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1940
SEP 5
BUS, ADM.
UBRARY
Tl)f
oittmtrria' $
COPYRIOHTED IN 1940 BrwTLUAM B, DANA COMPANY,
NEW YORK.
,8Sued»«'Copy-
VOL. 151.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879,
ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF
NEW YORK, AUGUST 24, 1940
MARCH 3, 1879.
NO. 3922.
w2ifs7ruBCeD^&
CHASE
THE
BROOKLYN TRUST
BANK
NATIONAL
COMPANY
OF THE CITY OF NEW YORK
Chartered 1866
George V. McLaughlin
Maintaining effective cor¬
President
respondent bank service
BROOKLYN
NEW YORK
is
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
Broaden your customer
service with
Chase
cor¬
respondent facilities.
Hallgarten & Co,
Member Federal
Deposit Insurance
Corporation
Established IS SO
Public Utility
NEW YORK
Bonds
London
Chicago
City of
Philadelphia
PUBLIC UTILITY
Bonds
the
INDUSTRIAL
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL
BOSTON
NEWYORK
Moncure Biddle & Co.
CHICAGO
BONDS
AND OTHER
PHILADELPHIA
SAN FRANCISCO
PHILADELPHIA
PRINCIPAL CITIES
a.CALLYNCOM PANY
INCORPORATED
CHICAGO
Boston
Philadelphia
Milwaukee
Omaha
New York
Detroit
The
PACIFIC NORTHWEST
v:.::;
SECURITIES
New York Trust
(Drumhpllcr, Ehrlichmati
Company
Company
Capital
Funds. $37,500,000
Seattle
Exchange Bldg.
OTIS & CO.
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND Chic
We Deal in
BROADWAY
Metropolitan Edison
ago
Philadelphia
Co. 42^>s '68
Com.
Elec.
Stock
West Penn Power Co. Stock
MADISON AVENUE
R. H. Johnson
Fruehauf Trailer $6 Conv. Pref.
AND 40TH STREET
& Co.
United
Gas
Improvement $5 Pref.
Members
New York Stock
Exchange
New York Curb
Exchange
St.
64 Wall
Yarnall & Co.
New York
PHILADELPHIA
BOSTON
ONE EAST
/ I
1528 Walnut Street,
DeHaven & Townsend
CarlM.Loeb,Rhoades&Co.
Established
61
BROADWAY
Member of
NEW YORK
London
Paris
Amsterdam
Geneva
Philadelphia
W 57TH STREET
the
Federal Deposit
Insurance Corporation
NEW
YORK
30 Broad
187 If
PHILADELPHIA
1513
Walnut St.
The Commercial & Financial Chronicle
II
This is an announcement and is not to be construed as an offer to
The
Aug. 24, 1940
sell or as a solicitation of an offer to buy these securities.
offering is made only by the Prospectus.
$6,000,000
Northwestern Public Service
First
Mortgage Bonds, Series A, 4%
Dated August 1, 1940
Price
The Prospectus may
as are
Company
Due August 1, 1970
102J4% and accrued interest
be obiained in any state in which this announcement is circulated from only such of the undersigned
registered dealers and are offering these securities in compliance with the securities law in such state.
A. C. ALLYN AND COMPANY
HALSEY, STUART & CO. INC.
INCORPORATED
HARRIMAN RIPLEY & CO.
CENTRAL REPUBLIC COMPANY
HARRIS, HALL & COMPANY
INCORPORATED
(INCORPORATED)
E. H. ROLLINS & SONS
A. G. BECKER & CO.
INCORPORATED
LEE HIGGINS0N CORPORATION
INCORPORATED
August £2,
Dividends
Dividends
OFFICE
POWER & LIGHT CO.
AMERICAN
Two Rector Street, New York,
A dividend of $ 1.12 H per share on the
Preferred
dividend of $.9354 Per share
Stock ($6) and a
the $5 Preferred Stock of American Power &
on
Light Company
were
declared on August 21,1940,
for payment October 1, 1940, to stockholders of
record at the close Of business September 3, 1940.
These amounts are three-fourths of the quarterly
dividends rates of $1.50 per share on the Preferred
Stock ($6) and $1.25 per share on the $5 Pre¬
ferred Stock.
D. W. JACK,
LOUISVILLE GAS & ELECTRIC COMPANY
N. Y.
PREFERRED STOCK DIVIDENDS
Secretary and Treasurer.
At a meeting of Directors lield
August 20, 1940 at London it was
decided to pay on September 30th
Dividends
OF
CHICAGO
ns-Manville
ILLINOIS
Corporation
The Board of Directors of Louisville Gas and
Electric Company (Delaware), at a meeting held
DIVIDEND
August 16, 1940, declared a quarterly dividend
thirty-seven and one-half cents (37Hc.) per
share on the Class A Common Stock of the
Company, for the quarter ending August 31,
1940, payable by check September 25, 1940, to
stockholders of record as or the close of business
August 31, 1940.
At the same meeting a dividend of twenty-five
cents (25c.) per share was declared on the Class B
Common Stock of the Company, for the quarter
ending August 31, 1940, payable by check Sep¬
tember 25, 1940, to stockholders of record as of
the close of business August 31, 1940.
on
of
The Board of Directors declared
tember
24, 1940 to holders of
September 10,1940.
Incorporated
Newmont Mining
Ordinary Stock.
Corporation
Dividend No. 48
All transfers received in order at
On August 20, 194Q a dividend of Thirty*
seven
and a half cents per share, to¬
before September 2nd
will be in time for payment of divi¬
dend to transferees.
on or
gether with Twelve and one-half cents per
share extra dividend, was declared on the
1,063,292 shares of this corporation now
outstanding, payable September 16, 1940
to
BRITISH-AMERICAN
stockholders of record
the close *of
at
business August 31, 1940.
TOBACCO COMPANY, LIMITED
H. E. DODGE, Secretary.
L I. du Pont de Nemours
INTERNATIONAL HARVESTER COMPANY
of
International
SANFORD
B. WHITE,
Secretary.
ANACONDA COPPER MINING CO.
Broadway,
New York, N. Y., August 22, 1940.
DIVIDEND NO.
Cents
(50c.)
per
share upon
its
Capital
Stock of the par value of $50. per share,
payable
September 23, 1940, to holders of such shares of
record at the close of business at 3 o'clock P.
M.,
on
September 3,1940.
JAS.
DICKSON, Secretary & Treasurer.
12th,
1940.
THEO. JOHNSON, Secretary.
NATIONAL
DAIRY
PRODUCTS
CORPORATION
1, 1940, to holders of record September 4, 1940.
A. A. STICKLER
August 22, 1940
Wilmington, Delaware: August 19,1940
The Board of Directors has declared this
dividend of
$1.12^4
a
share
on
day a
the outstanding
Preferred Stock, payable October 25, 1940, to
stockholders of record at the close of business on
October 10, 1940; also $1.75 a share, as the third
"interim" dividend for 1940, on the outstanding
Common Stock, payable September 14, 1940, to
stockholders of record at the close of business
on
August 26, 1940.
W. F. RASKOB, Secretary
129
The Board of Directors of the Anaconda
Copper
Mining Company has declared a dividend of
Fifty
ber
& Company
Harvester
Company declared a quarterly dividend of forty
cents
(40c.) per share on the common stock
payable October 15, 1940 to aU holders of record
at the close of business on September
20, 1940.
25
Racine, Wis., August 12, 1940.
A dividend of $1.75 per share upon the out¬
standing Preferred Stock of this Company has
been declared payable October
1st, 1940, to
holders of record at the close of business Septem¬
Dividends of $1.75 per share on the Preferred A
and Preferred B stocks and 204 per share on the
Common stock have been declared payable October
August 20, 1940
Directors
oh
J. I. Case Company
Coupon No. 183 must be used for
The
record
C. H. ROBERTS, Treasurer
J. McKENNA, Treasurer.
J.
Dividend.
London
regular
October 1,1940 to holders of record on Sep¬
tember 16, 1940, and a dividend of 75c. per
share on the Common Stock, payable Sep¬
Interim Dividend of Ten Pence for
each One Pound of
a
Cumulative 1%
Jnarterly dividendPreferred per share on tfte
of $1.75 Stock, payable
TEXAS
GULF
SULPHUR
COMPANY
The Board of Directors has declared a dividend
of 50 cents per share on the Company's capital
stock,
payable September 16, 1940, to stock¬
holders of record at the close of business August 30.
1940.
H. F. J. KNOBLOCH, Treasurer.
Treasurer
The Commercial & Financial Chronicle
Volume 151
This
is
not
Offering Circular.
an
by
The offer of these Bonds is made only
III
means
of the Offering Circular.
$22,130,000
Carolina, Clinchfield and Ohio Railway
First
Series A
Mortgage 4%
Principal, Interest and Sinking Fund Payments Unconditionally Guaranteed,
ATLANTIC COAST LINE RAILROAD
LOUISVILLE AND
by Endorsement, Jointly and Severally by
COMPANY and
NASHVILLE RAILROAD
COMPANY, Lessees.
Due September 1, 1965
Dated September 1, 1940
Interest payable March 1
Semi-annual noncumulative sinking fund of $110,750 to be
and September 1
applied to the purchase
or
redemption of these Bonds.
Redeemable at the option of the Railway, as a whole or in part, on any interest date upon 45 days' notice at the following prices
and accrued interest: to and including September 1, 1945, at 107l/2%> thereafter to and including September 1, 1950, at 106%;
thereafter to and including September 1, 1955, at 104lA%; thereafter to and including September 1, 1960, at 103%; thereafter to
and including September 1, 1963, at
The issuance, guaranty
In the
101x/2%; and thereafter at
any
time
upon
45 days' notice at 100%.
and sale of these Bonds are subject to authorization by the Interstate Commerce Commission.
opinion of counsel these Bonds upon issuance will be legal investment
in the States of New York, New Hampshire and California.
for Savings Banks
The entire letter with Exhibits
the Lessees have summarized as follows their letter dated August 22, 1940, describing this issue.
purchase of these Bonds.
The Railway and
should be read prior to any
THE
RAILWAY
The Coast Line and the L. & N. jointly and severally lease all the property
owned railroad subsidiary.
of the Railway and its wholly
The Railway and this subsidiary own 283 miles of railroad.
The lines extend
City, Ky., to Spartanburg, S. C., and are separately operated under the name "Clinchfield Railroad Company"
(unincorporated Lessee Organization) by the Lessees. The Railway's lines form a direct trans-mountain route connecting
the Central West and the Ohio Valley with the Piedmont section of the Carolinas and with the Southeast, serving Kentucky
from Elkhorn
and Virginia coal
revenue
During 1939, coal and coke provided about 52% of the freight revenues
fields.
freight tonnage of the Clinchfield Railroad
The following summary has been prepared from the
EARNINGS
Railroad Company in
the Offering
and about 66% of the
Company.
Condensed Statement of Income of the Clinchfield
the notes forming
Circular and is subject to
an
integral part of
that statement.
December 81,
1932
1933
1934
1935
1936 'i
1937
1938
1939
Ratio
Operating Income
Income Available
for Fixed Charges
$3,998,345
3,530,509
2,670,470
2,680,682
2,998,826
3,087,169
3,500,532
3,638,982
3,273,385
3,509,476
$6,015,814
5,410,060
4,058,976
4,842,179
5,204,314
5,314,958
6,324,863
6,880,009
5,900,718
7,276,464
J931
Net Railway
Expenses
Revenues
1930
Operating
Railway Operating
Railway Operating
Ended
Years
65.26
65.79
55.36
57.62
58.08
55.35
52.89
55.47
48.23
$2,138,821
1,621,378
1,026,720
1,894,874
2,043,294
2,047,003
2,575,949
3,207,138
2,237,387
3,286,120
$2,300,401
1,693,842
1,060,039
1,913,093
2,058,346
2,058,999
2,587,908
3,227,518
2,261,432
3,295,577
1,703.219
2,004,894
51.61
45.32
1,385,066
2,097,996
1,392,313
2,103,896
66.46%
Six Months
Ended June 30,
1939
3,300,198
1940
4,423,548
Annual interest charges
on
<
the $22,150,000 new Bonds amount to $886,000.
Equipment Trust Certificates will amount to
Fixed charges
on
Clinchfield Railroad
$37,958 during 1940.
The net proceeds to be received by the Railway from the sale of the Bonds ($22,260,750 exclusive of accrued
interest), together with funds to be provided by the Lessees to the extent required, will be used: (1) to retire
on or before December 15, 1940, $8,000,000 First and Consolidated Mortgage 6% Bonds, Series A, due Decem¬
ber 15, 1952 and (2) to pay not later than January 15, 1941, a $14,150,000 5% Promissory Note (current rate 3%), due
May 27, 1943, and in connection therewith to retire a like principal amount of the First and Consolidated Mortgage 5%
Bonds, Series B, due April 1, 1956, now pledged as collateral for the Note.
PURPOSE
OF
ISSIJF
Upon release of the First and Consolidated Mortgage, to be obtained on delivery of these Bonds, the Mort¬
gage under which the Bonds are to be issued, in the opinion of the Railway's counsel, will be a first lien
by the Railway, and a collateral first lien on the 18 miles of railroad of its railroad
subsidiary.
The lien will also attach to all physical property now owned by the Railway appurtenant to or used as a part
of any of its lines of railroad and to equipment title to which is now vested in the Railway.
Additional bonds may be
issued in series ranking pari passu with the Series A Bonds but not more than $50,000,000 of bonds may be outstanding
at any one time under the Mortgage.
The lien of the Mortgage, sinking fund provisions and, with certain exceptions,
other provisions thereof may be modified by vote of holders of 66 2-3% of outstanding bonds affected.
SECURITY
on
265 miles of railroad now owned in fee
Subject to certain terms and conditions, the Railway and the Lessees (as to the sale, acting for and on behalf
of the Railway) have agreed to sell to Morgan Stanley & Co. Incorporated and the latter has agreed to pur¬
accrued interest to the date of delivery.
Forty-five investment banking houses have
agreed severally with Morgan Stanley & Co. Incorporated to sub-underwrite $18,650,000 principal amount of Bonds.
PURCHASE
chase
Bonds at 100l/2% plus
the
The foregoing is
subject
merely
a
brief outline of certain information
contained in the Offering Circular dated August 23, 1940, and is
entire Offering Circular should be read prior to any
Circular may be obtained from the undersigned.
to the more detailed statements therein.
The
purchase of these Bonds. Copies of such Offering
Price 102W/c and Accrued Interest
These Bonds
are
offered subject to prior sale when, as and if issued
and accepted by Morgan Stanley & Co. Incorporated, and subject to the approval
of Messrs. Davis Polk Wardwell Gardiner & Reed of (a) all legal proceedings in connection with their
or orders of the Interstate Commerce Commission authorizing their issuance,
guaranty and sale; and
or
orders shall have taken effect on or prior to October 5, 1940.
It is expected that delivery of Bonds
J. P.
Morgan & Co. Incorporated
issuance, guaranty and sale, and (b) the order
subject further to the condition that such order
in temporary form will be made at the office of
against payment therefor in New York funds.
distribution of the Bonds by attempting to stabilize the price thereof, Morgan Stanley & Co. Incorporated reserves the
right to purchase and sell Bonds, in the open market or otherwise, for either long or short account.
This statement is not an assurance that the price
of the Bonds will be stabilized, or that the stabilizing, if commenced, may not be discontinued at any time.
In
order to facilitate the
MORGAN STANLEY & CO.
Incorporated
HARRIMAN RIPLEY & CO.
SMITH, BARNEY & CO.
THE FIRS T BOSTON CORPORA TION
'
Incorporated
BLAIR & CO., INC.
W. E. HUTTON &
August 23, 1940.
CO.
MELLON SECURITIES CORPORATION
J. J. B. HILLIARD & SON
DREXEL & CO.
EQUITABLE SECURITIES CORPORA TION
No/3922
AUGUST 24, 1940
Vol/151
CONTENTS
Editorials
The Financial Situation.
—1031
—
—.
The Monroe Doctrine and the Havana Conference
1042
Foreign Relations and the Presidency
1046
—
Comment and Review
Gross and Net Earnings of United
Six Months Ended June 30
States Railroads for
1049
—1053
The Business Man's Bookshelf
Week
on
the European
.-.1035
>1035
.1039 & 1084
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
--1053
Course of the Bond Market
1054
—1033
—1083
Indications of Business Activity
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
News
Current Events and Discussions
Bank and Trust
Company Items..
General Corporation
and Investment News-
Dry Goods Trade
State and
Municipal Department.
Stocks and Bonds
1095 & 1097
Foreign Stock Exchange Quotations
Bonds Called and Sinking
Dividends Declared
Fund Notices
1090
.
1090
.
1087
Auction Sales
•New York Stock
New York Curb
-1098
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations.1098 & 1108
Exchange—Stock Quotations
♦New York Curb
1114
Exchange—Bond Quotations
1118
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
Other
-.1120
1123
Over-the-Counter Securities—Stock & Bond Quotations.1126
Reports
Foreign Bank Statements
.
Course of Bank Clearings
1066 & 1095
Federal Reserve Bank Statements
General
1039
1084
Corporation and Investment News
1130
Commodities
The Commercial Markets and the
Crops
1160
Cotton
1163
Breadstuffs
1167
♦
on
Attention is directed to the new column incorporated In our tables
New York Stock Exchange and New York Curb Exchange bond quota¬
tions
Published Every Saturday
pertaining to bank eligibility and rating *
Morning by the William B. Dana Company, 25 Spruce Street, New
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
York City, N. Y.
President and Treasurer; William D. Biggs, Business Manager.
208 South La Salle Street (Telephone State 0613).
London-
Edwards & Smith, 1 Drapers' Gardens^ London, E.C.
Copyright 1940 by William B. Dana Company
Entered as second-class matter
June 23, 1879 at the post office at New York, N. Y., under the Act of March 3,1879.
Subscriptions in United States and Possessions, $18-00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America. Spam, Mexico and
Cuba, $21 50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except 8pain), Asia, Australia and Africa, $23.00 per year,
$12.5C.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
AN INCOMPETENT and
Dangerous Paths
apparently frantic
now
Meanwhile, the President has sought and appar¬
Washington is daily affording
Government in
**
ently has obtained
the
people of this country greater cause to thank
eternal Providence that the mortal danger which
large
degree
a
If that
danger
were
painted,
At
the
as
year
dent,
ago,"
as
if to make certain that we shall
ceeds almost
people
factured
"Toil and Sweat"
At the
welkin ring
What
I
for
a
industry blithely
conscript army
life to equip
they
themselves refuse to sacri¬
own
pet nostrums
what appear to
their
them to
political advan¬
absolutely
in order that we
tages, which is
necessary
adequately
our¬
prepare
selves against
dangers far
less horrible than those so
vividly described.
This situation,
long more
deplorable,
rapidly reaching
which makes it
is
a
call
a
halt
or
catastrophe.
now
stage
imperative
that the American
people
face stark
Congress,
squirming under the New
Deal lash administered by
fanatics who seem
a
am
proposing that
number
which
pursued
When
Winston
Churchill
selves if
a
as we are so
is that of
so
philosophy
we
consistently
which
to
encouraged
the
notion
advances in the economic or any
of
the role
upon
One further
regulator,
mind
our
unable
so
affairs,
own
presently
we
shall
that
from
aloof
which
part
other
pledge in this connection the
struggles
interest—and
so
incompetent
or
no
at
war
of any
in its tracks.
sub¬
stantial proportions might
well be utterly disastrous.
So far
the
as
maneuver¬
ing for bases and the other
negotiations
abroad,
for that matter the
policy is threatening to stop
in
naturally have
we
home that
thoughtful man would like of Mr. Willkie.
That is, that if elected, he will take great
pains to do all that is humanly possible to
make
certain that
no
situation arises in
which we may be "reduced to 'blood and
tears.' "
More than mere disavowal of intent
will be required for that purpose.
told
no
longer be able to remain
pitifully
by conscription a large
has undertaken to
explain, are quickly joined by others who would
obstruct the program for the purpose of compelling
others who have no liking for it to support a "draft"
set
that
scale.
the need for which no one
of wealth.
so en¬
peace,
so
magic can take the place of hard, consistent,
intelligent work.
It is still as true as it ever
was that it is in the "sweat of his brow" that
Its reply,
or that of a substantial number of its members high
in New Deal favor, is a demand for condemnation
and Government operation of private plants.
Op¬
army,
often told, but
becoming
technically at
world
position in this strident age, industrially or
other way.
Too many of us have of late years grown
fearful of "toil and sweat."
Politicians have
ponents of plans for raising
wan¬
unnecessarily offensive
we are
henceforth must dedicate our¬
are to survive and maintain our
by the military and other authorities that its failure,
and the failure of the Administration, to formulate
the national defense program
of
"invasion,"
us
preparedness program, is solemnly
rational defense profits
one
to other nations with
earning a penny in connec-
a
can
grow¬
tangled in world politics,
by the spectre of some one
tion with the
the
escape
danger is not
in any
man
or
famil-
man
history
ton attack or
not reduced to
"blood and tears ."
But we shall not be able
to avoid the "toil and sweat."—Wendell L.
Willkie in his acceptance address.
*
These
are
inspiring
if "harsh"
words.
They are an essential corollary to the speak¬
er's forthright avowal of a "philosophy of
that all of
day
us,
ing conviction that our real
are
production," and it is to such
with
scarcely
England lives it will be because her people
were told the truth and accepted it.
Fortu¬
we
thoughtful
iar
of
nately, in America,
to
The
Prime
became
a
nations
this
to
nothing
and
threatened to do anything.
England a few months ago he
made
no
sugar-coated promises.
"/ have
nothing to offer you," he said, "but blood
and tears, toil and sweat."
Those are harsh words, brave words; yet if
Minister
other
of
have
done
to you as a can¬
course
this country
tween
be¬
nurtured
artificially
far harsher thing
speech of ac-
didate for President of the United States.
and that
fice their
saying is
cannot rebuild
our
American democracy without hardship,
without sacrifice, and without suffering.
service in
armies,
am
war during the last year.
I am saying to you that we
of American citizens make
risk its very
I
un¬
friction already
necessary
I should like to say in a
and state¬
acts
daily add to the
ments
shall
of sacrifice and of
panics" continue
indulged in, and vari¬
other
ous
by
large numbers
the sacrifices necessary
road.
easy
ceptance—a far harsher thing than / would
have said had the Old World not been swept
with their de¬
mands that
down the
you
of the Republican Party, I
now
am
than
lot.
politicians are making the
unneeded
to be
chosen the leader of this democracy,
am
lead you down the road
service to your country.
time that the
same
I
as
normally
their
be
not
lead
I shall not
If I
hazards which
to
would
than
Empire.
tory statements and manu¬
American
need not be and
or
alliance with their
daily to take-
the
expose
wily British arefull
Meanwhile, "inflamma¬
arrangement which the always
already said to hope will ultimately result in a
be obliged
envisages for us, pro¬
be
—an
France
as was
concerning the
principle"
in
"agreement
have
Government
British
the
sundry naval and air bases in this hemisphere
lease of
something to that effect, the Presi¬
or
steps which can hardly fail
to
peril
and
the United States
word that
comes
through the ordeal
to pass
he
reached
position would be lamentable indeed.
time that official after official warns
our
same
the Nation that it is in "as great a
a
Government
startling and as urgent as
American prople.
mystery to the
a
London
From
figment of fevered imaginations.
a
understanding with Canada,
an
military nature, the precise terms of
a
which remain
causing panic in official circles is in so
to be
seems
presumably of
tion of surrender to the
British of
a
and
ques¬
number of "over¬
age" naval vessels precisely at the time when the
build naval craft
country is being told that we must
feverishly for
years
to
come,
Administration appears to
to
accomplishing
as
much
are
concerned, the
be proceeding with
as
it
can
without the
sity of asking for Congressional sanction or
an eye
neces¬
Senate
the public, which in some
unnaturally growing restive
to be going on.
Denials are
consent, without rousing
quarters, at least, is not
about
what
appears
promptly and vigorously issued that there has been
no
discussion
or
consideration of
with Great Britain
course,
or
a
formal alliance
the British Empire—which, of
would require the consent of the Senate.
The Commercial <£
1032
Pains
taken to divorce in the
are
number of
a
public mind
far
so
possible the question of adding to the British Navy
as
ships and that of procuring from
our
Great Britain certain naval and air bases
lease,
on
although it is perfectly obvious that the two
closely linked in the British mind.
are
Every effort is
being made to give the impression that defense of this
hemisphere,
Britain par
the
albeit
the
against
proceedings.
election
an
Election
motives
utmost
or no
by the people of this country,
analysis must bear the
done.
The
by the President with Canada.
According to reports
Department, if it is
subject, has become
of
understandings reached
which bear all the appearances
the State
consequences
public is still quite in the
to what is involved in
as
of authenticity,
even
fully advised
now
on
Britain and
so
after, rather than before,
The matter of
the event.
leasing bases from Great
possibly other countries, and according to
report not only in the Atlantic and the Caribbean
areas
but in the
The
plans
Pacific, is still shrouded in mystery.
the
of
"over-age" vessels
Administration
are
tain facts of the first
not the
entered into
significance
to be
or
aid in the defense of
our
attacks which
the President seemed
owe
a
course, so
practical
long
far
to do
power
as
ago
should be
only
our
which would not
us
our
northern
their origin to Cana¬
embarking
Indeed,
he has the authority
Whatever
so.
neigh¬
to commit this country
uninformed persons concerning
we
however, plain
are,
membership in the British Empire.
to such
Cer¬
willing in the future to enter
general agreement with
bors against
dian
likewise carefully veiled.
certainty, that Canada is not likely to have
into any
involve
the
concerning
One of them is the strong probability, if
enough.
may
or
the
be said by
the Monroe Doctrine,
upon a
policy which is not
to this country but directly in conflict with
new
traditional
foreign policies should
such unconditional
with
understanding
touching
a
observers
are
wide
the
Empire
world topics.
of
range
British
already looking forward to
a common
British-United States Far Eastern policy.
consciously
be
work
at
in
so
to be the
prove,
a way
which will free it of the necessity
obtaining the advice and consent of the Senate of
the United States.
we
defense of Canada.
undertake
The hazards involved in such
Prime Minister made his
unavailing effort to call
avoid such
to
us
plague.
entanglements
if they
as
stances in
Europe and Asia,
the revolutionary
nor
changes that have occurred in the art of making
have
in
the
least
lessened their
altered their
degree,
many
trary notwithstanding.
some
assurance
force of
reason
in
a
have occurred
as
than
more
revolutionary
a
far-reaching
The
part would be
course on our
so
to be virtually unforeseeable.
as
the part of
ever
There is still
policy which would
Pacific may appear innocent
ficially inclined, but they
inquiring mind.
Britain upon an island
enough to the
are
Obviously
a
or
the
super¬
far from that to the
base leased from Great
presently taken by
Brit¬
some
ish enemy would in this event become
quite worthless
to
us—certainly if this British
Power
against which
selves.
ing of such
the
area
It may
we
feel that
For practical purposes,
a
base commits
upon
us
enemy
is the
very
must defend
we
our¬
therefore, the leas¬
to defend the island
which it is situated against all
or
comers.
be safely assumed that these aspects of these
matters have not
Empire, who
escaped the leaders of the British
not born yesterday but who, on
have centuries of experience to draw
in the wiles of international diplomacy and
were
the contrary,
upon
intrigue.
position,
indeed
it
Once
we
is
have placed
we
may
well
difficult
to
ourselves
presently
see
how
find
we
in
this
ourselves,
could
avoid
no
logic
more or
less
automatically make the enemies of the British Empire
our
enemies,
or
of taking
ourselves the task of
upon
restoring and preserving the status
It is of
would
course
strengthen
should
have
we
interests
own
our
our
are
hand in the Far East, but why
hand in the Far East where
very
It could greatly strengthen
position of certain European Powers
certain
others, but why, in Heaven's
feel under
Old
over
name,
World,
even
if it
so
be getting the
while, what of
our
own
do not
we
our own
crystal clear.
really vital interests
our
even
reasonable
are
ap-
Mean¬
hand?
upper
security and
Two facts appear
of
we
happens that at the moment
of government
prove seem to
ment
against
should
obligation to "redress the balance" of the
Powers whose systems
ests?
our
limited, but where the British
Empire has large stakes ?
the
ante.
quo
quite possible that such arrangements
inter¬
One of them
confined to this
a govern¬
are
far
able today than at almost
any stage in our
more
his¬
competence,
tory to defend ourselves in this
leasing of bases either in the Atlantic
or
con¬
be said with
may
changes
hemisphere, and the other is that, given
such
war,
nature
protestations to the
to remain aloof.
us
essential
Indeed, it
that such
have tended to make it
wisdom for
or
the
were
Neither the altered conditions and circum¬
is that
less certain consequences of
upon
old,"
indeed, precisely those which in the past have caused
requires
or
British
a
the New World to "redress the balance of the
implica¬
more
part
on our
course
a
precisely those prevailing in 1823, when
are
It
and the
to
well
may
alliance with Great Britain, and
an
but little imagination to perceive that the
tions
Whether
appears
practice
almost of necessity must
prove,
of
Administration
arranging what in
equivalent of
doing
not, the
or
a
British
The Same Old Hazards
importance that these weighty issues be fully
whatever is
general
election, and quite regardless of the
animating the Administration, it is of the
who in the last
the
without Congress
or
Aug. 24, 1940
finding ourselves, under the necessity of reaching
year.
understood and debated
dark
be reached without
may
"stirring up" controversy within
this,
Great
By such tactics, apparently, it is
hoped that the ends desired
in
of
enemies
excellence, and only that, is involved in
Financial Chronicle
we
part of the world.
The issue is
entire
precisely what it has been throughout our
history, the dangers that lurk about any
change in
same,
our
traditional policies
are
precisely the
and the first fundamentals of sound defense
against all such dangers—strength at home and aloof¬
ness
from quarrels which do not
concern us—are pre¬
cisely what they have always been.
In the past,
danger of our wandering from the wellpath of wisdom in foreign policy has arisen pri¬
marily from more or less transitory emotionalism
trod
which tended for the moment to blind
verities.
day,
but
That
at
us
to eternal
danger is most certainly with
present
we
hazard involved in the
face
must
course
the
us
to¬
additional
pursued by
a
willful
President which appears to have the
purpose of ac¬
complishing by indirection that which
been able to
accomplish directly.
interventionists
American
are
Protean
people must be
on
in
no one
has
ever
The tactics of the
character, and the
the alert to defend them-
Volume
selves
against entanglements no matter what form
$90,863,000
circulation advanced
notes in actual
forthcoming election would dispose of this question
$5,309,939,000.
in
advanced
We wish it
take.
may
satisfactory
a
Apart from the inherent
manner.
uncertainty of the
were
of the elections, Mr.
outcome
Willkie, however, is giving evidence of too great a
bank
sympathy with the Wilson interventionism so ram¬
718,000;
He is, however, not irrevocably com¬
course that the President has chosen,
pant today.
mitted to the
and the American people
tain that
President in such matters
a
so.
In the
circum¬
actually existing, about the only way to con¬
stances
trol
would do well to make cer¬
does not become
he
him if and when he
Roosevelt is
these is to replace
President
The position and the pre¬
proceeds
doing.
now
as
as
unwisely
as
an
increase of other
The
466,000.
There
thing
assume
we
all times be
gency
It is
so
$3,058,000. Industrial advances moved up $16,000
The New York Stock Market
price tendency was a decided improvement over the
cide to demand it
It would be little short of sui¬
without being in a position to cope
Although the Administra¬
tion is adamant in its insistence
that
we assume
the
risks, it is precisely in preparing for them that the
New Deal is proving
itself most incapable, and must
The
New Deal philosophies and prompt, effective and
thorough military preparedness are as incompatible
continue to fail
Adolph
or
as
it is the New Deal.
of Thomas Jefferson and those
of
These incompatibilities are today
Hitler.
us,
long
so
doctrines
leading
driving
us,
straight down the road
toward national disaster.
^
v:
Federal Reserve Bank Statement
mained
preceding weekly period.
ket
ONLY modest changes in in the banking statistics
positions
recorded the credit and currency
are
weekly period ended Aug. 21, and these are
that have been customary for several years.
gold inflow continues in an apparently unending
increased $111,000,000 in the statement week, to $20,800,000,000.
and
stream,
our
monetary stocks
realized again were added
Some of the dollars thus
Federal Reserve
banks, which now constitute an unusually large fund
that obviously is destined for payment of arms con¬
tracts.
But the major portion of the sum tended to
swell member bank reserves.
An offset was provided
to
by
foreign bank deposits with the 12
an
by $32,reserves of
increase of currency in circulation
000,000 to $7,976,000,000. But excess
member banks over legal requirements nevertheless
advanced $30,000,000, to
$6,420,000,000. This figure
with the record of $6,880,000,000, estab¬
The tremendous total of idle
still fails to attract borrowers. The condition
compares
lished July 17, last.
credit
statement
of
weekly reporting member
New York City
reflects
business loans, to
a
banks in
decrease of $12,000,000 in
$1,691,000,000, which reverses the
The same banks report
seasonal trend of such loans.
their loans
to brokers
and dealers on security col¬
$3,000,000, to $273,000,000.
Treasury in Washington deposited $98,998,000
lateral up
The
gold certificates with the 12 Federal Reserve banks
in the statement wefek, raising their holdings to
Other cash of the regional banks
slightly, and their total reserves moved up
$18,486,978,000.
receded
The dulness of the mar¬
that proved
accentuated at times to a degree
was
quite alarming.
investors
saw
no
It was obvious that traders and
reason for altering their commit¬
ments, and matters reached such a pass last
full session
was
on
the New York Stock Exchange.
the smallest turnover for any
the modest
little, but not in any case was
a
figure of 500,000 shares even approached.
hardly surprising, in these circumstances, to
It is
note that a seat on the New
sold
was
This
full session since
From that low point the activity
7, 1916.
Aug.
tended to increase
off
Monday
only 129,650 shares were turned over in that
that
York Stock Exchange
during the week at a price of only $35,000,
$5,000 from the last previous sale.
lowest
The
make such
to
at any time present.
a course may
thus to ask for trouble which might
us
with it when it arrives.
long lines
commitments
$129,000_to $8,241,000.
TRADING extremely modest this week, but the
on the New York stock market re¬
that such
for the
while
$8,561,000,
adequately prepared to meet any emer¬
folly for
the
unchanged at 89.3%.
by the regional banks were $111,000 higher
Discounts
must make eternally certain.
easily be avoided.
as
was
securities remaining stationary at $2,445,928,000.
ury
the risks incident to world-wide
entanglements of the sort here indicated, we must at
ratio
market operations during the
open
week, the holdings of United States Treas¬
statement
advances fell
to
deposits by $15,542,000 to $618,-
reserve
no
were
effective check.
one
by $79,131,000 to $13,418,-
deposits by $25,718,000 to $867,059,000, and
bank
to
are
the
gain of member
a
by $50,730,000 to $889,274,000; an increase of foreign
is, under the Constitution, too great for any other
we
consisting of
decrease of the Treasury general account
a
at
But of
Total deposits with the 12 Banks
balances
reserve
rogatives of the President's office in foreign matters
If
$17,136,000 to
$69,661,000 to $15,793,517,000, with
variations
account
Federal Reserve
$18,852,860,000.
to
clearer that the
they
1033
The Commercial & Financial Chronicle
151
price for
a
This was the
seat since a disposal in November,
1914, at a figure of $34,000, the market then having
been
closed
as
The current
a
of the World War.
consequence
inactivity occasioned many misgivings
throughout the financial district, for business not
only is absolutely small, but incredibly modest when
consideration is given the
large amount of equities
currently outstanding.
Although dealings were lilliputian, it is at least
possible to record a generally optimistic trend of
Gains were noted in all the mid-week ses¬
prices.
sions, with a little profit-taking apparent yesterday.
The decline at the end of the week modified the gains
quite
one
a
bit, but for the week as a whole gains of
to three
points
were common among
prominent
issues, while others were better by fractions to a
point.
An optimistic report on the European war
by the British Prime Minister, Winston Churchill,
occasioned some of the better feeling in this market.
The continued
United
for
an
vided
States
good level of general business in the
was
a
factor, and the preparations
unprecedented armaments program also pro¬
stimulation:
Uncertainty as to the
some
course
of affairs in Washington
the other
remained acute, on
hand, for there is still no indication of a
reasonable
Administration
attitude
on
excess
The capricious foreign policy pur¬
by President Roosevelt likewise added to the
profits taxation.
sued
uncertainties.
In the listed bond
tendency
toward
market
a
quiet and persistent
improvement
was
apparent.
The Commercial & Financial Chronicle
1034
United States Treasury
and dealers
Speculative railroad issues
corporate bonds.
marked
securities advanced slowly,
reported better demand for best-rated
higher in almost all sessions.
in
movements
the indications of close
on
in
Australian bonds
steady demand, while other foreign dollar
securities showed modest
modity markets
improvement.
almost to
came
crop
finally advanced to the
official sterling rate.
the
of
complete halt, and the
a
British unit
uncontrolled
amounts continued to pour
which is the only
these
the better
on
foreign exchange market trading in "free"
sterling
level
com-
Base metals held around former levels,
prospects.
the
The
dull, with wheat and other
were
agricultural staples drifting lower
In
po-
military collaboration between the Wash-
ington and Ottawa Governments.
were
The largest
bonds, however, were in Canadian
issues, which soared
litical and
were
Gold in huge
into the United States,
exchange index of
any value
in
days.
Stock
Exchange five stocks
high levels for the
new
touched
York
New
the
On
touched
new
year
while 10 stocks
On the New York
low levels.
Curb
ternity with fresh inspiration and stocks moved upwards from one to three points in keen bidding,
Sales turnover
House of Commons the day before proved to be
hardly overlook the very favorable results coming
to hand from indices of domestic business and in-
dustry.
It must, however, be borne in mind that the
state of
our
occurred
on
the New York Stock
on
On the New York
Saturday
shares;
Exchange
re-
unchanged at 1%.
Prices
were
Exchange the sales
106,700 shares;
were
their advantage, despite
360,310 shares;
Wednesday,
on
Thursday, 441,180 shares, and
on
on
Friday, 294,460 shares.
Moderately high
Yesterday stocks opened fractionally lower, notwithstanding the fact that business continues to register improvement and the European situation shows no
levels
were
Saturday
shares;
material change for the worse.
easier tendency was
an
22,335 shares;
on
Friday one week ago.
v
General Electric closed yesterday at
31%
on
83% against
Friday of last week; Consolidated Edison
Co. of N. Y. at 27% against 27%; Columbia Gas &
Electric at 5% against 5%; Public Service of N. J.
34 ; International Harvester at 44%
against 41%; Sears, Roebuck & Co. at 77% against
74%; Montgomery Ward & Co. at 39% against 38%;
on
Thursday, 83,230 shares, and
on
on
& Tel. at 161 against 158.
Western Union closed yesterday at 17% against
Saturday last made partial
17
in prices and finished the short session
at
on
firm.
with the tone
managed
earlier declines
Included
the
among
groups
following
show improvement
to
the steel and chemical stocks/
were
Equities particularly affected by
our
defense
pro-
the motor shares of which Chrysler and
gram were
General Motors stood out in
was
po-
Woolworth at 32% against 31%, and Americal Tel.
The stock market
on
better
a
Monday, 36,735
60,305 shares;
tivity
Equities enjoyed
lower.
present week, as may be gleaned by a corn-
parison of closing prices yesterday with final quota-
Friday, 44,225 shares.
which
were
Throughout the day
present and stocks at the
Tuesday, 54,480 shares; on Wednesday,
were
on
recovery
enjoyed by equities at the close.
at 34% against
York Curb Exchange the sales on
the New
On
occasional minor assaults
by some traders to realize profits.
on
Monday, 129,650
on
Tuesday, 242,600 shares;
on
pushed forward from large fractions to
points, and had little difficulty in maintaining
two
tions
Stock
Expansion in sales volume again
the Stock Exchange on Thursday, in-
spired by an increasing inquiry in Canadian issues.
finish
Call loans
securities markets remains a source of
much concern.
sition the
mained
a
sustaining feature of the market, but brokers could
stocks touched
low levels.
also affected and expanded in
was
Prime Minister ChurchilPs address in the
turn.
Exchange two stocks touched new high levels and 17
new
Aug. 24, 1940
Monday
came
the smallest in
striking way.
a
period of 24 years.
a
Ac-
to a virtual standstill and
Favorable
on
Friday of last week; Allied Chemical & Dye
153% against 149%; Ev I. du Pont de Nemours at
164% against 158%; National Cash Register at 11%
13%
bid against 11; National Dairy Products at
against 13%; National Biscuit at 19 against 18%;
Texas Gulf Sulphur at
at 21 against 19%;
31% against 30%; Loft, Inc.,
Continental Can at 37% against
36% ; Eastman Kodak at 126 against 124%; Standard Brands at 6% against 6;
Westinghouse Elec. &
Mfg. at 98% against 93%; Canada Dry at 14%
reports of business and industry and the acceptance
against 14; Schenley Distillers at 9% against 9%,
speech of Mr. Willkie, Republican candidate for the
and National Distillers at 20% against 20%.
presidency,
influence
on
variations
Saturday, appeared to have
far
so
on
the
as
trading
day
was
were so
great
no
insignificant
to be
as
closed yesterday at
last
inconclusive, although stocks ruled steady at the
close.
Prime Minister ChurchilPs
day seemed to breathe
prostrate body, and
of
greater
was
in
accord
new
speech
life into the market's
future
between
Britain, Canada and the United States
the former two countries'
over
doubled and
war
quotations moved
sized fractions to beyond two
the start moved in
ceiving their
up
cue
as
efforts.
regards
Sales turn-
up
points.
Great
from fair-
Equities at
irregular fashion, but after re-
from Chrysler Corp., which picked
1% points, they acquired fresh confidence and
moved forward.
Prices ruled firm
transactions the
largest in the closing period.
belief in stock market circles
our
on
throughout, with
The
Wednesday that
national defense program was at
long last be-
ginning to find its stride provided the trading fra-
Goodyear Tire & Rubber
14% against 14%
on
Friday of
week; B. F. Goodrich at 11% against 11%, and
United States Rubber at 18 against 17%.
Tues-
on
further aided by evidence
the
the rubber group,
In
Price
concerned.
Railroad
stocks
at
advanced
19% against 19%
son
to
higher levels the
Pennsylvania RR. closed yesterday
present week.
on
Friday of last week; Atchi-
Topeka & Santa Fe at 15 against 14%; New
York Central at 11% against 10%; Union Pacific
at 85
against 82; Southern Pacific at 7% against
7||; Southern Railway at 11 against 10%, and
Northern Pacific at 6% against 5%.
Steel
shares
also
made
progress
this
week,
United States Steel closed yesterday at 51% against
50%
on
Friday of last week; Crucible Steel at 27%
against 26%; Bethlehem Steel at 76 against 73%,
and Youngstown Sheet & Tube at 30 against 29%.
In the motor group, General Motors closed yester-
day at 46% against 44%
Chrysler at
71%
against
on
Friday of last week;
69%;
Packard
at
3%
The
Volume 151
against 3%; Stude'baker at 7% against
Motors
7, and Hupp
9/16 against 9/16.
at
Oil of N. J. closed
Friday of last week;
8% against 8, and Atlantic Re¬
Among the oil stocks, Standard
yesterday at 34 against 33 on
Shell Union Oil at
fining at 22 against 21%.
Anaconda Copper closed
Among the copper stocks,
Friday of last week;
36% against 33%,
and Phelps Dodge at 28 against 26%.
/ <
In
the aviation group, Curtiss-Wright
closed
yesterday at 20% against 19 on
American
Smelting & Refining at
yesterday at 7% against
6% on Friday of last week;
12%, and Douglas
Boeing Aircraft at 13% against
Aircraft at
68% against 68%.
reflected a good
reports
industrial
and
Trade
in the United States
maintenance of business
this
today
were estimated by American Iron and Steel Insti¬
tute at 89.7% of capacity against 89.5% last week,
88.2% a month ago, and 62.2% at this time last year.
Steel operations
week.
Production
for the week ending
of electric energy for
the week ended
Edison Electric Institute
at 2,606,122,000 kwh. against 2,589,318,000 kwh. in
the preceding week and 2,367,646,000 kwh. in the
similar week of 1939.
Car loadings of revenue
Aug. 17 was reported by
freight in the week to Aug. 17 were reported by the
Association of American Railroads at 743,121 cars,
increase of
an
and of
,
73,32S
16,115 cars over the previous
cars over
week,
the similar week of last year.
of the commodity mar¬
option for wheat in Chicago
closed yesterday at 69%c. against 68%c. the close
on
Friday of last week.
September corn closed
As indicating the course
kets, the September
60%e. the close on Fri¬
September oats at Chicago closed
yesterday at 27%c. against 27%c. the close on Fri¬
yesterday at 60%c. against
day of last week.
day of last week.
The
spot price for cotton here
in New York closed
yesterday at 9.86c. against 9.92c. the close on Friday
of last week.
