752,350
3,460,289 Clinchfield
657,119
3,189,542 D«t Toledo & Ironton..
636,245
3,032,553 New Orleans & Northe.
611,600
2,850,819 Louisiana & Arkansas.
2,818,063 Yazoo & Miss Valley.595,094
592,032
2,769.511 Alabama Gt Southern..
588,350
2,135,720 Colo & Southern (2 rds)
583,909
2,108,085 Kansas City Southern.
2,057,083
2,007,045
Total (68 roads)
$237,477,790
1,790,004
Great Northern
Wabash
Cincinnati
east of the Mississippi River and south
W. Va., and a line thence following the
Southern Region—Comprises the section
of the Ohio River to a point near Kenova,
eastern boundary
yy
Chicago & St Louis
(2 roads)
St L San Fran
1,301,742
1,265,880
1,260,671
1,152,245
1,145,448
1,117,329
1,107,109
leased lines—Cleveland
SOUTHERN
mM
N Y
1,083,374
6,034,902
5.871,102
5.829,960
St Louis Southwestern.
York,
line from Chicago via Pittsburgh to New
east of a line from
rC''; ■'
Atlantic Coast Line....
Illinois Central
NYNH& Hartford...
Chic Rock Isl & Pac—
Chic Burl & Quincy.
Northern
New England and the westerly shore of
a
Meeeem
—
Louisv & Nashville—
Del Lack & Western.—
yyyyyyy. '■ sy
'.'yjy
Chicago & Eastern 111.
Western Pacific
Long Island...
Spokane Portl & Seattle
5,135,406
4,379,648 Chic St P Minn & Om__
3,858,454 Chesapeake & Ohio
3,814,298 New York Connecting.
3,801,584 Western Maryland
....
Pac-i.
Chicago & Northwest'n
Missouri Pacific
Erie.
1.614,124
1,571,797
1,357,021
1,337,655
1,328,414
.
Baltimore& Ohio
Southern
$1,772,315
_
.
Elgin Joliet & Eastern._
DISTRICT
the New England States.
New England Region—Comprises
Increase
Central of Georgia
Gulf Mobile & Ohio
14,757.450 Bessemer & Lake Erie.
13,476,858 Central of New Jersey.
10,307,622 Richm Fred & Potomac
9,192,459 Delaware & Hudson
7,991,525 Chicago Great Western.
7,010,650 Alton.....
6,919,905 Nashv Chatt & St L.._
6,590,843 Cin New Oris & Tex Pac
6,477,091 Texas & Pacific
6,435,520 MinnStP&SSM
6,267,555 M issouri- Kansas-Texas
Pennsylvania
Atch Top & Santa Fe.»
Chic Milw St P &
SIX
THE
1941
Increase
Southern Pac (2 roads)
Reading.
the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:
.
.
NOTE—Our grouping of the roads conforms to
FOR
EARNINGS
JUNE 30,
ENDED
a$18,073,300
17,916,501
York .^Central—
New
.
mm -mem.
;:i
(—)
NET
IN
MONTHS
1940
1941
Mileage
1941
23,
WESTERN
FLOUR
give
the details
of
the
usual form:
AND GRAIN RECEIPTS
Sis Months Elided June 28
Flour
Year
(000 Omitted)
Wheat
Corn
Oats
(Bbls.)
{Bush.)
{Bush.)
{Bush.)
Rye
{Bush.)
2,899
Chicago-
1941
4,988
6,062
45,631
7,032
1940
5,367
5,804
652
1941
86
35,970
34,848
6,888
7,016
Minneapolis
7,326
5,395
6,512
4,826
4,780
9,196
6,078
644
330
913
2,295
1940
"
1941
49,142
13,362
1940
Duluth
23,260
Barley
{Bush.)
6,294
5,868
20,093
15,690
2,388
1,651
11,757
10,199
4,132
3,851
176
239
758
185
661
1941
4,256
1,519
2,816
25
40
1940
--
Toledo..
3,079
74
37
1941
7,498
3,020
2,810
245
2.821
374
17
1,224
2,152
164
839
152
1,156
1,816
1,729
1941
468
1940
Milwaukee..
410
3,057
19
4,631
3,547
3,200
1,069
1,023
7,980
3,322
1,090
987
515
1940
480
10,055
1,601
357
1941
669
3,715
782
1940
595
4,988
444
1941
34,803
19,241
1,174
962
900
1940
894
1,105
631
1941
Indianapolis and Omaha
2,634
17,211
12,056
5,312
5,518
15,527
9,757
1940
8,685
"~9
19
1941
733
949
186
624
823
98
48
133
10,827 125,742 111,042
87,360
10,614 119.920
24,883
25,412
9,296
9,393
43,922
1940
St. Louis...
......
1941
1940
1941
Peoria..
Kansas City
St. Joseph
Wichita....
Sioux City
;j
1940
Total all
1941
1940
•/
-
-
-
-
-
-
_
-
53
'
38
10
647
36,480
Finally, in the table we now present .we furnish a sum¬
mary
of the six months' comparisons of the gross and net
earnings of the railroads of the country for each
to and
including 1009:
year
back
111999 124378
20
Volume
GROSS
EARNINGS
Great Lakes
11199922348736520
1909
Increase (+)
Year
Given
Preceding
1,351,570,837
Cent
+ $120 332,208
119938720435
7
—28 958,798
+ 56 349,506
+ 136 168,743
—85 033,426
+ 9.97
—5.72
—2.76
1915...
1,407,465,982
1,447 474,542
1916..._
1,731,460,912
1,403 448,334
1,946,395,684
2,071,337,977
2,339,750,126
2,684,672,507
2,671,369,048
2,602,347,511
3,086,129,793
1,741 329,277
119923832674
1.889 489,295
2,074 114,256
2,326 657,150
..........
1931.......
1935....
1936.
...
—9 ,132,430
—0.30
3,018 008,234
—116,,628,506
—3.86
1940--..-.-
...
1941
+0.81
+ 4.55
—324 ,823,450
—18.74
2,183 918,659
1,599 ,191,879
—584 780,099
—26.78
—168 ,965,008
—10.57
1,413 ,361,745
1,627 ,736,490
1,632 939,310
+ 214 ,374,745
+ 5 ,259,590
+ 15.17
1,632 876,801
1,800 532,143
1,991, 775,776
Long Island
Pennsylvania
1,009,227
568,416
3,251,301
76,684,571
2,475,535
17,288,169
29,901,477
9.083,485
7,892,566
—43,242
5,382,490
12,604,360
3,880,407
3,525,301
1,208,603
+ 14.53
+ 11.43
—21.59
roads)..526,474,995 422,483,180 156,129,130 115,527,382
+ 10.27
Total (18
+ 10.58
+40601,748
+ 21.50
Total Eastern Dis¬
1079,121,678 882,258,988 328,347,197 227,358,766+100988 431
Southern
Given
1 to June 30
Jan.
1909..._
Year
Preceding
408
,380,483
378, ,852,053
373, 370,171
...
...
400, ,242,544
343, 835,677
394, ,683,548
+ 36,817,815
310, ,890,365
530 ,420,651
3x2,088,627
649, 131,565
53i,566,924
1924............
597, 828,199
1925
656, 663,561
651,828,563
597,855,833
1926—
1927..
727, 905,072
711, 888,565
1928
700, 846,779
1929...
817, 500,221
713,906,228
702,553,020
1930.
618, 567,281
818,154,445
555 ,683,025
........
265,,705,922
265, 007,159
..
195, 582,649
1920.
.....
...
....,
—7,155,748
—275,205,583
—316,985
—67,446,584
+ 141,808,030
+ 218,332,024
+ 117,564,641
—54,000,364
+ 58,807,728
+ 71,056,875
—16,035,003
—13,059,449
656,848,197
727,923,568
+ 114,947,201
—199,587,164
—147,407,933
471, ,189,438
321, 450,701
352, 131,926
—
.—
—
—
.
+ 30,679,039
346,640,179
+ 71,353,026
417,993,205
375,859,793
528, 201,763
1935.
321,452,887
417, 993,205
451, 625,515
.
618,597,371
471,340,361
451,648,720
—41,593,457
+ 75,765,722
+ 76,553,043
—223,610,267
376, 399,748
—149,889,660
304, 542,359
528,152,626
1939...
403, 103,791
304,569,136
1940...
497, 712,078
403,103,791
+ 94,608,287
1941..
745, 400,656
498,179,057
+ 247,221,599
1938...
—
We
now
add
our
the
Atl Coast Line...
+ 7.18
Charles & W Caro
—12.84
Clinchiield
+ 13.72
Georgia
+ 42.25
—1.27
Nash Chatt & St L
Columbus A Greenv
,253,685
,088,578
627,012
Florida East Coast.
,852,402
Georgia A Florida..
661,377
Gulf MobUe & Ohio.
,083,238
—50.88
West Ry of
—0.12
—25.64
+ 83.87
+ 69.96
+22.12
—8.28
Gulf & Ship Island
10 ,263,767
830,367
Illinois Central.
56 ,619,262
Central of Georgia
+ 9.84
—2.20
__
same
in
as
the
914,711
386,017
294,047
4,423,548
12,042,521
717,408
3,171,004
1,893,281
47,542,633
7,351,113
863,465
579,089
6,417,804
535,068
9,031,126
632,297
18,233,443
2,666,827
230,265
125,003
2,285,241
84,927
3,611,609
26,276,332
1,333,009
8,,265,416
588,205
2 ,546,439
31,,471,543
2,174,535
24,863,071
Ala Gt Southern.
4 934,123
Gin N O A Tex P.
10 688,074
3,795,356
8,986,431
1,280,500
1,533,726
49,787,966
1,304,700
Mississippi Central.:
Norfolk A SouthernSeaboard Air Line.
.
141,349
+244,668
+ 181,977
112,470
5,607,001 + 6,435,520
+ 343,488
373,922
+ 752,350
2,418,654
+ 313,104
319,193
11,756,352 + 6,477,091
1,406,156 + 1,260,671
106,766
+ 123,499
74,476
+ 50,527
1,999,071
+ 286,170
847
+ 84,080
1,997,485
+ 1,614,124
867,238
46,965
+ 1,772,315
200,213
16,118,325
2,611,417
176,067
596,353
8,124,674
9,850,770
2,016,323
21,522
317,216
4,935,132
+ 6,267,555
+ 595,094
+ 154,545
.
380,890
2,639,553
+ 153,248
+279,137
+ 3,189,542
Southern System-
420,785
1,122,396
+592,032
3,359,764 +1,152,245
234,880
+428,797
527,635
+636,245
14,142,848 +9,192,459
317,568
+103,217
.328,201,590 266,327,734 106,757,297
64,073,999 + 42683,298
1
Ga South A Fla._
64 064,550
Southern
1
Tennessee Central..
c
Total (26 roads).
23.4?
932,419
2 415,506
N O A Northeast.
+
20.16
+16.95
—42.84
7,944,251
610,463
47,489,097
7,287,297
Yazoo & Miss Val
—1.83
+16.36
—24.39
—23.83
—31.80
+ 9.54
+20.58
-9.95
+
Ala..
1,728,272
$
.
Illinois Central System-
+ 10.82
+ 32.3
......
Louisv & Nashv..
Inc. or Dec.
1940
$
,136,421
,778,814
,673,326
,361,465
,404,189
,085,705
Atlanta & W Point
—0.54
429,737
1,714,428
4,512,009
663,677
1,163,880
23,335,307
Net
Cross-
+ 49.6'
1941
1941
$
r
1940
$
$
Region—
statement for the six months.
65,412,866
50,320,446
5,024,833
12,387,127
29,109,379
(4roads).-.141,223,675 133,145,272
62,947,817
Chesapeake & Ohio.
classified in
Norfolk & Western.
foregoing sum¬
Rich Fred A Potom.
for each road separately,
regions,
and
98,534,655
1941
$
Atl Coast Line System—
Atl Birm A Coast.
2 ,146,970
Pocahontas
detailed
It shows the results
districts
+
1940
$
Region—
+ 9.91
—6.36
+ 166,151,387
393,225,507
562,838,773
540,911,505
265,324,144
263,029,233
169,082,335
Net-
1941
Southern
—25,717,377
—2,037,477
+ 26,799,669
—50,660,208
+ 47,615,341
District
-Gross-
Cent
(—)
+ 25.98
347,068,207
559 ,376,894
1916..
or
Per
+ $76,640,239
$294,951,102
371,562,668
404,569,430
375,407,648
373,442,875
394,495,885
$371, ,591,341
(+)
Decrease
+148,110
420,308
2,281,114
+970,187
61,927,121 +14759,450
+312,650
+1,357,021
+3,796,936
+781,790
+799,610
Central of N J...
Reading
trict (51 roads)
Increase
Year
20,177,058 + 10307,622
+ 69,020
41,927
2,729,772 + 1,571,797
1,317,946 + 1,083,374
+ 204,494
698,280
+ 228,547
1,346,052
+ 657,119
1,939,233
3,045,889 + 3,032,553
+235,025
955,132
—355,892
4,025,469
8,807,424
3,098,617
2,725,691
3,000,582
20,253,386
37,233,450
Western Maryland. 10,527,096
Wheeling &L Erie..
9,791,111
Penn Read SSL.
EARNINGS
NET
1,102,024
Reading System—
+ 0.32
,634,747
+ 167 ,655,342
+ 190 ,531,967
+ 428 ,226,321
$
+288,445
346,241
Pennsylvania System-
—10.61
—503 ,786,279
+ 213 ,636,273
Inc. or Dec.
1940
$
634,686
12,603,446
11,598,394
278,137,615 220,771,964
Missouri Illinois..
+ 5.22
3,062 220,645
2,688 007,639
+ 237 ,256,748
1,489,160
30,484,680
Ohio.....104,361,261
83,159,829
110,947
784,862
870,220
4,301,569
6,675,992
8,850,217
Chic A East Illinois.
2,401,320
8,907,550
7,483,572
Chic & 111 Midland.
902,774
2,323,407
2,138,471
Chic Ind & Louisv..
1,574,599
4,628,329
5,030,390
Det To) & Ironton..
2,596,352
3,956,488
4,697,623
6,078,442
9,602,662
Elgin Joliet & East. 13,968,416
J ,190,157
Illinois Terminal
2,930,134
3,221,462
Missouri Pac System—See Southwestern region^*/
—2.46
—449
$
Staten Isl Rap Tr
—2.38
1,869 ,614,084
$
Bessemer A L Erie..
+ 18.46
—7.3i
2,082 853,003
91,267,099 +48144,219
Net-
1940
Bait A
+ 15.39
3,020 ,928,478
1,627,736,490
1,632,996,080
1,870,196,058
2,083,250,357
1,633,218,256
1,800,532,143
1,991,064,110
2,420,002,097
+245,426
+3,801,584
Alton—See Central Western region
+ 9.62
+ 12.81
+ 151,,648,890
322,116
4,420,355
Bait & Ohio System-
2.890 ,965,666
1,430,226,871
1934...
+ 11.78
2,905 912,090
567,542
8,221,939
$
Akron Canton A Y.
-—63 ,399,701
3,091 ,934,815
1,985,649
21,876,522
1941
Region—
+480 ,926.565
—225 ,987,34i
+ 23 ,096,456
+ 131,,448,135
2,864 ,512,167
+339,914
1941
Central Eastern
2,605 203,228
2,887,608,623
3,022,413,801
3,011,796,048
2,901,379,728
3,057,560,980
2,737,397,195
2,184,221,360
1,599,138,566
560,901
-G'ross-
2,665 ,747,212
2,865,947,474
$
2,045,874
900,815
(23roads)..452,584,274 378,246,214 139,411,318
+ 23.37
—67 ,476,090
2,738 845,138
Total
+ 4.30
+328 ,012,578
+ 205 ,066,407
+ 181 ,848,682
+265 ,635,870
+358 ,015,357
1921.....
Wabash
—2.16
1,366 304,199
1,486 043,706
—39 998,560
....
Ann Arbor
+ 15.27
1,339 539,563
1,309 006,353
1,310,580,765
1,365,355,859
1,502,472,942
1,401,010,280
_
2,239,563
27,192,948
Inc. or Dec.
1940
$
$
$
Wabash System—
+ 11.44
+ 170 089,522
'
$
2,488,152
Pitts & West Va.___
1941
1940
1941
Region—(Concl.)
Per
or
Decrease (—)
$1,051 853,195
1,172 481,315
$1,172,185,403
_
1910..
—Net-
-Gross-
Year
Jan. 1 to June 30
1049
Commercial & Financial Chronicle
The
153
Virginian
66,343,761
55,278,427
6,802,843
12,798,644
24,336,476
2,666,502
6,835,460
1940
Inc. or Dec.
$
$
+ 840,375
28,269,004
22,179,393 +2,057,083
1,328,847 + 1,337,655
6,872,032
—36,572
mary :
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO
Eastern
1941
$
$
3,079,603
22,962,401
1940
1941
1940
Region—
1,258,768
9,460,820
Dlst.
Can
1,101,285
6,000,531
+157,483
+3,460,289
Region—
127,154
1,154,179
843,481
3,193.450
—310
Dul Winn & Pac.
=
Pac Lines in
2,261,111
1,777,257
868,734
642,327
673,358
Maine..-
Vermont
598,616
—17,417
—79,949
+228,407
+62,532
-
49,971,925
1,762,704
+773,668
40,036,966 15, 565,863
9,530,961
+6,034,902
N Y Ont A West—See Great Lakes region
2,232.488
1,793,116
1,224.533
1,673,312
1,685,480
166,796
(lOroads)..100,062,409
81,629,594
32,806,749
N Y Connecting-..
Rutland
"
——Gross-—-
863,355
Cambria A Indiana.
—
+ 838,885
32,092
+ 134,706
20,564,285 +12242,464
Net
742,426
1940
325,247
$
$
Region—
846,595
1941
8
1940
1941
Great Lakes
277,522
$
.
Inc. or Dec.
$
Del & Hudson
15,303,922
Del Lack A Western
28,820,855
345,215
2,127,206
Detroit A Mackinac
Det A Tol Sh Line._
+41,918
_
39,813,641
1,575,474
16,860,421
789,654
400,249
951,664
9,015,669
1,543,354
397,468
-
2,109,066
23,094,418
2,550,722
1,014,688
4,841,183
8,651,880
42,723
1,192,807
3,036,131
3,512,769
5,801,061
+2,007,045
+1,328,414
+2,850,819
37,756
+4,967
1,038,847
+153,960
10,269,578 + 6,590,843
585,531
+204,123
+ 141,266
259,983
723,960
6,246,158 +2,769,511
1,525,618
+207,704
373,272
+24,196
Total
(15roads)-.259,925,993 215,678,174
Gross-
1941
$
Top A S Fe... 97,282,276
121,611
12,846,513
1,731,252
3,206,639
17,636,519
7,556,730
15.861,782
308,946
923,940
976,900
8,917,748
1,954,664
76,102,873
194,765
+ 119,684
1940
$
75,183,585
N Y N H A Hartf—See New
England region
2,564,341
2,881,082
208,658,449 175,367,432
13,547,905
10,562,862
N Y Chic & St Louis 27,590,874
21,807,346
Pere Marquette-.-. 19,102,312
15,934,205
594.402
Pitts & Shawmut
467,520
Pitts Shawmut A No
602,988
694,672
Pitts & Lake Erie.
69,440
+ 52,171
5,835,863
+ 7,010,650
818,183
+ 913,069
1,904,897
9,644,994
3,698,276
12,047,484
208,265
538,232
710,590
6,099,685
992,696
+ 1,301,742
+ 7,991,525
+ 3,858,454
+ 3,814,298
+ 100,681
+ 385,708
+ 266,310
+ 2,818,063
+ 961,968
45,349,303 +30753,570
1941
1940
$
Inc. or Dec.
$
25,233,389
11,756,531 +13476,858
2,474,199
9,430,296
7,652,343
Bait & Ohio—See Central Eastern region
Staten Is! Rap Tr—See Central Eastern region
1,208,319 +1,265,880
Alton
Burlington Route—
Den A Rio Gr West.
51,779,408
3,716,826
2,878,770
12,754,857
43,903,674
3,030,864
2,762,346
11,268,877
Denver A Salt Lake.
898,750
Nevada Northern..
345,320
1,029,246
355,523
Ch Burl A Quincy
Ft Worth A D C.
Colo A Wyoming.
Chic R IA Pac.
__
14,398,054
900,023
8,568,094 + 5,829,960
+ 471,325
428,698
718,833
601,808
1,882,915
68,776
1,440,455
219,977
159,275
197,448
+ 117,025
+ 442,460
+ 151,201
+ 38,173
805,133
659,817
389,277
300.484
+ 88.193
44,786,027
37,343,258
12,703,521
6,832,419
+ 5,871,102
—165,258
+173,497
Southern Pacific System-
8,239
1,450,956
1,519,869
Southwestern region
33,197,457
79,887,933
Texas A N O— See South western region
520,802
Tol Peoria A West.
1,314,625
1,130,371
Union Pacific...... 92,404,840
73,154,913 21,571,425
St L Southwestern—See
227,834
-37,198
+265,032
N Y Central Lines—
N Y Central
2,443,879 + 1,117,329
'-Net
—
Northwest Pac
New Haven System—
N Y Ont & West.
5,684,112
Spokane Portl&S..
1,101,375
4,241,228
30,623,950
4,224,524
314,449
3,561,208
Bait A Ohio System—
5,043,176
794,620
819,679
_
Colo & Southern.
49,582,422
N Y Susq A West.
1,854,928
Lehigh A Hud River
1,027,560
Lehigh & New Engl.
2,366,588
Lehigh Valley
26,610,846
Monongahela
2,524,982
Montour
1,023,654
41,215,427
8,022,935
8,510,549
52,032,263
7,811,805
41,395,472
8,984,542
Chic Great Western 10,002,619
Chic Mil St P & Pac 62,107,133
Dul Missabe A Ir R. 12,681,770
Great Northern....
50,168,227
Green Bay A West.
967,576
Lake Sup A Ishpem.
1,552,355
Minn A St Louis
4,852,392
Northern Pacific
35,227,658
Atch
12,363,894
12,823,292
25,752,419
337,360
1,932,573
Erie System—
Erie
49,545,956
Internat
Region—
Pac—See Northwestern region
15,269,264
436,994
370,644
Central Western
region
Central Vermont—See New England region
Grand Trk West.
1,131,066
13,462,990
+47,725
Can Nat System—
Can Nat Lines in N E—See New England
MStP&SSM..
Spokane
Spokane International—See Northwestern region
7,327,061
6,239,975
2,536,372
A
142,054
England region
England region
1,460,031
15,445,081
Chic StPM&O.
New Haven System—
NYNHAHartf.
C P Lines in Vt—See New
Chic A North West.
Minn St P A S S M—See Northwestern region
Maine Central
C P Lines in Me—See New
DulSoSh A Atl..
Dul So Sh & Atl—See Northwestern region
Winn
Inc. or Dec.
$
Can Pac System—
Can Pac Lines in
Dul
1940
Central Vermont—See New
Can Pac System-
.
1941
$
System—
New England region
England region
183,972
809,547
714,267
Grand Trunk Western—See Great Lakes region
+426,130
Grand Trunk Western— See Great Lakes region
Total
-Net-
C N Lines in N E—See
+127,464
728,049
Dul Winn A Pac—See Northwestern region.
Can
Nat
+46981,839
District
1940
$
1941
$
Northwestern
Nat Lines in
920,770
3,757,375
399,473,006 169,705,114 122,723,275
Western
-Gross-
Can
New England..
(30 roads)469,425,265
Inc. or Dec.
$
$
$
Can Nat System—
Central Vermont..-
58,649,276 +4,298,541
Total Southern
-Net-
New England
Bangor A Aroostook
3,274,677
Boston A Maine
27,850,528
JUNE 30
District
-Gross-
W
Total
58,304,109
3,598,047
11,490,132
5,667,360
132,426
245,619
40,230,809 + 18073,300
1,808,043 + 1,790,004
6,354,726 + 5,135,406
3,531,640 +2,135,720
202,353
185,168
—69,927
+ 60,451
Southern
Pacific. 102,352,063
Utah..
Western Pacific
Total (16
364,173
9,575,857
370,108
7,747,629
52,796
2,260,232
roads)..432,209,090 346,931,443 116,539,213
18,960,426 +14237,031
356,885
17,865,566
51,879
1,285,251
+163,917
+3,705,859
+917
+973,981
69,908,982 +46630,231
The Commercial &
1050
1940
1941
Southwestern
1941
S
%
%
Region—
593,866
613,283
54,035
27,469.200
8t L San Fr & Tex
827,408
21,573,537
656,473
6,897,650
1,114,304
3,979,204
630,683
7,062,429
194,167
Island.
.
Frisco Lines—
8,378,478
1,200,025
Louisiana & Ark—
4,853,329
Midland Valley....
620,961
Missouri & Arkansas
667,464
Mo-Kansas-Texas— 15,304,479
Kansas City South.
Kansas Okla & Gulf
3,181,733
678,263
2,823,959 +4,238,470
+ 141,172
52,995
+ 583,909
2,597,824
+ 68,089
569,357
1,974,814
250,229
142,833
610,174
1,363,214
250,595
114,599
13,036,157
3,610,610
2,503,501
+ 1,107,109
Beaum St L & W.
1,502,979
690,227
1,628,770
5,582,916
6,537,230
1,307,526
Missouri Illinois—See Central Eastern region
40,042,970
Missouri Pacific.. 49,771,080
14,546,108
N O Tex & Mex.
524,541
1,314,347
1,410,054
StLBrownsv&M
3,976,918
1,617,681
4,121,774
8 A Uvalde & Gulf
606,272
42,807
656,098
Texas & Pacific.. 14,767,617
12,925,996
4,864,715
141,043
Okla City-Ada-Atoka
42,606
137,456
680,097
Internat Gt Nor..
540,624
+ 10,130
+ 767,902
Missouri
Pac System—
+ 611,600
—366
West
459,453
1,442.520
9,098
+6,919,905
+65,088
Price changes in better-grade public utility bonds have
again been negligible.
Standard Gas & Electric Company
debentures were off slightly while strength has been shown
by Laclede Gas Light Company 5's, 1942.
Price fluctuations of industrial bonds have again been
confined to a relatively few scattered issues.
Paramount
conv. 3^s,
1947, again pushed through to a new high in
reflection of improved earnings while United Drug 5s, 1953,
were close to the year's high for the same reason.
United
Cigar-Whelan 5s, 1952, a relatively inactive issue, also sold
at a new 1941 peak.
Goodrich 434s, 1956, sold off, perhaps
anticipating an early redemption.
In the foreign bond market price movement continued
irregular in the different groups.
There has been a mild
reaction in Commonwealth obligations and Belgian issues
likewise receded, the Kingdom's 6s dropping over 10 points.
French 7s declined 7 points on small turnover while Nor¬
wegian and Danish bonds have been mixed.
Polish issues
attracted some attention with prices advancing into new
high ground.
South American loans have been generally
firm and Canadian bonds have been fractionally better.
Japanese issues continued restrained.
Moody's computed bond prices and bond yield averages
are given in the following tables:
+ 175,161
+ 33,709
3,719,267 +1,145,448
26,363
+16,243
.
Northwestern Pac—See Central Western region
St L Southwestern
9,941,514
4,894,991
region
21,871,551
8,812,997
429,011
212,947
12,728,403
2,786,906 + 2,108,085
54J06.259
32,838,731 +21867,528
Southern Pacific—See Central Western
27,010,041
636,338
Texas Mexican
147+06+65
Total (20roads).. 179,320,071
5,133,527 +3,679,470
74,114
+138,833
Total Western Dis¬
trict (51
Total
roads).871,455,154 710,015,782 247,348,345 148,097,016 +99251,329
districts
all
2420002097 1991847,776 745,400,656 4 98,179,057 + 24,722,159
132 roads)
Virginia gained 2 to 3 points during the course of the
week.
7,626,203
Southern Pacific System—
Texas & New Orl.
The Course of the Bond Market
High-grade corporate issues have been virtually stationary
grades have revealed only minor
no great magnitude.
Treasury issues.have likewise
remained at last week's levels. The Treasury daily statement
of August 16th, the latest available, indicates sales to date
since August 1st of almost $380,000,000 of tax series notes.
this week and the medium
trends of
MOODY'S BOND PRICES t
MOODY'S BOND
(Based on Average Yields)
1941
u. s.
Govt.
rate *
Aug, 22— 118.78
107.62
21— 118.72
118.73
20..
Corporate bv Groups *
Aa
A
Baa
R. R.
P. U.
91.77
97.16
112.00
115.04
118.00
114.66
107.62
118.00
114.66
108.70
91.91
97.16
112.00
107.62
118.00
114.66
108.70
91.77
97.00
112.00
97.16
112.00
Avge.
Corpo¬
Average
Indus.
108.70
1941
Dailv
Aaa
rate
Aug. 22
115.04
21
20———
107.62
118.00
114.85
108.52
114.85
19
107.62
118.00
114.85
108.52
91.77
97.16
112.00
114.86
18
107.62
118.00
115.04
108.70
91.77
97.16
112.00
115.04
16--
15- 118.90
107.80
118.00
115.04
108.70
91.91
97.31
112.00
115.04
118.75
107.80
118.00
115.04
108.52
92.06
97.31
112.00
13- 118.72
107.80
118.00
115.04
108.52
92.06
97.47
112.00
14-
,!•
Baa
1
2.92
3.24
2.75
2.92
3.24
4.28
2.75
3.30
18- 118.76
18- 118.88
A
Aa
2.92
3.24
4.29
2.75
3.30
115.04
Corporate by Groups
Corporate by Ratings
Aaa
3.30
19- 118.76
91.77
YIELD AVERAGES t
(Based on Individual Closing Prices)
Corpo¬
Bonds
Corporate bp Ratings *
Avge.
Dailv
Averages
period Treasury receipts from savings
were
5M's, 1974, declined % to 723^.
Because of improved
earnings and an arrangement whereby the company expects
to receive increased traffic, the bonds of Pittsburgh and
+28,234
.
-
same
Aug. 23, 1941
$158,000,000. Sales of the tax notes in greater
volume may be expected during the latter part of the month.
A softening tendency has been observed among
the
medium and lower grades of railroad bonds.
Chicago,
Burlington and Quincy 4K's> 1977, at 68Ys were 2l/% points
lower than last Friday.
New York, Chicago and St. Louis
bonds
8
+ 30,337
23,698
the
During
Inc. or Dec.
mo
J
8t L-San Fran—
Burl—Rock
Financial Chronicle
-Net-
-Gross-
4.29
R.
P. V.
3.93
3.06
2.90
3.93
3.06
2.90
3.94
3.06
2.90
R.
Indus.
2.75
2.91
3.25
4.29
3.93
3.06
2.91
3.30
2.75
2.91
3.25
4.29
3.93
3.06
2.91
3.30
2.75
2.90
3.24
4.29
3.93
3.06
15
3.29
2.75
2.90
3.24
4.28
3.92
3.06
2.90
115.04
14
3.29
2.75
2.90
3.25
4.27
3.92
3.06
2.90
115.04
13
3.29
2.75
2.90
3.25
4.27
3.91
3.06
2.90
3.29
2.75
2.89
3.24
4.27
3.92
3.06
2.89
3.29
2.74
2.90
3.24
4.27
3.91
3.06
2.9,
3.29
2.74
2.89
3.25
4.26
3.91
3.06
3.30
—
--
—
-
—
2.90
107.80
118.00
115.24
108.70
92.06
97.31
112.00
115.24
12
118.71
107.80
118.20
115.04
108.70
92.06
97.47
112.00
115.04
11
9— 119.09
107.80
118.20
115.24
108.52
92.20
97.47
112.00
115.24
9—
8- 119.20
107.98
118.20
115.24
108.70
92.20
97.47
112.00
115.24
8
3.28
2.74
2.89
3.24
4.26
3.91
3.06
2.89
119.33
107.98
118.20
115.24
108.70
92.20
97.47
112.00
115.24
7
3.28
2.74
2.89
3.24
4.26
3.91
3.06
2.89
6- 119.48
107.98
118.20
115.24
108.52
92.35
97.62
112.00
115.24
6
3.28
2.74
2.89
3.25
4.25
3.90
3.06
2.89
5- 119.48
3.28
2.73
12- 118.74
11
—
7-
107.98
118.40
115.24
108.52
92.35
97.62
112.00
115.24
107.80
118.40
115.04
108.52
92.20
97.62
112.00
115.24
4
107.98
118.40
115.24
108.52
92.20
97.62
112.00
115.24
2
1— 119.56
107.80
118.20
115.24
108.52
92.06
97.47
112.00
115.24
-
5
119.50
2- 119.54
——
1
4..
2.89
3.25
4.25
3.06
2.89
2.73
2.90
3.25
4.26
3.90
3.06
2.89
2.73
2.89
3.25
4.26
3.90
3.06
2.89
3.29
—
2.89
3.29
3.28
——
2.74
2.89
3.25
4.27
3.91
3.06
2.89
3.90
107.80
118.00
115.24
108.52
92.06
97.47
112.00
2.75
2.89
3.25
4.27
18- 119.47
107.62
118.20
115.04
108.34
91.91
97.46
112.00
115.04
18
3.30
2.74
2.90
3.26
4.28
3.93
3.06
2.90
11- 119.46
107.62
118.20
115.04
108.16
91.91
97,16
111.81
115.04
11—
3.30
2.74
2.90
3.27
4.28
3.9
3.07
2.90
3- 119.55
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.85
3.31
2.75
2.92
3.28
4.29
3.9
3.08
2.91
June 27.. 119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
114.66
3.31
2.75
2.92
3.29
20- 119.02
107.09
117.80
114.46
107.62
91.48
97.00
111.44
114.27
20
3.33
2.76
2.93
3.30
13- 118.97
106.92
117.60
114.08
107.44
91.48
97.00
111.25
113.89
13.
3.34
2.77
2.95
3.31
6- 118.81
106.74
July 25- 119.55
115.04
25..
July
3
3.29
——
June 27—
3.91
3.06
2.90
3.93
3.09
2.92
4.31
3.94
3.09
2.94
4.31
3.94
3.10
2.96
4.29
+
117.20
113.70
96.69
110.88
113.31
6
3.35
2.79
2.97
3.32
4.33
3.96
3.12
2.99
118.71
106.39
116.61
113.31
107.09
91.05
96.69
110.70
112.75
May 29
3.37
2.82
2.99
3.33
4.34
3.96
3.13
3.02
23- 118.35
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
23
3.37
2.81
2.98
3.34
4.33
3.96
3.13
3.01
16- 118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
16
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.02
9- 118.45
106.66
116.80
113,12
106.92
91.62
97.00
110.52
112.93
9
3.36
2.81
3.00
3.34
4.30
3.94
3.14
3.01
3.02
May 29—
107.27
91.19
,
2— 118.66
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.75
2
3.37
2.80
3.01
3.35
4.32
3.95
3.14
Apr. 25— 118.62
106.21
116.61
112.76
106.56
91.19
96.69
110.34
112.19
Apr. 25
3.38
2.82
3.02
3.36
4.33
3.96
3.15
3.05
18- 118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
18—
3.40
2.83
3.03
3.37
4.35
3.97
3.16
3.06
10- 117.36
105.69
116.41
112,19
106.21
90.77
96.64
109.79
111.81
10
3.41
2.83
3.05
3.38
4.36
3.97
3.18
3.07
116.80
112.37
4
3.39
106.04
4- 117.55
106.21
91.48
97.00
109.97
Mar.28— 117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
21- 117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
112.75
106.21
14- 117.77
117.40
113.31
112.19
4.34
3.97
3.18
3.07
3.36
4.36
3.97
3.46
3.02
106.56
90 48
109.97
113.31
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
21- 116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
21
3.42
14.. 116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
14—
3.40
7- 116.62
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
3.38
J&n. 31.. 117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
31
3.37
24- 117.64
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
24
3.36
17- 118.06
106.56
118.20
113.89
106.56
90.48
96.69
110.15
113.89
17
10- 118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10
14
3.38
2.78
2.99
3.36
4.38
3.97
3.17
2.99
7
3.39
2.78
2.99
3.37
4.40
3.99
3.17
3.00
28
Feb.
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
2.80
3.02
3.39
4.45
4.03
3.19
3.02
2.77
3.00
3.38
4.44
4.01
3.19
3.00
2.76
2.99
3.37
4.40
3.97
3.18
2.99
2.75
2.97
3.37
4.37
3.95
3.18
2.77
2.96
3.36
4.36
3.93
3.17
2.98
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
3.36
2.74
2.94
3.36
4.39
3.96
3.16
7
Jan.
3- 118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
High 1941 119.62
107.98
118.60
115.24
108.70
92.35
97.62
112.00
115.24
High 1941
Low 1941 115.89
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
High 1940 119.63
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.85
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.56
1940 113.02
1 Yr. Ago
2
*
2.73
2.93
3.37
4.43
4.01
3.16
2.93
2.84
3.06
3.39
4.47
4.03
3.20
3.08
Low 1941
3.28
2.74
2.89
3.24
3.90
3.06
High 1940
3.81
3.06
3.19
3.78
5.24
4.68
3.42
3.36
Low 1940
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
3.55
2.85
3.03
3.55
4.76
4.31
3.22
3.11
3.69
2.94
3.12
3.80
4.88
4.43
3.40
3.22
1
4.25
2.89
Year Ago—
116.02
112.56
103.30
85.33
91.48
109.06
111.07
Aug. 22, 1940—.
100.98
114.27
110.88
99.20
83.79
89.78
105.86
109.06
Aug.22, 1939...
Years
Ago—
prices are computed from average yields on the basl3
average movement of actual price quotations.
average level or the
of
yield
averages,
01 one ' typical" bond (3*4% coupon,
maturing In 25 years) and do not purport to show either the
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative
the latter being the true picture of the bond market.
t The latest complete list of
THE
2.95
3.37
2
These
2.97
3.42
103.30
Yrs.Ago
Aug.22'39 115.96
movement
3
'v
Aug.20'40 115.67
3.17
3.05
3.39
3.01
7- 116.90
Low
3.94
3.38
3.05
2.80
Feb. 28— 116.93
96.54
4.31
3.04
2.83
3.38
21
2.81
3.40
Mar. 28————
STATE
OF
bonds
used
in computing
these indexes was
TRADE—COMMERCIAL
published In
EPITOME
the
Issue
of July
13,
1940,
page
160
However, while new high figures are being reached in
lines, the general picture is not so cheerful, especially
'
Friday Night, Aug. 22, 1941.
Business activity showed further expansion the past week,
the "Journal of Commerce" weekly index
figure of 125.2
being an all-time high. A week ago the index stood at 123.8
and a year agio at 106.8.
According to this source, all com¬
mnay
ponents of the index gained substantially with the exception
of steel operations, which showed a fractional setback due
to
to scrap
shortage.
as
the
concerns
Russia.
labor
The labor
situation
and
the
war
news
from
Shipbuilding Co.
focal point, and new steps taken
trouble at the Federal
plant at Kearny, N. J., a
by the Office of Price Administration in the last few days
tighten
control
profit, were
past week.
among
or
limit
the
the
possibility
depressing
of industrial
developments of the
■
'
Volume
I
•
■
'
'
'
'
,
•
,
V'1
'
'•
■
The Commercial & Financial Chronicle
153
'
1051
However, notwithstanding this array of discouraging
items, stocks show no definite downward trend.
As a
largely to Texas; the highest reported was 104 degrees at
Fort Worth, Tex.
In the New York City area the weather
matter
was
of
fact,
followers
market
were
ing
the
with
pleased
action of the list in the face of President Roosevelt's
that
the Nation faces a major struggle which may
through 1943.
Considering what this will mean in
taxes, it was gratifying that stocks held their own and
even moved
forward slightly.
It described the strike
as
test" of
"full-dress
a
a
cinnati,
57 to 86; Cleveland, 60 to 83; Detroit, 66 to 84;
Milwaukee, 61 to 79; Charleston, 75 to 85; Savannah, 75
to 90; Kansas City, Mo., 66 to 84; Springfield, 111., 60 to 85;
Oklahoma City, 70 to 89; Salt Lake City, 61 to 84, and
Seattle, 59 to 72.
"and among managers of plants and unions every¬
where, the Kearny strike deserves more attention than it is
ments,
getting."
Discussing the effects of metal and other shortages, the
study said that Youngstown, Ohio, reports from 200 to 250
small industrial plants shut down or obliged to curtail out¬
put because of lack of materials.
The magazine
estimates steel
Steel
and
consumers
ingot output this week
point
a
from
1.5
point
a
+
Commodity Price Indexes of 10 Countries Compiled by
General Motors and Cornell University
at
last week, with the
gain
to
101.5%
of
producers
are
and
more
more
commodity price index, have resumed issuance of
price statistics, but on a different basis than
before the war.
Instead of a composite index of world
prices, these organizations now are publishing the informa¬
tion only as individual country indexes.
con¬
some
time
The index is built upon
to come.
is
industry
consumer
such
groups,
as
canners,
rail¬
roads, the oil industry, and jobbers, says "Iron Age," are
growing still more apprehensive over their ability to obtain
the necessary steel.
It is said that unless the railroads
actual
The distribution
of electric energy increased in the week
3,200,818,000 kwh. from 3,196,009,000 kwh.
preceding week, the Edison Electric Institute an¬
ended Aug. 16 to
in
the
nounced.
This represents a rise of 16.6%
697,000 kwh. produced in the 1940 week.
over
the 2,745,-
The Association of American
Railroads reported that
890,174 cars of revenue freight were loaded during the week
ending last Saturday. This was an increase of 11,825 cars,
or 1.3%,
compared with the preceding week; an increase of
147,324 cars, or 19.8%, compared with a year ago, and an
increase of
220,581
less
than
a
week
same
Record"
was
than
the
week
same
Ward's
Reports,
production
this
last
Inc.,
week
Last week's assemblies
this time the
at
awards
declined
this
week
"Engineering NewsA tapering off in Federal awards
a
year
would
were
that
automobile
and
cars
estimated at 45,550.
trucks.
Last year
Re¬
sales
week of cool
stimulant.
shipments
growing
and
general
weather
Orders
increased
was
received
their
and
level
Government
restrictions
cited
by
on
as
Influenced
mated
retail
at
of
laneous, 18.
The indexes,
which
are
based
currency of each country, were
prices expressed in the
on
reported Aug. 18
follows:
as
(August, 1939—100)
Ar gen-
Aus¬
Can¬
Eng¬
Una
tralia
ada
land
Mex¬
New
Swe¬
ico
Zeal'd
den
Java
Switz¬ United
erland
States
1940—
120
143
116
113
112
131
118
118
120
144
116
113
114
131
136
109
July
118
118
120
145
115
112
114
132
140
109
August
118
119
120
150
115
111
120
132
144
109
120
May
June
:___
118
132
116
145
116
110
122
113
123
122
145
117
110
120
139
158
114
113
125
124
146
118
111
118
142
164
118
113
126
126
149
120
111
119
144
168
118
January-..February
114
127
126
150
7-120
144
7-172
120
114
126
127
150
121
113
119
147
171
120
March
119
122
129
150
123
114
119
154
176
122
119
156
180
125
December-
_
_
120
121
135
112
November.
153
111
1941—
111
by
customers'
orders.
121
121
131
150
126
120
134
7-152
129
117
120
156
189
129
133
121
137
155
131
119
121
155
193
132
July
136
120
142
168
137
123
123
156
194
137
improvement over last year was esti¬
22% to 30%, widest gain in any week thus far
this year.
The Federal Reserve Board estimated today
end.:
that depart¬
ment store sales in
the week ended Aug. 16 were 40% larger
corresponding 1940 week.
There were no very unusual weather developments the
past week.
With a favorable respite from high tempera¬
rl33
*
121
139
7-155
134
121
154
*194
133
121
141
7-156
134
126
121
156
194
133
121
141
*152
136
126
122
155
133
July
5-.
July 12-.
July 19._
July 26..
Aug.
2_.
Aug.
9-.
120
143
*158
7-137
124
124
155
123
7-135
137
7-136
•
:
-
-
1m
137
136
120
142
*157
138
7-123
123
156
194
137
136
120
142
*158
137
123
123
156
*194
137
Preliminary,
The
sales
115
1941—
Weeks
a
of
125
119
April.
actual shortages, jobbers,
agencies moved to tighten
as
General
commodities involved in¬
several groups, including
The
list
newsprint, linseed oil, &c.)." Weights assigned in the index
to the different commodity groups are as follows; Grains,
20; livestock and livestock products, 19; vegetable fats and
other foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
an
production was estimated by the credit
holding steady, although bottlenecks and short¬
ages in materials curtailed activity in some plants.
The
five
basic
indexes of
business
quoted regularly in the
agency's review all showed increases over the previous week.
agency
comprehensive
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,
important
wholesalers exceeded
backlogs.
threat of potential and
manufacturers and
allocations
"a
June
output under way.
Retailers experienced this week a further quickening in
purchasing activity, and sales volume advanced to record
levels in some centers, Dun & Bradstreet observed today.
A second
by General Motors
October..__
today
total 45,525
week's output totaled 23,732 vehicles.
model
weekly
September-.
year.
estimated
one large factory this week were about counter¬
by gains in several smaller factories just getting
their 1942
clude
ago,
ductions in
balanced
collected
are
department."
government
to
reported today.
largely responsible for the declines.
Private work
9% greater than the week before, although 5% less
was
price data
drop of 12% from the previous week and 38%
the
40 basic commodities and the list
so far as possible.
Each
country in
32.9%, compared with 1939.
cars, or
Engineering construction
$80,161,000,
each
operations from sources described as "the most
responsible agencies available in each country, usually a
serious situation after Sept. 1, when full effects of manda¬
will be felt.
for
same
overseas
a
tory steel priorities
the
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
preferential rating for railroad material, including
and track accessories, they are expected to face
a
rails
world
a
international
non-defense orders for steel cannot be filled for
obtain
General Motors Corp. and Cornell University, which prior
the European war had collaborated In the publication of
to
vinced as they study the priority order and consider its
stipulations in the light of industrial conditions, that most
Large
on Friday was partly cloudy with tempera¬
ranging between a minimum of 68 degrees and a maxi¬
tonight, thermometer readings in both the city and suburbs
being placed at a low of 62 degrees, and ranging upward
to a high of about 85 degrees on Saturday.
Overnight at Boston it was 59 to 71 degrees; Pittsburgh,
64 to 80; Portland, Me., 47 to 71; Chicago, 66 to 85; Cin¬
union's right to force management to dismiss a union mem¬
ber who has not paid his dues and is in bad union standing.
"In industrial areas far from New Jersey," the survey com¬
99.5% of capacity, up half
Chicago district reporting
capacity.
XJv
with
of 75 degrees.
The forecast for Friday night is partly
cloudy with increasing cloudiness and local thunderstorms
Saturday, with fair and somewhat cooler weather on Sun¬
day.
No important changes in temperatures is looked for
plants of the Federal Shipyard & Drydock Co. at Keamy,
J., the "Iron Age" declared yesterday in its mid-week
survey.
most of the week,
mum
American industry's all-out effort to mass its strength for
national defense is being seriously harmed by the strike
N.
comfortable during
The weather
tures
carry
at
but
warm
occasional rains.
warn¬
r
Revised.
Moody's Commodity Index Advances
Moody's Daily Commodity Index advanced from 210.8 a
week ago to 212.9 this Friday. The principal gains were in
cotton, wheat and hog prices.
The movement of the Index has been as follows:
Fri.
15
16
18-.
Tues.
19----—
Wed.
Aug. 20
Thurs. Aug. 21
Sat.
Mon.
Fri.j
Aug.
Aug.
Aug.
Aug.
-—
-
210.8
210.7
-..210.1
-.-.210.5
--211.9
.211.8
.212.9
Aug. 22--
Two weeks ago, Aug. 8
Month ago, July 22
Year ago, Aug. 22.
1940 High—Dec. 31
Low—Aug. 16
1941 High—Aug. 7
Low—Feb. 17
213.4
209.3
151.1
--.-171.8
149.3
213.6
171.6
than in the
tures in
considerable
over
for
than
areas,
the
weather
was
more
favorable
Late vegetation
has been helped materially in much of the Ohio Valley, the
Appalachian Mountain sections, the Northeast, and the Lake
region, Government advices state.
Also, southern Missouri,
considerable areas in the upper Mississippi Valley, and the
crops
had
southeastern Plains
prevailed previously.
were
favored with beneficial rain.
Fol¬
lowing three weeks of persistently hot weather in the midAtlantic area, Lake region, interior valleys, and the north¬
ern
to
half of the Great Plains, there was a marked
markedly subnormal temperatures in those areas during
week just closed.
East of the Rocky Mountains maxi¬
temperatures of 100 degrees or higher were confined
Freight
Car Loadings During
Aug. 16 Gain 19.8%
Week Ended
Loading of revenue freight for the week ended Aug. 16
totaled 890,374 cars, the Association
of American Railroads
Aug. 21.
This was an increase of 147,324
cars or 19.8% above the corresponding week in 1940, and
an increase of 220,581 cars or 32.9% above the same week
in 1939.
Loading of revenue freight for the week of Aug. 16
was an increase of 11,825 cars or 1.3% above the preceding
week.
The Association further reported:
announced
on
Miscellaneous freight loading totaled 368,397 cars, an
cars
reaction
the
mum
Revenue
the interior and northern States, and good showers
above the preceding week, and an increase
increase of 7,740
of 83,061 cars above the
corresponding week in 1940.
Loading of merchandise less than
a
decrease of 428 cars below the
cars
carload lot freight totaled 156,256 cars
preceding week, but an increase of 6,392
above the corresponding week in 1940.
The Commercial &
1052
167,714 cars, an increase of 1,285 cars above
Coal loading amounted to
corresponding
and an increase of 32,503 cars above the
the preceding week,
1 •*
woclc in 1040*''
■
'
of 1,512
above the
corresponding week in 1940.
In the Western districts alone, grain and
grain products loading for the week of Aug. 16 totaled 31,155 cars, a decrease
of 947 cars below the preceding week, but an increase of 1,370 cars above
Grain and grain
cars
the
products loading totaled 44,375 cars, a decrease
but an increase of 1,031
below the preceding week,
preceding week and 339,679 cars in the seven days
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
the
ended Aug. 17, 1940.
./■v..:(Numberof Cars)
cars
Loaded
amounted to 10,930 cars, an increase of 909 cars
week, but a decrease of 1,903 cars below the corresponding
In the Western districts alone, loading of live stock for the
week of Aug.
16 totaled 7,967 cars, an increase
ceding week, but a decrease
of 728 cars above the pre¬
of 1,493 cars below the corresponding week in
1940.
Forest
50,365 cars, an increase of 1,247 cars
products loading totaled
above the preceding
week, and an increase of 14,036 cars above the corre¬
Ore loading
amounted to 78,847 cars, an increase of 2,150 cars
preceding week, and an increase
above the
of 9,323 cars above the corresponding
week in 1940.
Coke loading
amounted to 13,490 cars, an increase of 434 cars above
the
of 2,881 cars above the corresponding
:V'b
'
reported increases compared with the corresponding weeks
preceding week, and an increase
week in 1940.
-''V
All districts
41,861
18,173
8,331
8,279
33,607
22,547
22,735
19,754
12,727
13,881
11,097
10,289
7,685
10,345
7,607
9,907
Chesapeake & Ohio Ry
29,970
29,405
25,787
Quincy RR
Paul&Pac.Ry
Chicago & North Western Ry
18,497
24,771
17,882
23,692
14,286
21,134
10,586
10,176
19,969
1,970
1,685
3,811
12,859
1,323
2,390
12,954
2,036
2,463
5,103
1,757
3,753
2,545
Chicago Burl. &
Chicago Milw. St.
2,997
International Great Northern
1,820
4,621
2,166
RR
16,634
16,468
12,991
3,613
11,563
11,355
7,994
50,495
48,533
7,234
41,528
52,703
50,690
42,771
6,863
5,681
13,631
13.806
10,699
25,089
24,648
20,664
6,185
6,284
4,632
90,174
87,279
69,582
56,716
57,975
43,521
5,596
8,549
5,627
5,430
7,164
6,313
6,356
5,184
4,592
Missouri-Kansas-Texas RR
S:
Vork Central Lines
N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR—
New
—
Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Pere Marquette
Wabash Ry
23,038
3,069
23,165
Gulf Coast Lines
8,261
36,522
9,965
9,454
36,745
31,010
12,179
12,653
8,272
8,214
6,372
6,108
5,207
10,221
10,699
8,143
——
266,007 210,780
416.867 409,353 339,679 264.028
Total
TOTAL LOADINGS AND
1939
1940
1941
5,295
22,526
42,620
22,331
Santa Fe Ry.
Atchison Topeka &
Baltimore & Ohio RR
Missouri Pacific RR
!
sponding week in 1940.
Weeks Ended—
Aug. 16 Aug.
9 Aug.17 Aug. 16 Aug. 9 Aug. 17
1941
1941
1940
1941
1941
1940
above
week in 1940.
the preceding
Received from Connections
Own Lines
on
Weeks Ended—
corresponding week in 1940.
Live stock loading
1941
Aug. 23,
Financial Chronicle
RECEIPTS FROM CONNECTIONS
(Number of Cars)
Four weeks of January...-----------
2.740,095
2,557,735
2,288,730
Four weeks of February.
2,824,188
2,488,879
3,123,916
2,282,866
Five
-
-
— — —
weeks of March—
— — -
3,817,918
2,793,563
——
Four weeks of April
Four weeks of June
Four weeks of July
3,351,840
Week of Aug,
Week of Aug.
883,065
2
9
2,532,236
656,553
878,549
—r—
727,073
661,023
890,374
-
-
16—
2,563,953
2,822,450
717,927
3,413,427
Week of Aug.
2,225,188
2,926,408
2,896,953
4,160,527
3,510,137
Five weeks of May
743,050
669,793
25,911,843
Total
19,783,405
21,925,035
railroads to report for the week ended
Aug. 16, 1941 loaded a total of 416,867 cars of revenue
freight on their own lines, compared with 409,353 cars in
The first 18 major
REVENUE FREIGHT LOADED AND
Total Revenue
1941
1939
1940
662
591
1,402
1,148
816
702
265
233
8,917
1,632
7,216
7,244
13,055
2,472
9,130
11,945
83.285
83,250
64,529
Total
—
————
tne ioiiowmg
in
1,304
1,804
2,139
Detroit & Mackinac
11
71
67
2,541
5,548
11,006
10,277
7,950
1,147
5,338
7,961
8,884
1,967;
7,279
6,978
406
398
116
1,391
1,449
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
226
1,392
3,394
1,049
2,672
12,423
11,720
16,099
3,387
3,078
7,999
12,113
7,008
172
159
2,655
2,504.
Erie
199
157
Detroit & Toledo Shore Line-
290
15,048
4,189
Detroit Toledo & Ironton
1,914
8,225
1,780
8,191
2,434
3,913
2,102
2,170
1,906
1,244
10,041
2,529
6,667
1,847
382
199
41
39
10,320
Lehigh Valley-—
Maine Central
...
Monongahela
—.———-
York Central Lines.—.
N.Y.N.H.& Hartford
AlWestern.
N. Y. Chicago & St. Louis....
N. Y. Susquehanna & Western
3,241
6,640
2,444
49,181
11,964
1,238
7,234
538
2,825
5,002
2,285
40,783
9,186
1,148
5,881
404
35,743
9,410
Pittsburgh Shawmut & North.
939
5,450
10,510
8,716
8.347
25,968
21,764
19,962
537
474
411
770
635
144
147
159
876
727
120,099
97,366
94,421
87,474
60,681
23,038
20,739
2,668
18,830
20,179
3,759
21,992
19,077
12,954
3,114
10,345
4,237
10,013
2,480
7,179
Tennessee Central
Winston-Salem
Southbound—
Total.—.—
-
9,428
5,627
6,356
832
327
30
81
439
348
332
574
225
Wabash
6,108
5,372
4,906
Wheeling & Lake Erie
5,883
4,502
4,040
177,718
145,753
133,181
206,229
1,906
Chicago Great Western..——.
2,812
Chicago Milw. St. P. & Pac—
23,005
Chicago St. P. Minn. & Omaha
Duluth Mlssabe & Iron Range .
25,800
Atlantic.
1,112
11,087
& South.
524
4,087
847
503
404
42,620
6,825
7,660
Lake Superior &
154,208
33,758
29,074
6,231
4,921
1,079
22,735
2,267
816
18,130
2,464
301
Northern
326
279
4
6
1,916
8,535
1,338
1,420
5,835
17
18
16,269
11,610
6,160
59
35
Denver & Rio
33
42
Fort Worth & Denver
Long
896
667
520
19,059
19,090
10,899
4,317
3,314
2,998
22,748
6,438
8,510
193,543
155,298
129,693
143,410
12,500
2,397
1,486
44,175
16,787
6,058
6,490
Grande Western.
110,562
Pocahontas District-
Total..
29,405
24,648
4,630
24,423
24,750
20,020
4,128
13,881
4,393
1,895
10,892
4,579
1,279
49,776
48,898
22,060
16,750
20,960
6,284
3,243
741
2,635
7,518
2,468
1,328
2,893
25
881
882
453
1,441
853
118
123
1,263
1,073
971
654
16
99
34
0
0
31,124
25,949
24,862
4,638
North Western Pacific
Peoria & Pekin Union
928
1,581
586
440
Union Pacific System
j
-
Total
Southwestern
266
270
17,303
(Pacific)
15,012
13,998
7,413
1,559
11,677
498
403
210
5
9
2,089
2,048
1,913
2,850
2,277
127,634
Southern Pacific
105,707
100,937
70,592
49,396
1,175
8,401
District—
156
149
118
202
250
3,069
1,820
2,853
2,646
1,541
1,803
1,351
1,683
297
303
512
617
272
211
153
168
168
445
280
4,621
16,492
3,818
12,413
3,795
12,565
3,753
11,355
2,571
7,673
139
86
80
174
111
8,372
2,009
7,626
3,724
6,577
1,903
5,907
6,340
5,601
2,069
6,013
4,212
1,902
2,313
3,245
3,857
3,411
4,244
4,471
140
157
193
104
17
25
22
55
26
55,163
43,508
43,695
45,883
29,945
559
International-Great Northern.
Kansas Oklahoma &
349
262
Missouri-Kansas-Texas Lines
511
417
Missouri Pacific
Florida East Coast
498
364
380
839
651
Gainsvllle Midland
33
25
31
110
102
Quanah Acme & Pacific. —
St. Louis-San Francisco
1,433
Valley*
Missouri & Arkansas
St.
—-
Louis Southwestern
604
356
724
485
336
3,986
25,119
2,952
19,004
xl,515
18,345
3,075
Texas & Pacific
9,546
Wichita Falls & Southern
20,704
3,358
14,116
8,014
4,S69
Weatherford M. W. & N. W.
25,727
21,960
Macon Dublin & Savannah
199
125
108
664
240
133
132
462
217
193
353
1,841
1,666
1,587
658
1,709
1,093
919
2,931
52
513
Mississippi Central
Texas & New Orleans
202
2,532
Gulf*
Kansas City Southern...
2,596
Illinois Central System
10,713
2,221
581
717
1,847
157
Louisville & Nashville
11,229
2,307
10,289
1,052
10,439
3,040
1,517
4,197
7,006
1,600
1,073
Northern
380
2,183
14,010
1,909
Missouri-Illinois
Nevada
1,396
897
66
14,149
Illinois Terminal
170
1,234
5,245
1,959
77
28
187
1,261
3,296
459
1,111
2,109
1,410
Gulf Mobile & Ohio
8,279
2,966
557
905
190
Georgia & Florida
17,871
2,938
450
230
Georgia
18,290
1,711
1,544
1,788
Greenville
22,526
1,806
1,089
2,020
Columbus &
43,299
894
1,890
1,104
6,640
3,899
1,565
1,281
730
Clinchfield
59,567
357
705
730
Durham & Southern
110,198
2,240
711
944
427
129,665
Midland
930
3,732
350
1,577
Louisiana & Arkansas
Atl. & W. P.—W. RR. of Ala..
Atlanta Birmingham & Coast-
8,975
394
2,210
Litchfield & Madison
179
534
4,881
257
1,587
2,487
220
7,878
3,665
9,683
342
1,719
4,392
257
623
10,992
1,666
2,408
3,778
1,823
244
9,760
4,635
73
2,192
3,293
2,036
2,463
1,181
2,718
2,028
1,370
391
Central of Georgia
82
1,944
7,227
2,092
Gulf Coast Lines
Alabama Tennessee & Northern
Charleston & Western Carolina
3,091
6,676
552
Burlington-Rock Island
Southern District—
Atlantic Coast Line
3,403
2,081
1,051
Western Pacific—————
58,683
Virginian
592
655
Utah
Norfolk & Western
2,852
754
1,235
City
Toledo Peoria & Western
Chesapeake & Ohio
4,215
596
3,398
Denver A Salt Lake
49
18,067
20,593
494
830
55
Reading
161
23,907
2,760
13,657
2,801
Colorado & Southern
90
3,051
2,170
151
17,882
Quincy..
Chicago & Illinois Midland
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois.
Chicago Burlington &
587
67,97*5
512
645
201
1,154
570
9,935
534
3,500
Fe System.|
Bingham & Garfield
66
50,811
285
9,363
Central Western District
651
1,282
3,434
145,709
251
68,100
13,501
234
253
Total
128
1,773
87,279
3,856
5,881
817
2,866
Spokane Portland & Seattle
321
Penn-Reading Seashore Lines.
Pennsylvania System
2,423
576
11,429
Pacific
659
Total.
4,367
13,639
13,051
1,013
6,458
1,936
7,889
—
Spokane International
Cumberland & Pennsylvania..
Maryland
814
1,234
3,467
2,583
Ishpeming
Minneapolis & St. Louis
&S.S.M
Minn. St. Paul
Llgonler
Western
364
3,073
...
;
344
K.
588
Northern
Green Bay & Western
Alton——————
Co
402
26,700
Duluth South Shore &
Atch. Top. & Santa
Union (Pittsburgh)
946
397
1,061
Alleghany District—
Valley
Island
2,629
1,034
District—
Northwestern
Chicago & North Western
1,247
7,339
4,997
5,242
4,666
2,212
1,175
10,699
4,628
Cornwall
2,370
Southern System
1,712
361
7,628
5,007
025
Central RR. of New Jersey
1940
1941
Seaboard Air Line
428
Richmond Fred. & Potomac—
Great
588
Buffalo Creek & Gauley
Cambria & Indiana
from Connections
3,246
1,105
1,244
5,790
6,390
19,039
2,808
492
1,809
10,442
1,067
Bessemer & Lake Erie
Total Loads Received
1939
1940
3,352
1,510
Piedmont Northern
Ft. Dodge Des Moines
562
Baltimore & Ohio
increases when
District—(Concl.)
Southern
Elgin Joliet & Eastern
1,240
Akron Canton & Youngstown.
tuu lua-uings
ended Aug. 9,
CARS)—WEEK ENDED AUG. 9
Nashville Chattanooga & St. L.
Norfolk
11,390
Rutland
Total
aisu
Total Revenue
39,138
892
Pittsburgh & West Virginia...
snow
to
Freight Loaded
16,649
2,406
13,806
664
———_»
Pittsburgh & Shawmut
unoeriaKe
compared with the same week last year.
50,042
8,287
Pittsburgh & Lake Erie
we
for separate roads and systems for the week
1941.
During this period 115 roads showed
155
2,442
Delaware Lackawanna & West
14
1,198
414
Delaware & Hudson
—
•
14
Pere Marquette
29,520
15,453
Francisco Ry
1941
1,555
7,161
Central Indiana
Central Vermont
New York Ontario
38.227
15,531
Southern
Chicago Indianapolis & Louisv
New
38,710
St. Louis-San
1940
921
Maine
Montour
23,064
Illinois Central System...---—-
Chicago Rock Island &
Railroads
587
Arbor..
Bangor & Aroostook
Boston <fc
Pacific Ry.
29,570
from Connections
Eastern District—
Ann
Aug. 9, 1941
29,044
Total Loads Received
1941
Aug. 17, 1940
Aug. 16, 1941
RECEIVED FROM CONNECTIONS (NUMBER OF
Freight Loaded
Railroads
Weeks Ended—
2,976,655
2,495,212
Note—Previous year's figures revised.
* Previous figures,
x
Total
Gulf Mobile & Northern only.
Volume
The Commercial
15j
Progressive Expansion Outstanding Feature of Business
Activity, Says Cleveland Trust Co.—Sees Forced
Changes in Industries as Result of Defense Pro¬
gram as Likely to Be Helpful Later
"Progressive;:expansion continues to be the outstanding
of business activity in this third quarter of
1941," says the Cleveland Trust Co. of Cleveland, Ohio, in
its Aug. 15 "Business Bulletin," in which it observes that
"the volume of industrial production is swelling, commodity
prices are advancing, stock and bond prices are rising, em¬
ployment is growing, and the cost of living is increasing."
characteristic
The "Bulletin" goes on to say:
and
results
these
All
billions
more
virtually full employment of our
of
condition
a
In theory the
continue until we
available industrial
should reach
we
condition of virtually full employment of
a
industrial
increased production of munitions and
ships should still continue, the result would be a progressive adaptation
of our manufacturing capacity to enable it to meet the defense demands,
rather than a continued advance in the volume of industrial output.
We
reached such a condition in the World War, and many of ouV war-time
and
workers,
the pressure for
if
high records of production and traffic were reached in 19X6, before we
entered the war, rather than in 1917 or 1918, when we were engaged in it.
"Bulletin" adds:
The
than
in
portant
really im¬
our
economy.
From now on, and until the end of this
it will, surely be progressively important.
It is most con¬
the automobile industry, but it will profoundly affect scores of
a
emergency,
spicuous in
other
but that process has only recently become
year,
readjustments,
necessitating
industries,
corporate
impairing
the
forced changes in our industries twill probably
rather than ha rmful.
They will impel us to develop
us
improve our productive methods, force us to
these
run
develop
our
kinds of mass production procedures, and increase our
national capacities to cope with difficult industrial problems.
new
profiled
in
those ways
reasonable
seerna
cotton,
experienced
as
to
a
expect
materials, averaged
for metals and metal
The increases ranged from 0.1%
for foods and building
and weakening prices for corn, rye, wheat and for steers,
hogs and poultry accounted for the decline in average prices of farm
Quotations
above
32%
year
a
We
it
be
Farm product prices are
and for hay.
Wholesale prices of foods averaged somewhat
ago.
higher than for last week, reflecting earlier advances for farm
Advancing prices
Prices
and dried fruits.
were
lower for rice, mutton, dressed
poultry, canned salmon, lard and most vegetable oils.
Prices for industrial cotton goods such as tire fabrics, yarns
declined
prices
burlap
and
11%
almost
Average wholesale prices for lumber rose 1% as a
tions for most types of yellow pine
result of higher quota¬
Prices
and for maple and oak flooring.
also higher for brick, prepared
were
roofing, sand, gravel and for rosin and
turpentine.
\
The industrial
grades of fats and oils continued to advance as
last week were at the high¬
level recorded since June, 1930, according to the price
est
by The National Fertilizer Association.
In
the week ended Aug. 16 this index rose to 114.1 from 113.7
index compiled
in the
It was 111.9 a month ago and 95.9 a
preceding week.
based on the 1935-39 average as 100. The Associa¬
tion's report, under-;- date of Aug. 18, also added the fol¬
lowing :
With a few exceptions, most price changes occurred in the food and
farm products groups.
Advancing prices for meats, poultry, milk and flour
year ago,
more
than offset decreases in butter, eggs,
ing in
a
and
some
and boxboard.
show (1) index numbers for the
The following tables
AUG. 16, 1941
WHOLESALE PRICES FOR WEEK ENDED
(1926=100)
*
'
'
.
"
#
Aug,
Aug.
Aug.
July
16,
'
.<■
4
Commodity Groups
9,
1941
2,
19,
1941
Percentage Changes to
Aug. 16, 1941, from—
Aug.
17,
1940
1941
July 17 Aug. 17
1940
1941
Aug. 9
creased
rubber
were
high
substantial rise in the food price index. This index is now 20%
the beginning of the year.
The price of petroleum in¬
last week,
causing an
upturn in the fuel average.
Although
sufficient
in
increases
oak
cottonseed meal and cattle feed quotations
raise the index of miscellaneous commodities to a new
advances
to
in
material index moved
Southern pine and linseed oil offset
The
building
to higher levels when
a drop in the price of
The fertilizer material index was fractionally higher during
flooring.
interpretations of the British-American "war aims"
as
a
peace move caused a sharp dip in cotton prices last week which,
combined with lower grain quotations, resulted in a downturn in the farm
week.
the
89.6
89.6
89.2
88.3
77.2
0.0
+1.5
+ 16.1
Farm products.
86.4
87.8
87.2
85.4
65.3
—1.6
+ 1.2
+32.3
86.7
86.2
85.5
...
--
Early
70.1
+0.0
97.7
+0.3
+0.5
+ 12.8
71.7
+0.3
+2.8
+21.9
+0.3
+ 10.9
lighting materials. _
79.5
79.6
79.4
79.3
71.7
—0.1
Metals and metal products._
98.7
98.6
98.6
Fuel and
Building materials
Chemicals & allied products.
98.6
94.9
+0.1
+0.1
+4.0
104.8 104.2 103.3 102.6
92.8
+0.6
+2.1
+0.2
+ 1.1
+ 1.0
+ 12.9
+ 12.3
+ 7.1
85.7
85.5
85.0
76.5
96.4
95.9
95.8
95.4
90.0
83.1
83.0
82.3
81.7
76.4
+0.5
+0.1
86.7
Housefurnishing goods
commodities.
85.9
87.4
87.0
85.5
69.4
—0.8
87.6
76.7
+0.7
+ 1.7
+ 1.4
+ 2.2
Miscellaneous
materials
Raw
higher.
-
■
the result of a
89.5
88.9
88.5
91.3
91.0
00.7
90.0
81.3
+0.3
+ 1.4
+ 12.3
90.3
90.0
89,7
88.9
79.8
+0.3
+ 1.6
+ 13.2
90.7
90.6
90.2
89.7
82.1
+0.1
+ 1.1
+ 10.5
products.
other than
€ farm products.
All commodities other
farm products
than
and foods._
PERCENTAGE CHANGES IN SUBGROUP INDEXES
AUG. 9 TO AUG. 16, 1941
1.8
Cattle feed
Latest
Per Cent
1.2
Other leather products
1.2
Week
Beats to the
Aug. 9,
1941
1941
Group
Total Index
1.1
............
Cottonseed oil..
......_
Farm products.............
Cotton
23.0
.;;
.?■;
Grains
.
1.0
-
Other foods
...
-
Brick and tile
Year
Ago
July 12, Aug. 17,
1941
1940
108.2
106.4
m 89.5
116.8
119.2
liti.2
62.6
134.5
136.8
132.8
61.0
115.4
116.0
111.6
0.5
155.2
142.1
93.0
75.7
102.6
103.3
99.5
111.6
108.8
83.5
111.0
110.4
110.4
121.9
120.6
Miscellaneous commodities..
122.1
Textiles
139.6
_
.
.
.
_
140.0
134.7
Metals...
103.9
103.9
103.9
Other textile products
Grains
2.0
120.4
118.5
118.5
Livestock and poultry
..
1.3
Chemicals and drugs
106.2
106.2
105.2
103.7
Fertilizer materials
112.7
112.6
111.9
0.8
......
0.6
Sales Reach $327,534,133
by Merrill Lynch, E. A.
companies, Including two mail
order companies, reported an increase in sales of 25.36% for
July, 1941, over July, 1940.
Excluding the two mail order
companies, 27 other chain store companies reported an
Pierce & Cassatt, 29 chain
19.48%.
companies showed an increase of 18.35%
months of 1941 over the seven months of 1940.
increase in sales of
Sales for the 29
for the seven
106.4
106.4
102.0
103.0
99.3
99.3
99.3
99.3
114.1
113.7
111.9
95.9
order companies, 27 other chains
Excluding the two mail
101.4
....
Farm machinery
.....
Month of
1
V
r
1941
changed Jan. 4 from 1926-1928 average to 1935-1939 average a
1926-1928 base were: Aug. 16, 1941, 88.9; Aug. 9, 1941, 88.6:
Indexes on
$
*■!
5 & 10-cent...
71,393,922
79,581,521
6
Apparel
36,170,646
Drug
Grocery
2
Shoe
1
-
1941
<5-
Inc.
1940
s
6,591,000
59,880,766
68,596,602
28,826,957
8,014,942
2,650,396
4,741,000
;;:
%
19.23
511,677,949
452,751,897 13.02
16.01
528,795,321
473.370,881 11.71
25.48
250,612,559
209,405,001 19.68
16.62
62.000,124
23.59
26,607,001
39.00
36,809,000
55,342,177 12.03
22,251,179 19.58
27,443,000 34.10
1,240,564,134 14.18
206,359,606 172,710,663 19.48 1,416,501,954
640,731.751 26.41
809,923,438
88,564,616 13.68
27 chains
.,,
9,346,931
3,275,586
Auto supply..
Aug. 17, 1940, 74.7.
Ended July 31
Inc.
%
1940
.
Chains—
5
11
All groups combined
7 Months
July
Period
"•
2
.
)
Base period
1.1
According to a compilation made
102.7
100.0
-
0.4
100.7
Building materials
Fertilizers
0.1
Decreases
102.2
7.1
6.1
.3
0.1
109.1
10.8
_
.
.3
..
102.4
17.3
.3
0.2
0.2
0.2
-
Other miscellaneous
2.3
..
Anthracite—
0.4
85.2
139.7
Fuels
8.2
..
Dairy products
0.8
Non-ferrous metals.
0.3
0.3
..
J.......
—
Furniture.
July Chain Store
Month
111.8
......... ........
Livestock
*
Bituminous coal..
1.1
Lumber
0.3
..
A 0.3
Furnishings,,-.....
Paper and pulp
Hosiery and underwear,
2.2
109.5
.........
Fats and oils
100.
materials
Woolen and worsted goods-..J..
1.0
Shoes
■ ,
Ago
Preced'g
Week
Aug. 16,
-
0.4
Mixed fertilizers
Otner building
Cereal products,
(1935-1939=100*)
Each Group
Foods.
0.4
Fertilizer materials
1.4
1.3
Oils and fats
COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
25.3
FROM
Increases
included in the index advanced and 17
in the preceding week there were 35 advances and 20 declines.
WEEKLY WHOLESALE
+ 16.7
commodities
During the week 24 price series
declined ;
+8.8
+ 24.9
Manufactured
slightly
were
I
Semi-manufactured articles.
All
Other farm products
products price index.
A decrease in the textile index was
decline in
raw
cotton, since semi-finished cotton goods
+23.7
+ 3.5
83.8
Hides and leather products.. 110.2 109.9 109.7 109.6
85.0
86.6
87.1
87.4
Textile products. _ ..... . _
,
declined,
point.
All commodities
vegetable oils, result¬
higher than at
did also
Crude rubber declined 0.4%.
principal groups of
commodities for the past 3 weeks, for July 19, 1941 and for Aug. 17, 1940
and the percentage changes from a week ago, a month ago and a year ago(2) percentage changes in subgroup indexes from Aug. 9 to Aug. 16, 1941.
prices for fertilizer, soap
Foods
Wholesale commodity prices
dropped
nearly 4%.
1941
Association
under¬
and
Quotations were also higher for shoes
advanced fractionally.
Goatskins
and drills
Woolen and worsted goods and hosiery and
during the week.
rose
9141
Commodity Price Average Highest Since 1930 in Week
Ended Aug. 16, According to the National Fertilizer
products.
reported for flour, oatmeal, and corn meal, for pork
were
(New York), for sugar, tea, molasses and tallow, and for
and fresh beef
most canned
products.
higher, however, for barley, for cows and sheep, eggs,
were
faith
result of our World War experiences, and
that outcomes of similar sorts will
onions and potatoes, a sharp break
Lower prices for apples, citrus fruits,
in prices for cotton
time.
this
and fruits and vegetables, while
products and miscellaneous commodities to 0.6%
make
materials,
new
in
long
to be helpful
prove
earn¬
unemployment.
ings, and causing a good deal of temporary and vexatious
One of its chief features will be shortages of materials.
In
poultry,
and
slightly higher.
luggage.
Adaptation of existing industrial capacities to enable them to produce
munitions instead of normal peace-time goods, has been under way for
more
livestock
prices of the other major groups, except fuel and lighting
wear
'
for
During the week farm products declined 1.6% due to lower prices
grains,
fresh milk in the Chicago market,
workers.
If
Labor said:
materials.
of national defense.
programs
our
Aug. 21.
"There was a sharp decline in market prices for
certain agricultural products,
while prices were slightly
higher for foodstuffs and a wide range of industrial materials,"
Mr. Hinrichs said.
"The general level of wholesale prices is
now 1.5% above a month ago and 16% above a year ago."
In noting this, the announcement by the Department of
never-ending outpouring of more
the
of the expansion of industrial production can
processes
reach
for
by
caused
are
1053
& Financial Chronicle
2 mail orders.-- 121,174,527
Wholesale Commodity Prices Unchanged
Ended Aug. 16, According to Index
Labor Statistics
During Week
of Bureau of
18.35
327,534.133 261,275,279 25.36 2,226.425,392 1,881,295,886
1
commodity prices of the Bureau of
Labor Statistics, United States Department of Labor, re¬
mained unchanged at 89.6% of the 1926 average during the
week ended Aug. 16, Acting Commissioner Hinriob« snorted
The index of wholesale
29 companies
Electric Output for
Gain of
The
port,
Edison
Week Ended Aug. 16, 1941, Shows
16.6% Over Year Ago
Electric Institute, in its
estimated that the production of
current weekly re¬
electricity by the
1054
The Commercial & Financial Chronicle
electric light and power industry of the United States for
the week ended Aug. 16, 1041, was 3,200,818,000 kwh.
The
current week's output is 16.6% above the
output of the cor¬
responding week
Aug. 23, 1941
TOTAL MONTHLY PRODUCTION
FOR
1940
AND
1941
Per Cent
1&40, when production totaled 2,745,697,000 kwh.
The output for the week ended Aug. 9, 1941,
was
estimated to be 3,196,009,000
kwh., an increase of
16.5% over the like week a year ago.
Month
1940
% Produced by
Change
of
Water Power
1941
1939 lOr
1940 to
1940
1941
1940
1941
26
34
29
32
35
Major Geographic
Week Ended
Week Ended
Regions
Aug. 16, 1941
Aug. 9, 1941
v
;
33
New England
Middle Atlantic
23.0
—
Week
13.2
21.0
17.5
19.5
Southern States
21.8
Rocky Mountain
Week
Ended
July 26, 1941
22.9
15.5
19.4
West Central
Ended
Aug. 2, 1941
21.9
Central Industrial
January
February
PREVIOUS YEAR
22.3
16.9
12.8
21.7
19.2
14.6
r
10.5
15.9
16.4
16.2
5.4
5.4
*8.7
*8.3
16.5
16.8
15.3
v-i:
Percentage should be higher; data under revision.
*
DATA
FOR
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS
Percent
+ 11
+ 15
+9
+ 10
+ 16
12,677,000,000
+ 13
+15
41
13,377,000,000
+ 12
+ 17
40
32
13,432,000,000
+9
+ 19
37
30
April...
1941
1940
—
May.......
11,428.000.000
11.315,000.000
11,858.000.000
—
June..
July
August
September
October
12,203,000,000
11,750,000.000
+ 10
32
+7
33
12,809.000.000
+ 10
28
November..—
12.515.000.000
+9
32
December
13,173,000.000
+ 11
33
142,266,000,000
+ 11
33
Total
Note—Above data solicited from all plants engaged In generating electric
energy
for public use, and, in addition, from electric railways, electrified steam
railroads,
and certain miscellaneous plants which generate energy for their own use.
Accurate
data are received each month, representing approximately 98% of the total
pro¬
duction shown; the remaining 2% of the production Is estimated and corrections
are made as rapidly as actual figures are available.
Thus, the figures shown for
preliminary while those for the preceding months
are
1939
1938
1937
2,243,986
2.234,908
2,050,101
2.016,227
2.218.798
2,265,216
2,503,899
2.515,515
+ 16.4
+ 18.3
2,224,723
2,238.826
2,234,692
2,277,749
2,186.394
2.010,121
1,995,555
1.992,161
2.229.866
2,499,060
+ 13.6
+ 17.1
2,493.690
Coal Stock
+ 17.8
mm
2,882,319
+ 13.9
2,873,710
2,529,908
2,528,868
Apr.
12..
Apr.
19
mm
Apr. 26
mm
May
3
mm
May 10
May 17
mm
mm
May 24...
May 31
June
7......
June
mm
14
mm
June 21
mm
June 28
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
mm
mm
mm
5
mm
12
mm
19
mm
26
mm
2
mm
9
16
m
mm
2.926,446
2,914,882
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
3,226,141
3,196,009
3,200,818
23
30
2,650,071
2.244.039
+ 17.0
2,588.821
2,477.689
+ 16.3
+ 18.0
+ 17.1
2,598.812
+ 15.1
2.340.571
+ 15.2
2,362,436
+ 17.3
+ 18.5
+ 18.0
2,760.935
2,145,033
2,402,893
2,377,902
2,426,631
2,399,805
2,413,600
2,453,556
2,434,101
2,442,021
+ 15.3
+16.8
2,762.240
2.743,284
2,745,697
2,714,193
2,736,224
+ 16.5
+ 16.61
2,023,830
July
2.249.305
2.251.995
1,936,597
2,176,399
2,260.771
2.266,759
2.287,420
2.285,362
2,139,281
2,321,531
2,312,104
2,341,103
2,159,667
2,193.750
2,198,266
1941,
of
coal
11,198,225
was
June
1,
1941,
and
hand
on
Consumption
This
tons.
and
electric
at
was
decrease
a
1,
1940.
Of
the
total
stock,
9,987,740
plants
of
on
10.1%
power
increase
0.7%
as
compared
with
bituminous
coal
as
tons
were
4.2%, while anthracite decreased 2.0% when compared with the preceding
month.
In
terms
of
days' supply,
which
calculated at
is
the
current
consumption, there
last
58
was enough bituminous coal on hand July 1,
days, and enough anthracite for 144 days' requirements.
rate
of
1941,
to
2,360,960
2,206,560
2,202,454
2,365,859
2.216.648
2,380,301
2,351,233
May Statistics of the Electric Light and Power Industry
The following statistics for the month of
May, 1941,
covering 100% of the electric light and power industry, were
released on Aug. 15 by the Edison Electric Institute:
SOURCE
AND
DISPOSAL OF
ENERGY—MONTH
during
1941, totaled 13,432,475,000 kwh., accord¬
ing to reports filed with the Federal Power Commission.
This represents an increase of 18.7% when
compared with
OF
MAY
Percent
of electric energy for public use
the month of June,
utility
an
of
1,210,485 tons were anthracite, increases of 11.1% and 2.7%, respec¬
tively, when compared with June 1, 1941.
Electric utility power plants consumed
approximately 5,376,603 tons of
coal in June,
1941, of which 5,123,686 tons were bituminous coal and
252,917 tons were anthracite.
Consumption of bituminous coal increased
2,358.438
2,162,779
1,
stock
and
2,030,764
1,937,486
2,154.099
total
compared with
2.225.194
2.242,421
2.019,065
Production of Electric Energy in the United States for
May and June, 1941
The production
July
2.237.542
2,082,232
2,074,014
2,395,857
+ 18.2
2,218.615
2.056,509
2,051,006
2,328,756
2.664,853
2,653,788
2,659,826
2,425,229
2,651,626
2,681,071
cor¬
liminary data.
The
2.937,585
are
rected in accordance with actual reports received and vary slightly from the
pre¬
1941
1940
6
38
35
from
Apr.
:
+ 13
the current month
Change
Week Ended
13,333,000.000
12,019,000,000
13,095,000,000
+ 15
11,296,000.000
11,013,000.000
9.8
16.6
Total United States.
12,013,000.000
10.893.000,000
10.3
3.1
*9.0
Pacific Coast...
Kilowatt-Hrs.
March
PERCENTAGE INCREASE FROM
Kilowatt-Hrs.
1941
1940
Change
Generation * {Net)—
By fuel burning plants
By water power plants
9,363,578,000
7,010,717,000
4,603,651,000
+ 33.6
—7.8
13.606,887,000 11,614,368,000
+ 17.2
4,243,309,000
June, 1940.
The average daily production of electric energy
for public use was
447,749,000 kwh. during June, 1941, which
is an increase of 3.8% when
compared with the average
daily production during May, 1941. The production of elec¬
tric energy by electric
railways, electric railroads, and other
plants which generate principally for their
235,713,000 kwh., making
own
use
totaled
total production reported to the
Commission for the month of June, 1941, of
13,668,188,000
kwh., or an average daily production of 455,606,000 kwh.
The production by water
power in June, 1941, amounted
to
4,034,037,000
public
kwli.,
use.
a
or
30%
of
the
total
output
for
previously reported in
service on May 31, 1941.
Occasionally changes are made in
plants which are not reported promptly, so that the
figures
shown for any one month do not
necessarily
the changes were made
mean
that all
during that month,
but that they
were reported to the Commission
since the previous monthly
report was issued.
OF
ELECTRIC ENERGY FOR
UNITED STATES
PUBLIC
USE
IN
THE
By Water Power
June,
May,
June,
May,
1941
1941
1941
225,886
161,069
563,726
East North Central..
250,312
West North Central
South Atlantic
217,067
530,761 2,625,869
227,813 2,898,457
241,017
557,973
355,671
574,843
319,419 1,296,622
385,712
364,346
87,986
633,768
629,518
643,639
89,435
1,375,878 1,436,621
105,377
522,795
89,472
635,666
800,729
796,735
2,667,318 3,189,595 3.198,079
2,919.685 3,148,769 3.147,498
575,536
775,040
816,553
1,327,137 1,652,293 1,646,556
394.515
887,141
780,227
678,050
723,240
766,036
86,015
718,953
729,654
114.516 1,481,255 1,551,137
United States total. 4,230.325
4,034,037 9,146,690 9,398,438 13377015 13432475
PRODUCTION OF ELECTRIC ENERGY FOR
PUBLIC USE
Production
12 Months Ended
Oct.
31, 1940
Nov. 30, 1940
Dec. 31, 1940
Jan.
31. 1941
Feb. 28, 1941
Mar. 31, 1941
Apr. 30, 1941...
May 31, 1941.i..
30, 1941
June
Kilowatt-hours
136,809,000,000
137,956,000,000
138,762,000,000
139,901,000,000
140,953,000.000
142,266,000,000
143.586.000.000
144,712,000,000
146,511,000,000
148,175,000,000
150,124,000,000
152,241,000,000
Per Cent
Change
from Previous Year
+ 12
+ 12
+ 12
+ 7.3
+ 18.9
+ 22.1
11,080,423,000
9,367.143,000
+ 18.3
25,322,121
24,326,778
+ 4.1
939,899
660,714
4,268,143
4.219,031
171,437
117,771
179,662
113,292
30,819,371
29,499.477
1,903,530,000
1,787,015,000
+6.5
148,014,000
152,387,000
—2.9
Classification of Sales—
Number of Customers—As of May 31Residentlal or domestic
Rural (distinct rural rates)
Commercial
or
industrial;
.
Large lignt and power..
Other customers
Total ultimate customers.
Kilowatthour Sales—During Month of May
Residential or domestic
Rural (distinct rural rates)......——— —
Commercial
or
)
+0.9
+4.5
industrial:
Small light and power
1,913,743,000
1,742,140,000
+9.9
6.194,062,000
4,796,668,000
+ 29.1
146,183,000
142,786,000
+ 2.4
243,044,000
215,246,000
+ 12.9
313,506,000
315,003,000
168,178,000
152,603,000
+ 10.2
50,163,000
Large light and power
Street and highway lighting.
Other public authorities
63,315,000
—20.8
11,080,423,000
9,367,143,000
+ 18.3
§209.706,500
§193,280,200
+ 8.5
—.———— —
Railways and railroads:
Street and Interurban railways——..——
Electrified steam railroads.
OR
DOMESTIC
SERVICE
(REVISED
—0.5
SERIES)
12 Months Ended May 31
1941
Average Customer Data—
Kilowatthours per customer
967
% Change
921
§36.65
Average annual bill
§36.10
Revenue per kilowatthour
*
1940
3.79e
+ 5.0
+ 15
3.92c
—3.3
By courtesy of the Federal Power Commission.
Construction
Awards at Highest Level for Any
Since 1929, F. W. Dodge Corp. Reports
July
July construction, contracts awarded in the 37 Eastern
States, amounting to $577,392,000, reached a 12-year peak,
being the highest July since 1929, according to F. W. Dodge
Corp., issued Aug. 20.
An announcement concerning the
figures continued:
Residential building, although having an award total slightly below
June,
46% greater than in July. 1940.
Residential contract volume of
+ 11
+ 11
was
+ 11
$205,049,000 provided 41,463 dwelling units, also 46% above the 28,363
+ 11
provided in
+ 10
+ 11
increasing activity in the building of
+ 11
same
month of 1940.
During the past
one
seven
months steadily
and two-family houses has been
the chief factor in residential
building gains and has offset a
+ 12
in the volume of
+ 12
12% decline
&c.
Note—Since the above data show
production by 12-month periods, all seasons
of the year are Included In
each total and the effect of seasonal
variations Is
eliminated.
Sales to ultimate customers
1941
New England
Middle Atlantic
Sept.30, 1940
—4.8
—27.8
June,
1941
82,256,000
150,251,000
139,985,000
316.335,000
438,096,000
13,218,633,000 11,118,543,000
2,138,210,000
1,751,400,000
„
Losses and unaccounted for
RESIDENTIAL
1941
July 31, 1940
Aug. 31, 1940
78.332,000
Net energy for distribution
Total
May,
Pacific
Less—Company use
Less—Energy used by producer
Total to ultimate customers
Revenue from ultimate customers
By Fuels
Division
Mountain
internat'l boundaries
Interdepartmental
(In Thousands of Kilowatt-hours)
East South Central...
West South Central..
over
Small light & power.
.
Reports were received during July, 1941, indicating that
the capacity of
generating plants in service in the United
States on June 30, 1941, totaled
42,435,863 kw. This is a net
increase of 213,697 kw. over that
PRODUCTION
Total generation.
Add—Net Imports
largely
large residential types such
Public ownership was
a
as apartment
substantial factor
building total, while, however. 74%
484,000, was for private ownership.
buildings, hotels,
in the July non-residential
of the residential figure,
or
$152,-
Volume
3% Above Year
Than Similar
July Sales of Ordinary Life Insurance
the
of
value
the
category
1940 Period
half
amounting to $284,000,000 and constituting
of aircraft,
single
States
3% above the volume
sold in June, 1940, according to the monthly survey issued
by the Life Insurance Sales Research Bureau, Hartford,
Conn.
The total sales for the first seven months of 1941
is reported at $4,034,357,000, which is about 4% above the
life insurance in the United
The sales of ordinary
July amounted to $582,292,000, or
period last year.
same
ratios for
the
1940;
reported by the Bureau as follows:
machinery
and
steel
The
1940.
of last
first six months
the
sections are
all
of exports, showed an increase of 64%
munitions and explosives, amounting to
continued larger, however, than in
items
year.
Manufactures
Ratios,
Mer¬
110%
116%
100
5327,733,000
1,092,265,000
102
930,097,000
104
97
375,453,000
101
•
1,570.1
1,487.0
278.2
773.5
118.9
293.9
105.6
255.7
712.4
109.8
305.0
104.1
1,397.7
293.3
749.3
68.5
199.7
86.9
,
South Atlantic^
57,946,000
98
401,838,000
East South Central
23,347,000
103
163,810,000
109
1939—1st half
2d half
1940—1st half
100
115
-
53,205,000
297,587,000
101,357,000
346,217,000
105
-
43,173,000
15,110,000
99
Mountain,
j
,
54,036,357,000
103%
5582,292.000
United States total....
and
Foodstuffs
1938—1st half
2d half
104
West South Central
Materials
Com¬
modities
—iiV'A'
Millions of Dollars
101
Crude
cultural
Cotton
moditiesb
56,182,000
Pacific.,-
factured
Com-
Productsa
132,766,000
Central
factured
Related
chandise
153,032,000
East North Central
West North
1941-40
cultural
Agri¬
Unmanu¬
Manu¬
Six War-
States
All COS.
Sales Volume
*47,531,000
New England,—
Middle Atlantic
Agri¬
Other
Other
United
Period
Ratios,
All Cos.
Non-
Agricultural
,
Total
Year to Date
1941-40
.Sales Volume
PRODUCTS
1—UNITED STATES EXPORTS OF WAR-RELATED
AND OTHER COMMODITIES
./
July, 1941
the second
over
$86,000,000, in¬
creased by 71%, while chemical products, valued at $64,000,000, showed
an
increase of 16%.
The other three commodities—iron and steel-mill
products at $227,000,000, metal-working machinery at $118,000,000, and
non-ferrous
metals at $57,000,000—showed declines of 23%,
20% and
41%, respectively, from the extremely high levels of the last half of
of
TABLE
and
volume
sales
The
exports. Ship¬
the largest
and in the total of United States
group
ments
Ago—Seven Months' Total 4% Higher
in
1055
& Financial Chronicle
The Commercial
153
1,725.7
104%
212.4
112.5
172.1
178.6
100.3
818.8
834.1
41.3
124.6
97.2
835.8
955.0
26.3
157.8
75.5
17.7
49.3
7.6
18.7
6.7
100.0
1941—1st half.
174.5
895.7
100.0
2d
110
814.6
671.5
2,050.4
half
100
411.8
2,018.2
1,915.9
-
17.2
47.9
7.4
20.5
7.0
4.9
14.3
6.2
6.5
Hon—
Percentage Distribu
1938—1st half
half
2d
1939—1st half
Bank Debits for Week
21.0
half
100.0
23.9
47.2
10.1
12.3
1940— 1st half
100.0
33.3
44.4
8.5
8.8
5.0
2d half.....
100.0
42.7
43.5
2.2
6.5
5.1
1941—1st naif.....
100.0
40.8
46.6
1.3
-s',:7.7
3.7
Ended Aug. 13, 1941, 33% Above
a
Year Ago
for
reported by banks in leading centers
Bank debits as
100.0
53.6
2d
13, 1941, aggregated $9,242,000,000.
Total debits during the 13 weeks ended Aug. 13, 1941,
amounted to $133,425,000,000, or 26% above the total re¬
non-ferrous metals, metal-working ma¬
chinery, aircraft, firearms and ammunition and chemical products including ex¬
plosives.
b Includes
nou-agrlcultural semi-manufactures and non-agricultural
finished manufactures, other than those mentioned in Note a.
ported for the corresponding period a year ago. At banks
in New York City there was an increase of 23% compared
with the corresponding period a year ago, and at the other
Relatively large exports of tojnmodities other than those
war-related products in the table contributed to the advance in
the
ended
week
Aug.
increase of 28%.
reporting centers there was an
SUMMARY BY FEDERAL RESERVE
DISTRICTS
Includes iron and steel-mill products,
a
relief supplies, and such
Federal Reserve District
Aug. 13,
Aug. 14,
Aug. 13,
Aug. 14,
1941
1940
1941
1940
steel,
The
13 Weeks Ended
Week Ended
value of each of these exports
$393
$7,311
55,826
2,635
44,234
Philadelphia
561
387
54,241
7.732
Cleveland
700
521
9,635
Richmond....
371
274
5,191
315
227
4,263
7,396
4,032
3,168
1,394
1,049
284
217
20,080
4,365
15,462
3,302
—
New York
_ _ .
Atlanta....
.....
Chicago.... ......
St. LOULS......................
187
2,441
250
4,215
2,089
3,439
243
Dallas
149
324
179
797
634
3,331
10,621
8,599
$9,242
5133,425
$105,791
49,258
40,105
5,179
$6,916
2,349
3,928
72,891
66,664
821
Minneapolis
Kansas City
038
11,275
9,021
_ _
........... .
.. . .
... .
San Francisco
Total 274 reporting centers
New V'trs city ♦.
140 Other lea ling centers ♦
i
3,243
-
33 Other centers...
*
5,682
2,563
been
has
increase
the
debits figures are available bach to
Country's Foreign Trade in
This June value was
1939.
foodstuff
manufactured
June—Imports and
Department of Commerce
on
of
the
other shipments.
June exports was partly due to advancing the
documents to be included in the statistics. In
prior months the compilation of statistical information on exports was
not completed until practically all records of shipments made during the
month were received.
Starting with June the period for inclusion of
reported decline in
closing date for receipt of
in
gate of imports during June was not
which
not
are
foodstuffs and in crude and
classed as strategic materials
TABLE
II—IMPORTS
OF PRINCIPAL
of
Exports
1940
leading
over
by Commodities and Economic
metals
1939,
Finished
Strategic
Con¬
.
Manu¬
factures,
Crude and
Other
Com¬
Com¬
modities b modities
Excluding
Manu¬
Principal
sumption
Food¬
stuffs,
Semi-Manufactures a
for
Period
designated
iron
Dollars—
Newsprint
and
factured
Burlaps
a
144.0
368.5
289.1
140.9
1,007.2
151.5
427.3
281.6
146.9
1939—1st half
2d naif
1,071.7
171.6
455.5
290.7
153.9
1.204.4
249.8
498.5
313.4
142.7
1940—1st half...
2d half
1,243.6
276.5
542.1
301.3
123.6
1,297.0
379.4
541.5
261.2
114.9
1941—1st half
1,511.9
373.7
660.6
365.2
112.3
942.5
2d half
Percentage
Distribution—
and
manufactures, which
and
war-related
steel,
Includes
accounted for by
America,
in
the
41.4
26.0
11.8
100.0
22.2
43.6
24.2
9.9
100.0
29.2
41.7
20.1
8.9
24.7
43.7
24.2
7.4
and newsprint, usually classed as manufactures,
b
tin, nickel, antimony and ferro-alloying ores and metals.
the last half of
billion
14.4
20.7
100.0
The marked rise
half
14.6
27.1
15.3
burlaps
rubber, raw silk,
in
28.0
42.5
100.0
1941—1st half
a
14.9
42.4
16.0
--
2d half
These com¬
30.7
15.0
100.0
1939—1st half
had doubled in
the first six months of 1941.
39.1
100.0
100.0
1938—1st half
2d half
2d half
Classes
products in Table I, include aircraft,
metal-working machinery, non-ferrous metals, mu¬
nitions and chemical products.
This group, with a value of $836,000,000,
made up 41% of the total export trade in the first half of 1941.
The
continued expansion in shipments of three of these commodities during the
first six months of 1941 accounted in considerable part for the rise in
heavy
Table II.
Crude Materials and
Total
1938—1st half
continued to comprise a relatively large propor¬
the export trade during
modities,
in
STRATEGIC MATERIALS AND
Imports
1940—1st half.----.-——-
Exports
in
indicated
OTHER COMMODITIES
Millions of
Trade in the First Six Months of 1941
1929-30.
tion of
as
considered a critical material and included in the
figures in the third column of the table, increased during the first six
months of 1941 by 160% in quantity and 180% in value as compared
with the second six months of 1940.
The value of raw wool imports
increased from $44,000,000 in the first half of 1940 and $41,000,000 in
the second half of 1940 to $113,500,000 in the first half of 1941.
Imports
of hides and skins, also considered a critical war material, increased by
38% in quantity and 45% in value over the July-December period to
$35,000,000.
Imports of copper advanced from $34,000,000 in the first
half of 1940 and $40,000,000 in the second half to a value of $56,000,000;
approximately 75% of this amount for the first half of 1941 was imported
for use in the United States, whereas in the first half of 1940 only 10%
of
the smaller total remained
in the United States.
Metal imports
entered for refining in bond and later re-export dropped off materially
after the principal markets in Europe became inaccessible last year.
appreciably affected by the change in
valued at $2,093,000,000 in the
first six months of 1941, showed only a moderate increase of 1.4% over
the value for the corresponding months of 1940, while import trade was
valued at $1,594,000,000, an increase of 23%.
These gains for the halfyear, together with those recorded in the last half of 1940, brought the
total value of United States foreign trade during the fiscal year ended
June 30 to the highest level in 11 years.
Exports of merchandise in the
fiscal year ending June,
1941, amounted to $4,050,000,000 and imports
to $2,925,000,000, both of which values were the largest since the fiscal
value
of 1941 have concentrated,
semi-manufactured products
procedure.
Foreign
year
and Commodity Groups
Imports of raw wool,
export trade of the United States,
The
Exports of petroleum and products,
import trade during the first half
in
particular,
with the result that an estimated total
be included in trade statistics for
July.
With this carryover included in the June figure, the percentage
decrease from May to June was 7% instead of 12%.
The reported aggre¬
statistical
for
the
of 1941
foreign
valued
at
$196,009,009, were the smallest for any half-year during the war
period, and, they were only about half as large as in the second six months
of 1939, when shipments were relatively large.
Exports of unmanufactured
cotton
amounted to only $20,000,000 during the first half of 1941,
lumber to $15,000,000, and fruits to $13,000,000.
All three amounts are
commodities.
markets for many
of June export shipments will
5%
than double the low" average shown
during the last half of 1949 and
opening months oi 1941.
The figures for a number of leading exports for the first half
reflect the continued adverse influence of war-time conditions on
delayed documents was shortened
of
lend-lease plan
more
exports
Imports by Economic Classes
Aug. 16 issued its statement on the
United States for June, with com¬
parisons by months back to 1936. The report follows :
United States foreign trade in June showed a decline in both volume
and value from the levels of the months immediately preceding,
The value
of exports, including re-exports, decreased' by 12% to $338,000,000 from
$385,000,000 in both April and May, while total importB declined by 6%
to
$280,000,000 from $297,000,000 in May.
Shipments made under the
lend-lease plan were larger in June than in May, but the increases in such
shipments were not great enough to offset the decreases recorded for
Washington
The
export trade
During June substantial
foodstuffs shipments.
dairy products and eggs under the
meats,
of
in
stuffs to
1919.
Exports
The Bureau of Statistics of the
trade
tanks and marine engines.
largely responsible for the increase in exports of manufactured food¬
a value of $28,000,000, the highest monthly total since November,
were
Increases in
at
as
extremely low.
Centers for which bank
foreign
vehicles
advanced in the first half of 1941 to
highest level during any half-year of the war period.
The outstanding development during recent months in the
the
shipments
$506
3,559
Boston......
the value
export
and
(In Millions of Dollars)
designated
trade during the first half of 1941.
These included motor
trucks, automobile assembly parts, machinery other than metal-working,
textile manufactures, rubber manufactures, advanced manufactures of iron
of
increased imports
in the first half
of 1941
corresponding half of 1940,
Crude
from $261,000,000
1941 is mainly
of coffee, sugar, and cocoa. One and a
been imported, principally from Latin
as compared with 1,021,000,000 pounds
and 1,034,000,000 pounds in the second
in the value of imports of foodstuffs
1940 to $365,000,000 in the first half of
pounds of coffee have
.
lv
The Commercial & Financial Chronicle
1056
half of
with
last year.
Cocoa import* reached
276,000,000
from
sugar
increase
of
pounds
the
438,000,000 pounds
the corresponding: half of 1940.
in
Philippine
34%
reached
Islands
the amount received
over
Imports
1,237,000,000
in the
first
poinds,
half
of
those from
of
foreign countries increased to 3,208,000,000 pounds,
A much larger share of the expected 1941 imports of
38%.
received
during the first six months of this
comparable period of 1940.
Imports
volume
of
leading
during
increase,
as
a
the
,,
half
materials
of
1941,
•>
.
also
were
although
r:'X
these periods
as
of
June,
a
and
war,
in
showed
the
last
in
group,
due
was
to
smaller
INCLUDING
Exports—._v— ...V.
imports
of
silk.
raw
REEXPORTS,
AND
Each
GENERAL
COMPARATIVE
of
the
87,707
58,209
1937
2,732
3,889
26,963
19.927
3,789
182,024
195,113
192,795
200,772
233,125
256,566
268,945
289,922
289,071
261,935
275,308
274,472
257,276
185,693
265,341
232,726
268,184
227,535
277,031
296,579
332,710
314,697
323,403
230,790
246,335
220,539
264,949
226,364
229,800
BY
1939
Silver
1940
1941
October
November
..
_
_
..
....
December
6
ended June 1,154,961
mos.
174
15
53
20
53
18
145
231
33
May.
212
36
3.563
5
317
611
177
615
131
19
1,249
7
254
303
884
1941
210
65
9
8
193
640
15
July
770,324
17
August
1939
277,668
252,381
268,943
_
.
„
.
_
_.
March
April
1941
May
J une.
,
_
July
August
....
__
September
December
401
937
180
1,463
1,292
139
1,773
14
10
6
823
487
68
16
11
3
1,344
887
J 23
5,750
435
4,939
27
1,600
8,614
3,063
4,221
51,622
574
5,011
83
3,520
14,097
9,078
4,833
508
4,995
7,092
14,630
3,674
6 mos. ended June
145,869
12
end.
mos.
5,889
Imports—Thousands of Dollars
Month
or
Gold
Silver
Period
1938
January
1939
1940
1941
1938
156,427
7,155
234,246
108,615
118,569
171,994
34,835
30,719
28,708
15,488
10,328
5,799
9,927
4,070
3,292
14,440
7,207
4,489
15,757
7,143
5,724
5,170
17,952
8,211
223,296
236,413
201,475
365,436
459,845
April
52,947
71,236
52,987
February
March
June
55,438
606,027 249,885
429,440 438,695
240,450 1164,224
July.......
63,880
278,645
165,990
259,934
326,089
August
520,907
562,382
177,782
240,542
OF
UNITED
202,493
296,930
178,866
211,425
168,910
175,623
181,536
215,289
206,920
223,090
176,187
235,458
171,347
246,807
June
Dec
MERCHANDISE
4,721
21,533
698,978 111,531
55,527
30,026
24,148
59,806
62,556
IMPORTS
maintained
the
at
FOR
the
6 Months Ended June
lMC.(+)
1941
Decj—)
January
1936
195,689
February
179,381
March
192,405
189,574
April...
May.....
197,020
June
181,386
177,006
July
August
1937
219,063
229,671
252,443
864,627
285,081
256,481
264,613
1938
1939
1940
285,772
259,160
210,260
216,191
270,429
263,995
227,624
246,119
233,465
226,740
247,412
284,392
statistics
upon
229,554
224,866
228,312
high
July
for
November
__
December
_
offset
1941
360,584
317,956
338,966
343,072
315,449
349,941
376.251
316,457
376,354
343,714
331,697
311,992
342,885
157%
Steel
243,595
329,373
311,212
319,431
274,059
323,077
336,153
in
249,844
266,358
286,761
321,130
357,307
315,305
August
January
February
186,377
189,590
194,296
March
April
May
1936
199,776
189,008
..
June
194,311
197,458
July
August..
September
200,783
October
218,425
213,419
November
200,304
December
240,230
6
mos.
ended June 1,153,359
mos.
ended
228,680
260,047
295,705
280,899
278,118
278,300
262,919
248,730
233,959
226,470
212,382
203,644
1938
1939
1940
the
173,196
155,118
169,353
152,577
191,269
for
In
Coal
1941
203,893
205,250
281,351
Dodge
170,430
217,897
214,413
172,909
199,404
178,447
171,668
165,359
207,131
214,502
196,274
212,913
217,300
232,736
238,248
178.373
says
System in
261,097
of
August.
Value
of
for
the
and
wool,
could
be
not
cotton,
and
than
index,
ship¬
which
advanced
season,
was
July
declined
model
new
at
of 6teel
a
of capacity,
less
at
than
as
Activity
rate.
placed
98%
usual,
most plants
production.
high
were
some
about
at
sharp reduction
a
to
98%
shutdowns
again
Early in
under
com¬
it became evident that actual demand
fully met.
textile industries and at shoe factories
rayon
or
production of chemicals
less
about
holiday
continued
forms
maintained at
was
in
shift
all
at
to
output
was
industries
iron,
been
part
in
August steel
August there
this
July.
largely
aircraft,
adjusted
at
to
were
average.
had
production
metals
pig
metals
of
time
of
the peak levels of other recent
near
further.
rose
Output of manufactured
seasonally from the high level reached in June.
contract
two-fifths
The
reports.
for
public
building
higher
rise
than
mostly
increased
in
a
from
earlier
July
year
defense
somewhat,
increased
ago,
chiefly
decline at this season, while awards for
further
a
further
according
continued
projects.
although
to
Private
there
to
F.
is
a
W.
increase
in
resi¬
usually
other private building declined
high levels.
*
Distribution
Sales
than
awards
reflected
construction,
contracts
as
Crude petroleum
year.
construction
than
Corp.
contracts
some
ths
more
dential
,
June
in June was unusually
production was maintained
about the high rate that had prevailed in the previous two months.
level
at
from
machinery,
decline
production declined slightly in July, but
for
216,664
254,554
180,225
half
prepare
increased
274,585
147,779
147,767
171,023
to
activity in July
203,114
147,123
owing
of
Automobile
copper,
the
change
the
Board's
The
June
in
July,
half
in
considerable
a
which
in
non-ferrous
these
234,641
190,160
206,552
185,916
194,185
industries.
for
first
first
months and
223,624
half
first
little
increases
plete mandatory priority control as
large
163,312
155,923
96%
closed
were
1,621,749
942,451 1,071,673 1,243,611 1,511,875
2,207,913 2,892,368 2,330,554 2,078,846 2,448,038
2,808,920
Dec. 2,423,977 3,009,852
1,949,624 2,276,099 2,540,656
12 mos. ended June
12
1937
June,"
Its summary continues:
162% of the 1935-39
the
capacity.
293,374
lumber
to
to
In
foods
Period
the
showed
output
by further
production,
mills.
273,561
1,507,365 1,570,136 1,397,654 2,018,241 2,050,447
2,790,879 3,361,699 2,884,687 3,743,930 3,966,387
ended Dec. 2,418,969
3,298,929 3,057,169 3,123,343 3,934,181
or
and
but in the
Imports for Consumption—Thousands of Dollars
Month
in
activity at automobile factories and steel mills
total
allowance
declined
of
in
the
building,
from
industrial
of
in
includes
298,247
6 mos. ended June 1,135,454
12 mos. ended June 2,375,415
12 mos.
reached
Production
262,173
223,920
226,666
October
level
and
volume," the Board states.
175,825
217,925
September
58,434
"Wholesale commodity prices advanced further and distribu¬
tion of commodities to consumers was in exceptionally large
Reductions
288,475
271,508
253,713
85,307
Board of Governors of the Federal Reserve
Volume
CUMULATIVE PERIODS
Exports United States Merchandise—Thousands of Dollars
Period
230,531
its monthly summary of general business and financial con¬
ditions in the United States, made public Aug. 20, based
1941
1940
or
4,690
Reached in June
Exports of U. S. mdse..... 343,714 376,354 331,697 2,018,241 2,050,447
+ 32,206
Imports for consumption.. 205,250 281,351 261,097 1,243,611 1,511,875 +
268,264
Month
4,656
4,857
4,183
3,795
"Industrial activity in July and the first half of August
was
AND
June,
BY
25,072
by Board of Governors of Federal Reserve System—
Industrial Production Continues at High Level
Exports and Imports—Thousands of Dollars
BY MONTHS AND
4,107
Summary of Business Conditions in the United States
960,955 1,094,458 1,294,063 1,594,171
2,517,686 2,925,487
2,318,081 2,625,379
1941
4,365
4,639
7,268
24,987
1979,458 3574,659 4749,467
253,073
May,
4,985
24,098
247,974 2021,077 2750,537
June.....
223,554
208,833
1940
4,099
5,378
12 mos. end.
220,523
194,854
224,299
June,
4,673
5,531
232,393
140,809
V';■'V+.v'.'^v.
4,589
19,186
6,152
14,770
4,346
3,347
12 mos. end.
267,784
287,560
COMPARATIVE SUMMARY
•
4,576
850,171 3752,560 4304,119 2697,909 168,883 174,526
228,665
233,698
CONSUMPTION
v
1941
279,536
190,481
165,516
167,592
178,024
STATES
69,740
167,991
451,183
1940
end.
mos.
32 mos. ended June 2,217,527 2,941,504
2,361,201 2,093,931
12 mos. ended Dec. 2,422,592 3,083,668
1,960,428
EXPORTS
....
1939
18,326
519,983
351,563
334,113
325,981
330,113
137,178
1941
241,992
200,068
216,755
212,352
211,470
265,214
1,164,509 1,683,421
87
end.
mos.
337,745
245,668
233,142
245.161
.....
148,248
286,224
193,073
November
._
.186,300
284,735
215,701
212,692
196,400
October
173,372
159,827
1,212
1,259
385,519
384,637
1940
178,246
594
10
October
158,072
286,837
192,774
198,701
202,779
191,697
191,077
195,056
70,689
162,951
J
2,054
17
6
240,444
277,709
307,474
250
2
319
13
325,349
303,388
356,728
343,840
327,567
322,299
1939
1,048
15
December..
1938
817
657
13
September..
1937
298
1,923
November..
350,933
295,451
368,046
2,054
191
15
316.669
292,453
233
3
11
.
June.....
349,728
229,631
250,102
288,956
-331,978
6
6 mos. end.
1940
267,781
230,974
452
December..
370,082
347,105
350,784
322,938
323,749
249,466
236,164
1,671
16
September.
499,195
212,911
218,716
355
*
October
November..
187,482
1941
April.
(+)
DecX—)
General Imports—Thousands of Dollars
January
February
1940
4
June..
Inc.
1,536,563 1,590,788 1,416,011 2,064,387 2,093,366
1936
1939
22
February...
12 mos. ended June 2,413,724 2,837,579 3,403,392
2,919,663 3,825,552 4,050,125
12 mos. ended Dec. 2,455,978 3,349,167 3,094,440
3,177,176 4,021,146
Month or Period
1938
81
5,067
May....
.....
■Jm
CUMULATIVE PERIODS
Gold
January
1938
222.665
180,390
178,975
August
+ 1,158
—5,878
Period
OF
Dec—..
September
4,221
24,148
Exports—Thousands of Dollars
349,728 384,637 337,745 2,064,387 2,093,366
+ 28,979
211,425 296,930 279,536 1,294,063 1,594,171 +300,108
1936
July
3,063
30,026
Month or
IMPORTS
1941
198,564
May,..
June...._..
210
4,099
a
June
April
615
3,347
MONTHS AND
other
showed
12
..v.
884
4,673
..........
BY
Exports, Including Reexports—Thousands of Dollars
....
698,951
Import balance
BY MONTHS AND BY CUMULATIVE PERIODS
February
Mareh.^.'i-—
30,712 2,745,598
>•
Imports....
June,
1941
138,303
Period
34,830
Exports
of Dollars
1940
or
27
—4,911
698,978 —2,051,558
4,939
Stiver—
6 Months Ended June
May,
1940
Month
30,719 2,750,537
SUMMARY
June,
January
:.,7
5
34,835
1,162,975
Import balance
March
Export balance.
(+)
(—)
Dec.
1,249
1938
Exports and Imports—Thousands
Exports, incl. reexports
Inc.
1941
1,164,224
Imports
1940.
MERCHANDISE
General imports
1941
more
principal strategic imports, with the exception of ferro-alloys,
slight increase in value during the first half of 1941.
EXPORTS,
June,
1941
Gold—
large
further
no
half of
1940.
half-year
May,
1940
than double those in
more
6 Months Ended June
.-.i.
the
the first half of 1939, prior
than one-third greater than in the first
The decrease of $6,000,000 in the value of these
imports,
during the first half of 1941 from the immediately preceding
were
the outbreak of
to
'
were
Imports of crude rubber, raw silk, tin, nickel, antimony, and ferroalloying ores were valued at $374,000,000 in the first half of 1941 as
compared with $379,000,000 in the last half of 1940.
The totals for both
half
SILVER
COMPARATIVE SUMMARY
v
maintained
they
the high level attained
over
•
1941
23
Exports and Imports—Thousands of Dollars
increase
sugar
received in
were
of
an
and
1940,
an
Aug.
EXPORTS AND IMPORTS OF GOLD AND
1940
■
strategic
first
group,
than
year
compared
as
the
further.
at
department
usual
In
seasonal
the
first
stores
and
amount
half
of
in
in
rural
July, and
August
areas
declined
by
much
less
variety store sales increased
department store sales
rose
sharply.
Volume
Total
little
The Commercial &
153
loadings
of
freight
revenue
in
July
had
been
usual
than
larger
BUSINESS INDEXES
showed
August
early
and
change from the advanced level reached in
which
(1935-39
Grain shipments,
June.
100 for industrial production and freight car loadings;
series)
average =
1923-25 average = 100 for all other
increased less than
in May and June,
1057
Financial Chronicle
seasonally, and loadings of coal declined somewhat.
Adjusted for
.'V:
The
further from
increases in
prices of a number of agricultural and industrial commodities.
Federal
action to limit price increases was extended to additional basic materials,
including burlap, silk, rayon fabrics, rubber, and sugar, and in the early
part of August prices of these commodities in domestic markets showed
little change or were reduced.
On the other hand, prices for paper-board,
automobile tires, and cotton yarns and gray goods were advanced with
Federal approval;
prices of textile products not under Federal control
continued to
rise; and there were considerable increases in prices of
the
lumber,
levels
for
chemicals.
it
16
Aug.
On
was
pine maximum prices somewhat below recent
Southern
become
would
and
materials,
building
that
effective
Sept.
on
5.
June,
July,
July,
June,
July,
1941
1941
1940
1941
1941
1940
7)162
157
121
V157
157
118
7)167
162
121
118
188
132
192
127
7)142
7)131
141
112
7)161
7)189
pi 39
162
7)198
138
111
132
120
7)132
131
121
Construction contracts, value, total.. 7)122
Residential
7)107
117
85
7)134
135
101
77
7)108
111
78
129
91
pl55
155
105
Industrial production, total
Manufactures, total
Durable
Non-durable
.
Minerals
All other.
p 135
127.8
134.0
100.4
*
135.1
98.4
109.6
*
120.9
107.8
*
152.1
98.2
*
173.8
*
*
Non-durable goods
*
123.6
*
Durable goods
Factory payrolls, total
105.1
127.8
'
•
-
~
.
-
Mft'w
-
'
.
_
...
.
Non-durable goods
;:Agriculture
according
indications
to
be
to
cotton
for
major
products,
supplies
carryover
will
hogs,
except
tobacco.
bales,
running
of
Aug.
on
in
declines
and
crops—cotton
10,600,000
total
season,
larger
a
of
carryovers
substantial
while
large,
major export
estimated at
last
owing to
stock
the
is
crop
than
less
and
1,
or
production are
Although the
1,300,000 bales
about
be
will
cotton
the
same,
Marketings of livestock and live¬
1.
97.4
99.1
138
139
110
138
136
110
Department store sales, value
113
104
92
80
97
64
77
68
*
73
61
*
Department store stocks, value
are
crops
Crops of wheat and other leading foodstuffs are expected
exceptionally
indicated
Aug.
on
*.
103.2
Freight-car loadings..
Agricultural production in 1941 may exceed that in any previous year,
unusually large.
93
128.7
♦
Factory employment, total
Durable goods
,
Seasonal Adjustment
July,
July to the middle of August, reflecting sharp
other
announced
.
index of wholesale prices advanced about 2%
general
middle of
Without
Seasonal Variation
Commodity Prices
•
be substantially above last year.
* Data not yet available.
Preliminary.
■p
Note—Production, carloadings and department store sales Indexes based on dally
To convert durable manufactures, non-durable manufactures and min¬
Book, multiply
durable by 0.379, non-durable by 0.469, and minerals by 0.152.
averages.
erals Indexes to points In total index, shown In Federal Reserve Chart
Construction contract indexes based on three-month moving averages,
at second month of F. W. Dodge data for
centered
To convert Indexes
37 Eastern States.
figures, shown in Federal Reserve Chart Book, multiply total by $410,269,-
to value
000, residential by $184,137,000, and all other by $226,132,000.
Employment index, without seasonal adjustment, and payrolls Index compiled by
Bank
Credit
at
reporting
Bureau of Labor Statistics.
Total
further
rose
and
loans
continued
ernment
investments
during
substantially,
obligations showed
high level.
After
ending
change.
'-vv-
:v*
loans
remained at
deposits
'••••.'. ':.-j
INDUSTRIAL PRODUCTION
(1935-39 average
United States Gov¬
Without
Seasonal Adjustment
Seasonal Variation
record, prices of both
on
declined somewhat
July,
June,
July,
July,
June;
July,
1941
taxable
1941
1940
1941
1941
1940
the first
in
On Aug. 15 the partially tax-exempt 2%% 1960-65 bonds
part of August.
100)
Adjusted for
*
.•
=
a
Security Prices
bonds
Treasury
tax-exempt
cities
Commercial
13.
Bank
Government
States
advancing to the highest levels
x>artially
Aug.
leading
101
in
while holdings of
little
.
United
and
weeks
five
the
increase
to
banks
Manufactures
with
compared
all-time
the
low
2.02%
of
July
on
29.
182
156
7)173
179
147
177
157
181
179
154
7)183
7)225
182
156
7)172
179
147
213
133
7)238
210
111
Aircraft--.--
7)994
878
304
7)218
7)210
7)994
215
Transportation equipment.
Yields
185
Machinery.————
2.06%,
yielded
Automobiles
7)172
152
87
164
Railroad
7)240
210
119
7)137
7)235
235
117
7)320
296
113
7)330
308
116
7)478
409
189
185
191
138
/)469
7)192
426
7)201
191
131
7)147
136
140
7)132
136
126
Iron and steel
California
in
Business
Steel Ingots.
Activity Reached New High Level
July, According to Wells Fargo Bank & Union
cars
Locomotives—
Co.
Trust
7)183
—
Pig iron
Treasury notes showed little change in the period.
on
Shipbuilding
A
peak in California business activity was reached in
July, according to the current "Business Outlook" of the
Wells Fargo Bank & Union Trust Co., of San Francisco.
The Wells Fargo Index for July attained a preliminary figure
of 153.8% of the 1935-39 average, up one point from the
preceding month, and 39.6 points above July, 1940.
As
compared with June, three of the four July Index factors
were higher
(department store sales, carloadings, and in¬
dustrial production) although bank debits declined.
new
Non-ferrous metals and
products
Copper smelting
129
223
96
895
394
70
173
141
173
170
133
221
119
7)234
222
118
155
150
135
143
143
125
7)141
135
107
7)144
140
111
Lumber
7)130
125
104
135
112
Furniture.
7)161
154
115
7)141
7)150
150
107
/)150
150
115
7)164
172
127
146
152
100
96
149
66
7)166
163
113
7)155
155
105
180
168
121
162
160
109
Rayon deliveries.
Silk deliveries
7)179
7)78
190
137
134
57
66
51
7)163
164
101
Leather and products
7)126
130
94
7)173
7)70
7)159
7)122
173
73
Wool textiles.-.
Report of Lumber Movement, Week Ended Aug. 9, 1941
184
7)237
121
85
131
88
Zinc smelting
Copper deliveries
Zinc shipments
Lumber and products
Stone, clay and glass products
Polished plate glass
Textile and products
Cotton
5%
the
production during the week ended Aug. 9, 1941,
3% greater than in the previous week; shipments were
less; new business 17% less, according to reports to
National
Lumber
Manufacturers
Association
from
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 0.03%
11% below production.
above production; new orders
—
*
Cattle bide leathers
average
of the average of pro¬
1935-39 and 138% of
1935-39 shipments in the
100
83
*
112
83
136
101
7)126
119
98
120
101
99
124
116
110
7)115
7)132
121
129
144
130
170
154
130
161
7)127
127
114
7)116
*
corresponding weeks of
new
weeks
orders
of
ments
were
1941
were
shipments
date
17%
were
was
new
103
92
107
88
435
181
144
117
7)429
7)141
137
110
*
192
109
*
192
109
*
.———
102
218
196
109
*
196
109
—
above
the shipments,
business
was
11%
126
7)118
7)119
132
106
7)106
116
104
111
114
7)118
7)201
7)119
114
184
179
180
159
344
326
315
7)166
155
150
7)148
152
133
164
Copper..—--
and ship¬
1
177
154
156
7)158
Iron ore...—i—
139
Silver
129
149
121
157
125
*
125
134
#
Geld
152
*
Zinc
above -production.
7)120
7)128
133
117
153
7)135
Metals
For the 32
above production
7)146
122
121
129
7)127
--------
Crude petroleum..
14% above
20% above the orders of the 1940 period.
date
to
6%
126
106
Bituminous coal
Comparisons
the 32 weeks of 1941 to
1940;
123
530
Anthracite
and
154
106
Rubber products
Rubber consumption
Fuels
Year-to-Date
for
117
124
Minerals
tion's report further showed:
Reported production
109
123
143
*
7)516
7)150
Newsprint consumption
—
129
102
—
Paperboard.-
Chemicals
7)135
7)124
Other manufactured foods
110
100
7)122
Meatpacking
Paper and products.
127
107
The Associa¬
week.
same
*
103
Wheat flour
Beehive coke—
the corresponding week of
75
84
7)123
Manufactured food products
13% greater, shipments 18% greater, and new business 9%
duction in
82
98
112
7)130
Shoes
Printing and publishing
The industry stood at 128%
83
125
*
91
117
*
98
119
*
-
Goat and kid leathers
pared with the corresponding week of 1940, production was
less.
163
*
Calf and kip leathers.
Com¬
'
*
Leather tanning
Lumber
was
consumption.
107
122
*
107
113
Supply and Demand Comparisons
The
ratio
unfilled
of
compared with 24%
a
year
ago ;
V
gross
a
order
year
stocks
to
gross
ago.
stocks
was
Unfilled orders
46%
were
Aug.
on
9,
Preliminary or estimated.
1941,
* Data not yet available.
FREIGHT-CAR LOADINGS
61% greater than
100)
15% less.
were
Record
and
for
for
board
the
the
current
week
and
ended
Adjusted for
Seasonal Adjustment
Hardwoods
Aug.
9,
a
1941,
year
for the previous week
week
of
ago
follows
July,
Softwoods
Hardwoods
1941
1941
1941
Week
Week
Week
1940
Previous
Week
Week
{Revised)
Miscellaneous..
...
Merchandise. 1,0.1—
Production
93
377
-——
456
456
-———■-
156
120
127
131
102
189
158
172
170
136
126
100
163
123
145
88
88
70
69
136
r!07
149
141
108
156
Grain
1941
1940
150
152
138
283
265
250
140
Softwoods and Hardwoods
July,
1941
149
—-
June,
1941
83
--
July,
1940
112
———-------
July,
1941
200
thousand
in
June,
1941
corresponding
feet:
Coal
Mills
Without
Seasonal Variation
Softwoods
139
108
139
141
107
100
102
95
99
101
94
74
463
282,455
100%
10,890
100%
293,345
258,654
Shipments
282,180
100
11,281
104
293,461
248,608
Orders
249,274
88
12,009
110
261,283
288,124
308,413
315,848
t
285.817
Revised.
Nate—To'convert
coal by
total index, multiply
obtained upon request
coal and miscellaneous Indexes to points in
.213 and miscellaneous by .548.
Back figures may be
of Research and Statistics.
from the Division
Monthly
Indexes
of
Board of Governors
System for July
of
Weekly Statistics of Paperboard Industry
Federal
Reserve
On Aug. 19
the Board of Governors of the Federal Reserve
System issued its monthly indexes of industrial production,
factory employment and payrolls, &c.
In another item in
these columns today we give the Board's customary sum¬
mary of business conditions.
The indexes for July, with
comparisons for a month and a year ago, are as follows:
herewith latest figures received by us from the
Paperboard Association, Chicago, 111., in relation
We give
National
to
"
activity in the paperboard industry.
members of this Association represent
The
83% of the
and its program includes a statement each
week from each member of the orders and production, and
total
industry,
also a figure
which indicates the activity of the mill based
The Commercial &
1058
the time operated.
on
100%t
so
These figures
advanced to equal
are
PRODUCTION.
REPORTS—ORDERS.
ACTIVITY
MILL
Unfilled
Orders
Production
Orders
Received
Period
Tons
Remainino
1940—Month
Per cent of A ctivUv
Current
Cumulative
of—
71
579,739
167,240
72
15 i
420.639
453,518
71
429,334
520.907
449.221
137,631
129,466
193,411
70
March
69
70
70
70
528,155
•T anuary •«•••••#••»
082.490
508.005
May..
June..
.....
July
August
September
609,781
687,339
73
74
73
470,228
72
73
648,611
184,002
79
73
509,945
161,985
77
December
73
479,099
151,729
71
73
629,803
202.417
75
548,579
571,050
261,650
337,022
81
673,446
008,521
062,128
857.732
056,437
,
1941—Month
of—
January
February
—
.
April
May
487,127
........
mm
82
720,460
447,525
488,993
■'mm'./-'
83
602,323
84
June
634,684
608,995
609,231
July
509,231
807,440
737,420
86
3
165.583
170,430
161,295
168,875
155,831
147,188
148,381
149,884
152,410
151,648
144,481
156,439
153,364
154,711
447,625
May 10
-V:
mm-A-'. '•'?
■■'■■'■.mm.
88
mm
'
'■mm
Week Ended—
1941—
May
May 17
May 24
May 31
......
June 14
156.188
....
7_.
June
158,821
—
168,561
June 21
83
80
466,064
84
80
472,782
84
80
81
489,915
488,993
85
84
81
500,252
84
81
504,786
88
81
518,755
88
82
129,019
82
131,531
609,231
529,633
542,738
74
147,365
168,431
182,603
77
82
156,989
550,902
92
81
160,609
159,272
572,532
92
82
572,635
93
83
159,894
587,498
91
83
162,889
592,840
92
83
151.114
5
.....
July 19..
July 26
....
Aug.
2-.
Aug.
9
159,844
174,815
—.......
— ...
169,472
Auk. 16..
;>Vv
82
90
149,197
June 28
July
July 12
Note—Unfilled orders of the prior week plus orders received, less production, do
not necessarily
equal the unfilled orders at the close.
reports, orders made for or
ments of unfilled orders.
Compensation for delinquent
filled from stock, and other Items made necessary adjust¬
Deliveries Under Coffee
Under the 445,000
S. coffee import
bag increase of U.
that increase had been entered
balance of 42,926 bags still to come. An announce¬
ment issued Aug. 20 by the New York Coffee & Sugar Ex¬
change continued:
total of 217,000 bags of
a
Columbia's quota was increased by 88,042 bags,
Guatemala's by 14,953
bags, Costa Rica's by 5,590 bags, and the Dominican Republic's by 3,354
bags, all of which increases were filled from excess-quota coffee here as of
Venezuela, because of over-quota
Aug. 11 when quotas were reopened.
shipments before the Agreement limitation became effective on April 16,
permitted to enter further coffees against her increase of 11,739
not
was
Other
bags.
namely,
areas,
Cuba,
Ecuador,
El
Salvador,
Honduras,
Nicaragua, Haiti, Peru and Mexico, still have balances to be entered
ing from
had
rang
Haiti
balance of 7,215 bags left on Aug. 16 while 25,861 bags were still to
a
come
few bags up to 79,979 bags still to come from El Salvador.
a
from Mexico.
According to the terms of the Inter-American Agreement, shortshipments
of up to 10% can be
added to the following years' quota while excess-ship¬
deducted from the second-year quota.
ments are
Indicated Production
of Corn
of Aug. 15 in Certain
as
States
The
Crop Reporting Board
of
the
United States
Department of Agriculture issued the following special midmonth report on Aug. 21 on corn production for 14 States
from data furnished by crop correspondents, field statisti¬
cians, and cooperating State agencies:
CORN
(ALL)
'
;w:V
Production
State
Indiana.
Bushels
53,662,000
139,950,000
.
160,373,000
321,945,000
47,808,000
_.
Illinois
Michigan
53,040,000
120,750,000
145,669,000
332,244,000
16,308,000
41,768,000
49,866,000
93,582,000
172,457,000
400,581,000
119,280,000
24,480,000
50,112,000
133,822,000
106,913,000
59,550,000
64,557,000
Wisconsin
74,644,000
143,410,000
M lnnesota
Iowa
M l&souri
399,184,000
107,141,000
..
North Dakota..
South Dakota
1
_
Nebraska.
Kansas
Kentucky....
14 States
Bushels
Aug. 15, 1941
Bushels
54,042.000
53,341,000
159,348,000
181,102,000
152,844,000
157,480,000
373,723,000
369,910,000
55,907,000
92,028,000
170,886,000
474,292,000
114,144,000
22,840,000
46,841,000
87,048,000
177,632.000
437,808,000
102,336,000
22,840,000
41,760,000
41,028,000
45,936,000
126,300,000
47,120,000
116,640,000
49,476,000
70,400,000
78,848,000
73,216,000
1.764,248,000 1,840,992,000 1,997,776,000 1,889,172,000
"United States
2,307.452,000 2,449,200,000 2,587.574.000
Petroleum and Its Products—President Sees No Barrier
to
Congressional Investigation of East—Rationing
Seen
Near
for
Reduction in
England
Senators
Production
Finance
Atlantic
Deliveries
at
Seek
Record
Coast—OPM
to
Service
Orders
10%
Stations—-New
Shortage Probe—Crude
High—RFC Prepared to
Pipelines
Friday saw action by Coordinator Ickes' office to find out
how many tank cars are idle and available for moving oil
into the East Coast area as the oil industry was asked to
ascertain the number of available
cars
on
of
a
formal recommendation ad¬
District
General
;v, -
,
(
■
defense purposes.
Mr. Davies pointed out that since daily shipments of
ment to the East Coast during the week of Aug. 9 were
ship¬
only
340,000, against daily requirements of approximately 465,000
barrels, this left an indicated shortage of better than 850,000
barrels weekly.
Supplies of light heating and fuel oils stored
on
the East Coast now are 1,400,000 barrels under the
figures for the comparable period last year, he continued,
while stocks of heavy industrial oils are 2,500,000 barrels
a
year ago.
flooding the offices of the Petroleum
aid in obtaining winter
supplies, he disclosed, and many oil companies are
refusing to sign contracts guaranteeing a full winter's supply
of heating oil.
This means, he stressed, that present gasoline
stocks must be conserved carefully" to avoid a drastic
shortage this winter when our tankers must be used to haul
owners
are
Coordinator with letters requesting
fuel oil
fuel-oil—unless
our people are to be left to freeze and our
defense industries shutdown for lack of power."
Mr. Davies' announcement of the threateningly low storage
totals for gasoline in the East brought a quick request for an
investigation of the entire situation by three New England
Senators in Washington.
A resolution by Senator Maloney,
proposing a Senate inquiry, was supported by Senators Aiken
and Danaher.
Chairman Bauey of the Senate Commerce
Committee declined comment upon the resolution but in¬
dicated that a hearing will be held soon.
Governor Blood,
of New Hampshire, wired Coordinator Ickes on Aug. 19
asking assurance that further rationing would not be ordered
until after Labor Day, pointing out that fears of being
"stranded" were cutting down the total of vacationists in
New Hampshire traveling by motor.
"Charges have been made that we have given away too
many tankers and this should be investigated,"
Senator
Maloney said in seeking a 5-man Senate Committee to in¬
vestigate conditions.
"We should at xeast relieve the fears
of the people and let them know what to expect in the way
of rationing if it proves necessary."
Senator Aiken felt that
plans to ration gasoline may be intended to step up" the
morale of the country" rather than being based upon a real
shortage.
"We have a very skeptical public in New England,
and they question some of the facts which have been put
them," he said.
"This situation should be cleared
in fairness both to the people and the Oil Administration."
It was generally believed that no further step toward
rationing will be taken by Petroleum Coordinator Ickes until
the report of the Eastern Seaboard Marketing Committee,
composed of representatives of leading oil companies operat¬
ing in the shortage-stricken area, had been forwarded to his
office.
The Committee held meetings in New York City
up
Aug. 1, 1941
Bushels
Pennsylvania...
Ohio
members
already had instituted 7 p.m. to 7 a.m. shutdowns this
month at the request of Coordinator Ickes but this has not
curtailed consumption, according to reports.
Highlighting the situation on the East Coast was the
Wednesday disclosure in Washington by Deputy Petroleum
Coordinator Ralph K. Davies that the supply of gasoline
available for the public in this area was rapidly approaching
the "danger point."
Reporting that the supply in this area
had dropped approximately 900,000 barrels last week, Mr.
Davies warned that "this is the beginning of the sharp and
serious drop in supplies that we forecast."
He added that
persons who contend that there is no real shortage in the
East are using figures on supplies which include reserves for
before
Indicated
1940
Average
1930-1939
in the form of
No. 1 Industry Advisory
Refining, Transportation and Mar¬
keting Problems and to all suppliers of oil in the 17 Eastern
to
Home
ends
September 30, Brazil's prorata share was 259,935 bags and
on Aug. 20 the Bureau of Customs reported that to Aug. 16
a
came
Committee
under
Quotas
quota effective Aug. 11, for the first quota year which
leaving
action
Developments following a surprise order issued on Aug. 16
by the Office of Production Management at the request of
Petroleum Coordinator Ickes rationing gasoline deliveries to
service stations on the East Coast on a basis of 10% under
the total for the previous month this year indicated that
rationing of gasoline in the shortage-threatened Atlantic
Coast area was a probability in the near future.
The stations
73
670,473
488.990
464.537
as
States.
72
79
72
408,870
November
;•/.
76
247.644
236.693
196,037
102,053
103,769
452.613
October
March
456,942
024.184
544.221
April...
1941
quickly as possible. Some time ago, Coordinator
suggested that oil companies use the high-cost
railroad tanker car method of moving crude and refined
products into the shortage-threatened East Coast. Friday's
service
dressed
Tons
Tons
Aug. 23,
Ickes had
that they represent the total industry.
STATISTICAL
Financial Chronicle
and press them into
all week and announced that the results of its deliberations
would
be forwarded to Mr. Ickes for his approval before
being made known to the public.
It was felt that the stern
warning issued by Mr. Davies made the Committee's work
easier, since the public had definitely been told of a definite
shortage.
There is no Administration objection to a congressional
investigation of the shortage of oil and gasoline on the East
Coast as long as there is no disclosure of information harmful
to democracy, President Roosevelt said at his Hyde Park
press conference Aug. 22 in response to a request for comment
upon a move in Congress by New England Senators for such
an
investigation. The President said that there is nothing
to hide on stocks of oil, location of oil or the world situation
of tankers as long as information in their war use was not
disclosed.*
A day earlier, Ralph K. Davies, Deputy Petroleum Co¬
ordinator, had issued a strongly worded statement declaring
that "wholly and completely false" figures intended to show
that Great Britain has an ample tanker fleet were being cir¬
culated in the United States, apparently in a "deliberate"
The Commercial & Financial Chronicle
Volume 153
attempt to confuse the public.
and
"The inadequacy of British
allied control tankers to fulfill their war-time
indicated
task
as
by conclusive evidence in
our hands," he said,
fully the transfer of American tankers
transportation of oil."
Other highlight developments in Washingon included the
introduction of a bill in the Senate by Senator Andrews, of
Florida, which would require Petroleum Coordinator Ickes
either to give up this post or relinquish all of his other
government jobs, including Secretary of the Interior.
The
bilk provides for the creation of an Office of Petroleum Co¬
ordination, to be under the jurisdiction of a national petro¬
leum coordinator, appointed by the President with the advice
"is such
as
to warrant
to aid in the
and consent of the Senate.
The Coordinator would hold
no
other office and his annual
salary would be $12,000.
The Reconstruction Finance Corporation is prepared to
advance the nation's petroleum industry 80% oi the $80,000,000—estimated cost of the new pipeline to be constructed
by 11 major oil companies from Louisiana and Texas produc¬
ing areas to refining points in the New York-Philadelphia
area,
Federal Loan Administrator Jesse Jones announced in
Washington on Aug. 20. The Loan Administrator admitted,
however, that the companies may not ask Government help
to carry out the project, which is
designed to offset the loss
of transportation facilities through the loan of American
tankers formerly covering this area to Great Britain.
"They
may get the money from the banks," he said, "I hope they
In response
to an inquiry from a newspaperman if the
Government did not have good reason to offer to finance the
project in that it would have a hand in the operation of the
pipeline after the period of emergency was over, he replied
that the Government was "amply protected" not only for
the period after the emergency but "for all time" in the
proposed construction, and it
was
immaterial whether the
built by the industry or the
Government so long as
quickly to take care of the transportation
shortage.
He added that it wouid be necessary either to
build a new fleet of tankers to supply Eastern refineries or
build the pipeline, and the pipeline was quicker.
The United States Bureau of Mines on Thursday forecast
the domestic market demand for crude oil during Sept. at
118,000,000 barrels, or 3,960,000 barrels daily.
This is
20,000 barrels above the estimated daily demand for Aug.
and 7% better than actual demand in Sept. a year ago.
Crude oil exports were estimated at 4,000,000 barrels, against
actual exports of 4,260,000 barrels a year earlier.
Estimated
daily average crude oil demand, by States, in barrels, follows:
it
was
was
September
August
September
1,378,600 1,361,600
California...
634,700
Oklahoma..
489,800
Illinois
392,500
Louisiana
324,000
Kansas......
239,800
113,200
Indiana--
641,000
492,400
Arkansas..........
85,000
79,000
New York
48,400
have been diverted to the East Coast
39,500
3b ,000
New Mexico...
Wyoming...
Ohio..
10,200
4,000
4,400
....
Colorado
4,500
Totals....
serious
...3,960,000 3,940,000
crude oil production in the United States
during the week ended Aug. 16 gained 41,350 barrels, rising
to 3,953,300 barrels, according to the mid-week report of
the American Petroleum Institute.
Totai production last
week was nearly 14,000 barrels above the August production
figure recommended by the United States Bureau of Mines
of 3,940,000 barrels.
Kansas showed the sharpest expansion
in production, daily average crude flow in the Cornflower
State rising nearly 26,000 barrels.
Illinois and Texas showed
higher production totals but other oil producing States had
lower figures than in the previous week.
There were no crude oil price changes.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
$2.98
x
Branded,
New York—
Philadelphia
(Bayonne)
Fuel Oil, F.O.B. Refinery or
N. Y. (Harbor)—
Bunker C
...$1.35
Diesel.
Tulsa
.04%-.04%
Terminal
Savannah, Bunker C_$1.30
Gulf Coast
i
1.35
Phlla, Bunker C
$.85-.90
1.60
Halifax...
2.00
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
7 Plus
i
Chicago—
$.041
28.30 D
-$.03%-.03V
iTulsa.
$.053
I
June Production of Natural Gasoline
The production
in
Higher
of natural gasoline continued to increase
June, 1941, according to a report prepared by the Bureau
of
Mines
with
and
The
Secretary
of
the
Interior.
principal increases occurred in the Texas Gulf
East Texas
Stocks again
hand June
and
Ickes,
7,019,000 gallons in May, 1941, and 6,161,000 in June,
1940.
on
L.
Harold
for
daily average in June was 7,133,000 gallons compared
districts
increased,
and
Louisiana.
amounting to 261,870,000 gallons
30, compared to 245,952,000
294,000,000
on
May 31, 1941,
on
hand June 30, 1940.
PRODUCTION AND STOCKS
OF NATURAL GASOLINE
(In Thousands of Gallons)
Stocks
Production
June 30, 1941
May 31, 1941
At
Jan.-
At
May,
June,
June,
At
Plants
At
Plants
1941
1941
1941
1940
Refin¬
& Ter¬
Refin¬
& Ter¬
eries
minals
eries
minals
$1.20
East Coast
.95
1.12
1.23
Applachlan
111., Mich., Ky_.
over
Pecos County, Texas....
Lance
Creek, Wyo
...
Signal Hill. 30.9 and over....
HINTS
RATIONING
OUT
LACK
OF
FOR
10% ABOVE
WEST
TANKER
COAST-
RESERVES-
Oklahoma...
Texas
...
Arkansas
Rocky Mountain
California
STOCKS OFF
SLUMP—REFINERY
6,005
5,317
30,961
5,254
97,394
9,601
2,898
8,649
47,911
6,894 46,950 42",015
13,350
5,277 29,789
31,380 185,084 198,506
5,476
30,225 32,227
98,372 538,664 421,308
9,316
57,198 51,870
15,136
3,004
17,106
8,719 48,359 43,885
49,164 284,707 288,026
6"l98
3^854
252
4,326
467
4,158
663
2,310
34,681
2,268
27,811
84
1,518
84
1,448
336
3,990 111,210
4,950 102,667
84
42
2,168
168
271
252
208
5,040
3,002
4,494
2,679
82,530
1,715
82,824
1,779
2,203
SHARPLY, EAST COAST HOLD¬
OPERATIONS
EXPAND—POSSI¬
Total
Daily
SHORTAGE
924
4,158
Louisiana
ASPHALT
.04
June,
REPINED PRODUCTS—SEPTEMBER GAS DEMAND
BLE
06-.06 %
.0525
Kansas
INGS
.06-.06
1.25
.83
MOTOR FUEL
$.06-.06 %
Gulf Coast...
$.0525, New Orleans. $.05 %-.0rt
North Texas
$.055
Baltimore
1.29
1.25
POINTS
Chicago
.085
Jan.-
Rodessa, Ark., 40 and above
1.37
DAVIES
Shell Eastern
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
East Texas, Texas, 40 and over
Mid Cont't, Okla., 40 and above..
MR.
y
Super,
y
Kettleman Hills, 37.9 and
Illinois Basin
ICKES
.09
Oklahoma
1.22
Smackover. Heavy
1940—MR.
$.085
Texas
$.085
Tide Water Oil...
1.31
....
Other CUies—
New York—
Socony-Vae
Prices of Typical Crude per Barrel at Wells
Eastern Illinois
road
of
next year as a
area
New York—
(All gravities where A. P. I. degrees are not shown)
Corning, Pa
curtailment
building activities
result of the combined
pressure of heavy Government purchases of asphalt for
Army camps and airports and lessened shipments of crude
oil to asphalt manufacturing plants on the East Coast due
to the tanker shortage were seen as another phase of the
current oil situation by veteran oil men.
There were no major price changes in refined products
during the week.
in the East Coast
11,000
average
Bradford. Pa......
replace boats
barrels.
The
Daily
to
East in
Washington this week, Deputy Coordinator Davies pointed
out that the industry must conserve its supplies of fuel oil,
already far under totals at this time last year since not only
has demand risen sharply but the transfer of tankers to Great
Britain and Russia has eliminated the 10 to 12% surplus
tankage space the industry formerly could call upon to re¬
plenish holdings of fuel oil when the period of heavy con¬
sumption got under full momentum.
Inventories of finished, unfinished and aviation gasoline
dropped 2,217,000 barrels throughout the Nation during the
week ended Aug. 16, mid-week statistics of the American
Petroleum
Institute
disclosed.
A
reduction
of
nearly
900,000 barrels was shown in East Coast holdings, or nearly
40% of the total cut in the country's stocks of motor fuel.
Refinery operations showed a gain during the Aug. 16
period, with daily average runs to crude oil to stills rising
85,000 barrels to 3,920,000 barrels, against 3,835,000 barrels
a
week previous.
Holdings of gas oil and distillate fuel
oils expanded 703,000 barrels during the week while in¬
ventories of residual fuel oils showed a jump of 612,000
14,200
9,800
5,000
_
Nebraska.
run
14,800
14,600
12,000
.^...
em¬
20,000
22,100
48,700
Michigan
25,200
15,000
Kentucky
West Virginia
240,800
112,900
85,000
80,700
Pennsylvania.
......
Montana...
390,100
324,500
August
33,000
21,400
20,200
Mississippi
shipment of avaition gasoline to the
loaned to Great Britain under the lend-lease plan.
In commenting upon the gasoline shortage in the
constructed
Texas
1059
battled Soviet air force, locked in deadly combat with the
Nazi war machine, already has taken place and other tankers
Possible
do."
line
Russia for the
to
IN EAST
aver.
213,990 217,602 1244082 1106322 102,984 158,886 100,290 145,656
6,079
0,873
7,133
7,019
SEEN
Total (thousands
September domestic demand for motor fuel in the United
ahead of actual consumption in the com¬
parable 1940 period, it was estimated by the United States
Bureau of Mines which placed indicated demand at 57,500,003 barrels.
Export demand for gasoline next month was
placed at 2,700,000 barrels in the Federal agency's forecast.
Possible extension of gasoline and oil rationing to the
West Coast was hinted by Petroleum Coordinator Harold
L. Ickes in Spokane Aug. 19 when he said that the United
States was "in grave danger" of war, adding that the ex¬
tension of the rationing "would remove some of the pressure
from the East."
Admitting that there was no shortage of
either crude or refined products on the West Coast, Mr.
Ickes said that "the whole country ought to share as equally
as possible."
When asked in the indicated West Coast rationing "con¬
templated diversion of transportation," the Coordinator
answered "possibly,"
Transfer of four West Coast tankers
States will be 10%
of barrels)
Daily
aver.
5,095
5,181
29,621
26.341
170
167
164
145
2,452
2,388
3,783
3,468
Daily Average Crude Oil Production for Week Ended
Aug. 16, 1941, Makes New High Mark
American
The
daily
average
Petroleum
crude
oil
Institute
production
estimates
for
the
that
week
the
ended
Aug. 16, 1941, was 3,953,300 barrels.
This was a new high
mark and a gain of 41,350 barrels from the output of the
previous week.
The current week's figures were above the
3,940,000 barrels calculated by the United States Depart¬
ment of the Interior to be the total of restrictions imposed
by the various oil-producihg States during August.
Daily
production for the four weeks ended Aug. 16, 1941,
is estimated at 3,857,600 barrels.
The daily average output
for the week ended Aug. 17, 1940, totaled 3,518,750 barrels.
average
Further details as
reported by the Institute follow:
The Commercial & Financial Chronicle
1060
Imports of petroleum for domestic
use
and receipts in
bond at principal
United States ports for the week ended
Aug. 16 totaled 1,540,000 ban-els, a
of 220,000 barrels, compared wth a daily average of 213,857
ban-els for the week ended Aug. 9, and 237,036 barrels
daily for the four
daily
average
weeks
ended
bonded
Aug.
16.
These
figures include all oil imported, whether
but it is impossible to make the separation in
for domestic use,
or
There
for the four full weeks ended Aug. 9
10,600,000 tons.
age rate
mately
9
Aug.
Gulf coast
Reports received from refining companies owning 86.3% of the 4,538,000banel estimated
daily potential refining capacity of the United States
at 1,285,000 tons, an
increase of
the output in the preceding week.
Produc¬
corresponding week of 1940 amounted to 834,000
over
ESTIMATED
during
ports
no
the
receipts of California oil at either Atlantic
week ended Aug. 16.
or
estimated
was
tion in the
were
tons-
basis,
that
the
3,920,000
companies had
industry
as
whole
a
to stills,
Bureau of
a
on
PRODUCTION
OF PENNSYLVANIA
BEEHIVE COKE
Mines
ANTHRACITE
AND
(In Net Tons)
barrels of crude oil daily during the week, and that all
in storage at refineries, bulk terminals, in transit and in
the end of the week, 83,731,000 barrels of finished and
Week Ended
Calendar Year to Date
•
of
pipe lines
as
unfinished
gasoline.
The
total
amount
panies is estimated to have been
The
ran
'V:'
v:AA A-
■,
indicate
approxi¬
was
The United States Bureau of Mines
reported that the pro¬
duction of Pennsylvania anthracite
for the week ended
48,000 tons
weekly statistics.
Aug. 23, 1941
complete
gasoline produced
Aug. 9
by all
com¬
12,497,000 barrels during the week.
week ended Aug. 10,
1941, follows
the
for
report
of
1941
Incl.
Total,
CRUDE OIL
PRODUCTION
Four
Week
Ended
Require¬
Allow¬
Aug. 16,
Previous
Aug. 16,
Aug. 17,
ments
ables
1941
Week
1941
.
A
138,200
23,033
-
133,700
1940
colliery fuel.
b416,95C
b250,700
+ 1,800
416,450
392,250
+ 25,450
238,350
187,000
b6,600
+ 650
5,700
6,674
4,194,500
22,193
ESTIMATED
years,
b Includes washery and
Irom authorized operations,
c Excludes
by truck
WEEKLY
PRODUCTION OF COAL,
BY
STATES
(In Thousands of Net Tons)
based
are
railroad carloadings and river
ship¬
on
ments and are subject to revision on receipt of monthly
tonnage reports from district
and State sources or of final annual returns from the
operators.)
65,800
+200
1,261,400
18,812
200
80,400
100,050
3,555,400
.;+'A':AA
■
(The current weekly estimates
242,800
64,400
10,773
22.283
coal shipped
and
Ended
(August)
Nebraska.......
coal,
dredge
Week
Ended
Change
from
Weeks
State
415.000
a
Adjusted to comparable periods In the three
a
lated
240,800
4,400
1929
a
1,285,000 1,237,000 834,000 32,146,000 30.863,000 41,621,000
1,221,000 1,175,000 792,000 30,546,000 29.320,000 38.624,000
United States total..
w
B.ofM.
492,400
1940
colliery
Dailv average
Kansas
1941
Beehive Coke-
Actual Production
Oklahoma..
1940
/
Com 1 production.*:.
(Figures in Barrels)
Calcu¬
1941
;
I
fuel.b.----
DAILY AVERAGE
Aug. 10
Pa. Anthracite—
in
detail:
Aug. 2
Week Ended—
Panhandle Texas...
80,250
100,350
North Texas
West Central Texas.
30,900
/
East Central Texas.
:
East Texas........
Southwest Texas
+200
30.150
—1,100
258,0U0
July 26
1941
194!
+ 900
82,750
Total Texas.
1,361,600 C1404665 1,445,900
71.950
351,550
Alaska
Alabama..
208,700
179,200
186,150
Colorado
2
+6,400 1,386,600 1,192,450
Illinois—
339
300
240
60
48
43
88
119
74
65
129
1
1
—6,600
77,250
64,150
Iowa
+ 7,200
242,400
214,250
.
.
_
1,073 1
439
-
325,081
322,900
+ 600
319,650
278.400
74,428
74,200
+600
73,650
73.600
M lchigan
b49,600
365,550
bl8,700
+ 1,750
48,000
15.700
Montana......
390,100
22,100
Western.
New
821
616
925
1,363
423
282
219
296
440
38
39
32
58
126
94
83
104
145
907
794
779
843
765
199
213
125
110
204
217
37
24
25
44
44
2
2
1
3
15
21
48
52
46
42
49
18
21
15
19
40
49
21
....
.
_
^
.
.
.
.
20
15
13
fl2
f20
—.
...
.
-
-
Mexico....^_
+ 8,700
355,200
391,350
20,050
14,150
90,900
42,200
90,300
Pennsylvania
54,250
Tennessee
North and South Dakota
—
Ohio
nois and Indiana)
+ 2,450
42,950
+ 1,050
85,000
80,850
—4,850
82,600
75,500
20,000
20,300
3,800
109,750
—100
20,100
17,500
695
406
383
434
2,702
2,059
1,738
2,630
3,734
123
144
93
106
98
113
Texas........................
Montana.........^.
Utah....
4,400
—
!
112,900
112,900
—150
3,850
3,500
+ 50
109,050
100,000
.
.
.
.
.
3,299,200
654,100
+ 42,850 3,212,350 2,886,150
+ 1,500
645,250
632,600
3,953.300
.
6
7
9
17
23
68
50
63
39
67
83
399
433
286
288
222
243
29
34
27
21
33
47
2,203
2,312
1,914
1,867
1,967
1,515
813
812
590
526
687
875
90
101
91
Virginia..
... _
.
.....
Virginia—Southern.a..
Northern. b. 'i- A A A ...
W yoming
.
.
.
.
-
A'
.
......
107
_
Other Western States.c...
3,940,000
These
Bureau of Mines' calculations of the requirements of domestic crude
based upon certain premises outlined in its detailed forecast for the month of
a
oil
Total bituminous coal
As requirements may be supplied either from stocks, or from new pro¬
crude oil Inventories must be deducted
from the Bureau's estimated requirements to determine the
amount of new crude
7
produced.
a. m.
c
Nebraska, Mississippi, Indiana figures
Aug. 13.
'
..
This is the net basic
it will increase as
new
31-day allowable
wells are
for week ended
are
V
>;;■.
as
3, 10, 17, 24 and 31; with a few exceptions the
3, 9, 10, 16, 17, 23, 24, 30 and 31.
rest of the State was ordered shut down on Aug, 2,
OF FINISHED
Other Western States."
OIL. WEEK ENDED AUG. 16, 1941
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refin¬
ing Capacity
Po¬
ten¬
P.
Gasoline
to Stills
Produc'n
Fin¬
of
at Re¬
District
Crude Runs
ished A
Gas
of Re¬
Oil
sidual
fineries
Re¬
P.
C.
Stocks
a
Stocks b Stocks
ished
and
Fuel
Gaso¬
Dis¬
Oil
Natural;,
Rate
ing
Aver.
Blended
line
Figures
673 100.0
586
87.1
1,488
2U.793
14,438
Appalachian..
166
83.8
123
88.5
426
2,993
Ind„ 111., Ky.
Okla., Kan.,
752
84.4
631
99.4
2,385
15,127
are
coal
C'st
578
557
910
4,871
4,135
413
80.7
296
88.9
263
63.2
136
81.9
604
2,177
433
1,097
91.0
966
96.7
3,015
11,361
6,274
1,294
1,201
7,837 G. C'st
1,141
6,622
1,915
1,975
156
89.1
3,324
1,656
1,755
95
49.9
59 125.5
183
439
306
50.1
49
214
1,134
120
444
Inter'r
435
136
787
154 110.0
72.1
315
3,375
beehive
90.9
573
80.1
1,476
14,011
11,972
65,760
1,852
3.573
91.3
11,247
77,981
5,750
42,563
94,291
7,338
1,000
1,525
360
95,816
7,698
347
1,250
June
4,538
Aug.
4,538
9, '41
3,920
12,497 e83,73l
12,542
86,022
3,835
43,563
42,136
95,412
7,772
Alaska
dll,468
86,470
42,136 106,710
5,617
*
Estimated Bureau cf Mines basis,
a At refineries, bulk terminals, in transit
lines,
b Included in finished and unfinished
gasoline total,
c Aug.,
1940, daily average, d This is a week's production based on the U. S. Bureau of
and in pipe
Mines, August, 1940, daily average,
7,518,000 barrels.
e
&
Georgia
1 lllnois
.
Finished, 76,213,000 barrels; unfinished,
weekly coal report of the Bituminous Coal
Division, United States Department of the Interior, showed
that the total production of
bituminous coal in the week
ended
15
3.42
1,065
1,192
67
„
„
_
_
_
Aug. 9 is estimated at 10,550,000 net tons.
The aver¬
249
61
7,085
7,609
5,800
1,215
3,102
•.
83
370
1937
71
1.265
1,144
.
_
...
_
.
_
.
3,074
3,572
_
3
0.01
4
2
19
17
3,815
8.92
24,669
24,442
25,478
3.82
3,948
1,774
2,842
1,635
....
1,095
10,145
9,141
8,781
0.33
170
1,248
1,437
1,810
452
1.06
375
330
3,589
3,339
3,432"
9.14
3,648
3,153
18,355
723
19,956
18,852
1.69
880
433
6,055
4.482
155
...
_
.• „
_
4,083"
Ohio...
135
91
786
769
0.03
12
6
199
232
279
0.47
200
184
1,448
1,357
93
....
0.36
13
200
Michigan..
Montana
140
5-
3.910
Western
1,375
U.22
72
SO
569
777
552
917
92
0.22
81
57
1,025
959
2,565
1,069
6.00
2,462
1,824
11,040
10,896
52,364
12,893
8,452
563
442
3.039
3,126
0.07
28
65
187
400
206
Virginia
11,245
1.41
31
Utah
25.81
12,402
55,457
602
_.
Pennsylvania bituminous
0.48
233
154
1,618
1,420
1,870*
7,430
6,624
1,642
2.503"
401
3.84
1,660
1,110
7,858
0.30
126
114
877
773
9.600
1,036
22.44
9.959
7,597
45,003
46,699
3,435
8.03
3,470
2,364
16.576
15,210
368
Virginia—Southern.a
Northern.b
0.86
373
296
2,776
2,557
44,679
15,452
2,843-
13
6
7
Wyoming.
**
42,774
O.
UU
*
2
100.00
42,892
4,891
....
UrVAVSALf?
&
2
.c.
anthracite-b
Total, all coal
the B.
1
58,763
126
Washington
on
55
0.89
1940
87
140
.
Iowa
and
0.15
382
Kentucky—Eastern
Pa.
Weekly Coal Production Statistics
1941
12
Oklahoma..
Total bituminous
current
Total
0.03
So. Carolina..
-
Indiana...
W.
1940
1,463
Alabama
Other Western States
The
number
June.
1941
% of
14
Texas.
c3,508
a
Cal. Year to End of June
Mar,
Tennessee
*U.S.B. of M.
Aug. 16, '40
Tons)
railroad carloadings and river
ship¬
1941
Net
New Mexico...
North & South Dakota..
*Est. tot. U.S.
Aug. 16, *41
on
mining companies, local coal operators' associations, and
detailed monthly
production statistics compiled by the State Mine Departments of
Colorado. Illinois.
Pennsylvania, Washington, and West Virginia,
In making the estimates, allow¬
ance Is made for commercial truck
shipments, local sales, and colliery fuels, and
for small trucking mines producing over
1,009 tons a year.
The estimates here given are based
upon the latest Information
available, and
differ in some cases from the current
figures previously published In the
weekly
coal report.)
Maryland
Est. unrep'ted
STATES, IN JUNE, WITH
1941, 1940, AND 1937
coke, supplemented bu drect reports from
Kansas and Missouri
Calif.
86.3
Reported
BY
MONTHS OF
of
Arkansas
Inland Texas.
Mtn_.
COAL,
preliminary estimates based
and
Colorado..
California
OF
Tons
10,099 E.
Texas Gulf...
Rocky
of
tillates
East Coast-..
No. La. & Ark
13.464
(In Thousands of Net
line
Dally Oper¬
Louisiana Gulf
10,639
Gaso¬
port¬
Missouri
1.926
8,153
Avia¬
Incl.
tial
ated
Unfin¬
a
1,243
9,005
FOR FIRST SIX
tion
C.
Stocks
776
12.021
7,377
* Less than 1.000 tons.
PRODUCTION
which
GAS AND FUEL
787
published records of the Bureau of Mines,
e
Average weekly rate for
f Alaska, Georgia, North Carolina and South
Dakota Included with
ESTIMATED
i
AND UNFINISHED GASOLINE AND
11,538
8,218
1,265
11,737
TOTAL OUTPUT
STILLS, PRODUCTION OF GASOLINE AND STOCKS
f4
9,396
10,756
Pennsylvania anthra¬
from
ments
RUNS TO
154
f2
entire month,
might have been surreptitiously produced.
CRUDE
*
a Includes operations on the N. &
W.; C. & O.; Virginian; K. & M.; B. C. &
G.;
and on the B. & O. in Kanawha, Mason and
Clay counties,
b Rest of State, Includ¬
ing the Panhandle District and Grant, Mineral and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for
d Recommendation of Conservation Committee of California Oil
Producers.
Note—The figures indicated above do not Include any estimate of
any oil
*
1,237
Total, all coal.
cite
of Aug. 1 but experience indicates that
completed, and if any upward revisions are made
Panhandle shutdown days are Aug,
24
10,500
Pennsylvania anthracite.d
duction, contemplated withdrawals from
b Oklahoma, Kansas,
v..-
104
*
are
August.
to be
871
.
+41.350 3,857,600 3,518,750
641,000 d610,000
.....
bituminous.
Wash ington.........
West
Total east of Calif.. 3,299,000
California
50
628
90,450
36,000
Colorado
100
2,660
98,900
Michigan
Wy oming.
New Mexico
f
1,102
30
..
—
—1,550
Eastern (not incl. Illi¬
81
173
f
904
-
Maryland
.....—
*
397
136
A-.........
Kansas and Missouri...
80,700
25,200
Illinois
*
335
37
„.—.
.
Kentucky—Eastern
Indiana
>
e
f
77
—
324,500
Mississippi
Avge.
1923
f
126
250,200
,
1929
3
Arkansas and Oklahoma—
275,000
Indiana
Arkansas
Aug. 3
1939
350
374,900
+ 500
72,700
Total Louisiana...
Aug. 6
3
Georgia and North Carolina
Coastal Louisiana...
3
1940
3
........—
+ 5,800
—100
218,850
290,050
North Louisiana
A ug.
194,250
Coastal Texas.
—
Aug. 2
28.000
271,550
84,100
369,850
West Texas
State
92.200
3,858
47,665
32,400 225,402 219,583 224,50e
4,492
25,951 25.727 2.8,477
46.750
VIlC
.
W-
*¥
.t
V.
IX
36.892 251,353 245,310 252.983
V
H5IUKWI,
XV.
*
Ou
iVl
.
t
£>
,
V,
CZ
In
Kanawha, Mason, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker
counties,
c In¬
cludes Arizona, California,
Idaho, Nevada, and Oregon,
d Dtaa for Pennsylvania,
anthracite from published records of the Bureau of
Mines..
* Less than 1,000 tons.
Volume
153
ESTIMATED
The Commercial & Financial Chronicle
UNITED
STATES PRODUCTION OF SOFT COAL
DAILY
1061
PRICES OF METALS
("E.
&
M. J."
QUOTATIONS)
(In Thousands ol Net Tons)
Electrolgtic Copper
Week Ended
Straits
Tin
Lead
Zinc
Calendar Year to Date b
Dom.,Refy. Exp., Refv.
Aug. 9
A ug. 2
1941
1940
New York
St. Louis
St. Louis
Aug. 10
1941
New York
Aug. 14
Total, including mine fuel
Daily average..
Includes
a
for
10,500
1,758
1,750
historical
comparison
and
statistical
5.85
5.70
7.25
52.500
5.85
5.70
7.25
10.950
52.000
5.85
5.70
Aug. 18
7.25
11.775
10.950
52.U00
5.85
5.70
Aug. 19
8,544 286,454 267,613 314,893
1,424
1,420
1,520
1,663
53.000
10.950
11.775
11.775
10.950
52.000
5.85
5.70
Aug. 20
10,550
of
purposes
10.950
11.775
Aug. 16
1929
1940
11.775
Aug. 15
1941c
Bituminous Coal—a
7.25
11.775
10.950
52.000
5.85
5.70
7.25
11.775
10.950
52.250
5.85
5.70
7.25
convenience
the production of lignite,
b Sum of 32 weeks ended Aug. 9,1941, and
corresponding
32 weeks in 1940 and 1929,
c Subject to current
adjustment.
Average..
7.25
Average prices for calendar week ended Aug. 16 are:
Domestic copper, f.o.b.
I1.775c.; export copper, f.o.b. refinery, 10.950c.; Straits tin, 52.750c.;
New York lead, 5.850c.; St. Louis
lead, 5.700c.; St. Louis zinc, 7.250c.; and
silver, 34.750c.
refinery,
Non-Ferrous
Metals—Ceiling on Straits Tin Fixed
Cents—Quicksilver Too High, OPACS Warns
62
"Metal
and
Mineral
Markets,"
in
its
issue
of
at
The above quotations are "M. A M. M.'b"
appraisal of the major United States
based on sales reported by producers and
agencies.
They are reduced
basis of cash, New York or St.
Louis, as noted.
All prices are In cents
per pound.
....;
\
■««
Copper, lead and zinc quotations are based on sales for both
prompt and future
deliveries; tin quotations are for prompt delivery only.
markets,
Aug.
to the
21,
reports that during the last week the authorities at Wash¬
ington imposed ceiling prices
the
quicksilver
high.
will
industry
The Bureau of
to
the
study for
supplies
alloys,
warned
prices
of
iridium,
light
lead,
and
too
are
metals
"amazing"
in
alloys,
tin,
In
Due to the European war the usual table of
daily London
is not available.
Prices on standard tin, the
only
vanadium,
tungsten,
zinc, and scrap containing any of these metals.
The publi¬
cation further reported:
prices
ferro¬
copper,
the
trade, domestic copper prices are quoted on a delivered
basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the
destination,
the figures shown above are net prices at refineries
on the Atlantic seaboard.
De¬
livered prices In New England average 0.225c.
per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on
the Atlantlo
seaboard.
On foreign business, owing to the
European War, most sellers are
restricting offerings to f.a.s. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
A total of 0.05c. Is deducted from
f.a.s. basis (lighterage, &c.) to arrive at the f.o.b.
refinery quotation.
disappearance
spiegeleisen, quicksilver,
manganese,
non-ferrous
hand
on
The metals involved
the
on
65,000 firms, asking
strategic
antimony, cadmium, cobalt,
are
molybdenum,
than
more
during August.
more
that
Census, at the request of OPM,
to
report on quantities
and tonnages used
of
the
send questionnaires
them
on tin and scrap copper,
was
prices given, however,
are as follows:
Aug. 14, spot, £258%,
months, £260%; Aug. 15, spot, £258%, three
months,
; Aug. 18, spot, £257%, three months, £260%
; Aug. 19,
spot, £257%, three months, £260, and Aug. 20, spot,
£256%,
three
£260%
three months,
^
£259%.
Copper
Sales
of
in
copper
domestic
the
market
during the last week involved
20,059 tons, bringing the total for the month so far to 53,428 tons.
All of
the
business
distributing
all
smoothly, but
ironed
booked
was
of
the
before
out
troublesome
in
the
ceiling prices for
ing day, Aug.
taken
was
obtaining
20
19.
for
OPM
that
is
few
a
The
not
normal
primary
working
yet
rough
spots
to
appears
little
a
Price Administrator,
between
Scrap
been
has
price of copper,"
into the
said the action
prices and those
scrap
selling at
he
levels
"com¬
declared.
United States
during June, with comparable
in tons, were
as
year,
follows:
June, 1940
In ore and concentrate__
June, 1941
5,325
______
In regulus, &c.
*,711
2,939
11,912
4,464
2,597
21,399
15,344
22,773
....
45.918
Refined
Total"
Exports of
refined copper during June amounted
with 25,474 tons in June, last year.
cerned
subsided
not
about
the
5,895
to
tons,
which
greatly,
possibility
indicating
of
that
sort of
some
consumers
control
Quotations continued at 5.85c., New York, which
settling
basis
Louis.
Leon
of
the
American
Sales last
week
Smelting
totaled
still
are
con¬
distribution
over
of
operators
to
with
lead
pig
hoard
such
material.
quotations,
he
was
Refining
also
Co.,
the contract
and
6.70c.,
at
6,731 tons.
Henderson, Price Administrator,
high prices obtaining for lead
against
&
issued
and
scrap
The
sharp warning last week
a
price of
the
tendency
lead 6crap
of
some
is out of line
said.
Zinc
of
tons
zinc,
•
and
against
60,703 tons in May, according to the Bureau of
in Colorado increased from 402 tons in May to 1,507
Mine output
in
tons
June.
Moderate
gains
recorded
were
Washington.
The
market
of
excess
Louis.
with
.SV
supply.
Sales
of
slab
zinc
The
for
quotation
.
this
13,156 tons in
5,136
year,
There
were
no
imports
of
slab
VT::
:
demand continuing well
the
last
week
held
amounted
during June amounted
ore
originated
Mexico,
Western
June last year.
tons
New
Prime
The backlog was reduced to
Imports of zinc contained in
against
Montana,
for
for
shipments at 4,171 tons.
in
-
unchanged,
was
zinc
common
7^4c.,
in
St.
to 2,048 tons,
72,773 tons.
to
14,774 tons,
Of the total imported during June,
and 9,636 tons in Mexico.
in
zinc
at
during June,
Outstanding in developments in tin
tin,
its equivalent,
or
tin was established at
Business
buying
in
improved
interest
schedule
order
tin
was
mitments
Straits
centering
prepared
provides
for
entered
tin
soon
for
in
after
future
was
the
this year.
after the
August
new
and
under
prior to Aug.
arrival
fixing of
16.
seven-eighths of
discussions
exemptions,
into
or
was
a
At the
a
ceiling of 52c.
same
time,
on
99%
prices went into effect, with
trade
metal.
The
price
representatives.
restrictions,
for
firm
The
Unless
Aug. 18
_____
September
52.500
October
51.750
-•
November*
51.500
52.125
51.750
51.500
52.000
52.000
51.750
51.600
52.000
52.000
51.875
51.625
52.000
51.875
51.750
51.875
51.875
Aug. 20
52.000
,
Chinese tin, 99%, spot, was
nominally as follows:
Aug. 14, 52.375c.;
Aug. 15, 51.750c.; Aug. 16, 51.125c.; Aug. 18, 51.125c.;
Aug. 19, 51.125c.;
Aug. 20, 51.125c.
of
the effects of metal and other shortages
the railroads
The
or
to
are reports
like
one
250 plants in that state have
sharply curtail operations because of lack
obtain
of
preferential rating for railroad material
including rails and track accessories, they are expected to face a
serious
situation after Sept.
be felt.
a
1, when full eflects of mandatory steel priorities will
Steel companies have
mandate from the Office of Production
a
Management to complete defense orders ahead of non-defense orders.
thousands of tons of rails
now on
But
steel company order
books, and urgently
needed by the railroads, have no priority
rating.
estimates of 1942 rail requirements
Completing this picture
running as high as 1,500,000 tons.
date likely to be long remembered, large consumers of
pig
Iron with non-defense orders face the likelihood of
being cut off from supplies.
Meanwhile industry's all-out effort to mass its
strength for national de¬
are
Sept. 1,
a
fense Is somewhat less than helped by
building of the Federal Shipyard &
Drydock strike at Kearny, N. J., into a full dress test of a union's
right to
force management to dismiss a Union member who has
not paid his dues
and in bad (Union) standing.
In Industrial areas far from New
Jersey,
among
managers
deserves
of plants and of unions everywhere, the
Kearny strike
attention than it is
more
getting.
In Kearny, the Congress for
Industrial Organization is making its latest bid for
immortality, the closed
shop, to the United States Steel Corp., which in 1937 broke a
50-year
tradition by signing a collective bargaining contract with
the
SWOC,
a
CIO
affiliate.
This week's production level in the steel
99.5% from last week's 99% rate
industry
as a result of minor
half gain at Chicago to 101 %% and
a
a
rose a
half point to
changes, Including
a
four point advance at
Wheeling Steel Corp.'s Portsmouth, Ohio, plant still
reports being able to operate only eight open hearth furnaces due to
lack
of scrap.
'
./■
'
'•••v
With the OPACS price ceilings to all effects
mere scraps
of paper, the
the scrap trade this week is expecting steps in either of two
directions: that
of licensing brokers or the establishment of
priorities. In any event OPACS
is
unlikely to take
any
the price control bill
drastic steps toward enforcement of its ceiling until
before Congress is passed.
This bill will give
now
OPACS the required teeth to enforce its orders.
To prepare
52.375
—
proper
materials.
follows:
52.875
.
up
com¬
52.000
Aug. 16.
determining the
that
Relief may not come until next
year.
already had to shut down
point and
16.
A ugust
Aug. 15
makers
so
Youngstown, Ohio, that from 200
John D.
Aug. 14
are
experience
Age" further stated:
Pointing
from
cent under "Grade A."
September
with
various
as
The mills
own
Cleveland to 97%.
effective Aug.
51.125c.,
their
such items as stoves,
signs, bird
and bed springs, as well as countless other industries
hitherto served fairly promptly
by steel producers are
scheduled for a period of low operations.
Some may be
Canada
Tin
Straits
come.
can use
rolling mill schedules will not
be upset and production
actually lost.
Steel mills which
roll on certain sizes and types of steel for
long periods before
switching to another size or type are concerned with the
likelihood of increasing costs as well as slower
production.
Large consumer industry groups, such as canners, railroads,
the oil industry, and jobbers are
growing still more appre¬
hensive over their' ability to obtain the
necessary steel.
Refrigerator and washing machine makers, grave vault manu¬
On
During June the mines of this country produced the equivalent of 62,916
Mines.
of steel orders
sequence
"Iron
Apparent consumption of lead is estimated by trade authorities
around 80,000 tons a month.
St.
time to
and discretion where
necessary in
forced to close.
the metal.
at
some
awaiting official word that they
cages
August allocations of foreign lead have been completed by OPM and the
metal will start moving to consumers
during the next week.
Demand for
has
study of the steel priority order by steel consumers and pro¬
ducers brings home the fact that most non-defense
orders for
facturers and
Lead
lead
Shortage Certain For Non-Defense Orders
Age" in its issue of Aug. 21 reported that more
The "Iron
steel cannot be filled for
copper.
figures for June of last
compares
be
can
be
Steel
of
by OPAOS on Aug. 18, establishing
The order became effective on the follow¬
differentials
pletely out of line with the
Unrefined, &c_
problem
announced
was
Leon Henderson,
Imports of copper
Valley.
handling of odd lots
copper scrap.
restore
to
by
confident
The
12c.,
directions.
some
Price schedule No.
is
of
allocated
copper
industry
long.
basis
the
on
for increased steel capacity, OPM Director of Production
urges the Maritime Commission to build 25 ore
boats.
Biggers
According to the Lake Superior Iron Ore Association, ore
consumption in
July set an all-time peak at 6,497,442 gross tons, a gain of around
268,000
tons over June.
' "v,
'V
The OPM, it is
TV.
understood, is studying a proposal to build a complete
steel plant at Hammond, Ind., on land owned
by Jones & Laughlin Steel
Corp., the plant to include two or three blast furnaces, bessemer converters
and facilities for making shells and other products at a cost
exceeding $125
millions.
.
4
>*4
For another week steel
to
produce with greatest
bookings have exceeded the industry's capacity
being, in this order, on (1) semi-finished
pressure
steel, (2) bar mill products, and (3) plates.
Soon to be handled
are
British
The Commercial & Financial Chronicle
1062
requirements for another million tons of shell steel for delivery by
next
the theory
spring.
COMPOSITE
THE "IRON AGE"
PRICES
Finished Steel
Based on steel bars, beams, tank plates,
Aug. 19. 1941, 2.261c. a Lb.
One week ago..—--------2.261c.
wire, rails, black pipe, sheets and hot
One month agoOne year ago
11992343064805
rolled strips.
2.261c.
-
...2.261c.
requirements are filled are expected, as the original order provides tliat
allocations
or
preference ratings applying to such excess shall be in
with such regulations as OP ACS may determine.
accordance
These products represent
85% ol the United States output.
High
2,261c.
Jan.
7
Jan.
2
2.286c.
Jan.
3
2.249c.
Dec.
1939
1938
2.261c.
Apr.
2.236c.
7
16
May 16
2.211c.
Oct.
9
2.249c.
Jan.
28
2.016c.
Mar. 10
May 17
1937
Mar.
1936
Jan.
2.211c.
1
18
4
1935
Oct.
1
2.056c.
Jan.
8
1934
Apr. 24
Oct.
3
1.945c.
Jan.
1.792c.
May
2
6
1.870c.
Mar. 15
1933
1.953c.
Sept.
1931
Jau.
13
Jan.
7
1.962c.
Dec.
May 28
2.192c.
Oct.
1.981c.
1930
1929
2.236c.
1.883c.
Dec. 29
9
29
(Based
Aug. 19, 1941, $23.61 a Gross Ton
One week ago..
One month ago
One year ago...
Philadelphia,
23.61
22.61 j.
-
foundry Iron at Chicago,
Buffalo,
Valley,
and
likely to
of
increase
further
allocations
which
Sept. 19
Sept. 12
will not
23.25
June 21
19.61
July
6
Mar.
9
20.25
Feb.
Nov. 24
18.73
Aug. 17
18.84
Nov.
6
17.83
May 14
17.90
May
1
16.90
Jan.
27
16.90
Dec.
5
13.56
Jan.
3
14.81
13.56
6
Dec.
Jan.
5
15.90
Jan.
6
14.79
Dec.
15
18.21
Jan.
7
15.90
Dec.
16
18.71
May
14
18.21
Dec. 17
Aug. 19, 1941, $19.17
a
Based
Gross Ton
...
One year ago...
$19.17
19.17
19.00
1
No.
on
melting
heavy
steel
quotations at Pittsburgh, Philadelphia,
and Chicago.
$19.17
Apr.
10
16.04
Apr.
9
3
14.08
May 16
Nov. 22
11.00
June
Dec.
22.50
Oct.
15.00
7
affect
interruption
of
of
movement
production
An
operations.
the
four
mills
main
Atlantic
able
are
Nov. 10
June
Apr. 29
20,000 tons last
Mar. 13
9.50
between
Aug.
8
6.75
Sept. 29
Jan.
5
6.43
1929
American
Iron
and
8.50
11.25
Jan.
29
17.58
—
-
The
6
18
Steel
12
on
Aug.
9
Dec.
made,
3
18
an¬
telegraphic reports which it had received indi¬
operating rate of steel companies having 91% of
the steel capacity of the industry will be 98.2% of capacity
cated that
with
beginning Aug. 18, compared with 97.5% one
97.9% one month ago, and 89.7% one year ago.
This represents an increase of 0.7 points, or 0.7%, from the
preceding week.
Weekly indicated rates of steel operations
since July 1, 1940, follow:
ago,
1940—
1940—
1941—
1941—
Aug.
5
90.5%
Nov. 18
96.6%
Feb.
9
98.6%
Aug.
12
89.5%
89.7%
91.3%
82.5%
91.9%
92.9%
92.5%
92.6%
94.2%
94.4%
Nov. 25
96.6%
Mar
June
16
Dec.
2
Mar. 10
June
23
99.0%
99.9%
Dec.
9
96.9%
96.0%
Mar.
June 30
Dec.
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept 30
Oct.
7
Oct.
14
Oct.
28
Nov. 11
Mar.
Mar.
95.9%
Apr.
Apr.
30
1941—
Jan.
96.3%
3——.97.5%
98.8%
17—..99.4%
24
99.8%
31
99.2%
7
99.3%
14
98.3%
21
96.0%
28
94.3%
6
97.2%
Jan.
13
98.5%
Apr.
Apr.
Jan.
20
96.5%
May
6
Jan.
27
97.1%
May
12
Feb.
3
96.9%
May
19
Feb.
10
97.1%
May 26
96.8%
99.2%
99.9%
98.6%
Feb.
95.7%
96.0%
96.1%
4
96.8%
80.8%
Dec.
21——94.9%
Oct.
16
Dec. 23
June
24
17
94.6%
June
93.7%
July
7
14
97 2%
July
21
July
28
Aug. 11
97.9%
99.6%
98.3%
97.5%
Aug. 18
98.2%
Aug.
4
Placing
steel
of
can
practically all
With the
task of
This
is
visions
of
a
sources
orders
cases
are
virtually
its
order
task
by
production
gain of 4,955
a
20,475
in
the
last
turned
over
week
continued
Pittsburgh,
vania
points
frozen
steel
at
at
inquiries
as
to
mills refuse to enter orders
under
have
best
what
even
been
can
for
circumstances
1942
at
98%.
iron
and
98;
steel
and
were
Buffalo,
90;
being
This compares
St.
Cleveland
3
unchanged,
3
points
Louis,
points
to
as
follows:
eastern
90%;
$38.15,
at
Pennsyl¬
98.
and
are
unchanged:
steelworks
scrap
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous year, together with the
approximate changes, in points, from the week immediately preceding:
1941
99
U. S. Steel
1940
90
1939
97%
63
%
—.
+2
+2
+
1935
50%
20
49
69
89
1928.
1927
+3
+5
48%
84%
+ 1%
+ 1
75%
+ 1%
+ 2%
57
+2
19
—3
20%
—2
47
—2
50%
—2%
14
—1
—1
1929
+1
—1
66%
31
+ 1%
-2%
—2%
+ 3%
99%
87%
%
—1
81
+ 2
Independents
+ 1
93%
58%
34%
+ 1
—1
instances suggest
units
U. S. Steel is estimated at 97%%, against 96% % in the week before and
13%
some
46,750
95
58
tentatively* and in
divided
delivery.
week,
% two weeks ago.
Leading independents are credited with about 99 % %,
compared with 98%% in the preceding week and 99%% two weeks ago.
32
cases
placing of
was
& Hartford,
ingot production for the week ended Aug. 18 is placed
nearly 99% of capacity, according to the "Wall Street
Journal" of Aug. 21.
This compares with 98% in the pre¬
vious week and 98^% two weeks ago.
The "Journal"
further reported:
1933
some
Only
24-inch
Steel
1932
In
of
at
1930
them.
on
$19.16.
1931
for
the
New England gained
80%%,
to
pro¬
done
to
Navy
Chicago receded another half-point
clearly it cannot be undertaken
bombarding their usual supply
be
the
day.
per
for
"Steel's" three composites
72%
until
seeking
year.
83
and
Haven
last
last
Birmingham,
42
faced
required
in several weeks
upward
Ohio,
ceiling levels,
$56.60,
plates
districts
seven
Youngstown,
95%; Wheeling, 93;
Prices
finished
at
100;
1936
are
barrels
250,000
rails
90% and Detroit 5 points to 94%.
1937
regulations.
mill
41,795 for the previous week.
1934
new
yielded
not
1,280-inile crude oil line from
a
deliver
corresponding week
all-out
the
and
stimulate
to
the attitude of
in
the New York New
fully understood.
until
more
being refused and steelmakers
understood
are
users
stopped
provisions
reclassifying orders under the
Civilian
with
and
pro¬
grades
have
sources
low
on
furnace
cast
Pennsylvania
arisen
76-inch
1938.j
been
has
digested
tremendous
the
effectively.
orders
be
of
Efforts
cases.
Industry
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Aug. 18 stated:
priority orders
week
99.2%
2
has
to
the
roll
to
100%, Cincinnati 1%
89%%.
The remaining
96.8%
July
aid electric
supply
other
eastern
Carnegie-Illinois and Bethlehem,
Production
to
the week
week
many
and
an
seaboard,
to
nounced that
by
important purchase of steel
Automobile
3
Dec. 25
Dec.
14.08
Institute
Fiist
3
July
It
line.
12.67
Jan.
in
1,000,000 tons for construction of
to
12.92
Feb.
consumer,
important event in the steel plate market is pending allocation
close to
Te^as
10.33
Jan.
to
materials.
raw
Department in its decision to entertain bids about the OPACS ceiling,
the ground it is required by law to accept the highest responsible bid.
10
8.50
results
will
This
adequate
household
from
unusual situation
Dec.
15.00
—
complementary
available suj>plies attests the pressing need for material to continue
Dec. 21
11.33
—-
producer
from
scrap
as
lack
to
Advertisement
large return.
12.25
1933
of
delivery.
continue
scrap
13.00
—
September
The
regulations by OPACS.
Pittsburgh
for
Foundries
duction.
17.75
Mar. 30
flow
regulations
iron
price
13.42
21.92
—
needs.
urgent
tons.
Scrap shortage continues a threat, although some relief has been afforded
Low
7
30
21.83
—
for
by the recent revision of ceiling prices, notably by increased price
Most
High
$22.00
Jan.
1938
made
be
can
control
to
soon,
phos grades
uncover
Steel Scrap
One week ago---One month ago
issued
be
to
16
19.74
will be approved
production
ingot
mandatory priority order for scrap is being formulated and is expected
2
fitting into the'pig
—
in
tons
Priorities, OPM, to set aside 2% of their September production for a pool
from
22.61
-
10,000,000
determined.
be
to
20 61
23.25
if
Pig iron producers have been notified by E. R. Stettinlus Jr., Director of
A
2
rolling schedules
on
through
go
pool is estimated at 90,000 to 100,000
Jan
effect
practically assured by additions, mainly at Homestead works of CarnegieIllinois Steel Corp.
and at Pacific coast plants.
Whether the plan for
22.61
——
the
is
is
$23.45
1932-.-
In
is
Mar. 20
-
mills
to
concern
for an increase of 6,500,000 tons in blast furnace capacityas planned and ingot expansion of 5,000,000 tons
The program
Loto
Jan.
in
now
conform.
to
Dec. 23
1937--
Nov.
of
matter
$23.61
-
-
material
not allowed to combine several orders for a
23.45
1941
for
A
are
Southern Iron at Cincinnati.
High
believed
is
it
rulings
on
single rolling.
Fre¬
quent roll changes would cut into output severely.
Meanwhile production
is proceeding without change until reports are made and schedules revised
they
on average for basic iron at Valley
furnace and
$23.Glj
priority
which delivery would be after Sept. 1,
be allowed to proceed and be delivered after the effective date of the
remains
Pig Iron
previous
for non-defense work,
order.
2
1932
of
view
In
process
Low
may
1941
1940
1199343026750
1941
waiting period of six to eight weeks before resubmitting the orders, on
that by that time the new plan will be working smoothly.
Further orders relating
to distribution of residual steel after defense
arly a
e
Aug. 23,
12%
34%
—1
—
%
30
66
+4
—1
94
—1
85
76
+ 1
77
+ 1
68
+2
69
+
—1
51
+2
75%
%
—1%
+3
66
+3
Current Events and Discussions
The
Week
with
the
Federal
Reserve
Banks
During the week ended Aug. 20 member bank
balances increased $89,000,000.
reserves
arose
from
a
reserve
Additions to member bank
decrease of $134,000,000 in
Changes in member bank reserve balances and related
items during the week and the year ended Aug. 20, 1941,
were as follows:
Increase
Treasury
Aug. 20, 1941
deposits with Federal Reserve banks and from increases of
$25,000,000 in Reserve Bank credit, $7,000,000 in gold stock
and $6,000,000 in Treasury
cuirency, offset in part by in¬
creases of $48,000,000 in
money in circulation,
$17,000,000
in non-member deposits and other Federal Reserve
accounts,
and
$16,000,000 in
Treasury cash.
Excess reserves of
member banks on Aug. 20 were estimated to be
approxi¬
mately $5,060,000,000, an increase of $30,000,000 for the
week.
:Y:;,
Y Y -+Y*:.', 'Y:^
The statement in full for the week ended
Aug. 20 will be
found on pages 1086 and 1087.
,
.
$
Bills discounted
8.000,000
U. S. Govt, direct obligations
U. 8. Govt, guaranteed obligations.
(+)
or
Decrease (—)
Since
Aug. 13, 1941
$
—2,000,000
2,179,000,000
-
Aug. 21, 1940
$
+ 5,000,000
—260,000,000
5,000,000
—2,000,000
Industrial advs.(not lnci
$13,000,000
commitments, Aug. 20)..—
Other Reserve Bank credit..
Treasury
+ 26,000,000
+ 35,000,000
2,272,000,000
Total Reserve Bank credit
Gold Stock
10,000,000
70,000,000
+ 25,000,000
—220,000,000
+ 7,000,000
+1,910,000,000
22.710,000.000
+1,000,000
+1,000.000
3,178,000,000
+ 6,000,000
13,037,000,000
+ 89,000,000
—382.000,000
Money In circulation
9,840,000,000
+48,000,000
Treasury cash....
2,377,000.000
+16,000,000
Treasury deposits with F. R. banks.
785,000,000 —134,000,000
+1,864,000,000
currency
Member bank
reserve
balances
.
Non-member
deposits
F. R. accounts...
and
+148,000,000
+ 86,000,000
—104,000,000
other
.
2,120,000,000
+17,000,000
+ 373,000,000
Volume
The Commercial &
153
Returns
Banks in
Member
of
Treaties for
City and
York
New
Chicago—Brokers'
1063
Financial Chronicle
Peaceful Settlement of
Agreement
Below is the statement of the Board of Govsrnors of tne
System for the New York City member
banks and also for the
Chicago 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.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
IN
(In Millions of Dollars)
Chicago
Aug. 13 Aug. 21
1941
1940
$$$$$$
New York City
Aug. 20
1941
Aug. 20 Aug. 13 Aug. 21
1941
1941
12,127
12,041
3,540
3,545
Assets—
Loans and Investments—total..
Loans—total
Commercial,
Industrial
1940
Five-Man Board
2,385
84
2,372
88
328
654
32
652
29
428
21
35
34
22
53
54
60
21
1,691
83
317
Open market paper
21
i
Other loans for purchasing or
160
161
166
109
111
124
32
33
29
....
453
carrying securities
Real estate loans
452
385
89
Loans to banks
Other loans
1,445
3,183
United States bonds
by
55
89
330
116
820
362
118
822
310
159
731
1,373
159
374
1,161
159
375
1,136
144
359
1,177
of each of the Dominions the treaties provide for the
case
of
five-man
one
non-national
national
and
one
non-national
member chosen by agreement
member is
a
commission
Each
commissions.
and
appointed by the
as one
unit.
commissions
new
as
arrangement
1914, involving the United States and the British
The
Advancement of Peace.
the
with a fifth
of which no other commission
a country
citizen.
the treaty of Sept. 16,
Empire
estab lishof one
consist
States and one
Dominion involved,
by the
from
will
United
The treaties extend to the Dominions separately the same
as
343
1,062
2,643
582
1,433
3,200
609
...
Treasury notes
guaranteed
In the
national
18
273
Loans to brokers and dealers..
Obligations
exchange of ratifications recently, the treaties
of disputes between the United States
and New Zealand, signed in Septem¬
ber, 1940, now becomes effective.
The ratifications of the
treaties were exchanged in Washington on Aug. 13 by Secre¬
tary of State Cordell Hull with Lord Halifax, British Am¬
bassador, representing New Zealand; H. H. Wrong, Canadian
Charge d'Affairs; and Richard G. Casey, Australian Minister.
As to the treaties, Washington advices, Aug. 13, to the
New York "Times" of Aug. 14, had the following to say:
ment
agricultural loans
Treasury bills
With the
for peaceful settlement
and Canada, Australia
2,307
604
2,715
879
2,683
884
9,600
2,751
and
New Zealand and Aus¬
with Canada,
tralia Provides
Reserve
Federal
Disputes Ratified
by United States and Three British Dominions—
Loans
new
treaties will be known as Treaties for the
A wide variety of disputes
will be submitted to
they may arise.
the
United States Government
1,854
1,859
Other securities
1,496
1,422
1,428
Reserve with Fed. Res. banks..
5.339
5,263
6,422
Cash In vault
85
90
80
40
40
42
Balances with domestic banks..
88
85
80
274
266
315
324
322
42
44
255
43
Other assets—net
Dedication
of
Plaque
Rainbow
on
Bridge
Marking
Boundary Line Between United States and Canada
A
bronze
mark the boundary line between
Rainbow
Bridge was dedicated on Aug. 16, according to advices from
Niagara Falls, N. Y., to the New York "Times" which
stated that the plaque, bearing the Union Jack and Stars
and Stripes, is at the exact center of the span, and is so
placed that each flag dips into the territory of the other
plaque
to
United States and Canadian Territory on the new
Liabilities—
10,788
763
54
9,732
66
710
35
2,274
493
95
3,821
3,622
624
1,042
8
1,942
507
94
2,269
493
100
3,799
Demand deposits—adjusted
1,041
8
10,979
764
Time deposits
U. S. Government deposits
Inter-bank deposits:
Domestic banks...
586
568
Foreign banks
Borrowings
1,004
7
*
/
260
272
286
14
16
15
1,518
1,519
1,495
274
274
255
Other liabilities
Capital accounts
From the "Times" advices we also quote:
country.
It
was
given by the International Affiliation of Sales and Advertising
Clubs to the
Niagara Falls Bridge Commission.
On it these words are
inscribed:
Returns of Member Banks of the Federal
System for the Preceding Week
Complete
Reserve
As explained
above, the statement of the New York and
Chicago member banks
given out
are
on
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
by the International Affiliation of Sales and Advertising
The members of these clubs reside in Canada and the United States.
tablet is erected
Clubs.
The plaque
be put in its permanent position in October, when the
will
bridge is dedicated.
♦
covering the same week, instead of being held until the
and
following Monday, before which time the statistics covering
the
entire
cannot be
In the
body
reporting member
of
the
close of
Minister
of
entire
Reserve
System respecting the
body of reporting member banks
System for
business Aug.
The condition
Churchill
of
Promised
Supplies"
to
Premier
Stalin—Con¬
ference at Miscow Planned
Reserve
Federal
President Roosevelt and Prime
Great Britain—"Maximum
Aid to Russia Pledged by
101 cities
in
following will be found the comments of the Board
of
returns
banks
compiled.
of Governors of the Federal
the
Dedicated to the enduring friendship between the two great democracies
which have shared this unfortified frontier for more than 126 years, this
the
of
week ended with the
13:
statement of
weekly reporting member banks in 101 lead¬
promise of "the very maximum of supplies that you
urgently need" was made to Premier Josef Stalin of
Soviet Russia in a message signed bv President Franklin D.
Roosevelt of the^United States and Winston S. Churchill,
Prime Minister of Great Britain, made public at the State.
The
most
in
Department
Washington
Aug. 15.
The message
held by President Roosevelt
on
ing cities shows the following principal changes for the week ended Aug. 13:
followed the conferences at
An
Churchill at which a joint declaration of peace
agreed on. The joint statement issued then (Aug. 14)
and given in our Aug. 16 issue, page 915 indicated that the
conferences concerned "the whole problem of the supply of
munitions of war, as provided by the Lease-Lend Act, for
the armed forces of the United States and for those countries
increase
loans,
banks,
of
in
$59,000,000
decrease of $68,000,000
a
and
increase
an
commercial,
in
$130,000,000
of
and
industrial
balances with
reserve
deposits
in
agricultural
Federal
credited
to
Reserve
domestic
banks.
Commercial,
New
York
industrial
$16,000,000
the
in
York
Demand
City and
the San
all
other
Francisco
loans
$35,000,000
increased
in
all reporting member banks.
declined $43,000,000 in
member
York
New
City and
banks, and increased $21,000,000
in
Holdings of "other securities" increased $30,000,000
reporting member banks.
$41,000,000 at all
deposits—adjusted
in
increased
in
all reporting
at
Chicago district.
New
agricultural
and
City and $59,000,000 at
Holdings of Treasury bills
declined $118,00,000 in New York
districts,
the
principal
City and
being $35,000,000
increases
district, $26,000,000 in the Kansas City district, and
$22,000,000 in the Philadelphia district; the total increase at all reporting
member
banks
Deposits
City,
$28,000,000.
was
credited to domestic banks increased $43,000,000 in New York
$35,000,000 in the Chicago district,
and
$130,000,000 at all report¬
ing member banks.
A
of the principal assets and liabilities of re¬
summary
porting member banks, together with changes for the week
and the year ended Aug. 13, 1041, follows:
Increase
(+)
or
Decrease
(—)
Since
Aug. 13, 1941
^
A SoCts—
Loans and Investments—total
28,874,000,000
Aug. 6, 1941
$
Aug. 14, 1940
$
+113,000,000
+ 4,753*000,000
and
Mr.
aims
was
actively engaged in resisting aggression."
One of those
participating in the talks was Harry L. Hopkins, Lease-Lend
Administrator, who recently returned from Russia.
The
Associated Press, in its account from Washington Aug. 15
of the Roosevelt-Churchill sea conferences stated that the
problem of aiding Russia was believed to have figured
largely in the discussions, with reports from Hopkins and a
British military mission in Russia supplying details of Russian
war needs.
It may be noted that Mr. Hopkins, who went
by plane from London to Moscow at the end of July, was
reported in United Press advices from Moscow on July 31 as
having told Premier Stalin that the United States will supply
Russia materials for her war against Germany and that he
had received a personal note from the Russian Premier to
President Roosevelt.
The United Press added:
"We discussed
10,663,000,000
+ 66.000,000
+ 2,157,000,000
6,146,000,000
+ 59,000,000
+1,685,000,000
399,000,000
+ 2,000,000
+105,000,000
Commercial, Industrial and agri¬
cultural loans
Open market paper
Loans to brokers
and dealers In
457,000,000
—5,000,000
—29,000,000
+41,000,000
+ 3,000,000
+ 6,000,000
—16,000,000
+ 3,000,000
+12,000,000
+ 326,000,000
+142,000,000
+1,352,000,000
+7,000,000
+ 41,000,000
—68,000,000
+19,000,000
+129,000,000
+ 43,000,000
—660,000,000
+ 61,000,000
+ 371,000,000
and quantity of
the 8oviet Union," Mr. Hopkins told a press
meeting.
"I
cannot
speak
now
about details or
"Anybody who fights Hitler anywhere
Roosevelt's personal envoy will
is on the right side," Mr. Hopkins
confer with Premier Stalin again at
+ 3,000,000
+ 271,000,000
the
asserted.
+ 81,000,000
+1,000,000
after
quantities."
Mr.
carrying securities440,000,000
problems of supply, including the types
materials we can supply to
conference
Loans—total
sea
securities......
Other
loans
for
purchasing
noon
or
1,254,000.000
Real estate loans
42,000,000
Loans to banks...
Other loans
1,925,000,000
i
Treasury bills.
..
Treasury notes...
7,932,000,000
United States bonds
Obligations
guaranteed
1,059,000,000
2,256,000.000
by
the
3,312,000,000
United States Government
Other securities
Reserve with Fed. Reserve banks.
Cash In vault
Balances with domestic banks
3,652,000,000
10,594,000,000
556,000.000
3,539,000,000
+733,000,000
tomorrow.
Mr. Hopkins
said Mr. Stalin expressed "heartfelt appreciation" to Mr.
Roosevelt for his offer of
Mr.
Demand
deposits—adjusted
Time deposits
Mr. Hopkins
lunched with Lord Beaverbrook, British Supply Minister,
immediately on returning to
.24,245,000,000
5,434.000,000
544,000,000
+28,000,000 +3,456,000,000
+ 3,000,000
+ 98,000,000
+18,000,000
+16,000,000
Interbank deposits:
Domestic banks
Foreign banks
Borrowings
9,221,000,000
648,000,000
4,000,000
+130,000,000
—1,000,000
+ 3,000,000
+ 829,000,000
—42,000.000
+ 4,000,000
In
the capital with Mr. Roosevelt from the sea
Prime Minister Churchill.
j.'
United States Government deposits
following his
In indicating that Mr. Hopkins will
probably be given the task of speeding war materials to
Russia, but not under the Lend-Lease program, United
Press accounts from Washington Aug. 17 said:
flight to Moscow.
rendezvous with
Liabilities—
assistance.
Hopkins returned to London on Aug. 4
Stalin, President Roosevelt
Churchill indicated that "many shiploads
their message to Premier
and Prime Minister
(of war supplies to
will leave in the
that "the
Russia) have left our shores, and more
It was likewise stated
immediate future."
needs and demands of your and our armed services
The Commercial & Financial Chronicle
1064
of
President
Premier
We
Roosevelt
Prime
ana
Minister
Churchill
Exchange, odd-lot transactions are handled solel®
by specialists in tne stocks in which they are registered and the round-lot transaction
of specialists resulting from such odd-lot transactions
the opportunity
to
you
are
The
by the consideration of the
making against the Nazi attack.
We
;,.r-
../•
of reports
number
entries in
more
than
one
be
can
a
The
war
mense, are
those
limited, and it must become
resources can
effort.
total
more
may
carry
classification.
Short sales
a
Total sales
Our resources, though im¬
question
as
a
3,393,230
-—
Round lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
IS.
to where and when
best be used to further to the greatest extent
Cera
70,460
3,322,770
Other sales.b
there may be
over
Per
Week
Total round-lot sales:
A.
■/
fronts and before it is
goes on upon many
further fighting fronts that will be developed.
mon
may
single report
Week Ended Aug. 9, 1941
long and hard path to be traversed before there
would be wasted.
a
long term
that complete victory without which our efforts and sacrifices
won
classifications
because
Total for
turn our minds to the consideration of a more
policy, since there is still
various
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT 8TOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS • (SHARES)
cooperating to provide you with the very maximum of supplies that you
most urgently need.
Already many shiploads have left our shores and more
now
the
TOTAL
will leave in the immediate future.
We must
in
the number of reports received
than
the moment
at
are
segregated from the
specialists in stocks in which they are registered are not directly comparable on the
report of Harry Hopkins on his return from Moscow to consult together as
to how best our two countries can help your country in the
splendid defense
that
not
trades.
OnJthe New York Stock Exchange, on the
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
other hand, all
two exchanges.
afforded
are
other round-lot
specialists'
Joseph Stalin, follows:
have taken
Aug. 23, 1941
Note—On the New York Curb
only be determined "with the full knowledge of many
factors, and it was suggested that a meeting be held at
Moscow" in which representatives of the United States and
Great Britain would participate.
The text of the message
can
Transactions of specialists in stocks in which they are
registered—Total purchases
1.
our com¬
This applies equally to manufactured war supplies and to raw
272,780
materials.
Short sales
The needs and demands of your and our armed services
can
only
be de¬
of us may
be in
position to arrive at speedy decisions
a
Total sales
to the appor¬
as
tionment of joint resources, we suggest that we prepare for a
meeting to be
held at Moscow, to which we would send high representatives who could
175^820
Short sales
14,400
Other sales.b
If this conference appeals to you
know that pending the decisions of that conference we shall
you to
170,720
Total sales
3
Other transactions Initiated off the floor—Total purchases
feel, therefore,
that
joint
matter
planning the program for the future allocation of
on
13,500
123,750
Other sales.b
our
Total sales
resources.
FRANKLIN D.
WINSTON
ROOSEVELT.
S.
4. Total—Total
_
agreed on Aug. 16 to the proposed conference, the Associated
Press reported as follows on that date from Moscow:
One phrase out of the exchange of invitation and
acceptance described
and arms."
'
as
"distribution of
raw
materials
.7
ready
was
to
take all necessary
Total
*
The
sales.
their
all
transactions includes
members'
volume includes
The Premier expressed to them the thanks of the Soviet
rules
are
TOTAL
joint note from Mr. Roosevelt and Mr. Churchill.
as
per
cent of twice total round-lot volume.
calculating these percentages, the total of members' transactions is compared
with twice the total round-lot volume on the Exchange for the reason that the total
both
the offer of maximum aid contained in the note and said that he would
ROUND-LOT
MERS*
AND
STOCK
exempted from restriction by the Commission
STOCK
SALES
ON
THE
TRANSACTIONS
was present
measures as
troops
Iceland
to
have, to
a
the Atlantic."
Short sales...
Cent
—,Aug.
2,1941—
Total for
*
7,765
Per
Cent
Week
a
677,270
685,035
with the Battle of
B. Round-lot
9,210
768,185
777,395
...
considerable extent,
/
EX¬
MEM-
Total round-lot sales:
A.
extensive patrol activities by American warehips and the
of American
assisted Britain in the solution of problems connected
OF
Week Ended
Week Ended
Pravda [organ of the Communist
party] pointed out that United States
assistance to Great Britain "was not and is not restricted to armaments.
CURB
ACCOUNT
—Aug. 9,1941—
Total for
Per
at the conference.
Week
dispatch
YORK
NEW
FOR
(SHARES)
expedite arrangements for the proposed conversations.
Foreign Commissar Vyacheslav Molotov
while the Exchange
included with "other sales."
CHANGE
Government for
purchases and sales,
only sales.
b Round-lot short sales which are
Mr. Stalin received the Ambassadors at the
Kremlin,where they delivered
regular and associate Exchange members,
partners, including special partners,
Shares in members' transactions
a
16.96
599,370
includes
"members"
term
their firms and
In
steps for the conference.
to him a
62,500
556,870
Other sales.b
of
Premier Stalin told the Ambassadors he
Such
551,630
-
Short sales
messages were delivered to Premier Stalin by the
American and British Ambassadors, Laurence A. Steinhardt
and Sir Stafford Cripps.
In indicating that Premier Stalin
proposed subject of the conference
3.54
137,250
purchases
CHURCHILL
The
one
103,030
Short sales
in any circumstances fail to act quickly and
immediately
we must not
this
In
5.32
185,120
.
continue to send supplies and material as rapidly as possible.
We realize fully how vitally important to the defeat of Hitlerism is the
brave and steadfast resistance of the Soviet Union and we
8.10
277,000
.
2. Other transactions initiated on the floor—Total purchase
discuss these matters directly with you.
we want
34,600
242,400
Other sales.b
termined in the light of the full knowledge of the
many factors which must
be taken into consideration in the decisions that we make. In order that all
transactions
for
the
account
of members:
1. Transactions of specialists In stocks In
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended
Aug. 9—Curb
Figures also Given for Week Ended Aug. 2
The Securities and. Exchange Commission made
public
which they are registered—
.61,135
1
2
our
issue of Aug. 16, page 916, we
147,415 shares
was
79,995
transactions
initiated
12,835
Short sales
Total sales
Other
transactions
initiated
off
Commission made available the
following data for
Aug. 9 in the case of the New York Stock
Exchange and for the weeks ended Aug. 9 and
Aug. 2 in
the week ended
The data published
are
Exchange by their
These reports
classified
are
as
respec¬
22,020
Short sales
New York Curb
Exchange
Exchange
Week End.
J
,
.
•
...
as
•'A%IQ
1,061
specialists
Total sales
4
28,565
28,955
36,925
95,990
117.460
Total—Total purchases.
Short sales
4.
Reports showing
the floor
off the floor
no
transactions
3.72
7,620
139,005
123,825
Odd-lot transactions
for the account
specialists:
Customers' short sales....
Customers' other sales.c
16.04
772
188
94
99
35
38
83
94
586
571
553
initiated
17.04
147,415
of
15
0
42,826
50,373
42,841
50,373
26,383
31,113
*
The term "members" includes all
regular and associate
their firms and their partners,
including special partners.
a
Shares in
members' transactions
as
per cent
Exchange members,
of twice total round-lot volume.
calculating these percentages, the total of members' transactions is
compared
Exchange for the reason that the total
with twice the total round-lot volume on the
of members' transactions includes both
purchases and sales,
volume includes only sales.
rules
while the Exchange
are
included with "other sales."
the Commission
Sales marked "short exempt" are included with "other
sales."
♦
Aug. 2
773
4.12
8,410
116,205
........
—Weeks Ended—
Aug. 9
215
Reports snowing other transactions initiated
Reports showing other transactions
on
9
2,290
34,635
Other sales.b..
c
135
2.
3.
27,185
390
b Round-lot short sales which are
exempted from restriction by
follows:
N.Y. Stock
Total number of reports
received....
1. Reports showing transactions
2.01
16,375
the
floor—Total purchases
In
Exchange:
based upon weekly reports filed with the
New
\ork Stock Exchange and the
New York Curb
tive members.
2.02
are
17.04% of total trading of 777,395
of the New York Curb
1,400
14,975
14,875
Total sales
case
14,825
14,075
Other sales.b
3.
10.91
94,115
800
The
the
10.30
the
on
floor—Total purchases
York Curb
Exchange, member trading during the week
ended Aug. 9 amounted to
123,825 shares, or 16.04% of
the total volume on that
Exchange of 685,035 shares; during
the preceding week
trading for the account of Curb members
of
89,395
exchanges
giving herewith the
figures for the Curb Exchange that week.
Trading on the Stock Exchange for the account of mem¬
bers (except odd-lot
dealers) during the week ended Aug. 9
(in round-lot transactions) totaled 599,370 shares, which
amount was 16.96% of total transactions on
the Exchange
of 3,393,230 shares.
Tliis compares with member
trading
during the previous week ended Aug. 2 of 920,320 shares or
18.97% of total trading of 4,859,080 shares.
On the New
shares.
Other
4,720
73,565
Total sales
9,1941, continuing a series of current
figures being published by the Commission.
Short sales are
shown separately from other sales in these
figures, the Com¬
mission explained.
While the volume of sales on the Stock
Exchange for the previous week ended Aug. 2 were given
in
6,430
—
Other sales.b
on
Aug. 22 figures showing the daily volume of total round-lot
stock sales on the New York Stock
Exchange and the New
York Curb Exchange and the volume of round-lot stock
transactions for the account of all members of these
in the week ended Aug.
75,450
/
Short sales
Odd-Lot Trading
7/
New York Stock Exchange During
Week Ended Aug. 16
on
The Securities and
Exchange Commission on Aug. 22
made public a summary for the week ended
Aug. 16, 1941,
of complete figures
showing the daily volume of stock trans
Volume
The Commercial & Financial Chronicle
153
actions for
the odd-lot account of all odd-lot dealers and
specialists who handle odd lots on the New York Stock
Exchange, continuing
series of
current
figures being pub¬
lished by the Commission.
The figures, which are based
upon reports filed with the Commission
by the odd-lot
dealers and specialists, are given below:
a
STOCK
TRANSACTIONS FOR THE ODD LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
Week Ended Aug. 16. 1941
■'
i
"
for Week
„
individually have aroused
,
11,385,052
.
spirit somewhat latent
a
.
everyday citizens
help
may
Government,
our
democracy, to refute and cast out the false doctrine
that might alone shall rule the world ?
The Government of the United States
needs money to pay for National
It can obtain
money in two ways only—first,
defense.
by borrowing,
into taxes of
by taxation. secondly,
in other words, by the sale of Defense
Savings Bonds.
or
one
kind
Desirable
as
A large part of every retail dollar
another.
already
goes
Government necessities will Increase that
a
world catastrophe.
it may be to pay the entire cost of National
defense out of
earnings, to do
imposed would be
True,
or
We cannot escape the
tragedies nor the costs of
current
295,472
Dollar value
1065
our consciousness these
latter years.
The question that arises in the
minds of all of us
be summed up in a few
words—what can we do to
to support the ideal of
11,676
.....
us
within
ratio.
Number of shares...
all of
upon
Taxation has limitations.
'
Total
yv v.f-v
Odd-lot sales by dealers (customers'
purchases):
Number of orders
.1
made
so
is impossible.
The taxes that would have to be
overwhelming and their
we must practice
self-denial, but
purpose
would
be
defeated.
tie the hands of business
that it cannot function, nor
lay too heavy a burden on those who are
providing for families. We need production, not stagnation, and we must
we must not
so
Odd-lot purchases by dealers (customers'
sales):
Number of orders:
"
Customers'short sales
Customers'other sales.a
270
13,019
Customers* total sales.
13,289
Number of shares:
keep in view the maintenance of
ever
a sound economy.
"V" day will
no price is too great to pay for it.
But we do well to think
beyond that day to the calm which will follow and the
problems to be faced
surely dawn, and
then.
\
It is the hope and aim of the
Customers' short sales
Customers' other sales.a.
7,683
312,354
Customers' total sales
and small, and
an
by
inflation such
every
as
Government, sustained by business, large
thoughtful citizen, to ward off the possibility of
resulted from the First World War.
Let us put forth
Dollar value
10,148,830
our most
earnest, our most intelligent efforts, to avoid a repetition of it.
We
320,037
*
only help the Government and industry in preserving essential
not
by conserving
Round-lot sales by dealers:
Number of shares:
a part
Defense
ment,
Short sales.
...
materials for defense needs, but we shall do ourselves
an important service
of current earnings to buy the world's premier invest¬
Savings Bonds.
0
Other sales.b
85,650
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock and
Total sales.....
Round-lot purchases by dealers:
Number of shares
New
York
Curb
Exchanges
....
The monthly compilation of
companies
York Stock
Exchange reporting
Sales marked "short exempt" are reported with "other sales."
a
b Sales to offset customers
odd-lot orders, and sales to liquidate a long
which is less than a round lot are reported with "other
sales."
position
Commercial Paper Outstanding Increased
10% During
July to $329,900,000, According to New York Federal
Reserve Bank
According
to
announcement
an
on
issued
by
the
Federal
Aug. 21, reports received by
Bank from commercial
papers dealers
show
total of
a
$329,900,000 of commercial
paper outstanding on July 31,
1941, the largest amount since Sept. 30, 1937.
This amount
represents an increase of 10% over June 30, when the total
outstanding was $299,000,000, and is 42% above the July 31,
1940, figure of $232,400,000.
In the following table we
give a compilation of the monthly
figures for more than two years:
1941—
July
1940—
31
June
329.900,000
30
%
Aug. 31
1939—
*244,700,000
232,400.000
$
Sept. 30
209 ,300.000
Aug. 31
201 ,100,600
194 ,200,000
299,000.000
■July
May 31
295.000.000
June 29.
224,100,000
July
30
274,600.000
263.300.000
May 31
June 30
180 .700,000
May 31
Apr. 30
188 ,500,000
191 .900.000
Apr.
Jan.
31..
240,700,000
232,400,000
1940—
Dec. 31
217,900.000
231,800.000
252,400.000
Nov. 30
Oct.
31
Sept. 30
♦
31
Feb.
29
234,200,000
238.600,000
233.100,000
226,400,000
Jan.
Mar. 31.....
Feb. 28
31
219,400,000
Apr.
30
Mar. 30
31
Mar. 31
191 .200,000
Feb.
28
195 ,300,000
Jan.
1939—
31
195 ,200,000
Dec. 30
209,900.000
Nov. 30.....
214,400.000
Dec. 31
186 ,900.000
205.300,000
Nov. 30
206 ,300,000
250,700,000 Oct.
31
1938—
Revised,
Increase in Sales of Defense Stamps and Bonds
During
July Reported by New York State Mutual Savings
Banks
New
York
State
Mutual
Savings Banks report
a
very
heavy increase in July sales of Defense Bonds and Stamps,
with
total for the month of
approximately 360% of June
sales, and 119% of both May and June.
An announcement
by the Savings Banks Association of the State of New York
on
Aug. 14 said:
a
Reports for 129 savings banks show sales for the month of July of
$21,€90.506 compared with $5,805,175 in June, and $17,632,618 for
May and
June.
Total sales for the three months of the
campaign amount to $38,*
723,124.
Total sales for the campaign
by the savings banks of the State are made
the following items:
__
Series "F" bonds_____
______
—
_
$30,748,600
1,556,942
_
Series "G" bonds
'_____
_
6,139,000
■.>:Shares
Previously
Reported
37,218
6% preferred
L_,
Borden Co. (The) capital
Bristol-Myers Co. common
City Ice & Fuel Co. (The) 634%
Shares
per
Latest
Report
21,718
300
——
7% preferred
Associates Investment Co. 5% cumulative preferred.
Atlas Corp. common
8,863
673
700
102,972
____
9,163
677
900
109,773
2,300
31,254
33,027
32,154
Consolidated Laundries Corp. common
Continental Baking Co. 8% cumulative
preferred—
13,232
Cuban-American Sugar Co. (The) 534% conv. pref__
7% cumulative preferred.
Davega Stores Corp. common
5% cumulative convertible preferred
Detroit Edison Co. (The) common
2,534
5,973
7,150
14,832
b83,243
4,334
cum.
Devoe & Raynolds Co., Inc., class A common
Distillers Corp .-Seagrams, Ltd., cum. pref. 5% ser__
Edison Brothers Stores, Inc., common.
Federated Department Stores, Inc., 434 % conv, pref.
Firestone Tire & Rubber Co. (The) common
Fruehauf Trailer Co. common.....
Gaylord Container Corp. 534% cum. conv. pref____
General Railway Signal Co. 6%3preferred
General Shoe Corp. common.
Goodyear Tire & Rubber Co. (The) $5 cum. conv. pref
Hat Corp. of America 634% preferredInsuranshares Certificates, Inc., common.
Inter]ake iron Corp. common
Kayser (Julius) & Co. common
Jewel Tea Co., Inc., common
Keith-Albee-Orpheum Corp. 7% cum. conv. pref—
Maytag Co. (The) $3 cumulative preferred
Mead Corp. (The) $6 cumulative preferred A
$5.50 cumulative preferred B
National Department Stores Corp. 6% preferred
Pacific Finance Corp. of Calif, common.
;
Plymouth Oil Co. common.
Safeway Stores, Inc., 5% cumulative preferred
Schenley Distillers Corp. 534% cumulative preferred
Shattuck (Frank G.) Co. common
Sheaffer Pen Co. (W. A.) common—
Swift & Co. capital
Transamerica Corp. capital
—
—
—
___
United Fruit Co.
33,029
preferred,___
common
—
United States Leather Co. (The) prior preferred.
United'States Rubber Co. common
_
__
Vick Chemical Co. capital.
200
14,250
6,243
1,063
9,700
310,132
White Sewing Machine Corp. prior preferred
6,133
7,350
600
14,091
5,198
L013
9,800
310,292
d4,495
c
399
689
3,441
10,697
3,470
11,397
364
374
1,800
23,825
101,920
4,450
23,951
102,020
4,420
5,914
6",714
30
813
52.003
6,281
12,454
54
----
t
40
913
57,711
7,081
12,854
158
h700
118,700
4,022
78,391
936,700
3,400
4,012
78,368
936.797
i700
£,400
10,582
12,916
21,000
1,000
12.716
20,200
800_
8,662 shares acquired and retired,
b 83.243 resulting from request
c 1,830 shares acquired and retired,
d Initial report.
© 200
acquired and retired for sinking fund,
f 4,600 shares acquired;
6,400 shares canceled,
g 48,586 shares acquired and retired,
n 3,300
shares acquired since October, 1940; 2,600 shares canceled in July,
t 2,700
a
of Defense Savings Bonds Urged by P. A.
Benson, President of Dime Savings Bank of Brook¬
lyn, N. Y.
What the savings dollars of the American people mean to
the defense program was outlined on Aug. 15 by Philip A.
Benson, President of the Dime Savings Bank of Brooklyn,
Y., speaking over the Red Network of the National
Broadcasting Co.
Mr. Benson, a past President of the
National Association of Mutual Savings Banks and of the
American Bankers Association, said in part:
N.
Today, the United States stands at the crossroads of its past and its
We
are
living in
shares
shares sold to retirement trust fund.
Curb Exchange, in its "Bulletin" of
the following list of issuers of fully listed
securities which have reported changes in their holdings of
reacquired stock:
Aug. 16,
York
gave
277,682
—
Purchase
future.
:
Air Reduction Co. capital.
___;
American Hide & Leather Co. 6% preferred-American Ice Co. 6% preferred
Armour & Co. of Delaware
The"New
Series "E" bonds
Stamps.
w
for tenders,
During July the Bowery Savings Bank sold over $2,700,000 Defense
issues, the Emigrant Industrial, over $1,200,000, and the Dry Dock Savings
Institution, $1,092,000.
up of
;■
Company and Class of Stock—
Reserve Bank of New York
the
listed on the New
changes in the reacquired
holdings of their own stock was made available by the
New York Stock
Exchange en Aug. 16.
A previous list
appeared in our issue of July 19, page 316.
The following
is the list issued by the
Exchange on Aug. 16:
a
time such as only
our
But National defense is in competent hands.
overcoming an emergency of unmatched scope.
distant forebears
ever
knew.
Every day brings progress in
I believe that the demands
Shares
Company and Class of StockAmerican Cities Power & Light Corp. (A opt. dlv. ser. 1936)
American General Corp. (common)____________-i
250
Charis Corp. (common)
1,450
5,550
Blue Ridge Corp. ($3 conv. preferred)
5,650
100
Cooper-Bessemer Corp. ($3 prior preferred)
Crown Central Petroleum Corp. (common)
900
530
554
6,127
6,136
1,592
Delay Stores, Inc. (common) —
—
Dennison Mfg. Co. (debenture stock)
Prior preferred
Detroit Gasket & Mfg. Co. (6% preferred)
Easy Washing Machine Corp. (B common)
Electrographic Corp. (common)...
Shares
Previously per
Latest
Report
Reported
4,242
2,242
330,461
329,257
5,939
1,861
4,577
9,016
10,116
18,900
__l
17,400
______
(common).
936
36
26,035
Knott Corp.
26,135
5,061
5,171
7,250
7,350
150
(A preferred).
Niagara Share Corp. of Maryland (B common)...
Niagara Share Corp. of Maryland
Root Petroleum Co. (51.20 conv. preferred)
Sunray Oil Corp. (514% conv. preferred)
United
Cigar-Wheian Stores Corp. (common)
None
3,316
3,496
85,181
85,681
1,300
1,700
400
1,870
12,087
12,089
The Commercial &
1066
Federal Reserve Report on Brokers' Balances for July
—Customers' Debit Balances for New York Stock
Financial Chronicle
General License Permits Payments
carrying
margin accounts for customers reported for July 1941 an in¬
crease of $12,000,000 in their customers' debit balances and a
decrease of $7,000,000 in money borrowed by the reporting
firms, the Board of Governors of the Federal Reserve System
announced on Aug. 21.
These firms, the Board said, also
reported an increase of $11,(XX),000 in their customers' free
credit balances.
During the year ending July 31, 1931,
customers' debit balances decreased by $14,000,000 and
borrowed increased by $12,000,000.
of the customers' debit balances and principal
money
A summary
for
Accounts
Subscriptions
Department
The Treasury
from Frozen Foreign
Newspapers and
to
Aug. 16 authorized banks
on
from any blocked account to any publisher or agent
thereof funds for an individual subscription to a periodical or
to pay
published in the United States. ^The authoriza¬
newspaper
contained in General License No. 71, issued under
the freezing order.
A Treasury announcement to this effect
tion
was
continued:
Under the General License payment is to
be made to a publisher or his
within the United States, and the total amount of subscrip¬
cannot exceed $25 in one month nor $100 in one year.
General License authorized the mailing of any periodicals from the
agent located
tion payments
The
United States directly to any addresses,
related items of the member firms of the New York Stock
Exchange that carry margin accounts, together with changes
or the month and year ended July 31,
1941, was made
make
provided the periodicals are mailed
separately.
available
follows by the Reserve Board:
as
Banking institutions making such payments are
quarterly reports of the transactions in detail.
Increase
Decrease
or
July 31. 1940
—514,000,000
5628,000,000
+512,000,000
investment and trading accounts...
97.000,000
—3,000,000
+ 21,000.000
hand and in banks..______
189,000,000
+ 3,000,000
—24,000,000
388,000,000
—7,000,000
+ 12,000,000
266,000,000
+ 11,000,000
+ 5,000,000
Debit balances in firm and partners'
Cash
on
balances:
Credit
Money borrowed
_
Customers' credit balances:
_ _ _. _ _ _
70,000,000
+ 5,000,000
+ 8,000,000
investment and trading accounts-
25,000,000
+ 1,000,000
—3,000,000
Credit balances in capital accounts.
221,000,000
—1,000,000
—43,000,000
Other______
Credit balances in firm and partners'
Tenders of $297,444,000 Received to Offering of
$100,000,000
of
91-Day
Treasury
Bills—$100,227,000
Accepted at Average Rate of 0.116%
made by Secretary of the Treasury
was
Henry Morgenthau Jr. on Aug. 18 that the tenders to the
offering last week of $100,000,000, or thereabouts, of 91day Treasury bills totaled $297,444,000, of which $100,227,000 was accepted at an average rate of 0.116%.
The
Treasury bills are dated Aug. 20 and will mature on Nov. 19,
1941.
Reference to the offering was made in our issue of
Aug. 16, page 919.
The following regarding the accepted bids for the offering
is from Mr. Morgenthau's announcement of Aug. 18:
Total applied for, $297,444,000
long awaited form TFR-300, to be
of foreign owned property in the
census
ordered June 14 by Secretary Morgenthau with the approval
of President Roosevelt, at the time the President ordered
frozen all assets in the
Total accepted, $100,227,000
High
__•
Sept. 30.
to
99.980 Equivalent rate approximately 0.079%
Equivalent rate approximately 0.116%
99.971
Average price,
(58% of the amount bid for at the low price was accepted)
to report on
are
the
new
form to the
Treasury Dept. concerning any property in their possession
or under their control in which a foreign country or national
had any interest on either June 1, 1940 or June 14, 1941;
the case of China and Japan reports are required as of
in
July 26, 1941 as well as the other two dates.
Following is the text of the announcement issued by the
Treasury Department Aug. 18, with respect to the issuance
of the forms:
Copies of Form TFR-300 to be used for
the census of all foreign-owned
of the United States are being forwarded
Reserve Banks and will be available for distribution by them
property subject to the jurisdiction
to the
Federal
to the
public within the next few days.
This census is being taken pursuant
and
freezing orders and will furnish the most comprehensive
to the recent
of all foreign-owned property in the United States.
accurate picture
By an amendment to Public Circular No. 1
in consultation with State
the time for filing such reports
1941.
has been extended to Sept. 30,
Form TFR-300 has been
99.969 Equivalent rate approximately 0.123%
_
United States of all Continental Euro¬
countries and their nationals, not previously im¬
pounded.
Originally the reports were ordered filed bv
July 14 but the date was later extended to Aug. 31 and now
pean
Range of accepted bids:
Low—:
Sept. 30
used in the taking
United States,
was finally made available this week, and the time limit for
filing reports was extended to Sept. 30.