The spot price for rubber closed yester¬
day at 19.57c. against 19.62c. the close on Friday of
last week.
Domestic copper closed yesterday at
11c., the close on Friday of last
the
week.
In London
23 5/16
price of bar silver closed yesterday at
against 23% pence per ounce the
in New
pence per ounce
close
on
Friday of last week, and spot silver
York closed
yesterday at 34%c., the close on Friday
of last week.
In the matter of
on
London closed
the close on
foreign exchanges, cable transfers
yesterday at $4.02 against $4.02%
Friday of last week.
European Stock Markets
GENERALLY cheerful exchanges in thereported
week
stock conditions were
leading
this
on
European financial centers,
trading tending to ex¬
pand as the week progressed, while prices also were
better.
The apparent stalemate in the great AngloGerman conflict
interest than in
seemingly induced more investment
previous weeks.
Exchange was quiet and
of the week now
ending.
1035
Commercial & Financial Chronicle
The London Stock
firm in the early sessions
After the optimistic state¬
insistence
between
severed communications
upon
occupied and unoccupied France. The Amsterdam
Bourse was active and sharply higher in the first
half
of the -week,
some
issues attaining
and even
before the German in¬
vasion of the Low Countries. Purchases of securities
continued on the Netherlands market, at the en¬
hanced levels.
The Berlin Boerse reflected irreg¬
excelling the levels current
classes of German
Colonial issues still in
greatest demand. Bank statements suggest that in¬
flationary fears are waning to a degree in Europe,
since the circulation of banknotes is decreasing.
Of
ular
almost
of
buying
all
securities, with the so-called
is a British ruling on
of Bank of Eng¬
foreign countries, a period of grace
interest, in this connection,
Wednesday, prohibiting the return
land notes from
being permitted for
rency
the shipment of
British cur¬
from the United Sates.
North American Defense
STARTLINGforeign policyfrom the traditions in
departures have been common of
American
for worse, and another
by Presi¬
dent Roosevelt, with respect to defense arrange¬
ments of Canada and the United States, jointly. The
latest move of the President not only calls for the
closest collaboration with Canada, which is at war
recent
months, for better or
of these incidents now
with Germany,
has been launched
but also for leases
Government of sites in the
might be suitable for
from the British
British possessions which
United States naval bases.
It
already has been
made by Mr. Roosevelt in his conversations with
the Canadian and British Governments, but the in¬
dications are that the American public is not to be
taken into the President's confidence. The Senate
also is to be held in ignorance, notwithstanding the
requirement for Senate approval of international
treaties. The proposals of the President so far have
been made known only in vaguest outlines, with
some confirmation
supplied from official British
and Canadian sources.
Whether these notions are
linked with the Administration effort to "sell" some
50 American destroyers to Great Britain is not yet
clear.
The course of events is such, however, that
would appear
London
that much progress
dispatches frankly report an expectation in
United States participation in the
British circles of
European war.
First intimations of these highly
important mat¬
by Mr.
He
remarked that conversations were in progress with
the British Government for acquisition of naval and
air bases for defense of the Western Hemisphere and
especially the Panama Canal.
Discussions also
were going forward with Canada on the problems
of Western Hemisphere defense, according to the
President.
Touring the northern section of New
York State, Mr. Roosevelt conferred at length over
the last week-end with the Canadian Prime Minis¬
ters
were
made
Washington press conference.
Roosevelt at a
ter, W.
available late last week
L. Mackenzie King.
Announcement was
Sunday that a permanent joint board of
made last
defense should
be set up
immediately by the two
Winston Churchill, late
Tuesday, the London market advanced briskly in
the mid-week session, and the gains then recorded
were maintained.
Gilt-edged and industrial securities alike were in demand.
The Paris Bourse pre¬
land and air prob¬
lems, including personnel and material. Four or
five members from each country are to constitute
this board.
It was revealed in Washington, Mon¬
activities, but there were no
daily reports of the trading, owing to the German
thau Jr. is to
ment
by Prime Minister
sumably continued its
countries, with respect to sea,
day, that Secretary
of the Treasury Henry Morgenpossibly
spend some time in Canada,
The Commercial & Financial Chronicle
1036
with
a
took
on
the
view to economic
added
"cooperation."
This visit
significance when it appeared that
Administration
for
measure
"lending"
$500,000,000 to Latin-America includes
a
some
provision
for loans to
Canada, the prohibitions of the existing
neutrality legislation to be amended accordingly.
All
conjecture regarding the real significance and
extent of his
private agreement with Canada subse¬
quently
branded by Mr. Roosevelt
was
terated newspaper
The
presidential
Britain appears to
the
United
precedence.
be of
States-Canadian
Churchill
referred
the
or
possessions might
Minister
in
matter
a
Tuesday before the House of Commons.
Washington, and that London is not
Winston
speech
It
mated in the address that the initiative
British interests will be served
important
steps,"
Mr.
averse
thereby.
Churchill
from
to 99-
"that these two great
"These
said,
debate he added that the process
some
means
are
after
and
undoubtedly
organizations of Eng¬
lish-speaking democracies will have to be somewhat
mixed up
mutual
together in
American
don's
obvious
reference
bridge the
only that "our friends
was
would
and the
With
to
destroyers, Mr. Churchill declared Lon¬
wish
ocean
of their affairs for their
some
advantage."
send
a
the
across
timely reinforcement
between the
gap
war
us
peace
flotillas of 1941."
to
flotillas of 1939
Study
proceeding in Washington for
some
was
said to be
means
of
sur¬
mounting the existing legislative obstacles to the
"sale" of 50 American
so
that
color
a
destroyers to Great Britain,
legality could be given such a
of
transaction.
yesterday at Ottawa and Wash¬
ington indicated the personnel of the several defense
designated by the two governments.
bers for the United States
H. LaGuardia of New
of
United
the
are
to be
Mem¬
Mayor Fiorello
York, Captain Harry W. Hill
States
Navy,
Lieutenant-General
Stanley D. Embick, Commander Forrest P. Sher¬
of the
man
Navy, and LieutenantUolonel Joseph T.
McNarney of the Army Air Corps, sitting alter¬
nately for discussions of naval and air problems,
and
John
D.
This vessel
directed
was
to
asked to
was
assure
the
Germans
This the
re¬
Berlin indicated that
aircraft
and
would
refrain
interference with the voyage, but pointed
mines
Fortunately,
already laid
the
area.
ever, some
bitter things
beyond control.
are
ship passed
dangerous
safely through
vessel to needless
Another
were
said about the willful
subjected the
danger.
significant incident
was
an
address in
Philadelphia, last Sunday, by the United
Ambassador to
burden of the
was
doubtless is the
danger, however,
this
that
Mr.
case.
as
that of
Bullitt
depicted
invasion of the
an
by German Nazis, and he maintained
country rapidly is moving in the
ate sale of 50 American
of the British
destroyers to Great Britain,
courage
people today stand between the Amer¬
icas and the "unleashed
dictatorships."
Mr. Bullitt threw in
depression
same
He urged the immedi¬
saying that only the British fleet and the
munist
The
that America is in danger,
direction that France took.
measure,
States
France, William C. Bullitt.
speech
United States
Hickerson of the
State
Department.
the
In the United States Senate, how¬
decision of the Administration which
the
obvi¬
are
the alleged ground that mines might
submarines
that
which
on
return
A controversy developed with the
destroy the ship.
or
north of Iceland
course
Government, which
fused to do, on
out
trans¬
sent to Pet¬
just north of Scotland, which
seas
German
a
but
voyage,
ously dangerous.
damage
was
as
the
activity.
a
consequence
The speech
For good
rousing economic
of Nazi and Com¬
of the rabble-rous¬
was
ing type demanding the awakening of Americans,
and
foreseeing Herr Hitler in Independence Hall,
making fun of the Liberty Bell.
urged to write
All listeners
were
telegraph their representatives in
or
Washington to support the conscription bill.
Announcements
boards
She took
outward
through
inti¬
was
came
on
leases of sites wanted by Mr. Roosevelt, since
year
the
from any
was
from Petsamo, in
repatriate nearly 900 Americans from the
area.
take
program
in Washington
Prime
to
to
samo
Baltic
German
view to the defense of Canada and
a
Canal.
Panama
port American Legion.
only
military bases in Newfoundland, Trini¬
leased, with
the
Great
He made it clear
dad and other British colonies
to
with
piece with his arrange¬
a
The assumption
that sites of
unadul¬
the return voyage
concerns
northern Finland, of the United States army
safe conduct of the vessel.
understanding
ments with Ottawa officials.
that
as
speculation.
these
Aug. 24, 1940
This
address, like the incident of the transport American
Legion, occasioned stringent criticisms in the Sen¬
ate, where it was pointed out that the State Depart¬
released
ment
the
Some Senators
Bullitt
Mr.
lated
that
United
text
were
his
and
section
States
as
an
unkind
State
of
the
prohibiting
official
document.
enough to charge that
Department chiefs vio¬
Criminal
Code
officer
any
or
of
the
employee
of the United States Government from
endeavoring
to influence
of appropri¬
legislation, through the
use
ated funds.
The
Canadian members are to be O. M.
Biggar,
Brigadier K. Stuart of the Canadian Army general
staff; Captain L. W. Murray of the Canadian Navy;
TITTLE that is unusual in the way
A. A. L. Cuffe of the Canadian Air
1—«
L.
Force, and Hugh
Kennleyside, counselor of the Canadian Depart¬
ment
of
External
these
groups
is
Affairs.
to
take
The
place
first
at
meeting of
Ottawa,
next
Monday.
on
a
designed to place the United States
footing, several incidents occurred which
clearly illuminated the
course
being taken in the
its
so-called
"good
countries, and the primary
neighbors"
acid debate in the
authority
wras
of
the
Rio
the
official
After
a
Export-
good deal of
House, the bill for such lending
approved by the lower chamber
Wednesday, by
a
vote of 183 to 144.
Democratic members refused to
ure,
south
proposal of the New Deal to
$590,000,€00 through
on
Even
some
support this
meas¬
which they said would tend to industrialize
highly important sphere of foreign policy by Presi¬
Latin American
tural
One of
of turmoil and
reported this week
problem in the relations of the United States with
dent Roosevelt and his New Deal advisers.
was
Import Bank of Washington.
the Administration
measures
war
from the Latin American
"lend"
Foreign Policy
WHILE debates continued in Congress this week
conscription bill and
other
political machination
Grande concerned the
American
on
Latin America
countries and finance the
agricul¬
surpluses of that region to the detriment of
Volume
The Commercial &
151
American
described the bill
to
The
farmers.
coldly
other
side
of the House
Administration effort
as an
"buy" the friendship of the Latin Americans.
The
measure was
less
will
be
sent to the
subjected to
Senate, where it doubt¬
even
closer scrutiny.
sought by President Roosevelt early
was
but Congress promptly rejected the pro¬
last year,
posal in those peace-time days.
There would seem,
indeed, to be little genuine justification for
ioans
A
authority to "lend" $500,000,000 to Latin
similar
America
such
on
official
scale, while a good deal can be said
a
The announced aim is to prevent
domination of Latin America, but Germany is
against them.
Nazi
cut off from all trade with the
Latin Americans, and
question
which may or may not arise is a dubious procedure,
at best.
It is evident, moreover, that the Adminis¬
expenditure of $500,000,000 to meet a
the
control of
tration
and
has
production
situation %hich normally
extension of
American
hardly be viewed with equanimity, since
meddling into the Latin
Administration
field
a
adjusted itself, and the
have
would
introduced decidedly unfor¬
into
elements
tunate
agricultural surpluses
own
our
can
the cost will be visited upon
1037
Financial Chronicle
American taxpayers.
of the United States, Great
sured of the friendship
Britain continues to draw upon
But Hitler
whole world.
British offensive springs now
continued, and Mr. Churchill ac¬
Continent will be
counter-blockade of England.
a
dress contained
and
an
appeal to the peoples of Germany
countries suffering under the
all the
of
those
Nazi
German Nazi announce¬
The ad¬
complacently the
of
begin to be compressed,
the
The British blockade of
said the British leader.
ment
yoke to rise against their masters.
of accumulated
than at the
foodstuffs,
beginning of the conflict, and a merchant
marine of
days
come,
Prime Minister said,
the
production
aircraft
British
that
Britain and the Axis
weather conditions
apparently because
unpropitious.
were
Prime
current situation to the London
Tuesday, and he did so on a
House of Commons,
confidence.
quiet and inspiring
The address
assistance,
and Mr. Churchill made it clear that any defense
bases which the United States might want in North
contained
virtual appeal for American
a
readily be placed at the disposal
America would
He foretold a closer association of
Washington.
two
days."
devoted to the
The collapse
Britain.
a
which he said would "roll on
broader lands
But most of the speech naturally
immediate war situation of Great
flood, inexorable, irresistible, to
and better
was
of
the
great democracies,
in full
of the French defense aroused
bitterness in the address,
little
for Mr. Churchill
French colonial empire
might have remained in the battle on the side of
England. He attributed the withdrawal from British
thought that at least the
Somaliland to the French defection, since
Eastern
in
Africa
no
French forces there.
evoked
no
statesmen.
such
as
it did from lesser British
that
veritable
Britain in
a
had descended upon
he nevertheless found ample
for confidence and an assurance of eventual
months,
occasion
longer have to contend with
sneers
"cataract of disaster"
recent
the Italians
The Italian entry into the war
Mr. Churchill admitted
but
found by the British
Prime Minister in a comparison of the year of war¬
fare which now is drawing to a close with that of the
first World War.
Only 92,000 British casualties are
reason
for optimism was
and some of
these are prisoners who eventually will return to their
homes.
In the first World War year the British
casualties amounted to 365,000 killed, wounded,
on
the lists
the
on
so
far, in the current war,
The mechanized and "scien¬
is vastly different from
that of 1914, and accounts for these and many other
differences, according to Mr. Churchill.
The front
now is everywhere and entire populations are involved
in the conflict, but this kind of warfare is well suited
to the genius and resources of the British Nation and
empire, he added.
In command of the sea and as¬
prisoners or missing.
tific" warfare of these times
made Tuesday by Prime
war
Churchill
than
possibly is
better gauge of the position
It remains true,
this war
mockery of
of the aerial and
surprises often have made a
of endless
official declarations,
sea
The report
Minister Winston
hand, that actual occurrences in
the other
on
a
fleeting development.
any
and the course
the most intense in¬
warfare continued to arouse
In the
terest.
African
area
the British suffered a
sharp reverse, for they found it necessary over the
last week-end to withdraw entirely from British
Somaliland, leaving that part of the great Empire to
Italian forces.
But the main theatre of warfare re¬
mained the United Kingdom
sion
British at
take
an
a
final deci¬
upon
offensive designed to defeat
The
Continent.
ending
itself, since
the powers of resistence of the
home and their ability eventually to under¬
depends
were
war
Germany on the
developments of the week now
not indicative, in this broad sense.
raids by the Germans over
After the tremendous air
the southern coast of
England and
a
number of inland
sudden lull developed in a com¬
London affected to see in this modi¬
fied Nazi aerial activity an indication of divided
counsels in the German High Command, and it is
points last week, a
parative sense.
possible that such conjectures are near
The
victory.
One
is
^
WITH the great warWinston Churchill a full year,
Minister in progress almost felt moved
note of
now
with superiority
in the air eventually probable.
In the indomitable
British spirit Mr. Churchill found the "supreme fact"
upon which he based his assurance of victory.
greater than that of the Germans,
the Rome-Berlin Axis partners,
report on the
There are black
but hp
larger dimensions, as well.
asserted
stocks
Navy that is stronger
a
AERIAL activity was modified this week in and
great conflict being waged by Britain the
Churchill Reports
to
In recount¬
ing the position Mr. Churchill pointed to vast
to
all of
and in order to oust him the
Continental Europe,
cepted
the resources of the
is sprawled over
now
that weather
attack
the truth.
merely stated laconically
conditions were unfavorable.
A mass
Germans,
however,
600 German airplanes on British
industrial cities was reported from Lon¬
Sunday.
The British Air Force on the same
by
some
airports and
don last
day foraged deep into
on
many
the Reich and dropped bombs
important German factories.
claimed heavy damage to
Each side
its adversary, especially
The German effort was
in southern England
Southampton, and against the
through losses of airplanes.
directed mainly against a town
which
huge
seems
to be
airfields at Croydon and Maidstone. Eye¬
accounts of American press correspondents
it clear that little damage of military signifi¬
was caused by these raids.
The Reich claims,
witness
make
cance
have caused hardly
If the two sets of accounts
similarly, that the British raids
any
military damage.
The Commercial & Financial Chronicle
1038
and claims
adequate, it is rather remarkable that
are
the expensive and dangerous
The fact
ues.
aerial bombing contin¬
probably is that the highly censored
dispatches do not reveal the entire story,
aggravate the difficulties between the two countries.
But
Italy,
the other hand, denied with
on
clear.
The inwardness of this situation is far from
It does
however, that German
appear,
quite modest and both London and Berlin admitted
thorities became alarmed
that bad weather
other
Force almost
for
time, since ice
a
in groups
or
forming
was
German fliers
aircraft.
land
responsible.
was
The British Air
suspended operations
of twos
the Reich
over
the wings of the
on
appeared singly
Eng¬
over
threes, and the suggestion
or
reported from London that these "hit and run"
was
bombings
indicate
may
return to tactics which the
a
Germans find less costly that
the British reports
even
clouds, rain and fog
the
mass
attacks.
But
did not hide the fact that
prevalent and it
were
to
was
which
war
Italian
partner
gested that German
of the incident last
radio attacks
have assured Greece of full support
the
problem, for it
was
Germans
of
use
Athens, made
now
nervous
by the events,
for all eventualities.
towns
ready to proceed with
are
along the
Long-range
bombarded
ships from emplacements
actual hits
scored
were
form
portion of the waterway that
narrow
German guns on Thursday
it is
a new
shipping and to British
separates England from the Continent.
British
hardly to be denied that this
may
hazardous
of
a convoy
Calais.
No
gunners,
but
near
by the German
Channel shipping more
render British
as
the Germans
the
gained
East
African theatre
outstanding
an
to minimize.
UNDERof Continentaleyes of the totalitarian mas¬
the watchful Europe, further steps
ters
were
taken in recent
days toward territorial readjustments
Rumania is the unfortunate victim
in the Balkans.
of the
changes, owing to the gains made by that
of
the Italians
war
which it would be idle
success
Driving steadily toward Berbera, the
Britain
the
at
of
start
the
current
added northern Bukovina to the Soviet
mained to be
exercised
adjusted and it would
judgment in the matter.
Bucharest last
Dispatches from
Rumanian cession of all of southern
finally made
necessary
of all
English troops and supplies.
lini's
men
Berbera
outpost.
that the
had
Premier Musso¬
Tuesday, after the
announced
the
evacuation
small British military force in this Empire
Prime Minister Churchill made it plain
collapse of the French defense really
sioned this
incident, since the British could
count upon
no
occa¬
longer
the support of French colonial troops.
Italy the victory
although it is of little
fever in
on
the withdrawal
stimulated sharply by
was
followed by Italian air attacks
The Italian
High Command announced
Thursday the sinking of
a
British destroyer and
on
a
British submarine, in such attacks, while hits were
said to have been observed on British cruisers.
Gibraltar
bombed
was
on
several occasions by
aircraft, probably with indifferent results.
troops
remained
border, but
massed
the
on
invasion of Egypt
no
possibly because
a
Libyan-Egyptian
was
attempted,
joint Anglo-Egyptian defense is
a
the Danube and Bal-
Under the terms of this settle¬
area
The frontier
being transferred to Old Rumania.
of Rumania and
Conversations
officials
already
Bulgaria again will be that of 1912.
between
Hungarian and
Rumanian
continued all this week with the Buda¬
were
pest authorities demanding all of Transylvania, while
naturally appeared disinclined to give
It
was
up
admitted in dispatches from these
Balkan countries that the Germans held the whiphand
and
probably would influence the
"Chancellor
Hitler
desires national
elimination of all questions and
decision.
and the
States
issues," said
a
dis¬
patch of Tuesday to the New York "Times" from
Craiova, Rumania.
Discount Rates of
Italian
Italian
the basis of
Dobrudja, in¬
ment, the Rumanian population of the
territory.
War
on
on
is
Rumania
against British naval units in the eastern Mediter¬
ranean.
the Black Sea.
than symbolic value.
more
was
on
greeted by wild rejoicing,
was
Italy probably
this incident for it
Bulgaria had been concluded
cluding the towns of Silistra
cic
re¬
that Berlin
Saturday stated that the negotiations
with
of the very
Bul¬
area.
seem
Italian forces
London authorities
Russia
war.
already has retaken Bessarabia from Rumania and
key port of the British possession of Somaliland, the
entered
coun¬
try in the World War settlement and the alliance with
garian and Hungarian claims against Rumania
gain skill in their firing.
In
Balkan Frontiers
It appeared, finally, that the
to British Channel
menace
In
ap¬
of Russian good offices.
against British and neutral shipping was carried
by the Reich.
on
were
figure in
reported that Greece had
pealed to Moscow for the
continued to prepare
fare
rumored to
was
if the country
The Russian Government may
attacked.
sug¬
closing
a
Monday and thereafter the Italian
The regime at
war¬
had assured
the Greek authorities waned per¬
on
to attribute the relative
Submarine
Athens reports
Axis.
measures
The British Government
ceptibly.
au¬
the possibility of an¬
over
might divert the energies of the
in the
such weather conditions that the Germans continued
inactivity.
some
emphasis the responsibility for the sinking of the
Helles.
j
During the current week the aerial activity was
Aug. 24, 1940
Foreign Central Banks
THEREdiscount no changes during the week in
have been
the
of the foreign central
rates of any
banks.
Present
rates
at
the
leading
centers
are
shown in the table which follows:
assured.
Rate tn
Greece Gains
Pre¬
Effect
Respite
Argentina..
Date
vious
Aug 23
Country
a
Effective
3H
Mar.
1
1936
Country
Effect
Aug 23
Canada....
2H
Mar. 11
1935
German mediation
Chile
3
Dec.
16
1936
4
Japan
Colombia..
4
July
18 1933
5
Java
as
uation occasioned
or
intervention in the delicate sit¬
unidentified submarine off the island
of Tinos.
1
Jan.
2 1937
Denmark..
4H
vakia
1936
4K
28 1935
3H
May
18 1936
4H
3.29
7 1936
Jan.
14 1937
4
6
July
15 1939
7
3H
Morocco
6H
May 28 1935
4K
5
Norway
...
4H
Sept
22 1939
3H
May 22 1940
5 H
Poland....
4X
Dec.
17
3
June 30
3H
Portugal...
4
Aug
26 1939
3
Rumania
3 H
1935
1932
Examination of torpedo fragments is said
to have established that the
torpedo was of Italian
England
2
Oct.
Estonia
4H
Oct.
1
5
South Africa
Finland
4
Dec.
3 1934
4H
Spain
France
2
Jan.
4
2H
Sweden
manufacture.
Germany
3H
Apr.
6 1940
4
6
Jan.
4 1937
7
The attack
on
by other incidents suggesting
the Helles
an
was
followed
Italian intention to
Greece
•Not
5
3.65
Apr.
3
Lithuania..
Jan.
4
Eire
an
war¬
3
Danzig
ship Helles by
Italy......
Czechoslo¬
by the sinking of the Greek
2
29 1935
Nov
India
Aug
5 1940
Aug
3
Hungary...
7
Jan
6
Rate
4
2H
2
Bulgaria
vious
29 1939
3
Belgium
Date
Effective
Aug
Holland
TENSION between Italy and Greecethe result of
eased some¬
what this week,
apparently
15 1935
Pre¬
Rate In
Rate
._
officially confirmed.
1939
..
1937
11 1937
May
5 1938
May 15 1933
5
4H
4«
4X
Mar. 29 1939
5
3M
May 17 1940
3
Switzerland
1M
Nov
Yugoslavia.
5
Feb.
♦4
26 1936
1
1935
2
6H
Volume
1039
Chronicle
The Commercial & Financial
151
New York Money
Foreign Money Rates
Market
IN bills Friday market discountagainst for1-32% ONLY a nominal the New of business was done
LONDON open 1 1-32%,
rates 1 short
amount York
market,
on
1-32%@1 1-16%
three-months' bills, as against 1
Friday of last week.
Friday
Money
on
on
call at London on
ment.
Bankers' bills and commercial paper
THE statement of the loss of for the weekinended
Bank £4,322,000 note
Aug. 21 showed
a
of
this
attended by
was
a
decrease
only £14,643 in gold holdings, the net gain in
reserves
Notes in circulation now
£4,307,000.
was
£613,907,000,
week
a
other
of bankers'
other
it
year
The
"securities," which showed in¬
£3,448,307 and £1,669,070, respectively.
of
lowing
26%.
was
and advances" and
for
we
annual bank
the New York Stock
Exchange held to 1% for all transactions, while
time loans
again
1*4% for maturities to 90
were
days, and 1%% for four to six months' datings.
New York Money
Rates
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
accounts, which dropped £99,913.
change
on
ruling quotation all through the week for both new
loans and renewals.
The market for time money
Government securities
fell
off £9,895,000, while other securities gained
£5,117,377.
Other securities comprise "discounts
creases
Call loans
discount basis.
£16,147,000, while
rose
proportion rose to 11.5% from 9.2% a week
last
ago,
days, and the average dis¬
0.021%, computed on an
£15,655,508. The latter consists
accounts, which increased £15,755,421,
deposits
reserve
Monday a further issue of $160,000,000
and £508,063,708 a year
ago
Public deposits declined
ago.
No
was
did not
The Treasury in Washington
supply.
£609,585,000, compared with the record high
total
and
were
in
increase
count
as
again unchanged in all depart¬
rates
discount bills due in 91
Bank of England Statement
circulation, but
money
on
where
awarded last
1%.
was
week
this
as
were
Friday of last week, and 1 1-32%@1 1-16% for
on
was
continues
quiet.
has shown less activity
previous years:
OF ENGLAND'S
transactions
1% for all maturities.
Aug. 25.
Aug. 26,
1939
1938
1937
1936
£
£
£
48,6^0,880
Other securities
_
151.812,838
31,259,611
92.819, 213 100 911 403
92,132, 255 101 559.981
34 072 950
36.228 686
35.997 679
37 ,840.256
99.666 164 101 911,164 108.837 ,487
23.960 361
26 909,085
30,045 374
84 ,758,310
4.317 646
9 ,201.652
6 267.277
22,425,938
Securities
20 .641,808
19.642 715
39,198, 973
48 948,643
39.594, 438
62 .435,184
and including 90 days are Yi% bid and
bills up to
7-16% asked; for bills running for four months,
9-16%
bid and
3^% asked; for five and six months, %%
bid and
9-16% asked.
17 .814.100
21,577.000
245 ,844,482
1,162,918 247,262 ,681 327 ,647,577 327.861 436
Coin and bullion
Proportion of reserve
to liabilities
ported by the Federal Reserve Bank of New York for
27 .015.752
5,711 062
24.334 312
8,833,673
Dlsc't & advances.
Reserve notes <fe coin
available is about the same but the demand is
in excess of the supply.
Dealers' rates as re¬
paper
still
609,585.000 508.063 708 478 698,934 488.266, 998 443 ,409,298
17 ,229.570
25.376 710
Public deposits.....
14,645,000 22,371, 358 23 959.683
892 138 751.659
Other deposits
172,052,508 128,360 941 135 632,931 128.816
Circulation
123.371,628
Bankers'Acceptances
no
Aug. 24,
£
Other accounts
The demand holds
THE market change this week. acceptances has
for prime bankers' The supply of
shown
COMPARATIVE STATEMENT
Aug. 23,
Aug. 21,
1940
Gov't securities
this week.
class paper is hard to obtain and?
have been light.
Ruling rates are
strong but high
Fol¬
show the various items with comparisons
Bankers' accounts.
1J^% for four to six months'
The market for prime commercial paper
maturities.
made in the 2% discount rate.
was
BANK
Rates continued nominal at 1%%
to 90 days and
up
2%
148s.
168s.
Gold val. per fine oz.
•Rate Increased to 4%
6d.
84s.
11 Hd
84s.
The bill-buying rate of the
Bank is J^% for bills running
40.00%
25.6%
2%
30.6%
26.0%
*2%
11.5%
...
Bank rate
York Reserve
New
ii m. 84s.
2%
ll^d.
from 1 to 90 days.
Discount Rates of the Federal Reserve
effective Aug. 24, 1939.
Bank of Germany Statement
Banks
THERE have rates of the Federal Reserve banks;
been no changes this week in the
rediscount
THE statement fora the second quartercirculation,
of August
again showed
decline in note
the total
outstanding to 12,324,713,000 marks, compared with
the record high, 12,785,345,000 marks as of June 29
and 8,704,940,000 marks the corresponding period
a year ago.
A decrease was also shown in gold and
foreign exchange of 103,000 marks, in bills of ex¬
change and checks of 86,660,000 marks, in invest¬
ments of 32,806,000 marks, and in other assets of
82,692,000 marks.
The Bank's gold holdings now
total 77,683,000 marks, compared w;th 76,810,000
marks a year ago.
An increase of 11,151,000 marks
namely 195,525,000 marks, which reduced
in
other
maturing
obligations raised the total to
1,661,283,000 marks.
The reserve proportion is
0.63%, compared with the record low, 0.60%
as of June 29 and 0.88% a year ago.
Below we fur¬
nish the various items with comparisons for previous
recent advances on
Government obligations are shown
the footnote to the table.
in
schedule of rates
now
The following is the
in effect for the various classes
the different Reserve banks:
of paper at
DISCOUNT RATES
BANKS
OF FEDERAL RESERVE
Rate in
Effect on
Aug. 23
Federal Reserve Bank
Dale
Previous
Established
—
Rate
New York
Philadelphia
—
Sept.
1
Boston
1. 1939
AUK. 27. 1937
IX
IX
IX
Sept. 4. 1937
2
1935
1937
1937
2
1937
Sept. 2. 1937
2
1
IX
Richmond......
...
Atlanta
May 11.
IX
AUK. 27.
*1 X
Cleveland...—..—.
Aug. 21.
2
2
Chicago
•IX
Aug. 21.
St. Louis
Aug. 24.
2
Kansas City
•IX
IX
•IX
Sept. 3.
2
Dallas
•IX
Minneapolis
IX
8an Francisco
1937
1937
Aug. 31, 1937
Sept. 3. 1937
2
2
2
obligations bear a rate of 1%. effective Sept. 1, 1939
Chicago. Sept. 16, 1939. Atlanta. Kansas City and Dallas; Sept. 21.1939, 3t. Louis.
•
Advances on Government
now
years:
J
Course of Sterling
A LL that remains of
*
REICHSBANK'S COMPARATIVE STATEMENT
\
Changes
Assets—
c'1.
checks.
Silver and other coin..
Gold and foreign e
Bills of exch. &
Investments
Other
assets
—
—
LlnbVUUs—
Notes In
circulation.
Oth. dally matur.
Other
Propor
curr
a
..
oblig
liabilities
Reichsmnrks
—103.000
Reichsmnrks
77.683.000
Aug. 15, 1939 Aug. 15. 1938
Reichsmnrks
Reichsmnrks
76.497.000
76.810.000
—86.660.000 12.484.343 000 8,384.865.000 5.826.252.000
176.764.000
155.298.000
•356.231.000
a25.064.000
—32.8b6"666
—82.692.000
31.510.000
33.264.000
64.717.000
953.214.000
847 381.000
1.578.920,000 1.062.409.000 1.158.152.000
—195.525.000 12.324.713.000 8.704.940.000 6.290.400.000
863.041.000
1,661.283.000 1.105.426,000
+ 11,151.000
300.321.000
439,528.000
•470.933.000
of gold & fnr'n
clrcul'n
to note
Figures as of
Aug. 15, 1940
+0.01%
June 29. 1940.
0.63%
0.88%
1.21%
the unofficial or free market
sterling has been practically
wiped out in
This process has been under way
since July 15.
After July 19 the purposes for which
free market sterling balances could be used became
the
for Week
for
Exchange
past week.
the result that the volume
At present those
short of free sterling, whether commercial or specula¬
tive interests, cannot cover their requirements merely
severely restricted, with
of business is now
purely nominal.
by purchasing the higher priced official sterling as
the British rules forbid the transfer of sterling from
1040
official
The Commercial & Financial Chronicle
registered accounts to free accounts and vice
Whether
versa.
free
in
sterling
official sterling, the market is
to the restrictions
The
week.
been
$3,993^ and $4,033^ for bankers' sight,
pared with
a range
com-
of between S3.96 and S4.03 last
The range for
$4.00 and
cable transfers has been between
$4.03M> compared with
S3.96J4 and $4,033^
a
week
a range
of between
quoted by the Bank of England are
New
York, 4.023^-4.033^; Canada,
follows:
4.43-4.47; Australia, 3.2150-3.2280;
New
Zealand,
3.2280-3.2442.
sterling
$4.02 buying and $4.04 selling.
The plans of the British Government to
proceed
with the project to construct a chain of aircraft facare
than 1,300
country designed to produce not less
planes
month by the latter part of 1941
a
cannnot* be said to be other than
the future of
on
depressing factor
a
sterling exchange.
establishment of the
plants
on
The
resources
wages
reason
this side is clear
skilled labor and necessary materials
finally the
banks, which will mail the
Not only has the volume of demand for sterling,
few
months,
free, declined severely in the past
a large proportion of the trade
or
but
between the United States and the sterling
Several months
one
and costs must
the
here, but
are
come
as
for
from British
already lodged here.
the
ago
London authorities urged officials in the sterling
to avoid demands for sterling as far
is
areas
being invoiced in dollars.
area
possible and
as
In fact the dollar is the
demand
in
throughout the world,
While the London demand that sterling area sales be
invoiced in dollars practically turns the major part
currency
of the world's international trade
away
American commercial bank rates for official
tories in this
American
to seek dollar payments.
ago.
Official rates
as
turned in to
notes to the Bank of England,
whether official
commerce.
for free sterling this week has
range
between
registered
extremely limited due
international
on
in
or
Aug. 24, 1940
and toward New York, the
in order to reduce and
sary
from London
has been
measure
neces-
demands
conserve
on
London's credit,
As in years prior to 1914 the desire of commercial
interests and
resources
not
a
great financial trustees
safely domiciled in London,
single country
or
a
have
was
to
now
there is
large international
com-
mercial trader in any part of the world that is not
anxious
far
as
possible to have
as
credit in New York.
war
and the
fears
This is
of
a
which
war
safe margin of
a
consequence
of the
preceded the out-
Total imports
break of hostilities in September, 1939 and accounts
for the fact that the gold holdings of the United
States on Aug. 21 were $20,800 000,000.
£87,000,000, against total exports and
re-exports of £32,990,000, the excess of imports being
£54,010,000. Imports compare with £90,779,141 in
greatly decreased in recent weeks, especially since
the invasion of the Low Countries and France, but
British Board of Trade
the
figures for July emphasize
growing adverse trade balance.
amounted to
June and with
The
value
affected
£78,279,000
of
British
by the
elimination
of
same
smaller amounts
a year ago.
trade in
overseas
influences
in
as
July
was
June—the
large part of Europe for trading
especially France and Italy. Exports for
purposes,
the month
The transfer of gold to this side from abroad has
steadily arriving, chiefly perhaps from gold-producing areas like South Africa and
Canada.
a
were
the lowest of the
year,
but trade with
are
The gold under earmark
at the
Federal Reserve
banks for foreign governmental and central bank
accounts is
now approximately
$1,660,000,000.
While bankers and international commercial inter-
North and South
America, which has been increasing
throughout the year, reached the highest level for
ests throughout the world
1940.
in
On
Aug. 27 the British Treasury announced that in
view of the fact that considerable amounts of
Bank
of
England notes
tories
are
held in France and other terri-
occupied by Germany and
may
therefore fall
into
enemy hands, it has been decided to prohibit the
import of Bank of England notes into the United
Kingdom, effective immediately.
Special steps have been taken
holders in neutral countries
on
bank notes
ces
have
also
an
fixed dollar-sterling rate is practically the only
recognizable quotation, these interests deem it highly
necessary to keep a close scrutiny of the constantly
mounting financial expenditures of foreign governments, because their unsound position seriously af-
fects all current trade figures and points to future
financial difficulties.
to
give
existing
opportunity to realize
held by them and certain facili-
now
no longer have an interest
following the foreign exchange situation as the
been
These uncertainties present knotty problems for
all interested in commodities of which the prices are
influenced by international markets.
British finan¬
given to incoming travelers,
Relaxation of the order
allowing bona fide owners of
of
notes in neutral countries to convert their
ditions in the
based
on
countries
case
of
schedule
a
the
to
ness
24
enemy.
holdings is
chiefly regulated by their nearThus, in case of neighboring
hours grace will be
given, and in the
Portugal and Turkey, for example, three days
of grace,
but the maximum period is limited
to six
days.
no
way
sterling in the markets of the world
affected by this restriction, since
mercial and financial transactions
by
means
are
com-
not carried out
Bank of
concern
more
to bankers
the
productive
are
everywhere
as are con¬
nearly bankrupt countries,
Even the best entrenched neutral
consequences
nations cannot
of the present financial dif-
ficulties and ominous credit prospects of the strongest
European nations. They must be alarmed for their
own
immediate
and future
business prospects as
a
England notes held inside
as
at
the
sterling
area
present to be freely negotiable and
exchangeable with
currency authorities of the
various territories concerned.
Americans
of
huge European expenditures. Argentina,
Uruguay, Brazil, in fact all South America and all
other primary producing sections of the world feel
the present pinch and the
have
until
England notes.
Such
coffee,
currency
in their
may
be
nor
can
Australia dispose
hides, wheat,
the United States,
of
their
normal
Canada,
export
or
supplies
under present deranged conditions,
Raw materials
this
Aug. 27 to turn
threatening future situation,
South America cannot sell its
meat,
or
will continue
Bank
much
escape
of bank notes but by checks and cable
transfers.
will be
as
result of the
The value of
is in
cial expenditures and economic strain
hemisphere.
are
piling
The
up
same
in every country in
situation
prevails
in
Australasia, India, and the Dutch East Indies. North
American wheat supplies
are
accumulating far in
Volume
The
demands
normal
of
excess
is
same
of
"The price
importing countries.
American
of
true
primary products the world
and
cotton
other
raw
and
aggravating the situation in Europe is the serious
have radically
resources
diminished
disruption of transportation facilities by both
For
than
more
main outlet for the
and other parts
dam, and
and
surplus products of the Americas
of the world, with London, Amster¬
For the most part
the world's principal
the
credit
United
curtailed
materials, there
London itself
was
open
Some observers have studied the World War and
post-World War situation in
future
of
course
endeavor to foresee
an
but
foreign exchange,
every
lesson
acquired from the study of that period only
paints
a
decidedly darker picture for the post-1940
The free barter of goods for
goods would be thoroughly practicable if nations
engaging in the interchange could be absolutely relied
manufacturing indus¬
1
rates show no change
Call money against
bills is in
Two-months bills are 1 1-32%,
1-16%, four-months bills
acquiring bills.
three-months
1931.
money
The clearing banks show some inter¬
supply at %%.
bills
1
3-32%, and six-months bills 1 %%•
Canadian
exchange shows little change from recent
The market is quiet
weeks.
declining.
follow
standards.
currency
market
from recent weeks.
utterly impractical for countries on paper
are
own
of South America and even in the
parts
Dominions since
London open
barter system of exchange of
a
producing countries have organ¬
expanded their
producing industries in the case of certain
materials.
We have seen this exemplified in
The
Suggestions of
level under paper regimes
tries and
between
period.
goods
ized and
est in
ing countries.
Under the world's
of cal¬
than anything else a chief
more
the primary
reason
war
ing factor in the outlook for the world's great supply¬
the
proved itself
and its supplies
to be hardly a single encourag¬
seems
The character of the price
has
British
and
gold standard the price level of goods was
culating the price level of goods.
various
munitions
for
unprecedented importance in
of foreign exchange."
course
present paper regime there is no sure way
only important
Kingdom the
except
an
precisely calculable factor.
raw
source.
European market remaining
radically
sea
a
century Europe has been the
few other Continental ports the chief
a
distributors.
With
a
levels of goods in the various countries
taken
Under the
European wheat supplies and other necessary food
material
thus
have
connection with the
over.
and
land.
1041
The Commercial & Financial Chronicle
151
a
and tourist demands are
Montreal funds ranged during the week
discount of 14)4% and a discount of 12%%
amounts
of
gold imports and exports which
weekly statement of the
taken from the
are
United States
Department of Commerce and cover
the week ended
Aug. 14, 1940.
GOLD EXPORTS AND IMPORTS,
AUG. 8 TO AUG. 14, INCLUSIVE
Imports
upon
to supply any deficiency in their trade
balance in
other reliable commodity or credit resource.
all, under the gold standard, goods for
gold
or
For
after
goods
S.
was
Stern, former Vice-President of
"The
In his chapter on the
Foreign Exchange Problem."
"Real Value of
Foreign Bill of Exchange Today"
a
writing in 1921) he says:
have seen, prior to the war,
was
"As
large trust
this clear in his book,
makes
department,
we
an
foreign bill of
effective claim to
a
in all
a
foreign bill offers
prospective buyer merely a title to an equi¬
amount of paper currency, inconvertible on
(specie) payments, the holder of
to the
valent
a
face, for the redemption of which no date is set
its
is admitted
of payment (legal tender) only in
Such
provision made.
or
to be a
legal
means
paper currency
the countries in which the bill is
of
The buyer
of converting it into a definite
longer the option
quantity of gold as formerly.
dollar's
each
for
payable.
foreign bill of exchange or bank note has no
a
American
desired
chandise
worth
of
Therefore, in exchange
foreign
currency,
the
buyer (e.g.) wants to be able to obtain if
one
United
States
dollar's
worth
of
mer¬
as
the home value of the variable quantity of
be, and
can
be transported out of the seller's
country and will find a
In
will
1,381,170
5,997,894
_____
85,033,705
Canada
2,664,124
_
Colombia
______
4,513,795
Brazil
___ —
433,055
Hongkong
168
Philippine Islands
3,215,552
Union of South Africa.
$264,550
Canada,
$254,868 Chile, $207,924 Peru,
$188,346 Nicaragua, $215,050 Mexico,
$141,201 Venezuela, $641,414 Philippine
Islands.
Gold
held under earmark at
the Federal Reserve banks was
during the week ended Aug. 14 by $5,753,106 to
reduced
$1,652,753,637.
Referring to day-to-day rates sterling exchange on
Saturday last
range
was
slightly off from the previous day's
owing to lessened demand.
Bankers' sight was
$3.99)4@$4.02; cable transfers were
On
$4.00@$4.02)4.
Monday the market was slightly firmer in limited
trading.
The
range was
$4.003^@$4.03 for bankers'
transfers. On
Bankers' sight
was
$4.01@$4.03; cable transfers were $4.01^@
$4.03)4. On Wednesday the market was featureless.
Bankers' sight was $4.02@$4.03)^; cable transfers
sight and $4.00%@$4.03)4 for cable
Tuesday the market continued dull.
were
$4.02)4@$4.03%.
continued listless.
for
bankers'
$4.02@$4.03)4
sight and $4.02)4@$4.03)4 for cable
On Friday
transfers.
On Thursday the market
The range was
the market presented no new
The range was
$4.02@$4.03)4 for bankers'
.
goods which the buyer may be able to acquire with
it.
This presupposes that such goods are permitted
to
$5,198,642
United Kingdom
features.
"Theoretically then, the bill will be worth just as
much
Bullion and Coin Shipments—
certain quantity of
certain definite and legally fixed price
countries.
Now, with the suspension of gold
gold having
$168
$168
Sweden
♦Chiefly
a
exchange represented at all times an implied and, if
exercised,
Total.
Portugal
in New York and head of its foreign trade
company
(he
a
108,437,937
$110,632,770
Refined bullion and coin
Detail of Refined
the desideratum, and not gold.
Exports
*$2,194,833
Ore and base bullion
purchaser in another country.
bills
$4.02)4@$4.03% for cable transfers.
Closing quotations on Friday were $4.02 for demand
and $4.02 for cable transfers.
Commercial sight
bills finished at $3.98; 60-day bills and 90-day bills
sight
are
no
and
longer quoted.
Continental and Other Foreign Exchange
other words holders and buyers of foreign
henceforth, whether consciously or not, appraise
their value
according to the relative price level of
goods in the respective countries.
NOTHING new of significance or favorable im¬
port
be said regarding the Continental
can
currencies.
Practically all statements of a financial
The Commercial & Financial Chronicle
1042
character reaching
doubt
not
or
shoWn
was
few
a
days
when Marshal
ago
Petain, the head of the French Government at Vichy,
acknowledged to American reporters that the Govern¬
ment of France is not able to act freely.
He admitted
in
an
and twist it" when¬
Shanghai
influences
control to
only taken
over
banking in France but have assumed
degree of banking, commercial, and
some
from
Japanese
the liquidity of money and lowered
the market discount rate
on
Aug. 17 from 2%% to
This action points to the probability of
2X%.
an
early lowering of the Reichsbank's rediscount rate
The cut in the
well.
as
private discount rate
on
April 1 this year was followed on April 9 by a reduc¬
tion in the Reichsbank's rate to its present
level of
A decrease in the Reichsbank rate to 3% is
3%%.
expected to be made
yen
stock market showed
and
gains in first class stocks
some
believed, to liquid funds from commodity
was
gold sales seeking investment
Where these
gold sales, if
No
of doubt.
abroad, but
any, came
quick profits.
or
from is
a
matter
gold could have been brought in from
some
Closing quotations for
private hoarders
have found
may
opportunity to realize.
French francs
at
are
not
quoted in New York
free
or
gold marks
or
in
are
occasionally quoted here nominally around 40.00 and
Italian exchange is
registered marks around 12.15.
nominally quoted at
Exchange
5.05.
Czechoslovakia, Norway,
Poland,
on
Denmark, Holland, Bel¬
gium, France and Rumania is not quoted.
Swedish
exchange is nominally quoted around 23.87,
23.86 last week.
pared with
nominally
quoted
Exchange
around
Finland
on
were
Hong¬
47% against 47% Bombay at 30.31, against
30.31; and Calcutta at 30.31, against 30.31.
Gold Bullion in European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate, 84s.
in
the
com¬
Swiss exchange
22.79,
closed
at
is
22.74.
against
(nominal),
2.05
against 2.05 (nominal).
0.68
banks
dates of most recent statements,
fine ounce)
of respective
reported to
by
us
(Friday); comparisons
special cable yesterday
shown for the
per
as
are
corresponding dates in the previous
four years:
1940
1939
1938
1937
£
£
£
£
England...
*588,088
France y...
242.461.946
Germany z.
Spain......
Italy
3.884.160
3.830.500
63.667.000
63,667,000
3 008,600
63,667.000
17,440.000
23.400 000
25.232,000
Netherlands
97.714.000
Nat. Belg..
Switzerland
132.857.000
96 117,000
100,571.000
86.730.000
98.442.000
41.994.000
34.888,000
6,500.000
6.666.000
29.292.000
6,639,000
7,442.000
Sweden
Denmark..
6.505.000
Norway...
6.667.000
Total week.
700,498.184
700,510.793
*141,458,980
328.601.484
327,647,577
293.728,209
1936
£
327.861,436
245.844.482
293.248,181
437.392.414
2.493.425
2 297 000
87,323,000
88.092.000
123,380,000
25.232.000
105.490.000
42,575.000
54.900.000
87.022.000
102.896.000
106.714.000
113,788.000
83.403.000
49.811.000
25.890.000
24.031.000
6.549,000
e.553.000
6.602.000
6.604.000
904,141,964 1.080.746.386 1,066,988,042 1,064.863,896
901,958,097 1.077,810.676 1,067,575,668 1,065,209,729
In Europe has made It impossible to obtain up-to-date reports
many of the countries shown In this tabulation
Even before the present
regular reports were not obtainable from Spain and Italy, figures for which
are as of April 30.
1038. and Dec 31. 1939. respectively
The last report from
France was received June 7; Switzerland, June 14; Belgium. May 24; Nether¬
lands. May 17; Sweden. May 24; Denmark, March 29; Norway, March 1: Ger¬
many, A if. 23
•
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
statements tor Marco 1, 1939. and since have carried the gold holdings of the
Bank at the market value current as of the statement date. Instead of the statutory
war
from
war,
price which was formerly the basis of value.
On the market price basis (168b.
ounce) the Bank reported holdings of £1.162.918, equivalent, however,
only about £ 88.088 at the statutory rate (84s. II 4d per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with
former periods as well as with the figures for other countries in the tabulation,
we show English holdings in the above In statutory pounds
per fine
to
z Gold holdings of the Bank of Germany as reported in
1939 and 1940 Include
"deposits held abroad" and "reserves in foreign currencies."
y The Bank of France gold holdings have been revalued several times in recent
years; on basis 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 about 296 francs per pound, and as recently
as September. 1936. as few as 126 francs were equivalent to the statutory pound.
For details of changes, see footnote to this table in Issue of July 20, 1940.
Greek exchange closed at
0.68
11%1.
principal European
Note—The
Berlin so-called
London.
checks yesterday
yen
Friday of last week.
on
against 5% Manila at 49.80, against 49.80; Singapore
Prev. week.
an
little
is
continues pegged to the United States
23.45, against 23.45
Banks of—
soon.
During the past week the very limited Amsterdam
due, it
but
week.
last
dollar at the rate of 23.45 cents per yen.
In Berlin the authorities have taken further meas¬
to increase
Hongkong,
affecting
The Indian units are
steady, moving strictly with official sterling.
The
changed
financial markets in all the invaded countries.
ures
is strongly inclined to move with
yuan
kong closed at 22.84, against 22.60; Shanghai at 5%
they choose.
The German authorities have not
the direction of
the whole slightly steadier and firmer.
on
The
extraordinary talk with foreign correspondents
that "the Germans hold the rope
ever
week but is
the
must be viewed with
to their accuracy.
as
This
the outside world, whether
official sources,
derived from
Aug. 24, 1940
(nominal), against
(nominal).
Spanish
pesetas are nominally quoted at 9.25, against 9.25.
The Monroe Doctrine and the
—•—
EXCHANGE dull and steady. American countries
on the Latin The Argentine free
continues
shows slight firmness.
The Mexican
peso is also
A Rio de Janeiro dispatch dated
Aug. 17 stated that an export-import bank to readjust
peso
slightly weaker.
and increase
sideration
trade in Latin America is under
by the Brazilian Government.
will be backed
mous
by the Bank of Brazil.
An autono¬
a
which the Bank of Brazil cannot undertake.
of
European
markets
has
con¬
The Bank
organization will foster export trade,
closing
increased
task
the
products to Latin America.
or
free market
pesos
22.75@22.80, against 22.75@22.80.
reis closed at
is
5.15, against 5.15.
nominally quoted at
Mexican peso is
16.00,
closed at
Brazilian mil-
Chilean exchange
nominally quoted at 5.17, against 5.17.
against
Peru is
16.00.
In
The
quoted at 20.30, against 20.35.
recent bulletin the
a
declaration
on
has seemed to many so
ter that in order to
being made therein
There has
abroad, but also to
a
unilateral
a
That doctrine
essentially protean in charac¬
just what change is
brief review
a
seems
in order.
tendency manifested chiefly
certain extent in this country,
to treat the Monroe Doctrine
as
meaning the foreign
policy of the United States in relation to this hemi¬
sphere, and consequently to include within its ambit
even
the
expansion of
our
the occupation of Puerto
territory to the Pacific,
Rico, the
coup
d'etat at
Panama and the Canal Zone acquisition.
This is,
of
course,
inaccurate.
About
the
nineteenth century we did take or
or
another
kong dollar has been fluctuating widely in the past
tive of
a
a
United States to
policy."
determine
long been
EXCHANGEimportantFar Eastern countries pre¬
on the
features. The Hong¬
new
the part of the
Pan-American instrument of
acquisition by
no
"witnessed the
evolution of the Monroe Doctrine from
way
sents
Foreign Policy Association
stated that the Havana Conference
The
opportunity for Brazil to export its manufactured
Argentine unofficial
Havana
Conference
panse
vast
our
territories,
country of
a
middle
of
the
acquire, in
one
resulting in the
symmetry and
ex¬
which, combiued with the industry and initia¬
our
people and the great natural
resources of
Volume
the
enabled the United States eventually to
area,
assume
strong position among
a
These territories were
great nations of the world.
but
thinly inhabited;
the three or four
large part of them had no
a
and those sections which
be inhabited at all, were so only
inhabitants,
permanent
could be said to
The settlements
therein of any nation, organized as such in the ordin¬
ary sense of the word, were few and widely scattered.
Thus we "conquered" California with a few ships,
and, in the aggregate, fewer soldiers than form a
modern infantry Captain's command on a war footing.
by
few nomadic Indian tribes.
a
Some of
our
historians
hold that
we
could have
acquired these territories without the use of force if
1043
Chronicle
The Commercial & Financial
151
bid be not
In 1877, however, we raised no
accepted.
objection to the sale of the island to France, who had
held it in both the 16th and 17th centuries—the
inhabitants desiring
the transfer.
Prior to the declaration of the
1823,
had
Government, beginning as early as 1801,
European govern¬
our
several occasions informed
on
ments
appeared to require
when the circumstances
it that
the Spanish
would not be willing to see
we
transferred
colonies
report on the
to
1816, sent com¬
condition of the new
In 1822 \he United States
communities.
powers.
the Spanish rule took place,
beginning in
Administration,
missioners
European
other
to
When the revolts against
our
Monroe Doctrine in
started to
the longer process of
recognize the independence of her new
neighbors,
negotiations with view to purchase, since they were
far more valuable to us than to Mexico and were so
beginning with Colombia, Chile, Mexico,
Brazil,'and
This use of force in
extending our National territory on the mainland
and our similar operations in the Caribbean and
Central American areas, had, however, nothing to
fore
had been
we
willing to rely
on
regarded by both countries.
As formulated, that
do with the Monroe Doctrine.
mentioned below, was
self-denying ordinance, regarding
doctrine, with one exception
not in
any way a
own
our
but
activities
an
executive policy—never
formally approved by
outlined in precise terms or
were
we
receptive when Mr. Canning in 1923
our
Minister, Mr. Rush, that the British
informed
her former colonies
tion of their
independence
to throw any
controlling of the
the permanent acquisi¬
peoples,
tion of any new
territory or dominion on this hemi¬
or
able negotiations,
Because the Monroe Doctrine was
merely
a
declara¬
policy, having for its fundamental
tion of executive
objective the protection of the vital interests
of this
against the acts of non-American countries,
because under our Constitution the Executive
country,
and
other
make valid treaties, it
essentially fluid and pragmatic in its nature.
policy, though openly declared, it was for
a
this country
alone to decide whether the
circumstances in
into
a
given
particular
brought the Monroe
This is true, though naturally
policy would not have acquired prestige or
portance had we
in
case
play, and if so what our course of
conduct should be.
upon
have
For
im¬
allowed its tenets to be infringed
in any clear and important case.
that
to
your
Our record
has been consistent, though some
respect
charged otherwise in a few isolated instances.
invoked the
1833, and Argentina had
principle of the Monroe Doctrine, we
for injuries it may have
sustained in
of the omission."
the small island (8 sq. miles) of St. Bar¬
In 1870
tholomew, not far from Puerto
its then owner,
same
felt
world."
terms as
Rico was offered by
Sweden, to the United States on the
Italy had bid for it.
constrained
to
decline
initimated to Sweden that we
the
President Grant
offer,
but it
was
would prefer that Italy's
John
Quincy Adams, the Secretary of State, feared that
Canning's principal objective was to commit us
a
bi-lateral undertaking, in some form, not to
acquire for ourselves any part of the territory. That
would have been very undesirable from our point of
Americans had
1803
supplemented by similar extensions to the
view, for even in those days many
long held that the vast Louisiana Purchase of
should be
west until the
been
Pacific
was
inconvenient
most
reached.
to
It would have
have to consult Great
time such a move was
Britain any
contemplated, or,
complain of the
least, give her the opportunity to
at
violation of
a
joint declaration.
Accordingly, it
declaration.
time
with
was
decided to make a unilateral
As anxiety had existed here for some
respect to
Russia's activities down the
President's Monroe's famous Message
"The American continents
consequence
.
disposed to accept the invitation for
were
if the circum¬
stances had been different and the acts of the British
Government had been in violation of that doctrine,
another power
.
.
exchange of views and a joint declaration.
an
pointed out that the British had acted under a claim
of title which they had long asserted and maintained.
the United States Government "could never regard
its failure to assert it as creating any liability to
.
and Madison, and some in the
Pacific Coast,
Secretary of State added that
.
.
Government with ours,
statesmen Jefferson
example, after the British took actual possession
of the Falkland Islands in
Our
and feelings are
Monroe, his unofficial advisers, the elder
President
Cabinet,
and invited our
indifference,"
confide them to each other, and to
mutually to
by
the
disclaimed, "they could not see
were
with
power
common
has been
Doctrine
aim on the part of the
any
Government "if these opinion
Mr.
Being
and
portion of these territories transferred to any
any
alone cannot declare war or
•
question of
disposition
possession of any part of these colonies
declare them in the face of the
sphere.
a
any
impediment in the way of an arrange¬
mother country by amic¬
for themselves
free will of their
merely
was
that while
ment between them and the
position we would take with respect to any plan or
act of outside nations having for purpose or effect
independent American nations, the
hopeless, that the recogni¬
was
time and circumstances,
Congress—intended to give the world notice of the
of the form of government of
by Spain of
Government believed that the recovery
British at the
the forcible changing
There¬
( part of which is now Argentina).
La Plata
of Dec.
to
2, 1823, after referring to them,
be considered
as
.
.
.are
declared that:
henceforth not
subjects for future colonization
More directly responsive
the
Message.
Referring to the difference between the
political system of the European powers and that of
America, President Monroe declared that "we should
consider any attempt on their part to extend their
system to any portion of this hemisphere as dangerous
to our peace and safety.
With the existing colonies
or dependencies of any European power we have not
by
European
to the
powers."
Canning initiative were the later parts of
interfered
and shall
not
interfere.
governments who have declared their
But
with the
independence
The Commercial & Financial Chronicle
1044
and maintained
it, and whose independence
have
we
great consideration and just principles acknowl-
on
edged,
other
could not view
we
their destiny,
manner
other light than
in any
interposition for the
any
of oppressing them,
purpose
controlling in
or
by
European
any
impossible that the allied
their
political system to
tinent without
nor can
left to
It is
our peace
believe that
anyone
con-
and happiness;
themselves, would adopt it of their
own
equally impossible, therefore, that
accord,
late
her
to it
"provided
change shall
no
of the
part
security."
the
to
same
true
that
we
had
de-
occur
which, in the
corresponding change
a
United
States indispensable
the
on
their
to
this
is
agreed with him that the
of the colonies by Spain
settlement between them.
willing to
was
we
had
had
asked, in effect, for
aim at the
colonies,
in
our
careful to point out
any
Where Canning
declaration disclaiming
a
portion of Spain's former
did not include
such commitment
any
declaration, but only limited ourselves to the
statement that
we
had "not interfered and shall not
interfere" with "the
of any
existing colonies
European power."
said that to many
violated this
or
dependencies
Incidentally, it
be
may
South Americans and others
clause when
we
acted
as
we
did later
we
with respect to Cuba and Puerto Rico.
Regarding Canning's wish for
no
a
declaration
to
as
portion of these former colonies being transferred
other power, while not containing a declara-
policy
along the
lines
same
effect, it
can
be said that, since
declaration
was
powers
his
attitude
as
of trade,
a
by what he knew of
that he
had the status
sufficiently protected for his
Monroe
The
a
probable
Doctrine
in America
quo
purpose,
originally stated
as
was
addressed to the concrete situation created by certain
plans regarding South America entertained at the
time by the European Holy Alliance.
If the exact
language of the declaration is legalistically examined
it
to have developed considerably as time
may seem
went
When, however,
on.
presidents have had
our
occasion to refer to its principle they have stated it in
terms which do not indicate any
important change;
In 1933 in his Pan-American Day address President
Roosevelt declared that the Monroe Doctrine
"directed
the
at the
of
maintainance
peoples of the continent.
It
was
independence by
was
aimed and is
European
power
de-
territorial transfer at the expense of
Moreover, within 17 months of
the
control of additional territory in this hemisphere by
any
in
non-American power."
Thus for the first 80
as
There is here
no
change
principle.
years, or so,
added to the Doctrine.
by
our
maritime power interested in freedom
mony
American nation.
objec-
our
satisfied that by France's accession to
was
position and
should any coercive action
a
public
no
contemplated, and it transpired that
Undoubtedly, Mr. Canning who knew of
our
on
velop to enforce
a con-
the prior communications
as
with the American Minister, except that
that subject had already been stated, the
Message covers the position from our point of view
an
memorandum of
a
aimed agsinst the acquisition in any maner of
to any
tion to that exact
for this appeared
reason
versation he had had with the French Ambassador
of
went further than
already recognized it.
possession of
we
hopeless and
On the question
we
go as we were
that
was
re-
did not wish to interfere
we
recognition of independence
he
The
when he showed Mr. Rush
lands.
tion to transfers of American territory to European
compared with the "opinions and
Administration
a
joint declaration.
American
former
France's postion on the subject of South America was
that like his Government
in
a
Spain's
dependencies
practically identical with that stated by Canning,
feelings" expressed by Canning it will be noted that
covery
These she would have lost,
with South America.
that "it must be obvious" that
policy of the United States to leave the
When
and after, to establish
wars
subdue them" and that "it is still
war,
never
parties to themselves."
our
during the Napoleonic
important commercial and other business relations
Some two months prior to the Message, Canning had
lost interest in securing our consent to the making of
Still later the Message added, in reference
Spain "can
the
The English had profited by Spain's preoccupation
between Spain
war
judgment of the competent authorities of this Government, shall make
well received in
was
tion of national colonies if other nations had acquired
also stated
colonies
whole
a
as
under the then prevailing practice as to the exploita-
neutrality and would continue to adhere
our
This last point was overlooked in
general discussion was concerned,
It fitted substantially the British plans,
England.
as
Message, referring to the
clared
as
form with indiffer-
behold such interposition in finy
and
far
should
we
ence."
The
new.
as
The Doctrine
.
.
.
Southern brethren if
our
England
though Canning is reported by his official biographer
portion of either
any
endangering
something
to-bn.ve been displeased with it.
should extend
powers
declaration
an mi-
friendly disposition towards the United States.
It is
Also the
and content.
tone
against future colonization by European powers was
power,
the manifestation of
as
any
from its
Aug. 24, 1940
though restated
occasion required, nothing essential, not in har-
with the original principle,
dispute
on
was
taken from
or
Until the Anglo-Venezuelan
the subject of the British-Guiana boundary
of the middle nineties it had not been the
President Monroe's message,
Secretary of State Clay
had England and France advised that the United
refer to it
States would not consent to the
occupation of
custom in
of State Seward, for instance, conducted
and Puerto Rico
Spain, when
by
any
other European
rumors were
Cuba
power
than
current that such transfer
might take place.
Thus
in
a
general
our
way,
topically at
least, the
unilateral
character
only apparent from the form it took
as
was
not
part of
a
Message to Congress, but also quite emphatically
name or
non-American
governments
to
Secretary
attempt to define it.
withdrawal of French troops
with the
expressly relying
Monroe
declaration's
by
with
a long series
of negotiations with France, leading finally to the
mony
Doctrine followed the
subject matter of
Canning's desired declaration, but distinctly from
our
point of view, and with important variances
where the view required it.
But most important of
all, the
relations
policy
on
it
was
Doctrine,
without
its terms.
Nevertheless, it is the
as
from Mexico, in har-
of the
consensus
that, well-known
to foreign governments, the
Doctrine is
mainly responsible for the fact that the Americas
have escaped,
so
far, the fate of Africa, and
part of Asia,
as
the field of European colonial
pansion.
There is, in this country,
a
a
large
ex-
wide-spread
inclination, especially of late, to ascribe to Great
Volumt
The Commercial &
151
Britain and her fleet, a large part
occasions
ous
during the
violated the
as a
field of trade and investment—•
looking elsewhere for colonial
expansion—should be
More soundly, perhaps,
counted in her favor.
attribution should be made to the "balance
nothing of
do—and the tendency
the
of power"
balance by
In other words it
is probable' that, to some extent, at least, Great
Britain was induced to respect the Doctrine by much
engaging in long and costly wars.
the
considerations
same
concerned—that the
powers
probable profits did not justify
These considera¬
probable costs of various kinds.
the
other
did the
as
and is likely to be, will
tions, taking the world as it is
chief, if not the only, real addition to
Logically
Corollary.
felt that if
the
policeman, acting, however, on
and solely on its own
self-defense
less imposed
arrangements as the United States made with Cuba,
Santo Domingo, Haiti, Nicaragua, &c.
leaders of South American
and action
are
political thought
too intelligent not to
realize the debt
However,
Doctrine.
their countries owe the Monroe
of its uni-lateral
the middle nineties,
and fears as to what we might do in the
that Doctrine have been wide spread in
always
have
they
complained
character, and, especially since
anxieties
of
name
South
As
the
1895
v
^
America.
looks back, it seems
one
abundantly clear that
Anglo-Venezuelan-Guiana Boundary affair of
gave the Monroe
Doctrine much valuable
before world public
opinion as never previously had been the case.
However, in the course of "twisting the lion's tail,"
as the newspapers of the time called it, Secretary of
State Olney found it necessary to use some rather
and established it
publicity
and
truculent
this continent and its fiat is
sources
to
all
other
our
the subjects to
a
"good neighbor" to our Latin
invulnerable
Corollary,
and the
consequent in¬
fringement of sovereignty of some of the Caribbean
and Central American Republics, not to refer to the
Spanish War and the Panama coup
d'etat sequels.
of which has not
south of us, especially in
Though they may entertain somejqualms
Mexico.
to whether
this attitude will last indefinitely, and
whether they
will have to pay some exorbitant price
as
for it, on
the whole this new policy has won many
us
between Cape Horn and the Rio
for
friends
Grande.
Until the Havana Conference
relations
our
was
this improvement in
secured without definitely com¬
mitting us to any impairment in
Monroe Doctrine as
a
principle of the
originally formulated, namely as
wholly unilateral executive policy,
applicable or
not, at our own discretion, in a given situation. The
effort of the Latin American statesmen and diplo¬
Panthat is to say
turning it into a multi-lateral continental policy.
These efforts crystallized at the various Pan Ameri¬
can
Conferences which have been held since this
administration began.
Although various rather
mats have to a
great extent been centered on
Americanizing the Monroe Doctrine,
and tentative measures were taken to
vague
define
cooperation of
the American Republics in the event of threat from
abroad, the only one affecting the Monroe Doctrine
and
implement collective action and
was
the inclusion, in
the Protocol Relative to Non¬
Aires Conference of 1936,
intervention of the Buenos
of
a
provision that intervention by one American
domestic or foreign affairs of another
nation in the
should be
deemed
Monroe
event has been in disgrace
under the
present
at Havana he
confined himself to the
Havana to
subjects for which he had gone to
action on and had
accord and the
cern
sufficient to require
administrations.
Secretary of State Hull at the end of the
Conference summed
up
its results on
and
July 30th
three
menace
This was aimed not at the
Doctrine but at the Roosevelt Corollary,
which in any
Hoover
a
by all.
consultation
secure
disquieted
have been
always been shown to the
grounds, its infinite re¬
powers."
his inau¬
here and there, almost to the point of quixotism,,
to those of that belief good neighborliness in¬
When
.
The resulting anxieties and
intensified by what was done later under
administration
friends, and some of us believe, that we
Havana
.
assumption of superiority naturally
Roosevelt
his administration by
gural address. He later declared that the policy of
this country would be opposed to armed intervention
in Latin America.
On the whole we have been, under
because,
.
southern neighbors.
fears were
the
upon
of the situation and practically
against any or all other
This
law
combined with its isolated position render
it master
as
practically sovereign on
confines its interposition
addition
in
For instance:
boastful expressions.
"Today the United States is
which it
,
announcing his "good neighbor" policy in
of combined conti¬
subsequent Presidents to such more or
The
;
Franklin D. Roosevelt began
volves mutual obligations, a sense
This led under Theodore Roosevelt and
authority.
power.
Roosevelt
conduct of small Ameri¬
republics, to vindicate their rights in the usual
international manner, we should have to do something
about it ourselves, even to the extent of acting before
disorders or public debts should reach a point giving
the outside powers an excuse for intervening.
Thus
theory of
the
of
head
shown by his acts when the existing
Brazilian Government first reached
as
enough Theodore
can
nental monitor and
consistently
for
tries, affected by the reckless
the
But he did not do so very
tionary governments.
Roosevelt
the United States became a sort
at least
began to change Woodrow Wilson's
the
as
would not allow non-American coun¬
we
State Stimson also
under the administration
Roosevelt—known
first
the
administration acted,
Hoover
so,
Monroe Doctrine was made
of
actually done about
importance was
policy—sometimes referred to, we think improperly,
as the Wilson corollary—of not recognizing revolu¬
his
probably continue to figure.
The
benevolence of our motives,
to the
as
any
the
made by Theodore Roosevelt
was
verbally to reassure public opinion
negatively, by withdrawing marines and refusing to
intervene for the collection of debts.
Secretary, of
of European nations to fall
their neighbors who upset such a
upon
until
it
Europe—with which England has had much to
in
successors
to the south
our
the Americas
see
19th century—while we
effort
some
and his
Civil War, for example—have
Doctrine.
Her willingness since 1823 to
engaged in
were
While
of the credit for
Undobutedly, she could have on numer¬
this result.
1045
Financial Chronicle
this
ratification
succeeded.
The economic
anti-Nazi understanding do not con¬
The Convention, requiring
Constitutional manner by the
discussion.
in
the
contracting parties, including of course this
the Act of Havana, which goes into
effect under its terms without ratification, both
high
country, and
relate to the
i.
possibility of transfer of sovereignty or
V
The Commercial & Financial Chronicle
1046
control of American territory now
State
American
The
another
to
owned by
a non-
non-American
State,
proposed convention recites that the American
Republics will consider any such transfer or attempt
transfer "as contrary to American sentiments,
Aug. 24, 1940
State shall be considered
can
act of aggression
as an
against the States which sign this
which
more
declaration" to
recommendation that any two or
American States should "negotiate the necesadded
was
a
complementary agreements
to organize
to
sary
principles and rights of American States to maintain
their security and political independence."
It conand for
cooperation for defense and the assistance they will
lend each other in the event of aggression such as
those referred to in this declaration." These quota-
"Inter-
tions
tains clauses for the
provisional taking
the administration of any
tion," for
in
The
Administra-
decade.
a
dispositions to be taken are characterized in
paragraph of the recital might possibly be
the first
intending to limit its application to situations
as
arising out of the present war with respect to nonAmerican owned territories.
If this is to be the effect
it would
of the convention,
the
to
to be appropriate
seem
contemplated situation
providing for
as
a
temporary measure to meet a great emergency in a
limited field—transfer of non-American owned Ameriterritory to another outside nation.
can
constitute
would
it
Thus while
precedent for Pan-American
a
control of action to be taken in defense of
of the Monroe
only of
Doctrine,
In the Aug. 1 issue of the "New York Times" it
principle
However,
one
or
reported that owing to the hasty departure of
our
delegation from Havana it
was
not until they
the train in this country that they subjected
were on
this matter to close examination.
mention it in
Mr. Hull did not
his July 30th statement
Havana results.
as
to
the
Nor did he mention it specifically
in his statement of Aug. 6 calling upon our Nation
to sacrifice for defense and referring to "the unanimous
view at Havana that the prompt strengthening
of unity and solidarity for the
purpose
of contin-
ental defense and for its implementation by concrete
supported by the 21 nations
programs
pensable to the safety, security,
of this
hemisphere."
was
indis-
peace
and welfare
the
"New York
However,
Times" appended to its report of the statement
a
paragraph that it
a
was
considered indicative of
ratifying nation will thereby recognize that
cation of this and other resolutions of the conference,
If this resolution, adopted apparently without the
thought, study or due consideration of our delega-
The
also
and for all
once
of all American
multilateral right
a
tion, is to be put into effect by us—and should
republics.
might be said of the Act of Havana.
same
begins by
a
notably the right of
American
republics
others
proceed in emergencies in
to
required
subject
title
"Act
of its clauses
are
in the
as
the
to
be
Senate
that it will find it,
Monroe
Some
Others
the
and it
transfer
may
well be
Doctrine, the right to act alone when
Monroe
an even more
Doctrine
important change
transforming it
declaration of executive policy which we
apply
case
executive
not
or
agreement
eventualties
we
however,
was,
Havana, which, if it is to be binding
will effectuate
the
of
under all the circumstances, ad-
There,
to
regard
as
tantamount to
to
the
an
a
certain
act of
from
might in
wish, into
as we
war
a
a
definite
possible
against
118•
.
We
stance
refer
of
attempt
on
the part of
the
on
a
the
last
day,
that
"any
non-American State against
integrity or inviolability of the territory, the
sovereignty or the political independence of an Ameri-
do
we
would be bound in honor and good ethics
so—we
shall have committed ourselves to
alliance, to which
we
an
would contribute most of the
naval, military and economic power for the defense
of this hemisphere, irrespective of what our own
interests
may dictate under the given circumstances,
This would be entirely repugnant to the Monroe
Doctrine,
as
above reviewed.
It is to be hoped that
the Senate will weigh this proposition seriously and
refrain from plunging us into any such commitment,
========
Foreign Relations and the Presidency
From the Declaration of Independence to the
beginning of the Presidency of George Washington,
exclusive and detailed control of the foreign relations
of the United States, in all matters recognized as of
National rather than of State concern,
by the Congress, directly through
important and effective committees.
was
one
exercised
of its most
Examination of
the Constitution of 1787, and of the contemporary
or
early documents throwing light
purposes
upon
the views and
of the Founders of the Republic, does not
indicate, even in the slightest degree, any purpose to
take from the Legislative Department the least fraction of its policy-making discretion in foreign affairs,
or, for that matter, in any other aspects of public
policy, except in those particulars in which Federal
control
was
expressly excluded by the prohibitions of
the fundamental law
or
reserved to the States
or
to
the people by the Tenth Amendment.
'
declaration, adopted at the in-
Venezuela
to
we
sug-
undoubtedly weigh the change
care,
accept it
permanent
forego, permanently in derogation of the
action taken at
given
dis-
Republics jointly.
fit in this limited field.
us,
measures.
suggest
Doctrine, but within the juris-
principle involved with
visable to
not
longer within the aegis of the
no
will
emergency
non-American nation to
one
diction of the American
The
an
a more
that
principle
from
Monroe
unilateral
manner
temporary character.
of the covenant,
American territory
another is
any
defense of the
to
does
of the
jointly with
or
obviously provisional.
case
of
acceptance
a
any
adopt appropriate
Havana"
of
positions entirely of
gest,
reporting
to
which may
committee
The
acting singly
its defense, or in the
in
continent,
It
reference to the present European
It recognizes
war.
in
of State.
right to defend that principle is no longer to be
a
unilateral but
on
of the
desire to have the United States complete the ratifi-
two of the
or
that
the
see
summary
other parts of the recital suggested
one
in
a
developed, it would be
as
temporary character.
a
official
was
the convention as "provisional and transitory" and
taken
taken from the
are
as
action at Havana issued Aug. 3 by our Department
necessity, for successive periods for not
than
more
an
first period of three years, to be renewed,
a
of
case
Territorial
of
Commission
American
over
such region by
so
In creating an independent Executive Department
and vesting its
powers in the newly-created office of
President of the United States, the constitutional
Fathers and those who ratified their work on behalf
of the constituent States, had no thought that they
Volume
were
setting
tion of the
policies in anything.
legislative
power was
cluding lodgement of
framework of any
of
defini¬
very
understood
as pre¬
could not have been
actually monarchical and
not
Such
portion of it, within the
any
such commitment has been obtained, either
representatives of the public duly authorized to give
ecutive contrivance
the consent of the
or
by accident founded upon inadvertance or by ex¬
and, with such
control all the
That
complete control of foreign policy is an inalienable
and important element of the legislative power in any
soveriegnty has never been questioned and remains
indisputable. In no conceivable sense can any matter
having the signifiance of a policy in foreign affairs be
regarded as one of executive discretion or even one
de¬
and of all contrary expressions of opinion, can
been
sanction,
operating to
governed, including, of course, the Executive.
could
that
considered
be
termination,
were
as
left
to executive
be relied upon to
the mandates of the Constitution
conducting
which establish the methods of officially
All the essentials of
do the rest.
will then be withdrawn and
freedom and democracy
abeyance, nominally for the period of the
held in
manufactured
actually
emergency,
venience and
until the
con¬
pleasure of the governing group permit
their grudging
restoration, always retarded and most
For
rarely complete.
long time, the public will has
a
defeated, the executive will has prevailed in its l.
stead, all the legitimate forces determinative of public
opinion
suppressed,
are
a
temporary and superficial
correspondence and intercourse much less
and detailed than they really are. The inten¬
foreign
definite
unity of purpose has been effected or simulated with
that is to say
general public welfare have succumbed before the
tion to create
Legislative
supremacy,
Congressional supremacy, in this field, is as clear as
the
of freedom of speech and of the
forced suppression
press
legislative
subtly planned, propaganda and
general emotion, stimulated and sustained by en¬
governed to the specific policies and
legislatively formulated
measures
reality of popular
government and may be, in other respects, supremely
unfortunate and destructive of sound public interest.
After any
single hand
any
such improper compulsion
result is subversive of the
a
anywhere save in a
law-making and policy-fixing body made up of elected
despotic, in
adapted under any other cir¬
cumstances and without
democratic republic or within that
government
any
The
having the sanction of Congress, action which
not
Chief Executive with power to
a
up
control Federal
1047
Chronicle
The Commercial & Financial
151
of the Constitution could make
is as certain as that
of the United States is one founded
plain language
identical results,
democracy and freedom and the
single executive will.
It must have been something
description that President Madison envisaged
of this
it and the fact of such supremacy
when, in his last message to Congress, he urged re¬
the Government
liance upon
faith
upon
in
the
processes
representative
of
of
wars
the legislative
declared the primary
democracy.'
Such, then, is the obvious theory of the
Federal
well, the unmistakable purpose of the
Constitution, binding upon all officers of Government,
system and, as
its costs and feel its calamities."
and in
spirit.
Nevertheless, the executive functions es¬
tablished by the Constitution, and by constitutional
statutes, for convenience in the conduct of foreign
affairs, are important and not to be minimized; Unless
duct
of their exercise is in harmony with the
bare
powers,
the
amendments to
in both the House of
tion
any
Majorities
pending treaty.
Representatives and the Senate
formally and separately concur in any declara¬
of war,
which the President
may
recommend
public interest and will through legislative
necessarily controlling and, when legislation must be
enacted in order to implement or to give
arbitrary determination and the autocratic
enactment
is
the
bassadors
any
Obviously, therefore, in all such matters the President
,
merely the executive agent of the Nation,
his
authority extending solely to the execution of the
am¬
policies determined upon by the people, through their
other agents similarly designated, or, in
representatives in the Federal legislature, and, like
Senate
or
effect to
of Congress must unite in its
precisely as in the case of any other statute.
treaty, both Houses
The President, at least
either
in his own person or through the Secretary of State,
a member of his Cabinet, whom he has appointed and
has
confirmed,
or
through
unusual instances of doubtful propriety, whom
chosen without
confirmation.
consulting the Senate
He
is
or
he has
receiving its
Commander-in-Chief
of the
every
and in
agent, he is bound in law as well as in
common
the powers
decency, not to
usurp any
morals
portion of
otherwise delegated by his principal or to
by Congress or by any
Army and Navy, still apparently
seek to forestall their exercise
the
°
a
by representatives and its rejection in favor
treaty, conducts all foreign negotiations,
whom
and
majority of Senators may formulate and insist
throughout all the stages preceding the formulation
a
treaty or agreement or arrangement
a treaty can be made with
although his recommendation is not prerequisite, or
will of the Chief Executive.
of
no
present and voting register their acquiesence,
hand, the subjection of an orderly determina¬
tion of the
of
and
other nation unless two-thirds of the Senators
any
must
action
con¬
substantially equivalent to
the
other
with authority to
negotiations looking towards treaties with foreign
upon
negotiation and importence in action, or, upon
advise and consent to the designa¬
tion of officers of Government
only in form but equally in substance
legislative intention, the almost inescapable alterna¬
tives are, on the one hand, undesirable friction in
v
the
To- the Senate of the United States is reserved
prehensible theory which ought suitably to control
the thought and action of each and every one of them,
manner
reliance against such wars to
provision which subjects all
questions of war to the will of the Nation itself, which
is to pay
final authority to
the
"security against
lie "in the fundamental
legislative, executive, and judicial—a clear and com¬
not
process as
injustice, of ambition, and of vainglory/' and
device
instrumentalities of
foreign and national policies of this country, as of
all other countries so
renunciations of the
equipped, despite the solemn
Kellog-Briand treaties, and it is
only too clear that a military or naval movement,
ineptly
if not
upon
views
or
deliberately conceived, may become almost,
entirely, conclusive in forcing determination
line of action completely repugnant to the
and wishes of the great majority of the Nation,
a
a
or
trick to
maneuver
situation in which it is
the legislative body into
helpless to act
discretion dictates and has been left no
alternative save, contrary to
to the
as
its
own
as
its
own
practicable
judgment and
public will, to obey his behests and to gratify,
Madison
phrased it, his ambition or his vanity.
Presidents
of the
United States, supremely con¬
scious, as men temporarily elevated to positions of
The Commercial & Financial Chronicle
1048
Aug. 24, 1940
great power and influence must always be, that their
phase of the contest and its issues than that
places in history will surely be restricted to their brief
evidence from the White House.
of
moments
authority,
usually develop
quite
ing times of warfare in Europe,
where,
An arrangement
ex¬
traordinary interest in foreign affairs, especially dur¬
quite in¬
of views
now
in
with Canada permitting exchanges
concerning continental defense against in¬
vasion, possibly providing
for concerted plans
even
evitably, participation in the international adjust¬
and
ments of
certain road to
this juncture, but embarkation upon any such course,
permanent distinction and one not only broader than
necessarily involving discussions of plans for military
older world beckons
an
domestic route but also less inhibited by the
any
customs and
preferences of their fellow-citizens.
this allure which
was
a
as a
It
betrayed Woodrow Wilson into
leading to abandonment of neutrality and
course
conceivably for cooperation,
and naval
operations with
and, eventually, to his doom of defeated
submitted to the
repudiated
view and
measures.
Franklin Roosevelt
was
admiring subordinate
an
now
ciently determinative of future policies in matters left
by the Constitution exclusively to Congress,
make the whole
and
active belligerent
an
engaged in the European conflict, is certainly suffi¬
participation in the European conflict of 1914 to 1918
purposes
be desirable at
may
tion if
Legislative Department for its
consideration,
outlays
new
as
to
project something that ought to be
are
well
as
as
re¬
for its implementa¬
to be entailed in any form. A
throughout the whole of President Wilson's period of
compact with Canada providing for such cooperation
complete Presidential activity.
is certainly very
little, if anything, less than an
alliance, which could scarcely be lawfully effected
and associate,
Lane, he
With his close friend
Secretary of the Interior Franklin K.
the most determined, restless,
was among
members of the official
and insistent
clique which
pressed persistently towards unneutral action long
before
the
President
participation in the
chief in
huge force of American youth to fight
a
the sanguinary battlefields of Belgium and of
France.
that
Those who have followed his course, from
early period in his
must
and, also, he preceded his
demanding conscription and urging the for¬
warding of
upon
ready to advocate direct
was
war
be
that
aware
to the present moment,
career
he
rarely modifies
except to hold it in abeyance for the
political
and they have
season,
tenacity of opinion
he has
ever
On the
appear
be
enthusiastically
in
that
as
any
intention
his
remarkable
self-
permit abandon¬
assumed.
strongly
of the
it could be dictated to
Therefore,
as
still
as
he subsequently
peace
until, from Berlin,
completely cowed
Germany, and despite new and strin¬
gent Congressional statutes regulating neutrality, he
a
more
and prostrate
has,
ever
since September, 1939, exhibited extensive
and expansive
partiality towards Great Britain, and
towards France until the alliance with
abbrogated.
had
some
Britain
was
Undoubtedly, this public attitude has
effect upon
many
to
illustrations of the President's evident
control all American reactions to the
conflict, regardless of Congress
and without
or
Congress, in which partisans of
the Administration remain in
of public sentiment,
admitting the citizenship of the Nation
to his confidence
to full
or
participation
even
been, and is, ample warrant in his public addresses,
the "quarantine" speech in Chicago to the
from
"dagger-in-the-back" speech at Charlottesville, in his
pre-war
encouragement to Great Britain and France
predominance despite
berlain for the Munich agreement, in
evasions of
aircraft
his support of
statutory law which enabled transfers of
and
from
arms
Government
possession to
English ownership, in the proposal to sell several
score of destroyers
belonging to the Navy to Great
Britain, a project which Secretary of the Treasury
Morgenthau
says
is still alive.
Another and ominous
intimation of the extent to which the Administration
may go,
seen
in
if not decisively restrained by Congress, is
Secretary Ickes repeated attacks upon Mr.
Chamberlain in the
course
of his so-called
Mr. Willkie's speech of acceptance.
attacks, which is must be assumed
without
Presidential
were
support England in the
public sentiment, although
as a
whole the
people remain resolutely opposed to any
actual participation in the war, upon the seas as well
upon
the land, unless, without
arena
adjacent region of North America.
denied that
projects
consideration
any
American
should be extended to embrace
might
now
go
an
Yet it cannot be
admittedly under executive
very
far towards tying the
hands of Congress should its
own judgment or the
plainly expressed will of the people, at the November
election or otherwise, unmistakably favor an attitude
more
definitely and conclusively aloof from
every
especial endorsement
a
war,
political
people.
opinions
and
seem
to
merely to
but to select for its
particular faction
several groups into which
to
not uttered
authorization, would
to influence
American
answer
These virulent
show that the Administration
proposes not
as
in the
discussions of what is being done at their expense and
in their name.
For this view of his purposes there has
Democratic defections, and it has not failed somewhat
invitation, its
purpose
European
was powerless to afford when the time
came, in his
publicized criticism of former Prime Minister Cham¬
and
once
as
favored postponement
disapproved.
This Canadian negotiation is, however, only one of
quickly received impressions
he followed President Wilson into
1917,
treaty necessarily to be submitted to the
which misled them to anticipate assistance that he
ever
to be too assured to
position
proof that his
no
or
purpose,
convenient
a
Senate and subject to its rejection if
been abandoned.
deep
too
seems
ment of any
war
relaxes
strongly held has
contrary, his
to
confidence
the
ever
a
more
without
among
the
England is divided by the
preferences of the
English
With all this evidence of executive
purposes
increasing constantly and
accumulating, the neces¬
sity for Congress to remain in session and constantly
vigilant is beyond controversy or discussion.
It is
but 10 weeks to the election in November and
4 months to Jan.
20,1941;
no
ought to anticipate what is to
those occasions.
scarcely
disastrous commitment
occur upon
either of
Volume
The Commercial &
151
1049
Financial Chronicle
Earnings of United States Railroads for the Six Months
Gross and Net
Ended June 30
States cannot be
United
the
of
Railroads
stirring year of 1940, which
of
railroad
of the first half of the
net earnings
and
gross
The incidence of this
year.
reflected by the
general business conditions was
in
ment
An irregular improve¬
1939 and 1938.
periods of
similar
do indi¬
advance over the
less emphatic
and more or
clear
a
and international affairs,
of carrier operatitons
financial statistics
the
but
witnessed an astounding series
both national
in
occurrences
cate
months of this
markedly during the first six
prospered
said to have
gain can hardly be
appreciated
the overshadowing course of
business spheres.
It is apparent that
properly without reference to
affairs in other than
States has tended for
business in the United
to overcome the
several years
in 1937 and
adversities visited upon it late
advance
settled over
the country, and this movement possibly contributed in
good part to the quite steady upward movement of the
business cycle which actually took its start late in 1938.
The European war, which moved into new and terrifying
phases in the spring and summer months of 1940, played
a part in our domestic business
developments which pos¬
sibly exceeded in importance any momentary domestic
trends.
The great war also affected our domestic political
outlook, and in this way likewise affected the business
during much
There has been a natural
of 1938.
deep-depression conditions which then
from the
situation.
■
depend upon the
offered, occurrences
outside the pure sphere of transportation naturally are
vital.
Despite the heavy diversion of transportation busi¬
ness in recent years to trucks, buses, airplanes and other
necessarily
which
railroads,
the
For
and passenger traffic
volume of freight
transportation, it still is true that the
the ups and downs of the business world
accuracy.
Everything bearing upon busi¬
affect the outlook during
and it failed to
1940,
all these and many
view of
In
current
There
few
were
Efforts were con¬
expenditures to a
minimum, but this endeavor naturally was hampered by the
high wage scales set several years ago. Maintenance of way
outlays possibly suffered in consequence, although not on a
scale that proved immediately harmful.
New equipment
perhaps was ordered on a lesser scale than many carrier
executives deemed wise, but a debate on this aspect of rail¬
roading could be continued interminably.
After an experi¬
mental period of 2%c.-a-mile nassenger fares in the East,
the railroads of that area returned to a 2c.-a-mile basic rate
on
March 24, 1940, under orders of the Interstate Com¬
merce
Commission, but it still is not clear whether the
higher or lower rate is more beneficial for the carriers.
The gross revenues of the railroads for the first six months
of 1940 amounted to $1,991,004,110, against $1,800,532,143 in
the similar period of 1939, an increase of $190,531,907, or
10.58%.
In the normal course of affairs, much of this
advance was required to defray the additional operating
expenditures.