The census was
of the
Banks and others
Announcement
Census
Complete
to
Foreign Owned Property Extended to
The
30, 1941
Debit balances:
_____
required to
Since
July 31, 1941
Customers' debit balances
TFR-300 Available—Time
Form
of
June
1941
23,
Periodicals
Exchange Firms Increased $12,000,000 While Firm's
Borrowings Dropped $7,000,000
Member firms of the New York Stock Exchange
Aug.
prepared after extensive study by the Treasury
and Justice Departments and other Government
with representatives of
In addition, conferences have been held
agencies.
banks, trust companies, and brokers, of shipping,
railroad, and insurance
and professional groups.
corporations, and of business
the jurisdiction
which a national of a
Reports are required concerning all property, subject to
New
Offering of $100,000,000 of 91-Day Treasury Bills
—To Be Dated
States, which is foreign-owned or in
of the United
Aug. 27, 1941
to
Secretary of the Treasury Henry Morgenthau Jr., on
Aug. 22 invited tenders to a new offering of 91-day Trea¬
sury bills to the amount of $100,000,000, or thereabouts, to
be sold on a discount basis under competitive bidding.
Tenders will be received at the Federal Reserve banks, and
the branches thereof, up to 2 p. m. (EST) Aug. 25, but will
not be received at the Treasury Department, Washington.
foreign country or foreign national whose assets have
a
Order No.
under Executive
The census
8389.
property in this country owned by citizens
America
well
as
as
European and Asiatic interests.
information
The census will furnish the most complete
obtained with respect to
ever
Form TFR-300 is being
issued in nine series adapted for facility in re¬
porting property by particular groups and
make
report with a form suited for his purposes.
99.925.
e.g.,
trust companies and
of the
a
whole and specific instructions as to
Detailed instructions, therefore, have not been printed on any
300.
A report on
owed
of Treasury
States concerning
are
by
national
him
or
of
a
foreign country.
Immediately after the closing hour, tenders will be opened at the Federal
branches, following which public announcement will
of accepted bids.
ance or
Treasury of the amount and price
range
required to report all shares of stocks, bonds, or other securities issued by
them and owned by nationals of a
erty.
The Secretary of the Treasury expressly reserves
a
foreign country.
on
In the
case
of Chinese
No reports are required
regarding the property of foreign nationals who are
License No. 68.
and resident in this country
the prices offered must be made
or
or
Payment of accepted tenders
completed at the Federal Reserve
other immediately available funds on Aug. 27,
1941.
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
These general licenses relate to
dates with regard to
and
The income derived from Treasury bills, whether interest or gain from
the sale
Japanese property, reports are required
"generally licensed nationals" under General License No. 42 or
action in any such respect shall be final.
Bank in cash
or
the United States on July 26, 1941, as well as
the two earlier dates.
the right to accept or reject any or all tenders, in whole or in part, and his
at
Every agent or repre¬
of property in the United States be¬
foreign national for whom he is acting must report such prop¬
with respect to property in
Those submitting tenders will be advised of the accept¬
rejection thereof.
with a
Corporations and other organizations are
longing to
be made by the Secretary of the
jurisdiction of the
national of a foreign country and all contracts
anyone to a
or trust
company.
to the
in his custody, control, or possession in
required to be reported, including, among other things, debts
national is
bills applied for, unless the tenders
all property subject
States and held by
sentative in this country who knows
and
United
Form TFR-300 must be filed by every person in the
banks and
with not
be used.
Tenders from others must be accompanied by payment of 10%
banks
series
of the form.
accompanied by an express guaranty ot payment by an incorporated bank
Reserve
TFR-300 as
the use of each series of Form TFR-
than three
multiple of $1,000, and the price
may not
from responsible and recognized dealers in investment
face amount
Public Circular No. 4, now also
being distributed, contains general instructions covering Form
more
an even
Fractions
Tenders will be received
securities.
classes of persons required to
obliged to
It has thus been possible to provide each person
report.
without deposit from incorporated
$5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity
Each tender must be for
offered must be expressed on the basis of 100,
decimals,
a
United
which on
either June 1, 1940, or June 14, 1941, a foreign country or national thereof
had any interest.
Reports regarding such property must be filed by foreign
nationals who are in this country.
Every kind of peoperty interest of a
They (the bills) will be issued in bearer form only, and in denominations
value).
foreign-owned property in this
country.
The
Treasury bills will be dated Aug. 27, 1941, and will
on Nov. 26,
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. 27, in amount of $100,257,000.
In his announcement of the offering this week, Secretary
Morgenthau also had the following to say:
of the British Empire and Latin
German, Italian, and other
that owned by Japanese,
mature
of $1,000,
such property belongs
been frozen
will reveal the amount of
foreign country has an interest , regardless of whether
Luxembourg.
all property
of
any
continuously since June 17, 1940 or since earlier
the nationals of Norway, Denmark, Belgium,
Nor
Holland
required to be filed if the total value of
are reports
foreign national which any one person would
be required to report was less than
not
General
foreign nationals domiciled
otherwise
$1,000, except that this exemption does
apply to leases of safe deposit boxes, patents, trade-marks,
have any special treatment, as such, under Federal tax Acts now or here¬
franchises,
after enacted.
copyrights,
property the value of which cannot
The
bills shall
be subject to
other excise taxes, whether Federal
taxation
any
now
State,
or
or
estate, inheritance,
State, but shall be exempt from all
herealter imposed on the principal or interest
or any
of the possessions of the United States,
taxing
authority.
which
Treasury bills
For
purposes
are
of taxation
originally sold
by
the
amount
the
United
considered to be interest.
Treasury Department Circular No. 418,
prescribe the terms of the Treasury bills and
issue.
gift, or
or
thereof by
by any local
of discount
at
States shall
be
\
as
amended, and this notice,
govern
the conditions of their
interests
in
partnerships,
The Federal Reserve Banks
is
required to make
a
report
or
profit-sharing
agreements,
or
readily be determined.
will answer questions as to whether a person
and what series of Form TFR-300
should
be used.
Failure of any person to file a report
to criminal
required of him will subject him
penalties.
Following is the text of a telegram dated Aug. 18, 1941,
from E. H. Foley Jr., Acting Secretary of the Treasury, to
banks and trust companies in the United States:
Volume
A
completely
amended, in
The Commercial & Financial Chronicle
153
efficient
administration
of
Executive
8389,
Order
as
section of the nation is of the greatest importance to the
every
economic and financial side of national defense.
of this country are a vital link in the success of
The fifteen thousand banks
Most
foreign funds control.
1067
I have implicit faith in the youth of this country, I
stand.
you
have no doubt where
I only ask you to keep your ranks clear and clean of whatever
subversive inlluences add to
country's peril or make more difficult its
our
protection.
American banks have kept themselves fully informed of every step taken
under the Executive Order and have cooperated expertly with the
and Federal Reserve Banks.
Treasury
People
matter how small and no matter how few of its
clients
are
bank should
designate
a
I
senior officer to be in charge of foreign funds control
velopments in this field.
with the
The banks
Kindly ask
of its officer
name
so
bank in your district to furnish
every
designated by the bank.
also perform a real service
can
For the convenience of the banks and public generally, the Treasury has
pamphlet
a
revised compilation of documents
a
relating to foreign funds control and I would appreciate your sending a copy
of this document to every
bank in
district.
your
In
attention
Roosevelt
in
these
"Democracy
has
that
Covention of
"in
a
to the Na¬
message
"intensified
citizen
in
the defense
means
of the great freedoms against the encroachment and attack
the dark forces
of
despotism."
"Domestically," he
added, "democracy
Nation
present
rate
exceed
and
thus
traffic
far
Against naked force the only possible defense
war,
is naked
force.
the defenders have
no
The ag¬
maximum
defense
48
States,
as¬
to state in his message that
few who still wear a democratic label
who have joined the obstructionists." "I think," he said,
"these are in the wrong party."
The President's message
a
Democracy has
a
new
capital
a
or
significance these days, for
"D," has merged the meaning of both.
small
a
whether
In its world-wide application, it means the defense of the great freedoms
reenslave the globe
by turning back the clock of progress half
a
thousand years.
of
republic.
our
Through the definitions differ in phrase,
objectives in the two fields
Across
human
to
both
the
oceans, on
oceans,
and above the
oceans
but
maximum
efficiency
'■..
7,:///' .V
which
in
definitely
property accidents
and
insure
we
live
These
must
times
unusual
on
the high¬
•':
,://
make
not
hinder
must have
we
us
callous
indif¬
or
unusual
require
safety
Roosevelt, President of the United States
America, do hereby call upon
the officers and directors of the National
public
campaign against accidents, and do call
upon every
citizen,
private capacity, to enlist in this campaign and do his part in
or
preventing wastage of human and material resources of the Nation through
accidents.
In
United
Done
States
the
at
I
hereunto
have
America
of
set
be
to
this
City of Washington
my
caused the seal
hand and
affixed.
eighteenth day of
August
the
in
of our Lord Nineteen Hundred and Forty-one, and of the independence
year
the
of
whereof
witness
the
of
States
United
of
the
America
Hundred
One
and
FRANKLIN
Sixty-sixth.
D.
ROOSEVELT.
the President:
By
HULL, Secretary of State.
Roosevelt
President
in
Message
Berkeley,
Calif.,
Urges
Efforts of
Universities in
Convention
to
of
Necessity
at
Redoubling
Incident to
Service
De¬
fense and in Post-War Period
In
a
message
to the twenty-fourth annual convention, on
11, of the American College Publicity Association, at
Aug.
Calif., President Roosevelt stated that "the mes¬
Oakland,
to you this year is that America
and women with college training,
and industry alike need skilled tech¬
I would emphasize
will
always
today."
and
men
need
men
Government
while
nicians
women
"Later," said the President, "we shall need
of broad understanding and special apti¬
makes the rules for such
matching destruction
We
democratic
cherished
It had to be
with
a war,
more
The
The
alternative
higher
no
will
passivity, no sanctuary in isolaton.
that there could be
So we
were
no
safety
forced to disrupt
our
education,
forced
of
campus,
or
the
if it is not already here, when the institutions of
along with all other institutions of our common life,
justify themselves, and only those institutions which
consistent ability to produce are going to survive.
to
be
There will
At home, for a time we cherished the vain hope that the war would let
us
efficient service in support
welcomed to the convention by Dr.
Sprout, President of the University of Cali¬
day is coming,
be
demonstrate
can
slaughter.
alone, inexorable events abroad taught
more
delegates were
Robert Gordon
The ag¬
destruction, slaughter with greater
in
even
institutions.
fornia, who said:
so.
the defenders have
us
render
schools and colleges
our
our
redouble our efforts during these critical times to
therefore,
must,
make
of
which must man¬
The President added:
the post-war period."
age
the struggle is
Against naked force the only possible defense is naked force.
gressor
the
ghastly result of destruction and alaughter
scale unparalleled in modern history.
on a
To
day—not only at work, but also
suffering.
identical.
are
of armed forces, with the
one
will
1940,
17% in
Safety Council to mobilize its nation-wide resources in leading a concerted
liberty—social
and economic—that we have attained throughout the century and half of
life
in
increase of
an
tudes to serve as leaders of the generation
Domestically, democracy represents the efforts to continue and improve
the condition of the individual, to protect the gains toward
the
a
sage
the word,
against the encroachment and attack of the dark forces of despotism which
would
At the
year
very
follows:
spelled with
been
has
this
deaths
34,500
delegates from
to
the District of Columbia, and Porto Rico,
are
accidents
Now, therefore, I, Franklin D.
of
President took occasion
"there
caused
alternative
sembled at Louisville, Ky., was read by Homer Mat Adams,
of Springfield,
111., President of the Young Democrats.
The
the
efforts.
destruction, slaughter with greater
addressed
message,
from
alone
home, everywhere.
at
ferent
life
in
effort.
safety 24 hours
CORDELL
President's
accident toll.
rising
deaths
there
present year
The troubled times
slaughter.
The
the
rapidly
a
of
accidents
huge toll
a
national
in
liberty—social and economic—that we have attained
throughout the century and half of the life of our republic."
"Across both oceans, on the oceans, and above the oceans,"
he said, "the struggle is one of armed forces, with the ghastly
result of destruction and slaughter on a scale unparalleled
in modern history."
The President went on to say:
a
of
resources
fatalities.
taking
By
our
Traffic
in
and intensified
more
material
and
The following is the President's
with
number
total
100,000.
toward
with
of human
confronted
is
the
represents the efforts to continue and
improve the condition of the individual, to protect the gains
matching destruction
accidents," and "every
capacity" was urged by the
and "do his part in pre¬
against
private
or
Nation through accidents."
of
but
campaign
public
venting wastage
Aug. 21 stated
on
application, it
gressor makes the rules for such
Roosevelt
President to enlist in the campaign
way,
Young Democrats
worldwide
its
significance in
new
a
days" President Roosevelt, in
tional
President
18
"rapidly
proclamation:
Message to Convention of
Young Democrats Says Defenders of Democracy
Must Match Acts of Aggressors—"Naked Force"
Only Defense Against "Naked Force"
Declaring that
Aug.
dated
the
to
rising accident toll" and
requested officers and directors of the National Safety
Council "to mobilize its nation-wide resources" in leading
The
President
proclamation
a
called
an
by keeping their customers fully
informed with respect to foreign funds control.
just issued in the form of
Urged by President Roosevelt to
Campaign to Prevent Wastage of Re¬
Through Accidents—Text of Executive
in
Proclamation
believe that each
problems affecting the bank, and to keep himself fully informed of all de¬
you
Nation
sources
foreign nationals
have financial transactions with foreign nationals.
or
of
Enlist
Foreign funds control significantly affects the country's welfare.
It
places important responsibilities on every bank throughout the nation, no
no
place in
the next few years for the country-club type
"jitter-bug generator"
the
communistic
or
for the factory stuffing shirts
cell.
industrial fabric, not only to arm ourselves to the teeth, to become the armory
for the democracies, for it soon became evident that only by defeating the
as
abroad, there
were
and
are appeasers
promisers who contend for treaties with forces that make
for agreements with forces that foreswear promises and
venience.
our
Granted that there
they advocate is
is not
war
none
more
may come
some
who
are
at their con¬
making the progress of
with inaction, or inadequate action—what
the less perilous to national security.
intense than that of those of
us
who
A message by
mock of treaties,
pledges
are
Their horror
convinced that
in
B. Purvis,
Director of
North America,
Ferry Plane Crash in England—Other
com¬
national defense difficult, who are sincere in their beliefs that in some
mysterious way peace
of
are
a
and
Purchasing
British
have the slightest chance of staying our of actual war
Unfortunately, here,
Roosevelt Mourns A.
President
sinister powers of cynical conquest, before they reach our shores, could we
even
Killed in
Tributes
President Roosevelt mourning the death of
Director General of the British Purchas¬
Arthur B. Purvis,
ing Commission and Chairman of the
bassador,
British
British Supply Coun¬
America, sent to Viscount Halifax, British Am¬
cil in North
issued in Washington on Aug. 10 by tlic
Mr. Purvis was killed on Aug. 14 in a
plane in England, along with 22 other
was
Embassy.
of
only by having the brigand nations stopped abroad is there safety for the
crash
Americas.
ferry
passengers
As
to
what steps are required to stop the Nazis,
inclined to accept the
devoted
lifetime
a
the judgment
occupy a
of
to
judgment of
our
the study of defending
even
I certainly
am
America, than I
am to
consider
the most sincere exponent of the idea that
war-tight compartment in
a
more
Army and Navy experts, who have
world filled with
we
war.
in
our
defense
on
measures.
To
some
extent our
hopes
are
realized—a multi¬
the other hand, the votes in Congress on the various steps in our
preparedness show that partisan politics is still rampant.
There
are
a
very
the obstructionists.
I would
few who still
wear a
I think these
are
democratic label who have joined
in the wrong party.
be the last person to dispute or limit the right of every citizen
to have his own
opinion and
express
it, and I know you
the preservation of that utmost freedom.
are
with
All
the principles and policies of a political party
retains the right of member¬
us
than party loyalty, but when
U.
S.
S.
Potomac,
including
U. S. S. Potomac,
[Harry]
Hopkins,
Mr.
Hopkins,
as
are
Purvis was
lend-lease aid supervisor, had worked
closely with Mr. Purvis.
Among many paying tribute to
Mr. Purvis were Secretary of State Cordell Hull, Secretary
of the Treasury
I
he
Henry Morgenthau Jr., and Viscount Hali¬
Secretary Hull stated:
fax.
exceedingly sorry to learn of the death of Arthur Purvis.
was
first
to
came
Government
of
Englishman
as
this
country,
in November,
Director General of the
the
British
1939,
his
Since
dealings with this
British Purchasing Commission and
Supply Council,
proved
him
to be both a true
and a man who out of his own experiences fully understood
problems and believed in the mutual benefits of Anglo-American
party loyalty goes hand in hand with devotion to our country, and a deter¬
American
mination to keep that country free and safe, there is no division of allegiance.
cooperation.
board
on
much shocked: and saddened by the accident in which Mr.
killed.
I feel that I have lost a real friend.
Chairman
ship in that party is a different question.
Patriotism is immensely more important
of
very
me as to
But whether an individual against
sent while he was on board the
message,
follows:
tude of the opposition party is serving the cause zealously and efficiently—
but
and crew, including 11 American fliers engaged
ferrying American bombers to England.
The President's
in
can
I, like the rest of you, hoped that domestic politics would play no part
a
The Commercial & Financial Chronicle
1068
Stating
that
he
shocked
was
Secretary Morgenthau,
measure,
saddened
and
in
and
in
closely together from the earliest days of his
mission in this country.
He brought to his task an eager intelligence and
a
clear, broad-gauged understanding of American ways and problems.
In
all
that he did he
the
showed character and courage of
a
order.
rare
He
I
and
only
that
his
Purvis
I
has
died
those who
death
worked
scarcely know how
we
most
the
to
means
of
him,
for
in
which
the
this direction.
of
execution
him
can
he most
hope to fill his place.
wisdom
informed
Federal
to
I
his
duty,
the
measure
truly
and,
along
with
his loss
mourn
all
others
Denies
Reports
Censorship of Press
as
a
of
Protection
Volunteer
It
You
said he
unified
The
from
some
which
cooperation
whom
on
have
you
devolves
the
pri¬
news
that
property in event of attack.
in
the
work
were
enroll
you
air-raid
of
intelligent,
dealing
with
preserving
indicated, in part,
now your
wardens,
public
emphasize to
command
your
and
men
alike, and especially
England to be capable of
women
themselves in
so
civilian
follows:
as
volunteer forces and train them
service.
courageous
training should be uniform in
must
j
far
defense
as
humanly possible.
that there
groups
.
.
must
.
be
with
discipline all the way down.
people in the necessity of self-imposed discipline, to be ready
orders.
Our greatest danger to loss of life will not come
bombs but from panic.
Unless the entire scheme and plan of local
defense
Germany than he does of the United States."
out
carry
from
report unless it be from
this country who thinks more of
in
one
life and
Train your
of the
to
"He cannot imagine the source of such a
or
officers
Nation at defense, and I take this oppor¬
our
because they have proved
rendering
bill."
the Wilhelmstrasse
is dependent
health.
duties
women,
authorized to say:
has not approved such a bill nor does he know
of
participation
is necessary
the
for
a report that President Roosevelt had
approved
Army-Navy proposal for legislation looking toward the
censorship of the press radio and communications came from
Stephen Early, White House Secretary, who on Aug. 18,
a
wholehearted
enforcement
His further remarks
Proposed
Denial of
"The President
law
they
divided into two parts, viz.:
knew
who
an
existence of such
of
than
addressed
1.
Roosevelt
was
vital
Mayor LaGuardia, National Director of Civilian Defense,
the
gathering and, according to the Buffalo
"Evening News," he stated that civilian defense work is
loss
his life.
gave
morale and
President
functions
and
you and all of your members for your activities in
bespeak the continuance of joint efforts in this connection.
I
2.
as a
the
of the United States
security
the
of
law
obligation to safeguard
mary
valued friend.
exceptional
history
significant
more
tunity of commending
service
closely with
work
can
counsellor
active
on
Nation's
the
even
internal
the zeal and prudence with which these agencies perform
on
been
have
extended
was
The statement of Viscount Halifax read, in part:
Arthur
of
become
The
1941
duties.
their
best type of public servant.
very
large part
worked
period
agencies
heretofore.
were
had
I
critical
enforcement
Purvis, said:
He
this
In
beyond
paying tribute to Mr.
Aug. 23,
is
understood
by the people,
we
will have confusion and panic and
great loss of life.
Previously, in his
press conference, according to Washington advices,
Aug. 18, to the New York "Times," Mr. Early said that some time ago
censorship in wartime.
President Roosevelt Signs Bill
Authorizing $275,000,000
for Flood Control
President Roosevelt Reveals Plans for Speedy
Delivery
of Planes to British—American Pilots Will
The bill, authorizing $275,000,000 for flood control was
reported signed by President Roosevelt on Aug. 19; in ap¬
proving the bill the President indicated that he did not in¬
the President had refused to approve
legislation which would have provided
Ferry
Aircraft via West Africa
A
tend to submit estimates of
appropriations,
Middle East
to
ferrying system whereby American pilots will de¬
liver planes direct to the British forces in the Middle
East,
via
West
Africa,
Roosevelt.
House,
According to
and
through the
the
route
Aug.
on
statement
a
Pan-American
the
aircraft
announced
was
Airways
System
delivery "will
of
the White
will
ferry
nowhere
the
pass
of actual warfare."
zone
Under the plan
Pan-American Airways will also operate
an air
transport service to carry spare plane parts to the
British and return ferry pilots to the United States.
The
new ferry system and
the supplemental transport services,
the White House announcement
stated,
"provide direct and
speedy delivery of aircraft from the 'arsenal of democracy'
to a critical point in the front
against aggression."
The following is the text of the White House
statement,
dated Aug. 18:
The
President
announced
today
planes direct to the British
important step
an
forces
in
the
will
then
In
ferry
connection
ing
air
an
plant
aircraft
from
ferry those planes
with
under
are
the
transport
West Africa.
the
United
the
to
on
to speed
the
to
West
Airways
Africa,
and
East.
ferry system Pan-American Airways is establish¬
service
way' for
from
West
transport
a
Africa
to
the
Middle
East
from
service
the
United
States
and
to
Planes owned
by the United States Government will be used
by Pan-American and they will be operated by American
personnel.
The
route of delivery is so
arranged that it will nowhere paas through the
of
zone
actual
The
ferry
personnel
effective
for
York
The
will
general
ferry
to
ferry
partB
the
the
front
between
our
The
will
also
service
transport
The
country
services
of
In approving this bill,
importance
and
of this
strategic
direct
outposts
in
line
of
Africa
Law
com¬
cannot
Enforcement
Agencies More Vital
Than
Heretofore, Says President Roosevelt in
Message to International Association of Police
Chiefs Conference in
Buffalo—Mayor LaGuardia
of
New
York
Addresses
Gathering
Civilian
on
Defense Work
of Great
#
"In this critical period
tions
of
law
and
of the Nation's history the func¬
enforcement
vital
than
agencies
heretofore,"
said
It
national
me
a
deal
great
Association
May
of
of
pleasure
Chiefs
of
to
democratic
local
represents
of
way
in
Police
but
and
down
The
is
police
play
ideals,
at
its
greetings
to
forty-eighth
to
us
from
work.
field.
I
am
effective
law
the
Inter¬
annual
con¬
which
to
suppress
time
in
accordance
our
the
sure
agencies
your
enforcement
of
our
democracy
are
embodied
in
crime and
the
with
Bill
enforce
our
of
the
efforts
that
Chiefs
to
you
of
advance
will
Police
and
Through
President
to
1943—Mr.
Lin¬
Democracies
Churchill
Re¬
London
Following the conclusion of his sea conferences with Prime
Winston Churchill, mentioned in
our
Aug.
16
issue, page 915, President Roosevelt returned to Rockland,
Me. on Aug. 16 after his
13-day voyage, and left imme¬
diately for Washington. A brief press conference was held
by the President on board the yacht Potomac while it was
tied up at the Rockland dock.
time said:
The United Press at that
Emphasizing the need for joint British-American exploration of present
he*had planned to"confer with"Mr!
three months ago, but that the campaigns in Greece and Crete
world trends. Mr. Roosevelt said that
~
indicated that Mr. Churchill had declared the determina¬
of Britain to defeat
Adolf Hitler's regime, no matter what the cost.
"The
President arrived in Washington on Aug. 17 at which
time he conferred with Secretary of State Hull.
At his first
Washington
press conference since his talks at sea, President
Roosevelt took occasion to state that the American
people
not
fully
aware
of the international situation and warned
that they must realize that they have
a war
to win.
Re¬
porting the press conference, the United Press, in its Wash¬
ington account stated:
r
The people"Ttie"said at his press conference, must awake
quickly to the
fact that their country is involved in a situation from which it
can escape
only if the
war
is won.
emphasized his warning by quoting Abraham Lincoln.
T
They have not buckled down to the determination to fight this
(the war between the States) through; or they have got the idea into
their heads that we are going to get out of this fix somehow
by strategy.
".
They have no idea that the war is to be carried on and put
through by hard, tough fighting, that it will hurt somebody; and no head¬
way is going to be made while this delusion lasts."
.
.
.
.
Mr.
now
Roosevelt said he
was
"after all is parallel"
quoting from Lincoln because the situation
with
that
during the
war
between the States;
a
war
that
must be won.
fc^This applies to
P
many
people in the world today, including this country,
added".
Mr"
Roosevelt said his
parleys with British Prime Minister Churchil i
would put more punch in America's material assistance to the
democracies
sea
of the world—assistance which he said
Rights
has
raise
continue
made
the
your
to
law
sumption this
has
note¬
standards
endeavors
a
reporter's suggestion
might extend through the
year
that his statement implied
necessary.
that
a
pTteplying
tra¬
American
forebears.
of
Assistance
1943
if such continued efforts should be necessary to check Nazi
aggression.
efficiency is compatible with
function
same
That
that the people have not yet awakened to the fact that there is
endure permanently.
demonstrate that
Association
to
enforcement
Situation—Quotes
Minister
Buffalo,
It follows:
important part in the preservation
an
or
to
which
International
law
Without
your
the
at
worthy contribution
this
municipal
life.
position
a
democracy, for it
ditions
and
operate successfully
are
effectively,
come
Roose¬
convention in
extend
Extend
turns to
he
State,
organization
You
President
Associa¬
ference.
cannot
sig¬
more
International
Association, Major Ernest W. Brown.
gives
The
even
Aug. 18 by the President
of the
Britain—Says People Are Not Aware *of
International
war
become
velt in a message addressed
to the
tion of Police Chiefs at
their annual
N. Y.
The message was read on
The
purpose.
I wish to make it clear that during the present
coln—Intimates
►"tee
nificant
flood contral proj¬
that
President Roosevelt Returns to
Washington Following
Sea Conferences With Prime Minister Churchill
were
of
new
for
important value
had^ intervened.
ft Mrl" Roosevelt
overestimated.
Functions
appropriations
"as
in the national defense.
be
from
and speedy
critical point in
a
any
undertaken
Churchill
provide direct
democracy" to
make
not
be
to
to
essential
route
air
returning
does
emergency I do not intend to submit estimates of appropriation or
approve
allocations of funds for any project which does not have
tion
"arsenal
against aggression.
munication
by
items
direct
providing
use,
system
and
Africa.
system and
be
the
plane
spare
commercial
Baltimore
or
delivery of aircraft from
the
supplement
carrying
delivery of aircraft to the Middle East.
available
Now
services
and
it
are
speedily as may be consistent with
budgetary requirements" from whatever funds may be appropriated
warfare.
transport
but
ects,
projects
delivery of
Pan-American
States
Middle
The President's statement follows:
The flood control bill authorizes construction of
Middle East.
Agreements have been concluded under which
System
will
National defense."
18 by President
issued by
in the present
unless the projects "have important value in the
emergency,
new
of
in
war
will carry through
■
Prime Minister
Britain from his
reached
an
as¬
1943, Mr. Roosevelt said it would,
Churchill returned
on
i^
"V-;-!;': ,uv
Aug. 18 to Great
conferences with President Roosevelt and
the following day.
Before returning to
sea
London
Great Britain the Prime Minister visited Iceland.
Associated Press accounts Aug. 18 said:
London
The Commercial & Financial Chronicle
Volume 153
The
Prime
Minister
returned
aboard
the
battleship Prince of Wales,
which had carried him to the historic meeting.
made
public,
tomorrow
War
but it
is
that
expected
Mr.
morning.
will
Department Acts to
and
14 to
18
Release
Reserve
London
reach
"
-
Guardsmen
Served
The port of arrival was not
Churchill
>
National
Selectees,
Officers
Who
Have
Months:—200,000 Expected to Be
Released by Dec. 10
On the assumption "that our present situation continues
without more serious developments," the War Department at
Washington announced on Aug. 19 plans to release selectees
National Guardsmen and Reserve officers from the Army
after
they have served 14 to 18 months.
stated that in order that the
The Department
due for release this year
men
(almost 200,000) may reach their homes prior to Christmas,
their release will be accomplished prior to Dec. 10. Those
thus eligible for discharge, said the War Department, will
be released from active duty on their own application, and in
accordance with the following priorities:
extension, increasing the pay of all army men except com¬
missioned officers, by $10 a month after completion of the
first year of service, and removing the 900,000 limit on the
number of selectees that may be in service at one one time—
were
the same as passed by the Senate on Aug. 7
by a
45 to 30 vote.
The signing of the resolution was void of
ceremony, said United Press accounts from Washington
Aug. 18, which reports that it became law 18 days after the
Aug. 1 deadline set by Gen. George C. Marshall, Army Chief
of Staff. He had warned that the citizen
army would begin
to disintegrate if the measure were not enacted by that
date, said these advices, which added:
The
Second,
men
28 years of age
when properly established,
cases
Declares that "the national interest is imperiled."
2.
Removes the 900,000 limitation on the number of selectees who may
be in service at any one time.
3.
of service and in order of length of active Federal service, and
Third, married
service.
4.
show
can
on
Provides
a
that
their
$10
a
men
of
the
Regular Army whose three-year term of service is completed
prior to Dec. 31, 1941, will be discharged unless they desire
to reenlist and are qualified for reenlistment.
The following is the statement issued by the War Depart¬
ment:
or
were
inducted in
November and December, the War Department today announced that the
following instructions
are
being issued to the field concerning their release
from active service.
Assuming that
situation continues without
present
our
developments, enlisted
men
more
of the National Guard and selectees
serious
now
in
training will be released from active duty
on
accordance with the following priorities:
First, dependency and hardship
their
own
application and in
when properly established, second, men 28 years of age or over on
July 1,1941, regardless of length of service and in order of length of active
Federal service, and third, married men who desire discharge at the end of
their 12 months' service.
Enlisted
men
of the Regular
service
will
work
who have served
undue
other dependents.
month pay raise—during existence of the emergency
for all soldiers, except officers, after they have served one year.
longer than
5.
Provides
that
vote of both
Congress
one year
may
concurrent
a
do not get the raise
Enlisted
on a retro¬
repeal the extension law at
Army, whose three-year term of service is
completed prior to Dec. 31, 1941, will be discharged Unless they desire to
reenlist and are qualified for reenlistment.
„
any
time
resolution which requires only a majority
House and Senate, and that Congress may authorize further
"in the interests of national de¬
fense."
Signature of the resolution marked the finale of
began
two
of all
troops
months
ago
a
bitter fight which
when Gen. Marshall recommended that the service
be extended indefinitely and that all restrictions on
use
of
civilian soldiers outside the Western Hemisphere be removed.
Non-interventionists forced the Administration to abandon the hemis¬
pheric plan and then
In view of tbe approaching termination of 12 months* service for the early
increments of the National Guard (some 150,000 men) inducted last fall,
10,000 Reserve officers and the 20,000 selectees who
active
continued
themselves, their wives
extension of the legislation at any time
The announcement also stated that enlisted
cases
and
"hardships"
by enactment of
who desire discharge at the end of their 12 months'
men
Requires the Secretary of War to dismiss soldiers who make applica¬
tion
active basis.
July 1, 1941, regardless of length
or over on
also:
measure
1.
men
First, dependency and hardship
1069
won a
compromise limiting extended service to 18
months instead of "for the duration"
The
enactment
of
as
demanded by Gen. Marshall.
the
legislation was in response to
President Roosevelt's message to Congress on July 21 (given
in our issue of July 26, page 469) in which lie stated that since
the international situation "is far more grave than a year
ago," the Congress should declare a national emergency and
authorize continuance in service of selectees, National Guard
and reserve components in the Army beyond their original
one-year periods.
Another measure signed by the President during the past
week (and to which we refer in another item) authorizes the
deferment of prospective draftees who were 28 years or
over
July 1, last.
on
C.
President
Roosevelt
Signs
Bill Deferring
Military
Training of Men Who Were 28 Years of Age on
July 1
In order that the men due for release from active service in 1941, number
ing almost 200,000, may reach their homes prior to the Christmas holidays,
the release of those men will be accomplished prior to Dec, 10, 1941.
Releases from units will be made at approximately a uniform rate so that
the efficiency of the organization will not be too seriously lowered.
How¬
A bill authorizing the deferment of prospective draftees
into military service, who were 28 years or over on July 1
except for dependency, hardship, or other emergency cases, men will
signed by President Roosevelt on Aug. 16.
An¬
of the signing of the measure was made on
Aug. 18. In addition to providing for the automatic defer¬
ments, said United Press accounts from Washington on
Aug. 16, the new legislation calls on the Secretary of War to
discharge from service selectees who! reached 28 on or before
July 1, 1941, if they apply for discharge and it is "not in
conflict with the interests of the national defense."
From
ever,
not be released while their units are
engaged in
other special
manoeuvers or
training exercises.
Still assuming that
In the international
National
this country does not become more seriously involved
situation, it is anticipated that enlisted men of the
Guard and selectees,
other than those for
whom
priorities
are
announced, will be released from active duty after an average of about
18 months' total active services
period of service will depend
of
some
upon
early
as
as
14 months.
The actual
the location of the units, their schedule
preparation, and the assigned missions.
Those enlisted men who
on
active duty
advices
we
The deferment biU
wag
the
may
do so, either by enlisting
by extending on their
request their term of active service to the total Of 30 months now
ago
instructions
were
issued that soldiers in the
Army would not be allowed to reenlist unless they
were
Regular
non-commissioned
officers or had clearly demonstrated an ability which would warrant their
appointment
training.
or
as
The
non-commissioned officers,
same
older, selectees,
or
unless they had specialist
standard is to be applied to men who
or
National Guardsmen.
year
were
are
28 years old
This procedure will result in
steady improvement in the quality of the soldier
Instructions
on
active duty.
issued by the War Department in February of this
directing that approximately 50%
of the Reserve officers would be
released from active duty on the completion of 12 months' service.
The
details have not been completed covering a similar procedure of relief from
active duty for
same
quote:
National Guard officers.
In general, release from active
duty of National Guard officers, will be on the same basis
as
for the Reserve
Corps.
The general purpose of the foregoing procedure is to permit the military
training pf annual increments of officers and enlisted men by replacing those
now in active service as rapidly as the situation permits.
It is hoped that it
enacted at the Army's suggestion after it learned
from experience that younger men are more amenable to
cipline than
are men
28
selectees now in service who were
older July 1 but it makes no provision for selectees
or
28 since that date
or
who reach that age in the future.
wiU be needed to effect discharge
There
are
measure
in
a
registrants.
of thg latter group.
discharge most of them.
be made gradually to make way
to post
who have become
Additional legislation
112,000 selectees in service who were 28 or older July 1, and
the Army has indicated it will
The
training and dis¬
from 28 to 35.
It authorizes the Army to discharge
authorized by law..
Some time
was
eligible for release and who desire to remain
are
beyond the period of 12 months
in the Regular Army for a period of three years or
own
last
nouncement
The discharges will
for young replacements.
also contains a publicity clause requiring
local draft boards
"conspicuous place" the names and classifications of all their
Orders to put this clause into effect immediately were sent out
today by National Selective Service headquarters.
Elsewhere in this issue
we
President
period of service of
note the signing by
Roosevelt of the resolution extending the
army men for 18 months, and likewise
item the announcement of plans by the
we
give in another
War Department to
National Guardsmen and Reserve officers
serving from 14 to 18 months.
release selectees,
will not be necessary to hold in service any individual now in training for the
full term permissible under the law.
Congress
Peace
Minister Churchill Included "of Necessity
President Roosevelt Signs Resolution Extending Period
of Service of
The resolution
extending for 18 months the terms of
en¬
of their service for
a year-and-a-half beyond their original
passed the Senate on Aug. 7 and the House on Aug. 12.
The Senate action was noted in our issue of Aug. 9 (page 768),
while the adoption of the legislation by the House by a vote
of 203 to 202 was indicated in our Aug. 16 issue, page 922.
As stated therein the House version contained minor changes,
thus necessitating its return to the Senate for concurrence.
The Senate on Aug. 14, by a vote of 37 to 19, accepted the
terms,
House
amendments
for
week ago,
and
sent
the
measure
the President's signature.
to
the
White
As we also noted a
the essential features of the measure—18-month
Freedom
and Freedom of Information"—Presi¬
dent's Advices Contained in Message to Congress
of Religion
Army Men for 18 Months
listments, appointments and commissions in the Army, was
signed by President Roosevelt on Aug. 18. The legislation,
which applies to the selectees, National Guardsmen, re¬
servists and regular enlisted army men, extending the time
House
Advised That Declaration of Principles^ In
Program of President Roosevelt and Prime
In
velt
a
message
to Congress on August 21,
President Roose¬
submitted to it the full text of the statement made
public at the White House on August 14 (given in our issue
of August 16, page 915) embodying the joint declaration of
eight peace terms agreed on at the sea conferences held by
the President and Prime Minister Churchill of Great Britain.
One of these declarations (the sixth) had recited that "after
the final destruction of the Nazi tyranny they (the Presi¬
dent and Prime Minister) hope to see established a peace
which will afford to all nations the means of dwelling in
safety within their own boundaries, and which will afford
that all men in all the lands may live out their
lives in freedom from fear and want." In the absence of any
reference to freedom of religion, and freedom from fear
which wd>re included by the President in his annual message
assurance
The Commercial &
1070
Congress on Jan. 6 (given in our Jan. 11 issue, pa^e 169)
among the four essential human freedoms on which the
world should be founded, has been commented upon in
various newspaper accounts, and it is to be observed that
the President in his message this week to Congress makes
the statement that "it is unnecessary for me to point out
that the declaration of principles includes of necessity the
world need for freedom of religion and freedom of informa¬
tion. No society of the world organized under the announced
to
as
principles" he said "could survive without these freedoms
which are a part of the whole freedom for which we strive."
The following is the President's message to Congress on
Aug. 21 in full:
To
Over a week ago
The
Congress of The United Stales
I held several important
and American ships and
their personnel no
made a sharp attack on
possible and challenged these
His statement halted
the time seemed to be getting under way in
Executive, at a press conference,
The Chief
believed further economies were
those who
individuals to show where
an
1941
23,
the cuts could be made.
drive which at
economy
Congress.
George's economy statement came near
Senator
the end of a hearing
State liquor officials and representatives of the liquor
industry attack the $l-a gallon tax increase in the House bill as certain to
restrict legal sales and benefit bootleggers.
day
which saw
Committee that legal sales would fall off so rapidly
decreased and "partial prohibition" im¬
They told the Finance
would actually be
that revenue
posed upon the Nation.
These
however,
arguments,
Georeg, who
except for
brought into question by Senator
receipts from liquor taxes increzsed,
were
pointed out that Treasury
imported beverages, under the increased tax contained in the
bill
The Treasury received $393,000,000 in 1941, compared
last revenue
conferences at sea with the
British, Canadian
prior announcement of these
Because of the factor of safety to
British Prime Minister.
Aug.
Financial Chronicle
to
George stated.
$289,000,000 in 1940, Senator
Federal gallonage tax was
The
House measure
1940.
raised from $2.25 to $3 in
would raise the tax €o four dollars.
The
These imports contrasted
in 1933 and $2 in 1934.
meetings could be properly made.
with taxes of $1.10
Minister and President
record:
(Here followed the text of the statement on the conference which was
issued by the White House Aug. 14.
It included the Joint eight-point
At the hearing before the Committee on Aug. 20,
Arnold Tanzer, Chairman of the tax committee of
At the close, a public
wras
made.
statement by the Prime
I quote it for the
information of the Congress and for the
declaration of common principles).
The Congress
and the President, having
which east and west are waging war
naval
heretofore determined through
democracies
policy of American aid to the
the lend-lease act on the national
against dictatorships, the military
conversations at these meetings made clear
and
gains in furthering the
effectiveness of this aid.
Furthernore, the Prime Minister
the Soviet Union to aid
and I are arranging for conferences
it in its defense against the attack
with
made by the
stated in xiart:
this time presents a goal which
is worth while for our type of civilization to seek. It is so clear cut that it is
difficult to oppose in any major particular without automatically admitting
a willingness to accept compromise with
nazism, or to agree to a world
peace which would give to nazism domination over large numbers of con¬
quered nations,
but manages to
gift to Nazism to take breath—
extend the control over Europe and
Inevitably, such a peace would be a
armed breath—for a second war to
Asia to the American hemisphere
It is perhaps unnecessary
lack of validity of the
itself.
for me to call attention once more to
the utter
spoken or written word of the Nazi Government.
for me to point out that the declaration of principles
It is also unnecessary
world need for freedom of religion and freedom
No society of the world organized under the announced
includes of necessity the
of information.
principles could survive without these
What justification can there be for
'defense tax'?
....
.
freedoms which are a part of
the
whole freedom lor which we strive.
FRANKLIN D.
ROOSEVELT.
an
Clark, Democrat, of Missouri, told the
Senator Bennett C.
American
business of Lloyd's
British concern,
His statement
made
was
by W. A. M. Cooper—Proposals of U. S. Chamber of
Commerce, New York Chamber of .Commerce and
American Farm Bureau Federation
personal incomes was
advocated on Aug. 21 by Wallace A. M. Cooper, Chairman
of the Taxation Committee of the American Institute of
The removal of all tax exemptions on
Accountants, before the Senate Finance
has been conducting
hearings
on
Committee, which
the tax bill, approved by
planned to yield $.3,200,000,000 in additional
help meet defense needs.
The hearings are
scheduled to close today (Aug. 23).
The present exemptions
in the case of personal incomes are $2,000 for married per¬
sons
and $800 for unmarried persons.
Mr. Cooper also
urged that normal income taxes be withheld at the source
on all payments of salaries, dividends, interest "and other
the House,
to
revenue
fixed
or
determinable income."
Washington,
Cooper stated that his recommendations were based on
According to Associated Press accounts from
Mr.
Senator Walter F. George, Democrat, of
as
announced that it would not consider
insurance companies on the same tax basis as
companies. The Treasury, he ex¬
Georgia, chairman of the committee,
placing commercial-mutual
capital stock, casualty, fire and surety
plained, was not prepared to offer an
committee did not want to delay the bill.
Mitchell
which
amendment Immediately and the
of New York, representing the
Carroll,
B.
Trade Council,
National Foreign
reminded the committee that many American enterprises
have earned profits
abroad are unable to collect them because of
He asked enactment of an amendment to allow
credit in the taxable year in which the income in
the monetary controls.
question is brought into gross
Tax Bill Before Senate Finance Committee
—Removal of All Personal Tax Exemptions Urged
on
committee
amendment to impose a Federal tax on the
of London and other underwriters.
The
he said, does business in nearly every state in the Union
escape taxation in most of them.
today that he is preparing an
the tax to be taken as a
Hearings
adding to these
additional 10%
rates
Finally, the declaration of principles at
said Mr. Tanzer, "to raise surtax rates to un¬
is now proposed,"
"It
precedented levels.
world—Germany.
principle aggressor of the modern
;
Laurence
the Mer¬
chants' Association of New York, urged the Finance Com¬
mittee to eliminate the 10% national defense tax imposed
for a five-year period in the first Revenue Act of 1940 and
made permanent in the House bill.
This was noted in ad¬
vices (Aug. 20) to the New York "Herald Tribune" from its
Washington correspondent, Samuel W. Bell, which also
income.
Among those heard by the Committee on Aug. 19 were
Livingston W. Houston, Chairman of the government finance
committee of the National Association of Manufacturers,
and W. J. Schieffelin Jr., Chairman of the taxation com¬
mittee of the New York State Chamber of Commerce.
The views of the National Lawyers' Guild were presented by
Martin Popper of Washington, National Secretary.
The
recommendations of Mr. Houston are noted in another item
in this issue of our paper.
As to the presentations of Mr.
Schieffelin, the Associated Press said:
proposed In the House bill constituted a
Committee to approve either a
incomes paid out to individuals, the
the source without exemptions.
Contending that excess levies
"hodge-podge," Mr. Schieffelin asked the
retail sales tax or a tax on all gross
tax to be
collected at
In addition,
present
value
4%
income tax exemptions be
individual incomes be raised from the
he recommended that individual
decreased, that the normal tax on
and that the capital stock tax and related declared
abolished, with an increase in
6%
to
profits tax on corporations be
excess
the normal corporation rate
The House bill, he
from 24% to not more than 30%.
asserted, could "neither prevent inflation nor
maintain
the nation's credit unimpaired."
five considerations:
1.
little
The Federal Government originally set up
'gravy' to the Federal revenue."
tbe income tax "to add a
Now, however the levy is the
2.
|"Our defense is being developed to protect the right of every one to
person
why every
in the United States should not contribute a share of that burden
income whatsoever and there is no reason
Imposition
would tend
to prevent inflation of prices and probably would be more helpful in accom¬
plishing the desired result in that respect than anything heretofore suggested.
4.
"The
of tax on all incomes without exemption
"The collection at the source would make the
problem of collection
simpler than it is today.
5.
"Elimination of exemption would produce a very
substantial amount
According to special advises to the New York "Journal
of the Sen¬
Aug. 21 for
the failure of Congress to cut deeply into Federal non-defense
expenditures upon the shoulders of the President.
Senator
George made his statement, said the account, after George S.
Benson, President of Harding College, in Searcy, Ark.,
urged Congress to adopt a "thrift psychology" and presented
a plan for reducing non-defense spending by $2,000,000,000—
a cut
previously recommended by the LT. S. Chamber of
of Commerce," Chairman George (Democrat)
ate Finance Committee, laid responsibility on
The
advices
to
the
"Journal
of
Commerce"
continued in part:
Congressional leader recalled Secretary
Morgenthau's statement to the House Ways and Means
Committee that
$1,000,000,000 could be saved if the Federal Government would
economize
joint returns for husbands and wives,
He urged mandatory
of exemption of Government
elimination
securities, and an increase in estate and gift
proposed restoration of last year's individual income
married persons and $1,500 for single persons
so that "the impact of higher surtaxes would be cushioned."
•
He asked the Committee to reject all proposals for excise taxes on neces¬
Mr.
tax
Popper also
exemptions of $2,500 for
sities, new sales taxes or levies on
lower-bracket incomes.
18 the New York "Journal of
the American Farm Bureau
upon the Senate Finance Committee
to cut individual income tax exemptions in half, but to rejectadditional excise levies and general sales tax proposals.
These advices likewise said:
From
Washington Aug.
reported
Federation had called
Edward A.
that
that
Federation, told the Committee
$90,000,000,000 income this year
under present income exemptions and he urged that
slashed to $1,000 for married couples and $400 for single
O'Neal, President of the
$13,000,000,000 of the nation's
would escape taxation
the exemptions
be
individuals.
The farm leader, who
said his organization contained more
members, asked that the 10%
tion levies
than 3,000,000
defense "supertax" be increased and corpora¬
graduated upward, adding:
by the Iowa State College. lowering the
add $11,000,000,000 to the tax base, of
which $9,800,000,000 is between the income levels of $2,000 and $10,000
and the remainder would be added from incomes above $10,000."
exemptions
by one-half would
profits tax on corporate income is inadequate, he
effective rates be increased "to recapture a larger
profits."
Earlier, representatives of the flour milling and lumber industries urged
the Senate committee to eliminate the special 10% excess profits tax on
The present excess
in non-essential matters.
► As Mr. Benson did today, Secretary Morgenthau mentioned the National
Youth Administration and the Civilian Conservation Corps for
initial
cuts.
But President Roosevelt later pointed out that these agencies were
engaged in training programs for defense, and could not be
effective excess profits tax."
"an
"According to studies made
The unexpected remark of the
non-defense bureaus.
other hand that profits in excess of 5%
provide
capital be subjected to an 80% levy in order to
Commerce"
of revenue."
Commerce.
advices we quote:
taxes.
proportionate to the amount of income, if any.
3.
same
Popper proposed on the
return on invested
Government's chief revenue producer.
live and to earn any
From the
Mr.
'
regarded as
said, asking that the
percentage of excess
corporations using the
invested capital credit.
Volume
The Commercial & Financial Chronicle
153
A
proposal for a 5% manufacturers' sales tax to raise
approximately $1,250,000,000 was made on Aug. 17 by
Senator Vandenberg (Republican), of Michigan, who is said
to have asserted that there was "substantial support" for
the proposal within the Senate Finance Committee.
Asso¬
ciated Press advices from Washington Aug. 17 said:
Observing that the Financing Committee
decision
proposal
almost certain to face a
was
the sales tax question, Chairman George indicated that
on
would
have
not
that "several" Senators
Administration support.
such
a
however,
He added,
after
leck
stated
of
sonal
■'
George said the committee wrould study a proposal of the United
he
uoubted
that sufficient
institution of such
could
revenue
to wage-earners to pay
for the necessities of life.
suggested on Aug. lo
that all wages and salaries, dividends and interest be taxed
at the source as one method of boosting Federal revenues by
$4,500,000,000 a year.
The Associated Press stated:
Ellsworth
C.
Alvord,
Chairman
Committee, estimated that
$2,000,000,000 annually.
a
is
We have
patriotism,
the
additional billion dollars, and
an
in corporate and individual income taxes to raise another
Mr. Alvord advocated
increases
$1,500,000,000.
hearings
defense
our
where
Our
First,
the
of
Small
Congressional
Men
Headed
Committee
Studied
Be
to
by
by Representa¬
are
it
starts
robust
have
view.
virile
and
of
of
Republican committee
special
a
in the present emergency was
men
announced on Aug. 10 by
The
system
We
by
have
the
the
over
decisions
and
plans.
in
important
more
still
shall
we
need
accustomed
a
standard
past the highest
years
people in
any
sound
afford
cannot
text-book
to
over
maintain
to
Hasty
even
severe
defense.
all history.
We
nee
l
system to attain effective national defense and
must
we
over
Government
to
whole
the
turn
theorists.
policies,
You
can't
wisely and
American
build
eco¬
defense
by
alone.
Small
Business
Halleck
gressman
place
a
national
defense
is
is
war
attained
system
the House to study the situation faced by the small business
the
when
being put to
effective
urgent
some
enterprise
enterprise gave us
But
orders
private
For
administered.
executive
Washington—some
minimum.
a
ever
nomic
appointment
to
frustrated
of
bountiful
sanely
Hailecic
tive
The
in
and
strong
a
Free
living
security.
being put out of business by
now
private enterprise is
held
economic
life.
of
owners
the country will be destroyed.
forum
some
up
be
must
maintenance
sacrifice that
real
have
build
must
long-term
not
shall
already
the
haste.
practical approach
be heard before bankruptcy sets in.
errors
of American
Business
over
may
Government
unnecessarily
undue
in
unemployment will spread rapidly and the
time-proven system of
test.
been
more
a
obviously
industry
and
have
promulgated
think, that unless there is
decrees
they
trade
orders
been
have
Many
program
help
to
defense effort.
in
Government
that the people who
propose
Government
in the
dislocations
of small business all
managers
We
I
basis of
a
on
constructive proposals
and
private enterprise afloat during the critical
muddling
because
drastic.
We shall work entirely
practical
distressing
about
and
standard
Interests
the
recognize,
But
923.
issue, page
offer
to
bureaucratic
of
all
false
the bill appeared in our
on
seeking
come
and
$2,000,000,000 cut in non-defense spending.
a
A reference to earlier
Aug. lb
Finance
Federal
Chamber's
He also proposed to the committee sales, excise
and miscellaneous taxes to raise
of
Many
to
appropriation.
no
the American system of
have
We
/'.V
congressional investigation that will not cost the Government
one
dime.
"withholding tax" would yield at least
3%
a
of
per¬
He likewise
,v
This
sweeping
The U. S. Chamber of Commerce
make
will
their respective regions, calling upon fac¬
said:
the
obtained to make
be
levy worth while if "reasonable" credits were allowed
a
in
Committee
Defense
of Government-made unemployment.
pressure
period
said
Mr. Hal¬
organization caucus.
during the current House recess members
Business
by priority orders, and weighing emergency remedies
may
be applied quickly to relieve the increasing
which
keep
$2,000,000,000, but Mr. George
that
tory managers, interviewing workers thrown out of employ¬
The chamber said such
tax would raise
1071
committee's
surveys
ment
States Chamber of Commerce to impose a "withholding" or payroll tax.
a
the
Small
the
strongly inclined to obtain additional revenue
were
that way.
Mr.
said
Defense
Committee
Chairman
is
which
of
comprises
Con¬
following
the
Representative Joseph W. Martin Jr., House Republican
leader, who stated that "in these chaotic days there is grave
danger, unless Government policies are reversed, that small
House members:
business will be wiped out."
Dakota; W. Sterling Cole, New York; Henry C. Dworshak, Idaho; Louis E.
deadly
a
mittee
blow
the
America."
Chairman
As
of
the com¬
Charles
Representative
Republican leader named Congressman
Halleck
A.
for
"That," he declared, "would be
Indiana.
of
In
his
statement
Small businesses
business
and
65%
of the Nation's
Deprived
priorities,
which
of
fair
a
by
stifled
have
share
instance,
said
tion
received.
were
of
The
Army
business
than
efficiency
Everything
to
the
bids
on
The
for
serge
invita¬
next
bids
This time only 36
larger
time-tried
volume
minimum
and
will
it
be
wants
time
some
If
consequences.
to
once
Small
thus
the
destroy
we
disastrous
a
do
to
would
price
determine
the
method
best
be
national
of
preparedness
work
can
be
a
Business
with
ttlie
with
as
to
the
prevent
destruction
of
released
the
the
Defense
Committee
Office
House
that
be
would
this
Defense
Priorities
Contract
have
Building,
wider
given
effect,
Aug. 13, said
on
Committee will
Division
Service,
been
which is
in
well
as
charged
Room
I
to
in
the
defense
business interests.
smaller
the
bill
ference,
with
we
the
in
the
the
have
problems
plans which
will
point out
been
set
are now
working
forth
in
for
some
your
at
the time of
weeks
letter.
In
in the process of completion,
in
but
those
concerns
and
recent
our
with
to
con¬
deal
certain
believe that not only
more
industries
be aided in shifting
for
out
over
effectively
which
are
into defense
the
committee, noting at
the same time that the future of private enterprise in the
United States may depend upon the protection given small
doesn't
and
for such
an
scope
it
Regulatory departments of
control
to
objective of
business
the small
ensnares
business.
big
A
tax
of big
reaching the earnings
men.
is costly to comply with the many rules and regula¬
have
a
staiff
business
man.
can
is ample testimonv
inquiry," Chairman Halleck
smaller
engage
handle
to
multiplicity
the
in
war
of
business man,
to get
war
a
on
basis.
overlooked.
is
beset with priorities,
items
which he
in
The
placement.
sees
usually deals
his usual business
limited
are
as
to
big brother in business have unfortunately enveloped him.
the
business group say they
small
small business
of
majority
credit.
They
time
efficient, are not calling
chances on straight business
they have to
compete when
this and that, complying with
studying
and
need money at easier rates.
are
take their
willing to
are
who
men,
regulations,
making out
an
spend so much of
ever-rising number
increasing series of local, State
an
Government tax returns.
and
in
worries through, as best
he has become
He
and sometimes
We decide
volume
means
"emergency" and he
an
his
in
rules
does
rvV
along.
comes
billions
operations but they can't
of
these acts,
business
of
The rules and regulations he knows were intended to regulate
dcontrol
Some
their
specialists.
many
volume
His
small bsuiness
get many Government orders, not because the Government
to give
them to him, but somply because there is haste
production.
an
of
Non-defense
curtailed.
value
this
to
Far-visioned
of
walk
any
smaller business needs little if any argu¬
country of
men
of
big business
business
Small
life.
that as do most people
to
agree
the existence of
implies
economic
democracy.
And
prises
and
let
over
will
fact
that
the
more
business
small
on
demands
enterprise.
is
attractive,
to
burdens
tax
business
little solace to the
made
upon
business
One certain
establish
way
come
man
that
years
is
It
no
from
an
effort to
who becomes
he
leaves
They will
ahead.
balm to the small
so
the
save
field
of
a
com¬
less
control
big
and
regulations
to
business.
smaller
him.
discouraged
to make small business smaller,
rules
more
the
in
man.
troubles
realize that his
to
man
small
the
intentions offer
the
This
enter¬
by Government.
considerable
be
heavily
mercial
the
overlook
of business
regulation
There
weigh
Good
not
us
have the more difficult will be attempts at uneconomic control
we
them
the urgent need
big business.
regulations
main
the
the small
designed
to
and
,
care
waste
So
committee
Aug. 11)
states
man,
Heimann also
Mr.
part,
the
business
threat
doesn't
man
business during the rearmament period.
"The flood of mail and telegrams which has come to our
since last Monday,
big
a
business
laid
In
wide
its
in
spending of
for
Halleck. Chairman of the committee of
Republicans, in his statement issued Aug. 13 out¬
program
business
small
the
about the details of all
Then
The
The
attempt
an
enterprises be able to participate
program,
Country of Small Business
survive."
rules
with
permit him to
of
accordance
we
issue
with
so
can,
Eagle"
Representative
the
D.
National Association of Credit Men—
discouraged.
program
production.
House
Thomas
and
Faced with Emergency Through
Big Business, According to H. H.
laws aimed at
passes
but
but
Not
to
Brooklyn
to you
feeling the impact of priorities will
lined
Jersey,
to
Big business finds
tions
ment.
to
smaller business
defense
New
Vreeland,
help him "may have been genuine but
action has made it harder for the small busi¬
enacted
is
Advices
jointly by
OPM, and
George J.
Brooklyn, President of the Congress, which said,
occasion
at
enterprise to
The
had
L.
confronting
desire
Congress
part:
As
the
ness
1007,
Washington.
"Daily
Aug. 8, were conveyed in a letter addressed
William
S. Knudsen, Director General of the
Sidney Hillman, Associate Director General, to
in
Hoffman,
says:.
maintain
OPM
of
established
participation
the
according
Seedman of
Clare E.
D.
North
Aug. 15 to the Association's members, discussing
on
almost every
not
statement issued
Assurances, it is
stated, were recently given to the American Business Organ¬
ization
Aimed
situation
that
our
with the responsibility of distributing rearmament contracts
to the smaller plants.
Headquarters of the Small Business
Defense
New York;
Hall,
A.
Burdick,
Usher L.
detail.
small business.
to
done
Men
Business
business
the
of
Halleck, in
Small
the
Massachusetts;
Bates,
Ohio;
Henry H. Heimann, Executive Manager of the National
Association of Credit Men, in his August business review
he
that
Albert
Heimann of
to
system of private enterprise.
close contact
W.
Leonard
Stresses Value to
wholly constructive job to the end that
a
damage
must
necessary
Chairman
J.
Bender,
Mott, Oregon; Walter C. Ploeser, Missouri; Margaret
Maine;
concerns.
inspection,
of
country
at
to do
proposes
a
George
H.
Kansas.
Government
little time.
will begin
and
with
increased
Pennsylvania;
Smith,
by
possible
made
for
Unquestionably
the
Halleck
The committee
Chase
enterprises
approach to this menacing problem.
the
George
.
minimum of 100,000 yards, and
a
also consider the
of
small
bids.
yards."
amount
firms.
.
ropes.
submitted
25,000
.
strangled
almost
and
asked
Army
contract
least
the
on
which
the
enterprises
a
Illinois;
Ohio;
Michigan; James W.
Laws
wars.
America's
millions,
specified
the
must
we
for
call
fewest
the
saving
Chairman
third
desires
business
for
pay
less
would be especially
the
of
contracts,
taxes,
the
ago
mills
restricted
with
saved, but
small
for
The
that
course
be
bids
"No
78
were
close
the
war
and
hanging
are
time
some
There
the
livelihood
a
prosperity of the Nation,
For
in
regulations
provided
uniforms.
follow
the
The loss of
commerce.
great calamity and
a
which will
period
tne
Graham,
Arends,
Jr.,
employing less than 200 workers each comprise 99% of
handle
major portion of these would be
deadly in
C.
Winter,
Martin said, in part:
all
Leslie
Baumhart
.;v
is
not
to
argument
against
the
wisdom
of
defense.
It
is
entirely
emphasize a sincere belief that unless in the months ahead
organizations can find a way out, have apportioned to
business
larger
portion
of
organizations will be great.
defense
contracts,
the
mortality
among
such
Cut in Output of Cars Fixed-—Quota Set in
Washington Will Be In Effect 3 Months—Larger
Reduction
Due
Then—OPM
and
Price-Control
26.5%
Chiefs Reach Agreement
A reduction of
26.6% in
With Motor Makers
and the Office of Price Administration and Civilian Supplies.
that
said
the last four months.
special dispatch from Washington to the New York
A
or retail
line promptly.
this
Mr.
finishing
dressing,
and
The action, taken to conserve
a
8. Knudsen, OPM Director
compromise between the plan of William
Demand for
Trucks Is Rising
Officials stated at the same time that the demand for trucks and military
vehicles was increasing,
due to the defense and lease-lend programs and
the expectation of sending material
aid to Russia.
They told the automobile makers to plan their production schedule
a
for
increase of nearly 200.000
total of 1,189,000 trucks and motor vehicles, an
The
price schedule
cluded,
the schedule,
Price Ceiling on
to
Burlap Fixed by OPACS—Is 20% Below
A-3, similar to
OPM's priorities division would grant a preference rating of
that for freight cars, to deliveries of critical materials
required for trucks,
of one
truck trailers and public-passenger buses with a carrying capacity
Quotations at New York
unemployment for one-fifth of the automobile industry's 500,000
temporary
reduced to 32
employees, unless the work week in automobile factories was
hours and until plans
could be made for shifting the Workers to defense jobs.
General Motors
The
least
curtailment meant at
representatives estimated that the
Chrysler Corp. and the Ford Motor Co.
Corp.,
received production quotas 27.6%
of the last model
below their output in the first quarter
The six smaller companies were reduced 20.2%
year.
burlap approximately 20%
cut
since they make
further
The
reported:
used
burlap
this
has
country
wise shown
a
Calcutta,
to
a
in
wholly
to higher
part
unjustified
-v /
shipping and insurance
increase
in
the
or
of burlap bags
Prices
,
,
higher prices
and in
costs,
between
margin
route
en
have like¬
what
part
importers
for burlap and what they sell it for," the announcement said.
pay
schedule
The
constructions
of
of
prices
made
burlap,
and
on
in
go
is
or
in
two
on
into effect Jan. 1
31,
establishing
17 different
establishing maximum prices
after
or
first
1941, of
the
parts,
before Dec.
the second,
constructions delivered
same
The
ceiling
deliveries
for
maximums
are
Jan.
1, 1942.
on
The maximum
5% lower than those which will
the earlier period.
maximum
prices for the period ending Dec. 31,
1941,
approxi¬
are
mately 15% above the Calcutta
adequate to
cover
prices of July 29.
This markup of 15%
increased shipping and insurance costs and to maintain
importers' margins at their normal level.
Ceiling On Formaldehyde Prices
individual companies for the period ending Nov. 30, as
corresponding period last
year, are:
a
This
151,845 182,800
Ford
Studebaker
35,289
46,160
Hudson-.-
25,874
Year
8,364
185
which
20,942
41,900
Tentative
Leon Henderson, Price Control Administrator, imposed
schedule of ceiling prices on Aug. 21 on formaldehyde,
25,710
7,768
333
Willys-Overland
Crosley
Last
Year
21,972
23,056
This
;
Last
Company—
Year
Year
General Motors Corp.-.361,815 511,700 Nash
Chrysler Corp...
...188,849 275,600 Packard
the
York
"The price increase in this country has been due in part to
in
from India.
all imported
in New
The smaller companies will
compared with 143,261 cars in August, September,
Company—
While
than doubled.
more
sharp increase.
very
October and November last year.
compared with the
is virtually
months the price of burlap
first quarter last year.
make 114,292 cars, as
The quotas for
in this country
During the last 12
to
is
They will make a total of 702,509 cars in the first quarter, as compared
with 970,100 in the
the
on
prices farmers and industrial users pay for burlap bags and
other types of burlap.
In noting this, Washington advices,
Aug. 15, to the New York "Herald Tribune" of Aug. 16,
imposed on General Motors, Chrysler and Ford,
was
89.7% of the nation's passenger automobiles and because
below recent quotations
spot market.
The order became effective Aug.
In announcing the ceiling for burlap prices, Leon Hen¬
prevail
they have large defense orders.
Supply
York
prices which will
Quotas for Auto Companies
The larger
Civilian
and
derson, Price Administrator, said that he expected the order
to reduce "substantially from present inflated levels" the
the
corresponding period.
below the
Administration
Aug. 15 issued a price schedule setting a ceiling price on
on
and one-half tons or more.
Labor
Price
of
Should this not follow, the
take them in, he warned.
Recent Market
Office
the kinds and grades of lumber
Mr. Henderson said.
be extended
schedule will
Long and
it was pointed out.
are
into line with the prices of
fall
in
difference between longleaf and short-
no
usually made in the longleaf variety, are ex¬
certain other sizes.
It is expected that the prices of these
which
are
as
will
included
recognizes
the grades and type covered,
in
timbers,
large
sizes
Carolina,
North
leaf pine
that the
the output in the last model year, and advised the companies
over
Texas, Mis¬
Florida, South
Arkansas, Louisiana, Georgia,
Carolina, and Virginia in their order of importance.
16.
OPACS Administrator, for a 50% reduction beginning in November.
of
95% of Southern pine is cut in 10 States—Alabama,
sissippi,
New
Henderson,
expenses
as
Because of
be disturbed.
About
materials for defense and to release men.
General, for an "initial" cut of 20% and the proposal of Leon
well
as
this latter factor,
expected that the mills will continue wholesalers' margins and other
discounts now prevailing.
Thus, he said, present industry practices need
The
and plant facilities for the manufacture of arms, represented
continued,
in the schedule.
reflected
are
is
it
"Times," August 21, states:
management
be
sales."
retail
he
will
ceiling
"the
said,
Henderson
wholesale and
all
cover
of
Costs
occurr,"
not
does
to
distribution,
not
expectation of bringing the car output for the model year
ending July 31, 1942, to 2,150,000 cars, about 50% of last
year's production. This is the 1934 rate of production.
Representatives of nine passenger car makers and union
leaders of the American Federation of Labor and Congress
of Industrial Organizations in the automobile plants were
told that production in the first quarter would be limited
to 816,801 cars, as compared witft
1,113,361 cars in the
corresponding period of 1940 and 1,560,000 automoodes in
only to sales from mills or concentration
yard prices, currently inflated, are expected
Wholesale
into
"If
the
drastic cuts would follow in
more
Aug. 23, 1941
schedule applies
price
fall
to
automobile production
passenger
by the Office of Production Management
ordered August 21
The
yards.
extended
September, October and November,, 1941 was
for August,
Officials
Chronicle
The Commercial & Financial
1072
essential
is
the
to
manufacture
of
plastics.
The
Associated Press said:
The prices range from
major shipping points.
4.25 cents to 9.5 cents
pound f.o.b. the'five
a
The schedule does not apply to sales in containers
of less than 45 pounds.
Quotas for
Mr. Henderson said that
Year
cents a
dealers had been charging as much as 47
some
pound.
production quotas for the full year could not be indicated
definitely, since the material shortages may become greater and require
they could plan to
OPACS
produce not more than the following amounts: General Motors, 950,000,
Set
further
the companies were told that
curtailments,
399,000, Studebaker, 92,000, Hudson, 68,000,
496,000, Ford,
Chrysler,
Nash, 58,000, Packard, 60,000, Willys-Overland, 20,000, and Crosley, 874.
Production during the last three model years was taken as a base period
in determining the
production cuts, and officials said that the quota allowed
Nash and Crosley during the first four months
this
compared with
year as
the
same
an
unusually low output during the August-November period of
period last
year
resulted from the fact that both companies bad
The program was worked out
1940.
by James S. Adams, head of the OPM auto¬
motive section.
Establishes
Two
Ceiling
Four
to
Cents
Copper
on
Pound
a
Scrap—Price
Below
12-Cent
Ceiling for New Metal
A
price ceiling on copper scrap, setting differentials by
a pound below the 12-cent ceiling
fixed recently for new copper, was established on Aug. 18
by Leon Henderson, Administrator of the Office of Price Ad¬
grade of two to four cents
and Civilian
ministration
Under the order, effec¬
Supply.
tive Aug. 19, dealers are allowed a uniform margin of three-
quarters of a cent a pound
for collecting, sorting, storing
shipping.
Reference to the 12c. price ceiling for new
copper was made in our issue of Aug. 16, page 925.
In his order establishing a ceiling for copper scrap, Mr.
Henderson pointed out that the metal is a basic material in
and
OPACS Fixes Ceiling on Southern Pine Lumber—Figure
Set at $3 Below Recent Levels—Action to Be Taken
Soon
on
Douglas Fir
the
Leon Henderson, Administrator of the
ministration and Civilian
ceiling
on
Supply,
Office of Price Ad¬
Aug. 16 fixed
on
price
a
Southern pine lumber, and at the same time said
that ceiling prices
would be established "in the near future"
The ceiling price for Southern pine, which
Douglas fir.
on
officials
said
below
is
levels by about $3 per 1,000
Sept. 5.
In commenting on the order of Price Administrator Hen¬
derson affecting Southern pine lumber, Washington advices,
Aug. 17, appearing in the New York "Journal of Commerce"
of Aug. 18, had the following to say:
recent
production of electrolytic copper, copper and copper
alloy ingot, which are essential to the defense program and
civilian industry, and explained that recently it has been
selling "at levels completely out of line" with the price of
copper.
Washington advices, Aug. 18, to the New York
"Times" of Aug. 19, quoted Mr. Henderson as further
new
stating:
Mr.
ous
Henderson
to
concern
"that
asserted
him for almost
a
against unjustifiable increases.
lie said,
of
price
$22
in
per
was
thousand board
July,
The
year and
1941.
Today,
Prices of No.
feet
said
have been
have occasioned several warnings
in
2
July, 1940,
Mr.
when
year,
common
to
Henderson,
$30
the
a
to
is
new
boards
per
cost
of
succession
advanced
1,000,
this
from
f.o.b. mill,
and
civilian
consumers
At the
accorded
a
operation.
same
and
to
time, it
schedule
of
the
was
prices
Government of
more
said, the
Southern
adequate
to
means a
than
savings
$20,000,000
pine lumber
permit continued
a
industry
profitable
the
to
the
defense
price
level
of
have
program
causing its price to
scrap,
relation
rise
above
increased
levels
materials,
primary
the
which
Mr.
demand
in
are
for
proper
order
Henderson's
stated.
/Price instability and dislocations injurious to the national defense and
civilian
and
6ome
in
Scrap
usual
tom
cases
in
and
months
scrap
brass
and
have been
copper
bid
up
to
a
point where the
has been greatly altered and
cus¬
ingot makers have been largely deprived of their
supplies.
situation,
which
copper,
supplies of
to the
to
fixed
wire and No.
mixed
cents
a
would h&ve
continue,
effort and
heavy
pound
more
users
heavily
on
industry at large.
in the schedule at 10 cents
1 heavy
defense
forced
to draw
allocation problems would have multiplied
Thus,
detriment of the defense
and
8
if allowed
is subject to priority control,
metal.
new
Top prices are
copper
and
recent
spread between
This
wire
As a consequence, it has become difficult
impossible for the trade to cooperate with the Govern¬
preventing inflationary price movements.
prices
smelters
usual
of
have resulted.
economy
in
ment
other
the general public and to the defense program "is exorbitant."
taken
by
the
OPACS
in
connection
with
Southern
action
pine, applied to the present annual scale of lumber buying,
year.
matter of seri¬
a
copper
Such stability as these warnings achieved,
dissipated in June of the current
increases began.
lumber to
lumlber prices
of
Requirements
board feet, is effective
copper ;
copper
for light
9
(each containing
copper
per
pound for No.
cents a pound for
96
(containing
per
92
No.
cent
per
of
2
1
copper
copper),
cent copper).
Volume
These
The Commercial & Financial Chronicle
153
maximums
buyer's plant
apply
sales
to
by
premium recognizes the
directly to
a
pound
a
or
and made at
more
will apply on and after Aug.
existing contracts.
the
than
the
to
returning their
However,
application
made
A time limit of Oct.
OPACS
to
for
where losses may result
cases
disposition of inventory acquired prior to Aug.
the maximum prices.
irrespective
19, 1941,
be
may
1941, at higher
19,
19, 1941, is fixed for the
filing of such applications.
OPM
Orders
Pig Iron Producers to Set Aside 2%
September Output for Urgent Needs
of
[Producers of pig iron were ordered on Aug. 14 by the
Office of Production Management to set aside 2% of their
September production for
pool
a
of
out
which
allocations
will be made to fill urgent requirements of national defense.
It is estimated that the 2% will amount to between 90,000
and
100,000 tons.
Deliveries from the pool, it is stated, will
be made only on orders from E. R. Stettinius Jr., Director
of Priorities.
On Aug. 1 Mr. Stettinius placed pig iron
under full priority control; reference to this was made in
these columns of Aug. 9, page 774.
In a letter to pig iron
producers Aug. 14, directing them to set aside 2% of output
in September, Mr. Stettinius said:
Pursuant
to
paragraph
(D)
of
general
preference
of
1941,
each
producer of pig iron shall withhold
M-17
order
the Director of Priorities has determined that
during
ber,
(947.1),
the month of Septem¬
2%
of his
production
pig iron for said month, from which deliveries shall be made only upon
direction of the Director of Priorities.
express
As
it is
indicated
All cottonseed oil crushing mills using two cuts in the
production of cotton
are
required to regulate their processes
not be mire than
A mill
This
time.
one
practice of certain large makers of
permission to carry out prior arrangements in
in
delivered
scrap,
be charged by makers only on
may
in
letter
my
the
of
Aug.
1,
which
order
accompanied
The strike at the Kearny, N. J.,
yard of the Federal ShipBuilding & Dry dock Corp., continued this week, despite a
request addressed by President Roosevelt Aug. 19 to the
company and the union that work be resumed immediately.
At the request of Mr. Roosevelt conferences were held
by
the union and company but no progress toward settling the
differences between them was reported.
The major obstacle
in the way of settlement is the
company's refusal to accept
a recommendation of the National Defense
Mediation Board
that a "maintenance of union
membership" clause be
tained in
integrated
steel
companies
have
regularly
sold
the
in
disputed clause provides that any worker now be¬
longing to the union, or who shall voluntarily join during
the life of the contract, must maintain his
membership in
good standing and pay dues as a requisite to continued em¬
ployment.
An executive order for Government seizure of the
yards in
order to obtain a resumption of production on
$493,000,000
worth of naval and merchant ships is said to have been
the President's desk since Aug. 17.
But he has
signing it in the hope that the dispute
negotiation.
:
percentage
is
for
to
sale
the
represent
on
the
total
of
amount
market.
open
It
pig
which
iron
intended
is
that
all
integrated companies will continue to carry their regular merchant load
formerly.
Accordingly,
you
are
September, 1941, 2% of
with
ance
made
such
further
as
hereby directed to withhold during the month of
your
production of pig iron for delivery in accord¬
directions
of
the
Director
of
Priorities
as
may
be
pursuant to general preference order M-17.
Steel
Workers Organizing Committee (Congress of
Organizations) called a general strike at the Page
Industrial
Steel and Wire Division of the American Chain & Cable Co.
Aug. 18 to enforce demands for rescinding
Reporting this
Penna., Aug._18,
Full
Priority Control—
Shortage of 2,150,000 Pounds in 1941 Expected
Vanadium,
which
is
essential
in
the
making of high
strength cast-iron and steel forgings and of high speed and
heavy duty steels, was placed under full priority control by
the Office of Production Management in an order issued
Aug. 16 by E. R. Stettinius Jr., Director of Priorities.
Mr.
Stettinius estimated that 3,750,000 pounds of vanadium in
finished
mated
form
will
be available in
1941
against
as
an
esti¬
need
of 5,900,000 pounds, a shortage of 2,150,000
Requirements for 1942 are expected to be about
7,150,000 pounds. Under the order the OPM gave all defense
United
advices
Press
from
Monessen,
continued:
Making plant-wide an^ earlier walkout that" had closed the
employing 250, expansion of the"strike ciosed the entire plant,
operating at capacity
Under
three-year-old
a
cut.
pay
down of
Vanadium
can
American Chain & Cable Co. Strike
The
|T Spread
OPM Places
on
delayed
be settled by
,
open
withheld
offer
con¬
labor contract.
a new
The
M-17,
Accordingly, it is not to be inferred by such companies that the
will
entered into
contract
a
Kearny, N. J., Shipyards Remain Closed by Strike—
Request of President Roosevelt for Resumption of
Operations Ignored
it is substantially lees than the amount of pig iron
market.
they
that first cut linters will
on
prior to July 31 may apply to the Director of Priorities for permission.
believed that this percentage represents the minimum compatible with
defense needs, and that
which
so
20% of the total cut.
wishing to make delivery of linters
user.
The schedule prices
of
of
linters
of one-half cent
shipments aggregating 40,000 pounds
scrap
makers
warehouse.
or
A premium
1073
of the
on defense orders.
of the walkout, making
additional 950 idle, followed break¬
an
company-union conferences
5%
wlre mill,
which~was
S. W. O. C. demands for restoration
on
reduction made in 1938.
wage
| Harvey C. Seymore, plant
branded the strike
manager,
tion" of the company's contract with the union,
a
"flagrant viola¬
which provided for arbi¬
tration of disputes without work stoppage.
He said
the
broke down after the union had refused the
negotiations
company's offer of 60% restoration of the reduction.
cently had given the workers
workers
are
Seymore said
until the
was
a
lOc.-an-hour
wage
The company re¬
increase, he said, but the
demanding restoration of the reduction also.
further conferences would be held
no
return to the mills.
workers
with
union leaders
About 75% of the plant's production
defense orders, he said.
on
pounds.
orders
A-10 rating,
an
which provides that such orders be
accepted and filled before non-defense orders.
From
Washington advices Aug. 17, appearing in the New
York "Journal of Commerce" of Aug. 18, we take the fol¬
lowing regarding the order affecting vanadium:
The
new
order
requires
that
purchase vanadium must file
a
after
Sept.
1
statement of
manufacturer
a
the
uses
to
which
wishing to
it
is
to be
put, not later than the 25th of the month preceding that of the specified
Strike
The
to
a
rate
the
also
restricts
deliveries to
an
manufacturer to fill his orders
of
production.
amount
on
This restriction
Administrator of
Export
not
in
excess
of
that necessary
the basis of his current method and
does not apply to exports
went
Control,
or
to vanadium
imported by
a
manding
metal
has
Metals Order No.
been
subject
to
inventory control provided
1, issued May 1, 1941, from which it is
now
General
Accompany
a
""'The
removed.
as
us,
goods price schedule on Aug. 22 to cover principal types
of fine goods, said
Washington Associated Press advices, from
gray
quote:
cover
combed lawns,
into effect tomorrow
dimities, voile and
two
(Aug. 23) and will
constructions of high-grade
broadcloth not previously subject to the schedule.
The types of goods added to the list represent
only about 5% of cotton
said that this is the first major extension of the cotton
textile schedule and all other principal fabric types "will be
brought under
maximum prices as
quickly
as
possible."
»
Aug. 20 by Edward R. Stettinius Jr., Director of the Pri¬
orities Division of the Office of Production
Management.
The order regulates the processing and distribution of cotton
linters, which are essential to the manufacture of smokeless
powder, plastics and acetate rayons, said Washington
,
advices to the New York "Times," which said:
The order prohibits the sale of second-cut linters, or more than
20% of
mill-run linters, for any purpose other than ultimate use in the chemical
company
was
continuing operation
"
^
spokesman said that the strike "was
ultimatum had been given
us,
and
we
a
complete surprise to
know of union demands
Mr. Beddow said that the Republic plant "is paying far less for the same
of making every
the importance
possible ton of steel for national defense, and
we
hope
we
will be able to reach some sort of agreement shortly."
The plant here has
a
been operating at capacity for
more than a year and
heavy backlog of defense orders,
Strike
at
Plant of
United
,
States
Gauge Co.
Production of gauges and other metal products for the
War and Navy Departments was curtailed Aug. 20 by a
strike at the United States
Gauge Company's plant in Penn-
An
official
of
the
International
Molders
and
Foundry
Workers Union, A. F. of L., said that a week-old walkout
of ninety-four foundry workers spread this morning to
other
<■.
Cotton LintersfPIaced Under Priority Control
by OPM
Cotton linters were placed under full priority control on
industry.
spokesman said that the steel mill
slyvania.
goods consumption, officials said.
Iff Mr. Henderson
shop and the check-off system of collection
work than the Birmingham scaie," and added, "We realize
as
new ceiling prices will go
de¬
the
Specific wage requests and the existing scale were not made
reduced force.
no
Officials said that the ceiling prices imposed
were, in general, about the
levels which have been prevailing recently.
JlThe
a union
wer
workers in
only by hearsay."
Price Ceilings Named for Lawns, Voiles and Dimities
Leon Henderson, Price Administrator, extended the cotton
we
levels approaching those of the Steel mill
available.
with"
by
+
which
wage
Birmingham district,
I
The
to say:
on
Noel Beddow, S. W. O. C. chief in Alabama, said that the men
pro¬
cessor.
Organizing
strike Aug. 22 at the
a
union dues.
licensed by
Republic Steel Corp. Plant
Workers
Committee (C.~I. O.)
Gadsden, Ala. plant of the
Republic Steel Corp., which has heavy defense orders and
employs 4,500 workers.
A picket line was established at
the plant entrance and several hundred persons gathered
there.
Gadsden advices of Aug. 22 to the Associated Press,
called
delivery.
It
at
Steel
departments and that only a few of the company's
1,500 employees remained at work.
The plant has been
turning out several thousand gauges daily for installation in
submarines and airplanes.
Strike of
A strike
Operators of Detroit Street Cars and Buses
of street
called Aug. 20
car
and bus operators in
Detroit
was
by the American Federation of Labor union
seeking to enforce its demand for recognition as sole bargain¬
ing agent.
The strike was still in progress yesterday but
Mayor E. J. Jeffries then said that the strike would be
settled within the day.
The Detroit transportation system
The Commercial &
1074
Financial Chronicle
and
industry.
wages in the transportation
Mr. Gilbert declared Aug. 20 that
within the past "thirty
days we concluded with them (the union) a new working
agreement which gave the men more than $350,000 in im¬
.
;:.o V>.
proved working conditions and $650,000 salary increases.
"It has been Mayor Jeffries' policy that there can be no
'sole and exclusive' grants in government," Mr. Gilbert
added.
"He feels, as do members of the commission, that
government ceases to exist when any one organization is
given sole right to say how it shall be run."
taking
with estimated Federal
$10,000,000,000, an additional
$2,750,000,000 is needed to maintain the 25% ratio.
Four
recommendations were submitted by the N. A. M. committee
Chairman, who declared that "sheer necessity should now
out
on
which could
work
defense
if these
been performed
have
strikes."
The
estimate, it stated, is based on 2,514,000,000 man-days re¬
quired to complete $17,000,000,000 of defense work as com¬
puted by the Bureau of Labor Statistics.
"It is signifi¬
cant," says the N. A. M., "that many of these labor walk¬
outs have not been brought about by demands for higher
wages, shorter hours or better working conditions.
They
stem, rather, from the attempts of labor unions to gain
more power
in the absence of a labor law which would
grant to both workmen and management equal responsi¬
'man-days'
had
called
been
even
of
"Such strikes," it adds, "have
rights."
bilities as well as
because
lost
been
not
unsuccessful unions in defiance of
thus representing an effort by a
by
adverse Labor Board votes,
willful minority to promote
The Association
These
recent
goes on to say:
have even occurred in
strikes
into
entered
ments
labor-power politics."
by
and
management
approved
by
mendations
heads
of
13) despite such a signed obligation outlawing both walkouts and
lockouts until June 23, 1943.
Less than 60 days ago this union signed
with these Federal agencies as mediator, only to ignore
arrangement, which was supposedly binding on both labor
that contractural
by an appeal to another Federal labor agency.
Despite the two-year agreement, which included 12% wage increases
for workers, the union still sought a form of closed shop, and violated
strike at
This
to enforce its demands,
Kearny shipyard is not just another episode in the
the
history of industrial disputes; it is a classic illustration of strike-madness
which is sweeping the Nation ; it focuses the attention of the whole people
underlying structure of our labor law as it affects the
And, before this country witnesses once again a return
inviolable right to every workman, union member or not, a new
rights for American industry, workmen and management, must
basic
right to work.
the
upon
of
that
bill
be
credits,
and
exemptions
tax
the
broadening
for
need
the
Outlining
Mr.
base,
tax
said:
Houston
shifted from
"ability to pay" is rapidly being
existing conditions
Under
and
general sales tax.
form of
A
4.
income.
individual normal income.
broadening of the tax base through a decrease in the individual
A
3.
income
the existing rate upon normal corporate
in the present 4% rate on
increase
This is an important reason for broadening
the individual tax base.
The need for revenue is so great that the great
mass of people in the lower brackets must be called upon to contribute
corporations to individuals.
brackets
additional tax loads
Corporations and those in the upper
their share of needed taxes.
their full share, but their ability to carry
should pay
comparatively limited.
is
75% of all incomes
of less than $5,000, which
are
relatively untouched by Federal taxation.
This great group of indi¬
viduals also are the purchasers of the great bulk of goods consumed in
analysis of the national income shows that
Reliable
received are in the hands of those with incomes
the
be considered first
must
and
country
The real danger of price inflation
inflation.
in any contemplated check of
lies in increasing tremendously
in the hands of this great section of
the
money
the
the public in relation to
limited supply of goods.
This
is
their just taxation. It is
the limited taxpaying ability
plea to relieve the well-to-do from
no
merely a recitation of the facts in regard to
of
and those with better-than-average earnings.
A very sub¬
part of large incomes now goes into Government coffers.
There
corporations
stantial
is
the
and out of Government that present heavy rates
long since passed the point of diminishing
acceptance in
general
have
brackets
upper
hidden taxes the average person is already
of his income to Government and we
increase in this present tax burden if the
recognize that through
We
contributing
would
sizable
a
tremendous
any
defense could be soundly raised
of every person in the United
relatively small contribution from the great number of average
will help produce the great additional tax revenue the armament
required by national
sums
without
A
sacrifice
for
calling
States.
Americans
percentage
advocate
here
not
the
on
part
demands and at the same time the people will have
how the Government requires their support.
program
a
better
appreciation of
management,
agreement in order
its
An
The recom¬
were:
increase in
Some
2.
of agree¬
(Aug.
and
look for new tax sources."
force the Nation to
returns.
violation
flagrant
labor,
governmental agencies in which a two-year moratorium on strikes
was subscribed
to by all parties.
At Kearny, N. J., for example, union
members in the Federal Shipbuilding & Drydock Co. struck last Wednesday
agreement,
that,
out
receipts for 1942 slightly over
on
three
one
pointed
Houston
Mr.
Calling attention to the fact that from January through
defense
pointed
Aug. 13 that "tltfs is equivalent to $29,480,000 of
about $85,000,000,000,
estimated $8,500,000,000 of State and
of $1?,750,000,000 can be
an
25% ratio.
imposed within the
Defense Strikes from January to
July 4,358,600 man-days were lost because of
strikes, the National Association of Manufacturers
1
which must be paid, Federal taxes
local taxes
1.
July Caused Loss of
4,358,600 Man Days —Walkouts Viewed by National
Association of Manufacturers as Attempt of Unions
to Gain More Power—Points to Need of New Bill
of Rights for Industry and Workmen
consideration
into
1941
23,
income at its present level of
With the national
President
highest
said:
By way of illustration he
municipally owned and, according to Samuel T. Gilbert,
of the Street Railway Commission, pays the
is
Aug.
of
written.
Government seizure; this is merely
labor dispute can be solved by
No
sponging
a
leak which some day may become a flood.
The Administration and the
Congress must face today the fact that nearly
4,400,000 man-days of defense work irretrievably lost during the first seven
months of 1941, worth an estimated $29,480,000 in defense construction,
will be repeated again
and again unless the responsibilities of labor are as
firmly established under law as are those of management.
If the Government of this country seeks to preserve fundamental Amer¬
ican
the
principles it cannot tolerate
continuance
of labor
union
of
tremendous
a
work
for
demand that
defense.
national
We
every
cannot
worker belong to a
have
defense
maximum
STRIKE STATISTICS—JANUARY"
THROUGH JULY,
1941
curbing of non-defense
expenditures, Mr. Houston said-:
May wc assure your committee that in addition to considering its
responsibilities to productive enterprise specifically, the Association has
been constantly mindful in its study of the fiscal problems of Government
of the general good of the entire Nation, and the need to subordinate all
private interests to our major task of building an unsurpassed bulwark
of
defensive
that
planned
current
No. of
Man-Days
No. of
Man-Days
of Work
Workers
of Work
Workers
of Work
Lost
Involved
Lost
Involved
Involved
357,000
46,027
336,000
94,931
Lost
21,690
468.742
47,971
..........
301,579
649,213
April............
May.....
127,399
110,993
1,071,380
_
693,000
770,321
68,287
757,047
80,470
1,841,176
148,757
1,226,148
9,395,641
2,209,587
2,598,223
July...;
51,803
536,611
109,489
2,259,352
161,292
2,795,963
Total
501,811
March.
June.
........
28,064
434,874
685,770
157,082
576,935
96,208
8,324,261
1,523,817
268,075
562,273
We
therefore
Tax, Lowered Exemptions and Curb by Govern¬
ment
in
Non-Defense
Expenditures
Urged
by
National Association of Manufacturers at Hearing
Tax Bill Before Senate Finance Committee
reductions in
exemptions to reach
and
non-military expenditures,
general sales tax
a
lowered
potential income taxpayers,
advocated on Aug. 1-9 by Liv¬
numerous
were
ingston W. Houston, Chairman of the National Association
of
the
Manufacturers
hearing
Committee
on
House-approved tax bill.
is
some
the national
ment
without
evidence to
income
of
defense
on
at
that
only
rise
be so
be avoided as far as possible, that
difficult, and that the
prices
in
2.
main
Government
points:
stringent
savings
through
in the ordinary expendi¬
economy
all
in
non-essential
items of
non-
spending.
Securing additional revenue from taxes in a form and by rates which
interfere with national productivity, dry up the sources of
or
of
correction
The
such
out
does
It
by
by
additional
that
of
not
should
to
-
be
met
far
as
in
designed
possible by individual
borrowing,
by
as
earnings.
just
seem
and
rates
in
secured through economies
of funds not
taxes
be subscribed
it
current
without
increases
recent
'
required remainder
manner
burdens
distorted
be further amplified by proposed increases in rates
consideration.
and
investors
intensify the difficulty of post-defense adjustments.
unsound
features of
the tax structure whose
been
have
effects
inequities will
under
spending
in
on
neither
whose
now
tie fiscal program required to place tht
a sound basis during this emergency cover
that
suggest
Government revenue,
taking
for
Congress
prompt
spending.
and
to
consider
decisive
tremendous
action
to
tax
new
eliminate
non¬
We urge Congress at this time, when it is
demanding great sacrifices from the people, to slash every possible dollar
non-essential
any
The
feel
spending.
new
examined
today's non-military spending as
Congress may well approach
good business
items
first
manager
added
approaches his budget in times of emergency.
fundamental
to
costs
are
those
which
should
be
in
seeking to reduce overall expenses.
In the last decade
Federal civil spending has expanded over 100%.
An item-by-item examina¬
tion of Federal costs over the period
1932-42 shows an aggregate of
$3,665,197,000 of added non-military expenditures in 114 specific categories.
The
will
less that
be
Economy
the
is
task
ranks
spent for non-essentials by the Government the easier
of
first
as
its search for required revenue.
securing funds to finance today's
committee in
your
a. means
of
national emergency.
the
Death of
Co., told the committee that
show
about 25% of
be continually diverted to
results to the Nation."
can
harmful
Finance,
Committee
defense needs should
of
The establishment of most
Mr. Houston, who is Chairman of
the Board of the Ludlow Yalve
"there
Government
before the Senate Finance
portion
Government
four
following
tures
We
Sales
on
the
of
finances
the
of
Drastic
a
essential Government
877,696 15,330,283 1,379,507 19,688,883
4,358,600
that
general
present
Government costs be paid from
maximum number of citizens contribute their fair
substantial
post-defense adjustments be not made unnecessarily
maximum defense effort be not curtailed.
4.
48,904
26,281
68,144
January
February
a
the
meet
to
program
a
receipts,
that
share,
deterrent
Man-Days
strength.
financial
A
3. The
No. of
.
Government
and Non-Defense
Workers
taxation.
In his remarks with respect to the
will
Totals for Defense
Non-Defense
Defense
method
activity as raising additional rev¬
Congress has a very definite re¬
sponsibility in both."
1.
statistics compiled by the N. A. M. were
made available by it together with its statement as above:
Mr. Houston continued, "that
emphasize,"
to
in non-defense spending is as effective a
through
enue
production without minimum work stoppage due to strikes.
The following
wish
of financing the defense
losses
union irresponsibility and
to
national labor policy which will permit
of vital defense production because
"We
economy
Govern¬
Prof.
William Z.
Wiiliam 7. Ripley, t rofessor Emeritus
Ripley
of Poli deal Econ¬
at Harvard University and a nationally known au¬
thority on railroad transportation, died at bis Summer home
omy
Volume
The Commercial &
153
1075
Financial Chronicle
Edgecomb, Maine, on Aug. 16. He was 73 years of
Prof. Ripley was named to the cnair of Political
Economy at the University in 1901 and retired on Mar. 1.
at East
age.
1933.
business for the
public. Vacancies were occasioned by resig¬
Burd Grubb, Thomas F. Troxell, and John
As to the two new governors the Exchange stated:
nations of E.
Lord.
Before
becoming
a
partner
of Hemphill,
Comptroller of Cur¬
To Become Vice-President of Federal Reserve
Bank of Chicago—L. H« Sedlacek New Deputy
Comptroller
A. J. Mulroney Resigns as Deputy
rency
;
Treasury Department announced on Aug. 18 the
resignation of A. J. Mulroney as Deputy Comptroller of the
Currency, to take effect on Sept. 1, at which time he will
become a Vice-President of the Federal Reserve Bank of
The
At the same time the Treasury Department an¬
L. H. Sedlacek, now Ninth district chief
national bank examiner in Minneapolis, had been appointed
a Deputy Comptroller to fill the vacancy caused by Mr.
Mulroney's resignation. An announcement issued Aug. 18
by the Federal Reserve Bank of Chicago said:
Chicago.
nounced
that
Mr. Mulroney was
rency
appointed Second Deputy Comptroller of the Cur¬
He has been in the Comptroller's office since
of July 6 of this year.
the bank holiday when
he
was
called to Washington to serve in the newly
Reorganization Division of that office.
formed
He was in charge of re¬
organizing all national banks in the Seventh and Ninth Federal Reserve
Districts.
Later,
in the capacity of Assistant Chief National Bank
aminer, he was placed in charge of
Ex¬
the Preferred Stock Division, and was
responsible for the details incident to the issuance by national banks
of more
than one-half billion dollars of preferred stock.
his banking career as a bank examiner for the State
and was
was
School in 1917, enlisted that year in
commissioned
as a
Lieutenant Junior Grade before
of law with
1919 to take up the practice
from the service in
he retired
Mr.
graduated from Cornell University in 1915
and from Columbia University Law
the Navy and had been
Co. in 1925,
He is
Hornblower. Miller & Garrison.
Columbia Pictures Corp., General
a
director of Colonial Stores, Inc.,
Optical Co., Lefcourt Realty Corp., and
Shuron Optical Co.
began his career in the New York office of Lee,
Mr. Reed
He joined the firm of Jackson &
1911 to 1918 in the Boston office.
from
He is
Curtis in 1921.
a
Higginson &
1921, spending the years
1906 and remained with that firm until
in
Co.
director of Curtiss-Wright Corp., Wright Aeronau¬
tical Corp., Holophane Co.,
and National Aviation Corp,
New Member of Federal Reserve
Bank of St* Louis
of the Federal Reserve Bank of St.
Louis was increased to 428 on Aug. 14, when the Farmers
Bank of Polo, Mo., became a member of the Federal Reserve
System.
The new member was organized in 1892 with a
capital of $10,000. It now has a capital of $26,250, surplus
of $7,500, and total resources of $315,597.
Its officers are:
J. Grimes Withers, President; R. F. Thompson, Vice-Presi¬
dent; Earl R. Hauser, Vice-President; J. G. Withers, Cashier,
and Byron Zimmerman, Assistant Cashier.
The total membership
of Iowa.
1928 he received his commission as a national bank examiner
He began
In
He
Mencken & Griscom.
Noyes &
member of the law firm of Beekman,
Blancke had been for four years a
assigned to a district which included parts of Michigan and Indiana.
there until he was made an
He
Chicago bank and remaired
officer in the credit department of one of Chi¬
later accepted a position as trust
officer of
cago's large banks.
He was em¬
He enrolled in
the University of Iowa in January, 1919.
After completing two years in
Liberal Arts College, he returned to banking for a year before he entered the
Law College of the University of Iowa, from which he received his LL.B.
in 1924.
The same year he was admitted to the Iowa bar.
Mr. Mulroney was
born in Mallord, Iowa, Aug. 14, 1897.
ployed in a country bank two years before entering college.
Senate Confirms Nomination of W. R. Peck
as
Minister
brook Resigns as
The Senate departed from this procedure
Connally, Democrat,, of Texas, told the
body that "because of the critical situation in the East, it is
very desirable that this nomination be confirmed as soon as
possible."
In announcing on Aug. 13 that Mr. Grant had resigned as
Minister to Thailand, Secretary Hull explained that the
resignation had been tendered last January when President
Roosevelt began his third term, a usual procedure for Ameri¬
can diplomats.
Mr. Grant, who is 53 years old, is a native
of Birmingham, Ala.
He first went to Washington as Secre¬
tary to Senator Hugo L, Black, now Associate Justice of the
United States Supreme Court. He entered the services of the
State Department in 1933 as a divisional assistant and two
years later was appointed Minister to Albania.
It remained
in that post until Italy annexed Albania in 1940 when he was
committee.
after Senator Tom
sent to
Thailand.
Announces Program for
B. A.
New
Retirement
Plan
The Board of Governors of the New York Curb Exchange
Aug. 20 authorized the purchase for retirement by the
Exchange of the seats of David Maltman, Wm. J. Platte,
and the Estate of Max Birke.
These seats will be retired at
on
expiration of a seven-day posting period. They are the
purchased by the Exchange under the plan
adopted July 29; reference to the plan
was made in our issue of Aug. 2, page 622.
The amendments to the Constitution adopted by a vote
of the membership provided for purchase and retirement of
not more than 50 of the 550 seats at a price not to exceed
$1,000 each, cost to be divided between the Exchange and
the members individually.
The announcement of the
Exchange Aug. 20 also states:
the
first seats to be
for seat retirement
The present
the amount bid by the
Speakers—"National Defense Financing"
Solidarity" Principal Topics
Among
and "Hemispheric
Henry W. Morgenthau, Secretary of the Treasury; Sen¬
Texas, Chairman of the United States
ator Tom Connally of
Senate Committee on
Leonard
eral
Statistics, are among the speakers who will
annual convention of the American Bankers
Association to be held in Chicago, Sept. 29 to Oct. 2, accord¬
ing to P. D. Houston, President of the Association, yvho
announced
the convention's program in
New York on
Aug. 18.
The four-day convention, which will have its
headquarters at the Stevens Hotel, is expected to attract
some 5,000 bankers from all parts of the country to partici¬
pate in its discussions, according to Mr. Houston.
It will
be characterized by two principal themes: "Hemispheric
Solidarity" and "National Defense Financing."
The pro¬
gram will consist of two general sessions, the annual meet¬
ings of the four Divisions of the Association, and a series
of round table conferences.
In announcing the program
Mr. Houston said that additional details will be made known
as soon as completed.
■
The following is the program for the four Divisions of
the Association as announced by Mr. Houston:
the
address
.
State
feature will
Bank
Division
be the celebration of the
twenty-fifth anniversary of the
Association's State Bank Division at the
York Curb Exchange Elects L. M. BJancke and
S.
R.
Reed
as
Governors
Monday morning,
on
National
National
The
Sept.
Bank
Division
Bank
Division's annual
meeting
election on Feb. 9, 1942.
Class B Governors of the Curb Exchange are required by
the Constitution to be associate member partners or non-
next annual
member partners
of regular or associate member firms doing
,
on
Monday afternoon,
be addressed by the Division's President, Andrew Price,
of the National Bank of Commerce, Seattle, Wash.; Dr. Lionel D.
will
29,
President
Edie, economist,
who will speak on "Bank Investments
and Fred L.
ditions,"
Under War Con¬
Bank,
O'Hair, President of the Central National
Greencastle, Ind.
Savings Division
Savings Division will have its annual
The
Sept.
meeting on Monday morning,
Addresses will be delivered by Roy R. Marquardt,
Division, who is Vice-President of the First National
29.
the
and Dr.
Chicago,
versity,
who
Finance
in
is
New
Marcus Nadler, Professor of Finance at
also research director of the Institute
President
Bank of
New York Uni¬
of International
York.
Trust Division
The Board of Governors of the New York Curb
Exchange
on Aug. 20 elected Leo M. Blancke, of Hemphill, Noyes &
Co., and Stuart R. Reed, of Jackson & Curtis, as Class B
governors to fill two of the three existing vacancies until the
Division's annual
Sept. 29.
A special program has been
arranged in the nature of a review of the progress of chartered banking
made
during the 25 years of the Division's life.
Addresses will be
delivered by Harry A. Bryant, President of the State Bank Division, who
is President of the Parsons Commercial Bank, Parsons, Kan.; Deane W.
Malott, Chancellor of the University of Kansas; A. L. M. Wiggins, Presi¬
dent of the Bank of Hartsville, S. C., who is Chairman of the A. B. A.
Committee on Federal Legislation, and William S. Elliott, past President
of the State Bank Division and President of the Bank of Canton at Canton,
Ga.
Mr. Wiggins will present the past Presidents fo the Division and
Mr. Ellottt will speak on "A Quarter Century of Progress."
meeting
of
New
Foreign Relations, and Brigadier-Gen¬
Director and Coordinator of War
P. Ayres,
Department
It is understood that if an outside bid equals
Exchange, the outside bid will take precedence.
Annual Convention
Chicago, Sept. 29-Oct. 2—Secretary Morgenthau,
Senator Connally of Texas and Leonard Pi Ay re
market for seats on the Curb Exchange Is $1,000 bid by the
Exchange, offered at $1,500.
to Washing¬
in
A
Exchange Purchases First Seats Under
today, and will proceed im¬
mediately to Hyde Park.
He plans to return
ton with the President on Monday.
A.
Duke
Duke
touring Canada for some weeks is due to ar¬
who has been
formation of the
New York Curb
spending the week-end at his Hyde
rive at tne La Guardia Airport
Minister to Costa Rica
Departing from regular procedure, the Senate on Aug. 19
unanimously approved, the nomination of Willys R. Peck, of
California, to be United States Minister to Thailand,
popularly known as Siam, to succeed Hugh Gladney Grant,
whose resignation was announced on Aug. 13 by Secretary of
State Cordell Hull.
The Senate Committee on Foreign Re¬
lations reported the nomination only a few hours prior to its
consideration by the Senate and under Senate rules a nomina¬
tion must be held over at least 24 hours after it is reported
a
President Roosevelt is
Week-
Park, N. Y. home, where he will have as ms guest the
of Kent, brother of King George of England.
Tne
Thailand—Succeeds H. G. Grant—-W. H. Horni-
to
by
President Roosevelt at Hyde Park, N* Y. for
End—Duke of Kent President's Guest
a
The
Carl
Trust
Division
Fenninger,
W.
under the chairmanship of its President,
Vice-President of the Provident Trust Co., Phila¬
meeting,
delphia, will be held Monday afternoon,
Sept. 29, and will be addressed
by W. W. Hinshaw Jr., President of the Corporate Fiduciaries
of Chicago.
The meeting will feature a panel discussion on
agement
A.
Association
bank man¬
and the trust business, which will be participated in by Gwilym
Price,
Frederick
President of the Peoples-Pittsburgh Trust Co., Pittsburgh,
A.
Carroll,
Vice-President
of
the
National
Shawmut
Pa.;
Bank,
The Commercial & Financial Chronicle
1076
Vice-President of the First Trust Co., St. Paul,
Vice-President and Trust Officer of the
Lincoln-Alliance Bank tt Trust Co., Rochester, N. Y., and Arthur F. Young,
Boston; Louis S. Headley,
Minn.;
Vice-President and Trust Officer, National City Bank,
a
Cleveland, Ohio.
will be reports of
In each of the Division meetings there
tion of
officers for the year 1941-42, it was pointed out
new
program for the State Secretaries
round table conferences:
Section and the various
TRUST
BANKS,
COMPANIES,
&c.
Arrangements were made on August 20 for the transfer of
New York Stock Exchange membership at $28,000.
The
previous transaction was at $35,000, on August 6.
committees and other business and the election and installa¬
by President Houston, who also announced, as follows, the
ABOUT
ITEMS
Remington,
W.
John
Aug. 23, 1941
golf tournament of the members of the New
The annual
York Stock Exchange, their 45th, will take place on Sept. 4,
at Glen Oaks Club, Great Neck, Long Island, according to
announcement, Aug. 14, by Donald J. Hardenbrook, Chair¬
of the New York Stock Exchange Golf Association.
man
Secretaries
by
Secretary
the
of
their
meeting
annual
29, and will hear addresses
Bankers
Colorado
Association;
the Georgia Bankers Association; Lauder
Hodges, executive manager of the California Bankers Association; William
Duncan Jr., Secretary of the Minnesota Bankers Association; Edward A.
Secretary of
Haynes McFadden,
Secretary
Zimmerman,
L.
M.
Monday,
will be
Pennsylvania
the
of
Wiggins, who will speak
Relations
Public
On
Bankers Association; Charles F.
Bankers Association,
and
Secretary of the North Carolina
Wayne,
A.
under
held
President
Sept.
of
the
29,
Table
Round
the chairmanship of
Bank,
National
Chase
Conference
table conference
round
a
Federal legislation.
on
Frank M.
New
York
brook will be toastmaster.
Second Vice-
Addresses will
City.
given by Robert W. Sparks, Vice-President, of the Bowery Savings Bank,
New York City, and Associate field director of the United States Treas¬
Defense
ury's
topic is "Mobilizing Public Opinion."
National
chants
Bank, Chicago;
Boyles, President, Mer¬
George R.
Ernest L.
Pearce,
Executive Vice-Presi¬
dent, Union National Bank, Marquette, Mich., and William Powers, Director
Customer
in a
Relations,
Bankers
American
will
Association,
will
on
feature
also
Dank
A
Bank
Management Round Table Conference
table conference will be held on
Management round
Tuesday,
Sept. 30, at which the public relations aspects of consumer credit will be
discussed
Bank
by John Burgess, Vice-President of the Northwestern National
Co., Minneapolis, Minn.
"Real Estate Holdings in the
&
Trust
Emergency" will be discussed by Dr. Ernest M. Fisher, A. B. A. Director
of
Research
on
simplification of bank operating procedure will
in
Participants
the
in
Commonwealth
Hunterdon
Estate
Real
panel
Bank,
and
will
Detroit ;
Finance.
Vice-President, Stephens National Bank, Fremont, Neb.
On
Wednesday, Oct. 1, there will be a round table conference on Defense
under the chairmanship of J. Harvie Wilkinson Jr., Chairman
Financing,
the
of
the State-Planters
Association's
table
round
National
Harris
of
National
Bank
Trust
of Detroit,
Social
&
Savings
"Defense Loans,"
Detroit,
Bank,
of
Chicago,
Defense
Speakers
on
this
E.
President
Benson,
Mr. Young will speak on
Mr.
Brown will discuss
Financing";
and Mr. Benson will talk
A.
Philip
and
Brnk of Brooklyn, N. Y.
Effects
Vice-President
nad
Committee
Young, Vice-President of the
Mich.; Mark A. Brown, Vice-President,
include Benjamin
the Dime Savings
"The
Loans
Defense
Bank St Trust Co., Richmond, Va.
program
on
"Defense Savings Bonds."
Cwrent Economic Problems Round Table Conference
The fourth round
Current
table conference will be held
Problems.
Dr.
Association,
will
Economic
Ameri'ian
Bankers
Washington,
Pchwnlst,
C.,
D.
First
writer
round
table
F.
Paul
of
Thursday, Oct. 2, on
economist of the
on
Cadman,
Albert William Atwood of
and financial topics; Earl B.
preside.
business
on
Vice-President
City, and Dr.: Lionel D.
the
Bowery
Bernard W. Scharff, Director and Vice-President in charge
died at Mt.
of national sales for E. H. Rollins & Sons Inc.,
Aug. 19 after a short illness.
Funeral
Aug. 20 at his residence in Scarsdale,
N. Y.
Mr. Scharff was born in 1889 in Natchez, Miss.
He was graduated from Phillips Exeter Academy in 1907
and in 1911 was graduated from .Yale University.
The 30
years of his business life were spent with one organization.
Shortly after his graduation from Yale he joined the Boston
Sinai
Savings
Bank,
New York
in the
discussion.
Bankers Club, of New York.
port, L. I. on Aug. 20. He had retired five years ago, said
Freeport advices to the "Brooklyn Eagle" which stated that
was with the Chase National Bank for ten years
Mr. Peden
before
on
Association.
The program was arranged by the
firm of
died at the Johns
Hopkins Hospital on Aug. 19. He was 75 years of age. Mr.
Howard was the great-grandson of Gen. John Eager Howard,
one of the early Governors of Maryland said the Baltimore
"Sun" of Aug. 20, from which we also quote:
John Duvall Howard of Baltimore, head of the
investment bankers
r Mr. Howard
Entertain¬
convention, under the chairmanship
William H. Miller, Vice-President of the City National
Bank & Trust Co., Chicago.
The
program
follows:
Wednesday.
include
a
nine-mile
an
tour
along the south shore of Lake
all-star show will be held in Orchestra Hall.
Wednesday, Oct. 1—A reception hour has been arranged by the Chicago
in
p.
the Grand
m.,
which
will
include
•
Orchestra
Hall, and
the
Hotel
will
of
the
for the
eight-mile
evening
the
in addition to
the Stevens Hotel from
educated In the public
Harmanus
Fisher & Son, and he remained with that firm until
In 1912 he withdrew to form the
he became
one
of its
firm of John D. Howard Ac Co., with
Mr.
Howard was a member of the Baltimore Stock Exchange and was
was
drive
at
the
along
inaugural
an
The Grand
will be
inaugural
held
in
ceremony.
the
trustee of the
a
of the organization.
organ
Ball,
6:30 p. m.
to
He also
was a
director
of service was its oldest member
First
(Chicago) to discontinue the
operations of the institution, at least during the present
administration at Washington, was made known by Mr.
Nichols in a statement showing the condition of the bank
at the close of business, August 20, 1941, isued as follows:
National Bank of Englewood
Confronted,
its
own
as we are
public officials,
today, with the spectacle of a nation betrayed by
a
people divided as never before, not even in Civil
War days, and on all sides a resorting to
I do not
care
Nature's first law of self preserva¬
to continue as the custodian
of other people's
only
a
face-saving "incident."
'
'
We have, therefore, returned all but
of
over
$7,000,000, and we urge the
balance to enable
to close our
Hotel,
Lake
held in
i
$39,000 of a one-time-high deposit
immediate withdrawal of this small
books on 52 years of successful banking,
for the duration of the Roosevelt-concocted emergency.
Whether
and make
or not we
a
cash
share, will, of
step out of the picture
distribution to
course,
structure of over
an
us
money.
It awaits
our
completely, wreck the building,
stockholders of better than $500 a
depend on coming events.
Certainly, with a capital
$1,000,000 and a building entirely written off, we sit in
enviable position to re-enter
the banking business when, as, and if
it.
Edgewater Beach
the
north
ceremony
shore
will
be
of
recital the nationally known
which
Grand
At the time of his death
Exchange's gratuity fund.
financial and political conditions warrant
ladies
Chicago and the popular and celebrated singer, Giovanni
entertain.
convention,
after
an
Thursday
Swedish Chorus of
Martinelli,
Room
2—A tea
Michigan.
of
Ball
for the delegates and ladies.
Oct.
was
members.
at least
Tuesday evening
Thursday,
and
His first position was with the firm of J.
Under these conditions, this country could be split wide open.
Tuesday, Sept. 30—A luncheon for the ladies at the South Shore Country
6:30
name,
born Aug. 11, 1866,
was
schools of Baltimore.
tion.
Sunday, Sept. 28—Reception for arriving delegates in Grand Ball Room
of Stevens Hotel, 4:00 p. m. to 6:00 p. m.
Monday, Sept. 29—For a limited number of ladies attending the con¬
vention, a tour through the Kraft Cheese Co. ; the same tour will be
banks
bearing his
The intention of President John M. Nichols, of the
Aug. 19 by P. D. Houston, President of the
ment Committee for the
will
was
Con¬
convention of the American Bankers Asso¬
in New York
which
He
-
♦
of the Mercantile Trust Co. and in point
ciation, to be held in Chicago, Sept. 29-Oct. 2, was announced
Michigan.
age.
the surviving member of the enterprise.
Completion of the entertainment program for the sixty-
Club,
of
for many years a Governor
Program for A. B. A. Annual
vention at Chicago Sept* 29-Oct. 2
on
joining the North River Savings Bank.
65 years
offices at South and Redwood streets, in association with Oscar M. Lemoine,
Entertainment
repeated
on
office of E. H. Rollins & Sons where he served in various
he
of
on
held
were
capacities prior to his appointment in 1928 as sales director
of that office.
In September of 1930 he transferred his
activities to New York where he assumed charge of national
sales. Mr. Scharff was a member of the Bond Club and the
issue
July 26, page 493.
seventh annual
Hospital
services
York City will take part
Edie of New
Previous reference to the.convention appeared in our
of
Company of New York.
Horatio H. Peden, for 30 years Secretary of the North
River Savings Bank in New York, died at his home in Free-
Defense Financing Round Table Conference
of
and Comptroller
Socony-Vacuum Oil Co., Inc., has been elected a
Director of The Commercial National Bank and Trust
Bank, Flemington, N. J, and J. M. Sorensen,
County National
Executive
A panel discussion
follow these addresses.
be barrel G. Ensign, Assistant Cashier,
William J. Kinnamon, Cashier of the
Mortgage
Bankers
of the
participate
"Mobilizing Information."
This round table con¬
public relations technique demonstration! Toy
members of the Chicago Chapter of the American Institute of Banking,
educational section of the A. B. A.
Cash prizes of $50, $30 and $20 will
be awarded to the winning participants in this phase of the round table.
panel discussion
ference
Arthur T. Roberts, Director, Treasurer
Pickard,
Neenah, Wise., Chairman of the A. B. A.'s Public Relations Council, whose
of
The annual Field Day of the Iowa Investment
Association will be held at the Wakonda Country Club,
lies Moines, Iowa, on Wednesday, September 10.
Staff, whose topic will be "Mobilizing Money,"
President of the National Manufacturers Bank,
Savings
N.
Samuel
and it is
Public Relations
on
Totton,
be
and
a buffet supper and dinner in the evening,
expected that about 400 members will be present.
Special arrangements are being extended to members who
desire to enjoy the outing but who are unable to participate
in the tournament. Benjamin Jacobson, who is Treasurer of
the Association, heads the Arrangements Committee and is
asking members to arrange their foursomes and advise him
of their preferred starting times. Emil Schram, President of
the Exchange, and Robert L. Stott, Chairman of the Board
of Governors, will be the guests of honor. Donald J. Harden¬
There will also be
hold
will
Sept.
Monday afternoon,
on
Scarboro,
C.
James
Bankers Association
State
of
convention
the
at
Section
Secretaries
State
Ball
is the closing function
Room
of
the
Stevens
John
BurbaWi Vice-President of the Citizens National
Trust & Savings Bank of Los Angeles, on Aug. 13 celebrated
the 35th anniversary of his connection with the institution.
On
Aug. 13, 1906, he started
American
National
Citizens National.
as
a messenger
for the old
which later was merged with
After serving as bookkeeper, teller and
Bank,
Volume 153
in other
The Commercial & Financial Chronicle
capacities, Jie
1921 when he
given his first official
was
status in
elected an Assistant Cashier.
Three years
Vice-President of the bank and then Execu¬
Vice-President of the Citizens National
was
later he became
tive
a
Company,
a
subsidiary organization which was discontinued in 1933.
At that tin\e he returned to active service with
the bank.
President L. M. Giannini of the Bank of America National
Savings Association, of San Francisco, reports that
Trust &
at the
held
regular meeting of the Board of Directors of the bank
Aug. 12, in Los Angeles, several important changes
on
in official
assignments
growth of the bank
ditional
made.
He explained that the
the past several years and the ad¬
were
over
work
and responsibilities
lately thrown upon Ad¬
Departments of the Bank as a result of the
Government's Defense Program, had necessitated a redis¬
ministrative
tribution
duties and responsibilities
ot
administrative officers,
of
their
outstanding
effective Sept. 1, are as
oi
number
a
senior
Ox
who were promoted in recognition
achievements.
These
promotions,
follows:
finally closed at 113. Aircraft stocks were fractionally
higher and shipbuilding shares did not appear on the
tape.
Stocks
were
down but the volume of
Friday.
issues
were
DAILY
unsettled; Bell moving
and
Brewster
TRANSACTIONS
appointed Vice-President
Personnel
Relations,
and
Hugo
A,
Steinmeyer
appointed Secretary.
Saturday
MARKET
Monday
Narrow price
was
YORK
CURB
EXCHANGE
Bonds {Par Value)
Foreign
Domestic
Foreign
Corporate
Government
$300,000
Total
$3,000
$303,000
65,870
411,000
13,000
65,065
645,000
82,000
49,000
$22,000
749,000
568,000
633,000
6,000
623,000
31,000
8,000
672,000
81,805
424,000
93,125
542,000
21,000
19,000
582,000
435,540
Total
$3,099,000
$199,000
$55,000
$3,353,000
Sales at
Week Ended Aug. 22
Jan. 1 to Aug. 22
New York Curb
Exchange
1941
Stocks—No. of shares.
1940
1941
1940
435,540
301,310
16,935,667
29,611,842
$3,099,000
$3,135,000
$203,159,000
Bonds
Domestic
199,000
19,000
$163,547,000
2,909,000
55,000
90,000
1,807,000
1,521,000
4,539,000
$3,353,000
$3,244,000
$168,263,000
$209,219,000
Foreign government
Foreign corporate
also active at times and
points to 101.
narrow
forged ahead on Tuesday 1%
Aircraft issues continued to move within a
Total
channel, the advances and declines being about
evenly
divided.
Oil shares
were
NATIONAL
moderately higher.
Curb market transactions
were
light and there
interest apparent during the short session on
of the traders were absent due to vacation
was
little
Saturday. Many
periods and
as
the
day advanced, the tickers slowed down and the turnover
dropped to approximately 29,000 shares against 63,000 during
the preceding short session.
In the aircraft section, Bell
slipped back a point to 17%, while Beech was fractionally
lower and Bellanca and Cessna registered modest
advances.
Oil stocks were unsettled, but the
changes were mostly in
minor fractions.
In the industrial
group, Singer Manufactur¬
ing Co. sagged 2 points but rallied to 139 at the close and
Aluminum Co. of America
Industrial shares
the
NEW
were
100,675
Friday........
v
v
on
up
Vultee
THE
29,000
Wednesday
Thursday
changes and light trading were the dominat¬
ing features of the Curb Market dealings during the greater
part of the present week.
Industrial stocks attracted a
goodly part of the speculative attention and there were some
modest gains among the preferred stocks in the
public utility
section. Paper and cardboard shares were
moderately higher,
especially St. Regis pref., which climbed upward on Wednes¬
day 3 points to its t<?p for the year at 111. Todd Shipyards
AT
of
Shares)
Auo. 22, 1941
Tuesday.
THE CURB
higher
{Number
Week Ended
Purdy appointed Vice-President and ViceChairman of the Operating Committee, Frank F. Risso
appointed Viceof
and
Stocks
and Chairman of the Operating Committee, E. A,
Mattison appointed As¬
charge
was
34 point, while Beech
unchanged. As
compared with Friday of last week, prices were slightly
lower.
American Gas and Electric
closing last night at 23%
against 24% on Friday a week ago.
Bell Aircraft at 17%
against 18%; Glen Alden Coal Co. at 14 against 14%; Inter¬
national Petroleum at
9% against 9% ana New Jersey Zinc
at 68 against
69%.
declined
sistant to the President, J. A.
in
trading
Industrial shares and public utilities continued to
attract much of the speculative attention
but the changes in
most cases were small and
without special significance.
There were occasional
exceptions among the more active
stocks including
among others, Aluminum Co. of America
which advanced 2%
points to 115%; Brill Corp. pref., 2%
points to 57%; Pa. Salt Manufacturing Co., 3 points to 78
and Pittsburgh and Lake
Erie, 1% paints to 68%. Aircraft
R. J. Barbieri appointed Vice-President and
Controller, R. P. A. Everard
appointed Vice-President and Cashier, A. Fenton
President
1077
and
volume
were
was
down 1% points to
112%.
in demand
of
on
Monday, and while
trading decreased to 66,000 shares against
approximately 80,000 shares on Friday, the tone was fairly
strong and the gains were in excess of the losses as the session
ended.. Public utility preferred stocks were
moderately higher
The
from the office of the
Brewster declined.
Mixed price changes marked the
the session
trading during much of
Tuesday, the transfers were slightly down, the
being 65,205 against 67,220 on Monday. Todd
Shipyards rallied 1% points to 101, but New York Ship¬
building (founders shares), failed to appear on the tape. In
the paper and cardboard section, St.Regis
Paper and Internat.
Paper & Power (warrants), were unchanged and the Aircraft
on
total volume
stocks continued to
move
within their usual
narrow
CHANGE
settled with Vultee and Bell fractionally higher, while Cessna
OF
LOCATION
AND
TITLE
Aug. 9—Location of "The First National Bank of Wheatland," Wheatland,
County of Oklahoma, Okla., changed to Bethany, County of Oklahoma,
Okla., and title changed to "The First National Bank of Bethany."
BRANCH
AUTHORIZED
Aug. 11—The Citizens National Trust
Riverside, Calif.
Location of branch:
Field, Calif.
VOLUNTARY
&
Savings
Bank
of
Riverside,
Military Reservation of March
LIQUIDATION
Amount
Aug. 13—The Mount Prospect National Bank of Newark, N. J_.$150,000
Common stock, $101,250; preferred stock (RFC), $48,750.
Effective at the close of business July 25, 1941.
Liquidating
agents, Henry B. Rogers and William A. Bishop, care of the
liquidating bank.
Absorbed by United States Trust Co. of
Newark, Newark, N. J.
COURSE
OF
BANK
CLEARINGS
Bank
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Aug. 23)
clearings from all cities of the Unitea States from which it
is possible to obtain weekly clearings will be 43.5% above
those for the corresponding week last year.
Our preliminary
total stands at $6,691,275,804, against $4,661,509,651 for
the same week in 1940.
At this center there is a gain for the
week ended Friday of 45.3%.
Our comparative summary
for the week follows:
Clearings—Returns by Telegraph
Week Ending Aug. 23
channel.
Outstanding among the declines were Empire Gas & Fuel 7%
pref. 2% points to 116%. Indianapolis Power & Light pref.
(534)> 1 point to 112%. Mountain States Tel. & Tel., 1%
points to 131; Pittsburgh & Lake Erie, 1% points to 66%;
and United Shoe Machinery pref., 1%
points to 45%.
Moderate changes and an increased volume of sales were
the features of the trading on
Wednesday. The bright spot
of the day was St. Regis Paper pref., which climbed
upward
3 points to 111.
The transfers worked up to approximately
101,000 shares against 65,000 during the preceding session.
Todd Shipyards continued its advance of the
preceding day
and worked briskly upward to 102, but later declined to 101.
Oil stocks were slightly higher and the
paper and cardboard
shares were generally irregular.
Aircraft issues were un¬
is
Comptroller of the Currency, Treasury
Department:
and the aluminum shares rallied all
along the line, Aluminum
Co. of America advancing 1 % points to
113%, followed by
Aluminium, Ltd., which moved ahead % point to 72. Todd
Shipyards sold down % point.
In the aircraft section,
Cessna moved up to 9% at its top for the
day, but fell back
to 9% at the close.
Vultee and Beech were fractionally
higher, Fairchild and Republic were unchanged and Bell and
BANKS
following information regarding National banks
Per
1941
$2,664,507,377
—
Boston.
Kansas
_
_
City.
St. Louis
-
_
San Francisco
Pittsburgh
Detroit
Cleveland.
Baltimore
-
......
Eleven cities, five days..
Other cities, five days
Total all cities, five days
All cities, one day
Total all cities for week
234,635,359
296,000,000
150,468,321
75,208,355
71,400,000
143,074,000
$3,146,920,108
824,099,595
+ 43.9
$3,971,019,703
690,489,948
+ 27.0
$6,691,275,804
Philadelphia
$1,833,999,250
$5,576,063,170
1.115,212,634
Chicago
316,281,517
421,000,000
229,871,471
114,908,443
103,100,000
168,335,000
149,329,278
142,526,846
131,688,930
87,710,798
$4,529,259,660
1,046,803,510
New York
1940
$4,661,509,651
+ 43.6
Cent
+ 45.3
+34.8
+ 42.2
+ 52.8
+ 52.8
+ 44.4
+ 17.7
105,646,328
+41.3
90,062,372
90,264,154
56,161,969
+ 58.3
+ 45.9
+ 56.2
+27.0
+ 61.5
Industrials and public utilities were the most active stocks
Thursday and while there were about two dozen issues
that registered gains or losses of a point or more, these were
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
about
of the week in all
and Fairchild sold down.
on
evenly divided between the two groups.
The strong
stocks of the day were Aluminum Co. of America which ad¬
vanced up to 118 at its top for the day and closed at 116 with
gain of 3 points and Universal pictures which forged ahead
3% points to a new 1941 peak at 24; Empire Gas & Fuel 6%
pref., was another strong issue as it surged upward to 113%
a
cases
In the elaborate
has to be estimated.
detailed statement, however,
which
we
present further below, we are able to give final and complete
for the week previous—the week ended Aug. 16.
For that week there was an increase of 35.06%, the aggregate
results
of
clearings for
the
whole
country having
amounted
to
The Commercial & Financial Chronicle
1078
$6,747,363*016, against $5,021,320,734 in the same week of
1940.
Outside of this city there was an increase of 35.4%,
the bank clearings at this center having recorded a gain of
34.1%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals are large, by 33.5%, in the Boston Reserve
District by 36.2% and in the Philadelphia Reserve District
by 34.0%.
In the Cleveland Reserve District the totals
show an expansion of 37.4%, in the Richmond Reserve
District by 37.7% arid in the Atlanta Reserve District by
39.6%. In the Chicago Reserve District there is a gain of
37.8%, in the St. Louis Reserve District of 34.1% and in
the Minneapolis Reserve District of 28.7%.
In the Kansas
City Reserve District the increase is 31.3%, in the Dallas
Reserve District of 28.3% and in the San Francisco Reserve
District of 30.8%.
In the following we furnish a summary by Federal Reserve
Aug.
23,
1941
Week Ended Aug. 16
Clearings atInc.
or
Dec.
1940
1939
%
1941
$
1938
Seventh Feder al Reserve D Istrlct—Chic ago—
594,426
Mich.—AnnArbor
191,761,816
Detroit
4,851,153
Grand Rapids-
2,392,809
Lansing
2,571,650
Ind.—Ft.
Wayne
Indianapolis..
South Bend...
25,858,000
2,456.901
Terre Haute...
6.872,421
Wis.—Milwaukee
26,751,028
Springfield
1,586,569
10,659,827
4,822,255
452,847
401,918,589
1,339,456
4,401,742
2,188,812
1,550,284
Total (18 cities)
693,030,585
la.—Ced.
Rapids
Moines..
Des
Sioux
City
111.—Bloomlngton
Chicago
Decatur......
Peoria
...
Rockford
+ 51.3
406,824
346,026
+ 56.4
392,790
122,586,767
3,525,104
1,759,487
1,939,294
19,351,000
1,858,063
5,643,577
22,577,347
1,155,334
96,496,105
3,005,780
1,697,317
74.758,626
+ 37.6
+32.6
994,739
2,438,029
1,217,184
2,011,611
+33.6
18,244,000
15,756,000
+32.3
1,451,924
+21.8
5,544,896
+ 18.5
22,005,329
1,189,259
4,035,323
18,108,277
+36.0
+37.3
1,005,433
8,815,048
+20.9
7,750,565
3,892,548
+23.9
3,303,532
354,969
+27.6
301,489,495
1,013,954
+ 33.3
355,761
286,384,101
+32.1
813,711
944,134
'
7,529.007
3,109,199
357,023
256,342,835
652,690
3,536,231
3,684,161
+ 19.5
3,550,350
1,376,989
1.401,796
+60.0
1,197,915
963,741
+ 10.6
1,059,344
1,099,766
502.817,713
+37.8
455,267,626
394,394,961
Districts:
SUMMARY OF BANK
CLEARINGS
Jnc.or
Week End. Aug. 16. 1941
1941
1941
1940
Dec.
1939
%
Eighth Federa
1938
S
1 Reserve Dis trict—St. Lo Ui8
Mo.—St. Louis.-
*
Federal Reserve Diets
let
12 cities
Boston
%
233,655,327 +36.2
2,482,969,564 +33.5
239,293,604
208,526,355
3,301,488,214
2,850,762,950
+34.0
435,445,563
+37.4
145,032,117 +37.7
168,253,021 +39.6
297,269.181
163,085,020
139,406,159
110,965,144
112,542,038
+31.3
72,251,231 +28.3
263,048,503 +30.8
132,055,701
72,851,365
254,389,789
2,246,156,196
418,048,045
4th
Cleveland..
456,060,280
331,862,007
Richmond.. 6
10
"
234,919,282
Chicago
18
"
693,030,585
8th
St. Louis—
4
"
199,593,260
9th
Minneapolis 7
"
"
186,277,831
M
92,698,773
M
82,400,000
30,786,107
18,689,081
14,523,503
+ 25.6
490,000
500,000
199,593,260
148,839,182
+34.1
139,406.159
128,209,610
3,970,975
71,063,853
68,393,030
560,148,384
Atlanta
34,627,078
+35.4
129,166,700
3,315,912,816
"
"
"
6th
85,600,000
+43.3
19,464,894
587,000
128,209,610
"
Philadelphia^
6th
+ 29.7
39,987,288
394,394,961
New York..12
7th
88,800,000
57,301,927
26,354,333
737,000
144,735,971
455,267,626
2d
3d
7
115,200,000
239.954,591
+37.8
148,839,182 +34.1
112,695,203 +28.7
318,280,772
Ky.—Louisville
Tenn.—Memphis
111.—Quincy
359,915,442
*
345,697,561
199,893,540
137,451,595
502,817,713
.
Total (4 cities).
122,772,558
Ninth Federal
Reserve Dis trict—Minne
Minn.—Duluth..
12th San Fran.
_.
10
145,049,932
113 cities
Total
Canada.... ....3 2 cities
add
now
our
6,747,363,016
5,021,320,734
4,998,364,004
2,620,530,838
+34.4
+35.6
5,738,968,961
3,553,776,982
Outside N. Y. City
We
141,848,821
2,535,442,935
poll 8+ 14.8
275,112,890
+34.7
292.064.986
N. Dak—Fargo-
3,094,891
+23.9
3,976,070
71,986,119
27,943,849
2,393,635
1,247,165
865,397
+44.1
919,178
Minneapolis...
St. Paul
283,829,126
Helena
Total
1,088,772
876,346
+24.3
754,135
3,509,437
3,234,664
+ 8.5
2,992,158
145,049,932
112,695,203
+28.7
110,965,144
112,542,038
■_
(7 cities)
Tenth Federal
years:
Reserve Dis trict—Kansa
Hastings
Week Ended Aug. 16
Lincoln
Clearings ai-
Omaha
Inc.
1941
1940
or
Dec.
1939
Reserve Dlst rlct-
574,067
•C:>
Boston
687,271
Federal
2,694,850
274,842,601
905,891
392,320
990,328
»
Mass.—Boston..
Fall River
Lowell
New Bedford..
3,351,564
Springfield..
2,631,855
Worcester.._
Conn.—Hartford
13,044,286
5,104,415
New Haven
R. I.—Providence
12,982,400
653,991
N.H.—Manches'r
+ 21.5
+ 38.9
707,484
+28.0
578,132
Total (12
cities)
Second
Feder al Reserve D (strict—New
318,280,772
+ 19.7
2,217,673
197,815,828
376,792
856,718
3,087,243
2,202,487
10,689,051
4,218.052
10,331,900
233,655,327
+ 4.1
799,303
2,854,321
+ 19.5
1,609,675
+ 22.0
9,869,653
3,810;202
9,633,300
462,428
+ 21.0
+ 25.7
+ 13.1
+ 36.2
879,455
560,296
+ 57.0
+ 16.2
Jamestown
....
Total (12 cities)
Third
Federal
3,315,912,816 2,482,969,564
Reserve Die trict— Phila
Pa.—Altoona
—22.
+6.8
+ 33.5
+ 34.1
+ 33.9
+ 14.0
92,584
86,134
+ 16.9
3,021,567
+23.2
145,258
2,555,956
2,263,565
+28.3
28,929,740
29,074,200
+29.6
+ 32.6
2,526,767
2,550,706
91,099,408
3,180,681
Total (10 cities)
Cleveland
3,469,308
85,788,214
165,677,694
Columbus
14,681.300
338,569
186,277,831
141,848,821
+31.3
132,055,701
129.166,700
Dallas
Fort
Worth..
1,817.838
58.159,623
6,609,831
2,137,000
1,324,938
52,161,099
7,090,934
Galveston.
....
Wichita Falls..
5,164,013
1,079,711
2,160,168
District—Da Has—
+ 27.9
1,689,311
57,899,000
+26.9
6,377,775
+ 39.1
+22.6
1,908,000
1,001,537
+29.2
864,745
888,542
3,375,608
+34.6
3,262,228
3,204,517
72,251,231
+27.5
72,851,365
68,393,030
3,723,000
9,047,338
1,258,462
32,600,000
Reserve
73,493,000
8,869,681
2,340,000
1,293,649
4,542,275
208,526,355
Total (6
467,828
906,056
31,000,000
401,576
626,715
,203,526,026 2,755,648,185
7,084,335
6,104,716
92,090,773
cities)
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
44,643,133
+39.1
38,124.979
Utah—S. L. City
Calif.—L. Beach.
Pasadena
Francisco.
San Jose
35,852,709
+ 24.0
1,230,299
925,728
+32.0
33,949,459
16,133,117
31,402,673
13,978,361
4,170,030
3,335,034
142,691,000
2,770,404
5,290,883
3,918,614
190,354,000
1,231,168
40,217,542
15,488,746
3,934,679
+34.5
3,103,443
147,066,000
+26.3
4,637,795
3,328,174
+29.4
149,628,0C0
4,715,919
Yakima..
Ore.—Portland.
San
62,115,235
1,526,799
53,069,618
20,025,326
Franc i8CO
3,425,223
+29.3
+ 37.7
3,448,352
14,737,390
Santa Barbara.
1,497,388
1,450,872
+ 3.2
1,584,679
1,626,201
24,587,649
Stockton
3,183,779
2,487,697
+28.0
2,324,935
2,237,658
345,697,561
263,048,503
+31.4
254,389,789
238,989,798
+ 33.5 3,301,488,214 2,850,762,950
delphi
Total (10 cities)
Grand
343,770
504,719
364,597
473,398
+ 28.7
520,456
1,218,012
+ 34.6
423,000,000
388,478
1,234,752
348,000,000
+ 17.8
+ 37.6
1,529.791
2,413,713
1,103,183
1,193,319
6,170,400
+ 11.4
3,618,600
+ 34.0
435,445,563
359,915,442
(113
3,948,400
418,048,045
total
1,503,548
+ 80.4
+ 9.8
+ 11.0
6,747,363,016 5,021,320,734
+ 34.4 5,738,968,961 4,998,364,004
Outside NewYork 3,553,776,982 2,620,530,838
+35.6 2,535,442,935 2,242,715,819
cities)
1,299,954
Week Ended Aug. 14
1,964,292
738,023
Feder al Reserve D istrlct—Clev eland—
Ohio—Canton
644,037
591,985
Eleventh Fede ral
Texas—Austin..
Clearings at—
Inc.
or
1941
....
Montreal...
1940
Dec.
1939
$
Canada—
Toronto
Fourth
547,174
+28.3
17,938,690
+ 37.8
560,148,384
+ 14.4
24,369,033
1,090,923
438,377
1,160,351
402,000,000
1,602,521
2,671,438
1,151,704
1,358,691
Total (10 cities)
3,016,123
639,856
698,934
+ 16.8
790,603
1,493,789
N. J.—Trenton..
+ 5.4
732,033
896,472
+19.4
1,503,318
York
239,293,604
3,877,823
403,404
Chester...
Wilkes-Barre-.
2,308,923
2,562,929
89,101,377
2.640,869
....
La.—Shreveport
3,248,443
Bethlehem
Scranton
—
+63.5
354,483
681,226
2,726,856
1,626,869
8,992,132
3,516,174
8,165,100
483,083
4,112,863
356,414
+ 27.7
541,000,000
1,888,462
-2,933,200
1,278,256
1,869,857
6,873,600
179,388,663
511,013
3,704,494
403,640
Philadelphia...
Reading
St. Joseph
Pueblo
30,303,493
1,737,082
2,998,401
98,995,395
146,097
1,560,950
+ 17.7
+ 14.2
City...
City-
101,970
171,442
Colo.—Col. Spgs
—12.7
515,299
Lancaster
5
519,806
York
1,177,497
1,013,490
New York
3,193,586,034 2,380,789,896
Rochester.
10,089,096
7,537,119
Syracuse.
5,319,254
6,090,329
Conn.—Stamford
4,604,846
3,911,417
N. J.—Montclair
493,533
432,323
Newark...
20,916,324
17,909,123
i
Northern N. J.
26,037,969
21,810,383
Buffalo
Eimira
647,764
410,598
+ 8.6
7,435,512
1,179,676
34,300,000
Binghamton...
479,951
2,128,746
206,587,663
+ 15.6
5,748,662
1,260,141
45,800,000
N. Y.—Albany..
Wichita...,
Kansas
$
Flrst
Topeka
1938
s
116,226
♦200,000
3,721,168
38,875,641
2,252,032
4,903,480
131,229,667
3,351,112
Neb.—Fremont.
Portland
+21.8
detailed statement showing last week's
figures for each city separately for the four
Me.—Bangor
+ 32.9
31,352,676
2,185,857
836,719
689,893
2,442,065
Mont.—Billings
2,242,715,819
370,562,682
4,237,084
98,059,115
33,813,468
a
3,691,982
73,756,796
27,771,689
2,498,329
8.D.—Aberdeen.
10th Kansas City 10
11th Dallas.
6
$
%
$
111,217,022
105,492,412
47.941,860
16,672,845
86,637,979
+28.4
84,528.853
+24.8
95,090,447
91,942,676
1938
$
98,526,930
89,957,771
23,733,713
16,135,828
13,821,087
4,672,528
2,307,694
4,780,212
4,411,629
1.784,723
456,060,280
331.862,007
.
32,548,691
+ 5.4
16,241,621
19,944,684
4,738,212
3,218,612
+80.9
13,838,209
5,823,994
4,920,073
4,673,628
+30.2
2,237,465
4,670,637
+37.8
4,213,493
1,834,532
+ 8.2
1,670,598
Victoria
1,660,793
1,691,035
—1.8
2,890,287
2,314,553
+24.9
Edmonton......
4,980,341
3,955,178
387,860
544,587
1,316,701
3,820,309
2,852,105
324,517
+ 30.4
+ 19.5
1,723,883
2,242,809
4,003,743
2,845,028
291,488
386,995
+40.7
.506.601
1,155,981
475,974
+ 13.9
545,922
+ 14.7
1,101,700
527,408
923,158
1,192,726
756,515
+22.0
705,074
779,357
+53.0
New Westminster
893,089
726,743
+22.9
Medicine Hat...
Total (7 cities).
2,416,323
+ 93.9
16,816,061
Fort William....
3,447,948
180,585,493
Mansfield.
+ 24.5
36,076,268
4,744,874
3,369,980
6,405,143
6,439,972
1,985.611
London
Youngstown...
Pa.—Pittsburgh
2,787,359
60,651,085
118,336,035
11,225,000
1,754,149
2,798,815
134,309,564
Cincinnati
374,888
807,570
801,855
1,130,546
3,441,311
727,212
638,676
183,066
781,949
761,775
612,856
179,729
1,970,432
1,558,381
+41.4
56,860,008
49,578,026
Vancouver
+40.0
106,338,967
Ottawa
+30.8
+23.2
11,455,900
1,779.180
2,872,574
+34.5
115,992,120
80,902,761
7,963,100
1,566,575
2.017,010
96,368,738
+ 37.4
297,269,181
239,954,591
+ 37.7
Winnipeg
Quebec
Halifax
Hamilton
Calgary
....
St. John
Fifth Federal
Reserve Dlst rict-
W.Va.—Hunt'ton
895,353
Va.—Norfolk
4,217,000
52,422,717
Richmond
S. C.—Charleston
Md.—Baltimore.
1,886,707
105,042,901
D.C.—Washing'n
35,228,862
Total (6
cities).
Sixth Federal
199,693,540
-Richm ond-
643,062
+ 39.2
2,463,000
+ 71.2
37,935,999
1,076,097
+ 38.2
75,803,393
27,119,566
+ 38.6
145,032,117
+ 76.8
+29.9
447,322
2,306,000
44,124,148
1,194,356
66,890,425
22,489,344
361,405
2,006,000
42,760,986
876.947
57,623,301
19,143,919
Nashville
Ga.—Atlanta
Augusta.
Macon
Fla.—Jacksonville
Ala.—Birmham..
Mobile
6,042,687
28,484,042
88,800,000
1,538,734
1,526,721
23.148,000
30,594,021
3,086,353
Lethbridge
Saskatoon
.
Moose Jaw
Brantford..
+37.7
137,451,595
122,772,558
4,907,233
+23.1
19,648,428
63,500,000
1,219,905
943,730
16,249,000
22,449,865
2,179,730
+45.0
3,823,555
16,695,317
Kitchener.
56,400.000
Windsor
+26.1
4,406,749
18,449,113
61,100,000
1,101,638
+ 61.8
884,756
+42.5
16,544,000
20,597,909
1,785,467
Reserve Dist rict—Atlant
Tenn.—Knoxville
Regina.
Brandon
Peterborough
+39.8
+ 36.3
+41.6
868,624
Sherbrooke
....
1,315,072
x
x
120,389
+ 14.5
128,719
51,560,824
37,034,741
+39.2
38,086,669
117,280
32,894,219
Total (10 cities)
234.919,282
168,253,021
+ 39.6
163,085,020
x
+ 96.3
620,084
+30.2
901,297
—11.0
928,914
+21.7
+39.4
2.468,189
282,632
765,501
2,575,801
302,275
2,353,520
+ 16.5
685,140
517,242
553,445
+ 14.6
510,443
504,035
1,203,668
386,526
1,114,166
+30.4
445,123
+ 8.0
971,296
370,562,682
275.112,890
+ 34.7
292,064,986
*
(32 cities)
Estimated,
x
No figures
available.
540,454
+44.1
+26.6
Total
458,171
1,158,100
970,227
576,110
....
2,898,432
346,353
641,607
729,087
634,218
Sudbury........
3,790,132
586,711
707,873
Kingston
Sarnia
1,601,449
2,659,479
988,563
891,715
144,735,971
x
+38.7
407,160
Chatham..
137,900
+4.7
Moncton
16,663,828
Vioksburg
La.—New Orl'ns.
190,941
+0.14
Prince Albert
681,076
15,277,000
Miss.—Jackson..
24,728,367
537.072
296,912
700,961
522,201
470,288
407,950
1,007,394
283,829.126-
Volume
FOREIGN
CALLS
REDEMPTION
RATES
EXCHANGE
1079
& Financial Chronicle
The Commercial
153
AND
FUND
SINKING
NOTICES
requirements of Section 522 of the Tariff
Pursuant to the
Act
of
1930, the Federal Reserve Bank is
Below will be found
certifying
now
give below
RATES
TREASURY
TO
BANK
CERTIFIED
AUG.
1941, TO AUG. 22,
16,
Value in
Country and Monetary
in New York
United Slates Money
Aug. 18
Aug. 19
Aug. 20
Aug. 21
Aug. 22
$
$
$
*
$
$
a
a
a
a
a
a
a
a
a
a
;
Europe—
Belgium, belga
Bulgaria, lev.———
Czechoslov'ia, koruna
Denmark,
*
'S
krone
a
'
a
a
a
v:
a
a
V.?/a
a
"V
a
a
'
a-»*-•//
a
a
:
a
Engl'd, pound sterl'g
Official
4.035000
4.035000
4.0350C0
4.035000
4.035000
4.035000
Free
4.031250
4.030000
4.030000
4.030000
4.030000
4.030937
a
a
a
a
a
a
a
a
a
a
a
a
a
France, franc
a
a
a
Finland, Markka
a
a
a
a
a
a
a
a
a
Germany, reichsmark
Greece, drachma
a
'
■
?'*.
-
Norway,
a
a
a
a
a
a
a
a
a
a
a
a
:.:VV'
a
a
a
krone
a
a
a
a
Hungary, pengo
Italy, lira
Netherlands, guilder.
a
a
•
■
more
Poland, zloty
a
a
a
a
C
c
C
c.
c
a
a
a
a
a
a
c
c
c
C
c
c
Spain, Deseta
Sweden, krona
Switzerland, franc...
....
a
I
c
c
a
a
Chefoo (yuan) dol'r
Hankow (yuan) dol
a
a
C
C
a
:V-
c
c
dinar...
a
Yugoslavia,
,::
.'v
■
Illinois-Iowa Power Co. 6% bonds
International Paper Co. 6% bonds
Iowa Power & Light Co. 1st mtge.
C
V
C".
C
c"
c
a
a
a
a
...
a
-f '•
China—
s.
'
a
c
c
a
a
a
c
a
a
a
a
.■
"f
' :>•
a
''fy:.
C
'':JV
C
/
c
a
'
a
.251000
*
a
dollar.
.251125
.250968
.251281
.251281
.251125
India (British) rupee-
.301300
.301300
.301300
.301300
.301300
.301300
Japan, yen..
Straits Settlem'ts, dol
a
a
a
a
a
C
.471600
.471600
.471600
.471600
.471600
Hongkong,
V-\
fa Australasia—
Pay e
680
2
1120
?
bonds
♦Johns-Manville Corp. 7% preferred stock
Keith Memorial Theatre Corp. 1st mtge. bonds
Lukens Steel Co. 8%
bonds
5% bonds
Aug.
Mengel Co. 1st mtge. bonds
Sept.
National Battery Co. preferred stock
Oct.
National Distillers Products Corp. 3%% debentures.. ..Sept.
National Oil Products Co. 3%% debs.
Sept.
Nebraska Light & Power Co. 1st mtge. 6s
Nov.
♦Oklahoma Natural Gas Co. 1st mtge. 3%s..^
Oct.
.471600
1121
X1591
681
684
983
685
685
1125
96
239
686
984
687
x396o
985
£2550
£3805
693
694
£3028
1132
101
841
993
25
1
842
556
696
697
£3032
1137
Sept.
700
Sept.
Sept.
846
Nov.
Pennsylvania Water & Power Co. 3%% bonds
Peoples Gas Light & Coke Co.—
First mortgage 1942 series B.
First mortgage 1942 series D
''
680
Sept. 10
bonds .Nov. 1
Sept.
Oct.
Sept.
Sept.
Oct.
Nov.
Sept.
Manila Electric Co.
Asia—
Shanghai (yuan) dol
Tientsin (yuan) dol
3%% bonds
East Tennessee Light & Power Co. 6% refunding
Federal Light & Traction Co. 5% bonds
a
Portugal, escudo
Rumania, leu_.
;.i:
Date
Sept.
Sept. 1
Sept. 1
Sept. 19
American I. G. Chemical Corp.—See General Aniline & Film.
American Wire Fabrics Corp. 7% bonds
Sept. 1
Central States Edison, Inc. 15-year bonds
Oct.
1
Central States Power & Light Corp. 1st mtge. & 1st lien
gold 5Hs, 1953
Sept. 19
Champion Paper & Fibre Co.—
4%% bonds (1938)
Sept.
4%% bonds (1950)
Sept.
♦Charleston Transit Co. gen. mtge. bonds
Sept.
Chicago Union Station Co., 3%% bonds
Sept.
Coast Counties Gas & Electric Co. 4% bonds, series B. .Sept.
Colon Development Co., Ltd. 6% pref. stock. __
Aug. 27
Columbus & Southern Ohio Electric Co. 1st mtge. 3 %s
Sept. 1
Connecticut Light & Power Co. 3M% debs
Sept. 1
Consolidated Aircraft Corp. $3 pref. stock
Aug. 30
Consolidated Gas Electric Light & Power Co. of Balti¬
Uni
Aug. 16
'
;
Alabama Gas Co. 4%% bonds
♦Alabama Power Co. 1st mtge. 5s
Allentown Bethlehem Gas Co. 1st mtge. bonds
♦Allied Owners Corp. 1st lien bonds
1
Noon Buying Rate for Cable Transfers
gives the location in which the details were give in
Company and Issue—
INCLUSIVE
1941,
date for making tenders, and the page
last
or
Chronicle."
the
1930
OF
ACT
TARIFF
UNDER
number
RESERVE
FEDERAL
BY
bonds, notes, and
The date indicates the re¬
sinking fund provisions.
demption
record for the week just passed:
a
EXCHANGE
FOREIGN
under
We
cable transfers in the different countries of the world.
list of corporate
a
preferred stocks called for redemption, including those called
daily to the Secretary of the Treasury the buying rate for
£3355
£3355
846
Peoria Water Works Co—
Australia, pound—
Official
3.228000
3.228000
3.228000
3.228000
Free
3.211875
3.211250
3.211250
3.211250
3.211250
3.211875
New Zealand, pound. 3.224500
3.223833
3.223833
3.223833
3.223833
4% debentures
3.224500
3.228000
3.228000
3.980000
3.980000
3.980000
3.980000
Nov.
Nov.
Nov.
Prior lien 5s
First consolidated 4s
First consolidated 5s
Africa—
South Africa, pound. 3.980000
.
Philadelphia Co. 5% bonds.
Remington Rand, Inc. 20-year 4%% bonds
Richfield Oil Corp. 4% debs
Safeway Stores, Inc. 5% pref. stock.
Southeastern Power Sc Light Co.—See Commonwealth
3.980000
North America—
Canada, dollar—
909090
.909090
.889921
.891093
.891875
.891406
.205300*
.205300*
.205300*
.205300*
.909090
.909090
.909090
.887500
.887343
.888593
.889375
.889062
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
.237044*
.237044*
.237044*
.237044*
.237044*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050666*
.050666*
.050666*
.050666*
.050625*
.050625*
701
999
702
.237044*
Official
.060575*
£3355
£3355
107
Sept.
Sept.
Sept. 15
.Oct.
1
.909090
Official
.909090
.909090
Free
.889166
.889843
.205300*
.205300*
Official
.909090
.909090
Free....
.886666
Official
Free
Mexico, peso.
Newfoundl'd, dollar-
.909090
Wickwire Spencer Steel 6% notes
Wilson & Co., Inc., 1st mtge. 30-year
South America—
♦
Announcements this week
Brazil, milieis—
c
c
c
c
c
C
c
ExportColombia, peso
c
c
c
c
c
.569825*
.569800*
.569825*
.569825*
.569825*
.569825*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Shares
Non-controlled
.437500*
.436366*
.436433*
.436433*
.436433*
.436433*
4
No rates available.
Temporarily omitted.
c
LONDON
$
New Bedford, par $.20
Light & Power Co. 7 preferred series
10 Sarasota Bay Country
■/■'•'■'o'V;•
ach day
Aug. 18
Aug. 16
British Amer Tobacco.
♦Cable & W
>
(ord)
Aug. 20
Aug. 19
35/6
84/6
35/9
35/9
87/-
85/9
*£62%
*£62%
£11%
■
£11%
£11%
£11%
39 /3
39/3
32/-
Central Mln & Invest-.
32 /-
39/3
32 /3
31/9
Cons Goldflelds of 8 A.
Courtaulds S <fc Co
£7%
£8
£8
De Beers.
39/3
£7%
_._■■■■
Hudsons Bay
Co
Imp Tob & G B A I...
Closed
♦London Mid Ry
Metal Box
25/3
115/—
*£15%
24/6
24/6
115/-
114/6
21/6
24 / 9
113/3
*£15%
*£15%
*£15%
*£15
75/6
£7
£7
£7
£7
£6
£6
£6
£6
Rolls Royce
Shell Transport
United Molasses
26/6
Vlckers..
16/6
49/3
26/6
16/6
81/3
.
80/-
50/26/9
81/3
48/9
26/9
16/6
80/-
80/48/9
48/3
16/6
are
we
26/9
16/3
we
show
bring
£4»h
the
together all the dividends announced the
Then we follow with a second table in which
dividends previously announced, but which
Further details and record of past
the com¬
name in our "General Corporation and Investment
Department" in the week when declared.
have not yet
been paid.
dividend payments
pany
News
The dividends
in many cases are given under
announced this week are:
£4%
Name
FINANCIAL
CABLE
MARKET—PER
daily closing quotations for securities, <fcc., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Aug. 16
Aug. 18
Aug. 19
Aug. 20
Aug. 21
Aug. 22
237ied.
237i»d.
237i«d.
237nd.
237i«d.
Silver, per oz-d
Closed
Gold, p. fine oz.
168s.
168s.
168s.
Consols, 2 %s..
Closed
£81%
£81%
F
168s.
168s.
168s.
£82
£82
£81%
.
British 3 %s
..
Closed
£105%
£1058ie
£105*ie
£105*u
£105*u
Closed
War Loan.
£114%
£114 %
£114%
£114%
£114%
British 4s
1960-90
The
States
price of silver
on
the
same
per
ounce
eign)
(in cents)
in
the
Unitec
'
34%
34%
34%
34%
71.11
71.11
71.11
71.11
71.11
34%
U.S. Treasury
(newly mined)
71.11
(quar.).
(quar.)
$5preferred (quar.)
Alabama Water Service Co. $6 pref. (quar.)...
Altorfer Brothers Co. 83 con v. preferred
Aluminum Co. of America common
6% preferred (quar.) . ...
American Cigarette & Cigar Co., common
6% preferred (quar.)
American Public Service Co. 7% preferred—
American States Ins. Co. (Indianapolis) (qu.).
American Telephone & Telegraph Co. (quar.).
Apex Electrical Mfg. Co., com. (quar.)
7% prior preferred (quar.)......
Asbestos Corp., Ltd. (quar.)
86 preferred
Inv^tment Co. common (quar.)...
preferred (quar.)..__
preferred .....
Badger Paper Mills, Inc..
Bancroft (Joseph) & Sons, 7% preferred..
Bankers National Life Ins. Co. of N. J. (s.-a.)_.
Barber (W. H.) Co. (quar.)
-
Associates
5%
34%
15c
(initial)...
Agricul. Ins. Co. (Watertown, N. Y.)
Alabama Power Co. $7 pref. (quar.)
Atlantic Co. 6%
days has been:
BarN. Y. (For'
Share
of Company
Holders
When
Payable of Record
value.
Aeronautical Products, Inc.
The
Share
4%
In the
grouped in two separate tables.
Per
£4%
£4%
£4%
Per £100 par
ENGLISH
as
...
flat
—
Wltwatererand
Areas
per
flat
DIVIDENDS
Dividends
24/6
£6
Rio Tlnto
♦
75/6
75/6
75/6
75/6
.<•s
flat
31/6
£7
Rand Mines
West
22/-
22/-
>
Philadelphia:
Mfg. & Cold Storage Co
current week.
ll
.58% flat
5%s, May, 1961, series A
(Akron, Ohio) 5%% land trust
38/9
£7%
21/3
mi¬
12/-
Percent
£11%
112/-
69/-
12/-
12%
....
-'-f
*£62
first
68/6
12/—
22/-
64%
.
Stocks
'Shares
68/6
11/9
68/6
Electric & Musical Ind.
40
—
By Barnes & Lofland,
.
22 Bryn Mawr Ice
19
Distillers Co..
Ford Ltd
{
Aug. 22
35/9
*£62
Fri.,
Aug. 21
87/6
35/6
87/6
*£63
Boots Pure Drugs
Tims.,
Wed.,
Tues.,
Mon.i
Sat,,
$10,000
Share
....
certificates... .10%
.13%
Akron Dry Goods Co. building site 5% land trust certificates
.24%
Arcade Garage Building Site (Akron, Ohio) 5%% land trust ctf.
$10,200 Portage Hotel Co.
$10,000
of the past week:
A, par $100......
r
$500 Prudence Securities Corp.
Quotations of representative stocks as received by cable
per
....
....$5 lot
Club preferred
Insulated Wire Co
Bonds—
EXCHANGE
STOCK
Wednesday
Stocks
Merchants National Bank,
30 Collyer
THE
SALES
By R. L. Day & Co., Boston:
5 Iowa Electric
a
256
of the current week:
Uruguay, peso—
Nominal rate,
bonds
AUCTION
Chile, peso—
852
709
1007
iV. 152.
following securities were sold at auction on
The
£3827
1
Aug. 26
Sept. 1
.Sept. 15
Sept. 1
Winslow Bros. & Smith Co. 5%% debs..
Official
£1586
Oct.
i
Warner Co. 1st mtge. 6s
.909090
Argentina, peso—
*
&
Southern Corp
Adjustment mtge. bonds
75c
81%
$1%
81%
$1%
tSl
81
Aug. 30 Aug. 15
Oct.
1 Sept. 20
Oct.
1 Sept.12
Oct.
1
Nov.
1 Oct.
Sept. 12
17
Sept.
1 Aug. 20
Sept. 2 Aug. 25
Sept. 10 Aug. 28
Oct.
1 Sept.15
Sept. 15 Sept, 1
Sept. 30 Sept.15
Sept. 20 Aug. 30
Oct.
1 Sept.15
Oct. 15 Sept. 15
Oct.
1 Sept. 20
Oct.
1 Sept.20
Sept. 30 Sept.15
Sept. 30 Sept .15
Sept. 30 Sept.12
Sept. 30 Sept.12
Aug.
1 July 19
Aug. 25 Aug. 15
Aug. 14 July 23
Aug. 29 Aug. 22
Sept. 15 Aug. 30
1080
The Commercial & Financial Chronicle
Per
Name of
Company
...
Society (Del.) (quar.).
Birmingham Gas Co. $3-50prior pref. (quar.)...
Bobbs-Me-rill Co
Boston Elevated Ry.
Co. (quar.)
Boyertown Burial Casket Co. (quar.)
British-American Tobacco Ltd.—
Amer. dep. receipts for ord. reg.
(interim)..,
Amer. dep. receipts for
5% prer. reg. (s.-a.)
Amer. dep. receipts for 5% pref. bearer
(s.-a.)_
Oct. '41
—
Oct. 41
Sept. 30 Sept. 8
Sept. 15 Sept. 5
Sept. 2 Aug. 14
Oct.
6 Aug. 18
Sept. 20 Sept. 10
Aug. 20 Aug. 10
Sept. 13 Aug. 30
Sept. 30 Sept. 15
Sept. 15 Aug. 30
Oct.
8ept. 13
Oct. 15 Sept. 30
Sept. 26 Sept. 5
............
.......
California Ink Co., Inc. (irreg.)
Callaway Mills (irregular)
Calumet & Hecla Consolidated Copper Co
Canada Crushed Stone Corp., Ltd.
Canada Malting Co., Ltd. (quar.)
(interim)...
Canadian General Electric Co., Ltd.
(quar.)
Canadian General Investments. Ltd.
(quar.)...
Canadian Malartic Gold Mines, Ltd
Canadian West. Nat. G. L. H. & P.
Co., Ltd.-
6% preferred (guar.).
lucts.
Capital City Protlu
Capital Life Ins. Co. (Denver) (s.-a.)
Cariboo Gold Quartz Mining Co., Ltd.
(quar.)__
Sept. 2 Aug.
Sept. 25 Sept.
Aug. 18 Aug.
Oct.
1 Sept.
Oct.
Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Extra
Central Patricia Gold Mines, Ltd.
(,quar.)__.
Extra
Central & South West Utilities Co.—
$7 prior lien preferred
7,
$6 prior lien preferred
Central Steel & Wire Co. 6%
pref. (quar.)
m
75c
Chesapeake-Camp Corp. 5% pref. (quar.)
Chesapeake & Ohio Ry. Co. common (quar.)—
4% non-cum. series A preference (quar.)
Chesebrough Mfg. Co. (consolidated (quar.)
Extra
$32 M
$1X
-
v.t.c.
(qu.)
__—
Consolidated Film Industries. Inc.. $2
pref
Consolidated Gas El. Lt. & Pow. Co.
(Bait.)—
Common (quar.)
_
_
_
_
__
Quarterly
Copperweld Steel Co. common
5% conv. preferred (quar.)
Crucible Steel Co. of Amer. 5% conv.
pref. (qu.)
Cudahy Packing Co. 7% preferred
__
_
_
Cutler-Hammer, Inc. (irreg.)_.
Daniels & Fisher Stores Co.
(quar.)
Dayton Malleable Iron Co. (increased)
Delaware & Bound Brook RR. Co.
(quar.)
$4-50 preferred
(quar.)
Duncan Electric Mfg. Co
Oct.
1
Eddy Paper C orp
30c
62 He
_
25c
$im
___
_
(quar.)
25 Oct.
10
Sept. 10 Aug. 30
Oct.
15 Sept. 15
Sept.l5
Sept. 2
Sept.29 Sept. 15
Sept. 15 Aug. 30
Sept. 15 Aug. 30
Sept.
Aug. 25
Sept.
Aug. 25
2 Aug. 21
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
30
30
9
5
20
20
20
15
Sept.
Aug. 20
Sept.
Aug. 20
Sept. 15 Sept. 5
Hewitt Rubber
Corp, (quar.)__
Hinde & Dauche
Paper Co. of Canada
(quar.)_
Hollinger Consolidated Gold Mines, Ltd.—
Monthly
Honolulu Plantation Co
Honolulu Oil Corp
Hudson's Bay Co
I
Refining Co
Mines
(monthly)
Illinois Commercial Tel. Co.
(Madison, Wis.)
Indianapolis Power & Light Co
Indianapolis Water Co. class A (initial)
International Coal & Coke
Co., Ltd. (interim)__
International Harvester Co.
(quar.)
International Vitamin Corp
Jaeger Machine Co
Johns-Manville Corp., com.
(irreg.)
7% preferred (quar.)
Joslyn Mfg. & Supply Co. (com.)..
6% preferred (quar.).
Joy Manufacturing Co. (quar.)
Kaynee Co., 7% preferred (quar.)_.
Share
Keystone Steel & Wire Co. (irreg.)
Kilburn Mills (irreg.)
Kimberly-Clark Corp., com. (quar.)
6% preferred (quar.)
Kings County Lighting Co.—
7% preferred B (quar.)
6% preferred C (quar.)_
5% preferred D (quar.)
Kinney Manufacturing Co., common
$6 non-cumulative preferred
KoppersCo. 6% preferred (quar.)
Kobacker Stores, Inc., 7% pref.
(quar.)
__
_
-
15c
75c
lc
six
15c
SIX
25c
87 He
J5c
37 He
25c
25c
tl2Hc
t5c
15c
25c
2Hc
62Hc
5c
$1H
40c
20c
tlHc
40c
7Hc
50c
75c
$1 M
75c
$1H
30c
SIM
Sept. 30 Sept. 10
Sept.
Aug. 15
Sept. 10
Oct.
Nov.
Oct.
1
Aug. 30 Aug. 25
1-2-42 Dec. 20
Sept.
Aug. 20
Sept.
Aug. 20
Aug. 30 Aug.
1
Oct.
Sept.18
Sept.15 Sept. 5
Sept. 15 Aug. 30
Oct.
1 Sept. 15
Aug.
Aug.
Sept.
Aug.
Oct.
Sept.
Sept.22 Sept.
Oct.
" Sept.
—
JCorp., Ltd.—
conv. preferred (accum.)_
26
29
5
22
1
10
15 Oct.
15
1
Sept. 10 Aug. 22
Sept.10 Sept.
Oct.
15
Sept. 30
Sept. 10
Sept. 24
Oct.
Sept.15
Sept. 15
Sept. 15
Oct.
1
4
Sept. 20
Sept. 26
Aug. 30
Sept.10
Sept.17
Sept.
1
Sept.
1
Aug. 30
Sept. 23
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Macassa Mines, Ltd. (quar.)
Maryland Fund (irregular)
Masonite Corp. common (quar.)
Extra
5 % preferred
(quar.)
Mass.
Investors Second
Master Electric Co.
Fund, Inc. (irreg.)
(quar.)
J
_
Mengel Co. 5% conv. 1st pref
Merchants Fire Ins. Co.
Mesta Machine Co,
(Denver) (quar.)_
___.
(irregular)
Oct.
Meteor Motor Car Co
;______
Michigan Consol. Gas Co. 6% pref. (quar.)
Michigan Public Service Co. common (quar.)
7% preferred (quar.)
6% preferred (quar.)
6% preferred series of 1940 (quar.)
$6 junior preferred (quar.)
Mid-West Refineries, Inc., common
$1.50 conv. preferred (quar.)
Mississippi Power Co. $7 pref. (quar.)
Quarterly
$6 preferred (quar.)
Quarterly
Mock, Judson, Voehringer Co. (irreg.).Mohawk Carpet Mills, Inc.
(quar.)
Montreal Cottons, Ltd., common.
Oct.
___'_
Oct.
Oct.
Sept.
Sept.
Oct.
_
__
England Telephone & Telegraph Co
$1H
Oct.
25c
30c
25c
SIX
20c
50c
25c
t$2 X
t$3
%1CC
37 He
North River Ins. Co.
(quar.)
25c
7Mc
t50c
(quar.)
40c
6% preferred (quar.)
5% prior preference (quar.)
Ohio Match Co
Oklahoma Gas & Electric Co.
7% pref. (quar.)_.
_.
$1H
SIX
25c
SIX
SIX
18Mc
'____
•______
43 Mc
30c
25c
__^_
75c
30c
Penn Electric Switch Co.
$1.20 pref. cl. A (qu.)_
Pennsylvania State Water Corp. $7 pref.
SIM
Peoples Water & Gas Co. $6
$1H
Perfect Circle Co.
Pet Milk Co.
(quar.)
40c
preferred (quar.)
(quar.)
(quar.)
50c
25c
Petrol Oil
& Gas Co., Ltd.
(s.-a.)
Philadelphia Co. $6 preference (quar.)___
$5 preference (quar.)
Philiips Screw Co, (initial).
___
__
Pickle Crow Gold Mines, Ltd.
(quar.)
Pioneer Gold Mines of British Columbia
(quar.)
Piper Aircraft Corp. $0.60 conv. pref.
_
(quar.)
Pittsburgh Brewing Co. $3 .50 preferred. ^
Pittsburgh Metallurgical Co.. Inc. (irreg.)
Pneumatic Scale Corp., Ltd
Portland & Ogdensburg Ry. guar,
(irreg.)
Net amount after Federal income
tax.
Preferred Accident Co., Inc.
(quar.)
Premier Shares, Inc. (final)
Preston East Dome Mines, Ltd.
(quar.)
Public service Electric <fe Gas
$5preferred (quar.)
Pure Oil Co. 5X % pref.
(irreg.)_.
Pyrene Manufacturing Co
Quaker Oats Co. common (quar.)
6% preferred (quar.)
20c
Sept
2c
Extra
Roxy Theatres, Inc., $1.50 pref. (quar.)
Royalties Income Sharesseiies A
(irreg.)
Mfg. Co
6% pref. (quar.)
Snyder Tool & Engineering Co. (quar.)_
Southern Advance
Bag & Paper Co., Inc.
7% preferred (quar.)
6% preferred (quar.)
$2 conv. preferred (quar.)
Southern Phosphate Corp
Aug. 30
Sept. 2
1 Sept. 24
15 Aug. 30
1 Sept.
Sept. 2 Aug.
Sept 15 Aug.
Aug. 15 July
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 2 Aug.
Sept.30 Sept.
Sept.30 Sept.
9
22
29
31
2
21
26
19
19
Sept.15 Aug. 30
Sept. 15 Aug. 30
Sept. 30 Sept. 10
Oct.
15 Sept.26
Sept. 15 Aug. 29
Sept. 10 Aug. 25
Oct.
10 Oct.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 20 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 2 Aug.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 2 Aug.
Oct.
1 Sept.
1 Aug.
Sept
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
"
1
5
10
10
10
27
30
30
30
30
15*
25
2
2
11
8
20
17
10
15
2
2
15
15
31
18
3
5
22
30jAug. 20
Sept. 19 Sept.
5
Aug. 15
Oct.
15 Sept. 30
-
Sept. 30 Sept. 2
Sept. 30 Sept. 2
Oct.
1 Sept. 10
Sept. 15 Aug. 29
Sept. 25 Sept. 1
Nov. 29 Nov.
1
Sept.15
50c
6% prior preference A (quar.)
6% preferred (quar.)_
Reynolds Spring Co. (resumed)
Robertson (H. H.) Co
Rockwood & Co., 5% prior
preference (quar.)__
5% prior preferred
Roper (Geo. D.) Corp. (quar.)
Scranton Lace Co
Selby Shoe Co. (quar.)
Smith (T. L.) Co.,
$1M
SIX
SIX
$1
$1H
Red Indian Oil Co.
(quar.)
Republic Steel Corp. common
Aug. 30
Aug. 30
Aug. 30
Oct.
1 Sept.
July 25 July
UOc Sept. 30 Sept.
Oct.
iioc
1 Aug.
15c
Sept. 2 Aug.
t$l
Sept.20 Sept.
50c
Sept. 15:Sept.
J30c
Sept. 2 Aug.
32c
Aug.
*5c
Co., 7% pref. (qu.)
Russel
J2c
SIX
20c
20c
_.
16
27
20
30
Aug. 30
Sept. 8
Oct.
30c
Newmont Mining Corp
Nu-Enamel Corp
Ohio Confection Co.$2.50classA
Ohio Finance Co. common
Peoples Drugstores, Inc
Aug. 30
Sept.
Aug.
Aug.
Aug.
15 Aug. 30
15 Aug. 30
15 Aug. 30
10 Aug. 25
10 Aug. 25
1 Aug. 25
20 Aug. 29
20 Sept.
5
30 Sept. 15
15 Aug. 12
1 Sept. 16
10 Aug. 20
2 Aug. 25
2 Aug. 15
1 Sept. 15
1 Sept. 15
1 Sept. 15
Sept. 15
25 Sept. 10
15 Aug. 30
1 8ept. 20
Sept.10
Sept. 10
Sept.15
Sept.15
Sept.15
SIX
SIX
SIM
New York Transit Co
6% preferred (quar.)__
eid
Oneida, Ltd., common (quar.)
7% participating preferred (quar.)
Pacific Finance Corp
Patterson-Sargent Co. (quar.)
Penick& Ford, Ltd., Inc.
(quar.)
2
Aug. 30
Aug. 30
1-2-42 Dec. 20
Oct.
1 Sept. 20
1-2-42 Dec. 20
National Supply Co. (Penn.)
5H % prior pref__
6 % prior preferred
New England Public Service Co.—
$7 prior lien preferred
$6 prior lien preferred
New
Oct.
._
_
Extra
Sept.
Sept.
Sept.
__
Morgan (J. P.) & Co., Inc. (increased)
Morrison Cafeterias Consolidated, Inc.—
7% preferred (quar.)
Motors Acceptance Co. 6
% preferred (quar.)
Nachman-Spring filled Corp
National Bearing Metals
Corp
National Casualty Co.
(Detroit) (quar.)
National Credit Co. (Seattle)
5% pref. (quar.)_
National Dairy Products
National Folding Box Co.
(quar.)
.
Oct.
Sept.12
Sept. 12
Sept. 12
Sept. 30
Sept. 2
Sept. 2
Sept. 25
Sept. 25
Sept. 15
Louisville Gas & Elec. Co. (Del.) class A
(qu.)__
Class B
Ludlow Manufacturing Associates
.
Sept. 9
Sept.10
Sept. 15
Sept. 12
Sept.15 Sept.
—
7%
1 Sept. 15
1 Aug. 20
1 Aug. 20
Oct.
LSept. 15
Sept. 1 I Aug. 15
Sept. 15 Aug. 30
Aug. 15 Aug.
6
Oct.
1 Sept. 15
Aug. 29 Aug. 22
Sept. 12 Aug. 29
Oct.
15 Sept. 30
Oct.
1 Sept. 12
Lebn & Fink Products Corp
;
v_
Lexington Telephone Co. (quar.)Liggett & Myers Tobacco Co., 7% pref. (quar.)
Lily-Tulip Cup Corp. (quar.)
Lincoln Service Corp. (Washington, D.
C.)
Common (quar.)
7% prior preferred (quar.)
6% participating preferred (quar.)
j
Liquid Carbonic Corp
Lisk Manufacturing Co., Ltd
Lord & Taylor 6% 1st pref.
(quar.)__
MacKinnon Stee
29
12
12
1 Sept. 15
1 Sept. 15
Sept.
Sept.
(liquidating)
_
30
Oct.
_______
Lang (John A.) & Sons, Ltd. (quar.)
Holders
Oct.!
Oct.?
Lake Shore Mines, Ltd
Landis Machine Co
Lebanon Steel & Iron Co.
When
Payable of Record
Sept.15 Aug.
Sept.10 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
...
_
_
Hart Battery Co., Ltd
L
Haverty Furniture Cos., Inc., $1.5b pref. (quar.)
Heileman (G.) Brewing Co.
(Wise.)
15
Aug. 30
Sept. 15
Aug. 25
Sept.15 Aug. 15
Sept. 15 Aug. 15
(quar.)
(final)
Franklin County
Distilling Co., Inc.
$0 60conv. pref.
(quar.)
General America Corp.
(quar.)
General Box Co. (quar.)
Gillette Safety Razor Co. $5
preferred (quar.)__
Great Lakes Terminal Warehouse
Co
Gulf Power Co. $6
pref. (quar.)
Hanley (James) Co. common (quar.)
7 % prefer reel
(quar.)__
Idaho-Maryland
Dec.
Aug. 30
Sept. 13 Aug. 25
Oct.
Fitzsimmons Stores, Ltd.—
5% cum. partic class A (quar.)
Humble Oil &
1-2-42
Sept. 10
Sept. 10
Sept. 30
Aug. 30
Aug. 3
Sept.15
Sept.10
Sept.29
Sept. 15
Sept. 30
Sept.30
Sept. 30
(quar.)
Beneficial shares, bank stock series
Beneficial shares, insurance stock series
non-cum. partic. class B
Sept. l5
1-2-42 Dec. 15
Oct.
1 Sept. 15
Sept.
Fiscal Fund, Inc.—
5%
Oct.
Oct.
$1
37 He
Edison Bros. Stores, Inc.,
Ford Motor Co., Ltd.
1 Sept. 15
1 Sept. 15
Aug. 25
Sept. 13 Sept. 3
Sept. In Sept. 5
Aug. 29 Aug. 21
Aug. 20 Aug. 18
Sept. 25 Sept. 13
Sept. 10 Aug. 30
Sept. 15 Aug. 30
Oct.
1 Sept. 15
Oct. 15 Sept. 30
Sept. 1
Sept. 25 Sept.16
Oct.
1 Sept. 20
IX
mx
Eastern Mass. Street Ry. Co.
6% 1st pref
Foote-Burt Co
12
10
1 Sept. 15
1 Sept. 20*
25c
Duquesne Light Co. 5% preferred (quar.)
class A
5
Oct.
15c
60c
__
Common class 1» (quar.)_
5M% preferred (quar.)
First Bank Stock Corp.
(s.-a.)_
20
15
5
Oct.
t$l X
JIM
du Pont (E. I.) de Nemours & Co.—
Common (interim)
$3 non-cum. class A
Erie & Pittsburgh RR. 7% guar,
Falconbridge Nickel Mines, Ltd
Federal Mogul Corp
25
25
$5
$1M
$1M
$1 M
$1 hA
20c
62Mc
$1 M
t$3M
t$3
25c
common
(quar.)
5% conv. preferred (quar.)
Electrographic Corp. common (quar.)
7% preferred (quar.)
Empire & Bay State Telegraph Co.—
4% guaranteed (quar.)
English Electric Co. of Canada, Ltd.—
30
30
1
20
8
8
5
5
20
$1 X
$1
$2
50c
25c
—
'
3
15
15
$1X
six
__
Dr. Pepper Co.
Driver-Harris Co., common
7% preferred (quar.).
18
3
Oct.
35c
Dominion Textile Co., Ldt., com.
(quar.)
com
62Mc
\4c
f25c
50c
Detroit Steel Corp
Detroit Steel Products Co
Devonian Oil Co
Finance Co. of America
25c
25c
Sept. 20 Aug.
Sept. 20 Aug.
Sept. 20 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
1 Sept.
Sept, 29 Sept.
Sep*. 29 Sept.
Sept. 4 Aug.
Sept. 15 Aug.
Sept.15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.15 Sept.
Sept. 15 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
15
15
SIX
_
Company
—
90c
4 M % preferred B (quar.)
4% preferred C (quar.)
Continental Baking Co. 8 % preferred
(special)
Continental Telephone Co. 7%
partic. pref. (qu.)
Quarterly
6M% preferred (quar.)
7% preferred (quar.)
(quar.)
$1
12Hc
7% preferred (quar.)
Cleaiing Machine Corp. (quar.)
Cornpo Shoe Machinery Corp., com.
$2.50 conv. preferred (quar.)
Coniaurum Mines, Ltd
6% preferred
$1
50c
75c
Chestnut Hill RR. Co. (quar.)
Chicago Rivet & Machine Co. (irreg.)
Christiana Securities Co. common
Per
Name of
_
Sept. 30
Bullard Co
Burkhart (P.) Manufacturing Co
Burma Corp. ord. reg. (final)
Holders
Payable of Recoro
Sept. 1 Aug. 16
Sept. 15 Sept.
1
Oct.
1 Sept. 12
Sept. 15 Sept. 2
Sept. 2 Aug. 21
Sept. 2 Aug. 20
Aug. 15
Oct.
1 Sept. 10
Sept. 2 Aug. 23
Beneficial Loan
Burgess Battery Co.
When
Share
Barlow & Seelig Mfg. Co
Basic Refractories. Inc
Beech Creek lilt, (quar.)
Belmont Radio Corp. (quar.)..
Aug. 23, 1941
Oct.
$1H
$1H
Oct.
25c
25c
SIM
t$l X
30c
30c
37 He
$ 0.0029
37HC
50c
12Hc
15c
10c
SIM
SIM
50c
15c
Oct.
2 Sept. 10
1 Sept. 10
1 Sept. 10
Sept. 18 Aug. 30
Sept. 15 Sept. 2
Sept. 2 Aug. 19
Sept. 2 Aug. 19
Sept. 15 Sept.
5
Oct.
5 Oct.
4
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
30 Aug. 21
25 July 31
15 Aug. 30
30 Sept. 10
5 Aug. 25
2 Aug. 25
30 Sept. 9
Aug.
Aug.
Aug.
Sept.
30
30
30
30
Aug. 20
Aug. 20
Aug. 20
Sept. 16
Volume
The Commercial & Financial Chronicle
153
Share
Company
Southland Royalty Co. (irregular)
10c
Southwest Natural Gas $6 pref. A
Southwestern Portland Cement Co., com.
t50c
(qu.)_
$1
8% preferred (quar.)
Sparks-Withington Co. 6% conv. pref. (quar.)
Staley (A. E.) Mfg. Co., 35 preferred (quar.)__
$2
$1%
$1%
_ _
Standard Oil Co. of Kansas
60c
Standard Oil Co. of Kentucky (quar.)
25c
50c
Standard Stoker Co.
(initial)
Strawbridge & Clothier, 7% preferred
Sunshine Mining Co. (reduced quar.),_
Sutherland Paper Co
Tacony-Palmyra Bridge Co., com. (quar.)___
Extra
Class A
t$l
25c
30c
50c
25c
__
50c
25c
(quar.)
Extra
5% preferred (quar.)
$1M
Talcott (James), Inc., common
10c
5%% participating preferred (quar.)
Tappan Stove Co.
Telephone Bond & Share Co. 7% pref__________
$3 first preferred
Terre Haute Water Works Corp. 7% pref. (qu.)_
Texas Corp. (quar.)
Tex-O-Kan Flour Mills Co. 7% preferred
Thomson Electric Welding Co. (irreg.)___
Title Ins. Corp. of St. Louis (quar.)
_____
68%c
25c
_ _
____
Todd
Shipyard Corp. (irreg.)
_____
Tokheim Oil Tank & Pump Co
Toronto Elevators, Ldt., 5% % pref. (quar.)
50c
til %
31%
25c
$2
25c
J65Hc
Tri-County Telephone Co. 6% 1st pref. (final)
Tyler Fixture Corp
Union Pacific RR. Co.
•
t28c
Tl2c
$1H
__
60c
10c
common
%l&
4% preferred (s.-a.)
Union Premier Food Stores, Inc., com. (quar.)_4.
25c
L
62 He
27 He
$2.50preferred (quar.)__
United Aircraft Prods.,Inc.,5H % conv. pf. (qu.)
U. S. Graphite Co.
U. S. Tobacco Co., common (quar.)
35c
32c
__
_
7%
43 He
preferred (quar.)___
Utah Home Fire Ins. Co. (Salt Lake City)—
Irregular
Utah Power & Light Co., 7% pref. (quar.)
$6 preferred (quar.)___
Valley Mould & Iron Corp. common
$5.50preferred (quar.)
Van Dorn Iron Works Co. (resumed)
non-cum.
______________
Viking Pump Co.
$1M
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Sept.
Sept. 15 Sept.
Aug. 28 Aug.
Sept. 20 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 27 Sept.
Sept. 27 Sept.
$1%
$7%
II H
17 %
Sept.
Sept.
Sept.
Sept.
til H
til %
50c
25c
75c
(special).
$2.40 preferred (quar.)__
com.
_______
Vulcan-Brown Petroleums, Ltd. (irreg.)___
__
Accumulated
;i_.
—
__
—
Prior preferred (quar.)_
Accumulated
$1%
50c
120c
t25c
50c
15
15
15
15
Sept.
8
Aug. 27
Sept.
8
Aug. 27
_______________
Oct.
Oct.
$1H
Oct.
1 Sept. 16
1 Sept. 16
Share
Company
25c
20c
—
75c
25c
...
American Metal Co., Ltd., common
6% preferred (quar.)
Below
we
give the dividends announced in previous weeks
yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
not
15c
30c
American
Paper Co., 7% preferred (quar.)
7% preferred (quar.).
Corp.—
7% preferred (quar.)
American Rolling Mill Co., common
4%% convertible preferred (quar.)
American Smelting & Refining Co., com
88
$1%
35c
Name of
Share
Company
Acme Steel Co. (quar.)
Aetna Ball Bearing Mfg. Co.
Aetna Standard Engineering
Agnew-Surpass Shoe Stores,
$1
35c
50c
(quar.)
Co. (resumed)
common
J40c
t20c
t$l H
(s.-a.)
7% preferred (quarterly)
Agricultural Nat 1 Bank (Pittsfield, Mass.)—
(Quarterly)
Alabama & Vicksburg Ry. Co. (s.-a.)
Alleghany Ludlum Steel Corp., common
7% preferred (quar.)
Allied Laboratories, Inc. (quar.)
Allied Products Corp., common (quar.)__..
i.
$2
Oct.
Oct.
50c
—
$1 H
15c
25c
50c
43 He
Class A (quar.)
Allied Stores Corp., 5% pref. (quar.)
Allis-Chalmers Mfg. Co
_______
$1%
50c
25c
Alpha Portland Cement Co
15c
Aluminum Industries. Inc. (quar.)
t$2
Aluminium, Ltd., common
i
$1H
6% preferred (quar.) (payablein U. S. funds).
50c
Aluminum Manufacturers, Inc. (quar.)
50c
Quarterly.
—
11H
7% preferred (quar.)
$1 %
7% preferred (quar.)
125c
Amalgamated Electric Corp., Ltd. (interim)—American Airlines. Inc.. $4-25 conv. pref. (quar.) $1.06 %
-
American Arch Co
American Automobile Ins. Co. (St. L.)
American Bank Note Co., common
25c
(quar.)__
75c
(quar.)_
American Capital Corp. $5.50 prior pref. (quar.)
American Car & Foundry Co. common (resumed)
7% non-cum. preferred (quar.)
Accumulated (clearing up all previous undis¬
tributed earnings applic. to the preferred)
__
m
$Ti
$1 %
$2.04
40c
American Chain & Cable Co., Inc.com
$1%
(quar.)
Co. (quar.)
Colortype Co., common
$1
American Chicle
American
25c
10c
6% preferred (quar.)__
American Box Board Co., 7% preferred
American Can Co. 7% pref. (quar.)
15c
15c
Common
American
Envelope Co., 7% pref. A (quar.) —.
7% preferred A (quar.)
American European Securities Co. $6 preferred.
Covers cumulative period of 10 months ended
July 31, 1941, clearing ud arrears.
American & Foreign Power Co. $6 pref
$7 preferred
American Gas & Electric Co. common (quar.)
_
—
Extra
.
4H% preferred (quar.)
American General Corp. $3 pref.
Sept. 12 Aug. 15
1
Sept. 15 Sept.
Aug. 25 Aug. 15
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
1 Sept. 15
$3
—
5% preferred
Payable of Record
(quar.)
$2.50 preferred (quar.)
$2 preferred (quar.)
15 Oct.
10
1 Sept.
8
Sept. 30 Sept. 10
Sept. 2 Aug. 15
Oct.
1 Sept. 15
1 Sept. 12
Oct.
1 Sept. 12
Oct.
1 Sept. 12
Oct.
Oct.
1 Sept. 16
Sept. 30 Sept. 8
Sept. 25 Sept. 2
Sept. 15 Aug. 30
Sept. 5 Aug. 15
8
Sept. 1 Aug.
Sept. 30 Sept. 15
Sept.
Sept.
Sept.
Class B (quar.)___
American Trust Co. (San Francisco) (quar.)
Amsterdam City Nat. Bank (N. Y.) (quar.)
Anaconda Copper Mining Co
Oct.
Sept.
Oct.
Anchor
Hocking Glass Corp. $5 pref. (quar.)
Anglo-Canadian Telephone Co., class A (quar.)
Anheuser-Busch. Inc. (quar.)
A. P. W. Properties, Inc., 4% class A
Class B
Sept.
Sept.
Oct.
(s.-a.)____
July
Sept.
Aug.
Sept.
Sept. 15 Aug.
Sept. 5 Aug.
Sept. 2 Aug.
Sept. 10 Aug.
Sept. 10 Sept.
Aug.
Sept.
Sept. 2 Aug.
4
Aug. 30 Aug.
19
Sept. 15 Sept.
1 Sept.
Oct.
1 Sept.
Sept. 2 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
1
11*
11*
19
17
18
24*
24*
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
_
--
—
41 He
$1.05
10c
15c
$1%
$1%
t$2
— __.
6% preferred (quar.).
rlo'
"
~
Barlow & Seelig Mfg. Co., $1.20 class A
(quar.).
Banque Canadienne Nationale (Montreal) (qu.)
6%c
7l8c
t$2
15c
Bath Iron Works Corp
Bathurst Pow. & Paper
25c
Co., Ltd., cl. A (Interim)
Aug.
Sept.
Sept.
Sept.
Sept.
t4c
(quar.)
10c
25c
Dec.
15 Sept.
15 Sept.
15 Sept.
15 Dec.
1
Aug. 25
$1H
$5
Dec.
1
Nov. 25
Aug. 26 Aug. 22
Sept.
Sept.
Sept.
Sept.
15 Aug. 29
15 Aug. 29
15
Aug. i9
15 Aug. 19
1 Sept.
5
$1.18% Oct.
75c
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 15
62m
75c
6% conv.pref. (quar.)
20c
American Home Products Corp. (monthly)
American Indemnity Co. (Bait.)
$1 %
25c
(Newark) (s.-a.)
5c
Extra
25c
American Investment Co. of Illinois (quar.)
American
Laundry Machinery, com. (quar.)
Extra
—
20c
80c
'
—
—
—
preferred
—
—
Sept. 30 Sept. 18
Sept. 2 Aug. 14*
1
Sept. 2 Aug.
1 Sept.
Oct.
3
1 Sept.
Oct.
3
Sept. 2 Aug. 15
Sept. 2 Aug. 20
Sept. 2 Aug. 20
__
t$3%
t$4.55
11H
conv.
Butler Water Co., 7%
thereon to Sept. 1, 1941.
Calhoun Mills (quar.)
California-Western States Life Ins. Co. (s,~a.)__
Callite Tungsten Corp
Canada Cement Co.. Ltd., 6%%
75c
75c
30c
$3
$2
50c
$2H
60c
$2
$1%
t$l%
50c
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
Sept. 2 Aug.
15
15
25
14
Sept.
Aug.
Sept.
Aug.
Aug.
Sept.
25c
$1%
$1%
35c
68 He
15c
37 He
$1%
$1
50c
10c
"I'd
M
2
25
30
25
Aug. 15
Aug.
Aug.
Aug.
25 Aug.
20 Sept.
Sept.
2
Sept.10
Sept.
1
Aug. 30
Sept. 2
Aug. 30
Sept. 2
Sept. 15
Aug.
13
30
15
15
9
20
25
15
8
21
18
20
5
20
22
11
11
25
Sept. 15
Aug. 30
Sept. 2
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Dec.
Nov. 24
Oct.
50c
Canada <fc Dominion Sugar Co., Ltd.
_
23
23
11
5
15
15
20
2
Oct.
pref. (accuml.)
Ginger Ale Co. (quar.) _
137 %c
(quar.)
Canada Foundries & Forgings. class A (quar.). 137 %c
137 He
Class A (quar.)
*
t5Gc
Canada Starch Co., Ltd. (irregular)
tlOc
Canada Vinegars, Ltd. (quar.)___
Canada Wire & Cable Co.. Ltd.. class A (quar.)
t
Class B (interim)
til %
6 % % preferred (quar.)
Canadian Foreign Investment Corp., Ltd.—
i$2
8% preferred (quar.
---t75c
Canadian Breweries. Ltd., $3 pref. (accum.)...
Canada Dry
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
15 Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
$1H
1
1
1
1
Sept. 25 Sept. 12
Sept. 16 Sept. 5
$1%
62 He
1
4
22
15
15
18
15
15
Aug. 20
Aug. 16
Aug. 15
Aug. 15
Oct.
1 Sept. 10
Oct.
1 Sept. 10
8ept. 2 July 31
Sept. 2 Aug. 15
Oct.
1 Sept. 15
Sept. 30 Sept. 3
Sept. 30 Sept. 3
Sept. 1 Aug. 16
Sept. 2 Aug. 15
Sept. 8 Aug. 11
Oct.
1 Sept. 15
8ept. 1 June 15
Sept. 15 Aug. 31
Sept. 23 Sept. 9
Sept. 2 Aug. 12
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Sept. 2 Aug. 18
2
Sept. 2 Aug.
Sept.
Sept.
Sept.
Sept.
$1
Sl'H
$1%
$1%
15c
-
preferred (quar.)
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
5%
25c
50c
Brunswick-Balke-Collender Co., common
—
t30c
75c
50c
10c
•
Brager Eisenberg. Inc. (quar.)
——
Brewing Corp. of America
Bristol-Myers Co. (quar.)
Brooklyn Edison Co., Inc. (quar.)
Brooklyn Telegraph & Messenger Co. (quar.)
Butler Brothers common.
Sept.
40c
10c
Appliance class A_
—_
Berghoff Brewing Corp. (quar.)
_____
Berkshire Fine Spinning Associates, Inc.—
$5 conv. preferred
$7 preferred
Bethlehem Steel Corp., common
—_—7% preferred (quar.)
_____
Bigelow-Sanford Carpet Co., Inc., common
6% preferred (quar.)
rd "
Birc & Son, Inc., 5% pref. (quar.)
5
$1 H
13 0c
t35c
Bendix Home
Brown Shoe Co., Inc. (quar.)—
37%c
$1
50c
4Cc
$1
Belden Manufacturing Co. (irregular)
Bendix Aviation Corp
3
2
5
American Hide & Leather Co.—
American Insurance Co.
— — _.
$5preferred (quar.)
______ —
—
Buckeye Pipe Line
- —
Bullock's, Inc. (Los Angeles) (quar.)
Bunker Hill & Sullivan Min. & Concent. Co.(qu)
Bunte Brothers 5% preferred (quar.)
5% Preferred (quar.)--Burlington Mills Corp. common
$2.75 conv. preferred (quar.):
Burroughs Adding Machine Co_
29 Aug. 22*
15 Sept.
3
t25c
37 He
Bayuk Cigars, Inc. (quar.)
Brown Fence & Wire Co. A
31
20
21
11
11
29
5
15
20
Oct.
Oct.
Bower Roller Bearing Co__
15 Oct.
21
22
15
15
10
10
Oct.
Dec. 31 Dec.
Oct.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept,
Aug.
Aug.
Aug.
Oct.
Armstrong Cork Co., 4% prer. pref. (quar.) —
Common (interim)
ArtloomCorp. (irreg.)
7% preferred (quar.)
Art Metal Works, Inc
Asbestos Mfg. Co. $1.40 convertible preferred-_
Associated Dry Goods Corp., 7% 2d pref
6% 1st preferred (quar.)
Atchison Topeka & Sante Fe Ry Co.—
Common (irregular)
Atlanta & Charlotte Air Line Ry. (s.-a.)
Atlantic Refining Co. (quar.)
Atlas Corp. common
6% preferred
Atlas Powder Co. (increased)
Atlas Press Co. (quar.).
Aunor Gold Mines, Ltd
Auto Finance Co. 6% preferred
Automotive Gear Works, Inc.—
$1.65 conv. preferred (quar.)
Baldwin Locomotive Works 7% preferred (s.-a.)
Baltimore Radio Show, Inc., com. (quar.)
6% preferred (quar.)
Bangor Hydro-Electric Co. 7% 1st pref. (quar.) _
6% preferred (quar.)_
Bank of Montreal (quar.)
i
—
Bank of Toronto (quar.)
Bank of Nova Scotia (quar.)
_____
Bankers National Investing Corp. common
$1.50conv. preferred (quar.)__
Beech-Nut Packing Co. (quar.)
Mar. 31
Sept.
Sept.
Dec. 31 Dec. 15
Sept. 30 Sept. 15
15
1
Oct.
Archer-Daniels-Midlanu Co
Arden Farms Co. $3 preferred
Arkansas Power & Light Co. $7 pref. (quar.)
$6 preferred (quar.)
Armour & Co. (Del.) 7% preferred (quar.)
Armour & Co. (111.) $6 prior preferred
Beattie Gold Mines, Ltd. (Quebec)
Beau Brummell Ties (irregular)
Aug.
Aug. 30
Sept. 5*
Aug.
9
Aug.
9
Aug. 30
Oct. 15
Sept. 2
Sept. 19
Aug. 15
Aug. 26
Sept. 12
Oct.
Birmingham Water Works Co., 6% pref. (quar.)
Bliss (E. W.) Co. of Del.—
Representing 6 mos. div. (6% conv. pref.)
Representing6 mos. div. (5% conv. pref.)_-__
Bloch Bros. Tobacco Co. 6% pref. (quar.) — —
Blue Ridge Corp. $3 conv* pref. (quar.)
Optional div. l-32d sh. of com. stk. or cash.
Borden Co. (interim)
Boss Manufacturing Co
:
—
Boston & Albany RR.Co. (quar.).
—
Boston Woven Hose & Rubber Co., com—'—
Special
Aug. 30 Aug. 15
5
Aug. 25
Aug. 16
Sept. 15
Sept.
Sept.
Aug.
Sept.
Extra
Extra
Extra-
Holders
14
Dec, 16 Dec.
Oct.
American Steel Foundries (year-end)
American Sugar Refining Co. 7% pref. (quar.)__
American Tobacco Co. common (quar.)
__
When
15 Oct.
Sept. 30 8ept. 20
Sept. 15 Sept. 5
Sept. 15 Sept. 5
Amer. Radiator & Standard Sanitary
Beaunit Mills, Inc
Per
Sept. 30 Sept. 20
Sept. 26 Sept. 10
Sept. 16 Aug. 27
Sept. 2 Aug. 21
Sept. 2 Aug. 21
Oct.
American Nat. Bank & Tr. Co. (Chicago) (quar.)
American Nat'l Bank (Nashville, Tenn.) (quar.)
American News Co. (bi-monthly)
Barnsdall Oil Co
and
Holders
1 Payable of Record
American Locker Co., Inc.—
$1.50 non-cum. class A (quar.)
American Machine & Foundry Co
American Meter Co
Sept. 16
25c
_•___
7% preferred (quar.)__
50c
10
2
2
20
20
30
30
1
1
20
2
25
3
12
15
16
16
25c
Yellow Truck & Coach Mfg. Co., common
B
50c
60c
tlHc
Wagner Electric Corp
Washington Water Power Co. $6 pref. (quar.)__
West Virginia Pulp & Paper Co__
Weston (George), Ltd. (quar.)
Wilsils, Ltd. (quar.)
Woodward & Lothrop, common.....
7% preferred (quar.)
Worthington Pump & Machinery Corp.—4%% conv. prior preferred (quar.)
Class
Sept. 13 Aug. 30
1 Sept. 20
Sept. 15
Sept. 15
Sept. 15 Sept. 5
Sept. 20 Sept. 10
Sept. 8 Sept. 2
Sept. 15 Aug. 30
Sept. 2 Aug. 25
Oct.
1 Sept. 15
1
Sept. 30 Sept.
Sept. 15 Aug. 30
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Nov.
1 Sept. 17
1 Sept. 15
Oct.
1 Sept. 15
Oct.
Sept. 15 Sept.
8
Sept. 15 Aug. 28
Sept. 15 Aug. 28
Sept. 2 Aug. 11
Oct.
1 Sept.
5
Sept. 2 Aug. 15
Sept. 2 Aug. 19
Aug. 30 Aug. 20
Sept. 15 Sept. 2
Sept. 15 Sept. 2
Sept. 6 Aug. 28
8 Aug.
7
Aug.
Aug. 28 Aug. 21
1 Sept.
Oct.
2
Oct.
1. Sept.
2
Sept. 15 Sept. 4
Sept. 15 Sept. 4
Sept. 2 Aug. 22
Sept. 15 Aug. 30
Sept. 15 Sept.
2
Sept. 15 Sept. 2
IIH
Veeder-Root, Inc
Name of
Payable of Record
Oct.
When
Per
Holders
When
Per
Name of
1081
1
Aug.
Aug.
July
Aug.
Sept.
Aug.
Sept.
Sept. 15 Sept.
Sept. 1 Aug.
Sept.
Sept.
Sept.
Aug. 28
Sept. 15
Aug. 28
Sept. 20
Sept. 24
Sept. 2
Sept.15
2
16
25
29
15
301
10
Aug. 15
Sept.
1
Dec
15 Dec.
15
1
15
15
15
Oct.
6
6
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
15
15
28
Sept.
Aug.
Aug.
Aug.
Aug.
1
8
15
31
31
31
Sept. 15
Sept. 13
The Commercial & Financial Chronicle
1082
Per
Name of
Share
Company
Canadian Industries, Ltd., class A.
XS1X
Class B
m
7% preferred (quar.)_
Canadian Internat. Invest. & Tr., Ltd.
(accum.)
J50c
:$2
$1)4
$2
Canadian Oil Cos., Ltd., 8% pref. (quar.)__
Canfield Oil Co., 6 % pref. (quar.)
Common
(irreg.)
Capital Wire Cloth & Mfg. Co., Ltd.—
51.50 conv. preference (quar.)
Carey (Phillip) Mfg. Co. common (irreg.)
6% preferred (quar.)
5 % preferred (quar.)
Carman & Co., Inc., $2 class A (quar.)
Class
B
}3Sc
10c
SI H
$1H
50c
25c
_
Carolina Telephone & Telegraph Co. (quar.)
Carthage Mills, Inc., common
6% preferred A (quar.)
6% preferred B (quar.).
_:
Case (J. I.) Co. 7% preferred (quar.)
Caterpillar Tractor Co. (quar.)
______
Central Arkansas Public Service 7% pf. (qu.)
Central Cold 8 tor age Co. (quar.)
Central Illinois Light Co. 4H % pref. (quar.)
Central Illinois Public Service Co. $6 pref._
6% preferred
Central Ohio Light & Power Co.. $6 pref. (quar.)
Central Paper Co., Inc., common (quar.)
3% to 6% conv. pref. (quar.)
^
3% to 6% non-con v. pref. (quar.)
Century Kibbon Mills 7% prer. (quar.)
Champion Paper & Fibre, common
6% preferred (quar.)
Chartered Investors, Inc., $5 pref. (quar.)
Chesapeake Corp. (West Point, Va.)
Chicago Allerton Hotel Co.(annual)
Chicago Corp. 53 preferred
Chicago Flexible Shaft Co
Chicago Yellow Cab Co., Inc. (quar.)
$2
50c
—
_
_
$1H
_
60c
$1%
-
...
50c
_
2.5c
50c
...
Chile
Copper Co
Chrysler Corporation
81H
Cincinnati Gas & Electric 5% pref. A (quar.)
Cincinnati New Orleans & Texas Pacific Ry.—
SI H
5% preferred (quar.)
SIX
When
Oct.
Oct.
31 Sept. 30
31 Sept. 30
Oct.
15
Sept. 30
2 July 23
1 8ept. 20
Sept. 30 Sept. 20
Sept. 30 Sept .20
Sept.
Oct.
1 Aug.. 12
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 2 Aug. 15
Sept. 2 Aug.. 15
Oct.
1 Sept. 24
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 12
Aug. 30 Aug. 15
Sent. 2 Aug. 15
Sept. 15 Sept. 5
Oct.
1 Sept. 19
Sept. 15 Aug. 20
Sept. 15 Aug. 20
Sept. 1 Aug. 16
Sept. 2 Aug. 22
Sept. 30 Sept. 30
Sept. 30 Sept. 30
Sept. 2 Aug. 20
Sept. 15 Aug. 30
Oct.
1 Sept. 15
1
Sept. 2 Aug.
Sept. 10 Aug. 30
Aug. 28 Aug. 15
Sept. 1 Aug. 15
Sept. 30 Sept. 20
Sept. 2 Aug. 20
8
Aug. 26 Aug.
Sept. 13 Aug. 25
Oct.
1 Sept. 15
Sept.
2 Aug. 15
$1
Oct.
1 Sept. 30
20c
National Bank & Trust Co. (Englewood, N. J.) (quar.)
Citizens & Southern Nat. Bank (Savannah, Ga.)
Oct.
Citizens
Common
City Ice & Fuel Co. common
6 H % preferred (quar.).
30c
$1%
City Nat'l Bank & Trust Co. (Chicago) (quar.).
City of New Castle Water Co., 6% pref. (quar.)
$1
$1)4
SIX
City Water of Chattanooga, 5% prer. (quar.)___
Clark Controller Co___
Clark Equipment Co., common
50c
75c
_
...
_____
7% preferred (quar.)
Cleary Hill Mines Co. (quar.)_
Cleveland & Pittsburgh IiR. reg. stock (quar.)__
Special guaranteed (quar.)
SIX
5c
1 Sept. 15
Sept. 30 Sept. 15*
Sept. 2 Aug. 23*
Nov.
Sept.
Sept.
Sept.
Sejjt.
Sept.
87 He
Sept.
Sept.
50c
Sept.
1 Oct.
21
2 Aug. 11
2 Aug. 11
15 Aug. 30
15 Aug. 26
15 Aug. 26
1 Aug. 20
2 Aug. 11
2 Aug. 11
Coast Counties Gas & Electric Co.—
31 He
75c
Coca-Cola Co
Coca-Cola International Corp. (irreg.)_
_
Colgate-Palmolive-Peet Co.,$4.25 pref.(quar.)_
Collateral Trustee Shares of New York series A_
Collins & Aikman Corp., common
5% conv. pref. (quar.)
Colonial Finance Co. (Lima, Ohio)—
5X% preferred (quar.)
Colonial Stores, Inc., common (quar.)
5% preferred A (quar.)
_
_
...
Colorado Fuel & Iron Co
Columbia Broadcasting System Inc., class A
Sept. 15 Aug.
Oct.
1 Sept.
$5.65
Oct.
1 Sept.
51 06 H Sept. 30 Sept.
12bc Aug. 31 luly
26c
Sept. 2 Aug.
SIX Sept. 2 Aug.
SIX
25c
62licc
45c
Class B
45c
$1
Commoil, Ltd
tic
Co.
5% preferred (quar.)
SIX
SIX
Commonwealth Utilities Corp. 6H% pref. (qu.)_
6% pref. (quar.)
614% preferred "C" (quar.)
Confederation Life Association (Toronto) (qu.)_
SIX
Quarterly
$1 X
25c
Connecticut Light & Power, common (quar.)
75c
5)4% preferred (quar.)
Connecticut Power Co, (quar.)
Connecticut River Power Co., 6% pref.
(quar.)
Consolidated Aircraft Corp. $3 conv. pref.
(final)
Consolidated Cement Corp., class A
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Edison Co. of N. Y., Inc. (reduced)
Consolidated Investment Trust (quar.)_.
Special.
(quar.)__
7% preferred
50c
t73c
SIX
40c
1
30c
20c
52
Aug. 30 Aug. 15
Oct.
1 Sept. 15
1
D«c. 31
_
common.
Oct.
1
Sept. 15
25c
(quar.)_'_
SIX
(quar.).
Dec.
Sept. 15 Sept.
1 Sept.
Sept.
1 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
Aug. 30
Sept. 15 Aug.
Sept. 2 Aug.
Sept. 15 Aug.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 2 Aug.
Oct.
Sept. 15
Sept. 2
Sept. 29
30c
25c
Nov. 14
Sept 30 Sept. 25
35c
j
Oct
Oct.
10c
Dec.
SIX
12Hc
conv. preferred (quar.)
common (quar.)
America,
$3-50 convertible preferied (quar.)
Crown Cork & Seal Co., Inc., $2.25
pref. (qu.)__
Crown Zellerbach Corp. $5 conv.
pref. (quar.)__
_
_
Crum & Foster Ins. Shares
Corp. class A (quar.)_
Class B
(quar.)
7% preferred (quar.)
8% pref. (quar.)
Culver & Port Clinton RR. Co.
(extra)...
__
Extra
Cuneo Press. Inc.,
4)4%
Curtis Publishing Co.
preferred (quar.)
prior pref. (quar.)
Curtiss-Wright Corp., class A (increased)
Correction: Dividend on 7% preferred stock
87 He
56 He
$1H
30c
30c
SIX
52
SIX
75c
SI
2
15
15
15
15
30
15
8
Sept. 15
19
10c
Company, 5%
Creameries of
14
2
2
21
Sept. 15
Aug. 29
Aug. 25*
Aug. 15
Sept. 8
Sept. 15
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug. 27 Juiy
Sept. 3 July
Sept. 15 Sept.
Sept. 15 Aug.
Sept.
1 Aug.
Sept. 15 Aug.
Sept.
1 Aug.
Aug. 30 Aug.
Aug. 30 Aug.
Aug. 30 Aug.
Sept. 30 Sept.
Oct.
1 Sept.
20c
$4preferred (quar.)
$1
Corrugated Paper Box Co., Ltd., 7% pf. (accumj
tsix
Courtauld's, Ltd., ord. reg. (interim)
c2H%
Amer. dep. rec. for ord. reg. (interim)
«2H%
Crane
Sept. 30 Sept. 15
50c
(irreg.)
Casualty Co. (Chicago)(quar.)
Cook Paint & Varnish Co.
SIX
62 He
$1H
25c
pref.
Continental Can Co. (interim)
Continental Oil Co
Continental Steel Corp
Sept. 2 Aug. 18
Sept.
1 Aug. 20
Sept.
1 Aug. 20
Aug. 28 Aug. 14
Sept. 5 Aug. 22
Sept. 5 Aug. 22
Sept. 10 Aug. 22
Aug. 29 Aug. 15
Dec.
Congoleum-Nairn, Inc. (quar.)
Continental
25
12
12
9
31
19
19
(Indianapolis)—
Consolidated Paper Co. (quar.)
Consolidated Retail Stores, 8%
Consumers Gas (Reading, Pa.)
_
1
19
15
24
29
1
25
11
29*
13
15
15
15
16
28
Nov. 22
Sept. 15 Sept. 2
Oct.
1 Aug. 29
Sept. 15 Aug. 30
in our new announcements last
week was intended for the Continental Steel
pref."("quar".~)_
Deere & Co., common
(irreg.)__
>
7% preferred (quar.)
Dempster Mill Mfg. Co., 5% pref. ("quar")I""I
Dentists' Supply Co. of New York
(quar.)
7% pref. (quar.)
__
_
Denver Union Stock Yards Co.,
5)4 % pref. (qu.)
Des Moines Joint Stock Land Bank—
liquidating
Detroit Gasket & Mfg. Co.,
6% pref."(quar.)
Detroit Hillsdale & Southwestern RR
(s.-a.)
Dewey & Almy Chemical Co.,
common
Class B
$5 convertible nrefeired
$2
$1H
J55Hc
Dixie-Vortex Co., common
$2.50 class A (quar.)
Dominguez Oil Fields Co. (monthly)
Dominion & Anglo Investment Corp., Ltd.—
5% preferred (quar.)
Dominion Bridge Co., Ltd. (quar.)
Dominion Envelope & Cartons (Western), Ltd.
7% 1st preference (quar.)
Dominion Foundries & Steel, Ltd., 6% pref. qu.)
Sept. 1 Aug. 15
Aug. 25 July 31
18
20
15
50c
Sept.
Sept.
Sept.
35c
Sent.
Aug.
Aug.
Aug.
Aug.
$1H
Sept.
Sept.
Aug. 23
Aug. 20
SIX
Sept.
Sept.
*50c
5% preferred (accum.)
Sept. 1 Aug. 20
Oct.
1 Sept. 30
Aug. 30 Aug. 15
Sept. 10 Aug. 22
Oct.
1 Sept. 25
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
1 Sept. 15
$3
Dover & Rockawav RR. Co. (s.-a.)
10c
Doyle Machine & Tool (initial)
Dun & Bradstreet, Inc., com. (quar.)
$6 preferred (quar.)
Durez Plastics & Chemicals, Inc., common
7 % preferred (quar.).
6 % preferred (quar
common
Eagle-Pitcher Lead Co
6% preferred (quar.)
50c
SIX
50c
SIX
37 He
10c
$1H
UOc
East Malartic Mines, Ltd
Oct.
81H
SIX
Sept.
Sept.
Sept.
Sept.
Aug. 11
Aug. 11
Aug.
Aug.
Oct.
Oct.
Sept.
Sept.
1 Sept.15
Aug. 30 Aug.
1
East St. Louis & Interurban Water Co.—
7% preferred (quar.)
6% preferred (auar.)
Eastern Shore Pub. Serv. Co., $6.50 pref. (qu.)
$6 preferred (quar.)
Eastman Kodak Co. of New Jersey com. (quar.)
6% preferred (quar.)
Eaton Manufacturing Co
Electric Storage Battery Co. (quar.)
Elgin National Watch Co
Elizabeth & Trenton RR. Co., com. (s.-a.)
5% preferred (s.-a.)
Elmira & Williamsport RR. Co. (s.-a.)_
El Paso Electric Co. (Del.) 7% pref. A (quar.)__
6% pref. B (quar.)
El Paso Natural Gas Co. 7% pref. (quar.)
Quarterly
Ely & Walker Dry Goods Co. (quar.)
Empire Power Corp.. $6 pref. (quar.)
$2.25 cumul. participating shares—
Employers Casualty Co. (Dallas) (quar.)
Engineers Public Service Co., $6 pref. (quar.)__
$5.50 preferred (quar.)__
$5 preferred (quar.)
Faber, Coe & Gregg, Inc. (quar.)
Fairbanks, Morse & Co
Fajardo Sugar Co. of Porto Rico
Includes div. declared by Fajardo Sugar Grow¬
ers Assn., an affiliate.
Falstaff Brewing Corp. (quar.)
—_ — —
——
—
—
Preferred (semi-ann.)
Fansteel Metallurgical Corp. $5 pref. (quar.)—
$5 preferred (quar.)
Farmers Deposit National Bank (Pitts.) (qu.)_
Karmers & Traders Life Insurance (quar.)
Federal Bake Shops, Inc. (quar.)
Federal Compress & Warehouse Co. (quar.)_
Federal Insurance Co. of New Jersey (quar.)
—
—
Federal Light & Traction Co.. $6 pref. (quar.)__
Federal Mining & Smelting Co
Ferro Enamel Corp
Field (Marshall) & Co., 6%
six
SIX
SIX
six
75c
50c
25c
$1
$1H
Nov.
SIX
six
SIX
Oct.
60c
25c
t75c
40c
$1H
IX
1H
50c
50c
50c
15c
(North Easton, Mass.) (quar.)
(Pittsburgh) (quar.)
First Nat. Bank & Trust Co. (Lexington, Ky.)
(Quarterly)
First Nat. Trust & Savs. Bank (San Diego) (qu.)
5% preferred (quar.)
Fishman (M. H.) Co., Inc. (quar.)
Fitz Simmons & Connell Dredge & Dk. Co., com.
Fitzsimmons Stores, Ltd. 7% pref. (quar.)
7% preferred (quar.)
Flintxote Co., common
$4.50 preferred (quar.)
Florida Power Corp., 7% pref. A (quar.)
7% preferred
Francoeur Gold Mines Ltd. (irreg.)
Freeport Sulphur Co. (quar.)
Fruehauf Trailer Co. common (quar.)
5% conv. preferred (quar.)
I—
Fuller Biush Co., 7% pref. (quar.)
Fulton National Bank (Atlanta, Ga.) (quar.)
Gamewell Co., common (irreg.)
$6 convertible preferred (quar.)
Gar Wood Industries, Inc., 5% preferred
Gaylord Container Corp. common (quar.)
Cigar 7% pref. (quar.)
Common (quar.)
_
_
General Electric Co., Ltd. (Great Britain)—
Amer. dep. rets, ordinary registered
__
_
-
—_ ______
_
_
S2X
25c
50c
35c
SIX
$1
$1H
SIX
$1
50c
SIX
25c
$1H
$2H
(irreg.)
$1
Sept. 30 Sept. 15
Dec. 18 Dec. 15
Oct.
______
26
ljSept. 30
4
1 Sept. 30
Oct.
1 Sept.26
1 Oct. 20
1 June
Oct.
15c
Sept.
Sept.
Sept.
Aug.
25c
17 He
17 He
25c
SIX
SIX
87 He
t4c
50c
35c
$1H
SIX
SIX
50c
Dec.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
SIX
12Hc
12Hc
12Hc
68 He
13 He
—
pref
20
18*
29
5
15
15
25
Oct.
Oct.
Nov.
20
15
Aug. 22
Aug 20
Nov. 20
Sept.10
Sept.10
Aug. 15
Aug. 15
Aug. 14
Aug. 15
Aug. 20
Aug. 20
Sept. 22
Sept.30
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
5
5
25
30
30
30
30
15
18
July 29
Sept.
Sept.
July 29
Sept. 12 Aug. 14
1 Oct.
6
Nov. 15 Nov.
—
—
15
21
Sept. 15 Sept. 5
Sept.
1 Aug. 15
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct. 10 Sept. 30
Nov.
General Refactoi ies
1 Sept. 30
1 Sept. 10
Sept. 30 Sept.
3ept. 2 Aug.
Oct.
1 Sept.
Sept. 2 Aug.
Sept. 19 Aug.
Sept. 20 Sept.
Sept. 30 Sept.
Sept.30 Sept.
Oct.
1 Sept.
1-2-42 Dec.
Nov.
SIX
General Shareholdings Corp., $6 conv.
or
Aug. 30 Aug. 16
Aug. 30 Aug. 16
1 Sept. 16
25c
31 He
al0%
(quar.)_
25
Oct.
$2
$5 preferred (quar.)
General Outdoor Advertising class A
Preferred
Sept.
Sept.
Sept.
Oct.
Bonus
General Motors Corp. common
Oct.
25c
General
_
Sept.12
Sept.12
Sept.12
Aug. 15
Aug.
9
Aug. 15
Oct.
SIX
Extra
5 H % preferred (quar.)
General Bottlers, Inc., $0.55conv. pref. (quar.)_
_
Oct.
Oct.
SIX
SIX
SIX
First National Bank
...
Nov.
Oct.
25c
Common (quar.)
Oct.
1 Sept.20
1 Oct. 20
15 Sept. 30
15 Sept. 30
Sept.
1 Aug. 15
Sept.16
Sept. 30,—
Sept. 2!Aug. 22
Sept. 20,Sept. 5
Sept. 20 Sept. 11
10c
3c
—
First Nat. Bank
Oct.
$1.14
25c
pref. (quar.)
6% preferred (2d series) (quar.)
Fifth-Third Union Trust Co. (Cin.) (quar.)__
Quarterly
Firemen's Fund Indemnity Co. (San Francisco)
Quarterly
Firestone Tire & Rubber Co. 6% pref. A (quar.)_
First National Bank (Atlanta, Ga.) (quar.)
First National Bank (Hartford) (quar.)
First Nat. Bank (Hazleton, Pa.) (quar.)
First National Bank (Mt. Vernon, N. Y.)—
Aug. 25 Aug.
Sept. 30 Sept.
Sept. 22 Sept.
Oct.
1 Sept.20
25c
t$!H
5
Nov. 15 Nov.
5
Sept. 24 Sept. 2
1 Aug. 18
Sept.
at 44-1000ths of one share
15
(quar.)
$2.50 preferred (quar.)
Gibraltar First National Ins. Co. (s-a)
Extra
Glens Falls Insurance Co. (quar.)
Globe-Democrat Publishing Co., 7% pref. (qu.) _
Globe & Rutgers Fire Ins. Co., 5% 2nd pref.(s-a)
40c
62 He
50c
20c
40c
Sept.
Oct.
Sept.
Sept.
Oct.
SIX
S2X
Sept.
Sept.
Oct.
Oct.
1
Gold & Stock Telegraph Co. (quar.)__
Golden Cycle Corp
SIX
Oct.
75c
Sept.
Dec.
Nov. 20
Goodrich (B. F.) Co. $5 pref. (quar.)__
S1H
Sept.
SIX
SIX
Dec.
$14
Sept.
Sept.
75c
SIX
30c
$2
35c
35c
(quar.)__~
Aug. 20
Aug. 20
$1H
Dominion-Scottish Investments, Ltd.—
75c
Quarterly
7% pref. (quar.)
Second
Oct.
1 Sept.10
Aug. 30 Aug. 15
50c
Dictaphone Corp., common
8% preferred (quar.)
Di-Noc Mfg. Co. 6% conv. pref. )quar.)
Distillers Corp.-Seagrams, Ltd. (quar.)
of common stock.
t$l X
_
Holders
Payable of Record
25c
(irreg.)
(semi-annual)
General Telephone Corp.
Corp.
7% pref.
Dayton Power & Light Co. 4)4%
When
1941
62 He
25c
37 He
75c
Diamond Match Co.
Preferred
23,
sept. 12 Aug. 30
Sept. 2 Aug. 12
Sept. 2 Aug. 12
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Sept. 2 Aug. 21
Sept. 15 Aug. 30
Oct. 15 Sept. 25
50c
Diamond Alkali Co
Payable in cash
reported
Cushman's Sons. Inc.,
Share
Company
—
Columbian Carbon Co. (quar.)
Loan
Name of
Extra
5% 1st preferred (quar.)
Commonwealth
Per
Holders
Payable of Record
Sept.
Aug.
$1H
Sept.
23 Dec.
23
2 Aug. 20
2 Aug. 15
2 Aug. 15
1-5-42 Dec. 20
Sept. 15 Aug. 29
Sept. 15 Aug. 29
Sept. 15 Aug. 29
Goodyear Tire & Rubber Co., common
$5 conv. preferred (quar.)_
Gorham Manufacturing Co. (irreg.)
Gossard (H. W.) Co____
Grace National Bank (N. Y.) (s.-a.)
Granby Consol. Min. Smelting & Pow. Co., Ltd
Payable in U. S. dollars.
Subject to approval
of Canadian Foreign Control Board, less
15% Canadian dividend tax.
25c
$1M
25c
$3
15c
Sept. 3
Sept.15
Aug. 15
Aug. 15
Sept. 15
Aug. 20
Aug. 22
Sept. 30
Aug. 30
Sept.23
Sept.
Aug. 15
Aug. 15
Sept.
Sept. 15 Sept. 2
Sept.
Aug. 14
Sept.
Aug. 25
Aug. 15
Sept.
The Commercial & Financial Chronicle
Volume 153
Share
of Company
Great Atlantic & Pacific Tea Co. of Amer. com__
$134
7% 1st preferred (quar.)
. —; _—___•
Great Northern Paper Co_
—
Great Northern Ry. Co., preferred
$1 H
50c
50c
Green Mountain Power Corp., $6 preferred
Greene Cananea Copper Co
-
Group No. 1 Oil Corporation (irregular)
Gulf Power Co. .$6 preferred (quar.)
Hackensack Water Co.. 7% pref. A (quar.)
Hajoca Corp. 6% pref. (quar.)
Hale Bros. Stores. Inc. (quar.)
Hall (C. M.) Lamp Co
Hall nor Mines, Ltd. (quar.)
$1>4
43 He
S1H
25c
20c
J15c
$134
...
50c
25c
■
Class B
50c
Extra
25c
(M. A.) Co., $5 pref. (quar.)
SIM
Harbauer Co. (resumed)
Harrisburg Gas Co., 7% preferred (quar.).;
Harbison-Walker Refractories Co., common—
6% preferred (quar.)
Harshaw Chemical Co., 434% conv., pref. (qu.)
Hart-Carter Co., $2 conv. pref. (quar.)
Harvill Aircraft Die Casting Corp
25c
SIM
3734c
$134
$134
50c
1234c
25c
Haverty Furniture Cos., Inc. (quar.)..
$1.50 preferred (quar.)
Hawaiian Electric Co., Ltd. (qaur.)_._
Hawaiian Pineapple Co
Hazel Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)
Hecla Mining Co
Hein-Werner Motor Parts Corp. (quar.)
3734c
45c
25c
$1 M
75c
25c
20c
10c
;
Heyden Chemical Corp
4 H % preferred A (initial) (quar.)
Heywood-Wakefield Co., 5% pref. B
Hibbard, 8pencer, Bartlett & Co. (monthly)
Monthly
Sept.
Sept.
Aug.
Aug.
Aug.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Oct.
Sept.
Sept.
Aug.
Oct.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Oct.
Sept.
Aug.
Oct.
Sept.
Sept.
15c
15c
30c
HobartMfg. Co. class A (quar.)..
Home Insurance (Hawaii) (quar.).
Ouarterly........^.;.......
Home Fire & Marine Ins. Co. (Calif.) (quar.)
Homestake Mining Co. (monthly)
Hooker Electrochemical Co., 6% pref. (quar.)..
Common (irreg.)
Horn& HardartCo. (N. Y.) 5% pref. (quar.) —
Horn (A. C.) Co.—
7% non-cum. prior participating pref. (qu.)_.
6% non-cum. 2nd participating pref. tqu.)__
Huntington Water Corp. 7% pref. (quar.)
6% preferred (quar.)
Hydraulic Press Mfg. Co. 6 % conv. pref. (qu.)
Illinois Municipal Water Co. 6% pref. (quar.)..
Illinois National Bank (Springfield, 111.) (quar.)
Imperial Life Assurance Co. of Canada (quar.)..
Quarterly
Indianapolis Water Co. 5% pref. series A (quar.)
Industrial Bank & Trust Co (St. Louis), quar.).
—.....
—
_
Industrial Credit Corp. of Lynn, common
(qu.)
7% preferred (quar.)
Ingersoll-Rand Co
Inland Steel Co. (quar.)
Inspiration Consolidated Copper.
International Business Machines (quar.)
International Cigar Machinery Co. (irreg.)
International Harvester Co. 7% pref. (quar.)
_
_
3734c
60c
15
15
7
18
18
5
15
12*
2
15
5
Sept. 5
Aug. 21
Aug. 21
Aug. 20
Aug. 19
Sept. 16
Aug. 15
Aug. 16
Sept.12
Sept.
Sept.
Sept.
Sept.
$1.06M Sept.
t31c
Sept.
—
5
15
15
15
15
15
15
12
30
12
6
Oct.
75c
Hires (Chas. E.) Co...
..
Sept. 20
Aug. 29
Aug. 15
Oct.
25c
1
Sept. 10
Sept.
Sept.
Sept.
$134
F
Sept. 25
Aug.
l'Sept. 20
Sept. 30 Sept. 16
Sept. 2lAug. 15
Sept. 2 Aug. 15
Sept.
1
Sept.
Aug. 15
Sept.
25c
common:
6% preferred (quar.)
Hammermill Paper Co., common (quar.)
4)4% preferred (quar.)
Hancock Oil Co. of Calif., class A (quar.)
Extra
Aug. 15
Oct.
25c
Hamilton Watch Co.
1
Oct.
Sept.
75c
Sept.
34 'He Sept.
$100
Sept.
Haloid Co_-
Extra
Oct.
niH
Griesedieck West.Brew.Co. 5K% conv.pf.Cqu.)
Hanna,
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Sept. 2 Aug. 20
Oct.
1 Sept.
5
(Houston, Tex.)—
Quarterly
Aug.
Sept.
Sept.
Sept.
Sept.
12
60c
Dec.
Dec.
50c
Sept.
3734c
Aug.
Sept.
Aug.
Sept.
Sept. 5
Aug. 20
Sept. 12
Aug. 12
$134
30c
$1M
8Mc
45c
$1M
$134
3734c
$134
$134
t$3M
J$3M
«a
25c
8734c
$134
$1
25c
$134
Aug. 13
Sept.
15
15
11
Aug. 11
2 Aug. 20
Sept.
Aug. 15
Oct.
Sept. 24
Sept.
Sept.
Sept.
Sept.
2 Aug.
2 Aug.
2 Aug.
Oct.
1 Sept. 30
1-2 -42 Dec. 31
Oct.
Oct.
Sept
Sept
Sept
Sept
Sept
Oct.
40c
Sept. 15
Aug.
7
16 Sept.
2
Aug.
4
Aug. 15
Sept. 5
Sept. 22
Sept
$1 M
1 Sept. 12*
Sept
Sept. 10
5
Aug.
International Nickel Co. of Canada—
50c
Common (Dayable in U. S. funds)
International Ocean Telegraph Co. (quar.)
International Safety Razor Corp. class
International Silver Co. (resumed)
$134
A (quar.)
60c
$1
25c
Interstate Hosiery Mills, Inc
Iron Fireman Mfg. Co. (quar.)
30c
30c
Quarterly
Jantzen Knitting Mills. 5%
Jewel Tea Co., Inc. (quar.)
preferred (quar.)..
$1M
60c
Jones & Laughlin Steel Corp.—
Common (new) (resumed)
Sept.
Sept.
jSept.
ISept.
'Dec.
Oct.
Oct.
Langiey
10c
s,
Ltd., 7%
conv.
t50e
t50c
pref
7% conv. preferred
25c
Lanston Monotype Machine Co
Le Tourneau (R. G.), Inc.—
134
_
1
Sept. 1
Sept.30
Sept. 30
Aug. 20
Aug. 28
Sept. 2
Sept. 15
Sept.
1
Oct,
Sept.
1 Sept.
Nov. 20
Aug. 10
Aug. 29
Aug. 29
Aug.
1
Aug.
7
Aug. 15
Sept.
Sept.12
Sept. 13
Sept.13
Sept. 2
Aug. 29
Aug. 25
Aug. 25
Aug.