But the railroad executives so conducted
their business that net revenues for the first half of this
year amounted to $497,712,078, against $403,103,791 in the
like period of 1939, an advance of $94,008,287, or 23.47%.
portation industry of particular
tinued by the
Jan. 1 to June
232,937
Mileage of 132 roads
thus
is
and it is quite
occasioned by the European war
important for the railroads,
clear that the vast changes
That these changes were
all intents and
paramount significance.
of
are
purposes
respects is evident, for to
some
Central Europe was cut off from contact with the
and a considerable loss of American business
outside world,
Central
in
French
the United
in
States from British and
and after the collapse
sources,
against German
fense
of greater weight than the losses
Heavy buying of war and other ma¬
Europe.
developed
terials
occasioned gains, and the indi¬
But the war also
resulted.
cations are that these were
aggressors,
of the French de¬
thq British authorities
Our
business relations with Latin American countries suddenly
increased very sharply, owing to the apparent inability of
war-absorbed Europe to effect its customary supply.
The
war in the Far East, of longer duration, also has its due
effect upon the American economy.
It would appear that,
in general, these matters did not bear adversely upon our
economy.
Some industries were depressed, but others, such
as the airplane, steel, mining and similar lines of activity,
took over the French contracts
were
made in this country.
stimulated into greater productivity
The earnings of the
wise have occurred.
financial
statistics
first six months of
of
railroad
the
also with a view to the domestic
Throughout the uncertain and trying
review, President Roosevelt kept his own
his intention, finally revealed in July, to
light of such factors, but
political situation.
under
months
counsels
as
to
the sound American tradition against
President, no matter how indispensable
attempt a violation of
a
third term for any
he
The domestic political outlook
cloudy and dubious during the entire period, and
regard
may
remained
it is needless to
himself.
add that some further
can
nent
months must elapse
develops.
The selection in the Republi¬
National Convention of
Wendell L. Willkie, a promi¬
before clarification
and
of the
able business
executive, as the standard-bearer
party, heartened the
try to a
over-regulation,
competition and other
set in its path by the New Deal.
The start of the
campaign was reserved for the second half of
found no relief from
monetary
obstacles
electoral
business interests of the coun¬
In the meantime, however, the New Deal
toward business was unrelaxed, and business
degree.
antagonism
the excessive taxation,
manipulation, Government
The figures
+ 94,608,287 + 23.47
these operating advances represent
European war had not
for the early
and
levels,
rebound
a
half of 1938 were deep-depression
such poor results must be
from
inevitable.
regarded as almost
When the comparison is
to the early
decade of the 1920's, or even
carried back to the
immediately evident that the
of the
business then done.
The diversion of much business to
other forms of transportation accounts for this, in good part,
but the generally unsatisfactory political atmosphere within
the United States unquestionably is of even greater sig¬
nificance.
Notwithstanding the increase of the population
since the .1929 collapse occurred, aggregate business within
the United States remains at or under the best levels
achieved before that year, depending upon the index used
of the 1930's, it becomes
years
railroads still are limping
for
is
along on only a portion
measurement.
Before
railroads,
operations for the
1940 must be considered not only in
(77.61)
403,103,791
improvement which might well have
impetus even if the
railroads reflect
with a fair degree of accuracy.
these diverse factors
The
than might other¬
above,
(75.00)
gained considerable
developed. Con¬
jecture on that subject is idle, but it is important to note
that railroad gross earnings in the first half of 1938 were
only $1,632,870,801, while net earnings totaled $304,569,130.
an
adverse in
%
$
497,712,078
indicated
(—)
—0.29
+ 10.58
1,991,064,110 1,800,532,143 + 190,531,967
+6.86
1,493,352.032 1,397,428,352 + 95,923,680
Net earnings
As
—668
233,605
$
S
Operating expenses
Ratio of expenses to earnings...
Inc. (+) or Dec.
1939
1940
30
railroads reflect
ness
note.
railroad managers to hold
Gross earnings.
remarkable
the
regarded as reasonably favorable.
developments within the railroad trans¬
be
must
year
ancillary circumstances,
operations for the first half of
the results of railroad
competing modes of
with
the first
half of the year.
turning
to affairs of
it is advisable to
immediate concern to the
note that the possibility now
presented of a very material increase of general business
States, on tbe basis of the tremendous mili¬
in the United
slowly being fashioned by Congress and the
This program, which is only in its infancy,
tary program
Administration.
seems
destined to
add heavily to the
industrial establishment.
fresh deficit
immense
financing on a scale that
budgetary
demands upon our
It will be based, apparently, upon
will dwarf even the
deficiencies of the worst
New Deal
of concern naturally prevails regard¬
ing this phase of the defense arrangements. But here again
much depends upon the presidential campaign which now
has begun, and upon the vital question whether the United
States will be drawn into the European or Far Eastern
conflicts, wittingly or unwittingly.
Day-by-day develop¬
ments leave
even
the best-informed observers in great
years,
and a good deal
doubt.
General Federal
which now has
legislation with respect to
been under
the railroads,
consideration for several years,
during the first half of 1940.
hearing
period, but it finally was considered by the
again made little progress
The
so-called
during that
Wheeler-Lea bill gained hardly a
The Commercial & Financial Chronicle
1050
House, which approved the
form
of Aug. 12, 1940, in a
measure
that requires emendation
if the best interests of the
carriers really are at stake.
on
6 Mos. Ended Jw-e 30
Car loadings, all (cars).:
Cotton
of the
land-grant rates
shipments,
Finance
added
lending
Corporation,
various
modes
of
United States Government
for
powers
and
better
a
coordination
but
1939
1938
1932
1929
10,906,395 15.263,800 14.230,032 14,107.820 25,516.953
South
receipts.
2.321,229
021,059
1,546,471
3,394.799
1,929,832
38,972
ports (bales).
38.120
14,804
11,730
43.781
76,467
106,072
Livestock receipts: g
Chicago (cars)
Kansas City (cars)..
Omaha (cars)
Western flour and graii
the
of
Not only rail
transportation.
ern
Reconstruction
the
1940
Freight Traffic:
This measure aims at elimina¬
tion
Aug. 24, 1940
also
12,121
10,256
15,974
28,800
43.901
10,744
25,173
39.153
'
•
1
'
receipts: h
highway and water
IOC,
under
the
services,
would
be
regulated
the
certain
Notwithstanding
measure.
by
de¬
Flour (000 barrels)...
Wheat (000 bushels)..
railroad transportation
that
number of
a
the
impossible in recent
early
progress,
industry.
important railroads which found
years
1940,
in
It is to be noted, finally,
it
financial
reorganization.
Both in voluntary debt readjustments and in court proceed¬
ings, the great carriers seemed to be moving toward
a
affairs.
the
There
were,
moreover,
important additions to
no
large total of mileage involved in reorganization
pro¬
ceedings.
We
turn
road
to
now
month-by-month
a
comparison of
earnings for the first six months of this
those of the similar
rail¬
month
showed
the carriers
142,537
25,412
29,851
30.275
57,179
36,480
33.569
35.048
11,441
21,690
9,393
7,017
5,197
3.501
6,200
8c
9.519
11,899
Steel
Lumber (000 feet):
Production, m.
7.789,072 24.237.875
8,620.875 32,520,597
5,534,999
4,289,219
2.806,164
9,302,096
5,397,421
4,689.004
3.563.013
9.486.965
5.713,572
...
5,120,158
6,737.138
...
.
Shipments.m
Orders received.m
5,437,970
4,689,840
3,413,186
9.515.817
Note— Figures In above table Issued by:
a United States
Bureau of the Census,
b F. W. Dodge Corp. (figures for 37
States east of Rocky Mountains),
cNational Bituminous Coal Commission,
d United 8tates Bureau of Mines,
e
Association of American Railroads,
f Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
In each city,
h New York Produce Exchange,
k "Iron Age."
1 American Iron
and Steel Institute,
m National
Lumber Manufacturers Association (number of
reporting mills varies in the different years).
some
variations in the rate of advance, it can be said that every
single
133,779
59,982
with
Notwithstanding
period of 1939.
year
100.165
167,619
(net tons)
Pig Iron production.k.. 21.083,600 14,025.053 8,817,789
Steel Ingot productlon.l., 28,678,124 20,958,723 12,083.213
long-
delayed but highly desirable clarification of their financial
9,963
77,977
89,703
35,615
Iron
to meet ail fixed charges made
toward
12.026
128,385
87,360
Barley (000 bushels)..
Rye (000 bushels)
ficiencies, this proposed legislation has the support of the
10,014
119,920
Corn (000 bushels)
Oats (000 bushels)...
doing
business in
more
In all the foregoing we have been
as
whole.
a
Turning
roads and systems, we
dealing with the roads
attention
our
now
find the exhibits in
the
to
separate
with
consonance
1940 than in the comparable months of the previous year.
the results shown in the general totals.
In
ended June 30, 1940, it is seen, 49 roads and systems report
net
returns, also,
parative
basis,
marked in
in
evident.
The
the
made with
was
especially
were
May, 1940, since
com¬
period of 1939 which wit¬
a
great coal strike in the Pocahontas region and
parts of the Mid-West
some
gains
the months of April and
parison then
nessed
continuous improvement, on a com¬
a
was
regions.
Agricultural
weather conditions in the first halves of 1940 and 1939
not
In
markedly dissimilar and require
the
following
tables
show
we
no
the
and
were
extended comment.
comparisons of
totals for each of the different months
the
of the semi-annual
increases
only
in
$771,442) shows
in
case
the
more
than
Increase
(+) or
(—)
Mileage
gross and net
list
'
Year
Year
Given
Year
Amount
Preceding
$344,718,280 $305,232,033 +$39,486,247
312,749.442
270.341,857
+36.407,585
326,243,592 314.460,087
+ 11.783,505
320.704.087 281,513,409
+39.250.678
....
February
March
April...
May..
342.532,854
June
344,055,653
301,993,228
320.991,928
Year
Given
Percent
Preced'g
+ 12.94
233.093
+ 13.18
233.010
+3.75
232.970
233,617
+ 13.94
232,924
233.547
233,820
233,704
+40,639,620
+ 13.42
232,819
233.530
+23,063,725
+ 7.19
232.786
233,399
Net Earnings
Inc. (+) or Dec. (—)
Month
Year
Preceding
Amount
Percent
both
of
and
the
a
$72,810,660
+$15,242,192
alike
66,242,821
+ 16,045.922
+ 29.60
74.688.343
'+3,644.491
54,422,823
90,494,636
05,198,328
June
92,310,358
79,770,812
+ 12,539.646
+ 15.72
loss.
Outstanding
the Pennsylvania RR.
are
both
(heading the
gain
a
increase in net of $13,106,748;
an
an
increase of $17,260,032 in
$12,272,140 in net; the Norfolk
of
York
$19,396,712 and
Central,
in
net
showing
of
and
gross
& Western,
$8,591,657 in net;
increase
an
$6,809,616
(these
in
gross
figures
of
cover
the operations of the New York Central and its leased lines;
when, however, the Pittsburgh & Lake Erie is included, the
result is a gain in gross of $22,612,213 and
in net of
$8,335,143), and the Baltimore & Ohio, registering gains of
$13,358,662 and $5,154,510, respectively.
In the following
we
show
tems
for
amounts
all
changes for the separate roads and sys¬
in
excess
decreases, and in both
+38 96
May
+21,204.832
+ 25,296.308
a
reporting increases in
systems
$31,148,560 and
+ 4 88
April
(the Atlantic Coast
road
and net earnings), which shows
gross
a
of
$500,000, whether increases
and net:
gross
+ 20.93
78.332,834
75.027.655
one
gain of $12,608,209 in
New
while
earnings, 37 roads record gains of
Chesapeake & Ohio, with
with
or
$88,052,852
72,888.743
net
decrease of $1,620,075)
table
Year
Given
January
the
the roads and
among
gross
Decrease
of
a
$500,000,
decrease above that amount, and
a
$500,000, and but
Line, with
than
more
(the New York Ontario & Western, with
loss of
the
Gross Earnings
Month
earnings of
gross
road
in gross of
periods:
January
one
In the six months
February
„
March
PRINCIPAL
CHANGES
MONTHS
We
turn
now
and
other
In
revenues.
the
our
customary consideration of leading
statistics, and their
order
of trade
measure
table
to
to
indicate
activity,
we
in
effect
simplified
a
railroad
upon
form
the
have brought together in the
present below the figures indicative of activity in
we
more
important industries of the country, together with
those pertaining to grain, cotton and livestock
receipts and
freight
revenue
1940,
loadings, for the first six months of
car
compared with the corresponding period of 1939,
1932 and 1929.
On examination it will be readily
as
1938,
that the output of all
seen
the industries mentioned—with
the exception of the building industry
to that
duction
of the first half of
(which
increased
was on
scale
as
a
1939)
(which
decreased scale)—is
compared with the first
1939, this being particularly true in the
steel
production.
A
was
large
not equal
and anthracite coal
Pennsylvania
on
six
case
a
greatly
of
months
of
iron
and
pected, is shown in the number of
them
livestock
of
as
a
whole)
at
are
the
EARNINGS
JUNE
too,
cars
might
as
loaded with
be
ex¬
leading cattle
markets
Chesapeake & Ohio
Baltimore & Ohio
smaller, and receipts at the Western
FOR
7,158,020
Wabash
Southern Pacific (2 rds.)_
Great Northern
5.303,226
4.426,116
4,197.492
4,033.271
3,712.128
3,451,232
3,215,501
Union Pacific
Atchison Top & Santa Fe
Chic Milw St P & Pacific
Reading
Southern
Pittsburgh & Lake Erie.
Virginian
Duluth Miss & Ir Range.
Northern Pacific
Bessemer & Lake Erie...
New York Chic & St L—
Pere Marquette
Seaboard Air Line
2,210,715
2,029,071
Illinois Central
Missouri Pacific.—
These
figures
Lehigh Valley
Delaware & Hudson
Monongahela
Chic Burl & Quincy
Detroit Toledo & Ironton
—
Boston & Maine
Yazoo & Miss Valley
Denver & Rio G Western
St Louis Southwestern..
Pittsburgh & W Va
Florida East Coast
1,999,364
1,967.160
1.917.383
cover the
an
increase of $22,612,213.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE SIX MONTHS
ENDED
JUNE 30.
1940
Increase
Pennsylvania
Chesapeake & Ohio
$13,166,748
12,272.140
8,591,657
a6.809,616
5.154,510
Norfolk & Western
New York Central
Baltimore & Ohio
Great Northern
3,319,029
3,015,642
Increase
Pere Marquette—
Wheeling & Lake Erie—
Elgin Joliet & Eastern—
_
2,603,300
Southern Pacific (2 rds.)_
2.268.456
Missouri Pacific
Louisville & Nashville
Bessemer & Lake Erie
6 Mot. Ended June 30
1940
1939
1938
1932
1929
trucks. &c.).a_.
2,428,528
1,961,989
1,203,343
871,448
3,225,443
Building ($000):
Constr. contr. awarded b $1,623,087 $1,699,364
$1,294,272
anthraolte.d
871,460
848.105
821.675
785,587
762.094
645.109
2,169,048
New York Chic & St L.
2,049.948
Monogahela
643,006
1.697,743
1,571,616
Western Pacific
570.257
Detroit Toledo 8c Ironton
Seaboard Air Line
548,060
1,479,427
1.380,494
1.271,025
1,265.574
$667,079 $3,667,983
Grand Trunk Western..
Erie
Pa
Chic Ind & Louisville—
Clinchfield
1,023.809
923,446
Reading....
Atchison Top & Santa Fe
Pittsburgh & Lake Erie.
.
Coal (net tons):
Bituminous.c
2,614,411
Chic Rock Island & Pac.
Union Pacific
Automobiles (units):
Production (passenger
cars,
2,633,079
$1,150,927
1.128,189
1.081,676
1.065.299
Southern
Western Maryland
St Louis Southwestern.
Virginian
t>
scale:
$771.442
operations of the New York Central and the
Chic & North Western..
Duluth Miss & Ir Range.
greatly reduced
1.188.417
1.147,211
1,123.350
1,091.426
996,148
945.303
903,777
753.462
749.224
743.570
665.944
656,789
624,858
619.230
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
collectively)
a
1.418.900
Total (49 roads).....$183.009.388
Decrease
N Y Ontario & Western.
Chic Milw & St P & Pac.
Northern Pacific
on
$1,896,063
1,729.795
1.703,634
1,696.122
618,548
615.820
537,008
Kansas City Southern
Louisiana & Arkansas
primary markets of the various farm products (taking them
are
SIX
2,016.940
.
Grand Trunk Western..
a
Clinchfield
3,062,801; Western Pacific
2.888,124
2,879,667
2,707,237
2.634,152
2,605,158
2,337.856
Chic & North Western..
Erie.
THE
1940
Increase
Louisville & Nashville...
revenue
(taking
30.
»
cluding Pittsburgh & Lake Erie, the result is
increase,
freight, and receipts of cotton at the Southern outports were
also on a greately increased scale.
On the other hand, re¬
ceipts
ENDED
$31,148,560 Wheeling & Lake Erie—
al9.396,712 Elgin Joliet & Eastern—
17.260,032 Central of New Jersey—
13.358.662 Minn St P & S S Marie..
Western
12,668,209 Del & Lack & Western..
Norfolk & Western
Western Marvland
pro¬
GROSS
Increase
+ 38.80
New York Central
trade
IN
Minn St P & S S Marie.
220504000 161315000 151796000 144588000
259573000
25,010,000 26,952,000 24,861,000 24,162,000
35,733,000
.
1,525,527
Total (37 roads)
.
533,447
$90,261,136
Decrease
Atlantic Coast Line
$1,620,075
a These figures cover the
operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
The Commercial &
Volume
Terre Haute.
In¬
increase of $8,335,143.
and Evansville Indianapolis &
Northern,
Cincinnati
cluding Pittsburgh & Lake Erie, the result is an
When, as is our custom, we arrange the
favorable character of the
in
fested,
much
as
various
Western—together with all
comprising these districts, without a
regions
both gross earnings and
single exception, reveal increases in
net
It will be observed, too, that the per¬
earnings alike.
the regions in the case of
centage of increase of some of
region
the Pocahontas
high,
exceedingly
is
earnings
net
clearly mani¬
returns are very
all the three great districts—the
as
Eastern, the Southern, and the
the
roads in groups,
their location, the
geographical divisions, according to
or
Our
by
of
Tlie
ICC.
the
and regions are
England district), 31.29%.
As previously ex¬
is as below.
groups
plained, we group the roads to
tion
district), 56.63%, and the
(New
region
Eastern
summary
65.65%, the
than
less
no
(Western
region
Northwestern
Central
reporting
district)
conform with the classifica¬
boundaries of the
different groups
Eastern District
-Net
Gross
New England
1940
1939
$
$
$
S
1,101,285
6,000,531
640,351
—310
2,700,457
728,049
Dul Winn & Pac—See Northwestern region.
Grand Trunk Western—See Great Lakes region.
3,079.603
Bangor A Aroostook
Boston A Maine
22,962.401
Nat Lines In
Can
New England..
843.481
—91,039
Central Vermont.
3.193.450
372,831
+ 90,729
+355,218
Can Pac System—
Can
Pac Lines in
1,777.257
1,329,735
642,327
315.273
+327,054
598.616
Maine
Can
474,874
—79,949
—156,149
+ 76,200
Lines in
Pac
Vermont
Dul So Sh A Atl—See Northwestern region
region
Spokane International—See Northwestern region
Maine Central
6,239.975
6,068.668
1,762,704
Minn St P A S S M—See Northwestern
Eastern District—
$
-
Total
(10 roads)..
79,158,908
81,629.594
—Net
1939
$53
742,426
605,813
277,622
Region—
Cambria & Indiana.
Can Nat Lines In N E—See New
337.360
1,932,573
%
$
39.813.641
37,106,404
10,269.578
N Y Susq & West.
Lehigh & Hud River
1,575,474
Lehigh & New Eng.
2,109,066
23,094,418
2,550,722
1,566,950
765.696
2.015.064
22,002,992
1.605.419
585,531
259.983
723,960
6,246,158
1.014,688
726,385
79,158.908
+ 3.12
+ 2,470,686
+38,935,037 + 11.47
362.381,885
+ 59,977,446 + 16.55
882,235,139
12,363.894
12,823,292
25,752.419
780,851.970 + 101,383,169 + 12.98
266,327,734
133,145,272
247,737,249
794.620
Lehigh Valley.
Monongahela
Montour
99,701,117
+ 7.50
+ 18,590,485
+33,444,155 +33.54
215,678,174
346,271,626
Central Western region 115 rds.)
(20 roads)
147.406,165
.
N Y Ont A West.
347,438,366
+ 52,034,640 + 14.98
+ 6,996
243.520
+ 16,463
+ 20,016
5,871.410
214,655
+374,748
+643,006
+ 158,617
412.839
—450,032
882,612
—37,193
33,421,193 +6.809,616
282,516 + 1.525.527
+ 645,109
5,709,617
2,380.713 + 1,150,927
+ 208.047
—5.694
+ 87,179
97.989
+ 215.545
345.356
155.970.720
7,347,361
19,469,490
40,230.809
1,808,043
6,354.726
195,790.083
333,410,291
143.041,433
709,355,965
__
+ 19,888,091 + 10.16
+3.86
+ 12,861,335
+3.05
+ 4,364.732
Pere
15.934.205
13.723,490
3,531,640
594,402
602,988
2.045,874
255.023
433,034
1,426,644
202.353
185.168
560,901
1,985.649
21,876.522
1,812,472
322.116
231.882
20,688,105
4,420,355
3,982,250
(23roads)..378,246.214 339,311,177
91,267,104
10.562,862
Marquette
Pitts & Rhawmut—.
Pitts Shawmut A No
672,241,807
+ 5.52
+37,114,158
1,991,064,110 1,800,532,143 + 190,531,967 + 10.58
Wabash SystemAnn
Arbor
Wabash
Total
1939
1940
Mileage
District dc Region
Inc
(+) or Dec. (—)
Region—
Akron Canton A Y.
:«
>•
%
20.564,285
19,533,584
+ 1.030,701
+ 5.28
91.267,104
75.796.564 + 15,470,540
87.865.794 + 27,493,088
+ 31.29
6,717
6,778
Great Lakes region
26,145
26,221
Cent. East, region.
24,525
24,603 115.358,882
New Engl, region
$
$
S
1939
1940
DUlrict-
N el
+ 24.02
83,159.829
69.801.167
Staten Is! Rap Tr
784.862
6,675,992
Chic A East Illinois.
7.483.572
2,138.471
4,628.329
+ 2,946.616
+4.82
Det Tol A Ironton..
3.956.488
35,406.451 + 23,242.825
+65.65
Elgin Joliet A East.
9,602.662
44,488 122,725.275
96,535.834 +26.189,441
+27 13
Southern region...
38,431
region
6,064
6,057
61.129,383
Illinois
44,353
Total
2,930.134
Terminal...
Missouri Pac System—Pee
28,953,032 + 16,396,271
+ 5.168,066
64,440,432
+2,860.180
29,978,551
+ 56.63
131,197 131.515 147.796,532 123,372,015 + 24,424,517
+ 19.80
North west'u region
45,681
45,807
45,349,303
Cent. West, region
56,332
56,359
Southwest'n region
29,184
29,349
69,608,498
32,838.731
+8.02
+ 9.54
Pennsylvania System—
Long Island
11.474,545
Pennsylvania
220.771,964
Reading System—
2,475,535
Penn Read SSL.
17,288,169
Central of N J.
NOTE—Our grouping of the
Commerce Commission, and
497,712.078 403,103,791 + 94,608,287
+ 23.47
of the Interstate
following Indicates the confines of the different
roads conforms to the classification
the
Maryland.
7.892.566
Western
1,317,946
698,280
1,346,052
1,939.233
3,045,889
955,132
420,308
+ 504
41.423
'
+2,049.948
+ 44.105
+ 237,811
460.469
+ 848,105
497,947
679.824
1,273.841
+ 548,060
1.391,173
1,964,213 + 1,081.676
+ 161.582
793,550
-23,762
444,070
2,343,571
—230.957
48.760,373 + 13.166,748
2,112,614
61,927,121
—355.892
—446.466
+90,574
4.025.469
8,807.424
3,598.313
7,109.681
+427.156
+1,697,743
3,098.617
2.074.808
+1,023,809
2,725.691
1,597.502
+1.128.189
422.359,331 362,381,885 115,358,882
Total (18 roads).
15.022.548 + 5,154,510
2,291,882
15,584,535
26.189,349
7.084,121
5.996.503
9,083,485
Wheeling A LErie..
all districts 232,937 233.605
+87,287
11,949,864
189,623,404
29.901.477
Reading
41,927
2,729.772
Southwestern region
1,005,376
1,009,227
Missouri Illinois..
Dial.—
20,177,058
800.164
4,070,834
7,250.649
1,721,077
4.295.954
3.203,026
7.872.867
2,696.798
Balto A Ohio...
64,075,999
58,649,276
38,289
Inc. or Dec.
$
258.954
346,241
Alton—See Central Western region
Chic A 111 Midland.
57,602 227,190,271 183,195,942 +43,994.329
Dist.-
$
$
Bait A Ohio System—
Chic Ind A Loulsv..
57,387
_
1939
1940
1939
$
944,315
Bessemer A L Erie..
+20.41
+ 90.235
+438.104
75,796.564 f 15,470,540
Gross
1940
$
1,102,024
Central Eastern
groups
578,535
703,944
21.807,346
175,367,432
N Y Central
Net Earnings
Tot.
8,998.553 + 1,271,025
1,525,618
373,272
England region
2,664,341
3,335,783
Pitts A West Va
Total (50 roads)
Total all districts (132 roads)
Total
1,038,847
N Y N H & Hartf—See New
Pitts & Lake Erie.
Northwestern region (15 roads).
Western
+1,380,494
+88,420
+361,471
55,869
—18.113
644,104
+ 394,743
1,655.637
3,424,349
5.439.590
N Y Chic A St Louis
399,473,006
Western District—
Pocahontas
3.036,131
3,512.769
5,801,061
37,756
N Y Central Lines—
Total (31 roads).
Southern
+52.397
New Haven System—
Pocahontas region (4 roads)
Southwestern region
Inc. or Dec.
$
England region
Erie System—
Erie
Southern District—
Total.
$
225.125
Can Nat System—
Det ATolSh Line..
339,311,177
Southern region (27 roads)
Eastern
+ 6.258
19.533,584 +1.030,701
1940
1939
(—)
81,629,594
Total (51 roads)
—44,689
26.834
20,564,285
Gross
1940
Great Lakes
region
10,396.734
11,827,144
24,333,519
361,759
1,536,176
378,246,214
422,359,331
Central Eastern region (18 rds.)
—97,558
——
Detroit A Mackinac
New England region (10 roads) _
Great Lakes region (23 roads)..
+106,176
891,284
39.565.901
9,530,961
N Y Ont & Western—See Great Lakes region
NY Connecting
1,224,533
1,293.066
846.595
Rutland
1.673,312
1,631,255
32,092
40,036.966
Grand Trk West.
Inc. (+) or Dec.
$
1,656.528
9,628,519
New Haven System—
Del Lack & Western
1939
1940
+290,896
Can Nat System—
Dul Winn A Pac—See Northwestern
Gross Earnings
District and Region
—78.583
1,179,868
6,709,635
3,235.770
22,218,831
Del & Hudson
GROUPS—SIX MONTHS ENDED JUNE 30
SUMMARY BY
Inc. or Dec.
S
1939
1940
Region—
Central Vermont—See New England region
table:
indicated in the footnote to the
RAILROADS FROM JAN. 1 TO JUNE 30
EARNINGS OF UNITED STATES
NYNHAHartf
(Southern
1051
Financial Chronicle
87.865,794+27,493,088
Total Eastern Dis-
and regions:
EASTERN DISTRICT
_
780,851,970 227,190,271
roads) .882,235.139
trlct (51
183.195.942+43,994,329
Southern District
Region—Comprises the New England States.
New England
Great
Lakes
Region—Comprises the section on the
New England and the
a
line from Chicago via
westerly shore of Lake Michigan to
Chicago, and north of
Pittsburgh to New York.
Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkereburg, W. Va.,
and a line thence to the southwestern corner of Maryland and by the Potomao
Central
Region—Comprises the section south of the Great
Eastern
River to its mouth.
Pocahontas
DISTRICT
Mississippi River and south
and a line thence following the
of Kentucky and the southern boundary of Virginia to the Atlantic.
Southern Region—Comprises
of the Ohio River to a
eastern boundary
the section east of the
point near Kenova, W. Va.,
Region—Comprises the section north
of the southern boundary of
and the Ohio River north to Parkereburg, W. Va.,
line from Parkereburg to the southwestern corner of Maryland and
Virginia, east of Kentucky
and south of a
thence by
the Potomac River to
Its mouth.
WESTERN DISTRICT
Northwestern
and by the
west
north of a
Columbia River to the Pacific.
to the
Region—Comprises the section south of the Northwestern
Pacific.
Southwestern
Mississippi River
from St. Louis to Kansas City and thence to El Paso,
south of St. Louis
and a line
1,801,849
1940
1939
$
141,349
848,884
112,470
26.119,358
6.607,001
1,206,196
373,922
3.300,198
2,418,654
1.893.281
1,744,809
40.384,613
11.756,352
914,711
Atl Coast Line...
Georgia
Inc. or Dec.
$
26,276,332
1,333.009
Charles A W Caro
4,423.548
Clinchfleld
Atl A West Point.
319,193
271,074
$
—129,725
+ 15,517
96.953
7,227.076 —1,620,075
392.431
—18,509
1,596,979
+821.675
+ 50.866
268.327
9,587.304 + 2,169,048
L
47,542,633
7,351.113
7,320.385
1,406,156
1,540.855
Ry of Ala..
863,465
823.380
106.766
104,695
579,089
74,476
164.708
—90.232
Columbus A Greenv
688,917
Florida East Coast-
6,417,804
5,799,256
1,999.071
Loulsv A Nashv..
West
—134,699
,
+2.071
1.984,490
+ 14.581
535.068
503.583
847
—1.018
+ 1.865
3,374.655
Nor.
Illinois Central SystemCentral of Georgia
7,944,251
Gulf A Ship Island
610,463
Illinois Central... 47.489,097
3,258,808
1,017,743
1,008.563
+ 9,180
7.671.298
867.238
911.435
44.823
Georgia A Florida.
.
Gulf Mobile A
Yazoo A Miss
Val
7,287,297
380 890
Mississippi Central.
2.174.535
Norfolk A Southern.
Seaboard Air TJne.. 24,863,071
600,809
46,965
45,472,157
6.621.353
9,850.770
Ala Gt Southern..
Cin N O A Tex P.
Mobile A Ohio-—
N O A Northeast.
1,280,500
5,656,471
1,533,726
49,787.966
Southern
Tennessee
3,795,356
8.986,431
Central..
1.304.700
21,522
20.401
2.274,813
22,834,000
438.984
+ 300.845
+ 1.121
—119,768
4,935.132
4,401.685
+ 533.447
1,122,396
3,359,764
1.061.874
3,207.572
234.880
244.691
3,610,423
8,641,826
1,214,738
5.708,384
1.434,146
46,336,734
1,122.951
2.016.323
Region—
+ 60,522
+ 152.192
—9,811
317,568
-135,803
1,115,545
+ 40,806
486,829
13.077.549 +1,065.299
223,723
+93,845
64,075,999
61,129,383 +2,946.616
979,742
527,635
14,142,848
Net
-Cross-
1940
S
1,197
+ 2.142
—85.687
319,216
roads)..266.327.734 247.737,249
Pocahontas
9,936.357
1,715,478
393,381
Southern System-
Total (27
Region—Comprises the section lying between the
1939
$
Region—
Ga South A Fla..
Region
of a line from Chicago to Peoria and thence to St. Louis, and north of a line
St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
Central Western
from
Canada lying west of the
line from Chicago to Omaha and thence to Portland,
Region—Comprises the section adjoining
Great Lakes Region,
1940
$
Atl Coast Line System—
1,728,272
Atl Birm A Coast.
Southern
Nash Chatt A St
SOUTHERN
—Net-
-Cross-
Canadian boundary between
1939
1940
$
$
1939
$
Inc. or Dec.
$
We now
Grande to the Gulf of
add our detailed
It shows the
districts
and
Mexico.
statement for the six months.
results for each road
regions,
Chesapeake A Ohio.
separately, classified in
the same as in the foregoing sum¬
65,412,866
48,152,834
28,269.004
Norfolk A Western.
and by the Rio
50,320,446
5,024,833
12,387,127
37,652,237
4,571,720
9,324,326
22,179,393
1,328,847
6,872,032
15,996.864+12.272.140
13,587,736 +8,591,657
1,218,275
+110,572
4.603.576 +2,268,456
roads)...133,145,272
99,701,117
58,649,276
35,406,451+23,242,825
347,438,366 122,725,275
96,535,834 + 26,189,441
Rich
Fred A Potom
Virginian
Total (4
Total
Southern
Dist (31
mary :
roads) .399,473,006
The Commercial & Financial Chronicle
1052
Western District
1940
1939
Inc.
Dec.
or
%
%
142,064
52,373
drastic falling
the
to
half of last year,
+89,681
1,131,066
13,462,990
370,644
41,215,427
8,022,935
8,510,549
62,032,263
7,811,805
41,395,472
819,679
MStP&SSM..
staples, wheat, corn, oats, barley and
Spokane Internat.
Chic & North West,
Chic St P M & O.
Chic Great Western.
Chic Mil St PA Pac.
Dul Mlssabe A Ir R.
Great NorthernGreen Bay & WestLake Sup A Ishpem.
194,766
2,443,879
69,440
5,836,863
7,777,696
818,183
8,493,162
—13,315
+208,080
1,178,305 +1,265,574
67,851
+ 11,589
3,221,452 + 2,614,411
624,513
+ 293.670
1,978,322
—73,425
6,629,352 + 3,015,642
1,094,976 +2,603,300
8,728,455 +3,319,029
242,662
—34,397
229,749
+308,483
1,904,897
47,998,992
9,644,994
4,923,681
3,698,276
12,047,484
36,969,356
816,644
697,828
538,232
30,623,950
4,077,789
27,989,798
710,590
6,099,685
4,224,524
4,024,339
992,696
Total (15roads)—215,678,174 195,790,083
45,349,303
1,101,375
Minn A St Louis-
4,241.228
Northern Pacific
Spokane Portl & S—
208,265
28,953,032 +16396,271
1940
$
Region—
-Net-
1939
1940
$
$
Atch Top & 8 Fe... 75,183,685
Bait A Ohio'System
70,986,093
7,652,343
7,630,707
^
Alton-
1939
Inc.
%
11,756,631
or
Dec.
%
10,184,915 +1,671,616
1,494,141
—285.822
Burlington Route—
43,903,674
3,030,864
2,762,346
11,268,877
1,029,246
355,623
37,343,258
Ch Burl A Quincy
Ft Worth A D C.
Den & Rio Gr West.
Denver & Salt Lake.
Nevada Northern-.
Chic RI & Pac.—
42,999,897
8,754,288
555,874
601,808
544,337
1,440,455
219,977
197,448
6,832,419
36,873,553
1,015,802
82,358
—186,194
—127,176
+57,471
+424,653
+ 137,619
155,932
+41,516
5,960,959
+ 871,460
—124,609
—40,749
Southern Pacific System—
Southern Pacific.
79,887,933
75,624,130
18,960,426
Union Pacific——
Utah
73,154,913
370,108
7,747,629
.——
Western Pacific
72,007.702
337,035
6,998,405
Total (15roads)-346,271,626 333,410,291
356,885
17,865,566
51,879
1,285,251
69,608,498
18,383,868
292,857
+64,028
16,386,139 +1,479,427
38,477
+13,402
714,994
+5170,257
64,440,432 + 6,168,066
-GrossSouthwestern—
1939
1940
$
$
$
1939
Inc.
$
or
Dec.
%
613,283
693,489
23.698
—20,255
+43,953
21,673,537
656,473
Kansas City South6,897,650
21,231,584
774,901
2,823,959
2,697,824
2,438,627
136,165
2,274,833
+385,332
—83,170
4-322,991
—74,631
+297,500
Frisco Lines—
St L-San Fran...
St L San Fr A Tex
Kansas Okla A Gulf
1,114,304
6,281,830
1,334,319
Louisiana A Ark..
3,979,204
569,357
Mo-Kansas-Texas.. 13,036,157
Missouri Pac System—
Beaum S L & W—
1,602,979
62,995
3,442,196
630,683
-
Midland Valley —
Missouri A Arkansas
.
626,002
512,872
13,321,448
610,174
1,363,214
250,595
114,599
1,065,714
271,760
2,503,501
2,295,782
1,491,745
680,097
684,805
94,113
648,999,
592,591
Internat Gt Nor..
5,582,916
5,582,148
540,624
Missouri Illinois—See Central Eastern region
Missouri Pacific- 40,042,970
38,125,587
7,626,203
NOTex&Mex1,314,347
1,301,235
459,453
StLBrownsVA M
3,976,918
S A Uvalde A Gulf
606,272
Texas & Pacific—
12,925,996
Okla City-Ada-Atoka
141,043
4,308,562
714,201
12,549,087
193,487
—21,165
+ 20,486
+207,719
+31,098
—61,967
1,442,520
9,098
3,719,267
26,363
+ 762,094
+ 41,145
—403,315
—65,149
+406,631
—41,065
1,863,460
+923,446
4,924,498
124,804
+ 209,029
Southern Pacific—See Central Western region
Texas Mexican.
Total
429,011
20,832,128
507,956
—50,690
32,838,731
29,978,551 +2,860,180
Total all districts
(132 roads)—.-1991064110 1800532143 497,712,078 403,103,791 +94808,287
on
a
over
Southern
greatly increased scale both in the
roads, this
case
of the
overland movement of cotton and the receipts of the staple
at
the Southern outports.
In the first six months of the
999132813207446705—,
Chicago
846,539 bales
recent
same
year)
(the largest quantity for the period
as
six months of 1939 and
similar
periods
reached only
in all
compared with only 541,196 bales in the
of
1932
795,294 bales in 1938.
and
1929, the cotton
In the
movement
218,967 bales and 475,570 bales, respectively.
Full details of the port movement of the staple for the
past
six years are given in the subjoined table:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JUNE
30,
1940, 1939, 1938, 1937, 1936, AND 1935
1940
Galveston.
Houston, Ac
Corpus Chrlsti.
Beaumont
...
New Orleans.-.-—.
Mobile...
—
Pensacola—.
Savannah-.—.
520,156
625,982
3,865
18,236
999,796
83,532
20,297
19,590
Brownsville-
Wilmington.
1,129
164,811
413,643
166,151
389,230
19,354
13,859
2,312
584,245
54,690
1,991
220",049
1937
192,955
155,373
4,438
11,065
9,700
18,304
608,805
139,385
1,150
41,963
601
27*393
2*6*654
28,931
780
1,058
3,973
309
22,920
3,522
6,414
120
437
...
—
Jacksonville.........
Total
1938
1936
288,521
372,263
16,304
6,783
1935
172,587
173,565
9,353
|
2.321,229
95
472,272
298,179
67,333
20,270
23,089
34,363
14,814
15,593
22.027
30*288
738
4,727
18,342
2,303
9,899
6,447
17,609
19,912
17,323
2,733
5,046
14,418
126
877
162
613
621,059 1,546,471 1,214,779 1,324,806
760,373
The Western grain traffic (taking the roads
collectively)
in the first half of the present
year was much smaller than
in the
same
period of 1939, the shortage being due practi¬
1940
1939
Wheat
Corn
Oats
{Bush.)
{Bush.)
{Bush.)
6,804
34,848
6,282
49,142
36,030
23,260
33,534
5,395
7,016
11,691
5,367
5,465
1940
1939
1,161
1940
mmmm
of
the
410
460
1939
1940
Toledo........
■
1939
652
5,868
533
5,473
15,690
15,122
013
1,619
185
661
161
154
1,651
2,415
10,199
7,802
74
37
92
32
6,349
83
2,634
2,674
3,020
4,903
758
Barley
{Bush.)
1,603
6,647
6,078
7,280
3,851
3,229
13,921
1940
Rye
{Bush.)
4,780
4,371
2,295
6,512
3,079
2,654
1939
1940
119903487766558—2
3
8,263
199
44
3,200
3,247
3,322
5,536
2,152
152
480
357
1,729
1,186
673
1,643
1,601
1,369
1,156
1,097
1,023
453
1,306
595
19,241
503
35,745
14,235
5,518
4,565
10,055
10,277
4,988
4,789
1,105
5,517
1940
....
374
1939
..
2,821
1939
Kansas City.
J2,056
1940
........
4,631
1940
St. Louis
19
1939
Indianapolis and Omaha..
1939
1940
S^m
1939
St. Joseph
"mmmm
mm.
894
2,187
8,685
16,361
893
9
125
444
17
mmrnm
1,112
~m~m
631
mmmim
994
19
1940
■mmrnm
1
2
1940
mm~~
624
823
98
48
133
1939
......
mrnmm
1939
Wichita.....
Sioux City
....
650
1,579
271
71
278
10,614 119,920
12,025*128,385
87,360
89,703
25,412
35,615
9,393
7,617
36,480
33,569
mm-m
■
mrnmm
,
|
1940
1939
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 year back
to and
including 1909:
GROSS EARNINGS
Year
—
——
915.———
——
918——
—
920—
921
-
-
923
928—
-
..........
935——--.——---————.
936———
I——
-
940——
1,633,218,256
2,082,853,003
2,688,007,639
2,183,918,659
1,599,191,879
1,413,361,745
1,627,736,490
1,632,939,310
1,869,614,084
1,800,532,143
1,632,876,801
1,991,064,110
1,800,532,143
Year
Given
Preceding
400,242,544
343,835,677
394,683,548
559,376,894
555,683,025
265,705,922
265,007,159
195,582,649
310,890.365
630,420,651
649,131,565
597,828,199
656,663,561
1923—
727,905,072
711,888,565
700,846,779
-
1928—
1929
1930—
—
1932—
1933
1934.
-
...
Increase
(+) or
(—)
Decrease
+$120,332,208
+ 170,089,522
—28,958,798
+56,349,506
+ 136,168,743
—85,033,426
—39,998,560
+328.012,578
+205,066,407
+ 181,848,682
+265,635,870
+358,015,357
'—67,476,090
—63,399,701
+480,926,565
—225,987,341
+23,096,456
+ 131.448,135
—9,132,430
—116,628,506
+ 151,648,890
—324,823,450
—503,786,279
—584,780,099
—168,965,008
+214,374.746
+5,259,590
Per
Cent
+11.44
+ 15.27
—2.16
+4.30
+9.97
—5.72
—2.76
+23.37
+ 11.78
+9.62
+ 12.81
+ 15 39
—2.46
—2.38
+ 18.46
—7.31
+0 81
+4.55
—0.30
—3.86
+5 22
—10.61
—18.74
—26.78
—10 57
+ 15.17
+0.32
+237,256,748
+ 14.53
+213,636,273
—449,634,747
+ 167,655,342
+ 190,531.967
+ 11.43
—21.59
+ 10.27
+ 10.68
EARNINGS
373,370,171
1920—
1940
$1,051,853,195
1,172,481,315
1,339,539,563
1,309,006,353
1,366,304,199
1,488,043,706
1,447,474,542
1,403,448,334
1,741,329,277
1,889,489,295
2,074,114,256
2,326,657,150
2,738,845,138
2,665,747,212
2,605,203,228
3,091,934,815
2,864,512,167
2,890,965.666
3,020,928,478
3,018,008,234
2,905,912,090
3,062,220,645
$371,691,341
408,380,483
378,852,053
-
1939..
$1,172,185,403
1,351,570,837
1,310,580,765
1,365,355,859
1,502,472,942
1,401,010,280
1,407,465,982
1,731,460,912
1,946,395,684
2,071,337,977
2,339,750,126
2,684,672,607
2,671.369,048
2,602,347,511
3,086,129,793
2,865,947,474
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
1,430,226,871
1,627,736,490
1,632,996,080
1,870,196,058
2;083,250,357
Year
———.
1931
Preceding
NET
Jan. 1 to June 30
1913—
Year
Given
Jan. 1 to June 30
—
575
Charleston
Lake Charles
Norfolk
1939
details
(Bbls.)
Minneapolis
——
present year gross shipments overland of the staple totaled
the
give
Flour
Year
(000 Omitted)
924--
trict (50roads).709,355,965 672,241,807 147,796,532 123,372,015 +24424,517
Regarding the cotton traffic
we
in our usual form:
Six Months Ended June 29
922——
(20roads)—147,406,165 143,041,433
205,354,000 bush¬
WESTERN FLOUR AND GRAIN RECEIPTS
919
5,133,527
74,114
Total Wostcm Dis*~
was
Western grain movement
909—
6,864,109
418,308
1,845,835
74,247
3,312,728
67,428
Southern Pacific System—
Northwestern Pac—See Central Western region
St L Southwestern
9,941,514
9,316,656
2,786,906
Texas A New Orl. 21,871,551
follows
which
table
the
Total all...........