1 Oct.
1 Sept. 19
Sept. 2 Aug. 16
Sept. 2 Aug. 15
Sept.15 Sept. 5
Dec.
15 Dec
Sept. 2
Sept.15
Sept.15
Sept.12
Dec.
12 Dec.
Special
-
Liggett & Myers Tobacco Co.. com. (quar.)...
Oct.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Oct
Class B (quar.)....
......
Lincoln National Bank & Trust Co.
——...
Sept.
SIM
Sept.
50c
Sept.
Aug.
Sept.
Sept.
Sept.
40c
$1
1
Co.
634% preferred (quar.)
Lionel Corp. (quar.)
Oct.
Nov.
(increased)
30c
Sept.
SIM
(quar.)
7% preferred (quar.)
Link-Belt Co. common (quar.)
9
9
15
15
13
23
11
29
Aug. 25
Aug.
1
Aug.
1
Aug. 15
Aug. 15
15 Oct.
(Fort
30c
(quar.)
Lincoln Stores, Inc., common
Sept.
Aug.
(Syracuse.
50c
Insurance
3
Aug. 30 Aug. 20
Aug.
14c
5
Aug. 15
Aug. 27
Aug. 27
Sept
3
Sept.
Sept.
40c
8
17
Nov.
Oct.
65c
(quar.)
5
Aug. 19
1 Sept. 20
Oct.
$1
Lexington Water Co. 7% pref. (quar.)
Libby-Owens-Ford Glass Co
Liberty Finance Co., participating pref. (qu.)—
Life Savers Corp. (quar.)
Wayne, Ind.)
Dec.
6 Sept.
6234c
Lehigh Portland Cement Co. 4% pref. (quar.)_
N. Y.) quarterly
Lincoln
National
Life
3
3
3
1
Sept. 15 Sept.
Sept. 2 Aug. 20
Oct.
10c
$2-50 preferred (quar.)
01
July 25
Sept. 6
50c
conv. pref. (initial quar.)
(Increased) (quar.)
$4.50
Leath & Co., common.
Leslie Salt Co.
Nov.
Aug.
Sept.
60c
...
2
Sept. 30
Aug. 18
Aug. 12*
Aug. 30
Aug.
9
Sept. 30 Sept.
[Oct.
$1M
5% preferred series A (initial) (quar.)
SIM
5% preferred series B conv. (initial) (quar.)..
Kaufmann Dept. Stores 5% conv. pref. (quar.).
SIM
$1M
Kemper-Thomas Co., 7% special pref. (quar.)..
SIM
7% special Dreferred (quar.)
Kendall Co., $6 par tic. preferred A (quar.).
Kennecott Copper Co
I
50c
Special
8734c
Kentucky Utilities Co. 7% junior pref. (quar.)
Kerr-Addison Gold Mines, Ltd. (interim)
*5c
t$lM
Key West Electric Co. 7% preferred A
5c
Kings burg Cotton Oil Co
SIM
Kingston Products Corp. 7 % pref. (quar.)
25c
Klein (D. Emil) Co. common
30c
Kresge (S. S.) Co. (quar.)
40c
Kress (S. H.) & Co. common
15c
6% special preferred (quar.)
50c
Kroger Grocery & Baking Co. common (quar.).
SIM
7% preferred (quar.)
$134
6% preferred (quar.)
Lake of the Woods Milling Co..Ltd., 7% pf.(qu)
tSIM
Lake Superior District Power Co. 5% pref. (qu.)
SIM
Landis Machine Co., 7% preferred (quar.)
SIM
$1M
7% preferred (quar.).
25c
Lane Bryant, Inc. (quar.)
25c
Lane-Wells Co. (quar.)
Extra
Sept.
50c
$154
15c
Name of
Payable of Record
35c
Great Southern Life Ins. Co.
Per
Holders
When
Per
Name
Sept.
Oct.
1083
Oct.
25
Aug. 22
Aug. 22
Aug.
8
1 Sept. 15
Aug. 30 Aug. 13
Share
Company
Little Miami RR.. original capital.
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Loblaw Groceterias Co., Ltd., class A (quar.)
Class B (quar.)
Loblaw Groceterias, Inc. (quar.)
Lock-Joint Pipe Co. (monthly)
Monthly
Lone Star Cement Corp.—
5% partic, pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Louisiana Land & Exploration Co
Louisville & Nashville RR. (irreg.)
Lunkenheimer Co. 634% preference (quar.)....
634% preferred (quar.)
Magma Copper Co
Mallory (P. R.) & Co., Inc. (irreg.)
.....
Sept. 10 Aug. 25
50c
Sept. 10 Aug. 25
50c
Dec.
*25c
t25c
20c
$1
$1
Dec.
1 Nov. 20
10c
Sept. 15 Sept. 2*
Aug. 27 July 28
Oct.
1 Sept. 20
$134
$1*4
50c
20c
$2
Midwest
50c
25c
60c
Mfg. Co
Mississippi Valley Public Service Co.—
$1
Common.
7% preferred A (quar.).
6% preferred B (quar
Missouri Gas & Electric Service Co* (s.a.)
Monarch Life Ins. Co. (Springfield, Mass.)—
$134
$1
$134
Semi-annual
Monarch Machine Tool Co. (irreg.)
Monsanto Chemical Co., common
(quar.)—
—
$1
50c
JR.) Dry Goods Co. (quar.)
Quarterly
—
Moran Towing Corp. 7% partic. pref. (quar.)...
25c
(quar.)
40c
lc
preferred A (irreg.)
Murphy (G. C.) Co. (quar.)
— _—
Muskogee Co., 6% preferred (quar.).
...
Muskegon Motor Specialties $2 class A (quar.)..
Munson Line, Inc. $4
6% convertible
15c
pref. (quar.)
25c
Inc., com. (quar.)
(quar.)
$3 convertible preferred, (quar.)
N ational Container Corp .(Del.)..
National Discount Corp. common (quar.)
5% preferred (quar.)
„ —
50c
$134
-
7% preferred A (quar.)
6 % preferred B (quar.). . - ... ---- - - Nat. Life & Accident Ins. Co. (Nashville)
National Linen Service Corp.
2734c
Co. (irreg.).
50c
25c
N. H.) (qu.)
$234
$134
$5 preferred (s.-a.).
(quar.)
10c
(initial)
Nat'l State Capital Bank (Concord,
National Union Fire Ins. Co. (s.-a.)
Extra
—
preferred (quar.)...
7% preferred (quar.)
Neiman-Marcus Co. 5% preferred (quar.)
Neisner Brothers, Inc. (quar.)
Nekoosa-Edwards Paper Co. common
$1
$134
$134
$134
25c
Sept.
2 Aug.
8
Aug. 29 Aug. 15
Sept. 15 Aug. 29
Sept. 10 Sept. 3
Dec. 27 Dec. 20
5
Nov. 15 Nov.
Sept.
Sept.
Sept.
Sept.
Sept.
3 Aug. 15
Aug.
9
Aug. 15
Aug. 15
Aug. 30
Dec.
Dec.
Sept.
Aug. 30
Dec.
Dec.
Sept.
Sept.
Aug. 22
Aug. 15
Sept.
2 Aug. 20
2 Aug. 20
2 Aug. 20
Sept.
Sept.
1
1
Sept. 30 Sept.20
Sept.10 Aug. 28
Oct.
1 Sept. 20
Sept.
1 Aug. 25
Oct.
1 Sept. 15
Sept. 2 Aug. 20
Aug. 30
Sept. 10
Sept. 10
Sept.10
Aug.
Aug.
Aug.
Aug.
20
25
25
30
Oct.
1 Sept.18
Aug. 30 Aug. 18
Oct.
1 Sept. 18
Sept. 15 Sept. 2
Sept. 15 Sept.
1
2 Aug. 22
Sept.
2 Aug. 11
Sept.
Dec.
1 Nov. 10
1 Nov. 10
1 Nov. 10
Aug. 31
Oct.
1
Dec.
31
Aug. 15
2 Aug. 15
Sept.
Aug. 30 Aug. 16
Sept. 10 Aug. 22
Aug. 15
Aug. 15
Sept. 2
Aug. 15
Aug. 22
Aug.
9
Aug. 20
Sept.
Sept.
Sept.
Sept.
Sept.
Sept;
Sept.
50c
Sept. 27 Sept. 18
Dec.
27 Dec.
Co. (s.-a.)
New Bedford Cordage Co., common
New Amsterdam Casualty
(>lcl<SS -B
aw1**
m
—
m m* ~ *»»»
Nov.
1 Oct.
Nov.
Oct.
Oct.
30 Oct.
20
Sept. 2 Aug. 14
Sept.30 Sept. 12
Sept.15 Aug. 29
Nov.
1 Oct.
17
Aug. 20
Aug. 20
Aug. 20
Aug. 22*
Aug. 20
Aug.
2
Aug. 30
Oct.
Sept. 23
Aug. 11
Sept.
Aug. 11
Sept.
Aug. 15
Sept.
Aug. 15
Sept.
Aug. 20
Sept.
Sept.15 Aug. 30
Sept.30 Sept. 20
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.15
31 Dec. 20
Dec.
Sept. 2
Sept. 2
Sept. 2
Sept. 2
Sept. 10
$134
$1
preferred" (quar.)
New Jersey Zinc Co..
New York & Queens Electric
11
11
Sept.15 Aug. 20
Sept.10 Aug. 30
Sept.10 Aug. 30
45c
25c
25c
18
Aug.
9
Oct.
Aug. 15
Oct.
15 Sept. 16
Aug. 30 Aug. 15
Sept.15 Aug. 30
Sept.
50c
Common
Common
$334
$234
15c
National Power & Light (quar.)..
Nebraska Power Co., 6%
2c
$134
1234c
$134
$134
(qu.).
$7 pref. (s.-a.)
National Malleable & Steel Casting
National Tool Co. common
50c
75c
25c
National Electric Welding Machine Co (quar.).
National Gypsum Co., $4.50 pref. (quar.)
National Lead Co., common (quar.)
7%
55c
40c
$134
7% preferred (quar.)
National Oats Co.
50c
$134
National Battery Co.. $2.20 conv.
National Biscuit Co. com
Class A
$1
$1
$134
$134
Fibi%s. Inc.—
preferred (quar.)
National City Lines,
2 Aug. 19
1
2 Aug.
Sept. 15 Aug. 30
Sept.
Sept.
America—
6% preferred (quar.)
6% preferred (quari)
Nat. Automotive
Sept.15
Sept. 15
Aug.
9
Aug. 29
Co.—
(quar.)
Mullins Mfg. Corp. $7 pref
Muncie Water Works Co. 8% pref. (quar.)
Mutual Chemical Co. of
30
30
1
30
*3134c Sept. 15
Oct.
1
$134
1-1- 42
$134
35c
Sept. 2
6c
Extra
Common
23
15 Aug. 29
10 Aug. 27
2 Aug. 11
Nov. 29 Nov. 28
Dec.
Moore (W.
Motor Finance Corp.
1-2-42 Dec.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Dec.
$234
$4.50 preferred A (semi-annual)
$4.50 preferred B (semi-annual)
$4 preferred C (semi-annual)
Montreal Loan & Mortgage Co. (quar.)
Motor Wheel Corp. (quar.)
Mt. Diablo Oil, Mining & Development
11
11
15
20
20
25c
$3 34
a;
Minnesota Mining &
Aug.
Aug.
Aug.
Aug.
Sept.
1 Aug. 20
1 Aug. 20
._
Extra
10 Nov. 24
Sept. 2
Sept. 2
Sept.
1
Aug. 30
Sept. 30
1 Nov. 20
.
(irreg.)
10 Nov. 24
Dec.
25c
$134
$134
preferred (quar.)
6% preferred, second series (quar.)
May McEwen Kaiser Co., $4 pref. (quar.)
43 34c
McClatchey Newspaper, 7% preferred (quar.)
4334 c
7% preferred (quar.)
McGraw-Hill Publishing Co
15c
Mclntyre Porcupine Mines. Ltd. (quar.)
t5534c
McKenzie Red Lake Gold Mines, Ltd. (quar.)
J3c
50c
Macy (R. H.) & Co
Madison Square Garden Corp
25c
15c
Magnin (I.) & Co. (quar.)
Manufacturers Trading Corp. common
4c
Marshall & Ilsley Bank (Milwaukee) (s.-a.)
20c
$134
Magnin (I.) & Co. 6% pref. (quar.)
75c
May Department Stores (quar.)
25c
May, McEwen, Kaiser & Co., common (quar.)..
$1
Mead Corp. $6 pref. A (quar.)
$1
$5.50preferred B (quar.)
25c
Mercantile Acceptance Corp. 5% pref. (quar.)..
25c
5% preferred (quar.)
30c
6% preferred (quar.)
30c
6% preferred (quar.)
Merrimack Manufacturing Co. 5% pref
+$5
t$234
Merritt-Chapman & Scott Corp., 634% pref. A
Metal Textile Corp.
Common (irreg.)
10c
8134c
$3.25 partic. preference (quar.)
Participating.
Metal & Thermit Corp.
$134
7% preferred (quar.) (increased)
30c
Michigan Steel Tube Products Co. (irreg.)
$1
Mid-City National Bank of Chicago, com.
75c
Middlesex Water Co. (quar.)
Midvale Co.
Dec.
Sept.
Sept.
$134
Marshall Field & Co., 6%
Rubber Reclaiming Co. $4 pref. (qu.)_
Minneapolis-Honeywell Regulator—
4% preferred B (quar.)
Quarterly
Holders
$1.10
$1.10
25c
Manhattan Shirt Co
When
Payable of Record
Aug.
1
Aug. 11
Aug. 11
Aug. 11
Aug. 20
Light & Power Co.
$2
(quar.)
Sept.13 Aug. 22
8
2 Aug.
$134
Sept.
(quar.)__...
& Gas Co.—
$1.2734 Sept.
5.10% pref. (initial; (quar.)...
$134
Sept.
Newberry (J. J.) Realty 5% pref. A (quar.)
Oct.
60c
Newberry (J. J.) Co. (quar.)...
50c
Sept.
Newport Electric Corp. (quar.)
Newport News Shipbuilding & Dry Dock Co.—
$5 non-cum. pref.
New York State Electric
Common
8
2 Aug. 15
50c
.......
$5 convertible preferred (quar.)
Niagara Share Corp.of Maryland 6%
1900 Corp. class A (quar.)..
1 Aug.
1 Aug. 16
1 Sept. 16
pf."A"(qu.)
Sept.
2 Aug. 16
$134
$134
50c
Nov.
1 Oct.
16
Sept. 17 Sept.
5
Nov. 15 Nov.
1
The Commercial & Financial Chronicle
1084
Per
Name of
Company
When
Share
Noranda Mi nee Ltd. (Interim) (quar.)
Norfolk & Western Ry. Co.. com.
(quar.)
Sept. 15
Sept. 19
Sept. 30
Sept. 10
Sept. 10
Aug. 25
Sept. 2
—
Norma-H Bearing Corp. (quar.)
Northeastern Water & Eiec. Corp. $4 pref. (qu.)
Northern States Power Co. (Wis.)—
5% preferred (quar.)_
Northwestern Public Service Co. 7% pref. (qu.)_
6% preferred (quar.)
Norwich Pharmacal Co. (reduced)
Nova Scotia Light & Power Co., Ltd.—
6% preferred (quar.)
...
—
Ohio River Sand Co. 7% preferred
Ohio Seamless Tube Co., common
50c
20c
si m
+S2 M
t$lM
Package Machinery Co. (quar.)
Paracale Gumans Consol. Mining Co., Inc.—
Common (monthly)
Parker Pen Co.—„ i.
-i * i
„
-
-
-
.
•
•
50c
•
Extra
25c
Parker Rust Proof Co.
Extra-
(quar.)
.
—
_
_
— — -
—
25c
25c
_
-
Parkqrsburg Rig & Reel Co. $5.50 pref. (quar.)_Paton Manufacturing Co., Ltd., common
(qu.).
7% preferred (quar.)
Peck-Stow & Wilcox Co. (irregular)..
Peninsular Telephone (quar.)
Quarterly
$im
t50c
tiiM
25c
50c
50c
__
$1!i
Phila Germantown & Norristown RR.
Co., com
Philadelphia Suburban Water Co. 6% pref. (qu.)
Philco Corporation
Phillips Petroleum Co. (quar.)__
Phillips Pump & Tank Co. class A (extra)
Class A (quar.)
Class A (quar.)
,
Pittsburgh Coke & Iron Co.. $5 conv. pf. (qu.).
Pittsburgh National Bank (Pa.) (quar.)
Pittsburgh Youngstown & Ashtabula Ry.—•
7% preferred (quar.)
Pleasant Valley Wine Co.
Pollock Paper & Box Co., 7% pref.
(quar.)
r7% preferred (quar.).
Poor & Co., $1.50 class A
preference (quar.)
Accumulated
Potomac Electric Power Co., 6%
pref. (quar,).
5% preferred (quar.).
Prentice Hall, Inc., common
(quar.).
$3 preferred (quar.).
Pressed Metals of America, Inc
Procter & Gamble Co. 5% preferred
(quar.)....
Provident Loan &
Savings Society of Detroit—
Common (quar.)
i.
5M% convertible preferred series C.
5% convertible preferred series D___
Public Electric Light Co. 6% preferred
(quar.)..
Public Finance Service, Inc., $6 preferred
(quar.)
Public Nat. Bank & Trust Co.
(N.Y.) (quar.)..
Public Service Co. of Colorado 7
Aug. 27
Sept. 1
Sept. 1
Aug. 30
Aug. 30
Sept. 2
Sept. 15
Sept.15
Aug.
9
Aug. 15
Aug. 15
Aug. 11
Aug. 11
Aug. 20
Aug. 31
Aug. 31
Sept.20 Sept.10
Oct.
1 Sept. 15
1
Aug.
Aug.
Aug.
Aug.
1
Sept. 15
Sept.
Oct.
Dec.
15c
sim
IlM
$1 m
SIM
37 He
15 Dec.
15
15
15
15
Sept. 15 Aug.
Sept.15 Aug.
75c
SIM
SIM
Inc. (quar.)
common
$2 preferred (quar.)
IIIIIIIIIIII
Heading Co. 4% non-cum. 1st pref.
(quar.)
2nd preferred
(quar.)
Reed-Prentice Corp. 7% pref.
(quar.jlllllllll
Regent Knitting Mills pref.
(quar.)
Preferred (quar.)
Reliance Grain Co., Ltd.—
_6 M % preferred (accumulated)
Reliance Steel Corp., $1.50 com.
pref. (quar.)__
Remington Rand, Inc., common
(interim)
$4.50 preferred (quar.)
Republic Insurance Co. of Texas
...
_
(quar.)
Republic Investors Fund, Inc.,
6% pref. A (qu.)
6% preferred B (quar.)
Republic Petroleum Co. common (resumed)
Additional on common
."LI-.
Rich's, Inc., 6M% preferred
(quar.)IIHIIIIII
Rochester Button Co—
$1.50 conv. preferred
(quar.)
Rochester Gas & Electric
_
15
19
19
15
25*
Oct.
25c
25c
SIM
25c
t25c
87 Mc
SIM
S2M
37 Mc
25c
15
15,
15 Sept.15
Sept.15 Aug. 22
Sept.15 Aug. 22
Oct.
1 Sept.10
Oct.
1 Sept.10
Sept. 2 Aug. 18
Aug. 30 Aug.
1
Sept. 15 Aug. 29
Aug. 25 July 22
Oct.
1 Sept.
5
Oct.
1 Sept.
5
Nov.
Oct.
50c
50c
Sept. 11 Aug. 21
Oct.
9 Sept. 18 '
Oct.
1 Sept. 17
Sept.
1 Aug. 15
Dec.
1 Nov. 15
40c
40c
tSl M
1 Sept.16
30c
15c
Aug.
Aug. 31
Aug. 22
Sept.10
Sept.10
Aug. 11
Nov.
Oct.
15
15c
Nov.
Oct.
15
3c
Sept.
Sept.10
3c
Dec.
Dec.
Sept.
Sept. 15
37 Mc
Sept.
Sept.
20c
Oct.
SIM
Oct.
SIM
10
37Mc
_
Corp.—
.IIIIII"
Per
Share
Company
RollandPaper Co., Ltd., 6% pref. (quar.)
Rolls-Royce, Ltd.. Amer. dep. rec. ord. reg.—
t$lM
Final
Royal Bank of Canada (Montreal) (quar.)..—
Rustless Iron & Steel
Corp. common..
$2.50 conv. preferred (quar.)..
Ruud Manufacturing Co., common (quar.)
Quarterly
Sabin Robbing Paper Co., 7% pref. (quar.)
Safeway Stores, Inc., common (quar.)
5% preferred (quar.)
St. Joseph Lead Co
St. Joseph Water Co. 6% pref. (quar.)
St. Louis Union Trust Co. (Mo.), common—
(Quarterly)
(Quarterly)
8an Francisco Remedial Loan Assn. Ltd. (quar.)
Sept.
1 Aug. 20
SIM
SIM
SIM
Sept.
Sept.
Sept.
Aug. 14
Aug. 14
Aug 14
•
23,
When
25c
1941
Holders
Payable of Record
Sept.
a20%
:$2
15c
62 Mc
Sept.
Sept.
Sept.
Sept.
2 Aug. 15
July
July
Aug.
Aug.
Sept.
29
31
15
15
5
5
25c
Dec.
Dec.
$1M
Oct.
75c
Oct.
Oct.
Sept. 20
Sept. 18
Sept. 18
Aug. 29
Aug. 11
$1M
50c
$1M
50c
Sept.
Sept.
Sept.
Sept. 24
50c
Dec.
Dec. 20
75c
Sept.
Sept. 15
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Savannah Electric & Power Co.—
8% debenture A (quar.)
7M% debenture B (quar.)
7% debenture C (quar.)
6M% debenture D (quar.)
6% preferred (s.-a.)
Schiff Co., common (quar.)
5M% preferred (quar.)
Scott Paper Co.—
Common (quar.)
$4.50 preferred (quar.)
$4 preferred (quar.)
Seaboard Oil Co. (Del.) (quar.)
Sears Roebuck & Co. (quar.)
$2
SIM
SIM
$1H
$3
—
25c
—
$1M
Oct.
Oct.
Oct.
Sept.
Sept.
10
10
10
10
Sept. 10
Aug. 30
Aug. 30
45c
Sept.
Sept.
SIM
Nov.
Nov.
Oct.
Oct.
Sept.
Sept.
Sept. 2
Aug. 11
noc
Sept.
$2
SI
Aug. 15
Sept. 30
Nov.
Oct.
29
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug,
Aug.
Aug.
Sept.
July
Aug.
15
30
25
14
15
15
2
24
20
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
15
15
23
16
Sept.
1
J&
75c
1♦
20*
20*
Second Canadian International Investment Co.
4% participating preference (quar.)
Second Nat. Bank (Houston, Texas) (quar.)
—
Second Nat. Bank
(Nashua, N. H.) (quar.)
Secord (Laura) Candy Shops, Ltd.
J20c
Seeman Brothers, Inc
Serrick Corp., class A
75c
tS1.38
Servel, Inc
25c
50c
Sbeaffer (W. A.) Pen (quar.)
Extra. _i
mi. w-—»
Shattuck (Frank G.) Co. (quar.)
.
_
-
25c
--
10c
Shawinigan Water & Power (quar.)
Shenango Valley Water Co., 6% pref. (quar.)..
t23c
SIM
Oct.
Sherwin-Williams Co.—
5% preferred, AAA (quar.)
.—_——
Simon (Wm.) Brewery
Simonds Saw & Steel Co. (irreg.)
Sisco Gold Mines, Ltd
Sloane-Blabon Corp. 6% preferred class A
80c
t2c
W2&
Snider Packing Corp
Socony Vacuum Oil Co., Inc
Sonotone Corp., common
60c. prior preferred (quar.)
Sontag Chain Stores Co., Ltd.,—
Common (quar.)
7% preferred (quar.)
Sound view Pulp Co., common
"IS
25c
5c
15c
Oct.
15c
Sept.
Sept.
SIM
—
South Bend Lathe Works (quar.)
Extra
South Carolina Power Co. $6 pref. (quar.)
Southern California Edison Co., Ltd.—
SIM
6% preferred B (quar.)
Southeastern Greyhound Lines, Inc. com. (qu.).
(Quarterly)
6% non-con v. preferred (quar.)
(Quarterly)..
6% conv. preferred (quar.)
(Quarterly)
Southern California Water Co. 6% pref. (quar.).
Southern Colorado Power Co., 7% pref
Southern Pipe Line Co
Southwestern Life Ins. Co. (Dallas) (quar.)
Sovereign Investors. Inc. (quar.)
Spear & Co., $5.50 1st preferred (quar.)
$5.50 2nd preferred (quar.).
Spencer, Kellogg & Sons, Inc. (quar.)
Spiegel Incorp. $4.50 conv. pref. (quar.)
Squibb (E. R.) & Sons
Standard Accident Ins. Co. (Detroit) (quar.)
Standard Brands. Inc.. $4.50 pref. (quar.)
Standard Cap & Seal Corp. $1.60 conv. pf. (qu.)
Standard Dredging Corp., common (irregular)__
$1.60 convertible preferred (quar.)
Standard Oil Co. of California (quar.)..
EXtra.. mmi.mm:mm'.m-mm-mmm-m-mmm~-~:~<~~mmmm.±
Standard Oil Co. of Indiana (quar.)
...
—
-
Extra.
37Mc
common
...
.
Inc. (quar.)
Sept.
Aug. 20
Dec.
Nov. 20
Sept.
Aug. 20
30c
Dec.
Nov. 20
30c
Sept.
30c
Dec.
Aug. 20
Nov. 20
Sept.
Sept.
Sept.
Aug. 15
Aug. 30
Aug. 15*
37 Mc
t$l
25c
35c
10c
SIM
40c
SIM
50c
62 Mc
$1M
40c
10c
40c
25c
10c
25c
37 Mc
SIM
40c
Stecher-Traung Lithograph Corp.—
5% preferred (quar.)
5% preferred (quar.)
Sterling Products Inc. (quar.)
Stonega Coke & Coal Co
-
SIM
SIM
Corp. (quar.)
—
_
Stromberg-Carlson Telephone Mfg. Co.—
6M% preferred (quar.)
Stuart (D. A.) Oil Co. class A partic. pref.
(qu.).
Sullivan Machinery Co. (resumed)-.
Sun Oil Co. (quar.)
Sunset Oils, Ltd. (irreg.)
Superior Tool & Die Co. (quar.)
—
Swan-Finch Oil Corp., common (irreg.)
6% preferred (quar.)
Swift & Co. (quar.).
Oct.
Oct.
12
July 30
Aug. 22
Aug 22
Aug. 23
Aug. 30
Aug. 15
Aug. 25
Sept. 2
Aug. 15
Aug. 20
Aug. 20
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Aug. 30
Aug. 30
Sept. 30
Sept. 15 Sept.
Sept
5
Sept
15
15
Dec
Dec.
Sept.
Sept.
12Mc
12Mc
SIM
Aug.
Aug.
Sept.
Aug. 15*
Aug. 22
Aug. 18
Aug. 18
Aug. 15
SIM
J20c
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
50c
26c
tlMe
2Mc
40c
—
Swift International Co.. Ltd., dep. ctfs.
(quar.).
373^CC
50c
Sylvanite Gold Mines, Ltd., com. bearer (qu.)__
Sylvania Industrial Corp. (quar.)
J7c
25c
60c
Tennessee Corp.
25c
Texas Gulf Sulphur Co
Texas New Mex. Utilities Co., 7% pref. (quar.).
Texas Pacific Coal & Oil Co.
(quar.)
Texon Oil & Land Co
Thermoid Co., $3 preferred (quar.)
Thew Shovel Co., common
—
(irreg.)
Quarterly
333 Building Corp. $5 prior pref. (irreg.)—Tide Water Associated Oil Co. (quar.)
—
common
$1-40conv. preferred (quar.)
Timken Roller Bearing Co..
Toledo Edison Co. 7% preferred
(monthly)
6% preferred (monthly)
'5% preferred (monthly)
-
Trane Co, $61st pref. (quar.)
——
Transue & Williams Steel Forging Corp. (irreg.).
Truax-Traer Coal Co. 6% pref. (quar.)
5M% preferred (quar.)
Trustee Standard Oil Shares series B
(quar.)..
50c
SIM
10c
10c
75c
75c
7% preferred (quar.)
Third Nat. Bank & Trust Co. (Scranton,
Pa.)—
Union Gas Co. of Canada, Ltd.
Oct.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
$1
95c
Strawbridge & Clothier 6% prior pref. A (quar.)
Extra
Tilo Roofing Co.,
15
Aug. 20
30c
37 Mc
(quar.
;
5% preferred (quar J
Standard Wholesale Phosphate & Acid Works,
Storkline Furniture
Extra
Sept
Sept.
37Mc
37Mc
25c
Standard Oil Co. of Ohio
Extra.
Oct,
Aug.
Aug.
Aug.
...
Aug. 20
20
15
15
15
15
Aug.
$1
6% preferred (quar.)
Sept. 5
Aug. 21*
Sept. 4
Sept. 4
Aug.
Aug.
Aug.
Aug.
Aug.
50c
Talon. Inc
1
Sept. 15 Aug.~29
Sept. 2 Aug. 15
50c
87 Mc
Name of
—
Sept.10 Aug. 20
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Sept. 2 Aug. 15
Sept. 2 Aug. 30
Oct.
1 Sept. 20
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Sept. 30 Aug. 29
Sept. 15 Aug. 15
Sept. 15 Aug. 15
50c
_
14
1 Aug. 20*
15 Oct. 10
50c
Quaker Oats Co.. 6% pref. (quar.)
I
IIII
Quaker State Oil Refining Corp.
(irreg.)
Quebec Power Co. (quar.)
Radio Corp. of Amer. $3.50
conV.jst pref. (qu.)
$5 preferred B (quar.)
'
Rath Packing Co.
5% pref. (semi-annual)
19
15
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
Sept. 15 Aug.
$2
Pure Oil Co. 6% pref.
(quar.)
5% preferred (quar.)
Purity Bakeries Corp
15
Sept. 2 Aug. 20
Aug. 25 Aug. 15
Sept. 15 Sept. 15
SIM
SIM
Extra
6% preferred C (quar.)
6% preferred D (quar.)
5% preferred E (quar.)
1
1
2
1
Oct.
55c
8% preferred (quar.).
7 % preferred (quar
'.).
$5 preferred (quar.)
6 % preferred
(monthly)
6% preferred (monthly)
Pullman, Inc. (quar.)
5
5-42
Sept.
Sept.
50c
41 2-3c
common
5
15
Sept. 15 Aug. 29
Oct.
1 Sept. 15
Oct.
1 Sept.15
Sept.30 Sept. 25
Sept.
1 Aug. 31
Sept.22 Aug. 30
Sept. 22 Aug. 30
Sept.
1 Aug. 21
Sept. 10 Aug. 15
Sept. 2 Aug. 11
Oct.
Sept.10
Sept. 4 Aug. 20
Sept. 2 Aug. 11*
Sept.12 Aug. 26
Aug. 30 Aug.
1
Sept. 1 Aug. 15
Nov.
1 Aug. 15
Sept.
Sept.
% pref. (mo.).. 58 l-3c
6% preferred (monthly)
5% preferred (monthly)
Aug. 26
Aug. 26
Aug. 30
Aug. 15
Aug. 20
2-1-42 1-15-42
Class B
Phoenix Hosiery Co., 7% 1st pref
Photo Engravers &
Electrotypers, Ltd. (s.-a.)__
Pillsbury Flour Mills Co. (quar.)_
Pittsburgh Bessemer & Lake Erie RR. Co.—
Common (quar.)
1
8ept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
5-15-42
Extra
Raybestos-Manhattan,
Sept.
Sept.
Sept.
5-42 Dec
Nov. 15 Nov
PfaudlerCo. 6% pref. (quar.)
Phelps Dodge Corp. (increased)
Philadelphia Co., 5% non-cum. pref. (s.-a.)
Philadelphia Electric Power 8% pref. (quar.)
Rayonier, Inc.,
Aug. 20
Aug. 20
Aug. 16
Sept. 2
Aug.
5
Aug. 20
Aug. 20
Aug. 20
Aug. 15
Sept. 5
Sept. 10
Aug. 14
Sept.15
Sept. 25
Aug. 20
Aug. 20
35c
.
Pennsylvania Salt Mfg. Co. (irreg.)
Pennsylvania Water & Power Co., com. (quar.)
$5 preferred (quarJ.
Peoples Nat. Bk. of Wash.(Seattle.Wash.) (qu.)
Peoples Telephone Corp. 6% pref. (quar.)
Perron Gold Mines, Ltd. (quar.)
3
18
Aug. 15
35c
Preferred A (quar.).
Preferred A (quar
•.).
Public Service of N. J.
Aug.
Aug.
l-ic
$m
30
21
3
2 Aug. 15
Sept.
Sept.
Sept.
58
Sept.
50c
Sept.
41 2-3c Sept.
Sept.
$i m
10c
Otis Steel Co.. $5.50 conv. 1st preferred
Oxford Paper Co., $5 preference
Sept.
m
4m
20
2 Aug. 20
2 Aug. 20
Sept. 2 Aug. 20
Sept. 10 Aug. 22
$1
$1
III
7% preferred (quar.)
Okonite Co. 6% preferred (quar.)
Omaha National Bank (Nebraska)
(quar.),:
Omar, Inc.. 6% preferred (quar.)
Oshkosh B Gosh, Inc., common (quar.)
$2 convertible preferred (quar.)
Otis Elevator Co., common
6% preferred (quar.)
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
20c
.
Ogilvie Flour Mills Co., Ltd., 7% pref. (quar.)_.
Ohio Oil Co. 6% pref. (quar.)
Ohio Power Co. 4M% pref. (quar.)>_
Ohio Public Service Co. 7% pref.
(monthly)
6 % preferred
(monthly)
5% preferred (monthly)
■
$1m
$1m
$1m
tllM
Oakland Title Ins. & Guar. Co. (Calif.)—
Common (quar.)
Extra
Holders
Payable of Record
North American Car Corp., $6 1st preferred A._
$6 1st preferred B
North Pennsylvania RR. Co. (quar.)__
Aug.
SIM
45c
50c
Oct.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
10c
Sept.
20c
Sept.
35c
Sept.
75c
Sept.
58 l-3c Sept.
50c
Sept.
41 2-3c Sept.
SIM
Sept.
45c
Sept.
Sept.
Sept.
10 4-5c Sept.
J20c I Sept.
SIM
Sept. 12
Sept. 2
Aug. 21
Aug. 11
Sept. 10*
Sept. 3
Aug. 15
Sept. 1
Nov. 15 Nov.
15c
SIM
Aug.
9
Aug. 15
Aug. 14
Aug. 25
Sept. 5
Aug. 15
Aug. 29
Aug. 15
Sept. 2
Aug. 15
Aug. 16
Aug. 18
Aug. 26
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Au;.
Aug.
Sept.
Sept.
3
1
11
11
25
25
20
15
15
15
23
25
5
5
July 31
Aug. 20
Volume
TheCommercial & Financial Chronicle
153
Condition of the Federal Reserve Bank of
*
Per
Name
of Company
Share
Holders
When
New York
Payable of Record
The
Union Market Nat. Bank (Watertown, Mass.)—
Extra
1
Union Tank Car Co. (quar.)
10c
Oct.
50c
United Biscuit Co. of America
25c
Sept. 2 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 15 Sept.
Sept. 1 Aug.
15
14
14
5
11
Oct.
20
8
common
5% preferred (quar.)
Unitea-Carr Fastener Corp. (quar.)
United Chemicals, Inc., S3 preferred..
3(
t75c
United Fuel Investments, Ltd.—
6% class A preference (quar.)
United Gas Corp., $7 preferred
United Gas & Electric Co., common (irreg.)
mx
Sept.
60c
Sept.
Sept.
Sept.
Sept.
Sept.
$1 '4
United Gas Improvement Co., common
20c
$5 preferred (quar.)
58$l-3c
United Light & Railways 7% pref. (monthly)..
7% preferred (monthly)
58 l-3c
......
...
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
53c
...
6% prior preferred (monthly)
6% prior preferred (monthly)
United N. J. RR. & Canal (quar.)
United Specialities Co. (quar.)
2
1
Sept.
50c
Oct.
Oct.
15c
85c
$2
7% preferred (s.-a.)
$3H
U. S. Freight Co. (interim)
U. 8. Gypsum Co., common (quar.)
25c
50c
7% preferred (quar.)
U. 8. Printing & Lithograph Co
$15*
t$lH
United States Pipe & Foundry Co., (quar.)
50c
50c
Quarterly
U. 8. Playing Card Co.
(quar.)
U. 8. Plywood Corp. $1.50 conv. pref. (quar.)__
United States Steel Corp. common
5Cc
37Hc
18
United Wall Paper Factories, com
6% prior preferred (quar.)
$1M
Universal Insurance Co. (quar.)...
25c
Upper Canada Mines, Ltd
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)............
Upressit Metal Cap Corp., 8% preferred
Upson-Walton Co
Utilities Stock & Bond Corp.—
tic
$1>*
$1^
....
Extra
t$2
25c
share of Louisiana
date last year:
2
1
5
5
29
29
15
Sept.15
Aug. 15
Sept.15
Aug. 15
Sept.15
10 Sept.
Assets
Redemption fund—F. R. notes
Secured
$15*
$15*
50c
10c
...
Vicksburg Shreveport & Pacific Ry. com. (s.-a.)
5% preferred (s.-a.)
Vinco Corp. (quar.)
Virginia Coal & Iron Co. (irreg.
Virginia Electric A Power Co., $6 pref. (quar.)__
Virginia Fire & Marine Ins. Co. (s.-a.)
Virginian Railway Co.—
______
$15*
$15*
50c
625*c
375*c
37 5* c
375*c
375*c
50c
(irreg.)
Walgreen Co. common (quar.)
4 Yi % preferred (quar.)
40c
$15*
noc
Waite Amulet Mines, Ltd. (interim)
Walker (H.) Gooderham & Worts, Ltd.—
Common (quar.)
$1
preferred
(quar.)
Pictures.
Warner Bros.
Inc., $3.85 preferred
Warren Foundry & Pipe
t«l
J25c
t965*c
50c
Corp
Warren (Northam) Corp. $3 preferred (quar.).
Dec.
75c
-4
$10
25c
Participating units
$15*
5% preferred (quar.)
$15*
5% preferred (quar.)
10c
Wayne Screw Products Co. (irreg.)_______
Welch Grape Juice Co. (year-end)
40c
Wesson Oil & Snowdrift Co., Inc. com. (yr.-end)
$15*
$4 conv. preferred (quar.)
$1
West Canadian Hydro-Electric Corp., Ltd.—
$0 80 participating preferred (quar.)
J20c
West Coast Telephone Co., 6% pref. (quar.)__
375*c
West Indies Sugar Corp. 5% pref. (s.-a.)
$15*
West Michigan Steel Foundry Co.—
$1.75 conv. preference (quar.)
43 5*c
Western Auto Supply Co. (quar.)
50c
Western Grocers Co. (Iowa) (irreg.)
30c
t$3 5*
7% preferred.
_Western Public Service Co. $1.50 pref. A
t375*c
"Westgate Greenland Oil Co. (monthly)
25c
Westinghouse Air Brake Co
$1
Westinghouse Electric & Mfg. Co. common
,$1
7% participating preferred
Westmoreland Coal Co. (irreg.)
75c
_
_
_
*
*
_
_
__ _
_ ___
_
_
______
— _
-
1 Sept. 13
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
1 Sept.
31
20
10
1
2
30
Oct.
1-2-42 Dec.
Oct.
Total
15
20
18
23
15
15
28
Aug.
Aug.
Aug.
Aug.
1
15
18
18
Sept. 10 Aug. 30
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Sept. 25 Sept. 10
Sept. 4 Aug. 22
Sept. 20 Aug. 29
Sept. 2 Aug. 20
Sept. 25 Sept.16
Nov.
1 Oct.
Sept.
Sept
.
2 Aug. 15
20 Sept. 10
20 Oct.
Oct.
10
Sept. 15 Aug. 30
Sept. 20 Aug. 20
Sept. 15 Aug. 15
Sept 10 Aug. 18
Sept. 16
Sept. 15
Sept.
1
Sept. 2
Aug. 30
Aug. 15
Aug. 15
1 Nov.
Dec.
Wrigley (Wm.) Jr
Monthly.
Total U. 8. Government securities,
direct and guaranteed
615,149,000
615,149,000
749,605,000
Total bills and securities.
Due from foreign banks
623,168,000
625,009,000
752,250,000
18,000
18,000
Federal Reserve notes of other banks
2,311,000
234,610,000
10,280,030
13,161,030
2,661,000
228,760,000
Uncollected Items
Bank
(Rudolph) Co. (The)
premises
Other assets
Total assets
18,000
1,829,000
160,704,000
10,095,000
9,785,000
13,149,000
17,334,000
9,514,797,000 9,452,869,000 10013,990,000
Liabilities—
F. R. notes in actual circulation
U.
1,820,200,000 1,805,923,000 1,418,624,000
reserve acc't._ 6,113,003,000 6,030,673,000 7,158,549,000
S. Treasurer—General account___
329,859,000
269,506,000
317,754,000
470,073,000
509,995,000
$15*
20c
$15*
40c
Total liabilities
Surplus (Section 7)
Surplus (Section 13-b).
Other capital accounts.
13,467,000
F
of
R.
total
to
reserve
liabilities
note
deposit
and
combined...
industrial
94.0%
94.1%
93.1%
1,524,000
make
to
1,526,000
742,000
ad¬
vances
t "Other cash" does not Include Federal
reserve
These
certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
x
are
100 cents to 59.06 cents, these certificates belDg 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,
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
STATEMENT
MEMBERS
OF
ASSOCIATION AT
OF
THE
NEW
YORK
HOUSE
CLEARING
CLOSE OF BUSINESS THURSDAY,
*
21,
AUG.
1941
Capital
Net Demand
Time
Undivided
Deposits,
Profits
*
Clearing House
Average
Deposits,
Average
Surplus and
Members
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Oct.
Sept.
6,000,000
2 Aug. 15
Guaranty Trust Co
90,000,000
2 Aug. 20
3 Aug. 20
3 Aug. 20
2 Aug. 12
Manufacturers
Trust Co
41,591.200
Cnt Hanover BkATr Co
First National Bank....
21,000,000
15,000,000
10,000,000
Irving Trust Co
50,000,000
15 Sept.10
12 Aug. 15
29 Aug. 12
29 Aug. 12
10 Aug. 25
1 Sept. 15
10 Aug. 27
5
2 Aug.
Sept.15
Sept.15
Sept.13
Sept. 20
Sept. 20
2 Aug. 11
10 Aug. 30
16,264,000
518,361,200
960,480,800 16,055,712,000
4,000,000
100,270,000
Fifth Avenue Bank
500,000
25,000,000
Bankers Trust Co
Title Guar A Trust Co..
6,000,000
5,000,000
Marine Midland Tr Co.
New York Trust Co
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co.
Totals
*
As per official reports:
companies, June 30,
1,536,000
4,538,000
79,181,000
2,143,000
3,129,000
42,840,000
1,626,000
53,609,000
779,909,000
In
foreign branches:
1941
trust
$281,621,000 (latest available date) I
(Aug. 21);$3,651,000 d $88,152,000 (latest
(latest available date); c
a
15
Sept.
5,138,000
47,494,000
1941.
available date); e $23,206,000
15
1 Oct.
deposits
27,614,000
883,000
National, June 30. 1941; State, June 30,
5 565,328,000
1 Oct
Includes
8,681,000
89,909,000
106,644,000
84,329,000
75,642,700 cl,171,541,000
20,287,000
336,838,000
109,849,400
823,915,000
63,896,700
732,748,000
77,617,000
4,531,200
137,453,100 d3,358,652,000
59,080,000
4,267,300
84,931,100 el;171,265,000
1,168,100
18,349,000
10,151,100
146,841,000
28,067,600
458,347,000
8,916,500
145,976.000
10,758,300
98,202,000
Continental Bk A Tr Co.
Chase National Bank
38,234.000
166,117,000
786,165,000
40,986,600
12,500,000
7,000,000
7,000,000
Corn Exch Bank Tr Co.
Sept.
Sept. 10 Aug. 30
Sept. 2 Aug. 15
1 Aug.
Aug. 29
Sept. 2
2
Oct.
1
Aug. 30
Oct.
1
Sept. 15
Oct.
1
18
Aug. 15
Aug. 11
Aug. 21
Aug. 21
Aug. 20
Sept.20
Aug. 20
Sept.10
Aug. 23
Sept.13
(July 31).
Stock
Below
are
stocks and
as
the
and
daily
bonds listed
Bond
closing
on
Averages
averages
of representative
the New York Stock Exchange
compiled by Dow. Jones & Co.:
Bonds
Stoclct
10
50c
Federal
notes or a bank's own
Reserve bank notes.
187,600.900 b2,245,679,000
Sept.
Sept.
Sept.
Sept.
50c
Sept. 15 Aug. 30
Sept. 15 Aug. 30
5
Sept. 15 Sept.
50c
Dec.
50c
7,109,000
12,608,000
241,060,000
14,294,300
657,550,000
27,221,000
82,100,800 a2,669,404,000
856,483,000
58,357,100
25c
$15*
53,326,000
Total liabilities and capital accounts. 9,514,797,000 9,452,869,000 10013,990,000
Ratio
77,500,000
20,000.000
1
15c
51,075,000
51,670,000
56,447,000
7,070,000
13,450,000
51,691,000
56,447,000
7,070,000
National City Bank
Chem Bank A Trust Co_
1
10c
9,386,122,000 9,324,232,000 9,889,872,000
Capital Accounts—
Capital paid In
$
Oct.
75c
7,362,577,00017.309,472,000 8,326,222,000
202,649,000
208,095.000
144,266,000
696,000!
742,000'
760,000
...
Deferred availability Items
Other liabilities, incl accrued dividends.
20,000,000
Oct.
tlOc
:5c
506,726,000
Bank of New York
Oct.
7!
$15*
404,201,000
433,613,000
454,319,000
Bank of Manhattan Co.
Aug. 20
Aug. 20
Sept. 30 Sept. 15
25c
Yale & Towne Mfg. Co
345,311,000
Sept.
Oct.
Oct.
2.x;
Youngstown Sheet & Tube Co., common
5J*% preferred A (quar.)
Youngstown Steel Door Co. (correction)
Payable Sept. 15 not Sept. 9 as reported
Youngstown Steel Door Co
Zion's Cooperative Mercantile Institution (qu.)_
Quarterly
404,294,000
231,036,000
384,113,000
231,036,000
Sept.
Nov
Co. (monthly)
384,113,000
837,000
15
Nov
.____
1,808,000
anteed:
Notes
Aug. 25 Aug. 14
Aug. 30 Aug. 11
8
Aug. 27 Aug.
Sept. 1 Aug. 15
$15*
t$15*
Extra
Wurlitzer
Aug. 30 Aug. 15
Sept. 2 Aug. 15
Oct.
Extra
Woolwortb (F. W.) Co. (reduced)
Wright-Hargreaves Mines, Ltd
8,676,000
1,184,000
1,184,000
Bonds
.
Aug. 22
Aug. 22
Aug.
8
Aug. 30 Aug. 15
$1
20c
(quar.)
397,000
6,835,000
discounted
18
2-2-42 1-17-42
5-1-42 4-18-42
8-1-42 7-18-42
Oct.
$15*
Wolverine Tube Co., 7% preferred
Woodward Governor Co
440,000
U. S. Govt, securities, direct and guar¬
30
10 Dec.
Sept. 2
Sept.
1
Sept. 1
Sept. 10
Sept.
Sept.
Wheeling Electric Co. 6% pref. (quar.)
Whitaker Paper Co., common (quar.)
7% preferred (quar.)_
Whitman (William) Co. Inc. 7% pref. (quar.)___
Wieboldt Stores. Inc., $5 prior pref. (quar.)
6% preferred (quar.)
Williamsport Water Co. $6 pref. (quar.)
Willson Products. Inc. (quar.)
!
Wilson & Co., Inc., $6 preferred
Wins ted Hos ery Co
(quar.)
4,870,000
3,806,000
29
Sept.15
Sept. 20 Sept. 10*
50c
<
1
bills
Industrial advances.
1
25c
Westmoreland. Inc. (quar.)
Weston Electrical Instrument
Extra
1,420,000
5,415,000
20 Nov. 29*
Oct.
Washington Ry. & Electric Co.—
Common
obligations
direct and guaranteed
Other bills discounted.
Commitments
$15*
$15*
7% preferred (quar.)
Wacker-Wells Building Corp.
$25*
$25*
20c
Vulcan Debinnlng Co. common (quar.)__
Govt,
20
Aug. 26 Aug. 12
Aug. 26 Aug. 12
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Sept. 4 Aug. 21
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 19
Sept. 20 Aug. 30
Dec.
preferred (quar.)_______
preferred (quar.)
Vogt Manufacturing Corp
8.
Total deposits
$1
preferred (quar.)
preferred (quar.)
8,631,249,000 8,573,177,000 9,072,070,000
U.
Foreign
7% 1st preferred (quar.)
Vapor Car Heating Co., pref. (quar.)
» Yeferred (q uar.)
Iincreased (quar.)
6%
6%
6%
6%
by
Other deposits...
50c
_
reserves.
Bills discounted:
Ice & Elec.
Van Raalte Co., Inc., common
_■ _■
...
Other Cash t
Total
$
t
8,564,933,000 8,503,174,000 8,975,371,000
1,477,000
1,155,000
1,388,000
95,222,000
65,161,000
68,615,000
Deposits—Member bank
Vanadium-Alloys Steel Co. (irreg.)
Common
$
hand and due from
on
United 8tates Treasury.!
Co. com. stock will be received for each
share of Util. Stock & Bond Corp. com.,
held.
Vick Chemical Co. (quar.)
Extra
•>„'
Gold certificates
Sept. 15 Aug. 15
___
a
1
Sept.
Oct.
50c
Extra
1 Sept.
2 Aug.
20 Sept.
20 Sept.
30 Aug.
30 Aug.
2 Aug.
Oct.
$2M
U. 8. Envelope Co., common
l-20th of
1 Sept. 26
following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 20, 1941,
in comparison with the previous week and the corresponding
Aug. 20, 1941 Aug. 13, 1941 Aug. 21, 1940
J75c
...
7% preferred (quar.)
....
1085
15 Dec.
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
UlUi
trials
Date
roads
ties
Stocks
trials
Rails
Rails
ties
Tota<
4U
Bond
5
Aug. 22.
♦
accumulated dividends.
deductible at the source.
effective April 30 1941 increased from 5% fco 15%,
remains at 2%.
a Less British income tax.
J Pavable in Canadian funds, tax
tax,
Non-resident
Resident tax
125.84
30.15
18.26
42.72
107.41
93.10
51.97
110.20
Aug.21.
Transfer books not closed for this dividend,
t On account of
125.99
30.21
18.25
42.78
107.30
93.07
52.09
110.40
90.72
Aug.20.
Aug. 19.
126.01
30.21
18.35
42.80
107.34
93.01
52.07
110.10
90.63
90.67
42.67
107.31
30.12
18.33
110.02
90.66
Aug.18-
125.62
30.19
18.39
42.72 .107.30
93.65
52.16
109.98
90.77
Aug.16-
125.05
29.85
18.31
42.41
93.53
52.10
110.00
90.79
125.57
107.53
93.24
52.07
The Commercial & Financial Chronicle
1086
Aug. 23, 1941
System
Weekly Return of the Member Banks of the Federal Reserve
Following Is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the prineipa
Items of resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These
figures
are
always
the Federal Reserve
The comments of the Board of Governors of
"Current Events and Discussions,"
week behind those for the Reserve banks themselves.
a
System upon the figures for the latest week appear in our department of
Chicago reporting member banks for a week later.
immediately preceding which we also give the figures of New York and
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON
ASSETS AND LIABILITIES OP
(In Millions of Dollars)
Minne¬
Cleveland Richmond
delphia
Atlanta
St, Louis
Chicago
San
Kansas
apolis
Phila¬
NstvYork
Boston
Total
Federal Reserve Districts—
AUG. 13, 1941
CUV
Francisco
Dallas
■
X
X
%
%
ASSETS
S
X
VV
X
*
'
;r .:-
X
1
X
X
28,874
1,430
13,021
1,336
2,222
793
,734
4,112
852
471
800
624
Loans and Investments—total
2,479
772
3,954
562
860
318
379
1.351
407
241
390
331
Loans—total
10,603
1,098
6,146
2,525
301
411
150
190
888
235
124
233
222
Commercial, Indus, and agrlcul. loans
420
447
399
88
102
43
20
13
5
49
21
3
29
2
24
Open market paper
Loans to brokers and dealers In secure.
457
13
333
26
14
3
7
40
4
1
3
4
9
440
16
207
31
20
13
11
61
12
7
10
14
38
138
60
15
33
23
"""175
75
91
"""82
65
Other loans for purchasing or carrying
securities
—
....
Real estate loans
42
4
1,925
1,059
2,256
Other loaiUL.—
Treasury bills———————
Treasury notes.
J/;/'
38
184
1
558
1
2
210
88
126
33
151
60
si
110
196
80
1,254
...
Loans to banks.............-..—..
.
2 :■
Lr;-
9
2
609
41
1,476
26
182
81
47
216
35
22
45
34
51
382
732
227
115
1,253
220
121
113
121
810
-
0
United States bonds
7,932
396
3,442
3,312
75
1,985
96
181
97
70
300
-79
3,652
122
1.555
270
265
08
114
668
110
41
109
securities
15
8
19
14
205
116
336
311
333
45
48
76
21
15
20
31
292
1,779
669
637
3,436
597
350
641
593
748
210
191
997
191
111
142
134
48
34
50
137
22
2
15
38
84
421
185
478
280
382
55
27
Balances with domestic banks
3,539
219
411
280
Other assets—net
1,174
68
389
78
91
24,245
1,452
231
11,555
1,130
1,253
5,434
260
544
14
83
17
760
.
"
I/£.
LIABILITIES
Demand deposits—adjusted
Time deposits.........
..........
United States Government deposits..
Inter-bank deposits;
Domestic banks...........——.
353
9
3,916
484
549
20
588
6
1
J
3
757
22
279
16
21
41
13
22
6
7
3,884
249
1,645
219
393
102
98
421
98
63
648
,/v
4
.
380
1,401
2
392
9,221
Foreign banks..
Borrowings....—.................
Other liabilities——————
Capital accounts
544
242
612
25
525
r.'.v'-
1,541
82
115
251
—
344
60
162
17
187
597
151
207
Cash In vault
135
213
-:V'
174
46
111
38
258
291
5,423
656
10,594
Reserve with Federal Reserve Bank-
2
32
0
8
1
364
"""194
24
Obligations guar, by U. S. Govt—
Other
386
1
28
1,383
1,089
.
1
20
5
"""322
91
1
396
.
.
"
109
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Aug. 21,
was
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
for the
System
as a
week! ast year.
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the
banks.
The second table shows the resources and liabilities separately for each of the 12
Reserve note statement (third table
following) gives details regarding transactions in Federal Reserve notes between the
The comments of the Board of Governors of the Federal Reserve System upon
Federal Reserve banks.
Reserve agents and the
returns for the latest week appear
corresponding
The Federal
the
in our department of "Current Events and Discussions"
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Aug. 20,
1941
Three Ciphers (000) Omitted
Aug. 13,
Aug. 6,
July 30,
July 23,
July 16,
1941
1941
1941
1941
1941
June
July 2,
July 9,
1941
AUG. 20, 1941
25,
1941
%
Aug. 21,
1940
1941
t
'
$
ASSETS
S
20,299,532
Gold ctfs. on hand and due from U. S. Treaa.x.
16,229
20.300,529
Total reserves—
20,302,533
20,302,531
20,307,532
20,310,531
$
18,486,978
20,312,231
20,313,730
9,508
11,826
16,271
293,232
16,271
12,186
293,072
283,282
10,553
252,279
8,853
241,080
285,141
354,056
20,597,170
20,585,431
20,612,036
20,611.874
20,603,000
20.573,363
20,562,164
20,608,379
18,852,860
5,462
4,500
1,748
3,641
1,622
2,938
16,057
279,984
20,590,400
—
20,300,531
16,657
8
268,243
274,639
Redemption fund (Federal Reserve notes)
Otner cash
$
f
X
Bills discounted:
Secured by
S. Government obligations,
U.
905
930
1,868
1,489
1,365
1,421
1,366
1,143
592
1,119
1,939
4,660
2,728
2,296
3,357
2,508
2,013
3,058
9,930
9,853
9,807
9,352
9,273
9,088
8,561
1,363,800
820,300
1,363,800
1,363,800
1,363,800
1,319,196
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
820,300
820,300
1,126,732
2,184,100
2,203,332
2,184,100
2,198,937
2,184,100
2,198,590
2,184,100
2,196,681
2,184,100
2,196,203
2,184,100
2,196,809
2,184,100
2,195,881
2,184,100
2,195,201
2,445,928
2,457,547
47
47
47
47
47
47
47
29,503
23,779
979,078
40,162
27,222
20,041
890,276
661,319
40,215
41,395
44,641
43,329
59,326
2,187
6,102
———
8,289
9,462
5,389
Industrial advances—*—.————
9,586
0,270
9,448
1,363,800
820,300
1,863,800
2,184,100
2,201,975
47
Total bills discounted
U. 8. Govt, securities, direct and
..Bonds
-
—
Notes—.
guaranteed
————
Total bills and securities..*.
>
...
1
47
--
Items
47
premises..
Qtber assets......
Total assets——————
33,305
31,407
30,090
26,338
29,911
988,793
40,667
49,359
Federal Reserve notes of other banks—...
Bank
820.300
Govt, securities, direct and
Due from foreign banks
Uncollected
■.
guaranteed:
——————————
Total U. S.
V
1,823
—
direct and guaranteed
Other bills discounted
1,002,878
40,456
48,898
8S0,4«3
881,425
936,334
40,417
48,189
40,296
40,429
30,130
1,120,507
40,444
47,601
46,641
45,896
895,591
40,175
45,283
23,904,546
23,924,248
23,783,594
23,806,433
23,861,917
24,036,227
23,780,771
23,845,752
23,804,669
22,092,535
6,771,077
6,774,078
13,223,032
6,797,124
12,971,077
1,038,545
1,191,575
564,481
0,787,914
13,125,376
836,852
1,208,225
0,033,192
12,985,110
13,418,718
LIABILITIES
Federal Reserve notes In actual circulation..
6,952,605
6,906,411
Deposits—Member banks' reserve account...
13,037,470
12,947,724
785,344
919,425
6,903,785
12.951,427
839,314
0,829,182
13,096,940
United States Treasurer—General account..
1,202,872
031,830
1,194,306
621,605
1,201,653
663.688
1,144,031
15.657,516
918,845
2,931
15.6S£,.*0
958,777
15,656,082
848.354
3,231
23,531.897
Capital paid In
140,868
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts.....................
157,065
921,055
13,117,089
954,398
849,372
1,185,116
604.411
1,165,141
593,544
15,766,437
15,830,172
2,704
835,032
3,033
885,278
2,658
15,864,719
1,022,766
23,551,539
23.410,925
23,433,684
23,489,185
140.911
140,894
157,065
26,785
157,065
26,785
47,931
140,933
157,065
26,785
47,926
47,908
48,005
26,785
47,993
23,904,546
23,924,248
23,783,594
23,806,433
91.1%
91.2%
91.2%
91.2%
13,078
13,058
12,810
5,562
1,343
8,172
3,783
16-30 days bills discounted
217
118
31-60 days bills discounted
721
681
551
61-90 days bills discounted
859
737
776
477
Foreign
Other
.......
deposits
Total
deposits—.***—..————
Deferred availability Items
Other liabilities, inol. accrued dividends
Totalllabliltles..........................
607,199
5,309,939
1,081,125
889,274
1,240,276
962,928
611,503
650,690
522,597
15,765,678
843.364
2,229
15,781,956
901,936
15,957,201
15,793,517
836,114
626,546
2,115
1,747
6,086
2,896
23,663,678
23,408,395
23,473,553
23,432,593
21,732,898
140,889
140,797
140,578
157,065
157,065
157,065
26,785
47,902
26,785
47,948
23,861,917
24,036,227
91.2%
91.0%
11,697
11,393
11,950
3,477
2,236
1,732
94
20
122
276
93
42
143
105
CAPITAL ACCOUNTS
Total liabilities and capital accounts
26,785
140,469
140,376
137,562
157,065
157,065
151,720
26,785
26,785
26,839
47,880
47,850
43,516
23,780,771
23,845,752
23,804,669
22,092,535
91.2%
92.1%
89.3%
12,432
91.1%
12,590
13,072
8,241
2,870
1,950
1,482
1,579
122
142
54
81
100
"152
409
20
26
81
639
r:v'-
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
104
161
266
236
295
::264
290
244
233
5,389
4,560
2,728
2,296
3,357
2,508
2.013
3,058
1,969
1,929
2,283
2,072
1,515
1,524
1,525
1.522
1,545
360
381
323
325
309
754
696
321
284
200
256
...
155
9,962
2,209
Total bills discounted
286
301
278
228
181
193
526
■567
1,225
6,019
1,386
977
839
589
297
5,971
5,962
6,062
6,126
6,276
9,853
9,807
9,352
9,273
9.088
8,561
61-90 days industrial advances
...
866
620
938
Over 90 days industrial advances....
...
5,895
6,014
5,957
1,124
5,920
9,586
9,270
9,448
9,930
advances
■
■
'
31 00 daysl ndustrial advances
Total Industrial
198
8,289
Over 90 days bills discounted
1-16 days Industrial advances
16 30 days Industrial advances
-
,
.
243
Volume
The Commercial & Financial Chronicle
153
1087
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
Three Ciphers (000)
Aug. 20,
1941
Aug. 13,
Aug. 6,
July 30,
July 23,
July 16,
July 9,
1941
1941
1941
1941
1941
1941
$
$
$
$
$
June
July 2
1941
$
Omitted
$
Maturity Distribution of BiUs and Short-Term
Securities (Concluded >
i
U. S. Govt, securities, direct and guaranteed:
::,'V
Aug. 21,
25,
1941
1940
5
$
1-15 days
16-30 days
31-60 days——.——.
..........
61-90 days——.————,.'———
2,184" 100
2,104,166
2,184", 100
2,184", 100
2,184" 100
2,184" 100
2,184*.100
2,184,165
2,184", 100
2,445,928
2,184.100
2,104,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,445,928
7,300,458
347,853
7,264,985
7,247,873
7,179,380
7,150,196
7,138,328
7,113,287
7,067,169
6,942,165
5,607,570
358,574
344,088
350,198
379,119
364,250
316,163
279,255
308,973
297,631
6,952,605
6,906,411
6,903,785
6,829,182
6,771,077
6,774,078
6,797,124
6,787,914
6,633,192
5,309,939
7,430,000
7,382,000
9,253
7,372,000
7,305,500
7.063,000
5,688,000
3,937
1,801
7,243,500
3,037
7,184,000
4,711
7,305,500
2,204
7,293,500
7,513
2.198
1,739
1,625
7,437,513
Over 90 days
7,391.253
7,376.711
7,209,437
7.307,704
7,295,301
7,246,537
7,186,198
7,064,739
5,689,625
Total U. S. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank..
In actual circulation
Collateral Held by Agent as Security
for
Notes Issued to Bank—
Gold ctfs.
hand and due from U.S. Treasury
on
By eligible paper
Total collateral
•
.....
...........
"Other cash" does not Include Federal Reserve notes.
These
x
are
certificates given by
cents to
59.00
Reserve hanks when the dollar was devalued from
the difference Itself having been appropriated as profit by the Treasury under pro-
100
the United Scates Treasury for the gold taken over from the
cents on Jan. 31. 1934. these certificates being worth less to
the extent of the difference,
visions of the Gold Reserve Act of 1934,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANRS AT CLOSE OF BUSINESS AUG. 20, 1941
Or
•
Three Ciphers (000)
Phila¬
Omitted
Total
Boston
New York
$
$
$
ASSETS
Gold
certificates
and
hand
on
from United States
Chicago
$
Sft $
$
,
Atlanta
$
Cleveland Richmond
delphia
$
Federal Reserve Agent at—
Minne¬
Kansas
apolis
St. Louis
City
$
$
San
Dallas
Francisco
$
$
$
due
20,299,532 1,169,938 8,564,933 1,299,629 1,603.922
Treasury
707,191
486,914 3,334,194
350,402
542,754
484.822
330,564 1,424,209
4,978
1,155
1,181
586
1,898
548
•1,378
949
571
508
754
1,723
20,725
65,161
17,923
17,234
15,594
22,029
39,237
17,052
4,965
12,234
11,797
30,^88
20,590,400 1,195,641 8,631,249 1,318,733 1,621,742
724,683
509,491 3,374,809
560,755
355,938
497,564
175
20
47
75
15
130
38
50
98
46
407
10
58
97
173
61
537
10
16,229
Redemption fund—Fed. Res. notes..
Other cash *
274,639
.
Total reserves..
,
343,115 1,456,680
Bills discounted:
Secured by U.S. Govt,
obligations,
Total bills discounted
100
16
22
6,835
10
8,289
195
5,415
6,102
—
211
122
175
9.586
1,297
1,184
3,676
337
819
166
396
463
747
333
168
1,363,800
820,300
99,286
384.113
107,301
141,895
74,720
57,484
166,999
65,886
38,477
66,280
53,594
107,765
59,719
231,036
64,541
85,348
44,943
34,577
100,446
39,630
23,144
39,864
32,235
64,817
2,184,100
159,005
615,149
171,842
227,243
119,663
92,061
267,445
105,516
61,621
106,144
85.829
172,582
2,201,975
160,312
623,168
175,729
227,702
120,657
92,285
267,841
105,613
62,257
106,952
86,699
172,760
Industrial advances
U. S. Govt, securities, direct
Bonds
1,420
10
2,187
direct and guaranteed
Other bills discounted...
& guar.:
.....
Notes
Total U. S. Govt, securities,
direct and guaranteed
Total bills and securities....
Res. notes of other banks
Fed
Bank
1
1
a
3
18
1,131
2,311
1,927
2,314
9,813
2,534
2,665
2,000
789
234,610
73,413
113,504
79.367
36,142
140,426
49,363
27,011
3,079 1
4
750
3,992
41,090
33,932
57,059
988,793
102,876
40,667
2,801
10,280
4,837
4,488
2,743
1,966
3,001
2,298
1,350
2,932
1,174
2,797
49,359
3,354
13,161
4,177
5,548
2,947
2,070
5,776
2,304
1,431
2,332
1,977
4,282
23,904,546 1,466,118 9,514,797 1,578,821 1,975,302
940,212
644,490 3,794,524
722,334
448,776
653,950
484,632
660,438
337,686
229,554 1,486,813
258,705
175,567
233,093
109,608
577,717
787,523
968,545
416,263
284,867 1,892,612
327,620
165,902
296,743
242,117
891,884
34,767
U ncollected Items
premises..
Other
See
l
:
6
2
2
4
5
47
33,305
Due irom foreign banks
assets
Total assets
..
467,648 1,697,574
LIABILITIES
6,952,605
F. R. notes In actual circulation
578,592 1,820,200
Deposits:
U
Foreign
650,391 6,113,003
55,236
269,506
60,979
67,985
37,351
33,049
78,760
31,337
36,497
54,202
114,872
108,950
50,922
41,448
142,109
35.527
43,334
26,053
36,543
470,073
34,343
34,343
90,030
631,830
S. Treasurer—General account.
13,037,470
785,344
1,202,872
Member bank reserve account
11,306
509,995
23,070
27,108
4,832
8,046
5,001
7.622
5,889
2,311
1,664
24.986
986,444 1,172,588
509,368
367,410 2,118,482
Other deposits
Deferred
314,621 1,041,667
15,657,516
771,135 7.362,577
402,106
241,178
369,940
918,845
Total deposits..
90,469
202,649
72,954
107,573
76,812
33,791
141,152
49,565
22,226
39,485
31,826
50,343
2,931
319
696
258
275
304
89
372
114
102
135
133
134
630,844 3,746,819
710,490
439,073
availability Items
Other liabilities, lncl. accrued dlvs...
Total liabilities
924,170
23,531,897 1,440,515 9,386,122 1.544,288 1,940,874
...
CAPITAL ACCOUNTS
456,188 1,669,861
642,65
140,868
9,351
51,691
11,913
14,526
5,537
4,838
15,069
4,348
3,002
4,545
4,285
11,763
157,065
10,906
56,447
15,144
14,323
5,247
5,725
22,824
4,925
3,152
10,785
2,874
7,070
4,393
1,007
3,244
713
1,429
633
1,000
3,613
1,138
3,974
26,785
47,931
2,472
13,467
3,083
4,572
2,014
2,370
8.383
2,038
2,549
2,001
1,263
1,938
2,121
3,044
Total liabilities and capital acc'ts— 23,904,546 1,466,118 9,514,797 1,578,821 1,975,302
940,212
644,490 3,794,524
722,334
448.776
653,950
1,267
769
252
706
29
672
Capital paid In
Surplus (Section 7)
......
Surplus (Section 13-b)__
Other capital accounts
Commitments to make Indus
♦
13,078
advs..
2,111
1,524
1,214
"Other cash" does not Include Federal Reserve notes,
*
a
467,648 1,697,574
105
3.530
Less than $500,
FEDERAL
Three Ciphers
899
RESERVE NOTE STATEMENT
Dhita-
(000) Omitted
Total
Boston
Sew York
telphia
Cleveland
Richmond
Atlanta
Chicago
S
$
$
%
$
$
$
Minneap. Kan. City
St. Lout>
$
Federal Reserve Bank of—
$
Federal Reserve notes:
v
San Fran
Dallas
$
$
S
%
501,397
687,115
359,270
180,813
243,916
26,677
21,584
18,568
5,246
10,823
121,187
11,579
638,065
16,765
257,208 1,523,549
36,736
27,654
277,273
347,853
605,238 1,905,427
85,227
26,646
6,952,605
578,592 1,820,200
484,632
660,438
337,686
229,554 1,486,813
258,705
175,567
233,093
109,608
577,717
7,430,000
615,000 1,920,000
510,000
690,000
385,000
265,000 1,540,000
289,000
184,000
245,000
128,000
659,000
47
173
61
289,047
184,173
245,061
128,000
659,000
7,300,458
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
60,348
Collateral held by agent as security
for notes Issued to banks:
Gold certificates on hand and due
from^Jnited States Treasury
7,513
Eligible paper
7,437,513
Total collateral
United States Treasury
6,836
615,010 1,926,836
510,211
175
211
10
385,175
690.000
Bills—Friday, Aug. 22
265,000 1,540,000
Quotations for U. S. Treasury Notes—Friday,
Figures after decimal point represent one or more
Rates
quoted
are
Int
Int.
Bid
1941
3 1941
Sept. 10 1941
Sept.17 1941
Sept. 24 1941
Oct.
1 1941
-
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
States
York Stock
Government
8 1941
Nov. 12 1941
Nov. 19 1941.
0.13%
Oct.
15 1941
Oct.
22 1941
Oct. 29 1941
Nov.
5 1941
Securities on
Exchange—See following page.
Ailed
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
Oct.
Aug. 27
United
Bid
Atled
Treasury Bills
Sept.
Aug. 22
32ds of a point
for discount at purchase.
the New
Maturity
Dec.
15 1941...
Mar. 15 1942...
Sept. 15 1942...
Dec. 15 1942...
J Mar. 15 1943—
15 1943...
June
Sept. 15 1943...
Rate
Ailed
Bid
1H%
IH%
2%
1 H%
101.28
101 30
H%
14%
1%
Transactions
Rate
Maturity
Deo.
15 1943...
102 4
102 6
Mar. 15 1944...
103 6
103 8
June
103 1
103.3
Sept. 15 1944...
100.30
101.1
Mar
102
102.2
101.31
102 9
1%
102.1
102 11
102.3
Nat. Defense Nts
101.29
As led
Bid
14%
at
Daily, Weekly and
the
15 1944
H%
15 1945...
J8ept. 15, 1944
iDee. 15,1945
New
Yearly—See
York
page
101
12
101.14
102 3
102 5
H%
101.12
101.14
H%
100.16
100.18
H%
100.14
100.16
1%
Stock
1103.
Exchange,
1088
Aug. 23, 1941
Stock and Bond Sales—New York Stock
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales
are disregarded in the day's range, unless they are the only transactions of the day.
sales in computing the range for the year.
account is taken of such
United States Government Securities
Below
No
the Neu) York Stock Exchange
on
the transactions in Treasury, Home Owners* Loan and Federal Farm Mortgage
Corporation coupon bonds on the New York Stock Exchange during the current week.
Quotation* after decimal point represent one or more Z2d of a point.
furnish
we
daily record of
a
Dally Record of V. 8. Bond Prim Aug. 16 Aug. 18 Aug. 19 Aug. 20 Aug. 21 Aug. 22
Daily Record of U. S. Bond Prices Aug. 16 Aug. 18 Aug. 19 Aug. 20 Aug. 21 Aug. 22
Total
119.4
119
Treasury
Low
119.4
119
2 Ha,
{Close
Treasury
41*8 1047-52
119.4
119
(High
1
Low.
Total sales in SI.000 units..
113.7
s
105.16
105.15
105.20
105.16
105.15
105.17
105.20
105.16
105.15
105.17
50
1
4
104.20
104.15
104.16
104.17
Low.
Close
104.20
104.15
104.16
104.17
104.20
104.15
104.16
104.17
Total sales in $1,000 units—
113.7
105.20
(Close
(High
Low.
Close
(High
(Low.
Total sales In $1,000 units...
(High
so
10
113.7
Total sales in $ 1.000 units.
2Ms. 1952-54
..
[Hlgb
3fit, 1943-47......... J Low.
2Mb, 1956-58
[Close
Total sales in SI .000 units..
(Close
Total sales in $1,000 units.
Total sales in SI.000 units...
107.14
Close
107.14
Total sales in 11.000 units...
*i
105.23
105.23
1
107.14
314s. 1944-46.......... Low.
2Mb. 1954-56
2s, 1947
Low.
Close
close
Total sales In S 1,000 units
Total sales in $1,000 units
(High
(Low.
2s, March 1948-1950
Low.
(Close
Total sales In SI.000 units...
1946-48.
.
....
./'•
I
,v.
10
(High
(Low.
2s, Dec. 1948-60
Close
(Close
Total sales in S1,000 units.
Total sales in $1,000 units...
112.8
111.30
112.8
Low.
112
112
111.30
112.8
(High
3s. 1951-55
103.15
103.15
Total sales in SI .000 units
(High
.....J Low.
"
103.15
(Close
High
3s
105.23
(High
(Low.
(High
•
3Hs, 1949-52..........
3
10
__
(High
107.14
107.14
(Low.
(Close
Total sales in $1,000 units...
107.14
(High
v.
3
(Low.
(Close
2 Ms, 1951-53
......—( Low
34s, 1046-49..........
v.:i "'■■■
105.17
(High
(High
3 M g. 1943-45.
1
(Close
Total sates in f1,000 units
f
107.14
1
107.14
(Hlgb
2 MS, 1950-52
Low.
Close
ZH». 1946-56
107.14
107.20
Total sales in SI.000 units..
(High
48. 1044-54
107.20
107.20
107.18
(Close
in $1,000 units
sa es
107.18
107.18
[Hlgn
-{Low
1949-53
112
111.30
Total sales in SI ,000 units
3
(High
2s. 1953-55
—(Low.
(Close
Total sales in $1,000 units
4
Pederal Farm Mortgage
3 Ms. 1944-64
(High
110.30
110.25
110.23
110.24
Low.
110.30
110.24
110.23
110.24
Low.
106.24
104.12
{Close
110.30
110.25
110.23
110.24
(Close
106.24
104.12
3
5
10
Total sales in $1,000 units...
I
2 Ha. 1955-60..
Total sales in SI.000 units
\
j High
Totat sales in SI ,000 units...
Tota
106.25
106.25
sales in $1,000 units...
*5
(High
3s, 1942-47
Low
Total sales in SI.000 units
| Low.
Close
Total sales in $1,000 units...
(High
106.23
Low.
106.23
Close
106.23
Total sales in $1,009 units...
4
3s. series A, 1944-52
Low.
■i'L'-"
Low.
Home Owners' Loan
High
.
">close
Total sales in $i .000 unltB...
High
110.8
110.5
110.9
Low.
109.31
110.5
110.9
Close
109.31
Total sales in SI,000 units...
6
24s. 1958-63
,'~-r
v "«
110.5
--*?
:
Close
Total sale8 In $1,000 units
10
111
High
1Mb. 1945-47
111
Low.
Close
Total sales in Sl.OOOnuu.#..
2 Ha.
Low.
111
ClOSC
(High
2Ms. 1942-44
110.9
1
I High
Low.
24s, 1960-65.....
4
(High
2M3. 1942-47
Total sales in 11,000 units
.,
101.22
Total sales in $1,000 units
(High
24s, 1956-59
101.22
Close
[Close
24s. 1951-54
101.22
(High
Low.
104.12
106.25
Close
v
3s. 1944-49.—...,.
Low.
(Close
24s. 1948-51....
106.24
.Low.
(High
248.1945-47
(High
Total sales in $1,000 units...
*
1945............ (Low.
Odd lot sales,
f Deferred delivery sale,
t Cash sale,
x
No transactions.
i
f (Close
Total sales in SI .000 units.
_.
(High
2Mb, 1948
Total
■
sates in
Note—Transactions in registered bonds
Low.
were:
No sales during the current week.
SI.000 units...
New York Stock Record
LE
PRICES—PER
SHARE,
NOT
PER
CENT
$
Monday
Aug. 18
share
ver
54
Tuesday
$ ver share
54
*5334
54i2
*120
121
*120
*43
50
*46
50
*4834
$ per share
$ ver share
49
*7
7
7i«
*2178
13»4
4034
4i4
*95
105
Shares
7
121
*120
53
*47%
50
*45
49
*48i2
4984
7%
*49l8
23
*22
23
*22
23
13%
*13
133g
*13
13%
*13
4034
41%
13%
41%
*38
h
4i8
*94
4058
i2
414
*94
4U2
*__
*94
99
h
80
418
43S
*7
714
*3g
h
80
414
100
41
41
*3s
*
7iR
*
80
*4 is
4i4
99
*94
71«
716
71«
%
*7u
h
7l#
715
8is
714
19i2
23%
8is
7i4
19i2
23%
8i2
I6U4
1234
13U
778
83i2
29
8i4
8%
858
85S
S!2
43S
99
7i«
8i8
*7i8
734
20
233s
233s
*8
8*8
16034 161
*12
1258
*13
1314
75s
75s
*83iS
28I4
8334
28i4
*19
20
*H8
*16
1*4
1714
5912
175s
*5918
175g
*41
42
85s
*46
85s
48
*
*8
160
*12
13U
734
83i2
2834
*1914
*118
*16
5934
1978
1U
17%
1734
5934
1734
42
7«8
*1878
23U
*8
160
*12
13%
758
*83i8
2834
19%
*H8
*16
42
834
9
4512
6OI4
*17%
46
Bid and asked prices:
42
834
46
no
Feb 21
4M% conv preferred.... 100
Abraham <fe Straus
No par
Acme Steel Co
25
115
Mar 21
100
7i2
19%
738
19%
2314
2314
*8
8i2
160
160
1234
13%
233s
8
16034
*12
1234
13%
133s
8334
29i4
*83%
1%
.
114
17%
*16
6OI4
*60
19%
1%
17%
Adams-MlUIs Corp
No
13%
400
Addres8-Muitlgr Corp
41l2
411$
4,700
38
38
300
43s
1,500
Alaska Juneau Gold Min_..10
80
4%
*94
99
12
6
1,900
9
3,700
8i8
8i2
2,600
20i2
233g
*778
2034
2312
1,800
8
1,900
778
8
*12
13%
6,700
Allied Stores Corp
83i2
83i2
28%
29
19i2
19%
19%
19%
*U8
1%
17%
1%
n8
17%
*16
500
200
Amalgam Leather Co Inc
60
60
60
60
18is
18%
18%
18%
1,200
*4U2
4178
415s
858
I8I4
417g
87s
4534
*45
4134
9U
44&s
1,900
*44I4
18
42
*41i4
834
46
on
6%
,
this day.
9
9%
914
46i2
44 &8
; In receivership,
a
; ai
600
180
Del. delivery
634May 26
5i2June 6
May 27
18% Apr 21
734May 22
rl44i2Mar
n
New stock,
5
Jan
4778 Aug
5134 Jan
30
Aug
Jan
27l2
19%
58is
7S
Apr
Mar
9
77
Mar
60
Jan
May
4
100
Jan
7
Jan
Dec
5«4 June
4i4 May
7
24
Jan
18
Aug 14
1434 Apr 24
8I4 July 31
84
37
July 16
Jan
May
15i2 May
634 June
213s Aug 13
13s Aug 5
12
4
135i2 June
87g May
10
June
4i2 May
55
x
Jan
Apr
Jan
18
June
Ds May
2
6
June
6
35
June
Mar
Apr
14
1634
93g
11
8
47
182
Jan
934 Aug
Ex-rlghts.
Jan
26i2 May
1234 Apr
Dec
5812 Jan
y
Jan
79
Feb 19
Ex-div.
Dec
417g
May
5l2 Apr 22
42i2June 19
40
Jan
21>4 May
July 28
63l2 July 22
1878 July 26
4H2 Feb 14
143s Feb 28
Jan
100
9i4 Jan
253$ Jan
Jan
Dec
105g Jan
2112 Apr
Nov
May
3s June
Ds
145g
12%
11%
Apr
9
99l2 Aug
5jj
4612
60
a* May
167i2 July 28
Apr 12
May
4i4 May
5g Jan 14
5
/
347s May
1618 June
12i2 June
36i2 June
75
Highest
share $ per share
49i4 Dec
70% Feb
110
Feb
May 147
per
7»4 Jan
24'4 Aug
157s Jan
45
July 28
10
10
Cash sale,
$
14i2Mar 13
"11 Apr 25
1
50
r
54i2 Aug
120
Lowest
share
6
10i4 Feb 1
1134 Feb 3
514 Apr 21
713sMay 14
25-Way 28
No par
6% preferred
July 30
15
Am Agric Chem (Del)..No
par
Am Airlines Inc
..10
American Bank Note
9
8
per
3g Feb 26
50
Amerada Corp
800
••V
conv preferred
Aug
3'4 July
98
No par
300
....
60i8
18
75
5% preferred
100
Allis-Chalmers Mfg.No par
Alpha Portland Cem..No par
2,200
May
3
22
22
20
15
23
3534 Apr
3* A pr 24
No par
3,100
84
12
pref.No par
8
2938
*16
10
13l2
734
19l2 Feb
par
Allen Industries Inc
jl
Allied Chemical & Dye.No par
Allied Kid Co
5
Allied Mills Co Inc
No par
1234
29%
:
conv
Alghny Lud Stl Corp
100
15958 160
$2.50 prior
Apr
5's Apr
Albuny & Susq RR Co
100
Allegheny Corp
No par
5M% Pf A with $30 war. 100
5H% pf A without war. 100
1,000
884
Apr
44
Air Reduction Inc
No par
Air Way El Appliance..No par
Ala & VIcksburg Ry Co
100
■
13%
77«
*19
8
160
83l2
29i4
8358
sales
81«
2014
2358
734
2914
19%
784
100
7!
8»4
20
16034
1234
*12
1338
T's
734
19i2
2334
8i2
22
38
No par
♦
$
46
2,900
*13
Highest
share
No par
Adams Express
22
per
Abbott Laboratories
7
67S
$
300
4934
*22
80
Lowest
Pstr
50
49
Range for Previous
Year 1940
100-Share Lots
EXCHANGE
121
*48
23
*3S
5434
53
7
11
the
49
8's
*19
*54%
547fi
40
4078
12
*4i8
*47t2
*48i2
Range Since Jan. 1
On Basis of
Week
$ per share
7
*22
80
Aug, 21
$ per share
1314
23
13U
*
121
STOCKS
NEW YORK STOCK
Friday
Aug. 22
*54
5412
*53%
54%
553«
121
*120
121
*120
*120
487«
*4812
Thursday
Aug. 19
Wednesday
Aug. 20
Sales
for
Saturday
Aug. 16
23*
Nov
Jan
18
Apr
38i2 May
58%
Apr
12i8 May
21
4134
75
Apr
1234
Apr
60
Jan
9i2 May
Jan
Jan
1 Called for redemption.
New York Stock
Volume 153
hp
LOW
AND
HIGH
Record—Continued—Page
2
1089
m
fen
SALE
PRICES—PER
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
NOT PER'CENT
SHARE,
STOCKS
lor
Saturday
EXCHANGE
Tuesday
Aug. 19
Wednesday
Aug.2d
Thursday
Aug. 21
Friday
Aug. 16
Monday
Aug. 18
Aug. 22
Week
$ per share
$ per share
$ per share
$ per share
S rer share
J per share
Shares
6%
6%
6%
37
37
*37
130
130
*130
2%
82
23s
23s
82
6%
3712
25s
82
*176
*174% 180
31
30%
30%
180
73%
*20
*108
73%
21
*7%
*0%
20%
10912
*107% 110
10912 *108
*10712 110
*12l2
74l2
203s
13%
.
*1212
*7
77s
1714
*93U
1%
17i2
9334
hz
3
*1334
6%
17%
6'4
1784
94%
*93%
1%
6%
'1%
*5%
*7
7%
684
33
134
*1%
23%
*2338
134
24%
*388
*31%
49%
*1%
23%
*23%
3%
10%
*46i2
IOI4
48
3%
*10
47%
3%
11%
47%
334
*10
3%
*10
10%
*46%
47%
*46%
13%
....
1414
67
—..
,14i4
145g
67i2
6734
*484
47g
1434
67i2
478
14%
67%
....
1434
14%
68
67%
*5
43
43
150
150
*149
23%
23i2
*1H4
115s
*11
12
*18l2
3%
3%>
American Hide & Leather... 1
*31%
48%
1%
2334
33%<
49
1%
100
1,100
6% conv preferred
50
American Home Products
1
American Ice
No par
334
33%»
24%
3%
300
2334
3%
3%
.10
10%
48%
100
1,500
500
10
46%
*13%
46%
13%
;
14%f
14%
67%
200
5%
19%
24
24
187g
91%
11%
*11%
*18%
91%
1914
19
*19
1528s 15284
1%
44
113g
12
152% 152%
114
114
l*w
6912
*42
43
*42
150
150
*145
11%
*11
1134
*11%
*18%
1134
.18%
91%
91%
19t4
*19
152% 152%
152
18%
24%
91%
19
152% 152%
19
1"«
1»M
69%
l»u
69
24%
24%
11
11%
*11%
1834
91%
1%6
13s
69%
68%
69%
4278)
712
*7334
*578
*50
4%
*85%
7%
7i2
7478
6
75
6
4%
88
778
75
6
*50
56
55%
4h
86
86
75
28%
28%
32%
*31%
151.4
1514
*15%
....
*113
*10
1134
*138
178
*138
*30 I8
3034
30%
...
11%
8
7%
7%
7%
75%
77%
6
32%
*10
4%
75
28
*113
*85%
6
*50
2778
31%
16
4%
85%
*7%
31%
2734
85%
4%
15%
*113
*10
55%
283g
77
6
6%
6
*50
55%
*50
28%
31%
32
15%
4%
*15%
*113
11
10%
*2812
9
*881.4
9%
70
29
29
9%
*5
*60
29
*2834
29%
*8%
*5%
9%
53s
*8%
9%
5%
5%
9034
♦88%
5%
9034
914
9%
9%
*88%
9%
9%
*85
88
86
86
*86
88
*95
100
*95
100
*96
25
25
*24
25
*24
100%
25
82i8
82i8
*82%
28%
84
*82%
2778
28
6334
6334
24i2
24i8
28
25%
28
38
63
3912
27%
*62
2834
*9
May
5
May
5
*88%
9%
9084
9%
*86
88
6
*113
Ti%
74% Nov
534 Dec
1234 Mar
May
30
Feb 14
10% July 31
4038 July 29
5
Amer Ship Building Co .No par
23
May
1138
41%
Dec
Amer Smelting A Refg.No par
34
Apr 18
45% July 28
54
Apr
156%
Dec
70
Feb
63*4
26
27%
*63%
253g
000
900
400
16,400
27%
*64
*11712 123
9
*9
9
'
*2i4
*17
2%
18i2
3i2
35«
1434
*458
147g
484
*30
*8%
*8%
*33%
978
*2%
*17
3%
9%
2%
*107
06
63%
283*
63%
2534
2534
26%
2734
28
111
684
*48%
*107
49
3%
3%
7%
109
684
32%
9%
9%
34
978
14%
4%
4%
7%
*7%
7%
*8%
q
9%
o
33%
34
10
10
*30
3184
*30
^
*8%
9
*8%
3334
9%
34
*33%
10
9%
7%
3134
9
9
i
'
9%
9%
*8%
34
9%
*9
*33%
9%
20%
9%
9%
9%
3334
9%
20%
7%
118
7%
*115
7%
118
7%
*115
118
7%
*11%
7%
15
37%
14%
37%
*115
118
1434
7%
*11%
37%
14%
7%
15
37%
15%
53
♦50%
53
*115
7%
119
7%
15
*11%
15
*11%
3634
37
37
14i2
14i2
14%
3734
14%
52%
50
50
*49
30%
30
30
30%
30%
30%
08% 6884
68%
68% 69%
69%
122% 122% *122
122% *122
122%
31
31
*30%
31
*30% 31
23
23
*22% 23% *22%
23%
8%
8%
8%
8%
8%
*8%
15%
*1434 15% *15% 15% *14%
*15
16%
16%
*13%
15% *14-
*50
*297g
3012
67i2
6734
*122'4 122i2
3034
3034
*22
*8
23
8'4
*29%
15
67%
69
122% 122%
*30%
31%
*22%
22%
8%
*1434
1534
*1434
8%
15%
*14
1412
*14
15
•
*29%
r
Bid and asked prices; no sales on this day.
"6,900
100
*11%
28%
0
4984
'"loo
90
5,200
400
7,900
600
May 28
34%
6% Apr 18
4%May 22
89
May 10
6«4
par
6% Feb 19
79% Mar 8
Assoc Investments Co..No par
.....
25
Aug 13
...100
82
Aug 14
Atch Topeka A Santa Fe.-lOO
18
6% preferred
Atlantic Coast Line RR
60% Jan
5% preferred..
100
100
Atl G A W ISS Lines
1
5% preferred..
100
25
5%
conv
107
No
Atlas Tack Corp
par
100
No par
No par
0
13
4,000
4,300
Baltimore A Ohio
Austin Nichols..
5,600
2,300
200
190
Bangor A Aroostook
Conv
100
Barber Asphalt Corp
Barker Brothers
934
9%
7,400
7,300
100
6
Bath Iron Works Corp
70
No
moo
par
Feb 17
par
103
MarlO
20
15
37%
6,800
Bendlx Aviation
15%
1534
2,600
53
53
30%
30%
683a
68%
122% 122%
200
300
Pr pfd 32.60
dlvser'38N«
No
par
Best A Co
Bethlehem Steel
30%
300
(Del)-No par
7% preferred
100
Blgelow-Sanf Carp Inc.No par
22%
8%
200
Black A Decker Mfg Co No par
600
Blaw-Knox Co
*15%
1,100
15%
*14
7,500
16%
d Def. delivery,
No par
New stock,
r
Cash sale,
11
z
9%
96%
Jan
4% May
65
Aug
July
9
Jan
84
Dec
Deo
Jan
39% May
9% May
8% June
04%
23%
22%
Dec
Jan
7
7
2
2
10
3
July 28
Jan 11
Jan 11
Jan
6
Jan
2
5% July 31
8% July 31
8% July 28
34
July 25
9% June
18% May
102
June
7
May
43% June
67
45
Mar
Apr
22%
Apr
27% May
111
Dec
97s Mar
51
Feb
May
80t2 May
112%June
4
May
17g Feb
12434 Jan
8% Mar
10
May
4
Aug
123s May
2«4 May
5% Mar
32% Mar
8% Apr
1978 May
6%
Jan
8
Jan
434
Dec
1478
Jan
24%
Deo
52%
Jan
3% May
10%
8%
Apr
Dec
3
7% June
23% Dec
20% May
18% May
105
May
30%
13%
2534
3634
3534
112%
Apr 28
29% May
32%
10% Jan 10
978 July 31
Aug 18
104% July
Jan
6
14
May
2
3434 July 23
89% Jan 3
131% Jan 28
3178 Aug 8
23
July 23
8% May
4
May
20
102
May
May
Dec
Apr
Apr
Apr
Oct
127
Jan
978
Apr
Nov
67%
Apr
24%
17%
49%
22%
03%
109%
May
June
May
May
May
36% Apr
22% Mar
5034 Jan
14
May
15
May
7% June
May
4
8
15% Aug
1
13% May
11
May
Ex-rlghts.
Jan
Jab
10
Apr 29
jr
102
Apr
Apr
Jan
8
13
5>4 May
Er-dlv.
Apr
Apr
43«4
11
3% May
4
13%June
—5
Bloomlngdale Brothers .No par
7%
64% Apr
68
22% May
6% May
10% Jan
18% Jan
6% Apr 18
Bliss A Laughlln Inc
n
12
15
20
18
19
May
Jan
22
57
26'4May
67% Aug
121% Feb
23% Apr
16% Apr
68%
Apr
Feb
Dec
25%
1334 Aug 13
Aug 18
35
4%
May
8% July 29
July 28
40
July 30
207f Jan 10
323s Apr 21
par
97% June
4
May
1578 Nov
35%
111%
,95
4
34
June
100% Mar
9
19
May
1«4 June
23
29% June
82
May
Jan
9%
278
20%
6%
8
June
49% May
50
Beneficial Indus Loan. .No par
53
72%
107
22% Mar
113% Aug
6
23
12
22
118% Jan
126
7% Aug 19
5
37%
15%
102% Aug
35% Jan
90% Mar
31% July
70%May
28% July
31% July
41% July
24% Jan
110% Jan
7% July
60%June
June 25
10% Jan 14
37%
Jan 10
9034 Aug 11
10% July 31
87% July 22
32
108
Belgian Nat Rys part pref
15
Jan 10
9% Aug 22
28% Feb 17
No par
Beldlng-Heminway
Jan 25
July 29
Aug 2
27% July 22
22
50
Beech-Nut Packing Co
119
51$
10% July 22
247, Mar 17
31% Mar 24
25
Beatrice Creamery—
35 preferred w w
Beech Creek RR
8
Jan 20
6
7% Feb 19
1834 Feb 3
2584May 5
1
No
3
6
Apr 23
6% Jan
28
60
Bayuk Cigars Inc
400
7
-.10
No par
Barnsdall Oil Co
4
12% Apr 21
3% Mar 3
4% Feb 15
5
Apr 23
23%June 4
...50
5)4% preferred
May
2% Apr 17
100
5% preferred
Feb
l%May
100
4% preferred.-....
May 29
0% Feb 14
47% Feb 14
61
May 10
111
Apr 22
50
preferred
240
7%
16% Jan
19%June
pref series A...100
8% preferred....
Jan
13% Feb 14
13% Feb 15
35 prior A
No par
Aviation Corp of Del (The)..3
Baldwin Loco Works v t 0..13
300
""70
Feb 19
4
Aug 22
23
__6
100
Atlas Powder
""80
Aug
70
87
conv
Mar
68
.100
4%
200
113
3
6% 1st preferred
400
J In receivership.
12% May
July 26
Jan 20
7% preferred
100
Associated Dry Goods...... 1
9%
9%
30%
22%
8%
Apr
16
4
May
47% Jan
3734
*5134
Apr
41%
No par
33%
>
*11%
32
May
60
No
33%
*7%
Dec
May
par
Corp
7% 2d preferred.
111
*115
64%
18
100
Arnold Constable
61% Dec
8% Nov
20
12% Jan 7
2% Jan 17
6
4% May
June
Armour A Co of Illinois.....6
14
21
25
30
4
35
2,800
27%
65
25%
*9
Jan
112
20
20
20%
20
2114 21%
21%
1934
19% 20
*27
*27
*27
27j2 *27
27% *27
27% *27
27%
27%
27%
*26
26«4
*2534
2634
2634
27
27%
*26%
2G34
27%
*27% 28
*10334 IO514 *10334 105% *10334 105% *10334 10512 *10334 105% *10384 105%
30
30
*27
32
*29
32
*29
32
*2934
32
*2934
32
*115
8
12
5034 July 14
30
July 22
35% July 29
109% Mar 24
83
684
4984
*9
78% Aug 21
Armour<feCo(Del)pf7% gtd 100
*65
69
*67%
69
117% 117% *117% 123
9
*834
*884
9
2%
*2%
*2%
25g
*18%
1934
*18%
20
3%
3%
3%
3%
15%
1434
14%
15%
4%
4%
4%
4%
7%
7%
7%
7«4
*7%
7%
7%
7%
3I84 3134
29% 30
15%
13
100
Atlas Corp.w..............6
634
4934
Feb 14
Apr 18
31
3,600
434
7%
484
734
51
40%May
22% Feb
25% Apr
11% Apr
110%June
Feb 20
Atlantic Refining
684
*48l2
Jan
Apr
Apr
Feb 24
800
.
12%
101%
5
1,600
65
5% May
May 14
Artloom Corp...
Oct
83% June
6
May
25% May
1
Armstrong Cork Co
Apr
0% Nov
Jan 10
9
400
Apr
9134
153%
Jan 11
26
000
89%
Dec
7%
5
No
175% Mar
June
Dec
2% May
8% Aug
Archer Daniels Midl'd. No par
7% preferred
6834
136
May
99%
May 20
July 8
5%May 19
26
16 conv prior pref
66%
4
..100
A P W Paper Co Inc
145
82
No par
40
3%
1434
31%
114% Aug 12
Amer Zlne Lead A Smelt...
l",I66
6
Feb
29% Aug
116
Aug 22
600
500
Jan
1%6 Aug 20
73% Jan 7
74% Jan
26% Aug 11
22
28%
16834
:14
.
'
*eb
Mar
Jan
.........
Jan
18
7
$5 prior conv pref
Jan
23%
4% Apr 21
*39
2%
8
7
Preferred
Apr
17%
93
10
American Woolen
9% May
May
11
33%
14%
12% May
.....100
preferred
19% May
152% May
11% May
6
Jan
Am Water Wks & Elec.No par
$6 1st preferred
No par
Dec
May
70% Dec
159
Type Founders Inc
American Viscose Corp
49%
139
Feb
8
146% Apr 26
40
18%
434
> 7r.-
1,700
2,300
2,500
62
6
May 28
May 27
30% May
122
May
18% Nov
Mar 27
19% Aug
100
Am
6%
hi Aug
62
...25
28%
49
15%
7%
200
1
25
22
22%
22%
111
*107
*107
40
4%
*7%
3134
100
Common class B
2
1184May 27
l48%May 1
..............
*27%
40
3%
15
15
Rights.
26%
*65
68
67%
117% 117% *117% 123
o
q
*834
9
*2%
18%
Amer Telep A Teleg Co
American Tobacco..
2734
*6334
25%
28%
*64
2%
18%
100
25%
22%
684
0%
4984
1,000
6,700
9034
83
39
3
Jan 21
13% Jan 14
""100
100%
2484
*24
z22
Jan
Jan
54
35 dlv preferred.
No par
Andes Copper Mining
20
10
88
*934
83
*2%
18%
3%
19
*84%
25
734
*7i2
*7i8
7
*88%
*97
39
110
9034
10
83
Preferred
Am Sumatra Tobacco_.No par
5%
88
*24
American Sugar Refining.. 100
28%
9%
9%
100
27%
8,000
112
*5
25
22%
""600
1%
28l2
83
39
*678
5%
83
22%
*48% 4934
*6334
67%
*117% 123
2834
9%
No par
6% preferred
4%
65
*97
*64
154
138s4Mar 13
300
70
*97% 100%
27«4
100
American Snuff
15%
4%
*64%
Mar
9% May
48% May
Anaconda Copper Mining..60
*60
163
6
Preferred
30%
28
22
7
70
Jan
Jan
4
....
112
Jan
10%
Jan 13
7
Anaconda W A Cable.-No par
Anchor Hock Glass Corp 12.60
11%
4«4 May
135
June
Jan
64
7334
110
*30
34'4 May
28% May
157$ Jan
4% July 2
7%May 23
"16:806
*10%
*1%
Mar
5%
63%
11% Feb 19
33
28%
Mar
26
61% Apr 23
""360
6
55%
28%
121
180
7%
76%
6
July
20% June
2
May
25
700
4%
75%
90
3% Jan
25
Mar
4,300
87
15%
*88%
9%
*84%
165% Aug 15
1«4 May
12'4 May
4H% conv preferred
100
American Safety Razor.. 18.50
American Seating Co..No par
290
: 500
152% 153%
1534
*9%
Feb 17
Jan 10
93
*31%
*5
165
7%
20% Aug
28%
32%
28%
Feb 14
Jan
*24
40
4934
67%
5%
6
Jan 13
89
Feb 19
84
*39
*684
2834
9l.i
5
4
13
*50
*60
Mar
81
28%
2884
28
22
*2134
22l2
*107
*107
111
*48i2
70
111
""600
1%
70
100
18%
92
19%
78%
Apr
Jan
5% July 10
20% July 31
121
Apr 4
26
July 24
3% Jan 13
46'4 Jan 13
1834
9134
19%
7%
Auk
Jan
11% July 12
7%
Jan
13%
67
Dec
May 20
4%
6%
12% Sept
41% May
147S
9%May 29
*85%
Apr
Apr
Mar
92
10
4%
35
2234
American Stove Co
87
Apr
May
11%! *11%
69%
June
Apr
May
28% Jan 10
152%
1%#
3
6%
60%
378
May
Apr 21
18%
*9134
38
10
19
*19
May
May
10
Amer Steel Foundries..No par
American Stores
No par
*11
3
23
45% May
1% Dec
18
May
38
6
2,200
11
7% Jan
24% Jan
60% May
Jan 10
Jan
24%
11%
11%
24%
May
9% May
17%
150% Jan 10
24%|
23
13«4
Apr 25
31
*62
70
8
May 12
*13#
1%
*1%
1%
*1%
1%
31
*30%
31
*30%
31
3034
*111
11178 *11138 112
*111% 111% *111% 111% *111% 112
4%
45s
4%
484
*4%
4%
4%
4%
484
4%
64
64
*6334
64l2
63%
63%
*63%
64
64%
6414
*60
Jan
37
55%
*10
Jan 27
145
*113
10%
July 29
Jan 8
25
42
*15%
....
8
Mar 29
Jan
Jan
95% June 21
Apr 23
25
3,500
....
28%
32%
28%
31%
15%
4
2% May
1084 Apr 21
30
1,100
412
Jan 10
Aug
6% preferred..........100
42
Apr
Mar
79
10 preferred
No par
15 preferred
No par
Am Rad A Stand San'y.No par
Preferred
100
70
70
7014
*69%
69% 69%
70%
69%'
69%
6934
155i2 *15338 155i» *15338 155% *153% 155% *153% 155% *153% 155%
*53s
55s
*5%
5%
*5%
534
5%
5%
5%
5%j
5%
5%
2634
26%
27
2634
2634
27
26% 27%
2634 27%I
2634 27%
*11438 11434 11434 115
115% 115%
115% 115% U584 11534
116
116
88
3% Jan 13
50
900
5%
>145
6%
2%
28%
10*4 May
3%June 6
10% Aug 18
Aug 12
Apr
Mar
23% Aug
47
Jan
15%
91%
3%
1% May
Aug
Apr
8%
Sept
3% June
®4 Dec
4%
Feb
934
May
Jan
Jan
13
75
Jan
1%
33%
51%
1%
24%
4%
13%
Feb 14
9
May
5% May
4% May
6% Aug
100
148
Jan
Nov
8
Aug
July 28
4
Jan 24
*154
412
1%
Jan 23
Aug 22
6
Apr 21
800
*86
July 25
19% Aug
1% Feb 20
No par
American Rolling Mill
3
38%
1
20
Nov
23%
'
23%
9,000
65
834
8%
19%
94%
Feb 14
20
Dec
33% May
14
Amer Power A Light...No par
3,100
May
13% May
Jan
185
27
4,500
73,900
70i4
..........
34
79% July 11
23% Jan 7
116%
23
17
19
284june 20
May 15
3
100
6% preferred
May
140% May
27
Locomotive.No par
American News Co
18
Jan 10
Jan
Jan
June
2s4 July
May
15% Apr 24
""370
164
3434 July 22
95%
135
112
44%June
60
Preferred
7
Oct
Dec
May
185
1%
85%
share
9'% May
4534
Jan
Amer Metal Co Ltd...No par
1%
*69
American
2
per
121
400
69%
6912
conv preferred
7
Aug
2% Apr 18
117, Apr 15
No par
111..
5%
Mar
3
29
...100
American Invest Co of
130
28
29
10% Apr 23
2% Feb 15
1"«
69
pref
non-cum
5% June
May
128
May
June 18
115
Amer Mach A Fdy Co.No par
Amer Mach A Metals..No par
*68%
69
6%
Amer Internat Corp
39
May
1,600
1,000
68
5%'
9%|
200
2,800
14%
67%
;
Highest
$ per share $
100
7
Jan
$ per share
8% Jan 2
Jan 21
%May 27
1484 Feb 15
17 2d
600
100
Lowest
115
l%May 14
384 Jan 2
No par
1,400
14%
150%
24
18%
92
*19
*42
91%
19
*91
2312
IH4
*1H8
43
15014 *150
S7 preferred
37%|
*95s
978
*95g
984
9%
934
8S4
9%
*9%
10
38
38
*38
38
*3714
3712
38
38%
37%
38%
37%
37%
4H4
41l4
41l2 417g
41%
4134
41% 42
4134 4134!
41% 41%
*153
157 >153
*15212 156
*152% 150
*151% 156
157
*153% 156
*42
Encaustic Tiling.. 1
37
49%
1%
78
Amer European Sees..No par
Amer & For'n Power ...ATo par
*l73g
67%
*5%
5%
.100
6
Apr 22
r98%May
9% Mar
6% Apr
4% Feb
9% Feb
preferred A...No par
16 preferred..
No par
Amer Hawaiian SS Co
10
...
14%
67%
5%
684
5%
American
Feb 15
18%June
107
10
6% 1st preferred
200
2%
13
13
13
13i8
13%
13%
13%
90
*88
*87% 89
89%
89%
89%
*90
92
90%
90%
*123g
1212
123g
12i2
12%
12%
12%
12%
*12%
12%
1234
1234
*412
5
4%
434
4%
4%
434
434
484
434
4%
4%
*19
*1878
1914
1914
1914
*19
19%
*19%
19%
19%
19%
19%
*110i2 115i2 *110i2 115i2 *110% 115% *110% 115% *110% 115
*110% 115
*26
26
26
26l2
2534
26
26
*25%
26
26%
*25% 26%
1%
1*4
H4
1»4
1%
1%
1%
1%
1%
1%
1%
1%
32%
3212
32l2
32l2 *32
33
34
3284
32% 32%
3234
3234
29
28i2
28i2
2812
2812
28%
29%
28%
30%
30%
30%
3034
*63s
6%
6I4
63g
0%
6%
6%
6%
6%
63s
6%
6%
*165
*165
*165
*165
*165
£185
165
127#
*88
1,100
2134
American CryBtal Sugar
2% |
18%'
3
17%
49%
134
400
"moo
21
36%
49%
*1%
23%
*3%
3%
10
36 34
33
*15s
23%
3,100
*2%
*17%
49%
134
24
18%
Apr 19
56
.100
9334
134
*34
33
*1%
...100
preferred
American Colortype Co
10
Am Comm'l Alcohol Corp..20
*5%
49
3%
conv
70
34
2134
*31
312
b%
"4:260
1%
17%
37
334
Preferred.
23
Am Chain & Cable Inc.No par
.,7%
8%
18%
2134
78%May 29
171%May 28
100
American Car 4 Fdy_.No par
8
9334
50%
*3H2
60U
100
share
100 *122% Apr 14
1
Mar 18
Radio Corp..!
25
*7
18
334
33
49%
1012
48
1278
*17%
3634
33g
pref
conv
7%
*93%
3
5H%
Araer Cable A
American Can
per
5%May 29
29% Apr 14
American Chicle......No par
Am Coal Co of Allegh Co NJ25
6%
*2%
36%
800
2,700
109%
84
2%
17%
h
Bosch Corp
1
Brake Shoe A Fdy.No par
Preferred
"2:666
22
2134
2134
30
5,600
2,000
74
♦72
72%
109%, *108
1%
2»4
17%
30%
1734
31%
$
American
Am
180
*5%
3
497s
4
7%
213.}
36
31
1%
2I84
3%
*176
32
63g
%
21%
36
900
13034 *130
13034
234
258
234
82
82
82%
180
Par
500
6%
37
18%
*93%
*1%
21%
18
63g
37
Year 1940
Highest
■
7%
*7
188s
93%
21%
36
*1014
*4612
17
13%
7%
*34
*3512
*3i2
6%
34
*17
*233s
13%
*7
6%
37%
109% *107% 109%
14%
*1334
*1334
1434
63s
♦25s
*1714
*31
130
130
*130
2%
2%
2%
2%
2%
82
82%
82%
82
82%
*176
180
*176 ,180
*176
*31%
31%
313g
31%
3134
7434
7434
*7434 7534 x72%
21
21%
2034
21%
213(,
*108
109%
108% 108% *108
*107% 10934!*in7
*107% 110
*107%
*93%
*1%
*5%
1%
*5i2
334
33i2
*63g
37
21*4
6%
s4
2134
*2%
634
6%
37
34
li2
%
2184
778
*17%
93«4
9478
*512
13i2
634
634
17i2
*3%
31%
7434
63g
37
37%
13034
13034 *130
82
7
*6%
*37
Lowest
Range for Previous
39
Jan
93% Nov
134
Nov
34%
22%
11%
23%
Apr
Jan
16
Apr
Jan
Jan
1 Called for redemption
AND
HIGH SALE PRICES—PER
Range Since Jan.
Sales
NEW YORK STOCK
the
SHARE; NOT PER CENT
STOCKS
for
LOW
Monday
Tuesday
Aug. 16
Aug. 18
Aug. 19
Wednesday
Aug. 20
Thursday
Aug. 21
Friday
Aug. 22
% iter share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*84%
*84%
90
97
*94
97%
96
44'a
44>8
*43%
44%
♦28U
17%
18%
18%
19%
18%
*2%
3112
*4
22%
44%
22%
22
96%
44%
22%
19%
18%
2%
31%
19%
20%
19%
20
18%
2%
18%
2%
18%
*2%
18%
2%
31
31
31
31
4%
*10%
18%
*28%
|
22%
*22
18%
18%,
29
*28
28
28
*84%
90
10%
18%
4
10%
18%
18%
10%
18%
20%
19%
20
4,100
18%
18%
*2%
18%
2%
32%
3,500
*2%
31%
*4
10%
10%
18%
18%
*30
31%
*30
*40%
6%
*6%
41%
2%
6%
11%
*40%
*2%
*33%
35%
*19%
20
20
11%
11%
*2%
27g
31%
4%
10%
19%
31%
41%
2%
19%
*2%
2%
32%
*31
f;-'
10%
19%
*6%
*14%
1%
1
6%
11%
634
*6%
30
*11%
36
!
*3334
1934
36
*34
26%
19%
14%
37%
14%
11%
11%
14%
14%
14%
37% *—-
37%
"
*3%
*37%
4%
4%
4%
4%
434
36%
4%
*36
36i2
36i2
36%
36%
*36
4%
36%
3%
*3%
*37 x2
338
*3%
3%
*3
3%
40
*37%
4%
*37%
91%
*27%
40
*91
40
91%
*91
91%
*91
91%
*27%
28
*27i2
28
*27%
28
234
75%
76
2%
2%
79
*76
*120% 122%
47
47
26%
26%
26%
8%
*66%
8%
68%
47%
8%
26%
120% 120%
*8%
9
*60i2
48
26%
26%
120% *120i8 12014
*120
3
*284
77
76%
120% 120%
2 34
121% 121X2
47% 48%
68
18%
9
17%
*36
3
*31%
32
32%
*3'%
3%
3%
30% 3138
30%
31%
*17
17%
17% *16%
*104
104% *104
104%
*21
21% 21%
21%
12% 12% *12% 13%
*3%
3%
*3%
3%
37%
37%
37%
37%
$82$
3%
307$
*3%
17%
*16%
17%
*104%
104
104
*12%
2178
13%
384
*21
334
*21
*12%
*100% 101
1%
2,400
100
Bush Term Bldg
Butler
Bros.
5
*2%
California Packing
Cannon Mills
100
10
100
284
*67
67
67
2%
*17%
17%
2%
2%
111% 111%
*3%
4
12%
13
*2%
3%
*84% 93
17%
*32%
2,400
4,100
350
1,200
"5:200
Preferred.
350
3%
3%
300
30
300
200
2,800
5,000
200
200
...
Certain-teed
6%
100
prior preferred
July
1
8
5
2,100
—40
l%Mar 12
234
1,100
Chic Great West RR Co—50
"11 Mar 20
2,800
5% preferred..—-...-.50
Chicago Mail Order Co
5
Chicago Pneumat Tool.No par
3% Mar 20
6
40%
*51
51%
51%
ha
*%•
1%
"16
'ie
%
9%
13
lTgl
♦6
%
*%
%
*3%
3%
*37
38
*113
115
*83
29
*48%
40%
40%
36
36
*144
145
*92%
94
*60%
62
*1334
"14%
*102% 10234
3is
%
*%
32
ft *l*
•id
%
*3is
300
3i«
*834
9%
*8%
9%
*8%
9%
*8%
*12%
1278
*12%
12%
12%
13%
*1%
2
25%
67%
*1»4
2
*1%
*24%
2
2
*1%
2
*_.._
42
3%
3%
*37
38%
2434
*24
58
57%
10%
*10%
104
104%
*
"*3%
28
115
*83%
*48%
28
403a
*35%
*144
4078
36
*92%
94
*60%
62
*10%
:-,r-
43
""3%
3%
38%
*22
25%
X55% 56%
10%t
10% 10%
104%
104% *102
25%
58%
'103% 104% *102
42
33g
3%
38%
*37
*1%
2%
2
1578
*15%
157g
234
234
16
*..--
*3%
43
3%
*74
75
40
3584
40%
3534
*64%
81
*6034
84"
*83%
40
40%
*27%
28
"14%
7%
716
%
58%
59%
25%
25%
58%
25%
%
%
38
59
59
25%
25%
Bid and asked prices; no sales on this day.
Feb 14
28% Feb 18
4,500
300
200
2% Jan 27
27
Jan 27
72%
Jan
100
40
Nov
Collins & Aikman
No par
No par
Colorado & Southern
100
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
91%
Apr
100
r Cash sale,
June
May
26
May
Jan
43% Mar
74
May
8312
40%
133
83i2June 27
7434 Nov
Mar 11
46% May
48
25% May
25% May
41t2
50
3734 July 29
June 17
Jan
2
45%
30% Jan
9
Dec
141
Mar
Feb
June 102X2
94
1012 May
>11 Dec
14%June
x Ex-div.
Apr
99i2May
12i2May
14%June 24
Apr
145
Jan 10
Feb 18
Dec
Mar
May
131
Mar 19
1
Nov
114X2
4U2 Aug 15
1% Jan 13
3i2 Aug 4
23g Aug 5
24i4May 26
-10
Comm'l Invest Trust.-No par
n New stock.
56
108
20
$6 preferred series..-No par
Def. delivery,
Jan 15
Jan 24
114
2
5
Commonwealth Edison Co-25
preferred
July
3
% Jan
1% Feb
900
preferred-No par
Credit
May
May
Jan
14
Apr
Apr
2
24
124
Apr 18
110
7,009
conv
4%
Jan
2
6
5
25%
$2.75
Commercial
No par
14'4
Apr 26
18X8May
59%
Columbia Pictures
4 M% conv
"4:400
100
preferred
Columbian Carbon Co.No par
Oct
20
59%
100
3,400
5%
2.50
B
8%
10% May
25%
7,500
Class
53% May
14% Aug 22
104
Aug 22
25%
a
Apr
5% Mar
July 16
59
104
16%
34
11% Feb 14
100% Feb 15
%
104
Aug
63
$4.25 conv pfser'35-No par
30
1% Aug
20
IU2 Mar
May
Commonw'lth & Sou..No par
30
*99% 102%
30
May
56
Commercial Solvents.-No par
7%
23%
7% May
9
101% July 24
740
$4.25 preferred
2
3% Aug
4012 Aug
Colgate-Palmollve-PeetNo par
5% conv preferred
100
Colo Fuel & Iron Corp.No par
100
27
23%
J In receivership,
Jan
6212 Jan 7
740
July 16
400
7%
*26
7i«
%
Mar 17
4.900
65%
65
*78%
7%
in Dec
3334 Jan 10
41,900
26%
Apr
x4 Jan 18
9ig Jan 29
14i4June 24
85
7i»
*26
7%
Jan
34
114
9
98 May 23
82
May 28
48% July 9
10%
26%
%
%e Dec
Apr 23
Feb 14
10%
*25
Dec
»»i Dec
%
60
6% preferred series A... 100
23%
23%
23%
23%
2378
*99% 102%
*9978 102% *99% 102%
30%
29%
29%
29%
29% 29%
*104
105
104%
104% 104% *104
10%
10%
10%
10%
10%
10%
51%
6
Jan 17
•it Feb
No par
Class A
600
23%
Dec
106
278
25%
6
9
2i2May 20
73
May 24
62X2 July 17
09% Apr 29
4i4May 16
21% Apr 17
21%May 20
99% Apr 8
27% Aug 12
zl02X2June 9
8% Feb 15
•uMay 19
49
Jan 30
8O84
Dec
Feb 19
Columbia Gas & Elec..No par
68
Jan
15%
87
500
*78%
7%
12%
4414
Coca-Cola Co (The)...No par
4,400
*65%
6% May
147
2%
68
Dec
Dec
8% May
23% May
41
May
Jan 22
2%
80%
44
101
Jan 10
8%
143
2%
*64%
*79%
7%
Oct
10% July 22
100
Preferred
130
81
2%
84%June
19i2 July 21
44% Jan 9
54
July 24
139
27
1,100
68
100
1%
*64%
10%June
30% May
184 July 21
534 July 22
3
July 31
Apr 26
24i2June
15%
*797s
3% July 26
7
15%
*73%
2
Jan
18
44% Jan 13
102i2 Feb 3
Apr
29% Mar
4% Apr
3034
2x4 Mar
30i4June
*1%
81
Oct
May
139
*15
64%
22
106
17% May
15
No par
*15%
74
May
99X2 June
21% July 22
Feb
1%
74
Jan
37% Jan 14
21% Jan 4
IO6I2 Feb 10
Jan
15%
74
Apr
zoo
15%
74
100
Sept
1%
74
Mar
44
*15
74
0
46% Feb 20
215%
2%
Apr
5%
1134 May
9
1%
2%
May
Aug
15%
2%
4
40
15%
74
684
25%
*2%
1% Dec
26%
100
5
15%
1%
6%
6%
6%
*25% 26%
233s
23%
23%
*9978 103% *9978 102%
30
293s
29% 29%
*104
104%
104% *104
103s
10%
10%
10%
%
%
3g
*59
59%
5934
25%
25%
2584
2534
3%
3%
106
12i2
72
City Investing Co
City Stores
15%
15%
234
*2
3
5%
Coca-Cola Intern Corp .No par
400
*700
104
114% Mar
Aug
98
Cluett Peabody & Co--No par
290
14%
June
June
17
Sept
37
*36%
*144% 148
93%
93%
93%
62
62
*60%
104
D2May
Feb
May
Apr
3% Jan
48
85
3,400
"l4%
Dec
10% Feb 5
10412 Aug 12
40%
103
Apr
3
73
400
14%
Jan
35%
121
Jan
110
36
103
105% May
5
May
July 21
100
146
*603«
2
8% Apr 21
Specialgtd 4% stock
50
Climax Molybdenum.-No par
*700
Dec
50i2
95
5% preferred
36
62
Jan
126
55
Clev Graph Bronze Co (The). I
146
*93%
75
June
42i2May
20
May
5
No par
100
Clev El Ilium $4.50 pf. No par
36
93
39% May
100
City Ice & Fuel
6M % preferred
Chrysler Corp
5% pref
40%
3% Nov
June
20
*48%
40%
40
Dec
3234 May
22
Clev & Pitts RR Co 7% gtd.50
*83%
92%
25
1578
134
1534
26
ligJune 17
No par
*2%
1%
*15%
3%
2
6%
*24%
23%
*2%
16
64%
8%May 22
10% Feb 7
10
400
148
*700
16
*79%
800
36
*60%
62
*1%
1578
81
Childs Co
8
4
7uJuly 25
84"
84"
*48%
93
93
93
*15%
66
40
200
*145
3
74
400
*102
*102
*83%
*49
147
146
28
*27
28
*102
8 4~~
*2%
74
Chlckasha Cotton Oil
75% June
22% May
2
May
Clark Equipment
iT. 600
76
76
14
*14%
1334 "13%
1334 "l4"
*102% 103
10234 10234 *102% 103
27g
ig Jan
0% preferred..........100
Chicago Yellow Cab..-No par
Chile Copper Co
38%
*37
*113% 113% *113% 113%
113
113
27
28
28
*83%
*700
234
100
---
42
76
76
113%
*113
*48%
146
58
1038
*37
*10134
85"
*24%
58%
10%
""366
%« Jan
100
7% preferred
Apr 28
912 Feb 19
3712 Apr 22
49
Apr 8
CCC & St. Louis Ry Co„-100
76
*113%
3%
38
*37
25%
58
it
43
*1%
20
20
*20
20^2
20%
20
20
*20%
20%
*1978
20%! *20
*110% 112
*11034 112
*111% 113% *110% 113% *110% 113% *110% 112
17
*16
*16
17
16%
*16
17
*1534
1678
*1584
1678
*1534
1%
*1%
1%
1%
*1%
1%
*1%
1%
*1%
*1%
I84
134
2%
200
9%
1278
*700
*700
7
*12%
*10134
85%
%
%
*3i«
%
9%
76
*28%
*10134
%
*%
.
127g
'32
*9
*22
24%
56%
56%
67%
10%
10%
*10%
10%
*104% 104% *104% 104%
43
*
18%
*12%
*23%
*
Pr pf ($2.50) cum div No par
JChic Rock Isl & Pacific. .100
*40
51%
3io
51%
*%2
*ht
100
40
*51%
732
*39
*51%
782
18%
5
13 conv preferred...No par
300
3
40
51%
4178
51%
*9
200
51%
4134
*40
*51
18
18
18
*12%
5,300
*»ie
1838
*%
*%«
18%
19%
40
51%
18
*39%
17%
41%
17%
300
*6%
Apr
May
Feb
5%
6%
6
45
Dec
2%May 23
34i4May 19
93x2June 2
%Mar 3
-
40%
3834
5
Class A
Jan
29% May
2% Dec
36>2 Aug
838
^Chesapeake Corp
No par
Chesapeake & Ohio Ry
25
Preferred series A
100
Chic & East 111 RR Co.No par
par
Checker Cab Mfg
3i8 July 24
Jan 29
11512
Apr
6% Mar
41 x2
17% Feb 15
12% Apr 22
No
Jan 29
A or
O
3% May
15% May
100
Co 6 % pf. 100
Common
50% July 15
29% July 28
120%
23U
2% May
22XzMay
15%May
—No par
Chain Belt Co
Cham Pap & Fib
2
Jan
De
July
11%
34
19>2
Jan 13
2341
8%
Jan 14
Jan 29
Aug 7
Feb
Feb
Apr
1%
8%
May
34% July 12
2%May 23
22% Apr 21
234
18%
40
3X2
Jan
26% Feb
52% \L»r
Feb 19
27
1
Products
4%
'
30%
May
1
4%May
Nov
15%
80i4June 13
...—-—100
Cerro de Pasco Copper.No par
5%
9
92i2May 20
May
Jan
1334
82
2% Oct
88
Sept
4% Feb 3
2i2 Feb 19
234
8%
Jan 17
14
Jan
Apr
Sept
412 Aug 1
13
Aug 22
4
July 28
97
Apr 2
l%June 11
5
6%
3% July 31
10i8June 10
234
9
11
7334 Jan 14
2234 Mar 25
zl5%June 27
U2 Apr 22
109%June 10
Century Ribbon Mills.No par
3%
3%
32%
*16%
v
2
Jan
00
tCentral RR of New Jersey 100
Central Vloleta Sugar Co
800
32%
31
31%
17%
17%
17%
17%
104% *104% 104% *104% 104%
21%
21%
21%
*214
21%
*1212
13%
1378
*12%
13%
3%
334
3%
3% V 3%
37%
38
3778
37% 37%
9
lig Jan 6
7% Jan 6
14% Jan 10
Jan
June 11
7
No par
100
300
2,200
33
100
7% prior preferred
Celotex Corp
5% preferred--.-.-—-100
Central Aguirre Assoc.No par
Central Foundry Co
1
Central III Lt 4pref..100
20
800
*6%
50% July
Caterpillar Tractor....No par
Celanese Corp of Amer.No par
5
9
2234 July 29
53
Jan 24
Jan 9
July 28
12
82
234
634
6
11%
100
125
478
9
5
Feb 14
284
*6%
7%
23%
2% May
6% May
39
May
9
May
Mar 18
*1%
678
4% May
17% May
4
Jan
4%
40
1%
9%
6% July 29
Aug 6
23
43
5%
278
9
Oct
112
2%
8%
678
6%
Apr
100
5
*8%
Jan
5>4
41
Apr 14
18%May 26
116% Mar 19
"7%
1634
100
Preferred
Oct
Jan
12%
7
1
Case (J I) Co.
170
120
33
33
700
120%
47%
257g
120%
9
2%
*78
68
17%
2%
600
79
47%
25%
120%
*834
2%
8% Nov
Dec
May
2
3
2% Apr 28
7234 Nov
36
2
Jan
86% Feb 25
22
Apr 23
Jan
5X2 May
5% Aug
39% Apr
5
Carpenter Steel Co...
Carriers & General Corp
May
3% May
Jan 27
2% May 20
37%May 26
No par
21
Jan 10
3% Feb 13
34
May 27
Capital Admin class A
1
13 preferred A
10
Carolina Clinch & Ohio Ry 100
12»4 Nov
6% May
Dec
97
May 119
3
6% Jan
May
3%
40
200
•
23X2
15% July 11
36%
3%
4% No\
Dec
21%
3
*3%
12 34
12% May
9
*36
May
Jan
rr,h Nov
20% July 28
56% July 29
9% July 24
10%June
Aug
IX2
4l«2 Nov
5334 Apt
35% Nov
35
25
Canadian Pacific Ry
38
Apr
L334
26-% Nov
17% May
Campbell W & C Fdy.-No par
lV.266
Dec
May
7
Canada Dry Ginger Ale. .—6
Canada Southern Ry Co.-100
4%
8
20
1,300
Calumet & Hecla Cons Cop.. 5
4%
13% May
27
May
6
5,500
1
Zinc-Lead
Callahan
3834 Nov
7
Mar
May
Jan
15%
"2:366
20
33% Mar
Mar 11
61
—50
*1%
*612
8X8 July 22
10S4 Feb 20
No par
5% preferred
Jan 9
July 29
34%
Apr 16
2%
1%
5%
76
19%May 29
7% Apr 21
76% Feb 14
7% Apr 29
Jan 17
118
1
1
3
6
12% Jan
8
30
5% conv preferred
Butte Copper & Zinc
Jan 13
14%
15% Jan 2
»"4% Feb 17
800
80
May
z7%May
2%May
dep 7% pf 100
10
200
400
28%
3%
49
1
Terminal-..-
—.5
Byers Co (A M)
No par
Participating preferred-.100
Byron Jackson Co
No par
1,500
91%
32
Bush
5
*138
*
550
37%
3%
37%
100% 100% *100% 101% *100% 101%
1%
1%
1%
*1%
1%
37%
37%
100% 100% *100% 101%
3,800
40
33
1
No par
Mach.-No par
Conv pref $2.75 ser._
*27%
*3%
31%
Burroughs Add
6% Jan 14
27% Feb 15
15%May 3
Burlington Mills Corp
"3,300
*37%
*91
18
3%
"2,366
28
*17%
Bullard Co
Bulova Watch
91%
17%
31
1.000
9
2% Aug
5% Apr 15
23%June 6
No par
No par
No par
8
44»2 Jan 13
Apr 21
Budd Wheel
40
28
68
9
800
*91
*67
30
260
"1*600
*37%
2%
Apr 18
2% Jan 3
5% Feb 14
10
Apr 21
Bucyrus-Erie Co....—-—
7% preferred
100 zl09 June 11
3% Feb 14
Budd (E G) Mfg
No par
51
Feb 14
7% preferred...
100
1000
91%
2%
32%
29>2 Apr
38
Jan
14%
*77
79
78%
78%
120% 120% *120% 122
48
48
477g 48
26
26%
2534
26
120
120
120% 120%
9
*8%
8%
87g
33%
May
14% May
200
41
%June 2
5% Feb 19
10%May 16
*16%
17% *17%
2%
2%
*2%
2%
2%
234
*2%
*2%
2%
111% 111% *111% 11134 *111% 11134 *111% 111% *111% 111%
4%
4
*3%
*3%
4
4
*3%
*338
*3%
4
11%
11
11%
12%
11%
11
11
11
10% 10%
3%
*3
*2%
3%
334
*2%
*2%
3%
*2%
3%
93
*84%
*84% 93
*8434 93
*86% 93
*86%
93
*31%
27
4,100
July 23
1,300
3
Jan
234 Jan
23% Mar 21
30
1
36%
24% Mar
25%
Sg Dec
34% Aug 18
18% Apr 22
39% Jaa 6
4% July 15
12% Jan 2
25% Jan 6
Apr 8
3% Apr 23
8% Apr 19
7
U7g
4%
Apr
Jan 16
3,000
Bower Roller Bearing
1
4%
28
June
6%
117g
37% *
29>4
12% May
12
'
Jan
70% Mar
Dec
May
17
Nov
123%
May
20% July 10
3% July 30
30
Bruns-Balke-Collender.No par
100
2%
6%
12
40
68
*67
,
99
51%
19
1484!
11%
14%
*35
Jan 18
54
23% July 11
20% Aug 13
1
6%
15%
34
7
1
11%
11%
14'%
3712
1
6%
11%
Nov
1934 May
19% Apr 24
100
100
41%
*2%
*6%
share
9
Jan
111% Jan 23
% Feb 19
100
5
per
95
28% Apr
35
18% Feb 19
10
Apr 18
-15
--.5
RR
1.400
30
*40
12
0%
(The)
20
3,500
*11%
678
Co
Borden
Borg-Warner Corp
June
1234 Aug
2434 Sept
25<2 Jan
37X2 Apr
400
1,600
19%
'
1
*1
1%
Inc
54
19% Aug 20
100
10%
*10%
10%
10%
10%'
10%
10%|
*10%
io%|
io% 10%
10%
114% *112% 114% *112% 114%
*112% 114% *112% 114%. *112% 114% *112%
4%
4%
4%
4%
4%
4%
4%
4%
*4%
4%
4%
4%
70
70
71
71
71%
71
70%
70
70
*70%
72
7i4
7 :'W 7
6%
6%
*678 t: 7
6%
6%
6% v 6%
*6%
7
25
*24
24%
25%
25
2434
2434
24%
24% 24%
*23%
24%
*31
*30%
32%
*30%
32%
32%
32%
*31
*30%
32%
*31
32%
19
19
19
1834
1878
19
187s
19
18%
19%
19%
19%
55% *53% 55% *53%
55%
*53%
55%
*54
*54
55%
*54
55%
8%
*8%
884
8%
8%
8%
8-%
8%
8%
*8%
8%
8%
3%
3
3%
3%
3%
3%
2%
*2%
3%
2%
3%
*2%
21
22
21
21%
20
21%
21%
20
*20
20% 21%
20%
6%
678
6%
"
684
6%
6;%
6%
6%
6%
6%
6%
*22
*22
22%
22%
*22%
2284
*22
2234
22
22
*21%
22%
3%
3%
3%
3%
3%
3%
3%
3%
*3%
3%
3%
3%
10%
*10%
10%
10%
10%
*10%
10%
*9%
9%
9%
10% 10%
97
96% 96%
*96%
96%
97
97
97
*96-% 97
*96%
97%
10%
*9%
10%
*9%
10%
*9%
10%
10
10
*9%
10
21%
21%
21%
21
21%
21
*21%
2134
21
21
20%
20%
53%
*51% 53% *51% 53% *51% 53% *51%
*51% 53
*51%
54
6%
11%
A—No par
No par
...;
Stores
share $
800
19
12
19%
Class B
Bond
Mar 13
per
Boston & Maine
10%
41%
2%
6%
41%
*2%
Bon Ami Co class
Jan
25% Apr 22
90 May
9
38
Apr 29
17% A or 26
Bohn
Co
Brewing Corp. of America—3
Bridgeport Brass Co—No par
Brlggs Manufacturing.No par
Briggs & Stratton.
No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
Bklyn-Manh Transit.-No par
Brooklyn Union Gas.-No par
Brown Shoe Co
-.No par
4
z4
•
Boeing Airplane Co.
5
Aluminum <fe Brass—5
12% Apr 21
$
share
per
90
7
80
36
*31
10%
19%
31%
*30
6%;
6%
*11%
*34
*21%
22%
*10
1%
612
*11%
50
130
18%
31%
20
22%
700
20
41%
34%
*44%
18%
2%
20%
*96
100
20%
*30
11%
35%
97%
45
23J00
19%
18%
*40%
*19%
*96
45
*21%
18%
29
97%
45%
22
31%
*6%
19%
29
29
$
per share
Highest
Lowest
Highest
Lowest
$
Par
Blumenthal «fe Co'pref..—100
90
22
41%
2%
*6%
*11%
*34%
1834
*27%
*84%
18%
*27%
45%
*30
2%
6%
11%
34%
90
45 .V:
*40%
*2%
19%
29
j.97%
*96
4%
*4
4
*10%
*84%
90
100-Share Lois
On Basis of
Week
90
17»2
29
97'g
Range for Previous
Year 1940
1
EXCHANGE
Saturday
*8412
17*4
1941
Aug. 23,
New York Stock Record-Continued—Page 3
1090
May
108
1%
1%
Dec
Oct
Feb
Dec
Apr
112% Feb
3512
24
May
5'4
Apr
Apr
5
Apr
434
2134 Jan
6
16
May
203s Mar
21
6
16
May
26% Mar
Jan
4% May
712
Apr
4% Jan 9
82% Jan 25
07i2 May
72
2
59
June
79
Jan
July 11
71
May
98'4
Apr
83
Apr
712 Aug 20
2634 July 22
312 May
93% Apr
8% Mar
26
Dec
31
Mar
7
14®4 May
273g June
104
Jan
6
95
June
108%
Feb
37% Jan 10
32
June
50
Apr
Jan 15
97
June
113
Mar
11% July 28
8
110
»*it
2
30% Jan 11
05% July
y Ex-rights,
May
% Dec
2
Jan
42
May
25% June
48
16%
Jan
Apr
134 June
73x4
Jan
33
Apr
t Called tor redemption
New York Stock Record-Continued—Page 4
Volume 153
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT
PER
CENT
Monday
Aug. 18
$ per share
*3%
1758
37%
*1138
*87%
*94
$
35s
Wednesday
Aug. 20
Thursday
Aug. 21
Aug. 22
$ per share
S per share
S per share
$ per share
35s
17%
*3%
17%
38
38i4
1134
1U2
*1H2
39i4
12i2
91
*89
91
11%
91
*90
91
*90
91
91
91
10
96
*9312
95I0
96
*9412
96
*94%
9534
95%
96
150
714,; 73g
17% 1778
7%
17%
7%
17%
99%
7g
3,800
10,600
10%
2%
"l,000
$2 partlc preferred...No par
700
Consol Laundries Corp
5
Consol OH Corp
__No par
Consol RR of Cuba 6% pf.100
7%
*8934
95U
1758
7%
17%
1784
1712
9934
9934
*%
10%
10%
*212
278
*3i2
18
%
1012
2%
;
7%
Tg
6
6
234
6U
6%
578
234
6%
234
28
612
*26i2
7i8
*84
10
212
57g
234
6l2
27
73S
1734
18
1734
18
I77g
3%
18
38i4
39
383g
38%
38%
358
11%
99i2 100
57g
234
11%
71-1
1712
738
1778
78
10i8
*%
10%
*2%
~
278
1014
2%
578
6
578
234
278
278
3
6i2
6i2
6%
28
*614
28
*27
3658
8i2
37
3634
8%
37
8%
44
44%
44%
33g
24i4
20
4
2438
20i4
378
2378
4
24
*19
*18%
20
*19
*15i2
537s
1578
5378
15%
*53%
15%
54
*53%
54
4234
43%
43
43
50
50
43
16
43
49l2 50
*177is 179
41.1
*58
1771s 177i8
43g
43g
*,r>8;
%
43S
34
17
*1612
17
10012 10012
17i2
*7%
17k
100
10012
17%
1758
*734
77g
39i2
1712
734
23
43
I3I4
89i4
3934
40
133g
87%
4012
*85i2
86%
86
86i2
6
*6
634
634
*22i2
*4212
13l4
*8712
*5%
6i4
1378
*1912
2058
»ie
5g
17%
734
23%
16%
99%
17%
7%
22%
43
43
13%
88
40
87
39%
13%
§8%
40%
87
397g
22%
"u
1
1
1
36
*31
36
*31
36
*28
297g
*28
J5ie
9
9%
9%
37
*36
2,600
9
0
4434
44%
447g
2,600
3%
78,000
"f,300
4
2978
9
54
*53%
43
24%
24
23-%
5,400
43
430
50
50
3,000
178
178
4%
210
4%
1,300
I67g
2,400
700
%
1678
101
*98
Coty Inc
Coty InternatCorp...
28
27
27
5%
9%
9
9%
9
9%
19,100
45
45
*43
45
*43
45
*43
45
*43
45
20
*18l4
19
1834
1834
19
19
19%
4%
*18%
*4%
19
*18%
19
500
19%
*16
*8%
8%
*8i4
*112
2434
"112
247g
25
25%
*29
2938
*29
29%
*15
15i4
15%
1134
1178
12
634
57g
578
*%
316
*%
197g
17]8
*24i2
*36i2
*8i2
153S
19%
171S
26is
37i2
87s
♦70
15l2
1258
28k
3i#
25
37
37
37
*8%
1534
858
1578
71%
71%
71%
9i4
*8%
36%
9%
3,6%
1734
1734
*17%
16%
69
*16
6834
*18%
*5%
16%
69%
6834
132% *131% 132%
19
19
6
19
*5%
8%
*8
*8
*109
113
*109
157
157
157
*125
126
*125
6
8%
113
157%
25%
29
29%
*15%
16
12%
5%
12%
*%
au
6
12%
a
*1534
Preferred
71%
*8%
36%
17%
25
25
25%
25
25
37
37
37
37
71%
9%
36%
19%
*72
16%
*16
16%
76
*72
76
37
17%
*8%
37
17%
16%
69%
132
19%
*36
*173
32%
*16
176
*173% 176
32%
1634
27%
15
15
*"i«
9
*8
*109
113
*109
113
*109
157% 158
139%
174
174
158% 158% Zl.56% 156%
125% 125% *125% 1257g
11178 111% *111% 111%
*27% 27%
27% 27%
*3%
37gl
*3%
3%
16%
28
15
15
2
2
34%
34%
%
34
32%
32%
*107
31
■17g
34%
32%
V
2
1'8
17
33
28%
15
*%
1%
1J16
1%
35
35
35
35
35
32
*31
32
31%
31%
31%
31%
3Hg
31%
31%
31
*29
31
*29
*44%
45%
*44%
45%
45% *447g
*44%
111
110
110% *110
3%
3%
3%
3%
*73
75% *74
75%
*76
81
*70
79%
85
8512
85%
**u
«16
%
%
110
4
110
110
110
378
*74
75%
75
75
*75
76
*77
82
*76
82
*76
82
76
77%
*85
88
*85
87%
*85
87%
85%
85%
37g
334
'
,
75
32
%
*7«
1%
*8%
I84
8%
%
134
*%
1*4
134
1%
1%
1%
1%
8%
8%
812
8%
8%
8%
834
9
1%
1%
1%
134
134
6%
134
1«4
]•%
134
*29
1%
'■
6
6
*1%
3234
1%
3234
*73
2%
*7
*26
1%
2%
7%
27
%
%6
si»
6%
6%
6%
6%
6%
6%
*184
33%
1%
1%
I®4
*134
17g
33%
33%
33%
33%
*74
337g
1%
33»g
*73
78
:
*234
*7%
27%
*73,
78
3
*2%
7%
27%
*7
26%
78
*73
78
2
6%
0%
2
1%
78
10
17g
6%
34
2
1%
9
A
2
*73
1,900
2%
25g
2%
*7%
7%
26%
7%
7%
7%
26%
26%
*26%
26%
*%
2%
25g
Mar
May
14% May
23
Oct
Apr 21
Apt 30
14% June 26
9
Feb 19
*38
%
38%
38
38
20%
2038
*10%
*93%
107g
*10%
20%
1078
98^2
*93%
98%
*24
24%
24%
24%
*11%
12
*33g
*%
*24%
91
*3g
*11%
334
34
*33g
2434
24%
91
*%
*13»4
14%
*90%
*1334
44%
44%
4434
%
12
3%
*16
25
92
14%
4478
38
38
39
38
%
38%
38%
20%
21
21
2034
20%
*20%
107g
*10%
*93%
%
38
197g
*10%
*93%
*24%
*11%
*3%
%
98%
*%
%
12
41
10% Jan 10
10%
*10%
*95
98%
24%
11%
3%
*95
*24%
*11%
3%
24%
11%
3%
•it
25
*%
*23%
»I6
25
3%
*% ?'
25
25%
*91
92%
*%
»16
25%
25%
*91
*1334
14%
*1334
44%
44%
4334
*11%
3%
*91
%8
25%
14
13%
92%
13%
44%
43%
44
92%
92%
*13
13%
44
43%
Y
*
Bid and ahked prices: no sales on this day.
t In receivership,
,
_
'■
9
37
Jan
6
Jan 30
Jan
8
23% Jan 28
17% July 14
79
Jan
14134 Jan
9
4
23% June 24
638
Jan
8
10% July 29
12078 Feb 14
126%June 11
111% July
9
118
May
2
May 14
34
Jau
2
No
par
1
Eastern Airlines Inc.....
24
117
Jan
9
164%
Jan
7
2%
12% May
2578 May
32
May
434 May
12% May
66% May
9
11% May
65% July
127% Nov
14»4 Jan
5
May
9% June
113
Octt
146% May
114
May
112% May
2534 June
3
May
160
182% Jan
$7 preferred
No par
...No par
Elec Storage Battery.. .No par
$6 preferred
3
50
100
Engineers Public Service.... 1
70
-
129%
11834 Jan
44% May
6% Nov
Jan
Dec
37
1634 Aug 7
33'% Jan 10
Apr
Jan
25
17%
6
10%
78Aug 5
4% Jan 11
37% Apr 3
3438july 9
34% Jan 13
33
July 7
3S
Apr 21
Jan
4
l%May 31
27% Feb 19
23% Feb 19
28
May 27
26% Apr 29
39% Feb 14
108
June 27
3%May
5
Jan
47% Aug
6
lll34june 18
7
Jan 11
No
No
par
65
Feb 26
80% Apr
par
70
Feb 14
No
par
75% Feb 14
83% July 17
89% July 24
% Jan 30
..100
Ctfs of benef int w i__No par
2
Aug
4
10%
3
18%
15%
r247g June
26
May
35
May
102
May
5% May
63
May
Aug 12
50
75
Feb 28
75
Evans Products Co
5
2% Aug 1'5
5% Feb 19
Ex-Cell-O Corp
3
23% Apr 30
%.June 17
Exchange Buffet Corp..No par
Fairbanks Morse & Co.No par
34
Fajardo Bug Co of Pr Rico..20
Federal Light & Traction...15
16%June 24
10
May 29
No par
200
Federal Mln & Smelt Co.....2
1,300
Federal-Mogul Corp
5
Federal Motor Truck..No par
90
May 2
21% Feb 15
107g Apr 18
2% Apr 16
100
Federal Water Serv A..No par
1,300
Federated Dept Stores.No par
May 17
% Apr 18
18% Jan 3
100
90%June 30
1
11% Apr 29
34% Feb 19
Fidel Phen Fire Ins N Y.12.50
33% May
4178 Jan
40
Apr
112
Mar
12%
Jan
83
Jan
May
89
Jan
77
Dec
97
Jan
Dec
%
% May
184
Jan
84
3%
Jan
1%
Apr
%
5
178 Aug
37% Aug
1
Apr
Apr
is4 Jan
8% Jan
4078 Nov
36% Nov
Dec
Jan
7% Aug
32
% Mar
17%
41%
183g
66
9% Aug
17g Aug
100
100
Eureka Vacuum Cleaner....6
4M% conv preferred
Ferro Enamel Corp
Jan
Apr
Dec
166*4
700
400
Jan
120
189%
180
300
200
Mar
1334
May
May
May
May
Dec
May
May
May
»3iJune 28
2,300
Apr
10
June
% Feb 20
7% Aug 4
% Feb 15
5% Aug 11
$6 preferred
30
June
t Erie Railroad
100
Common wi........No par
•
9478 May
171
Apr
22
Equitable Office Bldg..No par
5% pref series A w 1
Feb
155
1,000
4% 2d preferred
Apr
9
6,700
4,700
4,100
16,300
4% 1st preferred.
Dec
14%
367g Jan 10
June
%
Electric Power & Light.No par
$5M preferred...
$6 preferred
86
38
7
Apr 29
Elec & Mus Ind Am shares...
$5 preferred
Jan
23% Jan
36% A pr
43% Feb
10% Feb
20% Nov
14% Feb 14
...100
5% preferred
Jan
84
Apr
Jan
May
117
EI Paso Natural Gas
Jan
57g
24%
2378
4
Eiidlcott Johnson Corp
23%
14
Jan
100
Dec
Apr
30% May
142
200
Dec
*»• Dec
120%May 26
preferred
Apr
Nov
28% May
19% Apr
June
117s May
8% May
(N J).No par
5% Jan 23
8%
114
21
s
Eastman Kodak
1
5% Mar
18% Nov
237g
2k July
1,300
1,500
1,000
"2,300
June
32% Mar
13% May
Mills.......5
12% Feb 14
10%
*91
86
1
Duquesne Light 5% 1st pf.100
98%
*24%
-3
18% Jan 11
25
100
*10%
Jan
12
900
10%
3%
12
24%
*11
7
18% Jan 2
14
July 31
6% Aug 1
29
68%May 22
7
May 3
34
Apr 8
17
May 31.
14%May 31
63% Feb 19
120
May 26
17% Feb 18
4
Apr 21
6%June 5
3% May
107
30% Aug
21
Apr 21
Electric Auto-Lite (The)....5
1,400
98%
24%
1134
3%
2434
Jan 24
May
13% May
v
26-% July 22
% Aug 12
23% Apr 7
19% July 24
297g Jan 11
19% Aug
Electric Boat..............3
%
21
114
3
8
4
Edison Bros Stores Inc..
38%
*%
478 Aug
17% Jan 10
834 Aug 7
Aug
300
Jan
May
35% Oct
11% Mar
Apr 18
May
400
4%
61
15
$4.50 preferred
160
Dec
4% Jan
8% May
91% Feb
45% Dec
17
Apr
29% Feb
92
3,200
1,200
x99
60
2.700
900
Jan
Sept
29
800
734
387« Apr
45% Dec
21% May
95% May
47% Dec
June
138
cum
Feb
42
105
6%
Dec
Jan
Nov
3234
47% Mar 29
20
July 14
27
9% Jan
June
2934
24%
106
6% July
v
38%
20%
31
1%
Jan
Apr
Apr
75
4
2
7%
26%
2%
par
Erie & Pitts RR Co
7%
3
..No
Eaton Manufacturing Co
78
2634
19% June
1% Oct
9
8% preferred ..........100
Co...20
1,000
2,400
34
33%
2
6
Jan
Eastern Rolling
31%
31%
30%
45%
37g
74%
*7«
2
l7g.
35
32
par
1
100
28%
15%
%
31%
*29
111
170
No
...Nopar
International
Du P de Nem (E I) &
100
17
*16%
28%
15%
30%
*334
No par
60
45%
111
384
Douglas Aircraft
400
30
111
No par
Duplan Silk
1,300
25
Dome Mines Ltd
Dow Chemical Co
"3", 700
var
Class A ..........i.No par
Doehler Die Casting Co No par
Dunhlll
Jan
178 Jan
7%
21% May
21% Apr
34% June
6% Apr
12% May
.No
6% partlc preferred
Dresser MfgCo
May
45% Dec
9% May
8
Jan
Dec
9
Diamond Match
700
Aug
184
Aug 12
13
200
33
is
20
600
*173% 176
28
r
"16
*%
*16%
140%
*44%
31
45%
384
31
*3234
139
33
16%
*31%
31
175
33
28
17g
34%
45%
175
33
15%
31%
*30
176
16%
31%
*30
176
33
*139% 140
28%
*33'g
17g
139% 140
100
Detroit Edison
113
139
%
17g
1,400
1,100
3,600
9
15
"10
60
60
104% Aug 22
May
65%
90
Devoe & Raynolds A..No par
100
*8
15%
17
200
8%
8
157%
10
5% pref. with warrants..100
Dixie-Vortex Co......No par
8
27%
*16%
2738
*15%
"16
27%
3234
20
200
17%
17%
18
16
16
16
16%
71%
70%
71% *70
70%
133
*130
134% *131% 133%
19%
19%
19%
19%
19%
5%
*5%
57g
*5%
6
*32%
*16%
27%
3234
Preferred
Dlesel-Wemmer-Gllbert
Distil Corp-Seagr's Ltd No par
5%
113
157
No par
1,100
37
134 May
3% Aug
70
61%
29% Jan 10
24% Apr 22
Aug 12
42% Feb 4
6% Apr 18
109% July 2
185g Feb 19
Deere & Co
Diamond T Motor Car Co...2
8%
2
July 28
Jan
33
Apr
25% May
90
Davison Chemical Co (The).l
Dayton Pow & Lt4M% pf.100
16%
*36
778 Aug
8
May
76% Oct
34% Feb 10
14%May 26
600
76
May
6
Aug 21
7% Feb 14
May
25
3
27
25
700
8%
'109
5% preferred
1,800
6
*8
200
Jan
Apr
Apr
4078 Mar
4% Feb
3
$8 preferred......_^No par
Cutler-Hammer Inc
No par
8%
17%
126
139% 140
9
37
1
7% pf.100
247g
*72
9%
No par
36%
8%
*16
*8%
16%
8%
5,100
12
75
Jan 16
47% Jan
98% Jan
25
% Aug 15
20
15% Jan
92
9
7
45
2% Feb 19
17%
247g
36%
July 15
27% Jan 10
45% Jan
Aug 21
Delaware <fe Hudson
20
17% Dec
3% May
18% June
36
July
4
197g July 15
7gjune 23
JDenv & R G West 6% pf.100
18
Jan
9
31
Delaware Lack & Western..50
20
8%
5
6
100
18
June
16% Jan 25
Class A
400
300
June
68
Fen 15
3,000
18
17%
17%
16%
16%
6934 6934
131% 131%
*1834
*5%
20
13
ll%May
Davega Stores Corp
5,600
19
May
May
%«Sept
75
72
Curtis Pub Co (The)...No par
Preferred
..No par
Curtlss-Wright
4
Jan 16
41% Feb 20
30
Prior preferred
165
k Jan 14
197g Jan 10
107
May
May
40% Dec
4
100
Cuneo Press Inc
Conv
4% Jan
100
7,900
20
8%
pref w w_.No par
i
18
16%
3% Apr 23
% Jan 7
13
Apr 18
96%May 7
147gJune 7
4% Jan 6
6
20
16
Mar 31
*%
3i«l
1734
834
No par
170
57g
6%
3u
20
*125% 126
*125% 126
*11178 112
*111% 112
111% 111%
11178 112
*27%
2734
2734
27% 28
2734 2734
27-%
*3%
4
*3%
4
*3%
37g
*3%
37g
139% 139%
578
4-%
*4%
4%
19% *16
19%
8%
*8%
8%
112
*110% 112
25-%
25% 25%
29%
29%
29%
16
15%
15%
12%
12%
12%
37
25
1734
*24%
*1714
*8%
*110%
25%
conv
Cushinan's Sons Inc
90
20
20
18
37
534
8%
....
*15%
3
20
*36
132
*%
20
*8-r>«
16
15%
12%
5-%
1534
12%
6%
858
*4%
*16
*8%
8%
*8%
111% 111% *109%
25
2478
24%
29
*2878
29%
*17%
1534
4%
100
514% conv preferred
Cudahy Packing Co
2,700
45
28%
*81%
28%
90
19%
25
conv preferred
$2.25
800
287g
*4%
1
Crane Co
80
28%
*81%
*16
1
6
l%May 6
3% Feb 15
27
33
8
41
Feb 18
42% Apr21
Cuba RR 6% preferred.... 100
Cuban-American Sugar.... 10
100
97%
47
62
40%May
420
200
June
70
Jan 24
50
25
100
10,700
3,600
19% Apr
7
9
56
5% series
Corn Products Refining
Preferred
7%
33
22
Aug
52% Jan 8
53% July 28
182% Jan 16
Conv pref
Corn Exch Bank Trust Co..20
7%
20
22
Jan
25
7
l%«
8% May
93% May
9% May
16% June
18% May
25
Apr 21
7%
*26
21
Apr
5% Nov
2334 Nov
108% Dec
15% Mar
13
678
7%
10378 10378
*19%
2% May
Apr
2%
26% July 22
23% Jan 14
187g Jan 2
14
26
24
7
1
31
4%
8%
35% Feb
2%May
17% Feb
15% Apr
Continental Oil of Del.
5
Continental Steel Cor p. No par
Copperweld Steel Co..
5
6%
31
7g
Continental Insurance...$2.50
Continental Motors
..1
5 % conv preferred..... 100
31
5%
1
Feb
Apr
49%
9%
1,100
"""406
21
May
4% May
27% May
2
May
87
67%
14
2%
9% July 22
45% Aug 5
4% Jan 2
Crucible Steel of Amer.No par
*60
%
5%
Jan 13
40% Jan
230
104% 104%
7
July 10
Dec
110% Mar
1% Jan
10% Apr
6
4,000
*13%
3%
9%
32%
3
13%
67%
14
20%
1% July
11
100
6% Feb
40%
*60
97%
Apr
16
Apr
99% Dec
31%June
88
*13%
*19%
9
Jan
Feb
20
Diamond
13%
2,400
107% Jan
4%
21%
Jan
May
May
May
May
May
Aug
May
May
May
Dec
6%
24%
31%
Fibre.5
Continental
39%
86%
90
4%
3
87%
*81%
19i2
Jan
13%
*43
•v
Continental Can Inc
July
7%
75
8% July 10
23% Jan 13
107
4
2
90
40%
87%
63
May
17% June
Jan 15
79
8% preferred..........100
15
40%
87%
*87%
97% Jan 23
12% Feb 15
4% July 21
Crown Cork <fc Seal
90
*4%
14
15
2% May
14
103
Highest
$ per share $ per share
Jan 10
99
No par
700
28%
*16
2
4
Lowest
18% Feb 8
40% Aug 8
1578 Jan 16
Consumers Pow $4.50 pfNo par
Continental Bak Co
200
*81%
434
19l2
2
14
19%May 28
39% July 7
ll%May 1
82%May 2
35% Apr 14
82
Apr 9
42%
95
*412
May 26
Crown Zellerbach Corp
5
$5 conv preferred
No par
43
28
*16
95
2
15% Feb
Cream of Wheat Corp (The) .2
Crosley Corp (The)
No par
2734
*8114
1834
5% Apr 21
17%June
100
conv preferred..,
600
95
'
Feb 19
Apr 25
Container Corp of Amerlca.25
5%
800
28i4
28%
3
14
22% Feb 19
10%May 26
82
May 20
90
May 23
25
Consolidation Coal Co
Year 1940
$ per share
6%May
3% Aug
7% July
30
July
106% Jan
16% July
5% Aug
7%
23%
42%
*23
$ per share
Range for Previous
Highest
% Jan
7% Apr
2%June
x5k Apr
% Feb
278 Feb
18%
18%
7%
29
9
Consol Edison of N Y..No par
$5 preferred.
No par
Consol Film Industries
1
340
28l4
*81'4
28%
No par
7% preferred...
..100
W7C prior pref
100
Consol Coppermlnes Corp
5
100
54
43
36
29
9%
900
15%
1
15i«
*31
36%
vv,g
*18%
*22%
*42%
13%
6
2978
300
900
l
6
2,400
4-%
,
6%
*31
102
15
*15
87
88
102
Consol Aircraft Corp
Consolidated Cigar.
300
15%
15%
43
13%
88
87
28%
*26%
1,200
43
34
23
6%
106% 106%
49% 49%
*176% 178
4%
*4%
4%
X1 ; 5g
*%
%
17%
16%
I67g
99
99%
99%
18
18
18%
7%
*7%
77g
*%
167g
99%
*17%
*4278
*13%
*6
900
*53%
4%
99%
18
3
3
6,700
20
*19
1,900
6
4
24%
20
15%
4%
43
*2%
578
7,200
700
4,100
3%
20
15
4%
7%
*%
*10%
~2~4O6
15%
4%
49%
50
176% *176% 178
*283g
9
24
6
6%
6%
634
6%
7
100
*100
100
10378 *100
10378
*60
6712 *60
67% *60
67%
14
14
13%
13%
13%
13%
*1912
2058
20%
20%
*19%
20%
64
13>4
4
24%
50
23
6I2
104
*60
44%
36%
*8%
44%
43
50
23
6i4
*100
37%
87g
87g
44%
37g
2378
43
176
*423g
13k
87i2
37
12%
99
6i2
29
10238 10238 *102
10234
15l4
15l4
15%
15%
|
458
434
4%
4%
105
10612 106% 106%
44
5378
*11%
,
3
8I2
44%
*53
*3%
6
*8i4
35g
1014
2I2
6
37
24
3%
*99i2 100
*34
78
78
10%
2i2
36i2
*
*3i2
99% 100
27
28
10234 *102
10234 *102
10234
*1478
15%
153g
1512 *15%
153g
458
45gt
4%
47g
4%
4%
*103i4 105 1 103l2 103% 102i2 104 I
33g
Par
Conde Nast Pub I110...No par
Congoleum-Nalrn Inc.No par
385S
♦«4
24
Shares
Lowest
1778
3734
*2%
*1912
*15l2
Week
*1138
1778
♦10
44
Range Since Jan. 1
On Basis of 100-Share Lots
37l2
12
9958
*26
*102
I
STOCKS
EXCHANGE
35g
18
7%
17%
Friday
NEW YORK STOCK
the
Tuesday
Aug. 19
per share
*3*2
Sales
for
Saturday
Aug. 16
1091
May
Feb 28
3% Jan
8% Jan
2
8
67%
Aug
2% Dec
5
May
20% Jan
% Oct
29% June
17% May
11
May
67% Aug
5
Mar 10
13
Mar 17
100
Jan 27
85
June
2634 July 24
14% Jan 14
16
July
29%
12% Aug
2% May
15%
478
Jan
Jan
6
7
Jan
3
4% Jan
7
84 Apr
1
19
15
14
8
25% Aug
97% Jan
14% Mar
45
Aug
%iMay
Feb
11% Apr
3434 May
30%
%
45%
247g
1
Jan
49%
31%
1878
Apr
Apr
102
Apr
Mar
Jan
Oct
Jan
1
Je,u
25
Jan
Dec
15
May
79
June
98%
10
May
20
Jan
40%
Feb
27% May
'5
a Def. delivery,
n
New stock,
r
Gash sale
t
Ex-dlv.
y
Ex-rlehts.
^ Called for reqempclon.
New York Stock Record—Continued—Page 5
1092
WW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
CENT
'
STOCKS
Sales
5 per share
17
Aug
$
17
per
1634
.
Tuesday
Aug. 19
$ per share
17
*16%
% per share
18
share
1634
*38
38*4
38
14
14
14%
27*4
26*2
26%
14*8
*26*2
38*2
14
*20I2
*21 *2
22*4
*55s
*27
30
6
Friday
the
Aug. 21
Aug. 22
'Week
$ per share
17
17%
Shares
$
per
share
22*4
*21%
5% %6':.
28*s
28%
*21%
6
*534
27
27%
0
*5%
6
6
*2734
28
28
28%
*0
Firestone Tire & Rubber... 10
6% preferred series A...100
800
First National Stores..No par
*43
46
38%
38%
2134
9834
2*8
*21*2
9884
2*8
46
4*4
*43
38*2
39
3 884
38%
21%
21%
98*2
4*4
*98
2
*2
2*8
2
*10
10*2
*10
*20
20*2
4%
4%
■':
*7
*11*4
*50*8
*434
*10234
*49*2
*6
*136
458
20*2
4%
7%
12*4
52*8
4%
4%
40
4%
4*2
46
38*2
38*4
46
38*2
38%
21%
*3834
21%
*20%
21%
*98
98*2
*2
2
.2
♦10
2%
2%
10%
10%
*20
2()34
20
20*4
20%
4%
Floreheim Shoe class A .No par
400
4*4
4*4
7
*6*2
11*4
7*4
52*8
*50*8
52*8
98%
98*2
400
2%
10*4
10%
2%
2*8
103g
20*2
4%
20i2
414
4%
*20
20%
5
4%
4%
14
*13
1334
*12%
90
*89
90
±
4,2
19
19
*18*2
*18*4
*124*4 126*2 *120*4 126*2
90
*18*4
125
32
31%
31%
317g
3184
P 38%
39*4
3834
39%
39%
*115
*11512 1103s *115*2 116
i
%
75*2
86
*83*2
*13034
71S
%e
*2
*75
*2
*75
75*2
75
*83*2
*131
86*2
83*2
*131
4%
4*8
*0%
4*1
7%
*6%
*11%
*50*8
11%
*11%
*50*8
*4*2
*158
*2*4
44%
>
1534
44%
16
16
44%
134
1%
1%
2%
*2*4
2%
*43%
*1%
2%
44%
*4?.%
44%
1%
*1*2
*83*8
18
18*2
18%
18%
*67%
68*2
*67%
68*2
68*2
68*2
*68*4
18*4
18%
18%
18%
18%
18%
*85*2
18%
87
8011
86*4
134
32*2
*2834
*9
34
478
11
1034
9*2
*81
84
1%
1%
32
83
83
*85*2
*1%
87
*2834
32
1%
34
l3ie
I'll
*434
4%
*434
%
4%
*10%
1134
*10%
11*2
10**4
1034
9%
9*2
*
1 ()3g
*9
1()34
9%
*1%
1%
*30
31
%
%
*434
*10%
10%
9*4
*24*2
*1034
ft
35
2434
17*2
26
*26*4
35
*33%
24%
24%
*24%
17
17*2
*17
26
26
2034
26*2
26
26*4
2534
*25%
*34%
343.1
2434
17%
26*4
26*4
11%
11%
34%
24%
17*2
17%
26
*26
26*4
26*4
34%
25%
17%
26%
20
26
143*2
142
142
60
*52
60
34%
24%
17%
26
3412
34*4
11*2
16%
1634
*2*4
2%
33*2
*25
3*2
3*2
2*4
*25
3*2
11%
17
34*4
34%
14
14
*11
11%
17
33*2
2*4
*25%
17*4
2*4
33%
334
*3%
3%
19*2
2*4
*52
34%
14%
34%
*11%
17*4
2%
14
11*2
*11*8
17%
17*8
2%
33*2
2%
33%
3%
3%
19%
3%
19%
*29
9%
Gen Railway Signal
100
100
\'.r
6%
2,900
1,600
Glldden Co (The).....No par
$6
34%
*24%
17
2584
20
4,300
400
$5 conv preferred
Preferred....
34%
•••'•■
13%
11*2
17%
11%
33g
20
29%
*28
*34
13%
13*2
13%
*13%
*13
234
100
234
90
*73
74*4
*160*2
*1234
*75%
*127
*51
7%
.....
13
76
129
52*2
*104l2 105*2
*
16
14%
*18*2
18%
*23
23*2
*8*4
9*4
15
15
*112%
*92% 100*4
234
90
7%
*73
*160*2
12%
*75%
234
90
*92*2 100*4
234
2%
*92*o 100*1
*90
7*2
73*2
73%
*160*2
7%
73*4
2%
91
7%
7%
73
73
*160*2
-
-
z46
*3278
34*4
34%
34*8
*33%
1134
1134
11%
11%
12
46%
34*2
12
49
49
49*2
49%
49*2
49%
103
101*4 101*4 *101
*101*2 102
4
4
*4
*4
4*8
4%
34
34
*32%
33*4
*33%
33*4
*%
%
7u
*%
*38
%
7%
*72
*160%
-
_
46*2
*92% 100%
2%
2%
*90
12%
7534
46
*2%
2%
129
46
4534
91
*1234
13*4
*12%
13%
75i2
75*2
75%
75*2
*129% 135
*129% 135
*51
*50%
52% *50%
52%
52%
106
106
*10438 106
*104% 107
16
16
*14%
*14%
15%
*14%
*17
19
*17
19
18*2
18%
*23%
23*2
23*2
23*2
23*2
23*2
*8%
9*4
*8%
9*4
*8%
9*4
15
15
*15%
15*2
15*2
15*2
!
*112%
*112%
*112%
129
"""eoo
13*2
*8%
9%
15%
15%
*112%
*33
*12
34
%
*4
*2%
3*2
45%
23%
8%
*15%
*112%
45%
45
34%
12%
*12
33%
4
Feb
3
i2 Jan 27
10i8 Jan 10
100% Jan 15
58July
2334 July
29% Jan
1U2 Jan
24
24
11
10
Aug
I6I4 Jan
7
6
June 20
22
Apr
May
734
Apr
105
June
Dec
6714
Jan
8I4
Jan
145
Jan
4% Sept
11%
Jan
29%
4*8 May
Apr
1134 May
48% Feb
1234 May
102
May
22
Nov
120
Dec
26% May
41
Jan
3384
Dec
49's
Apr
1111* May
1185s
Jan
8912 Nov
58
Jan
% May
Sept
44
Jan
7784 May
101
Apr
131
Deo
28
118
May
5038
37% May
116
7%
3% June
6% May
100
Apr
127ig Mar
00
Deo
May
32% June
Apr
10
Jan
110
June
Jan
% Nov
934 June
1%
19%
86% Jan
14 Dec
13i2 July
IO6I2
Jan
Dec
"11
Jan
Apr
18i2
Apr
20
May
3384
Jan
10
July
May
1438
Jan
13
65% Nov
2434 Mar
1338
23i2
3
Feb 14
9
Jan
Apr
3%
91
Jan 10
77
20
July 30
10
July
May
2O84
45
May
69% Mar
7038 Aug
7
20% July 30
90
Jan 27
69
25
038 Jan
6
1334 Jan
1378 Jan
6
7
2
30i2 Jan 16
25i8 Jan 22
12% Jan
I8I4 July 30
28i2 July 22
28
July 29
...25
76
1
0
25
70
1434 June
3i8 July 28
35% July 28
11
414 Aug
4
100
158
200
900
Holly Sugar Corp
Feb
7
1034 Apr 21
Apr 22
1
48%May 28
99i2June 17
14U Feb 4
1578May23
Jan
Mar 28
8
Feb 10
101
3i2 Jan
95
Jan
6
7
8% July 31
2,300
45%
33%
200
preferred
Homestake Mining
30
May
958 May
10U May
100U June
95
June
10i2 May
130
May
5% May
83% June
2
500
*%
*2
*4
*4
*2%
3*2
20%
300
-
200
1,000
500
1,300
3%
*2%
3%
*2%
203g
3%
20%
20*2
3*2
2034
*20%
20%
1,300
3*2
3*2
*3%
3%
3*4
3*2
*2%
*1934
*3*4
20%
3*2
3%
1,100
716
716
716
716
716
71I
716
716
71«
716
%6
900
3%
«
w'•
Def. delivery,
Class B
Household Finance
5%
9
5034 Jan 18
115
Jan
tHupp Motor Car Corp
n New stock
r
Cash sale.
2%June 20
284June
2
in Timp 9.3
1
x
Ex-dlv.
v
9'8
104
Jan
Apr
Apr
Apr
412
113U
Jan
115s
Apr
Apr
1212 May
69
Dec
2U2
100i2
126U
Aug
133i2
Jan
June
07U
115U
1884
Apr
Jan
50
947s May
12i2 July
Apr
Jan
1878 Aug 18
39
Jan 27
13>4 Jan
6
9
Jan 15
1534May 26
138
Aug
8
July 22
5% preferred
100
Hud Bay Mln A Sm Ltd No par
Hudson Motor Car
No par
Dec
28U
8978 June
078 Dec
Jan 14
16
5
14 June 20
Jan
106
Apr
103s Jan
80% July 29
12912 Aug 21
64
5
106i2
Jan
111
100
Jan
Dec
Aug 14
Howe Sound Co
Jan
Feb
17
167
Aug 13
Hudson & Manhattan
37
20%
Jan
48
3l2 Feb 14
26% Apr 22
14% Nov
34U Apr
155
100
t C..25
Apr
Apr
238 Nov
July 11
100
v
3%
3012
168
No par
preferred....
Houston Oil of Texas
Jan
Apr
110
912 July 24
1678 Aug 5
32i4May 28
10
Apr 22
par
No par
Jan
12
253s
June
100 zl07% Apr 14 zl07% Apr 14
12.50
52*8 Jan 8
42i2 Apr21
Houdallle-Hershey cl A.No
1734
80
3034 Jan 10
Feb 14
Jan
Jan 13
May 28
9
Aug
May
19
May
414 July
8
May
'
7%
Jan
Nov
96
0i2 Apr 12
5
No pan
138
1U Dec
8% Nov
60
23
May
2914 June
100 zl23%May
10
9
2
Apr 25
183s
30
29's
Jan
7
2
Apr
25% July
35% Apr
May
938 May
213s Aug
June
Apr
23
38
June 12
Jan
Dec
7
14934 Feb 11
038 Jan 23
Hlnde & Dauch Paper Co...10
Hires Co (C E) The
10
zl23
I4I4 Aug 20
11% Apr 22
1778 Jan 9
July 16
No par
1514 May
1838 May
Jan
35% Aug
3
preferred
May
2114 May
113s May
Jan
Apr
Feb
25% Jan 10
conv
26
Feb
D4
9%
147g
12%
1034
3634
55
IO684 Jan 16
$4
May
418
7U2
142
12i2June 19
No par
9% June
0% June
10
Apr
Feb
June
108
Herehey Chocolate
438 May
Apr
247g
97%
27i2 July
Apr 14
cum preferred
Dec
May
% May
Apr
Apr
Sept
6
52
Jan 24
2
June
13g
90
Aug
144i2 Aug 15
15
100
May
12i2 May
212 July 29
40i2 July 29
Us Jan 11
Feb 25
QM% preferred....
Hayes Mfg Corp.
Dec
4*8
May
134
33
Jan
6
Dec
2
9
4%June 26
93 U June 20
17s Apr 21
Jan
30
16% Jan
140
Jan
Nov
19>4
9
IIS4 Apr 19
100
1
9
05
.
2U Jan25
2i2 Jan 2
Aug 13
preferred
>
4i8 May
May
May
May
233s Jan
084 Mar
5178 Mar
10i8 May
3
Sept
Oct
3034
Feb 18
July
106
Feb
43
17
preferred
Holland Furnace (Del)
Hollander A Sons (A)
600
12%
a
Jan
U2 Feb 19
No par
"""400
8%
15%
29i8May 27
934May 5
107s June 27
1284 Apr 23
H4 Feb 4
No par
-
98
lll%June 13
1418 July 31
378 Jan 13
47i2 July 30
8% Aug 6
73
July 31
10
Motors
3*2
43$ Jan
7% Jan 15
104
6%
200
23%
2
Mar 20
42
No par
Hercules Powder
40
~
Jan
13814 Mar 26
'
t In receivership,
7
Jan
28
400
20*4
Bid and asked prices: no sales on this day
0
4
Mar
33
Hercules
7i«
*
48J 2
12738 Aug
25
600
*48
49
*48*4
49%
*102% 105
*103% 108
4%
4*8
418
4*8
33*4
33*4
33%
33%
20
13214 Jan 28
25
Hecker Products Corp
Helme (G W)
3*2
20
Water
Feb 14
1978
..100
Hazel-Atlas Glass Co
■
19
*18
19
23%
22
10
preferred
Mar 12
13% Feb 18
1
Preferred
13*2
28% Apr 22
23
par
300
75
23%
«Li" '
3,400
73
13*2
*18
L'
3,400
7%
75
12%
49*2
*33*4
m
*160*2
V-
2
102
6%
100
13%
34*2
4
7*2
*72%
10
conv preferred
June 24
978 Apr 15
9
Apr 22
..20
Hat Corp of Amer class A
2%
76
12
102
73
Jan
100
0%
10
91
#76
*33%
4
2%
Jf 13%
46%
102
7%
Mar 19
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
20
900
*92% 100%
*90
10
No par
No par
Hamilton Watch Co
30
1^129*2 129% *129*2 135
52 %
52%
*51%
1*51
*106
107
109
i 107
15%
*1458
15%
*145g
46
*48%
91
4i8 Apr 14
dlv ctfs.No par
Hall Printing Co
100
-•/
58 Apr 17
5
7% preferred class A
*13
*90
1
Preferred
...100
Green Bay & West RR....100
Hackensack
*13
13%
*13%
13*2
*13
13*2
13%
13*4
13*2
*106
105*2 105% *105io 107% *105i2 107*2
*102
103
103
103
103
103
*102% 104*2
s
19*4
19
19
19
19
19*4
19%
19%
144
144
*140
148% *144
148% *144
148%
*5*4
5%
*5*4
5%
*5*4
5%
*5l2
534
7*2
....
19
•
8%
36
1834
June 10
Gulf Mobile & Ohio RR No par
$5 preferred
No par
29%
36
June 20
Grumman Aircraft Corp
1
Guantanarao Sugar
No par
3,300
1,900
33g
1
preferred..
6H%
700
234
w
79i2 Apr 18
25
Greyhound Corp (The) .A7o
2,900
1,200
34
*25
*34
*89%
7%
Apr
Sept
14%
51
3534 May
5% May
118
May
1'4 May
Jan
Green (H L) Co Inc....
1,100
12,500
14*8
11%
17%
*28
*92*o
6
94
40
Gr Nor Iron Ore Prop. .No par
Great Northern pref
No par
Great Western Sugar..No par
500
34%
17%
*2%
5%
300
40
36
5%
June
3% May
1% Apr 23
2% Feb 13
81% Aug 1
1U2 Apr 19
58%May 20
16 May 15
100
Without dlv ctfs
400
Feb 21
No par
Granite City Steel
Grant (W T) Co
1,400
4,500
r.y:
19%
29*4
*5*4
8
20
45i2 June
40U Feb 25
Graham-Paige Motors
Granby Consol M84P
Grand Union
143
*34
584
May
11
No par
Gotham Silk Hose
7,600
26
*28
*5*4
12
1
J 00
26%
36
*144
5%
9
5% preferred
..No par
Goodyear Tire & Rubb.No par
4,700
3412
25l2
17%
1934
29*4
107%
103
104*2 *102
19*4
19%
19%
148% *144
148%
3% Sept
Dec
June
Gobel (Adolf)
200
*34
107*2 *106
1% May
17
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
"1,600
*28
19*4
Dec
2
12% Feb 24
100
9*2
36
*102
Apr
Dec
3914
2434 May
60
preferred
conv
5% Feb 14
60
No par
180
35*8
14%
No par
300
300
60
No par
preferred
4
200
11%
10%
.
Apr 28
10
4% "'w''■'
10%
Mar .17
2%May 13
34i8May 24
»18
*11
102
100
$6 conv preferred
Glmbel Brothers
1%
7g
*434;
preferred
General Tire & Rubber Co...6
8*4
1934
29*4
*106
Apr 21
18ia Apr 16
Dec
6%
41
May
14
Gillette Safety Razor. .No var
71%
*28
13%
118
2% Aug
20
1034 May
734 May
1378 May
4,100
800
*34
13%
13*2
107%
Apr
24
"""160
12%
3%
45
36
*13
2U4
'
111
29*4
13%
Apr
9i2 May
01
May
77%July 21
11
Ja
107®4
1734May 22
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No par
20
117I4 Aug
109
2
Nov
35
June
10% Apr 10
20is Apr 21
9%May 6
40i2 Jan 30
Corp
1
Gen Steel Cast $6 pref ..No par
General Telephone Corp...20
830
6% Jan 6
1678 Jan 10
96% July 8
2058July 8
130% Apr 7
35i8 Jan 14
40
July 30
48
Jan
0
Mar 20
6
Feb 14
*u
General Shoe
1,300
4,400
Apr 10
% Apr 8
lli8 Apr 12
98%June 25
$6 pref opt dlv series.No par
General Refractories
No par
*18%
13%
preferred
400
*34
13%
No par
.100
1
6%
Gen Realty <fe Utilities
223^
*28
*13
No par
Jan
714 Jan 8
144
July 14
3 >8 July 2
57jJune 30
105%May 12
No par
Gen Public Service
55
80
40
Cotnmon.._._i......JVo par
Printing Ink
1
300
22%
13%
*52
19%
No par
preferred
i0258May 10
91
3684May 5
12334 Mar 19
No par
General
20
19
19
10
preferred
200
7412
*25%
*140
2%
33*2
3%
$5
Gen Outdoor Adv A
"100
32
:
General Motors Corp
21,200
12% July 29
5378May 8
5*2 July 29
Jan
126
32
18i* June
102
Mar 21
8
1
78% July
.....100
May
683 Sept
Sept
i»i» Mar 17
% Jan
38
No par
5% preferred
June 18
28i8May 29
335s Feb 15
112% Jan
pref series A .No par
10%
*l3g
:
conv
22
31
4%
preferred
General Mills
600
87
1%
120
100
No par
No par
$6
40
\o
par
No par
$6
87
88
No
Gen Gas & Electric A..No par
1,000
14%
314 Apr22
10i2 Apr 21
73i2 Feb 19
17i« Apr 25
preferred
$4.50
300
105
18%
31
*9*8
34%
*24%
♦34
16*4
*1%
2,500
5
par
100
General Foods Corp
19,900
June
z5%June 19
13414 Jan 0
314 Jan 0
No par
General Electric Co
300
18%
*10%
143*2 143*2 *140
*11
*86
7%
40
400
08%
*10%
*52
34*4
133.1
No
cum preferred
General Cigar lnc
100
300
18%
9*4
60
14
Corp
Apr 10
46'4 Apr 21
preferred
General Cable
700
300
69
10%
*51
34*4
13*2
*11
18%
4%
11*4
60
13%
1,800
*4
101
6
6
.....No par
General Bronze Corp..
6
18
50
6%
4
No par
preferred
Apr 23
2
Jan 28
19
22
5% Mar 21
334 Apr 19
6
No par
Gen Am Transportation
General Baking
900
3%
2%
*77*2
"1#
143*2 143*2 *142*2 143*2
13*4
$6
"1,000
16%
44%
1%
2%
85%
18*2
08%
18%
%
*434
*51
60
*2%
*30
■
*34;
preferred
conv
Gen Amer Investors
800
109
*1%
2%
85*2
18%
1%
2%
85%
18*2
18*4
8634
*10
47i2 Jan 21
"
38%
*43%
*1*2
18*8
*434
*10%
60
5M%
■
127
41
1634
68*2
*1%
103s July
Class A
18*8
*85*2
1
10
5
...
July 31
22
6
6% preferred
Gaylord Container Corp
7%
1%
June
Gar Wood Industries lnc
100
2%
17
7
23% July 29
99
Aug 1
2%June 5
2% Jan 7
1058 Aug 1
6
7i2 Apr 10
par
Jan
41
Aug 2
ll2 Feb 4
lU Apr 10
100
700
18
84
No
Jan
65s July 28
46
98
500
4%
4%
4%
4%
13
13
*13
13%
92
91%
9134
91%
19
18%
18%
*18%
19%
*18%
19*2
125
*120*4 125
*120% 125
*120*4 125
32
32
31%
31%
31%
32%
32%
39
39%
39%
39%
39%
39%
39%
116
116
116% *114
116*2 *114
116*2
7i«
ht
%
7ie
*%4
H
*2
75
*74
*74
*74
75*2
75%
75%
85
84
*83%
83%
83%
83% 83%
*l3l
*131
*131
16%
7
4,200
4%
*16%
132
7
14
16%
Feb 19
1
Garnewell Co (The)
160
91
16%
*43%
Apr 21
7
7
20
6% preferred
91
68
*2834
%
200
*13
16*2
44%
2
2012 Aug
100
Galr Co lnc (Robert)
1,400
14
*2%
*83%
18*4
*81
6% conv pref
90
;
*43-%
16
Jan
32
May 21
32i2May 31
Gabriel Co (The) cl A ..No par
4
July 21
107i2 Jan
20% Jan
12%
4*4
7*4
11%
3778
37%
38%
38%
38*8
38%
38%
38%
38%
38%
38*4
*120*4 127*4
127*8 127*8 *126% 127
*126% 127
12034 126% *126%
42*8
*4U2
*41*2
42*8
41%
41
41*2
41%
41%
*40%
41%
*3*8
3*4
3*4
3*4
3*4
3*4
*3*4
3*2
*3*8
3%
3*4
7
*684
*684
7*8
0%
634
6%
6%
*0%
6%
*6%
*107*2 109
*107*2 109
*107*2 109
*107% 109
*107% 109
*107%
*%
**4
38
%
%
*%
%»
*l4
*%
%
15
15
*14*4
14*2
*14%
15
14% 1434 *14%
*14%
14%
*101
105
*103
105
103
103
*101*4 105
*100
*100
105
7i«
*7i«
7i#
*7i#
%
%
*7u
%
*%#
*2
*2
*22
*22
*22
*21*2 22% *21*2
22%
22%
22%
22%
22%
22
22
*21% 21% *21%
*21% 22
21%
21% 21%
*21%
*10
*10
*10*4
1078
10%
10%
10*4
10*4
*10%
10%
*10*8
71 *4
71
71
72
70*4 70*4
72
71%
70%
74%
73%
22%
22%
*22*2 23*2
22%
22*8
22*4
22*4
22%
22%
22%
*13
14
13%
13*2
13%
1334
13%
14*2
13%
14%
14%
20
20
*19
20
*19
20
*18*2
20
*19
*18*2
*19
*109
111
*109
111
111
*109
111
111
*109
*109
*109
13
*12*4
13
12*4
12%
12*4
*12*4
*12*4
*12%
*12%
12%
*3*4
3%
3*4
3%
3*2
3*2
3%
3%
3*2
3*2
3*2
45
*42*4
45
45
*42*2
43*4
45
42*4 43
43*4
44*2
8*8
8*8
8%
8*8
8%
8%
8%
8*2
8%
8%
8%
*71
73
*70*2 73
*70*2 73
*70%
72%
*70*2
71%
*70%
*1584
200
21%
215g Apr
38I4 Mar
2514 Apr
85g Nov
31
2% Feb 17
Sulphur Co
10
Fruebauf Trailer Co.—...—1
170
2%
2%
*10%
preferred
Free port
1,100
2%
conv
Jan
10% May
2434 June
25% Apr
7
Jan
36
39
52
52
52*8
5
5
*5
5
5
5
*434
5*8
5*8
5%
*434
105
*10234 105
*10234 105
*102% 105
*10234 105
*102% 105
50*2
50*2
50*8
50*4
50*s
49%
49%
50*4
50*4
50%
50%
6
6
6
*6
*6
6*8
6
6%
6%
6*8
6%
136
136
1387« *136
138%
138
138
*135*2 138%
138% 138%
*4%
5
4%
434
434
434
4%
4%
4%
4%
4%
*4*2
*1278
7% pf-100
$7
10%
*11*4
*50*8
*89
No par
No par
Fk'nSlmon&Co lnc
Jan
46
16% July
3378 Jan
June 23
105
Francisco Sugar Co
Jan
32i2 May
8
8
4
84
share
106
42i2 Jan 13
May 31
13
per
21«4
1214 May
May
Jan 10
105
June 17
30
98%
2%
24
104
21
"2",000
4%
46
*97*2
2%
2%
*6%
11*4
Foster-Wheeler
18i2 Jan 10
23
27
12
22
18
23
17
Highest
$ per share $
S per share
share
10
100
10
100
conv
Lowest
Highest
10
110
1,100
*21
2%
*2
11%
5%
preferred
Food Machinery Corp
4
conv preferred
21*4
98*2
2*8
7
46
Follansbee Steel Corp
220
98*2
*21
*11*4
*50%
478
40
*43
2
10*4
5
4%
No par
300
; >
28
30
30
30
30
30
30
*29*2
30*4
30*8
30% 30%
105*2 *105
105*2
10434 105
*104*2 105*2 105% 105*2 *105
105%
17
10 :
16*4
*15%
*16*2
16%
16*4
16*4
*16*4
*16%
16%
16%
*121
129
*124
*124
128
129% *124
128
*124
128
129% *123
*43
Florence Stove Co..
$ per
15% Apr
101% June
31%May
12% Apr
2612 Aug
2D4 July
3% June
No par
400
*29*2
4*8
Fllntkote Co (The)
1,400
*105
4%
Par
100
6%
27%
Lowest
1,400
17
16%
16%
16%
*101% 102% *101% 103
*101% 103
38
37*2
*37*4 38
3712
37% 37*2
14%
14%
14%
14%
14%
14%
14%
27*4
*26*2
27*4
*26%
27*4
26%
26%
22*4
22*4
*21%
*21% 2214
*21% 22%
Year 1940
EXCHANGE
Thursday
*100% 102
10U2 101*2 *100% 103
*38
Wednesday
Aug. 20
Range for Previous
Range Since Jan. 1
On Basis of 100-Share Lots
NEW YORK STOCK
Monday
Saturday
Aug. 16
Aug. 23, 1941
Jan
37% Jan
8
5s Jan 22
35s Jan 6
2084 Aug 19
47g Jan 13
'i
Jan
6
103
May
35
May
28
May
8'4 May
54% May
101
June
33s May
3514 Apr
934 Nov
10i2
110
6OI4
3834
I6I4
7U2
112
Apr
Mar
Jan
Dec
Apr
Apr
Deo
i2
Jan
Aug
28
67s
503s
Feb
Dec
lSg
7i2
Feb
2i2 May
12
May
3
May
% May
Feb
27
Jan
0l2
Feb
1
Jan
Ex-rtght. If Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 6
153
HIGH
PRICES—PER
HALE
1093
Monday
Tuesday
Aug. 16
Aug. 18
$ per share
$ -per share
\ \
•
9
a
v
r
*20%
*41U
*1838
*7
*2714
*76%
11%
*41%
18%
*7%
5
834
8%
*1%
*40%
158
5234
165
*4%
1%
40%
4034
*156
52 5 2
4
*4
158
52%
53
*1
*1
1%
'
7%
7%
7%
*3%
3%
*3%
4
26%
26% 27
2634
*128% 131
*128%
*128% 131
17%
17%
17%
17%
1734
67%
673i
67%
67%
68%
-
*3%
2612
2
*1%
2
*37%
39%
39%
39%
38
*44
46%
46%
*44%
*44
11
*95
96
*834
5
8 34
*1%
31%
36
37%
34
65%
*12534 128
*25% 26
65%
65%
127
62%
82%
10
9%
*120
1
30
*134
46%
104
'
11%
*634
7
2,800
2,800
8%
8%
1%
37%
13%
*30
*2%
3%
*37%
*25
38
13%
31%
3%
38%
25%
31
*30%
....
——
5%
*1434
*6%
*101
37%
13%
*30
*2%
-
14%
104
8%
102%
15%
7%
105
37%
13%
31%
3%
38
38
25%
25%
*4
434
*12%
13%
*36
38
*36
37%
*36
37%
13%
*11%
13%
13%
.13%
11%
*23%
2434
*23%
2334
13%
11%
24-%
*13%
12%
12
12
*23%
2434
*23
25
*114% 115
11%
21%
*21%
*13%
22%
14
*13%
*23%
23%
*23
27%
27%
2734
534
*33%
5%
134
5%
1%
12
22%
13%
23%
11%
1234
22li
22%
13%
*23%
27%
2734
13%
23%
2734
5%
534
*33%
5%
34
83%
*33%
5%
34
*81%
83%
*83
84
84
84
84
84
*173% 180
*175
180
*175
180
*81 %
20
26
*19
2534
34
83%
*81%
*123
125
12%
15%
27%
27%
27%
34 %
34%
34%
110
15%
27%
35%
110
*135
*135%
*135%
29%
29%
29%
30
27%
27%
26%
27%
*13%
1434
30%
*13%
*29
234
*7
*14%
234
734
16
*25
26
...
15
15
*15%
7
*634
*6%
*120
*2%
3
*2%
*38
*37
39
25%
434
25%
27%
2734
*12%
37%
13%
*11%
*23%
27%
*27%
*23%
25
25%
*4
13%
38%
13%
12%
2434
11434 115
5%
1%
12%
22%
*13%
*4
28
28
6% Apr 21
3
Apr 24
10% Feb 19
67% Feb 19
15
5% conv preferred
..100
InternatRys of Cent AmNo par
5% preferred
1% Apr 16
32%May 23
38% Feb 21
100
Salt
No par
26
International Shoe..... No par
International Silver.......50
7 % preferred
Interstate Dept Stores. No par
Preferred
100
30
800
2,100
Intertype Corp
Island Creek Coal
Jarvls (W
Feb 14
Mar 21
5% pref series A
6034 Aug 12
80% Aug 22
100
5% pref series B conv ..100
9
5
5%
5%
15%
7
15
15%
*684
5%
1%
13%
23
23%
(14
23%
27%
534
28
5%
34
33%
12%
15%
2734
27%
3534
110
36%
*25
100
Mar 19
7
Apr 16
600
97
Kelsey Hayes Wb'l conv cl A.l
13
Aug 8
Apr 22
1
5% Apr 23
Kendall Co $6 pt pf A ..No par
KennecottCopper
.No par
98% Feb21
Class B
l"6
11,000
400
31
*2%
*37%
39%
10
25%
25%
2,500
27%
1,600
Kress (SH)& Co
1,400
x27%
*4
2% Feb 15
1334
*37
38
*36
39%
50
13%
*11%
13%
12%
2434
*13%
*11%
24%
13%
12%
241,
900
Lambert Co (The)
No par
200
Lane Bryant
No par
100
Lee Rubber & Tire
600
Lehigh Portland Cement-..25
60
4% conv pref erred... ...100
tLehlgh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
50
Lehman Corp (The)...
1
Lehn & Fink Prod Corp—-.5
Lerner Stores Corp....No par
Libbey Owens Ford Gl.No par
Libby McNeill & Llbby
7
*23%
23
23%
23%
23%
114% 114% *114% 115
5%
5%
5%
5ii
134
1%
1%
1%
12%
2234
*13%
23%
2734
534
12%
23%
13%
23%
28
5%
12%
22%
13%
*23%
27%
534
*33%
13%
22%
26
*32%
*12%
*15%
27%
36%
20
26%
33%
12%
15%
2734
36%
110
26
9,800
6,600
20,700
1,900
13%
200
23%
28
5%
34
3,100
15,400
200
900
19
19
""266
26
500
*3234
12%
15%
2738
36%
*108
Link Belt Co
27%
36%
5,100
14,300
900
800
39%
Feb
Dec
134 May
74% June
5% May
20% May
36%
Apr
Jan
30
Nov
109
Dec
434
8%
Jan
Jan
Jan
Dec
Jan
33
Dec
June
130
Dec
May
3434 May
17
Jan
52
Mar
44
77%
122
9
June
122% May
700
1,100
*135
7%
10
30%
3%
3
3
7%
*7%
*15
15%
3%
*7%
*15
1
1
1
1
1
4
4
4%
4%
7%
16%
2734
7%
7%
16
16%
27%
16%
27%
7%
4%
7%
16
16%
16%
26%
27%
26%
734
8
*29
3
3%
734
15%
1
4%
734
16%
27%
23%
23
8
23
23
23%
28%
28%
29%
29%
29
29
176
4,400
734
200
15%
*1
May
8
Apr 26
May 22
4
June
Apr 21
2% Apr 12
1334 Jan 30
15%May 14
June
100
133
2
Mar
17
25
8
3
Feb 18
May
1
May 15
%200
Maracalbo Oil Exploration...
1,700
Marine Midland
M arket St Ry
4,000
6,200
2,500
1,600
Martin (Glenn L)
1,600
2834
174
*174
176
*174
176
*174
176
*174
54
*53
54
54
54
54
54
54
54%
53%
*174
176
*2%
238
2%
2%
*2%
2%
2%
*20%
21%
99%
*20%
99%
22
99%
*20%
2134
*20%
2%
21%
2%
*20%
2%
21
*2%
20%
53%
2%
20%
97
*97
99
*97
99
97
97
12%
12%
1534
12%
*12
12
15%
107% 107% *106%
*18%
18%
18%
8%
*8%
8%
35%
35%
*34%
1334
1334
13%
Bid and asked prices: no sales on this
12
12%
12%
12%
15%
*15%
15% 15%
15%
109% *10612 109% *106% 109%
18% *18%
18%
18%
18%
8%
*8%
834
834
834
35
35
35%
*34%
35%
1334
13«4
1334
13%
1334
12
day,
t In receivership,
20
1,100
7%
preferred
132
Am
Jan
700
300
1,900
d Def. delivery,
20% Aug 15
$3 preferred
$6 1st cum pref
n
New stock,
r
Cash sale,
97
Aug 19
12
Aug 15
9%
105
38%
Apr
Dec
Jan
15% Nov
46%
Apr
234
Jan
3134
26
Apr
Feb
4
Feb
Jan
Apr
Jan
May
8% May
3% May
25% Jan
9
15% May
11612 Jan
4
100% June
1% May
6% Aug 18
2% July 25
13% Aug 22
Dec
7% Jan 23
Jan 18
30
37%
June 25
Jau
4
Jan 14
1338 July 30
16% Jau
8
4
36% Aug 20
2938 Aug
110
21% Sept
16%
Jan
7% Nov
Jan
3534
25
Deo
116% Dec
4
Jan
1%
Jan
May
434 Nov
15% May
24% Nov
9% May
18% May
June
29
30
4538 Jan
39
%
2
14
Feb
Jan
53%
Jan
9%
Apr
5
May
33
109
Apr
109%
188%
Apr
Dec
87
45
Apr
May
18% May
23% Apr
3034 Dec
27
May
41
Apr
9
May
14-%
Apr
16
10% May
22% July
20% May
18% Mar
41% Apr
37% Mar
July 24
97
May
109%
45% July 28
29
June
46%
Apr
Jan
3
8
2
May
4%
Apr
13%June
17% Dec
1834
Jan
25%
138% May
163%
Apr
Dec
3% Jan
17% Aug
19-% Jan 15
162
Jan
2
21% July 21
7334 July 22
31% Jan 21
138
Jan 21
33%
Jan 10
2834 Aug
14% Aug
31
1
6
July 28
4% July 28
734 Aug 18
July 28
16
15% May
21%
38
May
65
2534 May
128
Sept
35
17
May
3134
31
21% May
38
1% Aug
4
May
11% May
Jan
Nov
Jan
136% May
20% May
8% June
3034 Jan
2% Aug 20
Maytag Co...
Apr
18% Nov
9%
4
Feb 14
Apr 23
109
34%
May 20
June 13
Dec
Jan
29%
84 May
45
Jan
104%
15%
22% Aug
3% May
2% May
5
15%
23% May
l%May 20
171
Mclntyre Porcupine Mines..5
McKesson & Rob bins, Inc-.18
200
May
Apr
20% Nov
8
5% Jan 14
11% Jan 8
16% July 11
May 28
24%May 5
McGraw-Hill Pub Co..No par
110
1,000
2,900
2
7%
29% Jan 10
16% July 15
7
100
10
600
200
4% July 21
28% Aug
1% May
17% May
19% May
June 13
19
—No par
..No par
No par
McCallCorp
No par
McCrory Stores Corp
1
6 % conv preferred
100
McGraw EiecCo..
-.1
400
Jan 13
10
May
27»4 May
23
Co—
1
No par
No par
May Department Stores
3
Jan
7% Aug
Martin-Parry Corp
Masonlte Corp.
Jan 10
13% Jan 17
Mathleson Alkali Wks.No par
8
2234
29
38
«4 Jan 14
Marshall Field & Co—No par
8
4
534
z4
100
2,520
16%
27%
.
9
1
Corp......5
6 % pr pref.
23% Apr
12% Apr 17
—25
4%
.t22%
*53
15%
No vur
Shirt
Feb 17
1% Feb
—
Mandel Bros...--.
Manhattan
10
8%
16%
27%
174
12%
No par
1%
4%
8
23
3%
*7%
*15
Mar 26
39% uly 22
14% July 30
21
60
—
106
June
10
Copper
Manati Sugar Co
4»4 May
87% June
24% May
87
Magma
30%
8% May
169
100
*13%
Jan
2
4
3
100
6% preferred
95
Jan
8% Jan
18
2
Louisville Gas & El A..No par
...
121% Apr i8
3
150
100
Louisville & Nashville
Dec
Jan
19% Apr 21
25
MacAndrewsA Forbes
May
7
Jan
9% Apr 15
No par
preferred..
92
98
35
10
104% Jan 27
9
Aug
8
96% Jan
13
_..
Lorillard (P) Co.
May
May
189
28
900
9
May 26
105
200
11
June 16
No par
$6.50 preferred..
2234 Aug 2
1434 Aug 13
80
78% May 22
30
26% May
25
May
13% May
97% Jan
174
30
13%
Jan
56%
May
May
May
Lone Star Cement Corp No par
Long Bell Lumber A
Loose-Wiles Biscuit
26
Feb 19
5
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp.
1
Loews Inc
No par
300
700
.No par
_
Aug
Jan 13
z29
Lion Oil Refining Co. ..No par
110
*25
Lily Tulip Cup Corp..-No par
Lima Locomotive Wks. No par
300
6
July 31
*29
13%
53s
June
8638 July 31
14
3
*29%
*1334
Feb 11
24
Apr 18
30%
9
73
37
27% July 31
66
Aug 22
21
26%June
II
18%
9
July 31
Madison Sq Garden...No par
35%
13%
128
Jan 16
24
500
18%
*8%
7
Jan
2% Feb 14
19% Apr 12
11% Feb 1
14%
35
14
Jan
Jan
40% May
134 May
:
18% Mar 11
20% Apr 21
100
300
4
1% Jan 2
% Feb 13
33%May 27
Liggett & Myers Tobacco..25
Series B
25
33%
12%
15%
19% Apr 12
109%June
14%
35
133
21% May
16% May
14
*34%
Jan
June
2734 July 22
14
107% 107%
9
Apr
7
21% Apr 14
14
I534
Jan
14%
11% Dec
2
8
Jan
14%
16
3
Jan
Dec
38%
45% July 15
13% July 24
13
Aug
1
7
23% Apr 21
22%May 26
8
31% Jan 30
4334 July 30
102% Aug 20
173
Jan
3
17% Jan
1134May
5
Preferred
*25'4
5% Feb 14
5
Life Savers Corp
Feb 15
24
100
5% preferred
3
*22% Mar
-No par
Macy (R H) Co Inc—No par
8
7
26%
Mack Trucks Inc
8
Aug
338 July 25
40% July 29
Feb 14
3,000
23%
28%
46
Dec
10% May
238 Aug
July 31
6234
538
109
73% June 10
22
3.600
8
July 22
4
134 Jan 21
23% Feb 15
13%
80
Feb 14
25%June
Kroger Grocery & Bak. No par
Laclede Gas Lt Co St Louis 100
27%
3
Feb 14
12
Keystone Steel & W Co No par
Kimberly-Clark
No par
Kinney (G R) Co
1
$5 prior preferred ...No par
Kresge (S 8) Co
10
Kresge Dept Stores
1
3
*135
*135
100
5% conv preferred
Kayscr (J) A Co
13%
*25
26
Apr 16
*12%
*108
110
12
5
Kelth-Albee-Orpheum pf__100
60
1
28
*19%
33%
12%
"5,166
39
25%
434
*33%
*15%
Kan City P & L pf ser BNo par
7
34
*82%
8334 *82% 83% *82% 8 334
8334
83%
83%
8334
84%
85
*175
180
*174i,t 180
*173% 180
*33%
10
Kalamazoo Stove & Furn
30
27%
2234
4
Jan 13
40
Dec
3% May
19% June
9% Jan
July 26
4
19
2%
44
191% Mar
Dec
5% May
1%
28% Apr
124% Mar 26
25
Aug 11
29%
27%
8
May
100
Jones & Lauglilin Steel.No par
30%
23%
28%
145
2% Jan 10
69% July
27i->
7%
170
44
27
7%
May
54% Apr 19
30%
16%
28
38
Mar
5% Nov
12% Jan
4%
27%
7%
15%
May
113
10%
92%
30%
3
1
18% May
Apr
7% Nov
1% May
27%
*7%
June
2% July
6% May
15%
47% Mar
438 May
2934
*14%
91
Aug
3% Jan 10
2934
3
7
7% May
4% June
21%
June
No par
Preferred
Nov
136
No par
Jewel Tea Co Inc
Johns-Manville
94
3
9% Apr 21
32
Apr 23
1
1,400
66% May
11% July 29
97
July 14
9% Aug 20
3334 Aug 5
134% Aug 8
124
1
2,900
Jan
Apr
Jan 16
131
Jan
118
158
167% Jan 10
57
July 22
Jan
Apr
May
2
2% Jan
29
Jan
Nov
May
6
1
49
934
1
27% Apr 21
1
B) Co
60
2
7
No par
$6 preferred
"2,200
3
16% May
23
72
25% Jan 14
113% Jan 28
538 July 22
11% Jan
May
140
9
13% Jan
6% Aug
Dec
5
5% Feb 19
87
Feb 24
Foreign share ctfs...No par
800
Jan
T%May
l%May
InterTelep& Teleg....No par
800
May 20
26% Feb 15
95
100
...a.
Apr 15
2338 Feb 19
125 May 8
28
1
*
Int Mercantile Marine.No par
Internat'l Mining Corp
1
Int Nickel of Canada..No par
Preferred
100
June 10
I
28
4
1534
*10634 107%
*18%
1834
*8%
9
4,800
....
105
*101
105
%101% *101
38%
38%
38%
38%
38%
*13%
13%
13%
13%
13%
13%
*30
31
31% *30
*30
31%
4
15%
100
200
37%
*1
99%
100
600
101
1%
*12
"l",306
150
Hydro-Elec Sys class A.25
International
"
43%May
Preferred.—j■—100
Inter Paper & Power Co
1
5
May
27%
14
30%
16
28%
25,400
5,000
140
26%
*13%
2%
734
27%
1% Apr 10
30% Apr 23
100
20
Jan
Kaufmann Dept Stores
4%
23%
*2834
200
1,300
22
*19% 22
*1938 22
*13
*13
14%
14%
14%
102
102
*101% 104
*101% 104
*7%
834
*7%
8
*7%
8%
*95
*95
102%
*95
102%
102%
*1
*27%
734
200
7,900
Apr 21
29%
*14%
*7%
3% Feb 17
7
.
6%
*20%
5
*4
*7%
16%
"Moo
83j
*25
26
Prior preferred
Int.
66
211.1
*29
200
80%
*8
26
*25
158
100
_
Internat'l Harvester...No par
65%
66%
*156
1
6 % preferred
Feb 25
6
19% Apr 16
107
July 5
par
3,700
80%
66%
17
17%
*17
Corp....No
90% Jan
Dec
*13
9
*21%
*16%
Insuranshares Ctfs Inc__„__1
Jan 10
Apr
Apr
9
4334
3
.*.No par
Inspiration Cons Copper—.20
Interchemical
161
43%
234
111% Jan 22
155% Feb 10
69% Apr 21
9% Apr 22
100
Int. Business Machines.No par
4,000
43%
43% *4234 4334
*42%
4334
43% 43%
43«4
3
*3
*3
3%
*3
3
3
3%
3%
3%
17
16%
16% *16%
*16%
17
*16%
17
17
17
17
17%
*17
17%
17%
17%
17%
17%
17%
17%
*156
158
*156
158
*156
158
158
156% 156% *156
21
*21
21%
*21%
21% 21%
21%
2138
21%
21%
68
68
68
*67%
68
68%
*67%
6834
*67%
68
44
20*4May 27
93%May 5
No par
6% preferred...
Inland Steel Co.
Feb 13
5
June
Mar
26%
33%
18% Aug 19
jan
31
45%May 22
434 Aug 2
21% Jan 27
9% July 21
29% July 28
16
21
*12%
Ingersoll-Rand
100
25%
25%
Indianapolis P & L Co .No par
Indian Refining....
10
Industrial Ray on
No par
133s
24%
121
*26%
*32%
*122% 126%
2
share
May
5% May
3% May
*19
109% 109%
66%
2% Jan
Per
12
9% June
21
15%
26%
34%
34%
*108% 110
66%
1000
RR Sec ctfs series A
4
1
Aug
Highest
117% May
27
15%
26%
35
66%
6
24
share $
per
2
5%
*19
33%
12%
35
66%
34% Jan
4%
Internat Agricultural..No par
100
....
10%
100
10% Aug
Feb 18
$
12% Jan 10
5%
*26
15
32%
31%
13
share
121% Mar 12
21
*12
31%
*134
9%
10%
3434
*120
*120
26
33%
12%
*8%
100
__
per
Aug 21
9%
'
5%
1»4
98
Leased lines
$
6% Feb 15
100
6% preferred series A.
Year 1940
Lowest
Highest
share
per
Range for Previous
zll6%June 12
Kansas City Southern.No par
334 Apr 23
1534 Jan 9
4% preferred
100
*9
5%
22
*95
10%
35%
82%
*12%
1%
31%
....
65
28
2734
11
10%
64%
82%
2734
27%
5%
1%
*134
9%
82
434
5
9%
63%
93s
27%
13%
23%
24
23%
*114% 115
*114% 115
9%
98
82
102% *102
15%
7
*134
*95
Illinois Central RR Co
200
46
97
$
Par
Intercont'l Rubber....No par
Interlace Iron
.....No par
*44
63%
*13
38
3
20
Lowest
"3^300
46
82
*9
2734
*43%
200
2234
*110% 113%
*4%
5
*44
*81%
*3%
15%
1134
*22
46
*62%
27%
*12%
*12%
"V.ioo
2
26
27%
*32
5
8%
25%
*19%
25%
20
112
26%
*120
*100% 105
37
1334
3112
*25
*4%
8%
1%
*40%
25%
434
534
112
79%
*79
28%
28%
28%
2834
*28%
2834
41
41
*40
41
*39% 4034
102% 102% *100% 104
*100% 104
2%
2%
2%
2%
2%
238
; *2%
2%
2%
2%
*2l4
2%
*11%
11%
*11%
11%
11%
11%
31
27%
13%
1%
6%
22%
79%
12
6%
22%
40
*128
1434
*6%
30
....
27%
11
79
25%
63%
25»4
5%
22%
102
*100% 105
5%, i
300
300
127% 128
*95
*4
"""600
106% 106%
*153%
*153%
2
66%
102%
27%
400
*7%
39
33%
*95
*27
18%
7%
2734 28
106% 106%
18%
2
66
*14%
*2%
200
*38
33%
102%
15%
25%
28
4%
*4
3912
66
*8
*37
28
20
*38
66
8%
*30
18%
7%
2
2
32
35%
65-%
127
*8
36%
*13%
42
38%
10%
.?■: 8%
7
38%
*44%
10%
10%
*13%
22%
1434
*6%
8%
10%
33%
10%
5%
*19%
5%
*14%
18%
1134
5
9
*120
*95
12
2
2
38
9
*834
62%
82%
9%
62%
84
,
7834
*41
*163% 16534 *163% 165% *16334 165
*1
*1
*1
1%
1%
1%
7%
7%
734
7%
7%
734
7%
3%
3%
*3%
4
4
3%
3%
27
27%
26%
26% 27
2634 27
129
129
131
*128% 131
*128% 131
17%
17%
18
1734
18%
17%
18
68
68%
68
67%
68%
67%
67%
97
26
*61
*8
....
600
1%
96
2534
*81%
9%
■
4
3,900
21%
9%
*1%
1%
*1%
1%
*40%
41%
41%
*40%
41%
*156% 158
*156% 158
*157% 158
53
53
52% 53%
53%
53%
53%
96
'
10
*102
28%
106%
1%
41%
11%
31
*30
*134
10%
*13%
4
9%
*21
9%
21%
41%
158
11%
9
*834
*10
*19%
9%
*2084
41%
*7
8
*434
8%
96
*95
*134
*5
,
11%
11%
9
31%
42
4%
18%
*7%
*153%
78
78%
11%
1134
28% 28%
28% 28%
*28%
2834
*39
*39% 41
40%
*39%
41
*101% 102%
*101% 107
*101% 104
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
11
*18
18%
734
9%
21%
*164% 16534 *1631} 165
II4
734
*134
9%
2734
2734 *28
105% 105% *106
11%
8%
*1%
1%
*1%
*712
42
11%
*4-%
4114
165
*21
*22
158
5212
9%
21%
78
5
*112
Shares
77%
8%
*40
$ per share
*634
7
6%
6%
7
*22
233s
*22%
23%
23%
*110% 112
*110% 112
*110% 112
7%
*il0% 112
*155i2
S per share
*153%
77%
11%
*634
23
*4%
8%
28%
*153%
11%
*6%
*22
S per share
4
4%
18%
734
*105% 107
78l2
Week
*40%
28%
28%
—
Aug. 22
9%
*7%
107
*15312
Friday
21%
42
18%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Thursday
Aug. 21
9?!
21%
*4
STOCKS
NEW YORK STOCK
the
CENT
Wednesday
Aug. 20
S per share
9
*41
NOT PER
Aug. 19
21%
■
42
4%
19
734
*4
*105
' 9'
21%
SHARE,
Sales
for
Saturday
1284
4%
Dec
Apr
Jan
Mar
Apr
7% Mar
16% Jan
1% May
5%
Oct
1384
Dec
16% Nov
4784 Apr
1434 Apr,
40% Jan
6
884 May
2634 June
12% Jan 6
28% Jan 13
21»4 June
30% July 22
21
June
3234
Apr
160
June
173%
Dec
36% May
53%
176
7
Aug
56% July 28
2% Jan 14
Apr 8
28
107
June
5
14%May
6
16
6% May
2% May
20
May
96%June
10% May
Jan
4%
Feb
30%
Apr
105
Mar
16%
Jan
17%
Apr
Aug 18
10
May
11 Dm Jan 30
93
May llli»a» Dec
25% Jan 11
9% July 18
36% July 11
5
June
3
26
June
12% July 19
15% July 24
12%May 26
103% Feb 20
18% Aug 22
7% Feb 19
31
x
Feb
Ex-dlv.
y
Ex-rightb.
17% May
29
Apr
9%
47%
Apr
f Called for redemption
Jan
New York Stock Record—Continued— Page 7
1094
'
LOU
HALE PRICES—PER SHARE,
HIGH
AND
Aug. 23,1941
Wednesday
Aug. 19
Aug. 20
Thursday
Aug. 21
Aug. Id
S
$ rer .share
rer
$ per share
share
$ per share
$ per share
*7%
7%
7%
7%
7%
7*5
.7%
*100
106
106
*100
106
10778 *100
*734
834
*7%
834
8»4
8%
8%
80
*77%
*77% 80
*7714 80
*77% 80
*71
73
73
*71
73
*71
*71
72
-
*7%
*100
*8
3014
2334
31%
30%
30%
30%
5
5
5
27%
24%
28
28
*23%
*30%
31%
30%
31%
31
7r>8
*7%
16%
1634
27
27
*114
117
117
116
43
43
*42%
116
43%
*108%
3%
3%
43%
*109%
3%
3%
3%
30%
30%
5
*434
5
28%
2334
27%
22%
32 %
7%
500
16%
1,200
*70
72%
70%
70%
*12*4
13
13
*70
13
*%
%
*%
*27S
3%
2%
1234
%
43%
28
*27
117
*115
44
109
3%
3%
75
■
13
*42
710
100
1,200
75
13%
*234
3%
1634
1634
91
91%
20
2,300
1,200
3%
75%
13%
%
2,700
1,200
234
'16%
234
1,000
1634
700
91%
91%
1,300
116% 116% *116% 118%
100
101% Apr 30
7
May 21
70% Mar 19
6
preferred
Melville Shoe Corp
Merigel
1
(The).,...
Co
1
5% conv 1st pref..
50
Mercb & M'n Trans Co.No par
Mesta Machine Co
5
65
Midland Steel Prod
8%
No par
100
1st pref
cum
May
7% July 11
109% Jan 9
9% July
82
14
Minn-Honeywell Regu.No
par
pref series B...100
Minn Moline Power Inapt...1
conv
$6.50 preferred
.No
par
.10
Mission Corp..
Mo-Kan-Texas RR
No par
May
34% Mar
6%
26
10
Aug
28% May
Jan 15
24
May
Jan
6% May
11% May
23% May
9%
6
17% July 24
125
110
38% Jan
9
103
Jan 14
6
Feb 14
Jan 41
14% Aug
1
4
Apr
45
Dec
124%
Dec
54
Apr
110
Jan
May
2% May
26
79% July 28
3
Dec
17% May
June
95
Jan 16
4%
z38%
12%
Jan
Feb
33% May
45% Jan 10
4
9% Feb
% Jan
82
2% May
11% May
107
56
Feb
24% May
26% Aug 18
10534 Apr 21
3734June 4
2%June
53%
Jan 10
37
6
June
9
28% Aug 21
3034 Apr 2
Feb 14
Mar
share $ per share
May
9% Jan
90
May
108% Dec
14% May
7% May
85
64
Feb
May
5% July 24
33%
27%May 23
13
Highest
$ per
5
July 15
Aug 22
71
8
6% Apr 21
Mid-Continent Petroleum..10
4%
Feb 15
27%May 29
3% Feb 15
2134 Feb 15
Miami Copper
50
%
$ per share
No par
$6 preferred series A.No par
$5.50 pref ser B w w.No par
10
1,900
r
"
334
7434
13%
*%
75
300
42%
*108%
334
13%
%
%
%
1,300
1,000
117
43
109
„
6% conv
Mead Corp.
"""106
28
44
12%
%
7%
16%
*115
117
3%
734
16%
*27
•
72
12%
%
28
*114
4334
*108%
3%
72
31
*27
32
734
16%
73fi
1634
7%
16%
7%
16%
26%
7%
16%
26%
*7%
1078
*116
31
31%
31%
*1091s
71
27%
22%
31%
$ per share
McLellan Stores Co...
80
71
28
167g
*26%
27%
*77%
*22%
24%
*71H
-
80
31
28
24
27%
"""300
8lj
72
5
*22
1.100
106
8%
Year 1940
Lowest
Highest
Par
*71
30%
5
26%
267«
30%
*22
478
*100
8*4
Range for Previous
;
Lowest
Shares
75,
♦7%
106
*8%
"*77%
On Basis of 100-Share Lois
EXCHANGE
Week
share
rer
NEW YORK STOCK
5
30%
4%
30%
*4%
*26%
*2134
75,
7%
_
*100
8
Range Since Jan. 1
the
Friday
Aug. 22
STOCKS
JOT
Tuesday
Monday
Aug. 18
Saturday
Sales
HOT PER CENT
May
7% May
1
434
Apr
647g Dec
11% Nov
July 16
*u Dec
1%
Jan
2
1% Dec
9% May
434
Jan
19-%
'
17
17
90
*89%
107«
*89%
*11512 11634 *116
*120
*110
120
123
112
33'8
3
17
33
*42
44
*29%
29%
29%
*7h
*14%
*21-%
8%
14%
*4
*16%
17
*120
123
*120
123
*120
123
310
Preferred series B...No par
*111.
115
*111
115
*111
115
130
$4 pref ser C
..No par
Montg Ward & Co. Inc.No par
33%
29%
8%
33%
*42
>
29%
8
33%
29%
29
8
*8
14%
14%
*21%
22%
43
22%
4
4% ;
68% *63
22%
21%
21%
67%
12%
13%
*12%
70
*69%
112
*111
70
112
*512
534
53,i
44
4%
43%
4%
21%
4%
2114
21%
19%
*534
*714
19%
*534
6
7%
*9
4
9%
*7%
9%
16%
5%
43%
434
21%
1934
6
7%
12%
*43
3334
34%
43
43
29
29
8%
*14%
*21%
4
4
4
*63
68
13
*12
13
70
70
71
71
z71
*110
114
*110
114
5%
5%
44
44
4%
21
21
19%
*5%
19%
6
*7%
9%
7%
4%
534
*42%
4%
21%
19%
*6%
7%
\
534
44
5%
434
21%
1934
44
4%
*21%
19%
6
«
7%
,
19%
784
9%
r
1634
173% 173%
11
*10
*15%
7%
*10%
14%
7%
13%
10%
14%
*684
6%
21%
*16
9%
17%
18
6%
78
1830
5'%
5%
5%
*54
54%
54%
54%
5334
7
7
7%
6%
1434
63%
1434
*63.j
*14
*62%
64»4
*978
87«
*16
*70%
*39%
*10014
*29
1078
25
*113
*38%
12%
*16%
43%
*16
*5
*12
63%
65 '
65
334
3%
59%
*56
%
7
1
1,200
National Can Corp........10
Nat Cash Register
No par
10%
14%
6%
10%
1458
900
National Cylinder Gas Co...l
14%
9,900
Nat Dairy Products...No par
6%
500
Nat Dept Stores......No par
1038
1438
1434
14%
6%
6%
6%
*9%
9%
22%
22
*16%
17%
17%
*30%
*23
2334
*23
*202% 205
*112% 113
12%
12%
5478
*5334
5378
637S
205
:
*1434
15
*9678
98
112%
12%
*5334
54
14%
*97
7%
7%
7%
*11134 11234 *11134
*9%
9%
40
*93g
*39
2
2
*2
*23%
27%
*11%
12
*23%
*11%
9
9
2034
578
20 1
9
15%
15
64%
*67i,i
334
64%
68
7
*56
82
1
%
31%
23%
334
10%
6% preferred
15
*1484
*63%
64%
334
334
40
12
9
20
534
20%
55
7634
5
5
15%
*117
*117
7
1
*%8
*39
*23%
*11%
8%
-i
--
57
*19%
55
48
10%
10%
10%
5%
22%
10%
5%
5%
20
9%
9%
1034
9%
934
25%
*9%
934
934
25
*36%
37
3638
*17
18
*17%
*56
58%
1
"l«
%
31%
*%«
*
%
732
*39
12
zll%
9
12
8%
20%
5%
5
25
25%
36%
36%
18% 417%
75
*438
15%
'mrn-mL *14634
7%
7%
57
57
20%
*19%
55
*53
12
9
5%
21%
10%
934
25%
36%
17%
48
10%
5
11%
*23%
11%
9
8%
834
1934
7%
*14634
7%
1,500
*36%
36%
18%
18
5
5%
2134
10%
9%
22%
10%
934
9%
9%
*9%
24%
36%
25
18
18
25
36%
25
Dock
No par
June 12
1
60
North States Pow $5 pf No par
Northwest Air Lines
No par
Northwestern Telegraph
50
Norwalk Tire & Rubber No par
Preferred
50
Norwich
Pharmacal
Ohio Oil Co
Co..2.50
...No par
600
120
8% preferred A
No par
6
100
Oppenheim Collins
No par
Otis Elevator
No par
6% preferred
Otis Steel Co-.i...
400
$5.50
conv
100
Aro par
1st pref. .No par
Outboard Marine & Mfg
Outlet Co
No
Preferred
5
var
100
48%
2,200
Owens-liltnois
11
2,200
Pacific Amer Fisheries Inc
Pacific Coast Co
2,950
934
400
930
Glass
Co. 12.50
5
10
1st preferred
No par
2d preferred
No
par
36%
300
Pacific Finance Corp (Call) .10
Pacific Gas & Electric
25
Pacific Ltg Corp.
No par
18
500
Pacific Mills..
3,200
No
var
May
434 May
tan
1818
21%
Jan
Jan
39
Jan
33% Mar
8%
12%
Apr
Apr
4
112
Jan
7
104
May
115
Feb 24
110
Apr
115% Mar
117% Aug
Aug 6
Jan 13
45
June
58% Nov
Mar
*«t Jan
100
8% May
60
June 18
3
2
Aviation
Dec
3% May
47
Jan
110%
15
153g Aug 21
Apr
Apr
23% Nov
20% May
Apr 12
91
53%
110
10584 Nov
7
Jan
10% June
25% Mar
Dec
Feb
Dec
6
684
Nov
30%
14%
27%
2
4%May 16
60
6
Northern Central Ry Co
Northern Pacific Ry
3,870
6% May
47% Aug
24% Jan
157gMay 15
4
Oliver Farm Equip
Omnibus Corp (The)
5
20% July
7
2734 Jan 2
116
July 28
Feb 14
25
%
1% Feb
%
Jan 10
33% Aug
3234 Jan
%« Dec
6
%
Oct
%» Dec
13%
%
2
Jan
Jan
% Jan
3134 Dec
24% Feb 14
243gMay 7
May 31
8
20
Jan
May
215
Jan 25
175
May
357g Apr
226% May
Feb 25
117
Jan
105
May
117
17% Jan 10
14% May
23
58s4
47% May
47% May
59
Jan
68
Jan
15
188
109
5034 Apr 29
2134
9%
8
11% Aug
2
50
900
3134 Jan
18% Aug
5% pref series
■
June
1134 Feb 19
200
,
May
100
9% May
12
May 7
50% Apr29
1,400
36
Jan 17
110
30% May
50
700
July
Jan 10
6% preferred series.
300
72
15%
500
•
May
79% Feb 10
45% Jan 16
11% Apr 22
Jan
10
7% May
Oct
8%
14
6
*11 Jan
Co
Jan
Jan
•ir Jan
100
Aug
3%
45
10G
Adjust 4% preferred
"""600
25
106
__10C
Noblltt-Sparks Indus Inc....5
Norfolk & Western Ry.
100
-
14% May
Apr 30
300
400
May
9
110
North Amer
8
49% Nov
8% Apr
10% Apr
900
20
Jan
48
N Y Shipbidg Corp partstk-.l
5,800
Jan
934
34
Conv preferred
7,500
7334
26% May
8
American
Jan
May
4% May
July 10
Feb 6
109
Nor ,h
8%
July 31
tNYNHA Hartford
11,200
38'4 Sept
5
60
6,000
Jaa
27
69
No par
400
48
Jan
Apr
65
$N Y Ontario & Western. .100
V
Dec
5% May
Jan
22%
Feb 14
No par
5% preferred
•
18
5%
2134
York
13% May
1/28%
12%
96
Feb 19
non-cum pref
50
N Y Lack & West Ry Co.. 100
55
10
15% July 30
No par
New
10
20%
8% Feb 19
N Y Chic & St Louis Co... 100
.......
10%
*4%
*20%
9%
*9%
2434
*36%
7% July 31
June
Apr 22
10%
55
11
68% Jan 6
June
..No par
2,400
58
10%
3
4% Apr 23
49
5% May
3
6% preferred series A...100
20
Oct
Apr
Jan
43
NYC Omnibus Corp..No par
w
7%
267g
15%
41
200
58
48%
7% Mar 20
22% Apr28
5% Apr 23
2034 Feb 14
106% Mar 8
31% Apr 24
New York Central
7,000
*117
7
June
7% June
100
1
$5 conv preferred
1,000
*19%
«
5% Aug
17
100
2,300
-
5% May
133g Mar
18% Apr
7% Nov
No par
N'portNewsShlp&DryDock 1
1,200
*53
'
40
Newport Industries
11,300
55
—
preferred
N Y Air Brake.
58
48"%
conv
25
No par
200
20
*
No par
Nehi Corp
1,500
w
May
Dec
Newmont Mining Corp____10
-
3
153%
500
*
Jan
June
5>4% prior preferred
6% prior preferred
3,100
J
16%
132
32% July 23
10
5%
Jan
934 May
6
May
117g June
Jan 15
69% July 25
38
Apr 28
8%
20%
July 11
Feb 19
4H% conv serial pref... 100
Newberry Co (J J).
No par
5% pref series A
.100
20
Apr
Apr
Oct
15%
24
National Tea Co
;
-
Dec
19
154
26
10% Jan 4
9% Apr 18
17
July 21
-
176
99%
Dec
Dec
May 12
14% Apr 22
168%May 29
142
May 9
16% Apr 21
Jan 11
Feb 19
*19%
48%
7% July 31
9% July 22
Feb 17
*53
*117
Jan 15
14% Aug 22
0
4% Feb 15
8
*57
48%
1034
11
12%June
13
WW'-.
June
Nov
12%
9% Apr 28
14% July 31
No par
20%
57
Jan 15
Nelsner Bros Inc-...-...._.l
27%
11%
7%
86
176
$2
5
»
155
6
Jan
May
Natomas Co
15%
-
Jan 2
Feb24
1,000
100
74
*4%
15%
*14634
7%
7%
175%
13%
88%
17%
Sept
zI60
N Y & Harlem RR Co
5
16% Apr
24% Jan
June
2
260
15%
10
9
16% Dec
Jan
600
*4%
15%
5
1534
7% June
9
7
176
100
100
National Pow <fe Lt
1,600
7434
6
Jan
14% May
National Oil Products Co
334
10%
74
Jan
9
18%
66
800
%
3034
Dec
8% Sept
8
Nat Mall <fc St'l Cast Co No par
4
700
"u
Jan
23%
Aug
National Steel Corp
58%
%
Apr
7% Feb
22%
19
100
400
65
13% Jan
5% July
Dec
10% Jan
Feb 17
7% Apr 21
15%May 26
160%May 27
10
Aug 1
7934 Aug 13
14%May 21
634May 27
ll%May 20
834 Apr 1
7% Feb 14
334 May
11
June
53
8% Jan 13
93% Jan 10
National Supply (The) Pa.,10
75
538
7
June
Mar
8% Nov
5% Apr 21
1,500
20%
74
7% Jan 8
41
83
111%
78
10
5,100
20%
5%
5%
47gjune 30
16
May
18%June 20
53%
7%
2
2
2%
27%
Apr 18
5% July 28
22% July 29
23% Jan 2
4
Jan
5% Nov
56% Nov
15% Mar
24%
8,200
20%
5%
*117
48%
10%
*2
334 Apr 21
14% Jan 3
8% May
May
56
97% May
Apr
Jan 30
7% preferred A
6% preferred B
40
*39
40
*39
40
8% Jan 11
51% Jan 27
May
Feb
Apr 26
100
15
Feb 19
2% May
16
Jan
6
2
6
Dec
Jan
12% Apr 21
57% Jan 20
17% Jan 10
May
2634
Jan
96
97% Apr 16
84%June
97%
Dec
1
4% May
101
May
9%
Jan
July
2
534 Feb 14
110 May 7
7%June
34
3
Jan 15
l%May 17
Apr 25
11%June 3
634 Feb 19
8% Aug
113% Feb
1
10% Mar 31
40
234
June
5
Jan 11
23
27% July 30
1384 Feb 7
10
July 24
1334 Feb 19
434May 23
23% July 11
10
Jan
6
73
June 10
104% Jan
7
3
Feb 19
5% July
1734 Jan
8
14%May 29
140
June
4
150
9
Jan 11
10% Jan 10
6% Apr 23
40% Apr 16
58
16
26%
Aug 22
June
4
48%June
3
55
Jan 17
Mar 26
120
Mar 26
120
3834May
1
7% Apr 9
134 Apr 23
10
May 3
4% Apr 17
Jan
6
May
2% May
25% Aug
11
Dec
538 June
10% May
7% May
May
2% May
11% June
12434 June
95
7
Nov
6% Jan
42% Jan
16% May
8% May
23%
Apr
14% Mar
112
578
18%
150
12%
21
May
47
19
June
3234
47
Aug 18
Aug 18
May
55
120
42
Mar
Apr
Jan
Dec
Jan
Nov
Apr
Jan
Jan
June
64%
Jan
4% June
2
May
10%
Apr
Jan
8
Aug 18
May
33g May
Jan 28
28% Jan 24
9% May
25% May
32%May
40
11
5
Sept
39
May
9% Aug 12
22%June 3
Feb 19
114
115% May
5034 July 16
11% Aug 5
5%
22%
1034
11%
27
6%
23%
Feb
12%
Jan
14
Apr
34%
Apr
Jan
8
33
May
50
Jan
19% Aug
8
8
May
16%
Jan
-
*
Bid and asked tmce5?: no sales on this day
t In receivership,
a
~
12
National Lead Co...
117%
*%
*%l
13% Aug 6
July 29
72
112
8% May
m
Jan
Feb
17
10
112
*56
%
"l6
%
*23%
*117
48%
21
*%6
15%
4734
5
59%
%
*w,6
2
2% :i;W2v/'y
27% *23%
27%
*4%
15%
*147%
7%
7%
57
40
75
48
21%
%
3034
75
*10
9
*56
32
*19% T20%
*5%
534
*47%
4%
59%
T»a
*»»•
2% '■'■r* 2
27%
16%
*54
*109
*109% 112
*109% 112
117%
117% *110
117% *110
*110
74
56
3134 May
33% May ■i 45
30%
21%June
No par
534
3034
3034
*3034
30% 30%
*23
*23%
*23%
23%
23%
23%
2334
*23%
210
205
*203
205
*202% 206
203% 203%
114
113
112% *112% 113
112% 112% *112% 113
12%
1234
12%
12%
12%
12%
12%
12%
12%
54
5434
53%
54% *5334
53%
54%
54%
5334
54
*54
54% *53%
54%
54%
5434
54% *54%
15
15
15
14%
1434
1434
14%
15%
14%
98
98
98
*97
08
*96%
97%
*97%
97%
7%
7%
7%
7%
7%
7%
7%
7%
7%
11234 *11134 11234 *11134 11234 *112
11234 *112
11234
10
*10
10
10
9%
10%
10%
*10%
10%
*5%
*74
112
Feb 19
'm
"
$4.50 conv preferred-No par
1,800
2,900
67%
67
69
40
...
Nat Distillers Prod
200
205
55
*9%
7
3%
*18
25
53
7%
67%
*54
1934
53%
76i
64%
*412
*15%
*146%
7%
*7%
57
*56%
20%
*17%
*55%
,
5334
4
*4%
7%
5334
73«
55a
5%
46
6
Nat Enam & Stamping No par
Nat Gypsum Co
1
3,300
.
V
67gMay 29
14%June 3
1834May 6
234May 15
'
6%
6%
6%
63s
79
79
*76%
*76%
18
17%
18%
177ft
175% 175% *17434 176
145
145% *144% 145%
*21%
21%
21%
2134
32
32
32
*31%
5334
7%
68
77
*146
18
5%
68
77
*15%
9%
22%
18
9%
22%
17%
5%
68
60
31
578
634
*9%
22%
5%
63%
32
7«
*%«
%
3034
*20
Nat Bond & Share Corp No par
16%
'
%
*"u
100
1,400
15
117% *110
100
5% pref series A
7%
15
*109
7% preferred
Nat Bond & Invest Co.No par
100
1334
10%
64
112
10
National Biscuit Co
400
'
117% *110
6% conv preferred-..—..10
Nat Aviation Corp.....
5
400
87«
*109
1
Co
Acme
13%
15
*334
5
100
*7%
64
4
20
Nat Automotive Fibres Inc__l
400
80
*10
10% *10
*10
*10
^
10%
10%
834
834
884
S34
8%
834
834
8%
8%
834
17
17
17
*16
17
17
*16%
*16%
*16
16%
*72
*72
*72
7278
*70%
72% *72
72%
72%
72%
72%
40%
*383.i
40% *3834
40% *3834 40%
40%
*3834 40% *3884
*107
107
110
107
109
*106% 109
*106l.i 109
*106% 109
*29
30
2934
29%
29% 29% *29% 29%
29%
2934
*29%
11
11
11
11
11
1078
113ft
10%
11%
11%
11%
25
25
*25
25
25%
25%
25%
25%
25%
25%
25%
*113
114
114
114
*113
114
113
*113
113
115% *113
39%
39% *38%
39%
*38%
39%
*38%
*38%
39%
*38%
39%
12%
12%
13%
12%
12%
12%
1258
1234
12%
12%
1234
17
17%
163.i
*16%
17%
17%
17%
17%
17%
17%
1738
44
45
45
44%
43% ,:44:'1 45%
44%
45%
4434
4434
16%
*15%
15%
16%
15%
*15%
15%
15%
*15%
1534
*15%
5%
*514
5.%
534
5%
6%
6%
6%
6%
5%
*5%
15
15
15
14
13%
13%
13%
13% 13%
15%
14%
10%
112
*39
6%
80
200
17
*110
*»8J
54
4% July 21
July 21
1
...No par
7-%
15
*33,t
•"10
*109
*56
5%
26%
1334
78
5%
6%
May
7%
13%
10%
18
6%
15
7%
6%
6%
6%
6%
79
79
*76%
*76%
18%
18%
18%
18%
18%
*174% 176
*174% 176
*1747S 176
*174% 176
144
*14334 145% *14334 145%
1433.1 14334
144%
21
21
21
21
21%
21%
*21% 2134
32
32
*31
31%
*31%
32%
32%
32%
78
6%
*76%
24% Jan 13
13%
22
22
National
300
16%
2134
18% Apr
Nashv Chatt & St Louis
13,000
*15%
*17
May
Nash-Kelvlnator Corp
4,600
4%
160
21%
19% ,? 1,300
16%
*7%
16%
934
21%
18%
12
5% preferred
400
*9%
712
*9%
*15%
7%
13%
10%
21%
44
%
6
16%
*16%
4
...5
1
$7 preferred
1,700
5%
6
6
16%
*9
6
9%May 2
61% Apr 17
*15%
*9
Jan
17% Jan
118% Aug
10934june 25
47® Apr 23
43% July 3
16%
7%
13%
10%
14%
6%
9%
21%
17%
6%
*9
5
12
100
Murray Corp of America.. 10
No par
Myers (F & E) Bro
*15
*9
30% Aug
No par
16%
14%
4
No par
*1514
10%
Jan
Murphy Co (G C)
80
*634
23
Munsingwear Inc
*79
67«
.......50
500
82
10%
14%
43% Jan 23
400
*79
14%
*6%
6
13
82
13%
June
71%
*79
7%
13%
38
Mulllns Mfg Co class B
82
7%
No par
30
*79
13%
8
300
10%
13%
10%
39% Jan
4
82
*7
31% Apr 30
68
*10
9%
9
Mueller Brass Co
*21
7%
9%
16%
16%
173
173
*173% 175
11%
*10%
10%
10%
9%
1634
July
300
*79
16%
Aug 19
112
Morris & Essex
*42%
4-%
43.4
21%
19%
6
123
6
Motor Wheel Corp..
5«4
Oct
6
Morrell (J) & Co
10
122
M ar
Motor Products Corp. .No par
114
July
113% May
115
900
*12
Jan
May
108%June
250
*70%
119
119
Feb 14
Mar 27
900
*110
Nov
May
77
112
834
14%
22%
5%
44
4434
z 79
110
1734 Aug 4
9134 Aug 22
10
Co
$4.50preferred.
4
71
111
8,000
100
3% Aug
No par
Monsanto Chemical
*64
4%
67%
13%
111
3438
1% Jan 2
13% Feb 15
29%
29%
8%
*14%
*21%
22%
67
13
*42
8%
14%
*4
68
34%
9%
16%
1634
173% 173% *171% 175
10%
10%
*10%
10%
1612
16%
*171% 175
9%
*3%
*63
33%
34%
43%
29%
8%
14%
12%
y
100
.20
7% preferred series A
Mohawk Carpet Mills
112
112
14%
22%
1
12134 123
14%
70
*19
17
14%
*111
*43i2
3
90
90
91
90%
116% 11634 *116% 118%
90
*8
*64
2%
120
44
*42
17
3
11634
*10934 112
33%
*234
Def. delivery.
n
New stock,
r
Cash sale.
x-dlv.
yEx-rlghts.
Called for redemption.
Volume
l0w
and
Saturday
Aug. 16
S per share
*116% 117
*162%
3%
*8%
3
New York Stock Record
-Continued—Page 8
153
high
sale
Aug. 18
J
Wednesday
Aug. 19
S
per
share
*116% 117
*162%
$ per share
S per share
Shares
8%
8U
8%
8I4
3
3
3%
3
3%
117%
*8
3
12%
17%
9%
S per share
*117
8%
*1212
*%
*13%
116% 117
*162%
*162%
3%
*16
15s
2912
*1878
$ per share
Week
31;
1%
29%
19%
%
13%
9%
14%
104% 105%
12%
13
*16
17%
1%
1%
29% 29%
19
*%
13%
9%
19
....
117% 117% *116% 117%
*162%
3%
8%
....
3%
8%
3%
3
14%
15%
14%
15%
14%
*9
1C%
1%
*9
10%
*9
1%
*29%
30%
30%
*98
105
14%
106
1%
*100
14%
14%
107%
13%
*16
1%
29%
*18%
108
13%
17%
*16
1%
29%
19%
13%
1%
*29%
*18%
%
13%
*%
%
*%
13%
13%
13%
10
10
10
:
9%
1%
30%
1%
*31
105
*100
15%
14%
110
*162%
3%
"3%
'
*8
8%
3%
31
105
1%
29%
29
29
19%
%
13%
18
14
18%
%
14%
*934
109
10
1%
*%
10
13%
13%
*16
17%
1%
*1%
29
1
52%
82%
52%
52%
52%
53
53
*82i2
52%
83i2
83%
83
83%
84
84
3
3
3
3
*2%
*46%
*16%
2%
49
*47
49
17%
17
17
109
110
*2%
*46%
16%
*109
23%
*24
47%
*1%
2%
4812
16%
110
*109
110
2%
*2%
23%
23%
23%
23%
24%
*24%
48%
*1%
24<%
48%
2
*24%
*47%
*1%
26%
*9
48
2
26%
27
26%
27%
*9
10%
*9%
10
*52
55
*53%
55
33
33
33
33
*18
%
13%
9%
22
22
*22
6%
6%
7
*6%
31%
31%
46%
*44%
*87%
*11%
88
*85
86
11%
6%
*6%
321.1
6%
7
87
32%
45%
87%
*11%
11%
85%
85%'
*43%
2%
23%
3%
17%
*109
23%
31^
3%
2%
2%
48
84%
2%
48
49%
17%
*16%
110
*109
24%
2434
23%
2434
49
48
48
2
54%
84%
3%
2%
49%
17%
110
*1%
27
*9
*6%
32
2
?i~,I66
800
5,300
6,800
*65
43%
*2%
*46
*16%
*5%
*34
*6%
*70
*10
"173%
6,200
700
200
17%
400
1%
1%
1%
6%
32%
5,800
11%
11%
85%
12
11%
11%
11%
11%
900
Philco Corp
85%
85%
86
86
87%
11%
85%
85%
1,500
33%
61
13%
*163
5%
8
59
33%
61
13%
....
....
534
*7%
*56%
*32%
61
13%
*163
5%
5%
7%
7%
7%
7
7
200
60
59
*5634
33%
32%
61
7%
*6%
714
7
7
7
10%
10%
10%
10%
10%
10
10%
10%
10
10%
'10
10%
10
*10%
*32%
10%
36
60
13%
*1%
1%
1%
15%
*15%
1%
15%
18
*17
18
7
7
9%
9%
*102
*93%
11%
*10%
4
*54
*3%
103% *102
95
11%
12
94%
11%
*10%
9%
103%
94%
11%
12
4
4
55%
54%
54%
3%
*3%
3%
4%
*51
51%
*51
51%
*19%
20
*19%
20
*16%
*27%
*16%
*27%
*23%
16%
16%
16%
28%
16%
28
28
1%
*26
*9%
8%
*12%
*9%
28
24
1%
29
12
8%
13
9%
16%
*27%
*23%
*1%
*26
*9%
*8%
Procter A Gamble
116% 116%
22%
22%
360
Pub Serv Corp of N J..No par
22%
22%
28%
£27%
27%
500
300
122% 122%
141% 141%
114% 114%
26%
27%
9%
9%
300
6% preferred
7% preferred
8% preferred..
2
20
15%
"2", 200
28
28
28
*27%
28%
*28
28%
16%
600
1,200
27%
23%
"""566
*1%
29
*26
12
*9%
9%
13
62
*54%
1%
19%
1%
1%
19%
20%
96
96
19%
*96%
*84-%
87%
*97%
*84%
9%
2
1%
*26
29
16%
16%
*27
*23
*1%
1%
27%
23%
2
27
*26
10%
*10
12
10%
9
*8%
9
12%
12%
12%
9%
*12i4
9%
8%
*1%
27
*109%
*70
22%
112
71%
9%
62
57
1%
99
*55
1%
19%
*
*9%
62
56%
1%
19%
61%
62%
*54%
56%
*61%
*54%
1%
1%
20%
1934
19%
1%
27
27
200
10
14%
14%
14%
14'%
14%
1434
95
95
94
94
94%
94%
8%
8%
32%
32%
8
8
32%
32%
*52
8%
53
10%
*9
9%
458
*4%
*17%
32%
53
10
10
9%
*4%
32
8%
3238
*52%
10%
53
*52%
10
10
10
9%
*9%
9%
4%
46
*4%
17%
18
13%
13%
*44%
4%
17%
18
*13%
13%
*4434
*%
46
4434
*%
%
34%
*%2
34%
%
*34
%6
*2
8%
2%
*4
5%
*43% 44%
*110
110%
18%
18%
*%
35
^
3g
%
35%
%
1%
20
*4
2%
5%
44%
11<)34
19%
1434
8%
13%
14
*4434
49
*2
05#Mar 26
10
9% Apr 30
Remington-Rand..
1
Preferred with warrants..25
7% Apr21
57%May 23
Rensselaer A Sara RR Co.. 100
51
*14%
94%
1,200
200
56-%
112
~3~400
19%
10,700
70
100
600
20
50
14%
94%
900
8%
*8
3,600
220
*4
4434
200
Rltter Dental Mfg
*9
9%
*4%
4%
*17%
14%
18%
""BOO
14%
5,200
40
45%
46
80
35%
*34%
35%
"l'ooo
%
%
%
*3j2
%
%2
s32
800
*%
*16
%
».
100
18*4
1834
5%
18%
2%
*2
2%
45
45
19%
Bid and asked prices: no sales on this day.
*4
*%
{
5%
45%
44
44
3,100
111
111%
111
111
260
19
6,200
18%
19%
*4
5%
18%
In receivership,
10
Common
No
No
par
d Def. delivery,
Ruberold Co (The)
52
-
par
S2.50 conv preferred.No par
100
10
{St LouLs-San Francisco
100
6% preferred..
..100
{St Louis Southwestern...100
5% preferred
100
Safeway Stores
No par
5% preferred
100
pref
Savage Arms Corp..^
n
New stock
r
Cash sale
5
Jan 17
7% Feb 14
0
Apr 15
4%June27
1434May 1
9-% Feb 15
42% Mar 1
%.Marll
28%May 5
No par
Rustless Iron A Steel Corp—1
{Rutland RR 7%
St Joseph Lead
Feb 15
81%May 9
6%May 5
28%May 29
Roan Antelope Copper Mines.
4%
35%
45
preferred
Richfield Oil Corp
35%
*4
conv
3.500
3434
*110% 111%
100
1
Reynolds (R J) Tob class B.10
5)4%
Apr 17
10
Reynolds Spring
11,100
10
60
Metals Co...No par
10%
"in
5%
Reynolds
32%
52%
1734
14%
*2
100
100
7% preferred..
5)4% preferred
Feb 13
82% Apr 21
7% Apr 19
17
May 6
97
Apr21
10
10%
*%
44%
preferred
100
prior pref ser A.100
5
Revere Copper A Brass
52%
ll16
110% 111
conv
conv
Apr22
«4 Apr 10
i034 Febl4
90
Aug 16
Steel Corp...No par
31%
*%
2%
6%
0%
7
1
Reo Motors v t c
Republic
Class A
34
*2
9
22% Mar 12
1% Apr
.100
Preferred
7
Rets (Robt) A Co 1st pref..100
*%
2%
5
Jan
Reliance Mfg Co
1734
14
21
Reliable Stores Corp...No par
*412
*4434
23%May28
12% Feb 14
23% Jan 8
50
60
Hosiery
2
20
h
35%
**tt
Silk
10%
9%
,
Real
53
*9
4%
4% 1st preferred
4% 2d preferred
May
200
9%
61%
9
18%
conv
32%
*52%
*4%
6%
600
*54%
1%
19%
10
9
11
Radlo-Keith-Orpheum
8%
56%
10%
*17%
13%
32
53
preferred
100
Manhattan.No par
..1
S3 preferred.
25
Reading Company
50
38% Mar 14
17%May 1
Rayonierlnc
conv
12%
9%
61%
9%
62%
95
8%
2% Apr 21
S3 50
11%
%6
35
%«
*2
1434
*94
1
Radio Corp of Amer...No par
8%
*10
8%
99
*98%
99%
99%
*99% 100
*85
87
87
87%
87%
*84%
87%
9%
9%
9%
*9%
9%
9%
9%
*21
*21
22%
*21
*21
22%
22
22% *21
22%
109% 109% | *109
110% *109
110% *109 J. 110% *109
110%
*70
71%'
71%
71%! *70
71%' *70
71%' *70
71%
*94%
1st pref..No par
Mar 7
8334 Feb 15
9%May 2
8% Apr 1
3%June 7
47%June 9
*12%
11%
13
99%
*14%
200
2
9%
*21
9%
*8%
*12%
9%
*61%
*9
2,300
52%
16%
Feb 14
Raybestos
100
*15%
56%
9
r94
*19%
23%
Pub Ser El A Gas pf $5.No par
0% preferred
100
5% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Cor p.. 10
*52
*27
June 24
13834Junel7
114% July 17
22% Feb 14
7
"l'o", 900
25% Nov
%» Jan
% Jan
l%July
4
July
35
Apr
109% Feb
12%June
7
4
17
17
Kx-dlv
y
/
19
17
3
Jan
15
May
15
May
23
Nov
23
May
43
Nov
1% June
4%
Jau
5% May
17% May
13%
Apr
46%
Dec
11% May
29%
Apr
15
24
Apr
5%
May
Dec
6% May
25% June
8% Nov
10% Fob
40%
Jan
37% May
47
Jan
70 * June
87%
Dec
11%
14% Nov
97% May
68
Dec
May
3% May
Jan
2% May
734
Apr
49
Dec
4D4
6%
Feb
Jan
36
May
00
Feb
22
May
28%
Apr
3% May
May
46%
10
7% Nov
Deo
May
Oct
1
Jan
6
June
4% May
5
9% Nov
85% Deo
10% Nov
8%
Jan
May
11
Jan
Dec
65
Jan
7
10% May
57
43%
Jan
8
10
May
41s4 Nov
Jan
8
19
May
73% Dec
10% Apr
151% July
75%
15
July 15
164
Mar 31
1% July 25
July 28
Jan
2
8% Jan 10
7
Ma.
151% July
% Feb
15
22%
Feb
Jan
20%
Dec
5% May
1234
12%
4%
13%
0% May
0% May
Oct
Jan
6
13% Jan
6
40%
2
21
May
60% July 26
53
June
Jan
120
July 24
29% Jan 9
1% Mar
May
12% July 28
112% May
28% Dec
Jan
8
July
14%
14%
Jan
Jan
45% Nov
7134 Apr
118%
43%
115%
Jan
Jan 11
100
123%
Jan 15
110% May
128
Apr
Jan
Apr
137
Jan
4
120
June
145
Mar
158% Feb 11
117% Jan 25
143
May
165
Apr
114% Oct
10% May
118
100
No par
100
Feb
Deo
Jau
178
Feb
110
Pure OH (The)
300
4%
4
46%
10%
154
97%May 26
100 rlOS May 14
100 121% Aug 19
5,600
15%
16%
21
No par
No par
800
1% May
1% May
11% May
9% June
107
Aug 19
17
Pullman Inc
20
24
3
!()•% May
02% Jan
96% May
5% May
21
4,300
52%
62
87%
100
*19%
15%
27i2
5
50
No par
$5 preferred
*52
16%
1
pref
*98%
99%
109% 109%
20
June
13% Nov
154
May
10 June 5
6% Apr 22
434 Feb 14
9% Apr 21
9% Apr21
32%May 15
50%May 1
115 June 14
..No par
1st pref
Mar31
%»May
5% pf (ser of Feb 1 '29). 10C
2,700
*117
71
12% Mar
04% May
14% Apr21
par\
1,400
15%
24
No par
Poor A Co class B
3
9% Feb 19
104
Plymouth Oil Co..,........6
10-%
35
20
*27
Plttston Co (The)
May
5334 Apr 29
100
7% pf 100
59%
52%
24
pf.100
pr
Pittsburgh A West Va
59
22%
5
45% Feb 14
27 May 1
...100
*10%
*32%
15%
16%
27%
100
10%
52%
*19%
24
7% pref class B
5% pref class A
5 4% 1st ser conv
Pressed Steel Car Co Inc
118
Dec
8
9% Jan 10
conv 2d
43
2
6
conv
% May
5% May
5% June
Jan
No par
5%
Feb
29% Dec
13% May
2% Nov
44% Apr
23% Nov
2% Mar
Jan 30
Pittsburgh Steel Co
5%
Dec
18
May
1% May
15
7%
Postal Teleg'h Inc pref.No par
35%
59%
118%
181
Mar
Dec
Nov
84
434 Apr 20
1,000
59
163
174
100
2,800
16I4
16%
*27%
534May 27
Apr 23
934 Apr 22
163
Aug 19
2
No par
10%
*10%
*32%
46% Jan
8% Jan
Pitts Screw A Bolt
10%
59%
Apr22
69
1
10
900
June 10
4% Apr 22
Pitts Ft Wayne A Chic Co.100
100 I Pond Creek Pocahontas No
20
*54%
9
600
*19%
15%
*61%
*84%
"""666
28
16%
27%
24
*12%
51i-
40
500
15
30
par
*10%
9%
9%
9%
9%
9%
9%
103% 103% *102
103% *102
103% *102% 103%
94%
94% *9334
*94
94%
9334
93%
94%
11%
11%
*11%
11%
11%
11%
11%
11%
*10%
12
12
*10%
12
*10%
*10%
12
4
4
4
4
4
41%
4%
4%
*55
55%
*55%
55%
*55%
55%
*55%
55%
3%
3%
3%
3%
3%
3%
3%
3%
51%
preferred
No
Forglnge Co
10%
10%
10%
*98% 100
99%
99%
99%
99%
98%
99%
111
111
*109% 112
*109% 110%
109% 109% *109
110%
*120% 122%
122% 122%
121% 121% *122
122% *122% 123%
*140
143
*140
143
*140
143
141
141
*140% 143
*115
'114% 117
117% *114% 117% *114% 117% *114% 117%
28
25
100
100
Pit Youngs Aflht Ry
15%
*16
35
28%
13%
*163
100
28
*13%
Mills
3% July 29
July 15
23% Jan 11
7% Jan 2
99
Apr
15
234 Mar 18
z38% Feb 14
52
June
11%
5
10%
*10%
22%
60
61
*13%
80
May
0% May
27% May
7%
*32%
118
*32%
64
30
7%
10%
119
119% 119% *118
22%
22%
22%
2219
32%
59
34
Jan
Dec
July 31
7%
35
58%
*56%
*163
10%
10%
10%
59%
59
*59
13%
....
1%
15%
*9%
"i"666
5%
110% July 30
9
Aug 7
Apr
45%
105%
10%
26% June
99
Sept
4% May
July 29
100
Flour
conv
2
12% Jan 10
87% Aug 22
25%
1
77
Pitts Coke A Iron Corp No par
15
Mar 28
4%May
July 21
7% Jan
8% Nov
4% Mar
10
46
7% preferred
"
534
17%
*32%
*58%
20
105
91
share
Jan
3534 Feb20
6% preferred
Pittsburgh
Feb 20
per
% May
51%May23
Pittsburgh Coal of Pa.
20
1
Feb 15
8%May 17
72% Feb 4
_10i
Preferred
Plllsbury
400
25% Apr 4
25
Aug 22
May
6%
No par
200
400
334 Aug 20
3% Jan 2
52% July 16
17% Aug 20
112% Mar 1
12
....100
Phillips Petroleum.
500
300
2
7% Apr 4
7% Jan 23
35% Jan 2
47% July 14
79
Preferred 4)*% series... 100
Phillips Jones Corp
No par
Phoenix Hosiery
10
Jan
*5% Apr 17
6
May 19
25%May 5
40% Feb 18
...3
Philip Morris A Co Ltd
Aug 20
Jan 31
July
20% Feb 14
25
7% preferred
066
5%
1%
10
"""866
7
49% Aug 7
2% Aug 1
30% July 11
ll%May 6
60% July 8
38 May 10
24% July 5
21
Philadelphia Co 6% pref...50
10 preferred
No par
Phelps-Dodge Corp
2
42% Feb 15
100
No par
180
Jan
138Mar24
100
5% preferred
500
17%
28%
5% prior preferred
86%
*15%
27%
9%
7
45%
1%
27%
100
Pere Marquette Ry Co
86
15%
27%
22
32%
44%
18%
119%
22%
1
87
*1%
15%
22%
Pepsi-Cola Co
32%
*17%
*98
Jan
Peoples OL4CC (Chic) 100
{Peoria A Eastern Ry CO..100
45
18%
*118
Feb 14
36%
Pfelffer Brewing Co ...No par
6%
1%
16
59
21
400
6%
*17%
59
Feb 14
Petroleum Corp of Amer....5
6%
*15%
10%
July 30
22
900
6%
3134
16
58l2
109
Pet Milk Co
7%
36
12
100
360
*22%
6%
*6%
Feb 19
No par
200
*6%
18%
35
Penn G1 Sand Corp
"""360
6%
*17%
*9%
1% Feb 15
2
34% Apr23
Pennsylvania RR
...50
Peoples Drug Stores Inc
5
23
6%
6%
*15%
*32%
58%
Iff
No par
32
*56%
13%
Corp
ser A...No par
87
58%
32%
61
pref
conv
45
*7%
....
S7
53
23
....
13%
87
33
33%
Jan
14% July 30
10% July 28
74% Feb20
53
53%
33
*22%
4
1
Aug 15
2
No par
33
52%
33
22%
17
Penney (J C) Co
19*, 500
22%
Aug 20
13% Aug 20
53
Penn Coal & Coke
6
15% Aug 20
4
Penn-Dlxle Cement
0
Jan 11
HO
43% Mar
28%
10%
33
106
No par
200
52%
JaD
Jan 21
1% July 29
37% Jan 10
Penlck & Ford
5% preferred..
ii'ooo
16
10
6
6% Apr 21
2%
5% Oct
2% May
1
Jan
Patlno Mines & Enterprises.10
3%
934 Aug
338 Jan
Jan
May 27
% Feb 21
share *
2% June
1
2,900
2.50
per
4% Jan 10
20%
7%May
2,500
I
17
Parker Rust Proof Co
Parmelee Transporta'n.A'o par
Pathe Film Corp
1
84%
share
30% Jan 10
100
500
per
9
1% Feb 19
25%May 29
No par
700
10%
1
14% Apr
1
45
5%
*163
Co
Fen
10
95% Feb 14
9%May27
....1
87
7%
*13
Inc
32%
5%
*163
1
100
....10
45
5%
*59
Apr22
87
*7%
*59
% Feb 15
May 31
48
1%
*9%
7
27
Park Utah Consol Mines
A
Jan
99
45
7%
32%
6% 1st preferred
6% 2d preferred
Davis
Apr 21
7%
100
88
5%
58
10
3
No par
conv preferred
Paramount Pictures mc
Park
Mar
900
55
*110% 114% *110% 114
*110% 114% *110% 114% *110% 114%
8%
8%
8
8
8%
8
*8%
9
8
8
*67
74% *65
74% *69
*65
73
74%
*64
73
4334
43%
44%
43%
44%
44%
443g[
4438
44%
44%
45
3
*2%
3
*2%
3
3
*2%
3
*2%
*2%
3
48
*45
48
*45%
48
45%
47
*43
45% *43
47
17
16%
16%
*16%
17
16%
16%
16%
16%
16%
16%
6%
*5%
6%
*5-%
6%
*5%
6%
*5%
6%
5%
6
35
35
36%
35-%
35%
*36%
38
*37%
38%
37%
37%
7%
*6%
7
7
7%
*6%
7%
7
7
*6%
7%
71
71
72
72
*69% 72
*69% 72
*69%
*69%
72
11
*10
11
11
11
*10%
11
*10%
10%
10%
10%
163
163
*163
*163% 174
174
*163
174
*174%
*174
*173%
*174
*174
57
Paraffine Co Inc..
25
10%
%
10,200
18%
%
14%
9%
8%
74%
33%
61%
13%
5
*44%
534
57
Dec
3
No par
*87
*6%
*32%
Mar
160
Amer Airways Corp
Park A TUford
*109% 114
*8%
139
June
25
*9
32%
May
144
47%
27
53
115
Aug 15
25
27%
*1%
Jan 27
163
48%
27%
1%
14%
109%
13%
17%
110
*2434
*47%
1%
273g
6%
7
*16%
120
8
Pan-Amer Petrol & Transp_.5
Panhandle Prod <fc Ref
1
4%
49%
*109
7
23%
53
*6%
*3%
*2%
*47
Aug
147% Apr
23%
*1%
27%
>■■■ 23%
>
23%
33
53
*52%
84%
23%
10%
33
24%
*21%
3%
*52
300
54" 400
29
14%
115
share
Pan
8,900
~~6~ 700
*100
15%
100
100
Paclflo Telep & Teleg
6% preferred
per
2% Apr 30
10%
1%
Highest
$
6% Feb 18
14%
Year 1940
Lowest
Par
Packard Motor Car
700
Range for Previous
Highest
Pacific Tin ConsoPd Corp
1
Pacific Western Oil Corp...10
3
31
Lowest
7,400
8%
1%
109% 110
13%
~2~300
3%
*9
105
*16
....
14%
14%
10%
1%
32%
13%
17%
160
3
'
52i2
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Aug. 22
3%
14
STOCKS
NEW YORK STOCK
the
Aug. 20
3%
■
Sales
Friday
3%
*10312 105
cent
Thursday
Aug. 21
3%
14
not per
lor
Tuesday
14%
15
15
15%
10
*9%
10%
*1%
1%
1%
1%
*29
*2812 31
30%
*102% 105
*102% 105
,
share,
Monday
i
*9%
13%
prices—per
1095
29% July 22
10% July 22
101% July 28
95% Aug
12% Aug
8
6
12% July 16
4% Jan 4
62%
Jan
2
3% Jan
2
52%June 27
21% July 25
18% July 28
29<% Aug
4
18% July 25
27% Aug 12
24
Jan 13
2% July 29
May
Jau
32%
84
11% May
97% May
73% May
9
89
May
June
15%
9% Sept
4% May
15%
7%
34
43% Dec
June
23
13% May
29% May
24
37% May
17% Apr
May
9% May
19% June
17
May
1% May
Apr
27
Oct
23
Jan
4%
12% July 22
9% July 16
12% Jan 7
10% Mar 10
07% Jan 23
8
June
13
6% May
8
Aug
0
10%
Jan
Deo
Jan
1
May
14
May
3
24
Jan
2
113% July 10
73
Jan
8
15% July 28
July 1
95
10% Jan
34%
Jan
6
7
53% Jan 13
10% July
9%
Jan
5%
Jan
8
27
16
6
22
18% Aug
14% Aug
48% Jan 14
1
Aug 2
Feb
69
2
July 30
22% Jan 6
Jan
Jan
834 Nov
13%
63%
May
Jan 13
Mar
May
50
11
Feb
x37% June
7
97
Dee
15% May
55
101% Feb 10
Apr
Ap
334
Dec
Apr
Feb
69
25
61
Feb
48% May
2% Nov
July 29
38
Jan
Oct
June
684
70% May
60
May
7% May
17% July
70
June
39
May
2
Apr
24% Nov
10584 Sept
97%
1434
30%
117
Dec
Jan
Apr
Nov
74%
Deo
15%
Feb
8% May
75% Mar
6% May
30% Dec
96% Apr
11% Nov
44
May
52
56
May
Oct
5% May
9% Nov
434 May
7%
3% Aug
11% May
12%
45%
%
Dec
Oct
Dec
12
Jan
Feb
22% Apr
15% Nov
48% Nov
1%
Feb
3934 July 16
% Feb 8
% Apr 15
0
May 5
8
Apr 29
20
3
Dec
45% Aug 21
34
May
53
Mar
June 19
96
May
111%
Dec
113
June
42
Jan
%»
Dec
%
%
Oct
%
2
Jan
5
Jan
Jan
May
434 May
21% July 29
Er-rights.
H Called'or
.d »mntion
AND
Monday
Tuesday
Aug. 16
Aug. 18
$ per share
$ per share
14%
1434
89
86
*37
38
8 per share
$ per share
1478
86
J4«2
Thursday
Aug. 21
8 per share
1434
*86
Aug. 19
Wednesday
Aug. 20
1578
88
*86
*110'%
%
34
1534
3%
70%
7%
12%
66%
7%
*1214
*64%
434
43i
5712
*56
6
6
37
37
*14
14%
*4
4%
*18*4
18*2
*1%
*86
1»4
;
*29'4
104
%
*26r>8
29%
*101
*112*2
*112*2
*2312
24
1234
1234
*1412
9*«
*1
2714
30
*26%
*101
15*8
914
■
214
18%
17
2U
*1834
*1658
23U
*12%
*1434
27%
29%
30
10378
—
134
*1%
134
2714
27%
2978
102
101
*112%
23*2
13
15l2
9%
2%
....
22U
*12-38
13%
17
28r,s
*32
*12%
13
13
*13g
*4*2
*14%
*16%
17
15
9%
*16%
2%
18%
17
*128
130
*127% 130
22% 22%
22-%
22%
12%
12%
*12%
12%
3 3 34
13%
13%
1 4%
17%
1734
18%
177#
18%
30%
3034
29%
31
29l2
1*2
5
67
*57
2134
*21
35%
35%i
1%
5*4
*21
35%
35
*30
1%
5%
1%
*4%
2134
*21
21%
12%
13%
18
30%
37%
*30
1%
49
5%
5%
48%
48%
38%
48%
38%
a:21
2184
35%
*36%
*56
1%
*4%
*55%
....
*21
56
*31
1%
5%
*4%
35%
*5%
56
22%
*36%
27
30%
104
*1%
*2634
35%
36
37%
56%
534
*56
584
*37
*56
534
49%
38%
49%
*35
36
36
36
*60
62%
62
62%
*678
*478
7%
*5%
7
5
7li
534
*54%
56
123% 123%
8%
*17%
*178
16%
*6%
*278
9%
41
*54%
56
8%
16%
2
16%
*16
*19%
20%
*19%
6
*5
2378
22%
8%
*5
2334
*22
8%
24
13%
15%
9%
36
1%
5%
....
21
36
37%
56%
5%
49%
,38%
11734
3
9%
3%
6%
*4%
*35
*278
9%
41%
3%
7
7
584
578
12%
8
41
3%
50%
5%
38
*234
3
*334
4
*27%
28
1B16
*1134
*7%
*38%
*278
50%
*5%
*37
*234
*334
*27%
7S
377s
12%
8
40
3
50%
37%
7
534
*11«4
7%
*38%
7%
41
*51
53
4
334
27%
78
12%
3
3
38
7
53-A
5,54
3
5%
37%
*234
5%
37%
27
*%
6%
434
*4%
"'36%
*3
Aug
4
173s May
12%June
112
Jan
6
67
May
120
Feb
114
Jan 27
105
May
114% May
24"
"""760
13%
15%
13%
15%
9%
2%
—No par
10
Smith & Cor Type v t c.No par
Snider Packing Corp...No par
Socony Vacuum OH Co Inc. 15
112
*23%
56 preferred
9
34
34
1%
1%
*4-%
~21%
36
3534
37%
56%
*56%
15
*%
96
*31%
*32%
32%
32%
*45%
46
2:45%
45%
*12%
4%
4%
4%
4%
13%
10%
1234
1234
*10%
*12%
10%
13%
10%
*1%
*68%
6%
112
70
6%
1%
69%
*11
11%
778
*20
778
207s
*1%
*20%
7%
*34%
10%
1%
138
68%
*6811
6%
*11
734
*20%
1%I
23
7%
35
10%
1%
68%
6%
12
8
20%
1%
*21
734
35
23
734
35
6%
*11
7%
2034
6%
35
*95
4%
10%
138
*68%
6%
12
*11
8
8
2034
21
21%
*1%
*2134
8%
7%
*1%
21%
*734
10%
35
35
1634
11%
81%
*82%
11%
*28%
11
11%
78
81%
8234
81%
*82%
11%
2934
*11
11%
*28%
2934
82
83
38% 39%
37%
11
11%
11%
1234 *12%
13%
*11034 113% *11034 111%
*45
47%
47%
47%
*18
19
*18%
19
lg
9
%
*16
23%
23%
23%
23%
37%
11%
1284
*
10%
*81%
83
11%
*28%
39
11%
*12%
111
47%
*18%
%
23%
83
1134
2934
81%
*82%
*11
29%
Aug
150
Mar 31
128
May
Jan
8
2
11% Feb 15
19% Feb 14
23% Mar 13
I
May
5
3
May
9
60
Mar
5
par
zl734May 22
80
8
34%
Jan
34
Aug 22
17% Nov
1% May
39
Jan
2
Jan
3
6»2 July 28
July 31
22
July 21
59
44%May 31
No
Brands
5% Apr 26
par
No par
108
1,500
54
200
56
cum
prior pref
No par
300
57
cum
prior pref
No par
No
preferred
June 19
%Mar 21
2% Feb 15
Standard Gas <fe El Co .No par
par
6,700
Standard Oil of Calif ..No par
10% Feb 19
12% Feb 14
17% Mar 4
14,100
11,800
10, .500
Standard 011 of Indiana
25% Mar
Standard Oil of New Jersey.25
33
Standard Oil of Ohio—..26
200
Starrett Co (The) L S__No par
34% Feb 19
34
Feb 14
25
.
I
600
400
6
434
4
100
No par
Webster
(The)
Sun OH Co
140
10,500
I,200
2,900
100
6
Stone <fc
Studebaker Corp
1
Class A pref
(4}4% cum) 100
Sunshine Mining Co.
6
Feb 14
100
1,500
Without warrants
200
Talcott Inc (James)
6,700
1,000
37%
7%
2,300
53.1
2,000
12%
8
41
3%
52
5io
39%
534
8
"""266
Texas Pacific Land Trust
Thatcher Mfg
434 May
11%
Jan
57% Jan
40% Aug
9
1
May
66%
Apr
26% May
40%
Apr
*3
3%
54%
5%
*51%
5%
39
39
"""506
100
7,300
440
112
5
May
112%
7%
Dec
6% Jan 6
113% July 16
98
June
113
Dec
6
1
May
1%
Jan
*%
28
4
23
May
3834
66
Jan 11
56
May
32%
32%
32%
45%
4%
45%
4%
1,600
1,600
2,300
*12%
12%
12%
10%
1034
*9%
138
69%
6%
1%
45%
4%
12%
10%
138
1%
9%
1%
*68%
69%
68%
68%
12
*11
1%
1%
1%
24
7%
2134
2134
734
7%
35
35
83
*81%
*82%
12
*1]
29%
100
22%
8
34%
10%
23%
conv
pref
Tlmken Detroit Axle.
10
1,400
70
1,500
Trl-Contlnental Corp.—
36 pref err red
Truax-Traer Corp
No
Truscon Steel Co
"9~Ioo
1,600
500
100
1,100
900
1,700
6,300
160
3,100
1,300
12
300
29
300
30
1
...No par
4
par
9% Jan 30
5
May 23
10
City Rapid Tran.No
par
3,300
Dee
18%
Dec
53
Mar
2% June
4
Feb
36
Def. delivery,
3
May
42% Feb
534 Mar
June
35
1%
18
Jan 10
June
2534 May
1
May
8
May
Jan 18
Jan
9
11% July 31
Jan
6
834 May
81
May
34% Jan
6
2
35% May
9934
Jan
18
10% May
10% Aug 21
4% May
2
Jan
9
75
Jan
9
1% May
64
6% July 30
11% Aug 9
Aug
3% May
6% May
7%
6%
38%
2%
Nov
Apr
Dec
Apr
Jan
23
Jan
12
May
9934
Dec
34% Dec
52% Nov
7
Mar
21% Apr
9% Nov
234
Jan
82% Mar
5%
Apr
10%
Apr
Jan
134 July 3i
l%May
3%
Apr
Jan 10
13% May
Jan 13
6% May
37% July 26
1234 Jan 4
79% July 22
21%June
9% May
59% June
FeD 14
1234 Jan
2
Mar
4
Aug 15
24
9%
115
Jan 15
Dec
Jan
7
12
May
17%
Jan
71
May
98
Apr
70
June
89%
Feb
13
Dec
17%
Jan
ll%May 27
May 1
109
116%
Jan 10
Jan
5
Apr
Jan 13
1534 Aug
4438
...No par
Feb
1834
88%
85%
34% Apr 19
93gMay 15
5
May
Apr
13% Mar
45
85%
31
II
105
30
Jan
109% Aug 11
25% Feb 19
13% Jan 2
July 28
2234
Jan
16
9
9
31% July
May
2334
1434 July 24
113% Feb 6
12% May
108% Nov
111%
Jan 10
12
July
29% May
533# Apr
18
Apr
Apr
Dec
42% May
65% May
20% Jan 15
12
Dec
18% Apr 21
1% Jan 7
Jan 10
20%
2%
Dec
No par
16% Apr 23
%June
3
No par
Corporation
New stock,
May
4% May
Jan 13
Jan 2
4% preferred
100
Union Prem Food Stores,Inc. 1
Union Tank Car
No par
n
Jan
20
United Aircraft Corp
Un Air Lines Transport
53 preferred
Jan
30
80
United
Jan
7
Jan 23
Mar 25
75% Mar 28
Unlted-Carr Fast Corp .No par
11,900
Jan
6%
12%
13%
9«4 Feb 14
25
100
8%
May
25%
30
100
700
Apr
37% Nov
May
6%May 22
100
Apr
May
16% Feb 20
5% preferred
United Carbon Co
Dec
47%
4%
5
Union Carbide & Carb.No par
60
Feb 14
Union El Co of Mo 35 pfNo par xlll% Jan 30
Pref $4.50 series
No par
108% Aug 6
United Biscuit Co
9%
14
1
Union Pacific RR Co
Mar
5% Mar
838 Aug 20
1
Under Elliott Fisher Co No par
Union Bag & Paper
No par
Union Oil of Callfonrla
40
21% Aug 22
100
7% preferred
Twin Coach Co
Apr
16%May 20
20th Cen Fox Film CorpNo par
51.50 preferred
No par
Twin
Feb 19
Jan
6
5
40
No par
Jan
7% May
Aug 21
Jan 17
17%
29
a
34.50
Apr
5% July 30
Aug 20
May 21
Feb
1
52
4
% Apr 16
ll%May 14
9% Mar 6
95% Aug 9
27% Feb 19
7% Mar
24%
32%
9%
Apr 22
30
38
May
Jan
18% Nov
35% Feb
2%
3
1
preferred
Dec
2% May
40% Jan 21
9%May 15
6% Mar 25
1
Apr 16
62
July 3
*11
t In receivership,
4
3
Transue & Williams St'l No par
12
23%
June
10%
Transcont'l & West Air Inc. .5
83
2334
53g Oct
334 July
2%
6% Aug 9
July 22
700
400
23%
734 July 28
334 May
14
200
83
11
1034
11%
11%
11%
11%
13%
*1234
13% *1234
13% *1234
*111% 11234 *111% 11234 *111% 11234
*47
48%
47%
47% 47%
48% *47%
20
19
19
*18%
19
*18%
20
*16
%
916
%
*16
%
® 16
26% May
5%
80%
40
9
51%
83
3934
38% Aug
Feb 17
80%
40%
33
4%May 26
200
3934
4434 July 31
4%May 12
39
81%
29%
May
*17% May
16% Aug
434 May
334
Tlmken Roller Bearlng.No par
Transamerlca Corp....
2
12
*7%
34%
May
3
8
Tide Water Associated OH.. 10
32%
1%
20
2
4
4% May
Aug
100
4538
4%
1%
2134
Jan
5% Aug
1,800
32%
45%
4%
13%
21%
23%
34
96
21%
Jan
Jan
2534 Apr 30
*95
21
10%
27%
Oct
9% May
1%
Jan
96
8
7% May
12% May
Feb
1,200
2U
4
Jan 16
9% July 28
2% Mar
Fell
Jan 10
Jan
4% May
28% May
32
Jan
12%
23a July 11
18% July 31
5% July 24
38% Aug 22
4
12%
65% May
July 10
9
4
96
7%
4634 Aug
284
90
6%
60% July 23
6
10%
*11
May
5-% May
6
15
8%
5
7
Jan
*10%
6%
Apr
Jan
*14
12
Feb
8%
6
10%
8
Jan
8%
Dec
4%
14%
6%
8034
4
Feb 15
Jan
Jan
Jan
Jan
Jan
4% May
Jan 10
3%June 30
500
63
Jan
Dec
Jan
2% Apr 23
1
%
1S16
Apr
46%
...100
28
*26%
conv
29
O t
16%
40
10
Therm old Co...
Third Avenue Ry_.
10%
*14
23%
2034 May
29% June
12%
2334 July 29
7% July 10
7
July 10
5%May 19
...No par
100
Preferred
Jan
9% May
July 22
July 29
July 25
Aug 2
8% Jan
Apr
2%
7%
18%
2234
26%
2% May
4% Mar 20
21% Mar 21
2234 Mar 21
24%
34%
45%
48%
Dec
4
8%
100
No par
The Fair
33 dlv
1
Dec
11734 Aug 19
Thompson (J R)
25
Thompson Prods Jnc__No par
Tompson-Starrett Co.No par
33.50 cum preferred.No par
""loo
10%
29%
40
46
25
2%June 30
No par
53 60 conv pref
41
*3834
Apr
58%
31% Apr 22
5% Mar 4
334 Feb 18
.50
5
5
25
Texas & Pacific Ry Co
12%
*1134
A *7%
5H % partlc pref
Telautograph Corp.
700
Feb
3834
34% Feb 19
2% Feb 14
Texas Gulf Sulphur...No par
Texas Pacific Coal & OH
10
*7
47
May
7% Apr 23
Texas Gulf Produc'g Co No par
7
May
3%May 10
32
Jan 6
9
Apr
19
5
5
1
100
Feb 28
5% Feb 14
Symington-Gould Corp w w.l
3%
*27
82
4
2334
33
1934May
Swift International Ltd
42%
5%
35%
18%June21
Jan
May
6
21
25
Apr
7
45% May
17'8 Mar
Swift & Co
*3%
52
21
14% May
3%
72
Jan
6%
126
1% Feb 27
11% Apr 14
Oct
4
Apr 21
J
Superior Steel Corp
100
Sutherland Paper Co
10
Sweets Co. of Amer (The)..50
41%
*39
8%
60%
Jan
June
117%June 2
7% Aug 22
Superior Oil Corp
42%
3%
3734
6
Apr 14
15
Tennessee Corp
Texas Corp. (The)
37
Apr 16
Superheater Co (The)..No par
200
*3
1B16
60
...No par
1,200
*3834
15
62
10
Sterling Products Inc
1,400
9%
*7%
27
334 June
69
38% July 28
34.50 preferred
Jan
20%
13% May
3934 July 22
31% Feb 19
11134june 2
15%
May
2
Apr 21
pref A
2% Mar
Aug
19% July 31
54% Aug 5
5
Apr 21
100
700
634 May
12%
16% Jan
3034 May
152% Apr
30% May
32
27% Apr 25
conv
Standard
7,800
23% May
3
12% July 11
1434 Aug 1
2838 Jan
29
1
...No par
No par
Spiegel Inc..
2
Conv 34.50 pref
No par
Square D Co
1
5% conv preferred
100
$3
2%
*1134
5%
Bid and asked prices: no sales on this day.
16
Splcer Mfg Co
16
13%
23%
Wlthlngton...No
Spencer Kellogg & Sons No par
3,800
1,000
111
23%
Mar 10
Sperry Corp (The) v % e
4,800
11%
39%
21
1
No par
100
7% May
13# July
6
8
II,600
2,900
39%
May
Aug
Sparks
100
634
22%
*6%
10%
82
10
120
Spear & Co.—
——. 1
55.50 preferred..
No par
5%
24%
221.1
10%
*1034
10%
10%
11%
78
78%
78
78%
78%
78%
78%
7834
77% 77%
77%
*11334 114% *11334 114% *11334 114% *11334 114% *11334 114% *11334 114%
110
*109
110
109
*109
109% *109
109
109
109
*108% 109
15
15%
*14%
*15
15%
15%
14%
15
15%
14%
15%
15%
11
1938 Aug 15
10%May 16
3
*14
2
June
Mobile & Ohio stk tr ctfslOO
900
20%
4%
10%
4%
*12%
2
*3%
15
45%
4%
18%
*2 34
10%
*95%
96%
32%
46%
18%
1%
*1534
20%
5%
24%
3
*14
3178
5%
4%
10%
46
7%
*3%
14
3
Feb 19
a:13
5% preferred
400
*234
10%
8% Mar
22%May
100
38%
4%
14
Feb
Jan
Southern Pacific Co...No par
250
3
10%
96-%
3178
Jan
2434
No par
Southern Ry
1,000
*2 34
15
11%
Dec
1% Jan
16,700
13,300
5%
*3%
10%
*95%
May
1
26,800
49%
534
49%
38%
5
14
10% May
15% July 28
1034 July 22
2% July 25
8% preferred.————100
25
5%
*37
14%June 12
Southern Natural Gas Co.7.50
700
Oct
8
Jan
9
Southern Calif Edison
60
4,400
Apr
22
13% Feb 28
13
So Porto Rico Sugar
*55%
*21
_
5
23% May
25% July 31
Lines. .6
38%
7
54
27
South Am Gold & Platinum
S'eastern Greyhound
9%
5%
40
27%
21,400
3,800
1,000
1,400
38%
2%
37%
3%
38
3
334
600
800
4
14% Feb 19
Smith (A O) Corp
3
3%
40%
38
634
Nov
8
33
Feb 15
4134
42%
3%
3734
7%
5%
12%
7%
*51%
5%
5%
6
31
28% July
18% Feb 19
9
*2%
9%
*3834
16
20%
Apr
95
23%June
9
38
3%
*14
*95%
16
2
Jan
2%
SIoss Sheffield Steel & Iron. 100
500
*1%
Jan
24
Skelly Oil Co.——-——15
56
19
Feb
6% Nov
Slmonds Saw & Steel—No par
8% July 23
19
40%
13%
130
57
a;5534
122% 122% *122% 124
7%
7%
7%
8%
123%
Jan
Apr
7% Mar
3,400
5% Apr 23
4%May 26
6
7%
1% May
584
56
""366
3,500
3,900
55%
55%
Jan
30%
28
7%
5%
*4%
*534
*12%
7%
Jan 20
*4%
7%
534
434
38%
3%
3734
2%
5% July 28
6
4134
1% Mar 28
10
834
6
3%
12% May
5
24%
22%
3%
Jan 10
4
5%
May
21%
6% Mar
*5%
24%
22%
634
3%
3% May
34
6
l6%June
No par
Slmms Petroleum
7% June
3%May
*4%
7%
9
Simmons Co
May
4
1
5%
*2%
700
3-
434 May
Jan
Apr
1638
73% Nov
40% Aug
5
88
51% Aug
1534 July 21
3% June 28
Jan
Jan
2% Nov
18% Nov
July 16
5
*19%
*36%
Sliver King
1%
20
8% May
6%June 26
40
Jan 30
57
Corp..
5%
24%
22%
6%
36%
3%
9%
42%
Jan 21
Co-No par
—15
Coalition Mines.6
200
4%
2
Stokely Bros & Co Inc..
20%
36%
*2%
9%
4184
130
3,100
3%
61%
Jan
May
1% Sept
61% May
8% June
10% Jan 21
14% July 22
7134 Jan 17
5% July 22
Stewart-Warner
16
9%
42
3
100
7834
Oct
%
11
7
400
16
36%
10%
Sharpe & Dohme
33.50 conv pref ser A.No par
Shattuck (Frank G)—No par
1,300
"
61
3% July
900
*5%
24%
*4%
3534
Shell Union OH
No par
No par
$5 conv preferred
50
67%
7%
10%
34 July 31
July 28
5
*19%
434
Sheaffer (W A) Pen
No par
Sharon Steel Corp
400
1%
17
7
6
6%
Jan
12% Mar
62 %
20
*684
38
7
5
17
6%
6%
% May
Jan
62%
7
2
*22%
3
%
% Jan 9
% Jan 20
par
62
*634
2
24%
22%
6%
6%
484
Dec
37
8%
19%
8%
111%
Feb 14
37
7%
.
Jan
101% June
108
1
Jan
115%
par
Servel Inc
Dec
49
107% June
par
No par
Co—No par
Sears Roebuck &
May
share
1434 Mar
38% Mar 28
3
Apr 29
Apr 22
Aug 18
Apr 23
Feo 19
Apr 23
Feb 27
Feb 19
Apr 19
Seagrave Corp
400
6,900
34
per
88
115% Mar 27
112
July 15
Seaboard Oil Co of Del.No par
10,200
7% May
64% July
Highest
i
9
preferred...— -.100
4-2%
700
200
share
33%June 12
109%June
37
19%
24%
22%
7
6%
434
36%
18%
*1%
123
22%
2414
37%
*78
*54%
*54%
123% 123% *123%
578
50%
5%
*37%
55%
124%
8%
19
2
7%
5%
377#
7%
*3
7%
5%
7%
534
57#
*1134
*38%
7%
584
7%
3778
7%
*7%
5
5
5%
1,000
163g Aug 20
Aug 5
88
62
62%
7
5
18%
41%
*3%
*684
*178
6
*4%
*35%
62%
~
*113
...
par
14.50 preferred
10
June 23
79
% per
share
5 per
share
8% Apr 15
5
100
No
:
No
34 preferred
No
fSeaboard Air Line...No
600
1~
Corp
514% preferred
Scott Paper Co
100
per
*36
37
*36
62%
7
1734
16%
20%
*6»4
5%
37
62%
*6-%
*4%
2
*5
22
5
7
8%
18
*19%
2334
7
*35%
Schenley Distillers
15,700
5
Lowest
106%
30%
*103
*38% 39
*38
39
38% 38%
117
117
11734 *117
*116% 11734. *116% 11734 11734 11734 *117
5%
5%
5%
5%
5%
534
5%
534
5%
534
5%
534
*112
*112
113
113
*112
113
113
*112% 112% 112% 112% *112
%«
t?
%6
%6
38
%
*%
%«
*%
3#
%6
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
*2%
234
15%
*15%
15%
15%
15% *15
*15
*15%
16
1534
15%
15%
*17 -1734
17%
17%
1734
*17%
*17%
18
17%
17%
*17% 18
23
23%
2334
23%
23
23% 23%
23%
23%
23%
23%
23%
31%
31%
31%
3134
3134
32
31%
31 «4
3134 32
3134 3178
43
43
43%
42% 43%
43%
41% 42
42% 42%
42% 42%
42
42%
42% 43
42%
4234
4234
44-'%
4478 4478
44% 4478
.
Par
Shares
Year 1940
Lots
Highest
Lowest
134
2%.
2%
2%
18%
18%
18%
18%
17%
17 1
17%
17%
17%
130
*127% 130
*127% 130
22%
22%
22%
22%
22%
12%
12%
12%
12%
12%
13%
13%
14%
1334
14
18
18
18%
18%
1734
30
30%
30%
30%
31
128
*35%
47%
56
*36
9
9%
134
....
On Basis of 1W-Share
Week
15%
Range for Previous
Range Since Jan. 1
STOCKS
1941
2S,
EXCHANGE
88
238
16%
35%
5%
*55
1534
*86
18%
18
37%
48%
37%
*13%
15%
15
15
29%
2%
*57
*57
37%
56%
5%
*36
5%
48%
*1%
*4%
*57
23%
13%
19
35
*113
....
24
19
*31%
30%
103
103
*113
*1%
x27
30%
2984
23%
2212
12*2
13%
35
27%
*101
23%
9%
2%
3:1734
9*8
214
184
28
*1%
*23%
130
*127
16%
88
share
ver
....
...
—
...
*»»
1534
16%
88
$
*37
38
37
37
37%
37%
37% 37%
37*2 37*2
113
113
*112% 113% *112% 113% *112% 113%
*112*8 114
*110%
*110%
*110%
*110%
*110%
*%j
*%Z
ht
%2
ht
3i
*4
%
*%
*%
84
«4
*%
34
*%
84
*2
*
*1434
*1434
15%
1434
1434
15% *1434 1534
147# 147#
3
3 >8
*234
234
2 34
*234
3*4
*234
3%
3%
72
70
70%
70%
70%
71%
69% 70%
71%
7012
7%
7%
7%
7%
7%
7%
7i2
7%
7%
7%
12 %
12
*12
12
12%
12%
12%
12% *12%
1212
*65
67
67
*65
67
65%
65%
66*2 66I2 *65
5
5
5
5
5
*4%
5%
47#
434
434
*56
57%
*56
57% *56
57% *56
57%
57*2 *56
6
*534
5%
5%
5%
5%
57#
57#
57s
57#
*36%
37
37
37
*36% 37
36%
36%
*36%
37
14
14
14
14
14
14
14
14
14
14%
*4
4
4%
*4%
4%
*4%
4%
4%
4%
*4%
18%
18%
18%
1834
1834
1834
*18%
18%
18*2
18'2
*112% 114
s4
*1434
*3%
70%
16
*86
Friday
Aug. 22
NEW YORK STOCK
the
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
Saturday
Sales
for
IJ)W
Aug.
New York Stock Record—Continued—Page 9
1096
3034
26
Dec
42
Feb
40%May
No par
r Cash sale,
x
Ex-div.
2
y
50%
Ex-rlghts.
1%
May
Apr
Called for redemption.
Volume
LOW
AND
New York Stock
153
SALE PRICES—PER
HIGH
Record—Concluded—Page 10
1097
$ per share
"('■
'
4%
$
1 8
-'5
39
*37%
72
72
72
*4%
7%
*106
107
12"4
3%
12%
*3i2
*89%
*15^4
4
92
1634
Aug.21
Aug. 22
Week
$ per share
$ per share
S per share
$ per share
5
5%
Shares
3%
4%
*134
*24
4%
*37
38%
72%
71%
738
4%
7%
*89%
91%
*89
*16
1634
*15%
12
12
4%
*U%
*6%
*42
57
180
*178
7
7
7
7
*42
42
42
31
4%
32
33%
*914
9%
I
32
*3%
4%
*9%
9%
92
1634
7%
73g
*42
9
89
87
87
30%
*31%
*22%
30%
*30
30%
33
*3134
33
3178
23%
134
23%
*22%
23%
2234
30
30
*3134
33
23%
178
227g
134
23%
134
*42
6OI1
*72l4
74
57
57%
*12018 121
*27%
28%
*4512
47
*m
1%
1,000
9
9
1,600
89
*87
92
200
30%
3178
2234
30%
*3134
*23%
30%
33
*30%
*23%
30%
33
24%
600
*3134
24
1%
22%
95%
600
60
500
134
1%
134
23
23
9434
59
59
75%
57%
59
59%
74
*58%
*74%
9434
60
75%
*74%
121
28
28
28
47
138
46%
*1%
46%
1%
*120
22%
95%
60
*58%
*74%
56%
57%
120% 120%
*2734
28
75%
57%
1207s
57
120
28
10
9%
9434
*46%
1,100
9%
23%
28%
200
-89
1%
U S Pipe & Foundry...
U S Playing Card Co
U S Plywood Corp.
fU S Realty & Imp
US Rubber Co
1%
1,600
57
13%
59
Universal Leaf Tob
59
*56
59
*56
59
*56
58
*56
59
*56
*144
151
*144
151
*144
151
*144
151
*144
151
*144
151
*15312 160
*153
158% *153
155
155
155
157
157
158
161
100
#16
®16
2214
22%
23%
24
*24
*2434
25
13U
25
2434
25
25
*1278
*23%
%6
9I6
®16
*23
U
91«
"
23
25
23%
24
25
24
25
30
25%
13%
24
»16
25%
1334
24%
2434
*13
500
*
*
72
*
67
25%
*1%
*2412
*117
24%
25%
2
2
2
*1%
2
25
17*
21
25
*24
25
117
117
117
*117
19%
20%
20%
38%
*36%
*18%
38%
*37
3778
*36%
33
*32
33
*32
33
*97
102
*97
102
*97
102
*138
149
*141
149
*141
149
*732
38
*732
%
°8
''8
878
*8%
20%
20%
8%
20%
*20
38
*37
33%
32%
*32
lo
24%
25
*141
29%
500
14%
*13%
14-%
14
14
400
4%
*4%
4%
4%
4%
600
"16
*%
'he
llI6
n10
100
20%
4%
20%
1,300
*%
4%
*67
*1
71
71
71
1
1
1
1
5%
5%
18
18%
18
32%
*28
32%
21%
*21
21%
16
*15%
16
16
*15%
15%
*28%
*20%
*15%
*15%
*2%
3%
*15%
*15%
3%
*77
22%
7078
70%
*22
104
97%
71%
100%
104% 104%
9734
9712
115% 115% *115% 116%
*105
19%
107
*14
*31
32
*21
21%
16
*15%
16
Waukesha Motor Co
16
*15%
*234
16%
3
*77
107
*18%
*105
19
*21%
*71
3
22%
71%
71
3
700
200
97%
97«4 9734
9734
116
115% 115% *114
*18%
1834
*18%
19
*105
conv
preferred
No par
97
7% preferred
6% preferred..
100
...100
Pf -100
West PennPow Co4
100
100
234 Apr 28
*•%
H
*%
34
%
%
200
27«4
28%
27%
%
2734
27%
2,300
22
22
2134
22%
92%
91
2238
91%
3,800
92
128
128
27%
27%
27%
28%
27%
2234
22%
22%
22%
22%
91% 91%
91%
92
9134
129% *125
129%
126% 126% *125
31
31
*30
31
*30%
3134
32
32
32
32
32%
32%
111% 111%
*111% 113
*111% 113
*55
*55
*55
61%
61%
61%
*95
*95
97% *95
97%
97%
28% 28%
28%
28%
*28%
28%
*65
*68
69% *65
693s
69%
*14
15%
15% *15%
*15%
15%
4% 2d preferred
100
Western Pacific 6% pref—.100
Western Union Telegraph. 100
111% 111%
60
*55
62
97%
28%
*95
97%
69%
*65
*14
15%
*14
60
*95
28%
28%
28%
1578
678
6%
4%
*48%
6%
4%
58%
24%
2%
*634
4%
7
*41t
4%
*4%
4%
*48
60
*48
60
*48
60
*24%
25
*24%
25
*24%
24%
*2%
2%
2%
2%
4%
534
*69
*113%
*26%
29%
22%
2%
2
434
534
2
4%
2%
4%
5%
*71
72%
5%
72
24%
2%
2
4%
26%
30
2934
2978
22%
23
23%
534
5%
26%
29%
2334
*24
*2
*2
4%
534
71
71
*70
*113%
*113%
27%
26%
2%
4%
*48%
—
4%
58%
24%
2%
2%
*26%
29%
24
29%
24
4%
*48
*24
*2
Feb 15
"""106
4%
4,500
5%
5%
7034
1,900
26
2934
23%
26%
30
24%
144
*110
130
*110
130
*110
130
*110
130
125
125
125
128
*66
68
69
69
69%
72%
72
*68
70
70%
70%
71
72
73
*108
115
*109
*66
673s
67%
67% *67
20%
*1984
203,}
20%
20% *20
15
15
1434
15
14%
1434
14%
*117% 119% *118% 1193s *118% 11978 *118% 119% *118% 119%
10
10
*9%
10
10
10%
10%
*9%
934
9*%
37% 38
37% 38% 237% 37%
37%
3734
3734 38%
*90
95
9434
9434 *90
95
*89
*90
9434 *89
1934
1934
14%
67%
1934
214%
1534
15%
12
1534
12%
1534
1234
12
*1%
2
,
16%
123s
1%
178
16
16
12%
12%
*1%
2
Bid and asked prices; no sales on this
day.
15%
16%
13
13%
2
*1%
71%
7234
*108
100
71%
74
6734
20%
20%
14%
1434
118% 118%
9%
9%
37%
37%
*92
16%
*12%
*1%
"""600
15,800
4,000
110
170
1,000
1,600
115
6734
t In receivership
20% Feb 14
l%May 3
1% Apr 16
Wilson A Co Inc......No par
*70
*135
66% *6534
.20
preferred
Wilcox Oil A Gas Co.—.—.5
4%
147
68
Prior
"""366
500
6,300
10
2
No par
preferred
Wool worth (F W)
Co...—10
Worthingt'n PAM(Del)No par,
3% ADr 18
4% Apr 24
15
15
21
65% Fen
112% July
25% Apr
26%May
16% Feb
93
7% preferred A.—...100
6% preferred B
100
Prior pref 4H% series...100
Prior pf 4*4% conv serleslOO
Wright Aeronautical.—No par
Wrigley (Wm)Jr (Del) .No par
5,600
100
a Def. delivery
Zonlte Products Corp
n
New stock
May
2% May
Dec
91
June
24
4%
26
19
80
11
21
May
June
Jan
Feb
80
Dec
29%
Apr
75
Jan
110%
Apr
115
Apr
Jan
Oct
25% May
105
40%
Apr
Apr
5
Jan
Apr
l%May 13
29% July 22
2 4% July 22
14% May
15% May
2
76
Mar 22
110
May
May
34% Jan 10
36% July 14
112
Aug 9
65
July 23
26
Jan
105
141
100
Jan
Jan
2
76
Jan 14
15% July 25
17% Jan 9
5% Jan 10
6% July 22
7634 July 9
2784 May
108
Dec
50
May
May
85
Jan
Jan
118
Jan
140
Nov
37% May
38% Feb
109% Deo
80
Oct
103
Nov
35%
51
74% Nov
784
7%
4%
3%
May
Aug
May
Mar
May
Apr
11% Apr
17% Deo
11%
Apr
7% May
Jan
57% Mar
1484 May
24% May
38
184
Oct
3%
1%
Jan
3%
3
Jan
684
3>4 May
45
June
116
Jan
7
7
2534 July 22
30
33% Jan
34% Jan
Jan
2834
28%
18% May
June 16
114
1
1584 May
May
13% May
Mar 15
147
Aug 21
55
Jan 30
130
June
7H
70
Jan
Apr
Apr
Apr
Mar
121% Mar
34% Nov
42%
Apr
24% May
Oct
102%
July 30
60
95
Oct
73% Aug 21
29
June
58
Nov
Feb 13
39
June
65%
Apr 23
7534 Aug 21
122
July 24
91
June
129
Apr
May
93
Apr
25
Jan
80
22% Jan 8
17% Jan 10
114
Feb 26
120
Jan 11
Jan 10
73
July
15% May
9% May
98
May
6% June
9% Feb 19
30% Apr 18
12% Jan 11
42% Jan 6
26% June
83
95
80
Apr 26
13% Apr 16
1034May 16
1% Apr 23
No par
1
r Cash sale.
14
80
8%
17% Apr 24
11% Apr 21
Youngs town S A T
Zenith Radio Corp
May
May
13% May
Dec
2% Sept
1234 Sept
34% Nov
2884 Feb
20% Apr
284 May
62%Ma? 28
No par
514% preferred ser A
100
Youngst'n Steel Door..No par
1,100
22
20
4%
50%
86
Young Spring A Wire.-No par
~2,800
May
% May
334May
6414 Feb 17
B..1
...100
Preferred
30
25%
58
85
25
Yale A Towne Mfg Co
Yellow Truck A Coach cl
400
94
16%
12%
$6
1
10
Wisconsin El Pow 6% preflOO
Woodward Iron Co....
10
Jan
Jan
Jan
Feb
13% Aug
2
May
4% May
% Dec
54%June 28
26% July 31
2%May 12
2% Jan 11
5% Jan 13
4
Willys-Overland Motors..
6% conv preferred...
Feb
9%
1%
9612 May
8% July 11
41
138
112
1
Dec
16%
115
3034 July 31
$4 conv preferred—-No par
200
23% May
104%
i. 6% Nov
35% Jan
June
% May
15% May
5834 Aug
Jan 10
9% Nov
3% Deo
25% July 31
74% Jan 18
106% Jan 25
18
19
7
14
White Sewing Mach Corp—1
138
73%
7534
21% Apr
64
May
10% Jan
12% Feb
4
Apr
700
*134
14
Aug 18
Apr 28
4%
58%
138
19-%
92
21
Feb 14
*100
113
Apr 16
60
White Rock Mln Spr C0N0 par
138
114% *109
105
700
*100
*108
$4.50 preferred.....No par
53^%conv pf....
100
Wheeling Steel Corp...No par
$5 conv prior pref...No par
White Dental Mfg(The SS).20
2,800
5
18% Feb 13
1734 Apr 22
86 May 31
120%May 2
27%June 6
27% Apr 17
Wheeling & L Erie Ry Co. 100
2
7
1
10
White Motor Co..—
Feb
T»» Feb
200
2;200
4% Jan
80
4% July 31
9
July 31
4,700
138
68%
Westvaco Chlor Prod..No par
17% July 22
20% Jan 6
5
15%
7%
*100
*66%
50
600
*113%
27%
2934
24%
...
2
534
71
1st preferred
Weston Elec Instrument. 12.50
1% July 31
19% Aug 22
33
July 23
2334 Jan 13
Jan
6
2434
2%
7
4%
*113%
26%
15%
80
Jan
Jan
5% May
16% May
100% May
100
200
May
1%
2%
105% Feb 10
29% July 22
8%
2,300
135
198
*738
Jan
Oct
120
7%
Apr
Dec
June
7%
*%
Jan
Nov
%
108% May
8%
s4
30
*29%
32%
*31%
111% 111%
48
117% Jan 3
20% July 15
*7%
*%
92%
15%
107% Jan 18
8%
Westlnghouse Air BrakeNo par
Westinghouse El A Mfg
50
3184
120
7
*71i
—100
Maryland
Aug
31% Mar
4% Jan
Mar 31
July
8%
.
6% preferred
Oct
60
15% Feb 19
94
112
West Va Pulp A Pap Co No par
107
6
May 31
July 31
Western
6%
2
$4
West Penn EI class A ..No par
Western Auto Supply Co...10
7%
1534
*12%
*1%
Wesson Oil A Snowdrift No par
7
200
*6%
*109% 115
190
160
1
500
*28
7
30
1834 Mar
65% Mar
22%
71
*2134
170
*678
22%
6
103
1534
28*
Feb
102
15%
22%
6
80
103
15%
2978
15% Aug
2%May
...100
102
15%
*113%
*26%
No par
130
15%
534
Webster Eisenlohr
100%
1434
4%
Wayne Pump Co
100
3%
*65
71%
100
3
100
14%
4%
3
May 14
28%
32
*5%
Feb 19
18%June
14
6
4
*3%
31%
*69%
25
Feb
28%
33
2
6
3%
30
2%
2
15%
100
107
Jan
% Mar 11
7% preferred
15%
*234
*77
100
*105
107
1534
...
1434
2
2»4 Feb 19
53
62
*11
10
{Warren Bros Co
39% Mar
June
120
14% Aug 20
5% Jan
l%June
21% July 10
5% Aug
72
July 31
13% Apr 19
No par
21%
June 21
18% May
4
Feb
% Jan 10
30% Jan
•uJune
5
preferred
*15%
*15%
*234
14%
vt*2r/.
$3.85
*31
19
128
4%
Warner Bros Pictures
*21
1478
*4%
...100
16
■
Apr
"it Jan 17
May
28%
29
15%
7% preferred
21%
*77
84
Jan
June
£1234 Feb 13
3%May 13
No par
32
3
Jan
Deo
Nov
3
3%
*125
*27%
No par
*21
■
Jan
128
35
89
May
28%
*28
29%
*65
1,230
Div redeem pref
Class B
*15%
18%
70
159
110
6% Jan
4
Walk(H)Good A W Ltd No par
*31
19
Dec
284 Apr
2% Apr
63% Deo
18% Nov
May
71
1
17% Apr 22
96%June 27
I
No par
Ward Baking Co cl A..No par
June 13
9% Apr
22% Jan
105% Jan
3%
21%
91%
28
19%
No par
4H% pref with warrants 100
Walworth Co
109
25%May 31
par
16
32
19
143
4
2
28%
H
27%
97%
600
No
28% May
% Apr 15
he Jan
8
Jan
May
Jan
Mar 27
135
100
Aug
19
33% Feb
42
102
100
5% preferred A
60
I84 May
May
May
5
May
36% June
Feb 15
89
*3%
27%
65
25
100
3%
21%
91%
*95
60
1%
June
14
2884 July
118% July 23
23% July 26
37% Aug
31% Mar 29
25
6% preferred
Apr
28%
*7lo
*60
12
5% pf 100
3%
8%
*111% 112
1%
18%
1% Apr 14
19% Apr 22
116% Feb 17
*27%
*7%
*31%
50,800
71
*68
66
Aug 20
26% July 15
2% Jan
21%
*105
107
3%
128
5%
72
Mar 26
57
Aug 20
3%
3%
29%
*»i«
59
112
Aug
Mar 13
28%
28%
3%
128
1%
July 30
104% Apr 26
23% Mar 3
*105
*2734
*•%
4%
*70
72
*78
20
45
Mar 26
No par
$3 preferred
...No par
Warren Fdy A Pipe
No par
Washington Gas Lt Co.No par
*18
19%
*18%
5%
5%
22"
21%
22
2134
*70
*70
71%
71%
100%
100% 100% *100
103%
103% 10334 103
9634
9634
9734
9634
115% 115%
115% 115%
22%
71%
100% *100
19
19
June
12% May
May
13434 June
45
Apr
50
Mar 17
July 10
116
20
1%
19
3134
19%
3
*77
*77
*2178
97%
*70
5
*20%
*18%
*18%
*67
1%
*29
104
18%
34
18%
5%
5
18
*100
434
71
*17
*278
18%
Va Iron Coal <fe Coke
Preferred
29%
15
28
Apr 10
Aug
J Wabash Railway Co.....100
30%
6
66
.No par
Virginian Ry Co
149
41
39%
•a Nov
57
No par
.
Vulcan Detinnlng Co
*29%
14%
4%
18
"766
..•»« Aug
6
6% div partlc preferred. 100
Walgreen Co
14%
19
32%
100
14%
Aug 21
16% Jan 10
5934 Jan 15
100
Va El A Pow $6 pref.
400
14% I
*%
280
2,300
*14
*4
22
38%
5
14
57
100
5% preferred
Va-^arolina Chem
20
14
Jan
1% Jan
1% Jan
39% June
6
^
500
101
30%
*%
Vlck Chemical Co
Victor Chemical Works
70
2
2034 Aug
113
.100
200
5
30%
29% Dec
42% June
1% Dec
1
May
48
Nov
117% Apr
49% May
12
6
7% 1st preferred
20
30%
33% Jan 13
Dec
76% Nov
130
22% June
July
35% May
6634 Jan
Van Raalte Co Inc
*99
30%
*ia Jan
Van Norman Mach Tool._2.50
100
5
30%
*73%
May
103% May
Jan
67% Nov
19
Waldorf System
*30%
May
42
Jan 13
Jan
Apr
43% May
100
30%
60
130
1®4
41%
May
8%
30%
117
June
*8%
101
% May
May
68% May
39% May
Apr
Nov
12
8%
5
15
98
Jan
39
25
87S
20%
*20
26
38%
24
34% Jan
*8%
*99
Deo
24% Aug 22
8%
20%
5%
2
Apr
May
74
Apr 21
800
101
June
Apr
1284
Apr 18
%
5
May 10
48
Apr
7%
23
3g
*20
12
No par
Deo
28
15
%
*99
% Apr 28
44% Apr 25
35
100
*%2
5
.5
Jan
Vanadium Corp. of Am.iVo par
%
8%
20%
101
May 10
200
3g
5
Mar 27
1
Nov
22
Vadsco Salee...No par
*%
*99
42
11
89
2I84 June
27% June
65% Apr 4
76% Jan 29
70®4 Jan
Deo
182% May
6% Mar
6
2%,July 23
July 11
July 11
Jan
May
12%
2
3,600
102
*141
13
25
21
2
30
May
7%
97
31% Aug
Jan 21
*%2
5
*4
149
32%
*97
4
14
1384 Mar
7% Apr
34% Feb
25% Jan
Aug 22
%
9934
*%
*1734
3234
102
21%
*37%
Aug
157
1,000
2®4 May
25% July
48
1
Vlcks Shreve <fe Pac Ry
2
5% May
May
161
%
5
*4
21%
38%
*141
149
*1%
Jan
May
6
Jan 17
%
9934
■
1%
Deo
5
9% Aug 13
May 20
"""26
25%
3%
80
3% May
133
72
85
*24"
May
May
140
"260
June
3
4% Aug 13
25
Preferred
Oct
6
June
100
130
Jan
Jan
118
50
Aug 21
Deo
107% June
33% Aug 18
89
41
15
165
June 12
Apr
Mar
6
85%
8
9% June 27
7%
65% Mar
538 Jan
Dec
Jan 14
69% Jan
183
Universal Pictured 1st pref.100
1,800
25%
*2434
2534
118% *117
118%
*97
102
*97
5
*99
LL:r5
20%
*
No par
7% preferred
United Stockyards Corp
United Stores class A
*'32
*%
*8%
*20%
%
*8%
20%
*
25
U S Tobacco Co
%
%
*%2
*lo
1%
25
25
118% *117
20%
*32
*24%
2
25
117
72
85
*
66
*24%
25
25
26
118%
*19%
*3678
*24
*
72
66
*24
100
8% preferred
13
*12%
13%
*13%
*13% ,13%
13%
24%
*24%
*24% 25%
25%
*23%
*23%
24
*113% 116
*113% 116
*113% 116
*113% 116% *113% 116
43%
43%
*43%
4338
4338 *43% 4334
4334
44% *4338 4334
72
*—
50
No par
Preferred
13% Aug 7
4% July 15
4
July 28
91
July 23
150
*11314 116
*43%
PreferredU S Steel Corp
22
May
9%
43
65% Mar
69% Apr
49% Apr
115%June
22% Apr
16 conv preferred ....No par
Universal-Cyclops Steel Corp 1
1,200
n
2% May
25% May
60
Feo 10
17% Feb 14
80% Feb 15
.
60
*13%
*56
91#
100
U S Smelting Rel <fe Mln
J;
Dec
Apr 22
"wJune
10
8% 1st preferred
117
Sept
Apr 18
54% Feb 24
26% Apr 26
29%May 6
18% Apr 12
No par
5,100
8
2
5% Apr 24
20
10
1
2,200
Jan
73% Aug 6
10% Jan 15
334 May
26%
3
100
100
538 July 24
42
Highest
share $ per share
33
Par tic <fe conv cl A ...No par
100
Jan 11
per
20
U S Industrial Alcohol.No par
No par
Prior preferred
5% Aug 21
3% Jan 11
32
July 19
4% Feb 17
U S Leather Co
*55
55
1378
1">
5
50
preferred
$
8% Mar 4
May 14
Apr 23
55
100
*13
lo
conv
share
13
170
400
13%
1%
M%
4
per
July 22
20
U S Hoffman Mach Corp
$
19
100
7% preferred
share
Mar
Year 1940
Lowest
9% Feb 19
No par
U S Gypsum Co
47%
1%
1%
1%
57
13%
55
54%
U S Freight Co
5
84
pref.100
conv
2734
47;
*52%
*13%
1%
52
Corp
27%
*45%
1%
1%
♦45%
13%
52
U S Distrlb
100
*13%
*1616
1
18,700
1378
1%
t c
United Paperboard—.
.10
U. S. & Foreign Secur..No par
75%
52
*151C
v
56%
121
*13
*1
1
5
.5
56%
*50
1
UnitedMer & Manu Inc
per
Range for Previous
Highest
2%June 3
l%May 6
20%May 16
3% Apr 21
33%May 5
60 May 29
6'4May 9
105 May 3
8% Apr 25
2% Apr 10
2% Feb 19
No par
*74%
121
*1%
1%
5634
*13%
13s
United Electric Coal Cos
United Eng & Fdy
$6 first preferred....No par
20
100
9434
47
1%
600
6,700
23
*27%
1,500
438
95
*46%
*1%
300
32%
23
5
10
United Gas lmprov't...No par
$5 preferred
No par
50
43
$
..100
5,900
*3%
94%
United Drug Inc
United Dyewood Corp
United Fruit Co..
32%
23
*56%
100
89
30%
Par
2,200
438
95
57% 5838
120% 120%
T.ioo
33%
74
*59
100
3234
*334
9
*86
134
38%
43
10,200
Lowest
Preferred..
5
59
94
1%
25
5
*94
23
94
*42
438
878
*1%
*24
71%
7%
3234
*4
5%
2
~
25
*434
*38
38%
71%
7138
7134
738
7%
7%
*106% 107
*106% 107
12
1238
12%
12%
4
*334
*334
4
*3%
334
334
*3%
91
*89
*89%
91
*15
*15
1634
11%
11%
*11%
11%
58
58%
58%
58%
180
178% 178% *177
*7
7%
738
7%
*37
43
32%
4%
8%
*86
*22*2
178
12
58
180
89
*87
1634
5734
*178
32%
438
4%
334
*89
57%
*4%
*4%
5
378
43
43
7134
7%
7%
106% 106%
12%
12%
7
30®4
*4U
38%
*11%
180
57%
*24
71%
12
57
*178
56%
*1%
2
25
478
38%
91%
1634
4%
478
*134
*24
38%
7134
7%
180
56%
*178
4%
2
25
107
10634 I0634 *106
12
12
12%
12%
3%
3%
*334
4
*3%
334
*3%
3«4
11-It
*lHl
Aug. 20
5
7%
7%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Friday
25
*478
*38
STOCKS
NEW YORK STOCK
the
CENT
Thursday
478
1%
1%
*24
25
PER
Wednesday
Aug. 19
per share
478
478
*134
*24
NOT
Tuesday
Monday
Aug. 18
Aug. 16
SHARE,
Sales
for
Saturday
*
Ex-div
v
Aug
18% Jan
15% Apr
2% Jan
Ex-rlghts.
May
12% May
8% May
2
Mar
19%
Oct
Jan
126% Sept
14
Apr
48%
an
99%
Deo
28%
Jan
1784
Apr
4%
Apr
t Called for redemption
Aug. 23, 1941
1098
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
Cash and deferred delivery sales are disregarded in the
NOTICE—Price* are "and Interest"—except for income and defaulted bonds.
shown in a footnote
the only transactions of the week, and when selling outside of the regular weekly range are
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.
week's range, unless they are
in the week in which
Friday
Week's
Last
Range or
Range
Sale
Friday's
Since
BONDS
N.
STOCK EXCHANGE
Week Ended Aug. 22
15
Y.
Price
119
1947-1952 A O
...1944-1954 J D
Treasury 3%s
1946-1956 M 8
D
Treasury 3%s
1943-1947
O
Treasury 3%s
1943-1945
O
Treasury 3%s
1944-1946
D
Treasury 3%s
1946-1949
D
Treasury 3%s..
1949-1952
Treasury 3s
1946-1948 J D
M fi
Treasury 3s
...1951-1955
Treasury 2%s
1955-1960 M 8
Treasury 2%s
1945-1947 M S
Treasury 2%s
1948-1951 M £
Treasury 2%s
1951-1954 J D
Treasury 2%s
...1956-1959 M £
Treasury 2%s__.
....1958-1963 J D
D
Treasury 2%s_-.,
....1960-1965
J
D
Treasury 2%s
1945
M £
Treasury 2%s_. ——....—1948
J
D
Treasury 2 %8
....1949-1953
M S
Treasury 2 %s.1950-1952
Treasury 4%e
Treasury 2 %s_——— 1952-1954
19
1956-1958
1951-1953
2%s
1954-1956
2s
1947
2s.....Mar 16 1948-1950
2s
Dec 15 1948-1950
2s
1953-1955
Treasury 2%s
Treasury
Treasury
Treasury
No.
Low
High
6
119.
12126
119.4
*111.9
111.12
111.19113 18
113.7
113.7
113.3
115.7
♦105.25105.30
105.28107.25
♦106.101C6.15
106
107.14 €107.14 <>107.14
108.6
107.18109.9
♦110.26111X0
110.11112.12
♦112.21 li 2.25
112.15114.9
110.13
*il0.5
111.30 1 il.3C
110.24
112.8
109.24111.21
8
113.9
110.4
10,23
110.30
♦108./
108.14
108
♦109.5
109.12
107.27110 9
i
22
107.14111.25
109.24
107.2
110.18
*109.30110.3
107.1
111.2
109.31
110.9
106.31110.31
111
111
107.8
*109.17109.25
110.9
111.24
♦J08.00108.6
107.22 108.14
*108.22108.39
107.16109.22
107.20
1.07.14
108.9
105.2
105.4
*107.11 107.25
108.16
IC6.17 105.15
105.20
58
102.8
106.16
M S
1(4.17 104.15
104.20
73
103.1
105.6
103.5
106.27
103.5
107.1
ID
*105.28106.1
...
I
D
J
V
j
05.23
105.23
"£
D
*105.27106.1
.1
D
104.12 104.12
104.12
yfi
8
106.24
106.24
1
106.24107.28
€106.25 eJ06.25
5
106.28108
104.12 106.21
101.24105.3
...1944-1949 M N
38
1942-1947 J
2%S
1942-1947
J
.01.22
101.22
101.22103.3
*101.20
101.25
102.15103
A—------..1944-1952 MN
1942-1944
1945-1947
2%s series G_—
1 %s series M
106:23
106.23
New York
s
...Sept 1961 M
♦6s assented
6s...1962
♦External sinking fund
O
A
♦Chile Mtge Bank 6%s_
♦6%s assented......
—
♦Sink fund 6%s of 1926
♦6% s assented
♦Guar sink fund 6s.—.—
1957
1957
1961
1961
D
13%
15
1
12%
1
8%
12%
2
10%
12%
11
8%
13%
12%
13%
*1*2%
1
8%
8%
37
8%
12%
12
11%
11
8%
21%
37%
A
8
26%
A
30
O
O
11%
8%
37%
17
30
37%
37%
30%
71
30
37%
84
28%
22%
36%
36%
29%
37%
1961 J
1947
"6
12
10%
"ii%
1970 A
♦Colombia Mtge Bank 6%s
9%
*8%
S
Oct 1961
13%
12%
13%
12
S
Jan
13%
13%
1951 J D
♦Cologne (City) Germany 6 %s. 1950 M B
.
10
14
*12%
♦Chinese (Hukuang Ry) 5s
—
13
11%
*12%
Colombia (Republic of)—
♦6s of 1928.
14%
13%
11%
9%
9%
8%
10
13%
14%
9
—-I
"l3""
13%
12%
13%
O
..I960 M
30%
25
23
27
22%
21%
23%
26
28
38%
21
27
*25%
"2
1946 M A'
27
27
1947 F
A
25%
25%
-.1952 J
D
27
28
27
27
21%
38
88%
90
72
90
16
16%
14%
18
♦Sinking fund 7s of 1926
Copenhagen (City) 5s
26-year gold 4%s
1953 MN
With declaration.—.—--.
1
20
90
J
106.17107.26
)
D
*102.22102.29
101.29103.2
Cuba (Republic) 5s of 1904
1951 M N
1944 M 8
105%
100
102%
102%
101% .101%
101%
10
67%
31
1949
1977
4 %s external debt
174
*101%
A
1949 F
A.
ser
External loan 4%s
City
Transit Unification Issue—
105%
1
14%
8%
11%
*13%
D
1960 M
♦7s assented.—...——
14%
14%
13%
10%
8%
10%
2!!
11%
*13%
12%
D
.---.1962 MN
♦6s assented—
13
9
10%
12%
13%
12%
♦Chilean Cons Munlc 7s
25
14
12%
D
J
1961
♦Costa Rica (Rep of) 7s
104%
1
High
10%
1
*14%
♦6s assented———-1961 A O
♦Guar sink fund 6s_,
1962 MN
101.31 103
104%
13%
♦6s assented
.—-.1962 A O
♦External sinking fund 6s—1963 MS
♦6s assented.....—1963 MS
13%
12%
13%
10
14%
£
♦Extl sinking fund 69—Bept 1961
2
13%
14%
14
5
14%
12%
13%
M
*101.26101.31
D
Low
14%
J
Jan 1961 J
J
J
No.
13
13%
J
1980
Since
Jan.
0Q6Q
14%
A
Feb 1961 FA
Jan 1961 J J
f 6s——
♦6s assented
.
F
6s—Feb 1961
♦6s assented.—
External 5s of 1914
3% Corporate stock
Low
Cordoba (Prov) Argentina 78—1942 J
Home Owners' Loan Corp—
series
Range
If
With declaration
8
M
&
Asked
High
Bid
Price
SA.
♦Sinking fund 7s of 1927
M
1944-1964
3s
3s
Extl sinking fund
♦Ry extl
♦6s of 1927—
Federal Farm Mortgage Corp—
3WH
22
3s external sf $ bonds
J
103.15
Friday's
Chile (Rep)—Concluded—
100.24 104.4
"16
103.15
Range or
Sale
cfc
Foreign Govt. & Mun. (Conl.)
104.28106.28
*)05.25105.30
M 8
Week's
Last
feS
STOCK EXCHANGE
Week Ended Aug.
8
M
Treasury 2%s
Treasury
High
Y.
Jan. 1
_
— -
Treasury
Asked
&
Low
U. S. Government
Treasury 4s.
Bid
Friday
CO
BONDS
N.
66%
103
103
Sinking fund 5%s—JaD 15 1953
100% 103%
101
104%
96
101%
....
15
49%
7
67%
99% 104
73
93%
3
♦Public wks 5%s.—June 30 1945
Foreign
A
*26 %
O
*26 %
8
*22%
J
M
Akershus (King of Norway) 48.1968
J
♦Antloqula (Dept) coll 7s A...1945
*9%
29%
23
28
22%
21%
27
26
9:
"io""
♦External
s
f 7s series B
1945
*9%
f 7s series C
1945
b
f 7s series D
1945
9%
*9%
7%
10
s
♦External
10%
s
♦External
f 7s 3d series. 1957
sec s
9%
f 7s 2d series. 1957
sec a
♦External
9%
7%
7%
7%
6%
6%
9%
9%
o%
9%
9%
17)4
f 7s 1st series
Antwerp (City) external 5s
With declaration
1957
9%
:
External g 4%s of
1928-----1956
45
55%
69%
51%
65
55%
31
60
9%
17%
17%
7
A
Apr 15 1962 4
O
With declaration...—
External g 4%s
With declaration
{♦1st ser 5%8 of 1926
1940 A
{♦2d series sink fund 5%s._. 1940 A
O
O
Customs Admin 5%s 2d ser..1961 M S
5%s 1st series
1969 A O
5%s 2d series
1969 A O
-
52
59%
52%
60
*55
52%
60
*58%
67
*58
60
52%
59%
*58
70
52%
60
8%
27
56%
56%
....
....
....
90%
45
78
83
65
90%
76%
26
58%
67
J
8%
A
O
67%
65
67%
18
58%
67%
♦El Salvador 8s ctfs of dep
1948
♦Estonia (Republic of) 7s.—.1967
J
*8%
J
71 %
72
10
77
71%
71 %
72
Finland (Republic) ext 6s
With declaration
£
£
53%
53%
M N
65%
64
65%
J
;
3 71 %
7
7
7
3
19
■:% 3
77
47
*
5%
8%
5%
1945
12
15
-..1949
-
-
M
£
"82 ""
"82"
"88"" "~*6
*77%
"77%
"85"" """?
—
1955
j"j
With declaration
External 30-year s f 7s
1955
J
D
A
1950
"72% '"is
"o
With declaration.
♦Berlin (Germany) s f 6%s
72%
"72%
27
16
f 6s
26
43%
43%
43%
43%
93%
49%
48%
84%
8
15%
With declaration
""8%
"T%" :~2
"22""
"20%
"22" ""74
(J
18%
O
18%
17%
17%
D
19%
♦External sinking fund 63---1958 ID
With declaration
J D
♦Brazil (U 8 of) external 8s
♦External s f 6 Ms of 1926
1941
1957
A
A
f 6%s of
1927—1957
1952 J
8
75
91
90
75%
99
18%
92
18
19%
11
68
68
French Republic 7s stamped
With declaration...-
1949
7s unstamped.......
German Govt International—
Sinking fund gold 5a
20-year 8 f 6s
F
1950 J
D
♦Budapest (City of) 6s
1962 J
D
*63""
♦6%s of 1930 stamped
*6%
.....
Refunding s f 4%~4%s
External read] 4%-4%s
%-4%s.
M
f
M
6
1977
F A
.1976
A O
1976
M N
1975
1984 J
unstamped
7
7%
5%
6
"§%
9
*6%
1949
♦(Cons Agric Loan) 6%s
1958 J D
♦Greek Government s f ser 78—1964 ME N
26%
26
17%
15%
15%
22
18%
♦7s part paid....
♦Sink fund secured 6s
"
19
6
11%
5
8%
*58
7
1968
♦6s part paid
5
*9%
.....
"6%
V
"*8%
A
14
"
12 %
.....
"6%
1968
♦Haiti (Republic) s f 6s ser A..1952
♦Hamburg (State 6s)
——
57
70%
5
7
5%
68
68
56%
56%
38%
14%
25
...1946
66
22%
26
26
26
27
50
49%
52%
53
53
53
53
J
*6
7
4%
J
*6
6%
4%
6%
6%
♦Hungarian Land M Inst 7%s.l961 MN
*6
7%
6
6
*6
9%
With declaration.
♦Heidelberg (German) ext7%s 1950
Helslngfors (City) extl 6%s
J
1960 A
"30 "
J
O
With declaration
Hungarian Cons Municipal Loan
♦7 %s secured s f g
1945 J
51
52%
""52
45
52%
51%
52%
40
45%
52%
52%
52%
53
27
46
53
♦Sinking fund 7%s ser B
53%
52%
54
59
47
54
With declaration
37
38
8
32%
38
*5%
11%
J
9%
26%
18%
"52""
------
"1% ~14%
15
9%
1964
19%
85
93
67
German Prov & Communal Bks
„^
J
1967 J
f $ bonds
*55
94
6
7%
"O
26
(Prov of)—
1961
26%
63
*87"
5%
D
1965
68
With declaration
♦0s stamped
External s f 4%-4%s
87
D
1965 J
♦5%s unstamped
....
"7l""
27
26%
64%
♦5 %8 stamp(Canadtan nolder)'65
♦German Rep extl 7s stamped.. 1949 A
70
A
1958
7
51
8
9
1949
♦78
9%
'24
91
16%
52%
2
8
9%
51
52%
1957 M 8
,
58%
"56" '55"
♦Frankfort (City of) s f 6%s.„ 1953 MS
With declaration
26%
14
18%
1945 M
5%
♦7s (Central Ry)
Brisbane (City) s f 5s
52
♦Dresden (City) external 7s_—1945 MA'
76%
67
With declaration
With declaration
16
61
56%
58%
*57%
M 8
65
5%
Belgium 25-yr extl 6%s
57
55
Dominican Rep Oust Ad 5%s„1942
74%
1957
♦Bavaria (Free State) 6%s
Bulgaria
9%
9%
14
With declaration
s
*40
31%
38%
29%
33%
27%
52
J
1955 F
89
1957 M
External Bs of 1927
3% external
66
1942 J
With declaration..
External gold 5%s
76%
1955
♦Austrian (Govt) » f 7s
f 4
65
Denmark 20-year extl. 6s
67
1972
s
17%
90 %
8 f extl conv loan 4s Apr
Australia Com'wealth 6s
External
17%
8%
A
1972
Buenos Aires
8%
2
1952
F
1948
MA
1971
8 f extl conv loan 4s Feb
s
9%
1
8 f external 4 %s
♦External
1
17%
B
M A
8 f external 4 Ms
s
9%
9%
17%
17%
1958
Argentine (National Government)—
External
17%
17%
ser
27
♦External
♦External
17%
♦Sinking fund 8s
1947 F
1948 A
♦Gtd Blrik fund 6s
93 %
♦Czechoslovakia (Rep of) 8s_ —1951
Municipal
&
Govt.
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6a
92 %
♦7s secured
s
f g
1946 J
1961 MN
5
4%
Hungary 7%s ext at4%s to...1979
F
5
4%
11
A
23%
(Kingdom of)—
♦Secured
s
f 7s
♦Stabilization loan 7 Mis
Canada (Dom of) 30-yr 4s
6s
1968
1960
M A
A
O
1952 MN
10-year 2%s
25-year 3%s
7-year 2Kb.
30-year 3s
Aug. 15 1945 F
A
1961
J
J
1944
/
/
J
30-year 3s
102
102%
102%
s
f
1954
6s.-July 15 1960
♦6s July coupon on
1960
♦Farm Loan s f 6s...Oct 15 1960
♦6s Oct coupon
on
Chile (Rei)—Extl s f 7s
/
1950 M
I
For footnotes
44
89
97
92%
13
79%
92%
97%
97%
10
92
98
88%
89%
9
88%
88%
35
76%
76%
89%
89%
page
*5
*
7
9
8%
8%
25
9
9
Japanese Govt 30-yr s f 6%s
Extl sinking fund 5%s
With declaration
O
10
14%
4
O
17
45
46%
30%
29%
79%
35
70
36%
3%
19%
26%
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) s f 7s
1947 F
2
D
♦Medellln (Colombia) 6%s—.1954
Mendoza (Prov) 4s read]
1954
25
♦Mexico (US) extl 5s of 1899 £.1945 Q
1943 M N
8%
13%
♦AssertiDg 4s of 1904
♦Assenting 4a of 1910
1954 J
13%
{♦Treas 6s of '13 assent
1933
13%
12%
13%
56
9
8%
8
8%
72
—
6
6%
10
1
37%
8%
6%
8
61
9%
73
3%
6%
6%
—
33
6%
6%
6%
6%
6%
27
6
6%
126
3%
3%
3%
6%
6
6%
11
4%
D
15
10
28
"*6%
J
8
2
6%
1945 Q
13
6%
J
♦Assenting 5s of 1899
15
14
72
14%
13
37%
n
8%
14
14
*37%
9%
24
26%
26%
12%
15
6%
A
10%
15
"l*7%
36%
O
♦Lower Austria (Province) 7%s 1950 J
16%
*36%
37
8%
10
14%
J
1954 F A
1965 MN
9
A
1942 M N
1103.
♦Italian Cred Consortium 7s ser B'47 M
♦Italian Public Utility extl 7S..1952 J
Mexican Irrigation—
♦4 %s stamped assented
14
1960
I960
see
72
88% 101%
97
102%
97
J
♦7s aasf nted
1942 VI A
♦Externa] sinking fund 6s...1960 4 O
♦6s assented
2
1951 J
92
J
75
20
1960 M N
96%
£
65
22
*15
Irish Free State extl s f 5s
♦Italy (Kingdom of) extl 7s
97
"89""
76
21
8
7%
8
92%
1968 M A
♦Carlsbad (City) 8s
♦Cent Agric Bank (Ger) 7s
♦Farm Loan
101%
J
1967
100%
*74
D
6%
5
7%
1945
7" J
6%
6%
Volume
New York Bond
153
Friday
BONDS
N.
Y.
STOCK
EXCHANGE
Price
Foreign Govt. & Mun. (Concl.)
♦Milan (City. Italy) extl 6X8
1952
Mlnaa Geraes (State)—
♦Sec extl s f 6 Xa
1958
♦Sec extl
O
M P
High
15
11
15 X
No
15
11
25
M
«
11
11
14
J
D
♦45
59
1959
M N
49
50
"~2
14
10)4
1944
F
11
AO
With declaration
♦38
"34)4
35
45
...
r extl loan...
35
F
1963
45)4
A
With declaration
I
f 5s
1970
J
D
A
♦27%
With declaration
aa
108X
108X
11
314a debentures
19RR j
r>
aa
108%
108M
3s
1956 M S
aa
111
110
49
60
56)4
54)4
77 X
Am Type Founders cow deb. 1959 J
J
Am Wat Wka A Elee 6s ser A 1975 M N
75)4
Anaconda Cop Mln deb
4V4sl950
A
66
♦Anglo-Chilean Nitrate deb_. 1967
Jan
73
tAnn Arbor lat
61
Ark A Mem Br A Term 5a
19R4
70)4
Armour & Co
1955
F
A
40
37
1st s f 4s aer
1957 J
Atchison Top A Santa Fe—
General 4s
1995 A
O
47
Adjustment gold 4s
1995
Nov
x
bbb3
34)4
Stamped 4s
1995
MN
x
bbb3
40)4
31)4
Conv gold 4s of 1909
Conv 4s of 1905
1955
D x bbb2
1955
D
27)4
M 8
1965
28
48)4
1952
F
1953
M 8
Extl debt 5M»
1958
1955
A
♦Panama (Rep) extl s f 5a serA
1963
♦Stamped assented 5s
Stamp mot 3%a e t to
E t sec ref 3 X« ser B
•Pernambuco (State of) 7s
1963
1947
M
8
1959
M
5
1960
J
D
1961
A
O
1940
A
1958
A
28
O
32
30)4
W
♦Peru (Rep of) external 7a
♦Nat Loan extl 8 f 6s 1st aer
30
O
O
1994
f 6s 2d ser
...
J
1967
{♦Poland (Itep of) gold 6s
♦4 Ma assented.
♦Stabilisation toan s f 7s
D
With declaration
A
A
53)4
55)4
138
102 %
103 M
9
48
7)4
7)4
7)4
47
"~9
8%
0%
7M
7M
7M
6)4
6X
*7M
10
111
81
8~r
*5)4
7)4
J
1963
J
1961
j"
1966
J
..
26 M
43)4
27)4
Trans-Con Short L lat 4s. 1958 J
J
Cal-Arlz lat & ref 4Xs A..1962 M S
33
90)4
81
51
5854
102)4 104
9
6)4
8
6)4
6)4
♦Prussia (Free State) extl 6 Mb
1951
With declaration-....-...-..-*..
M
LAN coll gold 4s
Atl A Dan lat g 4a
8
Atlantic Refining deb 3a
7 54
4*4
10)4
8
13 M
13)4
8)4
4X
8)4
8)4
1959
M
S
1946
A
O
"iox
"16)4
"13
7)4
r
a
8)4
9)4
112
6)4
A
O
J
D
....1946
a f g
1968
♦7a extl loan of 1926............1966
♦7a municipal man......
..1967
.....
♦Rome (City) extl 6)4s
♦Saarbruecken (City) 6s
1952
19o.i
♦8s external..*....
J
D
♦10)4
O
/
♦7s extl water loan
*
12)4
13)4
J
32 X
34
J
J
A
O
1945
J
'
22
1982
extl..;
26)4
3)4
8)4
6 X
4
♦5)4
30 %
5
♦4)4
8)4
6X
3)4
6
6)4
6)4
20)4
68
5)4
3)4
6)4
13
26)4
61
30)4
71
30
*19)4
*31)4
A
*48
VN
30
18)4 25
37)4
39)4
*48
M N
"20)4
50)4
30
54
*48
55
59
48
"54)4
54)4
3)4s~4-4)4s (S bonds or *37)
D
A
*45 M
45 M
52
49 x
/
J
♦Venetian Prov Mtge Bank 7s..__. 1952
A
O
♦Vienna (City of) 6a
♦Warsaw (City) external 7a
♦4 Ms assented
*40)4
17)4
1952
M N
1958
F
P
A
39)4
35)4
35)4
41)4
36)4
17)4
45)4
52
A
1958
50X
*6X
With declaration.
43)4
17)4
4
...1961
50)4
44
45)4
52
44)4
28
12)4
2)4
5)4
4)4
3
OX
.......
Yokohama (Cltv) extl 68...*
6)4
4)4
4)4
J
D
*32
40
30
Friday
&
32
Range or
Sale
See a
Price
Adams Express coll tr g 4a—1948 M S
Coll trust 4a of 1907
1947 J D
10-year deb 4)48 stamped. 1946
cccl
bb
1
bb
1
bb
I
♦Adriatic Elec Co extl 7a
1952
Ala Gt Sou 1st cons A 5a
1943
aa
3
1943
aa
3
lat
cons
4a aeries B
Albany Perfor Wrap Pap 6a_1948
Friday's
Bid
A
6a with warr assented
1948
1st guar 3)4s
3 Ms registered
Coll A conv 58
♦5s stamped
Allegh A West 1st gu 4a
Allegh Val gen guar g 4a
1950
Asked
A
S
♦Alplne-Montan Steel 7s
1955 M S
Am A Foreign Pow deb 5s...2030 M S
78
bb
2
91
90
2
77)4
70 M
62
Toledo Cln Dlv ref 4a A..1959
J y b
J y bb
Bangor A Aroostook 1st 5s_.1943
Coo ref 4s..............*1951
4s
stamped
1951
y
Battle Cr A Stur lat gu 3a. *1989
Beech Creek ext 1st g 3XS--1951
x
x
aa
2
x
aa
2
Belvldere Del
cons
3 Ms
1959 F
♦Debsinking fund 6Ms
With declaration
A
*5
54
♦Debenture 6a
-.1956 AO
With declaration
♦Berlin Elec El A Undergr 6 Ms'50 A
Beth Steel 3 Mm conv debs
1952 A
...........
Cona mtge 3)48 aer F.....1959 J
53%
40%
46
33
47
32 M
285
14 X
34 X
111
50%
01%
43
60M
58)4
92M
49
51
2
50
86
18
84
49
13
43
31
43
55%
44%
48
50
86
83
iio'x
110 X
110
131M
131%
*103%
132 X
130
~~98X
98 X
~98%
8
z
15
25%
z
10 %
15M
z
17
z
x
bbb2
91%
77%
04%
a
2
106
103
107
2
103-"
103
103M
100
104)4
2
105M
105 %
105 %
J
x
aa
2
107X
x
bbb2
107X
*101X
102 % 106X
107% 109
y
bb
...1961
XIN y bb
A O y bb
J y
..I960
♦Inc mtge 4Mb ser A.July 1970 MN y
{♦Boston A N Y Air L 1st 4a. 1955 F A
Bklyn Edison cons M 3k£s._1966 l/N
Bklyn Union El 1st g 5s
1950 F A
z
3
bb 3
ccc2
x
bbbl
x
a
x
1950 ./
Debenture gold 5s
D y bb
modified
25
59
78
74 X
35 %
53
00%
104
18 X
19%
1
109M
14
110%
108%
93%
105%
104
104
108 X
110 M
109
mx
108X 113X
90
94%
105%
95 X
bbb2
x
aa
3
*113
111
x
aa
3
*110M
108)4 112)4
y
b
1
105%
103)4 107 X
z
40
cc
7%
6%
*75%
51%
O y bb
..1952
J y
1955
ccc2
1
1960 A O
y
O
x
a
1962 A
0
52
bb
1966 A
2
5s A
113
15
79 X
90 X
8
93 %
89 %
102 X
106
106
aa
mx
1956 F
A
101%
mx
x
aa
S
x
aa
J
x
J
x
bbb2
x
105"
J
x
aa
D
x
bbb2
83
J
x
bbb2
79 X
guar 4s_1949 J
J
z
b
1965 M S
x
a
03%
39
92
30
80%
78
33
9
105 M
83
38
50
mx
107%
103%
49%
100 X
76
110X
64X
92
101X 105 X
"5
69 X
64 X
84
41
53
79%
*44
102 X
52
46
79 X
4
104 X 108
99 X 103 X
53
49
"49
97X 100 X
{Central of Georgia Ry—
73
24
105
1
Cart A Adlr 1st gu gold 4s...1981 F
09
24
102%
110%
101M
"03'x
1944 J
04%
92 % 103 X
90 X 102 X
90 % 102 X
90
bbb2
46 X
94
93X 106 X
2
103 %
10 2%
110
2
10
21
105 %
106
62 %
aa
173
78 X
21
aa
♦Cent Branch U P 1st g 4a. ..1948 J
66
105 X 108 X
11
107 M
41X
79%
aa
86
5
102 %
105
x
97%
""8
79%
x
85 X
72 X
52
8X
7
79X
54X
104%
105%
105%
103%
101X
x
56
3X
66X
101%
O
Celanese Corp of America 3s. 1955 F
Celotex Corp deb 4%a w W..1947 J
4
mx
Coll trust gold 5a—Dec 1 1954 J
Collateral trust 4 %a
1960 J
Carolina Clinch A Ohio 4s
0%
79%
48
105
2
1946 M S
Coll trust 4 Ha
6s equip trust ctfa
3X
107X
A
M
40
8
107M
D
Sept 1951
66
7%
76
70
1955 J
Canadian Northern deb 6 X»-1946 J
1
Can Pac Ry 4% deb atk perpet..
41
40
7X
cc
"82
14
108 X
40
103 M
n
100 %
a
D y bb
z cccl
90%
D
49%
96M
A
z
ccc2
{♦Consol gold 5e
1945 MN
z
cccl
z
cc
1
14%
*3X
z
cc
1
3X
z
cccl
z
cc
"03%
100)4 104%
99)4 103
1st mtge 5s
♦Mobile Dlv 1st g 5s
C«Dt Illinois Light 3 Ms
{♦Cent New Engl 1st
gu
1946 J
J
1966 A O
4s..1961 J
J
14%
*14
-
88
97
31
*28
♦Ref A gen 5 X" series B—1959 A O
♦Ref A gen 5s series C
1959 A O
♦Chatt Dlv pur mon g 4s..1951 J D
104)4
106)4 108%
Nov 1945 F
x
102
01% "37 "52"
19
♦
A
1012,«104
25
65
Carriers A Gen Corp 5s w W..1950 MN y b
A y b
17)4
32X
52%
14%
28 X
55
4%
4%
IX
IX
5X
5X
16X
15X
97
7
5X
16
2
*13 %
14
x
aaa3
b
*111X
63X
112
z
16 X
5
5X
108X mx
56
65
Attention It directed to the column iocoroorated in
this tabulation pertaining to bank eligibility and rating of bonds.
21X
I07X 110X
9*4
x
z
♦Certificates of deposit
Bush Terminal 1st 4s
{♦Carolina Cent lat
75
(Interest
at 3% to 1946) due...-.1957 .4/N
{Burlington Cedar Rapid A Nor—
{♦1st A coll 5s
1934 A O
cons gu
90
75M
71 M
94
79 %
81 X
34 %
2
2
73
1
33%
19%
109%
*103%
bbb2
1st Hen A ref series B
1957 4/N
Buffalo Gen Elec 4%a B
1981 F A
Buff Nlag Elec 3X* series C.1967 ./ D
Buffalo Rochester A Pgh Ry—
99% 102
77%
89 M
"70 M
71M
34
aaa3
x
t/N
54%
73
101%
102)4
77%
*80%
*
cccl
J/N
80
""4
101
105%
3
3
g5a._ 1945
Stamped
105)4 107
a
1955
cons
15 X
17
106%
a
1944
1st M 5s series II
Bklyn Un Gas 1st
26 %
26 X
25 X
27
x
84
104%
102)4
106 X
100 X
27
x
79
101^32
"dox
106%
85
113X
137X
x
Blaw Knox 1st mtge 3 Ms
1950 F
Boston A Maine 1st 5s A C..1967 M
1st g 4Xs aeries JJ
1st mtge4s series RR
97
26 %
55
1905 F
78
104)4
108)4
101M
37 M
33
1960 F
Consol mtge 3s ser G
Conso! mtge 3Xs ser H
Big Sandy 1st mtge 4s
41
'""6
1012,h
*
100% 103%
100 X 107)4
108% 110%
106)4 107%
104 M
1
83
z
.
Guar gold 4 Ms
43% 57%
99)4 102)4
68
80
.
z
Guaranteed gold 5s...Oct 1969
Guaranteed gold 5s
1970
22
73%
65)4
49%
48
*
bbb3
Bell Telep of Pa 5a series B..1948
lat A ref 5s series C
1960
Since
"lO'liiji
b
00%
33)4
*46
Jan. 1
2
bbb2
J
48
b
y b
la
aa
Am Internal
75
85%
48%
J ,v b
S3
bbb2
*60
"I'lM
61X
04 K
44
aa
1
1
4
75)4
99%
103M 106)4
43 X
51
aa
1
b
34%
104M
*63%
bbb2
79
108 M
29
00 X
oix
51
x
108%
106)4
53)4
54%
78
2
7
41
44
x
20
*74
Amer IGChem codv 5)4s.._1949 M N
For footnotes see page 1103.
106)4
bbbl
a
38
31
99
51%
x
bb
1942 M S
Corp conv 5 Ms. 1949 J
*46)4
55
bbbl
64
29 X
99
51
1957
b
.1998
Allla-Chalmers Mfg conv 4s. 1952 M
*44
b
1949
Allied Stores Corp 4)4> debs. 1951 F
54)4
*101)4
*102)4
106)4
106)4
*15)4
*108)4
*106)4
cccl
1946 A O
1946 A O
Alleghany Corp coll trust 5s. 1944
Alb A Suaq
55
cccl
92 M
75
33
51%
Guaranteed gold 5a..July 1969
COMPANIES
D
68)4
4
31%
Guar gold 4)4s._June 15
Guaranteed gold 4%a
J
49
37
33
Canadian Nat gold 4 %a
RAILROAD and INDUSTRIAL
{{♦Abltlbl Pow A Pap lat 5a. 1953
70%
36
31%
Range
Week's
Last
Rating
Week Ended Aug. 22
77
33 M
1946) due. .1996 M S y ccc3
..Feb 1 1960 F A z cccl
Pgh L E A W Va 8ystcm—
Ref g 4s extended to. .1951 MN y bb 2
S'west Dt v lat M (lnt at 3 X %
to Jan 1 1947) due
J y b
1950
Canada Sou
Bank
Ellg
EXCHANGE
69
22
38%
Calif-Oregon Power 4s
BONDS
80 %
61)4
90%
33%
Coasolldated 5s.
STOCK
73 M
46
33
Bush Term Bldga 5a gu.
Y.
58
63
37%
to Sept 1
♦Conv due
57)4
32
With declaration
N.
80%
33 %
1st lien A ref 6s series A...1947
48X
VN
1
79
02 X
38 X
26)4
J
P
100)4
99)4 102)4
D y ccc3
22)4
26)4
M
J
101 %
97 M
(»nt at 1%
Sept 1 1946) due..2000 M S y ccc3
Ref A gen ser F (lnt at 1%
1
J
3)4-4 X-4'u extl conv
....1978
4-4)4-4M" extl readj...........1978
3 Ms extl readjustment
1984
"~2
D
to
63
4
50
111)4
111
73%
43 X
6)4
112M
109
111
100
101M
LOOM 102)4
47%
164
1952
M N
111
2
62)4
63
1971
external readjustment
11979
3X-4-4Xs ($ bonds of 1937)—
External converslon__:— .....1979
100
02 x
2
.....
1964
"l
112%
M
113%
111
33)4
a a a
*60""
f 6s
*111 %
"79"
95 M
98)4
103)4 105
53
a
A
a
U2M
111M
100
"79
i03X
no X
z
6)4
C
103 %
*110
83
x
A
A
*96 M
mx
64
x
P
F
101)4
34 %
1943
V
♦External
14)4
13)4
34
4)4
1961
97 M
63
Beneficial Indus Loan 2XS--1950
1955
6s:..—..........I960
11
33%
♦Berlin City El Co deb 6 Xa. 1951
With declaration
♦Slloslan Landowners Asan 6a......1947
a f
100%
100
03X
22)4
Sydney (City)
♦External
"99'x
33 X
22
XT N
♦Uruguay (Republic) extl 83......1946
97
2
22
D
_.....
O y bb
1654
D
Pow n f 5 Ms
6
D y ccc3
15)4
J
Elec
94%
100
A (Int at 1 %
1946) due... 1995 J
to Dec 1
16
/
With declaration....
2
2
6
1958
Tokyo City 5s loan of 1912—
External a f 5)4s guar
O y bb
11
..1958
f 5)4s
O y bb
..1948 A
12
....
of) extl 7a.....
♦4 Mb assented
July 1948 A
22)4
12)4
WN
88
99 M
99 X
104 X
55 x
63
22
99
22
JfN
1962
With declaration
8)4
90%
31
J
22
n
With declaration..........—
63
9)4
111)4
93M
90 X
Ref A gen aer
25)4
54 H
26
106 %
88 X
90 X
90
37
J y b
J y b
21)4
Tim
(Kingdom)—
♦8asecured extl........
Taiwan
2
13
105 M 106 %
90%
70%
2
21)4
D
3
22 X
S
J
1946
♦Sinking fund g 6 54s
M
1940
♦Saxon State Mtge Inst 78--,
s
14)4
2
l/N
1956
Serba c 'roats A Slovenes
31
J
11
32
22)4
61)4
14 %
10)4
11)4
15)4
22)4
"58)4
61)4
J
1968
—-
f 7m
(Prov
J
8)4
8
18 %
t
M N
7)4
60X
106 M
"90"
2
bbb2
105
4
bbb2
1st mtge g (lut at 4% to
Oct 1 1946) due July 1948 A
9)4
6
aa
J y b
1953 M S x aa
4s registered
27
8
x
x
1948 J
1st mtge gold 4s
72
15
11
17
1950
...
♦6a extl dollar loan.—
10)4
10)4
A
1962
♦6)4a extl secured s f
1957
{♦San Paulo 8s extl loan of 1921...1936
13
10)4
*10 M
f 4s,..1964
♦Sao Paulo (City of, Brazil) 8s
13
10)4
Vf v
59
20
Rio Grande do Sul (State of)—
99
64
Stamped modified bonds—
9)4
1
9
110M
35
98% 100%
Baltimore A Ohio RR~
10)4
..—1953
72
106M
110
aaal
x
Ref A gen aer
♦Rio de Janeiro (City of) 8a
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72
105M
110
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x
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49
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2
J
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72
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1947
99
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106X 109%
112M
101 % 108
107% 111
102 M 106
110
60
106
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27
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J
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n
8
1945
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6
10
J
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1946
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lat 30-year 5a aeries B
1944
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....1950
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1956
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1961 A O
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s
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1957
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Railroad &
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Friday's
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51
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A
1943
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Municipal Bank extl
Price
Range or
Sale
See a
54
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a
30
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51)4
P
Apr 1958
Norway 20-year extl 6s
4a
8
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STOCK EXCHANGE
Week Ended Aug. 22
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s
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__
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1959
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or
1952
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---
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stpd Fed lnc tax 198
registered
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198
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31
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*
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11
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71
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12
{♦Des Plains Val 1st gu 4Ms. 1947
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.1965
Elgin Jollet A East Ry 3%s. 1970
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m
^
16
19
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29%
15
22
18
30%
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10%
36
mm
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20
cccl
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33
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I
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153
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73
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53%
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15
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22%
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14
mmm
70
54%
98% 104
95%
98%
43%
9%
22%
107% 110%
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27%
109
7
J
D
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1993
-.1993
bbb2
J
108
111
110%
113%
89
98%
98%
3s—-.1970
eveland & Pittsburgh RR—
Gen 4%s series B
—1942
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1942
Series A 4%s guar
1942
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1948
Series D 3%b guar--.
1950
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—1977
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eve Short Line 1st gu 4%s.l961
eve Union Term gu 5%s._1972
1st s f 5s Berles B guar—-1973
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-.1977
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——1970
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J
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54%
55%
75%
*86
53 M
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55
75
75
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2
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85
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58
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2
109
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80
79
104% 109%
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72
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2
1
2
22
x
bbb2
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bbb2
103 H
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104
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4
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122
104
103%
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z
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20
113
...
109%
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:
mmmmm
mm
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103% 106%
77
85%
13
26
103% 106
103% 106
103% 105%
114% 114%
104% 109%
113
113%
>nn
debentures.—
..1946
debentures———1948
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1956
3 M« debentures
1958
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272
109%
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1996 J
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1996 J
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91
106
80%
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57
35
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56
2
42
60
52%
29
36
52%
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36
65%
55%
53%
34%
34%
mmm
m
i
m
84
mmm
38
*52
bbb3
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101%
103% 106%
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52%
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56%
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101
101
122
16%
109
16%
4
101
101
81%
49%
82%
129
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2
82%
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105
49%
94%
94%
94%
11
82%
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♦N Y& Erie RR ext 1st 4s. 1947 MN
1938 M S
♦3d mtge 4Ms.——
x
a
a
x
102%
83%
54
99
103
101
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118%
103
1
1956 J D
10
117
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116
116
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108
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—
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102
8
106
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27
19%
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mm
103%
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1
{♦Erie RR 1st cons g 4s prior 1996
102% 107%
7
m
97
103%
2
1965 A
stamped
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4
34
106%
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.
3
1965 A
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47
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3
—
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1950 J
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6%
112
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-
.
111%
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a
Federal Lt A Trac 6s ser B—1954 J D ybb
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2
306
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3
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101
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104% 107
100
102%
97% 98%
43
49%
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55
1
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50
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71
1974 M 8
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4
106%
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106
2
♦Certificates of deposit.
J
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....
8%
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30
9
19
2%
2%
60
6%
2
2%
2%
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z
MN y ccc3
5
60
1%
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1
39
1945
{♦Sinking fund deb 6MS--1940
10%
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3
60%
-
mm
m
n
104%
106%
38
106%
12
108%
18
12
x
J
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Gen Steel Cast 5 Ms w w
.1948
1949
{♦Georgia A Ala Ry 5s.Oct 11945
{{♦Ga Caro A Nor 1st ext 6s. 1934
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1
10
15
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21
33
106
13
69
1
69
2
39
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51
18
2
36
rnmmm
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15
*
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m
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m
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95
15
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93%
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121
11
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Gas A El of Berg Co cons g 5s 1949 J
♦Gen Elec (Germany) 7s
104% 107
*100
Grays Point Term 1st gu 5s—1947
Gt Cons El Pow (Japan) 78-1944
1st A gen s f 6 Ms
J
69
81%
95
100%
95
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„
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m
m
96
59%
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54
With declaration
Great Northern 4Mb ser A—1961 J
General 5 Ms series B—1952 J
J
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J
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a
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3
107%
104%
13
83
100
104
95
80%
82%
30
80
99%
87%
62%
62%
7
62%
64
10%
104%
104%
14
x
bbb3
100
98%
100
21
x
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90
91
J
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88%
89%
88%
J
J
x
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100%
J
J
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bbb3
97%
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Gen mtge 3%s series I
.1967 J
Feb ybb 1
♦Green Bay A West deb ctfs A
80%
♦Debentures ctfs B__
Feb
z
mi i
0 ybb
3
ser B 1975 J
♦Gen mtge lnc 5s ser A—2015 J
Gulf A Ship Island RR—
1st A ref Term M 5s stpd—1952 J
J ybb
1
x
bbb2
x
a
107% 110%
109% 111
♦Harpen Mining 6s.
—1949 J J
J
Hocking Val 1st cons g 4 Ms. 1999 J
Hoe (R) A Co 1st mtge
1944 A O
{{♦Housatonic Ry cons g 58.1937 MiV
Houston Oil 4Mb debs
1954 MN
105%
78
5
89
4
87
93
88%
3
79
90
71%
3
62
73%
"47"
47
47%
27
36
50
89
90%
9%
*91%
J y ccc2
0
.
88%
71%
2
J y b
Gulf Mobile A Ohio 4s
3
891
9%
3
0 ybb
90
*88%
cccl
Gulf Mob A Nor 1st 5 Ms B—1950 A
1st mtge 5s series C
..1950 A
_
46
100% *402
97%
98%
bbb3
J
J
1973 J
General 4 Ms series D
1976
General 4Ms series E
-1977
General mtge 4s series G—1946
Gen mtge 4s series H
1946
80
105% 109
103% 108%
97% 104%
89%
95%
88% 95%
J
General 5s series C.
73%
61%
46
.1950 J
Gulf States Utll 3 Ms ser D—1969 MN
104"
104
104%
"l6
10%
103% 105%
z
34%
101
101
119
——
m
109%
x
27
*110
J06%
2%
16
3%
7%
72%
77
108% 112
109
112%
223
5%
111%
111%
2
x
15%
108%
1
6
*81
1
A
1%
5%
is%
106
20
1%
14%
^
2
M
m
1
2
2
2
m
108
108
-
aa
Gulf States Steel
1st mtge
16%
57%
Commercial Mackay Corp—
57 H
15%
mm
108%
107% 107%
mm
85
bbb2
103U
108
m
107%
1(]R7A
109
2
10RU
2
F
16%
23
106
*105%
'
m
107
107
m
104% 106
m
113
*75%
y bb
1
4%s series E—1977
J
J ybb 2
Cln Wab & M Dlv 1st 4s.. 1991
MN y bb 2
St L Dlv 1st coll tr g 48—1990
Ref A lmpt
cccl
mm
bbb2
With declaration
x
z
x
♦20-year
D
16%
J
x
111%
Ry
J
7%
/
mm
rnmmmmi
m
"61%
106% 109%
89%
94
54%
592
♦Ernesto Breda 7s
15%
2%
110%
*95%
54
103% 109
46% 57%
105
108%
103% 106
16%
x
♦|Ref A lmpt 6s of 1927.. 1967
♦iRef & lmpt 5s of 1930- 1975
lst cons M 4Mb ser A w 1. 1957
78
"51%
M S
tmtge3%s.
7%
%
31
J
VT
7%
73%
51%
67%
......
m
mrn
mmrnmm
1
m
14%
2%
14%
*72
14%
11%
m
13%
12%
20%
20%
2%
24
mm
-
«
21%
49
mrn
18
15
East Ry Minn Nor Dlv 1st 4s 1948 AO
East T Va A Ga Dlv 1st 5s.. 1956 MN
J
Ed El III (N Y) 1st cons g 5s. 1995 J
5s
28%
38 M
~~78
22%
20%
mimmm
2
m
24
*20
mimim~
i'm i
-
2%
2
*43%
1
1
13
mmirn
107%
16%
J
27%
28% !
29
28
m
2
{{♦Dul Son Shore & Atl g 5s. 1937
J
Duquesne Light 1st M 3 Ms--1965
29
-
m
22
cccl
m
3
m
mm.
aa
aa
91
-
z
0
4 M8-1961
2%s.—1950
Dul Miss & Ir Range Ry 3 Ms 1962
28%
28%
"54"
-
x
A
27
"28%
2
99%
-
99%
107%
2
mi
*
2
20
-
99
J
aa
14
-
15
96
*18%
"99"
J
x
29
cc
21%
19%
21%
1
S
28%
27%
z
16%
2
M
16
-
18
21%
2
Dow Chemical deb
z
D ybb
D ybb
15%
aa
Detroit Term A Tunnel
z
J
2
aa
42
z
c
MN z c
z
19
x
bbb2
D
MN
24
16
x
x
28
27%
13M
14M
16%
4
J
MN
28
27%
1
6
21%
18%
20%
21%
ccc2
14%
cc
21%
J
z
15
z
25
21%
J
D y b
'mmimm
cccl
rnmmm
D
16
27 M
------
mmmimm
1
J
3%
cccl
cc
J
12%
z
z
42
1
M
23
20%
16%
21
1
41%
41%
4%
cccl
cc
28%
137
z
D
z
29%
MiV
O
G.196S
268
J
14%
16
J
►Denv A R G W gen
11%
2%
"22
15%
41
F
1931
5s.Aug 1951
2%
cccl
8
19%
24%
A
j*Consol gold 4Mb
10%
z
21%
18%
J
4 Ms—1971
2%
J
21
'
-
11 H
A z cccl
97% 102
92%
99
24
1
6
MN
F
1
J
1st A ref 4Mb
1
2
97%
aaa2
2
-«Wmii
D
x
42%
-J
rnmmm
J
30%
"29
J
30
J
4%s series D.
For footnotes see page
D
41%
J
General g 4s——
J
I
37
29
1
hvw-----
General 5s series B-
24
2
38
cccl
D ybb
M S ybb
Cln Chic & St Louis
101%
cc
42
cccl
J
eve
101
39%
39 M
m
z
J
June 15
iuuiiww
101
a
41%
m. m
m
z
M S
-*
4%8——
----I960
St L & New Orleans 5s. 1951
wen*-
2
z
41%
J
e
Conv g
ot
a
X
42
i
»
MJV
A
it A ref M
x
0
♦Deposit receipts...——
41 Vn
z
J
107
0
J
41
41%
-
41M
MJV
....
cago
111%
104
A
rnmmm
30%
30%
J
registered--.
UUUUWI
107
23
•
26
40%
40 M
MiV
Jold 3 %s
11
106%
♦Deposit receipts
series B extended to 1946 J
72
69
J
♦ncuuicu
14
110%
106%
J
31%
12%
-
10%
J
4s
107%
110
106%
z
1952
♦Deposit receipts...——
extended to 1946
35
J
C iv 1 OC raw
107
110
1
♦7 Ms series A
34%
*
ccc2
J
F
►Chicago Railways
107%
2
aa
♦Cuba RR 1st 5s g
40%
20
......
ccc2
J
4s
2
aa
x
J
Gen A ref mtge 3 Ms ser
J
3 His
aa
x
D
MN
Ms
3%s
3%s..
72
32
10 M
mi.
2
J
g
x
MN
J
"ilOM
J
64
34
J0M
10 M
1
21
108%
107% 111
108% 111%
105% 109%
2
109% 116%
5
*27 M
ccc2
MN
66
*31 M
ccc2
106
3
110%
27%
84%
MN y bb
♦29M
ccc2
J
65
37
3
1
306%
110%
110%
2
Del Power A Light 1st
J ybb
J y b
27
18
110%
2
♦Deposit receipts
30%
x
♦
22
75%
1
82
106%
aa
aa
88
30%
A
B—May IS
registered
82
aa
80
73H
17%
25%
25%
*24
ccc2
x
♦6s
1
*24
cccl
z
High
102% 106 %
18
27%
14
88%
70%
78%
J
3 %s
cccl
z
x
1970
1966
——1969
Continental Oil conv 2%s—1948
Crane Co 2Mb s f debs—
1950
Crucible Steel 3 Ms s f debs—1955
♦Cuba Nor Ry 1st 5 Ms
-1942
97
76%
"76 M
IJ
♦ General
z
J
93%
93
77 M
50-year 4s..l£
♦General 4s
J
J
8
'
25
25
....
NO. Low
mm
305
104%
......
J
Curtis Publishing Co 3s deb.1955 A
29
a..-'-
2
J
—
on
cccl
x
1st mtge
Milwaukee A St Paul—
auj
bbb2
MN
100%
95
2
a
J
»«.;onv
x
z
1st mtge
18%
94%
93%
95
2
a
►J
Chicago A
z
J
Since
15
-
MN
1st mtge 3%s-.
■mm mmm
29 M
93
a
x
'J
♦1st A gen 6s ser
J
Range
Jan. 1
High
*
MJV
May 1 1965
1007
1st mtge 3 Ms
120 % 122%
119 %
89 H
x
J
Chic
J
♦Debenture 4s
—1955 J
♦Debenture 4s.—
—.1956 /
Consolidation Coal s f 5s—1960 J
Consumers Power Co—
76%
75%
58%
79%
91%
112
mm
8%
x
J
ihlo Ind & Sou
mm mm
10
F
111 RR—
wvi#w
m
m
17%
MN
wu
m
119
F
—
%s series B
1st A ref 5s series A
mm
mm
17
—
1st A ref 4
mm
17
M S
4s—
registered
jlbv
{♦Consol Ry non-conv deb 4s 1954
19
J
1951 J D
Consol Oil conv deb 3M«—
19%
128% 134
102% 106
102% 105%
9
104%
mmrnrnrn
♦102
CCC2
IJ
-▼
of
105% 107
103% 104%
33
104%
■'imrnrnm
aaa2
O
132%
*121
aaa2
J
A
■V; 6
-----
131M
x
17
107
106 %
M S
IF
Chicago A Eastern
63%
42%
51%
82%
m
57
86%
♦104
MN
General 4s.—
19%
Work.
Upper Wuertemberg 7s. 1956
'S
Asked
A
Low
Railroad & Indus. Cos. (Cont.)
1st mtge 3
of Ga 6s
8 f deb 4%s
4b
65%
bid
Price
a
«5<§
Friday's
Sale
Rating
See
Range or
Last
Elig. A
♦Consolidated Hydro-Elec
106% 109%
25
71
IF A yb
MN y b
Certaln-teed Prod 5%s A..
Champion Paper A Fibre—
Sf deb 4%s (1935 issue)-
Illinois Division
mmmm
72
71M
11%
11%
12%
24
1
22
13
51
mmmmm
108 M
.mmm
A y bbbl
O y bbbl
A
**.
Guaranteed g 5s—----Central RR A Bkg
A
50
.
High
No. Low
18%
17%
17%
16 %
cccl
X
M
Jan
Inter st Period
STOCK EXCHANGE
Week Ended Aug. 22
N. Y.
Since
•r"
Hioa
BONDS
Range
■3„
Is
Asked
A
17M
•16 H
17
F
j
18 H
cccl
z
—.198.
198 <
registered
Bid
Low
(CM1.)
{♦Central of N J gen g 6s—.198,
6s registered——
198i
♦General 4s
K
1941
Week's
Friday
Bank
Batik
Elig. A
Rating
£
BONDS
N. y. STOCK EXCHANGE
Week Ended Aug. 22
4s
Aug. 23,
New York Bond Record—Continued—Page 3
1100
119
109% 109%
108% 110%
103% 105%
104% 107%
103% 107%
106% 109%
s
f 4Ms——1961 A
x
aaa3
z
bb
b
1
y
bb
2
Febl957 A
0
131%
z
cccl
13l"%
112%
....
132" "l5
97
_
103%
38%
98
4
63
2
z
Hudson Coal 1st 8 f 5s ser A.1962 J D y cc 2
Hudson Co Gas 1st g 5s
—1949 MiV x aaa3
Hudson A Manhat 1st 5s A—1957 F A y b
3
♦Ad) Income 5s
*111%
2
63
6
103%
37%
123%
"43"
11%
41%
10%
103%
38%
123%
4
31
4
108% 111%
127% 132%
85% 99%
56
65%
101% 103%
26%
39%
121% 127
43
71
41%
11%
80
9%
t
Attention is directed to the column Incorporated in this tabulation pertaining to bank eligibility and rating
of bonds. See A.
48%
13%
Volume
New York Bond Record—Continued-Page
153
Bank
BONDS
N.
y.
STOCK
Elig. &
EXCHANGE
Week Ended Aug. 22
Railroad &
Friday
®a.
See
Last
Price
a
Indus. Cos. (Com.)
Illinois Bell Telep 2%s ser A. 1981
Illinois Central RR—
4s registered
x
aaa3
J
X
bbb3
1951 J
..
J
1951 J
1st gold 4s..
J
x
103%
103%
Gold
3S..1951
ybb
3HS——..^-.-1951
ybb
Western Lines 1st g 4s—.1951
y
97
88
90
91%
89%
89
89%
93%
93%
*30
70
43
44
.
42%
19
42%
43
42
42
42%
3*"" "48%
77
43%
43
39
4
26
6
78
82%
62
1
59%
64
58
61%
43%
43%
47
49
48%
46
51%
50
44
51%
V
.
*60
2
2
:
"
*58%
ybb
Joint 1st ref 5s series A...1963
bb
46 M
bb
41%
41%
95
1963
1948
1950
{♦Ind & Louisville 1st gu 4s.1956
Ind Union Ry 3%s series B.1986
Inland Steel 1st mtge 3s ser F1961
Inspiration Cons Copper 4s. 1952
*58
"60"" "65"
60%
bbbl
cccl
M S
A
aa
3
24
24%
aaa2
O
106"
{♦Int-Grt Nor 1st 6s ser A..1952
cccl
1956
♦1st 5s series B—
♦1st g 5s series C
Internat Hydro El deb
1956
6s...1944
Internat Paper 5s ser
A & B.1947
1st lien A ref 6 %s——1947
1%
15%
16
75
8%
18%
16%
37%
15%
80%
91%
80%
2
91%
6
40%
40%
44%
151
44
1
*1
1
54%
2
98%
J
X
a
x
{{♦K C Ft S & M Ry ref g 4s 1936 A
z
O
1st gold 3s....1950 A O
J
Ref & lmpt 5s
Apr 1950 J
Kansas City Term 1st 4s
1960 / J
Karstadt (Rudolph) Inc—
♦Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943 MJV
♦Ctfs with warr (par $925) 1943
b
I
b
1
X
bbb2
67%
2
71%
y bb
X
92%
19
8
102% 105
101% 105%
81
76%
83%
91%
30% 47
49
32%
1%
6
52
6
98%
95%
17
32%
49%
45
15
32
48%
67%
12
63%
71
72%
15
69
69
75%
109%
9
108%
107% 109%
18%
z
X
a
1
Stamped...—.;-———-1961
X
X
*109%
*25
bbb2
Plain——1961
bbb2
Jack Lans & Sag
1st gold 3%s
3%s....l951
M
{{♦Mid of N J 1st ext 5s
1940
{{♦Mil & No 1st ext 4%s___1939
z
112
109% 110%
60
*82%
"77% "82%
85
*89
5
92
88
92%
81%
86
{{♦MStP&SSM
con g
69
5s
cons
3
♦25-year
1949
5%s____
Mo Kan & Tex 1st gold 4s... 1990
Missouri-Kansas-Texas
Prlor lleD 5s
ser
a
S
2
ccc2
X
bbb2
X
a
3
X
a
1
*107%
112
106%
107
104%
104%
107
*1%
1%
cc
12%
12%
z
cc
12
12
z
c
M S
z
c
J
Leh Val Harbor Term gu
1
J y bb
J y b
r66
cc
2
z
cc
1
z
cccl
z
A
cc
y
95
♦1st & ref 5s series F
J
D
x
bbb2
/
D
x
bbb2
Dec y cc
97%
21
1978 MN
z
♦Certificates of deposit
♦Conv gold 5 %8
1949 AfN z
A O z
♦1st & ref g 5s series H
1980
|z
♦Certificates of deposit——
♦1st & ref 5s series I—
1981 F As
--lz
♦Certificates of deposit
MN
{♦Mo Pac 3d 7s ext at 4% July *38
Moh'k <fc Malone 1st gu g 4s. 1991 M S
4
1st mtge
F
z
0\y
1965
D
z
9%
57
3%
44
16
19
cccl
27%
27%
26%
28%
109
20
25%
27%
9
1%
7
28%
54
cccl
cccl
cccl
1
"27%
27%
cccl
cccl
""20%
1
3
26%
26%
*84%
1
172
27
25%
cccl
bb
19%
14
88%
....
28%
28
2%
28%
27%
29%
28%
%
1%
19%
29%
29%
28%
20
20
*27
19
28
79%
89
53
57
278
f 5s series B...1955
2
2
73
72%
96
Morris & Essex 1st gu 3%s._2000
S y b
z
*44
b
z
2
b
z
75%
b
z
*63%
68
35
61
35%
67
*53
65
32
57%
57
60
49%
51
109%
uo%
27
2
112%
106%
113
20
110% 113
3
07
37
102% 107
85
62%
50%
52
cc
"34""
*32
"37%
O y bb
D
O
z
Long IslaDd unified 4s.—.. 1949 M 8
Guar ref gold 4s
1949 M S
x
Af S
x
National Steel 1st mtge 38—1965
A
O
x
aa
T
D
x
a
bbb3
A
O
x
aaa2
1951 F
A
x
aa
53
X*
20
34%
31%
36%
33%
107
1
118%
2
118% 123
125%
4
124
131
101
1
95
103
104%
10
7
104" 105""
104%
17%
"99""
"99"
3
30%
93
99
96%
97
18
95%
96%
28
95%
96%
38
95%
118%
3
"95%
118
2
*124
J xbbb2
Louisiana & Ark 1st 5s ser A. 1969 J
Louisville Gas & Elec 3%s—1966 M S x aa 2
85%
106%
2
106%
"9
19
*107%
118
98%
99%
99%
122%
123
125
86
95%
128
88
82%
106% 110%
107% 109%
Louisville & Nashville RR—
bbb3
1st & ref 5s series B.__
2003
x
1st & ref 4
2003
x
bbb3
x
bbb3
104
103%
104
14
96%
96%
98
44
91%
91%
91%
1
87%
104%
8
107%
*106%
107%
10
*
"86"
O x bbb3
a
3
Jx a
3
A x bbb2
3
43
37
43%
42%
40
36
44
37%
37%
37%
34
30%
109%
115%
109%
115%
109%
32
115%
6
115
67%
105%
"54
102
103%
42
103
*66%
103%
104%
*105%
tfN y b
3
r
D x aaa3
i
J
z
bb
J
z
bb
x
aa
2
If N
x
aa
P
"
O
J
~
-
125%
J
107%
25%
75%
72
124
60
7
123%
8
126%
80
*75
117
105%
105%
101% 106%
103% 106%
82% 88%
120
f
57
107%
a
-
59
123%
J y bb
x
-
122
57
A y bb
A
2
-
*57%
*120
....
66
105%
89
1
ID
*
1
i
105%
105%
39
107% 110%
....
60%
60%
127%
123% 131%
45%
122
70
107
108
4
75%
75
109%
67
80
N O & N E 1st ref &imp
J y bb
4%s A'52
1st A ref 5s series B.,
3
J
4s. 1953
♦Certificates of deposit——.
x
bbb2
Ozb
--
...
z
"73%
1
74%
106%
9
106%
7
b
*33%
1954 A Ozb
♦1st 5s series B
♦Certificates of deposit
..
♦Certificates of deposit
65
74%
.
105% 106%
105% 106%
68
76
36
30
39
35
30
37
18
74
48
34
46%
35%
46%
48
32
45
32%
33%
44%
7
42
*
zb
34%
47
42%
42
b
*
^
♦1st 4%s series D
..1956
♦Certificates of deposit
♦1st 5%s series A
♦Certificates of deposit
z
A z b
.....1956
♦1st 5s series C
5
74%
106%
106%
72%
*35
106%
A
z
b
z
F
b
"40"
40
~42%
40
1
42
Ozb
Newport & Cincinnati Bdge Co—
Gen gtd 4%s.
—1945
J
1
z
1954
b
1
40
x
aa
2
*109
J
"42%
""5
42%
*
7
.....
....
44
47%
32
40
32
46
107
110
*100
bbb3
x
2
42%
3
{♦New England RR guar 5s. 194
♦Consol guar 4s..
194.
New Eng Tel & Tel 5s A
195:
1st g 4%s series B—__—196!
N J Junction RR guar 1st 4s.l98f
N J Pow & Light 1st 4%s—1960
New Orl Great Nor 5s A
1983
*38% *38%
"65"*
3
3%s
——1954
{♦Naugatuck RR 1st g 4s... 195
Newark Consol Gas cons 5s. 194
Natl Supply
39
41%
bbb2
New Orleans Term 1st gu
16%
14%
101
bbb2
x
1949 M 8
5 x a
Nat Distillers Prod 3%s
2
43
z
x
a
23
125%
125%
ybb 2
4%s.. 1952
Little Miami gen 4s ser A
1962 M N x aaa2
2
Loew's Inc a f deb 3%s
1946 F A X a
x aa
x
Ox bbb2
106%
116%
2
D
debs.-1960
1949
50
39
41%
A..1978 F A ybb 2
J
39
42%
Dlx bbb2
118%
56
116%
Lion Oil Ref conv deb
bb
Nash Chatt & St L 4s ser
J
1
....
*47%
1955
"57
48%
66
85%
19% 39
48% 58%
115% 120
104% 107%
55
a
48%
"48%
70
42
New Orl Pub Ser 1st 5s ser A. 1952
34
37%
70
y
27
186
1
....
82% 102%
43
50%
"34% "70
36%
55
aaa3
32%
106%
x
*47%
Constr M 5s series A.....1955 MN y ccc2
MN y ccc2
Constr M
{{♦N O Tex <fc Mex n-c inc 5s 1935
30%
*30%
33%
cc
z
51
31%
cc
z
49%
33
85%
bb
z
65
73%
57"
b
A y
100
*53
b
z
52%
36%
37%
*53
b
z
68
*63%
b
z
33%
79%
76%
98%
80
*93%
b
z
77%
108% 111%
3
y
36
96%
48%
77%
103% 104%
a
y
25%
62%
60%
93%
73
96
28
y
89%
bbb3
x
104%
a
2
f 5s series A...1955
s
82
29%
11
bb
y b
Montreal Tram 1st & ref 5S..1941
55%
55
2
s
84
29%
aaa3
8%
25
y bb
Gen & ref s f 4%s series C.1955
Gen & ref s f 5s series D—1955
90%
J y bb
x
1103
28%
8%
103%
Gen & ref
86%
J y bb
X
nave
32%
27%
11%
25
bb
z
99
90%
xbbb3
3s...1980
11
79
A
O
.1960
4%s
68 debentures..
Montana Power 1st & ref 3%s '66
Nat Dairy Prod 3%s
Liggett & Myers Tobacco 78.1944
5s debenture
1951
8t Louis Dlv 2d gold
38
23%
cccl
♦Certificates of deposit
92%
*84%
2
Libby McNeil & Libby 4s.. 1955
Paducah & Mem Dlv 4s..l946
23
22%
19%
90%
95
91%
1960
21%
23
354
aaa2
x
Unif mtge 4s ser B ext
28
25%
a
J
40%
12%
36%'
26%
26
X
2003
24%
33%
19%
19%
1%
X
1st & ref 3%s series E
2003
Unlf mtge 3Ms ser A ext..1950
62
123
33%
1
D
bbb2
Lex & East 1st 50-yr 5s gu._1965
1st & ref 48 series D
2
90
120
Mutual Fuel Gas 1st gu 5s. 1947 MN
x
J ybb
Lehigh Valley N Y 4%s ext.. 1950 J
Lehigh Valley RR—
4s stamped modified.....2003 AfN z cc
z cc
4s registered
2003
%s series C
5%
77%
86
2%
27%
90
Lou & Jeff Bridge Co gu 4s._1945 M S
13%
13%
69%
25%
90
1944
2
13%
53
r66
27
4%s series B...1965
Mountain States T & T 3%s.l968
Lorillard (P) Co deb 7s
5s debenture
1%
%
25%
2%
81
4s stamped
2
8%
25%
50
♦Long Dock Co 3J*8 ext to..1950 A
15
26%
39
1952 J
1
48
....
8%
7%
'"2%
81
Lombard Elec 7s series A
r65%
cccl
1975 Af S z cc 1
1977 Af Sz cccl
77
1951 A
3
21%
y
O
81
Leh Val Term Ry ext 5s
10%
26%
y cc
ccc2
4%s stamped modified...2003 Af N
2003
4%s registered
5s stamped modified.....2003 AfN
%
1
*84
D y ccc2
74
F~
12%
4%
*4%
56%
57%
1
J
53
z
49
1943
5s..1954
1%
12%
12%
J
28
1
bb
....1974
26%
36
6%
11%
J
04
*97%
96%
1964 FA zb
♦6s stamped
65%
37%
15
12
5
J
-1942 F A
♦5s stamped...
107%
47%
59%
26%
25
38
11%
90
bb
A
♦Sec 6% notes extended to 1943
8
2%
1%
cc
85
A
F
Fa
....
9
z
74
1974
28%
2%
%
84%
f 5s...
103
25
*1
79
1964
14
36
.....
70
99%
70%
64
....
*
c
79%
F
1954
6%
30
95%
4
65
"~0"
c
68
♦5s stamped;
"l7
67%
107%
44%
*61%
*35%
24%
"25"
ccc2
83%
73%
♦5s stamped
106%
*
1
83%
♦1st & ref S f 53
3%
30
67
96%
J
1965 F
♦Certificates of deposit
4s
♦General
Monogahela Ry 3%s ser B..1966
bbbl
♦1st Aref sf 5s-.——1954 FA
70
54
Monongahela W Penn Pub Ser
bbbl
M
107%
cccl
b
.
179
z
O
——
75
96
O
40-year 4s series B__
1962
Prior lien 4%s series D...1978
♦Cum adjust 5s ser A .Jan 1967
108%
108%
107%
105%
z
A
*63
67%
D
1962
161
O
J
5%
105% 107
109% 112%
RR-
A
106%
106%
104%
102%
O
J
2
69
2
ccc2
1975
Lehigh Coal & Nav s f 4%s A 1954
Cons sink fund 4%s ser C.1954
Lehigh & New Eng RR 4s A. 1965
Lehigh & N Y 1st gu g 4s—1945
Lehigh Valley Coal Co—
♦5s stamped—#-1944
4
112
*4%
b
J
♦1st & ref 5%s series B...1978 J
{♦Mo-Ill RR 1st 5s series A.1959 J
*106%
A
J
7
——
1942 F A
♦1st mtge Income reg
For foe notes
79%
2
A
4s int gu '38 J
.1938 J
*168
Lautaro Nitrate Co Ltd—
s
85
*107%
111%
bbb3
♦let & ref gold 4s
1949 M S
♦Ref <fc ext 50-yr 5s ser A..1962 Q Fz
aaa3
Lake Erie <fe Western RR—
♦1st & ref
98
73
cccl
bbb2
A
J
44
31%
77
76%
dddl
bb
J
Gen & ref
to—..1947
Lake Sh & Mich Sou g 3%s.. 1997
3%s registered1997
86%
25
73
98
85
84%
6s extended at 3%
45
98
{♦Minn & St Louis 5s ctfs... 1934 MN
X
z
Coil tr 6s series B
28
81%
44
--
86
cccl
X
Af S
Coll tr 6s series A-...
40
....
78%
♦{Con ext 4%s._—
1939 J D
{♦Mil Spar & N W 1st gu 4s. 1947 M S
J
{ {♦Milw & State Line 1st 3 %s.'41 J
*82
X
5s 1939
1942
Coll & ref 5%s series C...1953
Coll & ref 5%s series D—1960
*16
x
......1952 MN
Ref & lmpt 4 %s series C—1979 J
Michigan Codso! Gas 4s
1963 M
bbb2
4%s unguaranteed
1961
Kings County El L & P 6s...1997
Kings Co Lighting 1st 5s—1954
1st & ref6Hs
1954
M 8
Koppers Co 1st mtge 3%s._1961
Kresge Foundation 3% notes 1950 AT S
I ♦Laclede Gas Lt ref & ext
Ref & ext mtge 5s
70
Michigan Central—
♦1st & ref 5s series G
18%
3
24
87%
z
♦1st <fc ref 5s series A—
47
67
z
a
43%
*60
*47%
105%
81%
63%
{Missouri Pacific RR Co—
45
aaa3
41%
42
74%
48
1
96%
78% :'.\T
D
f 7s.. 1956 J
58%
99%
95%
45%
46%
7
96%
78%
aa
90
-
z
X
Kentucky Central gold 4s...1987
Kentucky & Ind Term 4%s_1961
78
54%
98%
*90
z
♦Certificates of deposit
Kan City Sou
21
1%
54%
bbb3
18
51%
1
x
{♦1st
10
c
81%
51%
bbb3
{♦1st cons 5s gu as to int..1938 J
♦1st & ref 6s series A.
1946 J
105%
D y bb
105""
81
51 %
88%
x
s
108% 111
-
2
ccc2
18
105
40%
m
110% 112
90
83%
96%
z
90%
104%
cccl
-
81
ccc2
51%
105
cccl
5
1
9m
z
8
2
J
Stamped..;
m
~86~"
1
High
1
A
{♦Market St Ry 7s ser A Apr 1940
A
(Stamp mod) ext 5s..
1945
Mead Corp 1st mtge 4%s.._ 1955 M S
Metrop Ed 1st 4%s series D.1968 M S
Metrop Wat Sew & D 5%s._1950 A O
{{♦Met W Side El (Chic) 4s.l938 F A
71
b
A
O y bb
O y bb
f 6s.. 1947
36
104%
2
2
J
'
«
No. Low
110
*6%
*105%
2
Gen mtge 4%s series A... 1960
Manatl Sugar 4s s f_._Feb 1 1957
s
*110%
Z
McGrory Stores deb 3%s...l955 A O x a
Maine Central RR 4s ser A. 1945 J
D ybb
9
2
3
110
22
bb
bb
3
64
87%
104%
bb
86
a
Since
Jan.
1%
86%
4s_1959
Steel 3%s.l961 J
{♦Kreuger & Toll 5s ctfs.—1959
%
36
Kanawha & Mich 1st gu g 4s 1990 A O
Jones & Laughlln
1%
16%
16
FA
97% 103
46
87
J
101
98
60
36
{♦Iowa Cent Ry 1st & ref 4s. 1951 M Sz
James Frankl & Clear 1st
7
26%
15%
106% 108
102% 107%
17%
2
J
6
24%
101%
16%
ccc3
1955 F
78
16
cccl
4%s 1952 J
33
73
"23
b
s
Int Telep & Teleg deb g
Debenture 5s.
48
25
106%
A
f 6s series A......-.1955 M S
Int Rys Cent Amer 1st 5s B.1972 AfN
Ref
37%
100%
J
1941 A
Int Merc Marine s f 6s
42%
29%
101
1
cc
51
105%
16%
1
cccl
♦Adjustment 6s ser A.July 1952
60
100%
bbbl
_
58
40%
*108
bbbl
1947
Interlake Iron conv deb 4s.
63%
73
♦Ilseder Steel Corp 6s
bbb2
x
♦Miag Mill Mach 1st
46
1st & ref 4%s series C
.
a
x
Marlon Steam Shovel
81%
*45%
C
x
49
62
45%
3
Range
1
Asked
High
M S
55
80
&
South Ry Joint Monon 4s. 1952 J
J
Atl Knox & Cine Dlv 4S..1955 AfN
♦Lower Aust Hydro El 6%s.l944 F A
47%
35%
45%
Bia
Low
45%
47%
Range or
Friday's
Sale
Railroad &
Indus. Cos. (Com.)
Louisville & Nashville RR (ConcD
Mob & Montg 1st g 4 %s._1945
Week's
Last
Price
k
46%
10
59%
44%
See
39
93
*58
&
Rating
38%
44%
"44%
Elig
STOCK EXCHANGE
2
J L> yb
MN y ccc2
Manila Elec RR & Lt s f 5s.. 1953 Af S y bbbl
Manila RR (South Lines) 4s. 1959 AfN x bbb2
{{♦Man G B & N W 1st 3%Sl941 J J z cccl
52
50%
4s registered.
.1951
111 Cent and Chic St L <fc N O—
Ind 111 & Iowa 1st g 4s.
104
91
bbb2
bb
High
*88
43%
42%
Y
Week Ended Aug. 22
*88""
3
x
1
91
3
ybb
BONDS
N
Since
93
2
3 %s registered
1951
Springfield Dlv 1st g 3%s_1951
Range
Jan.
No. L0W
27
100%
103%
*90
bbb3
..1951 / J x bbb3
Extended 1st gold 3%s... 1951 A O x bbb3
1st gold 3s sterling.
1951 Af 9 y bbbl
Collateral trust gold 4s
1952 AO y b
2
Refunding 4s.1955 M N y b
J y b
Purchased lines 3 %s_
1952 J
MN y b
Collateral trust gold 4a....1953
Refunding 53
1955 M N y b
40-year 4%s.
...Aug 1 1966 FA y ccc2|
x bbb3
Cairo Bridge gold 4s
1950
x bbb2
Litchfield Dlv 1st gold 3s.. 1951
Loutev Dlv & Term g 3%s.l953
ybb 3
Omaha Dlv 1st gold 3s_—1951
y b
2
li
High
t
1st gold 3%s
St Louis Dlv & Term g
Asked
A
Low
J
3*
Friday's
Bid
Fridah
Bank
Range or
Sale
Rating
I
1101
Week's
86
"l04%
104%
7
102
96%
105%
101
91
96%
85%
91%
103% 105%
105% 109%
104% 106%
88
85%
bb
A....1998 F A
A O
10-year 3%s sec s f—..—.1946
Ref & lmpt 4%s series A—2013 A O
Ref & lmpt 5s series C—2013 A O
Conv secured 3%s
—1952 AfN
J
N Y Cent & Hud River 3%s.l997 J
3%s registered—.——1997
30-yr deb 4s 1912
1942
Lake Shore coll gold 3%S—1998
3 %8 registered
...1998
Mich Cent coll gold 3%s—1998
3%s registered
1998
N Y Cent RR 4s series
2
bb
2
b
2
b
2
bb
58%
59%
92%
54%
92%
92%
62
54%
55%
151
59%
59%
60%
119
58
58%
81%
81
2
bbb2
81
59
80
bbb2
79%
*.—
—
25
80
58%
89%
54%
59%
58
78%
80%
bb
2
bb
2
bb
2
bb
2
bb
2
O ybb
2
72%
S y bb
2
62
72%
61%
73%
62%
132
94%
93%
94%
157
93
93
1
90
99%
93%
99%
7
90
"3
100'«32 1002%
63%
1
63%
100
69%
95%
63%
69%
67%
87%
83
101%
63%
70
'
*57
57%
57%
*51 %
58
64%
19
57%
54%
68
17
66%
54%
86%
76%
59
57%
55
65
New York Chicago & St Louis—
Ref 5%s series A
Ref 4 %s series
C—
4s collateral trust--
—1974
1978
A
1946
F
M
A
x
bbb2
x bbb2
3%s extended to 1947 A O
3-year 6% notes
1941 A O y bb 1
J D ybb 1
6s debentures...
....1950
N Y Connecting RR 3%s A—1965 A O x aa 2
1st mtge
Attention 1* directed to the column incorporated In this tabulation
102
101%
94
9
102
34
pertaining to bank eligibility and rating of bonds.
65
95%
95%
99%
79
96%
98% 102%
See *
1102
New York
bank
BONOS
N.
si
EXCHANGE
STOCK
V
Ellg
See
Con? 5% notes
N Y Edison 34s ser D
let lien A ref 31*8 ser
y
b
1947
1965
E...1966
y
b
x
aaa3
x
aaa3
or
Range
High
62
Jan.
No
63 4
Low
50
5s. 1948
x
aaa3
(♦N Y A Greenwood Lake 6sl946 AfN
z
cccl
AfN
x
aa
2000
61 4
264 664
1004 1054
494
67
534 694
95
1014
54
59
59
101
101
*944
-----
{N Y New Hav A Hart RR—
•Non conv deb 4s
1947 M S
♦Non-cony debenture 3 4s 1947 Af S
z
cccl
z
z
cccl
J
z
cccl
♦Non-cony debenture 4s.. 1956 Af N
z
cccl
J
z
cccl
♦Non-cony debenture 4s..1955
1956
•Cony debenture 6s..—.1948
♦Conv debenture 34s
6s
*244
cccl
M 8
{•N YOnt A West ref g 4s.. 1992
♦General 4s
1955 J D
El Lt A Pow 3 4s '55 MN
J
N Y Rye prior lien 6s stamp 1958
N Y A Rlcbm Gas 1st 6s A.. 1951 M N
x
aa
(♦2d gold 4 4s
(♦General gold 6s
F
A
z
A
z
cc
M N
z
28
64
64
4
474
74
28
27
264
16
14
14
484
474
484
76
1104
11041
106
1
!
1
106
♦1054
1074
854
1074
344
1004
92
97
954 101 4
24
64
34
44
56
1104
*1094
1034
1104
2
z
cc
110
25
z
1
cc
194]
Isatlon manager) 5s
4s._. 199P
1949
Norf A W Ry 1st cons g
Nortb Amer Co deb 8 4s
Debenture
34s....—...1954
b
z
0
1
"26
4
27
1014
aaa3
x
a
x
3
a
3
x
a
x
1014
1034 107
125
117
123
1134
113
115
z
ccc2
(stamped can¬
cellation of guarantee). 1946 A
O
z
ccc2
104
*117
1134
Ry—
{Northern Ohio
♦
lstgtdg 5s
♦
1946
♦Certificates of deposit..
North Pacific prior Hen
z
103
a
4s...1997
1997
4s Registered
1
a
y
bbbl
y
A—2047
2047
Impt 5s series C
2047
Impt 5s series D
2047
y
bb
Ref A Impt 6s series B
y
bb
Ref A
2
554
a
x
aa
108
108
M S
x
aa
1114
1114
Ohio Connecting Ry 1st 4s.. 1943 M
2
S
x
x
a
x
a
3
1st mtge 34s
1972 J
xa
64
3
1967 M S
3
J
Oklahoma Gas A Elec 34s._ 1966 J
D
*
a
1946 J
D
x
x
aa
Ontario Transmission 1st 58.1946 AfN
x
aa
aaal
x
aa
1104
1054
*1024
2
x
109
2
Oregon RR A Nav con g 4s.. 1946 J
*i064
1074
bbb3
A
Ontario Power N F 1st g 5fl.. 1943 F
D
Ore Short Line 1st cons g 5s. 1946
1946
y
1946
114 4
114
107
bb
y
824
78
aa
H..1961
107
824
b
Pacific Gas A El 4s series Q.1964
x
1966
x
aa
1st A ref mtge 3s ser J
1970
x
1114
1104
1094
1054
aa
1st A ref mtge 3 4a ser I
aa
g 48.1938
z
z
ill
P&ducah A 111 1st
Erg 4 4s
Panhandle East P L 3s B
1966
1966
Dix
•fix
1960 Mi
x
1942
Guar 34a trust ctfs D
1944
Guar 4s
ser E trust
28-year 4s
....1963 F
554
9
1084
D14
-ua3
74
1104
b
ccc2
1144
1144
1C7
17
83
34
78
1054
5
1074 1104
104
1034
O
x
a
2
J
x
a
1969
A
x
a
2
1974 F
57
974
534
aa
aa
General 4 4s series A
General 5s series B...
x
1968
68
165" ""2
55
""21
*04
1044
"_2
103
105
106
no
1104
32
108
111
107
1104
1074
108
60
1064 110 4
1054 1074
1114 1154
1114 1144
*1054
1124
1124
964
1124
-124
96
1124
1124
"l"3
964
1234
85
11
110
1034 107
105
1054
93
98
1054
1114
63
1114
1234
1054
1114
1044 1084
11
110
944
924
944
69
90
1024
1024
1024
1024
1034
43
103
17
89
27
a
1054
x
a
Debenture g 44s
1970
x
bbb3
General 44a series D
1981
x
a
3
Gen mtge 44a series E
Conv deb 34a—
1984
z
a
3
1952
x
bbb3
89
884
7
ccc2
Af S
1204 1254
116
974
1
cc
J\
J
x
aa
3
44s A *62 Af 8
x
bbb2
O
F
I960
A
1124
u24
1124
1124
1104 1124
a
1104
a
104 4
D
62
65
62
654
.....!*102 4
874
954
cc
3
*80
bb
*
bbb2
x
A
bbb2
X
105
bbb2
104
78
844
81
10
784
84
1044
103 4
1044
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171
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1967
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854
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1952
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106
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117
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52
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1946
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102
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117
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111
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J
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1946
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104
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Gen A ref 4 4s series B—1997
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109
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2037
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1908
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109
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1977
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123
104 4
104 4
104
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1960
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74
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64
74
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1950
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264
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aa
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1959
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1900
y bb
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107
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65
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94
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644
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106
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64
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107
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1981
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.1970 A O
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"~2
90
56
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974
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62
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19
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62
106
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a
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65
54 4
34
109
1104
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1044
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1174
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6
a
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1942 MN
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1946 AfN
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D
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1953
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4
J
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1942
cons guar
1074
108
1
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116 4
46
72 4
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107
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Since
Jan.
1164
1074
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x
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c2
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D
s f 4a—1937 J
♦Certificates of deposit
Phillips Petrol 14s debs..1961 J
cony
&
45
y
J
F
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1928-.—1953
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1094 1114
*104 4
D
A
41
70
1094
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14
110
x
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183
584
86
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Guar 34a trust ctfB C
644
564
444
504
62 4
854
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1st M s f g 3s loan ctfs
1955 F A y
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1944 A O y
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1942 Af S y
474
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514
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1955
42
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1938
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103
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1064
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1961
3
424
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74
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76 4
554
c
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694
414
504
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2
554
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694
bb
x
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804
bb
J
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714
y
J
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179
634
554
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45
724
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64
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Ohio Edison 1st mtge 4s
564
y
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1964
83
464
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70
564
414.
bbbl
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Ref A
70
45
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714
714
1
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2047
106
564
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12
28
1014
aa
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.......
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12 4
28
1274
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3
x
1959 F
1974 M S
1974 M 8
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111
124
274
1274
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109
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...
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924
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544
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100
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100
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74
3
14
94
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1 '04
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100
3
a
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1961
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44
94
614
3
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86
26
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124
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294
78
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b
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34
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1977
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1981
Pblla Electric 1st A ref 3 4s.1907
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1949
Pitts Coke A Iron
or
Friday's
Bid
O y b
1960 J
y bb
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a
2
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a
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1974 F A
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64
x aaa3
D y b
2
....
68
82
64
14
1
J
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274
82
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cccl
deposit
304
22
334
cc
F
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264
244
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Sate
1st 4s series B
274
18
204
3
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VIN
184
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_
cccl
J
34
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.
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1956
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25
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-
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x
x
J
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27
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-
aaa3
x
..
264
184
99
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1937
1940
.1943
N Y Telep 34sser B...
1967
N Y Trap Rock 1st 6s......1946
6s stamped
* .>..-.-.*1946
IPNY West A Host 1st • 4s 1946
174
22
14
2
J
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86
254
64
Y Steam Corp 1st 3 4s...1993
tl*N
244
274
244
-
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274
264
244
244
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274
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A
1942
{♦N Y Prov A Boston 4s
174
24 4
24 4
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19
24
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Price
a
x
5|
1960 A
Apr 1990
Pere Marquette 1st
O
A
1947 M
.....
264
24
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{♦Harlem R A Pt Cb 1st 4s 1954 MN,
1927.1967
100
64
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100
J 88
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1940 A O
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♦
92
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cccl
S
registered...—-——-1948
98
*994
cccl
O
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1954
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1044
644
See
Low
oons 6S..1943
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Pwwia A Pekln Un
mm*
101
bb
y
m
544
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J y b
♦N Y L E A W Dk A Impt 6s 1943 J
Branch gen 4s.. 1941 M £
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Peoria A Eastern 4s ext
1204 1254
1134 1184
*1034
N Y Lack A West 4s ser A... 1973 AfN y b
4 4s series B
1973 AfN y b
N Y A Long
Peoples Gas LAC
75
1064 1104
1074 1104
Rating
t
A.
Railroad & Indus. Co*. (CorU.)
634
1224
1154
*
+
C
■s
Week's
Friday
Elig. A
EXCHANGE
55
3
17
1224
1154
aaa3
x
STOCK
60
724
1C94
UO
Y.
Week Ended Aug. 22
High
714
Purchase money gold 4a... 1949
N Y A Harlem gold 31*8
N.
I
1094
1094
1094
BONDS
Since
Asked
Y A Erie—See Erie RR
N
N Y Gas El Lt H A Pow g
N
A
Low
1951
Aug. 23, 1941
Hank
Friday's
Rid
& Indus. Cos. (CorU.)
Y Dock let gold 4b
N
Range
Sale
Price
a
Bond Record—Continued—Page 5
Week's
Last
Raxing
Week Ended Aug. 22
Railroad
Friday
'
1
1
eligibility and rating of bonds.
f
See
4
15
144
54
84
Volume
New York Bond Record—Concluded-Page 6
153
Bank
N.
Y.
Last
Range or
STOCK EXCHANGE
Rating
i
Sale
See k
I
Price
Week Ended Aug. 22
Railroad & Indus. Cos. (Cont.)
Shell Union Oil 2Ha
2%s
A
z
c
A
z
c
3%
3%
J
1961
a
2
J
debs—1954
f debs
a
Shlnyetsu El Pow 1st 6 %s
A
a
3%
3%
Range
98
97 %
90 h
*32
♦Siemens A Halske deb 6 Ha. 1951 M S
♦Silesia Elec Corp 6Ha
1946 F A
Hiah
3%
3%
Since
<§3
Jan. 1
No. Low
31
4
4
58
94%
99%
53
97
35
bbb2
1950
bbb2
Socony-Vacuum Oil 3s deba. 1964
aaa3
106H
106 H
3
*119%
122 h
103
102 H
*103 h
aaa2
aaa2
103
107%
105 M
48h
48 %
Southern Pacific Co—
1949 J
4s (Cent Pac coll)
4s registered
D y b
1949
y
48h
b
*47
M~ S y bb
1968 M S y b
45%
27
31
85
fist gold 5s
1939
f 2d gold 5s
1939
♦1st lien g term 4s
1954
♦Det A Chic Ext 1st 5s
1941
fDes Moines Dlv 1st 48..1939
♦Omaha Dlv 1st g 3%a...l941
102% 104%
101% 104%
*"ii
....
108h
107 %
105
107 %
12
103 %
108H
bbb2
4
54
14
1952
1979
103% 107%
119
106% 109%
10
103
109
3 7
104
106
124
48 h
37%
34%
53%
48%
57%
55%
51 h
52 h
*179
44%
51 h
50 %
51h
106
40%
51h
50 h
51h
180
39%
55%
51 h
50 h
51 h
214
39%
55%
10-year secured 3Ha
1946 J
69 h
68%
48%
72
1950 A
69 %
83 %
49
San Fran Term
27
71
88
52%
Gold 4 Ha
1st 4a
x
1955
1st 4s stamped
J y bbbl
J y bbbl
J x bbb2
5a.. 1994
Devel A gen 4s serlea A
1956
1st
cons g
Derel A gen 6s
1950
O y bb
o y bb
Derel A gen 6 Ha
Mem Div 1st g 5a
1956
o y bb
85 h
86%
27
79
89
82
82
1
78
72
80
1951
So'western Bell Tel 3 Ha B__ 1904
J
x
bbb2
D
x
aaa3
110
110
1908
J
x
aaa3
108%
i*8pokane Intermit 1st g 6s. 1955
J
z
cccl
12
1961
D
x
aaa3
32 h
104%
108%
33%
33
x
aaa3
104 h
105
11
103
107
107%
16
102
102
102
27
2%s
debenture.
— —
Studebaker Corp con? deb 0s 1945
Superior Oil 3 Ha dehs
1960
Swift & Co 2 Ha debs
J
1961 MN
b
78.H
32%
2
2
2
102%
J
x
aa
x
aaa2
*124
aaa3
*111
3
x
aa
x
bbb2
x
aaa3
x
aaa3
1959
3s debentures
1905
1943 J
J y bb
Texas A Pacific 1st gold 5s.. 2000 J D
Gen A ref 6s aeries B
1977 A O
110
110
91
22
106%
39
102%
5
96% 104%
54
33
16%
46
48% 65
14%
24
99% 101%
102%
16%
z
cccl
bb
x
53
bbb2
16
*99%
3
14
101
62%
O y bb
29%
29%
30%
41
62%
62%
27
Toronto Ham A Buff 1st g 4s. 1940 J D
Trenton G A El 1st g 6s
1946 M S
x
1952 F
A
2
*91
80
aaa2
79%
*103%
x
a
3
100
x
aaa3
*106
1
92%
80%
loo"
12
_
10
9%
108*""
9%
Union Eiec Co of Mo
1971 MN
x
aa
3
59%
1
;§♦Union Elev Ry (Chic; 6e. 1946 A
O
z
cc
IJdiod Oil of Calif 6s aerlee A. 1942 F
A
x
1959 F
A
x
aa
111%
aaa3
3b debentures
12
39
cccl
61
61%
12
7%
45%
19%
19%
475
309
7%
7%
18
405
7%
19
478
25%
21
62
19%
19%
18
19
cc
1
18%
18
cc
1
18%
cc
1
17%
cc
z
1
18%
17%
16%
17%
x
bbb2
bb
194l|M 8
cc
1
F A
y
b
y
bbbl
75
70%
77%
87
99%
14
92%
96%
120
51%
79%
32
79
96%
79%
37
1
72%
72%
1
05
*
107%
72%
106% 108%
x
aaa2
x
aaa3
D
x
aa
x
aa
x
aa
x
a
O
x
bbb3
J
x
bbb2
O
x
aaal
M S
z
cccl
"27"
26
27
39
15
30%
M 8
z
cccl
26%
84%
25%
26%
30
15
29%
84
84%
34
85%
87
38,
71%
73%
85%
8%
75
74
86
8
27
15
16
A
no %
110%
110%
125%
124%
107%
111%
109%
120
110%
114
92%
83
103%
10
100
104%
105%
105%
1
105
107
2
88%
2
"§4%
2
84%
8%
z
2301
y
bb
2
50%
2381
y
bb
2
48
aa
2
S\x
110%
102
89%
102
B1966 M S.x bbb2
16
95%
88%
_
1949 M
128%
111%
101% 104%
*104%
Dyb
1999 MSyb
J
'110%
*112%
MN y b
J
*98%
125 h
110%
125%
2
...1951 J
ser
105%
91
1
77%
79%
"72%
aaa2
87%
114%
94%
73
106
94%
51%
48%
114%
94%
106%
22
50% 50%
52
40%
112% 115
92%
95%
105% 107%
103
104%
114
115
17
1
1955
x
bbb3
1947
y
bb
x
a a a
2
z
c
2
z
c
2
40
z
cc
1
12%
12%
111%
*109%
*4%
110
13%
13%
7%
108% 111%
100% 110
102%
101%
102%
102%
101% 103%
96% 103%
106
104%
*114%
z
cc
aa
3
x
a
3
z
cc
1
Service3%s
1971
{♦ Wor A Conn East 1st 4 Hs 1943
Youngstown Sheet A Tube.
M S
x
bbb2
I960 MN
x
a
^—...1948
11
"41%
"95
40
1
x
Wise Public
104%
40
2
♦Certificates of deposit
|*Su A Du dlv A ter 1st 4a. 1936 MN
♦Certificates of deposit
Wisconsin Elec Power 3%s._1968
74%
26
85
98%
D
1952
s.
7%
103
37
"96%
2
x
F A
F A
85
2
105
*104%
83%
98%
96%
3
Q M
102%
40
2
12%
13%
2
111%
27
1
43%
42%
26%
7
4
81%
1st mtge
s
f 3%s ser D
2
102
104% 104%
93% 100%
8%
13%
20%
59%
90
"is
112
7%
105%
2
111% 112%
8
*103"32
106%
~~8
112
112%
19
8
Deferred
a
15
1
*
1945 M S y
_
25%
19%
32
cccl
24%
19%
cccl
105% 107%
10
*8
z
Ujigawa Elec Power a f 7a
3%s„
z
*120
Tri-Cont Corp 6s con? deb A. 1963 J
J y bb
•Tyrol Hydro-El Pow 7 Ha.-1955 MN z
♦Guar Bee a f 75
J
z
48%
30%
97%
30%
S
74%
J
..
92
With declaration
To! W V A Ohio 4s serlea C—1942 M
52%
y
Con? deb 4s
D
Tol St Louis A West 1st 4a.-I960 A
11
Winston-Salem 8 B 1st 4a... 1900
{♦Wis Cent 50-yr 1st gen 4s
1949
75%
Tokyo Elec Light Co Ltd—
D
73
19485 M S
Wilson A Co 1st M 4s A
Con? deb 3%s
94%
49
53
Tol A Ohio Cent ref A imp 3 H a '60 J
72
ccc2
Wheeling ALE RR 4s
Wheeling Steel 1st 3%s
108%
66%
ccc2
y
78
103
65%
S x bbb2
1953 J
1
b
Registered
102% 106%
102% 107%
65%
bbb2
1960
95
65h
x
1st 0s dollar serlea
b
y
With declaration
West Shore 1st 4s guar
108% 112
88
94%
65 h
D
Jan
5
10
91
29
1979
f♦Third Are RR 1st g 6s—.1937
110%
"~6
1980 J
♦AdJ income 5s
z
y
♦Westphalia Un El Power 08.1953
109% 113%
67%
66%
Gen A ref 6s serlea D
y
J
O
25-year gold 5s
30-year 5s
123% 128%
106%
66 H
bbb2
I960
102%
100% 109
99% 102%
100% 102%
103%
103 h
bbb2
x
a
54
J
1955 A
1977
West N Y A Pa gen gold 4a__ 1943
f Western Pac 1st 5s ser A.. 1946
♦5s assented
.1946
Western Union Teleg
g 4 Ha. 1950
105%
103%
2
x
O
Third Are Ry 1st ref 4a
5
106
*91
A
Tex Pac Mo Pac Ter 5 Ha A. 1904 M
104% 109
106%
106 %
3
Gen A ref 5s series C
x
28%
30
1955!A O
Western Maryland 1st 4s
1st A ref 5 Hs serlea A
109% 112
112%
1953
Texas A N O con gold 5s
1
5
12
125
Texarkana A Ft 8 gu 5 Ha A. 1950
Texas Corp 3s deb
78%
x
J
Tenn Coal Iron A KR gen 6e. 195
Term Assn St L 1st cons 5s.. 1944
Gen refund b f g 4s.
z
O y bb
68%
13
7
West Penn Power 1st 5s E..1963 M S
1st mtge 3 Hs serlea I
J
i960 J
West Va Pulp A Paper
D
3a...1954
26% 34%
103% 106%
J
104 %
104 %
105
1953
Standard Oil N J deb 3s
44
629
86
bbb2
1st A ref 3s aeries C
171
28%
53%
Westchester Ltg 6s stpd gtd.1950 J
Gen mtge 3%s
1967 J
86
2
x
St Louis Dlv 1st g 4s
68%
53
f Warren Bros Co deb 6s
Warren RR 1st ref gu g
84%
J
1996
66%
26%
Walworth Co lat M 4a
6s debentures
Warner Bros Plct 6s debs
65%
74
53%
94%
75
65
100% 109%
27%
z
68
15
I
70%
57
1
10
cccl
57%
22
....
72%
109
b
89%
104
88
71%
108%
108%
High
108% 112
54% 65%
84%
90
z
76
81%
1
z
"31
61%
10
64
z
91%
81%
NoJLow
High
110
*85
2
h
Since
Jan. 1
<3
64
1
aa
03
J
64h
60 %
bb
\ g2
110
bbbl
y
x
110
Range
^
.
Asked
A
90 %
81%
A
J
63h
61
Bid
F
64%
2
or
Friday's
,
MN
"90 %
2
Range
Sale
Price
k
Low
3%s.2000
Washington Cent 1st gold 4s. 1948
Wash Term 1st gu
3%s
1945
1st 40-year guar 4a
1945
83
a
1955
So Pac RR 1st ref guar 4s
Southern Ry
J y bb
O
See
A O
fToIedo A Chic Dlv g 4a. 1941 M 8
f Wabash Ry ref A gen 6%s A '76 M S
♦Ref A gen 5s serlea B
1978 F A
♦Ref A gen 4 %s series C—1978 A O
♦Ref A gen 5s series D
1980 A O
Walker (Hiram) G A W—
Convertible deb 4%a
1945 J D
120
1969 M N y b
1981 MN y b
1st 4 Ha (Oregon Lines) A.1977
Gold 4 Ha
Gold 4 Ha
•
1st cons 6s
1958 A O
Virginian Ry 3%a serlea A...1966 M S
{Wabash RR Co.—
99%
29%
Last
Elig. A
Rating
I
EXCHANGE
Va Elec A Pow 3%s ser B
1908 M Sx aa 2
Va Iron Coal A Coke 1st
g 5s .1949 M 8y ccc2
Va A Southwest 1st gu 5s
2003 J
J
100
45
31%
Skelly OH 3s deba
3s debentures
STOCK
Week's
Railroad & Indus. Cos.
(Concl.)
Hii h
2%
2%
98
Simmons Co deb 4a
Southern Colo Power 6s A-.1947
Y.
Week Ended Aug. 22
7
*10H
a
N.
3
*43
tfdllealan-Am Corp coll tr 7s.41
South A Nor Ala RR gu 68—1963
South Bell Tel 4 Tel 3%s_—1962
BONDS
"§2
Asked
y
2
D
1952 J
Friday
Bank
Friday's
Bia
Low
fSeaboard All Fla 6s A ctfa.1935 F
♦6s Serlea B certifies tee
1935 F
1103
Week's
Elig. A
BONDS
tnd.au
Casjj
delivery
sale,
d Ex-Interest,
S Negotiability impaired by maturity,
tlon
103"i#107
peP
200-pound unit of bonds.
.8484
101% 106%
Odd-lot
a
sale,
n
Under-the-rule
sale.
saie#
t The price represented is the dollar quota
Accrued Interest payable at the exchange rate
Onion Pac RR—
1st A land
grant 4a
1947 J
J
aaa2
112
4s registered
1947
84-year 3 Ha deb
1970
A"o
aa
2
98%
90%
13
85-year 3 Ha debenture
Ref mtge 3 Ha ser A
1971 MJV
aa
2
99%
2
107%
106
22
United Biscuit
3Hs debs
1980 J
D
aaa2
106%
99%
106%
1966 A
O
a
2
105%
105%
United Cigar-Whelan Sta 5a_ 1952 A
United Drug Co (Del) 5a
*110
aaa2
O
b
bb
1953 M S
U N J RR A Canal gen 4a... 1944 M S
3
3
75
"88%
aaa3
88
*107%
110% 114%
110
—
8
76
12
88%
52
...
112%
96
100%
96% 101%
102% 107%
104% 107%
65%
76%
82%
90%
107% 108%
t Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act. or securities assumed
by such companies.
•
;V-
Friday's bid and asked price.
♦ Bonds selling flat.
nf
°
|
under
No sales transacted during current week.
;'V.: ';
United States Steel Corp—
Serial
debentures—
.625s
Nov
1 1941 MN
x
aaal
May
1 1942 MN
x, aaal
*100
aaal
k Bank Eligibility and Rating Columneligible for bank Investment.
*99
.76e
*100
Nov
.876s
1 1942 MN
x
1.00s
May
1 1943 MN
x
aaal
1.125s
Nov
1 1943 MN
x
aaal
May 1 1944 MN
Nov 1 1944 MN
1.60s
May
1.26s
1.026s
....Nov
100% 100%
x
aaal
*100%
x
aaal
*101
1 1945 MN
1 1946 MN
x
aaal
101
101
x
aaal
100%
100%
1.76s
May
1 1946 MN
x
aaal
Nov
1 1946 MN
x
aaal
*101%
100% 100%
100% 101
100% 101%
100
100%
100
102%
100% 102
*101%
1.80s
101%
1.86s
May
1 1947 MN
x
aaal
1.90s
Nov
1 1947 MN
x
aaal
*101 %
1.95s
May
1 1948 MN
x
aaal
101%
2.00s
Nov
1 1948 MN
x
aaal
*101%
2.06s
May
aaal
*101%
Nov
1 1949 MN
1 1949 MN
x
2.10s
x
aaal
1 1950 MN
1 1950 MN
x
aaal
*101%
102%
x
aaal
*101%
102%
2.16s
May
2.20s
Nov
2.26s
May
2.30s
Nov
2 35s
May
2.40s
2.45s
1 1951 MN
1 1951 MN
102
102
102
19.
100
102
102
100% 102
101%
100% 102%
100
103%
102%
100
102
10
x
aaal
*101%
aaal
*101%
102%
Indicates those bonds
or some
z
we believe are not bank eligible due either to rating status
provision In the bond tending to make it speculative.
Indicates Issues In default, in bankruptcy, or In process of reorganization.
The rating symbols in this column are based
aaal
*101
102%
A great majority of the issues bearing symbol
bearing ddd or lower are In default.
aaal
*101
102%
100
1 1953 MN
x
aaal
*101
103
100
*102
Transactions
102%
2 60s
Nov
1 1963 MN
x
aaal
2 6t»s
May
1 1954 MN
x
aaal
101%
101%
2.60s
Nov
1 1964 MN
x
aaal
101%
101%
May
1 1955 MN
x
aaal
*302%
103
102
♦Uu Steel Wka
Corp9 Ha A.. 1951 J
D
30
z
♦3%b assented A.
♦Sec a f 0 Ha series C
1951
1951
♦3%b assented C
z
x
bbb2
Utah Lt A Trac lat A ref 6s. 1944
x
a
Utab Power A Light lat 5a.. 1944
x
bbb2
162%
93
94 %
21
102
94
1
102%
24
102
103
Cons s f 4s serlea B
A
x
aaal
*110%
x
aaal
*110%
.....
the symbols
lower are In default,
a
bond
AU issues
Stock
Exchange,
Stats
United
Total
Mlscell.
Municipal
Slates
Bond
Bonds
For'n Bonds
Bonds
25
Sat urday.....—.—.
119,600
31%
33%
Mondaya
Tuesday
Wednesday.... ...
Thursday.
Friday
402,160
4,094,000
.........
390,340
33
—
486,580
4,179,000
4,502,000
—
388,870
08
1967 MN
cases
33%
91%
100
97
104%
Aug. 22, 1941
—
$1,552,1.00
Sales
$189,000
$11,000
363,000
537,000
121,000
14,000
$1,752,000
4,471,000
4.837,000
773,000
362,200
6,599,000
4,934,000
13,000
35,000
718,000
44,000
7,407,000
5,696,000
2,149,750
$25,860,000
§3,026,000
$238,000
$29,124,000
446,000
4,961,000
105%
Total...
Vandalla cons g 4a series A.. 1955 F
Railroad dk
Number of
Shares
Week Ended
33
20%
13%
30
z
United Stock yds 4Hs w w— 1951
Stocks
104%
20
"37"
ccc or
York
21%
z
♦Sink fund deb 6 Ha ser A. 1947
1947
♦3Ha assented A
New
33
z
1951
the
at
20%
z
In all
Where all three agencies rate
Daily, Weekly and Yearly
103%
100% 104%
101
103%
100% 104%
2.05s
rating the bonds.
so
will represent the rating given by the majority.
differently, then the highest single rating is shown.
100% 104
x
..May
on the ratings assigned to each bond
The letters indicate the quality and the numeral immedi¬
by the three rating agencies.
ately followingshowB the number of agencies
100% 104
x
Nov
Indicates those bonds which we believe
100% 103
100
103%
100
103%
100% 104%
x
1 1952 MN
1 1952 MN
-x
100
y
100%
100%
1 376s
100
110
—
.
111
109
110%
Sales at
Week Ended Aug. 22
Jan. 1 to Aug. 22
New York Stock
1941
Exchange
Stocks—No. of shares
1940
2,149,750
—
1,574,900
1941
90,111,009
1940
139,838,335
Bonds
Government.
Total.
pertailntng
to bank
$694,000
$13,618,000
2,557,000
13,048,000
102,312,000
143,505,000
1,272.902,000
828.942,000
$29,124,000
Railroad and industrial
Attention is directed to the column incorporated in this tabulation
$238,000
3,026,000
25,860,000
$16,899,000
$1,388,832,000
1,002,055.000
_
State and foreign.
1
eligibility and rating of bonds.
See note k ftbOVC.
$29,548,000
New York Curb Exchange—Weekly
1104
and Yearly Record
Aug. 23, 1941
only transactions of the week, and when selling outside
No account is taken of such Bales in computing the range for the year.
NOTICE—Cash and deferred delivery galea are disregarded In the week's range UDleaa they are the
the regular weekly range are
shown in a footnote In the week in which they occur.
furnish a complete record of the transactions on the New York Curb Exchange
last (Aug. 16, 1941) and ending the present Friday (Aug. 22,1941).
it is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current year.
In the following extensive list we
for the week beginning on Saturday
Last
Sale
Par
STOCKS
Acme Wire Co
Price
Week's
Range
Low
Range Since Jan. 1, 1941
for
High
(Continued)
Low
Shares
High
new conv
Bellanca Aircraft com
6%
6%
12%
1%
25%
Jan
Bell Tel of Canada
July
5
4
1,200
4
July
8%
SH
600
8%
July
1%
1%
100
1
Apr
20
Feb
4 %
>te
Apr
75%
Southern-.60
Power Co 17 pf-*
Jan
107% 107%
Jan
TOO
94%
2%
Jan
May
%
com—*
103 %
""2% ""2%
preferred-.-.----..*
20
Jan
Jan
Mar
•it
Jan
111%
Mar
88
Mar
Alliancelnvestment
Jan
Apr
Mar
103
2%
May
1%
$3 conv pref
Allied Products
1%
*
(Mich)..10
25
*
Co common—*
Aluminum
100
6% preferred
115%
113
Mfg—*
Aluminum Goods
common.*
preferred....... 100
American Beverage com..1
American Book Co
100
Aug
Blue Ridge Corp com
$3 opt conv pref
Blumenthal (S) A Co
111%
July
155
Jan
Bourjols Ino
200
110
July
116
Jan
Bowman-Blltmore com.
13%
13%
200
12
Mar
18%
Jan
Aug
May
7%
75%
Jan
Apr
99%
Apr
Breeze Corp common
6%
"72%
""256
%
72%
%
"166
%
July
26%
26%
10
24%
May
"72"
65
93
*32
pref
Corp—1
Amer Cities Power & Lt—
Conv class A.—
25
Cynamld class A..10
Class B n-v
-10
%
Lines com_.l
Pow warr—
A Hoe com...*
Jan
Bridgeport
Mar
1%
May
Brill Corp class A
Jan
*2t
Aug
Class
May
Mar
Jan
7%
Apr
11%
08%
*11
Jan
Feb
Feb
Am dep rets
Jan
Am dep rets
Aug
Apr
13%
July
May
30%
113%
Feb
%
"23% "24%
2" 500
9%
2%
Amer Hard Rubber Co..50
"24%
108%
2%
2%
28
28%
525
105%
May
200
2%
25%
May
3%
June
225
"23"
Jan
*24%
15%
Feb
24%
Aug
Bruck Silk Mills Ltd
16%
23
Aug
Buckeye Pipe Line
50
Buff Niagara A East Pow—
1,100
%
32
100
02
50
6%
0%
3
3
Apr
15%
28%
Apr
25
Aug
Mar
84
June
%
Jan
%
May
28% June
32%
Jan
60
66
Jan
3,100
5%
700
2%
Apr
3%
Jan
*32
2,400
%
Feb
H
Jan
8%
July
Jan
Aug
1
200
>*i«
1
Jan
12%
Apr
May
10
July
8%
Apr
%
Jan
16%
July
13%
June
23
Aug
June
Jan
Feb
15
22
100
22
2%
2%
100
3%
3%
"2,200
"""% ""i""
1.800
1%
May
2%
Jan
7
May
1%
Mar
11%
3%
z24%
3%
Aug
Aug
Aug
Mar
55
% June
11%
Jan
13
Apr
Feb
46
Aug
M ar
1%
Mar
45%
45%
46
300
36%
"it June
Jan
1
Jan
»ii
Feb
% June
% May
%
%
Feb
Feb
Feb
%
Feb
%
%
10
10
200
8%
Apr
100
1%
1%
July
May
3%
10
Jan
"*3%"
200
7%
Aug
12
Jan
7% partlc preferred...26
Jan
14%
Apr
18%
Jan
Aug
July
July
"
14
May
5% Mar
"l% *"£%
2%
Aug
Canadian Car A Fdy Ltd—
7%
106% 107
1 %
1 %
1%
1%
7%
7%
88
89%
11%
11%
130
103
June
107
900
1
Apr
2
1,300
1%
June
1,400
220
6%
79%
June
96
Mar
100
7%
June
11%
Aug
0%
June
Ht
1,600
2%
Apr
8%
Apr
Jan
5%
Jan
11% May
Mar
3
Jan
1%
1%
tit
July
Jan
%
Jan
%
1%
32
100
65
Coast RR Co pref
100
Atlanta Gas Lt 0% pref 100
Jan
108
3%
3
27%
300
27%
25
114%
Feb
121
7% preferred
Canadian
100
Marconi
1
July
3%
Jan
% May
6%
Jan
*16
F000
7%
7%
7%
100
17%
17%
17%
100
13%
3%
300
2%
Automatic Products new.l
3%
1%
1%
300
1
Mar
2
Automatic Voting Mach..*
4
4
300
Avery (B F) & Sons com.5
4%
4%
100
2%
3%
Mar
Feb
4%
4%
July
25
12%
May
17%
Jan
25
15
16
Jan
71«
Warrants
May
May
Jan
%
"11
8%
19
July
4%
May
Jan
July
%
Mar
May
Aug
Jan
Tobacco—
29%
6
29%
20
6%
200
29%
30%
1,600
5%
5%
1,000
29
July
36 %
Apr
25c
"5% "_5%
""160
1
1%
1%
1%
2,600
conv A com
5
9%
9%
9%
50
Refractories Inc
1
8%
9%
3,200
5%
%
6%
»
•
common
Products
39%
39%
6%
39%
100
30
109% 110
$7 dlv, preferred
6%
»
Cent Ohio Steel Prod
1
6%
preferred
preferred
Conv preferred
100
'""3% "3%
120%
50
107%
107% 107%
1
Apr
7%
Jan
37%
Mar
Apr
6%
Jan
Chesebrough
Jan
1%
6%
Jan
4%
4%
12%
11
May
Charls
Co
Corp common
82
8%
116
*82"
Beaunlt Mills Ino com..10
23%
23%
175
June
134
Feb
6%
July
Feb
51%
116%
Aug
Mar
13%
106%
Apr
Jan
90
8%
8
116
Apr
*380
8%
200
8
May
25
110
Apr
116
80%
%
:
8%
9%
13,500
4%
4%
4%
100
Jan
10
Feb
Jan
Jan
Jan
350
9
Jan
95
•if
% May
% May
100
1%
Aug
Jan
110%
%
%
2%
Jan
May
*16 July
%
Mar
%
*300
%
1 %
Aug
~82%
5
".V
H
3%
%
Apr
Aug
Feb
Jan
Jan
Aug
Mfg
25
100
loo"
""loo
Chief Consol Mining
Childs Co preferred
6i«
100
350
Mar
Mar
5
Aug
$0
8
Aug
60c preferred B
*
Jan
24
Aug
$6 preferred BB
*
oom mon..
preferred..
10
*
4%
5%
2,800
69%
70%
300
4%
Mar
5%
14%
Jan
300
9%
Feb
Mar
11% May
io6~
June
87
56%
9%
5
%
9%
Aug
7%
1
Aug
3%
4%
10
Cherry-Burrell common..6
Cities Service
Beau Brummell Ties Inc-.l
Jan
June
Chamberlln Metal Weather
9%
Baumanu—See "Ludwig"
Jan
July
107
106
Chicago Flexible Shaft Co 6
Apr
20%
4
Conv pref opt ser '29.100
Cessna Aircraft Co
Apr
6%
■■Tv8>T
Jan
300
100
Aug
Aug
Jan
June
2%
10
8%
8%
Chicago Rivet A Mach...4
9
Apr
Feb
10%
35%
100
July
Apr
Aug
110%
5% May
*400
126
100
6%
7%
39%
113
Apr
June
4
3%
1
com
6%
7%
Aug
Mar
1% June
Aug
17
*
com
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
Cent States Eleo
%
9
7%
"766
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Feb
35
109%
103
""7% ""7% ""7%
7% 1st partlc pref... 100
32%
Barlow A Seellg Mfg—'
-0%-^g
200
Celluloid Corp common. 16
1st partlc pref
Cent Hud O&E
July
6%
110
*
Castle (A M) common.. 10
Catalln Corp of Amer
1
Celanese Corp of America
Strip
30
Jan
July
*
Class B
FeD
3%
32
1%
Mar
z% June
Syndicate
Feb
Baldwin Locomotive—
%
8
Carib
Feb
3%
25
400
1
Capital City Products...*
Casco
July
July
July
Aug
Apr
May
2
1%
Jan
3%
29%
4%
Mar
1%
2
109%
Jan
Jan
15
*
$0 preferred
*
Carrier Corp com mon.... 1
Carter (J W) Co common. 1
Apr
6
Jan
*
non vot
Jan
Apr
2%
17
2% May
13
Class B
Jan
May
25
Class A voting
1%
72
16%
Canadian Industries Ltd—
Carolina P A L $7 pref...•
Atlanta Birmingham &
16%
1
%
;
16%
Canadian Dredg A Dock.*
Canadian Indus Alcohol—
Jan
Assoo Laundries of Amer *
Assoc Tel & Tel class A..*
Jan
July
H
Canada Cement Co Ltd..*
Carnation Co
For footnotes see page 1109.
Aug
31
6
10
Camden Fire Insur Assn. .6
July
3%
Carman A Co class A
20
Jan
July
8
Calllte Tungsten Corp^..l
3%
3%
{Associated Gas «fc Eleo—
Common.............1
$1.60 oonv pref
"31"
%% pref she £1
Aug
Mar
July
Basic
*31"
June
60c
Vot trust ctfs
Am dep 6
Mar
Aifr
2%
$1.20
"31*"
July
12%
3%
Cables A Wireless Ltd—
1%
£1
Barium Stainless Steel
1*350
May
10%
"57%
%
58%
30%
1,300
*51% "58 %
Feb
1%
Jan
%
35% June
11%
3%
3%
3%
Feb
3
Associated Elec Industries
Baldwin Rubber Co com.l
Apr
Jan
1%
June
41
Mar
2%
Jan
7% preferred
Feb
30
Jan
30
12%
500
June
Purch warrants for oom.
Apr
July
19%
100
5%
6%
July
11%
99%
3,700
4%
10%
30
6%
10%
Apr
July
June
2%
3%
100
*
Feb
Feb
Jan
9% May
2%
1,200
10
700
3,600
23%
California Elec Power... 10
5%
common
Jan
Jan
16% June
Calamba Sugar Estate.. 20
6%
Class A
%
5
92
Jan
5
Babcock A Wilcox Co.
July
200
Feb
6%
Ayrshire Patoka Collieries 1
5%
9%
10%
June
400
8
1
Axton-Fisher
700
9
%
200
60
6
*
100
10
9%
10%
Apr
17%
Apr
Art Metal Works com
Auburn Central Mfg
5%
%
July
11%
May
Assoc Breweries of Can..*
Atlas Drop Forge com...6
Atlas Plywood Corp..
*
%
Jan
7%
94
3%
Ashland Oil & Ref Co
Atlantic Coast Line Co..50
July
38%
Feb
33
17
42%
1
Atlantic Coast Fisheries..1
35
Mar
%
3%
5%
7%
100
300
7
11%
100
Aro Equipment Corp
1%
May
6%
%
2%
7
Burry Biscuit Cor p.. 12 %e
Cable Elec Prod com...60c
Can Colonial Airways
*
18%
10
July
93%
1
Class A...__.......__l
July
17
7%
89%
8%
2%
Mar
94
3
10
Jan
May
5%
Apr
»
100
2%
Common cl A non-vot—*
2%
38%
100
33%
34%
Jan
Feb
25
$1.60 preferred...
$5 1st preferred
2%
Arkansas Nat Gas com—*
200
2%
%
20%
%
Burma Corp Am dep rets..
7%
3%
61
3%
Angostura-Wupperman _.l
Apex Eleo Mfg Co com—*
Appalachian Elec Power—
4%% preferred
100
8
34%
Bunker Hill A Sullivan 2.50
Apr
June
3%
50
com.*
2
Apr
Feb
*
11%
Apr
Feb
%
%
Am Superpower
Jan
4
July
34% June
(EL) Co common..6
Feb
Feb
300
02
American Republics....
100
33%
"33%
•
""250
12?
Amer Seal-Kap
0% preferred w w
0% preferred x-w
preferred
Bruce
12%
Mar
8%
200
8
Brown Rubber Co oom.__l
32
Atlantic Rayon Corp
Atlas Corp warrants
$0
Jan
100
7i«
%
35%
*
17%
79%
Chemical.*
$5 preferred
Class A preferred
Brown Forman Distillers.1
Jan
21J
40%
reg._10e
25
12%
Amer Meter Co
Amer dep rets reg
Am dep rets ord
33
0%
0% preferred
Jan
Apr
British Celanese Ltd—
29%
21%
preferred
25
Co common. 100
Preferred
100
Amer Maracalbo Co
1
%
35%
%
ord bearer £1
ord reg._.£l
Apr
Amer Mfg
Arkansas P A L $7 pref—*
■
Jan
Jan
Amer Tobacco-
British
28
Amer Laundry
Post Fence
23
Apr
Mar
Aug
Jan
3%
IBrown Co0% pref
100
Brown Fence A Wire com.l
15%
600
30%
34
13 %
13%
British Col Power cl A...*
Jan
7,600
3i«
107
*900
Co--—*
*1«
22%
%
28%
Amer Writing Paper
*
A
22%
20%
316
1
preferred-.-l
10
common..2
Corp com
1st $0 preferred
*
$0 series preferred
*
American Thread 6% pf-.5
Class
July
Feb
21 %
10c
Amer Potash &
Brlllo Mfg Co common...*
20%
%
38%
42%
31
"23%
Mach—20
Amer Lt A Trac com....25
100
preferred
May
3~ J 00
108%
16%
*
June
40%
100
$2 conv preferred
$2.50 conv
*
%
39%
Apr
June
100
B
16%
Jan
Jan
Jan
111
%
•
Machine
5C
Jan
Jan
200
Bridgeport Gas Light Co.*
39%
Eleo—10
preferred
Amer General Corp com
Anchor
Jan
July
35
Amer Foreign
4%
%
6%
35
28%
Amer
Amer Export
1
16% May
171
8%
•
100
17%
Mar
Aug
24%
6%
% May
10% May
100
Aeronautical...!
British Amer OH
25
1
Class A new
Class B
23%
•
Apr
9%
63
Amer Centrifugal
American Gas &
7% 1st preferred
$5 2d preferred
..
tit
700
—*
*
$3 preferred
100
25
hs June
1l«
May
16*
"ie"
..*
Preferred
Common class B.
Amer Fork
7% 1st preferred
Borne Scrymser Co
Brewster
4
10c
10c
Class A common
$5.60 prior
Bohack (H C) Co com...*
%
"26%
Co com.l
96
11%
37
Brazilian Tr Lt A Pow...*
Jan
1,150
50
10
30
8
8%
•
Aug
llf*
600
32
1
*
Jan
May
4%
10,200
"""366
common—...*
Blauner's
1
Capital—
American
•
19%
18%
High
Apr
16
May
2% May
•
A Machine Co com
22 %
0%
Amer Box Board
$2.50 preferred..
Low
4%
Blrdsboro Steel Foundry
Feb
100
Aluminum Industries com-*
Aluminium Ltd
30
115%
112%
17%
3%
105% 106
•
Conv preferred
Apr
May
22%
114%
106
Range Since Jan. 1, 1941
Sm
Week
Shares
9,400
3%
Benson A Hedges com..
4
14
22
Class A conv com
Altorfer Bros com
11
Berkey A Gay Furniture. 1
Bickfords Inc common...*
Apr
2
May
1
100
Bliss (E W) common
Allied Intl Investing—
flange
17
Jan
600
5%
*
Alles <fe Fisher Inc
17%
22%
r>y4
4%
5%
com—2
pref
10
Mar
Feb
July
Gt
Alabama
Price
10%
16%
Warrants
Alabama
of Prices
Low
High
Bell Aircraft Corp com...l
1
Class B
1
Ainsworth Mfg common._5
Air Associates Inc (N J)..l
Air Investors new
Week's
Beech Aircraft Corp.....!
23
21%
common-10
Class A
$6
Par
Supply Mfg--
Aero
Last
Sale
STOCKS
V
Week
of Prices
Sales
Friday
Sates
Friday
June
•u
110%
73%
Jan
3%
4%
48
Jan
Jan
%
July
July
6%
tluly
Feb
83%
July
June
Feb
7%
July
72%
Aug
5% June
48
10
Jan
Jan
10
J an
Volume
New York Curb Exchange—Continued—Page 2
153
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
Cities Serv PALJ7 pref.*
$6
preferred
*
City Auto Stamping
Sales
Week's Range
of Prices
High
Low
95%
96X
95 X
97 X
96 K
50
50
5%
100
City A Suburban Homes 10
Clark Controller Co
Low
104
Mar
Jbeb
102
Mar
Mar
5K
Jan
June
K
May
5K
Jan
"56
OK
OK
Jan
Feb
*
*
3 K
Apr
Clinch field Coal Cor p.. 100
2K
Jan
"ili
Club Alum Utensil Co...*
IX
1K
300
35
May
June
1
7%
8%
preferred
100
conv preferred
£1
Feb
122
July
68
Feb
130
July
72
JaD
138
July
Empire Power part stock.*
21)4
Apr
41
Emsoo Derrick A Equip..6
5K
Equity Corp common.. 10c
$3 conv preferred
1
2H
Falrohlld Aviation
May
2
May
4%
Jan
Falrchlld Eng A Airplane. 1
Falstaff Brewing,.
1
Apr
82 K
Jan
Fanny Farmer Candy
60 54
Mar
June
Fansteel Metallurgical
Fedders Mfg Co
6
52 X
—100
53 K
130
fil
June
1
i%
IK
IK
8,200
1
Feb
2
'
Warrants
2,200
Distribution.. 1
1
1
hi
X
July
20 K
250
18 K
June
11
11X
400
10
Community Water Serv__J
■■::«fan'
Jan
200
20 X
Community Pub Service 25
ii
Mar
Mar
%
33 K
IX
IVs
IK
1,400
K
June
Rights (expire Sept 2)...
*32
*32
*16
2,300
ht
Aug
1
Utilities
IK
8%
"58 H
58 K
1X
200
1%
July
55 K
May
no 14
190
115
May
110 K 110 K
10
105
Feb
119X
110M
IK
27 K
250
IK May
21% June
28 K
IK
"27 34
26 K
700
100
7%
7K
7%
1,000
92
92
93
prior
7X
"5 k
•
Aug
4
105
"7 k
'Ik
IK
*
~8~~
""206
~6~~
'""450
87
4%
conv
72 54
98
35
July
June
19
June
20
58 K
Apr
x96)4
July
May
IK
Apr
Jan
11K
11%
24*4
Apr
134
154
300
1
UK
100
9)4
"50
1
Feb
19
100
19
Apr
%
OK
May
100
Jan
Jan
7
11
Jan
Gen Outdoor Adv 0% pf 100
Apr
37
Jan
Gen Pub Serv 96 pref
Feb
OK
%
1%
4 K
Jan
Jan
July
Jan
Mar
Aug
87
200
4X
Feb
1454
Aug
IK
July
2*4
Feb
10%
5K
17
OK
1,700
12 K
Mar
1954
July
1,100
5%
May
754
July
K
Jan
1
18
May
90
preferred
July
67
July
July
"16
90
Jan
»i«
100
49*4 July
54 June
54
Feb
13 34
100
74
10
May
12 K
10
76
26 K
26 34
130
•
July
83
May
31
11
Aug
Goodman Mfg Co
IK
♦
IK
100
Mar
IK
Aug
Jan
2%
May
7K
Aug
May
Feb
9
July
13
Aug
20
Mar
8
May
12
Jan
23
Aug
IK
Curtis Mfg Co (Mo)
7
6
Darby Petroleum com...5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
7K
15
1
35
Class A conv
9%
Decoa Records common.. 1
7%
Dejay Stores
1
Dennlson Mfg cl A com..5
3%
90 prior pref
15
700
8
15
100'
10
350
"tk "7'%
"50d
3%
3K
200
1K
1%
100
m
Feb
2K
Jan
IK
Feb
2854
8
354
2)4
35
60
8% debenture
3K
105"
100
Derby Oil A Ref Corp com*
1%
"26
105
1%
100
Jan
99%
Feb
53 K
112
Jan
2%
1
Gilbert (A C)
Preferred
Jan
100
20
100
Aug
108
May
105"
105"
954
MOO
♦
Gilchrist Co
Gladding McBean A Co..•
14
Godohaux Sugars olass A
97
3,500
1354
""754"
B
14*4
29
...*
Glen Alden Coal
Class
30 34
150
754
400
734
Mar
Jan
5
Apr
100)4
654
Mar
Mar
Jan
Jan
July
Mar
Mar
Gt Northern Paper
1%
June
100
1454
Jau
June
29 X
35 K
July
25 K
100
4 54
June
5X
Aug
100
354
June
654
K
4K
4
>
99K
127% 127K
%
39 K
39*4
25
June
Greenfield Tap A Die
July
Aug
300
25
9*4
50
200
154
Jan
IK
Jan
2 54
Apr
*16 May
X
Jan
preferred
*
Gypsum LlmeAAlabastine*
Hall Lamp Co
—6
Hammermili Paper
10
Hartford Eleo Light
26
17
May
21
Jan
11
Apr
11
Apr
10
Diamond Shoe common..*
Distilled
May
1'ruck com._l
7K
7%
2,200
Dobeckmun Co common. 1
7%
5%
♦
68
68
100
10
Aug
Aug
5K
Jan
July
16*4
July
4%
May
61
June
21%
2K
2 K
100
2%
Apr
9K
9K
9%
200
'he
IK
Jan
Mar
Jan
7%
May
754
1054
Jan
Border s, Ino
18*4
18 X
50
11
225
15%
16
10%
50
2%
2K
500
*
Jan
12%
12K
2K
16%
July
10%
Aug
May
3 K
Jan
2 K
2%
2%
4,800
2
53
♦
'59K
Apr
Apr
54K
1,400
47 K
50K
59 K
4,100
52
7
H usfl mann-Ligonler
Huyler'e com
1254
Jan
Mar
Feb
5K
July
For footnotes see oa«e
1109
700
2
-.-*
Hardart
100
IK
500
17%
4K
18
254
3K
1.100
454
Feb
25%
June
65
Jan
Jan
May
IK
July
Mar
Apr
IX
June
5X
May
800
IK
26 X
Jan
Mar
3*4
July
Feb
20
"~Q
6
634
MOO
4
454
Apr
30
654
24
24
50
12
12
83
83 X
150
16 K
16
1654
400
12
10X
May
23
Aug
100
8334
May
June
7K
24
Jan
20
4
854
800
9
K
Apr
17 X
50
Aug
Jau
9
Jan
Mar
2654
Feb
26
Jan
5
Feb
Apr
Feb
65
8 K
8
1354
86
Aug
16 X
Aug
9%
Apr
Aug
Feb
May
1154
Jan
17 X
13
17 X
Jan
Aug
9
2654
2754
125
Apr
13
33 X
63*4
Hummel-Ross Fibre Corp
...
63
1,900
64
1
1
OK
6 X
900
7K
5
Co..
2454 June
Feb
113 X
16
6
Hubbell (Harvey) Ino
Vtcfor 1st pref
2654
100
preferred
Jan
3254
5
A
Apr
May
4 K
6%
13
11X
4
Horn
70
27 K
K
Jan
Jan
Apr
X
Feb
Feb
31X
114X
Jan
Apr
2
Horn A Hardart Baking. .*
Humble Oil A Ref
1
54
Mar
854
Apr
Jan
Apr
16
20
10
300
2%
May
Mar
54
6554
Feb
100
IK
134
Jan
Mar
4K
2)4
4
154
115
31K
June
May
Feb
warrants
July
Jan
111X
1
May
,June
'«
Aug
111.
57)4
•
Horn (A C) Co common..
13
July
July
39
Mar
Hormel (Geo A) A Co com*
Apr
11%
Economy Grocery Stores.*
Elec Bond 4 Share com..6
334
Holophane Co oommon..*
Jan
15 K
Emerson Elec Mfg
ex-warr
Jan
Aug
K
Mar
300
IK
K
Henry Holt A Co part A..*
Hewitt Rubber common..6
3%
2%
Electrographtc Corp
Elgin Nat Watch Co
25
26
w w
5854
he
Mar
29
5 %
22
2
Heller Co common
42
1834
Jau
Apr
Mar
Mar
9K
May
Apr
700
Class A
June
Apr
3554
*
Helena Rubensteln
30
•is
X
IX
20
1
18
00m..5
0% conv preferred
60
Hecla Mining Co
26c
48
1H May
Jan
10
57*4
4
150
500
Apr
754 June
2K
*
Corp
Preferred
Apr
54
114% 11454
5
1
Hearn Dept Stores
Preferred
132
Jan
42
22
11454
1
200
IK
15%
Option
Hazeltlne
Aug
June
%
35
America—
B non-vot common
52 K
*
•
Hat Corp of
3534
1
Hartford Rayon v 10
Harvard Brewing Co
36
15 K
preferred
90 preferred
Elec P 4 L 2d pref A
Jan
90
35K
IK
30
90 preferred series B_._*
95
Jan
70%
Jan
109
25
Heyden Chemical
.10
Hoe (R) A Co class A...10
Bollinger Consol G M
6
97 preferred series A...*
Easy Washing Mach B
Jan
127*4
{Guardian Investors
Gulf Oil Corp
51K
100
Eastern Malleable Iron..26
Eastern States Corp
Jan
Aug
June
June
.....*
100
76
34 K
111
0%
•
Eagle PIcher Lead
10
East Gas 4 Fuel Assoc—
Common.
Jan
Jan
July
Hosiery cl B com *
4)4% prior pref
0% preferred...
6
Aug
Duro-Test Corp common. 1
Duval Texas Sulphur
Feb
July
72 K
2K
100
Duke Power Co
Mar
754
109
100
Dublller Condenser Corp.l
Durham
5%
.10
preferred
154
Feb
3
Dominion Steel 4 Coal B 25
Driver Harris Co
Jan
Mar
5%
16K
Dominion Bridge Co Ltd.*
Draper Corp
12 K
1%
2X
Llouors
Dlvco-Twln
Jan
Feb
105
*11
Feb
De Vilblss Co common. .10
Apr
134
Gulf States Utll 95.60 pf.*
Jan
97
2,100
Grocery Sts Prod com—26c
9
*
July
...10
July
200
99K
7% 1st preferred-—.100
1854
preferred
Aug
X
31
4
Greater N Y Brewery....1
July
10
7%
Jan
Aug
July
2934
4
*
Non-vot com stock
49
Detroit Steel Prod
100
July
Great Atl A Pao Tea—
Jan
800
15X
30X
854
3134
Varnish—.1
Gray Mfg Co.
19
Apr
K
Mar
4)4 July
754 June
28 K
29
Grand Rapids
Mar
1
10
May
"~iX~Mar
8%
§ Detroit Paper Prod
z3%
Jan
754 June
834
Feb
1954
Feb
454 May
49
60
preferred..
*
Gorham Mfg common.. 10
93
17%
IK
Det Mloh Stove Co com..l
Apr
Mar
110
hi
Gorham Ino class A
29%
•
w w
10 54
43
Jan
94
-•
preferred—
1
preferred
0% preferred
July
May
98
90
""25
"534 "554
common...*
20
Detroit Gray Iron Fdy__.1
A conv
Detroit Gasket 4 Mfg
Mar
61
Goldfleld Consol Mines.. 1
Cuban Tobacco com
>it
June
40
Jan
Curtis Llght'g Ino com 2.50
Apr
45
1
5K
3,800
Jan
July
110
—
July
Apr
Jau
1%
45
93 preferred—
10 %
1L1
Jan
52
5154
Georgia Power 90 pref...*
95 preferred
*
Feb
Jan
Jan
Mar
100
52
100
0% preferred A
5
10%
July
72K
1
96 conv preferred
Feb
9%
0)4
16 K
91
23
K
Common
Apr
10 K
Jan
Jan
General Tire A Rubber—
hi
5
Apr
IX
IX
General ShareboldlngsCorp
20 %
10
5554
hi July
60
July
54
*
preferred...
Cuban Atlantic Sugar
9554 May
Jan
May
Gen Rayon Co A stock..."
25
4%
May
Jan
40
52)4
26c
90
Jan
65
76
26 34
•
7% conv preferred
600
20%
47
•
Crown Drug Co com
B
Mar
Feb
K
K
Jan
1%
Feb
2)4 May
5*4 Aug
1%
Apr
22 K
Apr
K July
K May
1% May
16,
Aug
9 K
Feb
""50
4
*
Gen Water G A E com
Crystal Oil Ref com
July
Aug
1
Mar
"45~"
General Investment oom.l
June
May
8%
11 %
13K
300
Jan
7534 Aug
134 K June
28
*ha
Gen Gas A El $6 pref B..*
1
4%
Jan
13*4
Gen Flreprooflng com
Mar
13K
Crown Cork Internat A..*
Jan
74
Mar
July
OK
10%
854
200
100
6% preferred
%
1%
*
Jan
Apr
May
July
75 K
"9434 "94K
Feb
June
85
70
*
Crown Cent Petrol (Md).5
Jan
Gen Electric Co Ltd—
""766
Crowley, Mliner 4 Co
25 K
10554 10634
preferred.-.100
July
Jan
17
Jan
Aug
Gatlneau Power Co—
8%
20
IK
87
8
50
Gamewell Co 90 oonv pf..*
Feb
6%
Croft Brewing Co
7
34
5K
100
Crocker Wheeler Elec
6
200
1
IK
6
200
7*4
"45"
*
IK
£1
stock
754
1
General Alloys Co
1
Creole Petroleum
7*4
19
19
16
com...
Gellman Mfg Co com
Courtaulds Ltd—
Adrs ord reg
A) Co
93 oonv stock
Jan
50
5% conv preferred
Conv partlo pref
Apr
hi June
1
to preferred A
Cosden Petroleum com..
Fuller (Geo
Jan
Feb
July
July
1%
350
854 May
IK
Cornucopia Gold Mines 5c
Corroon & Reynolds
73
2154
1
9K
""600
*
Copper Range Co
4%
Jau
Aug
Froedtert Grain A Malt—
30
7K
7
com...*
preference
Apr
5% May
1954 May
10
K
20
Cook Paint & Varnish Co.*
Cooper-Bessemer
2)4
100
Amer dep rets ord reg.£l
92
1
Roll & Steel
2,200
7 54
1
Feb
1
Oont
3 K
"24 k "24 k
IK
Consolidated Steel Corp *
Continental Gas A Elec Co
7% prior pref
10 K
*
Fox (Peter) Brewing Co..5
Franklin Co Distilling
1
Common
Jan
100
10
Continental on of Mex
May
UK
154
*
July
Feb
Mar
3
Class A non-vot
Jan
2K
300
..100
preferred
ai6
59
1
Consol Royalty Oil..
Jan
2
117*4 118
1
Consol Retail Stores
Fire Association
Class B voting...
Mar
July
Consol Mln A Smelt Ltd_.fi
7K
35
Am dep rots ord reg
£1
Ford Motor of Canada-
Jan
Jan
K
Consol Gas
600
IK May
21K Mar
Jan
19
75 K
%
30 K
4K% series B pref-.-lOO
4% pref series C
10U
June
954
Fed Compress A W'h'se 25
Flat Amer dep rots.—
106 34
13 X
»
Consol G E L P Bait com.*
1,300
7*4
"734
*
(Phlia).lO
June
$3 preferred
*
Conn Telep A Elec Coro..l
Consul Biscuit Co
425
2)4
18)4
254
18
Ford Motor Co Ltd—
Conn Gas A Coke Secur—
Common
Jan
Mar
2,700
754
20 K
Florida P A L 97 pref....*
*i6 June
1
3
Jan
Compo Shoe Mach—
Vtcext to 1940
..1
Feb
2
24%
Jan
2054
334
2854
334
K
3
K
1
70K
Mar
54
K
1
com
May
*i«
Apr
13
Apr
22 K
8
2
Eversharp Inc
Mar
July
Commonwealth A Southern
Commonw
117*4
122
9
2
1
Mar
Columbia Gas A Eleo—
Columbia Oil A Gas
Esquire Inc
K
IS K
IK
4 K
50
" July
70
9
73 X
Aug
*20
50
Jan
73K
Feb
40
Jan
1,800
67)4
98)4
150
116
122
117 K
K
4 K
2 K
2
Patent Fire Arms .25
6% preferred
113 K 115
100
8
300
Colorado Fuel A Iron warr.
Colt'
170
11334
Eureka Pipe Line com..50
Colon Development ord...
6%
110
100
preferred
Cockshutt Plow Co com..*
Cohn A Rosenberger Inc.*
High
Apr
Jan
July
Jan
4
40
Low
80
100
Jan
July
5X
40
Range Since Jan. 1. 1941
Shares
Jan
X
8K
Cleveland Tractor
40
0% preferred.
6 K% preferred
Jan
17
Cleveland Elec Ilium
com
for
Week
High
Empire Gas A Fuel Co—
5K
Low
Empire Dtst El 0% pf 100
*8954
Week's Range
of Prices
Price
Par
High
Mar
89
300
Clayton A Lambert Mfg. .4
Sale
(Continued)
15K
1
Claude Neon Lights inc._l
Last
STOCKS
Week
Shares
5%
*
Friday
Range Since Jan. 1, 1941
for
1105
Hales
7K
100
K
5%
34
100
18
Jan
62%
Apr
5 K May
65
Aug
100
5X
June
6X
X
4
May
7X
8
Feb
June
Aug
%
7
Aug
July
Jan
New York Curb Exchange—Continued—Page 3
1106
Friday
STOCKS
Last
{Continued)
Week
Sale
Par
Dlv
arrear
IV*
IV*
for
eek
A
Range Since Jan. 1,1941
Low
1,000
40
50
IX
31
Jan
•
IX
500
IX
400
24 X
500
3X
May
July
2X
40
July
30
4%
12%
12%
12x
6 %
6 H
100
Mead Johnson A Co..
3X
35
Feb
July
Jan
Merchants A Mfg cl A
Imperial Tobacco of Great
Britain
I Ireland
£1
Indiana Pipe
8
8
8
4%
4%
4%
96%
%
96%
25
'*16
2,100
Jan
7
Apr
7X
Warrants...
Apr
May
9
Jan
Apr
6
June
100
112% 112%
100
10
25
26%
70
26
—100
preferred
Metal Textile
26
70
1
»I6
»1»
2X
110H June
13%
Jan
14%
Jan
100
1
'ha
"le
100
115
Partlc preferred
o common
preferred
insurance Co of
International Cigar Mach
60
SIX
1,750
4
4%
Internat Metal Indus A..*
JH
2 %
"
2
OH
Registered shares
International Products—*
July
June
Mar
X
Feb
12X
Jan
81%
20%
3% May
IX June
7X
2X
4%
Feb
7
5,400
IX
Apr
2X
10
OH
900
4%
Jan
1,000
8X
100
♦
9
Aug
Jan
Jan
11
May
Mar
10%
Feb
4X
Feb
X
Mar
Mar
Jan
OX
May
Equip._1
Interstate Hosiery Mills—*
5%
5H
7
5%
OH
*
May
Apr
Feb
%
6%
1%
6%
6%
100
3%
Jan
7%
5
Feb
8
Apr
4%
Preferred
*i«
14%
Monroe Loan 80c
Montreal Lt Ht A
80X
25
07
08
30
May
X
Feb
May
3X
Jan
1%
Aug
88
Aug
97%
Apr
95
July
104 X
Jan
Murray Ohio Mfg Co
•
Muskegon Piston Ring.2%
Aug
110
Jan
Muskogee Co
June "_23% ""Feb
22
June
common.
%
164
8%
30%
168
*20*
9%
Feb
5
July
Aug
July
70
Mar
Aug
54
Jan
110
15
X
Feb
12
Jan
July
May
8X July
3X June
10
Mar
94
Apr
50
4%
45
"l3 ~"
"166
4 X
45
200
10
l
Apr
11X
Apr
4X June
37
Jan
10X
3%"""3% "~3%
"266
1%
2%
%
14
Jan
Feb
Jan
Feb
10%
0%
2%
2%
5%
2%
5%
Bellas Hess com
33 oonv preferred.....50
National Container (Del). 1
National Fuel Gas
Nat Mfg A Stores com
♦
National P A L 30 pref...*
National Refining com
*
Jan
Nat Rubber Mach...
12
June
National Steel Car Ltd...*
National Sugar Refining.*
104%
Jan
%
July
June
1,600
4%
3%
6%
11%
130%
June
131
131
10
11%
12
500
10%
11
500
July
Apr
Jan
Navarro OH Co
Nat Tunnel A
14%
10%
Jan
15
Jan
Langendorf Utd Bakeries*
*
5X
4X
5H
26
3* i}
*»8
X
15,000
1,200
~7~X '~7X
""ISO
G) Inc-.l
6
X
OX
2X
July
*ii
Jan
»u
Jan
23 X
*
Feb
*34 X
Aug
OX June
8 %
Jan
X
Feb
26
14%
»
6
1
42
100
38%
10%
10%
1,300
10%
Aug
12%
11%
11%
1,000
10%
May
12%
4%
4%
100
2%
Feb
95%
975
100
13 X
Feb
15%
8X
1,700
8X
Apr
10%
Jan
June
Jan
X
30 X
200
*i« June
28%
3%
200
2,200
5X
900
Jan
3 X
2%
5
5
Ludwlg Bauman A Co com*
Conv 7% 1st pref
100
Conv 7% 1st pf v t c.lOO
Lynch Corp common
6
1
2H
22 X
300
Ulfi
2H
♦
400
"2
28
"166
300
IX
For footnotes see nagt 1109
1H
OX
2
10 H
500
2,800
600
2%
May
%
700
%
9%
Jan
%
Feb
12%
May
110%
3%
5%
3%
%
4%
109%
3%
1%
July
Feb
%
Jan
1%
3%
Apr
32% June
56%
1%
250
14
Mar
110%
4%
5
10
6%
18%
129%
6
Jan
*
29%
Apr
29%
•
3%
Jan
68
1%
Warrants
1
4% June
N Y A Honduras Rosarlo 10
Y Merchandise
10
16%
16%
50
Feu
5%
July
Aug
1%
Aug
Feb
27%
Feb
25%
Jan
19%
7%
116%
June
105%
22%
Anr
29%
6%
Jan
Niagara Hudson Power—
Feb
Feb
Apr
98%
N Y Water Serv
0% pf.100
109%
Apr
7
N Y Pr A Lt 7% pref—100
36 preferred
,
»
Apr
15
3%
0
107
N
18
Mar
June
Jan
24
La
Jan
IX
Mar
3
Mar
60
J6n
July
July
July
N Y
Shipbuilding Corp—
Common
5%
10
1st preferred
5% 2d preferred
100
26%
Jan
Apr
Jan
10
Jan
2X
Feb
5
*n
Apr
Feb
2%
Jan
2%
IX
27
May
Aug
33
Apr
Jan
55X/ Apr
1
5X
59%
Jan
June
2%
July
Jan
10%
July
28
50
26% June
2%
2%
2%
6,400
2%
Apr
8%
42
69
225
1,950
May
3%
79%
May
65%
'in
Feb
>m
Jan
%
67
61
56%
67
100
Apr
*»i
Feb
Jan
Jan
Jan
Niagara ShareClass B common......5
Class A preferred
100
Nlles-Bement-Pond
June
28
Class A opt warrants.
Class B opt warrants....
3%
100
3%
88%
3%
"49"
•
July
"49%
"566
45%
June
July
60 %
Jan
10%
Jan
Feb
May
%
Jan
%
Jan
Nineteen Hundred Corp B 1
Noma Electric
Nor Amer Lt A Power—
8
6
I
Common
%
3
Jan
°66
500
89%
93
150
70
Feb
21%
21%
300
18
Aug
17%
Aug
50%
Feb
Utility Securities.*
%
3%
Tan
4
Feb
92
Apr
4
Jan
Nor Central Texas OH...6
*
89%
*
prior preferred...60
No Am
6««
........1
36 preferred
North Amer Rayon cl A.
Class B common
6%
OX
12%
New Process Co
Aug
May McEwen Kaiser Co—
preferred
9%
8%
Jan
4
5%
25%
N Y Auction Co com
N Y City Omnibus—
3%
»i« May
2
28X
Feb
v!
16%
70%
2%
Jan
1
Massey Harris common..*
Master Electric Co
1
Apr
May
Aug
2%
OX
3X
7%
10%
13 %
Nlplsslng Mines
♦
""166
12
61%
32%
24
*
11%
Jan
"250
July
Marconi Intl Marine
Communication Co Ltd.
Mar
"600
II—"~9
12
Founders Shares
1
New York Transit Co....6
38
Manlsohewltz(The B) Co.*
Mapes Consol Mfg Co
*
4%
20%
"460
5
"69%
July
100
100
4%
~68~
%
35%
in
U16
4%
100%
6%
4%\
•
June
21X
22
15
44%
May
May
July
Feb
21X
10X
IX
4X
25
Manatl Sugar opt warr
8
2%
3%
100 x
100
Feb
87
"ICO
*eD
14 X
J25
94
"4% "1%
New Idea Inc common
8X
30 H
28
95%
32 preferred
•
New England Tel A Tel 100
New Haven Clock Co
•
New Jersey Zinc..
.25
New Mex A Ariz Land...]