Net
1940
Region—
Burl—Rock Island.
+576,558
six
corresponding months aggregated 361,385,000 bushels.
in the
In
the same
Back in 1929 the grain traffic
els in the first half of 1932.
Peoria
Northwest Pac—
1,450,956
1,489,362
—165,258
St L Southwestern—See Southwestern region
Texas A N O—See Southwestern region
Toi Peoria A West-1,130,371
1,018,030
sponding half of 1938, but comparing with
Milwaukee
8,568,094
428,698
2,920,288
2,748,124
10,612,088
942,149
322,728
in
and 315,692,000 bushels in the corre¬
Duluth.-.
1,208,319
Bait A Ohio—See Central Eastern region
Staten Isl Rap Tr—See Central Eastern region
Colo & Southern.
291,889,000 bushels
against
as
months of last year,
676,085
+ 34,505
3,466,606 +2,633,079
885,646
+ 107,050
•
-Gross-
Central Western-
the first six months of 1910 reached only 278,565,000
bushels,
940,638
11,766,868
363,076
38,335,760
oats
leaving only increases in the barley and
markets of the five
rye, in
C P Lines In Vt—See New England region
Dul So Sh 4b AtL.
the wheat and
in
Altogether, the receipts at the Western primary
items.
Grand Trunk Western—See Great Lakes region
Can Pac System—
C P Lines In Me—See New England region
off
Corn receipts were also smaller than in the first
receipts.
rye
614,667
714,267
1939
$
Region—
$
$
Can Nat System—
C N Lines In N Er—See New England region
Central Vermont—See New England region
Dul Winn & Pac.
cally
-Net-
-Gross1940
Northwestern—
Aug. 24, 1940
817,500,221
618,567,281
471,189,438
321,450,701
352,131,926
417,993,205
376,399,748
451,625,515
528,201,763
304.542.359
403,103,791
497,712,078
$294,951,102
371,562,668
404,669,430
375,407,648
373,442,875
394,495,885
347,068,207
393,225,507
562,838,773
540,911,505
265,324,144
263,029,233
169,082,335
312,088,627
531,666,924
651,828,563
597,855,833
656,848,197
727,923,568
713,906,228
702,553,020
818,154.445
618,597,371
471,340,361
321,452,887
346,640,179
417,993,205
375,859,793
451,648,720
528,152,626
304,569,136
403,103,791
Increase
(+) or
Decrease (—)
Per
Cent
+$76,640,239
+36,817,815
+25.98
+9.91
—25,717.377
—6.36
—0.54
—2,037,477
+26,799,669
—50,660,208
+47,615,341
+ 166,151,387
+7.18
—12.84
+ 13.72
+42.25
—7,155,748
—1.27
—275,205,583
—316,985
—67,446,584
+ 141,808.030
—50.88
+218,332,024
+ 117,564.641
—54,000,364
+58,807,728
+71,056,875
—16,035,003
—13,059,449
——0.12
—25.64
+83.87
+69.96
+22.12
—8.28
+9.84
+10.82
—2.20
—1.83
+ 114,947,201
+16.36
—199,587,164
—24.39
—147,407,933
—149,889,660
+30,679,039
+71,353,026
—41,593,457
—23.83
+75,765,722
+20.16
+ 16.95
+76,553,043
—223,610,267
+98,534,655
+94,608,287
—31.80
+9.54
+20.58
—9 95
—42.34
+32.35
+23.47
Volume
The Commercial &
151
Service Co.
The Course of the Bond Market
general tone of the bond market has been
The
in
some
ment
half
speculative
more
long-term
groups.
United States Govern¬
the average about
have gained on
issues
good, and
been maintained with gains
4s
Industrial bonds, in common
4%s,
A
1950,
Though
active,
Pennsylvania
prices
somewhat
been
have
1968,
5s,
RR.
108%
at
scored
better trend,
a
improved.
%; Kansas
gained
107%.
City Terminal 4s, 1960, were off % at
rails showed
bonds has not
high-grade railroad
in
trading
very
Medium-grade
while speculative railroad bonds
A feature of the week has been the
gains.
strength
railroad companies.
Pittsburgh & West Virginia 4%s, 1958, were up 3 points
at 53; New York Central 5s, 2013, advanced 2 points to
56%. Defaulted bonds have been actively higher.
St. Paul
4%s, 1989, rose 4% points to 24%.
displayed by the bonds of the Canadian
The
of
feature
utility
the
bond
in Canadian issues, such obligations as
recovery
Water & Power 4V2s, 1967,
the week;
Canadian Defense Board and
the Export-Import
Thursday
4% points higher at 103%.
formation of the joint United States-
This rise reflected the
on
9% at 74%; Inter¬
6s, 1944, up 3% at 48%, and Bell
Telephone Co. of Canada 5s, 1957,
Canada by
Shawinigan
at 81 being 9 points higher for
Gatineau Power 3%s, 1969, up
national Hydro-Electric
made
market has been the
the bill authorizing loans to
Public offering was
Bank.
MOODY'S BOND
Public
Northwestern
$6,000,000 of
of
&
strength
The
All
120
a
Studebaker
points at
considerable extent the general
bonds of Canadian com¬
list in
the
throughout
panies.
refinancing fears.
on
section was the Abitibi
1953, which gained 5%
1st 5s,
Paper
conv.
6s,
1945, regained the 2
On small sales, Lehigh Valley Coal
points lost last week.
United Drug 5s, 1953,
5s, 1974, advanced 2% points to 30.
regained all of the 4% points lost last week.
Interest in
ments
which, in reflection of current develop¬
concerning
broad¬
defense pact with this country
a
by measures of a financial nature, advanced over
ened
Commonwealth
points.
demand
creased
lull
bond market centered principally
the foreign
in Canadian issues
in
air
favorable
ultimate
the
regarding
implications
an
6s
impressive rally.
a
were
strong
while
department,
status
of
whose issues
German bonds sagged, while
countries,
Scandinavian
price changes in the Italian group were
lombia
The apparent
6 points.
with gains up to
German-occupied
staged
10
obligations also responded to in¬
activity over England was considered to carry
feature in
South
displayed
bonds
Japanese
Co¬
unimportant.
the
American
a
weaker
attitude.
bond yield averages
Moody's computed bond prices and
the following tables:
given in
are
MOODY'S BOND
PRICES t
YIELD AVERAGES
(Based on Individual Closing Prices)
(Based on Average Yields)
U. S.
points
several
declined
with other issues, have been
The Champion Paper & Fiber
strong point in the speculative
42%, thus reflecting to
been
of
102%, the only utility financing
at
unusually inactive this week.
Power
point since last Friday.
a
1st
week.
the
the strength of recent weeks has
1053
Financial Chronicle
120 Domestic Corporate *
120 Domestic
by Ratings
Corporate by Groups *
120 Domestic Corporate
tic
Corp.
Corvorate by Groups
Domes¬
Averages
120 Domestic
by Ratings
120
All
1940
Daily
1940
Govt.
Domes¬
Dally
Bonds
tic
Baa
RR.
U.
Indus.
P. U.
Indus
108.27
123.33
118.81
108.46
87.93
94.81
114.93
117.29
Aug. 23
3.55
2.84
3.04
3.54
4.70
4.31
3.22
3.11
Aug. 23—
15.56
15.57
108.27
123.10
119.03
108.27
87.93
94.81.
114.93
117.29
22
3.55
2.85
3.03
3.55
4.76
4.31
3.22
3.11
22—
15.47
108.27
123.10
119.03
108.27
87.78
94.81
114.72
117.07
21
3.55
2.85
3.03
3.55
4.77
4.31
3.23
3.12
21-
94.65
114.72
116.86
2.86
3.04
3.56
4.78
4.32
3.23
3.13
Corp*
Averages
Aa
Aaa
A
P.
A
Aa
Aaa
Baa
RR.
20-
15.27
108.08
122.86
118.81
108.08
87.64
20
3.56
15.18
108.08
122.86
118.81
108.08
87.49
94.65
114.72
116.64
19
3.50
2.80
3.04
3.56
4.79
4.32
3.23
3.14
19-
108.08
122.86
118.81
108.08
87.49
94.49
114.72
116.64
17
3.56
2.86
3.04
3.56
4.79
4.33
3.23
3.14
4.32
3.23
3.14
17—
15.13
16
15.14
108.08
122.86
118.81
108.08
87.49
94.65
114.72
116.64
16..
3.56
2.86
3.04
3.56
4.79
15.16
108.08
122.63
118.81
108.27
87.49
94.65
114.72
116.04
15
3.56
2.87
3.04
3.55
4.79
4.32
3.23
3.14
15—
94.49
114.72
116.86
3.04
3.56
4.79
4.33
3.23
3.13
3.13
14—
15.14
108.08
122.86
118.81
108.08
87.49
14—
3.56
2.86
13-
15.24
108.08
122.86
119.03
108.08
87.49
94.65
114.72
110.86
13
3.50
2.86
3.03
3.56
4.79
4.32
3.23
15.33
108.27
122.86
119.25
108.27
88.07
95.13
114.72
117.29
12
3.55
2.86
3.02
3.55
4.75
4.29
3.23
12—
15.36
108.46
123.10
119.25
108.46
88.22
95.29
114.y3
117.29
10
3.54
2.85
3.02
3.54
4.74
4.28
3.22
3.11
10—
122.86
119.25
108.46
88.07
95.29
114.93
117.07
9
3.54
2.86
3.02
3.54
4.75
4.28
3.22
9—
108.46
3.12
15.45
117.07
3.55
4.74
4.28
3.22
3.12
3.11
8—
15.55
108.46
123.10
119.25
108.27
88.22
95.29
114.93
8
3.54
2.85
3.02
108.46
123.10
119.25
108.27
88.07
95.29
114.72
117.07
7
3.54
2.85
3.02
3.55
4.75
4.28
3.12
15.64
3.23
7—
88.22
95.46
114.72
117.07
6
3.54
2.85
3.01
3.55
4.74
4.27
3.23
3.12
116.86
5
3.54
2.85
3.01
3.55
4.75
4.27
3.23
3.13
3.55
4.76
6-
15.70
108.46
123.10
119.47
108.27
5-
15.76
108.46
123.10
119.47
108.27
88.07
95.46
114.72
108.27
123.10
119.25
108.27
87.93
95.29
114.72
116.86
3
3.55
2.85
3.02
4.28
3.13
15.72
3.23
3„
108.27
123.10
119.25
108.27
87.93
95.29
114.72
110.86
2
3.55
2.85
3.02
3.55
4.76
4.28
3.13
15.68
3.23
2-
122.63
119.25
108.27
88.07
95.46
114.72
116.64
1
3.55
2.87
3.02
3.55
4.75
4.27
3.14
108.27
3.23
1—
15.67
15.56
108.08
122.63
119.47
107.88
87.64
95.13
114.51
110.43
3.56
2.87
3.01
3.67
4,78
4.29
3.24
3.15
July 26-
Weekly—
Weekly—
July
26
108.27
122.63
119.47
107.88
87.93
95.13
114.72
116.43
19
3.55
2.87
3.01
3.57
4.76
4.29
3.15
15.63
3.23
19-
122.40
119.47
107.09
87.49
94.65
114.93
110.43
12
3.57
2.88
3.01
3.58
4.79
4.32
3.15
15.66
107.88
3.22
12—
122.63
119.25
107.69
86.50
93.69
114.72
116.43
5
3.58
2.87
3.02
3.58
4.86
4.38
3.15
107.69
3.23
5—
15.58
115.78
3.04
3.63
4.93
4.44
3.26
3.18
June 28..
15.21
106.92
122.17
118.81
106.73
85.52
92.75
114.09
June 28
3.62
2.89
106.17
122.17
118.38
106.36
84.28
91.81
113.48
115.57
21
3.60
2.89
3.00
3.65
5.02
3.29
3.19
15.37
4.50
21—
121.27
117.50
105.41
82.66
90.44
112.45
114.72
14
3.72
2.93
3.10
3.70
5.14
4.59
3.34
3.23
3.39
3.30
14„
14.73
7-
13.15
103.93
119.47
116.43
104.48
81.87
89.40
111.43
113.27
7
3.78
3.01
3.15
3.75
5.20
4.66
116.21
13.093
81.61
89.25
111.
3
112.60
May 31
3.80
3.05
3.16
3.78
5.22
3.41
3.33
13.14
118.60
4.67
May 31-
103.56
103.56
118.81
115.57
104.11
81.87
89.69
111.03
112.25
24
3.80
3.04
5.20
4.64
3.35
13.06
3.77
3.41
24-
3.19
120.37
117.72
105.79
84.96
92.28
112.66
114.72
17
3.08
2.97
3.09
3.68
4.97
4.47
3.23
13.73
105.79
3.33
17-
107.88
88.30
94.97
114.72
117.72
10
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3.09
3.19
3.04
105.04
119.25
10-
15.51
108.46
123.33
3—
16.36
109.24
123.79
120.37
108.66
88.95
95.29
115.57
118.81
3
3.50
2.82
2.97
3.63
4.69
4.28
120.14
108.08
88.51
94.81
114.93
118.81
Apr. 26
3.52
2.82
2.98
3.50
4.72
4.31
3.22
108.85
123.79
3.00
4.75
4.34
3.24
3.06
Apr. 26—
16.18
3.04
19-
15.94
108.46
123.56
119.92
107.30
88.07
94.33
114.51
118.38
19
3.54
2.83
2.99
108.27
119.69
107.11
87.93
94.33
114.30
118.38
12
3.55
2.83
3.00
3.01
4.76
4.34
3.06
16.38
123.56
3.25
12-
114.51
118.81
5
3.53
2.80
2.99
3.00
4.72
4.31
3.24
3.04
29
3.57
2.83
3.02
3.02
4.79
4.37
3.27
3.08
21
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
3.66
4.80
4.38
3.28
3.10
5—
17.10
108.66
124.25
119.92
107.30
88.51
94.81
Mar.29—
16.87
107.88
123.56
119.25
106.92
87.49
93.85
113.89
118.38
107.69
123.56
119.03
106.36
87.49
93.85
113.68
117.94
21-
15.
81—
Feb. 23.
16-
16.36
Mar
-
16.74
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
15.
3.59
2.84
3.04
123.10
118.38
106.17
87.21
93.69
113.07
117.72
8
3.59
2.85
3.00
3.66
4.81
4.38
3.09
107.49
3.31
16.03
105.79
87.07
93.53
112.86
117.07
1
3.61
2.87
3.06
3.08
4.82
4.39
3.32
3.12
3.33
3.12
3.10
122.63
118.38
15.42
107.11
15.32
107.30
123.10
118.60
105.79
86.92
93.85
112.00
117.07
Feb. 23
3.00
2.85
3.05
3.68
4.83
4.37
118.81
105.98
87.07
94.01
112.86
117.50
16
3.69
2.84
3.04
3.67
4.82
4.36
3.32
107.49
123.33
3.04
3.67
4.83
4.36
3.33
15.48
3.11
9-
15.44
107 30
122.86
118.81
105.98
80.92
94.01
117.29
9
3.00
2.86
118.60
105.41
80.78
93.69
112.45
110.86
2
3.02
2.87
3.05
3.70
4.84
3.13
106.92
122.63
3.34
15.43
4.38
2.
110.86
27
3.62
2.87
3.00
3.70
4.85
4.38
3.35
3.13
112.60
Jan. 27-
15.54
106.92
122.63
118.38
105.41
86.64
93.69
112.25
117.94
105.41
80.21
93.21
112.25
116.43
20
3.64
2.88
3.08
3.70
4.88
3.16
106.54
122.40
3.35
15.65
4.41
20-
118.10
105 00
86 60
93.53
112.25
110.64
13
3.63
2.88
3.07
3.69
4.80
3.14
122.40
3.35
15.96
106.73
4.39
13-
3.69
4.82
4.37
3.34
3.14
3.36
6-
Hlgh 1940
16.03
106.92
122.86
117.72
105.60
87.07
93.85
112.45
109.44
124.25
120.59
109.05
89.25
95.62
116.00
119.25
89.10
110.83
112.05
3 62
2.86
3.09
High 1940
3.81
3.05
3.10
3.78
5.24
4.68
3.42
Low 1940
3.49
2.80
2.90
3.51
4.67
4.26
3.17
3.02
3.04
116.64
17.18
Jan.
81.35
6
1940
13.02
103.38
118.60
115.59
103.93
17.72
106.92
118.60
105.22
87.78
94.33
112.05
110 43
High 1939
4.00
3.34
3.55
4.10
5.26
4.76
High 1939
122.40
3.76
98.28
81.09
87.93
104.30
106.54
Low 1939
3.02
2.88
3.05
3.71
4.77
4.34
3.36
3.16
3.70
2.94
3.13
3.81
4.91
4.46
3.41
3.23
4.09
3.18
3.57
4.11
5.50
5.08
3.76
3.43
Low
08.77
100.00
112.46
108.27
Aug .23*39
2 Yrs.Ago
15.88
105.41
121.04
116.86
103.38
85.79
92.43
111.03
114.72
Aug. 23, 1939—
Aug .23*38
12.37
98.45
115.78
107.88
98.11
78.08
83.46
104.30
110.63
Aug. 23, 1938—
Low 1939
1
1 Yr. Ago
Year Ago—
2
Years Ago—
computed from average yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either tne average
level or the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement o*
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bond* used In computing these Indexes was published In the issue of July 13, 1940, page 160.
*
These prices are
1,160 pages,
This offers a strik¬
ing comparison with the first copy issued at the turn of
the century, when a complete coverage of leading Canadian
corporations involved only 126 company analyses.
A total of
one
The Business Man's
Bookshelf
A
Annual Financial Review—Canadian
Houston's Standard Publications, Toronto,
Canada.
1940 Edition.
1,160 pages.
Marking the fortieth consecutive year of publication,
1940 issue of Houston's "Annual Financial Review"
just been released for
distribution.
1,335 companies is covered in the
of the largest
new
this
year
is a three-year
comparison of
accounts of more
60% of the companies, increasing the book's value for
balance
than
feature
issues yet published.
sheets
and
income and surplus
analytical study.
The book
the
has
gives easy reference to
details of the various
companies, such as dividend records extending back over a
number of years, description of plant and properties, details
of
funded debt,
&c.
In addition to industrial companies,
The Commercial & Financial Chronicle
1054
producing gold and base metal mines are reviewed and
of the Western oils are included.
A record of high
and low prices of all listed stocks and bonds extending back
many
period of years is also given in the "Review," which
has the official sanction of the Toronto and Montreal Stock
over
a
Grain
Individual
records
sales
posted
are
of
the
Toronto,
24,
1940
representative list of brokers in other
as well as details of Dominion,
Exchange, a
is given,
Canadian cities
other information
provincial and municipal financing, and
otherwise difficult to obtain.
"Review" during the year, financial
Supplementing the
dividend announcements from the various
and
statements
Exchanges
Aug.
subscribers in a loose-
companies are printed and sent to
Montreal,
leaf service
Calgary and Vancouver Stock Exchanges and the Winnipeg
and issued by Houston's Standard Publications,
184 Bay Street, Toronto.
Calgary and Vancouver Stock Exchanges, along
with a tabulated form of authorized commission rates.
In addition to a list of members of the Toronto, Montreal,
THEfSTATE
TRADE—COMMERCIAL EPITOME
OF
Business
continues
activity
to
expand.
Reports from
favorable, and a strong
feeling of optimism concerning the future prevails in many
As the defense program gets into full stride it
quarters.
is
Output for the
preced¬
ing week's total of 2,589,318,000 kwh. and 238,476,000 kwh.
over
the 2,367,046,000 kwh. recorded in the week ended
2,641,723,000 kwh. were produced.
latest
reporting week was 16.804,000 kwh. above the
Aug. 19, 1939.
Freight traffic of the railroads
expected to serve as a powerful stimulus to general busi¬
and a high degree of activity is expected over a con¬
ness,
Aug.
War orders from Great Britain
cars,
or
period of time.
playing a considerable part in current business expan¬
sion, and should England succeed in holding off her foes,
it very
likely means the war will be a long-drawn-out affair.
Sharp increases in both exports and imports of the United
States during
The report
said that exports in the period from September,
1939, to June, 1940, were valued at $3,273,000,000,
than in the corresponding period of 1938-39 and 16%
more
above the
at
comparable 1937-38 period, when such trade
during the current
period
It
stressed
that
realized
was
American
for
market
the
level.
high
relatively
a
that
35%
or
increase
despite
has
goods
the
was
fact
the
been
closed
or
2.2%
during the week ended
increase of 16,145
an
cars,
the previous week, the Association of
over
The total repre¬
reported yesterday.
Railroads
American
10.9%, compared with a
year ago, and an increase of 145,237 cars, or 24.3%, com¬
pared with the corresponding week in 1938.
sented
of 73,328 cars,
gain
a
naval
and
military
or
defense
for
funds
Government
the first 10 months of hostilities in Europe
reported by the Department of Commerce this week.
were
to 743,121
17 amounted
siderable
are
The all-time high was set Dec. 23, 1939,
Electric Institute.
when
Friday Fight, Aug. 23, 1940.
business and industry are decidedly
"Blue Book" as it is familiarly known,
The "Review," or
is compiled
projects
including
construction,
manufacturing
and
plants,
this
boosted the volume of engineering construction awards
week to
peak for the year.
near
a
The awards total $128,-
449,000, the second highest week in the year, according to
Volume for the week consti¬
"Engineering News-Record."
tuted
184% rise
a
the preceding week and a gain of
over
109% over the corresponding 1939 period.
Public construc¬
$109,435,000, accounted for largely
tion awards amounted to
Radford,
restricted
severely in a growing number of European coun¬
by the contracts for the smokeless powder plant in
tries
result of
Va.; the tank plant in Detroit, and the fleet operating base
as a
Despite
a
developments.
war
siight dip in steel production, business activity,
measured by the weekly "Journal
as
continued
to
compared
with
gain last week.
of Commerce" index,
The index
rose
to
106.8,
105.4 last week and 92.8 during the
sponding week last year.
as
corre¬
It is pointed out that in evaluat¬
ing this gain it should not be overlooked that the "Journal
Commerce"
of
business
index is
not
adjusted for seasonal
to
buying last week turned
slightly
heavier,
backlogs which are already too heavy in
but
total
for
the
its
mid-week
orders
for
August to date
are
adding
products,
some
well
below those
last month, the "Iron Age" reveals in
It estimates steel output at
survey.
normally consumers of steel in
90.5%
any
the Nation's defense program is making
quantity
are
now
that
and
plants
making
progress,
peace-time
however
products
are
gradually changing over to defense products," the magazine
the
Commenting
last
week,
on
the improvement in orders during
review
the
says
that
is
part
traceable
to
Detroit, where automobile production is advancing sharply.
Another factor in
Great Britain.
fense
are
the
improvement is larger purchases by
"Tonnages ordered
not
so
far for national
de¬
yet significant, but steel producers report
a
slow and steady increase in the amount of steel
being booked
for
such
says that
purposes,"
the
magazine
continues.
The
general rise in prices of steelmaking
a
accompanied
a
while
structural
steel
awards
for
has
Railway
the last
week
were
22,000 tons against 21,400 tons in the preceding week.
New
structural
9,425
projects
tons
amounted
a
ago,
23,700 tons compared with
while
the United
by the
9%
greater
than
1939 week.
preceding
the
$2,077,277,000,
struction for the year to date is
the 34-week 1939
Total con¬
4% above
or
18%
Private awards are up
period.
com¬
steel
only
lettings
and
power
industry of
States for the week ended Aug. 17 reached the
an
as
2,606,122,000 kwh.
were
increase of 10.1% over the corresponding 1939
week, according to figures released yesterday by the Edison
climb,
Output of automobile plants continued its seasonal
reaching
estimated total of 23,732 cars and trucks this
an
week, Ward's Reports, Inc., said today.
The total compares
and 17,765 units
20,475 units in the preceding week,
this week
slowed
a year
up
Lower
Ward's said the rate of advance was
ago.
quickened
Inc.,
reported
retail
today.
in
noted
was
indicators
which
this week,
Dun
General business,
wholesale
showed
All
lines.
"For
gains.
goods
demand for fall
touched off
sales
many
marked the real opening of the fall
&
Bradstreet,
according
credit agency, maintained a fairly even pace.
sion
"bugs"
been cleared.
temperatures
and
initial production
by
somewhat
have largely
major
statistical
retailers the
season.
the
to
Some expan¬
week
New lines of
ready-to-wear especially benefited from the turn to cooler
weather, but furniture and other promotional merchandise
also showed
somewhat broader movement.
a
Although the
drop in temperature abruptly cut short demand for summer
goods,
reports
dition
in most
volume
of the
of
1939 level
this
a
indicated
retail
year
were
week
between
There
and
unusualy
an
outlets.
ago
slight widening
reported by all major regions of the country
the
average
gain for all was estimated at
were
no
unusual features to the weather
However, there
were some
in the northern
temperatures
were
108
highest temperatures
very
news
In the atter
area
degrees to 109 degrees,
were
the
high tempera¬
Great Plains, locally in the
the latter temperature reported at
in the
a
con¬
sales
Increase in sales volume over the
Northwest, and in the Southwest.
the
stock
8% and 11%.
past week.
mum
healthy
Comparisons with the
generally showed
margin of gain.
tures recorded
electric light
highest total for all time
produced,
reinforced
to 10,440 tons.
Production
second
were
week
the
survey
scrap
quiet resumption of mill buying.
equipment buying is stated to have been light in
week,
was
week, but dropped 33% below the 1939 volume.
Some companies
entering the market, "a development which indicates that
states.
construction
Private
now
slow,
and shows a gain of 292% over the
previous week and 230% over the corresponding
with
like period
of capacity, up a point from a week ago.
not
This public construction business is
Pedro, Calif.
the highest of the year
pared with last year.
variations.
Steel
San
at
two points.
maxi¬
with
Elsewhere
generally in the 90's, except
Lake region and along the Pacific Coast.
The mod-
Volume
erate
to
sections
The Commercial &
151
Valley
from many Central
rains reported
heavy
accompanied by generally favorable tempera¬
were
considerably bene¬
fited.
In many sections from the eastern third of Kansas
and Nebraska eastward over portions of the Ohio Valley
rains were sufficient to greatly improve the moisture situa¬
tures, and as a result all late crops were
tion, with
Heavy to excessive
rains caused much washing and flooding in the Piedmont
sections of the Carolinas and Virginia, with many lowland
general improvement of minor crops.
In the
the weather has been generally cool
destroyed and considerable damage to others.
crops
New York City area
and
clear during the past
Today
cloudy
Partly
degrees and a maximum of 78 degrees.
and
looked
weather is
cooler
for tonight and on
Saturday, with moderate to fr^sh northwest winds, dimin¬
ishing
Estimated lowest temperature for the
Saturday.
on
city and its environs tonight is placed at 55 degrees.
Overnight at Boston it was 59 to 69 degrees; Pittsburgh,
58
Portland, Me., 46 to 72; Chicago, 57 to 72; Cin¬
to 77;
cinnati, 57 to 86; Cleveland,
58 to 72; Detroit, 52 to 74;
Savannah, 69
Milwaukee, 49 to 65: Charleston, 67 to 84;
to
82;
with the
Kansas City, Mo., 66 to 82;
Springfield, 111., 58 to
95, and
84; Oklahoma City, 67 to 85; Salt Lake City, 74 to
had 5,134 air-conditioned passenger cars in opera¬
an increase of 110 compared with July 1, 1939.
tion,
or
Loadings
Car
Freight
Revenue
10.9% in Week
Up
Ended Aug. 17
Loading of
freight for the week ended Aug. 17,
Association of American Railroads
Aug. 22. This was an increase of 73,328 cars
revenue
totaled 743,121 cars, the
announced
on
the corresponding week in 1939
cars or 24.3% above the same
10.9% above
or
1938.
Loading of
increase of
The Association further
week.
Miscellaneous freight
reported:
increase of 3,125
loading totaled 285,607 cars, an
and an increase of 26,430 cars
above the preceding week,
cars
and an
week in
revenue freight for the week of Aug. 17
16,145 cars or 2.2% above the preceding
145,237
increase of
above the
corresponding week in 1939.
•
than carload lot freight totaled 149,891
cars, an increase of 256 cars above the preceding week, but a decrease of
3,482 cars below the corresponding week in 1939.
Coal loading amounted to 135,272 cars, an increase of 9,375 cars above
the preceding week, and an increase of 20,748 cars above the corresponding
Loading
of merchandise less
week in 1939.
increase of
of 617 cars below the
corresponding week in 1939.
In the Western Districts alone, grain and
grain products loading for the week of Aug. 17 totaled 29,785 cars, an
increase of 2,933 cars above the preceding week, but a decrease of 800 cars
and grain products
Grain
1,962 cars above the
below the corresponding
above the
loading totaled 43,348 cars, an
preceding week, but a decrease
week in 1939.
increase of 2,085 cars
of 267 cars above the corre¬
amounted to 12,833 cars, an
Live stock loading
Seattle, 54 to 67.
1,
The Pullman Co. on July
date last year.
same
this year,
was an
fair and cool, temperatures touching a mini¬
was
of 64
mum
week.
increase of 525 compared
July 1, this year, had 6,852, an
meadows and
marked revival of pastures and
a
1055
Financial Chronicle
preceding week, and an increase
In the Western Districts alone, loading of live
the week of Aug. 17 totaled 9,460 cars, an increase of 1,951 cars
sponding week in 1939.
stock for
During Week Ended
Unchanged from Previous Week,
Wholesale
Prices
Commodity
Aug. 17 Were
According to "Annalist" Index
Interest in commodities
was at a
low ebb
as
the "Annalist"
ILug. 17, unchanged from the previous week.
farm and food groups were
miscellaneous
Gains in the
offset by losses in the textiles and
The
commodities.
announcement
in
the
confined almost entirely to livestock
The advance in farm products was
lower.
butter and lard, with coffee and cocoa
On the toboggan, too, were
evidently did not stimulate the textile industry.
Government purchases
Cotton and worsted yarn prices receded
hides.
last week, worsteds to the lowest
Leather was down again in sympathy with the weakness in
Rubber
rose
totaled 36,355 cars, a decrease of
of 4,984 cars above the
15 cars below
corresponding
week, but an increase
week in 1939.
Ore loading
amounted to 69,206 cars,a
preceding week, but an increase
decrease of 969 cars below the
of 21,202 cars above the
corresponding week
'
in 1939.
Coke loading
amounted to 10,609 cars, an
the
increase of 326 cars above
of 3,796 cars above the
preceding week, and an increase
All districts
in 1939 and
corresponding week
reported increases
weeks
compared with the corresponding
1938.
^
1938
1939
1940
........
Four weeks of April
Four weeks of May
Five
weeks of June—...
INDEITOFWHOLESALE"COMMODITY PRICES
(1926=100)
Aug. 17,
...
584.062
661.023
689.668
669.793
697.884
19,783.405
18,275,087
Week of Aug. 10
Week of Aug. 17
1940 Aug. 10. 1940 Aug. 19. 1939
73.0
72.6
67.2
Food products
69.1
69.0
63.5
Textile products
65 3
65.7
63.2
Farm products
3
Week of Aug.
656.553
21,920,674
—
2,288.730
2.282.866
743.121
—
weeks of March—....—
Four weeks of July
slightly.
•ANNALIST" WEEKLY
Five
Fuels
85.6
85.6
83.0
Metals
96.6
96.6
95.7
Building materials
71.6
71.6
70.9
Chemicals
86.7
86.7
85.1
Miscellaneous
77.0
77.6
69.0
All commodities
79.2
79.2
75.1
2,256,717
2,665.416
2,486.863
3,122,656
2,494.369
2,712.628
3,534,564
2,825.752
718,430
726,976
Four weeks of January
Four weeks of February
nominally lower.
level this year.
products loading
the preceding
The meats were generally higher and wheat flour
noted.
were
Most of the
Among the foods, similar
Eggs and apples were also higher.
grains, wool, cotton and hides were on the skids.
tendencies
corresponding
in 1939.
matter, issued Aug. 20, continued:
with the exception of cows.
of 96 cars below the
preceding week, but a decrease
week in 1939.
Forest
price index remained at 79.2 in the week ended
wholesale
above the
Total.
2,976.655
2,225.188
2,363,099
2,155,536
2.746,428
2.126,471
2,185.822
3.127.262
2,759,658
2.632.236
2,272.941
for the week ended
total of 326,404 cars of revenue
freight on their own lines, compared with 331,200 cars in the
preceding week and 308,785 cars in the seven days ended
Aug. 19, 1940.
A comparative table follows:
The first 18
major railroads to report
17, 1940 loaded a
Aug.
REVENUE FREIGHT
LOADED AND RECEIVED
FROM
CONNECTIONS
(Number of Cars)
New
Cars Ordered
Freight
Totaled 19,765
on
Aug. 1
Aug. 1, 1940 had 19,765 new freight
cars on order,
the Association of American Railroads an¬
nounced on Aug. 19.
On July 1, 1940, they had 16,933 on
order, and on Aug. 1, last year there were 8,473.
The
Class f railroads
Association further announced:
The new cars on order on
Aug. 1, this year included 11,565 box, 7,218
refrigerator and 322 miscellaneous cars.
Aug. 1, this year also had 168 new locomotives on
Class I railroads on
Diesel. On July 1,
1940, there were 124 new locomotives on order, of which 97 were steam and
27 were electric and Diesel.
New locomotives on order on Aug. 1, last year,
totaled 118 which included 72 steam and 46 electric and Diesel.
In the first seven months of 1940, the railroads put in service 40,416 new
freight cars compared with 10,302 in the same period last year.
Of the total number of new freight cars placed in operation in the first
seven months this year, there were 18,640 box, 19,876 coal, 606 flat, 595
115 were steam and 53 electric and
order, of which
and 611 miscellaneous cars.
refrigerator, 88 stock
|» In
the first seven months this year, the railroads also put in service 201
58 were steam and 143 electric and Diesel. Installed
in the first seven
1940
Atchison Topeka & Santa
months last year were 139 new locomotives,
Freight cars and locomotives
33.607
25,787
7,006
7,607
9,907
1,323
7,179
10,013
1.351
1.897
1,757
1.683
1.636
3,818
12,392
4.084
12.601
2.545
7,994
2,571
7.673
2,401
7.657
40,309
6,881
20.960
35,753
36.084
1,685
3.811
41.521
5.681
20.664
conditioned
Operation
and the
passenger
of
Of
the
4,579
8,897
4,109
40,050
68.100
5.077
57,498
4,711
7,625
30,317
5,372
5.089
8,272
29,984
4,894
8,214
7.640
7.833
8,143
7.660
7,036
31.010
5,207
6,184
326,404 331,200 308,785
RECEIPTS FROM
4,223
5.956
208,554 198,190 182,604
CONNECTIONS
(Number of Cars)
Aug. 17, 1940
cars
Illinois
10, 1940
Aug. 19.
1939
Total
22,195
28,004
11,871
Francisco Ry
22,414
29,520
Island A Pacific Ry.
Central System
St. Louia-San
Auo.
23,164
11,913
27,973
11,471
64,555
Chicago Rock
Pullman Co. had 11,986 airin operation on July 1, 1940,
62,331
61,639
to
air-conditioned passenger cars on
increase
10,442
4,632
6,430
7,164
TOTAL LOADINGS AND
leased or otherwise acquired are not In¬
reports just received by the Association of
American Railroads and made public on Aug. 23.
This was an increase of 635 compared with the number
according
39.612
10,699
69,582
Air-Conditioned Passenger Cars
in
railroads
42.709
5.614
19.640
1,339
Weeks Ended—
Railroads Have 11,986
I
2.633
9,277
44,175
4,997
7.342
cluded in the above figures.
Class
15.809
43.521
—
-
7,178
7.437
7.865
15.652
York Central
Total
10.065
13,952
N. Y. Chicago & St.
of which 20
16.564
10.892
5.331
21,163
12.991
Ry..
18.130
11.097
18,265
14,149
RR
Lines..'—...
Louis Ry...
Norfolk & Western Ry
Pennsylvania RR
......—
Pere Maryuette Ry
Pittsburgh & Lake Erie RR-.
Southern Pacific Lines.....—...
New
4,972
19.754
24.629
20.726
15.609
2.853
1.541
RR
Missouri-Kansas-Texas
Missouri Pacific RR
5.245
30.569
14,286
2,997
International Oreat Northern
18,290
33,758
24.423
21.134
Gulf Coast Lines
and 119 electric and Diesel.
were steam
18,195
Fe Ry.
RR..........
Chesapeake & Ohio Ry..
Chicago Burlington & Quincy RR.
Chicago Milw. St Paul A Pac Ry.
Chicago & North Western Ry
Wabash
locomotives, of which
Weeks Ended—
10 Aug. 19 Aug. 17 Aug. 10 Aug. 19
1940
1940
1939
1940
1939
Aug. 17 Aug.
Baltimore & Ohio
coal, 360 stock, 250 flat, 50
Received from Connections
Loaded on Own Lines
Weeks Ended—
on
of 271
total
July 1, 1939, and an
since Jan. 1, this year.
number of such cars,
Class I railroads on
In the
following
we
undertake to show also the loadings
week ended Aug. 10,
increases when
for separate roads and systems for the
1940.
During this period 92 roads showed
compared with the same week last year:
The Commercial & Financial Chronicle
1056
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED AUG 10
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from, Connections
1940
Eastern
Ann
662
Arbor
Boston
Sc
1938
1939
1940
591
578
1,148
1,094
702
793
233
215
7,244
6,637
9,130
8,644
1,304
1,804
1,612
2,139
1,854
14
11
20
67
101
1,198
Chicago Indianapolis & Louisv.
Delaware & Hudson
6,548
Delaware Lackawanna Sc. West.
7,950
1,147
5,338
7,961
1,173
3,241
7,096
1,967
7,279
6,978
1,750
7,041
5,936
406
398
441
155
129
.......
Detroit & Mackinac
2,672
12,113
7,008
1,906
1,244
6,667
1,847
167
11,096
2,828
172
Lehigh Sc Hudson River
Lehigh Sc New England
Lehigh Valley
159
167
1,914
8,225
...
1,780
8,191
2,434
3,913
2,102
5,957
2,372
2,801
2,825
Maine Central......
1,111
5,002
2,285
40,783
9,186
N. Y. N. H. & Hartford.......
939
790
5.450
4,495
404
.....
35,743
9,410
1,148
5,881
....
Montour
New York Central Lines
361
New York Ontario Sc Western..
N. Y. Chicago Sc St. Louis
N. Y. Susquehanna & Western.
7,628
5,242
Pere Marquette
5,077
4,666
327
187
39
62
39,138
11,390
1,809
35,958
10,364
1,804
8.909
10,442
1,247
7,339
4,997
1,163
6,291
4,281
81
i, 548
3,948
832
1,795
1,274
6,063
1,625
199
1,632
31,002
8,120
Pittsburgh Sc Lake Erie..
40
171
Pittsburgh Sc Shawmut
348
332
323
225
198
1,067
892
834
625
561
5,372
4,502
4,906
4,040
5,142
3,396
1,906
1,061
7,660
3,073
1,375
588
133,181
114,223
154,208
503
404
421
816
769
33,758
29,074
4,921
23,884
18,130
lfc,711
2,464
16,316
2,074
Rutland..
Wabash
..........
Wheeling Sc Lake Erie
Total.
894
6,231
326
279
298
5
6
Cambria Sc Indiana
1,338
1,420
919
18
16
Central RR. of New Jersey
Cornwall
6,160
5,835
4,454
11,610
10,287
1,234
1,289
1,154
8,716
21,764
8,347
2,823
3,893
19,962
7,773
18,798
3,467
4,367
13,639
13,778
474
411
447
635
581
147
159
162
727
970
97,229
94,421
88,259
60,861
59,760
20,739
18,830
2,423
19,077
16,194
10,013
Seaboard Air Line
Southern System
Tennessee Central
Southbound.
Winston-Salem
_
Total
Northwestern
District—
Chicago Sc North Western
Chicago Great Western
2,668
20,179
Chicago Milw. St. P. Sc Pacific.
Chicago St. P. Minn. Sc Omaha.
Duluth Missabe Sc Iron Range
3,759
817
Maryland
512
510
161
144
20,593
17,465
2,852
2,965
596
518
592
508
3,403
3,091
518
73
90
1,944
7,227
9,683
2,007
1,666
2,408
3,778
2,297
Northern
10,992
Pacific
257
340
350
305
1,587
2,185
1,577
1,917
110,198
93,110
43,299
41,557
18,290
2,938
17,871
2,966
18,768
5,245
1,959
4,756
2,989
557
459
350
66
62
14,149
1,949
11,229
2,307
14,010
15,304
7,006
6,666
1,600
10,713
2,221
1,557
11,776
717
609
7,518
2,214
2,468
581
741
805
3,243
Total.
2,635
2,749
1,328
2,893
6,984
2,280
1,200
2,622
Central Western District—
Bingham Sc Garfield
Chicago Burlington Sc Quincy..
Chicago Sc Illinois Midland
Chicago Rock Island Sc Pacific.
Chicago Sc Eastern Illinois.....
Colorado Sc Southern
35
45
33
Denver & Salt Lake
49
38
Fort Worth Sc Denver City
520
537
1,154
58,811
12,500
10,899
Nevada Northern
North Western Pacific
1,110
2,397
1,486
51,007
44,175
2,251
1,379
39,615
10,674
16,787
14,319
6,058
2,998
4,876
2,908
6,490
4,409
5,246
129,693
104,623
110,562
96,803
Denver Sc Rio Grande Western.
Illinois
20,960
.....
20,020
4,128
18,699
4,504
Virginian
4,393
10,892
4,579
Terminal
450
297
905
1,111
928
815
1,711
1,797
1,581
1,516
453
292
49,776
881
1,544
242
853
1,327
123
58
971
944
586
613
22
34
23
25,949
24,862
23,721
4~ 638
4,239
1,120
Peoria Sc Pekin Union
Southern Pacific
(Pacific)
266
270
257
1,175
15,012
Union Pacific System
13,998
13,488
8,401
42,642
48,898
210
124
9
4
1,913
1,807
2,476
2.409
105,747
100,937
101,700
49,595
45,960
957
4,206
Total.
16,750
15,399
Burlington-Rock
District—
149
118
2",646
1,541
1,803
250
2,375
1,970
267
1,351
1,683
1,392
1,560
163
2",853
Island
129
Gulf Coast Lines..
244
7,289
403
2,048
Fort Smith Sc Western.*
Southern District—
Alabama Tennessee Sc Northern
25
1,441
1,073
Missouri-Illinois
Southwestern
Total..
18
552
10,236
1,279
2.408
1,051
1,806
Western Pacific
19,439
3,679
342
42
24,750
9,749
1,621
1,719
International
Spokane Portland Sc Seattle.^.
60
24,423
5,786
129,665
Spokane
Utah
Norfolk Sc Western...
197
6,676
177
Pocahontas District—
Chesapeake <fc Ohio
4,326
2,081
562
155,298
5,881
534
Toledo Peoria Sc Western
Total.
450
4,258
Minn. St. Paul & S. 8. M
90
19,090
3,314
4,056
570
285
Minneapolis Sc St. Louis
1,282
(Pittsburgh)
3,434
653
Lake Superior Sc IsbpemlDg
587
13,561
9,265
2,487
7,250
494
Green Bay Sc Western
201
68,100
....
7,179
23,907
Ft. Dodge Des Moines & South.
Great Northern
667
Co
2,480
1,013
6,458
9,363
Elgin Jollet Sc Eastern
2,466
19,492
3,620
7,349
3,856
13,051
21,992
.
Duluth South Shore Sc Atlantic.
66
Penn-Reading Seashore Lines.
Pennsylvania System
Western
364
322
651
Reading
Union
402
364
251
Cumberland Sc Pennsylvania..
Llgonier Valley
Long Island
1,969
2,098
344
Atch. Top. Sc Santa Fe System.
Alton
Bessemer Sc Lake Erie
Buffalo Creek Sc Gauley..
814
397
...
6,733
Allegheny District—
Akron Canton & Youngstown.
Baltimore Sc Ohio
1,975
2,370
986
1,725
Northern
Southern
Piedmont
137,922
Pittsburgh Sc West Virginia
2,408
946
Richmond Fred. Sc Potomac—
Norfolk
2,759
145,753
Pittsburgh Shawmut Sc North..
1,606
2,629
1,428
2,808
1,034
Mobile Sc Ohio
Nashville Chattanooga Sc St. L.
2.078
10,298
5,846
226
11,720
3,078
1939
1,161
199
........
Orand Trunk Western...
Monongahela.
1,049
12,423
3,387
Detroit Sc Toledo Shore Line...
Erie
1,171
1.449
1,391
Detroit Toledo Sc Ironton
1940
Southern District—(Concl.)
816
Central Indiana....
Central Vermont...
from Connections
1938
1939
1940
1939
7,216
Maine..
Total Loads Received
Total Revenue
Freight Loaded
Railroads
District—
Bangor Sc Aroostook.