X
100
4%
"_25
Aug
1%
12%
♦
July
14%
8%
X
17 X
May
May
May
May
"34% "34%
Pow Assoc
preferred
11%
May
100
New Engl
5%
Mar
*16
100
8
19
71
1%
Jan
Aug
7
Jan
Anr
42
10% |
11%
Nestle Le Mur Co cl A...*
Jan
Ino—
Mar
6%
Neptune Meter class A...*
6%
1
May
14
Nehl Corp 1st preferred..*
Nelson (Herman) Corp...5
Jan
July
5%
12%
17%
9%
2,400
Nebraska Pow 7% pref. 100
Jan
15%
140
10
30c
Aug
46
June
Jan
Mines....*
May
June
67
.♦
2
7X June
12.50
Nat Union Radio
Apr
106
15
Transit
13%
5%
Jan
200
♦
10
Jan
5%
11
National Tea 6 % % pref. 10
50
Feb
10
18%
20
2%
5%
900
preferred.......100
Apr
May
10
174
Apr
May
Jan
*
common
4
X
....♦
%
2%
11%
Mar
Feb
156
"l75
National City Lines com.l
64
-
Mar
Junp
%
1
Feb
3
46
—
%
500
14%
"20"
Jan
Aug
9%
Apr
May
National Breweries com..*
National Candy Co
*
7
200
3X
July
5%
1%
11%
20
116%
6%
29%
*
.
Nat
300
5
II— "~13~
Jan
500
•
ox
70
July
3%
600
6 %
z31
7i«
10
Nachman-HprlngflUed
5
1
*
6<
Aug
120
ox
97
Jan
|Mountain States Power-
Jan
115X
96
Aug
Mar
4%
X
101X
X
%
55%
93
Feb
May
1
>u
98 X
Dredging..
6 %
30
Mtge Bank of Col Am shs
300
8
15
Jan
45%
7
6%
31
Pow..*
Mar
5
McCord Rad A Mfg B
600
)
14
"766
IX
7i«
Marlon Steam Shovel
Mass Utll Assoo v t c_.
"450
112
6%
com. 1
A.
18%
y*
500
Margay OH Corp
"Si"
2.60
Monogram Pictures
pref-. 100
Mangel Stores
55 conv preferred
Jan
Mar
1%
D?b
..100
Apr
Jan
8
Fel
7u
Pub Serv com„.*
Mountain City Cop com
Mountain Producers
400
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L 50 pref—*
7
/13%
83%
Mountain Sts Tel A Tel 100
Lane Wells Co common.. 1
McWUllams
preferred
Moore (Tom) Dlst Stmp
Apr
80 X
Lakey Foundry A Mach—l
$4
0%
Missouri
IX
Lake Shores Mines Ltd...1
7% pref class A.
0% pref class B
100
100
7%
15
Mock Jud Voehringer—
Jan
OX
iv*
*
Long Island Lighting—
Common...
.....*
Aug
Mississippi River Power—
%
100
2V*
Lone Star Gas Ccp
15
*50 ~
•
Feb
Feb
600
in
Locke Steel Chain
7 X
15
Mining Corp of Canada..*
Moody Investors part pf. ♦
16 H
2
Lit Brothers common
Apr
Aug
135
1%
Mtnnesota Mln A Mfg
National
preferred
July
July
18
Aim
.60c
Jan
ion
4% conv 1st pref
0%
Jan
Jan
Mar
Products—
dlv shares. ♦
non cum
3X
X
15 X
*
Llpton (Thoa J)
$2
Mldvale Co
Molybdenum Corp
..1
Monarch Machine Tool..*
Kresge Dept Stores—
Le Tourneau (R
15%
108%
July
*
Midland Steel
Apr
*32
Koppers Co 0% pref...100
Line Material Co
Apr
Montgomery Ward A....*
1
Develop
6%
•
Mar
Kelln (D Emll) Co com..*
Lehigh Coal ANav
150
preferred
conv
12
KlelnertG BJRubber Co. 10
OH
%2
Jan
1
B
»i«
6%
10
1
Lefcourt Realty com
Conv preferred
Apr
May
Aug
May
Klrkl'd Lake G M Co Ltd. 1
Lamsou Corp of Del
%
4%
OH
10 X
100
100
Kress (8 H) special pref. 10
Kreuger Brewing Co.....1
Lackawanna RR (N J). 100
2%
700
700
600
Kings Co Ltg 7% pf B.100
Kobacker Stores Inc
200
»1«
4%
Montana Dakota Utll... 10
Kokenge com..*
Knott Corp common
4
"l4
Jan
"Tx "ix
100
100
100
Products
4
4%
Jan
Kimberly-Clark 6% pf. 100
Leonard
t c
Aug
_
Kennedy's Inc.......—6
Ken-Rad Tube A Lamp A ♦
Class
t C—...—1
v
5X
Kansas G A E 7% pref. 100
Class A
v
B
....1
May
Johnson Publishing Co..10
Lane Bryant 7%
A
Class
Middle West Corp com..5
34%
16
Jersey Central Pow A Lt—
Kingston
...10
Apr
im
16
_
*
Klrby Petroleum
Apr
%
Mar
May
1
Italian Superpower A
6% preferred D
112
X
3X
1
Julian A
Aug
4%
5,100
Power 57 pref.*
preferred
preferred
hi
28
5)4
Home
0%
7%
106
ICO
Midwest Piping A Sup...*
May
10V*
53 .60 prior pref
•
Vitamin—1
preferred
10
600
Midwest Oil Co...—10
3X
100
International
6 %%
Jan
106% 106%
1,700
Common
—1
106%
*16
Jan
4X
1
Jeannette Glass Co
40
1
Jan
X
4
*
Iron Fireman Mfg v t c
Apr
Aug
5%
Aug
International Utility—
Irving Air Chute..—...1
*
July
Aug
2
Fen
716
June
50
7
2X
OH
OH
"Hi
Razor B-*
Investors Royalty
July
103%
1%
Mar
X May
IX Junp
A pr
31
Minnesota PA L7% pf 100
*
*
Interstate
July
1
July
July
100
7
& Pow warr
Interstate
Apr
7%
%
Middle States Petroleum-
X
64 X
400
1%
International Petroleum—
11 75 preferred
4 %
29%
Fet
""26
Micromatlc Hone Corp.._1
H
9X
80 X
Internat Industries Ino—1
Class B.
78
Mar
5%
Mid-West Abrasive
Class A
Apr
"32"
*
Aug
Jan
Jan
15X
81)4
*
Coupon shares
3%
X
Michigan Bumper Corp..1
Michigan Steel Tube..2.60
Aug
Hydro Elec—
Pref 13.60 series
Jan
July
Midland Oil Corp—
No Am. 10
—
Jacobs (F L) Co
•
Aug
X
-.100
Internat Bafety
preferred
27 X
H
X
1
V t
"31"
15
29
Industrial Finance—
7%
%
5%
20
Feb
28
25c
Class
Non-voting class A
Class B
Internat Paper
Corp
Apr
Mar
Metropolitan Edison—
Indian Ter Ilium Oil—
Internat
1
High
148
May
Michigan Sugar Co
Indiana Service 6% pf-100
7%
preferred... 100
A
Mesabl Iron Co
Apr
9
Indianapolis Power & Light
5%% preferred
1
25
5H
1,600
4
15%
3%
700
Aug
7
Low
124 X
2,200
; 5
6%
$6
7%
Line
4%
28%
May
May
Feb
129%
50
6%
2X
7X
128
28%
13%
0
*
Participating preferred. •
Apr
*
Registered
129 %
Range Since Jan. 1, 1941
es
Merrltt Chapman A Scott •
Mar
Imperial Tobacco of Can.6
Week
Hig h Sha
Jan
OX
800
for
of Prices
Low
Jan
IX
0H%
5%
Week's Range
Price
Mercantile Stores 00m...*
2 X
£1
Am dep rets regis
Sales
Memphis Nat Gas com..6
Imperial Chemical Indus—
Imperial Oil (Can) coup—•
Sale
Aug
IX
Feb
Feb
IX
4
Last
Par
High
29 X
60
STOCKS
(Cont.ntied)
Shares
2
40
ctfs
Illinois Zlno Co.,
Range
Aug. 23, 1941
Friday
"h
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co—•
6% oonv preferred
s
of Prices
High
Low
Price
Hydro-Electric Securities
Hygrade Food Prod
5
Sales
"53% "53%
""26
I31
May
Jan
97
July
23%
23%
53%
Aug
%
5
Jan
Jan
Jan
May
Volume
New York Curb Exchange—Continued—Page 4
153
Friday
STOCKS
Last
(Continued)
Sale
Par
Price
Nor Ind Pub Ber 6 % pf. 100
7%
preferred
Hts Pow d A..25
Ogden Corp
4
com
$0
"2
4
110
24
22
100
600
100
119
Jan
Royal Typewriter
74
Apr
44 June
July
Apr
24
18
May
Jan
1094
1134
Mar
1184
1104
Jan
74
214
July
20
1,700
51
51
100
50
24
24
324
1054
Apr
May
Apr
Jan
14
May
100
324
30 4
54
1164
Savoy Oil Co
Jan
Schiff Co common
Schulte (D A) com
6
July
64
Mar
3
Aug
May
July
May
87 4
4
Mar
184
Jan
Jan
674
Jan
24
Feb
3
Jan
11
Apr
Mar
6,700
54
64
600
"324 "334
"266
54
30
Mar
Mar
4
4
34
13
Seiberllng Rubber
Bel by
Jan
64
10
24
Convertible
35 4
Jan
324
Apr
Mar
10
104
Aug
4
Apr
24
Apr
Jan
34
Aug
600
84
May
144
Jan
Mar
664
364
July
40
100
4
4
Aug
Jan
182
Jan
22
Aug
504
524
750
494
89
92
150
79
May
98
Mar
Aug
22
92
June
28
Jan
54
304
4
30 4
4.;
""Too
25
900
74
43 4
84
46 4
13
46 4
13
14
14
54
6
4,600
24
Apr
574
44
5
May
July
64
Jan
Mar
113
July
1184
Jan
June
314
Jan
Feb
44
July
304
24
44
Feb
9
1,100
31
Feb
474
100
12
Feb
184
14
3,400
300
14
Feb
54 May
45
Jan
64
454
""350
63
Feb
70
60
684
"664 "684
80
100
1064 1064
7 % 1st preferred
100
Public Service of Indiana
$7 prior preferred
*
664
1074
Aug
Jan
Mai
Pyle-Natlonal Co com...6
Manufacturing.. 10
128 4 132 4
62 4
664
1064 1074
534
54 4
174
174
8
10
1,650
700
72
100
152
152
Option warrants
Hallway A Light Sec—
4
4
4
4
Feb
>*i«
Jan
Apr
14
Mar
44
34
Jan
Mar
June
23 4
4
Jan
June
38
Tan
Jan
Aug
84
*ia
Jau
164
1054
1134
Jan
Mar
954
Jan
45
Jan
1084 June
116
1324
674
June
Aug
July
Feb
112
674
184
Jan
Jan
Apr
July
147
Mar
1594
Jan
94
Jan
*11
Jan
300
100
64
lv500
34
*
"14
34
134
64
14
34
134
64
14
'Too
700
100
300
1
4
Feb
Feb
74
Jan
Jan
Jan
conv
pref
184 July
50
Jan
Feb
Apr
44
14
Feb
174
34 May
Jan
*ii
154 Mar
Feb
34
114 Mar
21
JaD
7
44
14
Mar
Juiy
Jan
Jan
64
Aug
7ii June
94
94
400
2
13
*
2
"366
13
13
100
1
1
South Coast Corp com...]
South Penn Oil
..25
T566
200
Jan
4
Feb
Jan
44
Apr
7
June
Jan
3
Fel)
4
84 May
450
65
109
12
Jan
11
Jan
Jan
81
Apr
150
H
Feb
Aug
1154
Jan
64
Feb
64
94
Aug
13
Jan
224
300
Apr
Jan
14
Feb
"l4 "24
TTooo
137"
"To
1394
Apr
1024 June
1494
Aug
14 June
"24
234
24
24
Mar
102
34
June
104
Aug
Jan
"6 4 "Feb —7-4 "Feb
24
34
1,900
24
Apr
4
Jan
4
-
"'2
4
24
100
4
Apr
1
June
500
14
Jau
July
Feb
24
34
24
Apr
434
2
24
24
24
100
2
2 4
500
43
43 4
300
24 June
1
Jan
Southwest Pa Pipe Line. 10
Southern Calif Edison—
23
Apr
30 4
5% original preferred.26
38
46 4
Feb
preferred B
7% preferred
"434
364
—100
South New Engl Tel...100
10
.
•
10
Jan
14
100
July
3
Jan
75
20
Feb
25
May
5
Jan
"**74 "74
"210
4
Apr
44 May
200
Feb
34
24
'"he """*
4 4
154
2
194
4
154
"266
he
700
5
34
124
50
24
July
144
Jau
204
Jan
1.100
200
84
400
184
184
TOO
nZ
4
he
Jan
1114 June
*u
Jan
Feb
he May
*t8
Jan
94
Jan
74
100
4
18
May
30
Feb
Apr
14
100
4
44
54
200
50
64
64
1
1
100
14
14
100
54
100
44
64
15
15
14
144
Apr
"l4
14
454
44 4
2
1Ji»
44
Apr
July
Jan
Aug
Jan
Apr
700
60
104
24
May
Jan
54
Feb
404
Mar
Jan
10
Aug
7
54 May
Feb
4
Feb
14
24 Apr
nH
11
10
Jan
14
374
224
Jan
3,500
134
-
84
14
14
54
Feb
May
700
i.
1
274
24
Jan
July
384
64
"id" To"
"14
144
Apr
Jan
Jan
54
Jan
July
Apr
nZ
184
"id"
Apr
16
July
Aug
Jan
July
July
July
he July
July
144
104
2
July
Jan
June
Superior Port Cement-1-
Jan
174
Apr
8
*
Sun Ray Drug Co
Jan
Feb
14
124
1074
6% 1st preferred
50
5% 2d preferred......20
Sunray Oil........—1
•is
54
174
18
Standard Tube cl B.....
Starrett (The) Corp v t c. 1
Steel Co of Canada
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Ino
1
Stetson (J B) Co com
♦
Stlnnes (Hugo) Corp
6
Stroock (8) Co
Sullivan Machinery
•
14
Jan
Mar
200
19
Stein (A) A Co common
Sterchl Bros Stores
July
Jan
Jul>
July
Mar
"900
4
5
14
84
24
July
24
Preferred
Standard Steel Spring
64
*194 "194
1
Standard Products Co_._l
Btandard Silver Lead.
1
54%
Apr
8
100
100
Jan
July
14
Class B common
Jan
Technicolor Inc
Feb
Texas P A L 7% pref.. 100
Texon Oil A Land Co—
Feb
May
13 4
Apr
Mar
104
Jan
24
Jan
Jan
24 June
134 Aug
Jan
4
common..
•
24
Tobacco Prod
Exports...*
Tobacco Sec Tr Co Ltd—
24
21
"94
"24
Thew Shovel Co com....6
Tllo Roofing Ino
1
Tlshman Realty A Constr •
Tobacco A Allied Stocks
Am dep
45 4
100
*
Swan Finch OH Corp—.16
Taggart Corp com
1
Tampa Electric Co com
114
he
conv
Jan
107
Jan
5% preferred
Standard Pow ALt
Common class B
Jan
6
Mar
64
64
preferred..20
Btandard Oil (Ky)
Standard OH (Ohio)—
54
Feb
44
Jan
he July
conv
165
Jan
64
*
144
May
84
14
$1.60
200
24
234
23
Spalding (A G) A Bros-..l
1st preferred-..—.-..*
Spencer Shoe Corp
.♦
Ino
7
24
Preferred A
25
Southland Royalty C0...6
Stahl-Meyer
7
July
4H
Southern Phosphate Co. 10
Southern Pipe Line
Soutnern Unlun Gas
24
21
94
9 4
1104 1104
24
3
64
64
100
200
1,500
Apr
Mar
94
Apr
54
Apr
24 June
194 June
8
Apr
994 102
Aug
12
84
34
Jan
Aug
Jan
25
Jan
10
July
Mar
500
24 May
144 May
if 54 June
34
Apr
19 4
Jan
200
Jan
300
Mar
34
Mar
4
994
374
114 4
43
44
Aug
1034 June
4
44
454
10
July
rights def reg 5s
Todd Shipyards Corp—
For footnotes see page 1109.
94
81
4
14
4
Aug
Aug
Jan
pref
50
Superior 011 Co (Calif). .25
104
1
100
1124
94
.1
Sonotone Corp
Boss Mfg com
16 4
12
l
20
Jan
Jan
ll1#
Ti«
114
Rochester Tel 64% prflOO
$1.20
13
he Jan
1024 July
1014 June
100
94
Standard Dredging Corp—
Common
69
300
Roeser A Pendleton Inc..*
Rome Cable Corp com...6
Roosevelt Held Ino
.6
Root Petroleum Co
Solar Mfg Co
Jan
50
QAE16% pfClOO
Ross la International
1
94
Feb
4
500
(II) Paper Mills...*
May
July
Jan
20 4
94
79
112
Standard Brewing Co.—.*
84
100
94
804
Standard Cap A Seal com. 1
Conv preferred
10
84
105
4
1
Voting trust ctfs
Smith
Mar
Feb
44
4
44
Amer dep rets ord reg.£l
Sioux City G A E 7% Df 100
Skinner Organ
6
Feb
Jan
20 4
6
common
6% preferred D
4
44
100
July
Mar
June
""266
Relter Foster Oil Corp.60c
Reliance Elec A Engln'r'g 5
Rochester
Simplicity Pattern com..l
Simpson's Ltd B stock...*
Singer Mfg Co
Singer Mfg Co Ltd—
54
64
164
50
Jan
4
•
8 4
44
1
pref
Feb
May
"2 4 "24
60c
Reed Roller Bit Co
Radiator
conv
May
li«
Red Bank Oil Co
Jan
4
1494
Feb
Raymond Concrete Pile—
Rio Grande Valley Gas Co-
$3
*
May
5
♦
Mar
42
"*34 ""34
com..25
h*
4
Railway A Utll Invest A.l
July
50
Jan
Aug
64
1,500
3
Fen
Jan
Fen
May
10
Jau
Apr
4
374
144
Radlo-Kelth-Orphuem—
4
14
41
Jan
94
*
"~50
4
30
734
24
454
Aug
Southern Colo Pow ol A.26
Jan
700
300
600
Jan
800
""766
8
"16
314
64 June
Quaker Oats common...
Richmond
4
24
454
Aug
Aug
29 4
4
84
534
Puget Sound Pulp A Tim *
1
74 June
*
24
Jubllc Service of Colorado
Rheem Mfg Co
Rice Stlx Dry Goods
1
Corp class B
74
*
May
4
54
104
Apr
May
Feb
100
374
7ie June
2 4
28
24
800
400
29
60
174
44
16,600
200
"Too
38
4
44
4
54
300
Mar
..*
Republic Aviation
9i*
54
Jan
30 4
4
4
34
"200
Mar
294
12 4
7
Jan
4
284
July
7
14
Jan
294
104
200
144
Apr
Mar
294
Aug
24
Apr
4
»1#
1
Serrlck
Jan
294
Aug
24
*
(Daniel)
9
Jan
115
Aug
26
8
♦
72
54% pref series C...26
10
1
Reeves
90
22
6%
24
Premier Gold Mining
1
Prentlce-Hall Inc com...*
$3 conv preferred
Raytheon" Mfg com
76
Feb
Jan
Jan
100
"44 "44
Jan
100
Common
72
U54
Mar
174 May
Jan
Jan
Apr
8
""160
Power Corp. of Canada..*
New voting com
100
Apr
16 4
8
5
Quebec Power Co
20
72
"is
134
294
Mar
24
964
73
6
Feb
Mar
1,200
1,300
10
Jan
May
9
100
Jan
Aug
Jan
34
4 June
254 July
4 July
144 July
June
12
Feb
May
May
4
25c
July
July
Jan
34
7.60
♦
100
111
Aug
June
124
77
80
Wine Co. 1
*
Sentry Safety Control
Solar Aircraft Co
Pioneer Gold Mines Ltd..l
6% preferred
134
115
leb
24 May
Mar
4
Slmmons-Boardman Pub—
113
May
Aug
70
Am deprcts ord reg...l
Silex Co common.
Aug
162
50
103
24
Selfrldge Provlnc'l Sts Ltd
Jan
98
25
Pltney-Bowes Postage
Meter..
.....*
$5 prior preferred
$6 preferred
14
274
stock.....6
Apr
90
22
.....1
$6 preferred
300
274
6% cum pref ser AAA 100
Sherwin-Williams of Can
103 4
puget Sound P A L—
1,400
May
4
$5.60 prior stock
26
Allotment certificates.:
Jan
178
*
6% 1st preferred
225
24
Tn
May
14
22
14
4
Sbawlnlgan Wat & Pow
22
Phoenix Securities—
Prudential Investors
4
Bbattuck Denn Mining.,
102
325
20
Providence Gas
111
24
4
Mar
178
Prosperity Co class B
108
"24
»
com
May
103 4
178
Metals of Am
Producers Corp of Nev._
1
•
Sherwin-Williams
300
Pressed
6,200
.
54
6% 1st preferred
24
36
Be ton Leather common
113 4 1144
Pratt A Lambert Co
24
Selected Industries Ino—
Mar
33
June
2 4
Philadelphia Co common.*
Phlla Eleo Co $6 pref
*
Phlla Elec Pow 8% pref. 26
com
24
Common
5,800
3
"34 "~3 4
Mining Co
Apr
July
594 June
14
14
1
Shoe Co
July
4
"50 4
Potero Hugar common
Powdrell A Alexander
Mar
Mar
Apr
"iod
Apr
2 4
34
*
com
24
4
Warrants
Securities Corp general
Seeman Bros Ino
Aug
Apr
304
31
Pharls Tire A Rubber....1
Pitts Beee ALE RR
Feb
100
Segal Lock A Hardware.
44
*
Pittsburgh A Lake Erle.60
Pittsburgh Metallurgical 10
PlttBburgh Plate Glass..26
Aug
24
4
52
114
8cranton Spring Brook
Water Service $6 prefSnullin Steel Co com
..*
1054 1064
Conv $3 pref series A. 10
Pierce Governor common.*
200
4
Scranton Lace common.
Jan
Feb
674
ougar com 20
Phillips Packing Co
5
24
4
194
Jan
314
344
1054
100
44
3
...25
1084
644
Perfect Circle Co
24 June
25
May
*
Pepperell Mfg Co
200
4
Conv preferred
Scovlll Mfg
May
*
Penn Water A Power Co
200
200
*
284
May
High
44
44
..5
304
*
60
7% preferred
100
Salt Dome Oil Co
1
Samson United Corp com. 1
Sanford Mills
*
1014
Pennsylvania Gas A Elec
Penn Halt Mfg Co
Class A $2 conv pref..50
St Regis Paper com
6
220
$6 series pref..
PennPrALt $7 pref
$6 p'eferred
Jan
Low
53 4
Ryerson A Haynes com..J
St Lawrence Corp Ltd...*
Jan
Range Since Jan. 1, 1941
Shares
44
44
24
...»
2,100
100
60c
common
Jan
Jan
High
53
24
Ryan Aeronautical Co...J
Ryan Consol Petrol
•
324
30 4
Pennsylvania Edison Co—
Pyrene
Aug
18
34
"324
Polaris
115
14 4
Peninsular Telephone com*
$1.40 preferred A
25
Pneumatic Scale
Jan
48
1074
784
"64
Plough Inc
Apr
Apr
234
1104
for
Week
of Prices
*
1054 1054
44
$2.80 series pref...
Week's Range
Low
Scranton Eleo $6 pref...
Parkersburg Rig A Reel_.l
Patchogue-Ply mouthM Ilia
Pleasant Valley
Jan
July
American shares.
Common......
34
54
Pantepec OH of Venezuela-
Pennsylvania
Jan
50
Paramount Motors Corp.l
Parker Pen Co
10
Class A
Mar
"~50
.*
Penn Traffic Co
24
Pennroad Corp com
Penn Cent Airlines com.l
94
94
75
194
Price
Russeks Fifth Ave
30
20
184
1134 1134
Paciflc P A L 7% pref-100
Pacific Public Service
*
$1.30 1st preferred
Penn-Mex Fuel
Apr
1054 June
6
Jan
Overseas Securities new..I
Pacific Can Co common.
Page-Hersey Tubes
Royallte Oil Co Ltd
900
1
Pacific G * E 6% 1st pf.26
64% 1st preferred...26
Pacific Lighting $5 pref.
Jan
24
*
...
'
110
Sales
Sale
Par
June
107
*
Last
High
1134 1134
1144
60
STOCKS
(Continued)
Low
30
1134
84
84
44
5
Z114
Oklahoma Nat Gas com.15
Omar Inc
Range Since Jan. 1. 1941
1014
18
Ohio Oil 6 % preferred.. 100
Ohio P 8 7% 1st pre!
100
6% 1st preferred
100
Ollstocks Ltd common...6
preferred
15 4 conv prior pref
Oliver Utd Filters B
for
Week
Shares
10
22
Ohio Bran Co el B com..*
Ohio Edison 16 pre!
*
13
of Prices
High
113
100
Novadel-Agene Corp....*
Week's Range
Low
1107
Friday
1064 1064
Northern Pipe Line..—-10
Northern
Sales
"230
82
Jan
84
Jan
4 June
53
44
Jan
July
4 July
1044 June
Last
Par
Week's Ranee
for
Sale
of Prices
LOW
High
Price
105%
Toledo Edison 6% pref 10c
111
7% preferred
100
Tonopah-Belmont Dev_ 100
Ton' pah Mining of
Trans Lux Corp
Nev.l
«
V
%
}he
300
4%
800
%
2%
7«
732
300
%
2N
7%
42 N
2 %
8%
43
2%
%
4N
H
4
'
Corp—1
.1
Tublze Chatlllon
Class A
Tung-Sol Lamp Works—1
8
43
r.ioo
150
200
"166
"3H
Udyllte Corp
_
4
100
7%
*
Union Investment com
Un Stk Yds of Omaha.
7%
200
*
100
Aircraft Prod.—.1
United
4
10
800
9%
m
S3
oum
A part pref
Un Clgar-Wbelan
"%
Sts._10c
1,300
Corp warrants
United
United Elastic Corp.—*
1st S7 pref. non-voting
200
116
116
♦
4,000
y.1
}N
1
United Gas Corp com
Aug
Jan
Jan
4N
Jan
Jan
Jan
H
Jan
*3
Juna
106 %
ht
Feb
July
100
United Lt A Pow com A..*
20
Jan
•«
7% preferred
*
1st preferred
J6
Milk
900
v*
*u
hi
*
Common class B
United
81
Mar
23
"22 k "23%
T,300
125
25
24
Products..-•
S3 partlc pref
N
1*11
119
'if
7ii
Jan
♦Santiago 7s
200
11
5%
1,200
m
50
U S and Int'l Securities..*
Lines pref
*
Aug
13 %
July
6% July
8N June
N
Jan
Feb
4% May
7% June
%
Feb
61 %
Jan
3
Jan
5N
Aug
5N
1,100
28 N
100
U S Ply wood—M.50
conv
20
pref
U S ltadlator com
3N
60c
U S Stores common
1st 17 conv pref
"3%
United Wall Paper
2
11%
♦
Class B
1
Universal Products Co
"i%
ijoo
2%
100
"s% "9%
30*,700
6
"20% ~25% "'756
"'2% "2%
35.60 priority stock
1
IN
IN
10c
1
N
N
preferred--
7
i
wi«
~3%
3N
93 N
7% pref.. 100
Vogt Manufacturing
Vultee Alrcrait Co
IN
16
6
Petroleum
69 "766
66
IN
__1
preferred
Va Pub Serv
,..*
IN
13tc
1,600
3N
25
50
95
"7% "7% 7/366
1
5
100
Wagner Baking v I o
8%
8%
100
7% preferred
*
84
100
Waltt A Bond olass A
50
84
•
Class B
Wellington Oil Co
1
Wentworth Mfg
18%
bb
106%
Western Air Lines, Inc
4N
1
Western Grocer oom
"4%. "4%
3%
4
Aug
N
"500
70C
20
IN
Aug
N
Jan
Apr
44
Mar
*ii
Feb
49
H
May
13 %
May
b
x
bbb2
3Ns—1964
x
aa
Jan
Aug
Feb
12
Apr
Apr
Aug
1 %
IN
Apr
Mar
95% June
2%
Feb
3% May
Jan
84
5N
N
7 N
15
2N
3N
58 %
Westmoreland Ino
Feb
39,000
8,000
112%
x
aa
2
1998
x
a
2
1908
1970
x
bbb2
C
3
104N
1954 ybb
2
105
Cent 111 Pub Serv
1968
Jan
Cent States Eleo 5s
3Ns
5Ns...
Cent States PAL
1948
1954
5Ns—1963
x
bbb2
*
a
3
cc
1
y
108
104 N
102
109 H 127N
80
85
105
109N
14,000
12N
17 N
9,000
94,000
39,000
93
43 N
13,000
37 N
bb
bb
43%
96
98
y
107
16%
bb
1966
87
105N
99%
z
12
Weyeuberg Shoe Mfg
Williams (R C) A Co
Wilson Products Inc.....1
S6N
96
90 N
100
90%
90%
2,000
83 N
93
89 N
87%
89% 152,000
80N
91N
Jan
Debenture 5s
1958 y b
88 N
87%
Aug
Debenture 6a
1909 yb
88 N
87%
88%
88%
b
98%
98
98%
1949 yb
98%
103%
Feb
5
July
5N
6N
July
85
Jan
1960 y b
Cities Service 5s
Cities Serv P A L 5 Ns
6 Ns
1952
y
Community Pr A Lt 6S...1957
y
bb
Conn Lt A Pr 7s A...
x
aaa3
1971
x
aaa3
x
aaa3
x
aaa3
1951
Aug
Co
»
20
Jan
21
July
97%
98%
102% 103%
Jan
14 N
8%
2
100
11%
50
S%
100
500
2
com
Jan
7
Feb
6N
1954 x aaa3
1958 ybb 3
1944 y ccc2
Gen mtge 4Ns
Feb
July
Cont'l Gas A El 5s
Jan
Cuban Tobacco 5s
80
12,000
79
90 N
49,000
31,000
88
99 N
88 N
99 N
98 N 103 N
17,000
127 N 131N
$129
6s
3%
3,500
14,000
bbb3
"89%
93%
Cudahy Packing 3Ns
Eastern Gas A Fuel 4s
1956
;X
July
Elec Power A Light 6s
y
b
3
7
Feb
8N
Jan
2030
Elmlra Wat Lt A RR 5a.. 1950
x
a
3
Mar
Jan
Empire Dlst El 6s
x
a
1
Jan
97
N
61
%
62
Mar
8
3
117
5N
July
Apr
6N
Jan
Jan
5N
July
1952
6 Ns series A.—.
1953
29,000
98% 106,000
Apr
2N .Tune
5N
Jan
4N
Jan
x
89 N
93%
57,000
105 N
...1961
Bogota (see Mtge Bank of)
Valley 7s
1948
t8%
44
108
101N 104
3,000
41N 48
104N 107 %
102% 106N
$27
44N
107%
106 N 107 N
103 N 104
1944 ybb
100 N
2
83%
x
bbb2
y
b
y
bbbl
102%
x
bbb2
101%
1956
1943
83 %
$100
1
1948
b
1978
y
21N
Jan
26
Aug
♦Geafruel 6s
1953
26
Aug
Glen Alden Coal 4s
1905 V bb
3
84
87%
100
52,000
17",000
8%
9
25
9
July
27
}8%
25
22
Feb
22
52
Jan
97
72
May
73
MOO
May
"44"
25
Mar
29
June
Apr
1962
..1955
$65
With declaration
1953
For footnotes see page 1109
$29"
Attention Is directed to the
new
9M June
Jan
column in this tabulation pertaining to
bank eligibility and rating o
88 N
18N
17 N
87 %
July
6N
65
99 N 102 N
Feb
75
6,000
98N 103
10,000
Jan
$8 %
101N
'I 84 N
"3,660
88 N
87 N
75 /
65
.....
Ceni Bk of German State A
♦Prov Banks 0s B..1961
110N
98 N 102
102
$9N
2
1,000
100 %
101 N 101 %,
87%
Z
Jan
33,000
101 N 102N
$63
22 N
17 N
68
♦Cauca
x
1953
Gen Wat Wks A El 5s
26 N
45
1,000
3,000
General Pub Serv 5s
Mar
95
106
108
103%
Gen Pub Utll 0Ns A
30
104
103
bbb2
♦General Rayon 6s A
4,000
"(f.OOO
103
1954
Georgia Pow A Lt 5s
26
89 N
108
1901 y;/,'
1960 x bbb2
3
28
78 N
119N 120
Mtge
Banks 6s-58 stpd
for
26
98%
62
103
103
b
Gatlneau Power 3Ns A—-1969
Sales
86
112,000
93 %
105
a
y
Gary Electric A Gas—
6s ex-warr stamped
$26
89%
53 N
101
$13
1967
1964
Finland Residential
89
$124N 125
z
Erie Lighting 5s
Week
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
Jan 1947
105 N
♦Ercole Marelll Eleo Mfg—
4N
4N
4N
Jan
GOVERNMENT
BONDS
105N HI
3,000
103
Florida Power A Lt 5s
MUNICIPALITIES-
107 N 111N
101
122 % 128 H
125
Florida Power 4s ser C
Wright Hargreaves Ltd..*
3,000
102 N
97%
61%
1955
Mar
12 N
Mar
1
4
2%
2,000
108N 108N
104N 104N
$123
bbb2
Federal Wat Serv 5Ns
1
uon 110N
104%
x
Mar
4N
ION
Wool worth (F W) Ltd—
Ext 6s.
90 N
6,000
Consolidated Gas (Bait City)—
114
2
11%
7% pf 100
Petroleum
(Bait) 3Ns ser N...
Jan
5N
Wolverine Portl Cement. 10
5Na
:
N
4,000
1960 yb
102
6
•
Williams Oll-O-Mat Ht._*
♦0 series A
31
49
Conv deb 6s
Jan
June
11%
1
Wichita River OH Corp..lu
Danish
30 N
100N
10,000
96%
100
81N
69N
3,000
16 N
y
6a series B
73 N
8,000
32,000
15 N
99%
-1952
|*Cblc RysSaotfs
Cincinnati St Ry 5 Ns A
103 N 104 N
102 N 106
1GN
1927
Aug
Aug
101 % 103 H
22,000
1,000
"99 k
43
156
i 0,006
SON
106 M 107
108 %
108
105 N U1N
106 N 112 N
149
bb
y cc
y
102 N 103
103 % 104 %
105
105
84 N
SON
7,000
155
$151
xaaa
1st ref mtge 3s ser P
1969
1st ref M 2%b ser Q....1970
.15% June
10
•Baden 7s
100
110% 111 N
111% 112N
1967
series
13
♦
....
20
AND
107 N 109 N
Consol Gas El Lt A Power—
Westmoreland Coal
FOREIGN
108 N
100
114N 115%
1960
1st fie series B
6a
Jan
Jan
"moo
114%
Bethlehem Steel 0s
Cent 111 El & Gas 3 Ns
July
109 %
17N
69
106
111%
bbb3
9%
17 N
12N
03
3,000
2
bbb2
July
12N
90.000
2
x
x
8N
5%
24,000
17%
,
aa
.1950 Z b
.
x
11
84
Convertible 0s
1942
1964
7% June
4N
Apr
17%
16%
17%
16% ! 17%
66%
67%
17
17N
Bell Telephone of Canada—
Broad River Pow 6s
May
51
12H
12 N
80,000
68,000
109%
1947 V b
Canadian Pac Ry 6s
103
7%
5a without warrants
Canada Northern Pr 5s ...1963
Feb
108N
Baldwin Locomotive Works—
Jan
July
17%
16%
$101 % 106
$101
106
Jan
85N
Apr
Feb
3
IN
3%
106 N
43
12 H
$107 % 108N
1947 yb
Birmingham Elec 4Ns
Jan
3
5a with warrants
Boston Edison 2Ns
22
131
Avery A Sons (B F)—
Aug
N
3N
100
Ainer dep rots
y
Aug
Western Tablet A Statlon'y
Common...
1955
1955
6s
16%
83%
109
$16 N 17N
1%
Jan
1%
:
Western Maryland Ry—
1st preferred
16%
16%
Atlantic City Elec
1%
(13,000
16%
Jan
Jan
"moo
47 N
d
9%
July
107N
46%
d
♦Conv deb 5s
♦Conv deb 6%a
83
106
128
107N
"47%
z
Jan
Feb
3
7
z
%
5%
83 %
15,000
1950
2%
Jan
39,000
3,000
108 N 108N
$129 % 131
1977
Atlanta Gas Lt 4Ns.
July
1C6N 107N
83
83%
108%
..1968
Jan
»il
200
'2,200
"2%
1.26
West Va Coal A Coke....5
"13 N
.....
West Texas Utll 30 pref..*
Tube
y
106 N 110N
lOON 109 H
d
AS80CT AT deb 5Ns A
%
6
Woodley
105N 108N
6,000
d
Jan
4%
1
Wayne Knitting Mills
Wolverine
10,000
107% 108
z
♦Debenture
106 N
106% 106%
z
IN
6N
July
101N 103 N
103N
a
d
Apr
Aug
62 %
18,000
a
z
Jan
Jan
103% 104
101N 101 N
lAssoclated Gas A El Co—
♦Conv deb 4Ns
1948
♦Conv deb 4Ns
1949
Aug
Aug
102 N 105N
103
105N
x
bbb2
July
Aug
103 N 106N
ib'ooo
x
x
■is
25%
17%
6,00c
104
5,000
1950
*i«
29%
105N 108
1,000
104
104 % 104%
1963 yb
11N
Jan
1
a
Arkansas Pr A Lt 5s
July
Jan
164"
bbb2
3%
%
13%
IN
Since
x
x
Mar
14
Range
Jan.
S
+103 r% 104%
101 %
2024
Appalac Power Deb 0s
4%
*
Walker Mining Co
Wisconsin P A L
2
bb
1061 yb
Appalachian Elec Pow 3Ns 1970
Feb
Jan
Feb
Aug
High &
\Low
2016
Am Pow A Lt deb 6s
2%
1,500
5
Wilson-Jones
y
104
Amer Writing Paper 6s
Jan
1
Sales
1950
1960
1970
2Nssf debs
3N8 s f debs
3N8 s f debs
Jan
100
16
Waco Aircraft Co—*
7%
-1907
2N
1
June
107 N 107 %
bbb2
1968 ybb
1st A ref 4 Ns
29 N
%
11
Jan
American Gas A Elec Co—
Aug
100
Utility A Ind Corp oom..6
Valspar Corp com
50
100
Utah Radio Products
Utility Equities com
"sod
65
65
Utah Pow A Lt 37 pref—.*
conv
5a—.1
Mar
23
"24 k
*
Utah-Idaho Sugar
IN
.....
8
Universal Pictures com
""60
2%
IN
1
Universal Insurance
34
1st
%
"
Universal Cooler class A__»
Universal Corp v t o
"766
Aug
»lf June
Co—
1%
27
....*
*
United Stores common_60c
Venezuelan
P<Wer
*11
1
U S Rubber Reclaiming..*
Conv
Alabama
Price
1
Apr
June
6N
Aug
*i« June
for
See
bbb2
49
27 N
5%
June
«i« June
Week
Associated Elec 4Ns
*
S6 1st pref with warr
U 8
July
July
June
ION
Mar
7i« May
8N
July
19
Mar
6N
of Prices
bbb2
"""206
59
58
16
.Week's Ranee
x
7%,
32% June
9,000
ION
1J16 142,000
"n 22,000
13
I
x
43%
5%
43N
43N
Sale
x
50
10%
Feb
Last
1951
July
m
13
Friday
I960
61 %
47 >
1
25
Bank
1940
Apr
Mar
1
25
Apr
Feb
Ratine
1st A ret 6s
49 %
6
Mar
ON
22 N
Elie. &
1st A ret 5s
550
IJ S Foil Co class B
Jan
1
Aug
Jan
United Specialties com
$10N
Mar
Mar
U S Graphite oom
H
Mar
»u
45%
*
76
5%
45 N
h,
29 N
Mar
45%
10%
9N
%
1921
.—1949
♦5Ns
Jan
7n
May
26
Jan
Feb
9N
23 N
1,000
Jan
85
%
Preferred
6N
14 N
7
.....
....
ION
Jan
4%
60
Feb
Feb
Mar
5%
13N
17
1958
Jan
Jan
July
10
59
May
Jan
United Profit Sharing..26c
59 N
Jan
16
4,000
$30
With declaration
1st A ref 5s
United Shoe Mach com.25
27
3,000
25
25
Feb
June
June
5^666
32
25
$11
♦Issue of Oct 1927
Jan
*ii
7%
United NJRRA Canal 100
10% preferred
$25
♦Issue of May 1927
June
70
8
8
Jai
Aug
July
Apr
19 N
22
Jan
Jan
30 N
8N
BONDS
80
6%
13N
9
$13
♦Mtge Bk of Chile 08.1931
Mtge Bk of Denmark 5s '72
Apr
Apr
7
27
27
Mtge Bk of Bogota 7s. 1947
United Gas & Elec Co—
80 N
6%
....
♦Rio de Janeiro 0NS.1959
♦Russian Govt 0Ns._ 1919
11%
Jan
July
Aug
9
IS
16 H
6%
1958
♦Parana (State) 7s
60 N
7
2,000
$8N
$8N
1958
♦6Ns stamped
Jan
TON*
(i
Lima (City) Peru—
Feb
3N
Hieh
1
15
Q
♦Hanover (City) 7s...1939
♦Hanover (Prov) 6NB.1949
0
% June
»«
Apr
7%
Jan
% June
Option warrants
$8N
..—1947
~7n
7% May
3
July
7% June
Apr
Aug
♦Secured 6s
'57
$1 -i
♦Ext 0Ns stmp
1952
♦German Con Munlc 7s *47
Aug
Jan
2% June
Low
$
Hieh
Waterways
♦Maranhao 7s
7N
Range Since Jan. 1, 1941
for
♦MedeUln 7s stamped. 1951
Feb
July
2N
Danzig Port 4
Aug
May
32%
1%
60 %
*
Jan
Jan
N
8N
9
United Chemicals com...*
Jan
Jan
ION
48%
%
—*
Series B pref
Union Gas of Canada
1
4%
Jan
Apr
lUlen A Co ser A pref——*
Unexcelled Mfg Co
7u
Jan
Mar
5
6%
preferred——*
114
July
8%
—-—i.-w*
Trunz Inc
108 %
Jan
7«2
1
Trt-Contlnental warrants
Apr
July
1941
Week
Low
Price
Hieh
100
N
—
10
Trans western OH Co
Low
of Prices
Sale
{Continued)
Shares
Week'e Ranee
Last
BONDS
Ranee Since Jan. 1,1941
Week
23,
Sales
Friday
Sales
Friday
STOCKS,
(Concluded)
80c oonv
Aug.
New York Curb Exchange—Continued—Page 5
1108
bonds.
23
80 N
88 N
Volume
New York Curb Exchange—Concluded—Page 6
153
Friday
Last
Week's Range
for
Range
Rating
DS^
Sale
of Prices
Low
High
Week
Since
See
(Concluded)
Price
a
Friday
namt
Sales
Hank
Elig. &
BON
1109
Jan.
Week's
Last
Eltg. A
BONDS
Rating
Sale
(Concluded)
1
bates
See a
Price
Range
of Prices
High
for
Week
Low
Range
Since
$
Jan.
1
1
Grand Trunk West 4a
1950
x
Or Nor Pow 5a Btpd
1950
a
2
86
1
84%
86
x
aa
109
109
22,000
5,000
Green Mount Pow 3%8-.-1963
x
bbb2
106
106
5,000
Grocery Store Prod 6a.—-1945
Ouautauamo & West 6e—1958
y
ccc2
*61
63
y
ccc2
{♦Guardian Investors 5e—1948
y
c
1
24
1935
♦Hamburg Elec 7s
34 34
22%
36 h
24
86
107% 110
103% 106%
75%
58
iilooo
8.000
64
17%
38%
29%
18
15
18
*11
1938
z
.1966
x
1963
1949
z
A St Ry 5%8.
♦Hungarian Ital Bk 7 %s,._
Hygrade Food 6s A
ccc2
1949
y
z
aa
y
bbb2
1954
1956
let A ref 5%s ser B
1st Arel. 6s8erC.-
Ha—May
Indiana Hydro
77% "78"
"97666
78 %
*77
110% 110%
107% 107%
127660
107)4
ccc2
2
y
bbb2
y
bbb2
105 h
105 h
1st lien A ref 5s
1952
♦Indianapolis Gas 5s A
1
80
z
89
Indianapolis Pow A T«t 3%b1970 x%S2
5 International Power Sec—
♦6%s series C
1955 z dd 1
108%
70% 80%
107% 111
106% 108
105
98% 103
10034 103
80%
82
11,000
78
80%
88
89
108% 1093-4
28,000
6,000
25,000
72%
71%
75
105
1034
10%
1,000
8
14%
15
8,000
2,000
10,000
coupon) 1952
y
b
2
78
y ccc2
37%
2
107%
x
aa
79%
76,000
66%
80%
37% 39
107% 107%
33.000
24%
43
78
3,000
1952
1963
z
1942
Jersey Cent Pow A Lt 3 %s.l965
z
b
2
x
a
3
1966
x
a
2
109%
20,000
Kansas Gas AEec 6a__—2022
x
bbb2
126% 126%
xaa
3
111% 112%
1,000
8,000
3
14%
•
18%
14%
21%
49%
21 %
y
13%
50
16,000
106% 108%
12% 26
1966
x
♦I^sonard Tleta 7 Ha
1946
1945
x
Louisiana Pow A Lt 6a
1957
x a
a
108% 108%
.......1941
MlnnP AL4H8
1st A re! 6b
b
a
x
aa
x
aa
y
bb
y
bb
x
a
x
bbb2
x
bbb2
Miss River Pow 1st 6S
103
1,000
101% 103%
106% 106%
"67666
109% 109)4
4,000
95% 100
105% 109%
107
110%
103
*100% 101
100
bbb2
104
104%
111%
2,000
109
102% 103%
5,000
100% 101%
106% 107
15,000
2030
x
bbb2
{♦Nat Pub Serv 6s ctfs... 1978
Nebraska Power 4%s
1981
z
d
aa
2
2022
x
a
2
1948
Nevada-Calif Elec 6s
1956
New Amsterdam Gaa 6S..-1948
x
bbb2
y
bb
x
aa
Nelsner Bros Realty 6s
x
108%
3,000
111
3,000
112
96% 104
100% 102%
105% 109
20
2,000
18
26
111% 112
2,000
107
112
119
4,000
20
119
717666
*117% 117%
58%
59%
2
467666
1948
.......I960
y
b
y
b
1961
1948
x
aaa2
y
bb
92%
92%
46,000
1964
y
bb
95%
90%
51,000
102% 104%
5,000
..1949 ybb
—
59%
5934
109
11,000
59%
59
3
195
1964
x
a
x
a
49,000
109
4,000
105% 105%
2,000
*111 % 114
2004
x
aaa3
Debenture 6s..........1954
x
aa
1953
y
N Y A Westch'rLtg 4s
Nippon El Pow 6HB
6Hs series A
107% 107%
*115%
*25
35
3
"17666
56%
66%
56
66%
106% 109%
87%
97%
91% 100
102
105%
101% 106%
107% 111%
103
107%
114
115
38
45
1956 ybb 3
3H8-.1947 x aa 2
.1948 y b
2
104%
102% 102%
104% 104%
*51
109
109
1,000
4,000
53
102% 103%
104
105%
49% 54%
Northern Ind Public Service—
1st
1969
3%s series A
x
bbb2
4s
Okla Nat Gas 3%s B
2
1962
x
a
1955
x
bbb2
Okla Power A Water 5s—1948 y bb
109
109
2,000
109% 113%
6,000
106
106% 106%
109% 109%
.
4,000
110% 110%
108% 108%
.1946 ybb 2
Ohio Power 1st mtge 3%s.l968 x aa 3
1st mortgage 3s
1971 x aa 3
Ohio Public Serv
90%
88
bbb3
90%
89%
99%
x
bbb2
x
104% 104%
107% 108
104%
59%
111
40%
1948 yb
1951
40%
86%
20
40
75%
87%
24,000
84
93%
4,000
85
93%
1,000
93
99%
10,000
103
88
1 000
6,000
105%
102% 105%
107% 108
1,000
103% 103%
60,000
35,000
50%
101
7,000
2.000
Debenture 6s
111
34%
46
69
92%
87
88%
yb
Deo 1 1966 y b
"86%
86%
87%
42,000
69%
86%
86%
88
45,000
70
70
1948 y b
60
105% 108%
10,000
43,000
18,000
86%
I 69%
92%
92%
92%
1957 y b
86%
86%
87%
45,000
Standard Pow A Lt 6s
1957 yb
86%
86%
20%
87%
21
22,000
68%
92%
92%
1950
2,000
20
25%
26
26
13,000
24
32%
*42
50
43
56%
Corp Inc 5s
8tlnnes (Hugo) Corp—
7-4s 2d............... 1946
7-4s 3d stamped
..1946
Certificates of deposit
♦TernI Hydro El 6%s
1953
cccl
26
z
z
z
10,000
16,000
1956 xbbb2
.....2022 ybb
2
..1979 y bb
3
106%
108
*118
"a99%
13%
106% 107%
107
108%
118
121%
96
100%
119
99%
99%
26%
14,000
19,000
"5,606
Tletz (L) see Leonard—
Toledo Edison 3 %s
1968 x a
Twin City Rap Tr 6%s„__1962 .Yb
106% 109%
58% 62%
*107% 108
61%
60%
61%
237600
10%
10
10%
6,000
7
1,000
114
{♦men A Co—
Conv 6s 4th stp
United Eleo N J 4s
1950
z
...1949
x
1956
Z
♦United El Service 7s
11%
118%
25
aaa3
116
j:
Z
*3%
*11
18
30
20
30%
z'fVl
*13
20
14
30
85
100
116
15%
Debenture 6s
1975 ybb
1
United Light A Rys (Mo¬
ds series A......—
1952 xbbb2
Deb 6s series A
..1973 y bb
Utah Power A Light Co—
1st Hen A gen 4 %s
Deb 6s series A
1944
x
109%
98%
99
10,000
98%
98%
Debenture 6%s
1974 y bb I
1st lien A cons 5%s„. ..1959 x bbb2
Un Lt A Rys (Del) 5%s ..1952 ybb 2
99
17,000
103% 103%
100%
100% 100%
18,000
118%
118% 118%
4,000
98%
3,000
1
98%
98%
::*"99%:E99 %
I)bb2
2022 ybb
2
2
103
1946 yb
Deb s f 6s
2
1946 ybb
1950 ybb
Va Pub Service 5% A
1st ref 5s series B
88
100%
103% 108%
2,000
2
101
102
101
37,000*
93% 101%
117
>
98%
95
101%
102%
102%
102%
14,COO
103%
101
3,000
4%
15,000
4
3.000
108
102
6,000
121
83% 100
102
109
102%
103%
l,000j *00% 102
Waldorf-Astoria Hotel—
1954
z c
1
1951
x
aa
3
x
aa
2
2030
x
bbb2
5s...l960
x
a
♦5s
Income
deb
Wash Ry A Elec 4s
West Penn Eleo 5s..
West Penn TractloD
4
2
115
114% 116
Western Newspaper Union—
6s unstamped
1944 y b
I
Wise Pow A Light 4s
1966 x bbb2
{♦York Rys Co 5s strap...1937
♦Stamped 5s
1947
110
110
*109% 110
106% 106%
68%
69
104% 104%
z
bbbl
97%
97%
v
bb
1
99%
99% 100
97%
5%
110
105% 110
io'ooo
3.000
105
59
4,000
4,000
1,000
10,000
108%
114% 119
70
104% 107%
96%
99%
98% 100%
106% 106%
108% 111%
*108% 109%
106% 109
*103% 104%
3
*14
18
106% 106%
108
108%
z
.I960 xbbb2
Texas Power A Lt 5s
6s series A
z
Washington Water Pow 3%s'64
....
Nor Cont'l UtII 6Hs
Ogden Gas 1st 6s
99% 99%
103% 104
bbb3
138%
15
36%
"42"
x
2
133
1
United Light A Pow Co-
North Americau Lt A Power—
No Bost Ltg Prop
90%
90%
*9
16%
106% 109%
16T666
137
x
♦United Industrial 6 %s... 1941
♦1st s f 6s
1945
109%
88%
99%
117% 121%
56% 66%
Penn A Ohio—
♦Ext 4%s stamped
83
114% 124
New Orleans Public Service—
N Y State E A G 33*8-.
83
106
*109% 110%
98%
98%
1947 yb
,
*40
(stamped)
Conv 6s (stamped)
Tide Water Power 5s
aaal
3
104
103% 105%
102% 106%
bbb2
York
6s
106
13.000
bb
♦Income 6s series A
1
Spalding (A G) 5s
1989 yb
Standard Gas A Eleotrlc—
5,000
105% 105%
2
x
New
cc
z
3%s...l970
6,000
13,000
y
Debenture 5H»
*135
1947 y b
Texas Eleo Service 5s
"87666
55
x
3%s_
New Eng Pow Assn 6s
107% 108
2
1957
3,000
90%
1951 y ccc2
Sheridan WyoCoaI6s
8ou Carolina Pow 5s
104
98% 102%
28%
2
Shawlnlgan W A P 4H8...1967
1st 4 %8 series D
1970
162
98% 105
14
aa
z
150
100
17%
aa
x
1951
50%
59%
103% 107%
102% 105%
55%
106% 106%
104% 105
107% 107%
1951
1960
Conv deb 6s..
107% 109
4,COO
17,000
21,000
17,000
82
ill
Nassau A Suffolk Ltg 5s...1946
6s
86%
111
*101% 102%
x
New Eng Power
105% 109%
105% 107
*8%
Southwestern Pow A Lt 68-2022 y bb
90
76%
26
*9%
108
77
bb
1957
N E Gas A El Asan 6s
86
aa
85
y
Miss Power A Lt 6s
6s series A
3
bb
*80
2
x
1956 ybb
Nat Pow A Lt 5s B_._
Queens Boro Gas A Eleo—
5%s series A... A
1952 y bb
♦Ruhr Gas Corp 6%s
1953 z
6s gold debs
y
Mississippi Power 6s
Missouri Pub Serv 6s
2
1st A ref 4%s ser D
x
25
1956
4%s
1950 y bb
102% 103%
103
103%
102
102%
y
25
1945
1943
1967
1978
Midland Valley RR 5s
Milw Gas Light
103
O
Soutnern Indiana Ry 4s...1951
35
1965
Middle States Pet 6Hs
102%
2
ser
S'western Gas A El
*12
1952
1947
1971
4a aeries G
2
1950 ybb
1st A ref 5s
103% 103%
58%
59%
107% 108
109%
100
♦Starrett
1948
Metropolitan Ed 4a E
Puget Sound PAL 6%s...l949 ybb
151% 152
2
x aa
Memphis Comml Appeal—
Deb 4 Ha
y aa
2
107
9
9.000
3
6,000
69
4,000
aa
McCord Radiator A Mfg-r
Mengel Co oonv 4 Ha
6% perpetual certificates
Debentures 6s..
3
50
1,000
13,000
x aa
102% 106%
98%
Public Service of New Jersey—
Southern Counties Gas (Calif)—
1st mtge 3siw„..ii._,....1971
17,000
86%
106% 110%
108% 112%
1,000
109% 109%
Southern Cal Edison 3s... 1965
Southern Calif Gas 3%s.__1970
"97666
93% 100%
9,000
5,000
107% 108%
51
9,000
6,000
106% 106%
107%
35%
Mansfeld Mln A Smelt—
6a stamped
a':lr 2
14
109
109
9
42
40
*10
103% 104
109
bbbi
73%
8,000
105% 109%
106
109%
123
128%
111% 112%
106% 109%
10834 108%
109
z
Long Island Ltg 6a
108)4
73%
2,000
Jacksonville Gas—
♦7a mtgeaf..
x
102% 106
12%
29%
22%
26%
109%
95
9
1949 xbbb2
15
1034
1
Lake Bup Diet Pow 3 %s—
1964
107
*88
73%
1
Pub Serv of Indiana 4s....1969 xbbb2
10
1
dd
3%s_.__1969
ccc2
z
♦Schulte Real Est 6s
Boullin Steel Inc 3s
dd
z
Kansas Elec Pow 3 Ha
*108
24
z
.1952
6a stamped
1st mtge 3%s
f debs 4s
3
y a
♦Prussian Electric 6s
1954
Public Service Co of Colo—
s
a
97%
96%
107
z
1947
Corp(Can)4%sB...1959
3
14
1941 coupon) 1957
♦Isarco Hydro Elec 7a
♦Italian Superpower 6a
Power
a
x
...1961
Potrero «Ju<r 7s stamped
97%
95%
1
10,000
1,000
30
z
San Joaquin L A P 6s B...1952
♦Baxon Pub Wks 6s
1937
16
Kansas Pow & Lt
1
13
*8%
,
Potomac Edison 5s E.....1956
25%
15%
14
1957
1952
Iowa Pow A Lt 4%s—-—1958
92%
z
21
16
Debenture 6s
84
109%
13
13
z
13%
1434
1
Interstate Power 5a
84%
105% 106
3
Portland Gas A Coke Co—
♦5s stamped
..1940 z bb
5s stamped extended
1950 z bb
11
1434
dd
♦7s (July 1941
♦Pledm't Hydro El 6%s..l960
♦Pomeranian Eleo 6s
1953
♦Ruhr Housing 6%s
1958 z
Safe Harbor Water 4%s... 1979 x
z
♦7s series F
108
104% 107
1957
♦7s series E
81
1,000
103
80%
70%
13,000
101% 102
103
1
14%
18%
109% 111
103
101 %
1
-I960 y
1963 ybb
3,000
21,000
2
y
11,000
105% 105%
10534 105%
bb
bb
1958
7,000
77%
1957 ybb
Elec 6s
Indiana Service 5s
♦7s (Aug
*11
110% 111
*3
2
1953
III Pr A Lt 1st 6s ser A
8 I deb 5
y
aa
...1967
6s series B
Idaho Power 3%s
1962 y bb
4%s series F.
♦Hamburg El Underground
Houston Lt A Pr 3 Ha
Phlla Rapid Transit 6s
103
106%
Pacific Gas A Electric Co—
2
1941
x
aa
Paclflo Ltg A Pow 6s
1942
x
aaa3
Pacific Pow A Ltg 6s
1955
...1964
1977
y
y
bbbl
cccl
x
a
1st 6s series B
Park Lexington 3s
Penn Cent LAP 4hb
1st 6s
Penn Eleotrlc 4s F
6s series H
Penn Pub Serv 6a C
6s series D
1979
x a
1971
x. a
1962
x
a
1947
x
a
1954
x
a
Phlla Elec Pow 6Hs
x
aa
577660
95
34
101%
38
"157660
104% 106%
2,000
109% 109%
110% 110%
"47600
13,000
13,000
109
106
108
108%
1,000
10,000
5,000
*107% 108%
2
101% 104%
102% 106%
113% 113%
106
108% 108%
108
1970
1972
5,000
105% 107%
104% 106%
107% 110
106% 109%
107% 109%
106% 110%
106% 110%
108%
Pennsyl Wat A Pow 3%s__1964
3%8
101% 101%
*102% 104%
101
101%
19134
35
*30
105% 106
105%
106% 106%
115
A
1.
I
•
No par value.
n
Under-the-rule sale,
a
Deferred delivery sale.
t Cash
* Friday's bid and asked price.
♦
sale,
x
d Ex-interest,
e
Odd-lot sale.
Ex-dlvldendl.
No sales being transacted during current week.
Bonds being traded flat.
i 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
c," voting trust certificates; "w i," when issued; "w w." with warrants; "x w,'
without warrants.
A
Bank Eligibility
and Rating Column—x
Indicates those bonds wnlch we
believe eligible for bank Investment.
y
Indicates those bonds
we
believe are not bank eligible due either to
rating
status or some provision In the bond tending to make It speculative.
z
Indicates issues in default, In bankruptcy, or in process of reorganization.
The
rating symbols in this column
bond by the three rating agencies.
are
based
on
the ratings assigned to each
The letters indicate the quality and the numeral
immediately following shows the number of agencies so rating the bond.
cases
the symbols will represent the rating given by the majority.
In all
Where all three
agencies rate a bond differently, then the highest single rating is shown.
A great majority
earing ddd
Attention is directed to the new column in thia
or
of the issues bearing symbols
ccc or
lower are In default.
lower are In default
tabulation pertaining to bank eleglbllity and rating of bonds.
See note a above.
Issues
The Commercial & Financial Chronicle
1110
Aug.
23,
1941
Other Stock Exchanges
Sales
Friday
Last
Baltimore Stock
Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists
Sales
Friday
Last
for
of Prices
Low
High
1,1941
Week
Price
Par
Stocks—
Week's Ranue
Sale
Range Since Jan.
Stocks (Continued)
Par
Low
High
^
118
27 c
May
May
17%
50c
50c
Aug
July
155
1.65
JaD
3.35
Aug
Bendlx Aviation com....5
59%
418
56
71%
23
114
May
May
Jan
Feb
7%
1
Preferred v t c.
B 6s.
—
.-
5%
50
29%
Jan
15%
Brown Fence A Wire com. 1
3.25
Mar
Burd Piston Ring com.... 1
19%
Aug
Butler Brothers
Warner Corp—
Common—— —.——6
15%
18%
19
100
Jan
H
5%
Aug
Apr
9
10% May
19%
10
Jan
12%
4
July
Apr
8%
67%
Aug
75%
Aug
4%
Feb
5%
July
2%
July
Feb
Jan
6%
Feb
May
24
24%
1,055
21
May
27% June
pref
30
Campbell W A C Fdry...*
Castle A Co (A M)....10
11%
11%
20
20
41%
7,500
33%
41 %
Cent 111 Pub Ser $6 pref..*
84%
85%
180
6%
6%
50
%
150
101% 101 %
1975
38,150
1,000
Jan
50
June
Aug
July
100
Jan
1% June
2.25
16%
50%
July
350
10
884
40
Jan
29%
6
Jan
2.70
49
Aug
Apr
32%
July
19%
v«
6
Apr
18%
29%
-
Jan
July
May
16%
20%
41
-1975
Jan
%
2%
Apr
24%
-
3%
10
19%
Mar
High
Apr
13% June
29
flatl975
—
285
5%
250
2
Borg
July
Bond*—
A 5-s flat
50
500
2.70
2
27%
100
4%
19%
Casualty2
68
Aug
200
7%
67%
Binks Mfg Co cap..
Apr
Jan
12
250
37%
7%
68%
4%
Jan
Apr
29
12
,.
Mar
Mar
1,325
29%
M Vern-WoodMills comlOO
Halt Traslt Co, 4s
37
10
10%
27%
131%
35%
Jan
113%
45
...
Low
100
3%
9%
17%
34
10
Motion W Penn PS 7% pf25
U 8 Fidelity A Guar
137
130%
118%
Belden Mfg Co com..
550
33%
Fidelity & Guar Fire
New Amsterdam
5%
17
150
26
129
14%
118
7%
25%
129
20
"37%
1
Bliss A Laughlln Inc.....5
117
117
4%% Pref cl B---.100
vtcl
17
Berghoff Brewing Corp
1
Bethlehem Steel Gorp com*
17%
59
59
9
-j y
Shares
2%
%
3%
3%
Range Since Jan. 1, 1941
for
Week
High
2%
Belmont Radio Corp...
3.20
Eastern Sugars As com
Fidelity A Deposit
735
35c
«,
..
-1
•*.
Low
BarlowASeeligMfg A com 5
3.15
16%
..i
preferred v t c_.. 100
Conso! Gas EI-A Pow_ —•
1st
Price
.8
Bastlan-Blesslng Co com.*
A rundel Corp.
. . « „
w **
Bait Transit Co com v t c *
of Prices
Athey Truss Wheel cap.. ,4
Automatic Washer
3
Aviation Corp (Del)
Shares
Week's Range
Sale
Exchange
102
Feb
5%
10
18%
2
1,405
'214
3
3
100
2%
6%
"6%
6%
3,650
22%
250
4%
19%
22
cum conv
15
50
4
Jan
Jan
23
Aug
Aug
10% May
14%
Jan
17%
21
Jan
82
Feb
May
95%
Jan
5%
Jan
6%
Aug
ht
Feb
*is
July
Central 111 Sec—
Conv pref
*
Commona..
1
316
Central A S W—
Boston Stock
Exchange
Prefprrpd
Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists
Last
Week's Range
Hale
Par
Stocks—
Low
Range Since Jan. 1, 1941
for
Week
of Prices
Price
High
Cent States Pr A Lt pref
40%
Common
Rights.
151 % 153%
153%
100
Tei
17 82
a
—
——— —
Blgelow San ford Car pf 300
Boston A Albany
100
Boston Edison Co (new) .26
27
100
48
Boeton Elevated
Boston Herald
A
Boston
l7ie
106% 100%
92
92%
20%
27%
45%
48
"92%
18%
Traveller..*
2,812
148%
23,800
6
100
108%
Ma.y
13J8
May
July
1%
Aug
106%
Aug
Jan
8%
2,815
May
Jan
41%
Apr
50%
Feb
Jan
20%
Apr
9
85
20
Mar
Aug
3%
3
15
3%
50
1%
Jan
Brown & Durrell Co com,*
1.00
1.00
15
95c
Jan
1,50
Feb
..6
6%
0%
406
5%
A or
July
5%
5%
35
4%
Feo
7%
6%
5%
*
Jan
Jan
{Aug
Aug
July
1%
51%
1%
10
51%
10
35%
*
35%
8
4%% prior pref
100
6% pref
100
Eastern Mass St Ry—
Common
100
1st pref
—100
81
81
81
10
Preferred clB
100
15
14%
15
100
Adjustment-.
100
3%
75c
Jan
130
120
1%
1%
200
1%
10c
300
5c
1%
6%
.100
55
7
20
1
22c
19c
23%
23%
5%
3%
5%
5%
3%
4%
Mass Utll Ass vtc
123
23%
60
25
Pennsylvania RR
Qulncy Mining Co
Reece But Hole Mach
...
185
12%
2%
110
42
28c
5
14
272
1%
8%
United Shoe Mach Corp.26
59%
59%
45
563
*
.....
Warren Bros
%
May
8
Feb
9%
5%
30
May
9%
8%
100
1...*
Eleo Household Utll Com .6
10
20
104
4,000
0
200
3%
250
32%
1%
39%
715
14%
46%
31%
1%
33%
36%
May
4%
com..
10
com
*
Hamilton Mfg cl A pt pfdlO
Heileman Brewing cap
1
Heln Werner Motor Parts 3
Jan
15
9%
Jan
Jan
Houdallle-Herehey cl B
*
Hubbell Harvey Inc.....5
Illinois Central RR comlOO
Apr
July
Apr
Feb
July
July
52c
Mar
9%
Apr
1% June
com.
Jan
35%
July
Jan
105%
Apr
Bell System
10
S.
Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists
Sales
Stocks-
Par
for
of Prices
Week
Price
Acme Steel Co com
rn.
m
Low
■mm—rn
25
Adams Oil A Gas Co com.*
54%
High
Range Since Jan. 1,1941
Shares
48%
-
»
Advanced Alum Castings.5
Aetna Ball Bearing com_.l
-
2%
4%
2%
11%
Low
High
SO
4%
100
300
43%
Apr
2% Mar
2% May
11%
2%
11%
11%
Aills-Chalmera Mfg. Go..*
29%
Amer Rad A Stand San... *
Amer
Tel A'Tel Co cap. 100
Rights (Wl)
Anaconda Copper Ming. 50
—
Armour A
6%
W
-
m
±
-
-
1%
28%
Co common...6
Feb
54%
49%
Allied Laboratories com..*
11%
5
46
Field
*
14
June
Jan
17%
9%
Mar
7
9%
July
10
50
8% June
7
May
35% June
12% May
30% June
50
400
10
100
14%
9%
560
7% June
26%
100
18%
320
3%
100
78%
49
9%
Aug
Jan
40
Jan
14%
Jan
35
Jan
Jan
Aug
21% May
10%
29%
18
Aug
21%
3
June
69%
4
Jan
Jan
Jan
Apr
Apr
90%
Jan
9%
56%
July
8%
75
8%
Aug
1,561
43%
May
5
Jan
13%
17%
Apr
July
53%
10%
Aug
300
Apr
14
100
Jan
,5%
July
9%
July
Jan
50
8%
46%
10
44%
July
50%
10
99
July
106%
250
3
Jan
%
5%
27%
4%
5%
15%
.....
%
27%
250
5%
19%
1
15%
10
% June
25
May
5
Jan
Jan
July
1
Jan
27%
5
Aug
Jan
3,050
5
Feb
40
16
Jan
21
100
1
Feb
1%
16%
Jan
3%
Aug
July
205
3
3
250
16
60
34%
*
May
3%
16
13% May
1% Feb
9
Jan
34
Aug
7%
Jan
May
19
Jan
16%
1
34%
30
July
37%
Jan
16
16%
650
13%
Jan
28
400
Aug
16%
29%
July
27%
*
com
7
200
4%
*
Apr
28%
Jan
Mar
4%
Apr
26% May
29%
Apr
6%
Jan
7
Apr
22%
22%
5
27%
20%
3%
3%
27%
3%
27%
250
3%
4%
4%
4%
1,500
4%
May
5%
5
5%
950
3%
Feb
*
*
cum
partic pref
Middle West Corp cap
6
Midland Utd conv pref ._*
Midland Utll—
6%
7%
7%
6%
Aug
prior lien
prior lien
100
16
16
100
14%
16
100
250
%
Apr
%
Aug
100
50
%
Apr
%
July
% May
4% Aug
31% May
6%
39%
Jan
Jan
5%
37
Aug
Aug
13
Mar
—
pref A
1
1
1
4%
Aug
4%
May
3%
12%
Jan
Jan
Natl Battery pref
..*
Nat'l Bond A Invest com.*
13
Jan
Natl Pressure Cooper com 2
National Standard
.
29%
150
25%
May
36%
Jan
6%
395
Aug
May
7
Aug
168%
Jan
Noblitt-Sparks Ind cap..5
l"u July
Northern III Finance com.*
1,219
6%
149%
17,000
l73i
Aug
27%
28%
1,320
27%
Aug
29
Aug
New York Central
780
1%
100
1%
Jan
2%
Jan
Prior lien pref
65
27 %
Aug
29%
Aug
7% preferred
Apr
5%
Jan
4%
Apr
17%
Jan
17
*
1
300
4%
200
34%
4%
343
250
4%
Aug
37
37
50
35
10
10%
100
10
Aug
4%
100
3
Aug
27
200
24
May
13
950
23%
250
12%
23%
4%
.10
Northwest Airlines com..*
North West Utll—
4%
4%
33
•
Feb
1716
1
Nash-Kelvinator Corp...5
Jan
10%
1%
200
200
Aug
Aug
Miller A Hart—
Minn* Brewing Co com
Montgomery War a com
54%
51%
11
May
10
pref cl A
28%
900
*
_
l
4%
1%
1113.
15
12%
1
27%
page
Jan
15%
19
*
For footnotes see
July
10%
32%
*
100
4
May
May
20%
8
120
*
Atch Top & S Fe Ry comlOO
Asbestos Mfg Co com
16
100
36%
13%
%
*
150
151% 152%
125
8%
*
V tncomra on stock
Abbott Laboratories com *
July
8
46%
com A *
$2
Week's Range
3%
Merchants A Mfrs sec—
Chicago Stock Exchange
Sale
Jan
2% May
6% May
100
com'/
Marshall
Last
4%
50
101% 101%
4%
4%
50
100
Class A com
Friday
Feb
8%
*
Ky Utll Jr cum pre!
6% preferred
Martin (Glenn L) Co..
Masonite Corp
La Salle St., CHICAGO
2%; Jan
40% July
Jan
48%
52%
10%
1
McQuay-Norris Mfg
Municipal Dept. OGO. 521
July
Kellogg Switchboard—
Loudon Packing com
McCord Rad A Mfg cl A.
Teletype
Trading Dept. OGO. 405-406
Jan
Aug
456
8%
5
Jan
32&
18
52%
Jan
Aug
3%
77%
1
;:V,: Aug
55%
12
*
international Harvest com*
Liquid Carbonic
Principal Exchanges
Jan
Jan
25
6%
18%
9%
150
LlbbyMcNeillALlbby
Paal H.Davis & <90
Feb
6%
3%
9%
9%
Lincoln Printing pref
Common
Litted and UnlUted
33%
45%
Feb
15%
9%
26%
•
Leather A Co pref
Common
SECURITIES
Apr
Aug
32%
9%
Jan
4%
3
13%
15%
Jan
200
a:35 %
.1
inland Steel Co cap
Interlake Iron
370
1,592
Aug
3%
8%
8%
Indep Pneu Tool vtc new *
Indianapolis Pr A Lt com.*
Indiana Steel Prod
150
9
La Salle Exten Unlv com.5
Members
14%
Hormel A Co (Ceo A).... *
8%
Ken-RadTubeALp
CHICAGO
9%
*
30%
May
101%
18%
9%
Hibb-Spencer-Bartlett—25
Horders Inc com
Apr
19
6%
_.*
39
250
Aug
July
Aug
Aug
26
9%
21
May
15%
50%
Jan
Aug
250
14%
Goodyear T A Rub oom._*
73%
61%
122
6%
25
4%
50
Gossard Co (H W) com ...»
Great Lakes DAD com..*
Mar
300
38%
Feb
3%
28% June
34% May
Feb
5%
18% May
50
Jan
40
200
7% May
13% Apr
Gardner Denver Co com..*
General Am Transp com.5
Common
104
1948
31
3%
31
50
24%
Feb
East Mass St Ry—
Series A 4%S
3%
30%
38%
3%
21
25
Apr
7%
%
14,000
8%
21
Aug
Jan
8%
7
Jan
Jan
19
8%
Gillette Safety Razor com *
Apr
May
.2
com
Coldblatt Bros Inc
10
15
9%
1%
26%
Apr
25% June
1% June
100
Feb
Aug
Feb
30c
34%
9
37%
3%
3%
22
49%
43%
34
1,840
17
17
14%
Apr
Jarvls (W B) Co cap
Katz Drug Co com
4%s.l970
Aug
39
Bonds—
Boston A Maine
13%
39%
Aug
55
35c
25
38%
Mar
190
13%
17%
9%
Gen Motors Corp
25c
Jan
96
Jan
General Outdoor Adv
45e June
July
19%
Aug
Jan
19%
16%
110%
Apr
1%
Fox (Petei) Brewing com.5
Fuller Mfg Co com
l
6%
4%
129
ht
Feb
Apr
80%
Jan
..
Jan
13
13%
Fairbanks Morse com
i*
Four Wheel Drive Auto. 10
July
10
40
Jan
May
May
July
8%
Elgin National Watch Col5
52c
30
19%
Jan
26
41
5
Apr
Feb
660
35c
Jan
200
Aug
21
Feb
July
1
Waldorf System
35c
1
July
Feb
37%
95
1%
8c May
9
25
....
12%
108%
1%
20c
50
00
45
6% cum pref
Utah Metal A Ton Co
Jan
General Finance Corp coml
General Foods com
*
72%
36%
71%
May
6%
Jan
6%
2%
24% May
95
Eddy Paper Corp (The)..*
12c May
33%
Feb
59% June
71%
6%
Jan
July
555
*
Feb
4%
6%
582
Union Twist Drill Co
United Fruit Co....
5%
130
31%
26
27
1,456
31%
432
27
6%
6%
*
295
*
5
7,650
General Electric Co
10%
*
40
25%
July
7%
27%
37%
10%
7%
*
40%
72%
1%
Dixie-Vortex Co
11%
200
Stone A Webster
July
25%
Feb
Aug
2%
Jan
25
Torrlngton Co (The)
1
2
'is
225
8c
Shawmut Ass'n T C
3%
100
Jan
4
180
242
17%
1%
8%
10
54.7
1%
1%
25%
3%
5c May
8c
25c
100
*
Jan
58%
16%
9
8%
18% May
4%
Jan
17%
23%
2.60
North Butte—
Old Colony RR
Pacific Mills Co
Jan
73
Aug
July
Feb
Apr
%
183
*i«
3i»
55
Jan
1
*
25%
May
375
22c
24
120% 123
N Y & N H A Hart RR 100
1% June
3%
Feb
21
150
Mergentbaler Linotype..*
N arragansettRaog Assnlnol
National Tun & Mines—*
New England Tel A Tel 100
51%
14
5%
10
July
15
Feb
6%
100
Jan
5%
30
Common...r...
1%
July
10c
20
57%
%
10% May
25%
Cudahy Packing 7% prflOO
87%
74% June
10
May
415
1%
Feb
95
Deere A Co com
3%
Royale Copper Co. -15
Maine Central com...-100
27%
115
Curtlss-Wrlght
6%
Isle
200
15%
Decker A Cchn com
25%
1H
28%
108%
17
Jan
6%
t"c——1
July
June
15%
Jan
25%
'k
31%
%
100
108%
Jan
*
A
Jan
200
2,650
20
58%
*
3
%
3ie
11%
%
Jan
40%
25%
.25
41%
Apr
Employers Group
Hathaway Bakeries—
—
Common
30%
015
1%
1%
May
Continental Steel pref.. 100
Diamond T Mtr Car
1%
112%
150
pref.50
Crane Co com
1% May
47% June
East'n S S com
Cum pref
v t c
Cunningham Drg Strs. .2 %
East Fuel A Gas As—
Common
June
Container Corp of America
3%
3%
Copper Range
103
1%
5%
Consumers Co
3
Helvetia Oil Co
26
Capital.
Aug
10%
3%
3%
3%
Caiurnet A Heola..
Jan
30
109
Commonwealth Edison—
18
6%
1%
1%
....
8%
21%
July
56
56
Coleman L'p A Stove com *
193
345
18%
8%
May
4%
56
Club Alum Utensil Co.. 10
Consolidated Oil Corp..
preferred
100
Class A 1st pref 8td._100
Class A 1st pref
100
Class B 1st pref std.. 100
16
Cities Service Co com... 10
97%
34%
Maine-
Prior
pi nuu
Chrysler Corp common..6
Jan
87%
26%
Jan
20
100
3i«
Chicago Flex Shaft com. .5
Mar
100
47
6%
11%
%
28%
..5
Convertible preferred..*
Amor Tel A
30% June
17%
109
—
Chicago Corp common.._i
High
40
6%
*
...50c
..._.
—
42
17%
*17%
Cherry-Burrell Corp
Low
Shares
42
.*
-
Chain Belt
Prior lien pref
Hales
Friday
*
_
26%
Cl2%
12%
»
23%
8
8
50
150
10%
10%
100
70
70
10
.100
14
15
160
May
Aug
1% June
4% May
32
Jan
14
Aug
Aug
May
32%
10%
Feb
7% June
10%
Mar
Feb
70
Aug
May
16
Aug
8
54%
6
Jan
Volume 153
The Commercial & Financial Chronicle
Friday
Last
Par
Price
Nunn-Bush Shoe com._2%
Paramount Pictures Inc.. J
Parker Pen Co
30
9%
July
4,600
12%
Aug
12%
*
385
1,485
140
71
July
105
100
148
July
160
13% June
16
22
25%
49%
Feb
Jan
"5%
1
3%
Aug
Aug
22 %
300
1
250
Jan
6%
June
71%
568
4%
30
5%
1,500
1%
28 %
Mar
4%
Apr
5%
340
5%
Aug
63%
30
63%
Aug
67%
Apr
July
Aug
Jan
9%
78%
Feb
20
4
Halle Bros pref...
c Interlake Iron
com
...
6%
Jan
5%
Aug
2
200
980
1%
25%
Apr
Jan
2%
34%
July
43%
307
41%
Aug
44%
Aug
13
100
10% June
450
13%
8%
6%
Apr
5%
283
34%
450
29
22%
24%
205
17%
Mar
2,500
19%
May
34%
5%
Aug
Feb
Juiy
June
43%
.
i>x*
44%
6%
9
12
77%
317
United Air Lines Tr cap..5
11%
57
57%
90
79%
17
69%
July
11
Feb
61%
9% May
63% May
C22% 23%
56% *58%
119% 120%
1%
1%
204
Aug
25
118
115%
June
800
%
Mar
Common
5
Wayne Pump Co
Western Un Teleg
Upson-Walton.
1%
1i#
Mar
1%
17%
Apr
24
50
15%
Apr
28%
91%
131
Feb
18%
29%
June
104%
100
3%
6%
Mar
6
3%
3
%
1,050
3%
14 ^
12%
Mar
3% May
450
12%
12%
68
280
278
63
14%
Aug
1%
Jan
4%
500
66%
14%
Yellow Truck & Coach B.l
Zenith Radio Corp com..*
I
'
May
Ford
111
111%
8,000
to
Apr
122%
July
Far
Baldwin Rubber
Briggs Mfg
5
.....
Stocks—
Par
for
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1941
Shares
Low
Price
Cincinnati Ball Crank
*
22
'.'.5
.
Cln Gas & Elec pref
Cincinnati Street
100
-
.50
«.
i,
»
«.
»
-
a.
—
Cincinnati Telephone.. .50
Crosley Corp
Dow Drug
*
Eagle-Picher
m
t
:i2
Preferred
-
—
100
Kahn
_.*
100
6
7
mm
Procter & Gam ble.
_
-
m
_.
mm.
m
'ml'9.
-m
m
m
m.
Randall cl A
Class
m
m
mm
mm
*
U SPrinting
Western Bank
rnmr-m
m
m
.10
12
27%
28%
24
24
58%
59%
19%
m.
19%
Jan
1%
22
13
5%
Aug
Aug
May
7%
160
12
m
Lunkenheimer...
Y
9%
25
Apr
June
4% June
11%
Jan
50
12
275
Aug
Feb
107%
July
4%
50
23
Jan \'Y 3 V- Aug
9%
94
56
25
Aug
79% June
35
3%
25
13
.
64
7%
9%
-
—
_
40
3
*
Hatfield prior pref.
..
224
9%
94
99%
2%
323
Feb
June
Chrysler Corp com
Detroit Edison
com
com
.
.
.
1
.10
.
Jan
'8%
General Finance
City Ice
-»
Columbia Gas.
Hoover Ball & Bear
3%
Aug
m'rn'm
m
2%
560
39
2%
265
20
May
13%
Feb
Jan
Masco Screw Prod
cpm
McClanahan Oil cotii
May
45c
26%
3%
26%
110
24%
May
29
Mar
3%
300
2%
May
4
Jan
1%
May
1%
1%
21
4%
90c
100
200
200
4%
Jan
July
May
2%
48%
Jan
60c June
1.00
Jan
55c
200
3%
1%
1,034
36%
86c
2,900
55c
150
4%
4%
297
19
32C
100
32c
115
25%
2
30c
Mar
4% June
Feb
18%
30C June
Jan
Apr
46C
Jan
Mar
1%
Apr
Feb
60c
Jan
Feb
26%
Jan
23
300
1%
200
1%
Apr
May
2
Jan
2,600
16c
Jan
25c
Jan
1%
5%
1%
5%
100
1%
6%
Aug
22%
Michigan Sugar com
"i%
1%
Mar
93c
93c
200
60c
Jan
1.25
6%
200
4 %
Jan
7%
8
100
8
Aug
1%
1%
228
8
i
450
5% May
1%
Apr
7
May
Murray Corp com10
Michigan Die
5%
5%
160
5
Apr
8%
1%
1%
1,350
Apr
2
May
com. x
8%
1%
Jan
11
Jan
Jan
Jufie
Feb
15%
July
10%
Feb
Packard Motor Car
3
3
155
4%
Jan
1%
2%
Parker-Wolverine
—*
48%
51%
7%
7%
228
Jan
7%
May
11
Peninsular Mtl Prod com.l
Prudential Invest com
1
87c
87c
200
85c
July
1.25
Jan
1%
1%
250
1%
1 %
Aug
2%
2%
225
2
Aug
Apr
2%
2%
20%
4%
July
Jan
-
com
.*
Simplicity Pattern
Std Tube cl B
Stearns
Exchange
com..
com.
1%
"2%
.
.
1
2%
2%
GILLIS SKI RUSSELLco.
July
3
Apr
100
2%
Aug
2%
800
Jan
Jan
1%
10%
Jan
100
Jan
720
1%
Aug
1%
July
Aug
68c
68c
_
-
Jan
74c
July
3%
_
*
3%
100
3
Feb
4%
Jan
.*
3%
550
2%
Aug
3%
Mar
4%
2%
4%
.
225
4%
June
52c
4%
52c
200
52c
'i%
1%
1%
900
1
_
*
1
12
"l%
_.:—
Los Angeles Stock
A. T. & T. CLEV. 565 & 566
July
1
1
*
Biildins, Cleveland
Apr
17%
450
12
1
Universal Cooler cl B
corn
1 %
320
3%
2%
Jan
1%
—
Warner Aircraft
i
900
18%
Jan
1
.
(Fred'k) com....*
com
■=: 2%
3%
2%
2%
3%
2%
2%
12%
_
Tlvoll Brewing com
Tom Moore Dist com
United Shirt Dist
2%
18%
-.1
_.
125
50c
Aug
Aug
5
Jan
Aug
1%
Jan
Feb
1%
Jan
Exchange
Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists
Cleveland Stock
Friday
Exchange
Friday
Last
Sale
Par
Stocks—
Price
Par
Stocks—
of Prices
Low
High
for
Range Since Jan. 1, 1941
Week
8
Low
100
4
200
*
— —
al0%
___*
Cl Elec 111$4.50 pref...—*
Cleveland Railway
100
26%
Cliffs Corp com.........5
15%
Eaton Mfg
al0% al0%
78%
78%
113
113%
26%
26%
15%
15%
70
Vi
2%
97%c
8%
75
70
42
110
Jan
Buckeye Union Oil v t c._ 1
2c
2C
Feb
alQ%
al0%
Apr
10%
79%
Apr
Byron Jackson Co
*
Calif Packing Corp com..*
Chrysler Corp
—5
Apr
Feb
92
21%
May
520
12%
Apr
50
10
May
100
50
110
Jan
33
25
29
June
1%
2%
97%c 97%c
6%
6%
4%
10
32%
6%
1%
2%
12%
115
1113.
High
Mar
10
..._...*
Low
tAug
115
For footnotes see page
Price
2
Bol Chica Oil new comJl 10
High
1
Colonial Finance
Dow Chemical pref
Week
1%
Broadway Dept Store Inc.*
8
4
Cl Cliffs Iron pref
for
of Prices
60c
Aircraft Accessories
Blue Diamond Corp
Shares
*
City Ice & Fuel
Week's Range
Sale
Range Sin
Shares
Low
Jan. 1, 1941
High
Sales
Week's Range
Brewing Corp of Amer...3
Apex Elec Mfg
Sales
Last
Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists
114
32%
17%
13
116%
36%
Feb
Jan
Consolidated Oil Corp
*
Jan
Consolidated Steel Corp..*
Preferred
-*
Jan
Creameries of Amer
Mar
July
Jan
v t c..
1
a21%
a56
6
7%
20%
5%
Aircraft....
1
9
Douglas Aircraft Co
*
70
Cessna
.
July
8
;YY;;
Mar
6%
Micromatic Hone com—1
Mid-West Abrasive com50c
com.
X--; YY-.-Y'-\,.
Jan
*
10
Preferred
Sllfl:-
Aug
5
Aug
Apr
1%
130
.1
com
Y''YX
57c -July
7%
21
21c
Mich Steel Tube com..2%
Jan
Jan
1 %
Michigan Silica
Jan
i
Jan
20c
July
Jan
2
Jan
2%
22%
Apr
1%
19
Jan
Apr
17
38%
75c
Apr
1
July
July
Apr
10c
1
60%
4
Mar
23
1,700
564
30
94c
Jan
20c
25%
2
com.
Aug
2%
25%
.10
com
LaSalle Wines
Jan
1%
4
Jan
July
Mar
68
1%
1%
Udylite.—..........
Telephone: CHerry 5050
Jan
68c
20
Jan
1,700
Kresge (8 S)
6%
16%
Union Investment com
Unlin Cimnera
941
Jan
2%
1
Ohio Listed and Unlisted Securities
.i
700
46C
Sheller Mfg com
vmmmmmmmommmmmmmsmmmmm
20
38
1
Rickel (H W) com
River Ralson Paper com. _*
Scotten-Dlllcn com.. ...10
Members Cleveland Stock
82c
Jan
24
Apr
2% May
36% May
41
May
23
43%
78c
120
Jan
5
38
Mar
May
100
Apr
45%
60c
2%
1%
4%
m
May
5,300
5,050
48C
200
m
55%
1%
4
1%
6%
mm
439
58%
48C
Jan
mm
July
Klnsel Drug com
1%
mm
*
9%
Kingston Products corn_-l
3
m
10
Timken Roller Bearing
Aug
10% June
100
10%
1%
90c
4%
1
25%
11%
8%
Jan
29
145
141
Apr
May
21
10
—
18%
July
17c
*
.
100
7%
1
..
6%
100
1
1
20C
Apr
2%
-10
com
Hurd Lock & Mfg com
3
mm
m
General Motors
m
.....
_..
July
4%
5
14%
10%
com
8%
3
14%
1
July
5%
8%
20
1
.
13c
355
8%
57%
"86c
.3
General Motors com
Motor Products
•*
com..
com.. x
com
19
400
75c
1%
Gar Wood Ind
14c
5%
3%
3%
Jan
Unlisted—
Am Rolling Mill........25
High
Jan
100
T%
.
Graham-Paige com...
Grand Valley Brew com
Hall Lamp com
Jan
14%
4%
4%
Low
5%
1.25
1
.
200
1.25
Ex-Cell-O Corp com... .3
Feddtal Motor Truck com *
Feb
99
103
.
7%
19
100
com
May
Aug
'S&M
Range Since Jan. 1, 1941
5%
1
.
19%
55
for
Shares
14c
5
com....
50%
70
Jan
July
Week
High
"5%
1
24% June
19%
Feb
370
Low
7%
Frankenmuth Brew
High
16%
1 %
160
3%
85%
7%
.10
Gibson Art
.
2%
96%
94
*
100
95%
3%
9%
Coca-Cola clA
_
.
84%
Cln Union Stock Yards.
Kroger
22
2%
......
9
Sales
7%
„_»*
com
Fruehauf Trailer
Aluminum Industries..
May
May
Jan
Exchange
of Prices
1
1
com
Detroit Paper Prod com
Sale
Jan
DETROIT
Week's Range
Det-Mlchigan Stove com.l
Sales
Week's Range.
Jan
70%
6%
New York Curb Associate
Sale
Det & Clev Nav
Aug. 22, both inclusive, compiled from official sales lists
Last
18%
Apr
Jan
Chicago Stock Exchange
Last
Auto City Brew com
Jan
Aug
Exchange
Friday
3%
Jan
Aug
l
Friday
Stocks-
Continental Motors
Cincinnati Stock
49%
4%
22%
35%
May
16
260
260
Detroit Stock
Atlas Drop Forge com
15%
15%
July
12
104
May
Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists
Consumers Steel
Aug, 16
6
Mar
June
12
Telephone: Randolph 5530
Jan
79%
110%
Apr
Building
Burroughs Add Machine.*
111%
25%
Member*
Brown McLaren com
1.1956
17
1%
10
48 %
34
Aug
6
Bonds-—
Am Tel <fc Tel 3s...
Feb
Exchange
July
Aug
May
Apr
34%
Detroit Stock Exchange
Mar
May
10%
Feb
30
109
Feb
Aug
Aug
Watling, Lerchen & Co.
New York Stock
Jan
2%
6%
19
16%
157
7%
;;
Aug
%
Feb
85%
293
7
July
Jan
285
67
July
May
16%
a56%
Van Dorn Iron Works.__.*
Jan
3%
49%
Mar
July
2,300
6%
__2
can.*
a56%
20
%
6%
11%
14
Mar
July
23%
300
%
a20%
32%
a42%
a27%
16%
a58%
4%
24
Jan
26
nil
Mar
Mar
%
«9%
%
July
12%
Apr
1%
115
6
*
Jan
Feb
49%
o9
all%
....
Jan
70%
130
1%
Woodall Indust
com
47%
a27
cUS Steel com
Jan
2%
15%
16
Jan
20%
15%
1%
*20
Westngh t El A Mfg com.50
Williams Oil-O-Matic
Wisconsin Bankshares..
Wrigley (Wm Jr) Co
Jan
15%
1%
100
com
Apr
Jan
27%
91%
1
7
cap..
400
Feb
June
1,600
»
7
54
300
"49%
Thompson Prod Inc....
Union Metal Mfg......
Aug
878
22%
49%
Convertible pref
Walgreen Co com
1,285
32%
a42%
July
3% June
56%
18%
al9
Aug
10
100
"I %
14%
al9% al9%
3%
3%
18%
3%
17
Jan
21
Jan
25
310
1
50
32%
a42%
July
3%
9%
100
340
Jan
May
Mar
July
Jan
Aug
6%
36
23%
42%
pref
4%
fl-19%
_
11
22%
Richman Bros.
_xxx—_.*
Standard Oil of Ohio
25
_
15%
4%
Ohio-Oil co'chi wiX
Packer Corp............»
Republic Steel com..
c
115
22%
1
Prior preferred 6%
9
.
Apr
Jan
3%
9%
July
40
July
7
Mar
July
337
National Acme.
_
70
41%
cum
May)
Jan
17
12
c
26
7%
44
40%
Apr
20%
National Refining (new)..*
Jan
Jan
Thompson (J R)
...2
Trane Co (The) com....25
Union Carb A Carbon
cap *
Utah Radio Prods com
Util & Ind Corp—
Mar
42%
Medusa Portland Cement *
Miller Wholesale Drug...*
_
100
32
5%
U S Gypsum Co
com...20
U S Rubber Co
.10
United States Steel com..*
12%
11%
50
12
42%
*
National Tile
4% June
30
35%
10
Aug
Feb
18%
May
20%
IOC
_
Steamship
Jan
Apr
28%
60
Jan
4%
15%
50
48%
Kelly Island Lime & Tr..*
Lamson & Sessions..
*
Jan
25
48%
al8%
65
..*
Jaeger Machine
28%
10%
High
Apr
Apr
Aug
21%
23%
24%
16%
16%
a31% a32
al6% al6%
al8% a 18%
Low
50
7
Aug
Aug
100
2
Aug
9%
65
39
27%
33
26
al6%
65
a8%
Interlake
Aug
20%
6%
Sunstraud Mach T'» com.6
Swift International cap. .16
65
Range Since Jan. 1, 1941
Shares
42%
Mar
13
*
6
Price
42
Jan
3
31%
41%
Studebaker Corp (The) ...1
Week
42%
a8%
13
Jan
Aug
2
Standard Oil of rnd.___.25
Standard Oil of N J
25
for
of Prices
Low
High
i_*
Feb
Feb
356
8%
Sales
Week's Range
20%
48%
42%
11%
1%
18% June
5%
5%
Goodrich (B F)__
._*
Grelf Bros Cooperage cl A *
9%
19%
63%
*
Firestone T & R com.. 10
General Electric com...*
Gltdden Co com
•__*
36%
100
3%
c
185
635
70
Electric Controller
100
2%
20%
29%
St Louis Nat Stkyds
cap.. *
July
Par
271
21%
7%
4%
dig node Steel Strap pref.30
Spiegel Inc com
2
Standard Brands
*
Texas Corp caoltal
c
i%
2%
19%
21%
8%
71%
Schwitzer Cummins cap__l
Sears Roebuca A Co
cap..*
Serrick Corp cl B com....l
Swift A Co
c
June
;
21
19%
*
Stein & Co (A)
Stewart Warner
Jan
,
9%
50
72%
*
Standard Dredging—
Common
Apr
%
10%
2%
28%
2%
c*27%
100
.
11
1,069
10
Raytneon Mfg Co—
Common
.....50c
Republic Steel Corp
Sangamo Electric Co
50
150
Stocks (Concluded)
10% June
Aug
15%
Jan
13%
15%
23%
48%
com...*
Preferred..
High
73%
151
151%
c3%
4%
48
Quaker Oats Co common.*
Radio Corp of Amer
Low
9%
15%
23%
47%
23%
*
(The)
Shares
1
riday
Last
Sale
15%
l'■ v-
Process Corp
(The)......*
Pure Oil Co
Range Since Jan. 1, 1941
12%
1
com
t
for
Week
14
B. __.5
Pullman Inc
High
9%
Penn Elec Switch cl A.. _10
Penn RR capital
60
Peoples O LtACoke cap 100
Pressed 8teel Car
Low
14%
12%
(The)....10
Peabody Coal Cc cl
sales
Week's Range
of Prices
Sale
Stocks (Concluded.)
1111
500
1.20
460
1 %
Jan
July
200
90c
July
July
3%
Apr
2c
Aug
July
Aug
255
2c
2,000
10%
a21% a2J%
a56
a58%
20
6
7%
20
5%
9
70
a
6
3
45
300
7%
20%
430
5%
100
9%
696
70
115
100
8
17%
55%
5%
5%
17
May
Apr
Jan
Jan
Feb
Aug
July
May
May
Apr
Feb
Jan
Feb
Jan
Aug
Mar
3% May
68%
Feb
Mar
5%
Aug
•<
7
The Commercial & Financial Chronicle
1112
Last
Week't Range
Rate
of Prices
Low
High
Price
Par
a8%
08%
039
8%
Range Since Jan. 1, 1941
for
Week
Low
Shares
85
High
May
9%
May
200
5.31
Feb
47%
8%
Aug
Gladding McBean & Co..*
8%
Goodyear Tire & Rub Co.*
Hancock Oil Co cl A com.*
aiSH
MX
17% May
29% June
20%
166
1
55c
55c
55c
200
48c June
57 %c
Feb
Feb
10c
10c
12c
2,000
Apr
12c
Aug
June
10%
Jan
Holly Development Co...
Lac Chom Inc.
—
038
8%
018% 018%
31X
MX
10
10
1
43c
Lincoln Petroleum Co.. 10c
27%
Lockheed Aircraft Corp__l
Los Angeles Investment. 10 ?■:?,%
1%
Menasoo Mfg Co
I
65c
Oceanic Oil Co
-—-1
9%
Pacific Finance Corp comlO
Preferred class C
10 «25%
a'A2%
Pacific G & K 6% 1st pf .25
30
Pac G & El 5%% 1st pf 25
42
Pacific Indemnity Co...10
<mH
Pacific Lighting com
*
Lane-Wells Co—
100
10
40c
43c
3,000
27%
27%
7%
759
1%
1%
45c
70c
7
-
9%
9%
125
Jan
100
42'
42
150
a30% 030%
39
a8%
2%
100
Richfield OH Corp com...*
10%
25c
27c
10
Aug
May
2% Mar
8
May
155
2%
Mar
30c
175
a8%
46c
29%
1%
30
2X
Jan
1,300
889
20
70c
1%
27c
4,570
15c
4,226
7%
95c
95c
100
47%c
10%
10%
100
4%
32
2,382
9%
2%
166
29
29%
2%
29%
100
5%
22%
5%
22%
29%
28%
29%
676
29%
1,057
32%
13%
32%
13%
285
23%
23%
4%
4%
al2% al2%
15
15%
1,547
29%
-25
5%% pref cl C——.25
6% pref B
6% pref A
So Calif Gas
_
29
32%
.25
13%
Pacific Co
Southern
MX
23%
Standard Oil Co of Calif.
4%
2
Transcon & Western Air..5
Union Oil of Calif
25
Vega Airplane Co
1%
Transamerlca Corp
al2'A
15X
600
3
550
2,541
510
1,236
Aug
July
97
1.10
25
5
Jan
14
Feb
12
300
1%
17%
Apr
20
94
Apr
1,463
5%
5%
571
70c
70c
200
"30%
30
30%
276
1%
79%
1%
500
"79%
80%
209
45
45
12
8
8
100
8%
Apr
5% May
55c July
Jan
1%
July
20%
July
Jan
58
8%
105
Jan
40%
Jan
6
Jan
Jan
1%
31%
1%
72%
June
96%
29
June
45
July
Jan
0
May
3
Jan
Jan
Jan
Jan
Aug
Feb
July
Aug
Aug
June
4%
38
25%
Feb
29%
June
.....
.
2c
2c
2%
25c
100
21%
22%
154
2%
22%
2%
7%
lc
2,000
25c
Apr
1%
625
2%
169
25c
..
27%
2
3c
Feb
Jan
Feb
Feb
23%
July
Jan
17%
30c
Apr
25c
3%
Aug
Unlisted-
Aug
2%
Natl Fireprooflng
Jan
4
Jan
6%
July
5
Pennroad Corp v t c
Jan
Feb
28
Jan
22%
May
29
May
30%
Jan
28%
31%
May
29%
May
34%
14%
24%
Aug
St. Louis Listed and Unlisted Securities
Mar
Jan
,8%
Feb
18
4%
Jan
Edward D. Jones & Co.
July
5% Jan
May
Established 1922
13
Jan
15%
9%
Aug
4%
Apr
8%
Aug
1%
Apr
2 %
Jan
1.30
Apr
1.75
Aug
15
39%
May
321
149%
May
Members
Aug
Apr
8%
8%
526
4%
Vultee Aircraft Inc
7%
2%
7%
2%
600
IX
1%
7%
2%
IX
177
Wellington Oil Co of Del.
318
41%
41%
LOUIS
Boatmen's Bank Building, ST,
5
1,125
19%
Feb
19%
149
8%
Westlnghouse Air Brake. .*
Jan
11
8%
1
1
Yosemite Ptld Cem pref. 10
Mar
July
27c
May
4
Ryan
19%
8%
5%
High
2% May
Apr
100
289
3
12%
1%
97
97
Low
Shares
23%
1%
Harbison Walker Ref com *
10%
Feb
10 X
Markets..2
Ae^mautmal Co...J t 4 >4
MX
Secur Co Units of Ben Int..
29%
Signal Oil & Gas class A..*
3
Solar Aircraft Co
1
5H
Sontag Chain Stores Co..*
22%
So Calif Edison Co Ltd—2fi
Roberts Public
2%
12%
Koppers Co pref
100
Lone Star Gas Co com
*
Mountain Fuel Supply.. 10
2%
Jan
Apr
Apr
Aug
40
Feb
23%
23%
1
6
Jan
34%
30%
43%
Apr
Feb
Week
Allegeny Lud Steel com..*
Columbia Gas & Pr Corp.*
Devonian Oil Corp. —10
Fort Pitt Brewing
1,1941"-
Range Since Jan
for
of Prices
Low
High
Price
Par
Stocks-
Week's Range
Sale
Corp. —*
Pittsburgh Brewing pref..*
Pittsburgh Oil & Gas-...5
Pittsburgh Plate Glass.-25
Pittsburgh Steel pref
.100
Roud Mfg Go
5
San Toy Mining Co.
1
Shamrock Oil & Gas com.l
United States Glass com
1
28 %
Mar
6
Aug
11%
Aug
9%
22% June
30% May
28% May
Apr
37%
33% June
10%
95C
Richfield Oil warrants
July
Sales
Last
Jan
Apr
20c
20
2,860
30
o8%
8
33%
Jan
032% o32%
10
8e
5%
o24% 025%
Republic Petroleum com.l
Rice Ranch Oil Co
.1
Pacific Western Oil Corp
25
compiled from official sales lists
Friday
Jan
415
8%
37%
10
General Motors com
Pittsburgh Stock Exchange
Aug. 16 to Aug. 22, both inclusive,
«8%
a38%
Electrical Products Corp.4
1941
Rale*
Friday
Stocks (Concluded)
Aug. 23,
Phone
New York Stock Exchange
CEntral 7600
St. Louis Stock Exchange
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
New York Curb Exchange Associate
Postal Long Distance
Chicago Stock Exch.
A.T.T. Teletype STL
593
Unlisted—
Amer Smelting &
41 X
Refining
—100
17»2
1 1322
7,692
1%»
o27 % a28%
137
22%
4%
100
4%
10
21%
Feb
July
Apr
4%
4%
o22
a
Baldwin Locomo Wks v t c.
X
o3%
14%
10
10
2%
14
5
a37 %
037% o37 %
20
35
Bethlehem Steel Corp
*
a68%
a 18%
a68% a68%
al8% ol8%
75
70%
5
25
Caterpillar Tractor Co—*
Commonwealth & Sou.—*
Borg-Warner Corp
Continental Motors Corp .1
047%
Class A
General Electric Co
100
9
9
9
•
General Foods Corp.....*
175
028% 028%
20
31%
a38% a39'%
ol8
a!8%
31%
27
27
Intl Nickel Co of Canada.*
IntlTel & Tel Corp......*
Corp..*
Loews Inc
—i.*.*
McKesson & Rob (new). .5
Montgomery Ward & Co.*
038%
036%
New York Central RR...*
North American Aviation.1
12%
al4%
North American Co—..*
12%
Packard Motor Car Co...*
3%
Kennecott Copper
—
o35 % 036%
a
a33
a33
a71%
9%
J)—25
*
«7%
.1
Swift & Co——i—i.—-25
Texas Corp (The)
26
5%
Stone & Webster Inc
.....
Studebaker Corp....
_
_
_
024%
41%
a78%
all
a39%
057%
Union Carbide & Carbon.*
United Air Lines Transp..5
5
United Aircraft Corp
U
« Steel
Corp..
-
Warner Bros Pictures Inc 5
Scullin Steel warrants
Securities Inv pref....
492
110
35
305
36
226
170
125
15
240
50
Apr
17%
12% June
2% May
10%
Feb
22%
Feb
3% June
17% May
17%
Jan
3%
28
Aug
27
mmrnmmm
10%
10%
50
9
June
7%
28%
7%
85
6
June
28%
82
26
May
31%
Jan
Apr
5%
Jan
7
Jan
'mm
mm
5
5
10
6
6
800
16
16
102
is
16
m
-
18
50
7%
2nd pref—
97
______
6%
113
-
-
_
3
m'm-mm
-
100
Stix Baer A Fuller com.. 10
35c
mm
99
mmmmmm
70%
Jan
15
Aug
25
May
Wagner Electric com.... 15
m
m
m
High
25
25%
25
78%
25%
1941
84
84
May
72%
Apr
10%
17%
July
6%
Jan
42%
July
34
Jan
.1959
rn-m-mm mi
—
23
San
-■
Feb
41%
78%
12%
July
13%
July
Budd (E
Feb
38% May
68% Jan
100
36%
Feb
125
50%
Apr
555
2%
Feb
5%
Aug
"ik*May
1%
Apr
20
10
Week's Range
Last
Sale
Price
Par
Stocks—
of Prices
High
Low
4
Alaska Juneau Gold Min 10
Anglo Calif Natl Bank..20
Assoc Ins Fund Inc
10
mm
mm
m'm
m
1941
High
Low
mm
mm
9%
Feb
11%
991
148%
May
168%
Jan
Aug
1**32
Aug
8%
4
6%
May
July
2%
May
9%
7%
4%
200
137
*
1SJ6
»16
x*i«
500
28%
27
Curtis Pub Co com
100
4%
mm
7%
107
mm
4%
8
108
10
10%
40
21%
July
July
Preferred
Preferred (w w)
-
Food Machine Corp com 10
Aug
28%
Aug
68
28%
28%
July
34%
34%
Feb
Gen Metals Corp cap..2%
General Motors com
10
Jan
Jan
Golden State Co Ltd
13%
1,462
88%
310
3%
400
18%
165
July
May
Lehigh Coal & Navigation *
5%
4%
2,010
2%
Feb
5%
50
5%
5%
5%
600
1%
Jan
5%
Aug
Honolulu Plantation Co.20 jm'm
5%
210
5%
Aug
7%
Mar
Hunt Brothers com
3%
2,670
2
July
3%
Aug
24
1,217
22
Feb
25%
Apr
179
179
20
163
Apr
188%
Feb
113
Aug
118
Jan
*
1
Pennsylvania RR..
3%
23%
50
Penna Salt Mfg__
5%
50
Am*,
114
23%
.
pref..25
3
50
2nd preferred.....
50
Philco Corp
114
60
30%
31
130
11%
12
140
16%
m
113%
11%
.*
Phila Electric Pow
mm
16%
00
12%
Feb
18%
23%
24
95
21%
Feb
37%
37%
43
33%
June
24%
38%
55%
Phila Elec of Pa 85 pref
56%
71
50%
Apr
60%
July
mi*
Reading RR
Scott Paper..
_
_
_
37%
Sun Oil
Transit Invest
5%
2%
7
Corp....25
7
16
16
29%
Mar
8%
June
7
100
16
Preferred.
Langdendorf Utd Bk cl A.*
Llbby McNeill & Libby-7
Magnavox Co Ltd
Jan
Aug
Magnin & Co (I) pref. .100
March Calcul Machine...5
Menasco Mfg Co com
*16
216
7%
*
106%
20
19%
Preferred...
Westmoreland
Coal
7%
5%
"~5X
mm
m
m
m'm'
1,70
106
19%
For footnotes see oaee
1113.
38%
<*=
8
Apr
1,764 V' 37
May
48%
Jan
8%
Aug
8%
400
5%
Feb
10%
400
8%
Jan
13%
12
12
Jan
6
140
10
May
8
Jan
11% July
13%
Aug
13% May
25
9%
1.70
1.75
1,368
48c
Feb
1.90
Aug
5%
5%
1,303
1.90
Feb
16%
110
14%
Jan
5%
16%
Aug
5%
5%
1,620
1.00
506
80c
Jan
8%
8%
200
7%
July
25
5
Jan
May
100
7
Jan
1.15
9
Aug
-
Mar
Mar
Feb
100%
Aug
17%
17%
100
15%
Feb
18%
Mar
1.70
1.85
1,920
1.50
May
2.35
Jan
5
June
6%
Jan
9%
Apr
Aug
Apr
North American Oil ConslO
mrnmm'mm
8%
8%
375
7%
Apr
10%
9%
mm
"rn-'-mm
28%
29
20
;j
Jan
26%
Jan
29%
Aug
12c
200
7c
Mar
12c
July
1.45
700
1.30
Mar
1.65
Jan
24%
24%
25%
4,342
22%
June
32%
32%
2,013
30%
30
30
120
28%
May
May
28%
34%
Jan
32%
36%
36%
3%
527
33
Occidental Petroleum
Pacific Coast Aggregates.6
142
104%
May
117%
Jan
Pao G A E Co oom
25
84
13%
Jan
Aug
6% 1st preferred
25
25
^mm'mrn'm
Pacific Light Corp com...*
Pac Pub Ser com
*
36%
Aug
% 6
12c
Occidental Insurance Co. 10
Jan
....
6
1.40
Jan
111%
38%
390
100
Jan
Aim
6%
485
%
110
Aug
6%
32
10%
m
10%
82,005
Aug
110%
10%
m'm
30%
111% 111%
51%
Feb
rn'm-m^mm
Bonds—
Amer Tel & Tel w i 3s .1956
May
96%
24% June
rn'mm
Apr
21
47
171
*
May
19%
10
200
30
National Auto Fibres com 1
19%
6%
107
51%
108%
Jan
Natomas Co
Apr
135
Xl« June
Feb
100% 100%
mmmmmm
1
3,597
702
41
1.00
-
7%
3ie
52
16%
m -
1.70
23%
%
23
United Gas Impvmnt com *
Jan
Aug
44
2.85
13%
i*,li i
5%% 1st pref
25
Preferred..
United Corp pref...... .*
Aug
3.00
21%
44%
m
1
July
18%
Feb
10%
10 .I;,/;;
Magnin & Co (I) com....*
Feb
m'rn
38%
10
31% June
12%
mm~
*
...
Aug
Feb
30
36%
t c
Jan
Jan
3%
2.25
107
575
v
15%
92
18
51%
51%
38%
5%
Pennroad
Jan
Jan
100
+.m'm"mm
37%
*
6
Feb
Jan
Feb
43
■
Greyhound Corp com
1.40
4.00
42%
26
100
107%
m
38%
:
June
Aug
20
2.85
43%
10
Natl Power & Light
3%
17%
May
Lehigh Valley
May
13%
Gladding McBean & Co..*
48%
July
88
27%
.
2.50
Apr
22%
50%
Apr
32
259
General Motors
1,155
-
Feb
May
P'eb
40%
20% May
11% May
Apr
82%
_
14
40%
712
31%
*
Apr
June
220
29%
Prior preferred
July
23%
30%
————*
July
8%
112%
20
Firemen's Fund Ins Co..25
Jan
5%
Jan
37
.»
Jan
Mar
88
.
Fireman's Fund Indm ColO
Jan
Feb
23%
13%
.50
1%
8%
776
mmm:mmrn
71%
4%
9%
June
39
10
2.95
Jan
July
23%
*
May
4X
6%
242
2.80
2.10
June
104
590
21%
..100
Emporium Capwell com.
16
May
37
•
Doernbecher Mfg Co—
160
47%
2.95
*
10
3%
7
1,451
21%
10
Consol Chem Ind cl A
1.005
47%
Caterpillar Tractor com..*
Central Eureka Min com.l
1316 June
55
sales lists
High
Low
1.05
1,644
40
---
.
.
Jan
June
Week
Shares
9%
10%
Electric Storage Battery 100
i
.
June
86%
Range Since Jan. 1, 1941
for
4%
40
28%
29%
Preferred
80%
26%
Exchange
8%
m
8"
Engine..5
Preferred
255
58%
Jan
Jan
Jan
11%
2.00
Calif Packing Corp com..*
15,322
4
28
May
68%
79
4%
mm
mm
Bank of California N A. .80 •'-iV'-ii m
Crown Zellerbaoh com...6
55%
23% May
1,000
1.85
1.90
50c
Aircraft Accessories
Atlas Imp Diesel
Range Since Jan. 1,
55%
Jan
Jan
10% June
Sales
Friday
Clorox Chemical Co
—5
G) Mfg Co. — *
Chrysler Corp.
Aug
1.55
101 '
July
11*32
11%
May
2,800
Francisco Stock
Feb
Jan
64%
153%
U%
152
9
July
Apr
Apr
Aug
July
Aug. 16 to Aug. 22, both inclusive, compiled from official
7% July
8% Jan
6%
Apr
4% May
21% July
8%
A
153%
100
Rights w i
Barber Asphalt Corp
7%
114
July
July
6% May
8%
14
17«
.._*
American Stores
Jan
98
Apr
St L P Ser 1 st mtg 5s.
Di Giorgio Fruit com
American Tel & Tel
Jan
55c
81,000
St L P S 25 yr conv inc 1964
37
for
Mar
1
90
78%
......
Scullin Steel 3s
140
Shares
Apr
Jan
Bonds—
Jan
Week
of Prices
Low
Aug
98
100
10
Jan
Sales
Sale
Price
Par
Jan
8%
4%
; s
10
m'mm
22%
Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists
Stocks—
22%
!
4%
Philadelphia Stock Exchange
Week's Range
July
111
40
55c
20
96
6
3
99
California Ink Co capital.*
Last
5
Aug
5% June
115
6%
113%
Jan
:
17
20
97
8
Apr
14% May
5
43
7%
Calamba Sugar com.—20
Friday
4%
Jan
12%
Aug
12%
50
1%
Aug
22%
St Louis Pub Ser cl A com. 1
349
250
20
*
Jan
15
5%
1%
Aug
Natl Candy com....
Aug
Mar
50
20
Natl Bearing Metals com. *
96
55
m
Laclede Steel com
July
23
m'Ammmrn
jan
July
11%
High
92
21
~
*
Mar
Aug
75
35* "Aug
Low
10
96
21
-
Laeiede-Christy Cl Pr com*
Key Co com
15
Mar
Feb
Range Since Jan. 1, 1941
for
Shares
22%
-
International Shoe com.. *
39*
97
33%
30%
Sales
Week
"22%
«
1
Falstaff Brew com
100
Rice-Stix Dry Gds com... *
1st pref
100
091% 093%
1%
Columbia Brew com.
1
.1
5
2%
Jan
39%» July
34% Aug
oil
5
Jan
Cocar-Cola Bottling com.
28
450
15
a39% a39%
037% 058
a93%
Jan
June
Burkart Mfg com
Apr
al8
all
5%
Westlnghouse E. & Mfg.50
Willys-Overland Motors..!
3%
5%
5%
a42% o43%
o7%
07%
5%
5%
a24% 024%
41% 41%
a78% 078%
o42%
Standard Oil Co (N
Jan
Aug
96
pref—100
Aug
394
018
5%
Apr
Bruce (E L) 7%
2
210
of Prices
Low
High
Jan
0%
36%
19%
Price
Par
Stocks—
27
41
20
19%
009% a71%
9%
9%
018
*
;
Sale
150
6
4
Standard Brands Inc.....*
28%
Jan
July
34%
Feb
a23% 023%
19%
Co..16
Socony-Vacuum Oil
Southern RyCo
11%
156
3%
4
*
36%
12%
14%
Sears Roebuck & Co
60
al4% al4%
12%
12%
a23%
Radio Corp of
28
81
a33
12%
15
RR
50
America...*
Republic Steel Corp
*
Pennsylvania
Apr
May
Mar
13% al3%
ol3%
Paramount Pictures Inc._l
4
Friday
Week's Range
Last
July
Jan
300
27
2%
2%
a37% a38%
2X
%
May
Feb
25%
330
a39%
*
18%
% May
2%
7%
018%
Goodrich (B F) Co
730
St. Louis Stock Exchange
compiled from offtclal sales lists
Aug, 16 to Aug. 22, both inclusive,
Jan
4 % July
43% June
Mar
May
4
July
83%
Apr
3%
40%
3%
a28%
31%
16%
10
77
■H
1
1
Curtis-Wright Corp
40
Jan
a4%
a4%
4
•'
60
4%
18%
Aug
a47% 047%
a4%
Canadian Pacific Ry
29%
5%
22%
Feb
Bendix Aviation Corp
Apr
l»ai July
Feb
a22% o22 %
a3%
o3%
ol4% al4%
o28%
—60
Armour & Co (III)
5
Atlantic RefgCo (The)..25
Aviation Corp (The) (Del)3
Anaconda Copper..
40% June
158
Aug
1>%2
I)
Rites (W
152% 153%
153%
Amer Tel A Tel Co.
m
12c
1
'
3%
3%
153
Jan
Jan
June
31%
39%
Jan
3% May
4%
Jan
Volume
The Commercial & Financial Chronicle
153
Sales
Friday
Last
Week's
Sale
Stocks
(iConcluded)
Range
Low
Range Since Jan. 1, 194i
for
Canadian Markets
Week
of Prices
Price
Par
1113
Low
Shares
High
High
(Continued from
Pac Pub 8er 1st pref
*
Pacific Tel & Tel com-.100
Preferred
15%
100
Pig'n Whistle pref
163
163
163
*
Richfield Oil Corp com
Roos Bros pref ser A..
1.00
"~4%
Ryan Aeronautical Co—.1
Soundview Pulp Co com .5
Preferred
100
4
4%
10%
108%
July
Apr
2% May
17% May
325
4%
Aug
23%
Jan
20
20
325
100
101
20
100
Apr
345
31
May
34%
Jan
Jan
15%
Aug
39
July
Mar
32%
13%
35%
8%
13%
1
*
32%
23
32%
14
1,744
8%
35%
155
8%
100
6
Apr
18
102
32% May
Feb
1014
Transamerica Corp
2
Union Oil Co of Calif....26
15%
23%
1,921
Feb
60c
125
40c
Feb
60c
Aug
10%
23%
9%
24%
60c
Standard Oil Co of Calif..*
Thomas Allec Corp cl A..*
Tide Water Assd Oil com 10
10%
551
9%
Jan
July
4%
May
Jan
11%
5%
15%
May
14%
Jan
4%
4%
7,009
15
15%
2,737
4%
13
July
Jan
Aug
11%
11%
205
9%
10
7%
7%
510
6% June
9
Jan
1
3%
3%
183
3% June
5
Jan
5
U ni versal Consol Oil
Victor Equip Co com.
Victor Equip Co pref
5
Y'ultee Aircraft
1
13%
7%
13%
7%
8%
20
18%
1,289
17%
8%
17%
1.75
1.75
1.75
Jan
Mar
Apr
: 8%
May
22%
Jan
1.75
Aug
13%
6%
5%
17%
170
Yosemite Ptld Cem pref. 10
15%
8%
1.25 May
120
Western Dept Sts 7%pref25
Western Pipe & Steel Co 10
994
Toronto Stock
Jan
Feb
105
Aug
Feb
Jan
Amer Factors Ltd cap.. .20
22
Sntry
22
a6%
a(y%
22
60
50
American Tel & Tel Co. 100 al52%
al52%<zl52%
512
12164
1«64
28%
A*chJ8onTop&SantaFe_100
Aviation Corp of Del
Beiidix Aviation Corp
~~73c
1
Bunker Hill & Sullivan_2%
Co com..10
Curtlss Wright Corp
General Electric Co com*
Corp..l
Intl Tel & Tel Co com
5%
*
Kennecott Copper com...*
"a38%
Montgomery Ward & Co.*
Copper..6c
Jan
2 %
Apr
5
Jan
155
36%
Jan
38
July
11%
a4%
300
9%
May
12%
(.Concluded)
3% June
5%
July
o9
101
7%
Feb
45
27%
May
9%
34%
Aug
28%
May
34%
Jan
350
4%
May
10
2%
31%
Feb
Feb
30
33%
34%
31%
31%
!* 5%
5%
g2%
«2%
a37% a38%
285
190
26
3%
23%
23%
«4%
"7%
"22%
25
30%
Mar
6c
Jan
15C
July
32%
Apr
2% June
14
May
39%
3%
Jan
17%
2.00
Jan
2
500
25
20
500
3%
23%
220
25
«4%
1.15
130
7%
Mar
2% May
22%
Jan
3%
Apr
5%
6%
Jan
;
Jan
Aug
3%
Jan
25%
Apr
4%
Jan
7% June
10
Aug
33%
July
600
31
150
28
22%
22%
741
22% May
28
Jan
30
30%
550
29
31
June
5%
435
5% May
4% May
35%
Apr
5%
Standard Brands Inc
250
5%
1
a39%
United Aircraft Corp cap.5
75
«39% a40%
1.15
1.35
"bo%
May
Jan
July
Apr
70%
Feb
Jan
2%
July
Feb
5%
Aug
Feb
15c
July
70c
Feb
1.40
6
Aug
100
49%
1%
5
5%
880
Westates Petroleum com.l
lie
11c
1,100
1.10
1.15
516
"V.io
6
6
15
Jan
1.35
695
2%
Jan
42%
1.00
2%
6%
8%
Jan
2,600
Utah-Idaho Sugar Co com 5
Warner Bros Pictures
5
5
Jan
June
56%
1
1
28
Mar
31
26
Preferred
Jan
10
9%
9%
*
West Coast Life Insur
Jan
July
24%
5
7
2%
39
20
2
3
6%
Jan
400
10c
a33
2%
Schumacher Wall Bd pref *
of Prices
Low
High
Week
Price
Par
St Anthony
1
St Lawrence Corp cl A..50
St Lawrence Paper
100
San Antonio
l
8c
Range Since Jan. 1,1941
Shares
8c
Low
1,260
No par value,
a
Odd lot sales.
6 Ex-stock dividend,
d Deferred delivery,
trading privileges,
3
6c
7
July
June
Ex-divldend.
y
Ex-rights.
e
15%
2.35
15%
25
13% June
16
36
36
36
43
36
Senator-Rouyn
l
41c
41c
Shawinlgan
Sherrltt-Gordon
12%
12%
10
l
80c
82c
4,816
61c June
88c
Aug
7.10 June
8.90
Jan
*
Sigma
80c
2.03
2,125
2,000
1,953
1
7,20
7.20
*
6%
6%
*
3
3
97
97
Preferred
100
Siscoe Gold......
Sladen-M alartlc
97
1
1
2 65
Jan
7%c
Jan
35c June
59o
12
902
Simpsons class B
Feb
3c June
178
Silverwoods pref
June
5% May
6% June
Aug
5
Jan
1
91
Apr
100
Mar
51c
51c
25c
27c
1,000
17c June
43c
8c
7%c
8%c
18,000
Feb
12
6%c May
9
May
19%o
12
12%
June
52c
4,370
51c June
1
*
*
60c
60c
100
50c
4
4
200
2%
Feb
2%
July
*
3%
»
Preferred
3%
66
25
3%
80
90c
Jan
4
Aug
3%
Aug
57
69%
Mar
70
10
66%
July
73%
Jan
81c
Mar
1.95
Aug
2c June
4%C
Mar
T.78
1.73
1.90
24,925
2%C
2%c
*
Jan
2%c
28,000
Sturgeon River
1
16c
16c
16c
500
24c
Apr
Sudbury Basin
*
1.50
1.45
1.50
600
1.10
Apr
1.66
Aug
Sudbury Contact
1
3%c
3%c
3%C
2%c
July
S%6
Jan
Sullivan..
1
65c
67c
Aug
Sylvanite Gold
1
2,40
Apr
Tamblyn
*
10
Feb
65c
67c
2.45
1,060
11
11
11
2.80
2.80
13c June
3,500
2,100
2.35
Teck
com
......
Hughes
50c May
2.90
Jan
1
Toronto Elevator pref..
"l~48
2.90
2,710
2.65
July
3.75
Jan
1.00
280
95c
Mar
1.25
Apr
1.48
600
1,40
Aug
1.80
Jan
48
49
36
44
Mar
66%
66%
4
63
July
15c
.50
Toronto Gen Trusts—100
Towagamac
15c
500
9%o
2,900
20c
,1
Transcontinental Res
*
Twin City
*
Uchi Gold
Jan
1.40
1
Toburn
110
1.00
1
Texas-Canadian
40
39
40
1.05
1
1.05
48
July
80
Feb
18 %c
May
1.00
Apr
15
Apr
50c
Jan
2.00
Feb
39c
Jan
14%
Jan
July
8c
8%c
2,500
*
11%
11%
11%
1,122
United St?el—
*
3%
3%
3%
285
Upper Canada-
1
1.75
1.75
1.88
6,762
1.27
Feb
2.28
Jan
...*
4.80
4.50
4.80
1,087
2.95 May
4.65
Aug
4.60
4.70
464
3.10 June
4.70
Aug
41%
41%
19%
20
—
Gas
Union
Ventures
*
Waite-Amulet
*41 %
_.___*
Walkers
*
Preferred..
20
22c
1
Wendigo
Wright
1.80
June
25%
11
25
9
May
12
75c
6c
Jan
Aug
85c
29
75c
July
1.15
Jan
6
72%
25
4
July
74
15
74
Apr
7%
82
May
6c
6c
700
*
4.00
4.00
4.10
5%c
5%c
5%c
1,500
101%
$700
98%
5c May
3.65 July
6,710
_.*
600
Hargreaves
Jan
Aug
July
15
6
74
1
Ymir-Yankee
75c
May
26c
10%
100
Wood-Cadillac
400
Jan
20%
May
30
...100
Preferred
48
May
19% June
16c
Jan
22
Winnipeg Electric cl A...*
Wood (Alex) pref
37
800
1.80
1.10
*
Westons..
5
4
22
100
Preferred
6c May
10% June
2% Mar
150
23c
22c
Western Canada Flour...*
Jan
9c
Jan
7.00
Jan
4c
Mar
8c
Mar
Aug
101%
Mar
98 %
July
99%
Mar
Bond#—
101
War Loan (1st)
98%
(2d)
Toronto Stock
98%
101
Exchange—Curb Section
Sales
Par
of Hicks & Price have moved their offices
Douglas,
become associated with Ilicks & Price.
Mr. Walters,
of Fenner & Beane's Chicago office in recent years,
Hicks
&
Price
in
an
executive
Douglass is renewing an old association with Messrs.
capacity.
Mr.
Hicks and Price,
having been a customer's man with the firms of Lamson Bros. & Co.
Week
Price
Low
High
5%
*
Range Since Jan. 1, 1941
Shares
5%
Low
4%
Jan
July
Feb
10
6%
3%
6%
3%
6%
Consolidated Paper—-
3%
667
2 %
25c
25c
26c
1,466
and
24
*
_
24
*
65c
65c
Kirkland-Townsite... ...1
11%C
Foothills
*
Montreal Power
...]
1,000
80
3
39
39
40c June
Jan
Mar
70c
17c
8c May
Apr
Jan
Aug
Jan
29%
8
3
Aug
3
25
35
June
45
Aug
Jan
%c
%C
3,000
%c
Aug
lc
1.59
-
1.60
---1
Robb Montor
Jan
27
June
20%
Jan
30c
1.61
950
1 20
Apr
2.10
Jan
%c
.i i
1
Pend-Oreille..
*
14c
22%
3
.loo
Pawnee-Kirkland
He is the son of John W. Douglass, who retired
11%C
21%
1,400
-
Preferred
125
65c
*
Ontario Silknit
Aug
8
4
21c June
21%
22
High
10
Dalhousie
associated with
now
for
of Prices
_.*
Bruck Silk
Dominion Bridge
Worthington Walters and George L.
Week's Range
Sale
NOTICES
Street, where they will be associated with Mitchell, Hutching & Co.
Harris, Burrows & Hicks.
Jan
69%
Steep Rock Iron Mines..
Straw Lake
Mar
66
66
25
Canada Vinegars
with
69c
Mar
*
Steel or Canada..
Jan
3
Slave Lake
Standard Radio
Jan
17
92
Standard Chemical
J Title changed from
fin default.
1912 Continental Illinois Bank Bldg., 231 South La Salle
associated
Jan
3c
Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists
—The Chicago brokerage firm
Fenner & Beane, will
May
2.48
Stocks—
be
Aug
3c
Last
who has been manager
Jan
39%
Friday
to new quarters at
14 %c
Cash sale—not Included In range tor
t
2 Listed,
CURRENT
will
High
July
2.35
Admitted to unlisted
The Wahl Co. to Eversharp, Inc.
E.
7%c
..1
Sand River
War Loan
x
for
Sale
Stocks
Week's Range
Jan
2
Riverside Cement Co cl A *
United States Steel com.
July
19%
100
al4% al4%
Pennsylvania RR Co
60
Radio Corp of America...*
U S Petroleum Co
31%
100
a3%
Jan
Pacific Port Cement com 10
Studebaker Corp com
Jan
1.35
2%
Packard MOtor Co com..
6% pref
Aug
27%
10c
Mountain City
So Calif Edison com
July
6%
3.00
50c May
a33
North American Aviation 1
com
29%
Aug
May
920
1
Schumacher Wall Bd
3%
2.10
73c
26
Matson Navigation Co...*
M J&M&MCons
100
70c
a4%
a 8%
1
*
Idaho Mary Mines
Jan
1»31 July
11%
Blair & Co Inc cap
Cities Service
Jan
168
July
Feb
22
100
2.40
a36% a37%
5
1"«4
Feb
7%
Feb
149% May
300
4
27%
«3%
27%
3
Dominguez Oil Co
28%
4
2.40
..6
Argonaut Mining Co
22%
Aug
6
25,416
Rights (w 1)
Anaconda Copper Mln_.50
Anglo Nat'l Corp cl A com*
year,
Sales
Last
Preferred
*
Exchange
Friday
Standard Paving
Unlisted-—
Am Rad & St
1115)
Aug
1.05 May
,;V 5
Aug
7%
10
163
Jan
Jan
page
Jan
101
So Calif Gas pref ser A. .25
Southern Pacific Co..>100
United Air Lines Corp
90c
3
5,145
105
Mar
Jan
126
20
.
Sperry Corp com vtc
Spring Valley Co Ltd
50
10%
105
148
210
18%
May
115% May
20
5
10
10%
*
14
60
v
1.00
5
100
.
475
117%
*
It E & R Co Ltd com
16
117
%e
1.000
%c
Aug
lc
Aug
Feb
No par value
from F. M. Zelier & Co. and left La Salle Street about 10 years ago.
—James A. Keating has become associated with Mason, Moran & Co. in
the past seven years.
&
Harvesting
Mr. Keating was with McGraw & Co., Inc. for
their sales department.
are
Fifty members of the New York office of R. H. Johnson & Co. gather
N. J.
Friday
(Aug^. 22) at the Rock Spring Club, West Orange,
Canadian
in
to Bank of Montreal
well advanced for this date and cutting is estimated to be
report dated Aug. 21.
crop
In Manitoba
will be fairly
Philadelphia offices.
Advanced
50% completed," the Bank of Montreal states in current
A feature of the day a golf match between teams representing the
New York, Boston and
Well
According
"Harvesting operations in the Prairie Provinces of Canada
Co., Inc. and the investment department of the Harris Trust & Savings
Bank.
for a field day on
Operations
Prairie Provinces
Pror to that he was associated with Stifel, Nicolaus
In part the Bank also
says:
and southeastern and northeastern Saskatchewan,
yields
good and in southwestern Alberta and the Peace River country
Elsewhere drought and heat have taken a
prospects continue favorable.
C. G. Kaufman has become associated with the investment department
of the Chicago office of
Shields & Co,
He was previously associated with
heavy toll and at best, yields will be light.
more
the Illinois Co. of Chicago.
—Frederick Maier-Jung,
associated with Arthur
London, is
now
Wiesenberger & Co., members of the New York
and satisfactory
Exchange.
John E. Carney, formerly with
Fenner & Beane, Is now associated with them.
and sugar
In
Roots
Ontario,
are
Pastures have im
■—Salvatore N. Cesario, Charles W. Gerald and
associated with Bond &
Goodwin, Inc.
Harvey W. Juneman are
Corn, tomatoes
An average tobacco
crop
is in
apples and most other fruits.
In the Maritime
Provinces, all field and orchard crops continue
satisfactory progress.
deWillers & Co., Incorporated.
well under way
now
growing well and early
harvesting of spring grains is nearing completion
beets are progressing favorably.
in and grain
now
reported.
prospect, also an average peach crop with less-than-average yields for late
Fideler, formerly of Amott, Baker & Co., Inc. is now associated
with Schoonover,
are
yields are below normal but the quality generally is good.
—Reynolds & Co., Members New York Stock Exchange, announce that
—Walter
Quebec, the harvesting of grain is
yields
apples are a good crop with later varieties promising.
proved.
Stock
There has been scattered damage from hail.
In the Province of
formerly of Belisha & Co.,
Sawfly damage is proving to bo
serious than anticipated and some grain is being cut green to minimize
the loss.
warm
of
A heavy crop of good quality hay is
harvesting has begun.
now
to
make
nearly all
In British Columbia continued dry and
weather has caused crops to mature rapidly and consequently yields
grain and hay are below average.
Most other
crops
give satisfactory
promise although apples are expected to be only 70% of average.
The Commercial & Financial Chronicle
1114
Aug. 23, 1941
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock
Industrial and Public Utility Bonds
Exchange
Closing bid and asked quotations, Friday, Aug. 22
Friday
(American Dollar Prices)
Last
Week's Range
for
Sale
of Prices
Low
High
Weel
Bid
Ash
Bid
Stocks {Concluded)
Ail
Abitlbl P & P ctte 5e__1953
54%
55%
Gen Steel Waree 4%b_1952
71
72%
Alberta Pac Grain 6b..1946
71%
73
Gt Lakes Pap Co 1st 6s '66
68
69%
Algomn 8teel68—1948
72%
74
70
71%
Lake St John Pr & Pap Co
5%b
1961
73%
75%
M assey-Harrla 4%s...l954
Canada SS Linee 5a... 1967
71
72%
Canadian Vlckere Co 6s *47
49
60%
British Col Pow
4%S.1960
62
McColl-FrontOil 4%b 1949
N Scotia Stl A Coal 3 %s '63
59
60%
Dom Steel 4 Coal 6%s
76
Dom Tar A Chem 4 %
72%
1955
1951
Paper Co—
77%
74%
Power Corp of Can
72
74
■
;•••'.
-•■-'J
:.i
4%s *59
4%#-.———1966
Price Brothers 1st 6s.. 1967
54%
69%
71%
73%
Famous Players 4 %s.
1951
69%
71
Federal Grain 6s
1949
71
72%
1966
74%
76%
Saguenay Power—
4%s series B
7%
Province of Ontario—
province ol Alberta—
5«
Jan
1 1948
50 A
52%
6s—
4%b
Oct
11966
49%
51
6s
11942
Oct
SB
July
4%8
Oct
12 1949
1 1963
95%
90%
June
6s
Dec
104
16 1954
77%
80
2 1959
77%
80
Prov of New Brunswick—
105%
16 1960
87
15 1961
83
86
Apr
Province of Nova Scotia—
4%s.-----8ept
6s.
..Mar
15 1952
11960
Preferred
48
May
11961
89
91
96
100
97
*
~
Canada..
65
4%s
Sept
1 1946
91A
93
86%
5s
Deo
1 1954
83
84
Viau Biscuit..
*
79%
Wabasso Cotton..
Wllslls Ltd
Winnipeg Electric A
Dominion Government Guaranteed
Bonds
Closing bid and asked quotations, Friday, Aug.
22
100
Zellers
|
Asl
102
4%B__. —June 15 1965
103
4Hb._. ...Feb
1 1966
102'A 102 %
4%S— --.July
6a
102% 103%
105
i!05%
105% 106
105% 106
1
1967
July
---Oct
1
1969
5s
1
1969
5s
...Feb
1
1970
!102%
8Kb
Ry—
1
-July
50
10%
35
9% June
16%
100
16
Aug
18
Jan
1
103
July
107
Jan
1.75
2,00
16%
200
13
40
31
July
13%
13%
831
11
Aug
11
11
8%
—«»«.
Sale
Par
Price
64
Feb
73
Jan
143
July
146
May
3%
120
45
50
24
Feb
275
15
Alberta Pac Gr pref
4s———Jan
38——
Jan
May
Algoma Steel
1946
Royal..
1
1
Preferred-
-....100
Aug. 16
Exchange
100
to
High
Par
Shares
9%
90
15
1.50
25
1.00
Low
7%
200
75c
Apr
10
4 A
July
7
Jan
32%
5
8%
Jan
13
July
143
1
140
June
146
Jan
147
'^0:82
143
May
162
Jan
182
36
171
Mar
193
Jan
270
8
267
July
284
Jan
152
152%
153%
237
150
Feb
166
Jan
Sales
250
225
12%
512
147%
202
Braisillan Tr Lt & Power.*
7%
7%
1,359
Canada Cement
7%
24
1.75
6
Jan
Cndn General Invests
1.75
Apr
Cndn Industries Ltd B...*
6%
460
4%
Aug
Apr
145
42
7
Cndn Car & Fdry pref..25
Canadian Celanese*
"23%
Canadian
135
120
23%
3% June
17%
Feb
5
*
105
100
Jan
124
12%
Aug
Jan
July
Feb
3
Apr
2%
Aug
Feb
8%
May
Jan
605
32
;
»
Dryden Paper
*
Enamel & Heating Prods.*
Foundation Co of Can
*
Gatineau
*
7%
cum
pref
5%
Fairehild Aircraft Ltd
5
Fleet Aircraft Ltd
*
Jan
Ford Motor of Can A—*
86
10
84
June
97%
Jan
Fraser Cos Ltd
23%
21% May
17%
Feb
6% May
27%
Mar
19
20%
Jan
Freiman Ltd (A J)
9%
Jan
Halifax Fire Insur Co
Jan
3%
2%
13%
7%
5
5%
50
85
Apr
87
82
Feb
Fraser Companies vot tr._*
1.75
Jan
17
July
1.50
1.95
Feb
6c
J an
Jan
Apr
Jan
65c
100
60c
Apr
1.05
Jan
1.00
425
1.00
Aug
1.00
Aug
1,760
2%
July
5%
Jan
2% June
6%
Jan
555
70
May
Jan
Maple Leaf Milling
4
Feb
5%
Jan
Massey-H 5%
2
Mar
Mitchell Robert Co Ltd..*
300
10%
Feb
2%
13%
Aug
13%
July
7%
178
7%
Feb
9%
Jan
7
3
6
100
2
Jan
10
Feb
5%
Feb
1.50 May
50
9%
10
Aug
3.00
Jan
5%
Jan
16
10
545
15
Jan
16%
Aug
8
1
6
Feb
8%
July
10
224
7
July
11%
4%
10
10
..
50c
17
9%
80c
15
5
50c
17
9%
80c
15
*
955
3% June
/
50c
Aug
16%
Aug
17
Aug
June
11
Jan
25
50
200
K-
7
50c May
11
Feb
50c
Aug
5
50
Aug
90c May
15%
Jan
4%
Aug
cum pref 100
10%
2,610
2
July
44
4%
r
2
;
8
*
135
No par value,
:-* !
4%
10
151
*
2
16
*
5%
2%
25
50c
65c
Lake Sulphite Pulp Co
*
MacLaren Power & Paper *
72
May
25c June
1.00
Lake St John P & P...... *
Mar
4%
10
9%
Jan
72
30
6
July
v
18%
18
100
28
Feb
Jan
100
7% cum pref
Eastern Dairies Ltd—
30
4%
3%
5%
40
3% June
Jan
Feb
5
May
10
2%
2
4%
May
75
Aug
50
4%
19
5
50
3%
5
24% June
4%
1.75
3%
5%
18%
72
1.75
Donnacona Pap Co Ltd A *
50
85
Jan
30
Donnacona Paper cl B.._*
50
5
Feb
East Kootenay Power—
30
4%
13
30c
■
3%
Cub Aircraft Corp Ltd---*
Dominion Woollens
*
22%
85
Feb
Jan
8%
30c
30c
100
cum pref...,
23%
*
Dominion Textile.-
7%
*
86
100
13
14
cum pref....._____*
22%
Dominion Tar & Chemical*
Jan
2
14
25
4
38%
Dominion Stores Ltd
5%
Canadian Vickers Ltd
30
151
207
May
Aug
150
June
2%
Aug
2,327
June
2,789
5%
7%
Feb
7
150
3%
7%
7%
22
19
3%
Feb
7A
40
200
8
May
*
Aug
7%
Apr
4
Dominion Bridge
Jan
Apr
1.15
Aug
200
Dominion Coal pref
25
Dominion Steel & Coal B 25
108
Feb
5c
1,237
100
Apr
70e
7%
7
Preferred...
108
21
5%
37%
8
100
6%
38
Jan
Jan
9
300
7
Crown Cork & Seal Co.—*
Distillers Seagrams
*
38
95%
Jan
7%
6%
8
July
July
8
1.70
5%
4%
32
85
170
162
'
Jan
5
5%c
5%
22
-
27
June
25%
7%
158
''
20%
23
1.15
24%
25%
162
Jan
Feb
7%
May
May
2
*
*
Jan
12%
102%
20
108
1.15
;
18%
Apr
June
1.70
6%
.
1.15
June
10
100
211
8%
108
108
Feb
5
87
8
Aug
6
33%
85
15
Jan
11
80
5%C
18%
1.85
591
115
Mar
Preferred..—
5
Consol Div Sec pref_L2.50
Consolidated Paper Corp.*
Jan
10
3
2%
11
80
Commercial Alcohols Ltd.*
27%
28%
45
12%
3
16%
Jan
Jan
Apr
Feb
6%
5
7%
Aug
Apr
110
330
•'
85c
Aug
20%
17
2%
5%
26
Jan
Jan
60
12%
8%
Jan
10%
26
98% June
165
11
80
33%
8
■
Mar
May
117
Preferred
11
Feb
■
6%
100
*
_.
Mining & Smeltlngb
Preferred
1,847
7
July
19
Ry—.25
Pacific
Cockshutt Plow
Cousol
6,262
5%
26
5
26
—*
Canadian Locomotive
330
117
Preferred 7%
100
Canadian Foreign Inv____*
Cndn Ind Alcohol
*
Class B
23%
5
14% May
4%
Feb
94% June
6%
July
May
16
33%
Cndn Power & Paper Inv *
Feb
8%
Feb
8
11
Cndn Light & Power ColOO
5%
4%
7% preferred
100
Canadian Breweries Ltd..*
26%
99%
23%
Jan
Jan
Mar
5%
99%
5%
13
160
4
5
100% 100%
23%
23%
cum prflOO
Canada Starch Co Ltd.. 100
May
6%
26
May
335
100%
9%
CanNorPow7%
5%
99%
*
10%
137
Jan
1.50
•
Foundry
Aug
22%
Canada Cement pref
100
Can North Power Corp..*
Steamship (new).*
5% preferred
60
July
17%
5
695
Canada
97%
19%
Jan
15
17%
Cndn Car &
Apr
Jan
55c
80
Canada & Dom sugar Co *
Canada Malting Co Ltd..*
1.75
24
17%
5%
Jan
High
370
6%
100
16
Low
Shares
10
10
:
Range Since Jan. 1, 1941
for
Week
75c
6
6%
Brit Airier Ol) Co Ltd.,..-*
10*'.:;
Range
75c
CalgaryPwr6%cumprefl00
27
May
Feb
17%
5
14%
14%
Price
British Columbia Packers *
90
>25
19
16%
of Prices
Low
High
9%
Jan
Feb
90
Week's
101%
Mar
7
12
5
Jan
270
_
_._*
Mar
Mar
85
9%
147
Bulolo
1.15
182
Ltd....100
1.00
Jan
95c
Mar
12%
6
Jan
95c
146
147
100 .V'*':
cum pref
3.00
1.50
25
147%
*
18
143
«•
Beauharnois Power Corp.*
High
25
27
Batnurst Pow & Paper A.*
Bell Telephone
100
Bruck Silk Mills
Feb
Aug
12%
Abltlbi Pwr & Paper Co..*
6% cum pref
...100
Aluminium Ltd
Weel
.
16%
Brit Col Power Corp cl A.*
Class B.
*
Aug
4
34%
Aug. 22* both inclusive, compiled from official sales lists
Stocks—
Range Since Jan. 1. 1941
for
18
90
_*
Apr
5%
Sale
of Prices
Low
1.00
Asbestos Corp.
Assoc Breweries
4
Feb
3 A
Montreal Curb Market
1962
1962
Sales
27
*
2%
Jan
95c
Friday
Week's Range
1.50
100
70
5%
95c
-
—100
Beld-Corticelli
Acme Glove Works Ltd..*
Alberta Pac Gr cl A.
*
Jan
Jan
Mar
Grand Trunk Pacific Ry—
Friday
Stocks—
17
12%
10%
5
3%
34%
15%
15%
100
Nova Scotia.
Aug. 22, both inclusive, compiled from official sales lists
Last
Jan
50
3%
34%
15%
Jan
40
142
3%
34%
3%
m'i
17
40%
8%
Apr
8% June
59% Mar
35
Jan
2%
July
69%
69%
142
Mr
65
v
Jan
8%
65%
65%
-
1.25
Jan
Apr
14%
June
37
Jan
6%
12%
67%
104
Montreal Stock
to
110
104
Last
Aug. 16
Feb
500
13%
11
100
Montreal
Canadian Northern
100
Commerce
Canadian National Ry1 1961
4«s... —Sept
Jan
99
87
Banks—
Canadienne
(American Dollar Prices;
Bid
Jan
Jan
4%
10%
1.75
.*
.
5
Jan
21%
10
Aug
15%
*
Preferred
5%
37
'Li
*
78%
175
Jan
67%
16%
iU-.-
*
11960
30
July
3% May
8% July
63
May
104
25
85%
July
Mar
27%
38%
67%
16%
*
.
•«..
64
4%8
51
May
37
Tuckett Tobacco pref.. 100
United Steel Corp.......*
4b perpetual debentures.
104% 105%
May
10%
16%
50
6s
11944
16
19
90
4
104
St Lawrence Paper pref 100
Southern Canada Power..*
—..July
40
10%
w—-
•
Shawlnigan Wat & Pow..*
16 1942
Jan
67
4
10%
Sherwin-Williams of Can.*
Sept
Jan
30
317
5%
90
*
Railway Bonds
6s
29
July
16
25%
5A
5%
Jan
20% June
18
—
Jan
25%
725
mi'm
Regent Knitting pref- - -25
Saguenay Power pref..100
St Lawrence Corp—.*
of
7
June
21
70
Co
2,958
16
.100
Preferred
22
25
113
5
21
66
Steel
112
21
15 1946
Asl
Jan
Mar
Nov
Bid
Jan
3%
5%
118
May
May
6%s
Canadian Pacific Ry—
10%
May
3% June
35
Quebec Power..
Asl
May
2
15
49%
(American Dollar Prices)
Bid
9
250
551
Closing bid and asked quotations, Friday, Aug. 22
Pacific Ry—
Aug
25%
,
Class A pref
Canadian
Jan
17%
63%
75
71
87%
Feb
38
71
67
June
12
*
5% pref
11951
15%
82
53%
15 1943
Oct
13%
Jan
Mar
45
38
June
4%s
345
53%
...
6s_
94%
June
*
25
-
Price Bros & Co Ltd
of Saskatchewan—
80
25
Preferred
—.100
Power Corp of Canada...*
90
Apr
21%
21%
Ottawa L H & Power. .100
88
68
4%
112
25%
96%
1 1958
May
475
3
4%
w-—
95
Feb
145
10% n '■.% 5
3
*
Ogllvle Flour Mills
Province of Quebec—
4%fl
Mar
2 1950
Prov
10%
Jan
May
100
17%
.*
_*
Jan
36%
June
145
85
16
100
Noranda Mines Ltd
90
4%fl._
85
13%
*
National Breweries
95% 97
99% 101
16 1966
4%s—— Jan
4%s
5fl-....—.Apr
13%
'S'r,-*.
73%
25
May
3
156
156
-
-40
-
Montreal Tramways
105
1 1959
1 1962
104
June
02
Province of Manitoba—
5b
15 1943
May
4fl
94
Sept
6s
Prov of British Columbia-
29%
—.3
Montreal Telegraph
102% 103
22
17%
«•-.
Montreal Cottons pref. 100
MontrealLH&P Cons..*
Asl
Bid
13
170
73%
13%
-
June
146
251
13%
*
McColl-Frontenac OIL.
Aug
7% May
Jan
15%
j an
16%
23
'J
Massey-Harris
Jan
Jan
34%
13%
100
Laura Secord
Jan
14
34
-w*
-
Aug
10%
Feb
23
100
.
29
Feb
23
*
100 -L'-W
pref
May
11%
34%
-25
Lake of the Woods
..
"13%
10
Jan
10
50
10
100
7
250
'ji'J
May
9
571
1,280
7%
Jan
Jan
14%
22%
295
29
Jan
-13
97
60
9%
Intntnl Power
A si
100
28%
»
5
Feb
12%
Int Paper & Power pref.
(American Dollar Prices)
hid
May
11
9%
Preferred
Municipal Issues
Closing bid and asked quotations, Friday, Aug. 22
12
12%
Intl Petroleum Co Ltd.
Provincial and
51
823
346
9%
Preferred
Aug
3%
12%
Intl Nickel of Canada..
3%
13%
*
Indusfc Accp Corp
*
International Bronze.....*
71
1962
Jan
2% Mar
2% May
35
Imperial Tobacco of Can 5
Preferred.
—£1
Imperial Oil Ltd
6%
93%
12%
100
Jan
Feb
13
100
Feb
80%
June
3%
*
HowardSmithPaper preflOO
Hudson Bay Mining .-..*
56
4%
87
15
3%
High
July
12%
13%
Howard Smith Paper
74
Quebec Power 4s
Oonnacona
3%
70
270
90
90
..100
Low
10
5%
5%
*
Wares
Gypsum Lime & Alabas..*
Hamilton Bridge
..*
Hollinger Gold Mines
5
69
.-. .•
Steel
Range Since Jan. 1, 1941
Shares
74
74
100
Preferred
63%
67%
72%
—
V
Canada Cement 4%s.l951
General
Price
Par
5% pref
Gatineau
Sales
45
223
27
Jan
45
Aug
10%
10%
185
Feb
11
Aug
2%
Canadian market.
4%
7%
Volume
The Commercial & Financial Chronicle
153
1115
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Week's Range
Montreal
Par
Price
Island Power..*
25c
Page-Hersey Tubes Ltd..*
104
Week
Low
High
25c
104
Range Since Jan. 1, 1941
Low
25c
10
104
40
98
1st pref.
100
Quebec Tel & Power cl A.*
Sarnla Bridge Co cl A
oo to £
8234
cum
High
10
90
60
Apr
4
r
*
7
SouCndnPwr6% cumpflOO
98
Standard Clay Prods
100
Walkerville Brewery Ltd.*
Walk-G & W $1 cum pref *
"■
7
35
98
64
234
90c
90c
600
1934
634
50
■
June
May
2 34
Aug
50c June
1934
.
Aug
Feb
4
Jan
v
Mar
7
104
Jan
(Continued)
Dominion Bank
Par
Week's Range
for
of Prices
Week
...100
„
Preferred
190
15c
11
15c
11
8c June
2,000
650
9.80
May
Central Cadillac Gold
1
6c
6c
18,000
5c
*
2234
2234
100
2134
Jan
July
17
Feb
2334
Jan
60c
60c
65
45c
Aug
60c
Aug
2334
734
75
22 A
Aug
May
Dominion Steel cl B. ...25
Dominion Tar
*
Aug
Dominion Woollens pref.20
Jan
734
100
6J4
434
434
100
1.00
1.05
91
l
Aug
Eastern Steel
*
Aug
Eldorado
]
*
Falconbridge
Fanny Farmer.
Federal-Kirkland
East Malartic Mines
1
2.27
300
2.18
May
2.90
Jan
Falconbridge Nickel
_*
3.25
3.25
3.30
140
2.00
Feb
3.55
Aug
Inspiration Min & Dev... 1
27c
27c
27c
100
20c
25c
Jan
2c
2c
6,000
May
lc May
2c
lc
lc
1,000
lc
3.85
3.85
800
1.24
1.30
1.22
1.25
4c
2,000
2.27
Joliet-Quebec Mines.—.1
Lebel-Oro Mines
1
Macassa Mines Ltd
1
3.85
Malartic Goldfields
1
1.30
Mining Corp of Canada._*
Murphy Mines....
1
__
4c
Aug
Fleet Aircraft.
Aug
lc
Aug
Ford
3.50
Feb
4.30
Jan
6,700
87c
May
1.30
July
500
70c
Apr
1.30
Aug
Gatineau Power
Aug
44c
734
*
1.60
3,400
60c
Apr
1.65
Aug
God's Lake.....
100
21c June
400
2.40
Aug
2.70
Jan
Golden Gate—.
1.40
200
1.28
May
1.65
Jan
Gold Eagle...
Goodyear
Goodyear T & R pref
*
Mar
"28c
28c
28c
1,700
33c
Feb
Sullivan Cons Mines
1
66c
67c
2,400
50c May
67c
Aug
Teck Hughes Gold..
1
"2.70
2.70
2.70
150
2.71 June
3.45
Jan
Wood-Cadillac Mines
1
634c
634c
6 34c
1,000
5c
May
9c
Aug
2.35
2.28
2.44
4,500
1.58
May
2.55
Jan
Sladen-Malartic Mines... 1
20c
Apr
1
.
34c
34c
34c
1
634c
634c
734c
5c
5c
534c
18,300
.
_.l
Great Lakes vot trust....*
Great Lakes vot pref
*
Gunnar..
"234
Stock
Exchange
Friday
Last
Sale
Par
Week's Range
m
«
*
Week
of Prices
Price
Low
High
Shares
Low
70C
100
75c
6
*
1.50
Preferred- _...100
6
1.25
268
1.50
32
25
307
200
68
55c
Mar
Feb
4
75c May
25
Aug
8
Jan
1.25
29
Feb
Jan
*
14c
14c
16c
2,700
5c
July
20c
Aug
58c
58c
60c
2,500
46c
Apr
81c
Jan
'334 c
334c
Apr
934C
Aug
Feb
534c
Jan
1.50
June
2.45
Jan
8c
Jan
1
1
9 34c
26,300
4>4c
500
1.71
1.74
700
6c
6c
4,650
182 34 182 A
1.72
She
4J4c
9c
1
5
5c
Bank of Montreal..... 100
..100
246 34 246 A
Barkers pref
.50
Base Metals
*
Bathurst Power class A
*
Bear Exploration
1
lie
1
1.11
16
16
11c
11c
11c
..100
1
240
June
250
Jan
16
Apr
22
Apr
7c
June
18,100
June
15c
1.11
2,000
1.00
May
1.20
6 A
30
4H
Mar
8
99
9c
9c
5
10
6c
1.09
14734
148
25
9
Ac
99
385
148
137
Mar
Feb
160 A
Jan
1334C
Jan
6
Mar
30
30
25
534
Apr
634c
7 Ac
2,400
6c
July
49c
4,977
47c June
1,865
OA
48c
48 c
11
16 34
1634
1114
714
1614
24
23
24
1134
British American Oil
7
•
B C Power cl A.
British Dominion Oil
*
Brouian-Porcupine
7%
5c
Feb
5
Mar
593
15
June
250
23
615
Apr
11c
Jan
59c
July
11
Aug
834
July
1834
Jan
26
Jan
6c
10,500
5c
Aug
1134c
73c
77c
32,650
71c
Feb
1.10
Jan
7 54c
4.15
7?4c
1,000
6c June
9c
Jan
■■
.
74He
.1
Brown Oil
H
Jan
July
10234
1
*
Jan
Feb
May
*
_*
Aug
Aug
7c
Bobjo..
...1
14c
13
May
3,000
Blue Ribbon
.
Jan
1034
1034c
99
100
193
35
lie
634
_*
Mar
5,400
12
12
4c May
171
*
Jan
Buffalo-Ankerite
1
4.15
100
5.95
Jan
Buffalo-Canada
*
3c
3c
3 Ac
3,000
234c
Mar
6c
Apr
Building Products
*
1434
1434
1434
35
1334
Aug
1534
Apr
734
Feb
1034
Jan
Burlington Steel
.._*
9
Calgary & Edmonton.
.
1.30
1.35
2,675
1.05
May
1.49
Jan
19 y3c
20c
1,615
14e
May
25c
July
*
2
_.
'.50
Class B__
534
.ioo
5A
96 34
99
83
126
100
126
*
Canada Steamships
534
~50
Preferred
32 34
83
83
......
Can Permanent Mtge.
99
32 34
.
Canada Malting
Cndn Bakeries pref... .100
26
128
4
34
5%
2334
L05
25)4
.....
26
40
"
Canadian Breweries..,
Preferred
254
45
45
*
Canada Cement
Canada Packers
180
20c
1
Preferred........
9
1.35
Calmont
Canada Bread...._
9
40
90C
25
18
5
62
8934
June
100
Mar
39
Jan
8734
Jan
3
32
Aug
5
76
June
June
119
120
1,208
1,530
17
30
20
1.05
1,460
2534
190
45
20
30
9
34
j
Canadian Wirebound.
Castle -Tretheway
21
-.1
Central Patricia
2.25
314
Chester vllle
1
1.33
Chromium
*
Coctienour
65c
Commercial Petroleum.._*
Coniaurum
*
Cons
23c
*
Consolidated Bakeries
o
Dome
38
9
Mar
47c
58c
Apr
_*
614
1,465
0%
21
25
2.25
150
55c
1,200
Feb
Feb
7,34
Aug
Apr
2034
Jan
June
2.91
Jan
45c June
55c
Aug
434
18
2.10
1.90
1,740
1.65
Feb
1.05
Jan
1434c
15c
4,400
9c
Feb
21c
May
334
334
100
334
July
334
July
1.32
1.40
4,159
1.10
May
1.74
Jan
21c
1,600
12c
Feb
65c
67c
2,500
5H
435
23c
23c
1,000
1.26
600
12
37 34
30
38
632
11934
22
32
32
13c
13
July
l.< 4
Jan
June
534
July
20c
9
3134
111
30
734c
6C
22
22 34
4,500
330
22 H
2234
806
Mar
1.13 June
2134
7 He
64c
18
700
40c May
334
80
13c
2234
*
.
634 June
2.25
2134
*
1
.
Jan
15
1,100
118
100
Denisen
95
7
1.26
...»
Distillers Seagram
Jan
3
55c
12
..100
Davies Petroleum...
29
Mar
S?4
*
Crows Nest Coal.
May
2
15
Aug
2C?4c
i
Cockshutt
Cosmos
Jan
2034
1.83
15c
1
•____*
Smelters
Jan
55c
: ]
Central Porcupine.
Consumers Gas
Jan
1034
52c
21
Jan
10
26
634
*
III
163
28
434
2034
1934
7
'.25
Cariboo
Aug
Apr
834
100
234
Aug
May
May
105
250
52c
Aug
1.05
2534
Jan
OA
734
2%
*
40
Apr
May
25 54
Canadian Malartic
2534
1834
23 34
Canadian Locomotive. .._*
Chateau Gai Wine
143
6 54
,_.*
Aug
Aug
Feb
23 A
Canadian Celanese
Canadian Ind A1 A
Jan
534
Mar
60c
22
oh
9%
136
July
Feb
234
23 A
*
Jan
Aug
Mar
147
'.25
45 '.''i
7
20
Preferred
2.75
Apr
Feb
146
Canadian Car
July
434
Canadian Canners cl A ..20
Cndn Canners class B. ...*
1.85
35
11
Canadian Bank of Com .100
C P R
3.40 June
June
May
July
1.55
Jan
14
Jan
4034
July-
June
145
June
25
Mar
July
35
July
17c
July
12c May
234c
25c
Feb
Jan
7c
24*4
Jan
Jan
10c
May
80
Jan
5434
30
52 %
June
5534
Apr
2c
1,000
lHc
Mar
2?4c
Aug
Aug
334
28
2
Feb
334
1634
109
12
June
1934
26c
2,200
23c June
37o
Jan
334
634c
50
234 June
334
Aug
11,500
134c
1,000
July
934
lMc
Apr
134c
334
334
360
3
July
534
12
65
Jan
m
m
75
75
4
%
?4 c
July
75
74c
75c
334c
1234
334c
334c
1234
1254
1,335
2.37
2.25
2.37
12,450
134c
134c
2,500
134 c
22c
20 34c
22c
2,530
2034c
28%
2834
2834
60
23 34
June
2834
1
*
..*
20% preferred
Inspiration....
...
...
.
_
1
.
Feb
43
192
434
57
Aug
Apr
Aug
934 May
205
Feb
Jan
834
1134
May
1034
225
Feb
1334
Jan
26c
9"
1,223
26c
1,200
20c
Jan
33c
Apr
934
50
98
97
98
55
112
112
10
9
3354
6 34
9334
110
Feb
1034
100
Apr
Jan
Aug
June
July
11534
Jan
34J4
1,100
2934
June
3654
1354
18 34c 18 34c
841
13 H
Mar
1534
Jan
500
12c
May
27c
Jan
6,700
35c
June
46c
Apr
3434
....
334
934
112
..L-i
Jan
1234
*
Jack Waite
July
Jan
934
1234
100
•
2c
30C
Mar
Class A preferred
Nickel
Jan
Feb
Aug
8
Intl Met class A...
International Petroleum.
Jan
2.54
1.59
25
Intl Milling pref....... 100
International
Jan
1334
May
12
Feb
■'
a
8c
July
500
5
Jan
1.10
52
57
Jan
May
3c July
31
934
1234
5
67c
834
834
196 34 197
__L
..*
Imperial Tobacco ord
334
55
100
Imperial Oii Co
'
57
100
Imperial Bank..
334
....
.....100
2,380
Jan
Aug
74c
Homestead...1
Huron & Erie
Jan
6734
234
75
.5
Howey
1334
1334
1
Jan
Jason Mines
1
36c
36c
38c
Kerr-Addison
1
4.50
4.40
4.50
8,645
3.05
Feb
4.90
Aug
Klrkland Lake
1
66c
70c
17,550
67c
July
1.05
Jan
Lake Shore
1
1434
301
UVs
July
Lamaque Gold
__.*
.1
Lapa-Cadillac
Laura Secord (new).....
W
4.70
4.70
272
4.25
934c
10,800
6J4c
21
Mar
9c
Mar
3
10
$
♦
47c
■
310
9
Jan
13c May
Jan
Apr
1034
7
Jan
12
2,300
45c
Feb
60o
Jan
1.90
900
1.60
Apr
2.10
July
Mar
2734
Aug
45
9
9
1.85
■
._
1034
Jan
5.15
47c 47 34c
1034
1
Little Long Lac
15
"934C
mm'rn
25
Legare pref
Leitch
Jan
26 34
2634
27
126
24
24
24
2454
176
2234
May
3.95
1,295
3.45
FeD
4 30
1.85
1.88
2,008
1.49
May
2.35
Jan
65c
65c
66c
4,555
50c
FeD
76c
July
1
1.30
1.24
1.30
11,800
87c
May
1 32
Aug
Maple Leaf Gardens pref 10
6 34
July
Maple 1/eaf Milling....-.*
4
734
234
Aug
6
Aug
Lobiaw
*
A
B
...»
Macassa
Mines
_J
3.85
3.85
McL Cockshutt
.1
1.85
Madsen Red Lake
1
Malartic (G F)
Preferred.......
.—,
-
-
Massey-Harris
*
234 v
Massey-Harris pref.... 100
McColl-Frontenac
*
_
.4
McKenzle,........
..
.
.
534
134
May
2,001
234
Apr
3c
2,000
234
334
4634
434
2,070
m
m'mmm
m
90
89
89
55
45
...
_..
45
534
334 June
85
6c
6c
1,000
4954
153
1.05
1.08
1,675
1.01
Apr
1.32
Jan
13c
4,100
12c
Aug
24c
Mar
20
334
Aug
734
60c
Feb
1.43
Aug
15c June
1534c
Aug
4 .1
..v
------
3434c
4534
1
....
1.30
6,375
15c
500
35c
3434c
216
434c
3c
5
7
26c
28c
....
Jan
June
55c
Aug
500
1,000
1.16
1.16
5334
62c
60c
62c
29c
29c
13,000
lc June
310
Aug
Aug
3
200
1.00
Feb
1.35
4934
Feb
5734
Jan
4,410
26c
Mar
70c
Aug
29c
Aug
50c
Feb
60
O'Brien
1
l".45
1.45
1.60
38,550
OkaltaOil3
*
55c
55c
55c
1,600
Omega......
J
14c
3,000
3
June
334
Jan
56c May
1.65
Aug
75c
Jan
Apr
35c
May
14C
14c
10c June
18c
Orange Crush pref—....*
Pacific Petroleum
1
5
5
225
434
Aug
634
20c
2Ge
600
20c
Apr
23c
...*
106
20
9534
Apr
Page-Hersey——
—
Pamour
_
106
*
98c
98c
1.01
Partanen Malartic:...... 1
234c
234C
214c
500
1
20c
19c 2034C
11,700
.
.
>
.
£
.
Paymaster
Perron
..
2,270
105
Feb
Jan
Aug
1.65
Jan
Aug
5c
Feb
15c June
280
98c June
234 c
Jan
.....1
1.45
1.42
1.50
2,050
1.27
May
1.69
Jan
1
....
2.99
2.99
3.10
6,435
2.25
May
3.10
Aug
2,060
2.50
Aug
Ptckle-Crow
Pioneer
Jan
75c May
234c
623
1.25
54
234
Aug
July
55c
"
Jan
4c
5
234c
5
Jan
4734
1
8
5334
_.
Feb
July
55c
*
54c
July
Feb
2c
21o
*
Northern Star pref
30c
41
Jan
7
234C
Northern Canada
Jan
334 May
*
Mines
Feb
15
..5
Ni pissing.
8c
5134
70
1
Normetal....
May
34 May
21,450
*
.
Newbec.....
46
23,000
5
"26c
4,920
4514
45
7
*
Naybob
1.19
334c
*
National Sewer cl A..
4
15c
1.30
I
National Grocers—
12c
4
-
Moneta.
........ .
Jan
Jan
Jan
98
June
4c
Jan
Aug
4934
Moore Corp.•
Murphy
J
.
334
Jan
6c
Model Oils.............,1
.....
4c
134c June
2
May
25
Jan
4934
1.08
*
Mining Corp.—-_....._*
Negus Mines
434
490
Jan
*
McWatters .4. ..ii..... '.J*
_
•
Jan
26
5
.....
_ _
Mercury Mills..
25
7^088
634
634
234
534
44
46
100
Preferred..
McDougalb Segur.
Mclntyre
Noranua
634
■;
634
4
3c
*
-
.......1
Malargo
.
.
.
.
-
-
.
.
.
.
.
.
v..
2.36
2.50
9734
2.56
1
9734
10
75c
80c
700
5234c June
1.04
Jan
88c 9234c
3.10
3.25
11,700
89c June
95c
Aug
26,140
Feb
3.60
Aug
12c
2,900
10c June
1334c
1.96 May
■
Porto Rico
pref.
Powell-Rouyn....
-100
^
.
75c
.
88c
Premier......
Preston
3.10
E Dome......
Reno Gold
.
Riverside Silk.
.
.
.
....
10c
Royal Bank
Royalite...
Russell Ind
10c
3»4c
....
334c
16
...
Roche (LL)
•
2834 |Jan
May
Aug
13c
254 c May
■
5
16
60
4c
No
95 34
2.70
1534
Jan
Mar
Jan
155
4
148
Aug
24
24
69
18
May
1534
1534
1534
275
14
Jan
(Concluded
on
page
1113)
Jan
May
Aug
150
24
par value
20
16634
24 34
152
*
100
Apr
5c
100
,
99
3c June
3,000
Aug
1834 May
2134
41c
Mar
5c
1634
334
—
Hunts class A
Jan
*
1
_
90c
July
1
Hollinger
Hudson Bay
High
'
_*
Jan
8 34c
1
....
Harker.
Range Since Jan. 1, 1941
for
Jan
6
Feb
2434c
mm
26C
1
.1
.......
Hamilton Bridge
90
June
4A
5c
mm
.....*
Home OH Co..
Sales
Jan
July
334
Um
1
Hard Rock
Toronto
72
5434
m
5434
Hamilton Theatres preflOO
Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists
72
2c
'm'rn-m
m
50
Gypsum
70
7,100
1
.
Graham-Bousquet
Halltwell
30
____.*
_
Hal crow-Sway
Oil—
Home Oil Co Ltd...
_
Jan
2.40
1.40
69c
..... .....
934
1.45
52c June
.
Jan
July
6?4
2.40
53c
Bonetal..
100
54c
3c June
5234C
Bralorne
734
7434
Jan
3434 c June
25
Siscoe GoId....i_r._..-_l
Brazil Trac.
2,400
1,000
Feb
Bidgood Klrkland
45c
534
3c
Bell Telephone Co
44c
6
1634
434c
Mar
Beatty 1st pref
14 H
534
134c
...
1,320
16
Jan
634c
May
Feb
43iC
1,500
5,900
Seattle Gold
3A
74
2c
Beatty cl A.
275
Gillies Lake
2c
Bank of Toronto
434
Jan
6
Aug
Gatineau Power pref...100
General Steel Wares.
*
*
Bank field.
434
1534
28
134c June
Aug
Red Crest Gold
Mines
21J4
3 A
4,000
July
July
Gold
May
4,500
2c
4c
3.40
Arntfleld
415
334c
56c
Feb
Ashley
Aug
28c
2.75
_
Aug
3.50
Feb
Feb
100
Anglo-Canadian
1834 c
1.97
Feb
3.20
Aldermac
llAc May
1,480
Aug
3.20
Alberta Pacific Grain
Jan
1,825
3.35
2c
1
Abitlbi pref 6%
52c
35c
Preston-East Dome
Abitibi
June
24c
2.40
_
Stocks—
30
Jan
'•
.■
...
Jan
1,600
3c
1534
*
Francoeur
Jan
42c
134c
434
•
Aug
1334
2234c 2334c
mmmmmm
*
....
a
2.95
Feb
3c
1
July
10
3.25
23c
1
8
4 34c
18c 1834c
'mm-
3~.35
1
_
Fernland
Feb
15
200
60c
1
Pato Cons Gold Dredging 1
Perron Gold.—.—.1
-
m
11
2,000
27
60c
._*
O'Brien Gold
m
Mar
1634c
July
60c
27
Naybob
Normetal Mining
2.30
m m
2.05
3,550
Jan
534
Mar
2.27
42c
42c
*
934
lHc July
8>4c June
2.20
2.27
Extension Oil...
6A
111
734
734
3c
2,000
334c
934c 1134c 118,601
i
«
Aug
1.75
May
11
«.
1134c
2434 May
50c
Jan
27
3% June
m>'•
734
W mm
.1
_
27
m'm'mrnm'*m
_.l
Jan
Jan
18
90c
7c
21
10
25
2034
Mar
Dome Mines Ltd...
200
1834
Dominion Woollens .._._*
11
June
1834
Aug
19C
High
183
1834
East Malartic
Aldermac Copper Corp___*
Bralorne
*
Low
20
190
1834
234
Mliien—
Range Since Jan. 1,1941
Shares
50
....
Dorval-Siscoe.
High
.1
Dominion Scot Inv
Duquesne Mining
Aunor
Low
Price
Dominion Coal pref....25
Dominion Foundry
*
Jan
98
Jan y:-;
98
85
19J4
90c
234
106
Feb
/
-
Stocks
30c May
May
A
Power Corp of Canada—
6%
Sales
Last
Sale
Shares
25c
Exchange
Friday
for
of Prices
Hale
Stocks (Concluded)
Toronto Stock
iSales
Jan
1634 June
The Commercial & Financial Chronicle
1116
Quotations
New York
Bid
on
Over-the-Counter Securities—Friday Aug. 22
Chicago &, San Francisco Banks
City Bonds
Ask
Bid
Ask
Par
102% 103%
Jan
1
1977
«3s
June
1
1980
a3%s July
1
1975...
a3%s May
1
1964.__
1
a3%a Nov
1954...
1
1957...
a 4s
Nov
1
1958--.
a 4s
May
1
a4s
May
1
1977.__
a4s
Oct
May
1966.
105%
a4%s Apr
mm
108% 109%
•
m
111%
113
112
113%
m
•
mm
•
mu
mm
•
mm
•
mrn
1969.__
a4s
1964.
1
•
•
1976.
15
a3%s Jan
1
a4%s Apr
105
I960...
1
a3%s Mar
a4%s Mar
104% 105%
16 1969
fl2%g July
o3s
•
mm
1
1977.
a4%s Jan
113% 113%
a4%s Nov
16 1978.
128
1981.
129
Ask
1957.
1963.
1965.
100
259
First National
Northern Trust Co
243
88
329
517
532
SAN
90%
100
FRANCISCO—
Bkof AmerNTAS A 12%
267
37%
39%
127
a4%s June
235
33 1-3
Bank A Trust
123% 124%
123% 125
a4 %s Mar
100
A Trust
317
130%
118% 119%
118% 119%
122
123%
1967.
123% 124%
a4%s July
o4 %s Deo
128%
128% 129%
129
130%
130% 131%
1967.
121% 123
16 1971.
mm#
Bid
Harris Trust A Savings. 100
129%
a4%s Mar
a4%s May
a4%s Nov
1980._
1962...
Par
Ask
Continental Illinois Natl
126% 128
127% 128%
112% 113%
117% 118%
1960...
1
Bid
American National Bank
125% 126%
125% 127%
1974.
1976.
1
a4%a Feb
1
a4%s Mar
123% 125
124% 125%
16 1972.
16
a4%s June
1
a4%s Sept
Aug. 23, 1941
122% 124
1
o4 %s Deo
New York Bank Stocks
Pa1
133% 135%
New York State Bonds
Bank of Yorktown__66 2-3
Bid
Ask
46
50
-12%
27
28%
National Safety
-12%
12
15
17
Ask
16
85
Pai
•
42
Bensonhurst National... 50
1979.
...60
NaMonal City
Bid
Bank of Manhattan Co. 10
Bronx
National
17%
—
Bid
28 July 1944
Ask
104
less 1
less 1
61.80
its 1974
3fl 1981
61.85
3%s Mar 1970
139
4s Mar 1961
World War Bonus—
142
100
140
Canal Imp 4s JAJ '60 to '87
140%
...
Barge CT4%s Jan 1 1945.
111%
100
Bid
Bid
1968
Ask
103% 104%
3 %s 2nd ser May 1 '76
3s
4th ser Deo 15 '76
103% 104
3 %s 5th ser Aug 15 '77
3s
6th series.._1975
103%
Bank of New York...*100
'Bankers..
Bronx
.
........
County
...10
36
Brooklyn
100
Central Hanover
3 %s s f revenue
3s serial
50
30
32
1495
130
26%
28%
Sterling Nat Bank A Tr 25
)
150
Bid
Companies
Pai
Ask
336
64
1980
101% 102%
rev 1963-1975..
62.75
2%s aerial rev 1945-1952
61.60
98
2.65%
100% 101%
Guaranty
18
Kings County..
286
291
Irving.............
72%
210
..100
56
15
67%
11%
..100 1550
12%
1600
28
31
—20
38%
40%
—20
51
53
—26
98% 101%
4%
3%
25
20
98
101
45
47
Clinton
60
34
38
New York
Colonial
25
10
12
Title Guarantee A Tr ...12
12%
14%
Trade Bank A Trust-
Manufacturers
Preferred
Corn Exch Bk A Tr
20
42%
43%
50
45%
48%
19
100
United States.
10
85
—
Underwriters
Empire.
100% 101%
Ask
190
Chemical Bank A Trust. 10
Continental Bank A Tr.10
mmm
Bid
..100
Fulton
344
Lawyers
Trlborough Bridge—•
General A Refunding—
44
.17%
New York Trust
mmm
108% 109%
Port of New York-
—50
690
mmm
.
Pennsylvania Turnpike—
3%s August
14
:'\.<-mmm
Par
Ask
San Franclsco-Oakland-
10
mmm
Authority Bonds
California Toll Bridge—
660
—
Peoples National
30% 32%
183
177
First National of N Y..100 1455
Mercuoxits
mmm
Public
1976
mmm
60.90
61.95
150
Commercial National..100
Fifth Avenue
147
4%s April 1941 to 1949.
Highway Improvement—
4s Mar A Sept 1958 to '87
Canal A Highway—
5s Jan A Mar 1964 to * 71
Ask
149%
140% 142%
Highway Imp 4%s Sept '63
48
Bid
Canal Imp 4%s Jan 1964..
Can A High Imp 4%s 1966
104%
Penn Exchange
Public National
13.55
Chase National.
-.100 1345
*
21
95
1395
United States Insular Bonds
Bid
Philippine
4%s Oct
Government—
1969
4%s July
1962
6s
Apr
5s
Feb
1956
1962
Ask
Bid
U 8 Panama 3s June 11961
108
107% 109%
100% 102
109
Telephone and Telegraph Stocks
Ask
126
127%
4%s July 1952
118
121
5s
106% 108
110
111
Hawaii—
Par
Bid
July 1948 opt 1943.
110% 111
111% 112%
D S conversion 3s 1946
Am DlstTeleg (N J) com.*
104
108%
Pao A
6% preferred........100
110
112
Peninsular Telep com
Conversion 3s 1947
49%
100
29
80
New York Mutual Tel..25
115
Ernp a Bay State Tel..l00
Int Ocean Telegraph... 100
112
Bid
Ask
16
18
•
32%
25
30%
34%
32%
Atl Telegraph...26
Preferred A.
Franklin Telegraph
4%s Oct 1966 Apr '46..
Par
Ask
Govt of Puerto Rico—
18
J ' "**
Rochester Telephone—
100
113
26
100
$6 .50 1st pref
148% 152
Federal Land Bank Bonds
Bid
3S 1966 opt 1945
Ask
Bid
So A Atl Telegraph
84
Ask
JAJ
108 %
3%s 1955 opt 1945..MA.V
JAJ
lOOhs 109h6
4S 1946 opt 1944
.JAJ
109% 110
4fl 1964 opt 1944
JAJ
109% 110%
20
109 »i6 110'u
AT AN
18
108% 109
3s 1956 opt 1949
3s 1966 opt 1946
Sou New Eng Telep
108%
Chain Store Stocks
Joint Stock Land Bank Bonds
Bid
■,
Ask
Bid
Par
.,„
Bid
Pat
Ask
B/G Foods Ino common..♦
Atlanta %s, l%s
Burlington.
99
Lafayette l%s, 2s
Chicago...
Denver l%s, 8s..........
Lincoln 5%s
f%
99%
1%
Kress (S H)
Bohaek (H O) oommon.
*
2
2%
32
Carolina—
New York 5s_._......
1%8, 2s...............
Montgomery—
99
6% pref
10
xl2H
13
98
96
..
Flshman (M H) Oo Inc..*
First
Ask
United Cigar-Whelan Stores
7% preferred.......100
94
IX
99
Lincoln 4%s
Lincoln 6s.
rll
Bid
Ask
35
7%
$5 preferred.......__.♦
20%
22%
8%
88
North Carolina %s, ls.
99% 100
First
3%s
100
r41
Oregon-Washlngton.
First New Orleans-
Is, 1%8
SPECIALIZING
..........
First Texas
99
Pennsylvania l%s.
99%
%s, 2%s
First Trust Chicago—
V
Is, 1%S
99%
St. Louis.............
San Antonio %s, 2s
r24
99
Fletcher %s, l%s
Fremont 4%s, 6%s
99
Southern Minnesota
82
Southwest (Ark) 5a
715%
93%
Union Detroit 2%s.
100
Illinois Midwest 4%s, 4%s
Iowa 4%s, 4%s
100
98
F.H.A. INSURED MORTGAGES
20
'99%
Th* be*t "Hedge" security for Bank* and Insurance Co's.
17*
Circular
request
STORMS AND CO.
99
Virginian Is
on
Commonwaalth Building
Joint Stock Land Bank Stocks
PITTSBURGH* PA.
Phone Atlantic 1X70
1
Par
Atlanta
Bid
Ask
Par
.....100
100
110
Dallas
100
85
Denver
100
90
Des Moines.....
100
41
46
Pennsylvania
First Carolines.
100
25
30
San Antonio..
_
Fremont
1
Bid
FHA Insured Mortgages
12
100
90
New York
100
3
7
97
S
North Carolina
100
130
140
4
9
As*
Lincoln..........
100
60
67
.100
145
155
Virginia
5
3%
4
Bid
Alabama 4 %s
Dated
*%%
.12-2-40
t%%
.
t%%
.
Due
%%
%%
%%
%%
%%
t%%
.
3-1-41
6-2-41
9-2-41
7-1-41
1-2-41
.11-1-40
.
.
As*
9-2-41 0.25%
9-2-41 0.30%
.10-1-40
.
Bid
2-1-41
5-1-41
Dated
%%
10-1-41 0.25%
11-1-41 0.25%
J%%
\H%
t%%
t%%
1%%
%%
11-1-41 0.25%
11-1-41 0.30%
*%%
t%%
0.30%
10-1-41 0.30%
10-1-41 0.25%
-
12—2—40
6-2-41
..
3-1-41
4-1-41
Due
Bid
Ask
12-1-41 0.25%
12-1-41 0.30%
Federal Home Loan Banks
Ha
2s
Apr
15 1942 100.8
.Apr
100.11
1 1943 102.16 102.20
Federal Natl Mtge Assn—
2s May 16 1943—
Call Nov 16 '41 at
Jan 3 1942 at
100% 101.8
101.11
101.— 101.16 101.20
102
102
2-2-42 0.30%
Michigan 4%s
2-2-42
Minnesota 4%s
4-1-42
5-1-42 0.45%
%s
101
102%
101% 103%
West Virginia 4%s
A
/Flat prloe
maturities,
July
1 1941 100.21 100.23
15 1942 100.22 100.24
11942 100.27 100.29
t%% ——Oct
U%%
July
Jls
Apr
15 1942 100.22 100.24
101.3
15 1943 101.1
15 1944 100.22 100.24
%% notes Nov 1 1941.. 100
1%% notes Feb 11944.. 102.9
servicing fee from
♦No par value
Ask
Reconstruction Finance
Jan
Insured Farm Mtges 4
Virginia 4%s.._
102
103%
0.40%
Bid
Nov
103
101% 103
101% 102%
4%s
Texas 4%s
102% 103%
7-1-41
103%
102
Tennessee
3-2-42 0.40%
5-1-41
102% 103%
102
South Carolina 4%s
101% 102%
8-1-41
Corp—
%%
%%
1%
103
Pennsylvania 4%s
103
6-2-41
..
—
Rhode Island 4%s
Massachusetts 4%s
0.35%
102
4%b..
4%s_
103
102
101% 102%
101% 102%
102
103%
102
103%
North Carolina 4%s
102%
101% 102%
101% 102%
2-1-41
~
New York State 4%s
103%
101
104
68———
N Y (Metrop area)
101% 102%
102
103%
U 8 Housing Authority—
l%s Jan 3 1944—
District of Columbia 4%s.
Florida 4%s
Georgia 4%s
Illinois 4%s
Indiana 4%s
Louisiana 4%s
Maryland 4 %s
Ask
Commodity Credit Corp—
1%
Nov 15 1941 100.22 100.24
%%May
11943 100.20 100.22
11%%..Feb 15 1945 wi 100.27 100.29
New Mexloo4%s
103%
101% 102%
1-2-42 0.35%
1-2-42 0.35%
Obligations of Governmental Agencies
Bid
Delaware 4%s
Asked
102% 103%
New Jersey 4%s
102
Arkansas 4%s
6s
Federal Intermediate Credit Bank Debentures
Bid
Asked
101% 102%
101% 103
n
w
a
%% to %% must be deducted from Interest rate.
Interchangeable.
Nominal quotation,
i When Issued
to-s
6 Basis price,
r In
recelvorship.
With stock,
z
Now listed
y
« Ex interest.
Quotation shown Is for all
Ex-dlvldend.
Now selling on New York Curb Exchange.
♦
x
d Coupon.
Quotation not tarnished by sponsor or Issuer.
on
J These bonds
New York Stook Exchange.
are
'
subject to all Federal taxes.
1 Chase National Bank announced that
on
and after June 27 a distribution will
100.2
be paid at the rate of $40 on each $1,000 original
102.11
ments were $77.50 Dec. 31, 1940,
principal amount.
Previous pay¬
5% July 7,1939, and 5%% on Sept. 25, 1939.
Volume
The Commercial & Financial Chronicle
153
Quotations
1117
Over-the-Counter Securities—Friday Aug. 22—Continued
on
Railroad Reorganization Securities
Guaranteed Railroad Stocks
(When Issued)
3oscpb KlalkersSons
V '
Bear, Stearns & Co.
Mjtmkm ~Srw Y*rk Sttxh Extkaaft
Members New York Stock Exchange
Dealers la
120 Broadway
Tel. RE ctor
New
GUARANTEED
NEW YORK
York
Chicago
•
2-6600
STOCKS
Since1855,
Reorganization Rail Issues
(When, as, and If Issued)
Guaranteed Railroad Stocks
Stocks—
Dividend
Par in
Alabama A Vicksburg (Illinois
77%
74%
6.00
100
10.50
95
100
6.00
78
82
2.00
29%
31%
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
8.76
Boston A Providence (New Haven)
..100
91
93
8.60
Boston A Albany (New York Central)
Canada Southern (New York Central)
22
25
3.00
33%
37%
90%
93
CL). ..100
6.00
CJeve Cln Chicago A St Louis pref
(N Y Central) -.100
...50
(Pittsburgh (Pennsylvania)
6.00
73%
3.50
83
86
Carolina Cllnohfleld A Ohio oom (L A N-A
•
2.00
Betterment stock
25
Delaware (Pennsylvania)
..100
Fort Wayne A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack
48%
51
2.00
47%
49%
—
4.00
44
47
100
50.00
600
750
141%
W)
._
Northern Central (Pennsylvania)
3.875
28%
30
—100
6.00
56
59
50
4.00
96%
99
50
4.50
40
44
60
1.50
45
47
—
Oswego A Syracuse (Del Lack A Western)
—
Pittsburgh Bessemer A Lake Erie (U S Steel)
—
—
Pittsburgh Youngstown A Ashtabula pref (Penna)
—
100
7.00
7.00
163
178%
174%
100
■
J ":
'■">
57
8.04
53
1(H)
6.00
140
100
10.00
-100
6.00
50
60
100
6.00
04
69
100
5.00
100
Rensselaer A Saratoga (Delaware
A Hudson)
(Terminal RR)
Utlca Chenango A Susquehanna (DLA W)
Valley (Delaware Lackawanna A Western)
—
73
140
144
249%
254
6.00
—
144%
68
3.00
Seoond preferred
13%
Missouri Pacific RR common
($100 par)
Second preferred (no par)
Wabash Ry
Atlantic ootioi uiie 2%s—
62.20
1.85
Baltimore A Ohio 4 %s
61.75
1.25
Bessemer A Lake Erie 2#8
61.60
1.30
50
18%
19%
.1988
66
68
.1989
83M
-
32%
65%
66 %
.1999
26
26%
.1969
84
.1990
65
.2005
34 M
36
.2015
......
/30M
.1989
Income 4Ms series B___.........--....
Norfolk Southern Ry—
/40M
.2039
-
Income 4s series A
24
25%
.1998
71%
.2014
722%
.1969
84
.1971
67 %
.1981
37
38 m
.1991
27%
28 %
4%s series A
convertible income 5s
....
Sioux City A Pacific 4s i... . . .......... .....
Wabash Ry 1st mortgage 4s....—.-..—-.......
65
Income 4s ser A
69
Income 4Mb ser B....—
3.50
3.00
59
62
...
Industrial Stocks and Bonds
Bid
Par
Bid
Ask
Mills
Alabama
3%
*
Inc
Par
Ask
4%
New Britain Machine
*
Despatch—
61.75
2 %s, 4 %8 & 5s
Missouri Pacific 4%s-5s—
2s-2%sand 3%s
1.30
Amer Bemberg A oom—*
American Cyanamld—
Pan Amer Match
Petroleum Heat A Power.*
1%
2%
series.........ilO
Distilling Co 5% pflO
11m
12M
Pilgrim
Exploration
1
Manufacturing...*
2%
3
Pollak
3d
1.90
Central of Georgia 4s
63.75
3.25
N Y N H A Hartford 3s.„
62.15
1.80
Amer
Chesapeake A Ohio 4 Mis
61.40
1.10
Northern Paciflo 2%s-2%s
No W Refr Line 3 %s-4s
61.75
1.40
American Mfg 5%
63.50
2.50
61.85
1.60
61.90
1.60
62.15
1.85
61.70
1.35
Amer
62.15
1.90
American Enka Corp
American
57
25
22
Products...*
18
5%
59%
23M
20M
79%
83 M
Hardware
Malse
4%
•
pref 100
1
1%
*
100
42 M
38 M
Art Metal Construction. 10
10
Arden Farms com v t o
$3 partlc preferred
2M
44%
42
46%
14%
44%
5 7
15%
16%
Sylvama
Cllnohfleld 2Mb
62.00
1.80
2%s~2%s and 4%s
Reading Co
61.90
1.50
61.70
1.35
Botany Worsted Mills cl A5
2
2%
Del Lack A Western 4s..._
62.40
1.75
10
4
Denv A Rio Or West 4Ms.
62.00
1.50
St Louis-San Fran 4s-4 %s.
61.70
1.25
Brown A Sharpe Mfg...50
171
4%
178
Erie 4Mb
61.70
1.40
St Louis S'western 4%s—
61.75
1.40
Buckeye Steel Castings..*
1.50
Cbic Burl A Qulnoy
1.20
Shippers Car Line 6s...
Southern Paciflo 4%s
61.85
61.60
61.75
1.40
Chilton Co
Grand Trunk Western 6s..
63.50
2.50
62.50
2.00
Great Northern Ry 2s
61.60
1.25
Southern Ry 4s and 4 %s._
61.60
1.25
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
60
Illinois Central 3s
62.25
1.85
Texas A Pacific 48-4 %8
61.60
1.25
Columbia Baking com...*
12M
62.35
1.85
Union Pacific 2%s
61.70
1.40
*
61.65
1.25
Western Maryland 2s
61.85
1.60
24%
16M
Long Island 4Ms and 5s..
61.75
1.35
Western Pacific 6s
62.00
1.50
Louisiana A Ark
61.90
1.50
West Fruit Exp 4%s-4%8_
61.75
1.35
62.00
1.50
Wheeling A Lake Erie 2%s
61.70
1.35
Growers
Express—
Kansas City Southern 3s.
.
I^ehlgh A New Engl 4Ms..
3%s
Maine Central 5s
—
*
Strom berg-Carlson
.*
Indus Corp
common
$1 partlc preferred
Crowell-Colller
Cuban-Amer
20%
47
5%
6M
*
Pub
22
44
100
10
0%
Manganese.2
M
Tarn pax Ino com
1
3%
4%
Taylor Wharton Iron A
Steel common
...»
11%
12%
*
Tennessee Products.
6%
Thompson Auto Arms
1
Time Ino............*.-•
7
47
Supply com...10
IBM
7%
Ask
50
5M
100
%
1%
*
50%
53%
20
21%
43 %
73 M
Warner A Swasey
33%
1%
11%
35 %
Welch Grape Juloe oom
Ohio Valley Water 5s. 1954
1958
6a
Ohio Water Service 4s. 1964
107
Atlantic County Water—
5s—
1958
105
Oregon-Wash Water Serv—
6s
1957
2M
13%
Calif Water Service 4s 196)
Community
108% 110
Water Service
6Msserle8 B
6s series A
.1946
..1946
85%
92
100 M 103M
Oarlock Packings com...*
50
52
15M
28
29%
12M
13%
Extinguisher...*
Glddings A Lewis
2
Machine Tool
1st 5s series A
1957
2%
Good Humor Corp......)
Richmond Water Works—
8M
Graton A Knight com
106
♦
......100
3%
9%
73
1948
1st 5s
74
78
1951
101M
1966
106 M 108M
1958
4MB.
43 M
39
41M
6
14%
Interstate Bakeries com..*
1M
Harrisburg Steel Corp
Scranton Gas A Water Co
Indlanapods Water—
1st mtge 3%s
Great Lakes SS Co com..*
Preferred.
Ontario
Water 5s
6C%
40 M
Great Northern Paper..26
Rochester A Lake
Gulf Coast Water—
104
105M
Wick wire
9
11
49
7%
Kankakee Water 4Mb. 1959
103
Sbenango Val 4s ser B. 1961
16
::".27
..1958
1950
5s
105
27M
A..1946
1948
Deep Rock Oil deb 6s. 1952
75
Spring Brook Wat Supply
1956
5a
99 %
101%
1960
1960
1956
5 NY World's Fair 4s. 1941
1965
1956
A
5 Ms
West
105M
1951
(w-s)..
Remington Rand 3 Ms 1956
1st mtge 6s 1948
5s series B
1951
98 M
101M
100% 102M
..1951
99M 100 %
5a
103
1st 5 Ms
Western
1961
series A..., 1950
Scovlll
16m
18M
25 M
13%
96%
14%
55 M
57 M
1
29 M
30%
106 M 108
104M
1st 5s series B
1950
58
96%
88%
102% 103%
75%
74%
23
/20%
3
Mfg3%s deb—1960
(Calii (2%s.l966
Auto Sudp 3%s '66
77%
3%
78%
102% 103 y
105% 10(5 V
103% 103%
99%
99%
60%
63%
25%
28
Railroad Bonds—
Akron
Canton
A
Youngs¬
town—
10M
12"
5Ms ser B triple stamp..
Bait & Ohio 4 % notes. 1944
Cuba RR 5s
1960
13
15%
Denv A Salt Lake 6s.-I960
54%
56%
*
82
87
1946
N Y A Hob Ferry 5s.. 1946
50%
51
40
1957
57
preferred..
100
1951
1950
Type com...]
6% preferred
50
National Radiator
10
Nat Papei A
100 M 102
deb 6s extended
118
103
98
94%
87%
25 M
93%
Long BelJ Lumber
$5 preferred
Preferred
1st conv 5s
6Ms series A
1951
New York Water service—
Stand Oil
6%
Western N Y Water Co—
New Rochelle Water—
8%
♦
100
•
/56%
Muskegon Piston Ring.2M
National Casket..
•
105
Va Water Service—
1st 4s
4%
52%
Old Ben Coal—
21%
Merck A Co com
Union Water Service—
102 M
Muncle Water Works—
6s
108 M
Springfield City Water—
4s
Monongahela Valley Water
5Ms
1965
5s
Monmouth Consol Water—
1956
3 Ms..
Minn A Ont Pap 5a...
Monon Coal 5s
19%
Mallory (P R) A Co
Marlin Rockwell Corp...l
80
50
McKesson & Robbing—
7%
Lawrence PortI Cement 100
103
3%
Industrial BondsBrown Co 6Ms ser
Carrier Corp 4%s
25 M
preferred..
101M 103%
South Bay Cons Water—
Kokomo Water Works—
1st 5s series A
101%
100
preferred
Landers Frary A Clark..26
1967
20%
5%
43
__.*
$5
Water Service 5s. 1961
1st A ref 5s A__
105 M
M
2
100
King Seeley Corp com_..l
Scranton-Sprlng Brook
Joplln Water Works—
1st 5s series A
1957
100
Spenoer Steel. 10
preferred
18%
108
6%
16M
Fire
Gen Machinery Corp com •
103 M
89
89
Pittsburgh Sub Water—
6s.._._
_._.„..«1951
7%
*
2M
York Ice Machinery.....*
Gen
_
Veeder-Root Ino oom
Worcester Salt..
3%
Foundation Co Amer shs *
Preferred
Wilcox A Glbbs com....60
27
30
Preferred
109
105 M
Ashtabula Water Works—
*
1%
7%
_...*
Class B........
40 %
Bake Shops
4%
1
United Piece Dye Works. *
18M
28M
Federal
17%
34%
3%
♦
16 %
Farnsworth Telev A Rad. 1
15%
32 M
United Artists Theat com. ♦
Dun A Bradstreet com...*
Bid
4
55%
United Drill A Tool-
Explosives
Dixon (Job) Crucible...100
Draper Corp
•
Ask
.
121%
6
Triumph
26 M
68%
117
•
2
Common.
Trtco Products Corp
27 M
Class A
Dentists
3%
53 M
Tokhelm Oil Tank A Pump
64 M
14%
Dictaphone Corp
Bid
21%
41
6
Devoe A Raynolds B com *
Water Bonds
6%
19%
37
Talon Inc oom
$1.25 preferred
2%s
7%
39
Pere Marquette—
4s, 4Mb and 4%s
1.40
6%
26
1.25
com
28%
27%
1.37
20
2.00
Mills
Manufacturing..26
Singer Manufacturing..100
Skenandoa Rayon Corp..*
Stanley Works Ino
61.60
Arlington
Soovlll
9%
5%
52%
50
Standard Screw
62.50
Autocar Co
Remington Arms com
1
Safety Car Htg A Ltg—50
8%
4%
41M
*5%
Pennsylvania 4s series E_.
2%s series G A H
Fruit
10c
Petroleum
12 M
series
62.25
_
1
12%
2d
N Y Chic A St Louis 4s
2%s.3%sand3%s
7%
30c
Conversion
DM
11m
1.70
2.75
Chic A N orth western 4 %s
H%
6M
Permutlt Co
...10
1.25
63 75
.
10%
10 M
6% conv pref 1st Ber_.10
61.70
1.50
.
46
9%
Corp..26
Ohio Match Co
19
2.75
.
Ask
....1
35
17M
62.10
1.15
Bid
44
»
31 M
62.00
1.25
23 M
30
63.75
61.60
73
First mortgage
Boston A Maine 68.
62.10
66~~
M
General mortgage
Canadian National 4%s-5s
Canadian Pacific 4%s
Chic Burl A Qulncy 2%s__
Cblc Milw A St Paul 5e...
85
42 M
.2014
Chicago A North Western Ry—
FJrst general mortgage 2%-4s
Second mortgage convertible Income 4Ms
Des Plaines Valley 4s
Missouri Pacific RR 1st 4s series B__
b
Nash Chat A St Louis 2%s
New York Central 4%s
2%s and 2%s
Chic Milw St Paul & Pac—
5%
40
par)
,
28
Ask
1.50
7%
4%
American Arch
61.75
5
4%
17
7
Bonds—
65
Merchants
2%sand 2%s
11%
16%
Chicago Milwaukee St Paul & Pacific RR—
First mortgage 4s..
General mortgage Income A4Ms
General mortgage lucone convertible B 4Mb
Equipment Bonds
Atch Top A Sante Fe—
14%
4%
4
„
4M% pref ($100
62
West Jersey A Seashore (Penn-Reading)
Bid
10%
4%
Common (no par)
Ctfs of beneficial interest In J L Roper Lumber Co.
5.00
—
—
Warren RR of N J (Del Lack A Western)
,
Norfolk A Southern RR—
..-50
Preferred
48
3%
(no par;„
Prior preferred
—60
Vicksburg 8hreveport A Paolfio (Illinois Central)
Railroad
91
89
3.00
Preferred..
Pittsburgh Fort Wayne A Chicago (Penna) pref..
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)..
5% preferred (par <100).........................
Common (no par).......
^ ..............
Chicago & North Western Ry—
5% preferred (par $100)
Akron Canton & Youngstown 4Ms
—.50
Morris A Essex (Del Lack A Western)
York Lackawanna A Western (D L A
New
45
147%
9.00
-.100
Michigan Central (New York Central)..........
81 Louis Bridge 1st pref
68
63
5.50
1(H)
A Western)
5% preferred (par $100).
Chicago Milwaukee St Paul A Pacific RR—
Common (no par)..
77
Cleveland A
28
Akron Canton & Youngstown com (no par)
Asked
Bid
Dollars
100
Central)
Albany A Susquehanna (Delaware A Hudson)
Asked
Bid
(Guarantor In Parantheaea)
101
For footnotes see page
1116
3m
4
24%
27 M
7%
8M
Hoboken Ferry 53
Tenn Ala & Ga 4s
Vicksburg Bridge 4-6S.1968
58
83%
59%
85%
The Commercial & Financial Chronicle
1118
Quotations
Over-the-Counter Securities—Friday Aug. 22—Continued
on
Investing Companies
Public Utility Preferred Stocks"
Par
Aeronautical
Bought
.
Sold
Jacks on
13%
14%
2.73
2.99
Amer Foreign Inv't InclOc
Assoc Stand Oil Shares... 2
Aviation Capital Inc-...l
7.36
8.19
4%
5H
17.93
19.49
Axe-Houghton Fund Inc.l
& Curtis
10.60
J
1.40
115 Broadway
New York City
Teletype N. T. 1-1600
1
5
Basic Industry Shares..10
Boston Fund Inc.......5
British Type Invest A...1
Broad St Invest Co Inc..5
Bullock Fund Ltd
..1
Canadian Inv Fund Ltd..)
3%
2%
3%
4%
3.36
13.58
Alabama Power 17
Amer Utll Serv
Par
Ask
14~60
6% pref.26
Arkansas Pr A Lt
106% 108%
6%
7%
National Gas A El Corp.10
New Eng G A E 5%% pf-*
4
-
'
5
3.85
9.15
Mutual Invest Fund Inc 10
8.68
9.48
♦
66
68
♦
Carolina Power A Light—
$7 preferred.
.♦
109% 111%
Cent Indian Pow
124
7% pf 100
preferred—
—100
preferred—.....100
7% pref—100
New Orleans Pub Service.♦
%7
Central Maine Power—
99% 101%
108% 110%
115% 117%
preferred..
.*
New York Power A Light—
$0 cum preferred.—
7%
cum preferred
100
6% pf.100
9
10
8%
10%
18% 21%
111% 113%
42
43
14 preferred
Northern States Power—
Consumers Power 15 pref.*
Continental Gas A Eleo—
10%
12%
104% 106%
preferred.....—100
89
07%
41%
43%
preferred...*
103
34%
61%
63%
100% 108
50%
58%
Ind Pow A Lt
112
5%% pf.100
Jamaica Water Supply...*
Jer Cent PAL 7% pf._100
Kansas Power A Light—
Kings Co Ltg 7% pref. 100
Long Island Lighting—
7%
preferred.
....loo
Louisville G A E 5% pref25
Luzerne County G A E—
5%% preferred
100
Pow A
100
114
20%
25%
22%
28
101% 103%
Pacific Pr A Lt 7% pf—100
Panhandle Eastern Pipe
Line Co—.
....*
Penna Edison $5 pref....*
Penn Pow A Lt 17 pref—♦
Peoples Lt A Pr S3 pref-25
Philadelphia Co—
$5
cum
preferred
•
101
102
S7 prior lien pref
•
preferred
2
105
106
6% cony partlo pref—60
20%
0% preferred D
Mississippi Power 10 pref.*
84%
»
Pub Serv 7%
pref—15
94%
6
Mountain States Power..*
6% preferred........60
43%
130
:
7
14%
44%
133
55%
55%
•
preferred....
*
Utah Pow A Lt $7 pref...*
S3
Washington Ry A Ltg Co—
Participating units.....
West Penn Power com...*
West Texas Utll S6 pref..*
63%
65%
95%
97%
Associated Electrlo 5s_1901
Assoc Gas A Eleo Corp—
51%
Income deb 3%s___1978
/19
/19%
/19%
/19%
Kentucky Utll 4s
4%S
1970
19%
20
20%
20%
1955
Lehigh Valley Tran 5s 1960
Lexington Water Power—
5s
.1968
3%s.„
1980
33 (r
Michigan Pub Serv 4s_l965
..1973
/32
33%
Montana-Dakota
1973
8s without warrants 1940
/32
34
/67
15
Sink fund Inc 6s
1983
1986
/9%
Income 5%s with atk '52
Cities Service deb 5s__1903
Cons Cities L* Pow A
Trac
5s
103
98%
99%
99% 101%
110% 111%
108% 109
/1%
2%
87%
2.37
2.33
1
1.90
Plymouth Fund Ino—10c
.36
.41
Putnam (Geo) Fund
1
Quarterly Ino Shares.. 10c
12.16
13.01
4.15
5.05
Republic Invest Fund.—1
3.22
3.60
79.10
80.70
117% 120
83
85%
38%
40%
63
65%
105% 106%
20
18%
82%
84%
131% 133%
17%
19%
5%
6%
no% 113
1902
66
68
_
GenMtize4%s
see
1950
page
Bank stock series... 10c
1.94
2.18
Insurance stk series. 10c
Fixed Trust Shares A... 10
Foundation Trust Sha A_1
3.02
3.32
3.35
15.53
17.02
4.23
5.01
24%
26%
63%
66
14%
15%
B..
8.54
24%
99
25%
101%
107% 107%
105% 106
03%
65%
94%
96%
General Capital Corp
*
General Investors Trust. 1
Automobile
"'•.-iVw
106%
63
Old Dominion Pow 5s. 1951
88%
90
109%
Parr Shoals Power 5s_1952
105
Philadelphia Co4%s.l961
105% 105%
''
*.
/19%
20%
107% 107%
94%
96%
74%
Southern Nat Gas
3%s '56
61%
62%
104% 104%
Tel Bond A Share 5s__1958
Texas Public Serv 5s_.1901
78%
79%
103% 104%
Toledo Edison Co—
66%
92%
108%
97%
105
68
1st mtge 3 %B
1970
94%
s
1960
:debs 3%s
99%
97%
106% 107%
103
1U6.
•
109
United Pub Utll 6s A. 1960
104
106
Utlca Gas A Electric Co—
58
95%
107%
103% 104%
1957
West Texas Utll 3%s.l969
128
.
■
V,' —
108% 109
Western Public Service—
f%8..
I960
10L
103
m —
m':
Clark Fund Inc
♦
8.79
8.06
3.65
1
5.61
6.22
•
12.96
13.76
26.67
28.68
4.34
4.67
,19
.22
5.35
♦State St Invest
Corp...♦
61%
63%
3 95
Super Corp of Amer AA..1
2.11
7.18
4.83
5.32
Chemical
5.85
6.44
Electrical Equipment
Food shares
7.38
8.11
3.79
4.18
4.92
5.42
shares
shares
Sovereign Investors
Spencer Trask Fund
Utilities Ino. 50c
7.90
Mining shares.........
5.05
Petroleum shares
Railroad shares
4.41
4.86
2.59
Trustee Stand Invest Shs—
♦Series
C._
♦Series
D_„
2.07
...—1
1.96
...1
Trustee Stand Oil Shs—
5.09
♦Series " A———.1
2.86
.
.
_
_.
_
5.56
RR Equipment shares..
shares
3.45
5.04
Tobacco shares........
4.17
4.60
12
.22
B
♦Series
5.10
1
Trusteed Amer Bank Shs—
.45
17.03
5.12
Union Bond Fund B
.50
,70
15.57
3.81
4.57
Holding Corp__.l
Income Foundation
Fund Inc com
5.60
Series B——
1.29
14.13
15.19
1.50
15.15
13.78
Fund
1.41
Incorporated Investors..5
Independence Trust Shs.»
80
13%
B_——
Wellington
10c
Aviation Group shares
Bank Group shares
2.02
.
14.86
Par
Aetna
Ope a Surety.... 10
Aetna........——10
Aetna Life
Agricultural
American Alliance..
American Equitable
Investment
2.25
13.56
.89
.
Insurance Group shares.
Investm't Co of Amer—10
Investors Fund C.
...1
Banking
.99
Corporation!
♦Blair A Co
1.25
19.94
9.19
'
%
—
20
♦Central Nat Corp cl A—
1
1.37
18.34
9.41
Bid
28 %
.26
80 >4
13%
29%
1:
22
2.
15
♦Schoellkopf Hutton A
.10
.30
Companies
Ask
129)4 131%
55 %
57%
10
Bid
Par
Home..
......
Ask
31%
.........6
33%
2%
20%
Home Fire Security
10
1%
Homestead Fire
10
18%
83
(ns Co of North Amer—10
80%
81%
10
24
25%
Jersey Insurance of N Y.20
41%
43%
6
21
22%
Knickerbocker
1
9%
10%
11%
13%
Lincoln Fire
6
1
Maryland Casualty
1
3%
4%
Bonding A Ins. .12%
63%
66%
bl
55
Amer Fidel A Cas Co com 5
6
7%
13)4
15
Mass
American Re-Insurance. 10
American Reserve..
10
46)4
48%
Mercb Fire Assur com—5
12)4
14
American Surety
Automobile
49 %
40
2
51%
38
Baltimore American
Bankers A Shippers
Boston
Camden Fire
Carolina
City of New York
City Title
Connecticut Gen Life
Continental Casualty
..25
.10
2)4
7%
8%
25
95)4
99%
100
647
629
Merch A Mfrs Fire N Y_.fi
National Casualty
National Fire
64%
10
National Liberty
2
National Union Fire
New Amsterdam Cas
20
2
.
8%
31%
66%
7%
8%
162% 160
19%
20%
35%
37%
20)4
10
29%
22%
31%
New Brunswick
.10
New Hampshire Fire
10
46
47%
10
23%
24%
New York Fire
6
16%
17%
Northeastern
6
5%
6
9
8
10
24%
27%
Northern
6
31%
33%
North River
.
—
.—.—..12 50
Northwestern
2)4
Employers Re-Insurance 10
6
%
41
8
Federal
10
Fidelity A Dep of Md
20
Fire Assn of Phlla
10
74
Fireman's Fd of San Fr 25
Firemen's of Newark—5
107
Franklin Fire
7%
29%
—10
...6
Eagle Fire
Excess
73
'■< \
3.58
shares
106%
lu6
-*•••*>.
Scudder. Stevens and
Standard
American Home
10
American of Newark...2)4
99%
1951
1.94
-■
4.86
Group Securities—
Agricultural shares
107% 107%
98
Collateral 5s
40
Selected Income Shares..!
Ask
59
Pub Serv of Okla 3%s. 1971
Pub Utll Cons 5%8—1948
Series 1958
6.79
6.17
m
Selected Amer Shares..2)4
3.86
...
Institutional Securities Ltd
109
1950
•»
3~80
Fundamental Invest Inc.2
Fundament'l Tr Shares A 2
mm 4m
U B El Lt A Pr Shares a...
24
67%
Corp—
6)48 stamped
1952
Iowa Southern Utll 4a. 1970
Balanced Fun.d
rHuron
22
06
0s
6.29
5.71
Railroad equipment
-1
New Eng G A E Assn 5s '62
NY PA NJ Utilities 5s 1956
Sou Cities Utll 5s A...1958
96%
uas
For footnotes
1961
7.24
—1
88%
94%
Houston Natural Gaa4a.'55
3.58
Series 1955..
Republlo Service—
66%
Dallas Ry A Term 6a. 1951
El Paso Elec
3%s
1970
Federated UtU 5%s__ 1957
3.24
Series 1956—
Portland Electric Power—
1902
Crescent Public Service—
Coll lnc 0s (w-s)__._i954
niand
/9%
101
11%
11%
11%
11%
1962
Consol E A G 08 A
0a aeries B
8.18
Railroad———
6.08
Utll—
3%
Narragansett Elcc 3%S
Sf
Cent Maine Power 3 %s 70
Central Pow A Lt 3%b 1969
Central Public Utility—
7.43
18%
70
/13
/9%
/9%
1st lien coll tr 5%s—1946
let lien colli rust 0a. 1946
Oils...
16.88
Luzerne County G A E—
/3l%
Rink fund ino 5-6s—1980
1.18
5.49
33
Cent Ark Pub Serv 58.1948
Central Gas A Eleo—
1.07
18%
Bid
/29
Inc4%s-6%s
..25c
15.69
53
Sink fund Ino 4%s—1983
6.58
Insurance stock....
Insurance
Ask
Amer Utility Serv 6s__1904
Assoc Gas A Elec Co "
Oona ref deb 4%a—1958
8.68
Metals
Utility Bonds
Amer Gas A Pow 3-6s_ 1953
Cony deb 5a
Conv deb 6%s
7.89
5.50
First Mutual Trust Fund.5
Fiscal Fund Ino—
20
bid
Income deb 4%s—1978
Conv deb 4s
1973
Conv deb 4%s
1973
11.53
Machinery.—..——-
4.85
107% 109%
113% 110
29%
23%
Public
Income deb 3%s—.1978
Income deb 4s
1978
10.49
3.25
2.60
No Amer Tr Shares 1953.*
Utilities Corp
preferred
7.30
..........1
C—
:s. D—
Steel
Pub
5.49
9.00
6.63
equipment—
26.44
20%
21%
104
105%
S2.75
Electrical
24.59
103% 105%
United
65"
63%
28%
12%
Mountain StatesTAT100
Narrag El 4%% pref...50
Nassau A Suf Ltg 7% pf 100
1>~62
.8.79
8.18
Eqult Inv Corp (Mass)..5
Equity Corp J3 conv pref 1
Fidelity Fund Inc.-
100
7% pf.100
7.99
4.98
-...
71%
69%
87%
preferred
16.30
4.68
11.02
—
supplies..—..
Chemical
8.03
4.24
10.03
„
No Amer Bond Trust ctfs.
Sierra Pacific Pow com...*
3'western G A E 5% pf.100
Texas Pow A Lt
7.30
—
Bank stock
Building
4.18
5.49
7.36
11.79
11.11
27%
16%
4.97
6.64
10.94
1
18.66
Rochester Gas A Eleo—
15%
17
Delaware Fund
32%
111%
Merchandise
Republlo Natural Gas
New England Fund
N Y Stocks Inc—
17.56
32
28%
4.59
Agriculture
Building shares.
100
5.39
4.14
Series-
10.46
Queens Borough G A E—
6%
30
preferred...
.*
Mass Utilities Associates—
Mississippi P A L10 pref.*
Missouri Kan Pipe Line..5
Monongahela West Penn
29%
Aviation shares
69
66%
1.06
5.01
1
Lt Associate*
12
30 %
"l"l8
(Md) voting shares..25c
National Investors Corp. 1
Aviation———————
♦7% preferred
100
Cumulative Trust Shares. ♦
_.l
3.27
B shares.—.♦
ser
...1
Pub Serv Co of Indiana—
4%% preferred..—.100
Mann
preferred—
(Colo)
Lew priced bond s«rleB—
Preferred stock series-
Eaton A Howard-
Ohio Public Service—
0%
7%
27%
118
7.90
Nation .Wide Securities
Automobile
Crura A Forster Insurance
♦Common B shares
10
Stock Fund
100
pref
2.04
100
Fund Inc corn
National Security
Income sfrles
36%
43%
45%
Hartford Electric Light.26
Interstate Natural Gas...*
(Del) 7%
♦
preferred
—100
Okla G A E 7% pref—100
Federal Water Serv Corp—
$6 cum preferred.
•
Florida Pr A Lt 17 pref—♦
92%
05%
Derby Gas A El 17 pref—♦
cum
.1
3.84
29
Diversified Trustee Shares
101
110% 113%
Northeastern El Wat A El
Connecticut Lt A Pow...*
Consol Elec A Gas $0 pref.»
10.60
2.16
Dividend Shares
N Y Water Serv
Community Pow A Lt—10
7%
3.53
27%
Corporate Trust Shares.. 1
35%
S0 prior lien pref
16 cum preferred
Cent Pr A Lt
10.20
70%
53%
10
3.25
27.89
9.43
34
51
$3.60 prior preferred..50
7%
2.60
25.94
1
♦8% preferred.
9.84
8,51
69%
*
0.41
Mass Investors 2d Fund. 1
2.43
17 prior lien pref
New Eng Pr Assn 0% pf 100
New Eng Pub Serv Co—
3.09
5.82
Knlckbocker Fund———)
13.41
2.43
93
12.85
8.94
3.31
12.23
2.04
90%
11.69
Series
19.27
Accumulative series...!
Birmingham Elec $7 pref.*
Birmingham Gas—
14.92
7.18
Series AA mod........I
90%
15.88
13.52
Series K-2.—
Series S-2
2.95
Series ACC mod......)
♦Crura A Forster com.. 10
88%
122
■
7.91
14.47
.
17.92
15%
14%
7% pf—♦
0% pret_*
Atlantic City El
15.96
7.17
Series B-4
Series K-l
10c
.21
*
Series AA
pref—•
23.39
14.52
Maryland Fund Inc...10c
Mass Investors Trust.—)
Consol Investment Trust—
Bid
23.15
22.69
.11
Commonwealth Invest...1
Ask
31.30
Series B~2—w————..
Series B-3—
20.99
Chemical Fund
Utility Stocks
Bid
Par
28.55
Manhattan Bond
Century Shares Trust
Public
Series B-l
Series 8-3--.-—;
♦Common
Tel. B A relay 7-1600
i.AStf
Keystone Custodian Fund'
...
Bankers Nat Investing—
and Commodity Exchanges
bia
fa
8.04
2.61
♦5% preferred.
-•
Art
7.40
♦Aroerex Holding Corp. 10
Amer Business Shares...1
Quoted
•
bid
2.39
Securities.. 1
Affiliated Fund Inc
1H
ESTABLISHED 1879
Members Principal Stock
Aug. 23, 1941
5
50)4
128
9)4
31
I %
44
9%
-....2 50
National .26
Pacific Fire...
26
Pacific Indemnity Co
10
Phoenix
|_..._1C
Preferred Accident
225%
131%
120
42%
95%
15%
36%
110
Reinsurance Corp (N Y) .2
II
Republic (Texas)
10
Revere (Paul) Fire
10
24
43%
17%
38%
6
Providence-Washington .10
33
27%
136
91%
131%
76%
52%
6%
99% 103%
7
27%
25%
29
26%
General Reinsurance Corp 6
Georgia Home..
10
Gibraltar Fire A Marine. 10
42
43%
Rhode Island.2%
9t Paul Fire A Marlnt62%
25)4
27%
Seaboard Fire A Marine. 10
25)4
10
39%
41%
43)4
27%
45%
Seaboard Surety
Glens Falls Fire
Security New Haven
10
39%
41%
133
5
Globe A Republic
5
Globe A Rutgers Fire...15
2d preferred
15
12
Springfield Fire A Mar..25
11
Standard Accident
65
70
Stuyvesant
Great American
28%
30%
.6
10)4
9
10
3%
257
7%
130
51%
4%
268
9
53%
5
4
5
Sun Life Assurance
100
200
240
12
Travelers
100
411
421
U 8 Fidelity A Guar Co..2
Great Amer Indemnity
1
Halifax
—.—10
10
11%
12%
Hanover
10
28%
30%
U S Fire
Hartford Fire
10
Hartford Steam Bolier__10
90%
93%
U 8 Guarantee
56%
58%
Westchester Fire
24
25%
4
52%
10
76%
79
2 50
36%
38%
54%
Volume
The Commercial & Financial Chronicle
153
Quotations
Over-the-Counter Securities—Friday Aug. 22—Concluded
on
If You Don't Find the Securities Quoted Here
In
which
have
you
interest,
will
you
cation
quotations
stocks
and
are
bonds.
Banks and Trust
carried
The
for
classes
Companies—
all
Bid
active
In
this publi
covered
arte:
Domestic
Out-of-Town)
4-68
Canadian
Canadian
1948
8~~
7
28
20*
22*
32*
35*
Railroad Bonds
Cheseborough Bldg 1st 6s '48
51
Industrial Bonds
Railroad Stocks
Real Estate Bonds
Colonade Construction—
/
1st 4s (w-s)..
.1948
21
Real Estate Trust and Land
Investing Company Securities
Stocks
Title Guarantee and Safe Deposit
ties
Stocks
Mill Stocks
Mining Stocks
The Bank and
Quotation Record
sells for $J2.50 per year.
is
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s '49
40 Wall 8t Corp 6s... 1958
some
of the quotations shown
'
Bid
Anh< 7s to
1946
Antloqula 8s..
___1946
Bank of Colombia 7%.1947
7s
1948
mm*
.
1945
8s
Hungarian Ttal Bk 7*8 '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Bolivia (Republic) 8s. 1947
7s
1958
7s
1969
6s
1940
''mm*
funding scrip
...
Bremen (Germany) 7s. 1935
6s
1943
Leipzig O'land Pr 6*s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
/3
/8*
/8*
45*
■
mm-m
1948
—
-
25
7*s.._1944
Cauca VaUey 7*s__._1940
Ceara (Brazil) 8s
1947
mmm
...
mmm
10*
17*
4*
10*
3*
/8*
/14
/35
Merldlonale Elec 7s-.1957
Montevideo scrip
Munich 7s to
38
18
20*
1939
26
/8*
1934
City Savings Bank
Budapest 7s
1953
>4*
Colombia 48
/9
...
'
,.
m
1946
86
/37
/II
13
Costa Rica Pac Ry 7*s '49
/14
15*
/II
13
58
1949
0*s_.1959
89
•
mmm
/8*
Dortmund Mun UtU6*B*48
9*
1945
88
91*
14
15*
/8*
Eat>4 Prussian Pow 6s. 1953
/8*
/8*
Electric Pr (Ger'y) 6Ha '50
6*8
1953
Mortgage A In¬
7*s
1966
vestment
Income
mmm
mmm
1967
mmm
/3
/18
m
/3
■
mmm
-
mmm
mmm
1st 4-6s
1948
Lefcourt State Bldg—
1st lease 4-6 *s. ....1948
52
39*
46
Lexington Hotel units.
38*
40
54*
Frankfurt 7s to
/4*
mmm
1946
'
•••.'
/8*
mm~
35
Mail. SS 6s '52
mmm
mmm
/4 *
57*
German Atl Cable 7s. .1945
fio
mmm
Building A Land-
bank 6*s
1945
/8*
f8H
mmm
Central Bank
1946
/8*
...
1952
Poland 3s
1956
Funding 3s
1946
German scrip
Graz (Austria) 8s
Guatemala 8s
Porto Alegre 7s
Protestant Church
1968
/56
—Farr &
/5
39
of
m
mm
Prov Bk Westphalia 6? '33
6s 1936
68...
1933
Rom Cath Church 6*8 '46
R C Church Welfare 7b '46
23*
25*
Trinity BIdgs Corp—
1st Income 3-5s x-s.1949
24
28
2 Park Ave Bldg 1st 4-6s'46
mm
51*
54*
..
...
WaJbrldge Bldg (Buffalo)—
m
3a
1960
Wall A Beaver St
10*
Corp—
1st 4*s W-s
1951
19*
22*
1948
30
33
Westlnghouse Bldg—
29
1st mtge 4s
31*
of Sugar
NOTICES
Companies will be published in September.
edition, the 19th contains
will
include—Full
over
200 pages and is fully illustrated.
descriptions
page
of
23
important
sugar
7-year statistics of production,
dividends, 3-year comparative balance sheets, officers, di¬
over
160 other domestic and
cluding companies reorganized
or
foreign
sugar
discontinued in recent
companies—In¬
years.
Statistical tables (with 1940 figures) of sugar production, yields, pricts,
„
West Indies.
New York Coffee and Sugar Exchange, Inc.
Complete
Lists of Sugar
Factories in
Cuba,
Puerto Rico,
Dominican
mmm
/8*
...
Book in paper covered, reinforced cloth binding
—Thomas A, Akin of Akin Lambert Co., Los
9
."
'*mm
...
National Security Traders Association,
7*
6*
/6
/*
/io
1948
8s ctfs or deposit. 1948
Santa Catharlna (Brazil)—
candidates for office in the ensuing term, to be presented for consideration
mmm
10
1947
/9*
Santander (Colom) 7s. 1948
8ao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7S..1945
/13*
/io
/8*
10*
14*
The
slate,
which representatives
on
2,200 members will vote, is
Sept. 23
Miller of E. W. & R. C. Miller &
as
of
the organization's
more
than
follows: For President, Herbert H. Blizzard,
Herbert H. Blizzard & Co., Philadelphia.
For 1st Vice-President, Joseph W. Sener, Mackubin, Legg & Co., Balti¬
more.
For 2nd
11
Vice-President, William Perry Brown, Newman, Brown & Co.,
'
m m m
/8*
/8*
Saxon State Mtge 6s.. 1947
25, has been submitted to him by R. C
Co., Philadelphia, chairman of the nominating committee.
mmm
'
/8
1951
Angeles, president of the
Inc., announces that the slate of
at the N. S. T. A. annual convention to be held in New Orleans from
re*
4s scrip
(pocket magazine size)
and is priced at $1.
to
7s 1967
State
1941/figures to date).
m
Salvador
—
(with
Sugar Industries—Descriptive Outlines—United States Beet, Louisiana
Cane, Puerto Rico, Dominican Republic, Hawaii, Philippines and British
'mmm
■
/8*
/8
/8
Inc., New Orleans.
■
m
For
''mmm
100
Secretary, Bert F. Ludington, Waiting,
For Treasurer, Chester M. Glass,
'mmm
Lerchen & Co., Detroit.
Jr., Bankamerica Co., San Francisco.
Mtge Bk Jugoslavia
1966
1956
1946
Toho Electric 7s
/8*
—William A. Titus, Jr., has been elected a Vice-President of F. J. Young
12
/8
& Co., Inc. with offices in New
flO
?
1955
/45
1947
/18*
/40
/8*
.
.
Tollma 7s
mm mm
60
was
senior partner of the former New York Stock Exchange firm of Titus
& Co., and in recent years was
Mr.
mmm
mmm
Vesten Elec Ry 7s
Wurtemberg 7s to..-.1945
1947
/8*
/8*
associated with John Melady & Co.
Titus has been prominently identified with various security trade
and
He
sociation.
was
was
a
a
governor
of the New York Security Dealers As¬
director of the Security Traders Association of New
mmm
York for four consecutive years and also has been 1st Vice-President of this
78*
/9
York, Philadelphia, and Albany. Mr. Titus
'
associations
47
''mmm
organization.
Louis,
Sugar Securities
7')';v'
-
was
Pat
Bid
of Claude Neon Lights,
active in the reorganization of the Scullin Steel Co. of St.
Missouri, and has remained
a
director of this company since the
successful completion of these proceedings
Stocks
7-V'>■■■
In addition, Mr. Titus was formerly a director
mmm
Inc., and
Ask
85
.....
tion, &c.
/8*
...1953
Bid
1955
6fl
rectors, &c.
10
/8*
1941
Hamburg Electric 6S..1938
Bonds
(Syracuse)
.
Republic, British West Indies, and Philippines, with ownership, produc¬
Unterelbe Electric 6s._1953
..1957
^
43
Water Wks
19*
Co., 90 Wall St., New York City, announced that the 1941
Manual
earnings and
18
mmm
22
producing and refining companies—with
mmm
/8
/8*
1946
Uruguay conversion scrip..
1954
1948
...
,,
/3*
/9
(Ger¬
many) 7s
Stettin Pub Utll 7s
fl7
f1
17*
1957
1958
1st
55
United States-Sugar Quotas
32
2d series 5s
f9
1950
distribution, exports, imports, consumption, &c.
5s
Agricultural 6s
.1938
Conversion Office
German
14*
30
Ave—
Syracuse Hotel
mmm
Slem A Halske deb 6s_2930
1948
11*
(Newark)—
with stock
1st 3s
/13
Textile Bldg—
5*8 w-s
edition
mmm
6*8
'
3b
9*
1956
Broadway Bldg—
3*8 with stock
35*
paid)...
64
1947
The M&dlson
35
Synopses of
/4*
1948
8%
Mtge 7s. *63
mm
34
lnc
65
59
1956
1st 3*s
61
m'rn
-
30
m
National Hungarian A Ind
8s
.
m
31*
Hearst Brisbane Prop 6s' 42
This
/63
/6 3
7s ctis of deposit.. 1957
/18
1967
7s Income
...
/8*
1966
7s
mmm
60 Park Place
---
Hotel 8t George 4s... 1960
Lefcourt Manhattan Bldg
Nat Central Savings Bk of
Saarbruecken M Bk 6a.'47
/8*
1946
Haiti 6s
]'m
Nat Bank Panama—
Rio de Janeiro 6 %
fSH
Duesseldorf 7s to
Dulsburg 7% to
6s
-
■
mmm
Cordoba 7s stamped-.1937
Costa Rica funding 5s. '51
Hanover Harz
1st 2*-4s (w-s).... 1949
Graybar Bldg 1st lshld 5s '46
Harrlman Bldg 1st 6s. 1951
...
/8*
Panama City 6*8
Panama 5% sorip
Madgeburg 6s
German
37
due 1952 (S500
62
mm
mmm
7s to
fQ \/
IQ/2
3s with stock
37*
London Terrace Apts—
1st A gen 3-4s
1952
1943
mmm
/8*
Mtge 7s
60
1957
Sherneth Corp—
1st 5* e(w-s)
•
1944
Oldenburg-Free State—
Central German Power
German
-
.1945
Munlo Bk Hessen 7s to *45
1962
-27
59
Savoy Plaza Corp—
1400 Broadway Bldg—
1st 4s stamped
1948
Bldg debt 6s...
Income
1st mtge 4s
CURRENT
] '
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
(A A B) 4s...1946-1947
(C A D) 48...1948-1949
/24
1961
Roxy Theatre—
36
Ridg
58
...
Oberpfals Elec 7s
/2
Central Agrlc Bank—
see German Centra) Bk
French Nat
m"mm
5*
/4
...1951
Broadway Building—
5s
8*
37
18*
.mmm
/8*
Hungary 7*s._
/7*
35
17
Lincoln
31
14
1966
Contents
/9*
/15*
/3*
f9%
Farmers Natl
...
mmm
Nassau Land bank 6*8 '38
■"mmm
/4
Caldas (Colombia) 7 *s *48
Call (Colombia) 7s... 1947
7*8
Water 7s
Mannheim A Palat 78.1941
/9
/47
European
11
78*
5%
9%
13
w s
Corp—
6«s
1963
Buenos Aires scrip
BurmelsterA Wain 68.1940
Cundinamaroa
11
/8
/8
6*
5%
/8*
1962
(Peru)
Koholyt 6*8..
m
Bank
7*8
Callao
Jugoslavia 5s funding 1956
Jugoslavia 2d series 5s. 1956
Land M Bk Warsaw 8s '41
m
/8*
1940
Hungarian
Brown Coal Ind
mmm
I960
Reo s f ctfs 4 *s (w-s.'58
Prudence Secur Co—
17*
Lewis Morris Apt Bldg—
1st 4a...
1951
mmm
mmm
So
18*
/8*
/44*
/62
Elec 68.1953
Brazil funding 5s._ 1931-61
British
mm m
34
/18*
fl7*
/5*
75*
/5*
17%
1945
Brandenburg
/8*
/5
/5
Hungarian Cent Mut 7b '37
--
4Sk
Bid
'
1945
Bogota (Colombia) 6*8 '47
Brazil
■
-
'Housing A Real Imp 7s *46
m*
-
■■■■
Bavarian Palatinate Cons
Cities 7s to__
1
mm*
■
/25
/25
/32
/8*
Barranqullla ext 4S...1964
Bavaria 6*s to
Ask
rs
/60
19
16*
16*
Fuller
below are
nominal
59
165
mmm
42 Bway 1st 6s.
Foreign Unlisted Dollar Bonds
European situation
mmm
62d A
lnc deb 5s
31*
48
Realty Assoc Sec Corp—
6*s (stamped 4s).. 1949
Madison Off Bldg—
Your subscription should be sent to
29*
57
46
6*s stamped
1948
4*
49*
Oilcrom Corp v to........
1 Park Avenue—
mm rn
.
Broadway Building—
1st Income 3s
Dept. B, Wm. B. Dana Co.. 25 Spruce St., New York City.
Due to the
33
26
%
16*
3*
.........
N Y Towers 2-4s
500 Fifth Avenue—
published monthly and
66
5*«»er1esQ
2d mtge 6s
5s 1952
Deb 5s 1962 levenr1f*L
U. S. Territorial Bonds
mmm
7—
47*
5*s series BK._
5*s series C-2..I
23
2
Eqult Off Bldg deb
60
,
63*
14*
5*s series F-l
Eastern Ambassador
Hotel units
U. S. Government Securities
84
1945
...
4s with stock stmp_.1950
N Y Title A Mtge Co—
Industrial Stocks
Insurance Stocks
54
1951
Xnc~
64*
61
Foreign Government Bonds
Court A Remsen St Off Bid
let 3*8
I960
Dorset 1st A fixed 2s..1957
1947
8 f deb 5s...
29*
Brooklyn Fox Corp—
.
5s C Bklyn)
1st 5s (l.n
N Y Athletic Club 2s.1956
N Y Majestic Corp—
3s
...1957
Cbanln Bldg 1st mtge 4s '45
Joint Stock Land Bank Securi¬
1st
22
Metropol Playhouses
Public Utility Bonds
Public Utility Stocks
Federal Land Bank Bonds
Ask
Ludwlg Baumann—
Broadway Motors Bldg—
77;
>•>
20
Bid
36*
B'way Barclay lnc2s..1956
B'way <fc 4l8t Street—
1st leasehold 3*-5s 1944
over-the-counter
of securities
Mortgage Certificates
Ask
Aiden Apt 1st mtge 3s. 1967
Beacon Hotel lnc 4s..1968
Municipal Bonds—
Domestic (New York and
Real Estate Bonds and Title Co.
probably find tbem in
monthly Bank and Quotation Record.
our
1119
in 1937.
—Eastland, Douglass & Co., members of the San Francisco Stock Ex¬
ill
change, have admitted John J. Lucas and Howard L. Taylor to the firm
AntlJJa Sugar Estates—
6s
1951
Eastern Sugar Assoc com.)
/23*
25*
Preferred
1
7*
26
8*
27
Baraqua Sugar Estates—
6B..j
70
1947
Haytlan Corp 4s
1954
1989
58
-
1940-1942
Haytlan Corp com
*
Punta Alegre Sugar Corp. •
/50*
31
1*
9*
2
10*
52*
/29
New Nlquero Sugar—
*S
72
Savannah
general partners.
Refg
Vertlentes-Camaguey
WW Indies
I
29*
Douglass, who has been
Sargent, Taylor & Co., engaged in
years.
b
Com
Earl S.
a
general partner,
limited partner.
in the
investment
a
general securities business.
business in
San Francisco for
Mr. Lucas
more
than 20
31
4
4*
1
5*
6
Mr.
Taylor is well known in the financial districts of both San
Francisco and Los Angeles.
The firm does
functions.
For footnotes see page 1116
a
Both Mr. Lucas and Mr. Taylor were formerly principals in the firm of
has been
Sugar
Sugar Co
/30
as
has become
a
diversified business with both brokerage and investment
Other members include
Edward O.
Pr ingle, John P.
Ralph E. Van der Naillen, Robert L. Pruyn and Whiting Welch.
Symes,
The Commercial &
1120
General Corporation
reasons
REGISTRATION STATEMENTS UNDER
SECURITIES ACT
statements (Nos.
both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Act
of
1933.
The amount involved is approximately
The
4814
following additional registration
$23,624,000.
(2-4814, Form A-2), Chicago, 111. has filed a registration
proposed issue of 35,000 shares of 4M % cumulative
Masonite Corp.
(par $100).
The company plans to use the proceeds to
redeem 18,419 shares of 5% cumulative preferred stock now outstanding
and to reimburse the corporation's treasury for expenditures in connection
with an extensive improvement program already under way to increase
production at its Laurel (Miss.) plant. The remainder of the proceeds is to
be added to the company s working capital. Principal underwriters of the
preferred stock
proposed issue are Blyth & Co., Inc., and Merrill Lynch, Pierce, Fenner &
Beane, of N. Y. City; Central Republic Co., Chicago; Wisconsin Co. and
The Milwaukee Co., Milwaukee;
Wells-Dickey Co., Minneapolis; and
Dean Witter & Co., San Francisco.
Ben Alexander is President.
Filed
Aug. 15, 1941
(2-4815, Form A-l), San Francisco, has filed a regis¬
covering $20,000,000 3% bridge revenue bonds, due
Aug. 1, 1970.
Proceeds from the sale of the bonds, will be used for the
construction and operation of a tube and toll bridge across San Francisco
Bay from Alameda County near Point Fleming to Marin County near
Bluff Point.
The bonds are to be issued by Mr. Tomasini as obligor, who
states he proposes to advertise for bids for all or part of the issue.
Filed
Aug. 15, 1941.
A.
Tomasini
statement
Tacoma Co-Operative Plywood (2-4816, Form A-l), Tacoma, Wash.,
has filed a registration statement covering 124 shares of common stock (par
Proceeds will be uSed for construction of plywood plant and ma¬
The by-laws prohibit anyone from holding more than one share of
No underwriter named. Frank L. White is President. Filed Aug. 16,
$1,000).
chinery.
stock.
$22,125,000; accounts payable and accrued expenses, $4,256; common
(171,500 shares of no par value), $1,775,529; surplus, $448,735;
surplus arising from reacquirement and retirement of 41,000 common shares.
$421,732; total, $8,572,377.—V. 152, p. 3010.
shares
Alleghany Corp. (& Sub.)—Earnings—
[Incl. Wholly Owned Subsidiary. Terminal Shares, Inc.}
6 Months
trustee as received:
On
and
notes
our
previous list of registration statements was given
issue of Aug. 16, page 987.
Abitibi Power & Paper Co.,
Period End. July 31—
Prior to audit and charges for depreciation and bond interest,
$157,719 in 1941 and $136,735 received in U. S. exchange —V
540.
Adams-Miliis Corp.
Gross profit- z
Sell,, aomin. & gen. exp.
Operating
State
for
112,969
$394,231
108,487
$323,925
10,000
$270,082.
11,156
$285,744
10,791
$333,925
8,075
$281,238
3,608
$296,535
4,450
y81,759
62.200
65,100
_
on
$215,"430
78,000
$226,985
134,500
$166,092
$137,430
$92,485
$1.18
_
$244,092
78,000
$105,780
—
Surplus
com.
$383,051
124,202
$183,780
78,000
Net prof it
shs.
$448,127
zl06,4l7
_.
income taxes
Earns, persh.
1938
1939
Fed. and
Dividends paid
x
$1.56
$1.38
$1 34
156,000
stk. (no par)
After depreciation,
y
After deducting SI ,583
Consolidated Balance Sheet June 30
Liabilities—
1940
82,134,916
y Common
stock..
464,903
388,422
388,422
Accounts
521.123
403.007
Accrued
i.055.465
Inventory
_
§614,004
200,000
325.092
181,689
847.117
wages & taxes..
144,090
103,631
22.572
Res. for conting's.
59,000
59,000
87,348
Deterred charges..
payable.
royalties,
25.385
_
cc.ipruissets
104,132
Earned surplus...
3,462,684
3,206,747
§4,604,871
S4,365,070
S4.604.871 54,365,070 I
Total...
Total
depreciation of $2,323,976 in 1941 and $2,102,073
Represented by 156,000 no par shares.—V. 152, p. 3330.
Aeronautical Products,
Directors have declared
common
an
in
1940.
Inc.—Initial Dividend—
$2,265,126
1,872,102
1,802,344
5,002
6,717
275
—
6,689
Registrar & transfer agent fees & expenses
Trustees', trustees' counsel and interest
agent fees and expenses.___.__i.__ __.
Taxes (franchise, social security, &c)
10,396
101,478
7,556
91,409
16.961
6,788
114,414
14,140
paying
General expense
—
Expense re Terminal Shares, Inc. litigation
Bond readjustment plan expenses.;.
110,922
126,865
35,000
Prov.forestimatedFederalincometax_______.___
131,552
$400,157
Amortization of bond discount and expense
$31,008
______
60,774
Expenses applicable to years prior to 1940
Net profit to earned
surplus (deficit) account
(Corporation and Its Wholly-Owned Subsidiary, Terminal Shares, Inc.)
Assets—
(A)
(B)
a Securities held as investments
$145,435,299 $69,992,024
b Securities owned by Terminal Shares, Jnc, $13.000,000; less reserve for possible loss, $7,000,0006,000,000
6,000,000
e
stock, payable Aug. 30 to holders of record Aug. 15.
A total of $1,086,000 first mortgage 30-year 5% bonds, "A" series, due
March 1, 1946 has been called for redemption on Sept. 1 at 105 and accrued
Payment will be made at the
Chemical Bank & Trust Co.
N. Y. City.—V. 153, p. 824.
interest.
Aldred Investment
Trust—Earnings—
Earnings for 6 Months Ended June 30, 1941
dividends received and
Interest
on
declared
bonds
Total income
Operating
$96,789
60,053
$156,843
17,491
expensas
Debenture interest paid and accrued
132,750
Operating profit for the period
Balance, beginning of period.
$6,602
169,258
Total surplus
$175,861
....
Difference
between issued price and reacquirement cost of
debentures retired less realized net losses on sales of securi¬
ties—balance, beginning and end of period
272,874
Special deposits and accounts
hand
23,677
23,677
130,000
130,000
1,343,228
1,343,228
1,312,843
1,312,843
5,500
6,544
5,500
6,544
on
Cash
Miscellaneous
15-year 5% convertible due Feb. 1, 1944
$29,633,000
20-year 5% convertible, due June 1, 1949.
21,938,000
20-year 5% conv., series of 1930, due Apr. 1, '50 21,416,000
Purchase money debt (assumed)
171,500
Accounts payable and accrued expenses
274,614
Accrued taxes other than Federal income taxes
13,021
$29,633,000
21,938,000
21.416,000
171,500
274,614
977,177
977,177
207,825
207,825
Accrued interest payable
Provision for Federal income taxes
Assets— Securities,
at cost (market quotations $2,715,302). $8,518,754:
demand deposit, $13,575; accrued interest and declared dividends
securities, $40,047; total, $8,572,377.
Liabilities—Shareholders' debentures, due Dec. 1, 1967, interest at 4^%
per
annum,
$5,900,000; accrued interest on shareholders' debentures,
;
13,021
55,540
1,081,030
155.540
1
1,081,030
66,753.900
54,115,896
41,159,715
66,753,900
54,115,896
41,159,715
77,222,328
!:'rior pref. conv. stock (declared value
Prior preferred convertible stock
152,321,425
$10 per sh.)
Preferred stock (par .$100 per share)
Common stock
(4,522,597 no par shares)
Paid-in surplus, details annexed
Deficit-
.-$160,674,890 $85,575,793
Total
Amounts at which assets are carried on books of corporation
subsidiary, Terminal Shares, Inc.
Amounts at wrhich liabilities, capital stock and surplus (deficit)
are set forth
on books of corporation and its wholly-owned subsidiary.
Terminal Shares, Inc.
(B) (1) Amounts at which assets would appear if listed securities were
stated at indicated market quotations as of June 30, 1941, and if bonds
of the corporation held in special accounts were stated at par.
(B) (2) Amounts at which liabilities, capital stock and surplus (deficit)
would appear if listed securities and bonds of the corporation were stated
(1)
and its wholly-owned
{A)
as
(2)
described in Column B under Assets.
Pledged
as
collateral
or
otherwise held in trust (indicated market quo¬
tations June 30, 1941, $69,992,024), at cost.
b Pledged as collateral under indenture securing $13,333,557
Shares, Inc., 5-year 5H% secured gold notes, which notes, in
Terminal
turn, are
by Alleghany Corp. and pledged under Alleghany Corp. collateral
trust indentures, subject to agreement dated March 12, 1940, to sell to
trustee in reorganization of Missouri Pacific Rli., at cost.
c
Pledged as collateral on purchase money debt (indicated market quota¬
tions June 30, 1941, $206,628), at principal amount.
d Under collateral trust indentures as collateral, $282,070; under col¬
lateral trust indentures from income on collateral, $3,152,803; under pur¬
chase
money
debt and Terminal Shares,
Inc., 5-year 5K% secured gold
notes, $8,211.
e Cash, $1,944,449;
Alleghany Corp. coll. trust
bonds ($1,152,000 aggre¬
gate principal amount, indicated market quotations June 30,1941, $823,527)
at cost, $823,900; accrued interest receivable, $15,817.
f On securities pledged as collateral or otherwise held in trust which may
be impounded by trustees as received (not including unpaid and accrued
interest on $11,152,000 principal amount Missouri Pacific RR. 20-year
5H% convertible gold bonds, series A): Dividends (received in cash July 1,
1941), $1,341,900; accrued interest receivable on U. S. Govt, securities,
$1,328.
g 3,535 shares to be issued in exchange for interest coupons (bonds due
1950) not yet exchanged.
h Cash, $1,944,449; Alleghany Corp. collateral trust bonds, $1,152,000
aggregate principal amount; accrued interest receivable, $15,817.
Note—The detailed notes are substantially the same as those published
with the annual report in Y. 152, p.
2227.—V, 153, p. 824.
Alliance Investment Corp.—Earnings—
Dividends
Interest
on
on
stocks
bonds
Totalincome
1941
$26,344
3,177
1940
$27,539
931
1939
$26,139
1,533
1938
$18,929
2,074
$29,521
12,730
$28,470
12,958
$27,672
8,412
$21,003
9,873
$16,791
$15,512
a
Net profit..—
a
Without giving effect to net profit or loss on
Balance Sheet June 30, 1941
on
.$160,674,890 $85,575,793
Total-___________________________
Liabilities—
Collateral trust bonds—
Expenses
Note—On the basis of the Federal Revenue Act, now in effect, no provi¬
for Federal income taxes is required.
on
—
$870,467
sion
receivable
206,628
3,443,084
h3,112,266
in escrow pending determination as to any
Federal income taxes for periods prior to 1939-_
f Dividends and accrued interest receivable.
Cash in banks and
6 Mos. End. June 30—
Earned surplus, end of period
$448,735
Surplus arising from reacquirement and retirement of common
shares—balance, beginning and end of period, arising from
reacquirement and cancellation of 41,000 common shares.421,732
Total surplus
190,550
3,443,084
2,784,166
U. S. Government securities
owned
initial dividend of 15 cents per share on the
Alabama Power Co.—Bonds Called—
cash
4,401
—
bonds
purchase money debt
Other interest
a
After
Cash
_
Totalincome
(A)
1940
1941
$614,004
Notes payable
Marketable secur.
Accts. receivable-.
y
3,440
68
-
_—
Interest on collateral trust
Includes $1,759 underprovision for prior years,
overprovision for prior years.
1941
Assets—
Plant & equip—$2,192,350
Cash
334.779
x
x
24,119
______
$2,687,421
debt
_
$291,418
1,221
Total income
Other deductions
x
Terminal
Unamort. dlsct. & exp. on collateral trust bonds._
Unamortized State franchise tax for 1941
$276,0o2
15,386
profit
income
prov.
b In¬
153,
-Earnings-
1940
$409,027
132,995
x
Other
(& Subs.)
1941
6 Mos. End. June 30—-
Est.
by
d Cash held by trustees.
1941—7 Mos—1940
$4,624,284 $4,268,619
cludes
p.
owned
Miscellaneous income
c
Ltd.—Earnings-—
1941-—Month—1940
fe$775,152
b$941,390
Earnings
a
;
1
accounts
Shares, Inc. (not being received currently) ____
On U. S. Govt, securities under purchase moeny
Interest on
$2,236,607
Consolidated Balance Sheet June 30,1941
The last
a
1940
rJ
pledged as coll. or otherwise hej
trust, rec. or rec. in cash, which have bden or
may be impounded by trustees as received
$2,683,912
Interest accruals on securities pledgecLas collateral
which have been or may be impounded by
on sees,
1941..
in
1941
Ended June 30—
Income;
Divs.
statement covering a
T.
companies In exact alphabetical order.
alphabetical position as possible,
4816,
to
tration
and Investment News
It is not always possible to arrange
However, they are always as near
FILING OF
Aug. 23, 1941
UTILITY—INDUSTRIAL—INSURANCE-MISCELLANEOUS
RAILROAD-PUBLIC
NOTEr—For mechanical
Financial Chronicle
$19,259
r
$11,130
sale of securities.
Balance Sheet June 30, 1941
Assets—Cash in banns, $111,152; dividends receivable and interest
accrued, $4,250; securities at cost (market value, $1,400,861), $2,039,671;
(net), $2,306; total, $2,157,379,
Liabilities—Accrued management fee, $2,831; unclaimed dividends. $399;
Reserve for Federal income, Federal capital stock and State franchise taxes.
furniture and fixtures
The Commercial &
Volume 153
$5,811: preferred stock, $795,300: common stock (187,537 no par shares),
8375,074; canital surplus, $984,754; 79 shares preferred 6% cumulative
A reacquired and held in treasury, Z>r.$6,791; total, $2,157,379.
—V. 153, p. 384.
series
Allied Kid Co.
Years Ena.
J,
Report—
1940
J $9.453,964
7,317,702
.„
goods sold
$8,052,257
6.595,742
845,716
1938
$7,674,555
1939
$8,794,050
7,262,078
■804,590
66,877
1941
June 30—
Net sales
Cost of
Annual
7,340,727
General, admin, and sell¬
ing expense
897,117
Depreciation
See
$686,256
268,389
242,744
110,000
$585,319 loss$536,674
115,034
84,611
75.500
$670,333
$333,512
172,492
$1.26
$394,785 loss$621,285
132,686
232,108
$1.49
Nil
Income taxes
Netprofit-.
Dividends paid.-
259.741
$2.62
share
per
Provision for depreciation included in expense,
a
763,409
107,093
$1,239,144
deducs.—net-
Earnings
a
375,000
Net profit from opers.
Other inc
See
a
Financial Chronicle
Consolidated Balance Sheet June SO (Including Subsidiaries)
1940
1941
$1,102,315
$755,754
1,268,704
994,667
Merch. inventories 2,147,139
Cash suit, value of
2,428,778
tr.
accepts,
rec.
life insurance---
Miscell. aects.
300,712
70,526
704,087
862,667
290,928
Reserve for loss on
equipment--;
G'dwill, tr .-marks
Federal
and
and formulae...
I
91,564
Deferred charges-.,
1
4,115
c
277,870
110,000
1,326.860
2,143,042
After deducting reserves,
6 Mos. End. June 30—•
Interest
surplus.—
.
2,143,042
Research fees.
Fees of trustees, transfer
9,367
9,791
14,566
24,349
2,300
22,441
1,608
28,951
1,900
Net income
loss$71,520
Prior pref. uividends...
68,799
$65,020
69,072
44,000
$62,457
$68,782
69,348
46,375
69,416
1,318,406
907,815
Prov. for Fed, inc. taxes
$5,711,932 $5,446,299
Preferred
Allied Owners Corp.—-Bonds Called—
July 1, 1958,
$188,374
Securities bought &
Acer. exps.& taxes
10,658
$23,593
7,009,611
97,450
7,459,951
Prior pref. stock
2,376,710
2,386,210
investments
220,000
220,000
880,000
880,000
Divs. receivable..
12,471
Int., &c., receiv_.
1,092
5,814
Street, Chicago, 111.,
Other
Allis Chalmers Mfg. Co.—To Lease PlantAdministrator, announced that Defense Plant
delivered
estimated
used for land and
These facilities
V.
153, p.
that approximately $4,105,438 of this amount will be
buildings and $4,961,526 for machinery and equipment.
will be used in the production of bomber equipment.—
824.
Altorfer Bros. Co.—$1 Preferred Dividend-—
Directors have declared a dividend of $1 per share on the $3 convertible
preference stock, no par value, payable Sept 2 to nolaers of record Aug. 25.
Like amount paid on May 15, last:
Dividends of $1.50 paid on April 1,
last and on Dec. 20, 1940, and dividend of 75 cents was paid on Dec. 27,
1939. this latter being the first dividend paid since Feb. 1, 1938 when a
regular quarterly dividend of 75 cents per share was distributed.—-V. 152,
p. 2691.
a
on
15,902
748
c
contract made with
and
operation
of three
aluminum
smelting plants,
one
On July 15, 1941, company was advised of tne expansion program which
the Office of Production Management desired it to undertake on behalf of
American Car &
Foundry Co.—IJearinq Adiowned—
Hearing in the suit brought by Oscar B. Cintas to restrain this company
from paying a common dividend Oct. 1 has been adjourned until Sept. 3.
It is understood that the plaintiff made the request for adjournment.
Hear¬
ing was to have been held today before Vice Chancellor Henry Kays in
Jersey City.—V. 153, p, 680.
American
Agricultural Chemical Co. (Del.) (& Subs.)
1940
1939
.
.
11,047
63,266
4,079,928
545,059
$7,816,692 $7,989,103
Total
American
asscts"****
*
Eagle
■
v j'-.
•
'*'
■
■
v.;
„
i' •
Liabilities—
.,»v.
Unearned
978,429
Bonds and stocks
16,500
272,750
200,000
Reserve for all other claims..
Capital
627,117
——
Net surplus
25,961
—
1,000,000
12,365,179
2,435,183
deposit and in office.
$18,168,945
Total
$18,168,945
Total
$3,487,315
843,700
Reserve for taxes and exps..
bond and mortgage
Interest and rents accrued.._
on
—
Losses in process of adjustm't
tion...
Cash
premiums
3,085,755
Real estate
on
Sheet
Co.—Balance
Insurance
Fire
1941—
*
Valuations on basis approved by National Association of Insurance
Commissioners.
If actual June 30, 1941 market quotations of bonds and
stocks had been used the total admitted assets would be $18,362,041 and
policyholders'
Period End. June 30—
Net profit after all chgs.,
but before taxes—..
x
152, p.
surplus $13,558,275.—V.
American Encaustic Tiling
668.
Co., Inc.—Earnings—
1941—3 Mos.—1940
y$22,347
x$31,358
Before Federal taxes of $11,281.
y
1941—6 Mos—1910
$32,819
$56,409
Before Federal taxes of $4,246.—V.
152, p. 3332.
.
American
Foreign Investing Corp.— -Earnings—
(Formerly Foreign Bond Associates, Inc.]
x$19.051
15,077
Operating expenses
(based
cost)
securs.
average
$13,297
10,534
1o8s$528
$2,763
$8,056
4,581
26,944
36,059
12,235
$34,999
$35,531
$14,998
normal
100
7,900
5,400
1,000
loss$707
18.540
Netprofit
x
14,264
loss$607
—..
$27,100
23,367
$30,131
$13,998
43,094
normal income tax—
Dividends paid -
$13,736
16,014
on
—
Total profit.
Prov. for Fed,
1938
1939
x$24,07O
■■i:
$3,974
Excess of income over
operating expenses.
Profit realized from sales
of
1940
1941
6 Mos. End. June 30—
Interest earned
...
Includes $1,033 dividend
32,758
received.
Balance Sheet June 30,1941
Assets—Cash in banks,
$34,125; receivable for securities sold,
but not
delivered, $3,018; securities owned, $578,173: accrued interest receivable.
$5,063; miscellaneous accounts receivable, $765; furniture and fixtures,(less
reserve for
depreciation of $392), $1,106; deferred charges, &c., $1,002;
total, $623,253.
Consolidated Income Account, Years Ended June 30
1941
.$7,816,692 $7,989,103
June 30
the Government.
Negotiations with the Defense Plant Corp. were imme¬
diately begun and resulted in the contract above referred to.
However,
after the notification by OPM in July the Aluminum Co., in line with its
all-out effort for national defense, immediately proceeded with the pre¬
paration of designs and plans for the buildings, with the selection of sites
and optioned much of the equipment so as to eliminate delays due to the
time necessarily consumed in working out details of the contract.
Company also announced that the price of aluminum ingot will be reduced
from 17 cents to 15 cents per pound on shipments made after Sept. 30, 1941,
and tnat reductions will be made in the price of fabricated aluminum in
conformity to the ingot price reduction.
The production of approximately 340,000,000 pounds per year from the
plants covered by the contract with the Defense Plant Corp., when added
to the production of the Aluminum Co.'s own plants of approximately
760.000.000 pounds per year, will give the Aluminum Co. an output of
approximately 1,100,000,000 pounds per year.
The announced reduction in price is the fourth price reduction in 18
months, prior to which the price of aluminum was 20 cents per pound. The
previous reductions of one cent each were made on March 25, Aug. 1 and
Nov. 1, 1940. The present reduction in price is made in anticipation of the
economies of the building of the new plants above referred to and also be¬
cause of the Aluminum
Co.'s $200,000,000 expansion program begun in
1938 and now nearly completed.
Since the great bulk of the Aluminum
Co.'s output is used for national defense purposes the principal beneficiary
of these price reductions is the United States Government.—-V. 152, p. 3331.
11,047
63,266
4,082,909
365,024
stk.
Capital surplus.
a Represented by 25,018
(25,118 in 1940) no par shares, b Represented
by 88,000 no par shares,
c Represented by 110,472 no par shares,
d Rep
632,626 no par shares.
Note—There were outstanding at June 30, 1941, warrants entitling the
holders to purchase 70,000 shares class B common stock at $1 a share
(subject to certain conditions set forth in a contract dated March 19, 1936)
before Jan. 1, 1942.—V. 152, p. 3960.
at
Massena. N. Y., with an annual capacity of 150,000,000 pounds: another in
the Portland, Ore., district, with an annual capacity of 90,000.000 pounds;
and a third in Arkansas, with an annual capacity of 100,000,000 pounds.
com.
d Class B com. stk.
6,678
Premiums in course of collec¬
the Defense Plant Corp., acting for the United
Class A
stock.
resented by
Aug. 21 that negotiations have been completed
States, for the construction and operation of an alumina plant in the State
of Arkansas with an annual capacity of 400,000,000 pounds, and for the
construction
:
b Preferred
Earned surplus
Total
Loans
Aluminum Co. of America—To Build New Plants—
Company announced
and
.
a
subsidiary of the Reconstruction Finance Corporation, has
of $9,066,964.
is
.
Prepaid expenses
authorized the execution of a lease agreement with this company to provide
for the construction and equipment of a plant at Greenfield, Wis., at a cost
It
......
_
$27,078
not received-
un¬
Invest, securs..
Jesse Jones, Federal Loan
72,750
1940
1941
Liabilities—
1940
$567,704
...
Securs. sold &
19 at par and accrued interest.
Payment will be made at Halsey, Stuart & Co., Inc., 201 South La Salle
35 Wall Street, N. Y. City.—V. 153, p. 93.
30,800
1941
s sets—
Cash
A total of $214,500 first lien cumulative income bonds dub
dividends....
Comparative Balance Sheet June 30
A
have been called for redemption on Sept.
a
$127,096
12,900
4,023
agents, &c
Gen. exps., incl. salaries
and taxes
After allowance for depreciation of $2,048,821 in
1940 and $1,784,656 in 1941.
c Par $5 —V. 153. p. 234.
Corporation,
$116,397
20,100
19,627
2,200
85,059
Dr4,600
y
or
17,700
.
30.321
After allowance for doubtful accounts and discounts of $91,727 in 1940
x
and $80,134 in 1941.
$121,136
20,100
1,214
.
Dr50,290
Total
$37,738
84,900
4,457
100,934
Capital surplus.—
$5,711,932 $5,446,299
2,061
$24,948
87,073
4,377
$18,140
100,956
bonds, &c.
on
1938
1939
1940
1941
loss$130,140
_
stocks
Treasury stock...
Earned surplus.—
Total
$23,053,220 $21,883,126
b Represented by 627,969 shares in 1941
and six shares
loss$27,970
on
Total
1,326,860
.
-
138,586
375,000
Common stock.
Paid-in
65,000
-
.
-
Profit from sale of sec.
State
estimated.
49,636
i
;
Total liabilities
$8,373,080
10,086,607
983,641
1,687,826
698,227
53,746
$8,372,920
10,455,007
1,773,232
1,683,009
719,416
Reserve for insurance
Deferred credits
Dividends
--
Accrued accounts
Prop, plant and
y
$23,053,220 $21,883,126
Capital and earned surplus
Accounts payable and accrued liabilities
Reserve for contingencies
$383,509
commitments
1
179,357
American Capital Corp.— ■Earnings$9,000
281,722
99,605
rec.
3,866,419
3,955,472
6,980,208
1
218,380
Total assets..
Liabilities—
released
under tr. receipts)
Accounts payable-
327,595
315,807
4,588,258
4,924,445
6,585,878
b Capital stock
a
against let¬
merch.
1,519,274
1,080,747
304,516
Brands, patents and goodwill
Unexpired insurance, taxes, &c
ters of credit (for
Notes, accounts,
x
1,493,991
852,044
and 627,981 shares in 1940, after deducting 18 shares in 1941
in 1940 held in treasury for retirement.—V. 152, p. 2539i
1940
1941
Liabilities—
Drafts
$3,985,841
Cash.
$132,134 in 1941 and
'
1940
1941
$4,085,708
Accounts and notes receivable
Inventories
Balance Sheet June 30
Assets—
"
Assets—
Land, building, machinery, and equipment-.-.
a Phosphate rock
deposits
Property not required for operating purposes
a Purchase
money obligations, &c
a
$109,806 in 1940.
Cash-
1121
Liabilities—Payable for securities purchased, but not received, $6,721;
1938
Sales
(less returns)
$27,359,788 $23,506,219 $22,034,737 $23,158,278
Freight out, discount, &c
5,029,296
4,475,577
4.453,229
4,717,802
accounts payable and accrued expenses, $1,939; provision for accrued taxes,
general, $1,074; provision for Federal income taxes (subject to review by the
United States Treasury Department), $650; provision for taxes applicable
prior periods. $2,000; common stock (par 10c.), $9,031; capital surplus,
$850,031; earned surplus deficit, $10,622; excess of cost over market value
of securities owned, $238,172; total, $623,253.—V. 152, p. 2691.
to
Net
$22,330,492 $19,030,642 $17,581,507 $18,440,476
13,003,193
16,853,611
14,230,176
13,075,301
3,119,583
3,207,902
& admin. exps
3,094,698
3,118,471
sales.......
Cost of sales.
Sell., gen.
Prov. for loss
Addition to
res.
for insur
Net profit.
Miscell- income (net)...
_
_
American Gas & Power Co.—-Earnings—
doubtful
on
receivables
Depreciation & depl etion
_
...
Net profit—
-
„
_
—
279,419
616,185
36,293
90,850
632,305
33,723
75,173
621,135
32,410
67,616
642,702
31,119
$948,888
142,189
$730,014
104,592
99,681
$1,415,836
180,240
$1,531,107
"$1J)91,077
$829,694
$1,596,076
$1,426,514
Provision for foreign ex¬
change fluctuation:—
Prov. for Fed. inc. taxes
Netprofit
Dividends-
.
_
_
__
„
....
CV25.767
a435,000
$1,121,873
753,577
47,469
135,000
$908,608
753,573
1941
$849,426
Years Ended June 30—
Gross revenues
$764,694
868,620
195",666
$1,401,076
1,580,370
—V. 152, p.
a
Based
on a
$368,296
__
$1.79
$155,035 def$103,926 def$179.295
$1.45
$1.22
$2.23
30% tax rate. No provision necessary for excess profits taxes.
$191,211
227,805
4115.
American
Gas
&
Electric
Co.—Subsidiary
Capital
Contribution—
Exchange Commission on Aug. 13 permitted to become
the Public Utility Holding Company
Section 12 (b) thereof and Rule U-45 there¬
under regarding the making of a capital contribution or investment in the
The Securities and
Balance, surplus
Earnings per share
$768,282
349,267
$234,047
Unconditional interest..
Conditional interest
38,434
$795,759
335,121
226,591
Gross income
Net income
65",odd
1^40
$806,716
53,667
Operating expenses and taxes.
effective a declaration filed pursuant to
Act of 1935 and particularly
The Commercial & Financial Chronicle
1122
stoc*c of its
wholly-owned subsidiary company, Kingsporfc Utilities,
Inc., in the total amount of $250,000, the proceeds of which are proposed
to be used by Kingsport Utilities, Inc., for the purpose of
increasing its
capital surplus from $275,000 to $525,000 and to immediately utilize all
of the $525,000 capital surplus and $167,936 of earned
surplus to write off
the amount of $692,936 from Kingsport's Electric plant account, in com¬
pliance with a report by the Federal Power Commission relative to the
reclassification and original cost studies of Kingsport's Electric plant
account.—V. 153, p. 979.
common
1941
Assets—
Cash div.
on
on
Utility Equities Corp.;
stocks of other corporations
Interest earned
on
bonds
$13,132
355,477
25,322
263,194
227,121
refund
13,429
Total income
15,953
17,668
9,677
and fixtures
205,941
282,426
Capital stock and sundry taxes
Interest on bank indebtedness...
12,788
20,362
..
over expenses.
21,610,463
58,718
736,396
448,519
Minority interest.
132,647
d Cum. pref. stock 2,882,000
3,043" 000
1,300,000
c $2 cum. pref. stk.
1,300,000
Common stock
al,023,912 b3.519.397
629,804
Paid-in surplus.-- 3,316,149
18,357,231
Total
a
Earned
21,610,463 18,357,231
Total
b Represented by 337,264 no-par shares,
par shares,
d Par $50.—V. 152. p. 3333.
American Locomotive Co.
6 Mas. End. June30—
Represented by
c
(& Subs*)* -Earnings1938
1939
1940
1941
sales, less disc'ts
and allowances
-—$23,932,982
Cost of goods sold, incl.
880,224
849,686
surplus—
Par $1.
91.727 no
$298,124
.....
Balance Sheet June 30,1941
53,397
133,834
16,515
...
75,571
payable
accruals...
and
152,405
Furn.
$393,931
46,140
Management expenses
Corporate expenses
Excess of income
and equities.—*
Mlscell. assets
Deferred cnarges..
_
109,401
Thrift accounts...
83,897
Taxes pay. A accr.
rec.
notes
for
$
8,317,500
Accounts
Real estate owned
stock of associated co.:
Cash dividends
61,143
18,735,675 15,802,157
(net)
int.
Accrued
67,742
notes
receivable
of Federal taxes.
Earnings for the Six Months Ended June 30, 1941
1,953,226
payable....11,125,000
divs. payable
81,874
Notes
Pref.
life Insurance...
Instalment
1940
$
Liabilities—
Cash surr. value of
Claims
Corp.—Earnings—
$
2,026.203
......
1941
1940
S
:
Cash...
on
American General
Aug» 23, 1941
Consolidated Balance Sheet June 30
Gross
Assets—Cash in banks, $535,486; accounts receivable for securities sold,
not delivered, $76,164; accounts and dividends receivable and
interest
accrued, $94,615; general market securities, at market quotations, $12,948,808; investments in securities of subsidiary companies, $4,212,358; invest¬
$16,606,766 $10,180,371
—
$13,158,836
13,580,145
administrative, selling
$1,079,582; total, $18,947,013.
Liabilities—Accounts
payable for securities purchased, not received,
$4,981; accounts payable, accrued expenses and taxes, $58,002; notes payable to banks, $3,000,000; reserve for Federal income and defense
taxes,
§2,800; reserve for contingencies, $24,713: capital stock, $313,378;
$22,190,605: unrealized
deprec.
14,897,742
10,729,927
442,269
353,875
354,789
Profit from operations $3,205,296
Other income
111,348
$1,266,755
x$903,431
66,407
x$776,098
134,306
$1,325,534
11,962
135,102
x$S37,024
94,687
x$641,792
199,865
Prov. for income taxes._
$3,316,644
14,594
1,160,530
$2,141,520
$1,178,470
x*931.710
x$841,657
surplus,
(net) of General Market Securities owned
-Vei5?p° 4U°rk C°8t of investment <net5 #6,647,466; total. $18,947,013
American Hide & Leather Co.
and general expense.- 20,261,071
Deprec. and amortizat'n
466,614
Net profit for period..
ment in securities of associated company,
Net profit
Other charges
(& Subs.)—Earnings—
x
Loss.
Consolidated Balance Sheet June 30
Consolidated Income Account for Years Ended June 30
1941
Net. sales of leather
1940
1939
$6,312,955
$7,147,422
$5,742,143
'
operating plants)*.
'
7,464,175
5,384,859
5,871,500
5,802,219
Gross profit on sales. $1,277,941
Selling, gen. and admin.
/
expenses—
517,690
$928,096
$1,275,922
y $60,076
on
1941
1941
S
Assets—
506,823
400,937
Other
Profit before inc
and
$760,251
23,312
Other charges
36,948
Prov. for Fed. inc. tax187,693
$510,843
2,892
35,868
82,64,3
$769,099'
2,646
34,591
133,549
y$461,013
19,844
174,349
Net profit for the year
earned surplus
$603,604
y$615,5X6
830,687
1,574,693
earned surplus.
on 6% cum.
pref. stock
$1,663,190
$1,352,246
$1,434,291
$959,177
256,905
256,980
Write-down of idle prop.
385,470
-
128,490
$1,301,222
$1,095,267
$1,048,821
stk.
($1 par).
Earns,
on
586,700
586,700
$830,687
586,700
$0.55
584,950
$0.08
$1.02
y
Nil
loss.
1941
1940
Land, hi rigs., eq.
goodwill,
drafts
and
rec.,
less
accts.
reserve
stock,
171,122
58,488
232,402
138,416
1.697
30,637
After depreciation,
645,300
1,095,267
57,425,453 $7,216,421
b Represented by shs. of $1 par,—V. 152, p. 2691.
511,421
71.967
8,061
Selling, administrative and general expenses.—1.1
on sales, less discounts on
purchases, &c.
97,213
13,662
106.600
7,200
...
22,422
4,253
Net
income
$100,675
$57,091
Including depreciation of $19,118 for 1941 and $18,163 for 1940.
Including excess profits taxes of $64,600 for 1941 and $2,841 for 1940.
...
y
—V
.
loo, p. 825.
American Investment Co. of 111.
(&
0 Mos. End. June 30—
1941
income, &c_
$2,797,012
Interest,
PpAviJX«
Provision
f
(beforeint.)_
for losses
1,471,894
215,096
1940
Subs.)—Earnings—
1939
1938
$2,593,766
$1,882,604
$1,030,789
1,161,567
896,596
555,089
174,369
37,194
280,783
Income before int., income taxes, &c
$1,110,022
Other income & credits.
a96,057
$1,151,416
a2,027
$811,638
5,281
$438,506
5,406
Total income & credits
$1,206,079
Int. on borrowed money
,153,443
65,569
$816,919
60,790
$443,912
38,690
80.656
Sundry—Mainly loss on
real estate disposed of.
Income charges (net)...
10" 298
for
Federal
normal income tax...
Prov. for Federal excess
272,958
profits tax.
Provision for increase in
Minority interest
Net income
Cash preferred dividends
Cash conv. pref. divs...
Cash
cum. conv.
pref...
Cash cum. preferred
Cash common divs
a
6,286
1,332
239,491
141,686
68,060
9,834,741
(non cur¬
60,730
rent,)
Special reserve—
7,216
239,634
8,627,011
8,455,734
29,222
1,162,533
239,634
Earned surplus—
512,862
notes &
1,089,598
823,308
3,050,107
2,189,233
25,463
acceptances rec.
affiliated
co
33,420
Notes A accts. rec.
not
considered
17,404
Prepaid Insurance
and royalties
41,004
65,175
85,099
-.17,189,778 16,367,842
17,189,778 16,367,842
Total-
Represented by 1,000,000 shares, no par value.
Earnings for the six months ended June 30,
"Chronicle" of Aug. 16, page 979.
American
Mutual
Reinsurance
1941, appeared in the
Co.—Organized
Chicago—Registers $5,000,000 3% Debentures with
in
SEC—
Organization of the American Mutual Reinsurance Co., which would
conflagration and catastrophe reinsurance to mutual insurance com¬
issue
panies, was announced Aug. 21 with the Securities and Exchange Com¬
mission's notification that registration of an issue of $5,000,000 in 6V0
debentures is effective
as
of Aug. 20.
The issue is to be offered at once to all
■
.
.
^
United States advance-premium
begun as soon as the
mutual fire insurance companies.
Operations will be
first $1,000,000 from the issue has been deposited
and a certificate ol
authority has been secured from the Illinois Department of Commerce.
Proceeds of the $5,000,000 debenture issue after deduction of organiza¬
tional expense, will be set up as a guaranty found to be issued under a trust
indenture with the First National Bank of Chicago as trustee
The company is headed by O.
Edward Ringquist, Executive VicePresident of the United Mutual Fire Insurance Co., Boston, tMass.
V. 153, p. 385.
Corp.—-New President
Coincident with the announcement of operating
results for the first half
corporation on Aug. 21 advised stockholders of the election 01
F. Cecil Baker, as President. He succeeds H. S. Emlaw, who resigned but
will continue as a director and a member of the Executive Committee.
of this year
Other
R.
changes
W.
among
Mumford
as
the officers of the corporation include the election
Vice-President and Consulting Engineer, W. J.
Vice-President in Charge of Sales, and Peter
President.—V. 151, p. 3736.
Murphy
as
Colefax as \ ice-
American Stores Co.—Sales-—
Period End. July 31—
Sales.
1941—Month—1940
1941—'7 Mos.—1940
$14,773,493 $12,349,916 $85,409,517
$75,887,166
—V. 153, p. 385.
62,500
8,050
American Water Works & Electric Co.,
$728,253
$847,051
72,050
91,697
511,880
87,560
91,692
441,214
$614,444
45,205
91,682
313,221
Net deficits of newly opened loan offices deferred.
9,229,608
hank
American Potasb & Chemical
43,365
Federal taxes..
124", 359
Other loans pay. to
163,669
Mach.
Inventories
of
Provision
156,893
Co., Ltd
estimated:
y
taxes
Prov.for liabs.accr.
290,665
$675,214
950 367
_
1940
Discounts
Federal.:
Pennsylvania
208,688
payable.
accr'd
a
1941
$1,275,717
freight...
x
Ind.
Total
Delaware—Earnings-
Cost of goods sold
on income,
196,721
269,209
Accounts
Taxes
.
collectible within
Total
American Insulator Corp. of
Taxes
109,249
645,300
1,301,222
surplus
6 Months Ended June 30—•
?
Gross sales, less returns, allowances and outward
x
205.707
45,009
$7,425,453 57,216,421
477,019
1
a
Accts. receiv. from
Capital surplus
Earned
pay.,
Depos. on contract
244,228
1
163,669
Cash...
Accrued taxes, &c.
29,166
....
Invest .in and advs.
Accounts,
Prov. for Fed. and
4,436
—
Marketable securs.
586,700
7,000.000
stock
270,929
Machinery on lease
(net)....
1940
8
7,000,000
420,013
Common
2,202,366
G'dwill, pets., Ac-
300,000
586,700
_
1941
1941
Liabilities—
X
2,108,077
one year
Total
a
(550 par)..54,283,000 54,283,000
b Common
411,729
14,434
investments
Deferred charges..
Fixed assets
to
cap. stock taxes.
capital stock...
Other
stk.
1940
pf.
3,437,823
Am. Hide A Leath.
After depreciation reserves.
y
1940
S
Assets—
Inv. Inaffil.cos...
1941
conv.
Notes payable
Accounts payable.
1.088,718
2,764,245
Inventories
....69,074,326 59,010,042
Total
was
employees
Liabilities—
6% cum.
&c—$2,977,143 53,042,494
545,841
248,501
Cash
Notes,
4,702,687
8,731,934
American
Stock, officers and
Consolidated Balance Sheet June 30
Assets—
a
152,582
1,761,182
4,702,687
9,906,190
Merrill
J
com.
Resulting from disposals of idle properties.
x
1,658,137
2,305,911
Comparative Balance Sheet June 30
out
;
sh.
per
and State taxes.
Reserves
Capital surplus...
x
1941
stock..
3,898,228
606,830
Reserve for Federal
69,074,326 59,010,042
105,063
Consol. earned surplus
June 30—
Divs. paid
com.
;
—
.
121,000
4.524,999
payable.
Machine & Foundry Co.—Stock Offered—
Lynch, Pierce, Fenner & Beane offered after the
close of the market Aug. 19 a block of 15,400 shares of
common stock (no par) at 12% a share.
Dealer discount
$303,425
shs.
—
3,294,678
contracts
Represented by 767,900 no par shares,
—V. 152, p. 2841.
1,048,821
No.
on
Sundry accr. exps. 1,327,459
Govt.cash deposits 1,818,665
y$615,516
$567,923
Total
Advance pay. ree'd
$603,604
1,095,267
conv.
Common stock..
$395,224
x91,799
Consol.
Juno 30 of previous yr.
—
.15,507,832 10,039,014
Deferred charges.
572,513
290,523
Goodwill
11,000,000 11,000,000
.
Total
$567,923
—
deposits 1,818,665
Inventories..
x
Earned surplus
Net
profit before ex¬
traordinary credit..
Extraordinary loss
ree'le
accts.
Govt, cash
other charges
Other income—Cr
6,032,650
27,022
7,529,190
35,196,100
3,839,500
3,839,500
Preferred stock...35,196,100
Accounts
Accts. A notes rec.,
after reserves
$
Liabilities—
yCost of property.26,169,558 24,947,342
Other investment. 2,031,228
1,919,320
Cash
*..—
3,436,170
3,976,702
Marketable secure. 1,009,170
777,470
—
417,253
1940
$
194C
$
1938
$8,742,116
....
Cost of sales (inch depr.
58,779
$330,876
33,625
3,586
22",542
225,330
Inc.—Weekly
Out-put—
Output of electric energy of the
electric properties of American Water
Electric Co. for the week ended Aug. 16, 1941, totaled 66 J) 19,000 kilowatt hours, an increase of 28.1% over the output of 54,092,000
kilowatt hours for the corresponding week of 1940.
*
<
Works &
Comparative table of weekly output of electric energy for the last five
follows:
G',.
y/GG.Gi: G'
years
The Commercial & Financial Chronicle
Volume 153
Week Ended—
1941
July 26_,
^.65,545,000
Aug.
2
Aug. 9
Aug. 16.—V.
153,
p.
1940
1939
"
1937
1938
54,682,000 47,019,000 40,463,000
--67,262.000 53,390,000 46,210,000 41,210,000
66,634,000 54,457,000 45,413,000 41,250,000
66,619,000 54,092,000 46,143,000 41,555,000
979.
v,,;-
American Writing Paper
50,318,000
50,291,000
50,767,000
50,626,000
Bangor & Aroostook RR.—Earnings—
Period Ended July 31—
1941— Month—1940
$311,308
$265,814
309,779
304,649
Gross oper. revenues
Corp.—Listing—
registration
1, 1961, (convertible up to and
including Dec. 31, 1946, unless previously redeemed), and the common
capital stock (no par).—V. 153, p. 681.
Armstrong Cork Co.—Earnings—
Oper.
Net
expenses
rev.
-
from oper'ns.
x$38,835
$1,260,297
13,602
449,495
x$60,274
46,611
x$52,437
$810,802
113,697
$724,609
x$23,924
funded debt
deductions
x$13,663
61,232
2,794
CY659
$924,499
429,406
13,963
$760,838
431,812
14,594
-—i.——$37,481,591 $27,503,878
Net profit
2,492,281
2.114,655
Earnings per share of common stock.
$1.69
$1.42
a
income.
x$77,689
x$84,841
$481,130
$314,432
-—
Gross income
1940
1941
Int.
on
Other
1941—7 Afos.—1940
$3,585,985
$3,345,417
2,325,688
2,282,967
$1,529
y61,803
Tax accruals
Operating income
Other Income-—
[Earnings of Company arid Domestic Subsidiaries]
_
See Liberty Aircraft Products Corp.- -B. 152, p. 2381.
v
The New York Curb Exchange has admitted to
listing and
the general mortgage
6% bonds, due Jan.
6 Months Ended June 30—
Total sales-—--—
1123
Autocar Co.—New Control-
28.513
61,576
$1,062,450
337,841
36,229
—
After charges and Federal income and excess profits taxes.
Net profit of foreign companies after all charges was $155,895 as compared
with $133,574 for the first half of 1940.
Total foreign sales amounted to
Net
a
$2,180,014 as contrasted with $1,632,250.
The total investment abroad,
including all foreign subsidiaries, was $4,175,021 as of June 30, 1941.
Cash and equivalent, as of June 30, 1941, shows an increase of $2,391,522
to a total of $8,055,129. Domestic accounts receivable increased to
$8,901,100 as compared with $6,569,701 at the end of 1940. Inventories amounted
to $15,313,238—a reduction of $615,497 since the first of the
year.
Liquid
assets climbed to $16,998,545 as against
$12,362,000 on Dec. 31 last year.
Property, plant and equipment, less depreciation, rose from $23,475,021 to
$24,005,944.
Capital additions during the six months totaled $1,660,664.
Reserves provided for depreciation and obsolescence during the period
under review amounted to $1,055,718. The ratio of current assets to current
liabilities was 3.7 to 1; of liquid assets to current liabilities, 2.0 to 1, as of
x Loss,
y Includes accrual to July 31 of $40,680, estimated increase in
Federal income tax under proposed tax law as passed
by House of Repre¬
sentatives.—V. 153, p. 543.
Bangor Gas Light Co.—Earnings—
Year Ended June 30—
1941
$157,840
125,802
Net Operating
16,613
$9,619
revenues
$36,066
15,369
7,050
-
1940
$148,765
112,698
$32,038
Operating revenues
'
Oper. expens, depreciation and taxes--
$12,403
Interest deductions
Int. to American Gas & Power Co.
June 30.
Net worth
on notes
pay'le.
Net income
rose by $1,119,985 to $53,239,025,
resulting in an increase in
surplus from $12,312,851 to $13,432,836.
Gross assets increased
$57,328,967 to $62,434,225. The book value of the common stock as
of June 30, 1941, was $33.98 per share.
>•-rr.•.■
■!;.
Domestic taxes of all kinds accrued or paid by the company in the first
six months of 1941 totaled $3,440,087 as compared with
$924,150 in the
corresponding period of 1940, equivalent to $2.44 per share of common
stock, as against 66 cents per share last year.—V. 153, p. 542.
7,050
-V, 152, p. 4116.
earned
from
Associated Gas & Electric
Co,-—Earnings—
6 Months Ended June 30—
Net income after reserve for Federal
Shares
common
stock
Earnings per share
—V. 152, p. 3171.
1941
1940
$1,459,691
456,747
$1,116,134
418,247
$2.76
$2.31
456,747
$2.00
—
—.—-
-
-
Aug. 19,
Corporation intends to send notices to
all of its stockholders to surrender their certificates for the purpose of
making
a partial payment in complete liquidation, and upon
receipt of such cer¬
tificates a partial payment will be sent to stockholders together with a nonnegotiable receipt evidencing the right to receive further liquidating pay¬
ment,—V, 153, p. 682.
Belding Heminway Co.
6 Mos. End. June 30—
Gross
operating profit—
Sell.,gen. & adm. exps__
Depreciation
State and local,
social security, $19,489
—
-
$1,586,820
939,123
-
$142,132; Federal income, $56,915;
Income
------
$114,511
Dividends; 7% pref. stock, $3,237; common stock, $20,625
23,862
as
-- -- -- -
at June
.
Atchison Topeka
& Santa Fe Ry.—Equipment Trusts
Offered—Offering of a new issue of $20,000,000 series E l%%
serial equipment trust certificates was made Aug. 22 by a
banking group composed of Salomon Bros. & Hutzler,
Dick & Merle-Smith and Stroud & Co., Inc.
The certifi¬
cates, issued under the Philadelphia plan, are non-callable
and mature $2,000,000 on each Sept. 10 from 1942 to 1951,
inclusive.
They are priced to yield from 0.25% to 1.875%,
according to maturity, and guaranteed unconditionally as to
par value and dividends by the railway company.
Trustee,
J. P. Morgan & Co., Inc.
Four syndicates submitted bids for the certificates the winning bid
being
an interest cost basis of 1.546%.
Other bidders and their bids are as follows:
Drexel & Co.; Lazard Freres
100.434 for
&
Co.; Kidder, Peabody & Co.; Union Securities Corp.; White, Weld &
Co.; Bon bright & Co., Inc.; Wood, Struthers & Co.; Alex. Brown & Sons,;
W. E. Hutton & Co., and Harris, Hall & Co.—100.0639 for
l%s; First
Boston Corp.; Harriman Ripley & Co., Inc.;
& Webster and Blodget, Inc.; Kean, Taylor &
F. S. Moseley & Co.; Stone
Co.; R. W. Pressprich & Co.;
Whiting, Weeks & Stubbs; R. L. Day & Co.; Illinois Co.; Green, Ellis &
Anderson; Stern, Wampler & Co.; Granbery. Marache & Lord; Baker,
Watts & Co. and Starkweather & Co.-—100.575 for lMs.
Halsey, Stuart & Co., Inc.; Blair & Co., Inc.; Ladenburg, Thalmann &
Co.; Otis & Co.; E. H. Rollins & Sons, Inc.; Shields & Co.; A. G. Becker
& Co.; L. F. Rothschild & Co.; Central Republic Co.; Equitable Securities
Corp.; Gregory & Son; Hallgarten & Co.; G. M.-P. Murphy & Co.; Tucker,
Anthony & Co.; A. C. Allyn & Co.; Hemphill, Noyes & Co.; Riter & Co.;
Newton, Abbe & Co.; First of Michigan Corp.; the Milwaukee Co.; W. H.
Newbold's Son & Co.; Schwabacher & Co.; Ed. Lowber Stokes & Co.;
Walter Stokes & Co.; Moore, Leonard & Lynch and Bioren & Co.—100.474
for l^s.—V. 152, p. 4116; V. 153, p. 94, 542, 681, 981.
Atlantic Co.—Accumulated Dividend—
paid
on
July 1, 1939, and also amounted to $1.50
per
share.—
3799.
Atlantic Gulf & West Indies
Purchased—
Steamship Lines—Bonds
1
Company purchased $385,500 of its 5% collateral trust bonds in the
between April 30 and July 31, to reduce the amount outstand¬
ing to $5,548,000.—V. 153, p. 981.
open market
(Joseph) Bancroft & Sons—To Pay $2 Preferred Dividend
Directors have declared
lations
a dividend of $2 per share on account of accumu¬
the 7% cumulative preferred stock, payable on Aug. 14 to holders
23. Like amount was paid on Dec. 26, 1940 and on Dec. 22,
and last previous payment was the $1.75 dividend distributed in
on
of record July
1939,
October, 1931.—V. 152, p. 112.
$275,586
6.140
$260,244
$149,179
130,000
a39,999
$303,552
169,980
a$224,798
$0.71
profits taxes
a$0.53
Earns, per share on com¬
mon stock (no par)
10,167
4,104
4,649
~4,995
.
—
a
Based upon
171,520
•
b$245,972
154,293
b$144,184
57,319
$0.56
prorating of the year's taxes against the
b Before Federal taxes.
.
pro rata
$0.31
profit for
the first six months,
1941
Assets—
1940
Liabilities—
transit
$214,928
$166,311
$1~34~,6IO
132,367
211,447
46,700
73,292
5,203
1,757,200
e Pbares in treas.. Drl56,936
Capital surplus... 1,391,669
1,757,200
/;rl47,lll
1,401,680
Accrued
expenses,
Accts., notes and
wages, &c
Accrued taxes
'—trade
-
1,192,538
666,816
Misc.accts.& notes
Invest.
to
in
&
47,051
2,334,994
180,073
187,228
adv.
affiliated cos.
67,219
74,263
757,292
71,910
196,229
4,008
3,842
Miseell. liabilities,
d Common
stock,
115,301
185,972
1
1
assets-ac¬
Earn.
surp.
Dec. 31,
tive mills, &c—
c
-
credit
rec.
738,078
Other assets
b Fixed
Accts.
balances
59,918
3,057,020
receivable
Mdse. inventories.
1940
$800,000
283,829
trade accept, rec.
a
1941
Notes payable....
Accounts payable.
Cash in banks, on
hand,
and
in
since
1,242,388
1,362,348
1932..
Fixed assets—In¬
active mills----
Deferred charges.
_
Goodwill
$5,787,127 $4,516,014!
Total
Total
$5,787,127 $4,516,014
After reserve for doubtful accounts and notes June
30, 1941, $34,775,
1940, $35,775.
Reserve for discounts June 30. 1941, $40,263:
1940, $25,732.
b After reserves for depreciation of $1,383,194
in 1941 and $1,306,120 in 1940.
c After reserves for depreciation and obso¬
lescence of $46,195 in 1941 and $64,169 in 1940.
d Represented by 465,032
no par shares,
e 41,532 shares in 1941 and 38,932 shares in 1940.—V. 152,
a
June 30,
June 30,
p.
3172.
Bell Aircraft
Corp.-—Listing—
The New York Curb Exchange has authorized the listing of 100,000
additional shares of common stock (par $1).—V. 153, p. 982.
Bendix Home
Appliances, Inc.—Earnings—
6 Months Ended June 30—
1941
$4,521,546
3,118,410
83,561
Net sales
Cost of sales
Depreciation, amortization and obsolescence
Selling, administration and general expense
Net profit from
Other income
731,512
operations
Other charges
^
Provision for Federal income tax
Net
1940
$2,540,435
1,808,084
59,277
440,619
profit
$588,063
15,510
$232,454
$603,573
50,911
a334,000
$368,235
47,177
8,300
$218,662
—
Total income
a
Directors have declared, a dividend of $1.50 per share on account of
accumulations on the 6% cum. pref. stock, payable Aug. 1 to holders of
record July 19.
Like amount paid on June 1 last, and last previous divi¬
was
$138,161
11,018
Prov. for Fed. income &
$90,649
-
30, 1941
Assets—Propery, plant and equipment, $10,593,695; sinking funds and
special funds, $256,856; cash, $304,504; special deposits, $9,333; notes
receivable. $1,833; accounts receivable, $135,878; materials and supplies,
$153,850; other current assets, $18,176; prepaid and deferred charges,
$162,307; total, $11,636,433.
Liabilities—Preferred stock ($25 par), $45,675; common stock (82,500
shares no par), $4,269,376: long-term debt, $5,946,300; current and accrued
liabilities, $365,839; reserves, $1,445,405; contributions for extensions,
$16,141; capital deficit, $208,678; earned deficit, $243,626; total, $11,636,432—V. 152, p. 3487.
V. 152, p.
$248,383
11,861
$441,999
3,340
5,106
Total income,
Exps. of idle plants, net-
37,880
$212,672
62,914
Balance Sheet June 30
----- -—. -
Consolidated Balance Sheet
dend
499,868
28,288
37,968
Common dividends
$455,442
340,932
_
Net income for year-
1938
$666,317
571,251
37,796
$418,084
23,915
26,281
Net earnings
—
Interest and other deductions
Net
1939
$857,430
$429,162
Non-operating income
_
610,444
Operating profit
excess
Net operating income
1940
$890,996
801.839
1941
Miscell. deductions
218.535
-
-Earnings—
$1,257,891
Other income
Consolidated Income Account, Year Ended June 30,1941
Taxes;
The transfer books for the capital stock were closed permanently
at the close of business on
Associated Public Utilities Corp. (& Subs.)—Earnings
Operating revenues--—.Operating expenses
(par $1) was suspended from dealings on the New
Exchange effective Aug. 20. This company was formerly known
Bardstown Distillery, Inc.
At a special meeting held Aug. 19, 1941, the dissolution of the
corporation
and the adoption of a plan of complete liquidation was voted by the stock
as
1939
$1,158,843
income tax and other charges
Corp.—To Be Suspended from Dealings—
capital stock
holders.
Co.—Weekly Output—
The Atlantic Utility Service Corp. reports that for the week ended
Aug.
15 net electric output of the Associated Gas & Electric group was 117,946,303 units (kwh.).
This is an increase of 17,535,105 units or 17.5%
above production of 100,411,198 units a year ago.—V. 153, p. 981.
Associates Investment
Barbon
The
York Curb
$312,758
135,781
Includes $190,000 for Federal excess profits tax at 1940 rates.
Balance Sheet June 30, 1941
Assets—Cash, $876,720; accounts receivable (net), $498,119; inventories.
$415,630; deferred patent litigation costs, $238,909; unamortized discount
on five year 5% convertible debentures and registration expense, $40,966;
unamortized preproduction selling, service, administrative, and organiza¬
tion expense, $32,243; prepaid insurance, royalties and other expenses,
including inventories of operating supplies, $35,116; property, plant and
equipment (net), $424,013; patents, licenses and development expenses
(net), $265,961; total, $2,827,677.
Liabilities—Accounts payable and accrued expenses, $455,184; accrued
taxes (Federal, State and local), $67,068; provision for 1941 Federal income
and excess profits taxes, $334,000; reserves
for cooperative and other
advertising, $99,992; reserves for service costs and warranties, $81,028;
due debenture redemption fund on May 1, 1942, $35,802; 4% purchase
money serial notes payable, $80,637; five year 5% convertible debentures,
$464,198; class A stock (par $5), $609,200; common stock (par 33 1-3 cents),
$254,213; capital surplus ,$9,076; earned surplus, $337,278; total, $2,827,677
—Y. 152, p. 1905.
The Commercial &
1124
(& Subs.)—Earnings
Beneficial Industrial Loan Corp.
1941
a
$2,7.52,705
Shs. com. stk. outst'g.—
2,314,989
Earnings per share after
'
preferred dividends.__
$1.10
1940
$3,071,254
2,314,989
6 Mos. End. June 30—
Net income.——-——
1939
„
;o
;'v"
■
$3,131,277
2,314,989
1938^_
$3,101,358
2,314,989
a
V. 152, P. 3800.
Net profit after
preceding quarters.—V. 152, p. 2696.
charges.
Ltd.—10-Cent Dividend—
share on the common
stock, payable Sept. 30 to holders of record Sept. 15.
Like amount was
paid on June 30 and on March 31 last.—V. 152, p. 2845.
Canadian National Ry.—Earnings—
Week Ended Aug.
14
1941
3,087,709
3,286,742
1,388,454
7.10c.
$1,945
1,530,159
7.13c.
$3,808
J
Canada Crushed Stone Corp.,
Directors have declared a dividend of 10 cents per
Earnings for
1941—6 Mos.—1940
1941—3 Mos—1940
Rev. fare pass, carried—
Aver, fare per rev. pass.
Ltd.—Accumulated Dividends—
Canada Cement Co.,
Directors have declared a dividend of $1.25 per share on account of
accumulations on the 64<j% cum. pref. stock, par $100, payable Sept. 20
to holders of record Aug. 30.
Like amount was paid in each of the nine
Ry.—Earnings—
Period End. June SO—
1941
Aug. 23,
^
$1.24
$1.27
$1.17
After int., amort., minority interest, Federal taxes, and other charges.
Note—'The provision for taxes in 1941 amounted to $1,687,697, repre¬
senting $1,087,697 provision under existing tax law, and $600,000 additional
for anticipated increase under proposed changes affecting 1941 income.—
Berkshire Street
Financial Chronicle
7.05c.
7.07c.
$24,513
$20,803
1940
$5,776,567
Gross revenues
$4,656,772
153, p. 983.
—V.
Canadian Pacific Ry.
—V. 152, p. 3337.
Co.—Earnings—
Earnings for
Week Ended Aug. 14
1941
Best &
Co.—Earnings—
1939
1940
1941
31—
6 Mos. End. July
1938
Net profit after deprec.,
Caterpillar Tractor Co.—Earnings—
Teaeral income taxes*
and other charges
.
.
$447,940
$397,563
$364,396
$425,619
$1.48
—
$1.29
$1.18
$1.38
Earns, per sh. on 300,000
Birmingham Gas Co.—Earnings—
—
-.— —
-
Maintenance
T«,;
$2,632,724
1,442,486
84,7.39
284,668
183,351
— —
(including income taxes)
-
Prov. for retirements and replacements
Net operating revenues
Non-operating income——
-
-
-
$2,471,078
1,298,727
87,348
277,061
170,010
$637,481
—
$637,931
1,480
412
— —
$637,892
315,397
4,393
—
——
-
1940
1941
Year Ended June 30—
Gross income-
-
-
-
Interest deductions
Amortization of debt discount and expense
$639,411
313,290
3,498
1940
1939
1938
•
$65,191,922 $53,973,665 $47,082,707
Costofsales.oper. exps.,
45,821,105
39,975,758
$19,144,807 $12,203,787
2,829,627
2,536,101
$8,152,560
2,485,759
$7,106,949
2,314,776
$9,667,686
222,227
101,040
2,317,905
$5,666,801
303,599
15,614
1,300,321
$4,792,173
458,251
79,636
a7,986,973
$8,430,562
Gross profit.
Depreciation
Profit
$7,470,968
$4,654,465
$4,052,694
$16,315,180
181,992
-
Interest earned
Interest
paid—
Prov. for Federal taxesNet profit
9,851
1,187,880
have been included herein on the basis
concerning the probable 1941 income and
profits tax rates which are in excess of the tax rates currently in force.
Income and excess profits taxes
a
of latest available information
excess
Balance Sheet July 31
1941
1940
|
1941
%
$
Liabilities—
$
Cash
7,823,979
5,162,074! Accounts payable. 3,626,910
aNotes & accts.rec. 7,562,470
7,110,206 Notes payable
4,000,000
Inventories (est.)-24,116,537 18,322,869 Accrued payroll &
expenses
468,692
Pats., trade marks
ana goodwill—
1
1 Rest.forFed.Taes 7,164,274
Dividend payable.
941,120
b Land, bldgs.,ma¬
1940
$
Assets—
Net income-
Preferred dividends
——
—
$318,102
101,415
$322,622
101,555
$216,686
——- —
——————
$221,067
Remainder of net income
—V. 153, p. 95.
Boston
Fund,
Inc.—Earnings—;
Earninns for the
Dividend income
Expenses -
-
-
$115,704
14,422
-
-
:■
-------
Net income
3 Months Ended July 31,1941
-—————- _ - -
(excl. of profits or losses on investment securities)
Dividend-
$101,282
79,799
-
—
Net Assets July 31, 1941
1,871,914
4,500,000
695,496
1,944,302
Pre!, stock not yet
chinery & equip.21,788,149 19,935,824
Prepaid insurance,
taxes, Ac
149,383
29,825
Common stock
9,411,200
54,979
9,411,200
Capital surplus-
13,733,577
13,733,577
.61,440,518 60,560,7991
Total
22.074,293
18,349,331
$14,319,378
.
61,440,518 50,660,799
Total---
b After reserve for depreciation of $15,371,143 in 1941
Less reserves,
and
20,452
presented for red
c
Earned surplus
a
Statement of
Assets—Securities at market quotations (cost $7,030,185), $6,344,796;
discount notes receivable maturing Aug. 13,1941, at cost (principal amount
_
_
52,988,135
72,258,508
&c., less misc. income-
—V. 152, p. 2232.
Taxes
12 Mos. End. July 31—
1941
Net sales-- i i
-—.$91,403,315
-
shs. com. stk. (no par)
Operating revenues _ Operations
— v,
$3,426,000
983.
153, p.
—V.
1940
$4,304,000
Gross revenues
1940.
in
c
by 1,882,240 no par shares.
Represented
—V. 153, P. 544.
Central Electric & Telephone Co. (& Subs.)—Earnings
i100.000), $99,958; cash on demand deposit, $511,465; dividends receivable,
11,472; receivable from brokers for securities sold but not yet delivered,
20,115; receivable for capital stock sold but not yet delivered, $1,746;
total, $6,989,553.
Liabilities—Accrued taxes, $4,466; payable for capital stock reacquired
received, $11,126; dividend payable, $79,799; total, $95,391.
(equal to $13.84 per share on 498,270 shares of $1 par value
capital stock), $6,894,162.
Note—No Federal income tax has been accrued on the basis that the
company will distribute in the fiscal year ending Jan. 31, 1942, in taxable
dividends all of its net income and will qualify as a mutual investment
company under the Internal Revenue Code.
If, however, the company
should be liable for a Federal income tax, it is estimated that such a tax on
income for the six months ended July 31, 1941, would be approximately
$5,900.—V. 153, P. 388.
but not yet
Net assets
1941—3 Mos,—1940
$14,228
$9,817
Net profit after
charges-
Ry.—Earnings—
1941—6 Mos.—1940
$18,166
$16,092
Net profit
b Earnings per share.. -
After depreciation,
a
1941—3 Mos.—1940
$2,295,358
$1,845,187
$1.16
Federal taxes, &c.
-
$0.93
1941—6 Mos.—1940
$4,111,802
$4,240,389
$2.08
$2.14
b On common stock,*—V. 152,
Manufacturers
Co. has been appointed trustee and exchange
$950,000 first mortgage bonds of the corporation.—
1938
$362,719
'
/!;
8,798
20,939
51,489
68,871
104,732
107,037
105,902
104,258
38
68
39
39
$527,356
100,029
4,385
on
co.'s
paid by lessee
$456,517
102,231
1,633
8,253
$535,887
98,792
4,214
8,912
12,230
106,570
2,606
18,239
$77,664
insurance
Miscellaneous income
&e.—
25
1,980
Deprec. & amortization-
x.39,183
165,709
14,346
161,148
$438,996
101,038
2,776
8,143
14,457
100,498
1,807
2,415
yl76,164
$106,347
$58,554
$31,697
Total income---—--.
Property taxes—_
-
--
taxes—
--
-
-
-
-
8,455
16,654
86,568
Miscellaneous expense—
Int. on 1st mtge. bonds.
Int.
on notes
pay.,
Federal income tax
income
15,219
93,153
206,659
No provision for excess profits tax.
y Adjusted
provision for depreciation for the six months ended June 30, 1939 (based
upon rates adopted during latter part of year 1939, retroactive to Jan. 1,
x
Trust
for the new
V. 150, p. 3043.
agent
1939
$281,567
Pro rate of taxes and
Net
Corp.—Trustee—
1940
$328,473
V-
of property addit'ns
made by lessee
p.3962.
Broadmoor
1941
$413,788
Insurance.—
Briggs Mfg. Co. (& Subs.)—-'Earnings—
Period End. June 30—
a
Central Investment Corp.—Earnings-—
6 Mos. End. June 30—
Income—Rentals
Pro rata of cost value
Other
—V. 152, P. 3337.
$416,037
—...—————
Note—Comparable figures for preceding 12 months not available because
of differences in properties owned during periods.—V. 152, p. 2543.
prop,
Boston Worcester & New York Street
Period End. June 30—
Earnings for 12 Months Ended June 30, 1941
Net income after charges-
At the rate of 30%.
1939).
Comparative Balance Sheet June 30
Brown Fence & Wire
Co.—Earnings—
Year Ended July 31—
Net profit after deprec., int..
income taxes, &c
Earns, per sh. on
stock (no par)
—V.
1940
1939
$183,895
$118,735
$162,906
99,064 shs. class A
$1.20
$1.64
1941
$41,135
1940
1939
y$37,922
8,574,131
76,887
3,270
34,867
Fed. taxes on inc
54,714
1st mtge. bonds— 3,317,000
14,346
Def'd
payableinterest—
rental inc..
38,560
V
3,670,000
199
18,392
5,775,300
(58,563 shares)
234,252
Cap. stk. assess'ts
Deficit
520,664
1938
$25,410
5,775,300
$37,922
Prov. for Fed. inc. tax.x
Net income..--
$30,936
$27,576
x
Exclusive of profits and losses from sales of investments,
Expenses
$24,015
8,303
250
------
$1,007 miscellaneous income.
$16,729
~
y
$15,462
Includes
."X.\
Balance Sheet June 30, 1941
Assets—Investments, $2,030,267; cash in bank, $231,207; cash dividends
receivable, $5,910; deferred franchise tax, $274; total, $2,267,658.
Liabilities—Payable for own capital stock repurchased, $1,403; accounts
payable and accrued expenses. $4,573; provision for taxes, $2,975; dividends
payable upon receipt of stock of a predecessor corporation for exchange,
$2,175; capital stock ($1 par), $158,159; capital surplus, $1,781,695; earned
surplus, $316,677; total, $2,267,658—V. 152, p. 2543.
Burlington Mills Corp.—Sales—
Sales of $5,624,000 reported for July compare with $5,419,000 in the
corresponding month of last year and represents an increase of 3.78%.
Fot the first seven months of 1941 sales totaled $36,965,000 as compared
with $26,667,000 for the corresponding period of 1940, an increase of 38.62%.
Sales for the 12 months through July, 1941. totaled $69,986,000, against
$45,996,000 for the 12 months through July, 1940, an increase of 32.59%.—
V. 153, p. 389.
California Ink Co.—75-Cent Dividend—
Directors have declared
$8,902,858 39,164,844
Total
.
—
—
649,875
-$8,902,858 $9,164,844
-V. 152, p. 1908.
$25,713
8,984
10,346
234,252
$24,015
302
$41,135
9.424
775
dividend of 75 cents per share on the common
stock, payable Sept. 20 to holders of record Sept. 10.
This compares with
62 H cents paid op June 20 and on March 20 last; 75 cents paid on Dec. 20,
Central Maine Power
Operating revenues
Operation
-
.
Purchased power
Maintenance
-
Prov.
_
for depreciation__
Taxes—State & munic—
Social
Co.-—Earnings-
1941 —Month—1940
$630,813
$739 ,921
109,530
170 445
19 ,476
9,456
57 050
44,234
53 ,915
51,916
63 ,637
64,636
Period End. July 31—
1941—12 Mos.—1940
$8,346,131
$7,711,252
1,390,745
1,609,096
126,198
123,520
505,702
440,523
728,597
752,221
772,914
768,515
security—Fed'l
and State
Federal (incl. income)
Rental of leased prop
Net oper. income
Non-oper. income (net)
_
Gross income
Bond interest
Other interest
—
(net)
:
4,407
72,934
50,982
414,131
2,083
48,597
562,662
$307,550
3,217
$273,700
1,828
$4,115,482
36,488
$3,645,415
32,507
$310,767
110,260
04,545
$275,528
113,458
Cr3,575
$4,151,970
1,333,650
Crl4,836
$3,677,922
1,345,111
010,628
12,740
14",850
399,601
176,845
179",787
$192,312
112,265
$150,795
108,099
$2,256,710
1,338,849
$2,163,652
1,297,182
5,163
60,602
2,083
Acceleration of amort, of
D.
D. & E_
Other
deductions
Net
income
Pref. div. requirements.
—V.
153, p. 389.
: :.,n
:: V.','-
a
1940. and dividends of 62^ cents paid in the three preceding quarters.—
_
Total
Total income.,-
•
Fixed assets (net)
60,046
8,867,198
88,120
Ltd.—Earnings—
cash proceeds from
sales of rights.
P
68,205
$60,600
$7*190
Accounts
Accrued
Cash surr. value of
1940
1941
Liabilities—
Notes payable-
.
Net
«
$129,102
20,378
Stated capital
6 Mos. End. June 30—
JLOl
50,009
Deferred charges—
$1.85
Income—Cash dividends
V
8133,624
—
life ins. policies-
153, p. 983.
Bullock Fund,
Cash
Accts. receivable-_
Federal
1940
1941
Assets—
1941
_
Central Pacific Ry.—Interest—
Referring to interest due Sept. 1, 1941, upon the 4% 35-year European
dated March 1, 1911, guaranteed by Southern Pacific Co.,
payable in foreign moneys, Central Pacific Ry. announces that coupon^
loan bonds,
The Commercial & Financial Chronicle
Volume 153
of the
Sept. 1, 1941, maturity will be paid in pounds sterling if presented in
according to their tenor.
Also, subject to termination without notice, the
company will pay coupons of this maturity at the office of its Treasurer,
Broadway, New YorK, N. Y., if there presented
on
or
1,
after Sept.
1941, in an amount in dollars equal to the vaiue of the coupons in sterling
computed at the rate of exchange effective on the date of presentation, less
deduction of 15 cents per coupon.—V. 152, p. 262.
Central Patricia Gold Mines, Ltd.—Extra Dividend—
Directors have declared
extra dividend of two cents per
an
Balance Sheet June 30, 1941
Assets—Cash in bank, $372,376; accrued interest receivable, $2,254;
marketable securities (at values based on market
quotations), $3,610,754;
total, $3,985,385.
Liabilities—Reserve for Federal taxes, $4,181; preferred dividend pay¬
$27,152; $5 cumulative preferred stock (21,722 no par shares),
$543,050; common stock ($1 par), $170,000; capital surplus, $2,427,945;
unappropriated dividend and interest income, $813,055; total, $3,985,385.
—V. 152, p. 3017.
able Sept. 2,
share in addi¬
tion to a
quarterly dividend of four cents per share on the common stock,
both payable Sept. 30 to holders of record
Sept. 15.
Like amounts paid
on
June28, March 31 and
Jan. 2, last.—V. 153, p. 96.
on
Central Vermont Public Service Corp.—Earnings—
Period, End. July 31—
Operating
$2,615,594
_
45,063
40,620
10,054
582,571
583,041
20,557
14,634
303.285
556,660
526,911
122,372
247,792
174,246
II
_
_
_
_
_
_
_
for depreciation
71,921
9,141
_
25,108
__
Taxes—State & munic—
Social
security,
13,773 :v
and State
1.815
10,361
19,218
124,796
1,973
19,189
189,949
$53,404
1,132
$652,685
4,616
$637,817
5,265
$41,245
20,417
1,314
1,994
$54,536
$657,301
$643,082
20,417
245,000
14,720
26,784
245,000
15,137
26,952
$17,520
18,928
Net oper. income
$30,934
$370,797
227,136
$355,993
227,136
;.;'v
$40,030
1.215
Gross income.
Bond interest
(net)
Other deductions
Net
180,069
10,269
Non-oper. income (net).
Other interest
104,805
Fed'l
Federal (incl. income)
income
Pref. div. requirements.
—V. 153, p. 390.
1,279
1,906
18,928
Central Vermont Ry., Inc.—Earnings—
Period End. July 31—
Ry.
Ry.
Railway tax accruals...
Railway
Rents, &c
1941—7 Mos.—1940
$4,454,963
$3,731,555
3,065,537
2,896,888
186,530
169,896
1941—Month—1940
$697,587
$538,105
462,340
431,487
28,469
25,469
oper. revenue.
oper. expenses
oper. income.
$206,778
48,132
$81,148
37,053
$44,095
3,109
$664,771
273,766
:$1,202,897
$158,645
779
Net ry. oper. income.
Other income (net)
152,
2544.
p.
Chicago & North Western Ry.—To Pay Interest—
$2,409,812
50,051
.
Prov.
interest.—V.
$196,574
Operation
Purchased power
Maintenance
Charleston Transit Co.—Tenders—
Central Trust Co., Charleston West Va., will until Sept. 1 receive
bids for the sale to it of sufficient general mortgage and adjustment bonds
to exhaust the sum of $5,663 at
prices not exceeding 102 and accrued
1941—12 Mos.—1940
1941—Month—1940
$222,200
revenues
1125
$879,427
323,469
13,075
$391,005
;t-,:
13,062
Charles M.
Thomson, trustee will make disbursements of interest
on
various of the road's bonds
court order.
beginning Sept. 1, as provided under an amended
The initial court order had called for paying the interest on a
schedule
beginning with Aug. 1.
To obtain the payment, holders of the
coupon bonds will have to mail the last coupon together with an
ownership certificate to the road's New YorK office.
The United States
circuit court of appeals at Chicago has dismissed a petition by the debtor
corporation seeking to stay payment of the interest.—V. 153, p. 685.
road's
Chicago Rivet & Machine Co.—12VtrCent Dividend—
Directors have declared a dividend of 12 M cents per share on the common
stock, payable Sept. 15 to holders of record Aug. 25. Dividends of 25 cents
were paid in prior quarters.—Y. 150, p. 3504.
Chrysler Corp.—Semi-Annual
President, states:
Report—K.
Keller,
T.
Net
profit of corporation and its wholly-owned United States subsidiaries
for the first six months of 1941 was $20,974,843, equivalent to $4.82 per
share of stock outstanding after provision of $18,500,000 for estimated
income and excess profits taxes on the basis of the tax bill recently passed
by the House of Representatives.
Sales during the first half of 1941 amounted to $507,966,137 and included
$28,432,381 of defense materials.
Passenger, commercial car and truck
sales totaled 665,750 vehicles as compared with 614,731 vehicles sold during
the same period of 1940.
Retail sales in the United States of Plymouth, Dodge, DeSoto and
Chrysler passenger cars and trucks for the first half of 1941 were reported
as 686,112 vehicles, an increase of 34% over the same period of last year.
Export and Canadian shipments were 49,091 vehicles for the first six
months of 1941 as compared with 49,693 vehicles for the same period of
1940.
Corporation's participation in the defense program continues to grow
the corporation has already undertaken contracts aggregating over
$400,000,000, the execution of which is becoming our major manufacturing
and
$159,424
101,001
$58,423
Total fixed charges..
Net
$47,203
100,746
def$53,543
income
$892,502
707,238
$404,067
722,551
$185,264 def$318,484
—V. 153, p. 830.
Chain Store Investment
3 Mos. End. June 30—
Dividend income
Taxes
—
1939
$3,210
$3,690
1938
$2,425
230
377
'/
—
a A
a
aircraft cannon and Martin bomber fuselages and nose pieces.
$3,922
$3,088
$2,664
$2,038
We have shipped for the use of the defense forces 61,211 trucks and are
continuing this defense production at the rate of 250 vehicles per day.
Corporation is further engaged in the development and manufacture of
51
Reserve for taxes.
51,025
3901
Notes payable
35,792
317,351
35,000
35,000
51
interest..
Res. for
divs.
b
one
year's
pref. stk
14,268
14,268
Preferred stock.
98,775
98,775
on
10,000
Capital surplus-..
166,067
1,817
5326.618
.
10,000
167,816
266
Common stock.
$323,194
Deficit
$326,618
$323,194
per
Total
....
Market value $266,705 in 1941 and $261,491 in 1940.
stated value of $45 per share,
share.—V.
c
machinery, full-sized
cargo-ship propulsion
1940
1941
Liabilities—
1940
c
a
100,000 shares at par
b 2,195 shares at
value of 10 cents
152, p. 3016.
__
.
500
of
_
^Earnings—
inevitable
employees, our dealers, and the general public, to say
nothing of its effect upon us, presents many serious problems toward the
of
our
of which your
corporation
is working cooperatively with the
governmental agencies involved.
Meanwhile, production of 1941 models has been completed and our new
models will shortly be introduced. How many of them we shall be able to
solution
various
more
terials.
We are confident, however, that these new models of Plymouth,
DeSoto and Chrysler automobiles are the best motor cars that
1941
1940
Dodge,
$1,611
$1,806
Chrysler Corp. has
256
_
X.
Net income.
242
$1,565
Period End. June 30—
x
1941—6 Mos.—1940
$401,417
$160,240
$2.74
$1.08
$1.27
$316,731
$2.14
After operating expenses, Federal taxes, depreciation and other charges
Balance Sheet June 30
A
IQ/lt
Land & buildings.
Mach'ry& equip..
Patents
investments
Inventories
Accounts
Del.
receiv'le
accts.
500,000
119,536
131,721
Accounts payable.
100,000
Def'rd
15,113
2,274,345
15,836
able
accts.
185,074
500,000
87,678
125,000
76,199
in wholly-owned foreign subsidiaries
(Canada and England) not consolidated, at cost.
672,578
788,616
Surplus
1,956,616
1,609,794
50,000
70,000
and employees
Investment in and
26,857
Chartered Investors,
a
.$7,015,467 $6,121,644
Total
Inc.—Earnings1939
1938
1941
$95,952
5,146
1940
$134,134
5,150
$134,776
5,150
with
domestic
sub.
$139,284
$139,926
20,866
20.384
2,910
$148,558
19,334
5,530
$118,419
769,189
$116,631
782,418
x!84
$82,599
803,030
Balance Dec. 31
Adjustments
Total
-
63,402,667
275.265,080 267,629,125
.
June
—
and, taxes
Operating reserves—
Contingencies reserves
Capital stock (par $5)
Capital surplus
$887,492
$899,234
$847,869
y72,573
102,968
128,049
42,500
—-
52,965,471
1,128,378
1,250,000
23,500,000
17,602,120 17,281,920
8,120,462
4,804,503
21,755,660 21,755,660
25,958,106
115,669,128
55,968,186
1.599,440
2,800,000
21,126,435
123,590,574
Earned surplus..
Total
.275,265,080 267,629,125
depreciation, &c. of $51,257,295 at June 30, 1941 and
-----
After
reserve
for
$46,519,943 at Dec. 31, 1940.
Earnings for the six months ended
"Chronicle" of Aug. 16, page 984.
I
June 30,
,
t
1941, appeared in the
Cincinnati Street Ry.—Earnings—
Period End. July 31—
a
$885,629
30,'41 Dec. 31, '40
$
Accounts payable and payrolls
Net profit
Earned per sh. on
Total income
Divs. decl'd & accr'd
326,143
653,053
60,985,245
Liabilities—
$123,695
724,175
xDrll6
Net income-...
1,660'
207,734
_
^
—
a
134,595
a
-
1941—Month—1940
$23,272
$8,743
475,239 shs. capital stock
After depreciation,
1941—7 Mos.—1940
$71,552
•$ 1 §0.856
$0.1c*
$0.38
Federal taxes. &c.—V. 158, p. 391.
on
preferred stock
Divs. paid on com. stk__
Cities Service
Cities
Co
Unapprop. div. & int.
as at
account
l,77U,Ub/
205,232
Prepaid insurance, taxes, &c_.
—
_———^'oon'nQri
Deferred expenses—government contract
—
l,7b5,9io
//u,U3u
$143,408
5,150
Prov. for Fed. inc. tax..
2,33o,959
2,594.225
„
Advance receipts on government contract
Federal and State income & excess profits taxes
$101,098
16.839
bonds
Expenses and taxes
inc.
—
0o,,ft,n
2,586,227
1,795,495
wholly-owned.
.—
Land, buildings, mach., equipment & dies
Accrued insurance
6 Mos. End. June 30—
Dividends received
.
2,627,802
-
Sundry investments & miscell. accounts
Expense advances and current accounts—officers
200,490
^..$7,015,467 $6,121,644
9,739,0/9
3,733,198
59,199,684
Investments
48,684
Res. for taxes. &c.
Deferred assets
on
9,248,035
7,411,797
55,347,674
reserves)
Real estate not used in operations.
175,000
wages...
340,396
1,871,902
rec.—
Total
—-
Drafts against car shipments—
Dec. 31, '40
—118,351,753 109,063,320
7,278,248
§-085,299
5,803,507
4,584,790
pay¬
(patents)..
Accrued
Marketable securities at cost.
Notes and accounts receivable (less
$3,500,000
415,979
1,047,840
Patent license..
Int. earned
1941
Liabilities—
Common stock...$3,500,000
Preferred stock
1940
46,049
Cash
—
.
not
100,000
...
U. S. Treas. bonds
Other
1940
$1,487,360 $1,338,480
1,437,836
1,460,244
Ca2h!t'!Z
Accounts receivable from U. S. Government
Inventories (less reserves)------..--
1941—3 Mos.—1940
$186,531
Subsidiaries]
June 30 '41
Chapman Valve Mfg. Co.—Earnings
Net profit
We have been table to tool up for their
defense work, Chrysler
[Includes Wholly-Owned U. S.
Assets—Cash, $1,399; accounts receivable, $507; investments at cost
(market value $92,744), $102,307; deferred expenses, $881; total, $105,094Liabilities—Dividend payable, $1,490; reserve for accrued expenses>
$536; capital account, $121,665; deficit from security transactions, $19,369»
earned surplus, $772; total, $105,094.—V. 152, p. 3964.
;1 ' :
Earns, per sh.on 140,000
sh8. common stock
built.
ever
production without in any way interfering with our
Corp.'s No. 1 job.
Consolidated Balance Sheet
Balance Sheet June 30, 1941
x
of materials required for the defense
This program because of its effect upon the
present and prospective shortage
a
program, appears
interests
$1,355
... .....
in the design and develop¬
a 2,000 horsepower aviation engine.
They are also developing a
horsepower liquid-cooled tank engine and have just completed the
development of a new airplane landing gear strut.
The future restriction of automobile production for civilian use, because
ment of
een
_
experimental units of which
will be delivered in the latter part of August.
Our engineers are making satisfactory progress
Sroduce we can not know until known aboutand allotment decisions have
reached and until
is curtailment
the available supply of ma¬
Chain Store Investment Trust3 Months Ended June 30—
Encome: Dividends
Expense
.
..
""156
at
Total
Aug, 15 oflast year.
equipment and tooling preparations are proceeding oil an anti¬
on
150
$4,403
Prepaid
signed
Wei§
127
322,165
Investments,
The contract for building the tank plant
expected by the end of tb£
89
1941
cost
and equipping stages with actual
production not yet begun, excepting the M-3 tank. The tank plant is now
about 80% equipped and shipment of production tanks started in July.
The output will increase rapidly from now on with capacity production
Extensive
Balance Sheet June 30
Assets—
is taking the entire
engineering organization and our manufacturing execu¬
34
surp_
Cash
our
JLv>
—
curr
'
$4,510
expense! I
Miscellaneous
Net inc. to
—
Corp.—Earnings—
1940
XX
Interest..
time of most of
tive staff is largely on defense work.
Most of the items are in the tooling
1941
IvIahaftCrs' commissions.
activity.
Research and development work for defense items
June 30..
$813,055
$728,685
$784,524
Adjustment of prior year's income taxes
reserve for preferred dividends accrued. (
x
y
$713,274
After deducting $9,134
Co.—Subsidiary to Dissolve—
Service Co. and its subsidiary, the Manufacturers Natural Gas
have filed with the Securities and Exchange Commission an
Ltd.
application (File 70-376) regarding the proposed liquidation and dissolu¬
tion of the
subsidiary company.
....
..
,
that the subsidiary is no longer actively engaged
business and that its only assets are $200,000 5% 20-year mortgage
The application states
in any
The Commercial & Financial Chronicle
1126
bonds of United Gas & Fuel Co. of Hamilton, Ltd., an account receivable
of approximately $73,000 from Dominion Natural Gas
Co., Ltd., and
approximately $18,000 in cash.
The assets of the company, after payment of taxes, debts and
expenses,
will be distributed to Cities Service Co. as the sole
stockholder.
The
subsidiary will then be dissolved.—V. 153, p. 831.
a
Operation
Maintenance..
_
3 Mas.
Provision for retirements....
•'/
■
i
.-1.'
7
1941
1940
■
' $
$
113,121,375 106,508,210
56,102,557
54,054,314
13.530,399
12,418,338
8,161,596
4,918,705
7
Operation and maintenance.
Federal
3,720,130
1,725,890
99,188
603,077
............
excess
profits
3,892,121
_
Other than Federal income and
944,989
488,080
Other than Federal income and excess profits..
excess
358,471
Net
9,552,679
profits
operating revenue..
Other
1
„
income
_____
Gross corporate income
Int. of subs, to public & other fixed charges
22,115,806
3,689,972
2,454,127
Pref. divs. of subs, and minority interests
2,359,009
Balance applic. to Col. Gas & Elec. Corp
Net revenue of parent, C. G. & E. Corp
Other
$1,294,000
3,110
$5,068,244
13,523
Int. & other fixed charges of C. G. & E.
Gross corporate income
Interest and amortization charges..
$1,297,111
393,279
$5,081,767
1,603,593
............L.
$903,831
500,000
$403,831
Net operating revenue
income....
Net income..
_
Preferred dividends paid
;
Balance
.....
.......................
15,668,276
5,367,367
19,621,411
Bal. applic. to capital stocks of O, G.&E.Corp_
Preferred dividends paid
..
10,300,909
6,459,665
14,163,832
6,459,665
$3,478,174
2,000,000
Bal. applic. to common stock of C. G. & E. Corp.
Earns, per sh. of com. stk. (12,223,256 shs.)_
3,841,244
7,704,167
$1,478,174
Philip G. Gossler, Chairman, and Edward
President, in a letter to stockholders state:
as is represented by the lower or the
disputed rates,
b The accrual for the three months period ended June
30, 1941, antici¬
pates an increase in normal tax rate from 24% (rate in the existing law)
to 30% and includes an amount necessary to raise the rate of the first
quarter accrual from 24% (accrued in the first quarter) to 30%.
The
accrual for the 12 months period ended June 30,1941,
anticipates an increase
in the normal tax rate from
24% (rate in the existing law) to 30% for the
period from Jan. 1, 1941.
No additional accruals have been made in
anticipation of increases in the rate of excess profits tax.—V. 153, p. 97.
Cities Service Power & Light Co.^-~Sub. to Retire Bonds—
The Securities and
Exchange Commission announced Aug. 14 that com¬
its subsidiary, The Community Traction Co., filed an applica¬
70-380) under the Holding Company Act regarding the retire¬
ment by the subisidary of $2,700,000
outstanding first mortgage bonds
during the period from Feb. 1, 1941 to Feb. 1, 1951.
The entire issue of
bonds is owned by the parent company.
The bonds are to be reacquired
in compliance with the terms of an ordinance of the
City of Toledo at their
pany and
tion (File
831.
Colgate-Palmolive-Peet Co. (& Subs.)—Earnings—
[Excluding English and Continental European Subsidiaries]
6 Months Ended June 30—
Net sales
1941
Gross profit'.
Operating expenses
a
b
1940
$54,904,927 $45,093,118
31,438,601
26,606,963
Cost Of sales
123:466.326 §18,486,155
17,082,102
Net loss from operation of the Palmoiive
16,211,019
7,461
11,838
1,209
Cr56,612
37,970
8,807
Building
Foreign exchange adjustment
c Adjustment of profits...
Minority int. in net profit of
Other items (net).........
Crl 18,499
77,001
94,071
10,863
Provision for possible future inventory losses
500,000
Prov. for U. S. taxes based on existing legislation._ dl
,650,000
Est. additional taxes under pending legislation
1,000,000
Provision for foreign taxes
550,000
•
a
foreign subsidiary..
Net profit
Dividends paid:
$2,635,051
6% preferred stock
$4.25 preferred stock
558,060
$1,278,230
329,490
57,552
736,090
$0.45
Including depreciation of $89,499 in 1940; $89,674 in 1941.
b Arising
from conversion of accounts of foreign subsidiaries and branches to U. S.
dollars,
c Resulting from policy of including
foreign earnings since Dec. 31,
1938 only to the extent of cash received in U. S. dollars or equivalent basis,
d Including $160,000 for excess profits tax.
a
Consolidated Balance Sheet
June
30
(Excluding English and Continental European Subsidiaries)
1941
1940
$
S
Assets—
a
Land, buildings,
mach. & equip..18, 459,982
Cash...
16, 137,433
Marketable secure,
c
750,000
b Common stock.
10,730,948
250,000
Bank loans
10,765,424
20, 746,781
19,655,567
Deferred charges..
984,307
Invest. & advances 2, 823,847
Palmoiive building 4 ,178,441
2,562,165
Goodwill,
S
.24,535,087 24,535,087
foreign
subsidiaries
2,115,079
Prov. for coup.red.
..12, 436,901
Inventories
1940
?
stock.12,500,000 12,500,000
19,032,934
Notes & accounts
receivable
1941
Liabilities-d $4.25 pref.
939,653
4,359,651
1,984,421
1,320,668
2,199,815
Accounts payable.
Dividend payable.
2,747,492
2,274,564
Miscell. accrd., Ac 2,823,503
Prov. for taxes
6,346,148
Amount owing to.
3,651,005
patents,
subs, not consol.
trademarks, &c.
245,363
1,829,137
notes.....
335,907
2,100,000
2,175,000
Defd. liabll. & res. 5,232,367
4,686,305
Minority interests. 1,205,606
1,057,480
Earned surplus ...14,627,610 11,486,011
Total
a
....76,517,693 68,296,343
After depreciation,
cluding
b
Total
Represented by
.76,517,693 68,296,343
1,962,807
no
par
shares
ex¬
37,163
in treasury,
c
After reserve for doubtful accounts of
1941 and $776,508 in 1940.
d Represented by 125,000 no
$859,999 in
shares.—V. 152, p. 2235.
par
Columbia Gas & Electric
Corp.
Period End. June 30—
Gross
(& Subs.)—Earnings—
1941—3 Mos.—1940
1941—6 Mos.—1940
revenues
$28,405,653 $26,146,444 $63,175,750 $60,052,392
13,956,757
13i159i014
29,578,520
28,371,319
Prov. for retire. & deple.
3,364,990
3,036,640
7,458,720
6,943,578
Federal income taxes
2,731,326
1,677,330
a5,495,356
3,476,996
Fed. excess profits taxes.
493,613
al ,776,504
Other taxes
2,415,551
2,353", 594
5,000,423
4,818,184
Operation and maint'ce.
Net oper. revenue
$5,443,414
58,711
Other income
Gross corp. income...
Int. of subs, to public &
other fixed charges.__
Pref.
divs.
of subs,
$5,919,864 $13,866,226 $16,442,314
56,852
117,128
114,470
$5,502,125
$5,976,716 $13,983,355 $16,556,784
;
828,342
936,557
1,824,099
1,922,533
613,795
610,009
1,231,501
1,228,012
and
minority interests
Bal.
applic. to Col.
Gas & Elec. Corp..
Net
revenue
C. G. & E.
Earns,
of
applic.
$4,059,986
to
defll2,411
def64,673
defl84,031
def91,847
fixed
chgs.ofC.G.&E.Corp. $3,947,575
& other fixed chgs.
Corp___
1,343,643
of C. G.&E.
$4,365,476 $10,743,723 $13,314,391
1,359,685
2,697,006
2,724,542
Bal. applic. to capital
stocks of C. G. &
& E.
Corp
$0.31
Corp., acd
cause its subsidiary, Ohio Fuel Gas Co., to sell to Panhandle
Eastern Pipe Line Co. a connecting pipe line in Indiana, thereby transfer¬
ring to to Panhandle Eastern Pipe Line Co. the pipe line which transports
the latter's gas to its Detroit and Indiana markets; the purchase price being
the amount of the investment of corporation in these two subsidiaries,
plus an agreed price for the connecting pipe line (the total cash proceeds to
corporation from the transactions mentioned in paragraphs (a) and (c)
will amount to approximately $32,000,000).
Missouri-Kansas Pipe Line Co. will terminate all litigation against the
Columbia companies, and in the meanwhile will declare a moratorium
all further steps in such litigation pending consummation of the plan.
$3,005,790
on
(e) Columbia Oil & Gasoline Corp. and Missouri-Kansas Pipe Line Co.
will simultaneously dispose of their holdings of common stock of Panhandle
Eastern Pipe Line Co. (it is contemplated that the existing preferred stocks
of Panhandle Eastern Pipe Line Co. now held by Columbia Oil & Gasoline
Corp. will have been retired) to their own stockholders, or otherwise.
(f) Panhandle Eastern Pipe Line Co. will have a new board of directors
and management, the board to consist of 12 members, one nominated by
Missouri-Kansas Pipe Line Co., one by Columbia Oil & Gasoline Corp.,
and the other 10 members to be independent directors mutually acceptable
to these two stockholding corporations, the Chairman of the new board to
be a designee of Missouri-Kansas Pipe Line, and the President to be an
operating man of outstanding ability in the natural gas business; and
(g) Columbia Oil & Gasoline Corp. will be dissolved.
This settlement includes most of the features involved in the plan for
terminating the Government anti-trust litigation heretofore conditionally
approved by the U. S. District Court in Delaware, and goes further in that
it provides for the distribution of the common stock of Panhandle Eastern
Pipe Line Co. now held by Missouri-Kansas Pipe Line and Columbia Oil
& Gasoline Corp.
It further results in Columbia Gas & Electric Corp.'s
receiving full payment for all its holdings of Columbia Oil & Gasoline Corp.
debentures, so that it will receive a larger initial amount of cash than under
the old plan.
Consummation of the present settlement will also accomplish
termination of the pending anti-trust litigation against Columbia Gas &
Electric Corp.
Court Rejects Terms—Reverses Lower Court Finding—
ment between the trustees in
reorganization of the American Fuel & Power
Co., the Inland Gas Corp. and the Kentucky Fuei Corp., it was disclosed
Aug. 18.
Columbia Gas obtained control over the companies in 1930 and
they went into receivership in 1935.
The proposed settlement grew out of
claims filed by Columbia against them during reorganization proceedings.
Reversing a lower court decision, under which Columbia was to receive
$875,000 from Inland and ->119,223 from Kentucky Fuel, the Circuit Court
held that Columbia Gas should receive nothing for its interests in the com¬
panies involved.
"Columbia Gas & Electric," the court declared in its opinion, "conceived
a scheme to wreck the interests of the debtors which, as a
majority stock¬
holder, it was its duty to protect.
"Under the facts in this record no principle of equity, morals or law
requires tne court to approve the present claims or stock interests of Colum¬
bia and this court should not lend its aid to further
a
scheme abhorrent to ail
recognized rules of right and justice as the facts here show."—V. 152.
Club Aluminum Utensil Co.—To Reduce
$8,046,716 $10,589,849
3964
d.
Capitalization—
Company has called special meeting of stockholders for Sept. 4 to act
proposal to reduce a stated value of the 271,240 common shares,
only capitalization, to 25 cents a share from $1.
This would create a
paid-m surplus of $203,430, against wnich would be charged off the deficit
in the earned surplus account, amounting to $123,791, and leave a paid-in
surplus of $79,638.—V. 151, p. 1567.
upon a
tne
Cudahy Packing Co .—Dividend—
Directors have declared a dividend of $3 per share on the 6% cumula¬
tive preferred stock, and $3.50 per share on the 7% preferred stock, both
on account of accumulations and both pyable Aug. 30 to holders of record
Aug. 25. Like amount were paid on May 1, last and on Dec. 23, 1940 and
prior thereto last dividend on both these issues was paid on May 1, 1937.
2549.
—V. 152, p.
Distribution,
Liquidated Corporations—
Inc.—Tax
7
Ruling
on
,
7
The New York 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
corporations are not subject to the New
York State stock transfer tax.
Notice has also been received that since the
dissolution of Commonwealth
Distribution,
Inc., became effective on
June 17, 1941, no transfers of the capital stock of the corporation since that
date have been subject to said tax.
On the basis of a recent ruling by the U. S. Treasury Department in a
similar case, it is understood that transfers of the stock of the above corporaare subject to the Federal stock transfer tax.—Y. 152, p. 3176.
^
$2,603,932
$0.63
Reynolds,
On May 27, 1941, the Securities and Exchange Commission issued it8
declaring Columbia Oil & Gasoline Corp. and Panhandle Eastern
Pipe Line Co. to be subsidiaries of Columbia Gas & Electric Corp., as that
term is defined in the Public Utility Holding Company Act of 1935.
For the purpose of arriving at a final settlement of the anti trust
litiga
tion with the Government involving Panhandle Eastern Pipe Line
Co., and
also the pending litigation brought by Missouri-Kansas Pipe Line Co.,
corporation entered into an agreement on June 7, 1941, with Columbia
Oil & Gasoline Corp. and Missouri-Kansas Pipe Line Co., providing for the
distribution by Columbia Oil & Gasoline Corp. and by Missouri-Kansas
Pipe Line Co., either to their stockholders or to the public, of their holdings
of Panhandle Eastern Pipe Line Co. common stock, and providing further
for the dissolution of Columbia Oil & Gasoline Corp.
This agreement con
templates the carrying out of the plan for terminating the Government
anti-trust litigation heretofore conditionally approved by the U. S. District
Court in Delaware, and requires the approval of that Court and of the
SEC within their respective jurisdictions.
A plan embodying the terms of
the agreement has been drawn up and submitted to the Court and the SEC.
This plan provides, among other things, substantially as follows:
(a) The outstanding debt of Columbia Oil & Gasoline Corp., amounting
to $20,700,000, now owned by corporation, will be discharged in full out
of the cash which Columbia Oil & Gasoline Corp. now has on hand,
together
with the proceeds of the disposition by Columbia Oil & Gasoline
Corp. of
its investment in Panhandle Eastern Pipe Line Co.
(b) Corporation will acquire from Columbia Oil & Gasoline Corp. the
latter's five oil and gasoline subsidiary companies and will surrender the
entire outstanding preferred stock issue of Columbia Oil & Gasoline Corp.
now owned by corporation.
(c) Corporation will sell to Panhandle Eastern Pipe Line Co. its subsidi¬
aries. Michigan Gas Transmission Corp. and Iad!£!!3
Distribution
that transfers of stock in dissolved
Int.
5,457,579
order
Commonwealth
$4,430,149 $10,927,754 $13,406,238
parent,
Corp
Corp
The U. S. Court of Appeals in Cincinnati has rejected a proposed settle¬
Palmoiive bldg.4%
300,379
Earns, applic. to fixed chgs. of C. G. & E. Corp_
(d)
435,634
265,637
490,728
$1.21
Common stock
Earns per share of common stock
2,449,573
19.924,752
def303,340
It is the general practice of the company when a rate is
being contested
to include as gross revenues only such portion of the total amount billed
p.
26,225,692
3,851,366
15,971,706
def303,429
a
principal amount without premium.—V. 153,
9,129,521
$21,882,020 $25,987,331
233,785
238,361
$5,574,878 $22,432,523
Total operating expenses
1941
23,
12 Mas.
$0,868,879 $27,500,768
2,981,277
12,412,104
458.266
1,856.917
______
_
b Taxes—Federal income—
b Federal excess profits.
7>V/7
■
Gross revenues
Provision for retirements and depletion
Taxes—Federal income
Cincinnati Gas & Electric Co.—Income Statement—
Period Ended June 30, 1941—
Gross revenue..____________
Aug.
Consolidated Income Statements for 12 Months Ended June 30
Volume
The Commercial & Financial Chronicle
153
Columbian Carbon Co.
(& Subs.)- -Earnings—
6 Mos. End. June 30—
1941
Net after Fed. inc. tax__ $3,249,772
Deprec. and depletion.
1,260,186
$2,893,601
1,249,572
_
Minority interest
Net income
Dividends paid
Shs.
com.
$1,890,200
13,836
$1,637,908
220,372
$1,614,472
19.127
$1,375,152
1,920
$1,904,036
1,074,812
$1,858,281
1,074,812
$1,633,599
1,074,812
$1,377,072
1,074,299
$829,224
537,406
$3.54
$783,469
537,406
$3.46
$558,787
537,406
$302,773
537,406
$2.56
net
...
—
__
stk.
$2,603,579
911,361
77,746
6,121
Net oper. profit
Earnings
1938
$2,181,006
775,154
30,699
99,386
Non-recurring profit,
Surplus
1939
1940
outstdg.
per share
$3.04
_Note—Provision for
taxes amounted to $900,000, which is composed of
Federal income taxes, Federal excess profits taxes, and proposed increase
in
tax rates.
Consolidated Balance Sheet June 30
1941
1940
$
S
Assets—
g
1941
Investments
Capital stock...21,849,354 21,849,354
Accts. payable, Ac 1,162,532
692,579
a
.....
Federal taxes
...
Est.
at cost...
888,036
147,247
Goodwill,
Total
a
Fed.
532,959
1,074,953
483,715
Capital surplus...
16,242
d405,000
16,242
7,410,363
6,857,875
tax
.cl ,050,000
1
543,982
.
458,088
tion and depletion of $25,231,749 in 1941
g
After reserve for deprecia¬
c In¬
and $23,090,809 in 1940.
cludes $150,000 reserve for Federal income taxes, prior years and including
excess profits tax.
d Includes $60,000 reserve for Federal income taxes
prior years,
e
Accounts receivable only.—V. 152, p. 3176.
Columbus & Southern Ohio Electric Co.—Earnings—
Income Account for 12 Months Ended June 30,1941
Operating revenues—Electric
—$10,739,582
2,620,635
......
Transportation...
___
Gas and heat.
Kendall, Md., approximately 19.79 miles.—V. 152,
Consolidated Edison Co. of
New
____________
Output—
to
140,000,000 kilowatt hours, compared with 137,800,000 kilowatt hours
corresponding week of 1940, an increase of 1.6%.—V. 153, p. 985.
for the
Consolidated Electric & Gas Co.—Sub. to Reduce Stock—
Consolidated Electric & Gas Co. and its subsidiary, Lynchburg Traction
& Light Co. have filed with the Securities and Exchange Commission an
application (File 70-379) regarding a proposal by the subsidiary to reduce
capital from $750,000 to $165,000 by reducing the par value of its
15,000 shares of outstanding stock from $50 a share to $11 a share. All the
common stock is held by Consolidated Electric & Gas Co,
It is also pro¬
posed that the parent will surrender for cancellation, as a capital contribu¬
tion, $67,500 of note Indebtedness of the subsidiary.
The application states that Lynchburg Traction & Light Co. recently
completed a change-over from street railway to motor bus operation and
that there is a substantial amount of abandoned street railway property to
be written off.
The proposed reduction in capital is for the purpose of
creating a surplus adequate for that purpose, the application states.—
Y
153, p. 833.
its
Consolidated Film Industries,
.......
153, P. 239.
Consolidated Textile
The
Uniform
Practice
Co.—Payment
Committee of the
...
...
_
.
—
______________
Taxes—State, local,&c
:____
Net earnings from operations..
Other income (net)
—
—
___________
Federal income taxes (est.)..
______
_
_
_
_
_
t
_
—
—
.
_
_
—
.
—
—
_______..
_
income..
Note—
Net
_
amounted to
______;
income
$14,411
of
...
—
—
$3,952,896
988,779
50,929
15.000
Cr 17,714
27.886
subsidiary companies not consolidated
for the 12 months ended June 30, 1941.—V. 153,
1941
1940
$5,069,319
185,666
3,732,028
$2,851,708
Commonwealth Edison Co.—Weekly
Output—
Profit from operations
Profit
2,191,292
445,638
$999,672
42,767
$348,199
19,857
$1,042,439
76,772
.._
$368,056
80,653
$287,403
,
.
________—
Provision for
depreciation
Profit
Dividend
received
from
a
foreign
wholly-owned
18.018
16,667
$983,685
575,000
50,000
$304,070
84,000
$358,685
$220,070
$0.80
last year:
1941
—
—
_____
135,965,000
132,938,000
134,996,000
136,466,000
Commonwealth Securities, Inc.6 Months Ended June 30—
Dividends
__
Balance
_______
...
_
____________
Other income
:
^
1940
$45,844
2,850
$23,289
1,750
$25,039
15,591
$33,757
$9,449
$33,757
share of common stock..
Note—The Federal taxes
12
the year 1940.—V. 152, p.
$0.49
Community Water Service Co. (& Subs.)—Earnings—
[Exclusive of The New Rochelle Water Co.]
p.
$2,830,685
1940
$5,886,654
2,887,776
Interest, amortization of debt discount, premium
(net), &c., of subsidiaries
_;
$1,476,721
532,388
Minority interest...
11,291
_
.
$2,674,473
$1,589,210
___.__
Balance
___________
Interest, amortiz. of discount, &c., of Community
Water Service Co.
$810,284
Cost
522,528
12,570
$550,163
of goods
368,115
—V. 151. P. 2937; V. 152, p.
$449,022
$182,048
2389, 2547, 3339.
$6,260,124
$5,116,831
2,615,945
5,812,805
4,751,116
$271,926
26,496
$447,319
73,414
$365,715
52,082
$321,160
18,017
17,182
$298,422
19,311
15,869
$520,734
33,043
36,338
$417,797
34,204
25,711
Operating profit
Other income
Int., debt disc. & expense
Other income deductions
Prov. for normal Fed. &
100,960
income.
Preferred
\
Consolidated Cement
Corp.—Accumulated Dividend—
63,806
161,502
89,682
$185,001
$199,435
x$289,851
43,725
95,569
x$268,199
43,725
95,569
479
State taxes on income-
Net
2,143
266,056
dividends
Common dividends
Net income allocated to>;
Minority int. in sub__
Creameries of Am., Inc.
289,372
Consolidated Balance Sheet June 30
Cash
Accounts, notes &
contracts receiv.
$602,196
$324,599 Accounts payable.
1,116,110
811,680
535,987
current-
Investments
_.—
$387,225
payable, others.
Accrued int. pay..
47,119
14,758
64,633
15,210
321,068
187,316
Acer, county, State
Marketable securi¬
ties, at cost--.Receivables
other
1940
$741,235
Notes & contracts
749,084
Inventories
1941
Liabilities—
1940
1941
—
25,111
& Federal taxes.
25,111
Debentures—Ann'l
151,571
59.724
& equipm't,
3,220,823
depreciated
66,291
Dairy herd
1
Cost of trade routes
Directors have declared a dividend of 73 cents per share on account of
accumulations on the class A stock, payable Sept. 15 to holders of record
1941—6 Mos.—1940.
$2,887,871
sold and
operating expenses, in-
than
361,261
Inc. (& Subs.)—Earnings—
1941—3 Mos.—1940
$275,308
45,852
—
$3,516,942
3,241,635
sales
Plant
Net income.
provided for
,
President
special meeting of the board of directors held Aug. 13.
who died July 23.—V. 153,
Creameries of America,
324,404
Preferred dividends of subsidiaries
r
546.
Assets—
Gross income
3020.
Rear Admiral du Bose succeeds James Reed,
x
1941
income for the six months ended June 30,
Rear Admiral William G. du Bose, U.S.N., retired, was elected
of this company at a
187,830,130 as compared with 155,218,174 for the corresponding week in
1940, an increase of 32,611,956 or 21.01%.—V. 153. p. 984.
$6,108,841
2,948,464
329,691
km'mm-
.
Total income
Corp.—Weekly Output—
12 Months Ended June 30—
«k
Cramp Shipbuilding Co.—New President—
Period End. June 30—
The weekly kilowatt hour output of electric energy of subsidiaries of the
Commonwealth & Southern Corp. adjusted to show general business con¬
ditions of territory served for the week ended Aug. 14, 1941 amouted to
Operating expenses, maintenance and taxes
Provision for depreciation and retirements
.._
«.
owing to the situation abroad, it is impossible
complete information to enable
"If the necessary figures can
be secured within the near future, we shall complete a tentative statement
at that time.
We hope that a report covering the operations for 1941 can
be published on or about May 1,1942," the corporation announced.—V. 152,
p..3965.
'
Net
$2,024,321.
Liabilities—Accounts payable and accrued taxes, $3,481; $6 cum. pref.
($1 par), $72,221; common stock ($1 par), $318,428; capital surplus,
$1,590,309; earned surplus, $49,252; 640 shares of pref. stock in treasury
(at;cost), Dr.$9,370; total, $2,024,321.—V. 152, p. 982.
Gross earnings
on
1940 have been adjusted to the applicable portion of the taxes
stock
*
_ —
______
1941 (which include provision for excess-profits taxes) have been estimated
on the basis of Revenue Bill of 1941 now pending before the Senate Finance
Committee.
The Federal taxes on income for the six months ended June 30,
$9,461
Assets—Demand deposits, $337,265; accrued interest on bonds, $1,650;
investments,
$1,684,859;
deferred
State franchise
tax,
$547; total,
Commonwealth & Southern
per
;
1__
for the corporation to obtain sufficient and
it to publish an interim six months' report.
Balance Sheet June 30,1941
;
income
The corporation states that
7.1
!
Net income exclusive of security transactions..
on
Coty International Corp.—No Interim Statement—
11.9
$48,694
14,936
______
_
Provision for Federal taxes
Provision for contingencies
12.5
1941
Bond interest
Total income
7.7
-Earnings—
;
•
General expenses
Per Cent Increase
1940
146,428,000
149,519,000
151,117,000
146,204,000
Profit before Federal taxes on income
Earnings
133.422
523,285
—
Other income, net
Net income
Last weeks electricity output of the Commonwealth Edison group of
companies, excluding sales to other electric utilities, showed a 7.7% in¬
crease over the corresponding period of 1940.
Following are the kilowatthour output totals of the past four weeks and percentage comparisons with
Week Ended—
Se¬
$965,667
-
$2,888,016
....
the
p. 984.
Aug. 16
Aug.
9
Aug.
2
July 26....
—V. 153, P. 984.
of
Co.—Earnings—
subsidiary
Net
Association
(Including Domestic Subsidiaries)
6 Months Ended June 30—
Sales to customers, less returns, allowances, &c
Sales to foreign subsidiaries.
Cbst of sales
$3,946,430
6,466
_
debt..'....
_
4,552,286
833,821
1,664,144
1.343,579
1,041,112
------
Amortization of debt discount, premium and expense.
Amortization of preferred stock discount and expense......
Interest charged to construction.
Miscellaneous deductions
_
Bonds—
Dealers, Inc., District No. 13, has been advised that on and after
Aug. 5, 1941, the Manufacturers Trust Co., as trustee for the 5% income
debentures of 1953 will have available to all holders of principal payment
at the rate of 9.34% of the original face amount of these bonds, together
with an interest payment at the rate of $1.42 for each $9.34 principal amount
being redeemed.
This payment will be evidenced by stamping existing
debentures and the unredeemed principal amount of bonds so stamped
will be $90.66 per $100 of original principal amount.—V
150, p. 2570,
3198; V. 151, p. &798- V 153, p. 833.
Selling, administrative and general expenses
_________
__________________
Net earnings
Interest on long-term
on
National
curities
$13,381,373
—
<.
Maintenance
Provision for depreciation
Inc.—Accum. Div.—
Directors have declared a dividend of 25 cents per share on account of
accumulations on the $2 cum. pref. stock, payaole Oct. 1 to holders of
record Sept. 10.
Similar amounts were distributed in preceding quarters
Continental-Diamond Fibre
Operation..
2063.
21,156
______
Total operating revenues
p.
York, Inc.— Weekly
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ended Aug. 17, 1941, amounting
33,122,175 31,428,962
Total
shares,
no par
south to
—V.
....33,122,175 31,428,9621
Represented by 537,406
Fayette counties, Pa., and Garrett County, Md., and abandonment of
operation thereof by the Baltimore & Ohio RR., lessee.
The line of railroad extends from Confluence & Oakland Junction, Pa,,
income
Earned surplus...
1,004,248
196,161
trade¬
marks, &c
Deferred charges.
cur¬
rent—
Minority Interest. 1,149,969
secure.
Other assets...
$
Liabilities—
.
3,820,827;. 3,943,760
Cash.....
5,856,002
4,297,345
Notes & accts. rec. el,966,616
1,735,171
Inventories—.... 2,265,868
1,980,591
Marketable
1940
$
,
Prop'ty account. 17,633,595 17.813,597
1127
Prepaid expenses__
134,412
Debt expense..___
70,609
sinking fund due
80,000
87,919
Nov. 30
3H% debentures. 1,040,000
54.358
2,947,415 Mortgages payable
56.359
59,733 Notes pay., others
1
Deferred income.
2,515
93,582
80,000
1,120,000
78,804
76,783
_
107,631
Minority
Interest
7,064
29,582
Preferred stock.
1,077,908
482,275
Paid-in surplus.__
793,921
Earned surplus... 1,477,353
1,077,908
b Common stock..
382,275
403,171
1,179,574
in subsidiaries..
88,842
a
Aug. 30. Dividend of $1 was paid on Dec. 14, and on March 30, 1940.—V.
153. P. 545; V. 152, p. 2548; V. 151, p. 3086.
Confluence & Oakland RR.—Abandonment—
The Interstate Commerce Commission on July 31 affirmed the
findings
of division 4 that the present and future public convenience and necessity
permit abandonment by the company of a line of railroad in Somerset and
Total
a
-$6,195,932 $5,082,479
Total
Represented by 24,986 shares,
b Represented
in 1940.—V. 152, p. 3965.
1941 and 382,275 shares
-.$6,195,932 $5,082,479
by 482,275 shares in
The Commercial & Financial Chronicle
1128
Crosley Corp. (& Subs.)—Earnings—
6 Months Ended June 30—
1941
$12,868,957
798,635
Net sales
a
Net profit
Earnings
$1.46
share of common stock
per
After all charges, Including Federal income taxes, and in
provision for possible tax increase.—V. 153, p. 546.
a
Crown Cork & Seal
1940
$8,596,614
96,661
$0.18
1941 after
Increase of 5 cents per hour to all male help,
5 cents per hour to all skilled female help, and 6 cents per hour to unsicilled
female help at all its plants, retroactive to Aug. 11.—V. 152, p. 2549.
Cumberland
County Power & Light Co. (& Sub.)—
Earnings—
Operating revenues
Operation
.
,
Purchased power
Rental of leased prop'ty
Maintenance
Provision for deprecia'n_
Prov. for depreciation of
49,411
36,848
3,900
68,442
397,623
3,953
32,985
45,349
516,512
153,
Devoe &
$133,590
6,468
$106,124
9,779
$1,497,197
104,474
$1,346,116
122,634
$140,058
32,160
Cr 1,366
$115,903
32,488
184
18,580
$1,601,671
$1,468,750
388,155
165
256,553
391,076
2.323
222,142
$88,931
29.164
..
,
$64,651
29,164
$956,798
349,973
$853,209
349.976
deductions
Net income-.--—.—
Pref. div. requirements.
24,224
395,522
153, p. 393.
dividend of 35 cents per share on the common
stock, payable Sept. 13 to holders of record Sept. 3.
This compares with
a
40 cents paid on June 14,
last; 35 cents paid on March 15, last; 50 cents
paid on Dec. 16 and Sept. 14, 1940; 25 cents on June 15 and March 15,
1940; 50 cents on Dec. 15, 1939, and 25 cents on Sept. 15, 1939, this latter
being the first dividend paid since Dec. 15, 1937, when 25 cents per share
was also distributed.—V. 152, p. 3340.
Dayton Malleable Iron Co.—SI Dividend—
a
dividend of $1 per share on the common stock,
payable Aug. 29 to holders of record Aug. 21.
paid on May 31 and
March 3, last.—V. 152,
on
common
debentures and all outstanding 7% preferred stock.
There were $1,700,000
of the debentures and 8,940 preferred shares outstanding on Nov. 30. 1940.
—V.
1.53,
688.
p.
Dixie Vortex Co.—Dividend—
on July 31 declared a dividend of 25 cents per share on the
stock, payable Oct. 15 to nolders of record Sept. 25. Like amount
common
paid
on
May 20, last, Dec. 19 and
on
May 15, 1940, and compares with
1938, and previously regular quarterly dividends of 37H
share were distributed.—V. 153, p. 834.
A
July 1,
Dividends of 50 cents were
p.
Dow Chemical
At
James Pardee and G. E. Cokings
resigned but Mr. Pardee was elected Emeritus Chairman of the Board
and Mr. Codings made Emeritus Vice President.
Alden B. Dow and M. E. Putnam were elected by the board to fill vacan¬
cies created by the resignations of Messrs. Pardee and Collings.
JL)r. Wihard H. Dow was reelected Pres. & Gen. Mgr. and in addition
subsequent
meeting of the board,
becomes Chairman of the Board.
revenues
—
Provision for retirements
__
Taxes—Federal income
Federal excess prof its.
.-
Other than Federal income &
excess
profits
Treas., relinquishing the position of Asst. Sec.
Company nas awarded contracts for the construction of a synthetic
plant, near its magnesium plant at Chute, near Freeport, Texas,
to M. W. Kellogg Co. and Austin Co.
The plant will cost approximately
$11,000,000 and will use natural gas as raw material.
The new plant will be financed and constructed by the Defense Plant
Corp. under a lease arrangement with Dow, similar to that under which
Dow's magnesium plant was built and operated.
It will be located on a
4,500-acre tract about six miles from Freeport.—V. 153, p. 688.
ammonia
Eagle-Pichcr Lead Co.—Consolidated Balance Sheet$
12 Months
$3,896,594 $15,594,669
1,625,871
6,990,672
180,918
615,606
350,420
1,348,799
a360,027
al,072,710
a52,041
a227,694
354,069
1,418,834
$973,245
1,947
2,679,780
$3,920,352
9,217
$975,192
219,217
$3,929,569
881,053
Current
1,622,833
$
Inventories
19,722
—
20,531
5,304,332
$755,975
112,503
Accrued liabilities.
5,329,065
483,400
Cust. credit bals..
77,089
33,980
11,747,861
Def'd bk. indebt..
3,500,000
2,000,000
Contingent purch.
money obliga'n. 2,694,351
Res. for self-ins'ce
276,807
3,405,564
Self-insurance fund
105,868
105,668
15,797
16,697
Sundry securities.
Treasury stock, at
Res. for contlngs—
127,462
Prepd. & def. chgs.
Pats., goodwill, &c
144,682
480,092
1
428,161
Balance--
-
$2,598,504
year;
consequently the provision herein recorded for the 12 months
period
1941 includes accruals properly applicable to the entire 18
period from Jan. 1, 1940 to June 30, 1941.
The company incurred no Federal excess profits tax for the calendar year
1940.
Accruals for normal Federal income tax and Federal excess profits
tax for the year 1941 have been established on the basis of higher rates than
those contained in the existing law as of June 30, 1941. These tax accruals
are subject to adjustment when the new 1941 Revenue Act becomes a law.
—V. 152, p.3804.
ended June 30,
months
Decca Records, Inc.
a
(& Subs.)—Earnings—
6 Months Ended June 30—
Net income
Earnings
per
share of
1941
1940
$383,591
$170,571
$0.45
common stock
$1.02
a After all
charges, including Federal normal income tax at the rate of
30% in 1941 and 24% in 1940, but before Federal excess profits tax.—
V. 153, p. 393; V. 152, p. 3021.
($100
1941
L
$2,226,597
1,691,335
Profit
Profit from oper. before deple.,
deprec., &c
Other income
Totalincome
Other charges
$268,974
9,721
$417,561
------
Miscellaneous operating revenue, net
$246,850
22,124
$392,288
25,273
General and administrative expense
$418,128
99,461
71,816
$373,857
18,431
expense
$2,037,854
1,619,726
$535,262
87,505
73,900
Gross profit
Selling
1940
$278,695
7>146
50,355
128,458
535
Depletion
Depreciation
Undeveloped leasehold
54,527
133,827
19,960
35,000
.,------
rents
Surrendered leases and non-produc. development.
Net income before minority interest
26 299
30,000
555,400
Applicable to minority interest
$36,437
130
Net income accrued to corporation
28
$173,582
$36,410
Consolidated Balance Sheet June 30, 1941
555,400
9,000,000
($10
Capital surplus.—
Total
-25,226,842 22,549,359
1,898,761
1,898,761
Earned surplus—
3,237,781
2,467,813
25,226,842 22,549,359
Total
Earnings for the 6 months ended June 30, 1941, appeared in the "Chroni¬
Aug. 16, page 986.
''/y::
cle" of
Ebasco Services,
Inc.—Weekly Input—•
For the week ended
Aug. 14, 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
follows (thousands of kilowatt-hours);
companies of Ebasco
—Increase
1940
133,023
70,910
National Power & Light Co__
88,482
The above figures do not include the system inputs of
appearing in both periods.—V. 153, p. 987.
Operating Subsidiaries of—
American Power & Light Co__
Electric Power & Light Corp.
Edison Brothers Stores, Inc.
(& Subs.)—^Earnings—
585,000
share of
common
stock
Note—Provision for Federal income and
$473,459
37,500
192,391
$397,208
$1.63
-
Balance to surplus
181,000
$665,577
37,500
230,869
— -
Common dividends
$243,568
$1.13
profits taxes for the first
half of 1941 is estimated on the basis of rates included in the tax bill recently
passed by the House of Representatives.
Provision for taxes in 1940 was
adjusted to give effect to the Second Revenue Act of 1940 enacted later
in the year.
The consolidated
balance
sheet
excess
includes
cash
of
$2,595,625
025,321
taxes
on
Electric
Bond
Evidence—Orders
&
Share
Material
in
Co.—SEC
Nine
Overrules
Documents
on
in
The Securities and Exchange Commission issued an opinion Aug. 19 over¬
ruling the trial examiner in the Electric Bond & Share Co. capital simplifica¬
tion proceeding, who sustained objections of company counsel to support
various
arguments.
The Commission's opinion
places into the record nine documents, and
cross-examination of certain officials
introduced whether objections have been raised or not.
The first group of documents to which counsel of the
accounts payable,
$451,582: accrued payrolls, commissions, taxes, &c., $110,619;
provision
for social security and
unemployment tax, $6,692; provision for Federal
income
and capital stock
taxes, $5,875; deferred liabilities, $142,669;
miscellaneous reserves, abandonments,
taxes, &c., $28,284; minority in¬
terest, $3,107; $4 cumulative preferred stock, $729,456; common stock
Aide
Placed
of Proceedings—
»*r\aei}klies—'^0tes Payable
$100,000;
in¬
unpaid 1940 instalments of Federal taxes, provision for Federal
1941 income, and accrued general taxes.—V. 153, p. 835.
orders its counsel to proceed witn the
of Bond & Share and its subsidiaries.
banks),
and
ventories of $2,927,730.
Total current assets of $5,527,835 show a ratio
of 3.37 to 1 over total liabilities of $1,638,156.
The latter includes $1,-
—Fash, $365,139; accounts receivable (net), $335,797; inventories,
|711.091; fixed assets (net), $3,057,363; deferred charges, $24,444; total,
t|T,4yo ,Ou4,
(to
1940
.$16,077,385 $13,011,883
1,250,577
654,459
-
Net profit
Preferred dividends
per
any
Pet.
9.0
13,512
19.0
19,492
22.0
companies not
194 P
-
Earnings
Amount
11,968
1941
144,991
84,422
107,974
6 Months Ended June 30—
Net sales.-
Record
$173,712
255,388
9,000,000
par)--
Common stk.
1
Net profit before Federal taxes
Provision for Federal taxes (see note)
Derby Oil & Refining Corp. (& Subs.)—Earnings—
6 Months Ended June 30—
Sales (less discount)
Cost of sales
279,252
255,388
6% cum. pref. stk.
450,012
a Because of the retroactive enactment subsequent to June
30, 1940 of
the Second Revenue Act of 1940, accruals for additional income tax were
made in the month of September, 1940 for the first nine months of that
783*486
1,564,412
623,754
------
$3,048,516
$643,472
—
1,361,480
8,233
88,408
Fixed assets (net) .11,439,534
Other assets
par)
Net income
Preferred dividends paid
500,000
1,370,212
8,233
Pref. divs. payable
Common dividend
purchase
contracts
700,000
Accounts payable.
2,650,459
4,430,499
(net)
Ad vs. on
5
in¬
bank
debtedness
Accts. & notes rec.
cost
Gross corporate income
Interest and amortization charges
June 30 '41 Dec. 31 '40
Liabilities—
$
.
Cash
securities
Net operating revenue
Other income..
reelected V.-Pres. &
was
June 30 '41 Dec. 31 '40
3 Months
Operation
Maintenance
Earl W. Bennett
Treas., and Leland I. Doan was reelected V.-Pres. and elected Secretary,
assuming a title and duties that previously had been
in tne latter position
Mr. Bennett's.
1279.
Dayton Power & Light Co.—Income Statement—
Period Ended June 30, 1941—
Co.—Chairman, &c.—New Plant—
Stockholders at their recent annual meeting reelected all directors.
a
Assets—
Gross
on
50 cents paid on Dec. 26, 1939, 25 cents paid on Oct. 20 and Jan. 17, 1939,
and
E. O, Barstow and C. J. Strosacker were elected Vice-Presidents and
Charles Penhaligen was made Auditor.
Fred B. Brown was made Asst.
Cutler-Hammer, Inc.—To Pay ZIy-Cent Dividend—
Directors have declared
Raynolds Co., Inc.—May Increase Stock—
a special meeting of holders of its 7 % preferred and
stocks for Aug. 27 to vote on the proposed issuance of
29,000 shares of 5% cumulative preferred stock.
Proceeds of the issue would be used to redeem all of the 15-year 4X%
B
cents per
4,607
(net)
Directors have declared
546.
p.
Company has called
345,276
20,333
L
Gross income
—V.
—V.
47,165
47,136
Non-oper. income (net).
Other
71,500
(Fed'l
Net oper. income
Other interest
40,400
2,908
32,890
7,075
33,289
and State)
Fed'i (incl.inc. tax)..
Bond interest
$10,536,307
5,763,370
Cr27,985
Net income
was
Taxes—State & munic..
security
686,363
.$11,714,284
$18,136,033
funded and unfunded debt
on
$16,540,387
150,138
$16,690,526
5,813,170
Cr74,594
415,642
Gross corporate income
Interest
188,992
——
Directors
leased property
Prov. for replacement of
bus prop, (leased)
Social
1941—12 Mos.—1940
$5,404,783
$4,938,769
1,520,178
1,428,583
256,403
221,892
239,060
263,548
312,225
346.665
511,394
448,278
4,500
$17,947,041
Income from utility operations
class
IMl—Month—1940
$500,217
$398,580
170,185
106,609
8,430
23,491
17,881
21,962
24,713
26,310
1941
1940
$70,702,984 $63,056,451
52,755,944
46,516,064
.
Other miscellaneous income
an
Period End. July 31—
(& Subs.)—Earnings—
Interest charged to construction
Amortization of debt discount and expense
Cudahy Packing Co.—Wages Increased—
Company has granted
Detroit Edison Co.
12 Months Ended July 31—
Gross earnings from utility operations
Co., Inc.—25-Cent Common Div.—
152, p. 3648.
1941
23
(267,142 no par shares), $2,076,192; certificates of deposit outstanding
calling for delivery of 21.35 shares of common stock, $168; capital surplus,
$344,866; earned surplus, $494,323; total, $*,493,834.—V. 152, p. 3805.
Utility expenses
Directors have declared a dividend of 25 cents per share on the common
stock, payable Aug. 12 to holders of record July 28. Like amount paid on
April 30, last, and dividend of 50 cents was paid on Dec. 27, 1940, this
latter being the first common dividend paid since March 7, 1938, when 50
cents per snare was also distributed.—V.
Aug.
the triax examiner to follow
At the
same
time the SEC ordered
"orderly procedure" and mark all documents
respondents ob¬
jected consisted of two schedules, each entitled "schedule I, Pennsylvania
Power & Light Co., certain amounts, included in the property accounts,"
while a third schedule dealt with the manner of acquisition by Lehigh Power
Securities Corp. of investments in Pennsylvania Power & Light.
Volume
Financial Chronicle
The Commercial &
153
1129
Counsel for the SEC attempted at a recent hearing to inrtoduce as part
of the record certain documents, which the respondents said were "working
papers." or documents composed in the course of preparation for the hear¬
bonded
ing.
Tne issues involved include
any or all of the following: $6,700,000 Erie
RR .-Cleveland & Mahoning Valley Co. collateral trust notes; $2,831,000
Cleveland & Mahoning Valley first mortgage bonds; $8,000,000 of Nypano
definitely
ItR. prior lien bonds; and $541,000 of
Rayen Terminals Co. first mortgage
Reorganization managers are considering the possibility
refinancing these issues and combining them under a new first mortgage
of the Nypano an(*
Cleveland & Mahoning Valley, it is understood.
—V. 153, p. 835.
-aav A' ;.,,v
or
Empire Power Corp.—Accumulated Dividend—
Exchange Buffet Corp.—Meeting Adiourned—
Stockholders will hold on adjourned annual meeting on Oct. 15 to consider
changing the par value of the capital stocK, from no par value to $2.50 par
value.—V. 153, p. 689.
a dividend of 75 cents per share on the $2.25
partic. stock, no par, payable Sept. 20 to holders of record Sept. 11.
Dividends of 50 cents paid in the three preceding quarters; dividend of 75
cents paid on Nov. 9,1940 and 50 cents paid on Sept. 10, June 10, March 11,
1940, and on Dec. 11, 1939.—V. 152, p. 3180.
The directors have declared
cum.
Co.—"Death
Sentence"
Fall River Gas Works
Period Ended July 31—
Operating revenues
in
Maintenance
Asserting that Congress passed the public utility holding company act
Commission
a
on
...
Taxes.............I.,
1941—12 Mos.—1940
$929,737
$910,272
540,893
500,209
56,747
"A 68,128
203,338
173,289
h',335
151802
$5,151
Net oper. revenues
nine-point argument before the Securities and Exchange
behalf of Engineers which contends that administration of
Co.—-jEarnings—
1941—Month—1940
$69,946
$69,214
45,347
39,700
5,112
4,588
Operation
of 1935 with the purpose of protecting the rate-payer and the investor, Dr.
Merwin H. Waterman, professor of finance of the University of Michigan,
today offered
decide the
serial 4% bonds.
raised to a letter introduced by Commission
counsel dealing with the reorganization of the Pennsylvania properties of
Bond & Share.—V. 153, p. 835.
\
was
Engineers Public Service
Utility Rule Termed Illegal—
If and when the road's reorganization managers
manner in which such refinancing should
be ac¬
complished.
The trial examiner sustained the objection.
"We reverse this ruling of the trial examiner and overule respondents'
objection to this exhibit made on that ground," the Commission said.
"The
document was prepared from the booics and records under the control of the
respondents."
Particular objection
debt, structure,
$9,122
2,455 A
Non-oper. income (net).
6,987
$128,757
57,498
$168,644
35,741
$186,255
60,000
6,728
$204,386
60,000
7,579
$119,527
119,125;
$136,806
119,125
the "death sentence
by the commission is unconstitutional.
Mr. Waterman appeared as an expert witness before a commission
hearing, offering testimony on the basis of economic studies which he made.
He contended that holding companies pass on Denefits to utility customers
in the form of lower rates, because of their large size and economical
operation. AAA
'AVa/V'A :':i. A A: A
■.
A A.; A'1' ■ AA
He stated that the SEC cannot carry out the intent and purpose of the
act—to protect the consumer and the
proceeding to destroy holding companies under section 11(B)
referred to as the "death sentence."
holding
He
company
nine
investor—by
(1),familiarly
follow:
points
That holding company subsidiaries serve the puolic at lower average
electric rates than independent public utilities and that this is true regardless
of size of community served, or size of company furnishing the service, and
generally regardless of the geographic section of the country.
(2) Tnat the size of the company furnishing the service has a marked
relationship to the rate at which electric service is furnisned; large companies
have consistently lower rates than small companies and there is no point in
the trend at which greater size appears to work adversely to the interests
of electric consumers.
(1)
(3) That while nolding company subsidiaries have outstanding larger
proportions of bonds and preferred stock in their capitalization, investors
are, in general, at least as well protected in securities of holding company
as in securities of independents.
(4) That the percentage of common stock earnings paid out in dividends
in holding company subsidiaries is lower tnan the corresponding ratios
in independents, disposing of the claim that holding companies generally
milk their subsidiaries.
(5) That, with one exception, holding company subsidiaries alone have
raised new money by increases in the common stock in tne last two years.
(6) That comparisons of both ratios of expense and the level of electric
rates show evidence of greater economy of operation in holding company
suosidiaries
higher
higner
and
rates
costs
companies appear less efficient and have
than medium and large-sized holding
That tne distance at which operating companies are located from
has no appreciable relationship to
the electric rates charged or the economy of operation.
(9) That there is no evidence tnat the effectiveness of State regulation of
utilities is related to or influenced by the method of ownership of the
utility, wnether it is an independent or a subsidiary of a holding company.
Dr. Waterman said that on the Dasis of his studies, holding company
subsidiaries operate,
"more efficiently than independents, naving an
effect either on rates or return to investors, or both.
The Commission refused to accept Dr. Waterman's testimony as evidence
contending that it cannot pass on the constitutionality of Section 11, a
position which it has maintained since Engineers indicated that it will go
to the courts on the "death sentence.
However, the SEC accepted the
(8)
the head office of the holding company
Net income
1939
General exps. charged to construction
Maintenance
Prov. for deprec. & retirements &
Gene, al taxes
Excess profits tax (1940 Act)
State income taxes
corporations...
121,187
122,330
bonds
13,331
1,672
10.846
Total
debentures._
bank indebtedn's
Taxes refunded
'■
$9,641,037
170,150
7,262,351
7,438,702
$2,294,442
297,410
$2,202,336
347,321
$1,997,032
$1,855,014
Total charges of sub. companies
Balance
Total charges of Federal Water Service Corp
x
Balance of net income
Of the balance of consolidated net income for the years
ended June 30,
be realized
1941 and 1940, $365,24o and $360,895, respectively, could not
by Federal Water Service Corp. because of various
payment of dividends by certain subsidiary companies.
Statement of
1941
194(
$1,005,530
289,850
270,461
$804,762
$735,070
287,210
10,2 j0
318,723
28,598
$507,352
$387,749
Balance
on
5H% debentures—
Miscellaneous charges
Net income
-V.
153,
548.
p.
Fidelity & Casualty Co. of New York—Balance SheetBalance Sheet June 30, 1941
:
A"'.', '"'J
Bonds and stocks
Liabilities—
"V-*-
"
535,590,057
92,090
...$14,198,178
18,773,738
Unearned premiums
Reserve tor claims
9,922,949
Capital
64,828
83,750
'As'JiiA'iAAAAA;*
'
'
W
M
998,767
All other assets
~
Reserve for al 1 other liabilities
84,558
655
1,399
$174,999
Net surplus
*
Valuations
on
approved by National Association of Insurance
basis
82,368
First American Fire Insurance
Co.—Balance Sheet—
Balance Sheet June 30, 1941
7Anhi)Wp*—~
A ssetS"^^*
2,176
1,901
1.067
$81,038
$58,028
159,610
371,301
$48,231
389,667
$7,815
393,861
$1,053,220
$3,564,234 Unearned premiums..
132,248
7,500 Losses in process of adjustment
Bonds and stocks
Real estate
Premiums in course of collect'n
a
Excess
Preferred
a
dividends
Without
Balance Sheet June 30,1941
Liabilities—Account
payable
securities
for
purchased—not
received,
$11,648; accounts payable, accrued expenses and taxes, $23,599; dividend
on preferred stock, $159,610; accrued interest on debentures outstanding,
$69,792; reserve for Federal income and defense taxes, $3,076; reserve for
contingencies, $30,201; 5% gold debentures issued by American, British &
Continental Corp., $3,350,000; capital stock, $691,943; surplus, $10,365,074; unrealized depreciation (net) of general market securities owned,
Dr%791,045: excess of book cost of investments oyer amounts carried herein,
Dr$l,000,063: unrealized appreciation of investment in General Reinsur¬
ance Corp., $1,191,895; total, $14,105,730.—V. 152, p. 3805.
Erie Lighting
Co.—Earnings—
1941
12 Months Ended June 30—
$2,023,838
Gross operating revenues.
Operating expenses (net)
_
.
„
..
.
w—
Provision for retirement
738.884
...
------- -_ -—■- -
-
-
-- -
-
(deprec.) of fixed capital
profits.
Other taxes
140,361
203,815
1940
$1,860,504
706,579
104,150
176,530
81,750
...
_
Income deductions.
_
_
_
_
_
_
_
-
-
—-
Gross income
—
—
—
.._
.
Net income.
$661,770
Dr 69
$6.53,394
$661,771
278,263
Erie RR.—Way Cleared for
Managers to Push Refunding—
20 had the following:
signed by Judge Robert N. Wilkin, of Federal Court, Cleveland,
The "Wall Street Journal" Aug.
the way for refinancing
$4,706,702
approximately $18,000,000 of Erie System's
46,150
25,000
1,000,000
2,450,083
Capital
-
$4,706,701
Total
* Valuations
on basis
approved by National Association of Insurance
Commissioners—If actual June 30, 1941 market quotations of bonds and
stocics had been used the total admitted assets would be $4,797,581 and
policyholders' surplus $3,540,963.—V.
Flour Mills of America,
The National Uniform
152, p. 677.
Inc.—New Securities Ready—
Practice Committee of the National
Association of
that it has been informed that the old
(Maryland) are now exchangeable
Securities Dealers, Inc., announced
securities of Flour Mills of America, Inc.
into the equivalent
of new securities of Flour Mills of America, Inc. (Dela¬
approved on Sept. 16, 1940, and that
being issued for each of the new securities as follows:
ware) under the reorganization plan
separate certificates are
20-year sinking fund convertible 4% notes due
debtedness due 1960, common stock ($5 par).—V.
Florida Power Corp. (&
» _
_
-
-
-
-
-
—
Other
Operating incomeOther income (net)..
Gross income
Income
1960, certificates of in¬
151, p. 414.
Subs.)—Earnings—
12 Months Ended June 30—
Operating revenues
—
Operating expenses (other than shown below)
Electricity purchased for resale _ . _ ....
... - . .
Maintenance ....A--i.
- - -A _ — _ ■_ _ Provision for retirement (deprec.) of fixed capital..
Provision for taxes—Federal income
$383,508
period from Jan. 1, 1941,
estimated 1941 tax rate of 30%.—V. 152, p. 3651.
Note—Provision for Federal income tax for the
is based upon an
deposit and in office..
Net surplus..
1
$388,505
Operating income________
Other income (net)
-
129,724
264,889
—.
___
163,822
123,492
$653,463
Federal income and declared value excess
An order
Reserve for all other claims...
on
Total
$671,475; account receivable for securities sold, not
delivered, $70,514; accounts and dividends receivable and interest accrued,
$32,835; general market securities, at market quotations (average cost
$5,281,663), $4,490,617; investments in securities of subsidiary companies,
$5,752,001; investment in security of associated company, $3,088,287;
total, $14,105,730.
paves
Reserve for taxes and expenses
9,882
720,653
Cash
giving effect to results of security transactions.
Assets—Cash,
Maintenance
404,431
Interest and rents accrued....
income
of
over oper. expenses.
and
and
policyholders' surplus $16,462,853.—V. 149, p. 4164.
83,750
2,182
at source.
$53,164,009
Total
$53,164,009
Commissioners—If actual June 30, 1941, market quotations of bonds
stocas had been used the total admitted assets would be $53,331,480
*
holders and taxes paid:®
2,250,000
14,045,382
73,882
$211,452
62,716
83,750
14,854
$208,783
2,696,709
1,200,000
Reserve for taxes & expenses.
—.
6,386,661
173,484
Premiums In course of collect-
Total
117,937
19,217
the
on
«
$1,094,612
Years Ended June 30—
Expenses and taxes
Interest
restrictions
Income (Unconsolidated)
Total income
deb.
to
1,470,887
Gross income
.V'V*
4i4
$212,445
45,475
83,750
expenses._
$73,885
$75,607
•
Miscellaneous income_..
on
1938
$14,506
other
Int.
........
Interest accrued
$76,254
on
$9,396,687
160,10b
$9,556,793
Net earnings
Other income
Assets
& sub. cos.;
Amer. General Corp..
Gen. Reinsur. Corp..
divs. on stocks of
Interest
replacements
Federal income taxes
1941
1949
$25,3 61,951 $23,598,3 04
6,227,133
5,817,139
3,028,977
2,435,158
Cr208,262
Cr171,206
1,001,179
950,506
2,285,706
2,264,546
2,145,389
1,937,552
1,177,140
773,886
210,883
119,837
97,120
Cash on deposit and in office.
1940
Cash
Operating
(& Subs.)—Earnings—,
Operation
Gas purchased
Real estate..
1941
6 Mos. End. June 30—
Cash divs. on stocks of
on
$6,008
Federal Water Service Corp.
proffer of evidence.—V. 153, p. 836.
Equity Corp.—Earnings—
Interest earned
$6,682
...
Years Ended June 30—
Total operating revenues
*
assoc.
569
Dividends declared
—V. 153, p. 548.
A
companies.
expert s testimony as a
$11,577
5,000
457
x
That the size of holding company systems has little or no relationship
any factors which affect either electric rate payments or investors,
(7)
except tnat very small holding
$12,139
5,000
accruals\
res.
Interest charges
independents.
suosidiaries than in
to
Balance
Retirement
deductions..
1941
1940
'354,927
1,805,925
$3,996,940
1,649,626
101,963
321,917
327,994
192,239
303,425
71,394
269.463
327,682
122,026
305,079
$1,301,461
29,132
l,251,668
59,695
$1,330,593
678,354
[,311,363
652,299
$652,239
$659,064
Note—Provision for Federal income tax for the period from Jan. 1, 1941
based upon an anticipated 1941 tax rate of 30%.—V. 152, p. 3182.
Net income
is
General
American Transportation
Corp.—-Equipment
Privately—The company has sold to Kuhn, Loeb
& Co., who have resold the issue to two life insurance com¬
panies, an issue of $3,440,000 2% equip, trust certificates,
Issue Placed
The Commercial & Financial Chronicle
1130
series 33, dated Aug. 3, 1941, and maturing semi
-annually,
Feb. 1, 1942 to Aug. 1, 1951.
Proceeds will be used for
the purchase of new equipment.
Manufacturers Trust
Globe Indemnity
Co.,
trustee.—V. 152, p.
1941
______
—
_
.
_
_
__
.
Prems. in course of collection.
216,659
183,425
$528,113
31,700
$538,780
$559,813
v
389,820
...
____
_
____________
—
$561,240
411,583
$169,993
Fonda Johnstown & Gloversville
$149,656
$7,975
Drl ,317
$3,357
,$6,658
11,024
$17,682
3,138
income
oper.
Total income
Miscell. deductions..
Fixed charges
,
income
153,
•
$33,203
Dr3,605
$2,812
7,784
$75,835
$29,598
6,095
$10,596
3,649
12,746
$89,256
12,431
92,807
$35,693
15,270
89,293
def$5,799
def$15,983
def$68,87l
JJr 54 5
13,421
395.
p.
General Investment Corp.—Grove
s
and ordered
a
The Court reversed the conviction of George S. Groves
new
6,276,036
reserve..
2,500,000
7,500,000
543,356,506
Total
...-.-. —
.$43,356,506
For contingencies including fluctuation in market value of securities.
—V. 152, p. 3024.
^
'■
(Adof) Gobel Inc.—Offer for Debentures—
Jerome A.
the
to
Newman, 80 Broad St., New York City, has made an offer
of the 4&% convertible debentures, due May 1, 1941 to
total of not less than $160,000 of undeposited or unassented
holders
purchase
a
\%% debentures at $75 per $100 of face amount provided such total of
debentures is deposited with the First National Bank, Boston, Mass., in
acceptance of this offer on or before Sept. 4, 1941.
Should more than $160,000 of face amount of debentures be deposited,
or should less
than $160,000 of face amount be deposited, Mr. Newman
the right at his election to purchase all debentures so deposited.
$160,000 of debentures are deposited by Sept. 4, 1941, the First
reserves
If
National Bank, Boston, will make payment promptly after that date.
If the offer becomes operative, the debentures so acquired will be utilized
to make effective the
plan of the company, dated Feb. 15, 1941 calling for
Attention is directed to the provision in the company's plan under which
the extended debentures will be convertible into common stock of the
trial for him.
$2.50
heretofore,
company at
as
share of common instead of $10 per share of
per
plan for the extension of its indebtedness, which heretofore has not received
a sufficient number of deposits to assure the success of the plan.
Failure of
unassented debenture holders either to accept this purchase offer or to
accept the company's extension plan will defeat the latter plan and may
make necessary resort by the company to the courts.—V. 153. p. 550.
Goodyear Tire & Rubber Co.—Earnings—
[Including Domestic and Foreign Subsidiary Companies]
a
6 Months Ended June 30—
Net sales...
Cost of goods sold
1941
defendants, together with a number of corporations, previously
found guilty on 14 of the 15 counts of an indictment which
charged
thatihey gained control of General Investment Corp. by means of false
1940
$152,931,046 $101055,607
106.552,119
70,096,547
5,253,729
5,005,564
19,408,719
1< ,659,100
-
;
Depreciation provided
Selling, administrative and general expense
—
The
common
This offer to purchase is not made for the account of the company, but is
made with the object of bringing to a successful conclusion the company's
Conviction Upheld—
The Securities and Exchange Commission and the
Department of Justice
on Aug. 14 reported that the Circuit Court of
Appeals for the Second Circuit
affirmed the conviction of Wallace Groves on
charges of defrauding General
Investment Corp.
Voluntary
Capital.
extension of these debentures.
$81,387
Dr5,552
$2,319
Net ry. oper. income.
Other income
Net
32,742
2,899
12,226
Net rents
—V.
1941—7 Mos.—1940
$330,350
$289,994
232,313
235,535
16.649
21,255
$38,999
Ry. oper. expenses...__
Ry. tax accruals...
Ry.
RR.—Earnings—
1941 —Month—194 0
$45,388
34,916
2,496
a
Surplus
22,459
Note—Provision for Federal income tax for the period from Jan.
1, 1941
Is based upon an anticipated 1941 tax rate of 30%.—V. 152,
p. 1432.
Period End. July SI—
Total ry. oper. revenue.
250,000
627,528
—
Total.............
a
Operating income
Gross income.....:
Income deductions....
565,000
Reserve for sundry accounts.
3,732,161
176,776
Int. & rents due & accrued...
Sundry balances due..
686,623
Reserve for taxes
3,765,901
500.000
•
— -
8,797,568
collected premiums
2,835,368
26.677
Other
Other income (net)
guaranteed stocks...
Real estate
48,244
201,712
377,319
$16,781,278
Res. for commissions on un¬
...
Common stocks
$2,436,921
1,087,439
255,873
250,973
_
Provision for retirement (deprec.) offixed capital..
Provision for taxes—Federal income.
Pref. &
1940
$2,488,188
1,174,279
35,610
_
_
Other bonds
Reserve for unearned prems..
3,698,469
U, 8. Govt, bonds
Co.—Earnings—
Operating revenues
Operating expenses
Electricity and gas purchased for resale
______
Liabilities—
Reserve for claims
$2,758,344
25,261,957
Cash in banks
12 Months Ended. June 30—
_
Co.—Financial Statement June 30, 1941
Assets—
3632.
Florida Public Service
Maintenance.
Aug. 23, 1941
shares except at prices wnich tney Delieve to be attractive under the con¬
ditions prevailing at the time of the purcnase. —V. 153, p. 242.
were
representations and other fraudulent devices.
The indictment alleged that
they defrauded the company by selling to it large amounts of its own se¬
curities and causing it to pay fictitious commissions on
transactions pur¬
portedly for the benefit of the company.
The Court of Appeals held that there was
ample evidence to establish
Wallace Goves' participation in the scheme, his domination over
the Presi¬
Operating profits
proof of Wallace Goves' responsi¬
bility for the failure of the President of the company to disclose the true
facts to the company.
This violation of the President's duty of disclosure,
for which
Wallace Goves was responsible, was held to constitute
In addition it was held that there was sufficient
evidence of
affirmative misrepresentations.—V.
General
fraud.
deception by
153,
549.
p.
Motors
Corp.—Purchases $150,000,000 U.
Treasury Tax Notes—To Apply to 1941 Federal Taxes—
S.
The corporation has purchased a total of $150,000,000 of U.
8. Treasury
notes of Tax Series B-I943—within the last few
days, it was announced
Aug. 16.
The corporation has purchased this amount in advance to
apply
on its 1941 Federal taxes in
order to assist the United States Treasury in
financing the national defense program.—V. 153, p. 989.
3 Months Ended June 30—
Operating revenues
Expenses...
Provision for income and
1940
1939
Other income
$4,014,310
3,236.186
$4,175,225
3-328,933
$911,520
44,559
Operating profit...
$778,124
12,181
$846,291
$956,079
247,059
1,584
125,143
$790,306
250,464
$862,823
256,037
1,174
16,532
;
w_
Interest & miscellaneous deductions..
Provision for Federal income tax.
Net profit
698
... _
.
_
$539,144
Earnings
per
share
(est.)...
989.
revenues
153,
p.
...— ______
Consolidated Balance Sheet June 30
(Including Domestic and Foreign Subsidiaries)
1941
1940
S
$
Assets—
Cash
deposits
8,476,540
152,162
(net).. 43,399,879
26,871,548
Res.
Accts. and notes
Inventories
Land,
1
to
64,910,396
1940
1941
1,990,962
$850,927
3,320,643
805,142
bank
overdrafts
2,766,541
2,577,557
build¬
Acer, dividends.
1,357,355
26,314
machin¬
Accr. int. pay..
Bonds and serial
71,875
82,604
500,000
41,500.000
43,000,000
6,765,075
2,670,183
77,490,927
ery & equip—
79,676,619
Goodwill, patents
notes
&trade- marks
1
other expenses
payable
within 1 year.
Funded debt
754,817
1,234.929
MLscell. reserves
1,500,000
Minority int. In
cap.
stocks of
9,114,161
8,909,466
preferred stock 63,932.100
$679,930
64,653,200
cos
c
Common stock
10,997,523
10,997,523
Capital surplus.
Total
1941
1940
,187,243
331,922
308,471
84,913
158,201
27,436
$171,094
4,487
$260,084
179,901
$175,581
184,228
$80,183
capital.
$1,136,085
194,731
347,543
75,981
130,806
39,734
90,657
$256,631
3,453
__
resale.
$8,646
Net income.
105,20.3
Co.—Capital Set-Up Changed—
special meeting of stockholders held
Aug. 21, the stockholders ap¬
proved the plan of capital readjustment
whereby the 1,998,769 shares of
common stock carried on the books
at $14,990,767 ($7.50 par) would be
reduced
to,$1,998,769 ($1 Par), thereby effecting an increase in capital
surplus of $12,991,998.
A total of 1,531,766 shares were voted in favor
of the resolution, with 25,397 shares
opposed.
KAfter giving effect to this change, tne total
capital of the company
will be reduced from
$17,240,767 to $4,248,769.
► The reduction in tne capital, thus materially
Increasing the capital sur¬
plus, will enable tbe company to mark down
will, and against which it may charge
or
set up a reserve
against good¬
any capital losses wnich may be suf¬
Delligerent countries or elsewhere, to the extent that such items
charged against earned surplus.
Likewise, a larger capital surplus
will be available against which such
portion of the purchase price of any
shares of preference stock purchased
by the company may oe charged as
is not charged to earned
surplus or capital.
fered in
''The directors believe that the
reduction in
capital, the notice to stock¬
"and increase of capital surplus
would place tne
company in a better position to purchase
preference shares for retirement
from time to time.
In no case, however, will the directors
.
.
191,181,2021
18,884,130
30,684,694
25,411,566
surplus.
Total...
213,284,713 191,181,202
After
reserve for depreciation of $112,240,662 in 1941 and $107,031,128
b Represented by 639,321 no par shares in 1941 and 646,532 no
par shares in 1940.
c Represented by 2,059,168 no
par shares.—V. 152,
a
in 1940.
p.
3654.
Grand Trunk Western RR.—Abandonment—
The Interstate Commerce Commission on Aug. 7 issued a certificate
permitting abandonment by the company of a portion of its line of railroad
extending from the west bank of the Saginaw River easterly and northerly
to the end of the line, approximately 0.92 mile, in Bay
City, Bay County,
Mich.
New President
Note—Provision for Federal income tax for the
period from Jan, 1, 1941.
Is based upon an anticipated 1941 tax
rate of 30%.—V. 152. p. 3182.
Gillette Safety Razor
213,284,713
19,015,692
Earned
Other income (net)..
2,841,310
6,479,480
in transit
2,014,717
1940
$41,300
Other
holders stated,
s
foreign
Foreign
Aug. 14—
$51,300
Provision for retirement
(deprec.) of fixed
Provision for taxes: Federal income.
a
1940
6,306,706
10,357,454
for
taxes......__
sub.
—Jan.
Maintenance
At
S
Drafts for rubber
81,163,069
Investments
ings,
.
8,937,621
taxes
16,320.830
8,518
Govt.
securities....
receiv.
1941
Liabilities—
Acc'ts payable..
Res. for U. S.
hand,
on
Canadian
Georgia Power & Light Co.—Earnings—
_
$4,142,892
$1.23
Returns, discounts, freight, allowances, excise taxes and inter-company
sales deducted,
b And equity in undistributed earnings of subsidiaries
not wholly owned by the Goodyear Tire & Rubber Co.
c On 2,059,168
no-par shares of common stock.
b$5cumul.conv.
12 Months Ended June 30—
Operating revenues
Operating expenses
Electricity purchased for
$6,196,756
$2.23
a
$605,612
1941
Oper.
—V.
3,500,000
—___
Net profits
Georgia & Florida RR.- ■Earnings—
14—
1,097,875
1,989,103
375,060
-
_——
Provision for fluctuation in foreign exchange
Reserve for contingencies.
Note—No mention made of taxes in 1940 and 1939.—V.
152, p. 4124.
-Wk. End. Aug.
8,158,406
3,325,434
profits taxes:
—
Prepaid insur. &
$582,294
$8,718,128
844,267
268,931
—
Foreign
a
Amor ti za tion
excess
United States
Inc.—Earnings—
1941
$4,176,076
3,264,556
_
..$22,318,583
774,974
363,013
:Total profits..
demand & time
General Outdoor Advertising Co.,
$8,294,396
423,732
Interest on funded and miscellaneous debt
b Dividends..
dent of the company, and his
responsibility for misrepresentations made to
the company and the board of directors.
The Court held that there was adequate
—$21,716,479
602,104
.....
Other income
The election of R. C. Vaughan of Toronto, President of Canadian
National Rys. and of the Central Vermont Ry., as President of this railroad
was announced on
Aug. 14 following a meeting of the board of directors.
—V. 153, p. 550.
Great Northern Paoer
Co.—Newsprint Price Raised—
Company has raised the price of newsprint by $1 a ton for the last quarter
of 1941, to bring the price up to $50 a ton, in the New York area.
This brings the company's price into line with the quotation maintained
by other producers since Jan. 1, 1938.—V. 152,
Greenwich Water System, Inc.
p.
12 Months Ended June 30—
1941
Gross earnings
1940
...
Gross income
Interest, amortization of debt discount, premium
(net), &c., of subsidiaries
Minority interest
—
BalanceInt., amort, of debt discount, premium (net), &c.,
of Greenwich Water System, Inc
$1,324,002
672,287
70,861
$1,296,758
$580,854
Operating
expenses, maintenance and taxes
Provision for depreciation and retirements
3183.
(& Subs.)—Earnings—
$568,273
91,919
11,22,3
108,119
12,503
$477,710
$447,650
659,002
69,482
237,958
230,776
$239,752
$216,873
.
buy preference
Net income-—
—V.
152,
p.
3343.
-
l
The Commercial & Financial Chronicle
Volume 153
Great Lakes Utilities
Co.—Hearing
on
Sale of Subs
A hearing has been set for
Aug. 26, 1941, at 10 a. m., at the Securities
Exchange Commission's Washington offices, on the declaration (File
70-359) regarding the proposed sale of the assets of Le Mars Gas Co. and
Independence Gas Co., both wholly-owned subsidiaries of Great Lakes
Utilities Co., to Carleton D. Beh Co. and Polk-Peterson
Corp., both of
and
Greyhound Corp. (& Subs.)—Earnings—
Period Ended June 30—
'
Directors have declared an extra dividend of 10 cents per share in ad¬
dition to the regular quarterly difidend of 20 cents
per share on the common
st°ck, both payable Sept. 15 to holders of record Sept. 5. See also V. 151,
p. 3397,
l^Hp1' 692a Cash con8ideration of $70,000 and $55,000, respectively.
V
Operating revenues
Operating expenses
Depreciation
$31,361,470 $24,080,823 $62,928,292
22,358,834
18,764,155
43,823,843
3,513,602
2,539,088
6,437,258
Net operating revenue
Other income.—...—
$5,489,034
750,079
Total income
Interest...
Amortization of intangible property
$2,924,284 $14,205,581
97,029
284,508
233,203
508,160
715,666
4,295,384
148,017
46,368
90,762
273,232
__
Norma) income taxes
1,995,334
Federal excess profits tax
Other deductions
...
$2,777,580 $12,667,191
146,704
1,538,390
$6,239,113
164,383
.
Net income..
43,685
$3,762,480
.
$1,832,017
$8,878,750
1,053,515
628,884
2,635.161
Net
income applicable to stocks of
subs, consolidated, held by public..
Net
a
income
applic. to stock
Greyhound Corp
Common stock outstanding.
of
—
Earnings
per share of common stock..
Capital
stock,
shares
12 Mos. 1941
1941—6 Mos.—1940
<
$2,708,965
2,765,909
$0.95
$1,203,133
2,693,409
$0.41
$6,243,589
2,729,659
$2.22
322,734
326,018
322,788
number
of
5A% prefer¬
average
outstanding:
ence, conv. par
value $10 per share.
Includes equity in net income of Pennsylvania Greyhound
r<®
Lines, Inc.,
.Qfk °i
voting stock of which is owned by Greyhound Corp.: six months
1941. $142,477; six months 1940, $96,479. 12 months
1941, $609,081.
1941
has been
accrued
'
'•;
Period End. June 30—
Net profit after charges.
—V. 152, p. 3345.
1941—3 Mos.—1940
loss $80
Gulf Power
on
previously proposed
modified
are
in
the
following,
Hotel
on
the
4%
cum.
income debentures of the corporation.
the arrears of interest
to
p.
Hotel Waldorf-Astoria Corp.6 Months Ended June 30—
Total gross sales and other oper. inc.-
Int. other than int.
on
(d) Gulf Power Co. proposes to reduce its common stock stated capital
from $11,665,655 to $2,665,000;
:
v
Gulf Power Co.
proposes
to reduce the amount by which its plant
and property account is presently carried on its books from
$17,869,592 to
$7,727,074, the difference representing electric plant adjustments of $10,128,891 classified as Account 107 by the company in its original cost report
to the Federal
Power Commission, capital stock expense of $10,088, mis¬
charges of $101,630, less credit reserve for depreciation of
$98,092;
(f) Gulf Power proposes to increase its depreciation reserve from $24 0,992
to $893,665; -'
^
'V
(g) Gulf Power proposes to create a capital surplus on its books of
$1,025,169 and to eliminate its presently earned surplus.
All earned
1939
1940
$3,473,424
2,956,102
298,547
13,724,184
3,158,671
294,444
382,567
18,139
198,769
218,775
13,342
198,404
271,069
$211,746
$198,723
basic
the debs
Amortization of leasehold, &c
Net. loss.
6.312
192,410
Balance Sheet June 30
1941
Assets—
Cash.L.
Acc'ts
■A'.' 9
(net)_.
rec.
Inventortes
Prepaid
Liabilities—
Accounts payable.
386,900
adv.
243,259
17,016
19,356
226,872
Co...
330,415
218,775
Unemploy. ins. tax
23,492
23,266
due
170,616
contr.
285,569
9,183,531
York
New
State
63,938
Realty
Terminal
Admissions,
1,000
corps.
•,$
Basic rent and taxes
72,651
8,856,518
......
1940
$
139,075
(net)..
expenses.
Leasehold
Trade
1941
1940
,
155,377
447,738
Gross
1,000
&
sales.
receipts,
utility & capital
other corps
9,100
9,100
Est. insur. divs
4.000
7,185
New York World's
Fair debentures.
2,771
13,813
stock taxes
accr.
10,219
13,236
2,097,229
1,488,517
19,792
Deposits, unearned
700,860
82,609
762,533
57,280
33,036
exps..
12,695
45,404
Fed. retlrem't tax.
Other
counts rec. credit
•
other
rent,
balances
'
ac-
■'v:ii;j/\
....
Frac. part of Int. of
deben.carr.over
Deferred
a
8,335
'
8,335
718,003
616,291
66,874
rent
35,392
def. rent.,
on
Deben. int. with¬
53,712
Advertis'g due-bills
outstanding
b
Refund
a
12,607,418 12,314,360
On account of
real
on
13,304
13,304
10,985,000
taxes
sink,
come
Total
fund in¬
Total
,
b For
reorganization expenses,
33,427
debentureslO 985,000
estate
5%
53,712
17,225
held
total of
preferred stock of Gulf
Power Co. and $1,157,000 principal amount of first and
refunding mortgage
bonds of Gulf Power Co.;
Earnings—
1941
$3,701,544
3,019,225
299,752
$216,909
Operating expenses
Taxes, insurance, &c
Rent
(part earned of annual
rent of $1,000,000)
(a) The amount of bonds presently proposed to be issued and sold to
the Reconstruction Finance Corporation from time to time is
changed from
(e)
1601.
Int.
stock its open account indebtedness against Gulf Power Co. in the amount
of $810,000, and its investments of 134 shares of
As of Sept. 2, 1941,
10%
the income debentures will be reduced from
on
7% by this payment.—V. 150,
other,
$3,600,000 to $3,100,000;
J
(b) Gulf Power Co. proposes to issue and sell to the public $5,600,000
of new first mortgage bonds as a
permanent financing program, said bonds
to be due in 1971 and to bear interest at a rate not in excess of
3H% Per
annum and the proceeds thereof to be used for the
redemption of presently
outstanding bonds held by the public and of as much of the $3,100,000
bonds as may have been issued to the RFC pursuant to the
authority now
requested and for the construction of National defense projects;
(c) The Commonwealth & Southern Corp. proposes to make an additional
investment in the common stock of Gulf Power Co. by the payment of
$250,000 in cash and proposes also to convert to investment in common
10 cent
Lexington, Inc.—To Pay Interest—
respects:
a
a
The board of directors has approved payment as of Sept. 2, 1941, of the
regular semi-annual interest of 2% on the 4% cum. income bonds of the
corporation and also a payment of 3% on account of the arrears of interest
Deferred charges..
Net def. of capital
among
$6,822
May 31, last, this latter being the first dividend paid since
was paid on Aug. 10, 1938.—V. 152, p. 3345.
The company has filed an amendment With the Securities and
Exchange
Commission modifying los declaration of Aiig. 15, under which the transac¬
tions
$4,176
dividend
Invests, in stock of
Co.—Modifies Financing Plan—-
1941—6 Mos.—1940
$1,151
Honolulu Plantation Co.—15-Cent Dividend—
affiliated
Group No. 1 Oil Corp*—Dividend—
•
Directors have declared a dividend of 15 cents per share on the common
stock, payable Sept. 10 to holders of record Aug. 29.
Like amount paid
Invests, in stock of
Directors have declared a dividend of $100 per share on the common
stock, payable Sept. 26 to holders of record Sept. 10. Dividend of $50 was
paid on June 28, and on March 28, last, and dividends totaling $250 per share
were distributed
during 1940.—V. 151, p. 2045.
'•
Holyoke Street Ry.—Earnings—
at
p . 3183,
'
•
.
Is—P) Normal Federal income tax for the six
months ended June 30,
30%.
No provision has been made for excess
profits tax in the six-month periods. Provision for excess
profits tax, appli¬
cable to the calendar year 1940. is included in the
foregoing statement for
the 12 months ended June 30, 1941.
(2) No allowance has been made for liability, if any, for wages under the
"?r Standards Act.
The existence and extent of any such possible
liability depends on the construction of several provisions of the law which
have not yet been
finally passed on by the appropriate authorities.—V. 152,
-.n..
1131
Hein-Werner Motor Parts Corp.—Extra Dividend—
—
12,607,418 12,314,360
years
1933, 1934, 1936;
awaiting disposition.—-V. 153, p. 838.
Humble Oil & Refining
Co.—62^-Cen£ Dividend—*
Directors have declared
a dividend of 62 A cents per share on the common
value, payable Oct. 1 to holders of record Sept. 1.
This
compares with 37 H cents paid on July 1 and April 1 last; 62 M cents paid
on Dec. 26 and Oct.
1, 1940; 37 A cents paid m two preceding quarters;
62A cents on Dec. 19 and Oct. 2, 1939; 37 A cents on July 2 and April 1,
1939; S2A cents on Dec. 27 and Oct. 1, 1938, and 37At cents on July 1
and April 1, 1938—V. 153, p. 839.
stock,
no
par
Illinois Central
cellaneous
System—Earnings—
1941—7 Mos.—1940
$76,944,384 $63,336,095
54,640,740
50,052,452
Period End. July 31—
1941—Month—1940
Railway oper. revenues.$12,059,706
$8,559,701
Railway oper. expenses.
8,485,804
7,143,151
.
surplus on the books will be eliminated in connection with the foregoing
transactions;
(h) Certain other accounting entries will be made in connection with the
foregoing transactions.
A hearing on such matter will be held on Aug. 28.—V. 153,
p. 989.
Operating revenues
Operation...
$44,668
.
Maintenance
„,■■■
Taxes
1941—12 Mos.—1940
$46,892
28,580
2,974
7,426
$548,211
340,162
$554,856
33,426
87,416
31,164
76,753
1,287
$7,909
1,180
$87,205
10,569
$87,406
8,142
$8,399
2,916
$9,090
2,916
$97,774
$95,549
35,000
27,942
2,465
7,148
Net ry. oper.
income
359,531
Inc.
deduct'ns
avail,
1,487,997
81,565
income. $2,004,340
Other
Misclllaneous
Haverhill Gas Light Co.—Earnings—
Period Ended July 31— 1941—Month-—1940
Net rev. from ry. oper. $3,573,902
Railway tax accruals—
Equip, and jolntjfacility
rents (net Dr.)
for
72,166
3,823
$1,416,560 $22,303,644 $13,283,643
826,182
6,939,959
5,953,013
236,060
896 716
$523,706 $15,127,625
56,076
478,781
6,315
26,404
1,433,915
526,807
33,770
$15,580,0b2
$6,926,952
9,403,794
9,596,122
66,662
fixed
charges
$2,072,683
Interest, rent for leased
railroads & other fixed
$573,467
1,211,798
-
1,338,970
~I$860,885
charges
def$765,503
______
Net oper. revenues...
Non-oper. income (net).
$7,111
Net
a
now
Balance
Retire,
reserve
Interest
Net
accruals.
charges.
...
43
762
560
$6,130
income-$5,439
$62,012
39,312
$59,989
Dividends declared.....
—V.
153,
p.
35,000
43
;
39,312
551.
Mining Co.—Earnings—
3 Months Ended June 30—
Gross income
1941
1940
Net profit
$228,097
$188,438
1939
$607,959
Depreciation..
Depletion
$694,859
308,443
120,646
33,834
3,839
Operating
expenses
Taxes accrued
Earns,
_
sh. on 1,000,000 shs. of
(par 25c.) capital stock..—_—:;jj\
a
$440,615
325,000
27,170
37,106
66,526
310,353
72,553
36,616
per
Federal income and excess profits taxes at rates
and for additional 6% surtax under the proposed 1941
153, p. 990.
After providing for
in
effect,
Incorporated Investors—Earnings—
3 Mos. End. June 30—
$429,998
45,085
46,006
y$353.316
52,904
15,628
28,056
20,798
2,694
2,898
81
3,162
696
2,616
1,129
$394,893
1,038,389
$352,190
1,065,778
$276,635
908,048
$222,553
809,908
Total.--*--.—-—~ $1,433,282
Cash dividend
453,818
$1,417,968
441,908
$1,184,683
432,510
$1,032,461
446,318
$979,465
$976,059
$752,173
$586,143
J
—
loss$15,186!
expenses...
Miscellaneous
—
Net income---—---.
Undivided
earnings
Undivided earns. June 30
y
$0.19
Nil
LiabilUles-
$2,621,137
Investments-
33,502,860
Dividends
receivable..
103,993
Management fee payable July
$45,085
1, 1941
Acc'ts
payable for purchases
of treasury shares
39,173
Est. Fed. and State taxes—
Hedley Mascot Gold Mines, Ltd.—Earnings—
1941
16,886
$46,473
2.04 cts.
Accrued
expenses....
Capital
1940
15,416
$75,524
3.33cts.
241
Balance Sheet June 30, 1941
Assets—
Cash
Includes other income.—V. 152, p. 3499.
Quarter Ended June 30—
Dry tons of ore milled—
Net inc. after prov. for all taxes, develop. & explor.
Earns.persh. beforedeprec.&deple___
—V. 152, p. 3969.
y$311,407
63,205
22,246
Includes interest of $2,708 in 1939 and $85,965 in 1938.
•
$0.23
1938
1939
1940
1941
$458,996
Income from cash divs__
Management fee
Transfer agent's fees and
Directors have declared a dividend of 25 cents per share on the common
stock, payable Aug. 25 to holders of record Aug. 15. Extra dividend of $1
was paid on July 28, last.
See also V. 153, p. 397 for previous dividend
record.—V. 153. p. 397; V. 152,/p. 2857; V. 151, p. 2647.
a
a$6,176,208df$2669,170
Revenue Act.—V.
Taxes!
Hawaiian Pineapple Co., Ltd.—Dividend—
Hecla
income
Total...
— —
The net assets
...$36,227,990
Total....
.........
...
58,540
16,923
36,068,268
.....$36,227,989
of $36,068,268 are equivalent to $13.84 for each of the
2,606,498 shares outstanding.—V. 153, p. 100.
yv-::
The Commercial &
1132
Financial Chronicle
Aug.
23,
1941
complaint filed for Mr. Hoy asked that Paul C. Richardson of New
York, a director of the corporation, be restrained from holding the stock¬
holders' meeting because he allegedly exceeded the authority granted him
under the by-laws and the Maryland statute.
The
Indianapolis Water Co.—Earnings1941
1^40
12 Mos.End. July Zl—
1938
1939
_
$2,931,147
$2,759,345
$2,661,158
$2,593,897
Oper., maint.&retirem't
or depreciation
912,270
855,095
815.041
All Fed. and local taxes.
721,087
642,646
819,655
587,427
Grossrevenue
598,000
Sale
and
Issuance
Securities
The
Securities—
of
Exchange
and
become effective declarations and
$1,297,191
504,875
71,689
Net income
Interest
charges
deductions....
Other
$1,261,604
485,282
99,701
$1,248,117
483,945
124,563
$1,186,814
483,945
124,433
$720,626
$676,621
$639,609
$578,436
Bal. avail, for divs...
Iinitio! Dividend—1
dividend of 20 cents per share on the
10 to holders of record Aug. 22.—V. 153, P 397,
Directors have declared an initial
class A stock, payable 8ept.
Interchemical Corp.
$8,979,517
8,801,054
Total
_
income
Federal taxes
-----
Other deducts,
(net)---
$852,427
$1,391,469
b445,000
c250,000
$771,892
199,800
$852,427
162,050
51,093
$178,463
59,600
Provision for
General
Total gross
$71,253
298,996
$639,284
294,084
232,256
$268,751
$144,315
$345,200 def$227,744
Special provi¬
contingencies, including anticipated increase in Federal income and
b Includes $53,000 for excess profits tax.
excess profits taxes.
Note—Depreciation provision for the six months,
$274,097 in 1940 and $274,049 in 1939.
c
Liabilities—
$
%
«
Common stock..
2,903,200
2,903,200
Preferred stock...
6,515,400
Accounts payable.
1,492,395
6,515,400
825,530
a
1,599,694
1,860,306
accounts
Notes &
1940
1941
1940
$
Cash
3,434,941
5,879,104
2,640,628
5,425,012
Customers' deos..
813,598
Acer. llab.A comm.
429,254
359.151
Due from officers,
784,654
34,031
Other curr.liabll..
445,391
307,125
b Fixed assets....
6,204,604
/receivable..
Inventories
Misc.
-
investments
Patents,
41,843
5,985,094
3Vi%
sink,
fund
200,000
200,000
458,458
3M% s.f. debs.due
Bept 1, 1949... 1,9.50,000
1
....
2,150,000
(curr.)__.
Reserve for Federal
Unarriort.
Ac., taxes
portion
of purchases
Devel.exp. of sub.
107,742
391,140
455,155
Prepaid exps,, <fec.
98,510
38,825
786,869
debs.
goodwill,
'
364,603
70,000
80,000
537,803
156,494
Capital surplus...
1,002,895
2.359.074
19,043,936 17,354,660.
19,043,936 17,354,650
Total
Represented by 290,320 no par shares,
b Land, buildings, macninery
equipment, after deducting reserve for depreciation of $4,604,708 in
1941 and $4,204,653 in 1940.—V. 152, p. 3027.
a
and
Intercontinental Rubber Co. (&
Subs.)—Earnings—
Selling, general and administrative expenses.
Shut-down and experimental expenses, California.
Sundry charges and credits to income....
Depreciation
....
^Estimated provision for U. S. and foreign taxes..
a
$345,420
30,928
13,533
Drl ,228
54,794
87,347
142,258
$157,591
$149,909
_
After deductions of foreign tax credits against U. S. taxes.
U. S.
Estimated
profits taxes of approximately $23,000—are included for 1941.
excess profits tax is estimated to be payable for 1940.—V. 152,
excess
No U.
p.
1940
1941
$419,343
41,090
34,555
Cr4,805
56,336
6 Months Ended June 30—
Profit from operations
__
S.
3500.
;
•
International Cigar Machinery Co.—40-Cent Dividend
""""Directors have declared a dividend of 40 cents per share on the common
stock, payable Sept. 26 to holders of record Sept. 10. Dividend of 50 cents
was
paid on June 26, last.
See also V. 152, p. 268.—V. 153, p. 990.
International Mining Corp.—Earnings—
6 Mos. End. June 30—
Total income
Prov.
Fed.
for
1941
1938
1939
1940
$177,676
71,175
Deductions
$191,315
64,889
$174,591
87,081
$203,999
72,973
normal
income tax.—_
Interest charged to
.....
Surplus
Shs.
com.
Earnings
See h
C14.700
$91,800
73,571
stk. (par $1)__
10,000
$87,511
t
87,511 A
7,600
$116,426
104,415
$123,426
491,173
$0.19
.
$12,011
518,973
$0.18
$18,229
490,473
share.....
per
construction
$0.22
123,426
Nil
524,373
$0.24
Islands Gas & Electric Co.
$493,925
$478,474
8,944
Operating income
Other income
Gross incmne.
res.
<r*or
,418
tOT
accruals
5.709
1941
1940
apply
on
Accounts payable.
$734,145
/
bank
38,000
117,703
5,820
Invest. & advances 4,305,720
Advs. for trav. &
4,245,912
—
.
—
.
Preoaid N. Y. St.
franchise tax...
Total...
8,360
bank
1940
$5,518
125,214
$19,012
34,781
58,077
51.077
Com. stk. ($1 par)
490,473
516,973
Capital surplus... 4,286,941
Income surplus
33,101
lnv. transac. surp. defl90,543
4,397,499
Treasury stock...
,
mine exam. exp.
Notes pay. to
Prov. tor taxes—
:
loans
Receivables
1941
Liabilities—
Cash In banks and
Funds in transit to
niMiz
2
,079
Q2A
ou
351,266
27,155
334,061
54,933
695,722
58,052
670,844
$14,783
prof$15,437
$10,106
prof$5,054
Net loss
—V. 151, p. 1899.
Italian
Superpower
■To
Corp.-
Reacquire Outstanding
Securities—
The Securities and Exchange Commission announced Aug.
19 that
corporation filed an application (File 812-189) under the Investment Com¬
pany Act of 1940 for an order permitting it to reacquire certain of its out¬
standing securities.
The
application states that Institute Ricostruzione Industriale, an
affiliate, will deliver to the corporation $1,110,000 in United States currency,
and $3,870,000 principal amount of 6% 35-year gold debentures, due 1963,
and 50,000 shares of $6 cumulative preferred stock of the corporation.
In
consideration of the funds and securities, Italian Superpower Corp. will
transfer to the affiliate 21,000,000 lire from its blocked lire balances in
Italy and the following securities of Italian corporations: 358,000 shares of
Meridionale Electric Co.; 100,000 shares of General Electric Co. of Sicily;
183,795 shares of General Italian Edison Electric Co.; 82,707 shares of Volta
Co.; 21,347 shares of the Central Co. for the Financing of Electrical Enter¬
prises, class B; 50,272 shares of Selt-Valderno Electric Co.
The above securities are from the corporation's portfolio, and are pre¬
sently located in Italy and cannot be removed without the permission of the
Italian authorities, the application states.
Hearing on the application will be held on Aug. 23.—V. 153, p. 244.
Jacksonville Gas
Co.—Earnings—
—
--------
..—.-i.
--
—
101429
Drl34,280
Pro vision for retirements and
59,008
replacements
$204,177
1
-
.
--------
Net inborn
153,
p.
..$4,801,781 $4,993,192
International Utilities Corp.—Special Meeting
Halted—
Judge Edwin T. Dickerson of the Baltimore Supreme Court on Aug. 19
took under advisement a motion to
enjoin stockholders of this corporation
from holding an extraordinary
meeting "to effect a change in the manage¬
ment of the corporation."
Earlier in the day the court issued a temporary
injunction holding up the meeting until the current proceedings should be
completed.
The extraordinary meeting was to have been held in Baltimore
Aug. 19.
The present motion was brought for Charles W. Hoy of N. Y.
City, a stockholder in the corporation.
Supreme Court Justice Benjamin F. Schreiber of N. Y. City, on Aug. 15
granted William B. Yeager, President of the ctvporation, a temporary
injunction blocking the meeting, but service was obtained on only one of the
directors of the insurgent faction.
Attorneys representing Mr. Hoy said they would be able to obtain service
all defendants in the present action.
Judge Schreiber on Aug. 19 modified his order, allowing the meeting to be
held, provided its only business was to adjourn.
After hearing arguments Judge Dickerson said he would render a final
Aug. 23.
$182,100
188,332
3,177
loss$3,056
Jaeger Machine Co.—Dividend—
Directors on Aug. 16 declared a dividend of 50 cents per share on the
company's common capital stock, payable Sept. 10 to stockholders of
record Aug. 31.
Like amount paid on June 10, last, and compares with
37^ cents paid on March 10 last; 50 cents paid on Nov. 25, 1910, and 25
cents per share paid on Mar. 1, June 1 and Sept. 10,1940.—V. 152, p. 3347.
(W. B.) Jarvis Co.—Earnings—
Year. End.
...$4,801,781 $4,993,192
$204,178
179,824
3,177
244.
6 Mos.End.
/ :
June 30, '41 June 30,'40
Gross profit
$2,117,037
$505,901
Sell. &adminis. expense.
326,950
108,137
Total
$182,100
$27,531
Net operating revenues
Non-operating income
4,953
2,362
$644,706
287,223
31,523
94,779
49,082
$680,291
299,124
26,029
91,953
Taxes
-V.
1940
1941
Year Ended June 30—
Operating revenues
Operations--.
-Calendar Year1938
1939
$709,336
172,301
36,570
44,625
Depreciation.....
Operating profit-
decision
$965,418
19,207
$968,006
28,622
Inc. deductions of parent
19,549
$1,043,851
257,087
32,171
$1,745,462
$378,215
$754,593
$500,465
$1,745,462
a795,l71
$378,215
80,500
$754,593
132,000
$501,099
90,000
$950,291
-Y. 153, p. 990.
on
1941—12 Mos.—1940
$2,144,081
$2,039,979
1,176,075
1,074,561
*23,'701
Period—
1,551
$756,531
Inc. deductions of subs.
Int. receivable from Amer. Gas & Power Co
$330,448
$737,179
(& Subs.)—Earnings—
Period End. June 30—
1941—6 Mos.—1940
Operating revenue..... $1,064,310
$1,024,715
Oper. rev. deductions
585,836
530,790
Gross income
Interest deductions
deduction for losses charged to reserve for mining venture
losses the company made no provision for Federal income tax during the
six months ended June 30, 1940.
c No provision considered necessary for
excess profits tax.
Balance Sheet June 30
a
hand.......
Crl,674
to Federal income taxes
and State income taxes
for the period ended June 30, 1940, which would have been payable on
earnings of the company during such periods if the company had not had
the benefit for income tax purposes of deductions for discount, premium
and expense incident to the refinancing of long-term debt during 1939.
These amounts have been credited as a partial offset to the unamortized
cost of the refinancing.
Preliminary calculations made by the company
indicate that no provision for Federal excess profits tax is required for the
year ended Dec. 31, 1940, either with or without such special deductions.
Provision for Federal income taxes for 1941 has been estimated on the basis
of an anticipated Increase in rate to 30%.—V. 152, p. 3185.
income, of
Assets—
70,240
Cr2,334
These charges represent amounts equivalent
for the period ended June 30, 1941, and Federal
a After provision of Federal income
tax, but exclusive of net profit on
investment transactions, b As a result of the benefit, in calculating taxable
on
18,134
63,468
.
—
$1,536,188
683,333
27,758
a
Maintenance.
a Net income
Common dividends
—
Interest on unfunded debt
Amortization of bond discount and expense.—-
Retirement
Net income.
debt
118,493
$1,477,663
661,215
—
941,709
yarned surplus... 2.671,904
a
—
538,272
5,100
194,221
Charge in lieu of Federal and State income taxes.
Net earnings
Interest on long-term
623,568
Contract ob ligat'ns
386,436
payable.......
Reserves—. ... .
Total
depreciation
taxes
Net income—
$286,008 in 1941,
Consolidated Balance Sheet June 30
1941
a
263,542
300.375
664,646
610,001
68,309
Federal and State income taxes.
$572,092
195,522
232,255
195,462
Surplus
Assets—
$5,166,903
2,081,740
earnings
Operation
$696,469
Common dividends
sion for
$5,580,230
2,265,014
Maintenance
47,610
$5,146,852
20,050
$178,463
Neu profit..
dividends
See note,
1041
$5,559,712
20,518
Operating revenues
_
Non-operating revenues (net)
$758,051
13,840
Preferred
a
Co.—Earnings—
12 Months Ended June 30—
$1,342,233
49,235
Operating profit
Other income.
Iowa Public Service
1938
deprec'n-al4,076,839 al 1,049,629 al0,299,366
Costs, exps. &
& Electric Co. to International Utilities Corp. of a
in the sum of $385,700, which note is to be
shares of common stock ($25 par) of Califorinia Water Service Co., a subsidiary company, and regarding the issue
and sale by said California Water Service Co. to General Water Gas &
Electric Co. of 20,000 shares of common stok ($25 par), at a price of $25
per share, or an aggregate consideration of $500,000.—V. 153, p. 840.
by General Water Gas
three year 4% promissory note
secured by a pledge of 20,000
(& Subs.)—Earnings—
6 Mos. End. June 30—
1941
1940
1939
Netsales.,...........$15,419,u72 $11,807,681 $11,151,793
Commission on Aug. 13 permitted to
applications filed pursuant to the Public
Utility Holding Company Act of 1935, particularly Sections 6 (b), 7, 10
and 12 (f) thereof, and Rule U-43 thereunder, regarding the issue and sale
-
633
Other income
Total income
Federal income taxes
cap. stock-....
487,500
$297,715
225,000
$622,593
600,000
$411,099
225,000
Earns, per sh. on300,000
shares..
$3.17
$0.99
$2.08
$1.37
N et profit
Divs.
a
on
Includes $393,527 for excess
profits taxes.—V. 152, p. 3185.
Johns-Manville Corp.—To
Retire Preferred Stock—
This corporation will redeem 25,000 shares of its outstanding 7% pref.
on Oct. 1 at $120 a share, it was announced on Aug. 21, following a
stock
meeting of directors.
i
Shares to be redeemed will be selected by lot on Sept. 4.
of these shares will reduce the amount
Redemption
outstanding to 25,000 shares, and
will bring to 50,000 shares the number which have been redeemed since
April, 1940.
Volume
The Commercial & Financial Chronicle
153
Forms Service Unit to Run Shell Loading Plant—
Kaufmann Department Stores, Inc.
Corporation has completed a contract with the War Department to con¬
struct and operate a 27 million shell loading plant near Parsons, Kan.
Lewis H. Brown, President of the company, in a letter to stockholders
announcing the contract, states that in order to keep this operation separate
from its regular business a subsidiary, known as the J. M. Service Corp.,
has been organized.
The cost of the work, including working capital,
will be financed
1133
1941
Cost of merchandise
sold, buying & occupancy exps
Selling, general adminis. & advertising expenses..
Depreciation of buildings
Taxes
a
after will depend upon the wishes of the War Department.—V. 153, p.
Jewel Tea Co.,
398.
Inc.—Earnings—
28 Weeks Ended—
Net sales
July 12, '41 July 13, '40 July 15, '39 July 16, '38
$19,o51,583 $14,820,438 $13,058,076 $12,773,166
Cost of
sales, expenses,depreciation, &c
17,589,902
13,160,724
Profit from operations
Other income
Operating profit
Total income
Reserved for taxes
Res. for increase in Fed¬
$2,248,102
973,425
eral taxes.
$1,497,137
141,217
$1,641,767
151,099
$1,818,243
728,245
186,421
$1,638,354
611,165
$l,792,8b6
593,041
Expenses of properties not used in operations
Federal income tax
State income tax
100,000
able sec. to cost
339,520
Earnings
35,000
excess
$733,761
2,693,101
$719,836
2,702,412
$693,522
2,618,479
$3,742,483
dividends
666,628
a Transfer to
cap. accts.
749,538
Adjust, aris. from sale of
$3,426,862
1,001,990
$3,422,248
1,112,582
$3,312,001
830,622
Cr44,635
Cr40,143
Notes
c
&
receivable
5,120,671
Profit & loss surplus..
$2,342,551
$2,469,507
$2,349,808
$2,510,158
Com. shs. outstanding-_
Earns, per com. share._
560,000
56J.000
$1.31
280,600
280,060
$2'.'48
$1.35
$2.o7
As authorized by board of directors, of amounts arising from the sale
common stock from 1926 to 1940, inclusive, and surplus
investment for capital purposes, food stores department.
a
and distribution of
Assets—
a'Capital
1
81.112
Jewel employees'
trust fund assets
Cash
surr.
Miscell.
invest.
96,705
423,407
339,579
336,443
336,000
285,437
525,099
82,588
75,347
employees dep..
133,575
131,151
1,075,292
1,079,902
Federal taxes, &c.
821.630
637,228
Sundry accruals.-
56,615
18,004
—
12,741
23,055
33,698
385,000
1,026,222
Res. for conting—
Fed. inc. tax
dents & lire loss.
tor
Res.
219,100
186,908
236,030
296,084
285,437
2,342,551
2,469,507
749,538
& savs. deposits
Earned
e
11,193,170 10,609,533
11,193,170 10,609,533
Total
$2,605,130
Dr90,857
Dr91,167
Treasury stock
and $1,791,532 in 1940.
c After deducting reserve
e
4,420 (4,978 shares in
stock acquired for sale and distribution to em¬
of
1941
in
b Represented by 560,000 shares no par value,
for doubtful accounts,
d See income account,
1940) shares of
ployees.
common
Registers 50,000 Shares Preferred Stock with SEC—
Kansas City Public Service Co.—Earnings—
1941— Month—1940
$521,756
$479,399
432,549
440,906
29,460
30,001
Total oper. expenses
Total taxes
110,532
1,500,000
71,846
&
stk.
131,465
131,366
3,723,600
552,662
5,584,105
1
($100 par).
Com. stk. ($1 par)
1
1
Paid-in
surplus.—
5,500,000
Earned
surplus.-.11,941,530 11,549,506
(net)
Goodwill
23,026,297 21,983,633'
Total
552,662
833,289
833,289
23,026,297 21,983,633
—
Including Federal and State income tax reserves,
b $150,000 semi¬
annually Sept. 1, 1942, to March 1, 1947.
c After reserve for bad and
doubtful accounts in the amount of $121,000 in 1941 and $122,000 in 1940.
—V. 152, p. 3501.
Kennedy's, Inc.—Sales—
Period End. July 31—
Sales
—V.
153,
1941—Month—1940
$393,468
$340,797
1941—6 Mos.—1940
$3,840,637
$3,113,920
244.
p.
Pay $1 Common Dividend—
a dividend of $1 per share on the common
stock,
payable Sept. 10 to holders of record Aug. 29.
Dividend of 75 cents was
paid on June 10, last, and one of $1 was paid on June 15, 1937.—V. 152,
p. 3659.
Directors have declared
Kinney Mfg. Co.—Dividend—
record
Aug.
a dividend of 50 cents per share on the $6 non(no par value), payable Sept. 1 to holders of
This is in addition to dividend of 50 cents previously
20.
declared payable the same date.
Dividends of 75 cents was paid on June
2, last and an initial dividend of 75 cents was paid on March 1 last.—V. 152,
p. 3502, 3348.
./•••. j,-,-
Kittery Electric Light Co.—Sale of Securities—
The Securities and Exchange Commission announced Aug. 13 that New
England Gas & Electric Association and its subsidiary, Kittery Electric
Light Co., filed an application (File 70-378) under the Holding Company
Act regarding the proposed sale by the subsidiary of $150,000 of 3^%
unsecured serial notes,
stock
due 1966, and 1,200 additional shares of
common
($50 par).
The notes will be purchased
by John Hancock Mutual Life Insurance Co.
through the First Boston Corp. as agent for the company.
The common
stock will be acquired by the parent company at par.
Kittery proposes to use the proceeds from the sale of the securities to
repay existing indebtedness and for improvements and extensions of its
facilities.
The company has filed a registration statement with the Securities and
Exchange Commission covering 50,000 shares of cumulative preferred
stock ($100 par).
The dividend rate, the price at which the stock is to be
offered and the redemption provisions will be furnished by amendment.
Net proceeds from sale of the stock will be used in connection with the
financing of additional production and warehouse facilities and sales outlets
at an estimated cost of approximately $2,750,000.
Balance of the proceeds
will be added to working capital.
The company states that if the issue is to be underwritten, the names of
the underwriters will be furnished by amendment.—V. 153, p. 992.
Period End. July 31—
Total oper. revenues
insur.
5.500,000
Automobiles
525,099
surplus—.
d Transf. fr. surp.
depreciation
payable in July.
for
123,779
cumulative preferred stock
alter.,
impts. & devel'ts
Jewel empl. surety
After
637,579
Directors have declared
100,000
Res. for auto acci¬
a
362,361
921,496
contingencies.-5%
cum.
pref'ce
303,649
4,031,962
props.(net)
749,501
stk.
b Instal. note pay.
2,674,855
Res. for increase in
Total
com.
Res.
287,887
285,000
purchases—
10,833
1,124,844
on
75,138
Kilburn Mill—To
Liabs. for real est.
30,941
45,351
899.361
Accrued llabs—
141,473
2,674,855
Retirement estates,
deposits
a
Div.
73.113
Land
1,750,000
Accts. pay., mdse.
In transit
141,473
stocks,
Buildings (net)
3,853,973
1
Mach. & flxts.(net)
86,400
560,060
bonuses
Divs. payable—
&
Loans to empl's
Deferred charges..
$
4,935,462
4,935,462
acceptances
2,552,742
of
val.
life Ins. policiesCash
$
stock.
Accounts payable.
Accrued wages and
246,767
257,93%
1,358,867
70,994
$
2,050,000
Letters of credit &
2,400,595
3,811,214
Accts. receivable
Investments
b Common
2,661,083
1
>
Inventories
c
Liabilities—
$
3,138,903
123,779
1940
$
Notes pay. to bks.
Accounts payable.
a
July 12/41 July 13/40
July 13/40
8
assets..
Goodwill
3,793,774
362,361
bonds, &c
Total...
Comparative Balance Sheet
4,564,829
4,148,932
—
Stationery & sup'l's
Prepaid Ins., &c—
Outside
Liabilities—
703,179
accts.
Mdse. In transit
In
1941
S
781,918
Invests.
Crl6,234
July 12,'41
1940
S
Mdse.onhand
Total surplus
Common
employees
b Includes provision for
of the requirements under existing law.
c Provi¬
Balance Sheet June 30
Cr28,779
...
excess
1941
Assess—
$758,032
2,984,451
...
$560,312
143,065
139,810
$0.76
221,065
$0.71
-
profits tax not required.
Cash
Net profit
Previous surplus
Preference stock
share of common stock
per
profits tax in
506,304
307,353
$487,756
115,595
-
Other than Federal and State income taxes,
a
excess
16,717
-
$791,013
41,557
46,466
cll3,685
28,993
b365,000
Dividends paid or declared:
Common stock
sion for
Other reserves-^-.416,645
Prov. to reduce market¬
$948,256
18,493
42,008
Total income
Interest paid
$703,144
87,869
11,131,399
11,560,939
$1,659,714
158,529
$2,061,681
Other income.—_
$853,681
94,575
„
Net income
stk. to
1940
$14,312,971 $12,792,088
9,875,851
8,822,981
3,161,125
2,843,192
88,994
88,994
333,319
333,777
by the Government, Mr. Brown added.
Construction of the plant probably will take a year and operation there¬
com.
Earnings—
6 Months Ended June 30—
Net sales
1941—7 Mos.—1940
$3,690,687
$3,696,174
2,996,170
3,009,554
204,164
208,814
Kroger Grocery & Baking Co.—Sales—
A 21% gain in sales
for the eighth four-week period of 1941 over sales for
period in 1940 was reported on Aug. 18 by officials of this company.
$hich ended Aug. 9 were $22,866,451 compared with
sales of $18,862,680 for the corresponding period last year.
Cumulative sales for the first eight periods amounted to $178,283,777, a
14% increase over sales of $156,778,165 for the same eight periods a year
the
same
Sales for the period
ago.
Average number of stores in operation during the period was 3,586 com¬
pared with an average of 3,835 stores in operation during the 1940 eighth
period.—V. 153, p. 554.
Lake Shore
Mines, Ltd.—Interim Dividend—
Directors have declared an interim dividend of 35 cents per share on the
stock, payable Sept. 15 to holders of record Aug. 30.
Like amount
common
paid
on
June 16, last: dividends of 50 cents was paid on March 15, last, and
totaling $2 per share were distributed during the year 1940.
554.
dividends
Net oper. revenue
$59,747
$8,492
$490,353
$477,807
1,200
119
52
816
$59,866
24,823
65,829
$8,544
24,852
66,093
$491,170
170,127
455,850
166,122
453,187
$30,786
Non-operating income.
$82,402
$134,807
$140,302
_
Gross income
Fixed charges
Depreciation
Net deficit.
1941— Month—1940
1941—7 Mos.—1940
$1,801,474
$955,067 $10,991,120
$5,474,944
254,381
194,439
1,581,941
1,346,482
Earnings per share
$0.54
$0.41
$3.34
$2.82
x After
depreciation and Federal income taxes,
y On 450,000 shares
Period End. July 31—
Net sales
Net profit
x
y
common
oper. revenuesexpenses.
-
stock.
Note—1941
Kansas City Southern Ry.—Earnings—
Period End. July 31—
oper.
(R. G.) Le Tourneau, Inc.—Earnings—
$479,007
—V. 153, P. 398, 553.
Railway
Railway
—V. 153, p.
1941—Month—1940
1941—7 Mos.—1941
$1,630,109
$1,140,657 $10,008,587
$8,038,307
1,032,752
724,842
6,229,496
5,024,669
Federal taxes
are
based upon the Revenue Bill of 1941
Lexington Telephone Co.—Earnings—1941
rev.
from ry. oper.
Railway tax accruals.
Equipment rents (net)__
Joint facil. rents (net)__
x
_
$597,3.58
152,000
85,264
9,880
$415,814
103,000
54,365
10,820
$3,779,091
832,000
506,357
67,445
$3,013,638
711,000
343,409
70,222
$350,213
55,000
$247,629
8,000
$2,373,288
161,000
$1,889,008
46,000
-
Operating expenses and taxes
Net operating
income
Other income—net
Net ry. oper. income.
Federal inc. taxes incl.
—V. 152, p. 398.
x
Net earnings
Interest and other deductions
Keystone Public Service Co. (& Sub.)—Earnings
12 Months Ended June 30—
1941
Net income
1940
Operating revenues
$1,459,774
Operating expenses (other than shown below)
516,606
Electricity purchased for resale from associated co_
114,482
Maintenance
61,455
Prov. for retirement (deprec.) of fixed capital
128,524
Provision for taxes: Federal income
102,385
Other-:
•
104,706
—
—
$1 ,428,969
517,592
116,619
70,452
109,939
60,204
Annual preferred stock dividend requirements,
—V. 152,p.
Other income
Gross income
229,268
$490,242
231,394
$244,639
*
$258,847
Note—Provision for Federal income tax for the period from Jan. 1, 1941,
is based up9n an anticipated tax rate of 30%.—V. 152, p. 3659.
I
1941
'•
•:
1940
$1,893,738
1,100,356
$1,436,475
1,105,731
$793,382
$330,743
$793,384
786,761
$330,777
807,265
33
——
Income deductions
Note—No
-
provision
•
has
been
$6,622 def$476,488
considered necessary for
Federal excess
152.
profits tax for either of the periods covered by this statement.—V.
p.
4122.
'
'
$121,827
Other income (net)
Net income
Net income
$115,845
48,000
Lexington Water Power Co.—Earnings—
12 Months Ended June 30—
Operating revenues.
Total operating revenue deductions
Gross income
Income deductions
$197,839
76,012
108,950
$445,210
45,031
42,296
$200,127
Dr2,288
3186.
Operating income
Operating income
1940
$758,070
557,943
$188,414
72,569
Operating revenues
$793,700
603,774
$189,926
Drl,512
Years Ended June 30—
Net
now
before Congress.
Taxes for 1940 were computed on the basis of the tax
law in effect at that time.—V. 153, p. 554.
-
I.
•
The Commercial & Financial Chronich
1134
Lebanon Steel & Iron
Directors
on
a
liquidating dividend
of $1.50
June 6, last.—V. 152,
p.
Operating
Operation
152,
p.
1941
4127.
Building Corp.—Earnings—
revenues
-
-
Net operating income
Earnings for the 6 Months Ended June 30, 1941
$4,194,900
230,578
$835,002
60,371
Oper. & admins,
incl. provision for doubtfu
exps.,
New York City real estate taxes
Interest on first mortgage loan
a
Netincome
$895,372
267,223
236,537
87,929
ounts_._
—
$1,332,618
—
Profit before amortiz. of disct. on bonds issued upon reorgan.
For calculation of interest required to be paid Aug.
a
7% cumulative preferred
6% cumulative preferred5% cumulative preferred.--.
Netincome-—
28,196
1,963
-
Amortization of first mortgage loan expense
$5,481
b Upon
1, 1941.
surrender and retirement of corporation's income bonds after deduction of
discount on bonds applicable thereto.
for
.
;;i
were
entitled to
an
preferred stock and adjustment for difference in dividends
stocks exchanged for new 5% stock from date of exchange
redemption.—V. 152, p. 3813; V. 152, p. 102.
on
Co.—Earnings—
Years Ended June 30—
\ ;
Operating revenues
Operations
1941
$764,921
370,895
;
—
-
Maintenance
Net operating revenues
Non-operating income
$133,686
470
$152,542
1,592
$134,156
46,460
$154,134
49,809
—
Gross income
Interest deductions
Amortization of debt discount and expense
153, p.
1940
$762,197
350,339
66,008
146,213
47,096
59,514
154,191
46,635
Taxes (including income taxes)
Provision for retirements and replacements
—V.
accounting
$1,528,755
5%
to date of
Netincome
Long Island Lighting Co.—Ordered to Open Books—
Lighting Co.
new
accruing
Supreme Court Justice Francis D. McGarey at Mineola, L. I., Aug. 15
held that preferred stockholders of the Queens borough Gas & Electric Co.
and of the Nassau and Suffolk
-
Includes four quarterly dividend payments and $269,491 representing
a
Lowell Gas Light
•V-'.'y-:
.
payment in May, 1941, of dividends accruing on such preferred stocks from
April 1, 1941, to date of redemption thereof or to date of exchange thereof
Balance Sheet June 30, 1941
Assets—Cash, $808,910; United States Government securities, $80,000;
other
marketable
securities, $66,370; notes and accounts receivable,
$21,294; cash in bank for payment of 50% of principal of consented but
undeposited income bonds, $77,500; Lincoln Building, $12,397,907; 301
Madison
Avenue, $197,974; prepaid expenses and deferred charges,
$156,540; total, $13,806,495.
Liabilities—Interest required to be paid Aug. 1,1941, $122,335; amortiza¬
tion of mortgages payable within one year, $113,377; accounts payable and
accruals, $73,038; mortgages payable, $5,892,613; 5Vi% cumulative income
bonds, due Aug. 1, 1963, $6,194,250; interest accrued thereon, $2,502,445;
deferred liabilities and credits, $274,899; capital stock ($1 par), $152,135;
deficit before amortization of discount on bonds, $1,518,598; total, $13,
806,495 .—V. 152, p. 989.
586,124
668,796
100,000
preferred stock of Louisville Gas &
on
Electric (Ky.) held by public—cash;
$303,685
70,550
197,495
--
Depreciation of fixed assets
Interest on 5% cumulative income bonds
b Adjustment
Balance-
Dividends
$2,883,675
a716,052
I a808,358
100,000
-.
$4,402,763
1,519,088
$2,957,029
Gross income
Income deductions.
Total,....
$4,185,964
216,798
$4,425,479
1,468,449
Other income-
Rental income after rebates, allowances, &c
Concession income & miscellaneous inc., incl. int. earned
Income:
1940
$12,610,332 $11,791,956
3,863,912
3,660,650
Maintenance583,564
<
647,236
Appropriation for retirement reserve.1,420,500
1,300,000
Amortization of limited-term investments
1,427
1,427
Taxes (other than income taxes).
1,156,342
1,132,898
Provision for Federal and State income taxes.1,389,684
863.778
Liberty Aircraft Products Co.—Control of Autocar—
Lincoln
1941
(Del.) (& Subs.)—Earns.
Years Ended May 31—
share on
Like amount
3348.
See Phoenix Securities Corp.—V.
Aug. 23,
Louisville Gas & Electric Co.
per
stock, payable Aug. 29 to holders of record Aug. 22.
common
paid
have declared
Co.—Liquidating Dividend—
600
554.
600
$87,096
—
$103,725
'
,
McGraw-Hill
Publishing Co., Inc.—15-Cent Dividend—
Directors have declared
a
dividend of 15 cents per share on common
payable Sept. 2 to holders of record Aug. 19.
Like amount was
July 1 and April 1, last, on Dec. 27, Dec. 2, Sept. 3, May 1 and
Jan. 16, 1940, and on Oct. 16 and Jan. 3, 1939, and a
regular quarterly
of the profits of those firms and of the Long Island Lighting Co., by which
stock,
the two companies are controlled.
The plaintiffs, in their action, contended that profits of their companies
paid
were
siphoned off by the Long Island Lighting Co. and that,
as
a
result,
on
dividend of 15 cents
was
distributed
on
Jan. 14, 1938.—V. 153, p. 399.
they failed to receive $2,000,000 in dividends to whicn they were entitled.
McQuay-Norris Mfg. Co.—Earnings—
Justice
McGarey's decision did not sustain the piaintiffs claim that
they were entitled to reimbursement, but merely affirmed their ri?ht to
have an accounting of transactions.
Whether funds will oe pumped back
into the Nassau and Suffolk and Queensborough companies from Long
Island Lignting is subject to further litigation.
Testimony in the accounting suit started before Justice McGarey nine
weeks ago.
More than 200 exhibits were introduced and 3,000 pages of
testimony taken.
In his decision Justice McGarey dismissed complaints against 11 in¬
were directors of one or more of the utilities companies, and
against the E. L. Phillips Co., a construction concern, and tne Empire
Power Co., an investment concern.
He ruled that there was no sound
basis for the plaintiff's contention that the engineering company or the
investment company had been used improperly to draw off profits, and held
tnat the individuals similarly were not involved.
With reference to tne remaining defendants, Justice McGarey said:
"Where one corporation or individual or a group of corporations or in¬
dividuals, through stock ownership or otherwise, dominate or control
another corporation or corporations, they occupy a
fiduciary relationship
to the minority or other public security holders.
Their inter-company
acts must be fair and reasonable, and they are liable for any losses or
damages sustained by the improper exercise of such domination or control,
either directly or indirectly.
"Not only that, but when the domination or control is established they
must demonstrate the fairness or propriety of their action or inaction.
"It is my opinion that in this case the plaintiffs have established domina¬
tion and control by the Long Island Lighting Co. of the
acts of the
Queensborough and Nassau and Suffolk companies, and that the plain¬
tiffs are entitled to an accounting, and that the defendants are obliged
to account. However, I do not mean that the plaintiffs are
entitled to
6 Mos. End. June 30—
a Net profit
Earnings per
common
The court said he would contin ue to study evidence presented to him and
would take testimony on other j hases of the case at a date convenient to
opposing counsel.—Y.
153, p.
554.
v'
Longhorn Portland Cement Co.—Earnings—
stock
Earnings
share
1,247,900
per
on
common
324,007
shares (no par)-
— -.
$0.75
As of June 30,
1941, the company reported current assets of $959,455
including cash of $635,055 against current liabilities of $438,846.—V. 152,
p. 3660.
Los
Angeles Railway Corp .—Earnings—
Period End. June 30—
Operating revenue
Operating expenses
Depreciation
1941—Month—1940
1941—12 Mos.—1940
$1,019,592
790,962
121,572
$6,394,220
4,814,606
721,625
$6,253,698
4,855,762
702,553
$107,057
80,509
$857,988
506,046
$695,382
482,347
$23,507
$26,548
$351,941
59
149
627
$213,034
1,210
$23,567
65,435
$26,697
68,028
$352,568
396,629
$214,244
401,295
$41,868
$41,330
$44,060
$187,050
$1,093,075
862,797
120,180
Net oper. revenue
$110,097 <■:
86,589
Taxes
Operating income
Non-operating income.
_
Gross income
Total deductions
Net deficit
-V. 152, p. 4127.
Period Ended June 30—
1941—3 Mos.—1940
-
expenses
Non-operating income (net)
Gross income
Provision for renewals, replacements
and retirements
Fixed charges
Prov. for Fed. & State income taxes..
Balance to surplus
x
During the
years
12 Mos. '41
$207,457
132,951
$144,174
93,579
$674,109
426,585
$74,505
23,454
$50,594
9,907
$247,523
68,959
$97,960
$60,502
$316,483
25,000
7,536
16,000
x23,750
5,330
xl,756
x97,499
25,440
x26,562
$49,423
revenue
Income from operation
:
$2.05
depreciation, obsolescence, Federal taxes and State
are
estimated under law
MacKinnon Steel Corp.,
Directors
have
$89,194
now
$0.78
taxes.
pending in the
Ltd.—Accumulated Dividend—
declared
a
dividend of $1.25 per share on account of
7% cum. pref. stock, par $100, payable Sept. 15 to
holders of record Aug. 30.
Like amount was paid on June 16 and March 15,
last, and on Dec. 15, 1940; dividend of 87H cents was paid on March 15,
1940, and dividends of $1.75 were paid in nine preceding quarters.—V. 152,
accumulations
the
on
3349.
P.
Maryland Insurance Co.—Balance Sheet—
Balance Sheet June 30, 1941
A-SsctS"*"**
*
$2,717,805
Premiums in course of collec¬
tion (not 90 days overdue)accrued
on
■
Unearned premiums
Losses in process of adjustm't
183,032
11,823
deposit and In office-
Reserve for all other claims--
349,435
Interest
Cash
v-'v./' v
/
Liabilities—
Bonds and stocks
Capital
Reserve for taxes and exps
*
$3,262,097
Valuations
1,595,413
Total
$3,262,097
basis approved by National Association of Insurance
If actual June 30, 1941 marnet quotations of bonds and
the total admitted assets woind be
$3,305,465 and
been
policyholers'
23,000
20,000
on
Commissioners.
stocks had
$548,825
74,858
1,000,000
Net surplus-.-.
Total
used
surplus
$2,638,781.—V. 152, p. 684.
Corp.—Registers with SEC—
Company paid an extra dividend of 25 cents per share in addition to the
regular quarterly dividend of 25 cents per share on the common stock, on
Sept. 10 to holders of record Aug. 25.
Luce amounts paid on June 10. last.
—V. 153, p. 842.
Melville Shoe Co.—Prices Increased—
Company has advanced prices on its three lines of men's and boys' shoes.
The Thorn McAn line has been raised to $3.60 a pair from
$3.50, the John
Ward line by 50 cents a pair to $7.50 and
$9.50, and the Frank Todd line
to $2.85 from $2.65.
Sales—
Corporation reported sales at retail for July of $2,987,672. as
compared
with sales of $2,356,107 in July, 1940, an increase of
26.81%. Sales for the
seven
months
$24,642,460 as against sales of $21,742,801 in the first
1940, a gain of 13.34%.—V. 153, p. 994.
were
seven months of
Mengel Co.—Preferred Dividend—
Directors have declared a dividend of $1.25
per share on the 5% cum.
1st pref. stock, par $50, payable Sept. 30 to holders of
record Sept. 15.
The company stated that this completes
payment of arrears and stocK is
now
on
a
regular basis.—V.
153,
p.
842.
Merchants & Miners Transportation Co.-—Correction-
$29,666
$166,979
1939 and 1940 provision for renewals, replacements
and the 12 months ended June 30, 1941 such
provisions, as included in the
above statement, have been restated for comparative
purposes.
Effective
Jan. 1, 1941 such provisions are being made on a monthly basis.—V.
152,
3029.
earnings appearing in the "Chronicle" of Aug. 16, page 994 under
the heading of Merchants & Miners Transfer
Transportation Co., are
the earnings of Merchants & Miners
Transportation Co.—V. 153,
p.
Mexican
994.
Light & Power Co., Ltd.—Earnings—
[Canadian Currency]
Period End. June 30—
Gross earns, from oper-.
Oper.
exps.
1941—Month—1940
$737,590
$659,262
597,651
500,001
& deprec.—
Net earnings
_
$139,939
_
-V. 153, p. 555.
and retirements was made on an annual basis
during the month of December
and provisions for Federal and State income taxes were made
during the
latter months of said years.
For the three months ended June 30, 1940
p.
$2.36
The
Louisiana Ice & Electric Co., Inc. (& Subs.)—Earns.—
Operating
Operating
$2.23
Extra Dividend—
$340,125
...
1938
See list given on first page of this department.
Earnings for Six Months Ended June 30, 1941
common
1939
$234,615
stock
Masonite
Netincome
Available for
1940
$269,794
on
Note—1941 Federal taxes
Senate.—V. 152, p. 2243.
dividuals who
recover.
After
a
1941
$255,196
share
Mica
$159,261
1941—6 Mos.—1940
$4,409,708
$3,758,016
3,618,080
2,877,201
$791,628
$880,815
Corp. of America—Registration Suspended—
The Securities and Exchange Commission on
Aug. 15 issued a stop order
suspending the effectiveness of the registration statement (2-4675) filed by
the corporation.—V.
152,
p.
1439.
Michigan Steel Tube Products Co.—2>Q-Cent Dividend—
Directors have declared a dividend of 30 cents per share on the
common
stock, payable Sept. 10 to holders of record Aug. 28.
This compares with
15 cents paid in the three
preceding quarters; 25 cents paid on Sept. 10,
1940; 15 cents on June 10, and March 11, 1940; 25 cents on Dec. 9,
1939;
15 cents paid in three
preceding quarters, and 50 cents on Dec. 10 and
Sept. 10, 1937.—V. 152,
p.
990.
/
Volume
The Commercial & Financial Chronicle
153
Michigan Gas & Electric Co.—Earnings—
Period End. June 30—
y
Operating revenues,...
Oper. expenses & taxes..
1 941—12 Mos.—1940
$1,530,570
$1,491,653
1,110,621
1,080,340
1941—3 Mos.—1940
$380,066
$360,145
270,903
$97,895
$419,949
$411,313
1,028
2,810
$110,157
64,001
$98,923
63,948
$422,759
256,696
$414,965
256,171
$34,975
$166,063
$158,794
1941
Assets—
Inventories.
_
Gross income
Interest, &C;, deductions
Net income
3.946,720
Accounts payable.
Notes payable....
10,075,531
9,803,423
Customers' balance
Accrued liabilities.
494,302
359,068
351,914
Res. for Fed. taxes
2.669.277
45,475
Reserves..... J...
1,900,000
rec.
_....
(non-current)...
Investments......
44,845
Prepaid expenses..
533,414
Prop., plant & eq't
(less deprec.)... 5,361,870
544,549
5,699,245
Milwaukee Electric Railway & Transport
12 Months Ended June 30—
Gross
.... —
revenues...
—
.....
income..
.......
Total interest charges
Other deductions
1940
$9,276,660
8,485,195
$782,073
9,501
$791,464
5,390
$791,574
$796,855
401,609
Net operating revenues...
Non-operating
Co. (& Sub.)
1941
$9,593,784
8,811,710
operating revenues..
Operating expenses and taxes.
401,973
1.000
Net income...
-
N)te—No provision was made for income taxes for the 12 months ended
June 30, 1941 and ld40. since it is estimated that the company has no
taxable net income for these periods.—V. 152, p. 3973.
Minneapolis Gas Light Co.—Earnings—
Years Ended June 30—
Operating
1941
_
_
Maintenance.
_
Taxes (incl. income taxes)
Prov for retirements and replacements
$6,011.036
3,097,830
247,075
906,890
290,64 5
$5,744,158
$1,578,430
3,253
$1,471,801
Gross
income..
...
....
Interest deductions
Other
476,379
deductions
...
94,470
...
Dr81,604
Total...........22,595,302
19,276,393
$900,952
_
preferred stocks
Income payments on participation units.
126.678
73,787
on
$1,010,309
126,9?3
78,079
—V.
153,
$700,487
...
$805,297
246.
P-
Murray Corp. of America- -Earnings—
1941
1940
$2,510,929
..........
Discounts on purchases
Miscellaneous income.
$2,473,390
39,723
5,489
64.840
25.673
..........
Total
$2,601,442
Sell., service, gen. & admin, exps. & corp. taxes.
749.284
Idle property exps. & miscell. deductions.32,356
_
Provision for depreciation........
on income
Net profit
Earnings per share
...
a.377,000
...
$2,518,602
696,427
137,895
503,497
197,200
$968,205
_...
_
on common
No provision required
a
4t4,597
.....
...
Provision for Federal taxes
stock
$983,583
$1.03
$1.01
.....
V. 152. p. 3031.
for excess profits tax.
■Balance Sheet—-
National Automobile Insurance Co.
Balance Sheet June 30, 1941
Liabilities—
Assets—
Real estate and Improvements
on
$2,582,052
Premium reserve, pro rata...
2,186,035
3,890,056
Otber reserves for taxes. &c_
659,687
Reinsurance accrued and col¬
1,935,747
lections for others unpaid.
__
Bonds at amortized value...
Cash
Reserve
$87,734
800
3
Mortgages.
hand and
on
deposit.
under
Agents' accounts
days.
Mississippi Power Co.—Modifies Its Financing Plan—
RR.—-Sept. Interest—
9 Months Ended May 31—
Gross profit from sales.
Stocks
Net income
b Treasury stock at cost,
of the supplemental indenture dated as of
"available net income" of this company for the
calendar year 1940.
Consequently, no conditional interest can be paid
on the extended first
mortgage bonds on Sept. 1, 1941.
It is expected that the fixed interest at the rate of 3 % per annum for the
six months ending Sept. 1.1941 ($12.75 per $850 bond). will be paid in the
usual manner upon surrender of the interest coupon.—V. 152, p. 3190.
Admitted
Net income
Dividends
4.346,461
was no
...
Net operating revenues.
Non-operating income
1,570,038
11,000,000
424,113
Z)r81,604
Montana Wyoming & Southern
$1,581,683
476,904
94,470
2,845,200
268,850
775.607
276,071
34,380
395,977
407,048
Pursuant to the provisions
Sept. 1. 1939, there
1940
$1,468,596
3,205
revenues
Operations..
19.410
Treasury stock..
a
Represented by shares of $20 par value,
6,500 shares.—V. 152, p. 1288.
$394,881
$388,964
22.595,302 19,276.393
429,979
750,000
Capital stock.. 11,000,000
Capita1 surplus...
424,113
Earned surplus... 5.427,139
b
Total
742,665
y
—V. 153, P. 401.
Total
$
611,539
2,220,250
& ad vs.
rec.
1940
1941
Liabilities—
$
2,273.854
—....
Notes & acc'ts
Notes
1940
$
Cash.....
3,652
$46,156
.
262,250
$109,163
994
Net oper. income....
Other income (net)
1135
Balance Sheet June 30
a
25,129
300,000
Capital paid up
Surplus over all liabilities
90
1,069,553
1,264,501
33,509
Interest due and accrued, &c.
The company has filed an amendment with the Securities and
Exchange
15, under which the transac¬
modified in the following, among other,
Commission modifying its declaration of Aug.
tions
previously
proposed
are
respects:
(a)
The amount of bonds presently proposed to be issued and sold from
Reconstruction Finance Corporation is changed from
time to time to the
a
National Aviation
and the proceeds thereof to be used for the redemption of $6,177,500 out¬
standing bonds held by the public and so much of the $2,750,000 bonds as
may have been issued to the Reconstruction Finance Corporation pursuant
to the authority now requested, and for the construction of national defense
projects.
(c) Commonwealth & Southern Corp. proposes to make an additional
investment in the common stock of Mississippi Power Co. by the payment
of $250,000 in cash and proposes also to convert into investment in common
stock its investment in 4£3 shares of $6 preferred stock, 264 shares of $7
preferred stock, and $3,031,500 principal amount of first and refunding
mortgage bonds of Mississippi Power Co.
(d) Mississippi Power Co. proposes to reduce its common stock stated
value, after the credit thereto of the amounts described in (c) above, to
$4,500,000.