Aug. 24, 1940
257
180
179
146
711
705
639
1,281
1,192
193
353
155
658
791
730
730
754
559
603
Kansas City Southern
1,841
1,666
8,975
7,818
Central of Georgia
Charleston Sc Western Carolina.
Louisiana Sc Arkansas
1,823
1,587
1,832
1,217
3,665
3,732
3,477
4,408
2,366
Litchfield Sc Madison
297
303
243
919
534
427
407
617
589
211
1,396
1,119
Columbus Sc Greenville
Durham Sc Southern.*........
2,020
Midland Valley
Missouri Sc Arkansas.
512
1,410
1,151
1,766
244
Cilnchfieid
4,676
2,487
1,089
1,811
1,788
1,709
7,719
168
168
123
280
239
187
380
254
262
287
Missouri-Kansas Texas
2,159
169
313
679
Missouri Pacific
3,795
12,465
2,571
157
13,077
7,673
7,620
...
364
3,818
12,413
3,822
192
Florida East Coast
380
422
651
529
86
80
87
111
137
....
25
31
30
102
62
Quanah Acme Sc Pacific
St. Louis-San Francisco....
897
840
1,433
1,503
6,340
2,069
6,428
1,234
6,577
1,903
2,308
3,824
1,781
2,766
3,021
Atl. & W
P.—W. RR. of Ala..
Atlanta Birmingham Sc Coast..
Atlantic Coast Line.*
....
Galnsvllle Midland.....
Georgia
Georgia & Florida
356
724
765
336
523
1,524
19,004
21,960
1,515
18,345
20,704
1,418
18,399
18,328
1,100
9,546
4,869
1,178
9,269
4,802
125
Gulf Mobile Sc Northern......
Illinois Central System........
Louisville Sc Nashville
Macon Dublin Sc Savannah....
108
142
513
217
St.
333
133
year's
Kansas Oklahoma Sc Gulf
132
figures revised.
113
• Previous
figures,
x
Discontinued
Jan.
week
a
Friday. The principal individual changes
higher prices for hogs and wool, and a decline in hides.
The movement of the Index
Aug.
Sat.
Aug.
Mon.
Aug.
Tues. Aug.
Wed.
Aug.
Thurs. Aug.
Fri,
Aug.
16
17
19-..
20
21
22
23
of
149.3
follows:
was as
Two weeks ago, Aug. 9
Month ago, July 23
Year ago, Aug. 23
149.9
1939 High—Sept. 22
150.8
Low—Aug. 15
1940 High—May 13
149 9
151.1
150.7
153.3
141.3
.172.8
138.4
166.8
Low—Aug. 19
149.6
Statistics
Index
of
Wholesale
for
an
Statistics'
during
the
reported
commodity
index
of
ended
Aug.
on
advance
index
week
22.
to
Com¬
of
0.4%
in
wholesale
Aug.
"The
77.2%
is
up
"In
the
week.
commodities
"All
0.3%;
The
of
commodities
farm
group
0.4%
;
0.2;
and
of
products,
advance
of
0.2%;
miscellaneous
1.2%
and
products,
for
fuel
commodities,
chemicals and allied products,
textile
26
33
43,695
45,011
29,945
29,709
An
advance of
cheese, rice,
index
for
to
flour,
price
of
fruits,
oils.
0.1%.
on
0.3%;
Metals
and
most
A
the
increases for
lower
were
for
During
the
low
and
the
cotton,
week
the
lighting
the
materials,
other
hand,
rose
hides and leather products,
metal
products
and
house-
such
of
result
of
prices
were
beans,
prices
com¬
level.
July
late
the contrary,
on
to say:
brought the foods
lard,
for
group
Quotations were lower
edible
and
tallow,
moderate
and
livestock
Grains declined 2.6%. Prices
index.
wheat, and cattlefeed, as well
rye,
and
leather
lower
as
and
copper
products
cotton
copper,
brass
lead,
goods, yaw
for
fell
to
and
silk, and
quicksilver,
pig tin,
fats and oils,
stearic acid, tallow, and
pound in castor oil prices
production
reported
index
group
and for certain
oil, cylinder oils,
cent per
as
beans, onions, and wool.
reduced prices for hides, skins,
industrial
for
metals
castor
one
the
and
was
reported
costs.
Pennsylvania
fuel oil,
for anthracite,
turpentine.
The
0.1%.
declined
hides
weakened
for
decline of
for
on
apples, oranges, lemons,
the
manufaciures
The
be
group
point of the year because of
Higher
the index
in
oats,
corn,
particularly linseed oil,
to
foods,"
"all
of
group
the
flaxseed, and potatoes accounted for the advance
eggs,
barely,
live poultry,
wax.
"Com¬
and
red salmon
cocoa
advance
0.2% in the farm products
also
average,
to
reached since July 20.
vegetables,
marked
and
1926
large
products
and canned
highest point
Prices
foods, building materials
and
meal,
corn
the
yarns,
all-
the
5.8% for meats, together with higher prices for butter,
worsted
the
farm
semi-manufactured
and
0.4%
rose
during the
steady
were
0.6%
index for
The
products"
than
general
in
advanced
The Bureau's announcement went
leather.
brought
farm
other
prices
furnishing goods remained unchanged from last week.
17
0.1%.
and
an
52
22
materials
raw
0.6%
than
Lubin
3.5%
to
52
commodities
declined
other
commodity
increase
the
of
prices
Manufactured
modities
mainly
Bureau
the corresponding week of last
year
addition
2,931
238
43,508
Commissioner
17,
of
were
highest level reached this month," Mr. Lubin said.
pared with
3.712
193
25
Total
for
Higher prices for foods, particularly meats,
responsible
5,976
3,357
24, 1939.
-.150.3
modity Prices Advanced 0.4% During Week Ended
Aug. 17
Labor
6,013
157
Weatherford M. W. Sc N. W...
declined
149.6
Labor
5,907
3,245
......
Wichita Falls & Southern
vegetable
Bureau
774
4,212
1,902
2,313
Texas & New Orleans
Texas Sc Pacific
Wholesale
from 149.3
rose
ago to 150.7 this
Fri.
_
Louis Southwestern
Moody's Commodity Index Advances
Moody's Daily Commodity Index
were
Lines.
1,093
408
Mississippi Central
Note—Previous
International-Great Northern..
1939 and the
to
Prices
continued
following tables show (1)
commodities
ago;
steel.
scrap
(2)
for
the
past
three
to
advance
index numbers
weeks,
for
July
for yellow
pine lumber
for the main
20,
1940,
groups
and Aug.
of
19,
percentage changes form a week ago, a month ago, and a year
important percentage changes in subgroup indexes from Aug.
Aug. 17, 1940.
10
Volume
The Commercial &
151
1057
Financial Chronicle
PERCENTAGE INCREASE FROM
PREVIOUS YEAR
Percentage Changes to
Commodity Groups
Aug. 17, 1940 from—
'
(1926=100)
17,
10,
1940
July
Aug.
Aug.
Aug.
1940
Aug.
10,
20,
1939
20,
19,
1940
1940
1939
19.
1940
3,
1940
Aug.
July
Aug.
77.2
76.9
77.0
77.6
74 6
+ 0.4
—0.5
-"-3.5
65.3
65.2
65.2
67.3
60.4
+ 0.2
—3.0
+ 8.1
70.1
69.3
69.1
70.4
66.2
+ 1.2
—0.4
+ 5.9
97.7
97.9
98.1
99.9
92.8
—0.2
—2.2
71.7
71.8
71.8
71.9
67.4
—0.1
—0.3
+6.4
71.7
71.6
71.7
71.8
73.6
+ 0.1
—0.1
—2.6
94.9
94.9
94.9
94.9
93.5
0
0
Building materials
93.1
92.8
92.8
92.8
89.5
Chemicals and allied products
76.5
76.7
76.8
76.9
+ 0.3
-—0.3
+ 0.3
—0.5
+ 1.5
+4.0
Housefurnlshlng goods
90.0
90.0
90.0
90.0
87.0
73.0
All commodities
Farm products
Foods
•
Hides and leather products.
Textile
_.
«»
...
products
Fuel and lighting
materials
Metals and metal products.
-
.
*
76.4
76.7
77.4
Raw materials..
69.4
69.4
69.4
70.8
66.2
Semi-manufactured artic es__
76.7
77.2
77.3
77.8
74.3
—0.6
—14
Manufactured commodities__
81.3
80.8
80.8
81.1
79.0
+ 0.6
+0.2
+4.7
+4.8
+3.2
+2.9
79.8
79.5
79.6
79.9
77.7
+ 0.4
—0.1
+ 2.7
82.1
82.2
82.3
82.4
80.4
—0.1
—0.4
+ 2.1
commodities
Miscellaneous
»*•
—2.0
0
5.6
6.4
8.0
8.9
Central Industrial
16.4
15.9
17.5
17.6
8.5
11.1
14.9
11.7
West Central
8.1
11.2
15.0
8.6
18.2
19.4
21.5
18.4
5.0
5.3
3.7
3.2
12.0
11.1
Southern States
Rocky Mountain
Pacific Coast
KILOWATT-HOURS)
OF
(THOUSANDS
WEEKS
RECENT
FOR
11.0
10.1
Total United States.
DATA
*
—1.2
77.3
—0.4
2.7
3.4
Middle Atlantic..
+ 3.4
0
0
+ 5.3
Week Ended
July 27, 1940
3.7
3.1
New England
Week Ended
1940
1940 Aug. 10,
Aug. 17,
Aug. 3, 1940
Week Ended
Week Ended
Major Geographic
Regions
Percent
Change
Week Ended
1929
1932
1937
1940
1939
1940
from
1939
All commodities other than farm
products
....
j._
5.8
Livestock and poultry
3.7
Lumber
1.7
1.0
0.8
Automobile tires and tubes
vehicles
0.5
0.4
0.3
Other textile products
Anthracite
Iron and steel
—
0.1
0.1
Decreases
Crude rubber
Oils and fats
metals
Grains
Woolen and worsted goods
Other foods
products
2,170,496
2,204,858
+ 11.1
2,206,718
2,332,216
+ 10.3
2,131,092
8
2,452,995
+ 8.7
2,214,166
15.
2,516,208
2,264,719
+ 11.1
2,213,783
2,238,332
1,435,471
1,441.532
Chemicals
_
materials
Fertilizer
2,508.825
2,285,083
29
2,514,461
2,300,268
+ 9.3
2,238,268
6_
13
2,264,953
2,483,342
2,077,956
+ 9.0
2,096,266
1.341,730
July
2,324,181
+ 6.8
2,298,005
July
July
20.
27
2,524,084
2,294,588
+ 10.0
2,258,776
1,415,704
1,433,993
1,699,227
1,702,601
1,723,428
1,592,075
1,711.625
1,727,225
2,600,723
2,604,727
2,341,822
2,325,085
2,333.403
+ 11.1
2,256,335
2,261,725
1,440,386
1,723.031
1,724,728
1.729,667
2,367,646
2,354,750
+ 10.1
1,426,986
1,415,122
1,431,910
June
July
3
Aug. 10
Aug.
Sept.
2,589,318
2,606,122
+ 12.0
Leather.*
0.1
0.1
0.1
Advanced Slightly During
17,
According to National
1,750,056
1,464,700
2,289,960
7
2,320,982
2,154,276
1,423,977
1,761,594
1,674,588
According to Horwath &
and
Occupancy
Slightly
Trend of Business in Hotels,
last
Fertilizer
ended Aug. 17 rose
in wholesale commodity prices
the price index compiled by the
according to
week,
National
This index
Association.
in the week
to 74.7 from 74.2 in the preceding week.
and 70.5 a year ago, based
The index was 74.8 a month ago
on
1920-28 average as 100.
the
of business in hotels,
in
Association
There was a moderate rise
The lowest point reached
by the index this year was 74.2, in the week ended Aug. 10,
and the year's peak was 78.5, in the first week of January.
The Association's announcement, under date of Aug. 19,
July
Sales
Year
weeks
livestock and meats. Advances
last week in quotations for livestock, eggs, and poultry more than offset
the effect of weakness
in cotton and grains; the result was the third
consecutive weekly rise in the index of farm product prices.
A five-week
high was recorded by the food price average, with the advance due mainly
to a rise in prices for meats and potatoes.
Increases also took place last
week
in
the group
indexes representing the prices of fuels, building
materials, mixed fertilizers, and miscellaneous commodities.
The textile
price index dropped to the lowest point reached in nearly a year.
Slight
declines
were
registered
by the
metal, chemical and drug, fertilizer
material, and farm machinery indexes.
Declines
in
individual
price
series
counterbalanced the number of
advances during the week, with
36 prices declining and 36 advancing j
in
the preceding week there were 38 declines and 22 advances; in the
second preceding week there were 36 declines and 25 advances.
in
due
the
in
increase
An
all-commodity index in each of the last two
large part to rising prices for
last
higher
Rates
year.
Association.
in
than
the
3%, and the group, "all others," had that same de¬
down
and that for this
higher, a widespread relaxing of
miscellaneous group was
policies would seem to be indicated.
rate
Whether or not
about the sale of more rooms cannot
rate reductions brought
determined, but the fact remains that a
be
rate
was
the third month in succession to show a
Special conditions again had considerable effect on the comparisons of
various localities with a
year
ago.
Chicago had the Democratic
the
last
whereas
58%
from
hotels
it
year
substantially
activities
mental
was
a year ago,
participated
tinued
and this year the furniture mart was
Convention,
National
a
year
ago,
Pacific
The
ago,
this
but
in
Chicago
Washington business con¬
of the increased govern¬
gain here in total sales for
and total sales were up 40%; 90% of the
a
Coast
The average
summer.
New York City reported the same occupancy
8%.
10% drop in rates.
again had substantial decreases from a year
section
fairly satisfactory levels, as Is
although the occupancy remained at
shown
Month
the following:
Year
Week
Ago
Ago
68.7
23.0
44.0
47.3
43.4
51.1
52.1
57.3
Fats and oils
Cottonseed oil
61.1
61.5
Occu¬
—28
—12
—16
—5
—18
80
—7
—12
0
—5
+ 10
—3
63
ages
pancy
rant
Pacific Coast
57.0
55.6
56.5
57.5
58.7
58.8
63.8
61.5
61.8
82.0
IN HOTELS IN JULY.
JULY.
59.0
81.2
OF BUSINESS
50.4
Livestock
TREND
1940, COMPARED WITH
1939
49.8
Grains
77.1
54.7
Cotton.
17.3
Fuels
81.3
10.8
Miscellaneous commodities
85.1
84.7
87.6
Textiles
Sales—Percentage of Increase
or
Decrease
77.2
69.2
69.4
70.0
Metals
91.3
91.4
91.5
88.7
6.1
Building materials
84.9
84.8
84.4
97.9
91.9
Rate
Occupancy
Same
13
Chemicals and drugs..
97.8
0 3
Fertilizer materials
70.1
70.2
69.6
68.7
0.3
Fertilizers
78.6
77.3
77.3
77.7
93.9
93.9
95.0
93.8
Farm machinery
0.3
74.7
All groups combined
100.0
74.2
74.8
70.5
Total
—7
New York City
Bever¬
Month
Last
or
Above
Edison
Electric
port, estimated that
a
Year
Institute, in
Ago
production of electricity by the electric
of the United States for the week
The current
week's output is 10.1% above the output of the correspond¬
ing week of 1939, when the production totaled 2,367,046,000
kwh.
The output for the week ended Aug. 10, 1940, was
estimated to be 2,589,318,000 kwh., an increase of 11.0%
Aug.
the
—4
(—)
—2
65
65
—10
70
58
+ 14
+ 37
+ 45
+ 42
+ 52
—1
—7
—5
—12
33
34
+ 12
+9
+7
+ 16
46
41
+2
—2
—1
—3
+1
66
64
—3
+ 13
+ 11
+ 14
+ 11
+ 20
60
53
—2
—11
—16
—3
—8
+6
68
76
—7
+4
Detroit
+4
+3
+3
—5
55
53
+2
+7
57
53
—3
+ 3
+4
+3
+6
+4
Total
+3
+ 1
+5
+4
+8
60
57
—3
Year to date
+4
+3
+5
+5
+5
64
62
—1
Monthly
—
Indexes
of
Board
Reserve
17, 1940, was 2,606,122,000 kwh.
like week a year ago.
—3
its current weekly re¬
light and power industry
ended
—10
Dec
—3
+ 40
Philadelphia
All others
The
Year
ages
+ 10
Chicago
Washington
Cleveland
Texas
Week Ended Aug. 17, 1940, 10.1%
Restau¬
rant
Pacific Coast
Electric Output for
Rooms
Food
% of
(+)
Inc.
83.0
97.9
Room
(+)
(—)
Total
63.0
7.1
8.2
over
Rates
—22
San Francisco
51.6
62.1
Farm products
1940,
Bever¬
Food
Rooms Restau¬
66.5
42.6
Foods
July, 1939
Total
Rest of
68.5
69.6
25.3
held in July,
in that city rose to 70%
Occupancy
in the business increase.
In
ahead of last year because
the first seven months is
as
in June.
Jull,
Preced'g
Week
Total Index
The
decrease.
further reported:
firm
Percentages of Change from
Aug. 17, Aug. 10, July 20, Aug. 19,
1939
1940
1940
1940
Group
Bears to the
loss
July
$1,000,000 in the monthly room business of hotels.
of
Total
Each Group
3% decline in
throughout the country represents an approximate
(1926-28=100)
Latest
Percent
corresponding
the entire country were
for
cline, and as both the general occupancy
WHOLE8ALE COMMODITY PRICE INDEX
WEEKLY
Compiled by the National Fertilizer
monthly survey of the trend
report that hotel sales and occupancy
slightly
were
of
month
continued:
was
1,733.110
1,436,440
2,357,203
Aug. 24
Aug. 31
Higher Than Last
Aug.
2,300.547
2,304,032
2,294,713
+ 11.0
Horwath & Horwath, in their
Fertilizer
1,689,925
1,440,541
1,456,961
Aug. 17
Wholesale Commodity Prices
Ended
1,705,460
1,615,085
+ 9.8
Horwath—July
Week
1,704,426
1,381,452
June
2,113,887
2,256,823
0.1
Brick and tile
1.4
1.4
0.5
0.4
Hides and skins
Cereal
Agricultural implements
Other miscellaneous
2.6
*
products
2,422,212
2,448,865
1
18
May
0.2
0.1
Other building materials
3.2
2.8
Fruits and vegetables
1,688,434
1,598,492
1,436,928
1,435,731
1,425,151
0.3
0.3
0.2
Cotton goods
6.2
3.5
3.2
Cattle feed
Other farm
2,198,646
June 22
Dairy products
Petroleum products
Meats
Non-ferrous
2,176,363
2,194,620
1,429,032
+ 10.0
+ 11.6
June
INDEXES FROM AUG. 10 TO
IN SUB-GROUP
AUG. 17, 1940
CHANGES
Increases
Motor
+ 10.3
June
No comparable data.
IMPORTANT
2,163,538
2,170,750
2,386,210
2,387,566
4
11
May 25
products and foods
*
May
May
All commodities other than farm
On Aug.
of Governors of
Federal
System for July
19 the Board of Governors of the
Federal Reserve
indexes of industrial production,
factory employment, &c.
In another item in today's issue
of the "Chronicle" we also give the customary summary of
System issued its monthly
The Commercial & Financial Chronicle
1058
business conditions in the
reported
indexes
issued
were
The
17, page 910.
columns of Aug.
these
in
United'States issued by the Board.
Board's industrial production index was
The revision of the
follows:
as
the machinery,
shipbuUding and aircraft industries, where new orders had
the first half of the year and a considerable backlog of
was maintained at high levels
been large during
unfilled
in
Aug. 24, 1940
had accumulated, activity
orders
Lumber
has subsequently increased
production declined sharply early In July but
considerable rise in new orders.
declined sharply in July and the first
accompanying a
BUSINESS INDEXES
this season.
although ordinarily there are declines at
July,
In the automobile industry output
1935-39 Average=100 for Industrial
Production
half of August as
All Other Series
1923-25 Average=100 for
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
the
July,
July,
June,
July,
1940
1940
1939
1940
1940
1939
pl21
total
June,
121
104
pll9
121
102
chiefly
104
102
the
pl21
121
pi 19
122
Durable
pi 30
131
101
pl26
134
98
Non-durable.,
pi 14
114
106
pll3
112
104
pi 17
118
107
106
Manufactures, total
Textile
Residential
All other
—
-
and retail
further in July, reflecting
increased considerably
production
marked rise in activity at woolen mills where output is still below
a
levels
of
maintained
a
year
Production of cotton and rayon textiles was
in larger volume than last summer, while
ago.
July and was
in
P118
118
p8l
74
67
p88
86
73
activity at silk mills increased somewhat from the exceptionally low level
reached in June.
Shoe production increased seasonally, while output of
69
62
p74
76
63
manufactured foods,
p86
77
71
P100
93
81
*
Factory employment, total...
Durable goods
Non-durable goods
'
.mm
97.0
101 7
103.5
*
97.9
84.4
*
100.1
76.0
95.5
93.7
mm-
mm.
'■mm'
.mm'
mm
m
*
m>'
77
69
93.5
99.4
Lakes have continued at near-capacity rates.
however, reflecting partly a continued high level
been curtailed sharply,
of stocks of
Value of
petroleum products.
construction work undertaken increased sharply in July,
new
75
75
80
82
72
82
85
74
owing mainly to a further rise in public construction,
P89
91
86
p62
87
60
68
*
64
60
level In the past decade,
68
Freight-car loadings, total
Miscellaneous
Department store sales, value
*
Department store stocks, value......
available,
sales Indexes based on dally
.Vote—Production, carloadings and department store
and
non-residential
based on three-month moving averages, centered at
States. To convert indexes to
Book, multiply total by $410,269,000,
$184,137,000. and all other by 8226,132,000.
Employment index, without seasonal adjustment, and payrolls index compiled
of F. W. Dodge data for 37 Eastern
shown In Federal Reserve Chart
residential by
Awards for both residen¬
somewhat,
building increased
private
although
decline is usual at this season.
some
Increases
Construction contract Indexes
and was at the highest
according to reports of the F. W. Dodge Corp.
and the Federal Reserve Bank of San Francisco.
tial
Preliminary.
v
Averages.
second month,
risen further and shipments of iron ore down the
Petroleum production has
Coal production has
70
75
which in June had been unusually large for that time
less than the customary increase in July.
of year, showed
83.0
*
:
Non-durable goods
Data not yet
84.7
104.1
#
*
105.3
96.2
*
Durable goods..
95.3
100.2
*
Factory payrolls, total
value figures,
These stocks
production was curtailed
large.
p74
Minerals...
Construction contracts, value, total..
♦
sales continued
had accumulated.
1940 and large stocks
reduced considerably in July as
were
July,
Industrial production,
the fact that production had been at high levels during
half of
first
plants were closed to prepare for the shift to new model
than at this season in other recent
The decline was greater
production.
years, reflecting
pronounced in the Atlantic, Gulf and Pacific Coast
were most
States, reflecting awards of additional contracts for naval air station and
In the central portions of the country there were
shipyard construction.
generally small increases, although in some areas awards were lower.
by Bureau of Labor Statistics.
Distribution
INDUSTRIAL PRODUCTION
Distribution of commodities to consumers was sustained in July at about
the
(1935-1939 Average=100)
levels
seasonally, while sales at variety stores showed
little change, although a decline is
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
Sales at department
prevailing in the first half of the year.
stores declined more than
Total freight-car
usual in July.
seasonally in July.
loadings increased
Shipments of
grain showed a considerable rise and loadings of coal and coke continued
July,
June,
July,
July,
June,
July,
1940
1940
1939
1940
1940
1939
advance, while shipments of miscellaneous freight, which include most
to
manufactured products, declined by
somewhat
more
than the usual seasonal
amount.
Durable Manufactures
-
156
103
154
157
Iron and steel
147
Transportation equipment
104
147
128
101
P128
120
86
p91
98
149
154
102
154
p98
Steel Ingots
148
156
pi 32
Pig iron
Machinery
151
100
Commodity Prices
151
97 !
129
98
129
•
79
Prices of basic commodities declined somewhat further from the middle
of July to the
middle of August, with decreases chiefly in prices of com¬
p75
77
p68
114
69
129
102
pl29
129
97
coffee.
pl41
131
97
pl27
131
87
what
119
Copper smelting
Copper deliveries
Zinc shipments
106
pl35
Automobiles
Non-ferrous metals and products
modities influenced by
115
97
118
116
foreign supplies, such as lead, rubber, cocoa and
96
99
122
134
124
117
in
this
Agriculture
92
146
141
96
143
148
94
111
104
pill
116
107
P103
110
103
pll2
119
111
Department of Agriculture.
*
111
114
*
128
128
mate
the
76
66
79
50
crops
will be large.
Stone, clay and glass products
Prospects for most ctops showed little change in July, according to the
100
80
pll2
106
113
P105
101
106
bales
116
112
111
104
107
100
last
pl38
Polished plate glass
Rayon deliveries
144
134
pl34
131
132
56
79
p94
95
107
p91
87
115
105
P120
116
114
P100
98
103
p99
92
102
p60
Manufactured food products
Wheat flour
corn crop
showed
indicated
was
carryovers,
supplies of most
A cotton crop of 11,429,000
deterioration.
some
this
for
season
as
compared with
11,817,000
Credit
Total loans and investments at reporting member banks in
increased
cities
substantially
during the
five
101 leading
ending August
weeks
Cane BUgar meltings
pl04
112
104
pll9
116
120
owing mainly to purchases of direct and guaranteed securities newly
Meat packing
pi 14
126
114
P108
123
107
by the United States Government.
*
131
108
♦
130
104
130
128
112
123
128
120
100
pllO
119
90
102
Paperboard
106
97
88
107
115
106
♦
116
44
pl71
116
pl23
116
104
pl 16
110
P108
115
107
pl08
115
114
107
106
114
107
Rubber consumption
gold
Goverment
pl!4
116
108
p108
111
103
pl 21
116
103
pl07
100
90
Anthracite...
pl29
113
90
plOl
104
70
Crude petroleum
pllO
116
112
pllO
116
112
pl37
134
102
pl77
161
155
102
315
288
Copper
151
142
103
134
139
120
98
120
118
a
Security Market
Government
States
92
of
securities
relatively steady
were
August
accompanying
news
of
intensification
of
European
91
128
As
191
Zinc
of United
125
160
Banks.
declined by $450,-
during July and the early part of August but declined slightly around the
middle
Bituminous coal
Reserve
reserves
stock.
Prices
Minerals
Fuels
Federal
excess
000,000 in this period despite an increase of over $500,000,000 in monetary
107
106
with the
97
Rubber products
balances
temporary development,
36
Chemicals
Treasury
result of this
107
142
in
increase
85
*
p206
Petroleum and coal products
Beehive coke
14,
issued
Sale of these securities caused a large
106
pl 18
Paper and products
Printing and publishing
Newsprint consumption.
bales
season.
70
51
p54
considering
Conditions for wheat and oats improved during July,
Bank
103
pl09
Silk deliveries
Leather and products.
Production this year is expected to approxi¬
1929-38 average and,
while the
Non-durable Manufactures
Textile and products
Cotton consumption
some¬
period.
P108
Tin deliveries
Lumber and products
Lumber
advanced
Prices of steel scrap and zinc, on the other hand,
Metals.
Iron ore
*
.
Data not yet available,
p
Preliminary
or
bonds increased to 2.39% on Aug. 14
The yield on the 1960-65
warfare.
compared with 2 34% on July 1 and 2.26% on April 2 at the year's peak
In prices.
/ •
mm
Bank
Debits
for
■
J
Ended
Week
Below
estimated.
•m^^mm
a
Year
Aug.
Ago
14,
1940,
14.9%
Debits to
deposit accounts (except interbank accounts),
reported by banks in leading cities for the week ended
Aug. 14, aggregated $6,916,000,000.
Total debits during
the 13 weeks ended Aug. 14 amounted to $105,791,000,000,
or 3 % above the total reported for the corresponding period
a year ago.
These figures are as reported on Aug. 19, 1940,
by the Board of Governors of the Federal Reserve System.
as
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve Systems—
Industrial Production Was Steady in July
Volume of industrial output was
the first half of August,
and June, it was
of the
after
a
steady during July and
rapid expansion in May
Federal Reserve
System in its
summary
business and financial conditions, based upon
July and the first half of August.
to increase.
SUMMARY BY
of general
13 Weeks Ended
Week Ended
Federal Reserve District
statistics for
Aug. 14,
1940
Employment continued
Reflecting mainly awards for National defense
FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
reported Aug. 19 by the Board of Governors
Aug. 16,
1939
Aug. 14,
1940
Aug. 16,
1939
$5,539
44,973
5,706
$393
$431
$5,826
2,635
3,630
387
460
44,234
5,682
Cleveland
521
519
274
279
Atlanta
227
240
7,396
4,032
3,168
6,405
Richmond
Chicago
1,049
1,072
15,462
217
14,625
3,153
1,980
Boston
New York
projects, construction contracts rose to the highest level in
10 years.
Prices of basic commodities declined somewhat
further.
The Board's summary continued:
Production
In
July
the
Board's
121% of the 1935-39
same as
revised
average,
index
of
the outbreak of
war.
or
In
most
stood,
at
This is the
activity
was
maintained at the levels
Steel production in July was at about 85%
of capacity and in the first
half of August there was an increase to about 90%.
3,302
149
164
2,089
Kansas
265
3,642
2,913
City..
250
3,439
3,416
Dallas
179
189
2,563
2,442
San Francisco.
634
655
8,599
7,923
$6,916
were
Production of pig iron
also in large volume.
In
$8,128
$105,791
$102,717
New York City*
increased further.
and coke and output of nonferrous metals
225
Minneapolis..
production
according to preliminary data.
lines
_
St. Louis
industrial
in June and 17 points above the level prevailing a year ago before
reached in June
Philadelphia.
2,349
3,371
40,105
140 Other leading centers*
3,925
4,128
56,661
41,294
53,186
641
629
9,024
8,237
Total, 274 reporting centers
133 Other centers.
*
Centers for which bank debit figures are
available back to 1919.
Volume
The Commercial &
151
Reached Highest Point this
Workers to NonAgricultural Jobs, Reports Secretary of Labor
Perkins—Total is Over 900,000 Above June, 1939—
WPA Employment Again Curtailed
June
Employment
Level
Year Following Return of 235,000
approximately 235,000 workers to jobs in
The return of
raised the
reached this year,
non-agricultural industries between May and June
June
employment level to the highest point
and shows
increase of
an
more
than 900,000 workers over
Labor Frances Perkins reported on
July 25.
"With the exception of the mining group, em¬
ployment gains were reported in all maior fields of nonagricultural employment," she said.
"One of the most
significant features of the current report was the rise of
about 50,000 in factory employment from May to June.
Usually factory employment declines by about 60,000 at this
June 1939, Secretary of
Greater-than-seasonal or contraseasonal
gains in many lines of manufacturing activity, particularly
the war materials industries, offset the seasonal losses re¬
ported in automobiles, cotton goods, women's clothing, and
other industries showing declines."
Miss Perkins continued:
of the year.
season
In the
war
material industries, aircraft firms
continued to expand opera¬
employed as at this time last
year, while engine, shipbuilding, and machine tool plants also reported
further substantial gains.
The following table shows the estimated number
tions, nearly twice as many workers being
materials industries
in June, compared with the preceding month and with the average for 1937
when total factory employment was at the highest level in recent years:
of wage earners
ESTIMATED
in several of the more important war
affecting 2,000 workers in lead and zinc
The
firms.
months of
number of workers
registered a slight gain (0.9%).
and telegraph
and 0.8% in electric light and power were slightly more pronounced than is
usual in June.
Pay rolls in these two industries have been maintained at a
relatively higher level than employment, the pay-roll gains of 0.1% in
telephone and telegraph and 0.9% in electric light and power raising the
respective indexes to 98.9% and 105.1% of the 1929 average.
Small
employment and pay-roll gains were reported in street railways and busses.
Early summer losses of 2.3% in employment and 1.5% in pay rolls
occurred in year-round hotels.
Better-than-seasonal gains in employment
were reported by laundries (3.5%) and dyeing and cleaning plants, (3.4%).
The employment indexes of both industries were higher than the 1929 aver¬
ages.
Slight decreases in personnel and pay rolls occurred in brokerage
Quarries reported the usual June increase in
of last year.
1.7%, and employment in the oil fields
employee increases of 0.9% in telephone
In the utilities, the
companies took on 0.6% more employees.
firms while insurance
showed a slight increase
Employment in the private building industry
according to reports from 13,183 contractors
from May to June,
1.6%
144,656
employing
Compared with
workers.
1939,
June
Weekly pay rolls also increased 1.6%.
employment was 5.7% higher and payrolls
9.5% above the corresponding month
of last year.
May to June
comparable June gain of 1.4% occurring
in 1939 and the average June increase over the previous 8-year period being
2%.
Employment continued to improve in six of the nine geographic
The
leveling-off of employment follows the usual
June
pattern of preceding years, with a
occurring in the Middle Atlantic, West South
with recessions
divisions
Central, and Pacific States.
The strongest gains were registered in the
Central and Mountain
North
East
visions the percentages
In the nine geographic di
States.
of change over the month and year were as follows
Pay Rolls
Employment
Percent Change
Percent Change from
Area
or
TjOss Between
June, 1940 and—
Aver age
1940
1937
May, 1940
Average 1937
Shipbuilding
88,600
86.100
62.300
+2.500
+26.300
Aircraft
70,300
65,200
24,000
+ 5,100
+46.300
Machine tools
64.800
62.600
47,200
+2,200
+ 17,600
Engines
50.600
47.600
32.900
+3,100
+ 17.700
Aluminum mfrs
27,000
26.600
23.700
+ 600
7,000
+ 600
+2,100
+2.4
—2.6
+ 6.8
+ 9.9
West North Central States
+ 2.7
+3.2
+ 3.2
East South Central States
+ 4.1
+ 1.6
West South Central States
—6.0
—5.1
+ 10.4
+ 14.5
—3.8
—3.1
New England States
Middle Atlantic States
—
+ 2.6
+3.300
5,400
+4.1
South Atlantic States
Industry
May,
1940
—1.2
East North Central States
June,
from
May, 1940
May, 1940
Gain
70.4%
reached the highest points since the latter
1937, the pay-roll index standing 24% above the level of June
INDUSTRIES
=•
mines were reported by cooperating
and pay-roll indexes for this industry,
employment
and 66.8% of the 1929 averages,
MATERIALS
EARNERS IN WAR
NUMBER OF WAGE
1059
Financial Chronicle
7,600
Explosives
stimulated
or indirectly by Government on war-time orders, took on ad¬
employees.
In the steel industry, more than 21,000 additional
addition to the gains in
In
directly
ditional
workers
took
on
Firms manufacturing electrical
hired in June.
were
these industries, other factories
3,000 more workers, woolen
than 7,000
machinery
and worsted goods plants hired more
additinal workers in June, and men's clothing
firms approxi¬
increased 3.5% while special trade
Firms engaged in plumb¬
ing, brick and stone masonry, tile and terrazzo, structural steel erection,
and glazing continued to increase employment in June.
Curtailed em¬
ployment following strong spring activity was registered by carpentering,
Employment for general contractors
contractors
reduced their forces slightly (—.2 %).
In other major
fields of employment, approximately 61,000 more
employed on public and private construction
workers
work in June than in the
added by utility and transportation
companies.
Retail and wholesale trade employment increased by 34,000,
and the financial, service and miscellaneous industries absorbed 28,000
additional workers.
Employment in the Federal, State, and local govern¬
ment service, including the armed forces of the United States, navy yards
and arsenals, was about 36,000 higher than in the preceding month.
In
the group of mining industries there was a net decline of about 7,000 workers,
due to seasonal recessions in anthracite and bituminous coal mining.
Metal
mines, quarries, and crude petroleum producing firms reported gains over
the month
interval.
the gain in factory employment from
the seasonal gain of nearly 32,000
preserving industry, reflecting the
May
workers in the canning and
beginning of peak season activity,
less
pronounced but substantial seasonal gains in the ice cream,
tin
can,
and a number of the building
materials industries.
and
beverage,
The most
pronounced employment losses over the month interval were seasonal in
character and included women's clothing (19,000 workers), automobiles
(13,300 workers), cotton goods (8,800 workers), fertilizers (7,500 workers),
and finishing textiles (4,900 workers).
The rise of 0.7% in employment in manufacturing industries was ac¬
and dyeing
1.7%, or approximately $3,200,000.
Normally factory pay rolls decline in June by 0.8%, or about $1,500,000.
The index of factory employment in June, 1940 (99.7) was 6.7% above the
level of a year ago, and the June pay-roll index (97-9) was 13.2% above that
companied by a pay-roll increase of
in
June
workers
affecting 25,827 factory wage earners were reported
by 86 cooperating establishments.
These wage-rate increases
over 6,000 workers in the shipbuilding industry, more than 4,000
in the paper and pulp and in the electrical machinery Industries,
1,500 in the chemical industries,
and slightly less than 1,000 in beverage estab¬
all establishments in an
over
2,000 in the rayon industry, about
over
1,000 in engine plants,
lishments.
As the Bureau's survey does not cover
industry and some firms may
numbers should not
changes occurring in
In retail stores,
have failed to report wage changes, the above
number of wage
be construed to represent the total
ments
than
from May and 855,000
of $96,500,000 to workers on
in May
persons
at
work on Federal Agency
projects under the Work Projects
increased 11,000 in June.
Program of the National Youth Administration
Administration, however,
furnished employment to
the employment gain of 0.3% was
27,000 fewer persons in June and, because
of the
and universities, the number of
students employed on the Student Work Program decreased 58,000.
Although almost all types of projects showed employment gains, the
seasonal increase on public-road projects was largely responsible for in¬
creased employment in the month ending June 15 on construction projects
financed from regular Federal appropriations.
During the same period,
of the school
end
in many colleges
year
found employment on construction projects financed
of work on a number of new
4,000 fewer workers
As a result of the beginning
by the PWA.
projects, contractors on low-rent projects of the United
Authority were able to give employment to an additional
trades workers in the
on
States Housing
6,000 building-
The number of men at work
183,000 in June, an increase of
month ending June 15.
State-financed road projects rose to
8,000 from May.
Conservation Corps
in camps of the Civilian
Pay rolls for the month were
enlistment period, employment
dropped 36,000 in June.
$11,981,000.
Materials valued at
financed
by the
projects
financed from regular
$11,825,000 were ordered on construction
On construction projects
PWA.
material orders placed was $40,932,000,
and on Federal Agency projects under the WPA, material orders placed
amounted to $768,000.
Contractors on low-rent projects of the United
States Housing Authority placed orders for materials valued at $7,790,000Federal
appropriations, the total of
ROLLS ON PROJECTS FINANCED WHOLLY OR
FEDERAL FUNDS AND ON ROADS FINANCED
EMPLOYMENT AND PAY
PARTIALLY FROM
FROM
1940
STATE FUNDS, JUNE
(Figures in Thousands)
accompanied by a pay¬
by 0.9%
Employ¬
ment in groceries remained virtually unchanged.
Men's clothing stores
took on 6-6% more employees; shoe stores, 5.7%; fuel and ice dealers,
4.7%; dairy products and milk, 2.5%; dealers in feed and other farm sup¬
plies decreased employment by 5.8%, and women's ready-to-wear by 2.4%.
The employment gain of 0.5% in wholesale trade reflected the increase
in employees of dealers in various important wholesale lines including food,
groceries, farm products, and petroleum.
In lumber and building materials,
the increase of 5.2% was materially higher than the average June increase
for the past 6 years, and also higher than the June, 1937 gain of 3-1%,
Dealers in iron and steel scrap increased employment contraseasonally by
6.3% and firms handling metals, and minerals took on 1.5% more employees.
Employment in anthracite mines decreased seasonally between mid-May
and mid-June by 3.9% but slightly increased production raised pay rolls
by 1.6%.
Bituminous-coal mines decreased both employment and pay
rolls by
Administration was curtailed to 1,583,000 in June, a
from June 1939. Wage pay¬
these projects were $13,641,000 less
and $36,741,000 less than in June 1939.
The number of
decrease of 255,000
manufacturing industries.
of 1.2%.
while variety stores
restrictions, employment on work relief projects of
Because of budgetary
the Works Projects
Department's announcement, from which Secre¬
Perkins' remarks are taken, also contained the following;
roll increase
and Other Public Programs
Employment on Federal
The Labor
tary
local governments.
appropriations of the Federal, State, or
With the end of an
1939.
Wage-rate increases
affected
Reconstruction Finance Corporation, or by regular
Administration, and the
The Out-of-8chool Work
Other factors contributing to
of June,
based do not cover construction
Projects Administration, the Public Works
which the figures are
The reports on
preceding month and about 35,000 were
to June were
painting and decorating contractors.
excavating, electrical, and
projects financed by the Work
mately 7,600.
were
Mountain States
Pacific States
Payrolls
Employment
Department stores increased their staffs
reported a small employment loss (0.4%).
Change from
Change from
June,
June,
a
May,
June,
1940
May,
June,
1940
1940
1939
a
1940
1939
Construction Projects—
94
—4
—248
311
Financed by PWA.b
+ 35
+6
+62
Financed by regular Federal ap¬
pro prlatlons.c
U. S. Housing
50
Authority.b
+38
$9,107
—$836 -19,545
33,882 +3,704 +7,444
+332 +3,688
4,950
WPA Program—
Federal
Agency
projects
under
112
+ 11
—82
1,583
the WPA.b
Projects oper. by the WPA.d
NY A Projects—
Student work program _d
—255
—855
+ 139
360
—58
Out-of-school work program
273
—27
+ 59
Civilian
276
—36
—26
+8
+41
_d—
Conservation Corps.e...
183
State roads.f
+360 —3,874
5,147
96,500 -13,641 -36,741
2.250 —1,188
+306
—194 + 1,407
5,400
11,981 —2,022 —2,151
14,264 + 1,344 +3,521
1.7%.
In metal
mines, gains in employment
respectively, reflected
and pay rolls of 1.8% and 1.6%,
better-than-seasonal activity.
Increased wage rates
si
Preliminary.
b J^mpioyment
ending May 15 and June 15.
c
iigures
are
maximum
numuer ior
wie moutna
Employment figures, except for Federal-aid road
The Commercial & Financial Chronicle
1060
projects, are maximum number for the months ending May 15 and June 15.
Employment and pay rolls on Federal-aid roads for the calendar month ending June 30
estimated,
d Figures are for the calendar months ending May 31 and June 30.
as a
figures on employment are for the last day of the month: payrolls for the entire
t Employment and pay rolls for the month ending June 30 are estimated
month,
nonagricultural employment are now available cur¬
of total
Estimates
Two sets of estimates
Employment",
given on the first line of the accompanying table, shows the estimated total
number of persons engaged in gainful work in the United States in nonagricultural industries, including proprietors and firm members, self-em¬
ployed persons, casual workers, and domestic sen ants.
The second
series,
described as "Employees in Nonagricultural Establishments,"
limited to employees only and does not include propiietors, self-employed
persons, domestic servants or casual workers.
Neither set of figures in¬
cludes persons employed on WPA or NYA projects or enrollees in CCC
camps.
The estimates for "Employees in Nonagricultural Establishments"
are shown separately
for each of seven major industry groups.
Tables
giving figures for each group, by months, for the period from January, 1929
rently and will be shown each month
to
date
The first,
prepared.
been
have
are
available
in this release.
"Total Nonagricultural
The
data
manufacturing,
for
mining, building construction, laundries,
only; those for railroads cover
transportation cover employees on
and dyeing and cleaning cover wage earners
all
employees, while the data for water
in deep-sea trades only.
The data for
exclude proprietors and firm members, corporation officers,
vessels of 1,000 gross tons or over
other industries
work is mainly supervisory.
executives, and others whose
Payrolls
Employment
Index
Industry
% Change from—
Itiu.ex
% Change from—
June
June
1940
May,
June,
1940
*
1940
1939
*
a99.7
+0.7
+ 6.7
a97.9
+ 1.7
57.9
+ 2.2
+ 4.2
c
c
+ .5
+ 1.4
May
194^
June,
1939
(1923-25=100)
Manufacturing
Class I steam railroads _b
+ 13.2
c
(1929=100)
request.
on
1940
These indexes are not adjust
computing the index numbers.
base in
24,
for seasonal variation.
are
e
Aug.
,
■
,
89.3
Trade—Wholesale
77.9
+ .7
+ 2.7
Food products.
c
+ 1.4
c
c
+ 1.5
c
Groceries & food spec'ies
c
+ .5
c
c
+ 1.2
c
Dry goods and apparel.