(e) Mississippi Power Co. proposes to reduce the amount by which its
plant and property account is presently carried on its books from $18,854,038 to $18,782,106, the difference representing electric plant adjust¬
ments of $17,394 classified as Account 107 by the company in its original
cost report to the Federal Power Commission, capital stock expense of
$18,894 and other net adjustments of $35,643.
(f) Mississippi Power Co. proposes to increase its depreciation reserve
from $1,100,715 to $1,453,736.
<g) Mississippi Power Co. proposes to create a capital surplus on its
books of 43.606,810 and to eliminate its presently earned surplus.
All
earned surplus on the books will be eliminated in connection with the foregling transactions.
(b) Certain other accounting entries will be made in connection with the
foregoing transactions.
A hearing on such matter will be held on Aug. 28.—V. 153, p. 994.
Dividends received
$4,648,854
1,386.370
386,53 0
540,758
Total income
excess
Net operating revenues......
Non-operating revenues
profits taxes
...
—
Gross income
Interest
on
$2,335,196
126,271
$2,031,764
123,449
14,654
Taxes, other than income taxes
Provision for income and
$2,155,214
932,313
39,913
14,993
$1,167,995
924,775
funded debt
Amortization of debt discount and expense..
39,379
Other deductions
340,803
284,868
.....
Notes—(1) The above income statement has been adjusted to reflect
provisions of $22,788 applicable to the six months ended June 30, 1940,
covering additional Federal income taxes under Second Revenue Act of
1940, recorded in September, 1940.
(2) Provision for Federal normal income taxes for the six months ended
June 30, 1941, has been made at the rate of 24 % as provided in the existing
law and provision for excess profits taxes has been computed at rates effec¬
tive for the year 1940.
No provision has been made in the accounts for
any additional Federal income and excess profits taxes which may be levied
under a 1941 Federal Revenue Act.
(3)
Provision for income taxes for the 12 months ended June 30, 1941,
153, p. 247.
includes $13,000 for excess profits taxes.—V.
Mohawk Carpet Mills,
1940
$7,595,934
1939
$7,146,287
10,793,001
6,990,272
6.562.190
operations.. $,3,100,668
57,515
$605,662
39,923
Cost of sales,
Profit
on
exps.,&c_.
Other income (net).....
S3J158J83
Total income
Fed. income tax (est.)._
Net
$645,585
a2,200,000
140,000
profit-
$958,183
543.500
Dividends
~~$505,585
272,375
—
—
Profit-
$51,259
—
30,989
Loss from sales of securities.
Profit
—•
-
1938
$4,787,328
5,466,410
$584,09) loss$679,083
22,735
Drl9,289
$606,832 loss$698,372
90,000
Net
....
—
....
—
$17,800
119,319
-----
Dividends
a
transfer charges, custody of securities and insuranceincome taxes.
Incl. registrar and
fa Incl. State franchise and other taxes, except
Balance
—»
-
i
.
fixtures..
Furn. &
1,022,326
1,146,823
.
3,748
......
16,651
17,634
$7,321,927 $7,450,645
Total
1941
1940
Accruals
$2,451
$3,943
Reserve for taxes.
10,761
80,951
119,319
declared....
119.319
Capital stock...
2.386,373
Dlv.
surplus...
4,139,369
2,386,373
4,139,369
Earned surplus...
663,654
720,691
x
Paid-in
Prepaid & deferred
charges
30
Liabilities—
.$6,127,870 $6,396,695
29,600
11,225
Invest, at cost..
Receivables....
(JflStl
Sheet June
1940
1941
A ssets—
$7,321,927 $7,450,645
Total
Represented by 477,274 shares (par $5).—V. 152, p. 4130.
National Bond & Investment Co.
1941
6 Mos. End. JuneSO—
^
_
(& Subs.)—Earnings
1940
1938
1939
Gross oper. income
Oper. gen. & admin, exp.
$3,995,839
$3,111,963
1,929,555v 1.614,732
$2,142,481
$2,321,156
1.293.021
1,313,211
$2,066,285
4,910
$1,497,231
6,154
$849,400
Other income.
1,522
$1,007,945
20,251
$2,071,195
369,356
a765,045
$1,503,385
267,314
310,681
$850,982
121,020
179,079
$1,028,196
208,684
163,260
$936,793
$925,390
306,300
$550,883
306,300
245,040
$656,252
343,056
150,000
150,000
150,000
150,000
Interest paid,
&C-- —
-.
Prov. for Fed.income tax
.
Divs. paid on com. stock
Divs. paid on 5% cum.
pref. stk. series A
a
proposed Revenue Bill of 1941,
profits taxes under Revenue Bill of 1941.
Includes $91,500 additional tax under
and $131,000 for excess
Consolidated Balance Sheet June 30
$
9,683,731
$
-.10,848,239
Cash..
1941
1940
1941
Assets—
Liabilities—
?
1940
$
Notes payable....44.867,500
29,795,000
846.624
617,049
Accounts payable.
a
Notes and accts.
Accrued liabilities.
234,960
169,693
c
Repos. autos.,&c
224,158
278,538
Federal taxes.....
1.173.007
534,500
Accts. receivable..
2,689
1,594
Other curr. liablls.
845.903
471,958
503,014
508,722
mouth Insur.Co.
70,925
Unearned prems.of
receivable......73,377.586 53.587,687
owned
by
Res've for pending
claims agst. Ply¬
Ply¬
mouth Ins. Co..
Investments
134,889
123,959
4,248
6,547
Notes
Deferred charges..
209.426
151,727
due
Other assets......
3,238
4,738
autos
12.732
Plymouth Insur¬
Furniture, flxt's &
ance
162,441
Co
3.662.895
2.628.287
unsecured. 15,750.000
2,500
12,750,000
Unearned discount
Due from employees
&c
pay.tobks.,
yrs.,
in
subseq't
2,500
5% cum. pref. stk.
„.
6,000.000
b Common stock..
7,012,000
6,000,000
7.012.000
4,736.923
4,437.184
(par $100)
136,575
Earned
J
638
income..
Minority Interest.
Surplus..
$414,683
$233,210
$516,832 def$834,947
Shares capital stock out¬
standing ($25 par)....
543.500
543,500
546.300
546.300
Earnings per snare
$1.76
$0.93
$0.95
Nil
a Includes excess profits tax
and $450-,000 in respect of increased rates
under pending legislation.
$20,270
1,832
—
proposed rates.
Increase to cover 1941
$516,832 loss$698,372
......
—.
Estimated Federal normal income taxes, based on 1940 rates—
U. S. Treas. notes
Inc.—Earnings—
6 Mos. End. June30—
1941
Net sales
$13,893,669
$96,779
25,846
5,457
5,527
8,690
—.W-........
_
—...
Legal and accounting services._._..._.....
b Provision for Federal capital stock, &c., taxes
Other operating expenses—.......
Net income.
Net income.
—.
.._
...
a
$4,238,349
1,580,913
$1,482,659
__
_______
Salaries
1940
$2,461,467
Operating revenues...
Operating expenses.
$87,500
9,279
-...._._
Interest received
x
1941
Corp.—Earnings—
Earnings for the 6 Months Ended JuneSO. 1941
Mississippi River Power Co.—Earnings—
12 Months Ended June 30—
$7,017,404
a For
unpaid claims in process of adjustment, but not due, including
special reserves for workmen's compensation and liability, and cost of
adjustment.—V. 151, p. 2805.
total of $3,250,000 to $2,750,000.
(b) Company proposes to issue and sell to the public $8,927,500 of new
first mortgage bonds as a permanent financing program, the bonds to be
due in 1971 and to bear interest at a rate not in excess of 3H % per annum
Total..
$7,017,404
Total
Total........-85.307.485 64,418,170
a
.
.
surplus.
Total...
—
85,307,485 64.418,170
possible loss of $2,440,084 in 1941 and $1.341,210 in
b Represented by 612,600 no par shares,
c After reserve of $60,235
1940.—V. 153, p. 843.
After reserve for
1940.
in
_
1941 and $61,968 in
■'•
''
,
■
..
The Commercial & Financial Chronicle
1136
National Biscuit Co.—Stock Offered—Shields & Co. on
Aug. 18 offered 46,000 shares of common stock (par $10) at a
fixed price of 16% per share.—V. 152, p. 3352.
National Enameling & Stamping
1941
Other
Gas
$5,768,334
211,072
32.515
$578,076
4.960.971
.
$243,587
136,803
98,313
equipment
Total incomeRepairs, renewals and maintenance
Provision for deprec. of operating properties
-
224,281
110,201
73,562
Provision for Federal income tax
Provision for
a
excess
profits tax
Net operating profit.
Income of non-operating
Held
a
less expenses
*
-_
6,542,665
1,106,116
1,362,959
r
$6,139,094
$5,839,012
137ifinaifi
137,025
160,416
Net income
$6,276,120
$5,999,429
201,375
72,979
187,179
Other deductions from income—Subsidiaries:
Interest
Dr2,908
$171,645
for disposal,
—
plant and
Other income
$8,470
1,613
Net profit
6,903,835
1,099,885
1,479,928
.
.
of property,
Operating income before provision for taxes
|
$170,032
properties-;
$15,622,745 $14,850,754
—
retirement
for
1940
4,806,221
256,241
257,084
—
Operating expenses
Maintenance
Provision
^
$10,404,689' $9,788,291
Total operating revenues..
$3,992,856
517,84 9
60,227
_
1941
,*
i-
—
Steam heating..
1940
income
England Gas & Electric Association (& Subs.)—
12 Months Ended June 30—
Operating revenues—Electric....
Co.—Earnings—
6 Months Ended June 30—
Sales
Profit from operations
New
Aug. 23, 1941
on
long-term debt
Other interest
Amortization of debt discount and expense
Less—Interest charged to construction
$5,561
91,612
6,132
Crl4,003
6,014
e
CV14.864
Income applicable to common stock held by the
(depreciation, taxes, &c.)-
public
47,020
47,268
$5,962,616
$5,682,220
$1,903,078
$1,918,659
Comparative Balance Sheet
Assets—
June :30/41
Cash
Liabilities—
Dec. 31/40
$465,257
981,588
1,122,589
material Asuppl.
3,226,343
Acc'ts pay.
$397,428
(net)-merch.,
Acc'ts and notes re¬
ceivable
Stock
of
151,148
3,084,919
3,100,913
Investments
Non-oper.
ties
498,709
22,534
-
81, 198
-.$8,426,403 $7,830,7131
Represented by 114,775
no par
National Supply Co.
64,567
5,738 ,750
1,337, ,589
Capital stock
Earned
a
15,272
70, 960
263, 192
surplus,-.
Total
$8,426,403 $7,830,713
shares.—V. 152, p. 3974.
(& Subs.)—Earnings—
1941—12 Mos.—1940
$73,463,813 $59,958,248
23,285,735
58,959,814
47,991,381
$9,097,305
3,174,886
$5,758,336 $14,503,999
3,128,493
6,323,228
Gross inc. from opers.
Selling &
gen. expenses..
Net inc. from opers.$5,922,419
Other income....a303,328
Total income
$6,225,747
Depreciation.
94i,521
b Int. on funded debt
Interest (other)
174.041
Taxes (other than inc.).
Doss
on
disposition
2,583
734.042
_
c
6,063,389
$8,180,771
741,218
$5,903,478
682,400
$2 ,913,378
806,022
220,972
10,371
586,402
$8,921,988
1,752,511
16,811
1,303,503
$6,585,878
1,612,854
390,195
33,432
1,143,958
96,908
7,114
Total
Net
7,070
24,902
2,151,744
351,877
2,463,035
658,398
com.stK.
$2,214,747
$0.97
$912,831
Nil
$2,932,214
$0.39
Includes gain on disposition of capital assets in the amount of
$28,257
in 1941 and $8,710 in 1940.
b Including amortization of bond discount and
c State and foreign income taxes and Federal excess
profits tax.
a
Note—The provision for 1941 Federal income and excess profits taxes
includes $815,000 more than the amount required
by the Second Revenue
Act of 1940 in order to provide reserves considered
necessary in anticipation
new
law
no w
incurred for Federal
under consideration in the
excess
Congress.
No liability was
profits in 1940.
Consolidated Balance Sheet June 30
1941
Assets—
1940
$
26,808,962
5,701,725
4,395.210
2.379,877
Notes&accts.rec. 13,912.584
10,171,267
1941
Land, bldgs.,
chinery,
Cash
$
$
514%
ma¬
&c
1940
Liabilities—
$
25.972,241
a
Mark etable secure.
Accts. rec., officers
and employees..
long-term debt
on
$2,502,499
on
55.804
2,032,932
468
1,216
16,268
182,576
8,236
interest
Amortization of debt discount and expenseOther deductions
Provision for taxes—Federal income
8,685
194,140
853
22,797
1,101
27,006
$331,463
$234,271
Other
Net income
4,141
System Output—
For the
kwh,
ended
Aug. 15, New England Gas & Electric Association
This is an increase of 2,410,194
25.59% above production of 9,420,076 kwh. for the corresponding
or
wees:
a
series prior
preferred stock.22,640,400 22,640,400
6% series prior pref.
stock
2,382.458
6,468,700
is reported at 85,630,000 cu. ft., an increase of 7,017,000
ft., or 8.93% above production of 78,613,000 in the corresponding week
year ago.—V. 153, p. 995, 843
697, 557, 401, 248.
a
,
31,024
New
b Common
England Public Service Co.—Dividends—
Directors
on Aug. 15 declared a dividend on the prior lien
pref. stocks of
equal to one-half of a full quarterly dividend, payable on
Sept. 15, 1941, to stockholders of record Aug. 30, 1941.
This dividend is
applicable to the quarter ended March 15, 1933, being the first quarter for
this company
which dividends are in arrears.
Checks for the dividend will be mailed
Sept. 15, 1941, to stockholders of record Aug. 30, 1941, on the following
75 cents per share on the prior lien pref. stock, $6 dividend series, and
87M cents per share on the prior lien pref. stock, $7 dividend series.—V. 152,
basis:
3353.
P.
New York & Richmond Gas
Period Ended July 31—
stock.11,549.280
Co.—Earnings—
6,468,700
$2 10-yr. pref. stk.
(par $40)----..11,181,480 11,181,480
21,140
year ago.
Gas output
cu.
expense,
of the
$2,466,738
1,903,078
-
$2,558,303
Other interest
$2,650,987
$0.64
$2,582,855
116,116
income
Interest
5,365
4,333
reports electric output of 11,830,270 kwh.
-
Consol. net profit
Earns.per sh, of
$2,102,197
62,254
384,152
58,127
264,069
4,644
45
income.
Taxes assumed
week
—
1940
$2,255,968
of subsidiaries
Expenses
19,514
76,541
349,892
Federal normal income
and defense taxes-
1941
Miscellaneous...
$11,966^867
$2,629,843
a283,534
-
$550,849
Statement of Income {Parent Company Only)
12 Months Ended June 30—
Income—Dividends—Securities
of
capital assets
Miscellaneous deductions
...
Other
32,793,213
Cost of sales
$585,527
...
$3,569,685
624,529
2,394,306
Other security investmentsInterest—becurities and indebtedness of subsidiaries
Period End. June 30—
1941—6 Mos.—1940
Net sales to customers..$41,890,518 $29,044,071
853
$3,851,239
1,031,238
2,234,473
...
Net income
1,337,589
162,969
468
8,685
183,868
182,576
8,236
Net income before provision for taxes
Provision for taxes—Federal income
Other
5,738,750
—.
Capital surplus
Total
40,136
In¬
tax...--.
come
a
1,216
16.268
interest
on
Amortization of debt discount and expense
Other deductions
40,847
47, 068
for Fed.
Reserves..
22,184
35, 614
taxes
Deferred assets and
charges
Other interest
Taxes assumed
State,
Pro v.
494,963
New England Gas & Electric Association—
Interest on long-term debt
$430,583
250 ,000
Acer, social security
proper¬
(net).
$602 ,032
....
local
& cap. stock tax
2,533,642
154,898
Balance
31/40
& pay-
rolls
Notes payable---.
Acer.
Oper. proper, (net)
June 30, '41 Dec.
11,555,280
Operating
revenues —
1941— Month—1940
1941—12 Mos.—1940
$97,731
$98,178
$1,242,446
$1,229,782
17,309
5,022
-
24,989
10,573
326,198
148,503
324,780
153,567
Gross income after retire¬
Inventories---...24,106,686 25,326,579
Funded debt--...
9,300,000
9,600,000
ment reserve accruals.
Mlscell. lnvestm'ts 4,987,515
Patents & licenses.
2,417
Deferred charges..
464,112
Accounts payable-
3,665,516
3,100,550
Net Income.--.------i
1,000,000
—V. 153, p. 995.
4,928,912
19,755
398,964
Notes
pay., bank.
Dividends payable
204,168
Accrd.tax,, int.,Ac 1,610,620
Insur.
&
pension
reserve, &c..
New
1,262,788
f
2,915,578
2,754,043
200,000
200.000
100,000
100,000
foreign taxes. 2,761,667
fund
pay.,
current-.
Instalment due
on
2% notes
Maint. & repairs-
37,112
York Susquehanna
& Western
RR.—Protective
Committee—
453,048
Sink,
The Interstate Commerce Commission on Aug. 5 authorized William
Graves Smith, Stephen P. Toadvine, and Robert Cresswell to serve as a
protective committee for holders of first mortgage refunding 5% bonds of
the company and to solicit authorizations to represent the holders of these
bonds, without the deposit thereof.—V. 153, p. 698.
Res, for Fed., State
&
c
Earned surplus..
d Capital
surplus.
2,656,955
Niagara Fire Insurance Co.—Balance tSheet—
936,598
2,498,102
2.968,964
Balance Sheet June 30, 1941
ASSCtS"^'
Total
a
77,548.298 74.463,131
Total.
77.548,298 74.463.131
After
b ± ar
depreciation of $15,412,858 in 1941 and $14,866,940 in 1940.
c Since Oct. 23, 1937.
d Representing balance of consolidated
surplus of predecessor companies.
$10.
earned
To
....$22,006,105
1,075,758
Prem. in course of collection.
Interest
accrued
Cash
deposit and in office
on
59,610
1,133,731
National Tea Co.—Sales—-
of™?^^ With ®4,376,245 for the corresponding period in 1940,
an increase
The number of stores in
operation decreased from 1,060 in 1940 to 1,045
p.
1941
io
of
sales, selling
Gross income
Other income.
.
_
Total income
Interest
,
Deprec. & amortization.
Miscell. deductions.
Reserve for Fed. taxes._
Net profitPreferred dividends
...
Common dividends
Deficit-_
com.
Earnings
—
....
stk. outst'g
per share
Subs.)—Earnings—
1940
1938
$9,798,153
$9,727,505
$8,221,706
10,604,697
9,624,551
9,494,541
8,116,538
$173,602
212,113
$232,964
205,754
$105,168
156,869
$401,524
79,582
198,831
$.385,715
$438,718
$262,037
80,933
90,882
181,461
7,809
35,981
93,768
164,667
15,628
10,000
$122,583
58,860
102,446
loss$22,027
59,376
$38,721
204,891
$235,101
204,891
22,209
a38,000
$62,902
54,819
102,446
$94,362
204,891
$0.03
*
253,200
300,000
2,000,000
15,400,974
_
189,070
11,339
27,400
$76,993
55,517
102,446
$80,970
204,891
$0.10
income
$0.31
tax
under
153,698
Nil
proposed
Total
$24,275,204
Valuations
$24,275,204
basis
approved by National Association of Insurance
Commissioners.
If actual June 30, 1941 market quotations of bonds and
stocks had been used the total admitted assets would be $24,428,429 and
policyholders' surplus $17,554,200.39.—V. 152, p. 686.
on
New York Water Service
Corp. (& Subs.)—Earnings—
Years Ended June 30—
expenses
Net earnings
on
$1,129,399
22,431
$1,174,221
29,983
$1,151,831
764,799
11,667
$1,204,204
-
— —
.
—.
-
—
—
—
-
-----
long-term debt-
—
-
—
_____
Amortization of debt discount and expense-Taxes assumed on interest.
—
-
-
-
--- _
-
-
...
_—_
Interest, parent company
Interest charged to construction
Misclllaneous interest,
Net income
1940
$3,035,912
1,861,690
Other income
Interest
1941
$3,025,162
and taxes..—1,895,763
revenues.
Gross income-
$173,249
228,275
a Includes
$6,490 for additional Federal
Revenue Act of 1941.—V. 153, p. 843.
1939
,777,946
&
general expenses.....
Total
Operating
Operating
556.
Neisner Brothers, Inc. (&
6*Mos. End. June 30—
Sato
-
a
Sales for the four weeks ended
Aug. 9, 1941 amounted to $5,314,080 as
9, 1941.—V. 153,
—
Reserve tor taxes and exps._
Reserve for all other claims..
Netsurpto
dividend of $2.75 per share on the 5?^% prior
stock and a dividend of $3.00 per share on the
6% pref. stock, both
payable Sept. 30 to holders of record Sept. 19.
Dividends at half these
amounts were paid in the
preceding quarters.—V. 152, p. 3661.
at Aug
>
Liabilities—
Unearned premiums.-..$5,964,022
Losses in process of adjustm't
357,007
Capital
pref
Shs.
"I .'J'1,p:'
'V.i'l
Bonds and stocks..
Pay Preferred Dividends—
Directors have declared
Cost
*
15,328
Cr 703
10,195
&c
—
—
Consolidated Balance Sheet
as
$350,544
792,431
12,528
13,668
2,444
351
14,321
$368,459
at June .30, 1941
Assets—Utility plant (including classified intangibles aggregating
$2,441,595), $28,408,488; cash and materials held for special construction
project, $209,067: investments in subsidiary companies not consolidated
(less reserve of $2,000,000),
$511,408; loan to subsidiary company not
consolidated,
$569,000;
miscellaneous
investments and fund accounts
(including other physical property stated at $32,452), $47,700; current
assets, $798,745; deferred charges, $106,412; commission on sale of pre¬
ferred stock, $498,482; total, $31,149,303.
Liabilities—6%
cumulative preferred stock
($100 par), $4,653,200
common stock
($100 par), $2,601,500; long-term debt, $14,857,500; cur
Volume
The Commercial & Financial Chronicle
153
rent liabilities
(exclusive of current maturity and sinking fund payment of
long-term debt), $519,476; deferred liabilities, $214,289; reserves, $3,215,156; contributions in aid of construction, $526,113;. capital surplus,
$2,353,671; earned surplus, $2,208,398; total, $31,149,302.—V. 152, p.3192.
—
ore——
_
2,022,000
1940
1939
$5,663,600
$4,135,377
Miscellaneous income.1,314.343
Est. profit before prov.
for depr. & conting. $5,663,600
Est. res. for deprec'n..
280.000
$5,449,719
treatment and
p.
$5,600,654
272,000
$5,177,719
$5,330,654
$2.40
$2.31
$5,012,188
264,000
270,000
$5,383,600
$2.38
.
Est. net profit.......
Est. net profit per share.
$4,732,985
279,204
$4,674,497
926,157
miscellaneous
income,
b Including mining, custom ore
delivery and administrative and general expenses.—V. 152,
Norfolk Southern RR.—Time
for
Deposits Extended—
protective committee for the first and refunding mortgage 5% gold
boiids due Feb.
1, 1961, has announced that the period of deposit for the
bondholders' committee certificates of deposit has been extended to Oct. 1,
1942.—V. 153, P. 698.
North American Car
Corp.—Accumulated Dividend—
Directors have declared a dividend of $1.50 per share on account of ac~
cumulations on the $6 first preferred class A & B shares payable Sept. 10
to holders of record Sept. 3.
Like amounts were paid on July 18 and
May 1,
last, and
on
Dec. 30 and Marcn 25, 1940.—V.
North American
Net income
Earned surplus, balance Jan. 1
Total.
Federal income tax for prior years...
$1.50 cumulative convertible preferred dividends
Common dividends.
—
153, p. 844.
..
....
—
......
.—
Balance, earned surplus, June 30
a
_
$387,911
266
16,972
60,999
17,516
60,999
__
$30.9,939
$355,439
—
Includes $8,201 for proposed increase in rates.
V
,
,
Consolidated Balance Sheet June 30,1941
Assets—Gash, $754,847; notes and accounts receivable, $6,155,250;
sundry receivables, $22,647; cash surrender value of insurance policies on
life of officer, $16,806; repossessions, $13,094; office building and real
estate, $27,142; furniture and fixtures, $25,678; company cars, $8,816;*
deferred charges, $33,452; total, $7,057,733.
Liabilities—Unsecured short-term notes, $4,456,000; accounts payable,
$40,160; accrued items, $55,664; contingent reserves, $233,607; reserve for
losses and contingencies, $127,805; reserve for deferred income, $370,420;
$1.50 cum. conv. preferred stock, $532,374; common stock (121,998 no par
shares), $867,300; paid-in surplus, $18,965; earned surplus, $355,439;
$7,057,733.—V. 1&, p. 3510.
total,
Northern Indiana Public Service Co .—Listing—
The New York Curb Exchange has admitted to unlisted trading the 1st
mtge. bonds, series A 3H%, due Aug. 1, 1969.—V. 153, p. 558.
Northern Pennsylvania Power Co.-
Light & Power Co .—Meeting Postponed
—Earnings-
—
12 Months Ended June 30—
The stockholders'
meeting scheduled for Aug. 21 has been postponed by
agreement of counsel until Oct. 21 pending adjudication of an Securities
and Exchange Commission
request for an injunction directed against North
..
$107,123
280,788
$434,220
...
...
$171,673
49,550
15,000
$101,080
333,140
!
on notes
$424,940
194,360
58,907
$186,110
43,718
a41,311
—
1940
$454,912
195,611
73,192
Provision for Federal income tax...
$4,748,188
$2.12
3353.
The'
Interest
-Earnings—
1941
....
Total gross income
1938
$9,109,350 $10,795,108 $10,425,543
3,503,973
3,462,187
4,782,558
1,753,425
1,470,000
905,000
910,000
Balance
Includes
(& Subs.)-
Ltd.—Earnings—
Reserved for taxes.....
a
Northern Illinois Finance Co.
6 Months Ended June 30—
Operating income
Operating expenses
Provision for losses
Noranda Mines,
6 Mos. End. June 30—
1941
Total recovery.
.a$l0,911,202
b Cost of metal produc n
3,225,602
Custom
1137
/
1940
1941
$2,060,170
14,076
24,196
$2,013,017
14,995
$2,098,443
1,586,899
$2,050,634
1.461,283
$511,544
34,066
$589,350
33,640
$545,611
235,094
$622,991
Income deductions
Net income—
$310,516
$385,188
Operating revenues—Electric
Gas
...
Steam
American Co.
The SEC has asked the court to restrain North American
Co., parent concern from voting its stock for dissolution of the subsidiary.
—V. 153, p. 698.
6 Mos. End. June SO—
Total income..........
Expenses
Depletion & depreciation
...........
Est. Fed. income tax...
1941
Net profit..........
Dividends.
.
1940
248,985
155,847
20,000
$140,377
$184,788
137,830
137,830
$153,207
137,830
$0.32
$0.51
$0.67
^(f'?QIudeS 0ther income of $6,210 in 1941, $6,709 in 1940 and $12,444
Balance Sheet June 30, 1941
Assets-—Cash
cash in
banks
on hand and in
banks (commercial accounts), $485,248;
(savings accounts), $365,761; accounts receivable, $50,956;
l1^^,r?'sset8
$3,222,205; prepaid taxes, $8,026; prepaid insurance,
$2,482; total, $4,134,679.
Liabilities—Accounts payable, $23,273; accrued payroll, $4,109; accrued
Federal taxes (estimated), $38,047;
capital stock ($10 par), $2,756,500;
surplus, $1,312,660; total, $4,134,679.—V. 152, p. 1927.
1940
1939
1938
$68,909
—
858,220
12,697
1,280
$53,706
12.742
641
$63,810
13.303
1,231
10.869
2,059
Depreciation..........
292
234
390
Taxes (sundry)
Depletion and properties
4,200
3,900
4,125
charged off..........
21,737
....
Net operating income.
Other
$29,752
income
Net income before Federal taxes—.......
com.
142
17,389
$21,348
$25,177
50
$29,777
29,875
$18,418
24,380
$21,348
24,090
stock out-
•
■
standing (par$5).-...
23^,000
240.900
Earns, persh. com. stock
$0.12
$0.09
243,600
$0.07
$25,227
24,600
.'v.
246,000
$0.10
Balance Sheet June 30, 1941
Assets—Cash, $145,098;
mineral rights, leases
and field equipment (net), $1,251,350; furniture and fixtures (net), $1,691;
deferred assets, $134,896; total, $1,533,125.
Liabilities—Dividend payable, .-j.2G.875; accounts payable, $8; Federal
taxes, $11,998; deferred credits. $11,733; common stock ($5 par), $1,195,000;
capital surplus, $130,663; earned surplus, $153,848; total, $1,533,125.
—V. 152. p. 3821.
North Penn Gas Co.
(& Subs.)—Earnings—
1941
$2,228,801
1.810,993
1940
$2,379,800
1,941,923
Net earnings.$417,807
$437,876
189.750
1,072
11,298
Gross earnings..
Interest
expenses and taxes
...
lon-r-term debt
on
—
Interest on unfunded debt.....
Amortization of bond discount and expense...
—
—
189,750
—
853
—
.
11,298
...
,
,
The Interstate Commerce Commission Aug. 5 issued a certificate per¬
mitting abandonment by the company of a portion of a branch line of rail¬
extending from a point near Glen Ellen to a point near Los Guilicos,
approximately 6.318 miles, in Sonoma County, Calif.—V. 153, p. 698.
road
Co.—Subsidiary to Be Merged—
Company and its subsidiary, Associated Power Corp. have filed with the
application (File 70-377) regarding
a proposal to merge the subsidiary with the parent.
The parent company
will acquire all or the subidiary's. assets and assume ad of its liabilities.
NY PA NJ Utilities Co. presently owns all of the capital stocic and debt
securities of the subsidiary company.—V. 153, p. 558.
Ohio Cities Water Corp. (&
,
Subs.)—Earnings—
Consolidated Income Account
.
12 Months Ended June 30—
^
1940
1941
^
earnings
—
$330,591
Operating expenses, maintenance, and taxes —1/6,037
Provision for depreciation and retirements
16,944
$311,083
$137,609
$132,311
32.681
1,077
31,045
Gross
-
Gross income
...
— —
—
—
-
-
—- -
-
-
amortization of debt, premium and
(net), &c\, of subsidiaries
•—k.
Preferred dividends of subsidiaries..—.....
166,243
12,528
Interest,
expense
Interest, amortization of debt
Ohio Cities Water Corp
accounts receivable, $89;
12 Mmths Ended June 30—
Operating
,
Northwestern Pacific RR.—Abandonment—
20,955
$18,418
(Del.)-—Weekly Output—
29,347,286 kilowatt-hours for the corresponding week last year, an increase
of 18.8%.—V. 153, P. 996
844 698 558, 402 , 249, 106.
:
25
Dividend
Shares of
18,761
Northern States Power Co.
Electric output of the Northern States Power Co. system for the week
Aug. 16, 1941, totaled 34,874,561 kilowatt-hours, as compared with
ended
3,000
:
23/,802
Securities and Exchange Commission an
1941
Admin. & gen. expense..
Legal & purch. expense.
22,621
Note—Provision for Federal income tax for the period from Jan. 1, 1941,
is based upon an anticipated 1941 tax rate of 30%.—V. 153, p. 558.
NY PA NJ Utilities
(The) North Central Texas Oil Co., Inc.—Earnings—
3 Mos. End. June 30—
Operating income.—
Gross income
$0.55
shs. (par $10) cap. stk.
•
$671,739
352,962
165,570
$88,518
86,698
.
deductions.
revenue
Other income
1938
a$650,611
291,155
158,669
16,000
Earns, per sh. on 275,659
...
.
Operating i ncome
1939
a$565.209
;
■
Gross operating revenues
Consolidated—Earnings—
a$451,523
215,401
132,604
15,000
_1
heating.....
Operating
North American Oil
_
_
—
Net income
—V.
.._
—
—
_
.
discount,
40,905
&c., of
34,759
—
—
91,609
$29,263
-
$8,579
152, p. 3354.
Ohio Confection Co,—Accumulated Dividend—
Directors have declared a dividend of 50 cents per share on account of
accumulations on the $2.50 cumulative class A stock, payable Sept. 15 to
holders of record Sept. 5.—V. 148, p. 1334.
Ohio Power Co.—Admitted to Unlisted Trading—
has admitted to unlisted trading the first
bonds 3% series due April 1, 1971. and the 4lA% cumulative
preferred stock (par $100).—V. 153, P- 559.
Trie New York Curb Exchange
mortgage
Oklahoma Gas & Electric
■
Co.—Earnings—
1941
Years Ended June 30—
aqt^iq
Operating revenues
—
— -*513,951,777 $13 ,o9/ ,olo
4,644,056
4,653,003
Operating expenses...
754,202
710,850
Maintenance and repairs.
—
1,400,000
1,500,000
Appropriation for retirement reserve
—
22,977
23,636
Amortization of limited-term electric investments
1,496,320
1,539,727
Taxes (other than income taxes).....
632,250
847,000
Provision for Federal and State income taxes..._.
— —
Net income-.
—
-.
—
.-....
—
—
...
—
.
—
—
$215,905
.-.
$7 cumulative prior preferred dividends—
42,672
$7 cumulative preferred dividends... —92,120
....
Balance.
—V.
152,
$81,113
p.
$235,755
43,436
92,120
$100,199
3193.
Net operating income
income
Other
North Texas Co.
Period End. June 30—
Operating revenues.
Operation.,
—
—
..
...
Maintenance.
1941—Month—1940
$121,335
$103,597
65,122
60,844
17,467
15,306.
Taxes—Federal income.
Other.
—
...
—
....—
(& Subs.)—Earnings—
820
12,320
$25,473
Oper. inc. before depr.
Otherincome.net
1,652
12,451
—
1941—12 A/os.—1940
$1,413,328
$1,367,851
754,3 6
760,015
212,057
197,975
17,3 3
2,376
145,218
144,904
$13,473
91
193
...
$284,282
$262,580
1.722
158
Gross income
....—
— —
Income deductions—
Net income
... _
.
—
...........
.
Note—No provision for excess
$4,677,558
665
$4,747,510
$4,678,223
1,987,836
$4,758,109
2.039,456
$2,690,387
$2,718,652
10,598
profits tax under the Second Revenue Act
will be due.—V. 153, p. 559.
made as it is estimated no such tax
of 1940 was
Oklahoma Natural Gas Co .—Bonds Called—
bonds, series B 3 % % OueAug.l, 1955 are being
principal amount of the bonds will be redeemed on
Oct
1, 1941 with funds held by the Chase National Bank of the City of
New York, trustee, in the sinking fund. The sinking fund redemption price is
103 A % of the principal amount, plus interest accrued to Oct. 1.1941, and
interest on the bonds called for redemption will cease from and after the
Holders of first mortgage
notified that $100,000
Gross income..
Depreciation..
—
—
—
Bal.
$13,564
10,290
3,695
$286,004
138,5C3
44,346
$262,738
136.222
47,644
def$421
3% income
$103,074
$78,871
31,745
34,225
$253566
11,692
3,478
.
.
Income deduc. total....
(before deduction
of income interest).
Interest
on
$10,495
1st coll. lien bonds,
^^onds^uSl6for
t heChaae
Net income
—V.
152, p. 4132.
....
$71,328
$44,346
>■'. v-:7;
■
Northampton Street RyEarnings—
Period End. June30—
Net
profit after all chgs.
—V. 152. p. 3353.
1941—3 Mos.—1940
$3,5/9
$2,133
1941—& Mos.—1940
$8,441
$7,332
redemption, together with'April 1. 1942 and all
sub-
attached should be presented on or after_pcfc. 1, 1941 at
Natl onal Bank of the City of New York, 11 Broad St., New
senuent coupons
York City.
*
July 31—
Operating revenues
Gross income after retirement reserve
loiKva
12 Months Ended
Net income
Earnings per common share
—V. 153, P. 699.
- - - - -
-
.....
accruals....
r-- -
(550,000 snares).....
«o
l«|°7i7
$9,435,579
3,315,22o
$9,363,717
3,533.496
2,490.173
2,565.880
$3.45
$3.65
The Commercial & Financial Chronicle
1138
Omnibus
Corp .—Earnings—
1941
6 Months Ended •June 30—
.....
Total equi t y income............
General expenses and miscellaneous taxes
Interest on long-term payable to Fifth
$800,295
17,037
Avenue
Coach Co., a subsidiary
_
—
_....
-
Net income.
--
Pennsylvania Electric Co. {& Subs.)—Earnings—
12 Months Ended June 30—
74,247
c23,140
80,994
24,283
$354,500
"$077,981
-
—
Federal income and declared value
Other.
._
_
_.........._
excess
Operating income...
Other income (net)
Gross
income.
Income deductions.
Refunding—
Lighting Corp, (& Sub&.)~Earnings—
Pacific
..
.............
Net income
$9,732,800
1,071.145
..
Int. on funded debt. _V_
21.350
Cr 15,453
Otner interest
Int. charged to constr n.
55.677
471,909
413,620
443,898
$8,000,079
$6,584,433
$9,700,781
$8,500,244
1,346,301
1,348,953
1,352.740
on
154
154
div.
......
...
com.
Remainder
to
Pennsylvania
1,179,990
4,825.893
5,630,208
&
Power
$2,344,609
$300,285
$2.03
$4.46
$3.69
$3.51
Net loss
IJ abilities—
$
$
4,397,628
5.077,100
189,832.115
4,404,628
3,322,024
4,398,476
6,707,974
Invest, in secur.
20,600,000
20,000,000
Common stock 29,937,924
29.937.924
22,439,100
22.441.925
Min. Int. incom.
receivable....
.
notes
deferments...
1,249,603
2,810,441
Deferred chances
2,140,091
Current
liabll
787,935
Deferred credit.
8,682,372
669,473
59,757,376
3,724,643
20,720,399
for
with
reserves..
236,789
64,093,909
3,941,746
Karned surplus.
Depos,
18,864,596
Retire,
tr.
3,054.229
new constr
Other
Total....... .221,159.603 21
*
,736,652
reserve.
Total....
Represented by 200,000 no par shares,
shares.—V. 152, p. 839.
y
.
_
.221,159,603 211,736.652
Represented by
1,608,631
no par
Pacific Mills—Consolidated Balance SheetJune28,'41
Assets—
Dec. 28,'40
June
$
?
•
("ash.
Liabilities—
$
5,375,000
7,074,336
7,188,495
Accounts
11.654.542
1,858,503
329,992
988,596
Insur.
815,185
nrems.
1,074,089
....
209,369
225,159
163.001
128,941
133,115
$1,746,047
618,943
Amort. & other deducts.
52,215
FederaI income tax
206,£51
Retire, exps. (or deprec.)
252,282
$1,647,952
676,000
11.723
$1,616,7(6
676,000
10,882
$1,702,356
676,312
112,115
246,051
92.If 2
116,749
24 0.758
23 5,988
$.602,063
$596,943
$650,266
Net earnings
Interest charges
Prepd. & def items
.
122,870
.
..
.
Balance avail. for divs.
-V.
$615,757
$2,417.83 7
672,1?.0
$2,514,182
678,711
23,040
153, p. 403.
Philco
Corp. (& Subs.)—Earnings—
6 Months Ended June 30—
1941
Gross sales..
19,806,150
3,174,504
1,888,782
a
Net income
After ail
charges, including Federal and State and excess profits taxes
b On 1,372,143 shares of common
and provision for increased taxes in 1941.
stock,
10,682,161
95,914
1940
.$35,211,279 $22,016,332
919,108
519,394
$0.67
$0.38
_____
b Earnings per share..
a
&
(net) 10,603.722
equipment
1,000,000
19,806,150
Surplus
accts. rec. & inv.
plant
Capital stock
1938
131,297
331,358
196,863
Long term notes
Prop.,
a
1939
134,955
.
[Excluding Canadian Subsidiary]
(estimated)
Res. for contings..
1941
$2,601,666
Taxes.
revenues.
Fed. & State taxes
on
depos. with mu¬
tual cos
payable-
Accrued llabs
3979.
1940
$2,472,283
693,033
255,749
(net)..
Supplies
p.
720,665
1,736,505
Mdse. Inventory-. 11,572,280
rec,
1939
$265,751
$0.61
depreciation and Federal income taxes.
Federal taxes based on 1940 tax rates.
No provision made
profits tax.—V. 152,
12 Mos.End. July 31—
Gross
8,125,000
Accts.
1940
$263,362
$0.61
Operationg (inci. maint.)
$
Notes pay., hanks.
1941
$243,227
$0.57
stock.
on no par cap.
Philadelphia Suburban Water Co.- -Earnings-
28,'41 Dec. 28/40
1,026,322
1,971,982
$435
After provision for
Note—1941
for excess
801,026
8,856,128
-.
$5,835
6,270
Brewing Co.—Earnings—-
profit./.
Earnings per sh.
1,513
45,000,000
Consumers' deps
2,189,647
4,030,661
......
Mat'l <te suppl's.
$4,650
6,270
pay'ie.
......
Net
a
1,475
52,000,000
of subsidiaries
Funded debt.
and
Gas storage
1,642
$1,620
on
6 Months Enaed June 30—
a
stk. <fc surplus
Accts. and notes
1,871
153, p. 249.
Pfeiffer
$
$
Pref. stock...
y
Sub. pref. stock.
320
1,910
1,796
1940
x
Cash
1940
$23,222
13,553
335
Net operating revenues
Int. to American Gas & Power Co.
-V.
1941
1940
199:281,637
....
Offered—
$24,292
15.601
...
Provision for retirements and replacements
1938.
1
<fc
prop.
Co.—Stock
Taxes
$827,717 def$598,905
surplus.
A sscts—
franchise
66
1941
;
_
Includes other income of $202,853 in 1941, $200,209 in 1940, $313,733
Plants,
$264,936
Maintenance-....
Consolidated Balance Sheet June 30
x
Water
Operating revenues
Operations
4,825,893
4,825,893
631 shs.no par com.stk
i
340,781
Valley Gas Corp.—Earnings—
1,183,385
^
.
_
in 1939 and $532,013 in
322,086
61,695
White, Weld & Co. offered after the close of the market Aug.
19,25,300 shares of common stoek(no par) at o2l/i- I>or share.
—V. 153, p. 997.
1.008.337
1,000,000
Earns, persh. on 1,608,-
y
$607,860
2,076
152, p. 3355.
Penobscot
stock
of Pacific Ltg. ('orp
$653,920
3,051
68
Years Ended June 30—
pref. stock of
Pacific Lighting <lorp
on
.....
Net income
-V.
on
Cash
__
Interest, &c., deductions of subsidiaries
Minority interest;
Int., amortization of debt discount, premium (net)
&c., of Pennsylvania State Water Corp
minority
interest of subs.
Div.
...
1940
$1,297,347
627,792
$328,713
..
110
pref. stocks of
subsidiaries.
Common divs.,
1941
$1,348,363
634,788
59,654
...
—
Operating expenses, maintenance and taxes.
Provision for depreciation and retirements
1,389,050
108
and expense.......
Net profit..,........
Pennsylvania State Water Corp. (& Subs.)— -Earnings
12 Months Ended June 30—
Gross earnings..,..
$8,947,532 $12,123,647 $10,959,214
1,886,875
1,919,750
1,995,000
22,286
96.719
20,830
Cr 17,971
Cr 13.223
Cr 12,759
Amort, of bond discount
Divs.
$2,250,163
924
anticipated tax rate of 30%.—V. 152, p. 3823.
Gross income.
Gross revenue.
$47,324,573 $43,710,852 $40,994,522 $45,097,810
Operating expenses..... 23,134,400
21,933,112 21,544,454
21,913,408
Taxes..
8.320,332
6,908,739
7,570,378
7.157.109
Prov. for retirement....
0,130,970
5,921.409
5,750.042
5,008,019
y
is based upon an
1938
1939
1940
1941
$4,333,418
2,083,254
Note—Provision for Federal income tax for the period from Jan. 1, 1941,
$50,000,000 to $100,000,000 refunding bonds, it
is reported, are actively under way and the financing is looked for next
month if present plans work out.
It will involve refunding part or all of
the outstanding 4s due 1904, of which there are around $91,000,000.
If
the entire amount is refunded, the new issue will approximate $100,000,000.
—'V. 153, p. 990.
involving
12 Mos. End. June Z0—
$4,332,494
profits
_
Net income................
Pacific Gas & Electric Co.—-Bond
Discussions
454,630
892,929
$1,900,388
_
830,018
888,132
$3,952,579
2,052,191
_
3,728,727
752,555
689,126
1,069,011
Provision
York City Omnibus Corp.—were affected by a 12-day strike
from March 10 to 21, inclusive, and by the result of the arbitration award
net income of
Provision for
Revenue Act
profits tax.—
...
Provision for retirement (deprec.) of fixed capital.
for taxes—
3,720,779
820,865
818,616
1.265,734
$3,949,187
3,391
Maintenance
Co. and New
granted the employees of these companies,
b Over equity in
subsidiaries for the period (credited direct to surplus),
c
1941 Federal income tax is at the rate of 30%.
Under the
now in effect the corporation is not subject to Federal excess
V. 152,p. 3510.
1940
$12,293,334 $11,919,475
_
New York subsidiaries—Filth Avenue Coach
The earnings of the two
1941
"
Operating revenues.__.._. ^.__._
Operating expenses.
Electricity and gas purchaser! for resale.
.......
i...—
Federal i ncome tax
a
$872,015
72,320
$471,972
20,080
of dividends received
excess
1940
a$553,240
81,208
Income—Dividends from subsidiaries
b Net
Aug. 23, 1941
Subject to certain conditions contained in the agreement.
Panhandle waives its right to redeem any of such shares out of earnings or
by refunding or otherwise on or before Oct. 1 .—V. 153, p. 845.
ing Jan. 1, 1942.
■■■;
i
(
.
New Chairman—
Total...
..32,532.745 32,143,544
Total
a Represented
by 396.123 no par shares.
Earnings for the six months ended June
"Chronicle'' of
32,532,745 32,143,544
1941,
appeared
in
the
Aug. 16, page 997.
Pacific Public Service
Period End. June 30—
Net profit after all ehgs.
and Federal taxes....
Co.—Earnings—
1941—3 Mos.—1940
$299,803
$0.20
Earns, per sh. on com..
1941—6 Mas.—1940
$221,096
$602,842
$0.40
$0.09
$518,816
$0.29
—V. 152, P. 3354.
Acquisition
acquisition would
by exchanging Pacific Western shares for those of George
F. Getty, Inc. The plan was approved by the directors on
Aug. 16.
This corporation has 1,000,000 shares
outstanding.
At the close of last
year 68.73% of these shares were owned by George F. Getty, Inc.
The
shares of George F. Getty, Inc., are held
entirely by the Getty family.
The latest records show that 42% of the
outstanding stock of George F.
Getty, Inc., is owned individually by J. Paul Getty and the remaining 58%
held under a trust in which Mr.
Getty has an interest.—V. 152, p. 4133.
be accomplished
Panhandle
Eastern
Pipeline
Co.—Expansion Plan
Filed—Company Asks SEC to Approve Deal for Three Units of
Columbia Gas & Electric Corp.—
Company filed with the Securities and Exchange Commission, Aug. 21, an
application for approval of| the purchase for $10,842,000 from the Columbia
Gas & Electric Corp. of the stock and indebtedness of the
Michigan Gas
Transmission Corp. and the Indiana Gas Distribution
Corp., and the
purchase for $355,191 of some gas pipe lines from the Ohio Fuel Gas Co
The three companies
Electric Corp.
also
Sales Manager, became General Sales Manager.
James T. Buckley, who has been President of Philco since
tinue in that office.—V.
152,
Phoenix Securities
Pacific Western Oil Corp.—To Vote on Stock
Stockholders will consider on Sept. 15 the acquisition by the company
of all the outstanding stock of George F.
Getty, Inc. The
Panhandle
Election of Larry E. Gubb, former Executive Vice-President, to the
on Aug. 21.
Several other
promotions were also made public at the same time.
John Ballantyne,
former Treasurer,
was
elected Vice-President in charge of operations;
Thomas A. Kennally, formerly General Sales Manager, was named VicePresident in charge of sales. W. R. Wilson, Comptroller, succeeded Mr. Bal¬
lantyne as Treasurer, and James H. Carmine, former Assistant General
office of Chairman of the Board was announced
30,
are
filed
a
wholly owned subsidiaries of Columbia
declaration
regarding
Gas
&
the
retirement and re¬
stocks (par $100). It will
demption of its class A and class B preferred
redeem its class a stock at par and accrued dividends and the class B at
$125 a share and accrued dividends. To obtain funds for these transaction
the company will issue and sell new securities and will furnish details of this
financing by amendment.
Panhandle further filed a declaration regarding an agreement it entered
into with the Columbia Oil & Gasoline Corp., holder of the entire issue of
the class A preferred stock of Panhandle, which provides that the time within
which to redeem such stock without the payment of a premium of $10 a
share, aggregating $1,000.000, is extended from Oct. 1, 1941, to and includ¬
p.
1939, will
con¬
4135,
Corp.—Sells Autocar Stock to Liberty
Aircraft Products—
Walter S. Macs; Jr., President of the corporation, announced on Aug. 19
Autocar Co. capital stock to the
Liberty Aircraft Products Corp., for an undisclosed consideration.
The concern likewise has granted to Liberty an option on the balance of
its holdings in Autocar, amounting to 100,000 shares, good until Sept. 15,
the sale of 21,097 shares of its holdings in
194L
Oliver II. Payne, Chairman of the Board of Liberty Aircraft Products,
relative to the 121,097 shares of
Autocar, said that they represented 66% of the outstanding stock of that
company.—V. 151, p. 561.
in confirming the company's arrenagements
Pilgrim Mills—Offer to Purchase Stock—.
An offer of $75 a share'for the stock of the company has been approved
by the directors, who have agreed to deposit all of their shares for transfer
under a tentative agreement contingent upon the prospective purchaser's
obtaining not iess than 95% of ad outstanding stock.
Arnold W. Jones,
Inc., of Providence, R. I., are representing an unidentified party in this
proposed sale.
It is understood that if the deal is completed soon, the
purchase money will be paid Aug. 25 to the Rhode Island Hospital Trust
Co., Providence, which will act as transfer agent and distribute the money to
stockholders who have deposited their shares for the sale.
The purchaser
has the option to extend the offer to Sept. 15, to accept a smaller percentage,
or cancel
the deal.
There are 9,990 shares ($100 par) of Pilgrim Mi.ls
now outstanding.—V.
152, p. 3195.
Pirelli Co. of Italy—Delisting
Hearing—
The Securities and Exchange Commission
Aug. 19 announced the post¬
the amended application of the
strike from listing and registration the
American shares representing 500 Lire par capital stock, series A, together
with the underlying securities, of Pirelli Co. of Italy.
The original applica¬
tion, which had been set down for hearing on Aug. 20, covered only the
American shares.-—V. 153, p. 700.
ponement to Sept. 3, 1941 of tne
New York Stock Exchange to
hearing
on
Volume
The Comihercial & Financial Chronicle
153
Pitney-Bowes Postage Meter Co. (& Subs.)— -Earnings
3 Months Ended June 30—
Sales and rental income, less discounts, returns and
allowances
_
_
_
1941
$1,134,046
July 31, 1940, which amounted to $8,316,441portion of the additional Federal income taxes im
mclude adjustments for a
posed under the Revenue Act of 1940.—V.
$900,278
741,849
140,761
_
1940
563.047
Public Service Co. of
Cost of product sold and expenses for selling, servic¬
ing and general administration.
.
Provision for depreciation and amortization.
Expenditures for development and research
__
Profit from
_
_
.
_
_
-1
"$167,717
Net oper. income
Other income (net).
$569,845
26,248
$615,255
33,525
$2,531,274
180,906
$2,659,940
lz 1,623
Gross income
Int. & other deductions.
$596,094
171,557
$648,780
203,029
$2,712,181
763,607
$2,781,563
825,784
$424,537
$445,751
133,395
$1,948,574
371,935
126,263
$1,955,779
533,580
$312,356
$1,450,374
$1,422,199
$212,824
81,000
$181,850
a54,000
12,000
and excess profits taxes under
Act of 1941
Operating
Oper.
revenues.
and taxes.
exps.
$1,720,285
1,150,439
____
_
$1,688,059
1,072,803
$7,181,522
4,650,247
$7,001,065
4,341,125
9,000
Add'l prov. for anticipated increase in Fed. income
Net
income
Prior lien stock divs
Preferred stock divs.
proposed Revenue
25,000
-
Net profit
$94,824
per share of common stock...
,
$0.13
excess
...
104,375
Balance
a$118,850
$0.11
portion of Federal income and
ended March 31, 1941.—V. 152, p. 4135.
pro rata
$320,162
—V. 152, p. 3825.
profits
Pullman
Co.—-Earnings—
{Revenues and Expenses of Car and Auxiliary Operations)
Pittsburgh Brewing Co.—Accumulated Dividend—
Directors have declared a dividend of $1 per share on account of accumu¬
lations on the $3.50 cum. pref. stock, no par value, payable Sept. 20 to
holders of record Sept.
3.
Similar payments were made on July 10, and
May 10, last, Dec. 12, Sept. 14, and June 15, 1940, Dec. 21, Oct. 10,
Aug. 5 and June 3, 1939.—V. 152, p. 4135.
Period End. June 30
Total revenues.
Total expenses
Net
1941—Month—1940
$5,466,641
$4,681,188
1941—6 Mos.—1940
$31,855,855 $29,265,673
26,222,452
$470,595
$3,447,789
$3,043,221
$159,986
$1,186,575
932,314
$1,088,854
137,481
$25,313
$22,506
$254,262
$218,439
$559,591
314,997
$493,100
337,984
$3,702,051
2,187,567
$3,261,660
2,115,411
$244,593
_
28,408,066
155.605
_
4,210,593
$180,917
_
4,932,364
$534,278
;
$155,117
$1,514,848
$1,146,249
revenue..
Auxiliary Operations
Pittsburgh Metallurgical Co., Inc.-— Dividends—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Sept. 15 to holders of record Sept. 5.
Like amount was paid
on June 15, last; dividends of 50 cents were paid on March 15, last, and on
Dec. 16,1940: 25 cents paid on Sept. 16, 1940: $1 paid on June 14, 1940 and
dividends of 25c. were paid on March 15, 1940, and on Dec. 15 and Oct. 10,
1939.—V. 152, p. 3663.
Total
Directors have declared
a dividend of 15 cents per share on the common
payable July 21 to holders of record June 27.
Like amount was
April 21, last, Dec. 20, Aug. 17 and April 20. 1940, this latter being
the first dividend paid since Dec. 21, 1937, when 20 cents per share was
distributed.—V. 152, p. 3980.
stock,
revenues
Total expenses
Net
revenue
Total net
revenue
Taxes accrued
Pittsburgh Screw & Bolt Corp.—Common Dividend—
paid
1941—12 Mos.—1940
14,133
Profit before tax provision
taxes for the year
Oklahoma—Earnings—
1941—3 Mos.—1940
$212,824
operations..
Adjusted to reflect
998.
p.
38,612
Prov. for Federal income and excess profits taxes..
Provision for State and foreign taxes
a
Period End. June30—
153,
127,726
41,788
Dividend from British affiliate..
Earnings
1139
taxes for the 12 months ended
Operating income
870,415
—V. 153, p. 404.
on
Pullman, Inc. (& Subs.)—Earnings—
12 Months Ended June 30—
1941
Earnings from all sources, after all charges.
Provision for depreciation
a
Portland &
Ogdensburg Ry.—Common Dividend—
Directors have declared
common
dividend of 32 cents per share on the guaranteed
a
stock, payable Aug. 30 to holders of record Aug. 20.
38 cents per share were paid in previous quarters.
Federal income tax.—V. 130, p. 3347.
Premier Shares, Inc.—To
Dividends
excess
3,872,500
421,957
$9,731,948
5,730,399
__
profits tax..
_____
Net income...
Vote Dissolution—
Dividends paid
_____
The stockholders will vote at a
meeting adjourned to Sept. 5, 1941, on dis¬
solving the co.
At a meeting of the board of directors held on Aug. 5,
1941. it was resolved that the company should be dissolved and that the
resolution to dissolve should be presented to a vote of the stockholders.
A two-thirds vote in favor of such action is necessary in order to effect
dissolution.
Proxies representing over 74% of the capital stock outstand¬
ing have been filed, authorizing a vote in favor of the resolution to dissolve
the company.
Statement of Cash Receipts and Disbursements for the Period Jan. 31,
1940, to
Aug. 15, 1941
Surplus...
Earnings per share.
_______
c
$6,370,456
3,820,241
$2,550,215
$1.67
Excluding results of French subsidiary
(Entreprises Industrielles
Charentaises) in both 1940 and 1941.
b At rates of 30% for income tax
(including surtax) and 10% for special excess profits tax, for the quarter
and six months ended June 30, 1941.
For these periods it is estimated that
no regular excess profits tax accrues under the provisions of the
proposed
1941 Revenue Act.
c Based on total outstanding share capital, 3,302,897
shares as of June 30, 1941; 3,820,194 shares as of June 30, 1940.
a
1940—in custody of the Pennsylvania
Cash balance—Jan. 30,
Company for Insurances on Lives & Granting Annuities, agent
liquidation and distribution
for
Collection of dividend receivable at Jan. 30, 1940..__
__
-
Consolidated Balance Sheet June 30
$837,170
150
1941
y\.SS€tS
$
38,481,285
g766,491
14,420,550
Cash and U. S. Government securities
Total
First
998,654
income:
Income tax (including surtax)
Special
12,332,870
$2.95
on
12,315,142
$4,001,549
b Provision for Federal taxes
Dividends of
are net after
1940
$26,341,547 $19,701,980
..
_
-....
_
liquidating div. of $3.85 per sh.
on
....
203.425 shs. outstand'g
$837.320
783,186
Other marketable securities.
_____
Accounts and notes receivable
Eqpt. trust & other def'd paym't car accts
Amount reserved at Jan. 30, 1940
Additional miscellaneous receipts
_
—
$54,134
4.223
Inventoriesb Cash
on
8,560,603
28,310,229
3,719,958
_________
deposit.
....
1940
||
54,779,787
hi ,169,549
8,757,458
4,380,780
20,287,711
Investment in and advances to affil. companies:
Total receipts.
___.
—
$58,357
—
Domestic, at cost less allocated reserve
Deduct—Salaries and other payments to officers and directors.
$7,165: legal and
a
accounting fees, $6,900; compensation of
c
trustee, statutory agent and liquidating agent, $1,284; Federal
income tax—1939, $798; Delaware franchise and Federal
$257,; social security taxes, $139; office
miscellaneous expenses. $1,039
Other assets.
and
—
__
_
.
..
_
—...
—
—.
d Equipment and property
liquidating div. of Aug. 15, 1941
liquidating div. of 20 cents per sh. on 203,425shs. outstd'g
__
$40,775
40,685
of dissolution..
....
Accrued taxes
f Advances
$90
__
on
—
For employee benefit plans
casualty liability
experimental cars and installations
For contingencies
.__
Public Service Co. of New
July 31—
Operating revenues.
_
Operation
—
$627,708
2 00,£35
$544,144
178,316
1941—12 Mos—1940
$7,204,759
2,145,811
153,612
$6,689,088
Air conditioning revenue
13,116
424,848
61 >67
36,283
52,116
74,956
77,013
911,848
5,672
5,483
59,266
x_
45,409
21,319
506,390
65,385
278.117
Net oper. income
Non-oper. income (net).
$186,665
$160,498
940
$2,246,679
DrB,220
$186,667
58.361
$161,438
58,361
$2,243,459
700,337
$2,071,3 3
700,338
1,226
8.980
741
15,249
9,036
llx.418
2,442
113.479
_
756,305
139,268
435.035
664.116
907,1^0
security—Fed.
and State
Fed. (incl. inc. taxi
Gross income..
Bond interest....
Other interest (net)
Other deductions
-
....
_
—
Total
Org, 201
Prov. for depreciation.
Taxes—State & munic..
Net income..
x
______ —
$118,100
$93,300
$1,409,455
$1,255,124
55,816
55.816
669,797
669,797
recurring credit of $105,200 due to certain deductions claimed to be allow¬
able for Federal income tax purposes arising out of abandonment of street
railway property, of which $53,403 is reflected in the period ended July 31,
1941, and $51,797 in the period ended July 31, 1940.—V. 153, p. 701.
Corp. of New Jersey (& Subs.)—Earns.
Period Eid. July 31—
1941—Month--1940
1941—12 M
1910
Operating revenues.. ...$12,039,655 $10,858,957 $146,301,828 $137,777,182
Operating exps., maint.,
chgs., Fed. taxes, &c. 10,753,861
9.661,568 123,352,053 113,090,658
Balance
&
a
Foreign
subsidiary
$1,285,794
$1,197,389 $22,949,775 $24,686,524
The provision fbr Federal incoifie taxes in July, 1941 of $1,284,994 was
$441,458 greater than the provision of $843,535 in July, 1940.
In July,
1941, Federal income taxes were accrued at the rate of 30%, whereas in
July, 19t0, Federal income taxes were calculated at 18%, plus adjustments
for one month s proportion of the additional Federal income tax imposed
under the Revenue Act of 1940, approved June 25, 1940, which added tax
was accrued over the last seven months of 1940.
<
Federai income taxes for the 12 months ended July 31, 1941, aggregating
$13,813,215, include for the last 5 months of 1940, adjustments for ad¬
ditional Federal income taxes imposed under the Revenue Acts of 1940, and
for the 7 months of 1941, additional provisions for Federal income taxes
above those imposed under the Revenue Acts of 1940, while Federal income
221,205,636
Industrielles
h At cost.—V. 153, p. 998.
At cost less allocated reserve,
Railroad Employees' Corp. (&
6 Months Ended June
a
Subs.)—Earnings—
1941
$422,554
30—
Gross earnings...______
—
—
Interest paid
-
181,431
$224,725
$205,195
12,859
—
Provision for doubtful notes
Amortization of intangibles
Federal excess profits taxes
,
_
_
Net income...
—
-
-
-
-
-
-
-
_ —
_______
_ — .
-
30.
Earnings per share on common
stock
27,900
3,200
37,259
$123,977
106,801
DrlOO
______
——w__.
preferred stock._
On common stocks
4,006
b45,400
b 10,600
$120,581
164,419
—
Earned surplus as at Jan. 1 —.—
Transfer to class A common stock
Total
30,500
_______
Federal income taxes.
Dividends paid—On
1940
$386,626
197,829
Operating expenses-
Earned surplus, as at June
vail. for divs,
surplus...
—
132,115,880 152,807,760
5,927
6,247
50,507,887 41.104,979
.2^2.049,737
_
—
618,110
5,339,280
1,200,193
Charentaises) de-con¬
France, and investment
therein included here at present carrying value,
b Advances on munition
contracts (contra), c Investments and claims at cost less allocated reserves,
d Less depreciation,
e Not yet due, including provision for Federal taxes
on income,
f Less $2,830,451 expended thereon but not yet billed (contra),
a
(Entreprises
1,949,809
385,071
642,324
2,275,400
solidated in 1939 on account of war conditions in
g
Provision for Federal income tax for calendar year 1940 reflects a non¬
Public Service
...
—. _
Net earnings
Pref. div. requirements.
3,190,836
93,977
6,914,606
1,199,520
—
Capital stock (outstanding): Pullman, Inc
Pullman Co. (a subsidiary)
Surplus
_.. -
$2,079,584
2
-
._
deferred
2,120,463
14,142
38,162
Purchased power
Maintenance
—
reserves.
Other deferred credits...
Hampshire—Earnings—
1941—Month —1940
2,205,155
391,980
642,324
—
General reserves
Other
4,988,858
3,719,958
For
Providence Terminal Co.—Interest—
9,887,604
6,998,071
_____
munition contracts.
For uninsured fire and
The interest due Sept. I, 1941, on the first mortgage 4% 50-year gold
bonds, due 1956. will be paid on that date at office of Second National
Bank, New Haven, Conn.—V. 152. p. 1603.
Social
14,063,615
_____
Reserves:
152, p. 842.
Period End.
222,049,737 221,205,636
Liabilities—
Accounts payable and payrolls
e
penses
_
17,581
Balance of cash at Aug. 15, 1941, reserved for remaining ex¬
—V.
—
___________
Total
Cash balance before final
Final
1,484,301
536,004
2,081,541
685,403
728,818
526,988
1,671,061
.122,459,337 125,328,626
______
—
Deferred charges..
capital stock taxes,
484,301
551,723
3,082,867
_
Foreign......
Other securities...
.
.
-
—
____
$285,000
27,887
54,050
"$230,678
$203,063
$0.69
$148,741
; $0.71
27,887
54,050
include only interest actually received; accrued interest
earned but not collected is not included,
b Based on rates now in effect.
a
Gross earnings
Consolidated Balance Sheet June 30, 1941
Assets—Cash, $252,551; instalment notes receivable (net), $2,665,516:
cash value life insurance, $1,428; deferred charges, $25,189; furniture and
fixtures (net), $28,603; intangibles, $32,836: total, $3,006,123.
Liabilities—Notes payable, $1,260,000; dividends payable July 19, 1941,
$40 968' sundry expenses accrued, $6,454; miscellaneous taxes accrued.
$7 361; reserves for Federal income and excess profits taxes, $113,141;
preferred stock (par $12.50), $871,462; class A common stock (par $1),
$134 125; class B common stock (par $1), $5,000; capital surplus, $364,548: earned surplus, $203,063; total, $3,006,123.—V. 152, p. 2872.
The Commercial & Financial Chronicle
1140
Rochester Button
Radio-Keith-Orpheum Corp. (& Subs.)—Earnings—
July 5. '41
Weeks Ended—
26
Profit from operations,.
— —
Depreciation
$1,425,592
726,646
213,456
52,500
1941
1940
$360,606
131,657
$144,806
79,114
$228,949
$65,692
$220,819
—
Provision for dividends accrued
—
*■';
Selling, administrative and general expenses—
_I.
Operating profit
880
641
$229,829
7,212
109,750
$66,333
$112,868
3,487
81,892
$52,576
3,675
32,756
Other income—
Net profit--
->w-»
-
Total income
L.
During the period on preferred stock of a subsidiary company, in hands
public.
Other expense
For the 53 weeks ended July 5,1941, the corporation and
Provision for Federal income tax
a
of
subsidiary com¬
loss of $723,405 after all charges.
N0te—The provision for Federal income taxes is based on a 30% rate for
1941 as compared with a 24% rate for 1940.
No provision has been made
for Federal excess profits tax as the companies do not appear to be liable
panies show
J%•"./v:;v 1'
''
corporation has extended until the close of business on Sept. 15,1941
its offer to purchase the outstanding minority interest in the common stock
of Keith-Albee-Orpheum Corp. at the price of $5 per share.
The offer was
during the early part of July and, as previously extended, expired at
or business Aug.
15, 1941.
Some years ago the holders of the
interest in the common stock of Keith-Albee-Orpheum Corp.
the close
minority
entitled to exchange their stock, share for share, for the common capital
stocks of the predecessor of the present RKO company, but such exchange
is no longer available.—V. 153, p. 848.
were
Dividend
on
Dividend
on
% Months Ended June AO—
—
$919,159
After all charges and estimated Federal taxes.—V.
152,
$1.46
Directors have declared
dividend of 25 cents per share
a
on
share
was
&
the
common
under
Years Ended
53
Weeks to
Period—
May 31, 41
Dec. 28,40 Dec. 31. 39 Dec. 31, 38
$10,170,490 $21,985,243 $21,878,673 $23,033,205
Cost of goods sold-..—
7,697,600
16,536,365
16,240,456
17,172,041
sales....-
Distrib. and warehouse &
and
gen.
—
5,214,282
2,201,535
1941
1940
$562,691
362,304
$534,513
344,013
$190,500
90
43
$200,477
—
$190,543
101,356
-----'
Total income...
Income deductions
91,515
Net income.
——
—
-
as
—
$108,961
St.
5,231,564
5,371,559
Augustine Gas Co.—Earnings—
Years Ended June 30—
Net oper. profit....
Other income
$271,354
2,075
$234,596
30,544
$406,652
5,095
$489,604
Total income
Income deductions
Pro v. for Fed. inc. taxes
$273,430
8,878
63,433
$265,140
29,946
56,440
$411,747
7,454
$500,814
72,452
4,376
88,321
Net income
Preferred dividends
$201,118
$178,753
$331,840
$408,116
42,338
75,001
86,324
88,607
99,602
90,061
49,401
50,400
100,600
11.210
Operating revenues
Operations
Maintenance.
_
Com. dividends and cash
150,002
6)^% preferred...
Assets—
Liabilities—
May 31, '41 Dec. 28, '40
$982,027
$935,446
Cash
receivable.
239,097
Merch. inventories 2,201,940
Pref. stock sinking
2,165,039
fund
Prepaid
in
banks
12,574
12,563
Goodwill...
...
Other
300,000
300,000
—
67,343
-V.
p.
cum. pf. stk
Common stock...
—
—*
1,302,700
1,302,700
300.000
300,000
441,258
441,258
2,091,966
2,175,746
of Karl E, Prickett, as President of this
corporation was an¬
on Aug. 6.
He will continue as president of the affiliated National
Reinsurance Corporation, which he helped to organize.—V.
151, p. 3754.
1941
Total..
Loss
on
1940
1939
$342,256
158,937
Profit from subsidiaries...
$348,881
$275,338
104,943
$203,308
$183,319
...
Other expenses, net of other income.
Provision for depletion & depreciation
Taxes.
Minority interest.^
........I.I.I
Net. profit.....
Earnings
39,528
20,606
i
153,
p.
oil
$70,493
$0.17
inventories not previously taken
848.
Shawinigan Water & Power Co. as security against advances.
As was
announced recently, these notes will be exchanged for the second mortgage
bonds just authorized.—V
153, p. 1000.
Saguenay Power Co., Ltd. (& Subs.)-—Earnings—
[Excluding Saguenay Electric Co.]
3 Months
Period Ended June 30, 1941
Operating revenue.
Operation, maintenance, administration, &c
Taxes (other than income taxes)
on
tne
corporation since 1930, when $1.24 a share was
paid.
Since the com¬
pany was formed in that year, these are the
only common dividends it nas
declared.
To
Buy Preferred Stock—New Directors—
Sectors authorized the setting
V
aside
on
Oct.
1,
1941,
of
8300,000 to Purchase Fund for the
purchase of 6 % cumulative convertible
prererred stock, in accordance with the
company s certificate of incorpora¬
tion,
as
amended.
same meeting W. W. Hancock, Secretary and Treasurer, and
v>
r.■ f.
Boyer, Comptroller, were elected directors of the corporation, and
ooth men were elected
Vice-Presidents in addition to the offices now held.
V
*
loo
y
j). 562
i
......
-.
Interest
on funded debt
Other interest-
*
74,742
$2,081,273
727,742
—_____
_____
-
Preferred dividends.....
Common divid ends
i
...
...
.
I
v
;
211
44,144
183,670
285,026
88,288
365,624
443,659
$314,391
68,751
$455,747
137,503
315,000
of issues of bonds, notes
Provision for depreciation
;
Provision for income and excess profits taxes.
—Y. 152, p. 3358.
$2,006,531
211
Amortization of expense
and preferred shares
.
$1,150,079
41,239
....
Total income
_
$2,731,611
559,417
165,662
$1,191,319
363,875
—
_
Six Months
$1,537,773
305,598
82,094
...
_
_
.
_ —
.
-
' '
...
-
-
—
-.
157,500
'
Inc.—Listing
Merger of Daniel Reeves, Inc.—
Aug. 19 declared a dividend of 50 cents a share
on the common
stock, payable Oct. 2 to holders of record Sept. 10.
Like
amount was paid on
July 2 and April 2 last and dividend of 40 cents was
paid on Dec. 27 1940, this latter
being the first common dividend paid by
ever
G ross revenue
Other income
Safeway
Republic Steel Corp.—50-Cent Dividend—
The ooard of directors
>,
The company has outstanding at the present time in the hands of the
public $10,000,000 of 4^ % 30-year first mortgage bonds which were issued
in 1940 and in addition $3,832,990 of 5% short-term notes are held by
Net income
$34,047
$0.06
$0.04
Increased $5,840 by inclusion of
into account.—V.
$215,015
11,703
7,479
106,643
18,697
02,039
111,167
$28,411
per share.
$170,395
44,619
$203,308
CV5.325
110,638
35,108
14,487
_
x
145.572
sale of capital assets
$17,016
Corp.—Mortgage Issue—
_...... -
Republic Petroleum Co.—Earnings—
x
4,344
$15,836
—
per annum.
Reinsurance Corn, of N. Y.—New President-—
$183,319
$21,360
1,086
corporation to create a $4,500,000 issue of second mortgage bonds dated
Aug 2, 1941, to mature Aug. 1, 1956, to bear interest at the rate of 5%
Election
Profit
239
$16,922
-.
—
St. Maurice Power
nounced
expenses.
5,447
199
The Public Service Board of the Province of Quebec has authorized the
404.
Operating revenue
Operating and general
410
—V. 153, p. 251.
58,669
Total.. .......$5,045,896 $4,831,435
6 Months Ended June 30—
$27,047
8,186
93.060
614%
.$5,045,896 $4,831,435
153,
80,477
18.798
fund.
Paid-in surplus..
Earned surplus...
Total
Net income.
Remainder of net income
Divs. declared pay¬
able......
1,072,144
25
$22,965
5,434
—
_
_
Preferred dividends
Pref. stock sinking
1,089,174
__
56,447
liabll.
accr.
—
Interest deductions.
$27,022
50
Gross income..
$550,400
105,077
accrued
or
139,186
closed
Property & equip.
(less deprec.)...
Net operating revenues
Non-operating income.
Dec. 28, '40
$483,244
tax
■
—
1940
$87,646
40,918
4,037
11,137
4,531
$22,915
-
Taxes (including income taxes)
—
Provision for retirements and replacements
Other taxes payable
93,060
128,035
expenses-
Balances
May 31, '41
Acc'ts pay.—Trade
Prov. for Fed. inc.
207,046
1941
$84,090
41,649
4,335
10,812
4.379
— _
Int. to Amer. Gas & Power Co. on notes payable.
Amortization of debt discount expense
Comparative Balance Sheet
Acc'ts
$89,187
of June 30, 1941
Assets—Utility plant, including intangibles, $5,407,339: miscellaneous in¬
vestment and special deposits, $386; current assets, $182,766; deferred
charges, $1,162; total, $5,591,653.
Liabilities—Common stock (2,000 shares no par), $50,000; first mortgage
5% gold bonds, $1,776,000; due to New York Water Service Corp. (loan
account), $232,000; current liabilities (exclusive of loan account and sinking
fund requirement), $97,665; deferred liabilities, $15,273; reserves, $594,482;
contributions in aid of construction, $38,613; capital surplus, $1,792,919;
earned surplus, $994,702; total, $5,591,653.—V. 152, p. 3358.
ad¬
ministrative expenses.
—
■
Comparative Income Account
5 Mos. End.
Corp.—
$200,387
—— _ — _ —
Balance Sheet
see
Service
-If-
...
(Daniel) Reeves, Inc.—Merger Voted—
details
ff::f:f/X;
r
Water
Years Ended June 30—
made.—V. 153, p. 404.
(for
July 31, 1941
Ontario
Lake
Net earnings
The stockholders at"a special meeting held Aug. 18 approved the
merger
of this firm with Safeway Stores, Inc., in accordance with plans agreed to
by executives of the two companies last month
Safeway Stores, Inc.).
stock
Other income.
stock, payaole Sept. 2 to holders of record Aug. 15.
Like amount paid on
June 2, last, tnis latter being the first dividend paid since Jan. 1, 1938,
initial distribution of 50 cents per
preferred stock—
common
Operating revenues
Operating expenses and taxes
3982.
p.
Rayonier, Inc.—25-Cent Common Dividend—
In
3.008
10,750
.
1940
$1,142,973
$1.82
-
selling,
.
—
—
Rochester
1941
a Net profit
Earnings per share of capital stock
Net
_
Assets—Cash, $378,879: trade notes and accounts receivable (net),
$374,593; inventories, $491,380; land, $75,356; buildings and equipment
(net), $483,092; unexpired insurance and prepaid taxes, $10,890; suspense
account, $400; total, $1,814,590.
Liabilities—Accounts
payable,
$55,598;
accrued
payrolls,
$18,699;
Federal and State payroll taxes, $5,833; reserve for Federal taxes and
contingencies, $237,898; dividends payable on preferred stock, $3,486;
preferred stock ($20 par), $185,940; common stock ($1 par), $131,025;
capital surplus, $686,325; earned surplus, $489,786; total, $1,814,590.
V. 152, p. 4137.
1
Raybestos-Manhattan, Inc. (& Subs.)—Earnings—
an
_
Balance Sheet
This
when
—
v
•
.
Purchase Offer Extended-—
a
—_
a net
in this respect.
made
1941
Co.—Earnings-
3 Months Ended July 31—
Gross profit..
331,740
146,387
$485,605
--
Provision for income taxes..
a
June 29, '40
$1,419,315
667,753
-
Aug. 23,
Stores,
of
Additional
Stock—
The New York Stock Exchange has authorized tne listing of (a) 12,181
(cumulative) preferred stock ($100 par), represent¬
ing the maximum number of shares to be issued upon tne merger of Daniel
Reeves, Inc.. into Safeway, making the total amount of 5% preferred stock
applied for 197,581 shares; and (b) 42,000 additional shares of common
stock (no par), representing the maximum number of shares to be issued
upon the merger of Reeves into Safeway, making the total amount of
common stock applied for 861,985 shares.
Tne agreement of merger provides for the merger of Reeves into Safeway
upon the following basis:
(a) Safeway is the corporation to survive the merger and will continue to
be a Maryland corporation.
The corporate existence of Reeves will cease.
The outstanding shares of Safeway 5% preferred stock and common stock
will notbe,cnanged or converted into new stock, and no exchange of stock
certificates will ne required.
(b) Safeway will acquire the assets and business of Reeves and become
additional shares of 5%
liable for tne liabilities of Reeves.
Rev^iJs Snri^g O.—Common Dividend Resumed—•
Rheem Mfg.
x
y
Net profit
Earnings
x
After
per
1941—3 Mos.—1940
operating
$4,844,822
$2,258,228
147.506
$7,955,604
329.786
$4,640,482
323,784
$0.56
$0.47
$0.93
$1.03
expenses.
yOn common shares.—V. 153.
1941—6 Mos.—1940
201.233
...
share.._
Federal
p.
108.
of the
on
a
snare-for-share
each share of Reeves
Upon
Co.—Earnings—
Period End. June AO—
Net sales.
Safeway will issue 12,181 shares of it 5% preferred stock to the holders
12,181 outstanding shares of the 6J^% preferred stock of Reeves,
oasis.
Safeway will issue 42,000 snares of common
stock to the holders of the 300,000 outstanding shares of tne common stock
of Reeves, on tne basis of 7-50ths of a share of Safeway common stock for
(c)
Directors have declared a dividend of 25 cents
per share on the common
stock, payable Sept. 18 to holders of record
Aug. 30. This will be the first
dividend paid since
Sept. 29, 1937 when 25 cents per share was also dis¬
tributed.—V. 152, p. 3356.
income
taxes
and
other
charges.
the
common
surrender
for
stock.
exchange
of the certificates
representing the
Reeves preferred stock and common stock, the persons entitled to receive
certificates for shares of Safeway 5% preferred stock and common stock
the aggregate of all dividends that
of Safeway 5% preferred stock and
nad been outstanding on any
record date or dates for the payment of dividends between the effective
date of the merger and tne issue of the new certificates.
will be paid in cash an amount equal to
would have been payable on such shares
common
stock
if the
certificates
therefor
Volume
The Commercial & Financial Chronicle
153
Lpon the merger
Keeves
becoming effective, Safeway will offer any holder of
who surrenders nis stock certificates for exchange
on Dec. 31,
1941, the option, exercisaole at
surrender, to receive, in lieu of any scrip certificate to
wnich may be entitled, a cash
payment representing the appropriate frac¬
tion
of the market value of
by tne last sale on the New York Stock Exchange prior to the date
which such surrender is made,
plus the appropriate fraction of the aggre¬
gate of all dividends that would have been
payable on one full share of
on
common
stock
if
a
certificate therefor had been outstanding on
dividend between the effective
any record date or dates for the payment of
date of the merger and such surrender.
The agreement of merger was
approved by the preferred and common
Aug. 18, and by the common stockholders of
Safeway at a special meeting held on Aug. 19.
Any holder of preferred stock or common stock of Reeves who objects in
writing to the merger will be entitled to have his stock appraised and to
stockholders of Reeves
on
receive the
appraised value thereof as provided in Section 61 of the General
Corporation Law of Delaware—V. 153, p. 1000.
San Antonio Public Service
Period End. June 30
Operating
Period End. July 31—
Operating
taxes
461,600
from opers.
$426,324
3,753
$411,643i
3,341
$1,866,381
14,503
South American
$430,078
155,963
4,060
26,328
>
$414,985
>
186,226
3,695
30.334
$1,880,885
$1,840,019
750,226
15,698
121,825
1,916
$950,351
$9,080,854
4,443,811
706,332
1,022,500
1,600,800
667,305
1,021,000
1,119,950
&
Gold
Mos. End. June 30—
Net profit.
Platinum
a
earns,
Other income, net
Net
b
Earnings
a
40
Savannah Gas
231
665,473
15,543
111,575
529
$243,685
Net income.
—V. 152, p. 3358.
$194,497
$1,087,763
Co.—Earnings-
Years Ended June 30—
Operating
1941
revenues
Operations
Maintenance
I
*
104,010
$561,756
202,761
1941
per share....
1940
1939
1938
$239,691
$125,085
$0.07
$226,126
$0.14
depreciation, depletion, United States and Colombian income
minority interest, &c.
b On 1,760,000 shares capital stock (par
81).
Note—1941 U. S. income taxes computed under Revenue Act of 1940
with provision for probable increase in this tax to be
imposed by pending
Revenue Act of 1941.—V. 152, p. 3986.
South Bay Consolidated Water Co.,
Years Ended June 30—
Operating
Operating
revenues
expenses
......
1941
...
v
$507,671
335,033
$188,512
207,464
$172,637
215,941
$18,951
.......
Net loss
1940
$507,688
319,176
and taxes
$43,304
__________
$179,390
$201,624
$202,164
42,536
.....
.
_
8,550
.
Preferred dividends
.....
Remainder of net income.
3,334
$114,907
18,701
$128,218
....
—V. 152, p. 689; V. 153, p. 252.
Scott P^ner Co.—President Joins OPM Priorities
Aneney—•
Priorities Director E. R. Stettinius Jr., appointed Thomas B. McCabe,
President of this Company, as Deputy Director in charge of operations of
the priorities division of the Office of Production
Management.
In order to take the defense
position, Mr. McCabe obtained leave of
absence from this firm, resigned~as director of the American Viscose
Corp.
and the Air Reduction Corp., and relinquished the
chairmanship of the
policy committee of the National Association of Manufacturers.
153,
1000.
p.
Scranton
tions to
Spring-Brook Water Service
Co.—Negotia¬
Segregate Properties Off—
The Securities and Exchange Commission has consented to the with¬
drawal of the applications and declarations (File
70-243) of Federal Water
Service Corp., Scranton Spring-Brook Water Service Co. and Carbondale
Gas Co., regarding the separation by Scranton Spring-Brook Water Service
Co. of its gas and water properties and the sale of the water properties to a
public authority representing the counties of Lackawanna and Lucerne,
Pa., and the sale of the gas properties to Carbondale Gas Co.—V. 152,
p. 3513.
The interest due Jan.
1,
1935,
on
(a) Florida Central & Peninsular RR.
consolidated mortgage 5% 56-year gold bonds, due 1943, and (b)
Carolina Central RR. guaranteed first consolidated mortgage 4% gold
bonds due 1949 is now being paid at office of City Bank Farmers Trust
p.
849.
^ Seattle Gas Co.- -Earning*—
Period End. June 30—
Total gross earnings
371.653
$2,020,399
1,657,316
$1,937,256
1,494,430
$113,049
$363,083
259,136
$442,826
63,833
$106,176
67,085
>.216
$39,091
$103,947
$170,526
Total interest deductions
Net income.
p.
272.300
Net income
$1,023,202
673,740
$650,877
$349,461
_
—
periods covered by this statement.—V. 152, p. 2876.
Southeastern
Greyhound Lines—Earnings—
Period End. June 30—
1941—3 Mos.—1940
Operating revenues
$1,610,956
Net profit.......
240,115
Earns.per sh.of com. stk.
$1.14
1941—6 Mos.—1940
$1,058,722
116,476
$0.53
a
Period End. July 31—
Net profit after deprec.,
int. and Fed. taxes.__
1941—3
Southern California Gas
Co.—Listing—
Southern Canada Power Co., Ltd.1941—Month—1940
Period End. July 31—
1941—9 Mos.—1940
$1,238,498
1,781,426
$2,348,058
1,781,426
$0.69
$1.31
Earnings per share
$2,285,554
1,781,426
$1.28
—V. 152, p. 3358.
Shawmut
1941—10 Mos.—1940
$2,455,723
703,459
—
43,818
603,036
$2,226,980
689,948
389,547
Net earnings
Interest, deprec. & divs.
$115,979
113,713
$113,599
111,185
$1,149,228
1,126,963
$1,147,485
1,117,347
$2,266
$2,414
$22,265
$30,138
....
Surplus....
—V. 153. P. 407.
New
Calif.—Listing—
Curb Exchange has admitted to unlisted trading the
3% series, due Jan. 1, 1971.—V. 152, p. 3198.
York
1st mtge. bonds
Southern Natural Gas Co.
(& Subs.)—Earnings—
12 Months Ended June 30—
Gross earnings.
Net after Federal tax and depreciation
Total income
1941
$9,376,713
3,585,424
3,735,157
2,646,108
3,424,123
3,484,144
2,277,181
1,297,447
$2.04
691,970
$3.29
...
Net income....
6 Mos. End. June 30—
Interest and dividends.
_
Net profit on securs. sold
a
per
-
outstanding
share on capital stock
After interest and amortization, «&c.
1940
1939
1938
$166,111
74,241
$135,404
$119,157
48,929
$110,639
53,207
1941,
was
$2,553,400 against $2,120,560 in
profit
...
for 12 months ended June 30,
12 months ended June 30,
1940—V. 152, p. 3827.
Southern New England Telephone
Co.—Earnings—
1941
'
—---------
Toll service revenues-.--
3,063,713
-r--;—
1940
o'?lA'nl2
2,570,917
—
450,118
419,406
.$11,072,124
29,000
$9,901,535
14,500
-....$11,043,124
Miscellaneous revenues—
$<#,887,035
2,068,770
1,679.291
1,446,295
751,612
60,077
813,705
6,500
Total.
Total
—
Local service revenues
1941
1940
...—$10,925,803
6 Months Ended June 30—
Association—Earnings—
-Earnings—
$229,655
72,238
Net income of company (not consolidated)
$1,432,298
1,781,426
$0.80
Shs.com .stk.out. (par $1)
the
$255,253
76,589
62,685
Gross earnings
Earnings
\Mos.—1940
$2,002,575
172,134
$0.75
The New York Curb Exchange has admitted to unlisted trading
1st mtge. bonds 3K% series due Oct. 1, 1970.—V. 153, p. 564.
Shares capital stock
Servel, Inc.—Earnings—
$2,874,175
379,171
$1.78
a
After charges and Federal income and excess profits taxes.
The
provision for taxes in 1941 periods are based on the Revenue Bill recently
passed by the House, and the 1940 taxes are based on rates then in effect.
Net profit for 12 months ended June 30, 1941, was $761,667, equal to
$3.58 a common share, comparing with $544,673 or $2 50 a common share
for 12 months ended June 30. 1940.—V. 153, p. 1000.
a
3197.
$1,010,061
13,140
—
—
Southern Counties Gas Co. of
$477,829
$1,297,183
14,263
$1,311,447
660,569
:
Note—Provisions for Federal income tax for the period from Jan. 1, 1941,
are based upon an anticipated 1941
tax rate of 30%.
No provision has
been considered necessary for Federal excess profits tax for either of the
The
395,583
$4,811,472
3,801,411
Gross income....
Total income deductions.
'
1941—12 Mos—1940
$508,632
and taxes
earnings.
152,
'
'
1941—3 Mos.—1940
1940
$5,345,234
—4,048,051
.
-
Other income (net)
Taxes..
first
Co., New York.—V. 153,
Co.—Earnings—
1941
Total operating revenue deductions.
Operating expenses
Seaboard Air Line Ry.—Interest—
exps.
South Carolina Electric & Gas
12 Months Ended June 30—
Gross operating revenues
$156,293
28,075
$96,207
Net income......
economic
$710,642; contributions in aid of construction, $112,139; capital
reserves,
surjdus, $563,599; earned deficit, $248,621; total, $7,127,610.—V. 152,
540
$179,930
56,473
-
as of June 30, 1941
Assets—Utility plant, including intangibles aggregating $657,056, $6,844,661; cash in banks and working funds, $40,655; accounts receivable,
less reserve of $4,822, $48,838; accrued
utility revenues, $44,522; materials
and supplies—priced at average cost, $30,142;
prepaid taxes, insurance,
&c., $6,648; deferred charges, $112,142; total, $7,127,610.
Liabilities—6% cumulative preferred stock ($100 par), $1,044,400; com¬
mon stock, ($100 par), $750,600; long-term
debt, $3,124,000; demand note
payable to Federal Water Service Corp. ($227,960) and accrued interest there¬
on, $365,578; due to parent company—New York Water Service Corp.—loan
account, $570,428; current liabilities, $95,191; deferred liabilities, $40,255;
Operating income
Gross income.
—V.
Inc.—Earnings—
'
..........x.......
....
Net earnings
89,961
45,669
_
Interest deductions
Amortization of debt discount and expense
Net
$0.13
After
taxes,
21,741
•
47,187
540
Net operating revenues
Non-operating income.
1940
$559,705
209,140
19,977
.
Taxes (including income taxes)
Provision for retirements and replacements.
Oper.
(& Subs.)—
Balance Sheet
earnings
Interest on funded debt.
General interest
Amort, of debt discount
Tax on bond interest
—V.
Co.
878,979
744,418
$417,152
$0.24
Income deductions...
Net
833,377
725,400
.'■■.n-'-.i-'; -v..-
6
$1,828,787
11,231
Gen. and Fed. inc.
$10,008,051
4,812,037
69,265
57,156
Earnings—
1941—12 Mos.—1940
$2,155,565
1,051,666
149,354
237.800
305,100
_
69,650
60,742
1941—12 Mos.—1940
$2,407,468
$2,196,370
$195,252
ment res. accruals
Co.—Earnings—
1941—3 Mos.—1940
$2,522,250
General oper. expenses.
1,181,711
Maintenance
197,413
Provision for depreciat'n
255,200
_
$221,403
Net income
—V. 153, p. 849.
-
revenue
Co.—Earnings—
1941—Month—1940
revenues
Gross income after retire¬
full share of Safeway common stock deter¬
a
mined
Safeway
Sierra Pacific Power
stock
common
prior to the close of business
the time of such
1141
$91,870
$188,611
$168,086
$117,139
18,730
4,992
18,647
6,823
17,587
11,793
18,831
5,300
530
265
269
316
$67,618
116,985
$162,876
77,989
$138,437
78,125
$92,692
78,412
.
-
— -
—
I^ess—uncollectible operating revenues...
—
Exp., int. & reservation
for
partic. payments..
Fed. inc. &
Taxes
or>
cap.
stock tax
:
foreign divs
Net profit..
Dividends declared
Total operating revenues
Current maintenance
$84,887
$60,312
Balance Sheet June 30, 1941
gxcess of costtotal, $6,271,203 —V. 152, p. 3198. other than bank stocks,
over quoted market) of securities
$947,731;
r.
Silver
a
Net profit.
1941
1940
$120,112
$101,978
$46,607
$0.10
$0.08
$0.03
Earns, per sh. on 1,220,467 shs. com. stock
a
1939
general and miscellaneous expenses—-.—
905,527
— -
— - —
789,826
—
.
Operating rents
66,717
______
loss$71,857
Nil
$2,627,946
22,427
$2,146,463
3,973
$2,650,373
415,000
funded debt (credit)1.609
$2,150,437
415,000
33,647
1,609
$2,173,944
$1,703,399
$482,500
1,400,000
1,400,000
$291,444
$153,399
Social security...
658,4o 1
._.....j.
—
Other—principally State and local
Less—taxes charged construction
.
Net operating income...
.....—
Net non-operating income
Bond interest.
1938
425,722
34,670
$3,067,282
373,679
186,800
392,858
32,518
$3,853,650
Net operating revenues
Federal income
Taxes:
Income available for
King Coalition Mines Co.—Earnings—
June 30—
1,723,414
—
$14,280
Assets—Securities, $3,839,210; shares of capital stock of seven suburban
banks, $1,711,278; notes and accrued interest receivable, $34,074; cash,
$686,641; total, $6,271,203.
Liabilities—Reserve for Federal taxes, $12,525; common shares of no
par value, $5,000,000; capital surplus, $2,206,409; unrealized depreciation
3 Mos. End
2,099,022
Traffic expenses
Commercial expenses
Total
def$49,367
-
-
Depreciation and amortization expense.
Other interest
—
,—
fixed charges
........
-
-----
------
Release of premium on
-
—
-
-
-
-
-
-
-
-
Income after fixed charges
-
176,200
63,038
t -
—
After taxes and depreciation but before depletion.
For the year
ended June 30. 1941, the books show a net profit of $463,702
or 38 cents per outstanding share.
Note—Excess profits taxes were not provided for since there is no
liability.—V. 152, p. 3985.
income....
common stock..—- —
Miscellaneous reservations of
Dividends on
Income balance
...
.......
—-----
$150,000
The Commercial & Financial Chronicle
1142
1941
1940
1941
,
Assets—
%
$
Liabilities—
92,076,548
373,207
Telephone plant 96,717,541
Misc. phys. prop
479,983
capital stock of the company as of
June 30, ±941, adjusted to give effect to this financing:
debentures, due Aug. 1, 1966
$25,000,000
Serial notes due $1,500,000 on each Aug. 1, 1946 to 1955. inci.
15,000.000
Capitai stock (no par) stated vame $2o per share.
13,003.953 sh.
1940
S
______—..
$
Common stock.
40 ,000,000
40,000,000
Prem.on cap.stk
136,539
25 ,000,000
136,539
25,000,000
2,700,000
1,400,000
Invest. In sub.co
80,731
85,731
Funded debt—
lnvesm'ts
176,378
712,575
168,878
_
Purpose—Tne net proceeds to be received wili amount to approximately
$39,822,498, exclusive of accrued interest and after deducting underwriting
discounts and $215,002 as tne estimated amount of expenses payable by
the company in connection with the issues.
Of the net proceeds, $25,000,000 is to be applied, simultaneously with the sale of the debentures and notes,
to the prepayment of the company s 2.15% unsecured instalment notes
at the principal amount tnereof (interest tnereon to be paid out of other
funds of tne company).
The balance of such net proceeds will be added to
the company's general funds and no allocation of such balance to any
particular purpose has oeen or is to be made.
The general funds of the
company will be used from time to time for corporate purposes as the ooard
of directors may determine.
From such funds the company expects from
time to time to make substantial capital expenditures involving, among
other things, installation of new refining equipment and processes, the
expansion of transportation facilities and the financing of exploration and
development work on domestic oil lands and on some of tne foreign oil
lands of subsidiaries of tne company, principally in South America.
Ad vs. from Am.
Other
Cash
—
1,301,303
funds.
40,000
40,000
Accts. receivable
2,449,983
Mat'l & supplies
1,084,315
872,083
Prepayments...
Deferred charges
247,363
T. & T. Co...
Cust. depos. and
2.159,125
256,028
Working
adv.
billing..
:
29,636
583,826
841
1,191,607
2,601,352
108,831
2,100,280
23,881,550
Provident res've
337,500
<
54,543
634,971
22,665,226
150,000
Accts.
&c.
pay.
llab.
Acer.
due
1 681
llab..
current
not
......
Deferred
credits
136.419
Deprec. & amort
reserves
Insurance res've
Total...
97,362,541
102,043,415
Total.
.
_
.
...
75,115
88,417
Bur plus reserved
370,000
4,502,411
3,923.525
102,043,415
97,362,541
Unapprop. surpl
Debentures and Notes—The debentures and notes are to be issued under
an
-V. 153, p. 703.
securities thereunder, but is not to restrict the issuance of otner securities
Co.—Earnings—
Earnings of Transportation System
;
■
1941—Month—1940
1941—7 M is.—1940
Railway oper. revenues.$26,432,845 $18,083,287 $100,216,668 $125,385,295
Railway oper, expenses. 16,993,713
14,435,162 l./8,092,817
96,282,742
by the company (except as indicated), or (with certain exceptions) by any
subsidiary
Neither the debentures nor the notes are to be secured but the
is to covenant in the indenture not to create secured indebtedness
.
Period End. July 31—
Net
from ry. oper.
$9,439,132
1,661,683
facility rents (net).
66,014
$4,6.58,125 $52,123,851 $29,102,551
1,584,770
11,079,712
10,7o7,270
1,034,420
7,731,933
6,722,830
62,676
404,816
463,334
Net ry. oper. income.
$6,309,038
company
(witr. certain exceptions) without effectively providing that the debentures
and notes (together with, if the company should so determine, any other
indebtedness ranking equally witn the debentures and notes, including
guarantees of indebtedness of otheis) shall be secured by the security of
such secured indeotedness equally and ratable therewith (all as more fully
provided in the indenture).
$1,976,258 $32,907,390 $11,149,117
rev.
Rail way tax accruals.
_
.
Equipment rents (net)..
Joint
1,402,396
Debenture Sinking Fund—Company is to covenant in the indenture that
it will on June 15, 1956, and on each June 15 thereafter, pay to the trustee
the sum of $1,500,000 in cash, less tne principal amount of debentures
delivered by the company for cancellation or previously redeemed, other¬
Abandonment—
194687 1954
The
Commerce
Interstate
Commission
Aug. 5 issued a certificate
permitting abandonment by the company of a portion of a branch line of
railroad extending from Success to Clavicle, approximately 5.799 miles,
jn Tulare County, Calif.—V. 153, p. 849.
on
wise than through the sinking fund, and not theretofore applied as a credit
with respect to the sinking fund.
Any cash received by the trustee as a
sinking fund payment is to be applied to the redemption of debentures,
by lot, at the principal a'mount thereof plus accrued interest, on Aug. 1
next following the receipt of such cash by the trustee.
Southern Ry.—Reduces Bank Loans—
to
Redemption—The debentures and notes
The company on Aug. 15 reduced its outstanding bank loans by $2,M)0,0./J
a total of $6,000,090.
Last May the railroad negotiated bank loans
totaling $10,000,0/
/, the proceeds of which were used to retire outstanding
indebtedness with the Reconstruction Finance Corporation.
On
of
July 15 the company reduced the loan to $8,000,000 by prepayment
$1,000,000 note due Nov. 15, 1943, following a previous prepayment
a
made in June of notes that would have matured in 1944.
—Second
1941
Gross earnings (est.)....
Week of Aug.1940
$3,474,832
Jan. 1 to Aug. 16
1941
all of any one or more maturities), at any time, upon at least 30 days'
published notice, at the following redemption prices in each case plus ac¬
as to the debentures, to and incl. Aug. 1, 1945, at 104M%.
and thereafter at periodically reducing prices; as to the notes, at 100%
plus 15-100 of 1% for each full year from the date of redemption to the
maturity date.
Underwriters—The
amounts
accumulations
on
the $6 preferred class A stock, par $10,
to holders of record
$16.75
a
Sept. 20.
Arrears
share.—V. 152, p. 3987.
as
Southwestern Bell Telephone
Period End. June ZD—
Operating
payable Oct.
1
1941—Month—1940
Uncollectible, oper. rev.
Operating revenues..
Operating expenses
$8,049,035 $52,788,794
3i„535
201,070
$48,386,960
$8,017,500
4,996,516
$52,587,724
32,477,032
$48,198,128
Net oper. revenues...
....
$3,020,984
$20,110,692 $18,069,386
8,042.252
7,094,567
Net operating income.
income
Net
$3,437,338
1,387,059
$2,050,279
1,847,727
1,473,979
188,832
& Co—
200,000
120,000
.1 400,000
840,000
...
Mellon
90,000
Marks
Securities
150,000
'Corp
930,000
Mitchum,
200,000
120,000
Brush, Slocurnb & Co
100,000
60,000
Davis, Skaggs & Co.
100.000
60,000
Tully
&
Co.............
Morgan
$1,547,005 $12,068,440 $10,974,819
1,346,831
9,537,319
10,627,452
60,000
F. S.
100.000
60,000
Pacific Co. of Calif-.
840,000
Riter & Co
Glore, Forgan & Co.
Goldman,Sachs & Co
550,000
330,000
L.
700,000
420,000
100,000
60,000
350,000
210,000
E. F. Hutton & Co..
150,000
90,000
William R. Staats Co
Kaiser & Co..
100,000
60,000
Tucker,
_
_
_
100,000
.
Hardgrove.
Hemphill,
tenton
Peabody
.
.A
_
_
_
.
420,000
700,000
l,700,000 1,020.000
—
_
400,000
240,000
100,000
60.000
400.000
.
240,000
Rothschild
F.
& Co.....
120,000
200,000
200,000
120,000
1 ,000,000
600,000
Smith, Barney & Co. 1 ,400,000
840,000
Shields & Co-
Anthony
Co
&
Kuhn, Loeb & Co.
Moseley <fc Co-
Schwabacher & Co..
&
Campbell, Inc
Co
Co.-—Weekly Output—
Electric output of the public utility operating companies in the Standard
Aug. 16, 1941, totaled 155,398,079 kilowatt-hours, as compared with 131,627,852 kilowatt-hours for
the corresponding week last year, an increase of
18.1%.—V. 153. p. 1001.
1,230.000
&
First Boston Corp—1,400,000
Kidder,
Gas & Electric Co. system for the week ended
120,000
2 ,050,000
Stanley
200.000
Co., Inc..
.
Hemphill,Noyes & Co
30,128,742
—v. 153, p. 254.
Standard Gas & Electric
M.
250,000
Ferris &
Notes
5
Laurence
1,550,000
Elworthy & Co.
*
Debentures
8
150,000
Co.yInc.-_-
Alex. Brown & Sons.
$9,050,492
33,398
5,579,756
Bankamerica Co....
Blyth & Co., Inc
1941—6 Mos —1940
be purchased by each are
Name-
Dillon, Read & Co-4,150.000 2,490.000
Baker, Watts & Co..
150,000
90,000
Blair &
Co.—Earnings—
* Notes
$
-.
1, 1941, will amount to
of the principal underwriters and the principal
and notes severally to
Debentures
Name—
$9,017,094
revenues
Operating taxes
of Oct.
names
of debentures
follows:
as
dividend of 50 cents per share on account of
redeemable (otherwise
De
crued interest:
Southwest Natural Gas Co.—Accumulated Dividend—
a
are to
than for the sinking fund) at the option of the company, as a whole (or, as to
the debentures, in part by lot, and as to the notes, in part by redemption of
1940
$2,572,111 $107,294,595 $82,727,995
—V. 153, p. 1001.
Directors have declared
indenture, dated Aug. 1, 1941, with Chase National Bank of New York
Indenture is not to authorize the issuance of any additional
trustee.
as
Southern Pacific
Aug. 23, 1941
Capitalization—Funded debt and
Comparative Balance Sheet June ZD
250,000
150,000
350,000
210,000
700,000
420,000
&
-.
Union
Securities
Corp
Corp..
....
W. C. Langley& Co.
700,000
420,000
Weeden & Co
Weeden& Co.......
100,000
60,000
lee Hlgginson Corp.
350,000
210,000
Co.. 1
Dean Witter <fc Co. .1,400,000
840,000
Lehman Brothers--.1,000,000
600,000
*
Comprising equal principal amounts of notes of each maturity.
Standard Oil Co. of
California—$10,000,000 Securities
Offered—A group of 38 underwriting firms headed by Dillon,
Read & Co. on Aug. 21 offered two different issues of securi¬
ties of this company,
aggregating $10,000,000.
An issue of
$25,000,000 of 2%% debentures due Aug. 1, 1966, was
offered at the price of 1023^ and accrued int.
In addition,
$15,000,000 of serial notes due in the amount of $1,500,000
each Aug. 1, from 1946 through 1955, and bearing interest
at rates ranging from 1.05% to 2.20%, were offered at
99%.
Both issues have been oversubscribed.
Tne several maturities of serial notes bear interest
1.05 %
1950
1951..
1952
...1.25%
1.45%
...1.65%
1949.
..1.80%
....1.90%
2.00%
as
Consolidated Statement of
—
a
follows:
1953--
..2.05%
2.10%
2.20%
Gross oper. income.....
Cost of products & sell. &
general
Prov. for
1938
176,144,614
177,650,184
180,848,129
66,202,850 130,485,504
expenses
devel.
133,362,758
123.656,240
9,273,950
18,950,759
19,501,302
20,545,576
costs,
_______
a
Gross profit....
__
2,386,773
13,929,613
6,036,835
8,207,989
6,534,492
20,671,516
16,578,135
Other income & credits.
Total income.
Int.
2.15% notes
Sundry deductions
on
Prov. for Fed. inc. tax..
Net profit,
$15,202,067
$11,074,495
170,000
2,432.000
705,000
$7,970,883
$0.61
$5,834,872
$0.45
15,580.638
1,856,536
2,322,945
240,744
2,980,242
19,799,121
268,750
537,291
the
item
of
"other
miscellaneous
the gross profit of such foreign
and depletion, was included in
356,372
1,400,000
12,770,087
22,487,586
17,882.505
amount
of
depreciation and
income."
In
all
prior interim
depletion sustained
for
the periods
cluded in tne item of "depreciation, depletion and amortization."
for the
reports
corresponding periods of 1940 have been adjusted
to
in¬
Figures
was
the foregoing
basis.
Consolidated Balance Sheet June 30
IAabUUies—
on
hand
538,986,641
Marketable securities
257,500
Notes & accounts receivable.
26,137.636
Other notes & accounts receiv
866,262
Loans to employees
Inventories
14,190
47,072,665
Special deposit...
....
Long-term notes & accts.
Investments, &c
rec.
'J
981,900
5,194,906
59,064,557
446,162.850
Prepaid & deferred charges..
8,808,963
Accounts payable, trade
510,025,190
Accounts payable, other.....
Accrued payroll
Accrued
int.
on
notes
496,976
1,567,159
long-term
payable
53.750
.......
State motor fuel taxes payable
Federal excise taxes payable.
Federal income taxes (est,)
Unfunded liability
2.15%
unsecured
6,279.188
517,326
insurance.
contingencies,
...
V.
1-53. 3.
13)3-
Total
2,060,000
6,937,593
166,679.359
Earned surplus
.5633,548.069
13,950.682
325,098.825
—
Capital surplus
Total
25.000.000
prior
years' Fed. inc. taxes, &c
Capital shares
6,750.000
instalment
Employees benefits
For
1,206,622
under the
notes 1945-1949..........
General
2,473.252
3,021,647
—
Other accrued taxes payable.
Deferred credits..
company's annuity plan...
486,872
3,600.000
28,875,653
"consolidated statement
subsidiaries, before deducting depreciation
the item of "operating income," and the
160,244
326,120
1,500,000
No dividends
earnings," effective with this interim report of earnings, the net profit
wholly-owned subsidiaries operating in foreign countries is included in
32,962,525
109,821
2,432,000
$0.80
profits taxes.
Note—To conform with the company's annual
of
of
loss273,261
3,123,965
24,850,997
$0.98
Arabian Standard Oil Co. is not included.
have been paid by these companies.
b Does not include any provision for excess
Reserves:
982,412
668,613
$12,770,087 $10,369,495
50% interest in earnings of Bahrein Petroleum Co., Ltd.
s
30,111,821
Profits
or losses (net) of
wholly-owned subsids.
oper. in for. countries.
Company
and California
Fixed assets (net)
abandonment losses &
exploration expenses..
$6,004,872
1,899,000
_
Assets—•
deprec., deple¬
tion & amortization.:
Prospect
91,793,186
1939
$9,869,883
(estd.)
Cash in banks &
Calendar Years
1940
Mos.—1940
-
Grossprofit.
Net profit..._
Earns, per sh. of cap. stk
Consolidated Statement of Earnings
41
1941—6
$23,149,574 $19,598,614
284,628
423,366
1,310,564
826,869
_
Total net income... ..$14,649,859 $10,893,140 $24,744,766 $20,848,850
Deprec., deple. & amort.
4,645,601
4,753,893
9.273.950
9.505,605
Int. on long-term notes
payable
134,375
134,375
268,750
268,750
tax
Company—Company was organized Jan. 27, 1926. in Delaware.
Com¬
is primarily an operating company engaged in the acquisition and
development of prospective and proven oil and gas lands; the production,
purchase, transportation and sale of crude oil and natural gasoline; the
refining of crude oil; the production, purchase, processing and sale at whole¬
sale of natural gas; and tne manufacture, transportation and wholesale and
retail marketing of petroleum products.
Company also holds securities of
subsidiary and otner companies, most of which are engaged principally in
one or
more phases of the petroleum
industry, or in businesses related
thereto, in the United States and in foreign countries.
The principal
properties of the company and its subsidiaries include proven and unproven
oil and gas properties, natural
gasoline plants, transportation facilities
(including pipe lines and tankships), marine terminals, refineries and mar¬
keting facilities.
6 Mos. End.
Mos.—1940
.__$13,828,207 $10,373,231
140,086
203,397
Other miscell. income...
681,566
316,512
.
b Prov. for Fed. income
pany
June ZD,
Earnings Period Ended June 30
1941—3
Operating income.
Dividends income
61.430.499
..-
—
5633,548.069
Volume
The Commercial & Financial Chronicle
153
Standard Oil Co.
(Ohio)—Selling Agreement Terminated
Smith, Barney & Co. have informed the New York Stock Exchange that
selling agreement in connection with the recent offering of 186,667
shares has been terminated and that the representatives of the
underwriters no longer have any intention to stabilize to facilitate the
offering. -
Operating
Operating
common
Extra Dividend—
/
1
an
extra
-
of
37 %
cents
share in
per
Co.—Cooperative
income
$433,684
13,717
$557,959
$447,401
449,011
399,286
$108,947
$48,115
__________
__
______
Notes—Provision for Federal income tax (incl. in operating revenue
deductions) for the period from Jan. 1, 1941, is based upon an anticipated
1941 tax rate of 30%.
No provision has been considered necessary for
1146.
Federal excess profits tax for either of the
periods covered by this statement.
—V. 152, p. 2879.
Todd Shipyards Corp.-—$2 Dividend—
Directors
.
/
have
declared a dividend of $2 per share on the common
value, payable Sept. 15 to holders of record Sept. 2.
This
compares with $1.50 paid in two preceding quarters; $2.50 paid on Dec. 30,
1940; $2 paid on Dec. 16; $1.75 on Sept. 16, 1940; $1 on June 15, 1940;
75 cents paid on March 15, 1940; 50 cents paid on Dec. 15,
Sept. 15 and
June 15, 1939 and previously regular
quarterly dividends of $1
stocks,
Plywood—Registers
with SEC—
See list given on first page of
$535,133
22,825
Net income
Swift & Co.—Wages Increased—
(Wash.)
1940
$2,349,788
1,916,103
(net)
Income deductions
Company announced an increase of five cents an hour for all hourly paid
employees in its Chicago meat packing plant, effective Aug. 11.
The ques¬
tion of increase at other Swift plants is being handled locally.—V. 152,
p. 2878.
Tacoma
1941
revenue deductions
income
Gross
addition to the regular quarterly dividend of like amount on the common
stock, both payable Sept. 15 to holders of record Aug. 30.
Special dividend
of SI and quarterly dividend of 25 cents was paid on Dec.
14, 1940.—V.
153, p. 1002.
Standard Public Service Corp.—See page
■■/('■
$2,760,788
2,225,655
;
Operating income
Other
'
•
dividend
Co.—Earnings—
12 Months Ended June ZO—
revenues
1
the
Directors have declared
1143
Tide Water Power
this department.
no
par
per
were
1941—Month—1940
I 1941—12 Mos .—1940
$469,111
$403 ,252
$5,526,281
$4,906,935
Period End. July 31—
Operating revenues
Gross income after retire-
97,160
96,480
—V.
153,
p.
111,981
111,344
1004.
Income Account for 6 Months Ended June 30, 1941
divs. received from
and
$357,563
2,354
Total income
Operating
Net
income
_.
...
V
_
_
__
1955,
Twin
$8,728
Oper.
Dividends—
Directors have declared
accumulations
on
the
a
of 12 cents
per share on account of accumulations on the $3 cumulative preferred stock,
both payable Sept 15 to holders of record Aug. 28. See also V. 153 p. 255.
1941
revenue
exps.
Gross
Interest
,
income..
funded debt
______
on
Miscellaneous
funded debt
___
debits
Federal income taxes
general counsel for the company in announcing that Louis A. McKeown,
first associate city counselor for the City of St. Louis, had oeen appointed
attorney for the Terminal to supervise the legal details of the proposed
reorganization. The plan was approved by the Terminal's board of directors
___
Union Electric Co. of Mo.—See
Union Oil Co. of California
6 Months Ended June 30—
will be absorbed by the Terminal.
These include St.
East St. Louis Connecting Ry., St. Louis Belt & Terminal
Ry., Granite City & Madison Belt Line Ry., Illinois Transfer RR,, Terminal
RR. of East St. Louis, East St. Louis Belt RR., East St. Louis & Carondelet
Ry.. & St. Louis Terminal Rjr.
v'K-1
Remaining in corporate existence, will be the St. Louis Bridge Co.,
which operates the Eads Bridge, the Tunnel RR., St. Louis Merchants'
Bridge Terminal RR. and Terminal Realty Co.
The latter will take over
the properties of the Unity Realty Co., and Lorenzo Realty Co., while
the St. Louis Merchants' Bridge Terminal RR. will take over the Madison,
Illinois & St. Louis Ry.—V. 152, p. 3201.
Net
income
_____ ________
_
_______
$26,101
S32
__
$26,933
___
Interest
on
long-term debt, $6,720; interest
deposits, $457; miscellaneous deductions, $219
Net income before Federal income taxes
—
on
customers'
7,397
$19,536
___________
Balance Sheet June 30, 1941
Assets—Cash in banks and on hand * $73,500; accounts receivable (less
for doubtful accounts), $43,627; accrued revenue (unbilled gas
sales), $12,953; material and supplies, $23,158; prepaid insurance, $2,945;
deferred charges, $3,139; plant and other tangible property stated at cost
(less reserve for depreciation, $6,427), $1,257,566; total, $1,416,888.
Liabilities—Accounts
payable, $37,884;
accrued liabilities,
$62,092;
customers' deposits including interest, $75,669; deferred credits, 1,$7
07;
1st mtge. 4% sinking fund bonds dated April 1, 1941, due April 1, 1956,
$/20,000; capital stock (no par), $500,000; earned surplus since April 7,
1941, $19,537; total, $1,416,888.—V. 152, p. 4140.
$5,668,059
Interest on funded debt
689,309
a Cost of
augmenting pensions of retired employees
602,105
Payment in settlement of patent and other claims,
b Prov. for est. income and State franchise taxes.
1,200,750
Operating revenues
Operating expenses
Railway tax accruals--.
Equip, rentals (net)
Joint fac. rents (net)___
_
Net ry. oper. income.
Netprofit.-.
$3,175,895
Earnings per share (4,666,270 shares of com. stk.)_
$0.68
$293,911
44,164
$3,602,158
251,806
$2,491,705
241,953
$338,075
3,042
320,170
$3,853,964
charges
153, p.
-
-
2,248,083
2,251,633
$212,091
$14,863
$1,576,208
June 30,
1941, and Dec. 30, 1940)
Oil inventories (barrels)
Since
is due
31,
an
extra dividend of 10 cents in addition to the
regular quarterly dividend of 15 cents per share on the common stock, both
payable Sept. 2 to holders of record Aug. 11.—V. 153, p. 1004.
13,176,868
22,647,000
10,571,412
23,446,000
This
RR.—Earnings—
Leased
(Including
Lines)
1941—Month—1940
Period End. July 31—
1941—7 Mos.—1940
14,542,873 111,660,154
10,955,984
84,825,375
Railway oper. revenues,
Railway oper. expenses-
19,255,313
13,991,960
from ry. oper.
5,263,353
1,897,026
3,586.889
1,243,120
26,834,779
11,829,171
21,452,455
9,078,142
851,476
801,440
4,620,739
4,535,464
2,514,851
1,542,329
10,384,869
7,838,849
831,537
b833,626
5,757.250
b5,976,213
3,346,388
1,170,948
b2,375,955
bl,463,127
2,175,440
912,828
7,957,905
4,771,49(2
.500,000
16,899
2,939,242
909,708
Net
a
rev.
Taxes
Equip.
rents
87,697,786
66,245,331
facility
& joint
(net)
_
I
Net income from trans¬
portation operations
Int.
from
investments
and other sources.—
——
_
Net inc. fr. all sources
a
;
16,142,119 bl3,815,062
8,184,214
b9,043,570
Incl. Fed. inc. taxes in
the amount
on
1146.
_____
working capital has decreased $3,331,593.
1940,
principally to large capital expenditures.—V\ 152, p. 3202.
Total income.
Tide Water Associated Oil Co.—Extra Dividend.—
Directors have declared
Dec.
Fixed & other charges-
Co.—Accumulated Dividend—
Directors nave declared a dividend of $1.75 per share on account of
accumulations on the 7% cumulative preferred stock, payable Sept. 2 to
holders of record Aug. 15.
Like amount paid on June 1, last, and last
previous distribution was the regular quarterly dividend of $1.75 paid
Dec. 1. 1940.—V. 152, p. 3514.
$54,781,585 $55,507,722
Total current assets
Current liabilities (incl. dividends declared June30,
564.
Thermoid Co.—See page
41 Dec. 31, 40
$20,982,551 $23,151.827
9,712.975
8,847,833
20,865,908
21,554,368
3,220.151
1,953,694
Inventories; Oil inventories
Materials and supplies
$449,126
Tex-O-Kan Flour Mills
63,379
371,051
9,009
And cost of past service benefits for certain older employees,
Cash resources
,32,899
3,943
69,702
b The
provision for Federal income taxes for 1941 exceeds estimateo reauirements
under existing law.
No provision for Federal excess profits taxes has been
made, as it is believed that none will be required.
No provision for these
taxes was required in 1940.
Net profit for the second quarter of 1941 was $1,902,889, or 41 cents per
share.
Thus compares with $1,248,232 and 27 cents per share for the second
quarter of last year.
Current Assets and Liabilities
$2,733,658
29,673
deductions—_
Net income—V.
$501,991
34,802
320,759
Total income
Fixed
$2,014,380
$0.43
-
Union Pacific
1941—Month—1940
1941—7 Mos.—1940
$2,643,353
$2,069,384 $17,410,970 $14,995,380
1,765,194
l,5u4,384
11,668,096
10,711,113
258,187
143,050
1,499,322
1,073,214
125,391
126,905
656,540
704,280
CrlA\o
1,134
Crl5,146
lo,068
$536,793
Other income
Miscell.
$3,150,455
692,636
(net)
Total income
Ry.—Earnings—
Period End. July 31—
—
924,060
sale of tankships
Accounts and notes receivable-
reserve
Texas & Pacific
$2,156,693
1,431,511
138,326
a
...
1940
14,825,000
15,306,000
$36,511,929 $35,136,667
8,961,517
7,522,149
4,863,295
5,365,456
$4,098,222
on
Other income
$106,252
80,151
1941
1
Profit..--.
Profit
Earnings for Period April 8, 1941, to June 30, 1941
;
'v
'
deducting sales and excise taxes)
Net income from operations
Provision for depletion and depreciation
Corp.-—Earnings-
Operating revenue.
Operating expenses, $54,085: maintenance and repairs, $7,085:
depreciation, $6,083; taxes. State and Federal other than
1146.
(& Subs.)—Earnings—
Sales after
,
$92,282
pagiO 1146.
Sales—barrels
Nine companies
430,614
30,059
8,109
12,575'
$126,172
Juiy 14.
Federal income taxes, $12,897-.-
$573,641
28,617
Twin State Gas & Electric Co.—See page
The company now has 21 subsidiary and affi.iated companies and under
the reorganization these win be reduced to only five.
Because of legal
technicalities tne plan cannot become effective until 1944.
Net operating revenues
Other income (net)_____
$566,283
7,357
8,214
51,956
Net income to profit and loss.
—V. 152, p. 2879.
Terre Haute Gas
$4,289,151
3,722,867
410,482
on
We take the following from the "Journal of Commerce" Aug. 15:
A plan to simplify the corporate structure of the Terminal Railroad
Association of St. Louis has just been disclosed by Carleton S. Hadley,
Louis Transfer
1940
*
$4,351,048
3,732,221
$625,444
___
___.
Amortization of discount
Louia—-Simplification
incl.
$618,827
6,617
___
& taxes (not incl. Fed'l income taxes),
Plan—
on
and
one
.
Terminal RR. Association of St.
thereafter
City Rapid Transit Co. (& Subs.)—Earnings—
Operating incomeNon-operating income
dividend of 28 cents per share on account of
7% cumulative preferred stock, and
101.5%;
6 Months Ended June 30—
Operating
__
are
102%; ^thereafter and incl. Feb. 1, 1960,
Feb. 1, 1965, 101%; and thereafter at par.
$53,290
61.831
187
7% preferred dividends
Balance, deficit...
near
redeemable after at least 30 days' notice at the following
prices, plus accrued interest; If redeemable on or before Feb. 1, 1945,103%;
thereafter and incl. Feb. 1, 1950,102.5%; thereafter and incl. Feb. 1,
The bonds
20,455
$3 preferred dividends.....
Calif.—Registers
Bay from Alameda County, near Point Fleming, to Marin County,
Point, both in the State of California.
l38,107
_*_______
...
on
Bluff
Debenture interest..
Debt discount and expense.
Net
share
paid
was
$311,854
......
earnings
of $1.50
$359,917
48.063
______
and taxes
expenses
special dividend
The bonds are to be issued by Tomasini as
obligor, who proposes to
advertise for bids for all or part of the issue.
The proceeds from the sale of the bonds will be used for
the.construction,
operation and maintenance of a tube and toll bridge across San Francisco
(Company Only)
subsidiary companies..
Other income
a
1452.
152, p.
The Securities and Exchange Commission announced
Aug. 15 that T. A.
Tomasini, San Francisco, Calif., filed a registration statement (No. 2-4815,
Form A-l) under the Securities Act of 1933
covering $20,000,000 of 3%
Tomasini Bridge revenue bonds, due Aug. 1, 1970.
Telephone Bond & Share Co.—Earnings—
Income—Int.
addition
In
1938.—Y.
A.) Tomasini, San Francisco,
$20,000,000 Bridge Revenue Bonds—
1,490,371
1,483,129
1,516,612
1,505,242
15.
(T.
,
ment reserve accruals.
Netincome. L
distributed.
Dec.
Tampa Electric Co.—Earnings—
of-
-
b Restated.
y
N0ie—1941 income taxes are based on 30% rate for the year.
It is esti¬
mated that the company will not be liable for excess profits taxes on 1941
income under the
on
Second Revenue Act of 1940 and is not liable for such taxes
153, p. 565.
1940 income.—V.
Union
Premier
Food
Eastman, Dillon & Co. on
Stores,
Aug. 15 sold
Inc.-— Stock
a
Offered—
block of 9,000 shares
The Commercial & Financial Chronicle
1144
of $2.50 preferred stock (par $15) with common stock war¬
rants attached.
The price was $44 a share flat.—V. 153,
1005.
p.
Union Street
Ry., New Bedford, Mass.—Earnings—
1941—3 Mos.—1940
Period End. June 30—
Rev. fare pass, carried._
Aver, fare per rev. pass.
1941—6 Mos.—1940
3,325,790
2,676,105
6,511,273
5,485,196
6.71c.
6.68c.
6.68c.
6.61c.
Net profit after all chgs.
$14,001
loss$35,525
$11,792
loss$53,810
deficit.
(2) No provision has been made for Federal taxes upon income, as in the
opinion of the company's officers, none will be payable under the existing
Code, in view of the corporation's excess profits tax credit and the loss
incurred upon the sale of real estate and buildings.—V. 149, p. 2246.
U. S.
Directors have declared
a
dividend of 60 cents per share on the common
no par
3102..
United Gas Improvement Co.—Weekly Output—
The
electric
closed
and
ended
Aug.
kwh.,
with $1,891,824 in July quarter of
preceding year, an increase of $1,242,399,
65.7%.
July net sales amounted to $1,059,285 against $633,675 in July, 1940,
an increase of $425,610, or 67.1%.
Volume in June totaled $1,090,026 as against $624,446 in the same month
of 1940, while May sales were $984,912 this year and $633,703 in May,
1940.
I
or
These
for the
output
the figures for
UGI system companies for the week just
the same week last year are as follows: Week
Utah Home Fire Insurance Co.—SI Dividend—
16, 1941. 100,686,118 kwh.; same wees: last year, 89,453,421
United Public Utilities Corp.
Period End. June 30—
Directors have declared
(& Subs.)—Earnings—
1941—3 Mos.—1940
figures are exclusive of Flexwood and Flexwood sales.—V. 153,
p. 411.
increase of 11,232,697 Kwh., or 12.6%.—V. 153, p. 1005.
an
Plywood Corp. (& Subs.)—Sales—
Net sales for quarter ended July 31, 1941, were $3,134,223 as compared
(Conn.)—Dividend—
value, payable Sept. 20 to holders of record Sept. 5.
Divi¬
dend of 88 cents was paid on Dec. 14, 1940; 80 cents paid on Nov. 7, 1940;
50 cents on Sept. 6, 1940, and 75 cents paid on June 6, 1940.—V. 151, p.
stock,
$4,480,776
3,463,030
$264,150
3,708
$227,745
5,124
$1,037,427
20,782
$1,017,745
18,249
$267,859
3,999
$232,869
3,326
$1,058,210
13,603
$1,035,995
14,283
$263,859
$229,542
$1,044,606
25,978
116,684
Int.
&
other
$927,921
$203,563
$224,727
.....
$921,810
deductions
108,115
Period End. June 30—
Operating
Operation
re venues—
_
...
_
_
434,010
109,619
438,901
1941—Month—1940
$2,006,782
730,861
168,370
210,166
166,700
171,318
._
_.
.
_
Depreciation
income
$93,944
$116,611
$493,911
$482,909
Other
—V. 152, P. 3831.
States
common
Like amount paid
on
Dec. 14, 1940, and
Van Dorn Iron Works Co.—25-Cent Common Dividend—
Taxes—Federal income-
United
on
Directors have declared a dividend of 25 cents per share on the common
stock, payable Sept. 15 to holders of record Aug. 30.
This will be the first
common dividend paid in some time.—V. 149, p. 3423.
Maintenance
of U. P. U. Corp
Net
dividend of 25 cents per share on the
a
Virginia Electric & Power Co.—Earnings-
Gen. exps. and taxes
...
on
one of $1 was
paid on Dec. 15, 1939, this latter being the first dividend paid since Dec. 15,
1937, when $1 per share was also distributed.—V. 152, p. 3832.
United P.
Balance
paid
Corp. of America—25-Cent Dividend—
Directors have declared
stock, payable Aug. 4 to holders of record July 28.
99,902
applicable to
U. P. U. Corp—__
U. Corp.—
was
$1,021,712
39,132
Gross income
Gen. int. & misc. deduc's
Balance
$4,602,993
3,565,565
May 5, last; dividend of $1.50 was paid
Net oper. income
Other income (net)
Dividend of $2
1941—12 Mos.—1940
$1,061,076
833,331
$1,087,579
823,429
dividend of $1 per share on the common stock,
a
payable Sept. 15 to holders of record Sept. 10.
June 14, last.—V. 136, p. 2445.
Vanadium
Operating revenues
Operating exps. & taxes.
1941
23,
Notes—(1) Net income is before deduction of (a) the loss,
upon the sale of certain real estate and buildings, in the amount of $282,109
of which $192,617 charged to deficit and $89,492 charged to capital surplus;
(b) amortization of appreciation on buildings $3,451 charged to capital
surplus and (c) net charges applicable to prior years of $1,016 charged to
—V. 151. p. 2666.
United Gas & Electric Corp.
Aug.
Notes 1—
Freight Co.—Consolidated Balance Sheet
Net oper. revenues—
Other income (net loss)
1941—12 Mos.—1940
$1,720,177 $22,462,754 $20,067,334
606,024
8,242,579
7,617,612
131,531
1,755,696
1,526,515
195,000
2,425,224
2,337,242
95,048
1,883,389
895,711
163,757
2,021,222
1,874,807
$559,365
1,848
$528,816
3,284
$6,134,643
46,689
10,307
$557,517
151,214
$525,532
146,558
$6,087,954
1,762,419
$5,805,138
1,763,187
—$406,302
$378,973
$4,325,534
1,171,602
$4,041,950
1,171,597
$3,153,932
$2,870,353
_
$5,815,445
June 30—
1940
1941
Assets—
■'*.
.
S
$
Liabilities—
Balance
1940
1941
$
Int. and amortization
9
'
Cash,
1,999,521
_
Accts. receivable..
2,840,275
b ldxed assets
944,788
923,883
3,140,000
Debenture notes.Otber
1,772,528
1,820,604
investments
132,956
60,303
1,500,000
1,500,000
of
securs.
of
2,330,709
621,496
1,708,944
249,076
Res. for railroad re¬
3,140,000
Mtge. notes recelv.
Cost
Accounts payable.
Accrued exnenses.
tirement
Balance.
Preferred dividend requirements
Capital stock
7,487,838
1,449,082
1,449,082
713,566
Balance for
7,487,838
Capital surplus
507.941
a
Earned surplus—
book value
1,217,681
97,889
common
stock and surplus
—V. 153, p. 256.
Vulcan Detinning
subs. In excess of
Deferred charges..
...
138,459
tax
Co.—Earnings—
3 Months Ended June 30—
1,217,681
95,401
1941
Sales—
Cartage contracts,
5,25?
12,087
18,872
$288,040
44,794
$156,046
11,794
$332,834
al85,952
9,003
$301,112
145,337
$167,839
18,511
7,090
$137,878
$137,264
$103,778
$3.55
Operating profit—....
Other income
... —.
Total
Total.
$241,197
59,915
$3.53
$2.49
697,428
16,485
Cash sur. value of
life ins. policies.
1939
$886,884
645,686
$853,474
1,004,710
843,910
843,910
goodwill..
Bals. in closed bks.
1940
$1,292,750
Expenses, deprec., &c
.12,741,149 11,402,882
Total
12,741,149
11,402,882
Represented by 299,566 no par shares.
b After reserve for depreciation
of $1,527,609 in 1941 and $1,404,721 in 1939.
a
Earnings for the six months ended June 30,1941, appeared in the "Chron¬
icle" of Aug. 16, page 1006.
United States
Gypsum Co. (& Subs.)—Earnings—
6 Mos. End. June?0—
1941
1940
x939
1938
$5,695,276
159,124
$4,866,984
141,940
$3,658,088
123,948
$8,431,352
1,308,113
100,413
2,005,000
1,806,000
$5,854,400
1,265,733
71,209
981,000
$5,008,924
1,235,240
50,826
605,000
46,099
412,000
$3,117,857
1,195,662
$3,536,459
273,777
1,194,960
1,194,156
$2,181,219
273,777
1,193,733
$1,742,387
$2,067,722
$1,649,924
$713,709
233,530
.
..
Net profit
Earns, per sh.
par)
common
Includes
on
_
32,258 shs.
stock
56,971
($100
„
for Federal normal and defense income tax of $70,000
and excess profits tax of $25,000 computed under the Second Revenue Act of
1940 as amended and additional reserve of $75,000 for possible increase in
reserve
i 3,782,036
$3,211,826
273,777
Other income
......
Res. for price equalization
a
$8,197,822
Operating profit.
Taxes, &c
such taxes that may be hereafter imposed applicable to income for the year
1941.
-
'
.
"
.: r
'
Total income
Deprec. & depletion
Miscell.
.
deductions.
Income taxes
Excess profits taxes..
Balance Sheet June 30
AsipI*
1,142,718
a
1Q4.1
Plant & equip....$1,305,410
Patents,
...
Preferred dividends.
Common dividends..
&C
273,777
$1,081,202
2,544,677
2,544,677
542,543
29,591
382,123
investments
Market, securities-
1,537,705
317,069
Accts. receivable..
562,635
sh.
per
on
6,841
779,801
4,756
1,916,628
223,868
223,868
....
charges and
prepaid exps...
Inventories._
com.
stock
$2.46
1.61
$2.38
$2.73
Co.'s
pref,
cost
.
..
_
30,721
a
Plant & equip...38,354,452
Cash....
c
Accts.
14,495,585
and notes
■'
1941
$
....
8,813,315
Preferred stock...
7 822,200
b Common stock..23
,913,240 23,899,200
1,602,970
Accrd.
1,013,223
1,567,228
4,095,421
2 ,051,103
payrolls,&c 1 ,177,036
Fed. A Dom. tax.. 5 ,755,921
Invent. & supplies 6,630,848
6,202,315
Dividends payable
9,173,731
Empl .stock purch.
contracts
8,464
ance reserve
Miscell. receivables
279,848
183,920
Paid-in
Earned
v
734,369
res
surplus-..
281,151
8,691
988,350
1,048.583
Total
74,810,853 68,005,0531
...74,810,853 68,005,053
After depreciation and depletion,
b Represented
After reserve for Dad debts.—V. 152, p. 3361.
a
c
United States Rubber
Following is the content of
the holders of the
common
a
Co.—Appeal
on
95,140
464,207
220,172
against
for¬
ward purch. com¬
mitments for tin
60,000
60,000
,-170,353
170,353
182,769
1,416,678
1,212,277
....$7,533,071
$7,431,971
conting. &
in general......
Total
....$7,533,071 $7,431,971
by $20 par shares,
Decision—
letter mailed by the company, Aug.
18, to
stock:
In letter, dated July 7, 1941, regarding the suit filed by a first preferred
stockholder in the Federal Court at Newark, N.
J., to enjoin the payment
of the dividend of 50c.
a share on the common stock of this company, we
advised you that the Court had denied the application for the injunction.
The preferred stockholder has filed notice of
appeal and the Court has
issued an order restraining payment of the dividend
pending appeal. Argu¬
appeal will be Defore the Circuit Court of Appeals which will
its sessions in October, but the date of
argument or when decision
Total
a After depreciation and obsolescence
$2,610,212 in 1940.—V. 152, p. 4142.
West Penn Electric Co. (&
Period End. June 30—
reserve
of $2,706,551 in
130.871
1941 and
Subs.)—Earnings—
1941—6 Mos.—1940
Oper. revs.: Electric
1941—12 Mos.—1940
$21,346,466 $19,763,898 $41,813,371 $38,795,933
575,865
560,956
960,513
971,513
644,543
628,350
1,284,789
1,275,867
966,796
765,734
1,869,888
1,580,956
36,608
35,848
75,680
75,862
Gas...
Other.....
Total
500.000
&c.___........
reserve
Bus...
15,611
Deferred charges..
295,057
95,105
for taxes,
Surplus
Railway
152,911
Miscell. investm'ts
.
734,720
1,194,245
1 194,647
5 831,447
5,831,447
surplus.-.26 ,330,538 24,340,171
Contlng. &oth.
2,569
...
Deposit for insur-
395,858
& accr.
payable
7,822,200
Accounts payable.
;
.
,
Reserve
Res. for
5
..11,296,298
Marxetable secure. 2,570,292
receivable
Accts. pay.
Dividends
1940
$
Liabilities—
38,213,550
3,225,800
Price equalization,
1940
$
1940
$1,522,300
Notes payable
Res.
stock,
Consolidated Balance Sheet June 30
1941
A.8SBtS~~~~*
1941
—
$1,522,300
3,225,800
Preferred stock
930,927
Other
Defd.
Surplus..
Earns,
Liabilities—
Common stock
goodwill,
Cash....
Net income
1Q4.0
Total oper.
revenues..$23,570,278 $21,754,786 $46,004,241 $42,700,131
6,976,526
7,617,800
14,864,976
14,069,775
i,800,506
3,567,998
~
1,721,764
3,385.962
Taxes—Fed. normal inc.
2,159,575
1,205,775
4,021,659
2,102,807
Federal excess profits370,440
915,795
Other
2,126,568
2,263,542
4,394,274
4,146,875
Prov. for deprec., retire¬
ments and depletion_
2,209,804
2,042,340
4,229,433
3,974,691
Amort, of elec. plant ad¬
justments, &c
455,700
476,750
906,961
997,950
Operating expenses
Maintenance
_
Operating income
Non-oper. income
$6,692,911
215,493
$7,205,063 $13,103,145 $14,022,071
$6,908,404
4,110,525
$7,317,649 $13,490,056 $14,249,266
4,070,561
8,263,346
8,096,812
$2,797,879
$3,247,088
$5,226,710
157,936
154,203
298,972
292,137
$2,639,943
1,133,923
206,941
$3,092,885
1,133,923
206,941
$4,927,738
2,267,847
413,882
$5,860,317
2,267,847
413,882
$1,299,079
$1,752,021
$2,246,009
$3,178,588
112,586
386,911
227.195
ment of the
resume
will be rendered
153,
p.
following the argument necessarily must be indefinite.—V.
1006.
Gross income
Deductions—subs
Balance
United States Stores Corp.
(& Subs.)—Earnings—
Consolidated Earnings for the 6 Months Ended June 28,
Cost of sales, selling, warehouse, delivery and general
expense..
T^pdnptintiR—-Tbp
W /igt
Penn Electric Co
1941
3,421,775
Net income-
7%and6%pref.divs___
Profit
Discounts^
------
commissions and other income
Net operating profit, before
Provision for depreciation
Interest on funded debt of
depreciation, &c
subsidiary
Loan interest and expense
Net income before taxes
on
income
$60,844
45,987
Class A dividends.
Balance
$106,831
23,342
6,743
8,527
$68,220
$6,152,454
Note—The consolidated income accounts of the company and its sub¬
sidiaries for the six months and 12 months ended June 30, 1941, are not
comparable with the similar periods for 1940 principally because provision
was not made in the six months ended June 30,
1940, in respect of excess
profits and increased normal income taxes imposed by laws, retroactive to
the first of the year, passed in June and
October, 1940, and additional
Volume
The Commercial &
153
Financial Chronicle
provision is made in the first six months of 1941 for further tax increase
which are anticipated.—V. 152, p. 3517, 2726, 2258.
Virginia Public Service Co. (& Subs.)—Earnings—
1941
Gas
.
Transportation, coach
Transportation, railway
r___—
_
$8,419,970
365,056
248,271
244,386
215,606
247,300
—
..$10,918,847
3,893,433
110,836
618,790
$9,493,291
3,341,358
65,130
1,347,743
1,135,367
570,786
881,437
288,258
804,162
$3,495,818
34,950
$3,350,910
36,532
$3,530,769
2,199,488
$3,387,442
2,157,842
■
Gross operating revenues
Operating expenses
Electricity purchased for resale-
—
Maintenance
;
Prov. for retirement (deprec.) of fixed
Provision for taxes—Federal income
•
;
-
_.
.—
Other____
Operating income
Other income.
:
j
capital..
11
■,
[::.'V
'
Gross
,
'X'i,'
'*
/
r
income
-
-
r,|
h' w
j
\
5,1
j'
-
--
-- -
508,103
-- -- --
$1.229,600
? 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 either of the periods
covered by this statement.—V. 153, p. 1007.
Net income-
—-
West Penn Power Co.
Period End. June 30—
$1,331,280
(& Subs.)—Earnings—
1941—6 Mos.—1940
$3,830,551
Oper. revs.—Residential $4,072,861
Commercial..
2,011,602
Industrial-.
6,425,876
Other.
1,013,516
Western New York Water
1,941,989
5,677,826
969,621
Operating
Operating
1,997,759
$7,333,246
3,748,218
11,246,802
1,889,424
„,
revenues..$13,523,855 $12,419,987 $26,350,388 $24,217,690
4,294,846
3,831,579
8,391,181
7,932,386
971,851
954,389
2,017,577
1,895,466
Taxes—Fed. normal inc.
1,350,505
747,340
2,552,900
1,256,722
Federal excess profits.
266,140
658,820
Other
1,045,867
1,005.169
2,054.712
1,949,009
Prov. for depreciation1,198,562
1,093,434
2,293,117
2,$81,180
___._
-----
Preferred dividends
Western Pacific RR. Co.—Trustee—
on
Western Public Service Co.
not
are
$3,599,639
668,448
$6,020,722
1,336,894
$6,742,813
1,376,653
Period End. June 30—
-
- - -
Maintenance
Taxes: Fed. normal inc..
Other-..
$486,925
319,000
$20,276
$184,910
$167,925
—V.
depreciation-.
$67,331
652,656
$585,325
121,804
$632,451
$103,983
1,426,664-
$139,459
$66,649
699,100
1,313,761
funded debt
934
$1,174,302
245,253
934
$1,322,681
248,450
1,868
12,660
1,313
12,660
1,313
22,425
2,625
25,380
2,625
$449,548
Gross income
$493,319
$903,065
$1,044,358
124,225
Amort, of discount..—
enants
—
Net income
and
Teleg.
1941—6 Mos.—1940
1941—Month—1940
oper.
$9,786,939
cable
sulci
$8,466,558 $54,439,436 $48,500,722
oper.
cable
7,723,195
expenses
tdcf?
44,350,406
41,104,398
$1,497,192 $10,089,030
33,681
217,758
491,776
3,740.990
$7,396,324
194,003
2,937,305
$6,130,282
798,815
$4,265,016
791,934
6,969,366
oper. revenues
Uneollec. oper. revs.-.Taxes assignable to oper.
$2,063,744
39,148
Operating income—-
$767,979
195,883
$971,735
$963,862
$1,166,294
582,370
$6,929,097
3,493,198
$5,056,950
572,684
$391,178
$583,924
$3,435,899
$1,519,625
Non-oper. income
Gross income-
—
—
1,256,617
Deduc. from grass inc..
Net income
—V.
194,559
3,537,325
153. p. 568.
Westinghouse Electric & Mfg. Co. (& Subs.)—Earns.—
1941—Month—1940
1941—7 Mos.—1940
$1,410,297
$l,755,436b$12,978,697b$ll,592,448
b Equal $4.86 in 1941 and $4.34 in 1940
on
the combined 79,974 shares of 7% participating preferred stock and
2,592,155 shares of common stock.
a
Net
a
3364.
profit
After taxes and charges,
August Wage Bonus! %—
West Texas Utilities
Period End. June 30—
Co.—Earnings1941—12 Mos.—1940
1941—3 Mos.—1940
$5,578,261
Operating revenue--- -- $1,439,933
936,876
Oper. expenses & taxes._
$1,365,799
895,593
$5,827,623
3,800,289
3,632,814
$503,057
2,892
$470,206
$2,027,335
564
Dr6 39
$1,945,447
7,256
Net oper. income.—
Other income (net)
Gross income.
Int. & other deductions.
Wages and salaries of employees of this company will be adjusted upward
7% this month in accordance with the wage and salary plan under which
compensation is established each month in proportion to average earnings
the preceding three months.
The bonus for July was 9%.—V. 153, p. 568.
White Motor Co.—25-Cent
$470,770
241,247
$505,949
233,690
$1,952,703
978,858
$2,026,696
931,657
■'
declared
854.
p.
-—
Dividend—
a dividend of 25 cents per share on the common
holders of record July 10.
Like amount was paid
on April 17, last, this latter being the first dividend paid on the common
stock since Aug. 1, 1934, when 31 cents per share was distributed.—V. 153,
Directors have
stock, payable July 17 to
■
income——
cable
revenues
Period End. July 31—
Payments under tax cov¬
Miscellaneous
Telegraph Co.—Earnings—
Period End. June 30—
and
$48,473
854.
153, P.
Western Union
Teleg.
119,452
$65,458
Balance for common stock and surplus
!N*ot/
1940
1941—12 Mos.
$686,675
$699,229
573,730
578,982
136,590
158,377
25,255
32,594
13,183
26,935
41,900
41,800
119,452
Preferred dividend requirements
——...
1941—6 Mos.—1940
$359,423
$343,393
289,229
292,336
72,551
81,593
13,580
17,660
13,282
14,665
21,400
20,500
Non-operating income--
Net
$501,751
316,840
Balance
(& Subs.)—Earnings—
Operating loss .
-V. 152, p.
$46,445
26,169
Interest and amortization
herein consolidated.
The consolidated income ac¬
and its subsidiaries for the 6 months and 12 months
West Penn Rys.
on
$541,700
54,774
Net oper. revenues-..
comparable with the similar periods for 1940,
principally because provision was not made in the six months ended June
30,1940, in respect of excess profits and increased normal income taxes
imposed by laws, retroactive to the first of the year, passed in June and
October, 1940, and additional provision is made in tne first six months of
1941 for further tax increases which are anticipated.—V. 152, p. 3363.
Int.
$532,060
30,309
Other income, net loss..
ended June 30, 1941, are not
Prov. for
a._
Other
$49,008
2,562
$41,821
25,926
-
$9,238,821
2,496,008
$5,366,160
$1.60
$1.83
of Monongahela West Penn Public Service and it8
1941—12 Mos.—1940
$2,200,275
$2,150,496
985,328
985,165
133,725
129,382
301,025
272,797
54,429
24,893
193,705
196,556
$180,877
79,573
12,057
21,758
1,711
16,769
$42,921
1,099
— -
Depreciation.
Taxes, Fed. income
counts of the company
Operating revenue _
Operating expenses
— -
Balance
Note—The accounts
subsidiaries
— .
$180,720
79,283
11,801
24,792
5,645
16,276
$15,895
Operating revenues
Operation--Maintenance
$8,519,079
2,498,357
$4,683,828
(& Subs.)—Earnings—<
1941—Month—1940
Period End. June 30—
$4,857,014
1,257,375
$2,931,191
for $2,-
650,000 13A% equipment trust certificates dated Aug. 1, 1941, maturing
serially from Aug.
1,
1942, to Aug. 1, 1951.—V. 153, p. 709.
$4,463,893
1,220,972
com. stock $2,574,474
2,935,000 shares.
Balance for
Per share
$85,389
June 3,1941
Central Hanover Bank & Trust Co. has been appointed trustee
$9,102,927
135,894
668,447
$106,637
5,508
478
Assets—Utility plant
(including intangibles aggregating, $615,523)!
$8,858,124; miscellaneous investments (at cost) and special deposits, $7,565»
current assets, $170,687; deferred charges, $103,907; total, $9,140,283.
Liabilities—$5 non-cumulative participating preferred stock (10.306 shs.,
no par), $206,133; common stock (50,000 shares, no par), $1,000,000; longterm debt, $4,481,600; current liabilities (exclusive of sinkihg fund require¬
ment), $130,136; deferred liabilities, $102,927; reserve for depreciation,
$1,166,235; contributions in aid of construction, $266,038; capital surplus,
$792,525; earned surplus since date of reorganization, $994,688; total,
$9,140,283.—V. 153, p. 1007.
A
t ;
$8,382,081
136,998
—
-
243,646
10,458
5,516
113
1,109
10,405
—
$3,242,921
Gross income
1.180
Net income
Balance Sheet as of
$346,005
241,516
....
Interest charged to construction—Credit
Miscellaneous interest,
$4,788,076
68,938
Non-operating-income- _
$364,770
long-term debt—
67,809
$4,396,084
Operating income
510
------
Amortization of debt discount and expense
Taxes assumed on interest
expenses
Net income
on
$345,495
720
——
Gross income.
Interest
Maintenance
Total deductions__
— -
1940
$816,351
470,855
$364,049
and taxes
expenses
Net earnings---
Total oper.
Operating
1941
$850,640
486,591
revenues
Other income
1941—12 Mos.—1940
$7,913,880
3,959,927
12,478.822
Co.—Earnings—
Year Ended June 30—
x
—.
Income deductions
payable
including
sundry
accruals,
$376,158;
reserves for Federal taxes, $128,970; 3% note payable to National Dairy
Products Corp., due Dec. 1, I960, $1,000,000; reserve for contingencies,
$34,052; common stock (75,000 shares, no par), $2,098,350; earned surplus,
$1,604,124; total, $5,241,654.—V. 152. p. 277.
:
•
1940
$9,549,775
415,868
426,775
279,127
12 Months Ended June 30—
Operating revenues—Electric
1145
Liabilities—Accounts
$272,259
$229,523
107>642
108,746
Pref. div. requirement—
$1,095,040
432,831
$973,845
435.764
Wieboldt Stores,
Inc.—Sales—
ended July 26, 1941, were $6,484,310, comparing
with $5,655,135 in like period of preceding year, an increase of 14.7%.
For six months ended July 26 last.net sales were $12,663,505 as com¬
pared with $11,317,313 in like period of 1940, an increase of 11.9%.—
V. 152, p. 3364.
Net sales for quarter
$662,209
$120,777
$164,617
Balance
$538,081
—V. 152, p.3364.
Western Maryland
Dairy, Inc.—Earnings—
Income Account, Year
Ended Dec. 31, 1940
sales.—
Cost of sales, delivery, selling, admin, and
Net
general expenses
Repairs and maintenance (incl. replacements of mils: bottles)
Depreciation
.
—
.
Gross profit—
Other income
__
242,804
.......
—
..............
$6,848,493
5,744,998
339,747
......................
$520,944
11,888
Wisconsin Electric Power
The Securities and Exchange Commission on Aug. 19 approved severa*
applications filed by Wisconsin Electric Power Co. and its parent, North
American Co., involving the exchange of certain securities held by both
companies.
.......—
$532,833
paid..--——
for Federat normal income tax (no provision for
Federal excess profits tax required)......................
116,200
Total income.
Interest
2,585
Net profit for
the year
preferred stock
Dividends paid on
...—$414,048
222,726
Appreciating the savings which could be realized by the retirement of
the corporation's $6 cum. pref. stock, directors, after careful consideration,
accepted the plan suggested by National Dairy Products Corp.
Under
this plan National Dairy surrendered for cancellation as a contribution
to the capital of the corporation 20,127 shares of the pref. stock owned by
it and loaned the corporation $1,000,000, the loan bearing interest at 3%
per annum.
With this sum and additional funds on hand, the corporation
Feb. 5, 1941, redeemed the remaining 20,125 shares of pref. stock,
depositing in trust when the redemption call was issued on Dec. 6, 1940,
the funds necessary for the redemption.
The gapital of the corporation
now consists of 75,000 shares of common stock.
Balance Sheet Dec. 31, 1940
on
Assets—Cash in banks and on hand, $287,374; current account receivable
Diary Products Corp., $260,689; accounts receivable (net),
$275,084; Inventories, $52,785; miscellaneous supplies, $53,115; investments,
$15,182; capital assets (less reser/ves for depreciation of buildings, ma¬
chinery and equipment, $1,978,731), $1,423,666; prepaid taxes, insurance,
&c., $10,421; goodwill, $2,863,337; total, $5,241,654.
from National
,
Wisconsin Electric proposes to
acquire North American 300,000 shares
Wisconsin Gas & Electric Co. and Wisconsin Power Co., sub¬
sidiaries of North American,
In addition Wisconsin Electric Power pro¬
poses to issue to North American 1,265,000 shares of its common stock.
The 300,000 shares of Wisconsin Gas & Electric and 300,000 shares of
Wisconsin Power each have a par value of $20, indicating a total value for
both blocks of stock of $12,000,000.
The par value of Wisconsin Electric
Power shares is $10 each or a total value of $12,650,000.
Wisconsin Electric Power also proposes to transfer to its reserves con¬
each
Provision
Co.—SEC to Allow Acquisition
of Stocks from Parent—
of
investment in its transportation properties (a) an excess
depreciation reserve in the amount of $3,300,000; and (b) $2,200,000
its earned surplus account.
Wisconsin Electric Power in its application before the SEC said that it
desired to complete the proposed exchanges for seven reasons, among which
was the desire to continue the three Wisconsin properties as a single in¬
tegrated system.
"The continuation of such integrated system will be of
tingent losses on
in its
from
mutual benefit to consumers
Furthermore
and investors of all three companies," it said.
It added, the acquisition of the
securities will tend to make
possible a merger of the three Wisconsin companies at a future date.
Commissioner Robert E. Healy filed a separate concurring statement
which he
reserve
to
criticized the proposed
to reserve
consumers" and as
should not be
"unwarranted disadvantage
"improper—to the extent of at least $2,000,000—and
permitted.'
permitted.
_
,
'
„
I see no escape from insisting that future charges
for deficiencies must be charged to net income and not
operating expenses," he stated.
"But if it is
designed to make up
to
in
transfer of the $3,300,000 from depreciation
for contingent losses as an
The Commercial & Financial Chronicle
1146
1941
12 Months Ended June 30—
Operating
revenues
$6,903,695
2,560,255
— -
Net interest charges.
—
-
$6,607,052
2,770,180
28,956
1,250,000
—
$6,140,984
466,067
1,250,000
$3,058,511
income.
$6,391,762
511,933
34,928
_
$2,557,916
Other deductions.....
Provision for contingent
<
losses on investment in
transportation subsidiary and in certain transportation properties,....
Subs.)—Earnings—
Operating revenues
Operations, $243,817; maintenance, $124,271; provision for
for retirements, $98,110; amortization of intangible property,
$804
$739,301
Net earnings from operations
State and local taxes, $48,863:
$272,298
-
-
-
-
-
-
-
467,003
-
.
Federal income taxes, $47,695;
$10,334
social security taxes,
106,893
— ..
Net income carried to surplus...
Net
$165,406
25.590
Net earnings..
—
—V.
1941
Consolidated Earnings for Year Ended June 30, 1941
....
Net operating revenues.....
Nonoperating revenues.......
Aug. 23,
Standard Public Service Corp. (&
...$24,184,166 $22,398,012
17,792,404
16,257.027
......
Operating expenses and taxes
Gross
1940
$190,996
184,198
operating income.....
Non-operating income—
153, p. 854,
Interest and other deductions.
-Income Statement—
Wisconsin Gas & Electric Co.
12 Months Ended June .30
1941
—
Operating revenues.
Operating expenses and taxes
L
$6,732,093
5,491,17 0
$1,225,361
Dr2,500
$1,240,923
Pr8,204
$1,222,860
442.900
$1,232,719
$779,960
.....
$6,797
Net income
1940
$7,225,596
6,000,235
.....
*—
$774,862
Consolidated Balance Sheet June 30, 1941
Assets—Property, plant and equipment, $5,348,429; special fund (prop¬
$217,167; cash, $131,121;-special deposits, $3,252; notes re¬
$1,833; accounts receivable, $57,618; reserve for uncollectible
accounts (O.), $5,651; accounts receivable (miscellaneous), $3,033; materials
and supplies, $74,045; unbilled revenue, $11,134; miscellaneous current
assets. $260: prepaid and deferred charges, $38,493; total, $5,880,733.
Liabilities—Common stock (50,000 shares no par), $2,761,001; longterm debt, $2,886,174; accounts payable, $45,181; subscribers' and con¬
sumers deposits, $1,234; accrued interest on long term debt, $34,074; ac¬
crued taxes. $79,381; advance billing and payments, $23,407; other current
and accrued liabilities, $4,969; reserves, $580,730; contributions for exten¬
sions, $5,848; capital surplus, $540,972; deficit, $1,082,237; total, $5,880,733
—V. 151, p. 2363.
erty sales),
Net operati ng revenues
Non-operating revenues
Gross
income
.....
.....__...
—..—
Deductions from gross income
.....
—
Net income.
—
45/.856
—V. 152, p. 3206.
Hydro-Electric Co.—Earning.*—
Wisconsin
1941
Quarter Ended June 30—
earnings
Operating expenses and taxes
—
-
—
Net earnings
......
Interest on funded debt
Interest
on
$55,843
25,962
Amortization of debt discount and expense, &e..
Tbermoid Co. (&
$165,067
109,223
25,962
73
3,431
unfunded debt
74
3,322
Profit
Subs.)—Earnings-
$26,484
3206.
Wisconsin Power & Light Co. (& Subs.)-
-
$521,754
109,432
58,871
$810,158
57,156
55,156
114.313
27,704
Provision for deprec'n—
Int. on funded debt—-
29,367
55,975
Amort, of bond discount
4,215
4,215
8.430
8,429
Prov.for Fed.inc.taxes
110,850
41,403
189.500
70,662
$231,219
$138,991
$441,940
$274,359
and expense
a
Earnings—
of
Co.
Asbestos
Sou.
stockholders
$2,517,962 $10,847,167 $10,347,995
1,755,386
7,409,287
7,094,584
$2,634,632
1,796,730
—
applicable to minority
1941—12 Mos~-1940
1941—3 Mos.—1940
Period End. June 30—
Operating revenue
Oper. expenses & taxes..
607
109
985
270
$230,612
$138,882
$274,090
$0.43
$0.23
$440,955
$0.81
interest.
Net income
—.
Earns.persh.oncom.stk.
Net oper.
1941—6 Mos.—1940
1941—3 Mos.—1940
$431,144
$269,132
Period End. June 30—
Net profit
Proportion of net income
$28,028
Net income.
V. 152, p.
1940
$178,616
121,120
$57,495
Gross
ceivable,
$762,576
D/-4.294
—
Dr545
_
$3,437,880
Dr 1,299
$3,253,411
<>3,946
$758,282
383,153
$837,901
income
Other income
$3,436,581
1,660,590
$0.45
$3,257,357
a
No deduction made for excess profits tax.
Consolidated Balance Sheet June 30
Gross income
$837,356
404,819
Interest, &c., deductionsi
Net
income........
Cash...
$375,129
$432,537
$1,769,991
$1,537,788
LlabUUies—
1940
1941
Assets—
1,719,568
$393,823
Notes & accts. rec.
884,718
stock
The Securities and
Exchange Commission approved Aug. 15 a declaration
under the holding company
000,000 of 3
of
22%
Proceeds
are
Act by the company for the issuance of $30,% first mortgage bonds, Series A, due in 1971, and $3,000,000
and 3% unsecured notes which are to be placed privately.
to be used toward the redemption of $33,000,000 of 4% first
for Bids
on
current)
1st lien
Notes
pay.
(curr.)
75,000
200,000
Prepaid exp., &c..
238,664
289,957
Accts.
due others.
442,739
257,434
2
2
Goodwill, &c
Min.stkhldrs.'
1941
1940
$4,181,479
2,853,789
a
-$6,988,621
After
2? ,650
.<51,346,242
12.790
$1,355,341
income......
507,»G9
-151,359,033
523,412
847,471
Deductions from gross income.
$6,183.1021
Twin State Gas & Electric
July 31—
$219,691
49,663
74,485
Operating revenues
Operation
$835,620
Prov.
1941
1940
S9,501,504
2,914,989
528,597
1,100,046
1,290,430
589,570
Provision for contingent items
$9,936,409
3,000,999
475,328
1,123,497
1,295,965
561,140
50,000
Net operating income.
Other income
$3,429,478
78,271
$3,077,870
33,422
revenues
Maintenance
Depreciation
Taxes (other than income taxes)
...
Provision for Federal and State income taxes....
Gross income
Net income..
$3,507,749
1,693,531
—
.
$3,111,292
$1,814,217
i
1,357
10,419
1,399
10,450
17,822
165,575
18,558
126,247
$34,822
$38,792
$525,128
$ 533,647
500
856
2,939
4,318
$39,648
11,161
$528,067
$537,965
7,499
2,570
133,936
87,909
33,254
133,936
deductions
$35,322
11,161
8,166
2,610
income
$13,385
$18,418
$272,968
$281,959
14,320
14,320
6,469
171,850
77,625
171,850
77,625
_
—
—
—
(incl. income)
—
.
Bond interest
...
Other interest
Net
(net)
7% prior lien cum. pref.
div. requirements.
5% cum. pref. div. req.x
6,469
Dividends
on
cumulative 5%
Union Electric Co. of Missouri (& Subs.)—Earnings12 Months Ended June 30—
Earnings for 6 Months Ended May 31, 1941
Gross profit after deducting cost of goods sold
...
Selling and administrative expenses
Discounts (net)
Interest paid
1941
$178,341
82,397
J4,124
9,447
Net operating revenues
$72,373
303
Non-operating revenues
Interest
on
-
funded debt
Amortization of debt discount and expense
Other interest charges
Total income
$72,675
Int. during
2,711,489
.$12,639,313 $12,674,205
4,416,775
4,430,562
449,063
479,994
15,175
17,618
—
construction charged to prop. & plant.
Depreciation
26,848
Preferred dividends of subsidiary
Loss
1,115
10,750
Minority interest
Net loss from operations of sub. land and develop¬
on
sale of real estate.
Provision for Federal taxes
on
income.
—._..._._... —
_
—
$33,963
_.
Balance Sheet May 31,
Other deductions
1941
CV135.599
494.069
2,721
Cr29,173
494,069
2,103
55,483
Net income
124,508
$7,294,106
—
25,567
47,520
ment company
Net profit
1,800,384
-.812,625,433 ^>12,688,201
13,879
Drl3,996
Gross income
Profit
Miscellaneous income.
1940
$36,617,921 $33,812,587
16,956,524
15,189,946
4,324.475
4,134,056
Operating revenues
Operating expenses
Taxes, other than income taxes
Provision for income & excess profits taxes
Co.—Earnings—
86,084
35,986
pref. stock, all owned by New England
Public Service Co., are in arrears since March 31, 1937, and amount to
$336,375.—V. 153, p. 410.
—V. 152, p. 3992.
Worumbo Manufacturing
761,978
97,283
286,819
192,414
security—Fed'l
State—.
Gross income.
$1,793,560
1,317*732
$2 ,610,093
593,147
18,977
16,067
.....
depreciation.
Net oper. income
Non-oper. income (net).
x
Income deductions—
$2,659,536
10,933
Social
Other
1941—12 Mos —1940
$198,854
.50,066
52,170
6,505
and
12 Months Ended June 30—
par.—
26,064
16,376
for
Federal
Operating
Operation
$6,183,102
<594,561
767,613
97,386
297,570
193,881
power
Maintenance
3206.
Corp. (& Subs.)—Earnings-
447,677
Co.—Earnings-
1941—Month—1940
Taxes—State & munic..
—
Total.
147,268
1,766.399
875.386
b Represented by shares of $1
for depreciation,
reserves
396,565
1.639,245
152, p. 3989.
$3,804,053
2,45/,810
$1,327,690
—
Wisconsin Public Service
12,396
164,380
.16,988,621
Earned surplus
Purchased
p.
11,765
218,483
Prov. for Fed. inc.
Period End.
152,
2,313,000
Int.
taxes & conting.
Capital surplus.—
Co.—Income Statement—
and taxes...
Net income
2,206,000
taxes, &c
Total operating revenues
—V.
trust
5% bonds
Accrd. wages, int./
12 Months Ended June 30—
Gross
coll.
70,732
3.029,602
in subsidiary
Net operating revenues—
Non-operating revenues.
398,160
300,000
72,572
and
Total
expenses
347,050
_
(non-
...
3,196,834
plant
Property,
$30,000,000 Bonds—
Wisconsin Michigan Power
$476,388
equipment.
Miscell. assets
a
The company on Aug. 16 issued an invitation to bankers to bid on a $30,000,000 of first mortgage 3M% bonds maturing in 1971, taking action im¬
mediately following approval of its refunding program by the Securities
and Exchange Commission.
Bids will be received on Aug. 25 at the com¬
pany's office in Chicago.—V. 153, p. 1007
Operating
(par $10)
Notes pay'le
26,008
1,650,700
bonds. Series A.
mortgage
Asks
31,681
1,774,867
of life ins.policies
Inventories
1940
$476,388
S3 cum. conv. pref.
Cas'a surrender val.
$33,000,000 Refunding Approved—
1941
stock..
bCommon
$231,384
1,280,178
...
$7,128,957
Assets—Cash,
$10,842;
inventories,
$1,289,317;
fixed
assets
(net),
$1,668,290; accounts receivable, .$1,631; prepaid insurance, &c., $13,003;
total, $2,983,0b2.
Notes—(1) The income statement has been adjusted to reflect provisions
of $108,579 applicable to the six months ended June 30, 1940 covering
additional Federal income taxes under Second Revenue Act of 1940, recorded
Liabilities—Advances due John P, Maguire & Co.. Inc., factors, $262,529;
payable secured by chattel mortgages, $77,931; accounts payable,
trade, ,$507,766; 1940 property taxes payable, $25,360; 1941 property taxes
accrued, $22,3/6; payroll accrued, $15,291; interest accrued on taxes, &c.,
$880; reserve for State and Federal taxes, $38,033; notes payable to certain
present and former directors, $25,000; 3M% cum. prior pref. stock (par
$100), $866,700; 7% cum. pref. stock (par $100), $15,500; common stock
(par $100), $1,100,000; capital surplus, $2,060; earned surplus, $23,655;
total, $2,983,082.—V. 144, p. 3860.
in
note
September, 1940.
Provision for Federal normal income taxes for the six months ended
24% as provided in the existing
has been computed at rates ef¬
fective for the year 1940.
No provision has been made in the accounts for
any additional Federal Income and excess profits taxes which may be levied
(2)
June 30, 1941 has been made at the rate of
law and provision for excess profits taxes
under
a
1941 Federal Revenue Act.
Provision for income taxes for the 12 months ended June 30, 1941 includes
$111,000 for
excess
profits taxes.—V.
153, p. 410.
Volume
The Commercial & Financial Chronicle
153
COMMERCIAL EPITOME
Friday Night, Aug. 22, 1941.
Coffee—On the 18th inst. futures closed 1 point net lower
for the Santos contracts, with sales
totaling 22 lots.
Trad¬
ing in coffee came almost to a standstill.
Dulness reflected
the apathy of the market in actual coffee.
Up to early
trading had been limited to the Sept. contract
11.09c., unchanged from last Friday's close.
It was learned that the usual
weekly meeting of the InterAmerican Coffee Board would not be held this week, having
been postponed to Aug. 26.
Spot coffee prices were easier
in Brazil.
The Santos price on type 5 Rio coffee declined
afternoon
which sold at
700 reis.
Rio 7s were 400 reis lower.
On the 19th inst.
futures closed 14 to 8 points net lower for the Santos con¬
tract, with sales totaling 120 lots.
Scattered selling caused
a decline of 13 to
16 points in Santos coffee futures.
Dec.
sold at 12.01c.
pound, off 16 points.
Official spot coffee
irregular.
Hard Santos 4s were 100
reis higher but Rio 7s were 200 reis lower.
The market for
a
prices in Brazil
actual coffee
were
here
quiet.
The trade is expecting an
announcement soon by the Government of Colombia regard¬
ing regulations to apply sales and exports against the second
year's quota.
On the 20th inst. prices closed 6 to 8 points
net lower Tor the Santos contract, with sales
totaling only
was
33 lots.
The coffee market turned quiet today and resumed
irregular trend.
Opening 8 points higher, prices later
gave ground.
Dec. dropped from an opening price of 12.13c.
to 11.97c.
Trade hedge selling
against stock was reported
to be the reason for the decline.
This selling was accom¬
panied by a scattered amount of liquidation by Wall Street
and operators.
The buying was scale down for trade ac¬
count.
Meanwhile there were no market developments.
Actuals are practically at a standstill.
In Brazil soft Santos
an
4s
400 reis lower.
were
On the 21st inst. futures closed 4 to 8 points net higher for
the Santos contract, with sales totaling 24 lots.
Santos
coffee
a
9 to 15
was
standstill.
which
also
The
points higher, but trading was almost at
gains merely reflected the decline yesterday
occurred
on
small
a
volume.
In
Brazil
the
official spot price on hard Santos 4s was 300 reis lower while
other grades and types were unchanged.
In the actual
market here coffee brokers report hardly a bag being turned
over.
This situation reflects not only the uncertainty re¬
garding the regulations to be applied to the next quota year,
but also the disposition to wait until it was learned whether
the next year's quota would be left at 25% above the basic
figure. Today futures closed 9 to 2 points net higher for the
Santos contract, with sales totaling 116 lots.
There was one
Rio September contract sold at 7.79.
Santos coffee was 9 to
10 points higher on a small volume of trading.
December
was selling
at 12.15c., up 10 points.
There was nothing
fresh in the news.
However, statistically the visible and in¬
visible stpcks of coffee in the United States have been de¬
clining at a faster pace with every passing week.
While
accurate data is not available on the country's total
supply,
calculations can easily be made of arrivals over recent weeks
as
against a fairly accurate estimate of what the country
usually
this time of the
consumes at
Rio coffee prices
'
September
December
_
closed
„
_
7.99 j July—
_
prices closed
11.90
...
December.
..12.14
March. 1942..
_
...
-
..
.
.
7.88.
On the
20th inst. futures closed
unchanged to 1 point
higher.
After scoring gains of 6 to 7 points during the
morning session, commission house liquidation in the after¬
eased
noon
.
_
...
~.
12.36
-..
12.46
points net
higher, with sales totaling 145 lots. Scattered liquidation in
the cocoa market was readily absorbed by manufacturers,
with the result that prices registered gains of from 3 to 4
points, with Sept. selling at 7.43c., up 3 points.
Trading
was in moderate volume, sales to mid-afternoon
totaling 92
Half of the transactions consisted of
lots.
Sept. into forward months.
from
primary centers and
switching out of
scarcity of offerings
liquidation by commission
There
some
was a
houses.
Open interest decreased for the 6th consecutive
day.
The decrease was 20 lots, leaving the outstanding
interest at 6,740 lots at today's opening.
Warehouse stocks
decreased 1,000 bags.
They total 1,501,002 bags compared
with 1,166,777 bags a year ago.
Local closing: Sept., 7.48:
Oct., 7.51; Dec., 7.59; Jan., 7.62; Mar., 7.70; May, 7.78;
July, 7.86.
On the 19th inst. futures closed 2 to 4 points
net higher, with sales totaling 221 lots.
Trading in cocoa
fairly active and prices firm. Turnover to mid-afternoon
135 lots, mostly consisting of switches from Sept. into
later months.
Primary markets wrere quiet, but manu¬
wras
was
facturers
also
bulges,
but
interest
in
were
indifferent.
withdraw'
cocoa
when
increased
6,762 lots this morning.
Producers
offer
cocoa
on
the^market
22 lots
sells off.
Open
yesterday, standing at
Warehouse stocks decreased 3,000
futures market somewhat to close
1
date
to 3,801,364
bags.
Local closing: Sept., 7.52; Oct.
7.55; Dec., 7.62; Jan., 7.66; Mar., 7.73; May, 7.81;
July,7.89.
On the 21st inst. futures closed 1
point off to unchanged,
with sales
totaling 199 lots. The cocoa market was narrowin fairly active
trading. Prices on the close were 1 point lower
on near
positions to unchanged on forward months.
Sales
totaled
199
lots.
Primary countries continued indifferent
and
manufacturer interest also
interest decreased 19 lots
was
at
a
low
ebb.
Open
yesterday,
standing at 6,704
today. Warehouse stocks decreased 7,258 bags overnight,
standing at 1,492,495 bags, compared with 1,171,224 bags a
year ago.
Local closing: Sept. 7.51; Dec. 7.62; Mar. 7.73;
May 7.81; July 7.89. Today futures closed 7 to 5 points net
lower, with sales totaling 408 lots. Liquidation of
September
and switching out of that
position into forward months un¬
dermined prices in the cocoa market with the result that
de¬
clines ranged from 7 to 9
points. ^Trading was active, reach¬
ing 265 lots by that time. Next Tuesday will be first Sep¬
tember notice day.
As of this morning the open interest in
lots
that month
still stood at 1,013 lots, while the total
open
6,720 lots, a gain of 16 yesterday. Warehouse
stocks decreased 2,800
bags.. They total 1,489,675 bags
against 1,170,046 bags a year ago. Local closing: Sept.
7.44;
Oct. 7.48; Dec. 7.56; Mar. 7.68;
May 7.76; July 7.84.
interest
was
Sugar—On the 18th in§fe. futures closed 2% to
53^ points
higher for the world contract, with sales totaling 270
net
lots.
had
Trading in world
firm tone.
a
sugar
was
quiet, but the market
Prices had gained 4Yz
to 53^ points by
early afternoon and held most of those gains up to the close.
Buying was believed to be a further reflection of reports
current last week that Great Britain had
of Cuban
that
403
The
raws.
bought 25,000 tons
Exchange in its usual report announced
transferable
notices, representing 20,150 tons of
would be issued against Sept. contracts tomorrow.
nothing to report on the domestic sugar market
where trading has been
suspended.
It is reported there
will be a meeting at 3 p. m. tomorrow between
representa¬
sugar,
There
tives
was
of
the
Office of Price Administration and Civilian
committee representing the Exchange.
On the
19th inst. futures closed 15 to 12
points net higher for the
world contract, with sales
totaling 942 lots.
Trading in
world §ugar futures was active, with the market
displaying
a strong tone throughout most of the
session.
Incentive
for buying was found in news
overnight that Great Britain
had arranged for an additional
purchase of Cuban raw
Supply and
a
quantity unknown, at a price of 1.75c. a pound or
points more than the British paid for 25,000 tons last
sugar,
10
Another factor in the rise
on
Export refined
f.o.b.
403 contracts
was
American
at 2.60 to 2.65c.
Cocoa—On the 18th inst. futures closed 8 to 9
cocoa
Short covering and commission
house support were noted in the
morning.
Sales on the
Exchange totaled 192 lots, including 68 lots of switching
operations.
Stocks in licensed warehouses increased 1,752
bags to 1,499,753 bags.
Arrivals so far this week amount
to 11,606
bags, bringing the total for the calendar year to
of deliveries
trad
the
point higher to unchanged.
week.
as follows:
May
July
____
12.27
bags overnight.
They total 1,498,001 bags compared with
1,168,777 bags a year ago.
Local closing: Sept., 7.51; Oct.,
7.54; Dec., 7.62; Jan., 7.66; Mar., 7.72; May, 7.80;
July,
-
8.171
____
Santos coffee
September
'*.> -..-8.34
_
„__
March
year.
as follows:
_7.79, May
1147
was
the prompt acceptance
involving 20,150 tons of
sugar.
reported firmlv held for 2.85c. a pound
by refiners.
Operators had sugars
pound.
The domestic market for sugar
ports
a
remained closed..
A committee
representing the Exchange
Washington where it was to confer with
Henderson, Price Administrator, at his request.
On
the 20th inst. futures closed 7 to 33^ points net
higher for
the world contract, with sales totaling 877 lots.
World
sugar sold at new high prices for the season on hedge covering
and outside buying influenced by news of further sales of
Cuban raws to Great Britain.
During early afternoon, after
early gains ranging from 11 to 12 points, Dec. was selling
at 1.92c., up
points after having reached 1.963^c.,
a new seasonal high.
According to reports sales of world
Cuban sugar were made at 1.93c.
against 1.75c. paid by
was
on
its way to
Leon
Britain
earlier
this week.
It
was
said
this sugar
was
for
shipment to the United States for refining and re-export.
The American export market was firm at $2.75 to $2.85
per
hundred pounds f.a.s. American ports.
OPACS announced
that a 10% increase in freight rates from Hawaii to the
United States, to take effect Sept. 1, had been
postponed.
On the 21st inst. futures closed 1F£ points
higher to un-
chapged, with sales totaling 431 lots in the world sugar con¬
tract.
The market was relatively slower in pace
today,
though the tone was firm.
During early afternoon prices
stood 3^ to 13^ points higher after having opened as much
as 3% points above last night's close.
Cuban buying con-
tinued to support the
market but was supplied by scattered
reported from Cuba that the new crop may
reach 4,285,900 tons in 1942.
That would be substantially
larger than the last crop. The high estimate induced caution
among traders.
On the other hand British buyers were re¬
ported still in the market and offering 1,85c. a pound com¬
pared with 1.75c. a pound paid for estimated 62,000 tons
bought early this week. The National Association of Cuban
Colonos was reported to be assembling for a national meeting
today, at which time it is possible the next season's crop will
come up for discussion.
Today futures closed 1 to 11/2 points
net higher for the world contract, with sales totaling 282 lots.
Trading in world sugar was quiet, but prices were firm, the
market registering gains of 2 to 2% points by early afternoon.
The improvement followed denial in Havana that the Minis¬
try of Agriculture had estimated the new crop at 4,285,900
tons as reported in this market yesterday.
The board of
managers of the New York Coffee and Sugar Exchange an¬
nounced today that trading in the No. 3 contract would be
resumed next Monday.
Meanwhile cables reported that a
story which had reported Cuban sugar growers satisfied with
the price ceiling of 3.50c. a pound on raw sugar, duty paid
basis, had stirred up a storm of wrath among both sugar
growers and the population in general.
Senator Casanova
declared that the price decree "violates all international con¬
tracting principles," and was being protested in Washington.
sellers.
It
was
Prices closed
as
follows:
J March
September
I May
November.
January, 1942-
—
;
—
—
...
(July—
Lard—On the 18th inst. futures closed
2 to 5 points net
higher.
Smaller hog receipts than expected, higher hog
prices, together with the quietness in the majority of outside
markets tended to discourage selling in lard futures at
Chicago today.
Trading operations showed no marked
expansion and no doubt the dullness in grains was partly
responsible. Chicago hog prices closed mostly 10c. higher,
with sales ranging from $ 10.60 to $ 11.25.
Western hog
marketings totaled 62,400 head compared with 69^300 heaci
for the sam8 day last year. On the 19th inst. futures closed
unchanged to 5 points off.
Despite the firmness in grains
and other markets, lard futures at Chicago ruled rather
quiet throughout most of the session today.
Hog prices
at Chicago averaged 10c. lower, with sales ranging from
$10.55 to $11.65.
Western hog marketings totaled 65,300
head.
On the 20th inst. futures closed 20 to 27 points net
higher. The bullish trend of most commodity markets had
its effect on lard prices, which made substantial gains for^the
day. There was considerable new buying and short covering.
The
more
serious Far East situation
was
considered
one
of the
principal factors for the strength in other markets.
Hog
receipts for the western run totaled 51,700 head, against
48,300 head for the same day a year ago.
Sales of hogs
ranged from $10.65 to $11.60f
On the 21st inst. futures closed 2 to 5 points net higher.
The market on the whole was a narrow affair, though the
undertone was steady.
There was little feature to the
trading.
Western hog marketings were light and totaled
48,900 head against 48,000 head for the same day lasjt year.
Hog prices at Chicago rose 10c. to 20c., with sales ranging
from $10.15 to $11.80. Today futures closed 23 to 27 points
net higher.
The lard market seemed to derive its strength
chiefly from the strong hog display.
Reflecting another
advance in dressed trade values, hog prices today soared 10
to 25c., carrying the toj) back to the previous four year peak
of $12 established in mid-July.
Hogs weighing 240 pounds
and down advanced 15 to 25c.
'
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat,
Mon.
Ttues.
Wed.
Thurs.
Fri.
September
9.77
9.82
"9.80
10.00
10.02
10.25
October
9.92
9.92
10.15
10.17
10.12
9.95
10.15
10.15
December.
10.37
10.42
January, 1942
10.22
10.27
10.22
10.50
10.50
May
Chronicle
The Commercial & Financial
1148
10.40
10.67
10.77
—
Pork—(Export), mess, $30.37% (8-10 pieces to barrel);
family (50-60 pieces to barrel); $22.75 (200 pound barrel).
Beef:
(export) steady.
Family (export), $22.25 per barrel
(200 pound barrel). Cut Meats: Firm. Pickled flams: Pic¬
nic, loose, c.a.f.—4 to 6 lbs., 19%c.; 6 to 8 lbs., 19%c.;
8 to 10 lbs., 1934c.
Skinned, loose, c.a.f.—14 to 16 lbs.,
27c.; 18 to 20 lbs., 24 %c. Bellies: Clear, f.o.b., New York—
6 to 8 lbs., 20^c.; 8 to 10 lbs., 20c.; 12 to 14 lbs., 18c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., not
quoted; 18 to 20 lbs., 13%c.; 20 to 25 lbs., 13%c.; 25 to 30
lbs., 1334c. Butter: Firsts to Higher than Extra and Pre¬
mium Marks:
32% to 3534c.
Cheese: State, Held 1940,
2534 to 27. Eggs: Mixed Colors: Checks to Special Packs:
2534 to 33.
Oils—Linseed oil in tank
cars quoted 10.2 to 10.4.
Quota¬
Tanks, spot—3234 offer, nominal; drums
—33% offer, nominal.
Coconut: Tanks, nearby—.07%
offer, nominal; September—.0734 bid, nominal; Bulk—.06
to .06%; Pacific Coast—.06% offer.
Corn: Crude: West,
tanks, nearby—11% bid.
Soybean: Tanks, Decatur, old
Crop—.09% to .09%; Nov.-Dec.—-.0934 bid, nominal;
New York, l.c.l., clarified—12.7 bid. : Edible: Coconut:
76 degrees 13% last sale.
Lard: Ex. winter, prime—1234
offer; strained—12% offer.
Cod: Crude—not quoted.
Turpentine: 77 to 79. Rosins: $3.10 to $4.57.
tions: Chinawood:
Cottonseed
contracts.
Oil sales yesterday,
including switches 200
Crude, S. E., 1 lc. sale. Prices closed as follows:'
11 93® 11.94
.12 25® 12 39 January,1942.
September
October.
Aug. 23, 1941
12.02^12.04
December
nom
March
11.94®
...
February-....
12.02 ®
-
November
trad April..
Rubber—Dealers and importers of
11.93® nom
12.03® 12.05
,____12.03@ nom
rubber in the actual
market report that the smaller factories were buying nearby
and forward delivery rubber and paying full prices.
The
Rubber Reserve Co. again was reported as a buyer of rubber
on an
f.
o.
No real activity is expected
b. Singapore basis.
in the actual market until thd Rubber Reserve Co. announces
when the
selling price of 2234c.
smoked sheets in
cases
per
pound for No. 1-X ribbed
will become effective and what the
dealers and importers minimum
service charges to factories
would be. Last week the Rubber Trade Association met and
discussed the problem of minimum service charges but no
definite conclusion was reached.
In an effort to speed up
the accumulation of a rubber reserve in the United States,
the
International Rubber Regulation Committee
today
raised the permissable export quota for the fourth quarter
of 1941 from all producing countries participating in the
restriction plan, to 120%
of basic quotas. This is a new
was inaugurated in 1934.
The
high since the regulation plan
committee further
announced that in view of present ex¬
ceptional circumstances overshipments or undershipments
during 1941 will not be carried over into 1942. The actual
rubber market continued to rule dull today.
Both buyers
and sellers are on the sidelines waiting for further announce¬
ments from Washington as to when the Rubber Reserve
will begin selling rubber and what the dealer and importer
minimum service charges to factories will be.
Again the
actual market
was
Both buyers and sellers
reported dull.
are
waiting for the announcement from the Rubber Reserve
Co. when the selling price becomes effective and what the
dealer and importer minimum service charge to factories
would be.
In an effort to determine the manner and terms
by which the outstanding rubber futures contracts would be
liquidated, the special rubber committee of the Commodity
Exchange held its first meeting this afternoon, (Wednesday).
Only about 40 members were present and exchanged views.
There is very little to be said on rubber with trading in the
futures department suspended.
Rubber interests are await¬
ing anxiously the news from Washington on when the selling
price will
will be.
still.
go
into effect and what the minimum service charges
The rubber markets in the meantime
are
at
a
stand¬
With the curtailment of
consumption schedules for
the second half of this year, many of the factories have
sufficient supplies on which to operate, it was learned here.
Hides—On the 18th inst. futures closed 5 to 8
lower.
tions
While there
for
accounted
points net
7 lots sold today, switching opera¬
four lots.
The Sept. delivery was
were
exchanged for the Mar. contract at a discount of 10 points.
Although details were lacking last week, dealers here report
that Chicago packers sold a considerable quantity of JulyAug. take-off hides to tanners at steady levels.
All sections
were sold at the 15c. ceiling level with the exception of native
bulls, which commanded a price of 13c., representing an
advance of
sales last
Some of
lc.
the dealers estimate that
week reached about
packer
100,000 hides, while others
place the transactions at only 61,600 pieces.
Local closing:
Sept., 14.33; Dec., 14.40; Mar., 14.43; June, 14.43.
On
the 19th inst. futures closed 1 to 8 points net lower.
Only
26 lots were traded, of which 20 lots were switching opera¬
tions out of the Sept. contract.
The Sept. was switched for
the Dec. position at a discount of 10 and then 11 points.
The Sept. delivery was exchanged for the Mar. contract
at 13 points and at the close at 18 points.
Details of sales
in the Chicago market were again not available.
Local
closing: Sept., 14.25; Dec., 14.35; Mar., 14.42; June, 14.42.
On the 20th inst. futures closed 5 to 16 points net higher.
Sales totaled 24 lots, including 16 lots of switching opera¬
tions.
During the last hour 18 lots of hide futures changed
hands.
The actual market was again reported quiet, with
reports sthl persisting from dealers here that there is some
trading going on in the Chicago packer market.
The
Sept. delivery was switched for the Dec. contract at a dis¬
count of 15 points, whereas the spread was only 10 points
the day before.
The Mar. contract was switched for the
Sept. at a premium of 25 points and then 28 points at the
close.
Local closing: Sept., 14.30; Dec., 14.45; Mar., 14.58;
June, 14.58. : ■ ?
<' 1
;g -^
Qn the 21st inst. futures closed 7 to 15 points net higher.
The market was fairly active, with commission house liqui¬
dation well absorbed by trade buyers.
Switching out of the
delivery was also active.
Sales on the Exchange totaled 89
lots including 34 lots of switching operations.
The Sept.
delivery was switched for the Dec. contract at a discount of
15 points.
The good demand for the foreign light types of
resale hides continues.
Several dealers state that the activity
has also broadened out for the heavier types.
Local closing:
.
,
Sept., 14.45; Dec., 14.55; Mar., 14.65; June, 14.65. Today
points net higher, with sales totaling 73 lots.
Trading in hides was active, sales to early afternoon totaling
59 lots.
Prices advanced 9 points in all positions with Sept.
futures closed 5
selling at 14.54c.
The open interest in hides decreased 44
yesterday.
It totaled 718 lots this morning.
Local
closing: Sept., 14.50; Dec., 14.60; Mar., 14.70; June, 14.70.
lots
Freights—Quiet conditions prevailed in the char¬
the week.
Inquiry for merchant ships
continues extremely active, but offerings remain scarce and
this accounts for the spasmodic trading.
Dealings in the
Ocean
ter market most of
Volume
The Commercial & Financial Chronicle
153
market included two ships fixed for asphalt from the
United States Gulf to Brazil at $13.50 per ton.
The latter
open
vessels
are
scheduled to load
near
of
1940, showing
bales.
decrease since Aug. 1, 1941, of 30,851
a
■:
■
.
1149
A'
•/ ''--a
•"■V,.:!- ;Y'y'■
"
the end of the month or
;
The rate on the deals was unchanged from
reported near the end of last week.
The
tanker market remains quiet and owing to the active allocat¬
ing of tanker tonnage for the shuttle services from the Gulf
and Carribean ports to the North Atlantic, chartering in the
coastal (market continues spasmodic for the duration of the
early September.
the last fixture
war.
Coal—According to reports of the Bureau of Foreign and
Domestic Commerce, total imports of anthracite into the
United States during May and June of this year were only
263 net tons, all into the Maine and New Hampshire cus¬
toms district from Canada.
During the same two months
of 1940, there were imported 19,171 net tons.
Although
many bituminous coal producers now have order backlogs
calling for the present high level of production through next
April, shortages are not anticipated in most types of coal,
later in the year.
Soft coal operators are now producing at
the rate of 10,500,000 tons weekly on a five-day a week basis.
Production could be pushed above the 11,000,000-ton per
week mark by adding another work day.
The union could
have no objection, of course, if overtime rates were paid,
informed
sources
state.
It is said that most industrial con¬
seeking to build up at least 90 days' stocks, and
current shipments of coal are heavier than those that usually
occur during the peak of the winter season.
sumers
are
Receipts at—
Galveston
Tues.
Mon.
Sat.
535
1,756
3,343
3,165
3,007
504
803
217
5,714
2,770
{229
8,497
1,248
7,626
262
1,112
2,347
1,038
5,783
257
"515
"426
"416
T04
Houston
Co3pus Christi-.
New Orleans
Mobile
i
points net
higher for wool tops, while grease wool futures closed un¬
changed to 3 points net higher.
Trading in both markets
dwindled to extremely small proportions.
Only two grease
contracts, representing 12,000 pounds of wool, and 17 tops
contracts, or 85,000 pounds, changed hands.
Boston re¬
ported that there was some demand for quarter blood fleece
wools today.
Inquiries, it was said, continue for fine terri¬
tory wools at unchanged prices, but business in these types
was as a whole,
very spotty.
The Buenos Aires scoured
wool futures market was steady and prices were unchanged.
The Aug. was quoted at 44 pesos.
Local closing: Wool
Tops: Oct., 123.9; Dec., 121.4; Mar., 119.1; May, 118.3.
On the 19th inst. futures closed 4 to 6 pounts up for wool tops,
while grease wool contracts were 1 to 5 points off.
Trading
was more active in the wool markets today.
About 40 tops
contracts, or 200,000 pounds, and 20 grease wool contracts,
equivalent to 120,000 pounds, changed hands in today's
markets.
In addition, 6,000 pounds of spot grease wool
was sold at 94c. a pound.
Spot interests were on both sides
of all months in the grease wool market and there was, in
addition, a little commission house support for the Mar.
Spot firms and commission houses were buyers of tops con¬
tracts, with the best support appearing in the Mar.
Spot
houses were almost the only sellers.
The Buenos Aires
scoured wool futures market was quiet, and prices were
unchanged, with the Aug. at 44 pesos.
Local closing.
Oct., 124.5; Dec., 121.8; Mar., 119.5; May, 118.7.
Grease
Wool: Oct., 93.5; Dec., 92.4.
On the 20th inst. futures
closed 4 to 12 points net higher for wool tops, with sales
totaling 110 contracts.
Grease wool contracts closed
4 to 6 points net higher, with sales totaling 25 lots.
Strength
in the near positions on the fear that labor difficulties might
affect combing operations, led the wool tops and grease wool
futures markets to higher levels in active trading.
Trading
in both markets was featured by commission house buying
and short covering, while contracts were supplied by spot
firms on upside Emits.
Local closing: Wool Tops. Oct.,
125.7; Dec., 122.7; Mar., 119.9; May, 119.3.
Grease Wool:
Oct., 94.0; Dec., 92.8; Mar., 91.6.
On the 21st inst. futures closed unchanged to 5 points up
for wool tops.
Grease wool futures closed unchanged to 1
point up in a quiet market. About fifteen contracts were
traded in grease wool, while in wool tops twenty contracts,
or 100,000 pounds of tops changed hands.
Boston reported
a fair
demand for fine French combing wools, but the
market there was quiet otherwise. The Buenos Aires scoured
wool futures market was quiet and steady. Prices were un¬
changed, with the August quoted at 44 pesos. Local closing:
Wool Tops: Oct. 125.9; Dec. 122.7; Mar. 120.4; May 119.7.
Today futures closed 8 to 3 points net higher for wool tops,
while grease wool futures closed 5 to 3 points net higher.
New activity developed in the wool top market as 150,000
pounds were traded during the morning session.
Prices
opened 3 points lower, but a fair demand sent the middav
bid price up from 3 to 7 points. Grease wool continued dull.
There were no trades at the opening and the midday bid
price was unchanged to 1 point higher.
In the first two
hours of trading 18,000 pounds were exchanged.
Local
closing: Wool Tops: Oct. 126.6; Dec. 123.5; Mar. 120.9;
May 120.0. Grease Wool: Oct. 94.5; Dec. 93.3; Mar. 92.0.
Friday Night, Aug. 22, 1941.
Crop, as indicated by our telejrams from the South tonight, is given below.
For the week
mding this evening the total receipts have reached 67,184
jales, against 67,673 bales last week and 63,822 bales the
previous week, making the total receipts since Apg. 1, 1941,
208,996 bales, against 239,847 bales for the same period
The Movement of the
1,008
1,151
1,181
1,221
1,173
2,880
4,444
8,233
12,504
4,886
33,270
6,440
36
Savannah
Lake Charles
36
1,501
150
150
164
164
11,249
67,184
Wilmington-.
Total this week._
10,736
8,857
11,845
13,920
10,577
following table shows the week's total receipts, the
Aug. 1, 1941, and the stocks tonight, compared
total since
with last year:
1941
1940
Stock
Receipts to
This
Galveston
Since Aug
This
Since Aug
Week
Aug. 22
_
„
1, 1941
Week
1, 1940
8,233
12,504
4,886
_
Corpus Christi.
Beaumont...
New
_
_
52,919
36
16 J 95
Brownsville
Houston.
1941
37,633
7,318
88,614
50,880
26",668
99,833
9,841
36
8,712
7,318
30,960
17,383
49,061
6,983
33,270
6,440
_...
26,729
l",50l
_
85
1940
903,235
677,674
4,518
629,224
65,205
97,217
530,894
59,224
52,957
1,360
113,628
21,658
3,131
6,663
31,780
1,000
1,112
760
909,387
56,795
90,486
403,762
62,999
40,276
445
Orleans
Mobile..
Pensacola & G'p't
Jacksonville
139
504
678
45
681
151,665
27,446
19,721
9,500
24,388
8,811
2,293
154
164
"""669
45
150
122
447
Savannah
Charleston
Lake Charles
164
"
Norfolk
New York
Boston
Baltimore-
Totals
67,184
239,847 2,712,202 2.297,245
91,740
208,996
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1941
Receipts at—
Galveston
Houston
New
30,960
26,668
33,270
6,440
1,501
Mobile
Savannah
85
122
Charleston
Wilmington
Norfolk
_
"164
_
_
17,051
33,039
4,473
9,066
4,847
"447
_
"5,072
_
3
549
158
8
226
10
24,701
37,271
30,273
78,725
57,951
"
__
A11 others.
14,928
41,882
56,722
24,511
4,433
9,663
5,400
93
45
1936
1937
10,487
27,579
6,905
1,403
1,204
25,039
50,593
24,661
1,257
1,468
8,712
12,504
Orleans.
1938
1939
1940
8,233
Total this wk.
67,184
91,740
140,844
18,102
221,570
141,365
Since Aug. 1__
208,996
239,847
350,310
230,568
506,602
304,770
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—
Leaving
Aug. 22 at—■
Ger¬
Great
Britain
France
Other
Coast¬
many
Foreign
wise
Stock
Total
100
Galveston.;
100
903,135
909,387
403,362
147,665
27,446
Houston
New
"400
Orleans..
Savannah
400
....
4,000
4,000
Charleston
Mobile
62,999
24,388
229.320
•
Norfolk
Other ports
Total 1941..
Total
1939....
100
538
6,029
15,824
3,218
f,371
6", 000
4,500 2,707,702
12,567 2,284,678
4,527
4,400
1940
Total
3,809
38,749 1.889,762
The exports
of cotton for the week ended Aug. 22 reach a
7,717 bales, against 3,019 bales in the corresponding
week last year and 54,245 bales in the same week two years
ago.
For the season to date aggregate exports have been
18,336 bales, against 38,586 bales in the same period
total of
of
the previous season and 174,928 bales for the season
date two years ago.
Due to restrictions placed on in¬
formation regarding exports, we are obliged to omit our
to
usual detailed tables of cot toD exports.
Speculation in cotton for future delivery
more
the
was
relatively
lively the past week, but this activity was largely on
downside
of
market.
the
against
the market
getting
stronger,
was
The chief factor operating
the feeling, which seemed to be
that the President
that would freeze cotton
loan stocks.
is vetoed, it is believed
the
bill
not
dispose of
its
would veto the bill
However,
even
though
that^he Government will
stocks except at a certain price level
somewhat above parity.
On the 16th inst.
Cotton trading
prices closed 1 to 4 points net higher.
today
was
less active in the local market
as
traders hesitated about making new commitments over the
week-end, and final prices were slightly above the previous
close.
The opening range was 4 to 8 points higher.
These
gains shrunk as
COTTON
1,694
I
Pensacola, &c.._
The
Total
""40
368
Wilmington
Wool—On the 18th inst. futures closed 3 to 4
Fri.
Thurs.
Wed.
the session progressed.
There
was
ap¬
parently little interest in the market.
In the spot market
was
a better
demand for actual cotton for spring
delivery in the south, and whenever the futures market drops
to around the 16c. level there is a good deal of price fixing.
In some spot quarters it is believed that farmers will want
15.50c. at the farm for their cotton, while above this level
they will sell their new crop.
Below this is is believed it
will be hard to buy cotton.
The new cotton season starts
off with the Government owning or controlling a total of
there
The Commercial & Financial Chronicle
1150
6,480,446 bales, compared with 8,732,746 the year before.
were 4,915,631
bales repossessed from 1938-39 and
1940 loan stocks.
Total sales in leading southern spot
markets were 5,811 bales compared with 11,950 bales last
year.
On the 18th inst. prices closed 9 points off for the
Oct. delivery, while the rest of the list closed 1 to 2 points net
higher. Pending action by the President on the bill freezing
cotton stocks, the cotton market held to a narrow course.
Prices' during early afternoon were unchanged to 3
points
net lower.
Trading on the opening was light, with prices
irregular.
The list started 3 points net higher to 1 point
lower, but soon eased off for losses of from 3 to 5 points on
southern selling in the face of limited demand.
During the
forenoon trade buying improved and as selling was
light,
prices regained all of the ground they had lost and registered
net advances of 2 to 4 points by noon.
In early afternoon
Oct. was selling at 16.08c., off 1 point.
The market is
plainly marking time.
Hedge pressure is light but trade
buying also is small as all await the President's action on
the bill to freeze cotton stocks.
A veto of the bill is forecast,
in which it is surmised that the farm bloc in "Congress will
make an effort to pass the bill over the veto.
What the
outcome of such an attempt would be is problematical. On
the 19th inst. prices closed 10 to 13 points net higher.
The
market opened unchanged to 3 points lowgj* and advanced
early to gains of 19 to 22 points. Accompanying the advance
New Orleans shorts covered about 10,000 bales, and there
were
small buying orders.
Hedge selling was light, but
increased slightly later in the session.
Leading merchants in
the south reported heavy insect damage in Georgia, South
Carolina, parts of North Carolina, Alabama, Louisiana and
Mississippi.
The weather overnight was partly favorable.
There were unconfirmed reports that the Government would
request sheeting manufacturers to set aside 25% of their
Jan., Feb. and Mar. production for defense purposes. Most
sheeting mills are said to be sold through Dec. An easier
spot basis was seen in southern Georgia and south Texas.
Mills are reported taking early receipts.
The movement is
expected to increase next week.
Sales in leading southern
spot markets were 5,113 bales, compared with 6,511 last
year.
The average price at 10 designated markets was
15.88c., and at the 8 delivery points 16.03c.
On the 20th
inst. prices closed 36 to 37 points net
higher.
Fear of
political developments in Washington, unfavorable overnight
weather conditions and indications that part of the
early
receipts in Texas are headed for the loan stocks, strengthened
the cotton market today.
The market started 4 to 6 points
higher and rose to gains of 41 to 43 points.
New Orleans
brokers bought on the scale up.
Hedge selling continued
light. The weekly weather report was more favorable, but
there were general rains east of the
Mississippi overnight
and these rains were regarded as unfavorable.
The rains
have caused widespread insect damage in
many districts of
the south.
In Texas the farmers were selling 25% of the
early receipts, holding back 25%, and 50% of the receipts
were headed for the loan stocks.
Southern reports indicated
a
cheap basis for new delivery cotton. This was due to the
fact that mills obtained much of the needed
supplies from
previous loan stocks and were holding back on buying new
crop cotton, authoritative sources state.
Sales at leading
Premiums and Discounts for Grade and
There
southern
markets
6,144 bales,
were
compared with 7,626
bales last year.
lower.
Reversing yesterday's trend, the cotton market lost about $1
a
bale under liquidation.
Trade support was offered on a
down.
higher
under
New Orleans operators.
During the early rise October sold
at 16.64c.
Before long the market had reversed its trend
and
sliding
was
off
the
under
persistent hammering of
locals, the liquidation of commission houses, and the selling
of spot firms.
By midday prices had lost more than $1 a
%
not
was
fully
explained,
affecting cotton.
there
as
was
a
dearth
Some traders viewed the decline
of
as
news
a
cor¬
process, contending that
excuse for the sharp advance of
there had been no good
yesterday.
Southern sell¬
important factor in the decline.
Today prices closed 6 to 12 points net higher. The mar¬
was
ket was
irregulaitiffifcrieveloped
an upward trend this after¬
net higher under trade
support.
Trade buying of cotton
on the
opening caused prices to rise 4 to 6 points, that de¬
mand readily
absorbing local and Southern selling.
Spot
firms were good buyers of
October, December and March,
supposedly to fix prices for mills.
The market received
little outside support.
After the early demand had been
when prices
wer™9
Street
to 15
points
filled the market lost all of its initial
gains, showing small
net losses on the decline before it
eventually turned steady.
largely local in character.
Trade
looking to Washington for a sign.
The gov¬
Trading thereafter
interests
were
was
erning influence at the
President
will
make of
moment is the
the
bill
to
disposition which the
freeze
stocks
of
cotton.
After
midday the market resumed its upward trend, Octo¬
ber selling at
16.48c., up 12 uoints net.
The deadline for
presidential action on the freezing bill is Aug. 27.
The official quotation for
middling upland cotton in
New York market each
day for the last week has been:
16
t0,AuP-J2~r,
Sat-
Middling upland 15-16 (nom'l). 16.69
31-32
Inch
Inch
.55
M°"-
T"«s.
16.70
16.80
Wed. Thurs.
17.16
16.94
Inch
Up
Middling Fair
.33
on
.43 on
.27
on
.37
on
.49
on
.56 on
.64
on
Good
.21
on
.31
on
.43
on
.50 on
.58
on
.09
on
.19
on
.30
on
.37
on
.46
on
.06
on
.14
on
Middling-
Strict Middling
-—
Middling..
.21 off
Strict Low Middling
Extra
.11 off
.62
on
Basis
.70 on
on
.70 off
.61 off
.51 off
.45 off
.36 off
1.43 off
Low Middling....
1.36 off
1.32 off
1.30 off
1.26 off
White—
Good Middling......
.21
on
.31
8trlct Middling
.09
on
.19 on
Middling
.21 off
.11 off
Even
Strict Low Middling
.70 off
.61 off
.51 off
.45 off
.36 off
1.43 off
1.37 off
1.32 off
1.30 off
1.26 off
.34 off
.23 off
.11 off
.05 off
.03
.46 c«
.36 off
.23 off
.18 off
.11 off
.93 off
.84 off
.72 off
.65 off
.59 off
....
Low Middling.
.43
on
i
on
.30
on
.50 on
.58
on
.37
on
.46
on
.06
on
.14
on
Spotted—
Good Middling...
Strict Middling
a
Middling
a
....
on
Middling spotted shall be tenderable only when and If the Secretary of Agri¬
culture establishes a type for such a grade.
New York
Quotations for 32 Years
The
quotations for middling upland
(nominal) at New
York on Aug. 22 for each of the past 32
years have been as
follows.
1941
1940
1939
1938
1937
1936
1935
1934
1
1933
..17.00c.
9.74c.
1932
1931
..
...
9.27c.
...
8.32c.
1930
9.99c.
1929
..11,96c.
..i 1.70c.
1927
..13.30c.
1926
...
..
...
._
...
...
...
*1941
1928
"
9.50c.
1925
7.75c.
...
1924
1923
...
...
...
...
...
...
...
..
6.8.5c.
..11.15c.
1921
__19.00c.
1916
1915
...22.90c.
1914
...13.75c.
...
1913
...32.50c.
...
1919
..19.00c.
1917
...27.60c.
.25.25c.
.
...
1920
..21.40c.
...23.65c.
..
.
...
1922
..18.65c.
.
.
1918
1912
...31.50c.
1911
34.4.5c.
...
1910
...24.65c,
...
...14.90c,
...
9.20c.
...
...
...
...
...11.80c,
...
...
...
:::i2.T5c"
...12.60c.
...16.40c,
quotation is for 15-16ths
Market and Sales
The total sales of cotton
New York
at
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
market for spot and futures closed on the same days:
on
Futures
Spot Market
Saturday...
Monday
Tuesday
Wednesday
Thursday...
Friday..
.
...
Total
Closed
SALES
Market
Closed
Nominal.
Nominal.
Nominal.
Nominal.
Steady
Contr'ct
Steady.
Steady.
Nominal.
Spot
100
100
.
weeg.
Since Aug.
Total
Steady.
SteadySteady.
Nominal.
100
1
Futures—The
100
700
1,200
1,900
highest, lowest and closing prices at New
York for the past week have been
Saturday
Monday
Aug. 16
Aug. 18
as
follows:
Wednesday
Aug. 20
Tuesday
Aug. .19
Thursday
Friday
Aug. 21
Aug. 22
SeptA 1941)
Closing
16.25 16.25
15.99??
.
16.00??
16.10??
16.46??
16.29-16.29
16.31??
16.26??
October—
Range..
16.00 16.12 16.04 16.11
16.10 16.29 16.24 16.61
16.27-16.64 16.34-16.50
Closing
16.09 16.10 16.10
16.20
16.56
16.36
16.42
16.18n
16.30??
16.66??
16.46??
16.53??
.
November-
Range..
Closing.
16.19??
:
December—
Range..
Closing
16.17 16.29 12.21
16.30 16.26 16.48 16.44 16.83 16.45-16.84 16.52-16.71
16.28 16.29 16.40
16.76 16.77 16.56-16.57 16.63-16.64
16.27
.
Jan.(1942)
Range..
16.30 16.30 16.26 16.29 16.25 16.37 16.50 16.80
16.56-16.81
16.27??
16.28??
16.76
16.39??
16.56??
Closing.
16.57-16.64
16.64
——
February—
Range..
Closing
-Or-
16.32??
.
16.32??
.
16.45??
16.82??
16.70??
16.63??
March—
16.29 16.43 16.33 16.41
Closing
April—
16.36 16.60 16.56 16.94
16.37
16.39
16.52
16.38??
Range..
16.39??
16.52??
.
16.57-16.96 16.68-16.86
16.53 16.88 16.89 16.70
16.76
Range..
Closing
.
16.88??
16.76??
16.70??
May—
Range..
-A
16.28 16.42 16.33 16.41 16.37 16.61 16.57 16.94
Closing.
16.39??
16.39??
16.52 16.53 16.89 16.90 16.70
16.36??
16.36??
16.49??
16.57-16.97 16.68-16.86
—-
16.76-16.78
June—
Range
..
Closing.
July—
Range..
Closing
August—
Range
16.86??
16.64??
16.73??
16.30 16.34 16.37 16.54 16.52 16.88 16.55-16 83 16.62-16.75
16.33??
.
16.34??
16.46??
16.83??
16.59
16.70??
__
Closing.
n
Nominal.
Range for future prices at New York for the week ended
Aug. 22, and since trading b^gan on each option:
Option for—
Range for Week
Range Since Beginning of Op,i:n
1941—
September
_
October
16.25 Aug. 20 16.29
16.00
Aug. 22 16.00
8.70
Aug. 16 16.64 Aug. 21
Aug. 15 1941 16.29 Aug. 22 1941
Oct.
18 1940 17.46
July
28 1941
Dec.
19 1940 17.62
July
28 1941
Feb.
17 1941 17.63 July
November..
December.. 16.17 Aug. 16 16.84
Aug. 21
9.28
1942—
January
February
16.25 Aug. 19 16.81
Aug. 21
9.49
March
16.29 Aug. 16 16.96
Aug. 21
10.43
April
May
the
1
and
Strict Good Middling
an
buying and Wall
noon
15-16
Inch
While—
rective
ing
29-32
Inch
bale.
October sold down to 16.33c., off 31 points from the
early high price.
Just why the market went into reverse
Staple—The
Ang. 21.
on
The
opening was as much as five points net
buying by trade interests, Wall Street and
1941
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. 28.
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
Range..
On the 21st inst. prices closed 18 to 23 points net
scale
Aug. 23,
Fri.
July..
28 1941
July
28 1941
16.28
Aug. 16 16.97 Aug. 21 13.16 May 19 1941 17.77 July
28 1941
16.30
Aug.
June..
17.06
Mar. 17 1941 17.78
18 16.88
Aug. 20 15.92
July
18 1941 17.75 July
28 1941
,
Volume
The Commercial & Financial Chronicle
153
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
the New York
on
1151
1941
Aug. 22—
Week
Via St. Louis
Via Mounds, &c
Via Rock Island.....
given in bales of 500 lb.
are
weight.
gross
Aug. 1
49,778
16,375
3,215
2,000
271
..
199
426
3,090
9,546
9,000
1,421
._
1,861
3,000
.
Total gross overland
Deduct Shipments—
9,404
8,089
3,000
12,466
17,432
85,778
11,504
48,961
.39,217
91
Overland to N. Y., Boston, &c_,
Open
Aug. 15 Aug. 16 Aug. 18 Aug. 19 Aug. 20 Aug. 21
■
2,285
227
598
174
,.31,696
69,713
8,256
34,878
.31,923
New York
70.311
8,430
37,824
7,294
15,467
3,074
11,137
Contracts
Aug. 21
1441
Since
Week
Aug. 1
..25,026
8,650
...
Cotton Exchange and the New Orleans Cotton
Exchange
from which we have compiled the following table.
Th3
figures
1940
Since
Shipped—
—
661
'
August (inactive)
September
',,v'
■
•
100
_
October
-
-
•
-■«
'■i
.V--'-
.
-
3,400
9,100
16,200
21,000
31,300
60,200
182,800
.
Leaving total net overland *_
553,800
16,000
7,800
14,800
47,600
9.400
29,800
December
■
—
100
.
200
*
1942—
Including movement by rail to Canada.
The
400
300
800
37,200
1,200
1,100
22.300
March
39,700
9,100
14,600
25,600
50,000
49,400
482,800
May.-,
27.100
9.500
5,000
2,100
22,000
32,100
290,300
3,100
10,700
53,000
January
July...
1,200
-
Total all futures
1,000
30,100
107,700
51,500 112,700 152,600 155,700 1,585.200
_
this
foregoing shows the week's net overland movement
has been 7,294 bales, against
3,074 bales for
last year, and that for the season to date the
year
the
week
aggregate net overland exhibits
of 4,330 bales.
increase
an
over
a
year ago
•
1941
Open
New
Orleans
Aug. 13 Aug. 14 Aug. 15 Aug. 16 Aug. 18 Aug. 19
In
Sight and Spinners
Takings
Contracts
Aug. 19
Since
Week
Receipts at ports to Aug. 22
1941—
*1,200
•
-
October
3,650
-
-
*
4,300
34,35C
1,100
1,150
400
1,700
15,700
4,650
5,350
13,050
700
200
100
239,847
South'n consumption to Aug. 22..235,000
685,000
110,000
11,137
364,000
309,478
909,463
*133,858
204,814
*17,380
614,984
*65,215
4,800
39,000
38,800
24,450
24,550
1,450
March.
May
,
..—
July
....
23,950
15,900
Total all futures.—.
*
Includes
.
...
3,950
4,650
14,950
.*40,735
6,550
9,900
10,100
-v->-k
108,400 102,550
57,350
14,600
16,950
775",605
North.spinn's'takings to Aug.22-104,025
464,000
40,500
*
1,200 bales against which notices have been issued, leaving net open
We
obliged to omit
visible
supply of cotton and
Liverpool:
at
to be sent from
permitted
not
are
therefore
are
give only the spot prices
can
-
-
1940
1939
5.52d.
6.25d.
5.5 9d*.
8.83d.
4.49d.
1937
Closing Quotations for Middling Cotton
Sat ur day
Week Ended
Monday
8.34d.
the
6.43d.
4.63d.
3.85d.
that
movement,
the
is,
tonight, and the'?same items for the
Tuesday
In.
In.
x5-16
H
15-16
22
In.
In.
In.
In.
In.
In.
7,998
2,177
44,843
4,453
6,997
11,440
34
152
3,219
91,498
1,394
4,547
8
42
280
38,969
81
344
47
...
473
1,290
1,953
269
244
13,285
~~44
Helena
218
126
487
35
874
3,305
4,741
326
218
Hope
Jonesboro-.
4
52
776
18,314
—
15
.81 j 16.01
15
.67115.87
15.74 15.89 15.80 15.95 16
16
.27 16.42
Norfolk
16.U0 16.20 16.00 16.20 16
16 .10.16
.15 16.35
15 .85 16
.90,16.10
2I|I6
.27 16.52
Montgomery
15.75 15.95 15.60 15.80 15
Augusta
15.94 16.19 15.95 16.20 16
15.45 15.70 15.45 15.70 15
66 16
80 15 90,16 15 15 .70 15
.7516.00
72 15 88 16 08 15 68 15 .88 15 .73 15.93
.70 15 80 16 05 15 .60 15 8515 .8515.90
i 6 16 01
15 56 15 81 15 .62 15.87
New Orleans Contract Market—The
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
1,314
94,789
24,579
Aug. 16
31,356
Monday
Aug. 18
Tuesday
Aug. 19
Wednesday
Aug. 20
Thursday
Friday
Aug. 21
Aug. 22
I94I-—
212
22,929
4
Y.YA
29,068
October... 16.086
16.076.09a 16.196
16.546
35
21,796
1
7
53
22,611
December. 16.28
16.27 16.28 16.39
16.74
16.55
6,148
90,779
1°
863
641
115,508
12
158
16.286
16.796
16.586
75
184
20,181
59,261
28,703
16.94
16.74
;
•••
'
847
91
878
40,095
25,374
971
1,346
464
11,997
34
668
153
10,279
3,790
460
33,986
388
388
227
28,436
Ga„ Albany..
15.29 15.54 15.30 15.55U5 40 15.65 15
6,288
2,792
Bluff.
In.
78,075
18,135
Walnut Rge
,
15.34 15.54 15.35 15.55
47,696
860
'V "v
Newport-
,15-16
Mobile
132
45
..
In.
Savannah
313
318
In.
New Orleans. 15.53 15.73 15.52 15.72
'
18,530
City
Rock
51
—.
67,607
82
Ark.,Blythev.
Pine
Season
1,570
Montgom'y
23
In.
.7515.95
Aug.
Week
"A
Stocks
ments
Week
"■
15-16
15.69 15.89
Dallas
Ship¬
1,000
Eufaula
Llttle
Receipts
1,982
Ala., Birm'am
Forest
Aug.
Week
Season
Stocks
ments
Week
Selma
Ship¬
Friday
n
Galveston... 15.43 15.63 15.43 15.63
Little Rock.. 15.35 15.60 15.35 15.60115
Movement to Aug. 23, 1940
Aug. 22, 1941
on-
Thursday
Vz
Houston.... 15.42 15.62 15.42 15.62 15
Receipts
Wednesday
15-16
Memphis
n
i
Aug. 22
15-16
detail below:
Movement to
800,275
611,632
1,048,145
1938.
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for
middling cotton at
principal cotton markets for each day of the week:
3.88d.
10.40d.
corresponding period of the previous year—is set out
Towns
Bales
1939
Below
4.74d.
8.34d.
8.38d.
5.17d.
receipts for the week and since Aug. 1, the shipments for
the week and the stocks
Since Aug. 1—
.255,876
205,474
376,592
1938
8.18d.
Towns,
118,766
Southern
14.54d.
-
Interior
B'lles
1939—Aug. 24
1938—Aug. 25
1937—Aug. 27___
the
of
losed.
—
the
abroad,
table
lo.30d.
Middling upland, Liverpool, i.iw
Egypt'f good Giza, Liverpool
Peruvian Tanguis, g'd fair, L'pool
Broach, fine, Liverpool
C. P. Oornra, No. 1 staple, super¬
fine. Liverpool
-■-■-;- i
At
usual
our
1941
(
conditions,
war
38,706
Decrease.
Week—
The Visible Supply of Cotton- —Due to
549 J 69
244,655
Movement into sight in previous years:
contracts, none.
cotton statistics
187,434
136,200
800
.268,743
150,100
4,800
1,450
Aug. 1
3,074
96,500
350
Week
91,740
1942—
January
Aug. 1
208,996
15,467
65,350
39,400
December
Since
67,184
7,294
Net overland to Aug. 22
August
.
1940
48
-
,
17
•
Atlanta--..
1,500
4,206
3,938
1,200
29,593
998
5,223
1,900
92,217
Augusta—
5,297
11,760
5,910
176,048
2,368
4,778
1,845
110,839
Columbus..
600
1,700
400
29,250
300
1,300
200
30,200
806
434
35,226
January.. 16.306
16.396
16.56
16.026
16.93 16.94 16.71-16.73 16.75-10.76
16.54
March- 16.42 —— 16.39
16.416-.42a 16.38 16.40 16.55
May
—
16.76
16.346-.36a 16.326-.330" 16.486-.50a 16.866-.88a 166261664a 166761669a
July
Tone—
27,582
300
163461635a 16.36
1942—
Athens
2,015
2,743
810
37,873
700
29,946
La., Shrevep't
212
623
642
48,691 y?
Miss., Clarksd
Columbus..
341
1,078
3,422
34,290
263
463
1,894
22,822
Macon
Rome.---.
1,960
'•>
ivL.-.
1
741
253
955
"4I2
29,348
12 V .:*-'■■: :"V54
140
22,575
'
'
•■*!—
54,310
-
Greenwood
579
779
1,769
768
827
374
374
910
40,233
6,813
431
Jackson
263
362
389
277
7,174
8
8
25
472
6,574
26
200
208
11,800
12
793
14,210
23
1,171
27,102
1,924
3,283
3,193
9,398
3,215
4,455
226
289
122
758
2.084
1,275
1,602
26,303
462,186
2
_
Quiet
Steady
Steady
Steady.
Steady.
Steady
Steady
Steady
Steady.
Steady.
b Rid
Ask
a
on 1940-41 and
1938-39 Cotton Loans-—The
Department of Agriculture announced on Aug. 13 that on
Aug, 9, 1941, loans outstanding on the 1940-41 crop cotton
held by Commodity Credit Corporation and lending agencies
totaled $3,955,121 on 77,590 bales,
Loans and repayments
by States—with the exception of repayments of $4,457,983
on
90,173 bales made but not yet allocated by States—
Report
72,023
71,383
Futures..
146,679
7,577
Quiet
Steady
Spot
8,812
Natchez
.
—
Y'l
Vlcksburg..
-V'
Yazoo City.
12
Mo., St. Louis
25,026
49,592
25,026
N.C., Gr'boro
171
713
92
mi
44,863
11,553
•
11,935
Oklahoma—
15 towns *.
1.036
3,649
5,896
111,858
13
S. C., Gr'vllle
645
2,294
3,701
85,787
1,969
Tenn., Mem's
Texas, Abilene
52,089
122,673
70,658
724,538
23,915
69
873
855
9,517
1
Austin—i-i
5
7
110
642
94
94
42
103
29
218
74
84
"l5
1,102
581
2,790
1,070
27,391
436
773
1,848
27,221
27
137
374
17,704
follows.
Brenham.
.
Dallas
Paris.—.
185
188
12
Robs town..
San
722
8
Waco—
Total,56towns 105,429
♦
750
'
■
•'
1
■
15
-
16,636
"
104
1,143
231
238
306
554
18
1,301
3,247
7
240
35
18,820
453
233
12,893
243,960 146,164 2040,192
557
38,205
99
1,177
1,488
118,089
989
11.478
47,119 1893.294
totals
above
decreased
show
during the week
146,898 bales
more
that
the
40,735
than at the
interior
stocks
same
have
bales and are tonight
period last year. The
same
receipts of all the towns have been w67,224 bales
in the
Bales
123.380
Ala
71,092
Ariz
more
than
Overland Movement for the Week and Since Aug. 1—
below
a statement
showing the overland movement
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
Amount
Loans Outstanding *
Bales
Amount
$
5,901, 599.05
3,324, 899.07
118,798
5,676 ,184.56
71,092
3,324 ,899.07
"868
45 ,916.93
5,165
136 ,796.05
168,717
139,894
73,793
6,842 ,770.96
3,358 ,482.86
127,636
381,007
7, 320.73
110
.....
184,731
8,833, 436.93
155,747
77,199
7,599, 896.71
3,546, 302.79
12,738
591, 757.14
11,064
N. M...
5,473
4,680
N. C---.
59,465
251, 826.69
2,821, 375.57
42,326
Okla....
210,723
9,926, 980.65
209,663
2,043 ,156.61
9,883 ,652.72
8. C-V-.
122,853
Ga
-
-.
-.
Miss
Tenn
*
2 082.91
764 281.99
515 ,436.33
16,014
15,853
3,406
1,674
215 ,454.61
793
36 372.08
17,139
778 218.96
1,060
43 327.93
757 125.75
187 819.93
76 320.81
5,587 ,221.33
10,105
618 745.93
gr,063
4,740,681.18
3,180,191 153,139,807.97 3,012,428 144,726,703.03 167,763
8.413,104.94
1,625,677
913
.
112,748
6,205, 967.26
745, 882.34
15,373
78,008, 837.28 1,534,614
913
43, 203.09
41
745 ,882.34
73,268 ,156.10
15,373
...
Texas,;.
225,414.49
6,043 ,268.13
6,089, 185.06
19,241, 337.61
151
■La.
4,582
19,104 ,541.56
5 ,237.82
8,069 ,154.94
128,504
386,172
Calif....
Fla__
Va
week last year.
for the week and since
Repayments
Bales
—.
Ark-..,.
Total
We give
Amount
$
Mo
Includes the combined totals of 15 towns in Oklahoma.
The
Total Loans
State
1,169
494
140
Marcos
Texarkana.
•V'V
Y'Yv
43, 203.09
Including unallocated repayments.
Agricultural Department also announced on Aug. 13
Aug. 9, 1941, loans outstanding on 1938-39 crop
cotton held by the CCC and lending agencies aggregate
290,949 bales.
Loans and repayments by States follow.
The
that
on
The Commercial & Financial Chronicle
1152
Aug. 23,
II—STOCKS OF COTTON IN THE UNITED STATES, JULY 31,
1941
Repayments
States
,
'
■
Loans
Alabama „
(Bales)
317,698
79,994
695,801
...... - - - -...... - - - - -... -
.
Arizona
Arkansas
.....
Calilornla...
Georgia .....
- -
.
.
Mississippi
—
:Missouri...... ....... .i.—.......
New Mexico................&.
North Carolina -..... i.. , . --—- Oklahoma.,
184,666
53,065
Virginia....
1,182,704
139
4,190.977
290,949
Aggregate supply
of Cotton Consumed, on Hand, &c.,
July—Under date of Aug. 15, 1941, the Census Bureau
issued its report showing cotton consumed in the United
States, cotton on hand, active cotton spindles, and imports
and exports of cotton for the month of July, 1941, and 1940;
Cotton consumed amounted to 928,943 bales of lint and
134.006 bales of linters, as compared with 622,723 bales of
lint and 79,240 bales of linters in July, 1940.
June consumption of cotton includes 49,000 bales dis¬
tributed by Surplus Marketing Administration through
various cotton mattress programs.
The following is the
Census Report
,
12,265,783
1,969
23,023,757
...
(total less 1,243 re-imports)..
1,082,262
9,718,220
70,000
12,203,282
Consumed
Destroyed (baled cotton)
Stocks on hand July 31, 1941, total...
In consuming establishments
1,874,187
In
9,704.095
625,000
-
public storages and at compresses
Elsewhere (partially
estimated).a
23,073,764
Aggregate distribution
50,007
Excess of distribution over supply.b.
Includes
a
cotton
cotton in transit to
b Due
shipboard but not cleared; cotton coastwise^
ports, interior towns, and mills; cotton on farms, &c.
for
export
ou
principally to the inclusion in all distribution items of the "city crop,"
pickings from cotton damaged by fire and
consists of rebated samples and
which
Note—Foreign cottons included in above items are; 86,285 bales consumed; 94,988
hand Aug, 1, 1940, and 94,609 on hand July 31, 1941,
on
statement.
JULY REPORT OF COTTON CONSUMED. ON HAND, IMPORTED
EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton In running bales,
SUPPLY AND
AND
DISTRIBUTION STATISTICS FOR LINTERS
(Not Included in Cotton Statistics Above)
counting round as half bales, except foreign, which Is
In
500-pound bales)
706,459 running bales; production during 12
1,207,309; imports, 251,775; exports, 20,811; con¬
Stocks of linters Aug. 1, 1940, were
months
July
ended
31,
1941,
sumption, 1,354,938; destroyed, 1,000; and stocks Juiy
Cottor/on hand
JfilV 31-
Cotton Consumed
During—
Storage
Months
Establis,
mental
(Bales)
July 31
(Bales)
July
(Bales)
1941 *928943 9,718,220 1,874,187
States....
972,353
1940 622,723 7,783,774
Cotton-growing
1941 791,824 8,280,340 1,471,018
States...
at
During
Com¬
presses
v
July
(Bales)
(Number)
9,704,095 23,027,818
9,121,817 21,919,000
9,300,041 17,381,470
9,044,387 16,732,756
5,012,194
377,101
69,661
4,581,762
535,002 6,646,532
110,080 1,147,090
742,1.78
70,592
918,313
186,311
1941
27,039
290,790
60,614
26.953
634,154
1940
17,129
218,929
43,864
7,769
604,482
1940
1941
New England States..
1940
All other States.........
342,555
Included Above—
60,767
37,493
3,983
53,903
30,040
8,409
1941
9,712
86,285
38,625
55,984
1940
6,544
74,547
29,102
1941
3,080
27,065
13,845
27,437
1,850
1940
Amer.-Egyptian cotton..
5,454
1940
Other foreign cotton.
1,875
21,204
9,839
3,842
{
1941
134,006 1,354,938
468,061
59,204
1940
79,240 1,060,864
399,753
81.706
July consumption pf cotton includes
Aug. 20
spinning spindles were in place in the United States on
July 31, 1941, of which 23,027,818 were operated at some
during the month, compared with 22,991,546 for June,
time
22,980,286 for May, 22,787,396 for April, 22,795,742 for
March, 22,769,368 for February, and 21,919,000 for July,
1940.
The aggregate number of active spindle hours re¬
ported for the month was 10,536,708,779.
Based on an
activity of 80 hours per week, the cotton spindles in the
were operated during July, 1941, at 123.0%
capacity.
This percentage compares, on the same basis,
with 121.5 for June, 121.8 for May, 119.6 for April, 116,7
for March, 114.0 for February, and 86.6 for July, 1940.
The average number of active spindle hours per spindle in
Not Included Above—
Linters
on
that, according to preliminary figures, 24,338,750 cotton
United States
7,926
1941
Egyptian cotton.
of the Census announced
1941—The Bureau
Active
sumln
Ended
Year
Spindles
31, J941, 791,000.
Activity in the Cotton Spinning Industry for July,
Cotton
In Public
In Ct
Eleven
*
•<
191,835
12,267,752
Distribution—
Net export#
in
United
972,353
9,121,817
470.000
estimated).a— .........
Net imports (total less 1,036 re-exports).....
Glnnings during 12 months, total
Crop of 1940 after July 31, 1940......
Crop of 1941 to Aug. 1, 1941
11
4,481,926
......................
10,564,170
Elsewhere (partially
45,992
150
-
,
public storages and at compresses
In
1,012
35,550
............
(BALES)
1941
1, 1940, total
In consuming establishes
7,695
52,053
285,407
.... ......
Tennessee
Total
176,871
-
320,957
1,228,696
South Carolina.
JULY 31,
Supply—
14,654
1,136
22,598
^
10.564,170
Stocks on hand Aug.
349
24,534
23,734
—
972,353
470.000
AND
DISTRIBUTION
OF DOMESTIC AND
FOREIGN
COTTON IN THE UNITED STATES FOR THE 12 MONTHS ENDED
6,193
30,825
69,552
39,188
12,203,282
„
III—SUPPLY
16,698
172,760
9,121,817
.
i-w
Total
37,112
261,145
692.765
110,444
110,793
—
19,486
5,684
-
178.446
177,953
291,970
762,317
v*
Elsewhere
(Bales)
658,689
and at compresses..
(partially estimated) .a
In publis storages
1940
1,874,187
9,704,095
625,000
establishments
In consuming
Outstanding
298,112
74,310
195,144
*
—-
...
Louisiana sj'.
Balance
(Bales)
.
1940 AND
(BALES)
1941
Through
Aug. 9, 1941
Total
'
1941
49,000 bales distributed by Surplus Market¬
ing Administration through various cotton mattress programs.
Imports of Foreign Cotton
(500-Pound Bales)
place for the month was 433.
The total number of cotton
spinning spindles in place, the number active, the number
of active spindle hours, and the average hours per spindle
in place by States, are shown in the following statement;
Active Spindle Hours
for July
Spinning Spindles
12 Mos. Ended July 31
July
Stale
Country of Production
In
1940
1941
1940
1941
Place
Average Per
A ctlve Dur¬
Total
Spindle in Place
July 31
67,178
1,045
ing July
United States
24,338,750
23,027,818
10,536,708,779
433
Cotton
17,989,962
17,381,470
466
5,636,700
5,012,194
8,386,271,247
1,938,716,241
712,088
634,154
211,721,291
297
1,781,728
492,012
857,301,151
476
156,430,003
297
3,008,084
1,489,134,316
247,432,193
473
69
53
63,071
3,906
..wii..
"F,377
""384
17J87
12" 568
British India......................
5,062
14,205
46
238
104,852
3,255
85,116
2,207
17,243
18,254
192,871
168,114
Alabama...........
July 31, 1941, amounted to 251,775
Georgia.. ..........
^
Egypt............
Peru..
3,374
2,689
i..
:•
China.......................
Mexico.....
.
Allother...........
Total
.
.............
..........................
growing States
New England States
.
All other States
1,801,112
526,152
Connecticut-
Linters Imported during 12 months ended
Maine
equivalent 500-pound bales.
3,167,880
....
593,148
2,809,244
151,830
__
Massachusetts
Cotton—And Linters
of Domestic
Exports
3,148,180
656,052
132,246
Mississippi
New Hampshire....-
(Running bales)
12 Mos. End. July 31
July
1940
1940
1941
340
403
410
325,660
280,622
105,667,170
324
5,615,924
831,194
2,596,280,419
324,532,716
449
906.744
North Carolina
Rhode Island
1941
252,324
281,360
377
-
5,784,228
New York
:
1,076,883,317
61,195,974
115,342,396
344
358
32,718
1,444
Total cotton
Total linters
......
..
....... .......
In the interest of National and
to cease
136,751
1,083,505
6,191,712
4,746
20,811
320,479
hemisphere defense, the Department has decided
488
Texas...........
242,648
445
641,272
227,076
607,014
107,997,155
Virginia
270,154,318
421
All other States
677,550
548,268
180,782,309
'
489
269,735,954
267
Cotton Stocks
STATISTICS
production of commercial cotton, exclusive of
linters, grown in 1939 as compiled from various sources was 27,875,000
bales, counting American in running bales and foreign in bales of 478 pounds
lint, while the consumption of cotton (exclusive of linters in the United
States) for the year ended July 31, 1939, was 27,748,000 bales.
The total
number of spinning cotton spindles, both active and idle, is about 145,estimated
world's
000,000.
Supply and
Cotton
in
Distribution
United
the
of Domestic and Foreign
Season of 1940-41—The
States,
preliminary report for the several items of the supply and
distribution of cotton in the United States for the 12 months
ended July 31, 1941, is presented in the following
statements.
Number I shows the principal items of
tabular
supply
and distribution; number II the comparative figures of stocks
held on July 31, 1940 and 1941; and number III further
details concerning the supply and the distribution.
The
quantities are given in running bales, except that round
lent
2,677,839,388
543,124
South Carolina
-;i v
'
WORLD
bales
5.305,810
553,096
'
publishing detailed statistics concerning the country of destination of our
exports.
The
5,474,986
Tennessee
.
■
are
counted
as
half bales and foreign cotton in equiva¬
500-pound bales.
I—COTTON
GINNED,
Linters
IMPORTED,
are
AND
194i (BALES)
Net imports
Net exports
-
12,267,752
191,835
1,082,262
9,718,220
Consumed.
Destroyed (baled cotton)
loans
on
Under CCC Loans
Department of Agriculture
an¬
Aug. 15 that cotton stocks owned and held under
by Commodity Credit Corporation were approximately
2,250,000 bales less
on
the beginning of the marketing year,
Aug. 1, 1941, than on the same date a year ago.
Total
stocks owned and under loan Aug. 1, 1941, were 6,480,446
bales, compared with 8,732,746 bales on Aug. 1, 1940.
The Department further reports.
Repossessions during the season of 1,800,000 bales of 1938 loan cotton
for most of the reduction.
Government-owned stocks were
accounted
decreased
by approximately 500,000
bales, largely by completion of de¬
liveries under the cotton-rubber barter with Great Britain.
The exchange
low-grade cotton for a lesser number of bales of higher grade but equal
value and losses from destruction were additional factors in the reduction
of
of owned stocks.
At the beginning of the new crop year loans outstanding on 1940 cotton
totaled only 102,087 bales, although an aggregate of 3,180,168 bales had
been placed under loan during the season.
With the rise in cotton prices
in
February and March producers began repossessing 1940 cotton, as
prices were higher than redemption costs.
As prospect of higher
prices further, it became profitable to redeem 1938 and 1939
Repossessions continued in rising volume after higher
prices were established following the enactment of legislation in the latter
part of May requiring loans at 85% of parity on the 1941 crop.
A total
of 4,915,631 bales from the 1938, 1939, and 1940 loans were redeemed during
loans bolstered
CONSUMED,
DESTROYED IN THE UNITED STATES FOR THE 12 MONTHS ENDED
July 31,
Glnnings, from Aug. 1, 1940, to July 31, 1941
nounced
market
not included.
EXPORTED.
Owned and Held
Less Than Year Ago—The
0
v
70,000
as.
well
as
1940 loans.
the season, and repayments were
opening of the
A
summary
marketing
continuing in substantial volume at the
new season.
owned and under loan at the beginning of the
compared with the same period a year earlier, follows;
of cotton
year, as
The Commercial <£ Financial Chronicle
Volume 153
194308-19403 .
*
We give prices today below and leave those for previous weeks
Releases and
Outstanding
Repayments
Outstanding
July 31, 1940
1153
July 3i, 1941
of this and last year
for comparison.
1941
m
Cotton Owned—
{Pales)
1934-1935......
1937-1938........
1.556,717
208,556
5.086,602
308,281
(Bales)
vc;
1,348,161
4,778,321
8>$ Lbs. Shirt¬
ings, Common
32s Cop
Cotton
Middl'g
Upl'ds
Twist
Total owned
¥
.
_
.... .
.... .
.
J
_
6,643,319
.
1940
(Bales)
to
Finest.
Cotton
32s Cop
814 Lbs. Shirt¬
ings, Common
Middl'g
Twist
to Finest
Upl'ds
6.126,482
516.837
d.
Cotton Loans—
s.
d.
s.
d.
d.
d.
s.
s.
d.
d.
May
1,818,783
18,767
b249.560
3,078,081
2,068,343
bl02,087
23..
16.19
13
29-
0
@13
3
Closed
Nominal
;
Nominal
Closed
a
b2,317
16.19
13
1
@13
4>$
Closed
14.04
11
10>$@12
ih Closed
6—
21,084
16.19
13
3
@13
6
Closed
14.04
11
10>$ @12
m
@13
©13
@13
6
0
Closed
14.04
11
10H@12
1>$
7.25
Closed
14.22
12
4>$@12
7>$
7.82
6
Closed
14.06
12
6
@12
9
7.60
6
7H
Closed
14.13
12
6
@12
9
7.82
7H
June
2,089,427
Total owned and under loan
b353,964
4,915,631
8,732,746
6,480,446
13..
16.19
13
3
20..
Total under loan
16.19
13
3
27—
16.19
13
3
16.19
13
13
Closed
July
*
J A total ot 83,180,168 bales of the 1940-
Aug. i, 1940, through July 31, 1941.
1941 crop was placed under loan,
3—
3
@13
:
b Bales under loan July 31, 1941, are net figures
11—
16 19
after deduction of repayments received but not completely cleared through the
Corporation's records*
@12
16.19
13
4>$@13
4M@13
6
18-
Closed
14.19
12
6
@12
9
7.83
25..
16.19
13
4 >$@13
7H Closed
14.05
12
4>$@12
9
7.95
Closed
14.25
12
9
7.98
Aug.
Returns by Telegraph—Telegraphic advices to us this
evening indicate that in Texas progress of cotton has been
generally fair with growth unusual and plants fruiting well
".="
1..
16.19
13
4H@13
7H Closed
14.00
12
4H@12
7>$
7.82
8-
16.19
13
4>$@13
7h
Closed
14.04
12
4>$@12
16.19
13
4>$@13
7>$
Closed
14.26
12
6
7>$
9
7.84
1522..
16.19
13
6
9
Closed
14.37
13
6
9
8.18
@13
@12
@12
8.19
in the northwest.
Rain
_
Amarillo
,,
Inches
76
59
68
dry
dry
drydry
77
Brownsville
Corpus Christi.
Fort Worth
1
Palestine-
1
Little Rock.....
Louisiana-—New Orleans
......
Shreveport
75
70
71
88
87
85
who
"missed the bus," there was no real pick-up in volume.
In
the meanwhile regular shipments on contracts are taking
71
85
care
97
71
84
for this time of the year.
85
1.53
101
69
71
1
0.08
99
66
3
1.03
0.42
96
65
99
94
62
76
.......—...
99
70
85
197
96
62
80
59
78
85
0.03
0.08
1
1
...
0.02
dry
2
Florida—Jacksonville
98
0.39
0.73
91
1
5
*
2.18
2
_
Birmingham
Montgomery
4.70
93
4
Tampa.
Georgia—Savannah
81V
\,V
'•
1.33
92
0.81
93
94
76
77
0.22
74
84
85
84
'
-
Atlanta...
si'V.
3
0.55
iV.
4
2
South Carolina—Charleston
North Carolina—Asheville
89
0.32
96
0.34
93
72
88
4
4.12
93
69
2
0.72
86
65
Charlotte
2
0.58
90
Raleigh
2
1.28
90
78
66
:
Augusta
_
_
.
.
_
..
.
Macon
V :V
84
91
Vvv8i:
76
,
78
65
-A A
■
81
83
72
76
5
;W:"- Miami
-
81V
71
3
.
83
a:
*
77
63
'
Wilmington
2
Nashville
0.62
88
2
0.43
90
2
Tennessee—Chattanooga
0.52
92
77
66
61
76
62
,
77
The following statement has also been received by tele¬
graph, showing the height? of rivers at the points named at
8 a. m. of the dates given:
"J \.
„
Aua.
22, 1941
Aug. 23, 1940
Feet
Feet
Above
zero
of gauge.
1.1
Memphis
.Above
zero
of
gauge.
2.4
Nashville
.Above
zero
of gauge.
9.4
9.2
ShreveportVicksburg
Above zero of gauge.
.Above zero of gauge.
6.6
-4.1
7.5
—0.8
_
*
Receipts from the
1.6
-
Plantations—The
7.9
-?:■
following
:cvv
:
VC,
table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Week
Receipts at Ports
Slocks at Interior Towns
Receipts from Plantations
End.
1941
1940
1939
1941
1940
1939
1941
1940
1939
May
23.
83,347
42,308
16.953 2651,560 2288,087 2667,674
37,576
9,324
29.
65.092
30,472
17.870 26)1,700 2256.647 2635.929
25,232
Nil
Nil
93,349
73,311
27,624
35,193
Nil
Nil
19,766
3,658
Nil
Nil
June
6.
20.
78,427
25,190
27.
64.570
40,690
16,177 2553,544 2220,186 2600,639
23.331 2499,999 2190,925 2570,117
36,239 2455,619 2152,669 2541,961
26,909 2423,063 2100,527 2512,919
26,363 2383.187
13.
32,919
34,047
Nil
8.083
32,014
Nil
Nil
40.045
in the session reduced the
73,527 2225,970 1980,272 2434,289
63,822
74,139
67,673
67,184
64,962
73,404 2181,050 1954,131 2441,606
60,375
72,192 2130,985 1925,605 2434,071
78,606 101,982 2180,937 1910,674 2417,622
18,902
38,821
80,721
24,074
31,849
64,657
24,615
63,675
85,433
91,740 140,814 2040,192 1893,294 2408,973
26,449
74.360 132.295
The above statement shows:
(1) That the total receipts
1, 1941, are 75,129 bales;
in 1940 were 174,632 bales, and in 1939 were 229,234 bales.
(2) That although the receipts at the outports the past
week were 67,184 bales, the actual movement from planta¬
tions was 26,449 bales, the stock at interior towns having
decreased 40,735 bales during the week.
Freights—Current rates for cotton from New
are open
rates.
Foreign Cotton Statistics—Regulations due to the war
in Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
Liverpool Imports, Stocks, &c.
Manchester Market—Our report by cable tonight from
Manchester states that the market in both yarns and cloths
steady.
Manufacturers
are
higher.
ahead for net
gains by about half.
The market
by purchases from milling interests and com¬
mission houses
which were influenced by strength in the
Northwest some short covering and the narrowing of the
discounts in the local cash markets.
Many traders declined
to take a definite stand pending developments in Washing¬
ton concerning the President's action on the bill to freeze
Government holdings of wheat and cotton during the war
and the progress of price-fixing legislation.
Receipts of
wheat at Minneapolis totaled 557 cars
against 615 a week
was
from the plantations since Aug.
is
City to the Gulf to be replaced by stocks now held in the
spring wheat belt in order to make more room could not be
confirmed.
On the 19th inst. prices closed y% to %c. net
63,370
21,723
all quotations
early attempt to continue the previous day's ad¬
whe^t prices today encountered week-end profittaking, hedging sales and adjustment of accounts that caused
the market to slump for net losses of as much as a cent a
bushel.
Prices closed very little changed compared with a
week ago.
Lagging flour demand, following recent heavy
purchases, uncertainty about farm program developments,
including Presidential action on the bill to "freeze" Gov¬
ernment wheat stocks, and likelihood of increased
country
offerings as prices approach loan levels, were weakening
factors.
Traders said that at some points in the Southwest
wheat is selling at or slightly above Government loan rates
for the first time this season, but that there still is no evi¬
dence of any materially increased country selling.
How¬
ever,
some
localities reported increased offers.
Traders
state that this is the earliest of any season since the loan
program for wheat has been in effect, that spot prices have
approached loan rates.
Heretofore these levels were not
reached until "winter.
On the 18th inst. prices closed un¬
changed to p£c. lower.
Wheat prices fluctuated within a
range of about a cent a bushel today, working alternately
above and below Saturday's close, and finishing with little
net change.
Selling associated with increased receipts in
the spring wheat belt was offset by purchases attributed
to mills and some dealers evening up accounts for the special
Government report on spring wheat production.
An in¬
crease of almost 5,000,000 bushels in the domestic visible
supply last week brought the total to 215,539,000 bushels,
largest for any date since 1931, and near an all-time record.
Traders continued to watch Washington for developments
affecting the market, although the President still, has more
than a week in which to act on legislation which would
freeze about
170,000,000 bushels of Government-owned
wheat during the war.
There was no evidence of any ma¬
terial increase in country sales although the spring wheat
harvest is in full swing.
Reports that the Government may
move more than 2,000,000 bushels of wheat from Kansas
an
vance,
Nil
19,881
90,172
as
After
Nil
69,682
longer quoted,
of consumers' requirements, and they appear sufficient
22,358
36,995
18.
-
reported
Wheat futures started aimlessly today, then spurted
gains of about a cent a bushel largely in sym¬
pathy with firmness at Minneapolis, but profit-taking late
25.
are no
was
consumers
5.562
2061.441 2490,599
33,685 2326,471 2034,995 2462,476
58,075 2279,147 2013,138 2444,446
Cotton
few small
4,043
19,555
York
a
Nil
27,653
8.
recently, by
Nil
53,576
79.412
15.
area
13 700
3.
11.
22.
local
scattered trade in flour
22,696
July
Aug.
1.
the
a
Wheat—On the 16th inst. prices closed % to lc. net lower.
86
'
.
60
67
V-
94
Flour—Although
in
85
1
1
Alabama—Mobile.
84
1
-
Oklahoma—Oklahoma City—
Smith
Arkansas—Fort
Mississippi—Meridian
Vicksburg
69
99
dry
Waco
85
101
0,02
Antonio.
73
104
98
dry
dry
Orleans.
Nigh^^ug, 22, 1941.
84, 1
83
98
0.70
Houston
New
Friday
65
100
96
Rio__
Navasota
San
100
101
Abilene
Del
BREADSTUFFS
86
94
'
Austin
Mean
95
1.65
_
Low
High
dry
...
_
-Thermometer
Rainfall
Days
Texas—Galveston
generally well contracted for.
aided
and 364 a year ago. The primary movement of wheat
aggregated 1,549,000 bushels against 1,817,000 last week
and 1 173 000 a year ago.
On the 20th inst. prices closed
1 kg to lMc. net higher.
Buyers returned to the grain pits
in greater force today to bid wheat prices up almost 2c.
to within less than a cent of the four-year peaks reached
last week.
Brokers attributed most of the strength of
grains to limited offers except at higher prices covering
of previous short sales and some buying of wheat credited
ago
to
mills.
about
the
Some expressed belief
war
the President's comments
situation stimulated market activity.
Al¬
though substantial quantities of new wheat have been sold
spring wheat belt with mills reported taking much
of the offerings
hedging sales have been comparatively
in the
light.
Traders expect the spring wheat movement to reach
a peak this week or next,
possibly Monday. Government
The Commercial & Financial Chronicle
1154
figures showed that
up to Aug. 12 almost 11,000,000 bushels
wheat, mostly winter, had been placed under loans.
of 1941
A year ago
approximately 50,000,000 bushels had been stored
by that date, traders said, and there was some talk that
scarcity of warehouse space is slowing up lending activity.
On the 21st inst. prices closed V-> to lc. net lower.
After
declining lc. a bushel due to profit-taking and liquidation
of September contracts, the wheat market steadied today
rallied at times.
Good demand for cash grain, as evi¬
by steadiness of spot prices, helped to support the
futures pit.
No. 2 hard wheat sold up to $1.11^4, or within
and
Aug.
1941
23,
There were no unusual developments in this
Trading relatively light and fluctuations narrow
and irregular.
On the 19th inst. prices closed y to yc. net
higher.
This market was a little more active, with the
undertone firm.
On the 20th inst. prices closed 1 to \xAe.
net higher.
Oats market responded in a vigorous way to
the strength in wheat.
There was some good buying of
oats, however.
ye.
up.
market.
On the 21st inst. prices
closed % to A4c. net lower.
Oats
of the session, being influ¬
enced by reports that Canadian feeds would be embargoed.
denced
held
;i%c. of the Government loan price here, and only slightly
more than lc.
below the September delivery price.
Short
covering and purchasing credited to mills accounted for
some of the support.
The approach of spot prices to loan
levels here in the Chicago pit, with cash wheat selling above
Today prices closed % to lc. net higher.
Oats prices ad¬
fractionally during midday, hovering around fouryear peyks and being strengthened by prospects of good
the
been sold to Great Britain.
loan
in
rate
Southwestern
some
markets, encouraged
the buying side of wheat.
Traders also
extreme caution on
awaiting presidential action
were
ernment stocks,
to
prevent release of any of the grain except at prices well
regardless of the state of the bill
tended to remove any uncertainty.
above current quotations
Today
closed
prices
unchanged
%e.
to
higher.
bushel today to within
a
Wheat
fractions of
the four-year peak
the advance in
established last week, but gave up most
late dealings due to profit-taking and
hedging sales.
Buying was attributed to mills and profes¬
sional interests, with the latter acting
largely because of
of
gains in
the prices of such
cottonseed
and
oil
commodities
cotton.
soybeans, lard,
rumors about
the
Conflicting
state of the bill to freeze 170,000,000 bushels of
Government wheat resulted in continued cautious
trading,
and with prices near loan levels, or above at some South¬
western
buyers
markets,
in
wheat,
DAILY
inclined
were
OP
PRICES
OF
May
118%
December
DAILY
CLOSING
Tues.
Wed.
131%
133%
FUTURES
Thurs.Fri.
124%
IN
125%
CHICAGO
Tues.
Wed.
111%
115%
118%
113%
110%
112%
112%
110
119%
119%
110%
119%
Thurs.
Fri.
Made
I
Season's Low and When Made
Aug. 14, 19411 September
73%
Feb. 17, 1941
Aug. 14, 19411 December
90%
May 31,1941
Aug. 14, 1941 |May
109
July 24,1941
120%
PRICES
OF
WHEAT FUTURES IN WINNIPEG
Sal.
Mon.
Tues.
Wed. Thurs. Fti.
October
74%
December
74%
70%
70%
....
May
80%
Corn—On the 16th inst. prices closed y to
ye. net lower.
Corn weakness was associated partly with rains in the Ohio
Valley,
although the forecast promised little additional
Early firmness of corn, as well as other grains,
accompanied gains of more than a cent in soy beans, but when
beans weakened, dropping as much as 2c. from
early highs,
moisture.
this
of
strength was lost.
On the 18th inst. prices
closed y to He. net lower.
Corn belt rains and forecast
of more showers weakened corn
prices.
However, price
source
declines
held
were
ported that
within
was
corn
a
narrow
Illinois
range.
re¬
farther along than usual.
Rains and
done much to check deteriora¬
recent
cooler weather have
tion.
On
lower.
in
the
19th
inst.
prices closed
unchanged to
The bearish weather reports held the
check, although the cash market
Rains
corn.
and
was
cooler
corn
market
was
in the market for United States
weather
PRICES
OF
OATS
Sat.
September
September (new)
December (new)
May (new)_.
_
_
.... -
%
-.
_
export
FUTURES
Mon.
Tues.
42
—
of
—
-
IN
When
Aug.
Aug.
Aug.
Aug.
__
DAILY CLOSING
Thurs.
42%
44
42 % T
_
Made
I
47%
Season's Low and
21, 1941 [September
22, 1941|Sept. (new)
22. 1941 Dec. (new)
22, 1941 [May (new)...
during the last 10 days
believed to have checked deterioration in most sections
of the belt.
prices
declined
prices closed Yl to Y>e. net lower.
Corn
only
fractionally, deriving some support
from the letup in receipts, which totaled
only 84 cars, and
in
country bookings to arrive.
Traders reported 40,000
bushels of
but
the
new
price
corn
was
were
purchased for deferred shipment,
public.
Today prices closed
made
not
VsC. off to Vic.
up.
The corn market derived little support
reduction of about 108,000,000 bushels in tlie official
forecast of production.
In 14 States, however, traders said
material relief from heat arid
drought since
from
a
when
the
mid-August,
crop
data
was
obtained,
improvement and there
some
the Government
figures
may
were some
still
were
dipped fractionally at times, and
41%
May
3, 1941
May 26, 1941
July 30, 1941
PRICES OF OATS FUTURES IN WINNIPEG
Wed. Thuis. Fri.
Sat.
Mon.
Tues.
October...
43%
43%
44%
December—_.v.-.-.-.- ■-...
May._-_.
46%
~:w\---43%
41 %
;
have
resulted
Corn prices
deliveries were un¬
Open interest in
25,770,000 bushels.
DAILY
Rye—On the 16th inst. prices closed }/2 to ye. net lower.
heavy, there being little support and little
in the news to encourage demand.
On the 18th inst. prices
closed y to ye. net lower.
All grain markets were off
today, and
exception, ruling heavy during most
19th inst. prices closed y to ye.
higher.
This market was firm, apparently in sympathy
with the firmness of wheat.
On the 20th inst. prices closed
1 to lye. net higher.
With all other commodity markets
displaying strength, the rye market was anything but back¬
ward.
There was some good buying in evidence
during the
session and prices at the close showed substantial net
gains.
On the 21st inst. prices closed % to lc. net lower,
With
rye was no
On the
•.<
wheat
and
lower
and the general
uncertainty about
legislation to freeze wheat and cotton
stocks held by the Government, rye values
naturally took a
downward
trend.
Today prices closed
!4
to
%c. net
higher.
The rye market was relatively quiet, with the
corn
presidential action
on
undertone firm.
DAILY
CLOSING
PRICES
OF
RYE
FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
Sat.
September
September (new)
December (new)
May (new)
_
Season's
-
68%
75%
65
When
Made
I
75%
75%
Season's Low and
Aug. 2, 1941J September
Aug. 4, 1941 Sept. (new)
Aug. 4, 1941 Dec. (new)
\uvwj
Aug. 4, 1941 May (new)...
71%
73%
May (new)... 79%
__
OF
RYE
Tues.
59%
PRICES
OF
October.
52
Closing quotations
were as
55
Tues.
....
51
51%
o
PRICES
DAILY
Q
.
OF
S„aJ'
ii
,
No. 2 yellow—
92
IN
Wed.
....
....
....
58%
CLOSING
PRICES OF
91%
IN
NEW
Tues.
Thurs.
51%
51%
51%
Mon.
91%
Tues.
92%
Wed.
CHICAGO
Thuis. Fri.
on",;
----
77
77^
77 ^
81%
81%
85%
84%
84%
80%
84%
80%
85%
Miay
Season's
High and
September
79%
December
82%
May
86%
—
Oats
Trading
When Made
June 23. 1941
Aug.
Aug.
Season's Low and
September
7,1941 December
9, 1941 May
57%
73%
79%
On the 16th inst.
prices closed y to
very
light, with
of the session.
a
follows:
6.50(^6.75
6.75@7.00[Soft winter straights
6.50@6.751 Hard winter straights
6.60@6.85
GRAIN
Wheat, New York—
IOats, New York—
No. 2 red, c.i.f., domestic
125% I
No. 2 white
Manitoba No. 1, f.o.b. N. Y. 89% I Rye, United States, c.i.f
| Barley, New York—
Corn New York—
|
40 lbs. feeding
No. 2 yellow, all rail
91% I
Chicago, cash
.....
54%
89%
69
....58-68
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
for the week ended Saturday,
Aug. 16, and since Aug. 1 for
eacli of the last three
vears.
Receipts at-
Flour
Chlcago
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
159,000
Rye
Barley
bush 56 lbs bush 48 lbs
444,000
2,725,000
742,000
23.0o0
294,000
5,168,000
7o, 000
1,614.000
1.567,000
1.445,000
Duluth
1,675,000
23,000
34,000
20,000
352.000
26,000
150,000
87.000
150,000
715,000
162,000
30,000
158,000
2,098,000
214,000
180,000
167.000
68,000
94,000
633,000
114.000
4.000
15.000
-
16,000
Indianapolis
St.
Louis..
Peoria
.....
Kansas City
Omaha.
St.
123,000
141,000
269,000
31,000
248,000
464,000
118,000
30,000
55,000
1,470,000
130,000
104.000
292,000
1,000
154.000
795,000
_..
Joseph.
1,000
15,000
103.00U
When Made
Feb. 17, 1941
May 23,1941
juiy 30, 1941
net lower.
204,000
329,000
29,000
96.000
Wichita....
Sioux
heavy undertone prevailing
On the 18th inst.
prices closed
51%
Standard Mill Quotations
Spring patents.
First spring clears..^
Buffalo
Thurs. Fri.
91%
91%
December__________80%
-
Fri.
Minneapolis
corn,
YORK
Wed.
CORN FUTURES IN
Sat.
,
Mon.
58%
WINNIPEG
FLOUR
Toledo
CORN
56
_
/....
51%
51
....
'
FUTURES
Mon.
51%
December..
May.......
WINNIPEG
Wed. Thurs. Fri.
....
58%
BARLEY
Sat.
IN
54 %
56
May
iviay
May
65%
Mon.
54%
October
December....
Feb. 21, 1941
May 31, 1941
23, iyti
z.5, 1941
July 25, 1941
0V/4,
56%
FUTURES
Sat.
When Made
44
54%
..
DAILY CLOSING PRICES
DAILY CLOSING
72%
76%
...
_
High and
September
Sept. (new)
Dec. (new)
Milwaukee
CLOSING
43%
in
dealers who thought
some
-
-
..
This market ruled
optimistic.
able to get alwve the
previous close.
—
Feb. 17, 1941
33%
36%
..
_
When Made
30
—
Fri.
43 %
were
On the 21st inst.
of
CHICAGO
Wed.
——vw------
Season's High and
September
44%
Sept. (new)
44%
Dec. (new)
47%
May (new)— 49
sale
reports also some oatmeal had
were
ye.
higher, with receipts
estimated at 97 cars.
On the 20th inst. prices closed
Yi to
7/8c. net higher. The firmness of corn was influenced largely
by the marked strength of wheat values.
Foreign reports
indicated Switzerland
DAILY CLOSING
confirmation
as
There
net
YORK
When
—.117%
May
NEW
HI
114%
118%
..115
Season's High and
September —114%
Open
Mon.
111%
—
December
IN
Mon.
WHEAT
Sal.
September..
slow.
go
130%
122%
CLOSING
well
as
of the session.
WHEAT
Sat.
No. 2 red
DAILY
to
51,057,000 bushels.
CLOSING PRICES
demand
feed
160,000 bushels.
as
probable
interest
vanced
the bill to freeze Gov¬
on
although rumors that steps would be taken
prices rose about lc.
fairly steady during most
113,000
7Y.666
83,000
29,000
78,000
5,111,000
3,500.000
2,308,000
2,735.000
City.
Total wk'41
384,000
Same wk '40
369,000
12,964,000
14.853,000
3,434,000
4,806,000
717,000
4,950,000
Same wk '39
407,000
10,798,000
2.651,000
4.324.000
815,000
4.486,000
1.202,000
45,532,000
40,176,000
33,323.000
14,774,000
5,012,000
6,842,000
1.362,000
9,321,000
Since Aug. 1
1941
most
1940
1,233,000
ye. off to
1939
1,249.000
12,108.000
11,972,000
9.676,000
8.145,000
12.901.000
2.372.000 13.429.000
Volume
The Commercial & Financial Chronicle
153
Total receipts of flour and grain at the seaboard
ports
the week ended Saturday, Aug. 16, 1941, follow.
for
that it is
even
with
"fluid"
its
belligerents,
Receipts at—
Flour
Wheat
bbls 196 lbs
New
York.
Corn
Oats
bush 56 lbs
bush 32 lbs
.
bush 60 lbs
186,000
190,000
16.000
37,000
45,000
131.000
Baltimore..
22,000
624,000
New Orl'ns*
27.000
"V;; Rlje
:/
bush 56 lbs bush 48 lbs
74,000
4,000
217,000
8,000
28,000
110,000
28.000
88,000
12.000
3.373,000
547,000
4.000
4,662,000
831,000
7,936,000 134,883,000
9,847,000
Boston
'V:
Philadelphia
Galveston.
Barley
"
'
l~66u
"6 .000
tic, ports.
288,000
1941
199,000
Since Jan. 1
1940
*
on
1,182,000
7,841,000
82,790.000
289.000
6.000
1,000
2.021,000
729,000
1,762,000
32,000
4,000
.
309,000
.
areas have not proceeded
normally, according to the report, prepared
by the Office of Foreign Agricultural Relations.
From an agricultural standpoint there is a marked distinction
between
the sections occupied or threatened
by the Nazi invasion in the center and
72,213,000
2,797.000
1,702.000
zone.
They are characterized by poor soils, produce mistly
winter rye among food grains, although wheat
growing has been on the
increase, and depend on shipments from the south and east for a considerable
part of their grain supply.
In the south and west, the Nazi and their allies have
apparently succeeded
ih
penetrating or occupying the western tier of Provinces of the Russian
Ukraine and
1,165.000
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
Although advances of German mechanized spearheads do not necessarily
imply an effective occupation, it may be assumed that farm operations in
grain-deficit
Since Jan. X
Week 1940.
to judge accurately the extent of German
The advices of the Department went on to say.
penetration.
north of the Soviet Union on the one
hand, and in the south on the other
hand.
The former regions are in what is known as the
"consuming" or
Can. Atlan¬
Total wk.*41
difficult under conditions of the present war,
front and with contradictory claims of
such
299*000
_
1155
from the several seaboard ports for the week
ended Aug. 16, and since July 1, are shown in the annexed
statement.
a drive in the direction of southern Ukraine is now
reported.
Situated in the fertile black-soil belt, the western Ukraine is the
principal
of the Soviet Union, comprising nearly 40%
sugar-beet growing region
of the
total Soviet sugar beet acreage.
A considerable number of sugar
are located in that area.
In addition, it is also an important winter
wheat growing region characterized by
high per acre yields and accounting
for about one fifth of the total Ukrainian wheat
acreage.
Wheat and other
mills
small grains are
in August, and
usually harvested during the latter part of July and early
beets in the early autumn.
It is not known how
Russians or destroyed.
sugar
much of the grain crop was saved by the
Grain crops in the southern Ukraine and in Crimea should be
largely
harvested by the middle of August.
How far it would be possible to save
move of the Nazi war machine
succeed, would depend largely upon the ability of the heavily overburdened
Russian railroads to move the
grain.
the crop in that area, should the southward
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
Bushels
Exports from—
New York-..
Balii more
149,000
...
,
179.000
26,000
175,000
80,000
.
•*32.000
"
Can, Atl. ports..
3,373,000
547.660
Total week
1941.
3.602,000
726,000
«26,000
179,000
432.000
Since July 1, 1941
21,915,000
2,407,000
200,430
187,000
1,133,000
Total week 1940.
1,256,000
48,070
Since July 1, 1940
15,146,000
198,000
5.684,000
According to Soviet reports, harvesting is now under way in all central
and southern regions of Russia, and an effort is
being made to speed it up.
The outturn of all crops is said to be good and in some areas excellent.
Grain deliveries to the Government are reported as
a
Export data not available
The
4",000
+
progressing normally.
J.
mm.
Reports
"
314,100
9 .000
155,000
55,000
from Canadian ports.
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and sea¬
board ports, Saturday, Aug. 16, was as follows.
granary at
GRAIN
Wheat
United States—
New York
STOCKS
Corn
Oats
Bushels
Bushels
bushels
590,000
Rye
Bushels
48,000
44,000
100,000
153,000
1,000
8,164.000
375,000
15,000
New Orleans
2,001,000
207,000
18,000
5,354,000
Fort Worth
...
..
....
12,407,000
-
"C
3*666
1,027,000
167,000
7,606
104,000
246,000
28*1,000
t'
Hutchinson........
....
40,495,000
1,569,000
....
14,778,000
6,868,000
1,327,000
Kansas City...
6,328,000
1,115,000
269,000
122,000
104,000
.
-V
Indianapolis..
—
Peoria
Chicago
....
afloat...—
Lakes
I.
.
..
.
Milwaukee.....
.
.
.
....
—
36,000
887,000
293.000
9,000
25,000
3,088,000
1.266,000
698.000
170,000
1,465,000
Sioux City
104,000
45,000
8.124,000
...
St. Louis-.......
On
"1*2*666
134,000
4,000
15,398,000
8,549,000
193,000
4,514,000
222,000
w'*
J
v
"7*5*066
■
3,688*,000
■
^
•>
■
.
270,600
444.666
3,716.000
2,693,000
147,000
1,199,000
6,000
1,122,000
2,000
386,000
233,000
375,000
121.000
386,000
109.000
16, 1941..215,539.000
Total Aug.
9, 1941..210,610,000
37,931,000
9,736,000
12,396,000
37,699,000
Total Aug, 17, 1940.. 157,343,000 24,905,000
7,991,060
11,268,000
8,792.000
6,081,000
Buffalo.....
afloat..
On Canal
.
-
....
9,726,000
Total Aug.
5,000,246
333,992
5,080,184
404
5,596
'
Kansas
879
626,371
77
51,794
24
66,890
19
53,525
9
5,649
2
Michigan.
Minnesota.
Missouri.
Nebraska
856
10,454
.
8,001,174
386
307,798
3,443
2,942,564
948
709,526
15,461
_
13,130,234
467
433,820
98
113,942
38
461
159
53,666
82,362
5,548
261,670
4,034,819
61
54.290
38
-
18,928
10
4,583
109,125
102,654,583
12.785
12.166,643
-
North Dakota
Ohio.
South Dakota
Wisconsin
Total...
5,515,000
4,185,000
Detroit
904,821
yj
soe'ooo
1,652,000
325,000
25,997,000
Bushels
4.618
59.038,317
Kentucky
—.
—
34,772,000
....
1.044
59,066
Iowa
391,000
....
....
.
13,509,204
No. Loans
•1
•
1,504,000
3,905,000
1,637,000
2,000
6,907,000
342,000
Duluth
12,600
Illinois.
147,000
3,017,000
—.....
Minneapolis.
Repayments
Bushels
•
....
Omaha
6,000
11,150,000
St. Joseph
Total Loans Made
No. Loans
Indiana
'A"
'
103,000
451,000
on
State
182,000
2,000
Baltimore-
1940
Barley
2,000
1,924,000
Corn
Loans—The Department of
Aug. 18 that 869 loans made on
the 1940 corn crop were repaid during the week ended
Aug. 9, 1941.
This brought total loan repayments to that
date to 12,785, representing 12,166,643 bushels valued at
$7,406,653.
There were outstanding on the same date
96,340 loans on 90,487,939 bushels valued at $55,143,712.
Loans by States fellow:
on
Agriculture announced
Bushels
347,000
257,000
Philadelphia
Galveston.
The report points out that not only the size of the
crop, but the transporta¬
tion problem as well, will play a decisive role in the Russian food
situation.
2,448,000
\
.......
■
;
5,436,000
Note—Bended grain not Included above: Oats—Buffalo, 68,000 /
bushels; New
York, 214,000; total, 282,000 bushels, against 386,000 bushels in 1940.
Parley—
New York, 107,000 bushels; total, 107,000 bushels, against 1,158.000 bushels
in
1940.
Wheat—New York, 3,060,000 bushels; New York afloat,
754,000; Boston,
2,171,000; Philadelphia, 472,000; Baltimore, 965,000; Portland, 1,306,000; Buffalo,
5,231,000; Buffalo afloat 302,000; Duluth, 9,598,000; Erie, 2.233,000; Albany.
2,826,000; on Canal, 436,000; in transit—rail (U. S.), 2,408,000; total, 31,762,000
bushels, against 30,611,000 bushels in 1940.
Report on CCC Loans on 1941 Wheat—-The Depart¬
of Agriculture announced on Aug. 18 that through
Aug. 12, 22,502 loans in the amount of $10,448,703 on 10,837,240 bushels of 1941 wheat had been made by Commodity
Credit Corporation and lending agencies.
The Department
ment
states:
The average amount advanced was 96.42 cents per bushel, which includes
allowance for freight from the point of origin to terminal and subterminal storage locations.
CCC reports that 10,807,240 bushels of wheat
on which loans have been completed are stored in commercial
warehouses,
an
while only 30,000 bushels are stored on farms.
Officials of CCC explained that a greater number of wheat loans have
actually been made than are reported at this time, due to the time required
in recording.
Only those loans which have been completely cleared in the
Corporation's records are reported.
Loans by States follow:
.
,
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
Lake, bay, river—seab'd 64,866,000
State in Which Loans Originated
191,000
1,357,000
157,000
313,000
83,119.000
325,000
Other Can. & other elev.280.202,000
1,438,000
921,000
1.284,000
2,799,000
California
Total Aug, 16,1941
.428.187,000
Total Aug.
9,1941. .430,833,000
2,986,000
3,196.000
1,403.000
4,396,000
3,886,000
4.3O5.000
Idaho.
No. of
Delaware
1,345,000
Ft. William & Pt. Arthur
Total Aug, 17, 1940.
Summary—
250,953,000
4,697,000
1,520,000
.215,539,000 37,931,000
9,736,000
12,396,000
5,436,000
Canadian
.428,187.000
2,986,000
1,403,000
4,396,000
37.931,000 12,722,00u 13,799,000
9,832,000
9,401,000
10,386,000
Total Aug. 16, 1941. .643,726,000
Total Aug.
9,1941. .641,443,000
Total Aug.
——
37.699,000
17, 1940. .408.296,000 24.905,000
11,187,000
8,882,000
12,613,000
10,312,000
63,003
12
6,849
4
1,174
6,336.55
1.365.48
109
...
Illinois....—.
184,793
157,656.90
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ended Aug. 15 and since July 1, 1941, and
July 1, 1940, are
shown in the following:
40,674
388
109,347
118,175.87
57
11,677
2,496,251
43,713
2.513,623.04
......—
Kansas.
4,354
Kentucky
120
:i
New York.
M
ichigan
_
2
16
....
Nebraska,.
—
486,784
8,459
4
435
Oklahoma.
5,119
266
Oregon
Pennsylvania
Tennessee
Texas
—
Utah
Wheal
3
-
Washington
Exports
Week
Aug. 15,
1941
Bushels
No. Amer.
3,915,000
Since
Since-
Week
Since
July I,
1940
Aug. 15,
July 1,
July 1,
1941
1941
1940
Bushels
Bushels
Bushels
35,998,000
Black Sea.
Argentina.
23,367,000
Bushels
Bushels
398,000
1,441,000
5,578,000
114",600
51*2*666
8,099*666
512,000
1,953,000
15,443,000
560,000
2,55*7,666 14,358,666
21,029,000
Other
countries
Total...
2,376,000
6,472.000
40
1,549 <.?:/
3,180.87
158,191.12
2,167,842.48
1,045,582.41
8,786,40
9,523.37
Y
f
i
451,981.67
.
.....—
1,249.88
588
20,184
1.589,795
1,409,323.56
10.807.240
a?10,448,703.01
24,492.30
Since
July I,
1941
,
2,090.70
39,315.06
235,239.62
1,934,148.95
a22,502
Vhginia—
Corn
11,682.27
48.566.05
8.616
1.000
1.164
-
Ohio
38,573.16
38,012
234,839
1,974,352
3,465
143,958
2,239,064
1.099,688
7,735
23
:
;
1,818
149
—
_
Missouri
861,775.30
169
.
Iowa
New Mexico
The world's
Amount
Storage
21
■—
Indiana
American.
Warehouse
Bushels
Colorado..
>,
Loans
50,356,000
47,332.000
1,766,000
Effects of War on Russian Agriculture Not Clear
According to United States Department of Agriculture
—Effects of the Nazi invasion on Soviet agricultural
economy
are still not clear after seven weeks of
warfare, the U. S.
Department of Agriculture said on Aug. 18 in the publication
"Foreign Crops and Markets.'* The Department states
Total
a
Including loans on 30,000 bushels farm stored wheat.
Weather Report for the
Week Ended Aug. 20—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 20, follows:
general
summary
Following 3 weeks of persistently hot weather in the mid-Atlantic
area,
Lake region, interior valleys and the northern half of the Great Plains,
there was a marked reaction to marKedly subnormal temperatures in those
areas
during the week just closed.
In much of the Lake region and the
interior of the Northeast maximum temperatures did not reach 80 degrees
during the entire wee«, while the minima were in the upper thirties in some
sections with scattered, light frost on some mucK lands in the Lake region.
East of the Rocky Mountains maximum temperatures of 100 degrees or
higher were confined largely to Texas the highest reported from a firstorder station was 104 degrees at Forth Worth, Tex.
Showers were more widely distributed and more generous in amount
than in recent weeks, especially from the central Ohio and upper Missis-
■
The Commercial & Financial Chronicle
1156
sippi Valleys and Lake region eastward.
However, only widely scattered
stations reported heavy rains.
Those having falls of more than 2 inches
in 24 hours include Atlanta, Ga., Grand Rapids, Mich., Pittsburgh, Pa.,
Jacksonville and Melborne, Fla., and Memphis, Tenn.
The weekly mean temperatures were generally from 3 degrees to as many
as 8 degrees below normal from Virginia and the Ohio Valley northward
and northeastward. In marked contrast to the plus anomalies for several
preceding weeks.
From Kansas southward the averages were 1 degree to
4 degrees above normal and like plus anomalies appear in the Southeast.
From the Rocky Mountains westward the period had about-normal warmth
in the south, below normal in much of the Great Basin, and mostly 4 de¬
grees to 8 degrees above normal in the interior of the Pacific Northwest.
Good rains occurred from Kentucky and eastern Indiana eastward and
and northward, except that they were light in much of Virginia.
Also,
the weekly totals were substantial in nearly half of Iowa, most of southern
Missouri and eastern Kansas.
Considerable rain occurred also in the
northern portions of the Gulf area and in the extreme Southeast.
In
other Gulf sections the amounts were scanty.
With a favorable respite from high temperatures in the interior and
northern States and good showers over considerable areas, the weather
of the week was more favorable for crops, in general, than had prevailed
Late vegetation has been helped materially in much of the
Mountain sections, the Northeast and the
Missouri, considerable areas in the upper
previously.
Ohio
Lake
Oklahrrma—Oklahoma
Aug.
City:
Progress of late
much of west.
23, 1941
Favorable temperatures; rain needed in
corn mostly very good, except some dam¬
in east by ear and bud worms; condition generally good to very good.
Progress of cotton mostly good; improved by rains; weather favored check¬
ing weevil, but leaf and boll worms causing extensive damage in extreme
south; condition good in north and fair to fairly good in south.
Harvest¬
ing early broomcorn completed in Lindsay area.
Pastures improved in
most sections; livestock good to excellent.
age
Arkansas—Little Rock: Very warm days and moderate rainfall, but
more
rain needed in many sections.
Progress of cotton fair; warmth
causing premature opening in south; many localities reporting first bale;
weather favorable for weevil activity.
Lack of rain being felt by corn in
northeast, while«in sections where rains adequate, condition fairly good;
more rain needed for late crops.
Rice heading.
Pastures reviving where
moisture adequate.
Tomato harvest under way in northwest.
Tennessee—Nashville:
Progress
of
corn
good
to
excellent; condition
rain needed in some sections.
Progress and condition of cot¬
good; blooming and fruiting; army worms reported in a few places.
Tobacco fields fair to very good; very irregular.
Sweet potato vines
heavy; conrRtion good;
Meadows, pastures and ranges improved some¬
what by rains.
Garden true* and fruit very good.
very good;
ton very
Valley, the Appalachian
region.
Also, southern
THE DRY GOODS TRADE
Mississippi Valley and the southeastern Plains were favored with bene¬
ficial rain.
the amounts were only moderate and sufficient
for temporary relief only, with a general soaking rain still needed rather
generally in central and northern States east of the Rocky Mountains.
Rain is needed in some southeastern sections and for preparation for fall
seeding on dry-farming lands in parts of the Rocky Mountain area.
In
some
interior localities severe drought continues with scarcity of water
New
However, in most cases
for domestic purposes.
Crop growth was retarded somewhat by low temperatures in the North¬
Lake region; light frost on muck lands of the latter area caused
or no damage.
Farm work generally made good progress, except
there was interruption to haying, harvesting and threshing in some late
east and
little
northwestern
districts, and the soil is still too dry for plowing in much
of the interior.
of the small grain crops is well aiong in the
districts, but there was some interruption by showers
during the week; threshing returns in North Dakota show very good yields.
In the far Northwest harvesting will continue into September.
Grain
sorghums are doing well in the southwestern Plains, flax is very good
in central-northern sections, and some early rice harvests show excel¬
lent yields in the west Gulf area,
in the principal Winter Wheat Belt
Small Grains—Harvesting
later northwestern
general rain is needed to condition the soil in preparation for fall
work is progressing favorably in Kansas.
Corn—While there was no general relief from droughty conditions in
the Corn Belt, considerable areas received beneficial showers that will be
helpful, and the reaction to lower temperatures was universally favorable.
At the close of the week good rains occurred in the eastern belt, the Lake
region, parts of Illinois, neany had of Iowa, southern Missouri, eastern
Kansas and some central-northern districts.
Corn has suffered considerable damage in southern Illinois where the
general condition is poor to only fair, but harm has been less extensive in
the north.
In Missouri condition of the crop varies greatly, depending
upon local rainfall and the nature of the soil; further deterioration is rea
good
seeding, though this
the in much of Plains progress of late corn
f orted lower Great the State and considerable
n
beneficial rains occurred in much
is fair to
good rather generally.
Nebraska deterioration
In
upland corn is beyond help,
was mostly very good, while
of Kansas where condition of the crop
continued, but at a much less rapid rate,
because of cooler weather; the crop is very spotted with general
condition ranging from poor to very good, but only a small arceage be¬
yond help.
In Minnesota cooler weather and showers in considerable
areas
checked the decline, withe in Wisconsin and southern Michigan
largely
progress was very good.
In Iowa, a rather wide
belt, but covering less than half the State, from
west-central counties to the southeast had good rains, but most other
sections continued dry; the rains came too late to materially help consider¬
able corn on light, hilly soil where there are many barren stalks and ears
are
filling poorly.
Cotton—In
-
■
the
Cotton
Belt temperatures averaged somewhat above
with rather substantial precipitation in north-central portions,
but only very light showers in most other sections.
On the whoie the
weather was rather favorable.
In Texas progress of cotton was fair generally, with growth unusual
normal,
general in more south¬
and plants fruiting well in the northwest; picking is
ern sections.
In Oklahoma progress was mostly good,
able reaction
to
damage in the extreme
reflecting favor¬
causing extensive
south; the general condition is good in the north
the recent rains, although
worms are
in the south.
States of the belt progress was fair to good in most sec¬
bolls opening fast to central districts, in fact, prematurely,
because of continued high temperatures, in southern Arkansas.
In Louisi¬
ana fruiting is mostly
unsatisfactory with shedding reported from many
localities, due largely to insect and worm activity.
In tne eastern belt
advance of the crop was mostly fair to good, with boils opening fast in
southern sections, but weevil have been widely favored through rank
and fair to fairly good
In the central
with
tions
growth of foliage.
Bureau
Weather
The
furnished
the
following
resume
conditions in different States:
Carolina—Raleigh: Favorable temperatures, but no rain and
Condition of cotton mostly fair, except inland and north¬
coastal plain; progress fair to good and fruiting niceiy in south.
Tobacco harvesting nearly completed and nearly all housed in central
coastal plain.
Early corn mostly fair to good; late mostly poor.
Truck,
pastures and ranges fair to good.
North
lack being felt.
The supply problem in the textile industry continued to be
complicated by brisk consumer buying, which is depleting
stocks at a greater pace than either manufacturers or stores
anticipated.
This is particularly true in regard to sheets
and towels with the result that mills are practically sold up
South Carolina—Columbia; Favorable temperatures.
Corn, pastures,
and gardens good progress generally, but more rain needed espe¬
cially in north.
Progress of cotton fairly good; condition fair; bloom¬
ing and setting bolls satisfactorily in north; picking slow in south; opening
oegun in central.
Tobacco marketing very active.
Georgia—Atlanta; Scattered showers first half, but little thereafter.
opening rapidly and picking fairly active in central and south;
Corn good; fodder pulling in many places: some
damaged in west-central by rain.
Sweet potatoes good.
Tobacco fair to
good; all harvested.
Truck fair to good.
Pastures good.
Cane and
peanuts glowing nicely, but rain needed.
Florida—Jacksonville:
Favorable
temperatures and
adequate rains;
soil moisture ample.
Progress and condition of cotton fair; picking fairly
active.
Late corn being harvested.
Tobacco season about over; crop
Cotton
condition fairly good.
good.
ing
Preparations being made for fall truck.
Grapes and pears ripen¬
Citrus groves good.
.
Alabama—Montgomery: No rain in south and in all sections since Satur¬
day, but too much through Friday in middle and north; moderately favor¬
able for weevil in north, but favorable elsewhere; progress and condition
of cotton fair.
Corn, legumes, sweet potatoes, pastures and hay all prom-
j ise good
yields.
Gardens and truck fair.
Mississippi—Vicksburg: Days somewhat warm, frequent local thundershowers in north.
Weather favorable for weevil activity in north, but
only moderately favorable in south.
Cotton picking beginning in north
and opening slowly throughout.
Progress of late corn fair to good. Prog¬
ress of gardens, pastures and truck mostly good.
Louisiana—New Orleans: Favorable temperatures; no rain of impor¬
Cotton opening rapidly; fruiting mostly unsatisfactory; heavy
shedding in many localities; picking slow progress.
Corn maturing; con¬
dition poor to locally good.
Early rice harvest well under way; some
late varieties heading.
Cane doing well; condition fair.
Good progress
in preparing land for fall truck.
>
'
tance.
Texas—Houston:
Favorable
temperatures;
adequate
rains
in
many
localities of west and a few widely separated localities in east, elsewhere
none. Subsoil moisture ample generally. Some threshing of oats, barley, and
Corn generally matured and some harvest¬
Condition of rice improved; excellent yields obtained
Progress of cotton fair; weather favored check¬
ing weevil, particularly in east and southeast; condition good in north¬
west where unusual growth and fruiting well; picking general in extreme
south and spreading to coastal bend areas.
Planting fall truck crops in
beds continues in lower valley.
Livestock and ranges very good.
wheat continues in Panhandle.
ing
being
done.
from some early acreage.
Furthermore, the fact that
for the remainder of the year.
the manufacture
havoc with the
Many print cloth mills, for example,
many mills are diverting their machinery to
of cloths for defense purposes is playing
civilian'use.
supply for
are
said to have switched to the
there is
for which
a
production of gauze bandages
This country is now
large demand.
supplying Russia, China, and South America with these
products on which there is no ceiling price.
The consensus
appears to be that the supply situation will grow steadily
worse
until the turn of the year,
when an expected decrease
buying will ease the pressure.
Wholesale markets ruled comparatively quiet during the
week.
This situation, however, was due to the scarcity of
offerings and not to any decrease in the'demand.
Buyers
continued to search the markets for supplies and were
in both Government and civilian
unable to
satisfy their needs.
The fine goods trade awaited
ceilings on combed goods, and expected that while prices
might be close to present levels, there would be some down¬
ward revisions.
The situation in regard to sheetings con¬
tighten with offerings conspicuous by their absence.
further talk about a big cut in sheeting production
so as to make osnaburgs.
In drills, twills and jeans, business
was restricted by expectations of the impositions of ceilings
and the sold-up condition of mills.
Business in rayons was
confined for the most part to occasional sales of small lots
by second hands at firm prices.
Trading in the primary
market was negligible as the market awaited the announce¬
ment of price ceilings by the Office of Price Administration
and Civilian Supply.
-a#
tinued to
There
was
Woolen
Goods—The
markets
for
woolen
goods
ruled
decidedly firm.
Higher costs of production of woolen and
worsteds developed during the week as the American Woolen
Co., the largest producer, increased the wage scale by
seven cents per hour, which action was followed by a number
of mills in the Providence and Woonsocket manufacturing
area.
western
truck
York, Friday Night, Aug. 22, 1941
Primary markets for dry goods experienced a more or less
quiet period during the past week.
Releases of gray goods
by mills were restricted, and buyers appetite for cloth
appeared to be unsatisfied.
Buyers continued to press for
the items they were in need of but could not obtain anywhere
near
their requirements.
Sheetings were virtually out of
the market and a number of other lines became tighter.
This development
stimulated renewed demand upon
piece goods from buyers who entertained the view
that prices of wool goods were likely to move upward.
Trading in the men's wear division was again brisk in spring
lines, and it was expected in some quarters that lines for
spring would be shortened considerably in keeping with the
general tendency of the textile industry to offer less varied
supplies of goods than for some time past.
More or less
quietness again prevailed in the women's wear division.
Buyers were awaiting the opening of new lines which are
scheduled to take place after Labor Day, and pending these,
business was confined for the most part to filling-in quantities.
Reports from the garment trade continued encouraging with
business continuing to be materially ahead of a year ago.
Wool hosiery mills were active with buyers pressing them
to ship fall orders as quickly as possible in expectation of a
better
season
than
usual.
Underwear mills willing to
mills for
accept
new
orders found
no
difficulty in securing them.
Goods—Linens had a busy week with
demand active for the better grades and notably white linens
and fine sheetings.
Prices were very firm with advances
named in a number of directions.
There was some trading
Foreign
in spot and
Dry
afloat burlaps during the week, but the total
restricted.
With the establishment of price
ceilings which were announced by the OPACS late on
Aug. 15, buyers saw no immediate need for placing orders,
despite the fact that there was a possibility of the supply
being curtailed.
The price ceiling announced by the
OPACS on Aug. 15, effective on Aug. 16, for burlap bags
and other types of burlap approximated 20% below quota¬
tions prevailing in the New York spot market on Aug. 15.
Domestically lightweights were quoted at 8.40c., and
heavies at 11.50c., maximum prices fixed by the OPACS.
volpme
was
Volume
The Commercial & Financial Chronicle
153
ments.
With
$44,000,000,
it
United States.
Specialists in
The
its
1157
90,000
members
constitutes
one
of
and
the
annual
largest
receipts
of
concerns
of
upward
its
kind
in
of
the
companion
value of all
to
volume, or schedule of investments, shows thai the par
investments under Comptroller Tremaine's
trusteeship amounted
$310,257,134.72 on June 30, 1941..
Despite the constantly growing difficulties of all trustees, due to increas¬
ing prices, and consequently ever-decreasing yields on
high-grade bonds,
Illinois & Missouri Bonds
Comptroller Tremaine reported that the average yield on the State's entire
portfolio is close to 3.75%, and that the premium over par
value, based on
quotations, exceeds $30,000,000.
"Best of all, however," he added, "the
principal investment of $310,259,134.72 is intact and again has suffered no losses of either
principal
or
interest."
Even
the purchases of over $47,000,000 worth
of bonds
during the past fiscal year were at yields ranging from 2.75% to
3.50%,
and averaged around
3.15%.
The average yield on the whole portfolio is
explained by the fact that many purchases were made several
years
ago
at very low prices.
current market
Stifel. Nicolaus & CoJnc.
Founded 1890
105 W. Adams St.
•
DIRECT
CHICAGO
314 N.
•
Broadway
ST. LOUIS
WIRE
Texas—County Financial Statistics Compiled—The sixth
annual edition of financial statistics foi
State has just been prepared
News Items
New Jersey—RFC Loan
Authority—
Sought by South Jersey Transit
The South Jersey Transit Authority announced on Aug. 20
that it would seek a loan of $2,500,000 from the Reconstruc¬
tion Finance
Corporation to carry out an elaborate plan to
Philadelphia with South Jersey communities through
high speed electric lines.
link
Members of the authority, at a meeting in Philadelphia, authorized a
sub-committee headed by George M. Richardson, Philadelphia, to proceed
at once with negotiations with the RFC.
The plant is to extend the present
high speed line
over the Delaware River bridge between Philadelphia and
Camden from its present terminus at Broadway and Carmen Street, Camden
to the tracks of the West Jersey and Seashore lines and to run the trains
over
the tracks into various suburban communities.
New
York, N. Y.—Curtailment of City's Construction,
Reported by Comptroller—Priorities for national defense work
(jutting into New York City's construction work and
will in all probability bring about a curtailment of
capital.
expenditures in other American cities.
New York City's Comptroller Joseph D. McGoldrick
revealed the tightening in available materials on Aug. 18
in a message to the City Board of Estimate and
Planning
Commission.
He expects it to become "increasingly acute"
and urges the city "not to compete" with the national effort.
are
He drew a parallel between the situation confronting American cities
thai, which Canada faced two
years ago.
Canadian municipalities
halted "their capital construction and have confined themselves to
projects
and
.
pertaining only to public health and safety.
Inquiries reveal, he said, that almost without exception New York City
departments are experiencing delays in capital projects, either through a
failure to obtain preferences in priorities or to an inability on the part of
the contractors to obtain materials or machinery
despite favorable priority
ratings.
The city has some 200 projects under way, and in his message the
Comptroller urges that the 1942. capital budget be limited to $65,000,000
for their completion or cut below that
figure if priorities cannot be
obtained.
He
also asks
cessation
of all other new improvements seeking
for the preparation of plans and the pur¬
chases of sites where necessary for a "reservoir of
projects" to be under¬
taken during the post-war period.
only
an
additional
a
$1,000,000
Another Airport Planned by City—The City
Planning Com¬
mission announced on Aug. 17 that it was
ready to consider
seriously, preparatory to definite action after holding a
public hearing, Mayor La Guardia's request for approval
to permit the city to acquire a 500-acre tract in the Ialewild
section
of
Queens for the eventual setting
up
of
a
third
municipal airport.
The proposed airport
LaGuardia fields by an
Brooklyn.
would be linked
improved network
up
of
with
Floyd Bennett
in Queens
highways
the counties in the
by Garrett & Co., First Na¬
tional Bank Building, Dallas.
This booklet, first prepared
in 1936, has received much favorable comment
because it
summarizes important data on each
county, such as up-todate figures on outstanding debt, assessed
valuations, popu¬
lation, 1940 tax rates, tax collection trend, &c. We are ad¬
vised by P. B. (Jack) Garrett,
President, that copies of the
1941 edition will be sent
upon request to the above firm.
United States—Population
Change by Counties, 1930 to
1940—Population change by counties between 1930 and 1940
is summarized on a map released on
Aug. 18 by Director
J. C. Capfc of the Bureau of the Census.
Department of
Commerce, which indicates that the most significant popu¬
lation shift of the decade was the movement of
persons out of
the Dust Bowl areas and into the States of the West
and
Southwest.
plotted
When population changes for each
county are
as on
the accompanying map, it becomes apparent
that the heaviest proportionate losses were concentrated in
wide corridor of counties
a
extending from Canada southward
and slightly eastward through the States of
Montana, North
Dakota, South Dakota, Nebraska, Kansas, Oklahoma, and
into Texas.
On the other hand, high
percentage increases
were concentrated
heavily in wide areas throughout the
Pacific and Mountain divisions,
especially in California,
Oregon, Arizona and New Mexico.
Large areas of substantial increase also appear in counties bordering the
Gulf of Mexico, in large blocks of Florida
counties, in the Southern Appa¬
lachians
(West Virginia, eastern Kentucky and Tennessee, and western
North Carolina), and in the northern parts of
Minnesota, Wisconsin and
Michigan.
Other areas of heavy population losses and gains were scat¬
tered throughout all parts of the country in
relatively smaller units.
*+9*
As indicated in the release presenting population increase for
the United
States by States (Series P-2, Dec. 4, 1940), the southern and western
parts
of the country showed the greatest relative increase in
population during
the last decade.
In the South this increase is
probably due to the high
oirth rate plus the fact that the usually
heavy out-migration was partially
suspended
because of adverse employment conditions elsewhere infthe
country.
In Florida, just as in California, the increase is partly due to
heavy migration toward a warmer climate.
The increase in the Mountain
States may have been due to the settlement of
migrants from the Dust
Bowl, together with a relatively high rate of natural increase.
More con¬
clusive statements
increase
or
can
decrease
in
be
made
specific
as
to
regions
characteristics of the population
and
from the 1940 Census.
the
factors
when
underlying population
detailed
more
internal migration
on
data
are
on
the
available
.
Bond Proposals and Negotiations
and
and
Alabama
With
the marked success of LaGuardia Field and
"Floyd Bennett Field
airports, the Mayor is reported much enthused at the idea of construct¬
ing a third airport.
Following the action of the Civil Aeronautics Board
allotting $850,000 for the Idlewild project, the Mayor is asking the Board
of Estimate to amend its capital outlay
budget for 1941 to provide ample
funds for the financing of the projected airport.
Municipals
as
Steiner, Rouse
BIRMINGHAM, ALA.
New York State—New Accounting
System Adopted—
With the issuance of the new streamlined annual
report of
Since
the reorganization of the Comptroller's Department,
pursuant to
adoption of the so-called pre-audit amendment to the State Constitu¬
tion, is now virtually complete, and with the installation of modern book¬
keeping and accounting machines throughout the Department, Comptroller
the
Tremaine
announced that henceforth he will be
equipped to issue a com¬
on the State's fiscal operations for public consumption within
days of the close of each fiscal year.
The report discloses that the annual expenditures of the State from
all
funds in the treasury now exceed $1,000.000.000 exclusive of
expenditures
plete report
45
of
some
300
or
more
funds
outside
the
State
Treasury.
The expenditures of the general fund during the
past fiscal year amounted
to $793,885,915, of which amount $391,047,794
represents the expenditures
from general fund appropriations for the general
purposes of government.
Payments to localities, including those from appropriations and distribu¬
tions of special taxes, reached a total of
$265,756,176, or 55.5% of all
special taxes collected.
The cost of servicing the State debt in 1941 amounted to
$52,210,586.
The cost of operating the 21 major departments of the State's
govern¬
ment during the past .year amounted to
$38,863,768, or only 9.9% of all
general fund costs of government.
During the same fiscal year the State spent $20,433,704 out of its cur¬
rent
revenue?
for
construction
and
repair of bridges
and
highways;
$2,406,694 on canals and waterways; $18,087,736 on general State
charges,
such as payments to pension
funds and other statutory payments listed
in
the
The
is
the
Co.
NEW
YORK
Direct Wire
the Department of Audit and
Control, covering the financial
operations of the State of New York for the fiscal year just
closed, State Comptroller Morris S. Tremaine announced
on Aug. 17 the abandonment of the old
Comptroller's annual
report, which in the past has required from 10 to 12 months
for publication after the close of the fiscal period.
&
Members New York Stock Exchange
ALABAMA
SYLACAUGA,
election
has
been
Ala.—BOIVD ELECTION—We
called
for
understand
Sept. 8, to submit to the voters
an
that
an
issue of
$70,000 sewage plant construction bonds,
ARIZONA
WASHINGTON
SCHOOL
DISTRICT
NO.
6
(P.
O.
Phoenix),
Ariz.—BOND OFFERING—Sealed bids will be received until 10 a. m. on
Sept. 8, by J. E. De Souza, Clerk of the Board of Supervisors, for the pur¬
chase of $40,000 coupon construction bonds.
Interest rate is not to exceed
payable J-J.
Dated July 1, 1941.
Denom. $1,000.
Due $4,000
Jury 1, 1948 to 1957.
No bids for less than par and accrued interest to the
delivery will be considered.
Delivery of said bonds to be made at
4%,
date of
Phoenix.
Authorized at the election held on July 22.
The successful
a certified copy of the transcript of the
pro¬
ceedings so that the same may be passed upon by the attorneys for such
bidder.
The analysis of such transcript shall be completed within a period
of 10 days from the acceptance of said bid by the Board of Supervisors.
Enclose a certified check for at least 5% of the total amount of such bid,
payable to the County Treasurer.
bidder will be furnished with
ARKANSAS
ARKANSAS, State of —TREASURY BALANCE l/P—State Treasurer
Earl Page reports general Treasury balance as of Aug. 5 at $18,834,395,
highest on record, an increase pf $8,267,125 over $10,567,270 held Aug. 5,
Mr. Page said the increased balance represents larger tax income
1940.
plus credits derived from sale of $137,000,000 highway debt refunding
to Reconstruction Finance Corporation.
Formerly, highway fund
balance was held at low point through use of surplus above debt service
issue
report.
and maintenance requirements for
Employees' Retirement Fund of the "State, of which the Comptroller
legal administrator, now holds in excess of $150,000,000 of invest¬
NEWPORT, Ark.--BOND SALE DETAILS—It is stated by Harry
Grinies, City Clerk, that the $8,000 fire equipment bonds which were pur-
puychase of bonds on tenders.
The Commercial & Financial Chronicle
1158
chased by Hill .Crawford & Lanford of Little Rock—V.
sold as 4s at a price of 103.33, and mature on Nov. 1 as
1943 and 1944 and $3,000 in 194.5, which gives a basis of
SOUTHEAST
152, p. 580—were
follows: $2,500 in
about 2.94%.
Sept. 30, 1939, and the sum of $65,715.20 since Oct. 1. 1939.
That of such diversion the sum of $36,394.42 was expended upon
airport owned and established by the City of Avon Park in its pro¬
prietary capacity.
J:
"5. That the officials of the City of Avon Park responsible for such
diversion are chargeable with knowledge of their unlawful acts and there
are no extenuating circumstances.
r
"6. That the diversion of the moneys spent upon the said airport was
aided and abetted and was probably the result of a conspiracy between
certain officials of the City of Avon Park, the contractor, the surety on
the contractor s bond, and the banks, in which the moneys involved were
originally deposited, and to which the same were transferred, or their
respective officials.
to
ARKANSAS LEVEE DISTRICT (P. O. McGehee),
REFUNDING BOND
ISSUE—A proposal to issue
"4.
Ark .—PROPOSED
an
$1,268,000 3lA% callable bonds
to refinance non-callable 4% bonds has
been advanced by the above district.
Two years ago the district completed
debt adjustment plan with the Reconstruction Finance Corporation's
assistance, which
Corporation holds the currently outstanding bonds.
The initial debt adjustment was on a basis of less than .50% original value.
a
,
CALIFORNIA
BRAWLEY, Calif.—BONDS SOLD—Tne City Clerk states that $60,000
city hall and library building bonds were purchased on Aug. 18 oy Thomas
Kemp & Co. of Los Angeles, paying a premium of $24, equal to 100.04, a
net interest cost of about 3.44 %, on the bonds divided as follows: $54,000
as 3Hs. due on
Sept. 1, $2,000 in 1942 and 1943, and $.5,000 in 1944 to
1953: the remaining $6,000 as 3hjs. due on Sept. 1, 1954.
Denom. $1,000.
Dated .Sept. 1, 1941.
Prin. and int. (M-8) payable at the City Treasurer s
office.
Legality approved by O'Melveny & Myers of Los Angeles.
on
in
HILLSBOROUGH COUNTY (P. O. Tampa), Fla.—BONDS SOLD—
about $54,865,000 as against the May peak of
MIAMI
as
follows: $6,000 in 1943 and
allowed the purchaser for the purpose of
election
BEACH, Fla.—BOAT) AUTHORIZATION PENDING—Claude
SANFORD, Fla.—BOND ELECTION—It is reported that
is to be called in the near future to submit to the voters
an
an
election
issue of $150,000
SARASOTA COUNTY (P. O. Sarasota), ¥U.—BOND CALL—The
County Board of Commissioners is calling for payment on Oct. 1, the
*
'
Court House, series A and B.
Road and bridge, series A and B.
Dated Oct. 1, 1932.
Said, bonds are to be redeemed at par plus that
accrued interest evidenced by coupons due on that date on presentation
with all subsequent coupons attached, at the Central Hanover Bank &
Trust Co., New York City.
following refunding bonds-
determining the legality of the
proceedings had In connection with the issuance of said bonds, and the
must be taken up and paid for within 5 days after notice has been
given that they are ready for delivery.
The bonds are issued in accordance
bonds
provisions of the School Code of the State.
an
hospital construction bonds.
Sept. ], 1941.
Denom. $1,000.
Interest rate is not to exceed
5%, payable M-S.
Prin. and int. payable in lawful money at the County
Treasurer's office.
A reasonable time not exceeding 10 days, will be
,
(P. O. Los Angeles, Calif.—SCHOOL
of Lakewood School District semi-ann.
building equipment and improvement oonds offered for sale on Aug. 19—
V. 153. p. 1020—were purchased by the California Bank of Los Angeles,
as 2s, paying a premium of $624, equal to 100.52, a basis of about 1.93%.
Dated Aug. 1, 1941.
Due on Aug. 1 in 1943 to 1955.
GEORGIA
COUNTY
BOND SALE—The $120,000 issue
SACRAMENTO COUNTY (P. O. Sacramento), Calif.—SCHOOL
SALE—The $35,000 Arcade School District semi-ann. building,
improvement and equipment bonds offered for sale on Aug. 18—V. 153,
p. 1020—were purchased by It. H. Moulton & Co. of Los Angeles, paying a
premium of $37.50, equal to 100.107, a net interest cost of about 1.92%, on
the oonds divided as follows: $30,000 as 2s, due on Sept. 1 as follows:
$3,000 in 1942 to 1946, $5,000, 1947 to 1949; tne remaining $5,000 as ljtfs,
UPSON COUNTY (P. O. Thomaston),
BOND SALE DETAILS
—We are now informed by Mrs. Rachel R. Kennedy, Clerk County Com¬
missioners, that the $100,000 bopsital bonds purchased by Johnson, Lane,
Space & Co. of Savannah—V. 153, p. 1021—were sold as 3s at par. Mature
$10,000 in 1951 to 1960.
WAYCROSS, Ga.—ADDITIONAL DETAILS—The City Clerk and
BOND
on
Marcn 1
Renshaw, City Manager, states that a resultion to authorize $500,000
municipal hospital revenue bonds, has not been passed as yet by the City
Council and may not be for 30 days more.
Board of Supervisors.
due
on
KISSIMMEE, Fla.—BONDS VOTED—Vie understand that at
Dated
ANGELES
Due
3.50%.
held on July 26 an issue of $15,000 4% street improvement bonds were
approved.
Due $2,000 on Aug. 1,1944 to 1949, and $3,000 on Aug. 1,1950.
SCHOOL DISTRICTS (P.
bids will be received
OFFERING—Sealed
$1.5,000 Tranquillity Union High School District bonds, due $3,000 from
Sept. 1, 1942 to 1946.
Enclose a certified check for $500, payable
to the County Board of Supervisors.
Due Sept. 1, as follows:
140,000 Firebaugh Joint School District bonds.
$5,000 in 1942 to 1945, $6,000 in 1946 to 1949, $7,000 in 1950 to
1954, $8,000 in 1955 to 19.57, $9,000 in 1958 to 1960 and $10,000 in
1961.
Enclose a certified check for $5,000, payable to the County
LOS
basis of about
a
$5,000 In 1944.
O. Fresno), Calif.
by E. Dusenberry,
County Clerk, until 10 a. m. on Sept. 5, for the purchase of building equip¬
ment and improvement bonds aggregating $155,000, and divided as follows:
with the
syndicate
PUBLIC—The
It is now reported that of the $12,000 East Tampa Special Road and Bridge<=
District.4semi-ann. refunding of 1941 bonds offered on June 16, a
block of $11,000 was purchased jointly by D. E. Arries & Co., and Kuhn,
Morgan & Co., both of Tampa, for a premium of $225 21, equal to 102.045,
July,
COUNTY
FRESNO
TO
3%s, due in 1950 to 1957. are priced to yield from 3.25% to 3.35%, and the
$377,000 4s, due in 1958 to 1963, are to yield 3.40% to call date.
100,518,398.
Under the retirement program it is now anticipated that all
presently outstanding warrants will have been cleaned up by February.
Last retirement of warrants previous to that due next week was $4,645,000
—BOND
OFFERED
Van Ingen & Co., Inc. of New York, which purchased on
14 the $1,131,000 bonds—V. 153, p. 1021—reoffered the said bonds
Aug. 20, for general investment.
The $377,000 3H% bonds, maturing
1941 to 1950, are priced to yield from 0.50% to 3.20%; the $377,000
Aug.
feneral cash of warrants are scheduled for retirement. That retirementsale,
37,930.253 revolving fund purposes. On Wednesday following that will
at the close of
Fla —BONDS
BARTOW,
headed by B. J.
CALIFORNIA, State of—WARRANT OFFERING—Sealed bids will be
received until 11 a. m. on Aug. 26, by Harry B. Riley, State Controller, for
the customary fortnightly sale of State warrants, offering $2,691,425 for
reduce the remaining total to
Aug. 23, 1941
"2. That said diversion wag the diversion of assets which otherwise
would be available to creditors.
"3. That of such diversion, the sum of $11,288.66 was diverted prior
Treasurer report that the $100,000 water works revenue certificates sold
to J. H. Hilsman & Co. of Atlanta, at 102.94—-V. 153, p. 1021—were
purchased as 2?4s, and mature as follows: $2„w0 in 1943 to 1947: $4,000,
1948 to 1952; $6,000, 1953 to 1956; $8,000, 1957 and 1958; and $10,000 in
1959 to 1961, giving a basis of about 2.49%.
Sept. 1, 1950.
IDAHO
SEAL
BEACH, Calif.—BONDS VOTED—It Is reported that at the
held on Aug. 12 an issue of $198,000 jetty construction, land
purchase and improvement bonds were voted.
election
FAIRFIELD,
Idaho—BOJVD
OFFERING—Sealed
bids
will
be
re¬
ceived by
DELAWARE
DELAWARE, State of—BOND SALE—The $1,165,000 issue of
coupon
registered semi-annual public improvement of 1941 bonds offered for
sale on Aug. .15—V. 153, p. 868—was awarded to a syndicate composed of
or
B.
J.
Van
Ingen & Co. of New York; Barclay, Moore & Co.; Schmidt.
Poole & Co., Dolphin & Co., all of Philadelphia; R. S. Dickson & Co. of
Charlotte; Suplee, Yeatman & Co., and Bioren & Co., both of Philadelphia,
as 1.10s, paying a price of 100.333, a basis of about 1.05%.
Dated Aug. 15,
1941.
Due on Aug. 15 in 1942 to 1964, incl.
Redeemable at par on any
interest payment date beginning Aug. 15, 1950.
BONDS
OFFERED
FOR
INVESTMENT—The
successful
biddeis
re-
offered the above bonds for public subscription at prices to yield from 0.15%
to
1.10%,for 1942 to 1961 maturities and are priced at 99H for the 1962 to
1964 maturities.
Other bids
were
as
follows:
Int. Rate
Sc
Price Bid
1.20%
Bidders—
Estabrook
$1,172,326.69
Goldman, Sachs & Co.;
Graham, Parsons & Co., and Charles Clark
&
The
Co.;
Co.
Drexel & Co
1,173,492.85
1.20%
understand
that
an
election
held
place of payment to be designated oy ordinance of the village.
All
specify the lowest rate of interest and premium, if any, above par
purchase the bonds, or, the lowest rate of interest
at which the bidder will purchase the bonds at par and accrued interest
to the date of delivery.
All tenders, bids or offers to purchase must be
without condition or qualification.
Enclose a certified check in an amount
equal to 5% of the amount of the bid, payable to the Village Treasurer .
bids shall
at which the bidder will
Idaho—BOND ELECTION—J.
R. M. Culp, Village
oeen called for Sept. 30, to submit to the
exceeding 4%, water supply bonds.
Due
commencing two years from date.
Clerk, states that
voters
an
an
election has
issue of $10,000
not
ILLINOIS
FLORA, III.—BONDS APPROVED—Vie understand that
1,172,106.50
1.20%
1.20% 100.3949% (basis)
1.20%
1,170,091.05
on
Aug.
Del.—BONDS
15,
an
issue of
$85,000 electric light plant and refunding revenue bonds has been approved.
HAMPSHIRE, 111.—BONDS SOLD—The Village Clerk states that the
following 5% semi-annual bonds approved by the voters at an election on
May 6, have been sold at a price of 105.00:
$3,500 water system, and
$1,500 funding bonds.
Prin. and int. (J-J) payable at the Village Trea¬
surer's office, or the State Bank of Hampshire.
resulted in
issuing $25,600 building bonds.
MOUNT PLEASANT SCHOOL DISTRICT (P. O. Mount Pleasant),
Del.—BONDS VOTED—It is reported that at an election held on Aug. 15
an
the
1,170,137.65
1.20%
LEWES SPECIAL SCHOOL DISTRICT (P. O. Lewes),
VOTED—We
favor of
outstanding bonds of such issue, be met and paid by an equal
ievy for the payment of the principal and interest during the term for
which said bonds shad be issued and outstanding.
Prin. and int. payable
at the Village Treasurer's office, or at tne office of the State Treasurer,
,
The Chase National Bank; Bankers Trust Co.;
F. S. Moseley & Co.; G. M.-P. Murphy & Co.
practicable, be in such principal amount as will, together with the accruing
interest on all
tax
RATHDRUM,
First Boston
Corp.; Harriman, Ripley &
Co., Inc., and A. Webster Dougherty & Co.
Halsey Stuart & Co., Inc.; Stroud & Co., Inc.:
W. H. Newbold's Son & Co., and Stein Bros.
& Boyce
Lehman Brothers; Stone & Webster and Blodget,
Inc.; Union Securities Corp., and C. C. Collings&Co
Mrs, L. Perkins, Village Clerk, until 8 p, m. on Aug. 29, for the
purchase of $25,000 coupon water system bonds of 1941.
Interest rate
is not to exceed 4%, payable M-S.
Denom. $1,000 and $500.
Dated
Sept. 1, 1941.
Due on Sept. 1, as follows: $1,000 in 1943 to 1951, $1,500
in 1952 to 1959 and $2,000 in 1960 and 1961.
Payable on an annual amor»
tization plan, as provided in Section 55-211, Idaho Code, Annotated, ancr
amendments thereto, and the various annual maturities shall as nearly as
KANKANKEE, III.—BOND ISSUE PLANNED—It is reported that the
city is planning to issue $46,355 bonds, to meet the salaries of firemen and
policemen.
LAKE FORK SCHOOL DISTRICT (P. O. Lake
issue of $100,000 construction bonds were voted.
Fork), 111.—BONDS
VOTED—It is reported that at an election on July 19. the voters approved
issue of $10,000 construction bonds.
an
MAQUON, III.—BOND
FLORIDA MUNICIPAL BONDS
jOur long experience In handling Florida issues gives
us a compre-
fhensire background of familiarity with these municipal bonds.
We
gwlll be glad to answer any inquiry regarding them at no obligation.
that the issuance in the
is
MURHPYSBORO
1ST. NAT. BANK BLDG
understand
understand
that
PARK
an
DISTRICT,
election
on
Aug,
III.—BOND
that
Due
ELECTION—
11 resulted in favor of issuing
$7,000 park improvement bonds.
PEKIN, III.—BONDS AUTHORIZED—It, is reported that
Council
CHICAGO. ILLINOIS
CONTEMPLATED—Vie
future of $35,000 water system revenue bonds
MEREDOSIA, 111.—BONDS* SOLD—The Village Clerk states
$1,500 fire protection bonds were sold to local investors as 5s at par.
$300 on April 15 in 1942 to 1946, incl.
Interest payable A-O.
We
RECrummer L Company
ISSUE
near
contemplated.
sale
an
meeting
on
Aug.
11
at a City
the City Clerk was instructed to offer for
fire bonds.
issue of $13,000 police and
SPRING VALLEY, 111.—BOND ELECTION—Vie understand that an
has been called for Aug. 28, to submit to the voters an issue of
election
FLORIDA
AVON
PARK,
Fla.—
RULES AGAINST
COURT
$35,420 water main bonds.
Jude Alex-
ander Akerman of the Federal Court of Orlando, recently issued a show
cause order returnable on or about
Sept. 15, calling upon various officials
of the above-named city and a
show
cause
why
a
sum
number of individuals and local banks to
of approximately $100,000, representing debt
service moneys expended for purposes other than debt service, should not
be returned to the debt service fund of the city; in default of such action,
the city and individuals and local banks named to
be punished for contempt.
preliminary statement in the show cause order the Court says that it
'
'-f
V
.."v"'..'"1. That during the pendency of this bankruptcy proceeding there has
been a wrongful diversion of debt service fund moneys in the amount of
$77,003.86.
In a
WARRENSBURG, 111.—BONDS SOLD—The Village Clerk staces that
$5,000 4Yi% semi-annual water plant bonds approved by the voters in
March, have been purchased by Ballman & Main of Chicago.
WEST
SALEM, 111.—BOND ELECTION—We understand that the
village will vote on Sept. 30, on a waterworks and sewerage system esti¬
mated to cost $259,742.
Of this amount the Works Projects Administration
proposed to pay $194,806, while the balance will be paid from the issuance
of $13,000 of waterworks improvement bonds and a portion from the
proceeds of $55,000 of water and sewer revenue bonds,
appears:
-.
YATES CITY,
$12,000 4%
Trustees
on
111.—BONDS SOLD—The Village Clerk states that the
semi-annual water system bonds approved by the Board of
Aug. 4 have been sold.
Volume
The Commercial & Financial Chronicle
153
1159
INDIANA
KENTUCKY
Ind.— WARRANT
SALE—The
$107,000
temporary
loan
Offered for sale on Aug. 15—V. 153, p. 868—were awarded to the
Gary State Bank, and the Gary Trust & Savings Bank, jointly, paying par
FULTON COUNTY (P. O. Hickman), Ky.—BOND SALE DETAILS—
now stated
by County Judge Claude L. Walker, in connection with the
sale of the $258,000 road and bridge
refunding bonds, as noted here last
June, they were sold as 3Ms, and are dated June 1, 1941. Denom. $1,000,
due on July 1, as follows:
$5,000 in 1943 to 1958, $6,000 in 1959 to 1964.
$7,000 in 1965 to 1970, $8,000 in 1971 to 1973, $9,000 in 1974 to 1977 and
$10,000 in 1978 to 1981.
Bonds maturing in 1972 to 1981 are callable on
any interest due date on and after July 1, 1946, at par and accrued interest,
in inverse numerical order.
Legality approved by Woodward, Dawson &
Hob8on., of Louisville. Net income basis3.14%
GARY,
warrants
at
0.65%.
The
Dated Aug. 15, 1941.
following is
an
Payable Nov. 15, 1941.
official tabulation of the bids received:
Bidders—
Premium
Rale
The Gary State Bank; Gary Trust & Savings Bank,
Gary (jointly)
Harvey Fisk & Sons, Inc., New York
Fort Wayne National Bank, Fort Wayne..
Benjamin Lewis & Co., Chicago
MICHIGAN
0.65%
0.75%
2%
1.10%
None
$21.50
337.00
None
'
CITY, Ind .—PRICE PAID—The City Comptroller reports
that the $261,000 1 % semi-annual
funding bonds sold to the Harris Trust
& Savings Bank of Chicago—Y. 152, p. 4156—were purchased at a price
of 100.172, a basis of about 0.96%.
Due on
July 1 in 1942 to 1949, incl.
NEW
It is
GLASGOW
SCHOOL DISTRICT
(P. O. Glasgow), Ky.—BOND
SALE DETAILS—It is now reported that tne $50,000
3% semi-annual
refunding bonds sold to the Bankers Bond Co. of Louisville, as noted here
on March 15, were
purchased at 102.00, and mature as follows:
$2,000 in
1942 to 1951, and $3,000 in 1952 to 1961, giving a basis of about 2.79%.
PIKE COUNTY (P.
ALBANY, Ind.—BOND SALE—The $45,000 semi-annual
coupon
refunding of 1941, series A bonds offered for sale on Aug. 15—V. 153, p. 869
—were awarded to Halsey, Stuart & Co., Inc. of
Chicago, as 1 Ms, paying a
premium of $476.60, equal to 101.057, a basis of about 1.34%.
Dated
Sept. 1, 1941.
Due
Second best bid
on
Jan. 1 in 1945 to 1952, inclusive.
offer of $206.00 premium on 1 Ms, submitted by
O. Pikeville), Ky.—MATURITY—In connection
with the sale of the $115,000'3 M% semi-annual school
building revenue
bonds to the Bankers Bond Co. of Louisville, as reported here on Feb. 1,
it is stated that they were purchased ac par and mature on Feb. 1 as follows:
$5,000 in 1941
$8,000,
1943; $6,00.) in 1944 to 1951; $7,000, 1952 to 1955, and
to
1956 to
1958.
was an
Raffensperger, Hughes & Co., Inc. of Indianapolis.
LOUISIANA
ACADIA
IOWA
CHARLES
CITY
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Charles City), Iowa—BOND ELECTION—We understand that an elec¬
tion has been called for Sept. 9, to submit to the voters an issue of $80,000
construction bonds.
IN WOOD,
Iowa .—BOND OFFERING—It is reported that sealed bids
will be received until Sept. 3, by C. Pruitt, Town Clerk, for the purchase of
$6,500 water works extension bonds.
IOWA CITY, Iowa—BOND ELECTION— It is reported that an elec¬
tion has been called for Sept. 4 to submit to the voters an issue of $62,500
swimming pool construction bonds.
OGDEN SCHOOL DISTRICT (P. O. Ogden), Iowa—BONDS SOLD
•—The Secretary of the Board of Education states that $25,000 gymnasium
bonds approved by the voters in April, have been sold.
Denom. $1,000.
Dated June 2,
Due
1941.
on
Nov. 1
as
follows:
$3,000 in 1950 to 1956,
and $4,000 in 1957.
OSAGE, Iowa—BOND SALE—F. J. Croner, City Clerk, states that
issue of $325,000 electric plant construction bonds, approved by
an election held last Sept. 27, were sold to Paine, Webber &
an
voters at
the
Co.
of Chicago.
POSTVILLE,
election
has
Iowa—BOND
been
ELECTION—We
understand
called
$6,000 community
for Aug. 26, to submit to the voters
hospital bonds.
that
an
issue of
an
received
INDEPENDENT SCHOOL DISTRICT (P. O. Sioux
City), Iowa—BOND OFFERING—Sealed and oral bids will be received
until Sept. 2, at 5 p. m., by H. C. Roberts, District Secretary, for the pur¬
chase of $20,000 building bonds.
Interest rate is not to exceed 3 %. payable
A-O.
Dated Oct. 1,1941.
Due Oct. 1, as follows: $7,000 in 1943 and 1944,
and $6,000 in 1945.
The bonds will be sold to the highest and best bidder
for cash.
No bid for less than par and accrued interest will be acceptable.
The district will furnish the approving opinion of Chapman & Cutler, of
Chicago.
The„purchaser will furnish the bonds and all bids should be so
conditioned.
A certified check for $2,000, payable to the district, is required.
ADDITIONAL OFFERING—Bids were received until 5 p.m. on Aug. 18,
by the above named Secretary, for the purchase of $31,000 not exceeding
2% semiannual building bonds.
$31,000 semi-ann. building bonds were purchased
on
Aug. 18 by C. W. Britton & Go. of Sioux City, as lMs at par. accord¬
ing to the District Secretary.
Dated Sept. 1 1941.
Due on Sept. 1 as
follows: $10,000 in 1943 and 1944 and $11,000 in 1945.
Redeemable
upon 30 nays' written notice.
TOLEDO, Iowa—BOND ELECTION—We understand that an election
has been called for Sept. 3, to suomit to the voters an issue of $10,000
municipal swimming pool bonds.
KANSAS
Kan.—BOND OFFERING— James t. Olough,
City Clerk, states that he will receive sealed bids until 10 a. m. on Aug. 25.
for $90,000, IH% joint airport general bonds
Interest payable M-S.
Dated Sept. 1, 1941.
Denom. $1,000.
Due $4,000 March and $5,000
Sept. 1, 1942 to 1951.
Issued to pay the city's share of the cost of purchas¬
ing a site and constructing thereon a joint airport with the City of Wini¬
fred, Kan.
The city will prepare the transcript, and the purchaser will
print the bonds and pay all expenses in connection with the issue.
Bids
will be subject, to purchase by the State School Fund Commission.
CITY.
COUNTY
(P.
O.
Atchison),
Kan.—BONDS
SOLD—
The
County Clerk states that $45,000 1M% semi: annual jail bonds ap¬
proved by the voters last November, have been purchased at par bv the
Columbian Securities Corp. of Topeka.
Due on Feb. 1 as follows:
$5,000
in 1942 to 1946, and $4,000 in 1947 to 1951.
GREAT BEND SCHOOL DISTRICT NO. 1 (P. O. Great Bend),
Kan.—BOArI> ISSUANCE PENDING—It is reported that in connection
with the $400,000 construction bonds approved at an election on April 1,
Superintendent of Schools Homer
C.
Scarborough
has stated that
these
bonds have been held up indefinitely by court order.
It is possible
another election may be called to resubmit the bonds to the voters.
that
PRATT, Kan.—BOND SALE DETAILS—It, is now stated by E. J.
Ball, City Clerk, that in connection with the sale of $30,000 airport site
purchase bonds, as noted here last February, they were purchased as 1 Ms
at par, are
dated Feb. 15,19*1, and due $3,000 from Feb, 15,1942 to 1951.
Kan.—BOND SALE—The following semi-annual bonds,
aggregating $606,669.03, offered for sale on Aug. 15—V. 153, p. 1022—
were awarded
to a syndicate composed of the First National
Bank of
Chicago; Soden & Co. of Kansas City, and the Iihodes-Seltsam Co. of
Topeka, as Is, paying a price of 100.6408, a basis of about 0.85%:
$420,000.00 municipal auditorium bonds.
Denom. $1,000.
Due $60,000
annually on Aug. 15 from 1942 to 1948, incl.
70,000.00 public and civil works bonds.
Denom. $1,000.
Due $7,000
annually on Aug. 15 from 1942 to 1951, inclusive.
37,261.83 general improvement, street and alley paving bonds.
One
bond for $1,261.83, others $1,000 each.
Due Aug. 15 as
follows:
$3,261.83 in 1942; $4,000 from 1943 to 1949, incl.,
$3,000 in 1950 and 1951.
65,879.63 general improvement, street and alley paving bonds.
One
bond for $879.63, others $1,000 each.
Due Aug. 15 as follows:
$6,879.63 in 1942: $7,000 from 1943 to 1947, incl.. $6,000 from
1948 to 1951, inclusive^
13,527.57 interest improvement, sewer bonds.
One bond for $527.57,
others $1,000 each.
Due Aug. 15 as follows:
$1,527.57 in
1942; $2,000 from 1943 to 1945, incl., and $1,000 from 1946
to 1951. inclusive.
was
BIDS—Mercantile-Commerce
Bank
second with 100.48, and the account of
Lehman Brothers
was
Trust
Co.
of St.
Louis
Halsey, Stuart & Co., Inc., and
third at 100.21, all for the same rate.
WICHITA, Kan.—BOND SALE—The following semi-ann. bonds ag¬
gregating $205,117.50, offered for sale on Aug. 18—V, 153, p. 1022—were
awarded jointly to the City National Bank & Trust Co. of Kansas City,
and the Small-Milburn Co. of Wichita, as Is, paying a price of 100.054,
a basis of about 0.99%:
$80,117.50 park, series No. 480 bonds.
Dated Aug. 1, 1941.
Due on
Aug. 1 in 1942 to 1951.
125,000.00 refunding, series No. 481 bonds.
Dated Sept. 1, 1941.
Due
on Sept. 1 in 1942 to 1951.
m.
WARD
AND
CROWLEY
DRAINAGE
on
Trauernicht of St. Louis.
QUINCY,
La .—BOND OFFERING— Sealed bids will be received
until 2 p. m. on Sept. 9, by Frank H. Moxom, Town Clerk, for the purchase
of $12,000 public improvement bonds.
Interest rate is not to exceed 4%,
payable M-S. Dated Sept. 1, 1941. Denom. $250. Due Sept. 1, as follows:
$1,000 in 1943 to 1945 and $1,500 in 1946 to 1951. Prin. and int. payable,
at a place designated by the successful bidder, from the annual levy and
collection of ad valorem taxes on all taxable property within the corporate
limits of the town, sufficient to pay the bonds in principal and interest and
without limitation as to rate or amount.
Issued for the purpose of pur¬
chasing fire department equipment under authority of Article XIV, Section
14, Louisiana Constitution of 1921, as amended, and Act 46 of the
State
Legislature for the year 1921, as amended.
Legality approved by B. A.
Campbell, of New Orleans.
Enclose a certified check for $250, payable to
the town.
EAST
(P.
O.
BATON ROUGE
Baton
PARISH, SEWERAGE
DISTRICT
No. 6
La .—BOND
SALE— The $300,000 semi ami.
153, p. 425—were awarded to
a
syndicate composed of the Equitable Securities Corp. of Nashville,
Scharff & Jones of New Oneans, the Rapides Bank & Trust Co. of Alex¬
andria, Weil & Co., and Brown, Corrigan & Co., paying a premium of
$18, equal to 100.006. a net interest cost of about 2.48%, on the bonds
divided as follows: $18,000 maturing July 15: $3,000 in 1942 and 1943:
$4,000 in 1944 to 1946, as 3Ms: $254,000 maturing July 15. $'i,000 in 1947
to 1950, $5,000 in 1951 to 1957, $6,000 in 1958 to 1960, $7,000 in 1961 to
1965, $8,000 in 1966 and 1967, $9,000 in 1968 and 1969, $10,000 in 1970
to 1972, $11,000 in 1973 and 1974, $12,000 in 1975 and 1976. $13,000 in
1977 and 1978, $14,000 in 1979, as 2Ms, and $28,000 maturing $14,000
July 15, 1980 and 1981, as 2 Ma.
sewer
Rouge),
bonds offered for sale
on
Aug. 19—V.
LEESVILLE SEWERAGE DISTRICT
—BOND
OFFERING—Sealed
bids
will
oe
NO. 3
(P. O. Leesville), La.
received
until
7:30
p.
m.
on
Sept. 16, by J. R. Ferguson, Town Clerk, for the purchase of $100,000
4% semi-annual sewer system construction bonds, approved by the voters
at an election held on July 1.
Denom. $500.
Dated Oct. 1, 1941.
Due
in 1942 to 1971.
A certified check for 5% of tne amount of the bid, payaole
to the town, is required.
LOUISIANA, State of—SPECIAL TAX COLLECTIONS UP—Showing
increase of $1,608,463, July special tax collections of the Louisiana
Department of Revenue amounted to $7,129,334, and the pace-setter was
the severance tax, which set a new high at $3,333,523.
In some instances, increases were attributed to higher rates voted by
the 1940 Legislature, and $378,783 of the increase represented income of
an
new gas gathering tax.
Amounts of increases over July, 1940, include:
Gasoline tax, $317,112;
income, $16,523; occupational license, $71,879; alcoholic beverages, $184,069, and tobacco tax, $101,682.
MANDEVILLE, La.—BOND OFFERING—Sealed bids will be received
W. Poirson, Town Secretary, for
Interest rate is not to exceed 4%,
payable M-S.
Denom. $1,000 and $500.
Dated Sept. 1, 1941.
Due on
Sept. 1, as follows:
$500 in 1942 and 1943, $1,000 in 1944 to 1960 and
$2,000 in 1961 to 1971.
Prin. and int. payable at the National City Bank,
New York.
The approving opinion of Thomson, Wood & Hoffman, of
until 8 p. m. on Sept. 11, by Elizabeth
the purchase of $40,000 sewerage bonds.
will be furnished the purchaser.
Financial statement of the
as any other pertinent information, will be furnished upon
the Town Secretary.
Enclose a certified check for $1,000,
payable to the town.
York,
town,
well
as
request
by
BELLEVUE AND COULEE CROUCHE
20 <P. O. Opelousas), La.—
-Treasurer states that the $10,000 semi ann.
acreage tax bonds offered on Aug. 19—V. 153, p. 721—were purcnased by
the only bidder as 3M«. Paying a price of 101.00, a basis of about 3.30%.
Dated Aug. 1, 1941.
Due $1,000 on Aug. 1 in 1942 to 1951 incl.
ST.
LANDRY
GRAVITY
PARISH,
DRAINAGE
DISTRICT No.
BOND SALE—The Secretary
MARYLAND
COUNTY
ALLEGANY
(P.
O.
Cumberland), Md.—BOND SALE—
$800,000 issue of coupon semi-annual school bonds offered for sale on
Aug. 15—V. 153, p. 582—was a warded to a syndicate composed of Alexander
Brown & Sons of Baltimore; Kidder, Peabody & Co. of New York: Braun,
Bosworth & Co. of Toledo, and the Union Trust Co. of Maryland, of
Baltimore, as 1.60s, paying a price of 100.4399, a basis of about 1.55%.
Due $40,000 on Sept. 1 in 1942 to 1961, incl.
Dated Sept, 1, 1941.
The
-
BONDS
&
p.
CALDWELL PARISH (P. O. Columbia), La.—BONDS SOLD—The
Secretary-Treasurer of the Police Jury states that $28,250 4% refunding
bonds were sold.
Dated July 1, 1941.
Legality approved by Charles &
All of the bonds will be dated Aug. 15, 1941.
OTHER
2
BATON ROUGE, La.—BOND SALE—The $200,000 issue of public
improvement, series A of 1941 semi-ann. bonds offered for sale on Aug.
20—V. 153, p. 721—was purchased oy the Equitable Securities Corp. of
Nashville, paying par on the bonds divided as follows: $176,000 as lMs,
due on June 1, $17,000 in 1942 and 1943, $18,000. 1944, $19,000, 1945 and
1946, $20,000, 1947, $21,000, 1948, $22,000, 1949, and $23,000 in 1950;
the remaining $24,000 as 1 Ms, due on June 1, 1951.
New
TOPEKA,
until
the amount of the bid.
BONDS SOLD—The
ATCHISON
SIXTH
Sept. 16, by L. A. Williams, Secretary of the
Board of Commissioners, for the purchase of a $240,000 issue of improve¬
ment bonds. Interest rate is not to exceed 5%, payable F-A. Dated Sept. 1,
1941.
Denom. $1,000.
Due serially on an amortized basis on Feb. 1, 1942
to 1961.
Bidders are requested to name the lowest rate or rates at which
they will purchase the bonds at not less than par and accrued interest. Not
more than two rates should be specified.
The bonds will be payable, at a
bank to be selected by the purchaser, from ad valorem taxes to be levied
without limitation as to rate or amount on all property in the district. The
district will furnish the approving opinion of Chapman & Cutler, of Chicago,
and all bids must be so conditioned.
Enclose a certified check for 2% of
DE
SIOUX CITY
ARKANSAS
PARISH,
DISTRICT (P. O. Crowley) La.—BOND OFFERING—Sealed bids will be
"
OFFERED
FOR
INVESTMENT—The
successful
bidders
re-
prices to yield from 0.25%
1.60% for the 1942-59 maturities, and at 99 M for the 1960 and 1961
offered the above bonds for public subscription, at
to
maturities.
MASSACHUSETTS
(P. O. Taunton) Mass.—-BOAT) ORFERING—
Aug. 26, by Ernest W. Kilroy,
the purchase of $35,000 coupon agricultural school
loan. Act of 1941 bonds. Bidders are to name the rate of interest, expressed
in multiples of M of 1 %. Bids are to be for all or none, not less than par and
accrued interest.
Denom. $1,000.
Dated Sept. 1, 1941. Due $7,000 on
Sept
1 in 1942 to 1946 incl. Prin. and int. (M-S) payable at the National
BRISTOL COUNTY
Sealed bids will be received until 9:30 a. m. on
County Treasurer, for
The Commercial & Financial Chronicle
1160
Legality approved by Ropes, Gray, Best,
Coolldge & liugg of Boston, the opinion to be furnished without charge
to the purchasers.
*
Shawmut
Bank
of
Boston.
IPSWICH, Ma»».—BOND SALE DETAILS—In connection with the
sale of the $12,000 equipment bonds to Lyons & Shafto of Boston, as Is, as
noted here last February, it is now reported that the bonds were sold at
100.509, and mature $2,400 from Feb. 15, 1942 to 1946, which gives a
basis of about 0.80%.
Mm.—NOTE
LEXINGTON,
ceived
OFFERING—Sealed
bids
will
be
re¬
by John J. Carroll, Town Treasurer, until 5 p. m. on Aug. 25, for
Dated Aug. 26, 1941.
the
purchase of $75,000 revenue anticipation notes.
Due Aug. 21,1942.
MASSACHUSETTS, State of—NOTE SALEr-The $5,000,000 issue of
Metropolitan District assessment anticipation notes offered for sale on
Aug. 18—V. 153, p. 1022—was awarded to a syndicate composed of the
Bankers Trust Co. of New York, the Merchants National Bank, the Na¬
tional Shawinut Bank, and the Day Trust Co., all of Boston, at a rate of
0.08%, plus a premium of $10, according to the Btate Treasurer.
Dated
Aug. 22,1941. Due on Nov. 21,1941.
The First National Bank of Boston bid 0.10%, while the Second National
Bank of Boston offered 0.14%.
RANDOLPH, Mass.—NOTES SOLD—It is stated by Marion L .Bailey,
Town Treasurer, that the Second National Bank of Boston purchased on
Aug. 18 the following notes aggregating $52,000:
$56,000
revenue notes at
Due
0.218%.
on
Aug. 25, 1942.
SOMERVILLE. Mass .—BOND OFFERING— Sealed bids will be
received
Mass.—NOTE SALE—The
$200,000 revenue notes
Aug. 18, V. 153, p. 1022, were awarded to the
Wellesley Trust Co., at a rate of 0.128%.
Due in payments of $100,000
were
offered for sale on
each on
May 22 and Aug. 21, 1942.
National Bank of Boston offered 0.16%, the same rate was
by the Second National Bank of Boston, while the Wellesley Na¬
tional Bank offered 0.18%.
The First
offered
MICHIGAN
BUCHANAN,
Mich.—BOND
SALE—The
following
coupon
paving
bonds, aggregating $35,997.88, offered for sale on Aug. 11—V. 153, p. 869
purchased by Crouse & Co. of Detroit:
$34,619.49 special assessment bonds.
Due on Oct. 1 in 1942 to 1946, incl.
1,378.39 city portion bonds.
Due on Oct. 1 in 1942 to 1946, inclusive.
The successful bidder took the bonds
a basis of about
The Channer Securities Co. of
Is, paying a premium of $119.58,
as
0.90%.
Chicago,
$17.75 premium for the bonds divided
as
was
second best bidder, offering
Is and 1Mb.
CHEBOYGAN, Mich.—BORROWING AUTHORIZED—We understand
on Aug. 13, granted permission to the city to borrow
on notes against delinquent taxes of 1934 to 1939.
Due on or
the State Loan Board
$26,000
SCHOOL
TOWNSHIP
ONOTA
on
DETROIT, Mich .—BOND OFFERINGS INVITED—Charles G. OakCity Controller, states that the city will receive offerings of its non-
man,
bonds in the amount of approximately $700,000, for investment
by the City Sinking Fund.
Offerings will be accepted on the baiss of the
highest net yield to the city, as computed from the dollar price.
callable
ADDITIONAL OFFERINGS INVITED—Mr. Oakman, in his capacity
Secretary of the Board of Trustees, Policemen and Firemen Retirement
System of Detroit, states that the said Board will receive offerings of City
of Detroit non-callable bonds, up to Aug. 25, in the amount of approxi¬
mately $100,Obu.
Offerings will be accepted on the basis of the highest
net yield, as computed from the dollar price.
as
INVITED—It
is
also
stated
by
OWOSSO, Mich.—BOND ELECTION—We understand that on election
Sept. 16, to submit to the voters an issue of $20,000 water
plant revenue bonds.
Conger, Secretary Board of Education, until 8 p. m. (EST) on Aug. 25,
for the purchase of $10,500 coupon general obligation bonds.
Interest rate
payable A-O.
is not to exceed 3%,
Denom. $1,000, one for $500.
Dated
July 1, 1941.
Due April 1, as follows; $2,000 in 1942 to 1945 and $2,500
Rate of interest to be in a multiple of
of 1%.
Prin. and int.
in 1946.
payable at the Hemlock State Bank, Hemlock. The bonds shall be awarded
to the bidder whose bid produces the lowest interest cost to the district after
deducting the premium offered, if any.
Interest on premium shall not be
considered in determining the net interest cost.
No proposal for less than
all of the bonds will be considered.
Bids shall be conditioned upon the
unqualified
opinion
The district shall
Enclose
bonds.
a
of Miller,
Paddock &
Canfield,
Stone, of Detroit.
of the
bonds,
pay the cost of such opinion and of the printing
certified check for 2% of the total par value of the
payable to the District Treasurer.
Royal Oak), Mich,—
of
of
$460,000, are being called for payment on Oct. 1, at the Detroit Trust Co.
In Detroit.
Dated Oct. I, 1935.
Due on Oct. 1, 1965.
OAK
ROYAL
CALL—It
BOND
SCHOOL
is
DISTRICT
(P.
O.
stated by A. C. Dunham, Secretary of the Board
total par value
Education, that district series A refunding bonds of the
SOUTH HAVEN, Mich.—BONDS APPROVED—We
the City Council on
oonds.
understand that
July 22, approved an issue of $53,000 water revenue
WAKEFIELD TOWNSHIP SCHOOL DISTRICT (P. O. Wakefield),
SALE AUTHORIZED—We understand that on Aug. 13,
granted permission to the district to borrow $63,879
on notes against current taxes.
Due on or before Jan. 20, 1942.
the State Loan Board
Mich.—BOND OFFERING—Lawrence J. LaCourse*
bids until 4 p. m. on Aug. 26*
assessment, general obligation
WYANDOTTE,
City Clerk, states that he will receive sealed
purchase of the following special
bonds, aggregating $129,000:
for
tire
$66,000 sidewalk bonds.
Due Sept. 1, as follows: $14,000 in 1942 and
$13,000 In 1943 to 1946.
Issued for the purpose of providing funds
to defray the city's share of the cost and expense of laying and
constructing sidewalks in the city and designated as Special
Assessment Districts Nos. 301 to 412, inclusive.
Due Sept. 1,
63,000 paving bonds.
as
$14,000 in 1942, $13,000 in 1943
Issued to provide funds to defray the
city's portion of the cost and expense of grading, curbing and pav¬
ing of a number of streets in the city and designated as Sepcial
Assessment Districts Nos. 276 to 300, inclusive, known as the local
contribution under the rules and regulations of the Works Progress
Administration of said public improvement.
Dated Sept. 1, 1941.
Denom. $1,000.
Bidder to name the rate of
M of 1 %.
Different rates will be considered in each
year's maturity at the option of the bidder.
No discount rates will be con¬
sidered.
Interest payable M. & S.
The full faith, credit and resources of
the city are irrevocably pledged for the payment of these bonds.
Upon the
option of the successful bidder the bonds may be issued as registered bonds
without interest coupons, as to provide for one bond for each year's maturity.
Awards will be made on the basis of interest cost less premium.
The
interest in multiples of
approval of the State Public Debt Commission has been
secured.
opinion of Miller, Canfield, Paddock & Stone of Detroit,
Enclose a certified check for 2 % of the principal amount.
The legal
will be furnished.
Mr.
Oakman, acting as secretary of the Board of Trustees of the City's Re¬
tirement System, that the Board will receive offerings of City of Detroit
non-callable bonds up to Aug. 26, in the amount of approximately $200,000.
on
Munising),
O.
has been called for
water
DEERFIELD TOWNSHIP SCHOOL DISTRICT No. 1 (P. O. Deer-
Offerings will be accepted
from the dollar price.
(P.
DISTRICT
A UTHORIZED—We understand
that the State
Aug. 13 granted permission to the district to borrow $1,600
notes against current taxes.
Due on or before Jan. 31, 1942.
Mich.—BORRO WING
Loan Board on
and $12,000 in 1944 to 1946.
OFFERINGS
,
MASTADON TOWNSHIP
(P. O. Alpha), Mich.—BONDS AU¬
THORIZED—We understand that on Aug. 13, the State Loan Board
granted permission to the township to borrow $1,914 current operating
tax notes.
Due on or before Feb. 25, 1942.
field), Mich.—NOTES AUTHORIZED—We understand that on Aug. 13,
the State Loan Board granted permission to tne District to borrow $3,700
current operating tax notes.
Due on or before April 30, 1942.
ADDITIONAL
,
KALKASKA, Mich.—BOND OFFERING—Sealed bids were received
Village Clerk, until 10 a. m. on Aug. 22, (EST) for
$20,000 water works coupon bonds.
Interest rate is not to exceed 3%,
payable F-A.
Dated Aug. 2, 1941.
Denoms. $1,000 and $500.
Due
Aug. 2, as follows:
$1,000 in 1942 to 1946 and $1,500 in 1947 to 1956.
Prin. and int. payable at the Village Treasurer's office.
General obliga¬
tions of the village, and the village is authorized and required oy 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.
Authorized at the
election held on June 10, by a vote of 192 to 18.
by Lillie Steward,
before Dec. 1, 1941,
,
Enclose
Mich.—NOTE
—were
equal to 100.33,
1941
lock), Mich.—BOArD OFFERING—Sealed, bids will be received by Floyd
by John J. Donahue, City Treasurer, until 11 a. m. (DST) on Aug. 25,
for the purchase of $180,000 funding bonds, act of 1941.
Denom. $1,000.
Dated July 1, 1941.
Due $36,000 from Ju.y 1, 1942 to 1946, incl.
Bidder
to name the rate of interest in multiples of H of 1%.
Pi in. and int. (J-J)
payable at the National Shawmut Bank, Boston.
The bonds will be en¬
graved under the supervision of and authenticated as to their genuineness
by said Dank, who will further certify tnat the legality of this issue has been
approved by Storey, Thorndike, Palmer & Dodge of Boston, a copy of
whose opinion will accompany the bonds when delivered without charge
to the purchaser.
No bid for less than par and accrued interest will be
considered.
Bids to be for all or none.
WELLESLEY,
23,
Detroit.
RICHLAND TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O. Hem¬
2,0^0 anticipation of reimbursement notes at 1%.
Due on Feb. 25,1942.
The only other bidder was the Home National Bank of Brockton, of¬
fering 0.24% on the $50,000 Issue ahd 1H% for the $2,000 notes.
that
Aug.
of the bonds will be paid by the district.
Delivery at
a certified check for $8,000, payable to the district.
the basis of the highest net yield as computed
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 11 (P. O. Melvin
dale), Mich.—BOiVD O FFEIII NG— It a 1 p h L. Jolly, Secretary of the Board
MINNESOTA
Minn.—PRICE PAID—The City Clerk states
that the $115,000 coupon certificates of indebtedness sold to the First
National Bank of Breckenridge—V.
153, p. 1023—were purchased as
1Mb, paying a premium of $241, equal to 100.209, a basis of about 1.73%.
Due on Sept. 1 in 1943 to 1961; optional on and after Sept. 1, 1946.
BRECKENRIDGE,
of
Education, will receive sealed bids until 8 p. m. (EST) on Aug. 27 for
the purchase of $803,000 not to exceed
3H% interest coupon refunding
bonds.
Dated Sept. 1, 1941.
Due March 1 as follows:
$15,000 from 1943
1° 1945
1967.
incl.; $16,000 in 1946; $30,000 from 1947 to 1956, incl.; $35,000
19£7 t? 1961. incl.; $45,000 from 1962 to 1966, incl., and $42,000 in
Bonds maturing in 1965 to
1967, both inclusive, will be subject to
redemption prior to maturity, in inverse numerical order, at par and
accrued interest, upon 30 days published
notice, on any one or more interest
"akes on and after the following dates, to wit:
Bonds maturing
arc
1»,1967, on and after March 1, 1944 ; bonds maturing on March 1,
and after March 1, 1945; bonds maturing on March 1, 1965, on
and after March 1, 1946.
These bonds are the general obligation of the
school district which is authorized and
required by law to levy upon all
19b6,
on
the taxable property
pay
therein, such ad valorem taxes as may be necessary to
the bonds and interest thereon, 'without limitation as to rate or amount
.
Rate
or rates of interest to be
expressed in multiples of M of 1%.
Prin¬
cipal and interest (M-S) payable at the Detroit Trust Co.
Detroit, or its
successor paying agent named
by the district.
A certified check for 2%
of the bonds, payable to order of the
district, is required.
Bids shall be
conditioned upon the unqualified opinion of Miller, Canfield, Paddock &
Stone, Detroit, approving the legality of the bonds.
The cost of said
opinion and cost of printing the bonds will be paid
by the school district.
-riFir.1-? AND LAKE TOWNSHIPS FRACTIONAL SCHOOL DIS:VT oNO* 3» Macomb County, Mich.—BOND CALL—M.
A-
District
Secretary,
Weiss,
announces the call for payment on Septi. 15, 1941, at
interest, of 1937 refunding bonds, Nob. 1 to 75 incl., dated
March 151937, due March
15, 1967, and subject to call on any interest
par and accrued
*
Detroit
Bonds should be delivered to the Detroit Trust Co.,
TDiPTK,nN?
FRACTIONAL SCHOOL DIS¬
TRICT NO. 3 (P. O. St. Clair
Shores), Mich.—BONDS APPROVED—
It is reported that the State Public Debt Commission on
Aug. 13,
an
of $75,000
issue
approved
refunding bonds.
FEUDAL! SCHOOLwill be
DISTRICT
FERING—Sealed bids
Ob
of the Board of
Due in 1942 to 1963.
(P. O. Ferndale), Mich.—BOND
received by Elizabeth Beasley, Secretary
Education, until 8 p. m. (EST), on Aug. 25, for the pur$400,006 coupon refunding bonds of 1941.
Denom. $1,000.
Due $25,000 from Oct. 1, 1944 to 1959, inc..
Rate
or rates of interest to be in
multiples of M of 1%, not exceeding 3% per
annum to Oct. 1, 1945, and
4% thereafter.
Prin. and int. (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 the
City of De roit.
Bonds will be awarded to the bidder whose proposal pro-.
chase
of
Dated Sept. 1, 1941.
Eces Jf'
.»
lowest interest cost to the district
a ,'fcer
deducting the premium
FARMINGTON, Minn.— WARRANT OFFERING—Sealed bids will be
received by Mae Ackerman, Village Clerk, until 9 a. m. on Sept. 2, for the
purchase of the following 4% warrants, aggregating $4,740:
$1,145 improvements warrants, denom. $115, one for $110.
Due Dec. 20,
as follows:
$115 in 1942 to 1950 and $110 in 1951. Payable from the
"Fund for Improvement No. 6."
2,625 improvement warrants, denom. $26% one for $285.
Due Dec. 20,
as follows:
$260 in 1942 to 1950 and $285 in 1951.
Payable from
the "Fund for Improvement No. 5."
970 improvement warrants, denom. $95, one for $115.
Due Dec. 20 as
follows:
$95 in 1942 to 1950 and $115 in 1951.
Payable from the
"Fund for Improvement No. 7."
Interest payable J-D.
^
HOUSTON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 42
(P. O. Caledonia), Minn.—BOND OFFERING—Both sealed and auction
will be received by E. J. Crotty, School Clerk, until Aug. 26, at
8 p. m., for the purchase of a $115,000 issue of building bonds.
Denom.
$1,000.
Dated Sept. 1, 1941.
Due Dec. 1, as follows:
$3,000 in 1943,
$4,000 in 1944 to 1946, and $5,000 in 1947 to 1966.
Bidder t<3 name the rate
of interest.
Interest payable June and Dec. 1.
Prin. and int. payable at
any suitable bank or trust company designated by the succ^sful bidder.
Delivery to the purchaser within 30 days after the date of sale at Minnea¬
polis, or St. Paul.
All bids must be unconditional.
The district will
furnish the printed bonds and the approving legal opinion of Fletcher,
Dorsey, Barker, Colman & Barber of Minneapolis, both without cost to
the purchaser.
A certified check for $3,000 payable to the district, is
required.
These are the bonds mentioned in our issue or Aug. 16.
,
MINNESOTA,
Permanent
minerals
TRUST
FUND
UP—The
30 showed an
and
agricultural lands totaled
$7,053,929, compared with $7,-
631.940 for the preceding fiscal period.
Of the total trust fund, $87,754,448 was in the Permanent
School Fund.
$392,494 in the Internal
$13,491.212 in the Swamp Land Fund.
Mr. King said $2,503,000 of the year's proceeds was paid on retirement
of bonds issued by the State in 1881 to give $5,000,000 in lands to the
$11,014,742 in the Permanent University Fund,
Improvement Land Fund, and
bonds,
\
of—PERMANENT
to
legal
of Claude H. Stevens of Berry & Stevens of Detroit, approving
the legality of the bonds.
The cos; of the legal opinion and of the printing
State
Trust Fund of the State of Minnesota on June
$115,185,904, according to the annual report just made by
Stafford King, State Auditor, to Governor Harold E. Stassen.
Auditor King said that the last year's proceeds from the sale of timber,
increase
railroads
opinion
_
bids
offered, if any.
Int. on premium will not be considered as deductible in de¬
Bonds will be gene-al obligation of district, which is
autnorized and required by law to levy upon all taxable
property therein such
ad valorem taxes as may be
necessary to pay bonds aiid interest thereon,
without limitation as to rate or amount.
Bids shall be conditioned upon the
termining net int. cost.
Minn.—BONDS SOLD—'The Village Clerk states
bonds approved by the voters
3s.
BUFFALO LAKE,
that the $8,000 water system improvement
last Oct. 15, were sold to the State as
■•v.'•
:
Most of the
>,v./
v
■
••
.y"-.x x.?-'
year's proceeds were invested in State and municipal
<■:
'i*-
bonds,
$6,520,650 cash on hand and $6,038,433 was
in Minnesota school municipal
other State and municipal bonds, $2,872,500 in
United States Government, and $45,307,337 in State of Minnesota.
On
June
30
there
was
invested in State land contracts. $32,288,655
$19,625,328
in
Volume
The Commercial & Financial Chronicle
153
MINNESOTA, State of—CERTIFICATE SALE—The $4,050,000 issue
of Rural Credit Deficiency Fund semi-ann. certificates of indebtedness
on Aug. 21—V.
153, p. 870—was awarded to a syndicate
composed of the National City Bank, the First National Bank, both of
New York, the Northern Trust Co. of Chicago, and the Bank of The Man¬
hattan Co. of New York, as 1.20s, paying a price of 100.283, a basis of
about 1.10%.
Dated Oct. 1, 1941; Due $675,000 on April and Oct. 1 in
Mont.—BOND OFFERING— Sealed bids will be received by Beulah M.
Cox, District Clerk, until 4 p. m. on Aug. 29, for the purchase of $922.19
refunding bonds.
Interest rate is not to exceed 4%, payable A-O.
Dated
offered for sale
1945 to 1917.
These certificates
were
not reoffered for
public subscription
as
Oct. 1, 1941.
Minn.—BOND
SALE
DETAILS—The
time of
they were
City
Clerk
a
basis of about 0.96%.
will
City Council on Aug. 11 passed the ordinance calling for
$25,000 permanent improvement revolving fund bonds.
MOUND,
Minn.—CERTIFICATES
OFFERED—Sealed
an
both
principal and interest to be payable in semi-annual in¬
of $92.22 of said serial bonds will become payable on Oct. 1, 1941, and a
like amount will become payable on the same day each year thereafter until
all of such bonds are paid.
The bonds, whether amortization or serial,
MOORHEAD, Minn.—BONDS A UTHORIZED—We understand that
the
saie
stalments durin ga period of 10 years from the date of issue.
If serial bonds
are issued and sold they will be in the amount of $92.22 each, and the sum
states that the $18,000 1% street improvement bonds purchased by E. J.
Prescott & Co., of Minneapolis, as noted here last May, mature $4,500 from
May 1, 1942 to 1945, which gives
Amortization bonds will De the first choice and serial bonds
will be the second choice of the School Board, s If amortization bonds are
sold and issued, the entire issue may be put into one single bond or divided
into several bonds, as the Board of Trustees may determine upon at the
taken for bank investment.
MONTEVIDEO,
1161
ROSEBUD COUNTY SCHOOL DISTRICT NO. 33 (P. O. Ingomar),
.
be redeemable in full on any
years
from tne date of issue.
interest payment date from and after 5
The bonds will be sold for not less tnan their
par value with accrued interest, arid all bidders must state the lowest rate
issue of
of interest at which
they will purchase the bonds at par.
District Clerk.
Enclose a certi¬
fied check for $100, payable to the
bids
were re¬
ceived by the Village Clerk until 8 p. m. on Aug. 21 for the purchase of
$3,000 water system extension certificates of indebtedness.
Denom. $500.
NEBRASKA
COLFAX COUNTY SCHOOL DISTRICT NO. 58 (P. O. Clarkson),
Neb.—BOND ELECTION—It is reported that an election has been called
SIBLEY TOWNSHIP (P„ O. Pequot), Minn.—BONDS SOLD—The
Township Clerk reports that $6,000 3% semi-annual town hall bonds
approved by the voters on July 8, have been purchased at par by the State.
Dated Aug. 9,1941.
Due $600 on July 1 in 1947 to 1956, inclusive.
for
Aug. 29, to submit to the voters
an
issue of $13,600 construction bonds.
CRETE SCHOOL DISTRICT
(P. O. Crete), Neb.—BONDS SOLD—
C. H. Velte, Superintendent of Schools, states that $50,000 \ %% semi-ann.
ouilding bonds were purchased by Greenway & Co., of Omaha, on July 30.
WILMONT, Minn.—BONDS SOLD—Y. J. Wagner, Village Recorder,
$5,000 water supply system enlargement bonds, approved
by the voters at an election held last Dec. 16, were sold to the First National
Bank, Wilmont.
states that the
NEBRASKA
CITY, Neb.—BOND SALE DETAILS— The City Clerk
$30,000 2M % semi-annual swimming pool bonds sold jointly
City banks—V. 153, p. 723—were purchased at par, are
dated July 15, 1941, and mature on July 15, 1951, optional after five years.
states that the
to three Nebraska
MISSISSIPPI
NEW
MISSISSIPPI STATE COLLEGE FOR WOMEN (P. O. Columbus),
Miss.—BOND SALE DETAILS—The College Secretary now states that
BERGENFIELD
the $59,000 refunding bonds sold to the J. S. Love Co., of Jackson, at an
interest cost of 2.88%, as noted here last June, were purchased as follows
O.
(P.
Legality approved by Charles & Trauer-
nicht of St. Louis.
SEPARATE
—BONDS SOLD—A,
issue of
SCHOOL DISTRICT (P. O. Sumner), Miss.
Leland Whitten, District Attorney, states that an
$30,000 3 M% semi-annual refunding bonds have been purchased
Legality approved by Charles & Trauer-
by Leftwich & Ross of Memphis.
nicht of St. Louis.
is
stated
Institutions
of
will
KEARNY, N. J.—BOND OFFERING— It is stated by Donald Allan,
(DST) on Sept. 10
of the following coupon or registered bonds, aggregating
$313,000, and divided:
$266,000 general improvement, and $47,000
improvement bonds (part of an authorized issue of $47,500).
Dated
Sept. 1, 1941.
Denom. $1,000.
Due Sept. 1, as follows: $14,000 in 1942
to 1946, $15,000in 1947 to 1958, $20,000 in 1959 to 1961 and $3,000 in 1962.
Interest rate is not to exceed 6%', payable M-S.
Rate of interest to be in
a multiple of M or l-10th of 1 %, and must be the same for all of the bonds.
Prin. and int. payable in lawful money at the West Hudson National Bank,
Harrison. No proposal will be considered which specifies a rate higher than
the lowest rate stated in any legally acceptable proposal.
Each proposal
must state tne amount bid for tne bonds, which shall be not less than
$313,000 nor more than $314,000. As between legally acceptable proposal
specifying the same rate of interest the bonds will be sold to the bidder
complying with the terms of sale and offering to accept for the amount oid
the least amount of bonds, the bonds to be accepted being those first
maturing, and if t wo or more bidders offer to accept the same least amount,
then to the bidder offering to pay therefor the highest price.
The pur¬
chaser must also pay an amount equal to the interest on the bonds accrued
to the date of payment of the purchase price.
In the event that prior to the
delivery of the bonds the income received by private holders from bonds of
the same type and character shall be taxable by the terms of any Federal
income tax law, the successful bidder may, at his election, be relieved of
his obligations under the contract to purchase the bonds and in such case
the deposit accompanying his bid will be returned.
The successful bidder
will be furnished with the opinion of Hawkins, Delafield & Longfellow of
New York, that the bonds are valid and legally binding obligations of the
town.
Enclose a certified check for $6,260, payable to the town.
for the purchase
MISSOURI
INTER-RIVER DRAINAGE DISTRICT (P. O. Poplar Bluff), Mo.—
AUTHORIZED— Holders of certificates of deposit of the
above-named district are being advised that a 2% liquidating dividend
amounting to $20 per $1,000 bond, represented by outstanding certificates
of deposit, was recently authorized and may be obtained upon presentation
of certificates to the trust department of the Mississippi Valley Trust
Co.,
St. Louis, Mo., for payment and endorsement on or after
Aug. 18. 1941.
Total distribution to date, including this dividend, aggregates $390 per
$1,000 bond.
MONTANA
hattan), Mont.—BONDS NOT SOLD—The $10,000
semi-ann. building bonds offered on Aug. 11—V.
as all
bids were rejected when a Federal grant
153,
was
p.
3
(P.
O.
Man¬
not exceeding 6%
427—were not sold
not
forthcoming,
ac¬
cording to the District Clerk.
MONTANA, State of—LOWER COUNTY TAX LEVIES FORESEEN—
An Associated Press
dispatch from Helena on Aug. 8 reported as follows:
Taxpayers in a majority of Montana counties will have a lower bill for this
Fed Bennion, secretary of the Montana Taxpayers' association said
Friday after an examination of preliminary budgets.
year,
He listed the following counties he said would reduce levies for
county
CITY, N. 3.—BONDS APPROVED—We understand that
State Funding Commission recently approved an issue of $334,000
3H% refunding bonds.
NEPTUNE
purposes:
big
the
born,
Broadwater, Cascade, Chouteau, Daniels, Dawson, Fallon,
Flathead, Gallatin, Glacier, Golden Valley, Granite, Hill, Judith Basin,
Lake, Lewis and Clark, Lincoln, McOone Meagher, Mineral, Philips,
Pondera, Power River, Powell. Prairie, Richland, Roosevelt, Rosebud,
Sanders, Sheridan, Silver, Bow, Sweet Grass, Treasure, Toole, Valley:
NEW
Teton
counties.
t0
indicated levies were Wheatland with 13.69 mills and Lewis
Clark which may be 13 mills, Gallatin was listed as 17.8 mills and
Park 17 75
to
issue
The
PITMAN SCHOOL DISTRICT
a new transportation law,
(P.
O.
at
Roundup),
Mont.—BOND
SPRING LAKE, N. 3.—BOND SALE—The
bonds aggregating $121,500, offered for
water
$5,000 at 76.00: $5,000 at 77.00, and $5,000
p
78.00.
a
RICHLAND COUNTY SCHOOL DISTRICT NO. 12 (P. O. Route 1,
Sidney), Mont.—BOND OFFERING—Sealed bids will be received until
8 p. m. on Aug. 30 by P. Steffens, District Clerk, for the purchase of
or
following coupon semi-ann.
sale on /Vug. 18—V. 153,
of Newark as 2s, paying
1024—were awarded to Julius a. Rippel, ,nc.,
Drice of 100.23, a basis of about 1.97%:
$26.500 series A bonds.
Due on Aug. 15 as
to 1948, and $2,000 in 1949 to 1956.
follows:
$1,500 in 1942 to
95 000 series B bonds.
Due on Aug. 15 as
1951, and $7,000 in 1952 to 1956.
$5,200 refunding bonds.
Interest rate is not to exceed 5*A%, payable
M-S.
Dated Sept. 1, 1941.
Amortization bonds will be the first choice
If amortiza¬
arid serial bonds will be the second choice of the School Board.
tion bonds are sold and issued the entire issue may be put into one single
bond
Saddle River), N. J .—BONDS
the Township Committee recently ap¬
$13,000 water plant bonds.
SADDLE RIVER TOWNSHIP (P. O.
proved an issue of
TENDERS ACCEPTED—It is stated by Harold P. Bennett, Clerk of the
of County Commissioners,
that the caunty accented tenders on
follows:
(P. O. Pitman), N. 3.—BOND SALE
APPROVED—It is reported that
COUNTY
Board
as
of 3H% bonds to retire
$49,000 semi-annual coupon building bonds offered for sale on
15—V. 153, p. 584—were awarded to Dolphin & Co. of Philadelphia,
as 2 ks, payinga premium of $196, equal to 100.40, a basis.of about 2.71%,
Dated May 1, 1941.
Due on Nov. 1 in 1942 to 1961, incl.
had previously stated.
refunding bonds
of Tuckerton
Aug
State of—BOND OFFERING DETAIL—In connection
with the offering scheduled for Aug. 26, of the $500,000 State Insane
Hospital bonds—V. 153, p. 1023—it is now reported that delivery of the
bonds and payment therefor must be made on Sept. 15, not on Sept. 16,
we
Borough
—The
MONTANA,
MUSSELSHELL
tne
Neptune City was permitted to issue $340,000
$312,000 carrying rates from 4M to 6%.
the highest, 43.5 mills, but Bennion expected school district
levies in that county to be cut in half.
He also expected a general cut in levies for elementary school disctricts
as
also authorized
new
was
high school levies slightly higher because of
The*Commission
$94 000 of 4% refunding bonds to take up an equal amount of 5>£$.
securities will run for shorter terms than those outstanding.
Lowest
with
of)—COMMISSION AUTHORIZES LOCAL
Press dispatch from Trenton on Aug. 20
.
and
Daniels
(State
reported as follows:
.
■■
The State Funding Commission has authorized the School District of
Bergenfield to issue $704,000 in 3H% refunding bonds to be exchanged
for $643,000 of old obligations bearing rates from 4H to 6%.
The higher
face value on the new bonds is to offset, inversely, the lowet interest rate
Higher levies were indicated for Blaine, Carter, Custer, Fergus, Garfield,
Madison, Missoula, Park, Petroleum and Stillwater.
Unchanged were Beaverhead, Carbon, Deer Lodge, Jefferson, Liberty,
and
JERSEY
REF UN DINGS—An Associated
Wheatland, Wibaux and Yellowstone.
Ravalli
the bonds accrued to the date of payment
Town Clerk, that he will receive sealed bids until 8 p.m.
of improve¬
by the voters.
GALLATIN COUNTY SCHOOL DISTRICT NO.
on
The successful bidder will be furnished with the
DIVIDEND
,
same rate of interest the bonds
bidder complying with the terms of sale and offering
the
highest price.
interest
at the Chemical Bank & Trust Co., New York City, on
redemption date,
with coupons maturing on that date and all subsequent
coupons attached.
issue
to
The purchaser must also pay an amount equal to the
of the purchase price.
opinion of Hawkins, Delafield & Longfellow of New York, that the bonds are valid and legally bind¬
ing obligations of the borough.
Enclose a certified check for $210, payable
to the borough.
the
Payment of said bonds, together with interest accrued to redemption
date, and the requisite premium will be made on presentation of said bonds
bonds is said to have been approved recently
be sold
accept for the amount bid the least amount of bonds, the bonds to be
accepted being those first maturing, and if two or more bidders offer to
accept the same least amount, then to the bidder offering to pay therefor
by Paul B. Johnson, President of the Board of Trustees,
Higher Learning in Mississippi, that 4% revenue bonds
WAVELAND, Miss.—-BONDS VOTED—A $205,000
J.
to
numbered from 13 to 241, to the amount of $229,000, are called for pay¬
ment on Oct. 1.
Dated Oct. 1, 1937.
Denom. $1,000.
Due Oct. 1, 1942
to 1962.
ment
N.
legally acceptable proposals specifying the
UNIVERSITY^MISSISSIPPI (P. O. Jackson), Miss.—BOND CALL
—It
Bergenfield),
O.
ESSEX FELLS, N. J .—BOND OFFERING—It is stated by Frederic R.
Webb, Borough Clerk, that he will receive sealed bids until 8:3o p. m.
(DST), on Sept. 8, for the purchase of the following bonds, aggregating
$10,500; sewer $5,000, and $5,500 sewer assessment bonds.
Interest not
exceeding 3%, payable F-A.
Dated Aug. 1, 1941.
Denom. $500.
Due
Aug. 1, as follows:
$1,500 in 1942 and $1,000 in 1943 to 1951.
Rate of
interest to be in a multiple of M or one-tenth of 1 % and must be the same
for all of the bonds. Prin. and int. payable in lawful money at the Citizens
National Bank & Trust Co., Caldwell.
No proposal will be considered
which specifies a rate higher than the lowest rate stated in any legally
acceptable proposal. Each proposal must state the amount bid for the bonds
which shall be not less than $10,500 nor more than $11,000.
As between
Decatur), Miss.—BONDS SOLD—the
Clerk of the Chancery Court states that $25,000 semi-annual funding bonds
jeen purchased by George R. Carter, Inc., of Meridian, as 3
Ms at par.
Denom. $1,000Dated May 1, 1941.
Due as follows: $2,000 in 1942 to
SUMNER
(P.
EXCHANGE APPROVED—It
is reported
tnat
an
issue of
$704,000 3H% refunding bonds is to be exchanged for old bonds, this
procedure having been approved by the State Funding Commission
have
1946 and $3,000 in 1947 to 1951.
JERSEY
DISTRICT
—BOND
$20,000 maturing $2,000 Feb. 1, 1942 to 1951 as 3s, $18,000 maturing
$3,000 Feb. 1, 1952 to 1957, as 3 Ms, $13,000 maturing Feb. 1, $3,000 in
1958 to 1960, $4,000 in 1961, as 2Ms, and $8,000 maturing $4,000 Feb. 1,
1962 and 1963 ♦ as 2>£s.
NEWTON COUNTY
SCHOOL
follows:
$6,000 in 1942 to
offer of $121^641.08 on 2s submitted by 11. B.
Boland & Co, of New York, while B. J. Van Ingen & Co., Inc., of New
York, offered $121,572.90 for 2s,
Second best oid
was
an
divided into several bonds, as the Board of Trustees may determine
at the time of sale, both principal and interest to be payable in semi-annual
instalments during a period of six years from the date of issue.
If serial bonds are issued and sold the same shall be in the amount of
$850 each, except bond No. 1, which shall be in the amount of $950: the
sum of $950 of said serial bonds will become due on Sept. 1, 1942, and the
sum of $350 of said serial bonds will become due and payable on the same
day eacK year thereafter until ail such bonds are paid.
The bonds, whether amortisation or serial bonds, will be redeemable in
full three years from the date of issue, and any interest due date thereafter.
The bonds will be sold for not lass than par and accrued interest to date
of delivery, and all bidders must/state the lowest rate at which they will
purchase the bonds at par.
Enclose a certified check for $520, payable to
the District Clerk.
NEW
YORK
N. Y.—BOND SALE—The following coupon
semi-annual bonds, aggregating $54.000- offered for sale on Aug
21—
V 153
p
1024—were awarded to C. F. Childs & Co. and Sherwood & Co.,
both of New York, jointly, as 1 Ms, paying a premium of $5.00. equal to
100.009, a basis of about 1.247%:
EAST
ROCKAWAY,
,
$19 000 improvement
bonds.
Due Sept. 1 as follows: $4,000 in 1942 and
and $1,000 from 1946 to 1950. incl,
funds to pay the cost of tax lien
$5,000 on Sept. 1 from 1942 to
1943: $3,000 in 1944 and 1945.
25 000 tax lien bonds, issued to provide
foreclosures in the village.
Due
1946, inclusive.
The Commercial & Financial Chronicle
1162
Due Sept,
10,000 refunding bonds.
1 as follows: $7,000 in 1947 and
Nassau County National
$100 premium for 1.40s.
EVANS
Bank of Rockville Center submitted
a
bid of
(P. O. Angola), N. Y.—BOND SALE—The $35,000 Water
District No. 3 semi-ann. bonds offered for sale on Aug. 20—V. 153, p.
871—were awarded to the Evans National Bank of Angola, as 1.90s, paying
premium of $8.75, equal to 100.025. a basis of about 1.895%.
Due on Aug. 1 in 1942 to 1908.
a
Dated
Aug. 1, 1941.
FOWNSVILLE, N. Y.—BOND SALE—The $33,500 coupon or registered
semi-ann. water bonds offered for sale on Aug. 18—V. 153, p. 871—were
awarded to E. H. Rollins & Sons of New York as 2.20s, payalng a premium
of $218, equal to 100.65, a basis of about 2.13%.
Dated Aug. 1, 1941.
Due on Aug, 1 in 1942 to 1975.
GUILFORD,
BUTTERNUTS
NORWICH,
UNADILLA,
AND
SCHOOL DISTRICT NO. 2 (P. O. Mt. Upton), N. Y.—
BOND SALE—The $15,000 semi-annual building and improvement bonds
offered for sale on Aug. 15—V. 153, p. 871—were awarded to Gordon
Graves & Co. of New York, as 1 AOs, paying a price of 100.286, a basis of
CENTRAL
about 1.35%.
purchase of $7,500 judgment coupon or registered bonds.
not to exceed .6%, payable J-J.
Dated July 1, 1941.
Due $1,500 July 1, 1942 to 1946.
Rate of interest to be
in a multiple of 14 or 1-10 of 1 %, and must be the same for all of the bonds.
Prin; and int. payable at the Soutn Shore Trust Co., Rockville Centre,
with New York exchange.
General obligations of the village payable
from unlimited taxes.
Issued for the purpose of paying certain final
judgments against the village pursuant to the village law, as amended;
The period of probable usefulness of such purpose is five years.
In the
event that prior to the delivery of the bonds the income received by private
holders from bonds of the same type and character shall be taxable by the
terms of any Federal income tax law, the successful bidder may at his
election, be relieved of his obligations under the contract to purchase the
bonds and in such case the deposit accompanying his bid will be returned.
The approving opinion of Dillion, Vandewater & Moore, of New York, will
be furnished the purchaser without cost.
Enclose a certified check for
$150, payable to the village.
Dated Aug. 1, 1941.
Due
Aug. 1 in 1942 to 1951.
on
MONTICELLO,
N.
Y.—BOND SALE—The following semi-annual
bonds, aggregating $30,542, offered for sale on Aug. 18—V. 153,
871—were awarded to R. D. White & Co. of New York as 1.90s, at a
price of 100.274, a basis of about 1.87%:
$23,884
6,658
sewer
bonds of 1941.
sewer assessment of
SHERBURNE,
NORTH NORWICH, NEW BERLIN, SMYRNA,
PLYMOUTH, COLUMBUS, HAMILTON AND BROOKFIELD, CEN¬
NO. 1 (P. O. Sherburne), N. Y.—BOND
TRAL SCHOOL DISTRICT
SALE—The
following coupon
offered for sale on Aug. 20—V.
& Weigold of
N. Y.—REVENUE BILLS ALLOTTED—The following
statement was released by the City Conptroller s office on Aug. 20:
Comptroller Joseph D. McGoldrick sold today by allotment $55,000,000
in revenue bills.
The bills are dated Aug, 22 and were sold at an interest
rate of 0.25%.
Of the total, $2o,000,000 are payable Oct. 20: $10,000,000
payaoie Oct. 27, and $20,000,000 payao e Oct. 31.
The banks and their
Amount
Bankers Trust Co.
$4,430,000
2,145,000
660,000
605,000
4,125,000
10,023,000
2,145,000
—
Bank of the Manhattan Co
_—
Bank of New York.
_
Brooklyn Trust Co...
Central Hanover Bank & Trust Co
...
The Cnase National Bank of the City of New York
Chemical Bank & Trust Co
The Commercial National Bank & Trust Co
The Continental Bank &
110,000
-
„
Trust Co. of New York.
Corn Exchange Bank Trust Go
Empire Trust Co...
275,000
1,540,000
110,000
385,000
2,769,000
110,000
7,254,000
2,750,000
165,000
2,365,000
385,000
7,919,000
1,540,000
—
—
The Fifth Avenue Bank of New York
„
The First National Bank of the City of New
Fulton Trust Co. of New York
Guaranty Trust Co...
Irving Trust Co
Kings County Trust Co
.
York.
—
........
....
Manufacturers Trust Co
The Marine Midland Trust Co of New York
The National City Bank of New York.
The New York Trust Co.
.
_
.:
—
-.
Tne Public National Bank & Trust Co. of New York
550,000
110,000
440,000
Title Guaranty & Trust Co.....
United States Trust Co. of New York
...
J. P.
Morgan & Co., Incorporated
2,090,000
Due
Due on
Other bids were as follows:
80,000 school oonds.
on Feb. 1 in 1955 to 1961.
Feb. 1 in 1943 to 1958.
Interest
Name—
Amount Paid
Manufacturers'Traders & Trust Co. and
Hamlin & Hunt.
Geo. B. Gibbons & Co.,
Union Securities CorpHarriman Ripley & Co.
Inc
$120,670.80
120,061.20
1.7
1.7
—
1.6
1.8
Adams McEntec
120,502.80
120,120.00
and It. A. Ward & Co.,
1.6
120,047.88
1.5
120,181.20
1.75
120,330.00
Inc.-------
Halsey, Stuart & Co., Inc
Blair & Co., Inc-_
allotments follow:
Bank—
$120,000,
aggregating
bonds
1.48%:
Kean, Taylor & Co. and
NEW YORK,
semi-ann.
153, p. 1024—were awarded to Roosevelt
New York, as lj^s, paying a price of 100.18, a basis of about
$40,000 refunding bonds.
,
Due on Feb. 1 in 1942 to 1960, inclusive.
1941 bonds.
Due on Feb. 1 in 1942 to 1960,
inclusive.
is
rate
Denom. $500.
coupon
p.
for the
City,
Interest
$3,000 in 1948.
All of the bonds will be dated Sept. 1. 1941.
Denorn. $1.000.
Tilnet & Co. of New York offered $82.14 premium on 1.30s. while the
Aug. 23, 1941
N. Y.—BONDS OFFERED—Sealed
SUFFERN,
Lie
._.
bids were received by
Village Clerk for the purchase of $4,934.40 road bonds until Aug. 22.
(P. O. Barneveld), N. Y.—BOND SALE—The $4,800
semi-annual water of 1941 bonds offered for saie on Aug. 21—V. 153,
to the Manufacturers & Traders Trust Co. of Buf¬
falo,as 2.10s, paying a premium of $6.25, equal to 100.13, a basis of about
2.07%.
Dated March 15, 1941.
Due on Sept. 15 in 1941 to 1951, incl.
TRENTON
coupon
1024—were awarded
p.
WHITEHALL (P. O. Whitehall), N. Y.—BOND SALE—The follow¬
ing coupon or registered bonds aggregating $34,000, offered for
Aug. 14—V. 153, p. 872—were awarded to the Manufacturers &
Trust Co. of Buffalo, as 1
1
paying
a
sale on
Traders
price of 100.039, a basis of about
23 %:
$6,000 home relief bonds. Due on March 1 in 1942 to 1950, inclusive.
28,000 high way improvement bonds.
Due on March 1 in 1942 to 1945, incl
CAROLINA
NORTH
CALDWELL COUNTY (P. O. Lenoir), N. C
The
$14,500 coupon semi-ann. school ouilding bonds offered for sale on Aug. 19
—V. 153, p. 872—were awarded to the Provident Savings Bank & Trust
Co. of Cincinnati as lMs, paying a premium of $13.50, equal to 100.093,
a basis of about 1.74%.
Dated Aug. 1, 1941.
Due on Feb. 1 in 1944 to
1952, inclusive.
N. C.—BOND SALE—$17,000 coup, semi-ann. street, water
Aug. 19—V. 153, p. 1025—were awarded
Arnold of Raleigh as 2s, paying a premium of $21.25, equai
to 100.125, a basis of about 1.98%.
Dated Aug. 1, 1941.
Due on Aug. 1
in 194.3 to 1950, inclusive.
CANTON,
and sewer bonds offered for sale on
to Kirchofer &
$55,000,000
NEW
YORK, State of—NOTES SOLD—Morris 8. Tremaine, State
Comptroller, completed at
York
State short-term
Aug. 18 the sale of $100,000,000 New
which went by allotment to 94 banks and
noon on
notes
other financial institutions,
Issued for general State budgetary purposes, tne notes, dated Aug. 19,
will mature March 19, 1942, with interest at the annual rate of 20-100ths
of
1%, payable at maturity.
They were delivered
on
the 19th in denoms.
of $100,000 to the Bank of the Manhattan Co., 40 Wall Street, New York,
the State's fiscal agent, against payment by the respective allottees.
Allotments were as follows:
COLUMBIA, N. C—BONDS APPROVED—We understand that an issue
refunding and funding bonds were approved by the Local Gov¬
of $76,393
ernment Commission.
CONCORD, N. C.—BONDS VOTED—Vie understand that an election
on Aug. 12 resulted in favor of issuing the follo wing bonds, aggregating
$410,000; $340,000 water system, $7,000 sanitary sewer, $1.5,000 street
improvement,
$5,000 sidewalk construction, $20,000 fire equipment,
$20,000 municipal building, $3,000 street marker bonds.
held
$2,600,000
City Bank: Bank of The Manhattan Co.;
Trust Co.; First National
Bang; Guaranty Trust Co.; Manufacturers & Traders Trust Co., Buffalo;
Marine Trust Co., Buffalo; J. P. Morgan & Co. Incorporated; Barr Brothers
& Co.; Harriman, Itipley & Co.; Salomon Brothers & Hutzler; Lehman
Bros., and Smith, Barney & Co.
BONDS SOLD TO RFC—W. E. Easterling, Secretary
Commission, states that the Reconstruction
purchased at par on July 29, $35,O0d 4% semi-annual
sanitary sewer bonds.
Due Tune 1, as follows:
$1,000 in 1944 and 1945,
$2,000 in 1946 to 1957, $1,000 in 1958 to 1960, and $2,000 in 1961 to 1963.
(These are the bonds offered without success on March 11, in the amount
$1,800,00.)
Co.; Continental Bank & Trust Co.; Empire
Trust Co.; Kings County Trust Co.; National Commercial Bank & Trust
Co.,
Abany; Public National Bank <fc Trust Co.; Schroder Trust Co.;
State Bank of Albany, Albany; United States Trust Co. of New York;
Blair & Co., Inc.; Blyth & Co., Inc.; C. J. Devine & Co.; First Boston
Corp.; Phelps Fenn & Co., and R. W. Pressprich & Co.
GASTON COUNTY (P. O. Gastonia), N. C.—BOND OFFERING—
Sealed bids will be received until 11 a. m. on Aug. 26, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raieigh.
for the purchase of $100,000 county building bonds.
Dated Sept. 1, 1941.
Due on March 1: $5,000, 1944 to 1949 and $10,000, 1950 to 1956, a,l incl..
Chase National Bank; National
Bankers Trust
Chemical
Co.; Central Hanover Bank &
Bank
&
Trust
$1,000,000
Brooklyn Trust Co.; Bronx County Trust Co.; City Bank Farmers Trust
Co.; Commercial National Bank & Trust Co.; Irving Trust Co.; Liberty
Bank, Buffalo; Manufacturers Trust Co.: C. F. Childs & Co.; Goldman,
Sachs & Co.: Halsey, Stuart & Co., Inc.; Laden burg, Thalmann & Co.;
Lazard
Freres & Co.; Mellon Securities Corp.; Merrill, Lynch, Pierce.
Fenner & Beane; D. W. Rich & Co., Inc.. and Stone & Webster &
Blodgett,
Incorporated,
$600,000
Bank of New York* Federation Bank & Trust Co.; Fifth Avenue Bank of
York; Lawyers Trust Co.; South Shore Trust Co.; Rockville Centre;
Sterling National Bank & Trust Co.; Trust Company of North America;
New
Bacon Stevenson & Co.; Darby & Co.; Emanuel & Co.; George B. Gibbons
& Co.,
Inc., and Kidder Peabody & Co.
L.
F. Rothschild & Co.: H. L. Schwamm & Co.; Shields & Co.;
Lauer & Co.: B. J. van Ingen & Co., Inc., and White, Weld & Co.
ROCKVILLE
Stern,
CENTRE, N. Y.—BOND OFFERING—Sea led bids will
be received by Robert T. Eiehmann,
Village Treasurer, until 2 p. m.
Sept. 9 for the purchase of $225,000
coupon
(DST>
electric light system, series
Interest rate is not to exceed 6%,
i,
payaoie M-S.
Denom.
fl'000.
Dated Sept. 1, 1941.
Due Sept. 1 as follows: $8,000 in 1942 to
1944, $9,000 in 1945 and $12,000 in 1946 to 1961.
Rate of interest to be
in a multiple of M or 1-10 of 1
% and must be the same for all of the bonds.
Prin. iind int. payable at the Bank of Rockville Centre Trust
Co., with
New York exchange.
Issued for the purpose of constructing additions to
the municipal electric light
system in the village, a revenue producing im¬
provement,
pursuant to the Village Law and
amended, and are general obligations of the
General Municipal Law, as
village, payable from unlimited
taxes.
The period of probable usefulness of the
purpose is determined to be
20 years
In the event that prior to the delivery of the bonds the income
received by private holders from bonds of the same
type and character
shall be taxable by the terms of
any Federal income tax law, the successful
bidder may, at »iis election, be relieved of his
obligations under the contract
to purchase the
bonds and in such
case
the deposit accompanying
his bid
will oe returned.
The approving opinion of Dillon, Vandewater & Moore of
New York will be furnished.
Enclose a certified check for $4,500, payable
to
the
village.
SALTAIRE,
N.
Y —BOND
OFFERING—Austin J.
Schmit, Village
Clerk
states tnat ne will receive sealed bids until noon, on
Aug. 26, at
the office of LeRoy B. Iserman, Village Attorney, 39 Broadway, New York
the
Local
Government
Finance Corporation
of
$32,o00.)
without option of prior payment.
Denom. $1,000; prin. and int. (M-S).
payable in New York City in legal tjender; general obligations; unlimited
tax; coupon bonds registerabie as to principal alone; delivery on or about
Sept. 9, at place of purchaser's choice.
There will be no auction.
Bidders are requested to name the interest rate or rates, not exceeding
6 % per annum in multiples of one-fourth of 1 %.
Each oid may name one
rate for part of the bonds v having the earnest maturities), and anotner rate
for t.ie balance, but no bid may name more than two rates, and eacn bidder
must specify in his bid the amount of oonds of each rate.
The bonds will
be awarded to the bidder offering oo purchase the bonds at the lowest
interest cost to the county, such cost to be determined by deducting the
total amount cf the premium bid from the aggregate amount of interest upon
all of the bonds until their respective maturities.
No b.d of less than par
and accrued i nterest will be entertained.
Bids must be
on
a
form to be furnished with additional information
and
accompanied by a certified check upon an incorporated bank or
payaoie unconditionally to the order of the State Treasurer
for $2,000.
The approving opinion of Masslich and Mitchell, New York
City, will be furnished the purchaser.
In tne event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid
must
$400,000
Brown Brothers, Harriman & Co.; Fiduciary Trust Co. of New York;
First Trust Co.. Albany; Fulton Trust Co. of New York; Swiss American
Corp.; Underwriters Trust Co.; A. C. Allyn & Co.; Dick & Merle-Smith:
Eastman Dillon & Co.; Eldredge & Co.; First of Michigan
Corp.; Glore
Forgan & Co.; Hannahs, Ballin & Lee: Harris Trust & Savings Bank;
Hemphill Noyes & Co.; Lee, Higginson Corp.; G. M.-P. Murphy & Co.;
Union Securities Corp.
Those allotted $200,000 were Baker, Weeks & Harden; Dominick &
Dominick; Francis I. du Pont & Co.; Ernst & Co.; Harvey Fisk & Sons,
Inc.; Gertler, Stearns & Co.; Hallgarten & Co.; MacKenzie & Co., Inc.;
Robert C. Mayer & Co.; Otis & Co.; Paine, Webber & Co.;
Riper & Co.;
on
DALLAS, N. C
of
be
trust company,
will
be
returned.
HARRELLSVILLE, N. C.—BOND SALE—The $5,000 semi-ann. street
improvement bonds offered on Aug. 19—V. 153, P. 1025—were purchased
by the Bank of Harrellsville, as 3s at par.
Dated Sept. 1, 1941.
Due
$500 on Sept. 1 from 1942 to 1951, inclusive.
C.—BOND SALE—The $7,000 semi-annual water
on Aug.
19—V. 153, p. 1025—were purchased by
Raleigh as l^s, paying a premium of $10.50, equal
to 100.15, a basis of about 1.71%.
Dated Aug. 1, 1941.
Due $1,000 on
Aug. 1 from 1942 to 1946, inclusive.
HENDERSON,
bonds offered
N.
for sale
Kirchofer & Arnold of
HENDERSON
RUPTCY
held
COUNTY
PETITION
Aug.
9
(P.
O.
Hendersonville), N. C.—BANK¬
is reported that the hearing
CONTINUED—It
the municipal bankruptcy petition filed by the
named county, asking for the approval of a plan of composition
Sept. 1, 1940, was continued until Sept. 4 by District Judge E.
Webb.
The
on
above
dated
Yates
plan is approximately $2,800,000
and has the approval of more than 90% of the creditors.
Under the plan
30-year bonds bearing 2H% to 4% interest will be issued.
MOUNT
amount
in
the
C.—BOND OFFERING— Sealed bids will be re¬
on Aug. 26 by W. E. Easterling, Secretary
Commission, at his office in Raleigh for the
purchase of the following bonds aggregating $25,000, all of which are dated
Aug. 1, 1941, and mature on Aug. 1 in the years hereinafter stated, without
ceived
of
the
AIRY,
involved
until
Local
11
a.
N.
m.
(EST)
Government
option of prior payment:
$6,000 street
improvement bonds, maturing annually $1,000
1946, inch, and $2,000, 1947.
4,000 street equipment bonds, maturing annually, $1,000 1944
inclusive.
1943
to
to
1947,
Volume
The Commercial & Financial Chronicle
153
15,000 refunding street improvement
1952 to 1954, incl.
bonds,
maturing
annually,
$5,000
Denom. $1,000: prin. and int. (F-A)
payable in New York City in legal
general obligations: unlimited tax: coupon bonds registerable as
principal alone; delivery on or about Sept. 9 at place of purchaser's
tender;
to
choice.
A
There
will be
Did
separate
no
auction.
each
for
(not less than par and accrued interest)
is required.
Bidders are requested to name the interest rate or rates,
not exceeding 6
% m multiples of Y, of 1 %; each bid may name one rate
for part of the bonds of
any issue( having the earliest maturities) and
issue
BUCKSKIN VALLEY VILLAGE SCHOOL DISTRICT
(P. O. South
Salem), Ohio—NOTE OFFERING—Sealed bids will be received
by
Maurice C. Mossbarger, Clerk, Board of
Education, until noon, Aug. 29,
for $4,077.16, not
exceeding 4%, annual, refunding second series notes.
Dated Aug. 31. 1941.
Due Aug. 31, 1943. • Subject to call after Nov.
30,
in any year by the Board of Education.
another
rate for the balance but no bid
may name more than two rates
for any issue, and each oidder must
specify in his bid the amount of the
bonds of each rate.
The bonds will be awarded to the bidder offering to
purchase tne bonds at the lowest interest cost to the town, such cost to
be determined
by deducting the total amount of the premium bid from
the aggregate amount of interest
upon all of the bonds until their respective
maturities.
Bids must oe on a form to be furnished with additional
information,
and must
or
trust
oe
accompanied by a certified check upon an incorporated bank
company,
payable unconditionally to the order of the State
Treasurer
for
$500.
The approving opinion of
New York City, will be furnished the purchaser.
Masslich
&
that prior to the delivery of the bonds the income received
holders from bonds of the same type and character shall be
by private
by the terms of any Federal income tax law, the successful bidder
at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid
taxaole
may,
will be returned.
OXFORD, N. C.—BOXD SALE—The semi-ann. bonds aggregating
$15,000, offered for sale on Aug. 19—V. 153, p. 1025—were awarded to
Kirchofer
& Arnold
of Raleigh, paying a premium of $21.75,
100.145, a net interest cost of about 2.26%, divided as follows:
$4,000 refunding bonds as 2Ms.
Due on Feb. 1, 1955.
11,000 general refunding bonds
REEMS
CREEK
Asheville),
4>6%
N.
semi-ann.
Asheville
at
2J4s.
as
Due
CONSOLIDATED
C.—MATURITY—It
to
DISTRICT
\p. O.
that the $12,500
Life Insurance Co. of
on July
1 in 1944 to
stated
now
school
par—V.
equal
Feb. 1 in 1955 to 1957.
on
SCHOOL
is
bonds sold to the Imperial
153, p. 1025—are due $500
1968, inclusive.
RICHMOND COUNTY (P. O.
Rockingham), N. C.—BOND SALE—
The $17,000 coupon semi-ann. county jail bonds offered for sale on
Aug. 19
—V. 153, P. 1025—were awarded to the
County Sinking Fund Commission
as
Is at par. according to the Secretary of the Local Government Com¬
mission.
Dated Sept.
Due
1, 1941.
Sept. 1 in 1942 to 1946.
on
CANTON,
City Council
Ohio—BONDS AUTHORIZED—We understand that the
Aug. 4 passed an ordinance calling for an issue of $66,436.10
on
street improvement bonds.
CARROLL VILLAGE SCHOOL DISTRICT
(P. O. Carroll), Ohio
—NOTE OFFERING-r-Sealed bids will be received
by Raymond B. Fast,
Clerk Board of
Education, until 8 p.m. on Aug. 25, for $4,966.99 not
exceeding 4%, annual, refunding second series notes.
1941.
Due Sept. 1, 1943.
Subject to call after Nov.
by the Board of Education.
A 01E SALE—The District Clerk
states that the $5,544.99 refunding second
series notes, offered for sale on
Aug. 4, were purchased by the First-Central
Trust Co. of Akron, as 1.23s, at
par.
Due in 1943.
CHATFIELD RURAL SCHOOL D STRICT
(P. O. Chatfield), Ohio
—NOTE OFFERING—Sealed bids will be
received by W. H. Kalb, Clerk
Board of Education, until 8
p.m. on Aug. 25 for $1,625.72 not exceeding
4%, annual refunding, second series notes.
Dated Sept. 1, 1941.
Due
Sept. 1, 1943.
Subject to call after Nov. 30, in
any year
Education.
DAKOTA
CHILLICOTHE CITY SCHOOL DISTRICT
(P. O. Chillicothe),
Ohio—NOTE SALE—The District Clerk states that the
$24,320.56 reon Aug. 1, were purchased
by
the First National Bank of
Chillicothe, as 1.10s, at par.
Due in 1943.
fundirig second series notes, offered for sale
CLINTON AND HARRISON TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO, 7 (P. O. Route No.
6, Box 386, Mt. Clemens), Ohio—
BONDS APPROVED—It is reported that the State Public Debt Commis¬
sion on Aug. 13 approved an issue of
$50,000 refunding bonds.
Due in
1943 to 1962.
_
Dak.—BOND OFFERING—Sealed and oral bids will
be received by N. E. Bottom City Auditor, at the
County Auditor's office
until 2 p. m. on Sept. 9 for the purcnase of coupon funding bonds.
Interest
rate is not to exceed 3%, payable M-S.
Dated Sept. 1, 1941.
Denom.
$500.
Due $500 Sept. 1. 1944 to 1951.
Prin. and int. payable at the
Bank of North Dakota. Bismarck.
No bid of less than par and accrued
interest will oe considered, and all bids must be unconditional.
The City
Council
will furnish the printed bonds without cost to the
purchaser.
A certified check for $200, payable to the
city, is required.
LIDGERWOOD, N. Dak .—BOND SALE— The $10,000 coupon semifire protection and water supply bonds offered on
Aug. 14—V. 153,
ann.
Allison-Williams Co. of Minneapolis, accord
Dated July 15, 1941.
Due on July 15 in 1942
to the
ing to the City Auditor.
to 1960.
COLUMBUS, Ohio—BOND SALE—The $542,000 issue of semi-annual
refunding bonds offered for sale on Aug. 21—V. 153, p. 872—was awarded
jointly to the Union Securities Corp. of New York and HawJey, Shepard
& Co. of Cleveland as
l^s, paying a premium of $759, equal to 100.14, a
basis of about 1.23%.
Dated Aug. 1, 1941.
Due as follows: $20,000 on
May 1 and Nov. 1 in 1943 and 1944 and $21,000 on May 1 and Nov. 1 from
1945 to 1955, inclusive.
BONDS OFFERED FOR REINVESTMENT—'The successful bidders reoffered the above bonds for public subscription at prices to
yield from 0.30%
1.30%, according to maturity.
to
CRESTLINE EXEMPTED VILLAGE SCHOOL DISTRICT (P. O.
Crestline), Ohio—NOTE SALE-—The District Clerk states that the
$5,782.56 refunding second series notes offered on Aug. 4 were purcnased
by the First-Central Trust Co. of Akron
1.23s at
as
-.
CUYAHOGA COUNTY (P. O.
OHIO
were
Cincinnati,
Due in 1943.
par.
Cleveland), Ohio—BOND OFFERING
—It is reported that sealed bids will
ABERDEEN-HUNTINGTON
SCHOOL
DISTRICT
(P.
O. Aber¬
deen), Ohio—NOTE SALE—An issue of $3,752.49 refunding, second series
notes
.
,
N.
p. 723—were awarded
by the Board of
CHESTER TOWNSHIP SCHOOL DISTRICT
(P. O. Wilmington),
Ohio—NOTE OFFERING—Sealed bids will be received
by Mrs. C. E.
Haydock, Clerk Board of Education, until noon, Aug. 26, for
$2,410.77,
not exceeding 4%,
annual, refunding second series notes.
Dated Aug. 26.
1941.
Due Aug. 26, 1943.
Subject to call after Nov. 30, in any year
by the Board of Education.
•
NORTH
FLAXTON,
Dated Sept. 1,
30, in any year
CHAMPION RURAL SCHOOL DISTRICT
(P. O. Warren), Ohio—
Mitchell,
In the event
1163
$2,575.46, not exceeding 4 %, annual, refunding second series notes.
Date^
Sept. 5* 1941.
Due Sept. 5, 1943.
Subject to call after Nov. 30, in any
year by the Board of Education.
»
purchased on July 19, oy Van Lahr,
1.65s, at par.
Due in 1943. '
Doll
&
Isphording of
as
ADAMS TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Ohio—NOTE OFFERING—Sealed bids will be received
Toledo),
be received until Sept. 12 by George
H. Stahler, Clerk of the Board of County Commissioners, for the
purchase
an
issue of $1,230,000 refunding bonds.
Dated Oct. 1, 1941.
Due
as follows: $65,000 on April 1
and Oct. 1 in 19i4 to 1946 and $6u,000 on
of
the
same
dates in each year from
1947 to 1953.
DANBURY TOWNSHIP SCHOOL DISTRICT (P. O.
Marblehead),
Ohio—NOTE OFFERING—Sealed bids will be received
by G. A. Pettibone,
by William T.
Gravius, Clerk Board of Education, until noon Sept. 3 for $6,148.34 not
exceeding 4% annual refunding second series notes.
Dated Sept. 3, 1941.
Due Sept. 3, 1943.
Subject to call after Nov. 30 in any year by the Board
of
of Education.
jn any year
AKRON
CITY
SCHOOL DISTRICT (P. O. Akron), Ohio—NOTE
$315,833.59 issue of refunding, second series, notes offered
for sale on Aug. 18—V. 153, p. 1025—was awarded to the State
Treasurer,
as 0.60s at pat
Dated Sept. 1, 1941.
Due on Sept. 1, 1943.
Callable
after Nov. 30 in any year by the Board of Education.
SALE—The
.
Clerk, Board of Education, until 7.30 p.m. on Aug. 28, for the purchase
$3,026.62, not exceeding 4%, annual, refunding second series notes,
Dated Aug. 29, 1941.
Due Aug. 29, 1943.
Subject to call after Nov. 30,
by the Board of Education.
DECATUR
RURAL
SCHOOL
DISTRICT
(P. O. Ironton), Ohio—
received by Lloyd Whitley, Clerk
Aug. 22, for $4,647.54 not exceeding
4%. annual, refunding second series notes.
Dated Aug. 18, 1941.
Due
Aug. 18, 1943.
Subject to call after Nov. 31 in any year by the Board
NOTE
OFFERING—Sealed
bids
were
Board of Education, until 6 p.m. on
of Education.
ALBANY
CONSOLIDATED SCHOOL DISTRICT (P. O.
Albany),
Ohio—NOTE SALE—The District Clerk states that $4,765.74 refunding
second
series
notes
offered
July
29
were
purchased by the Quaker City
National Bank of Quaker City as 1.34s at par.
Aug. 12 the $150,000 construction bonds failed to carry.
NOTE
DISTRICT
(P.
O.
Arlington),
Ohio—NOTE SALE—The District Clerk states that the $4,540
refunding
second series notes, offered for sale on Aug. 4, were purchased
by the FirstCentral Trust Co. of Akron, as 1 J4s, at par.
Due in 1943.
ASHLAND CITY SCHOOL DISTRICT (P. O.
Ashland), Ohio—
NOTE SALE—The District Clerk states that $17,296.23
refunding, second
series, notes offered July 29 were purchased by the Ohio National Bank
of Columbus at
ATHENS
Is.
UNION
VILLAGE
SCHOOL DISTRICT
(P.
O.
New
Athens), Ohio—NOTE SALE—The District Clerk states that the $3,705
refunding second series notes offered on Aug. 1 were purchased by the
Second National Bank of St, Clairsville as 1.80s at par.
Due in 1943.
AVON
LAKE
SCHOOL
DISTRICT
(P.
O.
Avon
Lake),
Ohio—
NOTE SALE—The District Clerk states that the $2,530.81
refunding,
second series, notes offered Aug. 2 were purchased by the Union National
Bank of Cadiz
as
1.60s.
DOVER
BA1NBRIDGE VILLAGE SCHOOL DISTRICT (P. O. Bain
bridge),
re¬
by
1943.
were
purchased by the Ohio National
4% annual refunding second series notes.
Dated
1941.
Due Sept. 1, 1943.
Subject to call after Nov. 30 in
by the Board of Education.
EDEN
TOWNSHIP
ELYRIA
SALE—The
notes
CITY
ingburg), Ohio—NOTE SALE—The District Clerk states that the $3,342
series notes, offered Aug. 18 were purchased by the
refunding second
First-Central Trust Co., of Akron, as 1.23s.
Due in 1943, optional in any
year.
SCHOOL
DISTRICT (P. O.
Wellington), Ohio—NOTE OFFERING—Sealed bids will be received by
M. T. Rolfe. Clerk, Board of Education, until 8 p.m. on Sept. 2, for
SCHOOL
District
offered
DISTRICT
Clerk states .that
Aug. 2
were
(P.
the
purchased
O.
Elyria), Ohio—NOTE
$33,053.37 refunding second
by the Ohio National Bank
Is.
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Leetonia),
refund¬
Ohio—NOTE SALE—The District Clerk states that the $2,573.88
ing second series notes offered on Aug. 18, were purchased by the Union
National Bank of Cadiz, as 1.55s.
Dated July 17, 1941.
Due July 17,
Optional in any year.
FARMINGTON VILLAGE SCHOOL DISTRICT
Ohio—NOTE
OFFERING—Sealed
bids
Board of Education, until 8 p.
(P. O. West Farm-
will
m.
be received by
Sept. 2 for the
on
purchase of $3,013.71. not exceeding 4% annual refunding second series
notes.
Dated Aug. 23, 1941.
Due Aug. 23. 1943.
Subject to call after
Nov. 30 in any year by the Board of Education.
FOREST-JACKSON
RURAL SCHOOL
DISTRICT
(P. O.
Forest),
Ohio—NOTE OFFERING—Sealed
BLOOMINGSBURG VILLAGE SCHOOL DISTRICT (P. O. Bloom-
RURAL
(P. O. Nevada),
of
Board of Education.
ington),
TOWNSHIP
DISTRICT
1,
year
bids will be received by F. B. Cole,
Education, until 8:30 p. m. Aug. 25 for $1,798.38 not
exceeding 4% annual refunding second series notes.
Dated Sept. 5, 1941.
Due Sept. 5, 1943.
Subject to call after Nov. 30 in any year by the
Board
T. J. Franks, Clerk
BRIGHTON
RURAL SCHOOL
Sept.
any
Ohio—NOTE OFFERING—Sealed
BETTSVILLE
RURAL SCHOOL
DISTRICT (P.
O.
Bettsv.Ile),
Ohio—NOTE OFFERING—Sealed bids will be received by Annie
Carper,
by the Board of Education,
be
exceeding
1943.
year
will
EATON EXEMPTED VILLAGE SCHOOL DISTRICT (P. O. Eaton),
Ohio—NOTE OFFERING—Sealed bids will be received by C. J. Hunter,
Board of Education, until 8 p. m. on Aug. 29 for $7,000.46, not
ing4%, annual, refunding second series notes.
Dated Sept. ], 1941.
Due
Sept. 1, 1943.
Subject to call after Nov. 30, in any year by the Board
of Education.
I
Clerk, Board of Education, until 6 p.m. on Sept. 4, for the purchase of
$2,231.12. not exceeding 4%, annua], refunding second series notes.
Dated
Sept. 4, 1941.
Due Sept. 4, 1943.
Subject to call after Nov. 30, in any
DISTRICT
bids
Clerk,
FAIRFIELD
BENTON RURAL SCHOOL DISTRICT (P. O.
Benton), Ohio—
NOTE OFFERING—Reuben R. Stick, Clerk Board of Education, states that
he will receive sealed bids until 8 p.m. on Aug. 28, for $1,755.15, not exceed-
Second
DOYLESTOWN, Ohio—BONDS SOLD—The $5,500 coupon semi-ann.
sanitary sewer and sewer disposal plant bonds offered for sale on March 15
were purchased by the BancOhio Securities Co, of Columbus as 4s at par,
according to the Village Clerk.
Dated Nov. 1, 1940.
Due $250 on Nov. 1
in 1942 to 1963, inclusive.
of Columbus as
1,
the
(P. O. Marysville), Ohio—
received by Joe Easton, Clerk,
28 for $1,887.31 not exceeding 4%
Dated Sept. 1, 1941.
Due Sept. 1,
Subject to call after Nov. 30 in any year by the Board of Education.
second series notes offered
Aug.
SCHOOL
OFFERING—Sealed
series
Bank of Columbus, as 1.10s.
by
on Aug. 7, were purchased by the First-Central Trust Co.
1.11s, at par.
Due in 1943.
RURAL
BARBERTON CITY SCHOOL D'STRICT (P. O.
Barberton), Ohio
—NOTE SALE—The District Clerk states that the $33,219.94
refunding
purchased
Board of Education, until noon Aug.
annual refunding second series notes.
Clerk
Ohio—NOTE SALE—The District Clerk states that the $5,689.65
funding second series notes, offered for sale on Aug. 5, were purchased
Rockhold. Brown & Co. of Bainbridge, as 3s, at par.
Due in 1943.
were
(P.O. Dover City), Ohio—NOTE
SALE—The District Clerk states that $14,266.08 refund, second series notes
serias, notes offered on July 31 were purchased by the First-Central Trust
Co. of Akron as 1.39s.
SCHOOL
Aug. 4,
1.05s.
as
offered for sale
of Akron, as
VILLAGE
offered
Clairsville,
DOVER CITY SCHOOL DISTRICT
ANTWERP RURAL SCHOOL DISTRICT (P. O.
Antwerp), Ohio—
NOTE S ALE—'The District Clerk states that $4,234.12 refunding, second
ARLINGTON
notes,
National Bank of St.
ALLEN TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Curtice),
Ohio—BONDS DEFEATED—The Clerk, Board of Education, states that
at the election on
DILLONVALE VILLAGE SCHOOL DISTRICT (P. O.
Dillonvale),
Ohio—NOTE SALE—The District Clerk states that the $6,323.50 refund¬
ing second series
bids will be received by F. E. Freed,
Board of Education, until 8 p. m. on Aug. 29 for $3,5.57.74 not
exceeding 4% annual refunding second series notes.
Dated Sept. 1,
1941.
Due Sept. 1, 1943.
Subject to call after Nov. 30 in any year by
the Board of Education.
Clerk,
FOWLER RURAL SCHOOL DISTRICT (P. O. R. D. No. 1, Cort¬
land), Ohio—NOTE SALE—The District Clerk states that the $2,964.35
refunding second series notes offered Aug. 2 were purchased by the Quaker
City National Bank of Quaker City as 1.39s.
,
The Commercial & Financial Chronicle
1164
HEIGHTS
MAPLE
GERMAN RURAL SCHOOL DISTRICT (P. O. R. D. No. 2, Spring¬
'
•
•'
>'
(P. O. Girard), Ohio—NOTE
SALE—The District Clerk states that the $13,043.50 refunding second
series notes offered on Aug. 5 were purchased by the Ohio National Bank
of Columbus as 1.15s at par.
Due in 1943.
GLENDALE
VILLAGE SCHOOL DISTRICT (P.
O. Glendale),
OFFERING—Sealed
bids will be received by John K.
DISTRICT
SCHOOL
(P.
RURAL
MARSEILLES
8
p.
m.
SCHOOL
notes offered
second series
on
on
DISTRICT
(P.
Marseilles),
O.
July 26 were purchased by Gillis, Russell
& Co. of Cleveland as 1.65s.
MARYSVILLE EXEMPTED VILLAGE SCHOOL DISTRICT (P. O*
Marysville), Ohio—N07E SALE—The District Clerk states that the
$6,293.51 refunding second series notes, offered for sale on Aug. 19, were
Gratis), Ohio—
O.
until
Ohio—NOTE SALE—The District Clerk states that $2,064.61 refunding,
Clerk Board of Education, until noon Aug. 29 for $2,322.52
not exceeding 4% annual refunding second series notes.
Dated Aug. 31,
1941.
Due Aug. 31, 1943.
Subject to call after Nov. 30 in any year,
by the Board of Education.
VILLAGE
of Education,
Board
Clerk
Gordon Jr.,
GRATIS
Ohio—
Guelde,
Aug. 26 for $2,546.87 not
exceeding 4%, annual, refunding second series notes.
Dated Aug. 16,
1941.
Due Aug. 26, 1943.
Subject to call after Nov. 30 in any year
by the Board of Education.
NOTE
GIRARD CITY SCHOOL DISTRICT
Ohio—NOTE
1941
DISTRICT
MARION TOWNSHIP SCHOOL DISTRICT (P. O. Hamler),
OFFERING—Sealed bids will be received by Herman F.
-'i
.> ;
SCHOOL
(P.
O.
Maple
Heights), Ohio—NOTE SALE— The District Clerk states that $8,298.95
refunding, second series notes offered on July 29 were purchased by the
Ohio National Bank of Columbus as 1.20s.
field), Ohio—NOTE SALE—The District Clerk states that the $3,920.33
refunding second series notes offered on July 29, were purchased by the
First-Central Trust Co.. of Akron, as 1.40s.
Due in 1943.
Optional in
any year.
Aug. 23,
CITY
NOTE OFFERING—Sealed bids will be received by Eugene Dwyer, Clerk
Board of Education, until Aug. 30 at noon for $2,315.81 not exceeding
4% annual refunding second series notes.
Dated Sept. 1, 1941.
Due
Sept. 1, 1943.
Subject to call after Nov. 30 in any year by the Board
purchased by the Quaker City National Bank of Quaker City, as 1.24s,
at par. ; Due on Aug. 4., 1943..
MlDDLEFIELD
(P.
of Education.
COMMUNITY
VILLAGE SCHOOL DISTRICT
Ohio—NOTE OFFERING—Sealed bids will be re¬
Middlefield),
O.
McClurg, Clerk of the Board of Education, until 6 p. m.
on Sept. 2 for the purchase of $2,593.70 not exceeding 4%,annual refunding
second series notes.
Dated Sept. 5, 1941.
Due Sept. 5. 1943.
Subject
to call after Nov. 30 in any year by the Board of Education.
ceived by Dale
RURAL
GREEN
DISTRICT
SCHOOL
NOTE OFFERING—Sealed
(P.
bids will be received
O.
Akron),
Ohi<
K. Furnas, Clerk
by A.
Board of Education, until 7 p. m. on Aug. 30 for $9,490.52 not exceeding
,
4% annual refunding second series notes.
Dated Sept. 1,1941.
Due
Sept. 1, 1943.
Subject to call after Nov. 30 in any year by the Board
of Education,;
-
>•■
•
'..v1''''v;':
H<\,c
.
';:■••
Monroe
ville), Ohio—NOTE OFFERING—Sealed bids will be received by F. A.
Wangler until noon Aug. 26 for $3,347.90 not exceeding 4%, annual,
refunding second series notes.
Dated Sept. 1, 1941.
Due Aug. 1, 1943.
Subject to call after Nov. 30 in any year by the Board of Education.
MONROEVILLE
v
RURAL SCHOOL DISTRICT
GREEN
(P. O. Briatolville), Ohio—
NOTE SALE—The District Clerk states that $3,118.89 refunding, second
series notes offered Aug. 4 were purchased by the First-Central Trust Co.
of Akron as l^s.
GREEN
RURAL
SCHOOL
1.30s.
as
Co., of Akron, as 1.22s.
as
SCHOOL
purchased by the First-Central Trust Co. of Akron,
Due Sept. 1, 1943.
as
HARTFORD
Ohio—NOTE
as
July 31
second series notes
Bank of Columbus
DISTRICT
as
Clerk
states
HUBBARD
EXEMPTED
par.
VILLAGE
Clerk
DISTRICT,
Ohio
JACKSON
RURAL SCHOOL
DISTRICT
O.
(P.
R.
F.
D.
No.
TOWNSHIP
SCHOOL
DISTRICT
(P.
Ispnording, of Cincinnati,
JENNINGS
as
1.95s. at par.
CONSOLIDATED
(P.
O.
TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Ohio—NOTE OFFERING—Sealed bids will be received by
1, for the
purchase of $2,989.53, not exceeding 4%, annual, refunding second series
1,
as
Nov. 30, in any year
SALE—'The District Clerk
series notes offered for sale
& Trust Co. of Warren as
O.
the Board of Education.
Ohio—NOTE
series
$2,714.17 refunding second
Aug. 15 were purchased by the Union Savings
IKs at par.
Due in 1943.
PAINT
RURAL
SCHOOL
DISTRICT
series
o
notes
as
District
%s.
Clerk
Lima City),
Ohio^AWE
on
LITTLE MUSKINGUM RURAL SCHOOL DISTRICT
(P. O. Marietta)» Oni°—NOTE SALE—The District Cleirk states that the $5,430.55
refunding second series notes, offered for sale on Aug. 4, were purchased
by the First-Central Trust Co. of Akron, as 1.24s, at par.
Due in 1943.
offered
series
notes
of Columbus
O. Lockland), Ohio—
District Clerk states that $8,457.78
refunding second
offered July 22 were purchased
by the Ohio National Bank
as
1
s.
McC ART YVILLE
RURAL
SCHOOL
DISTRICT
(P.
O.
Anna),
hio—NOTE OI< FERING—Sealed bids will be received
by Arthur Seigle,
Clerk Board of Education, until 8:.' 0
p. m. Aug. 26 for $1,438.15 not
exceeding 4%, annual, refunding second series notes.
Dated Sept. 1,
1941.
Due Aug. 31, 1943.
Subject to call after Nov. 30 in any year by
the Board of Education.
MALTA-McCONNELSVILLE EXEMPTED VILLAGE SCHOQL DISMorgan), Ohio—NOTE SALE—The District Clerk states
that $8,721.31 refunding, second series notes offered on
~uly 30 were pur¬
chased by the Quaker City National Bank of
Quaker City as 1.24s.
u
MANCHESTER VILLAGE SCHOOL DISTRICT (P. O.
Manchester),
Ohio—NOTE SALE—It is reported that $6,219.66
refunding second series
were purchased by Van Lahr, Doll &
Isphording of Cincinnati,
as 1.90s, at par.
Due in 1943.
notes,
DISTRICT
SCHOOL
for sale
on
Aug.
15
1.55s at
PEEBLES VILLAGE SCHOOL
(P.
O.
Mt.
Eaton),
purchased by
Dated Aug. 8,
were
Ohio—
par.
the Licking
1941.
Due
:\}. :c;.Yv '/^-v
DISTRICT (P. O. Peebles), Ohio—
of Cincinnati,
purchased by Van Lahr, Doll & Isphording
1.90s, at par.
Due in 1943.
on
as
July 12,
were
PEMBERVILLE VILLAGE SCHOOL DISTRICT (P. O.
Ohio—NOTE OFFERING—Sealed bids were received
Pemberville),
by Ernest Heckman,
Clerk Board of Education, until 8 p.m. on Aug.
not
22, for $3,241.79 annual
series notes.
Dated Aug. 22, 1941.
exceeding 4%
Due
Aug.
22,
refunding second
1943.
Subject to call after Nov. 30, in
any
year
by the
Board of Education.
PIKETON
VILLAGE
SCHOOL
DISTRICT
O. Piketon), Ohio
—NOTE SALE—The District Clerk states that the $4,898.22 refunding,
second series notes offered for sale on July 27, were purchased by the First
National Bank of Waverly, as 1.39s, at par.
Due in 1943.
PLYMOUTH
*JbSFKL,A,ND CITY SCHOOL DISTRICT (P.
NOIE SALE—The
were
NOTE SALE—It is reported that $3,786.15 refunding second series notes,
offered for sale
(P. O. Conover),
states that tne $47,187.69
refunding second
Aug. 16, were purchased by the National Bank of
Due in 1943.
Optional in any year.
offered
RURAL
Bank of Newark as
Aug. 8, 1943. :-;r
District Clerk states that $2,010 refunding
offered July 22 were purchased
by Van Lahr, Doll &
as 1.65s.
LIMA CITY SCHOOL DISTRICT (P. O.
SALE—The
states
S/jLE—The District Clerk states that the $2,629.82 refunding second
notes
County
•
Lima
(P.
O.
that the
purchased
DISTRICT
Clerk
OREGON TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Harbor
Ishpording of Cincinnati
series
District
on
SALE—The
notes
SCHOOL
SALE—The
View), Ohio—NOTE SALE—The District Clerk states that the $9,795.02
refunding second series notes, offered for sale on Aug. 4, were purchased by
the First National Bank of Barnesville, as Is, at par.
Due in 1943.
NOTE
second
Ohio—NOTE
$8,455.86 refunding second series notes, offered Aug. 4,
by the First-Central Trust Co., of Akron, as 1.27s.
LAKEWOOD CITY SCHOOL DISTRICT (P. O.
Lakewood), Ohio
—NOTES SOLD—The District Clerk states that
$57,646.04 refunding,
second series notes were sold on
Aug. 14 to the Ohio National Bank of
Columbus as Is at par.
Dated Aug. 14, 1941.
Due on Aug. 14, 1943.
Subject to call on Nov. 30 in any year by the Board of Education.
LENA-CONOVER
RURAL
TOWNSHIP
NORWICH
Fort
(P. O. Kinsman), Ohio—
states that the
Subject to call after
2, 1941.
Due Sept. 2, 1943.
by the Board of Education.
NORTH ROYALTON VILLAGE SCHOOL DISTRICT (P. O. Cleve,
land), Ohio—NOTE OFFERING—Sealed bids will be received by B. W.
Weber, Clerk, Board of Education, until 6 p.m. Sept. 2, for $4,217.47,
not exceeding 4%, annual, refunding second series notes.
Dated Aug. 7,
1941.
Due Aug. 7, 1943.
Subject to call after Nov. 30, in any year by
1.30s.
KJNSMAN RURAL SCHOOL DISTRICT
N07 E
Dated Sept.
notes.
Jennings), Ohio—NOTE SALE—The District Clerk states that $3,112.36
refunding, second series notes offered Aug. 1 were purchased by the FirstCentral Trust Co. of Akron
(P. O. Newport),
NIMISHILLEN
Hilliards),
DISTRICT
New
Louisville),
Due in 1943,
SCHOOL
O.
(P.
Forrest G. Miller, Clerk Board of Education, until noon, Sept.
West Union), Ohio— NOTE SALE—An issue of
$4,968.59 refunding,
second series notes offered on July 12, were purchased
by Van Lahr, Doll
&
DISTRICT
by the Board of Education.
bids will be received by Charles W.
RURAL
SCHOOL
exceeding 4%, annual, refunding second series notes.
Dated Aug. 22,
1941.
Due Aug. 22, 1943.
Subject to call after Nov. 30 in any year
Koher, Cierk Board of Education, until 8 p. m. on Sept. 2 for the purchase
of $2,023.79 not
exceeding 4% annual refunding second series notes.
Dated Sept. 2, 1941.
Due Sept. 2, 1943.
Subject to call after Nov. 30
in any year by the Board of Education.
JEFFERSON
De
on
NEWPORT FIRST RURAL SCHOOL DISTRICT
Subject to call after Nov. 30 in any
Fly), Onto—NOTE OFFERING—Sealed
m.
Ohio—NOTE OFFERING—Sealed bids were received by Earl T. Abicht,
Clerk Board of Education, until 8 p. m. on Aug. 22 for $4,210.25 not
premium of $8.50 for 2s.
JACKSON CITY SCHOOL DISTRICT (P. O. Jackson
City), Ohio
—NOTE OFFERING— Sealed bids will be received
by Clyde E. Mayhew,
Clerk Board of Education, until noon on
Aug. 29 for the purchase of
$14,501.60 not exceeding 4%, annual refunding second series notes. Dated
Aug. 29, 1941.
Due Aug. 29, 1943.
year by the Board of Education.
VILLAGE
p.
Knoxville), Ohio—NOTE OFFERING—Sealed bids will be received by
P. Katterheinrich, Clerk Board of Education, until noon Aug. 26 for
$2,702.96 not exceeding 4%, annual refunding second series notes.
Dated
Aug. 26, 1941.
Due Aug. 26, 1943.
Subject to call after Nov. 30 in any
year by the Board of Education.
SALE—The $15,000 current expenes bonds offered Aug. 11—
V. 153, p. 724—were awarded to the Union Savings & Trust Co. of Warren
as 1 j^s at par plus a premium of $1.
Dated Aug. 1, 1941, and due $3,750
on
April 1 and Oct. 1 in 1942 and 1943.
Ryan, Sutherland & Co. of
a
KNOXVILLE
until 8
N.
—BOND
Toledo, second high bidder, offered
of Education,
Boaid
NEW
by the FirstDue Aug. 15, 1943.
SCHOOL
Bremen),
received by H. F. Bienz,
Aug. 25 for $3,347.49 not
exceeding 4%, annual refunding second series notes.
Dated Aug. 30,
1941.
Due Aug. 30, 1943.
Subject to call after Nov. 30 in any year
by the Board of Education.
Ohio—NOTE OFFERING—Sealed bids will
1.40s.
}4s, at
Newark City), Ohio
(P. O.
5 were purchased by the Ohio
Due in 1943.
NEW BREMEN VILLAGE SCHOOL DISTRICT (P. O. New
(P.
that
HAYESVILLE SCHOOL DISTRICT
(P. O. Hayesville), Ohio—
NOTE SALE—The District Clerk states that the $3,508.51
refunding second
series notes, offered for sale on Aug. 19, were purchased
Central Trust Co. of Akron, as 1
Due
Board
NEW BOSTON, Ohio—NOTE SALE—The City Auditor states that
$60,000 refunding second series notes offered for sale on Aug. 19 were
purchased by Stranahan, Harris & Co., Inc., of Toledo.
Due in 1943.
O.
Hartford),
.$3,362 refunding
offered July 25 were purchased by the Ohio National
District
Ohio—
the
^
SCHOOL
SALE—The
Nellie),
O.
(P.
District Clerk states that the $27,617.48 refunding
second series notes offered for sale on Aug.
National Bank of Columbus as Is at par.
1.55s.
RURAL
CITY SCHOOL DISTRICT
NEWARK
—NOTE SALE—The
1 \is, at par.
purchased by the Ohio National
were
DISTRICT
of Education.
HARRISON
VILLAGE
SCHOOL
DISTRICT (P.
O. Harrison),
Ohio—NOTE SALE—The District Clerk states that $4,711.22
refunding
second series notes offered
SCHOOL
4%, annual refunding second series notes.
Dated Aug. 26, 1941.
Aug. 26, 1943.
Subject to call after Nov. 30 in any year by the
DISTRICT
(P. O. Harpster), Ohio—NOTE SALE—The District Clerk states that
the $3,177.87 refunding second series notes, offered for sale on Aug. 19,
were
RURAL
NELLIE
NOTE OFFERING—Sealed bids will be received by E. D. Kiasner, Clerk
Board of Education, until 6 p. m. on Aug. 25 for $2,787.04 not exceeding
Aug, 4 were purchased by the First1.20s at par.
Due in 1943.
on
HARPSTER-LITTLE SANDUSKY VILLAGE
DISTRICT (P. O. Navarre), Ohio
Clerk states that the $5,132.31 refunding
Aug. 4, were purchased by the First-Central
Due in 1943.
Optional in any year.
SALE—The District
second series notes offered on
GREEN TOWNSHIP SCHOOL DISTRICT (P. O. Orrville), Ohio—
NOTE SALE—The District Clerk states that the $5,078.37 refunding
Central Trust Co. of Akron
2s.
NAVARRE VILLAGE SCHOOL
annual refunding second series notes.
Dated Aug. 25,
Aug. 25, 1943.
Subject to call after Nov. 30 in any year
by the Board of Education.
second series notes offered for sale
on
—NOTE
4%,
Bank of Columbus
O.
__
premium
Due
1941.
(P.
MONTGOMERY SCHOOL DISTRICT (P. O. Montgomery), Ohio—
SALE—The $25,000 coupon semi-ann. builduig bonds offered for
on
Aug. 16—V. 153, p. 872—were awarded to the Weil, Roth &
Irving Co. of Cincinnati as 2s, paying a premium of $166, equal to 100.664,
a basis of about 1.94%.
Dated Aug. 1, 1941.
Due on Dec. 1 in 1943 to
1962, inclusive.
"
Pohl & Co. of Cincinnati was second best bidder, offering $lo8.80
GREEN TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Cheviot),
Ohio—NOTE OFFERING—Sealed bids will be received by C. G. Lepple,
Clerk Board of Education, until 8 p. m. on Aug. 25 for $1,028.79 not
exceeding
DISTRICT
sale
.
.
SCHOOL
BOND
DISTRICT
(P.
O.
Green), Ohio—
NOTE SALE—The District Clerk states that $3,188.68 refunding, second
series notes offered Aug. 1 were purchased by the First-Central Trust Co.
of Akron
VILLAGE
RURAL
SCHOOL
(P.
DISTRICT
(P.
O.
Ashtabula),
Ohio—NOTE SALE—The District Clerk states that the $3,511.09 refund¬
ing second series notes offered on July 30. were purchased by the FirstCentral Trust Co., of Akron, as 1.40s.
Due in 1943Optional in any
year.
PLYMOUTH
VILLAGE
SCHOOL
DISTRICT
Ohio—NOTE OFFERING—Sealed bids will
(P.
be received
O. Plymouth),
by J. E. Hodges,
Clerk of the Board of Education, until noon, Sept. 12, for the purchase of
$1,173.53, not exceeding 4%, annual refunding second series notes.
Dated
Sept.
any
12,
year
1941.
Due Sept. 12, 1943.
by the Board of Education.
Subject to call after Nov. 30, in
TOLEDO, Ohio—BOND SALE—The following semi-ann. bond (aggre¬
gating $681,354, offered for sale on Aug. 19—V. 153, p. 724—were awarded
syndicate composed of Stranahan, Harris & Co.. Inc.; Braun. Bosworth
& Co.; Ryan, Sutherland & Co., all of Toledo, and E. H. Rollins & Sons of
Chicago, as 1
paying a premium of $2,331, equal to 100.342, a basis of
about 1.70%:
$654,754 refunding bonds.
Due on May and Nov. 1, from May 1, 1943
to Nov. 1, 1953..
26,600 sundry Federal projects bonds. Due on Sept. 1 in 1946 to 1950 incl.
to a
Volume
153
The Commercial & Financial Chronicle
1165
MECHANICSBURG, Pa .—BOND
OKLAHOMA
SALE—The
$23,000 coupon semi¬
annual refunding,
improvement and equipment bonds offered for sale on
Aug. 14—V. 153, p. 725—were awarded to C. C,
Collings & Co. of Phil¬
adelphia, as lMs, paying a premium of $39.10, equal to 100.17, a basis of
about 1.40%.
Dated Oct. 1, 1941.
Due on Oct. 1, 1956: callable on any
interest payment date after
April 1, 1943.
CH*NDLER SCHOOL DISTRICT (P. O.
Chandler), Okla
FERING—Sealed bids will be received untii 7:30
p. m. on Auk. 26, by
Victoria Simpson, Clerk of tne Board of
Education, at the office of Basil
Warner in Chandler, for the purchase of $8,000 building, repair and
equipment bonds. Due $500 in 1944 to 1959. Issued in accordance with
Of
MUNCY, Pa.—BOND OFFERING—Sealed
Thomas Wood, Borough
Secretary, until 7:30
Section
will be received by
(EST), on Aug. 29,
bonds. Denom. $1,000.
bonds shall bear, and agreeing to
Dated Sept. 1, 1941.
Interest payable M-S.
Due Sept. 1, as follows:
pay par and accrued interest.
Enclose a certified check for 2% of the n
$1,000 in 1942 to 1949, and $2,000 in 1950 and 1951.
amount of the bid.
Int. payaDle semi¬
,i£% annually without deduction for
any tax or taxes, except succession or in¬
heritance taxes, now or hereafter levied or assessed tnereon
OKLAHOMA, State of— BOND OFFERING DATE INDEFINITE—
5929, Oklahoma Statutes of 1931, and Article 5,
Chapter 32,
Oklahoma Session Laws of 1935.
The bonds shall be sold to the bidder
offering the lowest
rate
of interest the
r.
for the purchase of $12,000
3H% refunding
bids
p.
m.
coupon
,
under
The
following letter
was sent to
us
on
Treasurer:
Aug. 15 by Carl B. Sebring, State
Replying to your inquiry of Aug. 12, regarding the proposed Funding
bond issue for the State of
Oklahoma, beg to advise that the amount of
the issue will be
something like $17,500,000, but the exact amoimt and date
have not definitely been set.
In my opinion this will be done about the
middle of September.
At that time you will receive the desired information
present or future law of the
assumes and agrees to
pay.
will be sold to the
any
Commonwealth, all of which taxes the borough
Registerable as to principal only.
The bonds
nighest responsible bidder, provided such bid is not less
than par and accrued interest.
The enactment at any time piior to the
delivery of the bonds, of Federal legislation which in terms, oy the repeal
or
omission of exemptions or
otherwise, subjects to a
bonds of
tne interest on
Federal income tax
a class or character which includes these
bonds,
will, at the election of the purchaser, relieve the
purchaser from his obliga¬
tions under the terms of the
contract of sale and entitle the purchaser to
PAWNEE SCHOOL DISTRICT
(P. O. Pawnee), Okla.—BOND
the return of the amount
deposited with the bid.
These obligations will be
ELECTION—We understand that an election was held on
Aug. 19, to
payable from ad valorem taxes within the taxing limitations
submit to the voters an issue of
placed by law
$32,000 not exceeding 4% construction
upon
Doroughs.
Issued subject to the favorable opinion of Townsend,
bonds.
;
Elliot & Munson of
,-.,V'vv'
Philadelphia, and to the approval of the Department
of Internal Affairs.
VINITA, Okla.—CURRENT STATUS OF GENERATING SYSTEM
Enclose a certified check for 2% of the par value of
the amount of bonds bid
BONDS—The following letter was sent to us on
for, payable to the Borough Treasurer.
Aug. 19 by William T. Rye,
attorney of Vinita:
PENNSYLVANIA (State of)—LOCAL BOND ISSUES APPROVED—
We have your letter of
Aug. 15, asking about the electric bond issue voted
The Pennsylvania Department of Internal Affairs
has approved the follow¬
by the people of Vinita, Oklahoma about a
year ago for the Duilding of an
ing bond issues:
electric distribution system in the
city: energy to be taken from the Grand
River Dam generating system about 16 miles from
Apthe city.
Municipalily and Purpose of Issue—
Amount
Int.
The bonds are payaDle
proved
primarily from taxes levied and collected for that
Deer Lake, Borough Schuylkill
specific purpose, under Section 26 of Article 10 of tne Oklahoma, Constitution
County—Cleaning,
deepening and improving Deer Lake; improve¬
and serial bonds, Section 5929-5930 of
Oklahoma Statutes, 1931: also
ment of roads, &c
$4,000 4%
July 21
governed by special elections. Sections
6038-6039-6040-6041-6042 and
Jenkintown Boro. S. D., Montgomery
County—
6043 of Oklahoma Statutes of 1931.
Therefor, the bonds are primarily
Erecting, enlarging, repairing, remodeling, re¬
payable from taxation, but the City of Vinita is a
statutory city, not
building,
equipping
and
furnishing
high
charter or managerial form, and in order to make it
as easy as possible on
school building
28,000 l}4% July 23
the taxpayers, the
City adopted an ordinance about a year ago, creating
Newport Twp., Luzerne County—Funding coal
a Utility Board, which
should manage the utilities of the
city, and after
company tax refunds, &c
42,000 2%
the payment of the
July 28
necessary running expenses of the utility, should first
Allegheny County Housing Authority—Paying
apply the profits from these utilities to the payment of the annual accruals
costs
and expenses on a low-rent
on the bonds, both the
housing
principal and interest, hoping thereby to relieve, in
project
2,200,000 .36% July 28
advance, each year a levy for the payment of these bonds.
In other words,
Scott Twp. S D., Allegheny
County—Refunding
profit made by a city from its utilities, is not tied
up very strongly by the
bonded indebtedness
11,000 2%
State law, and the assessment for each bond issue is
July 29
made following the first
Scott Twp. S. D., Allegheny
County—Paying
day of July of each year; usually the budget is approved before the first of
operating expenses
24,000 2%
July 29
September, and it was the thought of the mayor and city council that if
Chester
City
Housing
Authority,
Delaware
enough money could be taken out of the profits from each
utility, and
County—Paying costs and expenses on a lowplaced into a special fund, that we would
therefore, each July 1, have
rent housing project
3,500,000 .36% July 30
sufficient money on hand to pay the interest and annual accruals
of principal,
Hazle Twp. S. D.. Luzerne
County—Repairing,
so that no
levy would have to be made for the ensuing year; that it would be
altering and improving school lands & bldgs
25,000 2 %% July 31
a good practise,
and it is with that in thought that tne ordinance was
adopted.
ROSCOE, Pa .—BOND AWARD DEFERRED—It is stated by C. G.
Now, about nine months ago, these bonds, $160,000, were offered for
Giles, Borough Secretary, that the $30,000 3% semi-annual borough bonds
sale, and sold to R. J. Ed vards Co., of Oklahoma
offered on Aug. 12—V. 153. p. 587—were not sold as all bids received are
City, at an average
interest of 2.75%.
After the bonds were sold and printed and were
being held over until Aug. 26, at 7 p.m., for final action.
Dated Aug. 1,
ready
for delivery, the Public Service Co. of
1941.
Due $2,000 on Aug. 1 in 1947 to 1961;
Oklahoma brought ah injunction
optional on and after Aug. 1,
against the city to prevent it from selling these bonds,
1947.
hoping that it, ohe
Public Service Co., could find
someway to thwart the will of the people and
SPARTANBURG SCHOOL DISTRICT (P. O. Spartanburg), Pa.
continue to serve the city of Vinita at exorbitant
prices charged for electric
—BONDS SOLD—The District
current.
Secretary states that $8,000 2% semi¬
We nave had one trial in which the
city was the victor.
The
annual school bonds were sold to
case is now before the
Edgar Baker of Union City, at a price
Supreme Court, and it is true that we have been trying
of 100.041, a basis of about
to get the
1.995%.
Due in 1943 to 1958.
Attorney-General to go forward and approve the oond issue, so
that we might sell it and not let the Public
UPPER DARBY TOWNSHIP SCHOOL DISTRICT (P. O. LansService Co. of Oklanoma hinder
and delay the
downe Ave., Upper Darby), Pa.—BOND SALE—The
progress and prevent our getting the revenue from this enter¬
$400,000 coupon
prise.
semi-annual general obligation improvement bonds offtred for sale on
While I have gone somewhat in detail, I think
Aug. 14—V. 153, p. 873—were awarded to the District Sinking Fund as Is,
probably the sale of the
bonds having been made,
you would no longer have any interest in the
paying a price of 100.82, a basis of about 0.60%.
Dated Aug. 1, 1941.
matter, but we are gold to furnish you the information.
Due $25,000 on Aug. 1 in 1942 to 1957.
Unsuccessful bids were as follows;
WASHINGTON COUNTY (P. O.
Bartlesville), Okla.—BOND ELEC¬
Names of Other Bidders—
TION—We understand that an election has been
Int. Rate
Price Bid
called for Sept. 2, to
Union Trust Co. of Pittsburgh
submit to the voters an issue of
1%
100.495
$120,0000 county memorial hospital bonds.
Barclay, Moore & Co., et al
1%%
101.23
Graham, Parsons & Co., et al„_
IH%
100.6393
through the Funding Board.
-----
_
OREGON
JACKSON COUNTY SCHOOL DISTRICT NO. 5
(P. O. A.hland),
Ore.—BOND ELECTION—It is reported that an election has
been called
for Aug. 28 to submit to the voters an Issue
of $90,000 construction bonds.
Halsey, Stuart & Co., et al
Schmidt, Poole & Co., et al
E. II. Rollins & Sons, Inc., et al
Harriman, Ripley & Co., et al__;
THE
Due $2,000
on
inclusive.
COUNTY
------
100.1579
1.40%
100.449
ISLAND
CRANSTON, R. I.—NOTES SOLD—An issue of $100,000 highway
July 1,
39,000 airport bonds (the original sale of these bonds
was not
consummated).
UMATILLA
'100.388
^0.28
1 H%
1^%,
-
RHODE
DALLES, Ore.—BOND OFFERING—J. H. Steers, City Recorder,
will receive sealed bids until
Sept. 3, for the purchase of the following bonds
aggregating $49,000:
$10,000 industrial site bonds.
1M %
-----
SCHOOL
DISTRICT
from
on
NO.
1943 to 1947,
April 3, at $35,000
14
(P.
miston), Ore,—BONDS VOTED—It is reported that an election
resulted in favor of issuing $8,000 construction
bonds.
O.
on
HerAug. 4
construction, series B notes
to Jackson & Curtis of
Due
on
was
offered for sale
on
re¬
Aug. 15 and was awarded
Dated Aug. 18, 1941.
Boston, at 0.395% discount.
Aug. 18, 1942.
RHODE ISLAND (State of)—ENDS FISCAL YEAR WITH SURPLUS
Government operated with a surplus of $215,273.31 during the
fiscal year ended June 30, according to announcement Aug. 6 by State
—State
Finance Director Christopher Del Sesto.
As a result of this excess of income
expenditures, the State's general fund, which started the fiscal year
a
free, unencumbered surplus of $502,621.55, ended the period with
a free surplus of $730,502.69.
This was achieved despite extra appropria¬
tions of $778,852.65 voted by the State Legislature after the original general
appropriations bill for the year had been passed.
The operating deficit for
the year which was threatened by these additional appropriations was turned
into an operating profit because of substantial increases in revenues over
and above original estimates and because some expenditures were below
appropriations.
over
with
PENNSYLVANIA
ALLENTOWN
SCHOOL
DISTRICT
(P. O.
OFFERING—It is stated by W. H. Fisher,
B01SD
Allentown),
Pa.—
Secretary Board of
Directors, that he will receive sealed bids until 6
p.m. (EST), on Aug. 25,
purchase of $338,000, 1, 1X, Wz, 1%, 2, 2lA or
2lA% refunding
coupon bonds.
Interest payable A-O.
Dated Oct. 1, 1941.
Denom.
$1,000.
Due Oct. 1 as follows: $35,000 in 1942 to
1945 and $33,000 in
for the
1946 to 1951.
rates of
Issued
Bids will be received for the entire issue at
any of the above
no bid combining two different rates will
be accepted.
deduction for any tax or taxes, except succession or in¬
taxes, now or hereafter levied or assessed thereon under
any
future law of the Commonwealth, all of which taxes the
district
heritance
present
or
assumes and agrees
to pay.
Registerable as to principal only.
The bonds
will be sold to the highest
responsible bidder, but at not less than par and
interest to the date of
delivery.
The distrcit will provide and
pay for the printing of the bonds, and for the
approval of the issue by the
Department of Internal Affairs.
Enclose a certified check for
$6,760,
rable to the District Treasurer.
paya
T1
^hese are the bonds mentioned in our issue of
accrued
Aug. 2.
EDGEWOOD, Pa.—BOND OFFERING—Sealed bids will be received
by E. O. Garrett, Borough Secretary, until 7 p. m.
(EST) on Sept. 8, for
the purchase of $25,000
coupon borough bonds.
Denom. $1,000.
Dated
Oct. 1, 1941.
Due $5,000 from Oct, 1, 1942 to 1946. -Bidder to name
the
rate of interest ,in
multiples of
of 1%, and must be the same for all of
tne bonds.
Registerable as to principal only.
Prin. and int. payable
without deduction for
any taxes (except gift, succession or inheritance
taxes) levied pursuant to any
present or future law of the Commonwealth.
The bonds will be sold to the
highest responsible bidder subject to approval
of the
authorizing proceedings by the Department of Internal Affairs. No
Did for less than
par and accrued interest or for less than all of the bonds
will
with
be
accepted.
or
CAROLINA
Enclose
a
certified
refunding bonds will be
up
for approval.
O WER
ALLEN TOWNSHIP SCHOOL DISTRICT
(P. O. Camp
HiB)» Pa.—PRICE PAID—The District Secretary now states that the
$21,000 2% semi-ann. building bonds sold to Johnson & McLean of Pitts¬
burgh—V. 153, p. 1027—wree purchased for a premium of $316, equal to
101.50, a basis of about 1.84%.
Due on Aug. 1 in 1943 to 1961 incf.
McKEESPORT,
that
an
Pa.—BOND
ordinance
has
ISSUANCE
been
CONTEMPLATED—We
introduced
in
the
City Council
calling for the issuance of $250,000 public improvement bonds.
ure is to come up for finzl passage on Sept. 8.
The
meas¬
OF SOUTH
CAROLINA
(P. O. ciemson), S. C.—BONDS APPROVED—We understand that the
on Aug. 16 approved an issue of $110,000 stadium
bonds#
Board of Trustees
SPARTANBURG
SALE—The
COUNTY
$100,000
(P.
O.
Spartanburg),
S.
C.—BOND
semi-annuai road improvement series E
Aug. 21—V. 153, p. 873—were awarded to a
syndicate composed of the Provident Savings Bank & Trust Co. of Cin¬
cinnati, McAlister. Smith & Pate, Inc., of Greenville, and the Weil, Roth
& Irving Co. of Cincinnati, as l^s, paying a price of 100 53, a basis of
about 1.67%.
Dated Sept. 1,1941.
Dueon Sept. 1 in 1942 to 1951, incl.
bonds
offered
for
saxe
coupon
on
WESTMINSTER, S. C.—ADDITIONAL INFORMATION—In con¬
with the offering by E. H. Pringle & Co. of Charleston, of the
$159,000 5K%-3^% semi-ann. water works and sewerage bonds—V.
153, p. 1027—it is stated that the oonds are being exchanged with the
original holders, through the above firm, at par.
Due on July 1, as follows:
$3,000 in 1943, $4,0u-, 1944 to 1946; $5,000, 1947 and 1948, $6,000, 1949
to 1952: $7,000. 1953 to 1956; $8,000, 1957 to 1959: $9,000, 1960 and 1961;
and $10,000 in 1962 to 1965.
nection
SOUTH
HIGHMORE,
election
KNOXVILLE SCHOOL DISTRICT (P. O.
Knoxville), Pa .—BOND
ELECTION—It is reported that at the primary election of Sept. 9, an issue
understand
AGRICULTURAL COLLEGE
without charge
Pittsburgh, that the
$1,0<)0, payable to the Borough Treasurer.
of $18,000
CLEMSON
The successful bidder will be furnisned
the opinion of
Burgwin, Scully & Churchill of
are valid
general obligations of tne borough.
bonds
check
SOUTH
interest, but
without
S.
DAKOTA
Dak-—BOND ELECTION—We understand that
has been called for
an
Aug. 26, to submit to the voters an issue of
$5,000 city jail bonds.
HURON, S. Dak.—BOND SALE—The $34,000 semi-ann. sewage dis¬
posal plant bonds offered for sale on Aug. 18—V. 153, p. 874—were awarded
to E
J. Prescott ai Co. of Minneapolis, paying a premium of $25, equal to
100 073, a net interest cost of about 1.11% on the bonds divided as fodows:
$24,000 as lMs. due $6,000 from Aug. 15, 1942 to 1945; the remaining
$10,000 as Is, due on Aug. 1, 1946.
TRIPP
COUNTY
(P. O. Winner), S.
Dak.—BOND ISSUANCE
CONTEMPLATED—The county will issue bonds to the Permanent School
Fund of the State.
At the present time the county owes the School Fund
approximately $200,000 and the Legislature at its last session
missioner of School and
gave
the Com¬
Public Lands authority to loan permanent schoo
The Commercial & Financial Chronicle
1166
funds
counties, school districts and municipalities jit a lower rate
Different Interest rates have been set by the Commissioner
to
interest.
of
of
bond for 2% interest on the
money alrczdy owed the School Fund.
The present rate of interest is 5%
on the amount the county now o wes the School Fund.
The effect of issuing
the bonds will be to lower the interest rate from 5% to 2%.
School and Public Lands but the county can
that the $13,Aug. 18—V.
WHITE, S. Dak.-—BOND SALE—The City Auditor states
general obligation, sewage bonds offered on
153, p. 874—were purchased by the State, as 3s, at par.
000 semi-ann.
Aug. 23, 1941
UTAH
BOX ELDER COUNTY SCHOOL DISTRICT IP. O. Briyham City),
Utah—PRICE PAID—It is stated that the $120,000 1M% semi-annual
refunding bonds sold to Edward L. Burton & Co. of Salt Lake City—
V. 153, p. 874—wfere purchased for a premium of $375, equal to 100.31,
a basis of about 1.4,5%.
Due $1Q,000 from June 15, 1942 to 1953, inclusive.
MURRAY CITY, Utah—BOA7# SALE DETAILS—It is now stated
the $200,000 3% semi-annual e»eetric light revenue oonds sold to
that
here—V. 153, p. 874—
1941 and mature on July 1, as follows: $18,000 in 1942
1945, $20,000 in 1946 and 1947, $21,000 in 1948 and
Edwarc L. Burton & Co., of Salt Lake City, as noted
dated July 1,
are
TENNESSEE
1944, $19,000 In
to
1949, $22,000 in 1950 and $30,000 in 1951.
COUNTY (P. O. Nashville), Tenn.—BOND SALE—
school bonds offered for sale on Aug. 20—V.
153, p. 431—were awarded jointly to the Mercantile-Commerce Bank &
Trust Co. of St. Louis, and Leftwich & Ross of Memphis, as Is. at a price
of 100.129, a basis
of about 0.98%.
Dated Aug. 1, 1941.
Due on
Aug. J in 1942 to 1951, inci.
DAVIDSON
The
$200,000 semi-ann.
JEFFERSON COUNTY (P. O. Dandridge), Tenn.—BOND OFFER¬
ING—Bids will be received until 10 a.m. (CD8T), on Sept. 22, for the pur¬
chase of $42,500 school bonus.
Interest rate is not to exceed 6%, payable
M-S.
Dated Sept. 1, 1941.
Denom. $1,000, one for $500.
Due March 1,
as follows:
$17,500 in 1952 and $25,000 in 1953.
Prin. and int. payable
at the National City Bank, New York.
Issued pursuant to a resolution
passed by the Quarterly County Court, and are authorized under the
authority conferred by Sections 2557 to 2569 inclusive of the Code of
Tennessee, 1932.
The approving opinion of Chapman & Cutler of Chicago,
will be furnished the purchaser without cost and the country will bear
the expense of the preparation and printing of the bonds.
Enclose a
certified check for $1,000, payable to A. O. Burchfiel, trustee.
COUNTY
KNOX
(P.
O.
Knoxville),
Tenn.—BONDS VOIDED—In
with the $30,000 Ex-Servicemen's Memorial Armory building
bonds offered on June 2, the sale of which was postponed due to failure to
connection
receive notice of Federal
grant, it is stated
by W. H. Hall, Clerk of the
Cleik, that the law authorizing the issuance of the said
expired June 30, therefore no bonds can be issued under this act.
County
RUTHERFORD
COUNTY
(P.
SEVIER COUNTY SCHOOL DISTRICT
BOND SALE DETAILS—It is reported
(P. O. Richfield),
Utah—
that the $50,000 2M% refunding
bonds which were purchased by Edward L. Burton & Co. of
—V. 153, p. 87 —were sold at par.
Dated June 1, 1941.
in 1950 to 1952.
Salt Lake City
Due on June 1
CATHLAMET, Wash.—BONDS SOLD—A $30,090 issue of 2M% semi¬
water system revenue bonds is said to have been purchased by
Fordyce & Co. of Portland, at a price of 98.09.
Due in 17 years, callable
annual
paying
a
price of
SULLIVAN COUNTY (P. O. Blountaville), Tenn.—BOND SALE—
$460,000 issue of coupon semi-annual school bonds offered for sale
Aug. 15—V. 153, p. 431—was awarded to a syndicate composed of
Stranaban, Harris & Co., Inc. of Toledo; the American National Bank and
the Nashville Securities Co., both of Nashville, paying a premium of $51,
AUTHORIZED—We understand that an
Council calling for an issue of $60,000
1, 1941.
Denom. $1,000.
Wash.—BONDS
OMAK,
ordinance has been passed in the City
water plant revenue bonds.
Dated Aug.
Due $4,000 from Aug. 1, 1942 to 1956.
4%
COUNTY SCHOOL DISTRICT NO. 26 (P. O.
Mount
Wash.—BOND OFFERING—George Dunlap. County Treas¬
SKAGIT
The
Vernonj.
on
urer,
equal to 100.011, a net interest cost of about 1.35%. on the bonds divided
as
follows; $284,000 as 1 Ms. due on Aug. 1, $36,000 in 1942, $60,000.
1943; $65,000, 1944; $63,000, 1945 and $60,000 in 1946; the remaining
$176,000 as 1 Ms, due on Aug. 1. $55,000 in 1947 and 1948, and $66,000
in 1949.
The Harris Trust
and
1,000 Waterworks 4 M%, due Aug. 1, 1942, numbers 82 and 83 at $500.
1,000 Waterworks 4 H%, due Aug. 1, 1943, numbers 88 and 89 at $500.
5,000 Waterworks 4 % %, due Sept. 1, 1943. numbers 21-25 incl.
5,000 lief. waterworks 4M%, due Jan. 1, 1944. numbers 56-60 incl.
24,000 Sanitary sewer 4H%, due April 1, 1943, numbers 1-15, 19 and
29-36 incl.
49,000 Waterworks! 4H %, due April 1, 1943, numbers 1-40 and 42-50 incl.
5,000 Storm sewer 4 M %, due April 1, 1943. numbers 6-10 incl.
25,000 Paving 4M%, due April 1, 1943. numbers 1-8, 14-25 and 31-35 incl.
after seven years.
Aug. 18 an issue of $150,000 school notes as Is,
Due from April 10, 1942 to July 1, 1943.
on
100.006.
$3,000 Storm sewer, 4%% due March 1, 1943, numbers 52-54 incl.
4,000 Refunding 5M%, due May 1, 1943, numbers 86-89 incl.
15,000 Waterworks imp. 4M%, due March 1, 1943, numbers 37-41
45-54 incl.
Tenn.—NOTES
Murfreeaboro),
SOLD—The Cumberland Securities Corp. of Nashville, is said to have pur¬
chased
par,
WASHINGTON
refunding bonds for wnich all Dids
O.
at
bonds
COUNTY (P. O. Ripley), Tenn.—BOND OFFERS
INVITED—It is stated by 8. T. Kirkpatrick, County Judge, tnat he is
LAUDERDALE
negotiating for tne sale of the $717,500
received on Aug. 11 were rejected.
CITY, Utah—BOND REDEMPTION NOTICE—We are ad¬
M. L" Critchlow, City Auditoi, that the city is desirous of acquiring
plus accrued interest to maturity, the following bonds, and the
holders are requested to communicate with him at once:
OGDEN
vised by
& Savings Bank of Chicago and associates offered a
will receive sealed bids until 10 a.m. on Aug. 30, for $2,500
bonds.
Interest rate is not to exceed 4%, payable J-J.
Due over a
school
period
All or any of the bonds are redeemable at any time after five
years from date thereof.
Prin. and int. payable at the County Treasurer's
office.
Bidders are required to submit a bid specifying: (a) The lowest
rate of interest and premium, if any, above par, at which the bidder will
purchase the bonds, or (b) the lowest rate of interest at which the bidder
will purchase the bonds at par, bearing 4%; interest.
Enclose a certified
check for 5% of the bid, payable to the district.
of 20 years.
premium of $2,437 on all bonds as 1 Ms.
WEST
TEXAS
VIRGINIA
WELLSBURC, W. Va.—BONDS VOTED—We understand that at an
BALLINGER,
Texas—BOND
SALE DETAILS—The
City
Secretary
$60,000 airport bonds sold at par to the Columbian Securi¬
Corp. of San Antonio—V. 153. p. 1028—were purchased as follows:
$40,000 as 2Mb, due $4,000 from April 1, 1942 to 1951; the remaining
$20,000 as 2Mb, due $4,000 from April 1, 1952 to 1956.
Denom. $1,000.
Dated Aug. 1, 1941.
All of the bonds are optional after 10 years.
Prin.
election held
on
Aug. 5 the $35,000 city bonds were approved.
states that the
ties
(A-O) payable at the American National Bank of Austin.
and int.
CAMERON COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 6 (P. O. Brownsville), Texas—FINAL BANKRUPTCY
PETITION FILED—Creditors are being advised that the district has made
application for the entering of a final decree in bankruptcy No. 698 in the
District Court of the U. S., Southern District of Texas, and that a hearing
will be held by the Court in Houston on Sept. 5, 1941, at 9:30 a. m., at
which time the Court will consider any objections to the entry of such final
decree.
City Treasurer,
4M% series 1937-B, refunding bonds, numbered 9, 11 to 14,
CHILDRESS,
states that the
CALL—Velma
Texas—BOND
Clift,
131 to 132
being called for payment on
Oct. 1, at par and accrued interest at the Guaranty Trust Co., New York
City.
Dated April 1, 1937.
16 to 19, 21 to 24. 26 to 29, 31 to 44, 46 to 86,88 to 92, 94 to 126.
and 134 to 172, to the amount of $151,000, are
GREENVILLE, Texas—BOND ELECTION—We understand that an
election
held
was
on
Aug. 23, to submit to the voters
an
issue of $60,000
municipal airport bonds.
HEMPSTEAD
Town Clerk,
The successful bidder
paid
a
premium of $300, equal to 105.00.
other bid was entered by Harley,
The only
Haydon & Co. of Madison.
MARINETTE COUNTY (P. O. Marinette), Wis.—PROPOSED BOND
SALE—In connection with the $150,000 not exceeding 3%, semi-annual
court house bonds, which were offered for sale without success last Febru¬
as noted here, it is now stated by Geo.
that the County Board may pass resolutions to
ary,
be held on Sept.
to
E. Costello. County Clerk,
sell them at its next meeting
9.
SHULLSBURG JOINT SCHOOL DISTRICT NO. 6 (P. O. ShutlsBURG), Wis.—BONDS VOTED—We understand that an election held
Aug. 4 resulted in favor of issuing $11,500 gymnasium bonds.
on
TAYLOR COUNTY (P. O. Medtord), Wis
—
BOND SALE—The $35,-
0003% semi-annual highway improvement bonds offered for sale on Aug. 15
874—were purchased by Halsey, Stuart & Co., Inc., of Chicago,
according to the County Clerk.
—V. 153, p.
$1,232. equal to 103.52, a basis
Second best bid was an offer of $1,110 premium, submit¬
The successful bidder paid a premium of
SCHOOL
DISTRICT
O.
(P.
Hempstead), Texas—
BONDS SOLD—A $15,000 issue of 3%% semi-annual school
to have been purchased by Moroney & Co. of Houston.
JACKSON COUNTY (P. O.
M. L. Cobb, County Judge, states
Commissioners
WISCONSIN
Wis.—BOND SALE—'The $6,000 3H% semi-ann.
road
impiovement bonds offe.ed for sale on Aug. 18—-V. 153, p. 874—were
awarded to Park, Shaughnessy & Co. of Minneapolis, according to the
BARRON,
Edna)
Texas—BOND
bonds is said
1.80%.
while Paine, Webber & Co. of Chicago offered
$1,101.
OFFERING—
that sealed bids will oe received by the
on Aug. 25, for the purchase of $21,000
16 coupon bonds.
Dated Aug. 15, 1941.
Due
Court until 10 a. m.
County Road District No.
of about
ted by The Milwaukee Co.,
Aug. 15 as follows: $1,000 in 1943 to 1959, and $2,000 in 1960 and 1961.
Optional at any time on or after Aug. 15, 1951. in their inverse numerical
on any interest paying date witn 30 days notice to the paying
agent.
Prin. and int. (F-A 15) payaole at the Jackson County State
DISTRICT (P. O. Wilton), Wis.—BONDS TO
BE SOLD—It is reported that an issue of $110,000 construction bonds is
to be placed on the market early in September
WILTON
SCHOOL
on
WYOMING
order and
Bank
Ednal.
of
KERENS, Texas—BOND ELECTION—It is reported that an election
has been called for Aug. 26 in order to submit to the voters an issue of
$22,000 sanitary sewer revenue bonds.
LOTT,
Texas—BOND
ELECTION—It
is
reported
that
has been called for Sept. 3 to submit to the voters an issue of
water and sewer
an election
$12,000 4%
system mortgage revenue bonds.
W.
Watts,
bond dealer,
to
refund
a
proposal, presented by Emery
bonded debt at
the city's $1,209,377
estimated interest saving of $527,902 over a period of 30 years.
The refunding proposal, according to reports, calls for the issuance
an
of
$709,000 bonds maturing serially beginning in 1942 to bear 4% interest,
a "B" series maturing in
1971, callable at any time
after 10 years to bear <*M% interest.
The city's present bonds bear 5%
interest which is increased in 1943 to 6%, on $1,064,377 and to 5%% on
and the issuance of
$135,000.
to be planning to refund $133,000 bonds, dated Nov.
1, 1935, bearing
5 and 5M % interest, through the issuance of new bonds bearing 4% interest ,
thereby saving tne city over $43,000 in interest costs.
MERCEDES,
Texas—DEBT COMPOSITION PLAN FILED—Notice
to all persons owning or holding obligations of the above
petition has been filed in the United States District Court for
the Southern District of Texas (Brownsville Division) asking for the con¬
firmation of a plan of composition.
Any objections filed by creditors not
less than 10 days before the date fixed for the hearing on Oct. 17, at 9:30 a.m.
being given
city that
a
in the courtroom in Houston will be considered.
On
or
before Oct.
5. creditors
are
to
file
with the clerk of the court in
his office at
Brownsville, sworn claims, setting forth the date, numbers,
maturity and principal amount of all bonds or warrants of the city in
which an interest is claimed, with a brief description of all coupons attached
or pertaining thereto.
All suits against the city are enjoined and stayed
pending final determination of this matter.
ORANGE
CONSOLIDATED SCHOOL DISTRICT
Texas—BOND
called for
WORLAND, Wyo.—BOND OFFERING—Seeded bids will be received
Morgan, Town Clerk, until 8 p.m. Sept. 3, for $100,000 Paving
2, local improvement coupon Bonds.
Interest rate is not to
exceed 5%. Payable M-S.
Dated Sept. 1, 1941.
Denom. $1,000.
Due
in 10 years callable for payment on Sept. 1. in any year.
Prin. and int.
payable at tne Town Treasurer's office.
Issued to pay that portion of
the cost of improvements in the district not paid in cash before Aug. 29,
1941, by the property o wners in the district.
Enclose a certified check for
$1,000, payable to the Town Treasurer.
District No.
CANADA
.
McLEAN, Texas—PROPOSED BOND REFUNDING—The city is said
is
Wyo.—BOND OFFERING—H. M. Peterson, District Cierk, will receive
bids at the office of Erie H. Reid in Torrington. until Sept. 6. at 3 p. m.,
purchase of $16,000 building bonds.
Interest rate is not to exceed
4%, payable semi-annua.ly.
Denom. $1,000.
Dated Sept. 1, 1941.
No
bid is to be for less than par.
Legality approved by Myles P. Tallmadge
of Denver.
A certified check for $1,600 must accompany the bid.
for the
by Noel
McALLEN, Texas—BOND REFUNDING PROPOSAL—The City Com¬
mission is said to have under consideration
GOSHEN COUNTY SCHOOL DISTRICT NO. 1 (P. O. Torrington),
ELECTION—4t
is
reported
Aug. 23 to submit to the voters
bonds.
•/
>
" v
an
(P. O. Orange),
that an election has been
issue of $44,000 construction
•
;\:y ^
-V';
-:-vt
ALBERTA, Province of—REFUNDING PLAN UNDER CONSIDERA¬
TION—Conferences on a refunding program for the above named Province,
involving about $147,j00.000, will ebgin in Edmonton shortly.
The meet¬
ings will be held by a joint committee representing bondholders and the
provincial government.
Clearing the way for these meetings was a con¬
ference held in Edmonton between the Aberhart Cabinet and bondholders'
representatives.
Where two previous meetings of these groups failed to
reach any agreement—in 1936 and again in 1938—4he latest conference
progressed to the point where both parties agreed to permit a refunding
discussion by a special joint committee.
CANADA,
of— TREASURY BILLS SOLD—A $40,000,000
have been sold on Aug, 14, at an average
Dated Aug. 15, 1941.
Due on Nov. 1. 1941.
Dominion
issue of treasury bills is said to
yield of 0.564%.
MANITOBA, Province of-—BONDS SOLD—The following bonds aggre¬
$1,416,000, are said to have been purchased by a syndicate com¬
gating
posed of Wood, Gundy & Co., the Dominion Securities Corp.. and A. E.
Ames & Co., all of Toronto.
$750,000 3M%
semi-annual provincial bonds.
Due in 1946.
Payable in
Canadian funds only.
666,000 3%
semi-annual
Canadian
or
provincial
bonds.
New York funds.
Due in 1943,
Payable in
.9:.A.
@FedFRASER