ESTIMATES OF
c
—1.4
c
c
—1.3
c
—.2
c
c
+ .4
c
'39
Mach., equip. & supplies
Farm products
Petrol. & petrol, prod'ts
c
+ 1.3
c
c
—.8
c
June 1940
(incl. bulk tank sta'ns)
c
+ 1.0
TOTAL%NON-AGRICULTURAL EMPLOYMENT
Change
Change
June, 1940
June,
June 1940
inary)
tO
June, 1939
May to
May, 1940
(Prelim¬
non-agricultural
Retail
em¬
104.3
0.0
+ 1.5
+ .3
+ 2.3
e88.6
+ 2.3
87.7
+ .7
+ 1.3
80.1
+ 2.2
+ 1.6
77.7
0.0
+ .3
70.9
+ -1
+ 3.8
Automotive...
86.4
+ .3
+ 6.3
82.6
0.0
+ 9.4
Lumber & bldg. mat'ls..
75.4
+ 1.1
+2.7
71.6
+ 1.3
+ 3.8
merchandising
+ 4.1
845.000
—7,000
793.000
+ 45.000
1,248,000
+61,000
1,334,000
—25,000
Telephone and telegraph..
e77.9
+ .9
+2.1
e98.9
+ .1
+ 3.4
+35,000
+34,000
+28,000
2,924,000
+ 67.000
Electric light and power
e91.3
+ .8
+ 2.4
el05.1
+ .9
+ 3.8
6.063,000
+ 93,000
Street railways &
e68.6
+ -4
—.9
e70.0
+ 1.1
d
4,167,000
+ 55,000
Mining—Anthracite
Transportation and public
2,991,000
and local
govt., incl armed forces
6,122,000
4.222,000
Finance, service and misc.
Federal,
2,956,000
6,156.000
utilities
Trade
4,194,000
State
The figures represent
4,096.000 + 155.000
+36,000
4,215,000
4,251,000
the number of persons working at any time during
States have been adjusted to
The totals for the
conform to the figures shown by the
of Occupations for the number of nonagricultural
Census
workers" less the number shown to
"gainful
have been unemployed for one week
or
employment and pay rolls for all manufacturing industries
of
combined,
Class
I steam railroads, and for those nonmanufacturing in¬
shown below for June 1940,
dustries for which information is
available,
with
May 1940 and June 1939.
percentage
changes from
are
The 3-year
1923-25 is used as a base in computing the indexes for the manu¬
Class
and
industries
I steam
railroads.
For
the other non-
manufacturing industries information for years prior to 1929 is not available
Bureau's
records,
INDEX NUMBERS OF
and
the
12-month
average
for
1929 is
uesd
50.2
—3.9
—2.1
40.6
+ 1.6
+ 12.6
83.7
—1.7
+ 6.9
74.0
—1.7
+ 11.3
Metalliferous
70.4
+ 1.8
+ 14.3
66.8
+ 1.6
+24.1
Quarrying & non-metallic.
Crude petroleum produc'n.
47.7
+ 1.7
+ .8
43.3
+ 1.3
+ 3.8
63.8
+ .9
—4.8
58.7
d
—6.0
91.2
—2.3
—1.7
681.8
coal
Services—
—1.5
—.3
Laundries
102.5
+ 3.5
+ 3.9
92.3
+ 4.3
+ 6.2
Dyeing and cleaning
112.5
+ 3.4
+ 2.1
89.6
+ 4.9
+ 6.4
—.3
+ 1.5
—.7
+ 1.8
Hotels
(year-round)
c
Brokerage
Preliminary,
b Source:
Employment
+ 1.5
c
—.1
+ 1.5
+ 5.7
c
+ 1.6
+ 9.6
—4.5
.
h78.0
Water transportation
*
a
c
+ .6
+ 1.6
c
c
c
Building construction.
Revised
.
c
c
series—adjusted to 1937 Census of Manufactures,
Commission,
c Not available,
d Less than one-
Interstate Commerce
Revised series—Retail trade indexes adjusted to 1935 Census,
public utility indexes to 1937 Census,
f Covers street railways and trolleys and
motor-bus operations of subsidiary, affiliated and successor companies,
g Cash
payments only; value of board, room and tips cannot be computed,
b Based on
estimates prepared by the United States Maritime Commission.
tenth
of
1%.
e
EMPLOYMENT AND PAY ROLLS OF WAGE EARNERS IN MANUFACTURING
OF MANUFACTURES 'Three-Year Average 1923-25=100.0)
INDUSTRIES—ADJUSTED TO 1937 CENSUS
Payrolls
Employment
Payrolls
Manufacturing Industries
Manufacturing Industries
*June,
May,
June,
1940
1940
1939
*June,
1940
*June,
May,
June.
1940
1939
May,
June,
*June,
May,
June,
1940
1939
1940
1940
1939
93.8
96.0
97.8
75.5
85.7
87.0
89.5
72.4
73.9
75.6
69.6
75.7
73.4
55.1
59.9
57.4
1940
Non-durable Goods
Durable Goods
iron and steel and their
buses.f_
Insurance
the time of the Census.
Indexes
Public utilities—
Bituminous
ending nearest the middle of each month.
the week
the
c
838,000
Construction
facturing
+ 1.3
c
+4.1
+ 3.3
1,309,000
Mining
from
+ 1.2
Furniture & furnishings.
establishments— 29,321,000 29,082,000 + 239,000 28,400,000 +921.000
+ 52,000 9,023,000 + 531,000
9,554.000 9,502,000
Manufacturing
average
e84.4
e95.4
Food
tural
more at
d
c
+ 2.3
96.4
General
1930
+ .2
c
c
+ .3
e91.5
—
Apparel
35,465,000 35,230,000 +235,000 34,544,000
ployments
+ 921,000
Employees in non-agricul¬
United
c
—.4
Automotive
Total
c
products,
not
including machinery
Blast furnaces, steel works and
104.6
101.9
103.7
97.1
82.6
Textiles and their products
Fabrics..
Carpets and rugs
114.4
109.1
104.1
105.8
76.7
rolling mills
Bolts. nuts, washers and rivets.
90.4
75.8
101.1
77.9
79.5
84.1
74.5
78.1
70.9
73.7
76.0
77.0
66.5
68.2
70.3
Dyeing and finishing textiles.
Hats, fur felt
115.0
122.6
116.8
92.2
98.9
72.6
66.2
Hosiery
130.4
133.7
95.7
114.1
103.1
85.9
Cotton goods
93.2
111.0
109.3
90.4
Cotton small
....
wares
86.8
88.8
Cutlery (not incl. silver and
plated cutlery) & edge tools..
Forgings, iron and steel
97.1
Hardware
73.0
69.4
66.8
65.7
102.5
90.4
90.2
92.0
82.4
66.0
66.7
54.4
74.1
73.4
55.8
Knitted
outerwear
63.1
94.2
Cast-iron pipe
95.9
72.1
100.3
101.9
73.8
Knitted underwear
72.8
73.6
74.5
63.6
64.9
67.2
128.4
127.4
135.2
107.5
103.5
110.5
.
82.8
81.8
75.8
73.0
72.7
67.5
Stamped and enameled ware
Steam and hot water heating
152.1
156.4
147.3
161.5
162.1
146.4
apparatus & steam fittings..
85.1
85.0
75.0
76.7
74.5
62.9
92.7
91.1
87.5
82.5
84.0
76.9
73.7
71.1
67.1
65.1
61.7
58.8
102.9
95.6
97.7
113.5
100.9
Plumbers' supplies
Stoves
Knit
cloth
61.6
85.7
»
58.9
46.0
73.5
148.7
128.2
133.5
147.8
70.5
50.5
49.9
55.8
67.7
45.7
48.6
75.8
71.8
84.5
65.1
60.3
71.0
108.0
112.1
112.6
77.1
81.0
82.3
99.3
Silk and rayon goods
Woolen and worsted goods..
Wearing apparel
Clothing, men's
Clothing, women's..
95.1
100.4
72.0
64.6
73.9
59.8
62.1
50.7
...
work
Tin
cans
and other tinware
Tools (not incl. edge tools, ma¬
chine tools, files and saws)..
91.3
92.0
83.7
88.8
90.2
79.4
161.1
136.3
165.8
169.7
138.4
Machinery, not incl. transportar
115.2
tlon equipment
Agricultural implements
113.9
95.6
125.1
122.3
95.4
137.3
139.6
118.7
157.8
164.0
127.3
Cash
adding mach's
and calculating machines
130.2
129.0
128.3
137.5
133.5
124.5
Electrical machinery, apparatus
and supplies
101.9
86.5
118.1
114.3
91.6
158.5
148.9
99.0
211.4
193.8
114.3
97.1
96.5
82.6
95.8
94.6
Machine tolls
229.0
221.1
144.8
302.8
289.7
165.6
Radios and phonographs..
Textile machinery and parts...
141.3
136.5
119.9
134.7
126.9
104.5
79.4
82.2
75.3
74.3
77.0
73.4
Typewriters and parts
111.0
113.1
124.9
112.1
114.0
112.7
Foundry & machine shop prods.
106.0
116.5
117.0
95.3
96.2
111.4
65.6
74.6
68.2
47.5
54.1
45.2
115.5
121.2
118.5
92.7
101.2
98.0
86.9
86.8
94.1
66.8
63.6
84.9
84,6
92.5
62.6
58.1
70.4
80.2
80.6
84.8
75.4
76.7
82.2
129.5
121.6
127.2
128.8
121.5
123.8
Shirts and collars
Leather and its manufactures
Food and kindred products
147.2
144.7
147.4
141.0
137.8
138.1
301.1
278.5
298.0
374.4
330.4
355.3
105.2
99.9
103.1
90.3
84.8
87.3
Canning and preserving
Confectionery '•
138.2
100.1
141.2
115.0
89.5
110.3
74.7
76.1
72.0
72.2
75.4
76.9
77.6
78.5
79.2
72.2
73.1
74.3
92.1
83.8
92.2
77.0
70.1
75.2
108.3
105.7
99.4
114.8
110.4
106.7
cream
Slaughtering and meat packing
Sugar, beet
Sugar refining, cane
Chewing
and
Locomotives
59.9
60.4
113.1
103.5
117.6
116.4
115.2
106.1
126.1
124.2
104.5
97.1
99.3
96.5
85.2
88.4
83.7
Newspapers and periodicals.
petroleum
and
coal
116.1
117.1
114.0
109.8
112.3
105.7
products
119.2
120.8
91.6
110.7
111.1
88.6
Paper
45.1
49.9
30.0
Printing
26.0
28.6
26.9
24.5
136.2
84.0
176.5
172.9
144.4
204.3
201.5
156.9
Brass, bronze and copper prods.
Clocks and watches and time-
126.9
125.5
104.2
140.7
134.2
103.1
r
90.3
89.7
79.9
94.4
94.0
76.4
91.6
88.7
84.5
75.8
72.6
69.7
Lighting equipment
84.4
84.1
71.2
68.5
72.4
55.7
Silverware and plated ware
68.3
70.4
67.8
55.8
61.3
57.6
87.2
85.5
76.5
85.7
84.3
71.8
68.6
68.0
66.3
63.5
63.3
60.1
88.4
87.3
83.2
76.1
74.8
68.5
devices
lead and zinc
Sawmills
Stone, clay and glass products
Brick, tile and terra cotta
Cement
Glass.
65.7
...
paper
md pulp
and
62.6
65.7
66.7
publishing:
Book and lob
Chemical
109.8
133.1
133.6
118.7
123.1
121.8
120.5
136.3
136.8
134.4
Other than petroleum refining.
c 'hemicals
118.2
120.6
107.2
132.0
132.6
113.9
138.3
136.2
116.5
164.9
161.9
131.5
Jottonseed—oil, cake <fc meal
Druggists' preparations
Explosives
55.5
67.8
54.3
48.9
60.1
115.9
118.4
108.3
126.2
128.5
118.7
126.4
118.0
89.7
153.7
141.2
100.9
Petroleum
refining
Paint and
88.4
varnishes
Rayon and allied products
...
129.1
78.9
78.6
118.6
45.4
64.9
126.4
125.9
124.3
136.7
136.3
128.9
306.0
304.3
286.2
314.3
311.4
271.8
97.3
81.9
81.4
79.6
101.1
98.0
83.5
84.0
80.1
86.4
87.2
82.1
61.5
60.7
59.6
48.5
47 8
47.5
Rubber boots and shoes
54.9
54.1
56.1
56.2
53.8
55.4
62.2
61.9
60.9
57.9
58.3
55.9
Rubber tires and inner tubes
68.3
69.0
66.2
77.6
79.9
74.3
82.9
82.0
80.5
73.2
74.6
70.6
Rubber goods, other
139.1
140.4
129.3
133.0
131.5
121.9
62.9
60.9
61.3
50.6
49.2
50.1
Lumber:
Mill work
Boxes
Fertilizers
Smelting and re ining—copper,
Lumber and allied products
Furniture
65.1
124.6
35.1
103.6
66.5
111.9
28.2
180.4
67.4
127.7
55.7
105.8
60.8
109.8
109.8
186.1
61.5
58.6
108.2
51 2
91.3
77.2
60.7
115.0
88.9
1299.2
125.7
59.2
80.0
66.9
114.0
116.6
2212.6
158.2
49.3
88.7
65.2
115.5
117.7
2487.9
105.3
54.3
91.0
62.2
114.6
90.8
1304.8
106.5
54.2
95.2
57.9
Cigars and cigarettes
Paper and printing.
115.0
2328.2
162.8
Shipbuilding.
47.4
98.3
and smoking tobacco
snuff
113.5
Nonferrous metals and their prod.
Aluminum manufactures
53.3
64.9
Tobacco manufactures
29.2
Automobiles
Cars, electric & steam railroad.
69.1
Flour
106.5
equipment
Aircraft
74.6
Baking...
Beverages
2512.1
Transportation
recording
Jewelry
112.3
111.3
127.4
Ice
103.3
Engines, turbines, water wheels
and windmills
95.2
112.9
115.0
Butter
(incl.
tractors)
registers,
157.9
114.4
Corsets and allied garments..
Men's furnishings
Millinery
154.6
Wirework
162.6
112.5
Leather
103.2
147.7
110.1
Boots and shoes
Structural A ornamental metal-
Soap
Rubber products
72.4
70.8
71.6
69.8
69.2
68.4
104.8
104.4
99.0
111.0
112.0
100.8
48.5
49.1
51.8
35.8
38.8
39.8
89 6
90.6
85.5
75.5
84.2
73.0
Summary
All industries
99.7
99.0
93.4
97.9
96.3
86.5
97.5
96.5
84.6
100.1
97.5
80.7
101.8
101.5
101.8
95.5
94.9
93.0
Marble, granite, slate and other
products
Pottery
*
June, 1940 indexes are preliminary; subject to revision.
Durable goods
Non-durable goods.
Volume
The Commercial & Financial Chronicle
151
Ordinary Life Insurance Sales in July Increased 22%
Above Year Ago
An
in
increase
July, 1940,
of
as
22%
in
sales
of
ordinary life insurance
compared with July, 1939, is indicated in a
report
released
search
Bureau, Hartford, Conn.
Aug.
15
by
Life
the
Insurance
Sales Re¬
1061
corresponding week of 1939, production was 11% greater,
shipments 1% less, and new business 8% greater.
The
industry stood at 77% of »tlie seasonal weekly average of
19(29 production and 78% of average 1929 shipments.
The
Association further reported:
the
Year-to-Date
This represents the fourth
Reported production
consecutive month in which gains have been registered and
corresponding
brings the year-to-date total exactly
and
The
Bureau's announcement
The
of
South
Atlantic
Columbia,
Section
Virginia,
Georgia,
Florida)
the
seven
of
(composed
West
shows
also
with last year.
even
added:
North
Virginia,
weeks
r
Delaware,
Maryland,
District
South
Carolina,
For
first
States
individual
highest gain for the month,
the
months,
the
plus
monthly
experience
varies
from
loss
a
of
50% in Virginia.
States showing
unusually good experience are South Carolina, plus 5%; Nebraska, plus
42%; Georgia and Oregon, plus 41%; Maryland, plus 39%; Wisconsin,
plus 36%; North Carolina, plus 35%; West Virginia, plus 34%; Nevada,
plus 33%; Pennsylvania, plus 32%, and Delaware, plus 31%.
Sales in eight leading cities also showed gains in July as indicated by
the following comparisons with July, 1939:
Boston, plus 7%; Chicago,
plus, 22%; Cleveland, plus 24% ; Detroit, plus 11%; Los Angeles, plus
18%; New York, plus 8%; Philadelphia, plus 29% ; St. Louis, plus 12%.
The experience for the month and year-to-date period are given below
by sections.
Figures cover new ordinary insurance only exclusive of re¬
vivals, increases and group insurance.
They are based on sales reports
of 53 companies which have been increased to an estimated total volume
for all companies operating in the United States:
18%
in
Wyoming
to
an
increase
of
First Seven Months
July, 1940
1940
1940
Com/ared
Com j ared
with
Volume
1940
with
Volume
1939
1939
$40, 740,000
151, 410,000
112%
Middle Atlantic
121
$292, 970,000
1,069, 320,000
129, 280,000
125
890, 780,000
West North Central...
58, 100,000
120
372, 830,000
134
377, 920,000
East South Central
146, 990,000
45, 350,000
120
Mountain..
111
291, 600,000
100 740,000
96
14, 890,000
46, 440,000
120
ago;
year
date
to
6%
was
5%
was
8%
above
above the shipments,
For the 32
above production, and
ship¬
production.
a
orders
stocks
gross
to
stocks
gross
was
Unfilled orders
year ago.
23%
were
on Aug. 10, 1940,
12% greater than a
2% less.
were
Soitwood and Hardwoods
10, 1940, 494 mills produced 267,903,000
combined; shipped 249,837,000 feet;
During the week ended Aug.
of
feet
haidwoods
and
softwoods
booked orders of 292,415,000
Mills,
were:
502
feet; orders,
Lumber
orders
mills.
reported
feet,
Shipments
production.
feet,
same
week
were
240,575,000
Reports
or
78%
Production was 7,468,000 feet.
Comparisons[
soft¬
during the week ended Aug. 10, 1940, of 391 identical
Production
mills
ended Aug. 10, 1940, by 413
7% above the production of
or
reported for the same week were 9,262,000
as
Identical Mill
wood
267,658,000
shipments,
Production was 260,435,000 feet.
new business as 13,293,000 feet,
24% above production.
or
feet;
reported for the
as
below production.
hardwood mills give
95
from
the week
for
279,122,000
Shipments
feet, or 8%
above
Revised figures for the preceding week
257,650,000
production,
totaled
mills
the
same
;
feet.
309,649,000 feet.
softwood
257,322,000 feet, and a year ago it was
was
229,623,000 feet;
237,899,000 feet and 239,317,000 feet, and
and 255,863,000 feet.
In the case of
reported production this year and a year
ago
5,700,000 feet and 7,177,000 feet; shipments, 7,300,0(00 feet and
8,213,000 feet, and orders, 11,046,000 feet and 8,891,000 feet.
shipments
orders
respectively,
were,
275,964,000
received,
77
hardwoods,
97
West South Central
compared with 21%
identical
105
121
1940
were
Supply and Demand Comparisons
95
57, 630,000
22, 220,000
business
new
above
ratio of unfilled
The
101
South Atlantic
of
shipments
feet
mills
101
East North Central
1939;
6% above the orders of the 1939 period.
date
to
3%
were
of
were
Carolina,
plus 34%, and
6%.
Gains were experienced for the year-to-date period by two other sections,
the Middle Atlantic Section
(New York, New Jersey, Pannsylvania) and
the East North Central (Ohio, Indiana, Illinois, Michigan, Wisconsin).
for
of
ments
weeks
orders
new
Comparisons
weeks
32
the
for
New England.'
Pacific
98
95
313, 780,000
122%
$566,060,000
United States total
96%
100%
$3,856,930,000
Weekly Statistics of Paperbo'ard Industry
herewith latest figures received by us from the
We give
Paperboard Association, Chicago, 111., in relation
National
activity in the paperboard industry.
members of this Association represent 93% of the
to
The
total industry,
and its program includes a statement each
orders and production, and
week from each member of the
also
Further
Reported
Gains
in
Illinois
Industrial
Employment and Payrolls During July
July indicate increases of 1.0%
the mill based
operated. These figures are advanced to equal
that they represent the total industry.
the time
on
100%,
Reports from 6,754 Illinois manufacturing and non-manu¬
facturing establishments covering
figure which indicates the activity of
a
so
STATISTICAL REPORTS—ORDERS,
PRODUCTION, MILL ACTIVITY
045,867 wage earners in
in employment and
Unfilled
0.9%,
Orders
Orders
Percent of
Received
Production
Tons
Tons
Current
Activity
Remaining
Tons
Period
June to July,
1940, according to an announcement issued Aug. 23 by the
Illinois Department of Labor. Further details were given as
January
528.155
579,739
167,240
72
follows:
February
420,639
429,334
453.518
137,631
70
449,221
129,466
69
456,942
193,411
70
May.
520,907
682,490
623,184
247,644
76
June
508,005
509,781
236,693
79
July
544,221
587,339
196,037
72
113,834
106,901
122,037
123,429
196,037
74
Aug. 10
179,044
74
Aug. 17
117,268
120,260
173,438
73
in
payrolls for reporting establishments from
increases
These
while
small,
assume
much
greater
significance
the average June to July changes in employment
compared with
when
and pay¬
period, which averages were declines of
1.1% for employment and 3.3% for payrolls.
Increases in employment
from June to July for all-reporting industries were recorded in only three
rolls
for
the
previous
17-year
(1933, 1930 and 1937), while increases
in payrolls were recorded only in the year 1933.
July is the third consecutive month in which the increases in both
employment and payrolls for all-reporting industries were more favorable
than the previous 17-year average changes, thus indicating continued im¬
provement due to non-seasonal factors.
The
employment and payrolls indexes for all-reporting industries in
July, 1940 were 8.4% and 12.2% higher, respectively, than the indexes
for July, 1939,
and were 16.8% and 26.6% higher, respectively, than
of
the
previous
seventeen
years
Month
March
April
employment from June to July was relatively
gieater for manufacturing than for reporting non-manufacturing industries.
The
combined
2,426
reporting manufacturing establishments
indicated
increases of 1.6% in employment and 1.0% in payrolls for the month,
while
the
combined
4,328
reporting non-manufacturing establishments
indicated a decline of 0.2% in employment and an increase of 0.5% in
improvement
in
3
for manufacturing industries was
large when measured in terms of the previous 17-year average declines of
1.6% for employment and 4.1% for payrolls.
Changes for non-manufactur¬
ing industries were also more favorable than the previous 11-year average
June to July declines of 0.6% in employment and 1.6% in payrolls.
Much of the improvement from June to July may be attributed to the
contra-seasonal increases in employment and payrolls for the large metals
and machinery group of industries, and the greater than usual improvement
for the leather and allied products, paper goods—printing and publishing,
The
rise
in
employment
and payrolls
industries.
Eight of the 12 groups of manufacturing industries and five of the
six groups of non-manufacturing industries indicated increases in employ¬
ment from June to July, while five manufacturing and two non-manu¬
facturing industry groups show improvement in payrolls.
and
public utilities groups of
Report of
Lumber
was
Ended Aug. 10, 1940
week ended Aug. 10, 1940,
Lumber Movement Week
production during the
the previous week; shipments were
business 6% less, according to reports to tbe
4% greater than in
7% less; new
Manufacturers Association from regional
the operations of representative hard¬
wood and softwood mills.
Shipments were 7% below pro¬
duction ; new orders, 9% above production.
Compared with
National Lumber
associations covering
mm
■
mm
mm.
-
'
-
«»«•
73
73
1
73
orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items make necessary adjust¬
Note—Unfilled orders of the prior week plus
ments of
unfilled orders.
Cuban
Coffee Exports to United
Nicaraguan Shipments
States
Decline
Increase— I
coffee exports from Cuba and
received by the Department of
Consul at Havana and the commercial
The following reports on
Nicaragua were recently
Commerce from the
Attache at Managua,
War
payrolls.
4mm
'
Week Ended—
Aug.
the indexec for July, 1938.
The
of—
Cumulative
conditions
respectively:
have resulted
in the practical elimination of
Cuba's
United States. No Cuban coffee
was shipped to European markets during June and only 11 bags to Spain in
July.
During the first seven months of 1940 aggregate exports of coffee
from Cuba amounted to 73,027 bags (of 132 pounds) compared with 47,859
bags in the corresponding period of last year, an increase of approximately
53%.
Shipments to the United States in the 1940 period reached 41,523
bags, or 57% of the total, against 23,957 bags, or 50%, in the corresponding
countries other than the
coffee exports to
period of 1939.
Estimated shipments of coffee from Nicaragua to
the American market
this year totaled 209,760 sacks, weighing
14,263,000 kilograms. These figures compare with 253,025 sacks weighing
17,217,696 kilograms shipped during the peroid Dec. 25, 1938 to July 26,
1939 and indicate the reduced volume of the Nicaraguan coffee export trade
during the 1939-40 season. (Kilogram equals 2.2 pounds).
in the
period Jan. 1 to July 28 of
Demand for
Industrial
Domestic
Recent
cultural
Economic
Farm
Gains,
Products Bolstered by
Says Bureau of Agri¬
Economics
factors
affecting
domestic
consumer
demand
during July, the
Bureau of Agricultural Economics reported on Aug. 16 in
its monthly analysis of the 'demand and price situation.
Industrial production held at the high level attained in
for
farm
products continued to improve
substantial improvement in
Barring an early
end to the war in Europe, domestic business conditions
which affect consumer demand for farm products probably
there was further
and
June,
industrial
maintained
be
will
payrolls.
and
employment
the next
recent levels during
around
activity and industrial workers'
income which might follow an
early end to the war in Europe would
depend in large measure on the effect that the change in conditions would
have on inventory policies.
If the attendant uncertainty caused business
men
generally to postpone and cancel orders, a temporary drop of sharp
proportions might ensue.
The actual loss of export business would be a
relatively minor matter, since many British orders for military supplies
decline
Any
be
would
taken
for
over
which in recent years have taken about
closed; and the United
exports of farm products are now
our
additional third, is restrict¬
needs and is obtaining the maximum possible portion
Kingdom, which normally has accounted for an
ing imports to urgent
from
At least
Empire sources.
the
of
will
weakness
severe
Statistics
outbreak
the
followed
of
Europe
in
war
the
of
month,
but
likelihood
the
now
been
any
of
Labor
advance
price
has
with
that
question of whether or not the suits would hamper
of the Nation's defense forces was submitted some
the efforts
that the Commission
Defense Advisory Commission and
lost.
Prospects
for
favorable for moderate price advances for some farm products which
largely consumed domestically, and later for non-farm commodities
which domestic defense needs will be added to expanding requirements
for
normal
had requested further time before com¬
"Their recommendations will be carefully
modifying any of the relief sought
in the oil suit if, as a matter of fact, it appears that the in¬
terests of national defense are involved.
This does not mean
a waiver of the anti-trust laws.
We anticipate no conflict.''
mitting itself.
considered with respect to
aimed at the Depart¬
Wednesday when a resolution calling
sweeping investigation by a select committee of
onslaught from another direction,
An
ment of
for
a
Justice,
came on
"interference" by any Federal agency,
anti-trust laws,
particularly those affecting the petroleum industry, was
introduced in the House of Representatives by Representa¬
Congressmen into
official
employee with enforcement of
or
the
at
uses.
•;
by
increased
income
Farm
more
.
.
..
'
than is usual for the season in July,
owing to a substantial gain in grain movement and somewhat better prices
for livestock and dairy products.
A further rise in income of approxi¬
mately seasonal proportions is expected
"Congress has appropriated
labor unions have been indicted and on
the
bring
Delay—Representative
Suit
Trust Probe—Asst.
Suits
Prices
Up
Output
as
Issues
Oil
Falls—Crude
Crude
Demand
Oil
Commission—Mexico
New
Findings
on
delay in filing the anti-trust suits against 22
au
opinion from the National Defense Advisory Commission
on
the effect of such suits upon
the
the National Defense plans,
two-fronted attack this week in Washington upon
Attorney General and the Department of
a
Assistant
delay in filing of the suits was Senator
(Dem., Iowa), who wrote the Assistant
Attorney General on Aug. 15 demanding that he be given
"satisfactory reasons" for the delay in filing of the suits
Guy M. Gillette
which
were
been
have
to
entered several weeks
In
ago.
answering the letter, Assistant Attorney General Arnold said
that there is
no
conflict between the Department of Justice
and the Commission, and
which until
issues
now
that the civil suit will "settle various
have been the
cause
criminal cases, all of which the Department
In his letter to the Assistant
Gillette stated that "I
the delay
the
of
numerous
Attorney General, Senator
hope those responsible in
any way
public interest."
The Senator's communication
also
delay committee hearings on bills which he had introduced
which would provide
the
for the divorcement of production from
"You informed me,"
he wrote Mr. Arnold, "that the De¬
partment was preparing, under your supervision, to institute a
number of suits for violations of existing statutes
you were
to file.
on
ready to proceed with the suits
I
recognized the wisdom of
"I learned
you were
preparing
request and acceded
indirectly," he continued, "that
to abandon the
prosecutions contemplated.
pending legislation.
particularly,
the
consuming
was
public,
have
meddling
scuttling the anti-trust enforce¬
or
of Congress both by regular
I fail to see anything
appropriation measures.
necessitate
or
require
anything, the pipe line and marketing divorcement suit
The suit should
"If
panies
pressed vigorously against major oil com¬
the Pacific Coast and elsewhere.
on
If there
are
22
major oil companies leagued in conspiracy, as indicated by
Attorney General's press release of Aug. 5, just what are
the
we
As to anti-trust suits once instituted against
waiting for ?
industrial monopolies, I am opposed to consent decrees
private and secret arrangements for
Government and
the
criminal suits
$5,000
or
'no contest'
and
pleas be¬
civil
defendants in either
or
whereby large companies pay nominal fines of
less and then repeat or continue their
monopolistic
practices."
Lowered output of
oil in Illinois with the resultant tighten¬
ing of supply-and-demand sent crude prices there up 10 cents
a
barrel
Texas
as
Corp.
and Sohio Corp., subsidiary of
Standard of Ohio, posted a price of $1.15 a
day, the first change in
Sohio
more
than
barrel
on
Wednes¬
In addition,
a year.
posted similar advances for crude purchased in the
Keensburg fields in the Wabash Valley, schedul¬
ing the price at $1.15 in the latter two fields also.
The lessened
from about
production of crude in Illinois, which dropped
520,000 barrels daily around July 1 to under
400,000 barrels daily for the lastest week available (Aug. 17),
has
proved
a
stimulant to the general crude price structure.
With the pressure of cut-rate
offerings from the formerly-
flush fields in Illinois lifted, the entire
has
benefitted.
output was moving forward into
were
Mid-Continent price
During the period
that Illinois
record heights, producers
selbng at prices below those profitable for oil men in
other States.
The Nation's wells need turn out only 3,624,000
crude oil to meet September
barrels of
demand, it was indicated in the
regular monthly market demand forecast of the U. S. Bureau
of
Mines
issued
barrels under the
in
Washington Tuesday.
This is 33,400
figure set for the current month, and nearly
105,000 barrels under actual demand in September a year ago.
Exporters' figures indicated, the Bureau reported, that off¬
been seriously
of these companies that
confident the Department of Justice would be playing
some
are
about
The interests of the public and,
jeopardized by the practices of
of the proposed investigation to deter¬
the public the mysterious forces or
am sure you
you are
I
recognize the unfortunate position in which it places me
and the
I
your
as
I have delayed the proceedings up to the present time.
to it.
will
the legislative proposals until such time
drive to
is in the direct interest of national defense.
You requested me to
ing divestiture in some instances.
delay hearings
and requir¬
a
other industrial monopoly.
structure
transportation and marketing of petroleum products.
of
dropping of civil actions against the oil monopoly or any
the
for
will realize that this action is not compatible with
eve
to
in national defense which would seem to
Griffin and
has won."
pointed out that it was at Mr. Arnold's request that he acted
to
statutes and
tween
Justice.
First to attack the
that
be instituted and
Seized Properties
leading oil companies and their subsidiaries, held up pending
brought
disclose
and
ment drive which is the mandate
Climbs—Governor
Proposes
The continued
Cancelled—Illinois
Production
Lower—Crude
O'Daniel
Anti-
Attorney General Arnold Says
Not
Delayed,
Seeks
Coffee
the
monopolistic offenders before the bar of
real
justice.
persons
Hits
when the drive
stopped immediately after many
laws is
these
enforce
to
"With¬
he pointed out.
doubt, there is something radically wrong
out
"It is the purpose
Gillette
substantial funds for the en¬
forcement of the anti-trust laws,"
in August.
Products—Senator
Its
and
and
opposition to consent
decrees.
mine
Petroleum
statement accompanying
time expressed vigorous
same
appear
are
a
Representative Coffee said that be saw no
dropping of civil actions against monopobes
for
reason
In
(Dem., Wash.).
tive Coffee
which
Bureau
of
three-fourths
over
last
little
is
basis
the
On
develop.
index,
daily
downward
there
Europe
in
war
letter, Mr. Arnold pointed
answering Senator Gillette's
the resolution,
drifted
prices
commodity
Wholesale
continuation
Among the
adapted to military use.
well
In
out that the
somewhat better are canned and dried food products,
items which may fare
are
(cotton, tobacco,
and wheat) will be in very limited amounts.
pork products,
which
long as the war in Europe continues,
as
principal surplus farm commodities
export sales of our
present time."
defense program.
own
our
European markets
Continental
one-third of
industrial
domestic
in
pubbc in faibng to proceed at the
unfairly with the general
time back to the National
The Bureau goes on to report:
several months.
1940
Aug. 24,
Chronicle
The Commercial & Financial
1062
shore movements would total 3,900,000
as
barrels for September
against 3,700,000 barrels in the comparable period a year
ago.
The estimated
daily
average
September, by States, follows:
demand for crude oil during
Volume
August
kerosene
1,320,300
1,326,400
England with the exception of western New York.
593,000
State—
598,400
430,000
440,600
September
V
Texas.
...
California..
Illinois
...........
by 0.3 cents
cents
Kansas
170,700
166,800
New Mexico..____________
105,300
105,200
75,300
81,300
69,700
65,200
55,700
57,100
47,600
48,000
gallon, against
17,700
20,600
Aug.
New York...
13,700
14,000
American
Kentucky
13,300
13,900
9,700
10,300
9,300
10,000
9,000
9,000
8,300
8,000
4,000
4,200
...........
Michigan....
Pennsylvania...
Montana...
......
Mississippi......
...
............
.......
Indiana.
West Virginia.....
'
Ohio
Colorado
......
Despite
daily
17, the total
I
of approximately 44,000 barrels in the
gain
a
average
crude output during the week of Aug.
far below the August market demand esti¬
was
The American
mates of the United States Bureau of Mines.
Petroleum Institute
reported that; the gain of 43,450 barrels
lifted the total for the week to 3,518,750 barrels, as com¬
Gasoline sold at retail in 50 representative
out the country on
Sharpest expansion
was
Texas
output
was
shown in Kansas where output
was
17,850 barrels to
up
up
daily
a
average
16,450 barrels
Oklahoma gained 10,850 barrels to
California showed
650 barrels.
Illinois output was
barrels.
hit
of 187,000 barrels.
to
1,192,450 while
daily figure of 392,-
a
nominal gain at 632,600
a
off 3,000 barrels to 278,400
was
barrels.
Inventories of domestic and foreign petroleum
United States
off 690,000 barrels during the
were
held in the
to
domestic petroleum
661,000 barrels, while stocks of foreign crude oil
were
off
dropped 29,000 barrels.
of
Holdings
barrels.
263,607,000
1940
W. Lee
O'Daniel, recently nominated Democratic candidate
tantamount to election in Texas, during his
for governor,
it
next term,
most of whom feel that
commission
oil
answer
the subject of discussion among Texas
to the
which
would
duly-elected members of
oil
control only
are
properties of
American and other
decline
week,
a
the
in
of nearly
Stocks of motor fuel
barrels
Aug.
on
were
off 1,674,000 barrels to 86,441,000
which
17,
barrels above the
figure
on
of gasoline was up 319,000
After
17
1,700,000 barrels during the Aug.
sharp spurt in refinery operations offset this factor.
approximately 11,700,000
was
the like 1939 date.
Production
barrels to 11,324,000 barrels.
slipping below the 80% level last week, refinery
operations spurted 2.2 points to hit 81.1% of capacity during
the Aug. 17 week.
Daily
of crude oil to stills
average runs
of 3,510,000 barrels represented an
increase of 75,000 barrels.
Representative crude oil price changes follow:
Aug. 20—Standard of New York cut No. 2 heating oil and kerosene
prices
England with the
by 0.3 cents a gallon throughout New York and New
exception of western New York.
Aug. 21—Standard of New Jersey cut Diesel fuel oil 10 cents a
barrel to
$1.70 at all Atlantic Seaboard deepwater terminals.
Gasoline, Service Station, Tax Included
$.17
New York
.185
....
U, S. Gasoline (Above 65 Octane), Tank Car Lots,
Chicago04 HI-.05
$.07 H-.08
Std.Oll N.J.$.06 J4-.07
Texas
Socony-Vac. .06H-.07
Gulf
T. Wat. Oil..08M-.08;
Shell East'n
08H-.08H
.07H-.08
New
,06Hi-.07
Orleans.
.05H
04K-.0H5
Gulf ports...
Tulsa
RichOil(Cal) .08tf-.08J4
Warner-Qu.
F.O.B. Refinery
Other Cities—
New York-
New York—
$.17
.17
Buffalo
Chicago—
$.166
Newark
zBrooklyn..
.17
Boston.
z Not including 2% city sales tax.
.07 Hi-.08
Kerosene, 41-43 Water White, Tank Car,
Los Angeles
$.06
(Bayonne)
F.O.B. Refinery
$.04(New Orleans.$.05^-.05H
.03H-.05• Tulsa
.04 -.04#
North Texas
New York—
F.O.B. Refinery or Terminal
Fuel Oil,
California 24 plus
$1.00
New Orleans C
D
$1.00-1.25
$1.50
Phila., Bunker C—.
1.50
2.10-2.20
Diesel
foreign oil companies whose properties
expropriated by the Administration in early 1938 were
announced in Mexico City on Aug. 20 but were not final
since the two evaluators did not agree, one naming a total
were
continuing
seen
Although stocks of finished and unfinished gasoline showed
N. Y. (Harbor)—
Bunker C
Government evaluations of the non-taxable
is
demand
Export
the
problem.
A 7% gain over September a
estimated, with demand seen rising to 52,900,-
doldrums, at only 1,600,000 barrels.
the petroleum industry from the Railroad Com¬
mission has long been
oil men,
The removal
indicated during the week.
was
of power over
an
separate State commission to control
during September
market demand forecast of the
date, the regular
of Mines indicates.
barrels.
000
industry will be sought by Governor
the Texas petroleum
gallon against 18.45
a
the comparable 1939 date.
on
with the record levels recorded during most of
Stocks of heavy crude oil in Cali¬
13,119,000 barrels.
a
to
pace
by Federal,
increased the cost of motor
18.50 cents
to
levied
Taxes
Institute.
local governments
consumer
year ago was
z
Establishment of
keep
Bureau
fornia, not included in the ' definable "figures were up 66,000
barrels to
Petroleum
Domestic market demands for gasoline
will
week ended
Aug. 10, the Bureau of Mines reported this week, dropping
an average
according to statistics compiled by the
July 1 and 18.74
on
a
cities through¬
of 12.58 cents a
month earlier and 13.28 cents on
Aug. 1 at
12.53
year,
some
fuel to the
off for the seventh consecutive
week, dropping 3,700 barrels to 391,350 while Louisiana
1 last
State and
a
indicated "deficit" of nearly 140,000 barrels.
gallon at Boston and Providence.
per
posted at 5 cents at all of these points.
pared with the 3,657,700-barrel figure set by the Federal
agency, an
4.2
Kerosene is
Long Island City; 4.3 cents per gallon at Portland, and
276,100
274,700
Arkansas
The
402,600
397,000
Louisiana.
Wyoming..
gallon through New York and New
a
established No. 2 oil at 4.3 cents per gallon, f .o.b.,
company
Oklahoma........
Nation's
1063
The Commercial & Financial Chronicle
151
Gas Oil, F.O.B. Refinery or
N. Y. (Bayonne)
I
Terminal
$.02 Hi-.03
| Tulsa
$.0531
Chicago—
28.30 D
$.04
7 plus
equal to $34,000,000 in American money, and the second,
to
The companies were
$36,000,000 in American money.
represented for they refused to appoint an evaluator to
meet with those representing the Administration.
There¬
not
fore the courts
Crude
oil
appointed evaluators to represent both sides.
barrel by Texas Corp.
Aug. 22—Carter
advanced 10 cents a barrel to $1.15 a
and Sohio Corp., subsidiary of Standard of Ohio.
Oil Co. met the 10-cent increase in Illinois crude prices.
Prices of Typical
Crude
per
—
Illinois
—-
$2.00 Eldorado, Ark., 40
1.02 Rusk, Texas, 40 and
.95-1.05 Darst Creek
.90
above.. 1.03
Rodessa, Ark., 40 and above
1.25
Smackover. Ark.. 24 and over..... ' .73
Western
Kentucky
Mld-Cont't. Okla., 40 and
PRODUCTS—DIESEL
REFINED
CONY
CUTS
PRICES
FUEL OIL,
17,
$1.03
1.10
over...
.75
.76-1.03
.90
Huntington, Calif., 30 and over... 1.15
Kettleman Hills. 39 and over
1.38
OIL
FUEL
......
PRICES
CUT—SO-
PRICES—RETAIL GAS
OFFSET BY MOTOR FUEL
SLUMP—ALLOT $50,000,000 FOR
Institute
the current week's figures were
calculated by the United
be the
STOCK
AVIATION GASOLINE
Aug.
19,
oil at deepwater
barrel in the price of Diesel fuel
terminals along the Atlantic Seaboard was
posted on Aug. 21 by the Standard
Oil Co. of New Jersey,
postings going down to $1.70 a barrel.
Other marketers
followed the price slash, which followed a sharp break in
prices of fuel oils and kerosene earlier in the week.
Standard of New York, marketing subsidiary of SoconyVacuum, on Aug.
20 cut prices of No. 2 heating oil and
This was a gain of
previous week, and
imposed by the various
Daily average produc¬
Aug. 17, 1940, is estimated at
The daily average output for the week
1939,
totaled
2,480,550 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Aug. 17 totaled 1,824,000 barrels,
a
daily average of 200,571 barrels, compared with a daily average of
147,571 barrels for the week ended Aug. 10, and 206,821 barrels daily
for the four weeks ended Aug. 17.
These figures include all oil imported,
whether bonded or for domestic use, but it is impossible to make the
separation in weekly statistics.
Receipts of California oil at Atlantic Coast
A reduction of 10 cents a
the
States Department of the Interior
tion for the four weeks ended
ended
that
below the 3,657,700 barrels
total of the restrictions
3,544,500 barrels.
estimates
Ended
crude production for the week ended
1940, was 3,518,750 barrels.
Michigan crude....
Sunburst, Mont
KEROSENE
Petroleum
gross
oil-producing States during August.
BETTER—SEPTEMBER GASOLINE DEMAND ABOVE
!939—REFINERY GAIN
American
43,450 barrels from the output of the
to
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford. Pa
Corning, Pa
The
daily average
Aug.
changes follow:
price
Aug. 21—Illinois crude oil was
Daily Average Crude Oil Production for Week
Aug. 17, 1940, Up 43,450 Barrels
Aug.
ports during the week ended
17 amounted to 149,000 barrels, a daily average of 21,286
gasoline received at the Port of Philadelphia.
barrels,
all of which was
Reports received from refining companies owning 85.3% of
estimated daily potential refining capacity of the
the 4,535,000-
United States
whole ran to stills, on a Bureau of Mines
basis, 3,510,000 barrels of crude oil daily during the week, and that all.
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 86,441,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,324,000 barrels during the week.
barrel
indicate
that the industry as a
The Commercial & Financial Chronicle
1064
(Figures In Barrels)
Four
Week
Calcu¬
Weeks
Change
Week
lated
State
Ended
from
Ended
Require¬
AUouo-
Aug. 17,
Precious
Aug. 17,
ments
ables
1940
Week
1940
Ended
Aug
19,e
1939
390.000
b392,250
+ 10,450
bl87.000
+ 17,850
+ 150
181,400
b200
65,800
92,200
+2,400
66,300
North Texas
+2,300
90 400
West Central Texas..
28,000
—100
29,300
194,250
*+1,850
433,300
172,000
397,450
170,607
402,600
166,800
Nebraska.
Panhandle Texas
West Texas
—
2.8%,
or
Southwest Texas
cor¬
responding week of 1939 amounted to 7,529,000 tons.
production of soft coal in 1940 to date is 31.8%
Cumulative
higher than in the corresponding period of 1939; anthracite
17,800
23,900
9,700
73,900
49,300
77,800
59,700
195,050
production in 1940 to date is 2.8% below that in 1939.
The U. S. Bureau of Mines report showed that the total
estimated
production of Pennsylvania anthracite
for the
+3,450
73,000
—50
393,450
179,200
....
+ 8,850
182,5.50
—2,250
193,100
64,000
+ 16,450 1,223,150
376,100
Compared with the week of Aug. 12, 1939, however, there
64,350
130,450
was
186,150
Coastal Texas—.—
1,326,400 cl 194 943 1,192,450
Total Texas..
North Louisiana...--
64,150
—900
63,950
Louisiana—
214,250
-2,100
215,950
Coastal
Production in the
the preceding week.
over
71,950
—...
—
increase of 230,000 tons,
estimated at 8,565,000 net tons, an
374,900
East Central Texas..
East Texas
150
production of soft coal in the week ended Aug. 10 is
total
{Aug.)
Kansas....
disclosed that the
Interior in its current weekly report
the
B.ofM.
Oklahoma.
the U. S. Department of
The Bituminous Coal Division of
Actual Production
a
1940
24,
Aug.
Weekly Coal Production Statistics
OIL PRODUCTION
DAILY AVERAGE CRUDE
Aug. 10,1940, amounting to 811,000 tons, increased
week of
46,000 tons,
a
6%, over output in the week of Aug. 3.
or
slight decrease.
ESTIMATED
STATES PRODUCTION OF SOFT COaL, WITH
PRODUCTION OF CRUDE PETROLEUM
UNITED
COMPARABLE DATA ON
-3,000
279,900
194,800
73.600
+ 550
72 ,900
60,150
b 15,700
+3,350
12 ,550
391,3.50
bl4,150
—3,700
402 ,850
—760
14 ,650
92,900
90,300
+750
89 ,700
57,100
81,300
54,250
+ 100
54 ,200
68,600
75,500
+2,300
73 ,000
70,950
17,500
3,500
—150
18 ,150
—100
3 ,500
102,000
100,000
—1,600
102 ,950
16,150
4,150
65,750
d587,000
2,886,150
632,600
276,100
Arkansas
65,200
73,000
Mississippi
278,400
274,620
10.300
440,600
10,000
Total Louisiana—
Illinois
Indiana
Week Ended
293", 400
99,000
Illinois & Indiana).
Michigan
Wyoming...
20,600
4,200
Montana
Colorado
•
105,200
...
Total east of Calif- 3,059,300
598,400
California
+ 42,650 2,926,500 1,854,360
+ 800
626,200
618,000
Calendar Year to Date
e
*
Aug. 10
Eastern (not Including
New Mexico
(In Thousands of Net Tons)
1940
1940
1940d
1939 d
c
1939
1929
Coal—a
Bituminous
8,335
1,389
7,529 268,653 205,344 314,893
1,428
5,567
5,596
5,687 190,910 176,588 139,040
8,565
Total, Including mine fuel
Daily
Aug. 12
Aug. 3
average
1,425
1,255
1,663
1,088
Crude Petroleum—b
Coal equivalent of
weekly output.
of historical comparison and statistical convenience the
b Total barrels produced during the week converted to equlvar
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of
coal.
Note that most of the supply of petroleum products is not directly competitive
with coal.
(Minerals Yearbook, 1938, page 702.)
c Revised,
d Subject to cur¬
Includes for
a
purposes
production of lignite,
lent coal, assuming
3,518,750
Total United States 3,657,700
These
a
premises outlined in Its detailed forecast for the month of
oil based upon certain
be supplied either from stocks, or from new pro¬
As requirements may
August,
a. m.
determine the amount of
Sum of 32 full weeks ending Aug. 10, 1940, and corresponding
new
OF
PENNSYLVANIA
BEEHIVE
ANTHRACITE
AND
COKE
(In Net. Tons)
crude
made.
Calendar Year to Date
Week Ended
Kansas, Nebraska, Mississippi, Indiana figures are for week ended
Increase
that it will
includes
It
as
nine days, namely
Past experience indicates
barrels for East Texas
AH fields in the State were ordered shut down for
1, 4, 8, 11, 15, 18, 22, 25, and 30.
Aug
Production partially shut down as a
1939
1929
c
c
Total, Incl. colliery fuel a 811,000 765,000 833,000 30,479,000 31,351,000 42,107,000
Commerc'l production b 770,000 727,000 791,000 28,957,000 29,783,000 39,075,000
60,.500
United States total
Dally
result of State order.
Note—The figures indicated above do not Include any estimate of any oil which
PRODUCTION
AND
WEEK
ENDED AUG.
17,
GASOLINE,
OP
10,600
9,500
1,767
377,800
4,230,300
1,978
1,208,100
6,325
22,148
coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
of working days in
STILLS
57,000
10,083
average
Includes washery and dredge
a
operations,
might have been surreptitiously produced.
RUNS TO
1940
1939
1940
1940
Anthracite—
Penna.
Beehive Coke—
Oil Producers,
d Recommendation of Central Committee of California
CRUDE
3 Aug. 12
Aug. 10 Aug.
wells are completed and if any upward revisions are
new
net figure of approximately 371,363
a
after deduction for shutdowns.
e
e
PRODUCTION
Aug. 14.
This Is the net basic 31-day allowable as of Aug. 1.
c
adjustment,
32 weeks of 1939 and 1929.
ESTIMATED
produced.
b Oklahoma,
7
rent
Inventories must be deducted
duction. contemplated withdrawals from crude oil
from the Bureau's estimated requirements to
to be
+ 43,450 3.544,500 2,480,550
Bureau of Mines* calculations of the requirements of domestic crude
are
Adjusted to make comparable the number
c
the three years.
STATES
ESTIMATED WEEKLY PRODUCTION OF COAL, BY
WEEK
(In Thousands of Net Tons)
1940
ba«ed on railroad carloadlngs and river ship¬
revision on receipt of monthly tonnage reports from dis¬
final annual returns from the operators.)
(The current weekly estimates are
(Figures Are in Thousands of Barrels of 42 Gallons Each)
ments
and are subject to
trict and State sources or of
Crude Runs
Daily Refining
Capacity
Gasoline
to Stills
at
Percent
Potential
Rate
Reporting
Week Ended
Production
District
July
Aver-
Refineries
Daily
Percent
Inc. Natural
A mage
Operated
Blended
East Coast...
643
100.0
603
93.8
Appalachian
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
156
91.0
121
85.2
456
743
90.2
579
86.4
2,249
420
76.9
257
79.6
z938
Inland Texas
280
59.6
119
71.3
526
1,594
Aug. 3
State
1940
July 27
1940
Aug. 5
1939
Aug. 3
1929
Aug. 6
1938
2
2
2
270
240
168
335
47
37
43
37
88
Colorado
73
76
65
68
129
1
1
Alabama
Georgia and North Carolina
*
f
*
e
f
2
297
Arkansas and Oklahoma
Alaska
■
aae
1923
397
81
173
f
f
1,071
85.3
766
83.8
821
688
616
622
925
1,363
Louisiana Gulf
164
97.6
105
65.6
255
Indiana
265
234
219
213
296
440
North Louisiana <fc Arkansas
101
51.5
48
92.3
138
Iowa
44
44
32
43
58
Rocky Mountain
121
56.0
60
88.2
230
Kansas and Missouri
95
91
83
79
104
145
California
836
87.3
479
65.6
1,286
799
773
779
615
843
765
123
124
110
110
204
217
24
24
25
24
44
44
Texas Gulf....
2,293
.
Illinois.....
—
Kentucky—Eastern
Western.
Reported
85.3
3,137
81.1
100
9,965
Maryland.
1,359
Michigan
4
4
3
5
15
Montana
42
37
42
37
49
60
New Mexico
16
14
19
22
40
49
11,324
North and South Dakota
19
21
13
14
f 12
f20
3,435
11,005
Ohio
X3.472
yll.661
Estimated unreported
*
373
Estimated total U. S.:
Aug. 17, 1940
4,535
Aug. 10, 1940
4,535
3,510
414
*
Is
a
Estimated
week's
average,
Bureau
of
Mines'
production based
z
basis,
x
August,
1939,
dally
This
1939, daily
average,
the U. S, Bureau of Mines August,
12% reporting capacity did not report gasoline production.
on
y
FINISHED
FUEL
AND
UNFINISHED
GASOLINE
AND
AND
304
434
871
1,738
1,374
2,630
3,734
106
106
75
98
118
15
15
17
14
23
Utah
54
41
39
32
67
83
282
262
288
250
222
248
26
26
21
34
33
47
1,941
1,945
1,867
1,280
1,967
1,515
595
578
526
421
687
875
90
70
101
88
91
154
Virginia
...
Norther n.b
Wyoming
OIL,
WEEK ENDED AUG.
17,
/
1940
24
Texas........;
Washington
West Virginia—Southern.a
GAS
383
2,195
90
Tennessee
....
STOCKS OP
452
2,156
Pennsylvania bituminous
♦U.S.B. of M.Aug. 17, 1939
21
*
*
Other Western States.c
■■
;
*
*
f2
f4
11,538
1,926
13,464
(Figures Are in Thousands of Barrels of 42 Gallons Eacb)
765
959
776
547
9,396
1,243
9,100
Total bituminous coal
9,089
8,153
6,478
10.639
8,335
Pennsylvania anthracite_d
Stocks of
Finished &
Unfinished Gasoline
Stocks of Gas Oil
and Distillates
Stocks of
8,130
7,377
5,931
Residual
Total, all coal
Fuel Oil
District
Total
Total
Finished
At Terms,
Finished
At
and
Refineries
Unfin'd
East Coast
20,902
Appalachian
21,848
At Terms,
in Transit
At
and in
Refineries
Pipe Lines
7,805
7,647
in Transit
and in
Pipe Lines
5,482
5.562
2,840
3,428
315
132
491
13,946
14,576
3,348
1,760
3,115
5,945
1,433
84
5,743
1,017
7,100
*308
2,340
2,710
1,083
25
1,318
485
278
10
507
55,139
Inland Texas
1,420
Louisiana Gulf
No. La. & Arkansas
352
1,463
913
999
116
14,136
15,735
8,095
1,961
Reported
72,910
79,431
.28,568
12,636
7,010
965
700
77,253
2,005
28,497
6,900
Aug. 17, 1940...
79,810
86,441
29,533
13,336
79,258
28,677
Aug. 10, 1940...
81,371
88,115
28,416
12,961
78.991
28,610
68,876
74.822
26,618
9,976
87,253
28,327
Est. unreported
U.
S.
.total. U
B.
*Aug.
of
17,
•
Advanced
"Metal
and
Mineral
♦Estimated Bureau of Mines' basis.
on
Markets"
in
its issue of
Aug.
22
persistent call for copper, lead, and zinc for near-by ship¬
during the last week
domestic copper
'
Points
reported that producers were favorably impressed by the
ment, pointing to a higher rate
Mines
15
Improved Buying—All Sellers of Copper at 11c.
21.994
180
Metals—Lead
Non-Ferrous
541
S.:
1939..
* Less than 1,000 tons.
"314
California
Rocky Mountain...
♦Est
Western States."
319
459
Okia., Kan., Mo
Texas Gulf
Includes operations on the N. <fe W.; C. &
2,097
10,009
6,317
1,669
11,664
...
Ind., 111., Ky
O.; Virginian; K. & M.: B. C. & G.;
and on the B. & O. In Kanawha, Mason, and Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral and Tucker counties.
c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthra¬
cite from published records of the Bureau of Mines.
e Average weekly rate for entire
month,
f Alaska, Georgia, North Carolina and South Dakota Included with "other
a
15
points
on
was
of consumption.
Demand
sufficient to bring all sellers of
back to the 11c. basis.
Lead
Aug. 21 to 4.90c., New York.
was
advanced
Zinc became
firmly established at the higher level announced late in the
Volume
preceding week, business booked since Thursday (Aug. 15)
,
being at 63^c.f St. Louis.
from the Far East
Absence of
any
reflected in easier tin
was
disturbing
Copper
quantity
increased number of
On Aug. 16,
inquiries, lifted prices for domestic metal during the last week.
lCJic
occurred
producers raised their prices one-eighth'
smelters and small
custom
,
Another increase of one-eighth cent to 11c., Valley,
VaUey.
Aug. 20, establishing the quotation of aU sellers at that level.
on
The undertone
week previous, bringing the total for the
Shipments for August
ducers believe
some
month to date to 36,088 tons.
expected to be larger than those of July.
are
consumers
obtaining
are
fabricators may find themselves
Pro¬
volume of business, and
a greater
underboughtC)in a tight market for
near-by delivery metal.
Export business
moderate, but prices showed little net change for
was
the week.
Lead
•
•
Shipments of lead to
consumers are
continuing at
a
high rate, and, with
American Smelting & Refining Co, raised its
The July statistics, revealing a strong
move.
in stocks of refined metal
buyers and sellers.
hand, made
on
Sales of the
a
Other
situation
favorable impression on both
grades for the last week amounted
common
is
making
Murray, Utah, shut down for the summer, is to
defense
gradually changing over to.
are
The "Iron Age" further reported:
products.
47,360 tons,
this country at the end of July
reduction of 7,983 tons, compared with a month previous.
a
Shipments of 52,560 tons for July
The figures
amounted to
the largest since last November.
were
where
result of stronger mill schedules at such points as
as a
ingot production
July
June
62,955
35.343
8,265
;
55,343
34,041
Stock at beginning
9,253
Production:
point to 98%, and Cleveland, where operations climbed 2 points to 86%.
Youngstown, Detroit and Philadelphia districts report operations un¬
The
changed
from
last
week.
districts steel producers
all
virtually
In
Secondary and foreign
by some companies to encourage the wider use
of Bessemer steel in tin mill
products, piling and other items now made of
Open-hearth capacity of some steel plants is already at
open-hearth steel.
full capacity.
Steel
which
are
buying the past week turned slightly upward, adding to backlogs
topheavy for some products, but orders placed so far in August
are
running well behind the volume placed during the corresponding period
Orders for the first 3 weeks of August at Cleveland, for example,
from
ran
10%
Some of the improvement in steel
behind July.
12%
to
in the last few days is coming from Detroit
seen
mobile production is advancing sharply
44,596
42,306
Totals
Domestic shipments
49,904
62,560
55,343
47,360
Zinc
Zinc
Plymouth.
Another factor in the improvement
is export purchases from Great Britain.
15, following the announcement of an
Aug.
advance of one-
Sales of common grades of zinc for the period
ended Aug. 17 totaled 7,314 tons, against 3,665 tons in
the previous week.
Shipments of common grades continued in good volume,
tons, against 6,691 tons in
now
tonnages
the previous seven-day period.
totaling 5,805
Unfilled orders
Producers report good inquiry all week, and larger
total 61,452 tons.
and steady increase in the amount of steel being
booked for such purposes.
In order to facilitate Government buying, the
Iron
&
Steel
assist Government agencies in
for
tin
was
1940
Efforts to open another defense
the
move
quiet and prices eased moderately.
Should the
Tin-plate operations were reduced to about 60% of ca¬
pacity, a seasonal development.
I.
Simon
Patino,
Defense
National
President of Patino Mines & Enterprises, arrived in
Advisory
He plans to confer with members of the
Committee about the construction of a tin
He reminded members
smelter in the United States to treat Bolivian ores.
of the press,
in an interview, that he was interested in a tin smelter operated
by Williams & Harvey in Brooklyn during the World War, but
forced to
Mr. Patino emphasized that-nothing with
respect to the smelting of Bolivian ores in
Straits tin for future arrival was
this country had been settled yet.
quoted
50.750
50.750
50.750
50.625
50.500
50.500
-
Aug. 17
Aug. 19
Aug. 20
Aug. 21
follows:
November
50.300
60.300
50.300
50.250
60.200
50.150
50.375
50.375
50.375
50.300
50.260
50.200
spot,
was
nominally as follows:
Aug. 21, 49.875c.
DAILY
PRICES OF
METALS ("E. & M. J." QUOTATIONS)
manufacturers.
held at the docks or in the hands of American
substantial
A
1,000 25-ton tanks, has been
estimated
Straits
Zinc
Lead
Tin
Dom.,Refy. Exp., Refy.
New York
York
St. Louis
St. Louis
Aug. 15
10.525
9.850
50.750
4.75
4.60
6.50
16
10.650
9.850
50.750
4.75
4.60
6.50
17
Aug. 19
Aug. 20
10.6.50
9.850
50.750
4 75
4.60
6.50
10.650
9.850
50.750
4.75
4.60
6.50
10.775
9.850
50.625
4.75
4.60
6.50
Aug. 21
10.775
9.875
50.625
4.90
4.75
6.50
10.671
9.854
50.708
4.775
4.625
6.50
Aug.
Aug.
awarded for
a
and contracts have been
Virginia, and for more
and training planes valued at $25,452,335.
$25,000,000 smokeless powder plant in
general rise in prices of steel-making scrap has
92 cents below the year's high recorded in the
week ended Aug. 17 are: Domestic copper f. o. b.
10.567c.; export copper, f. o. b. refinery, 9.850c.; Straits tin, 50.958c.;
St. Louis lead, 4.600c.; St. Louis zinc, 6.375c.; and silver,
Average prices for calendar
refinery,
New York lead, 4.750c.;
34.750c.
The above
quotations are "M. & M. M b" appraisal of the major United States
on sales
reported by producers and agencies. They are reduced
based
markets,
to the basis
Copper
of cash. New York or St. Louis, as noted All prices are in cents per poand.
lead and sine quotations are based on sales for both prompt and future
deliveries, tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a
delivered basis; that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices In New England average 0.225c per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board
On foreign business, owing to the European war. most sellers are restricting
offerings to f.a.s. transactions, dollar basis. Quotations, for the present, reflect this
change in method of doing business.
A total of 0.05 is deducted from f.a.s. basis
(lighterage, Ac.) to arrive at the f.o.b. refinery quotation.
Due to the European war
prices is not available.
the hsual table of daily London
Prices on standard tin, the only
prices given, however, are as follows: Aug. 15, spot, £263,
three months, £263 >£; Aug. 16, spot, £263, three months,
£263Aug. 19, spot, £262, three
months, £26234; Aug. 20,
three months, £262; and Aug.
£261, three months, £261 %.
spot,
£26134,
week of June 18.
21, spot,
relatively light.
Railway equipment buying in the past week was
on
The
the courts to purchase 800 box cars,
Island has been authorized by
200 automobile cars and 100 gondolas.
bids
accompanied a quiet
composite advancing
the week of June 25, and
37 cents this week to $19, the highest point since
The Army is expected soon to ssue
with box cars capable of
150 to 600 tank cars and is experimenting
mounting anti-aircraft guns.
in the Pacific Ocean.
9,425 tons
a
letting being 4,000 tons for naval air bases
23,700 tons from
New structural projects jumped to
including 8,400 tons for
week ago, with sizable new inquiries
the super-structure
and 3,000 tons for
the Norfolk
compared with
awards for the week were 22,000 tons
Structural steel
21,400 tons last week, the largest
of the St. Georges Highway Bridge, St.
Georges, Del.,
Navy Yard structures in Brooklyn.
and covered 2,000 tons for
Navy Yard, 1,000 tons for marine barracks at
and 1,000 tons for a
Paris Island, Ga.,
powerhouse at Fort Peck, Mont.
THE "IRON AGE"
COMPOSITE PRICES
Finished Steel
Based
Aug. 20, 1940, 2.261c. a Lb.
on
steel bars, beams, tank pla tes
One week ago
2.261c.
wire, rails, black pipe, sheets,
One month ago
2.261c.
rolled strips.
Jan.
Jan.
May
2.612c.
Mar.
...2.512c.
Dec.
2.249C.
1936
2.211c.
Apr.
16
2
3
2.236c.
May 16
17
2 211c.
Oct.
18
9
2.249c.
Jan.
4
28
2.016c.
Mar. 10
Pig Iron
Aug. 20. 1940, $22.61 a Gross
One week ago
.....
One month ago
Based
Ton
122 61
22.61
on average
furnace
for basic iron at Valley
Iron at Chicago,
and foundry
Philadelphia,
Buffalo,
Valley,
Southern Iron at Cincinnati.
20.61
One year ago
$22 61
22.61
23.25
23.25
19.73
1933'
I937"
'
19361-.III
-
and
Iaw
High
1939
$22.61
20 61
19.61
20.25
18.73
Jan.
2
Sept. 19
June 21
Mar. 9
Nov. 24
Jan.
Sept.
July
Feb.
Aug.
2
12
6
16
11
Steel Scrap
Based
Aug. 20, 1940, $19.00 a Gross Ton
One month ago..
on
No.
1
steel
Philadelphia,
melting
heavy
quotations at Pittsburgh,
$18.63
18.17
One week ago
and Chicago.
15.46
One year ago
Low
High
$19.92
22 50
15 00
21.92
17.75
1939,.
1938
-
1937
1936
The
Low
High
2.261c.
...2.286c.
1938
and ho
represen1
These products
85% of the United States output.
....2.236c.
One year ago
1940
Average
cleared by the National Defense
Advisory Commission for the War Department
1937...
New
Meanwhile a
Russia.
involving construction of an
Chrysler Corp.,
$54,500.000 contract with
1939.
Electrolytic Copper
machine tools required for
of such
part
defense needs is said to be those manufactured for
1940
1
take
against
foreign-owned machine tools which, because of restrictions
Reinforcing steel Iettings totaled 10,440 tons
October
60.625
50.500
50.500
50.375
50.375
50.375
Aug. 15, 50.000c.;
50.000c.; Aug. 17, 50.000c.; Aug. 19, 50.000c.; Aug. 20, 49.875c.;
Chinese tin, 99%,
Aug. 16.
as
September
August
Aug. 15
Aug. 16
which was
owing to inability to meet competition of English
down
close
smelters after the war ended.
bottleneck were being made this week in
Congress pass legislation enabling the Government to
their exportation, are being
Rock
New York last week from Lisbon.
to have
resumption of mill buying, with the "Iron Age" scrap
price decline to the 50c. level, the Metals Reserve Co. is expected to come
into the market.
Federal purchasing of steel
products closer into alinement with commercial practice.
A
Tin
Special
this week organized a five-man
Institute
Committee of Government Specifications to
than 550 bombing
could have been sold had sellers cared to take the business.
Demand
significant but
steel producers report a slow
over
firmly established at 6.50c., St. Louis, for Prime Western on
was
Thursday
where auto¬
with output of 1941 cars started by
interpreting steel specifications and bringing
Stock at end
are
One result of the straining for
a move
American
From domestic ore
Pittsburgh
3 points to 84%, Chicago, where output rose a
rose
Tonnages ordered so far for national defense are not yet
for June and July, in tons, follow:
quarter cent late on Aug. 14.
climbed a point to
Operations in the country's steel plants this week
9034%
specifications
operations now instead of a month later as first planned.
Stocks of refined lead in
de¬
however slow, and that plants
progress,
some
making peacetime products
of July.
9,314 tons, which compares with 8,997 tons in the preceding week.
The lead smelter at
resume
entering the market for that metal, a
are now
higher production is
quotation 15 points to the basis of 4.90c., New York, on Aug. 21.
sellers followed this
to
Age" in its issue of Aug. 22 reports that some
attempting to reach higher operating levels.
the sales volume larger, the
Orders
velopment which indicates that the nation's defense program1
firm at the close.
was
Domestic sales for the last week totaled 12,549 tons, against 13,168 tons
a
The "Iron
quotations. The
as
companies which normally are not consumers of steel in any
Limited supplies of near-by copper, coupled with an
cent to
1 Point to 9034%
Again Turn Upward
,
Steel Operations Advance
news
publication further stated:
most
1065
The Commercial & Financial Chronicle
151
American
Iron and
June 18
Oct.
3
Nov. 22
Mar. 30
Dec. 21
11 00
Apr.
2
May 12
June
6
12.92
Nov. 16
12.67
June
$16.04
14 08
I
Steel Institute on Aug. 19 an¬
indi¬
having 97%
of the steel capacity of the industry will be 89.7% of capacity
for the week beginning Aug. 19, compared with 89.5% one
week ago, 88.2% one month ago, and 62.2% one year ago.
This represents an increase of 0.2 point or 0.2%, from the
estimate for the week ended Aug. 12, 1940.
Weekly indi¬
nounced that
cated that
telegraphic reports which it had received
operating rate of steel companies
cated rates of steel operations
since Aug. 7, 1939, follow:
The Commercial & Financial Chronicle
1066
2
9
64.7%
62.4%
June 24
86.5%
may
July
1
74.2%
requirements.
July
July
8
15
86.4%
86.8%
programs may
July
July
22——88.2%
29
90.4%
91.2% Mar. 18
11
60.7%
90.0% Mar. 25
1——61.7%
Apr.
8
61.3%
Jan.
1
60.9%
85.7% Aim*. 15
Jan.
8—-.86.1% Apr. 22
60.0%
Jan. 15
61.8%
84.8% Apr. 29
Jan. 22
666.8%
82.2% May
Jan. 29
70.0%
77.3% May 13
Feb.
6
73.0%
71.7% May 20
18
73.7% Apr.
1940—
Feb.
12
19
67.1% June
Aug.
Aug. 12
89.5%
Aug. 19—89.7%
3
from the recent
A small decline in buying
in
demand
by
the
few
next
weeks.
month
a
for rising
Several
but these
were
ago
con¬
districts
than
more
large drop at Pittsburgh, where a vacation shutdown
leading producer brought the area's average down 6 points to 80%.
a
Net change in
national
steelmaking was a
average
A year ago the rate was up 1 X
Production difficulties vary
and strip
points to 63 X %
X-point loss to 90%.
with different products.
tion may be reversed as assembly
Backlogs of sheets
in the near future is
heavy consumption, and production
expected to
not
However, this situa¬
of 1941 automobiles gathers momentum.
Tin mills still have large stocks despite
much if any above its recent
move
level of 70%.
11,000 tons of piling and a Delaware bridge
steel.
and Canada.
foundry
Consumers are not
heavily, although future needs, where definitely estab¬
Pig iron shipments are responding to moderate betterment in
lished,
Absence of inflationary price tendencies in
extensive
being anticipated.
are
as a
whole is an important factor in restraining more
forward coverage on
Scrap prices
are
iron and steel products.
moving upward more rapidly, advancing the composite
33 cents last week to $18.83, same level as in early July.
Detroit
other than Pittsburgh to show a decline in
the only district
was
Increases were 1 point
steelmaking last week, dropping 4 points to 89%.
86 at Cleve¬
Unchanged areas were eastern
to 97
X at Chicago, 4 points to 86 at Youngstown, 1 point to
land
and
15 points to 773^
New England at 80
St. Louis.
at
and Cincinnati at 78.
are most
congested in heavy products.
Structural shape
complained of inability to obtain shipping promises.
A factor
aggravating this situation is that considerable armament material must be
structural mills.
The demand-capacity ratio is lees acute in plates,
although deferred deliveries prevail
certain sizes,
on
a
condition also
com¬
placed at 90% of capacity according to the "Wall Street
Journal" of Aug. 22.
This
with 90%% in the
compares
further
reported:
The "Journal"
vv
93M%, unchanged from the preceding week,
U. S. Steel is estimated at
and
compared
92%
with
weeks
two
continue
add
to
steel producers'
tonnage to
independents
Leading
ago.
are
88 Xl % in the week before and 88% two weeks
credited with 87 X %. against
The following table gives a comparison of the percentage of production
ago.
with the nearest corresponding week
to bars.
Defense contract awards
19 is
ingot production for the week ended Aug.
Steel
deliveries have lengthened steadily, and in some instances engineering con¬
mon
Corp. has ordered 15 barges
Inland Waterways
previous week and 89^% two weeks ago.
Mill schedules
on
involving
taking 6,800 tons of shapes.
requiring 8,325 tons of
Among larger pending projects are a Rhode Island naval station
Pennsylvania at 89, Wheeling at 99, Buffalo at 8SX, Birmingham at 88,
■
commitments and shipments in recent past weeks.
rolled
reinforcing bar orders continue numerous,
of work still being figured assures sustained activity.
and the large volume
kept in check by the slower buying which followed heavy
are
tractors have
be advanced somewhat.
Fabricated shape and concrete
commodities
gains in operations last week,
offset by a relatively
slight and
are
products compared with
some
directions
various
further
possibility is seen that fall rail buying
reason
shipments continue, particularly to Great Britain
loses significance in view of heavy backlogs and prospects
scored
this
For
inclined to stock
active pace of steel
of
rolling problems which
defense
develop between now and next spring as a result of growing
schedules, the gain being seasonal to a certain extent.
ingot production.
on
probable rail purchases by the
coming months in order to anticipate
Export markets tend to lag slightly in some products, although heavy
of the iron and steel
summary
in
carriers
fabricated
80.3%
Aug. 19 stated:
influence
sumption
5.——90.5%
68.8% May 27—-76.9%
Feb.
Cleveland, in its
on
Variations
84.6%
87.7%
Dec.
88.6%
without
10
17
Dec. 25
90.3%
Oct. 23
90.2%
Oct. 30
91.0%
Nov.
6—-92.5%
Nov. 13
93.5%
markets,
June
June
Dec.
16.
"Steel" of
anxious to obtain an estimate of
are
65.9%
64.6%
Nov. 20
87.5%
Oct.
Oct.
Mills
93.9% Feb. 26
Nov. 27.—-94.4% Mar. 4
Dec,
4
92.8% Mar. 11
60.1%
62.1%
Aug. 21.,—62.2%
Aug. 28
63.0%
Sept. 4
68.6%
Sept. 11
70.2%
Sept. 18
79.3%
Sept. 25
83.8%
Oct.
1949—
1940—
1939—
1939—
Aug.
7
Aug. 14
Aug. 24, 1940
of previous years, together with the
approximate changes, in points, from the week immediately preceding:
books, but in many cases shipments of the material required will be spread
over
Gains in releases
nearly
9,000
of automotive steel reflect
of passenger car assemblies.
downward trend
units
Railroad
repairs
demand
well
as
headed by 1,565
steel
freight
several
interests
more
15,105 units.
is
gaining
fair volume of
a
as
A steady upturn is indicated into next
a year ago was
for
by
as
in the recent
Output last week jumped
and trucks
cars
models.
new
Production
quarter.
20,475
to
started to turn out
the reversal
enlarged.
or
Influenced
equipment buying.
by
car
Orders are
Southern
cars
for the Atlantic Coast Line, 100 box
Additional
Pacific,
63
+2
42
+2
3414
1937
83
1936
although few major inquiries
purchasing is
car
now
in
for
cars
tentative stage,
the
1929
—3
—2H
+2
57
47
—1
12X
34 X
50 X
—
y%
—2X
14
—1
30
—1
—1
—2
20 X
—2
13 H
32
*
—1
58
+3X
66
+4
51
+2
—
89
—1
94
—i
85
—IX
-
76
+ 1
77
—i
75X
+3
68
1928
+2
69
66
+3
-
1927
active.
are
19
-
1930
the
—2X
+ 1X
75X
41
49
1933
1932
69
+1 x
20
-
+2
50 X
+ 1
84 X
+2X
72X
-
1935
—IX
48 X
-1
81
+3
66 X
+ .H
+5
58X
1938
—1
87 H
93 «
X
—
1939
1931
the Louisville & Nashville and 190 freight cars and 51 passenger cars for
90
-
1934
moderately,
new
1940
Independents
U. S. Steel
Industry
This is particularly true of ships and tanks and of
months.
many
equipment for which manufacturing facilities must be created
+
X
Current Events and Discussions
The Week with the Federal Reserve Banks
During the week ended August 21 member bank
balances increased
$79,000,000.
member banks which will not he available until the coming
reserve
Additions to member bank
Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE
IN
reserves
from
arose
deposits
decrease
Federal
with
$111,000,000
a
of
Reserve
$51,000,000 in Treasury
banks
and
increases
;
of
Aug. 21
in nonmember
a
cess
reserves
to be
deposits and other Federal Reserve accounts,
decrease of
and
$3,000,000 in Reserve bank credit.
of member banks
Ex¬
August 21
approximately $6,420,000,000,
were
estimated
increase of $30,000,000
an
found
on
Changes
in
Aug. 21 will be
member
bank
balances
reserve
items during the week and year ended
and
Aug. 21, 1940, follow:
Increase
(+)
7,
or
Decrease
Aug. 14, 1940
»
%
•£
B1118 discounted
3,000,000
—2,000.000
—1,000,000
2,446,000,000
+23,000,000
;
8,340
2,826
2,307
2,317
2,136
2,754
604
608
541
1,691
1,703
1,496
428
430
352
Industrial
Commercial,
and
agricultural loans
83
and guaranteed.--.-.
Industrial
advances
(not
$8,000,000 commitments—Aug. 21
reserve
bank credit
Gold stock——
9,000,000
—3,000,000
——
Treasury currency
.
35,000,000
—3,000,000
4-34,000,000
2,492,000,000
-
Total Reserve bank credit
—3,000,000
+111,000,000
4-3,000,000
+ 51,000,000
20,800,000,000
3,030,000,000
Member bank reserve balances—.—13,419,000,000
+79,000,000
+32,000,000
+ 4,299,000,000
+127,000,000
+2,590,000,000
Money In circulation
7,976,000,000
Treasury cash
2,291,000,000
+10,000,000
—51,000,000
+41,000,000
+887.000.000
21
18
22
23
39
166
164
183
124
124
118
29
28
42
385
carrying securities.
383
381
"55
56
50
Other loans
-
208
310
60
68
60
18
14
18
'■
'm
■
'
—»
m
"
■
;
«.
~
317
216
1,062
1,061
819
159
159
244
2,643
2,640
2,160
731
732
656
149
359
357
330
6,422
1,141
1,186
5,317
144
Reserve with Fed. Res. banks..
1,374
1,362
6,394
144
Other securities
1,373
1,428
1,177
1,148
945
343
...
—
United States bonds
Obligations
guaranteed
329
the
by
United States Government...
60
42
42
39
80
79
76
255
256
222
322
321
376
43
44
47
9,732
710
1,728
497
63
80
Balances with domestic banks..
Other assets—net
85
Liabilities—
9,620
705
7,951
1,942
645
507
1,923
507
35
48
94
94
3,635
3,105
1,004
1,007
617
—
35
3,629
Time deposits-—
629
591
7
7
'
Inter-bank deposits:
Domestic banks
-
Foreign banks
Borrowings
...
Other liabilities.
—
-
286
281
347
15
15
13
1,495
—
Capital accounts
810
13
—
1,494
1,482
255
254
265
+165,000,000
1,747,000,000
21
489
—43,000,000
889,000,000
117
270
Other loans for purchasing or
United States Govt, deposits...
Including
82
273
Loans to brokers and dealers..
Demand deposits—adjusted
Government securities, direct
$
$
$
9,600
Cash in vault
Aug. 23, 1939
%
Bills bought
Other
(—)
Since
Aug. 21, 1940
U. 8.
related
1940
2,751
Treasury bills
Treasury notes.
1006 and 1097.
pages
$
Loans—total
Loans to banks
The statement in full for the week ended
1939
$
9,520
Real estate loans...
for the week
1940
$
Aug. 14 Aug. 23
1940
1939
Loans and Investments—total..
Open market paper
on
:
Chicago—'
Aug. 14 Aug. 23 Aug. 21
1940
Assets—
circulation, $10,000,000 in Treasury cash, and $41,000,000
;
New York City
in gold stock and $3,000,000 in Treasury cur¬
offset in part by increases of $32,000,000 in money
rency,
in
CITIES
(In Millions of Dollars)
/
Treasury deposits with F. R. banks..
Nonmember deposits and other Fed¬
eral Reserve accounts-
—
_
+878,000,000
Complete
Returns
Reserve
of
Member
Banks
As explained above, the statements
Returns
of Member
Banks
in
New
Chicago—Brokers'
York
City and
Loans
Reserve
System
for
the
New
York
City
member
banks and also for the Chicago member
banks for the
rent
statements
week,
issued
in
advance
of
full
banks
are
given out
the
Federal
Week
of the New York and
on
Thursday, simul¬
taneously with the figures of the Reserve banks themselvfes
'Below is the statement of the Board of Governors of the
Federal
Chicago member
of
System for the Preceding
of
cur¬
the
and
covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the
entire
cannot be
body of
compiled.
reporting
member banks
in
101
cities
Volume
In the
The Commercial &
151
following will be found the comments
banks of the
body of reporting member
returns of the entire
week ended with the close
Federal Reserve System for that
of business
of the Board
System respecting the
of Governors of the Federal Reserve
banks in 101
for the week ended
Aug. 14:
industrial and agri¬
cultural loans, $42,000,000 in reserve balances with Federal Reserve banks,
$77,000,000 in demand deposits—adjusted, and $64,000,000 in deposits
cities
credited
member
shows
the
member
Cleveland
and
Loans
banks.
$5,000,000
and agricultural loans increased $6,000,000 each
districts and $15,000,000 at all reporting
industrial
Boston
brokers
to
York
New
in
The
Army maneuvers
Canadian
Ogdensburg on Aug. 17.
Roosevelt's special train and
attended Army field services with the President on Aug. 18.
Mr. King was accompanied on his trip from and to Ottawa
by Jay Pierrepont Moffatt, American Minister to Canada.
Secretary of War Henry L. Stimson collaborated with the
Roosevelt
and
City
and
dealers
$8,000,000
in
securities
decreased
at all reporting member
on
showed relatively little change for
Holdings of all classes of securities
$12,000,000 in New York City and
$5,000,000 at all reporting member banks,
Treasury notes increased
$3,000,000, United States Government bonds declined $7,000,000, obliga¬
tions guaranteed by the United States Government increased $10,000,000,
and "other securities" increased $5,000,000 at all reporting member banks.
Demand deposits—adjusted increased $22,000,000 in the San Francisco
district, $20,000,000 in the Kansas City district, $12,000,000 each in the
Cleveland and Richmond districts, $11,000,000 in the St. Louis district,
week:
declined
bills
$77,000,000 at all reporting member
and
York
New
in
Treasury
the White House
the
in
Francisco district, and $64,000,000
credited to domestic banks increased
$20,000,000 in
district, $12,000,000 in the Cleveland district,
$11,000,000
Chicago
$10,000,000 in the San
New York City,
reporting member banks.
Defense Board were announced by
Included
H.
Aug. 22 in a joint statement
on
the six-man American group was
on
LaGuardia of New York.
issued
on
Prime Minister King.
Roosevelt and
President
of
behalf
Mayor Fiorello
The first meeting will take
place in Ottawa on Monday (Aug.
26).
The White House
announcement follows:
Premier King today appointed the
President Roosevelt and
serve as
members of the Joint Permanent
following to
Board of Defense, United States
and Canada:
United States:
For the
Fiorello
Hon.
H.
City.
Deposits
at all
banks, and decreased $14,000,000
the conversations.
The members of the
banks.
the
Aug. 16 to meet him at
on
stayed overnight on Mr.
President
banks.
domestic
to
Commercial,
in
reporting
weekly
of
statement
the following principal changes
Increases of $15,000,000 in commercial,
leading
concluded after the President inspected
in the vicinitv of Odgensburg.
Prime Minister had been invited by Mr.
The agreement was
the First
He
Aug. 14:
condition
The
1067
Financial Chronicle
LaGuardia,
President, United States Conference
of
Mayors.
Embick,
D.
Stanley
Liuet.-Gen.
commanding the 4th Corps. Area;
headquarters, Atlanta, Ga.
Capt. Harry W. Hill,
United States Navy War Plans
Division, office of
Chief of Naval Operations.
A
of the principal assets
summary
and liabilities of re¬
with changes for the week
ended Aug. 14, 1940, follows:
porting member banks, together
and
the year
Increase
(+)
■
or Decrease
Since
(—)
Aug. 14,1940
Aug. 7, 1940
Aug. 16, 1939
$
$
S
Assets—
24,121.000,000
8,506,000,000
Loans and investments—total
Loans—total
+1,784.000,000
+ 14,000,000
+ 320,000,000
+ 20,000.000
Commercial, industrial, and agri¬
4,461,000.000
Open market paper
Loans to brokers and dealers in
securities-
loans
Other
purchasing
for
294,000,000
—19,000,000
-8,000,000
—300,000,000
—3,000,000
+2,000,000
—50 000,000
or
carrying securities......
1,213,000,000
39,000,000
1,654,000,000
Real estate loans
Loans to banks
Other loans
733,000,000
2,114,000,000
Treasury bills
Treasury notes
United States bonds
Obligations
+ 549,000,000
+3,000,000
469,000,000
...
+ 15,000,000
376,000,000
cultural loans
6,580,000,000
guaranteed by United
+ 41 ,000,000
—21 000,000
+5,000,666
+ 120 000,000
—5,000,000
+3,000,000
+ 238 ,000,000
—7,000,000
Reserve with Fed. Res.
banks
Cash in vault
Balances with domestic banks
+ 312,000,000
+ 269,000,000
+2.337,000,000
+ 17,000,000
+ 79,000,000
+ 55,000,000
+ 326,000,000
20,789,000,000
Other securities
+ 77,000,000
+ 3,148,000,000
+ 1,000,000
528,000,000
+ 1,000,000
+ 91,000,000
—16,000,000
+ 10,000,000
+ 5,000,000
+ 42,000,000
deposits—adjusted..
Time deposits
United States Government deposits
Inter-bank deposits:
8,397,000.000
...
+64,000,000" +1,214.000,000
685,000,000
Domestic banks
+30,000,000
Foreign banks
—1,000,000
Borrowings..
Joint Canadian-United States
—7,000,000
Defense Pact Concluded
Roosevelt and Prime Minister Mac¬
kenzie King—Board Will Formulate Defense Plans
of North Half of Western Hemisphere—Members
by President
Appointed—
An
unprecedented step, constituting the virtual extension
Doctrine to Canada, was taken on Aug. 18
President Roosevelt and W. Mackenzie King, Canadian
of the Monroe
when
Prime Minister, after a
long conference on continental defense
Ogdensburg, N. Y., issued a joint announcement that "it
has been agreed that a permanent joint board of defense
at
shall be set up at once
by the two countries."
joint defense board will comprise four or five members
from each nation, the announcement said, and will meet
The
shortly to begin "immediate
studies relating to sea, land and
problems, including personnel and material."
The
Board will consider "the defense of the north half of the
air
Western Hemisphere."
Both the President
and the Prime Minister, after conclud¬
ing their historic meeting,
moved quickly to facilitate the
board. Meanwhile comment
naming of members of the new
in both Washington
and Canada was generally favorable to
The text of the joint
Aug. 18
the mutual problems
Canada and the United States.
board on defense shall be set
and the President have discussed
relation to the safety of
It has been
up
announcement issued at Ogdensburg
follows:
The Prime Minister
of defense in
agreed that a permanent joint
the two countries.
permanent joint board on defense shall commence
at once by
This
relating to sea,
It will
Western
land and air problems,
consider in the broad sense
immediate studies
including personnel and material.
the defense of the North half of the
Hemisphere.
The permanent
joint board on defense will consist of four or five members
of them from the services. It will meet shortly.
of each country, most
Navy [bracketed with;
of European Affairs,
of the American Section of the Joint
Assistant Chief, Division
Board.
For Canada:
Mr. O. M. Bigger,
K. C.
General Staff.
Naval Staff.
Air Member Air Staff, Royal Canadian
Brig. J. Stuart, D. S.
O., M. C., Deputy Chief
Capt. L. W. Murray,
R. C. N., Deputy Chief
Air Commander A.
A. L. Cuffe,
Air Force.
Hugh L. Kennleyside,
Mr.
to be Secretary
Counselor Department of External Affairs*
of the Joint Board.
of the Canadian section
The first meeting
of the Joint Board will be
held in Ottawa on Monday
Aug. 26.
Great Britain Offers to
Hemisphere
Lease Naval Bases in Western
United
to
States—Prime Minister
House of Commons —
Churchill Describes Plan in
Roosevelt and Cabinet Officials
Discuss
Proposal
"agreement in
An
principle," giving the United States
Newfound¬
announced
on Aug. 20 by British Foreign Secretary Viscount Halifax.
The announcement was made shortly after Prime Minister
Winston Churchill, ia an address to the House of Commons,
had referred to the same subject.
Mr. Churchill also ap¬
pealed to the United States to send to England 50 over-age
destroyers, to replace British war losses.
President Roosevelt and other United States officials have
said on several occasions that the question of possible trans¬
fer of the destroyers to Great Britain has no connection with
the negotiations for naval and air bases in this Hemisphere.
Yesterday (Aug. 23) the President told his press confer¬
ence that there was no news on the negotiations for bases or
on
the destrovers.
However he was scheduled to hold a
Cabinet meeting later in the day with Acting Secretary of
State Sumner Welles, Secretary of War Stimson, Secretary
of the Navy Knox and Attorney General Jackson on both of
these problems and, it was said, an announcement might be
forthcoming after its adjournment.
These four officials had
conferred earlier this week with Army and Navy chiefs on the
legal questions involved in the proposals.
In our issue of
Aug. 17, page 925 we carried an item disclosing that the
United States was negotiating with Great Britain for air
naval and air bases
in British possessions from
land to South America
under 99-year leases was
and naval bases.
In his
address, Mr. Churchill
said, in part:
the conclusion that the interests of the
United States and of the British Empire both required that the United
States should have facilities for the naval and air defense of the Western
Hemisphere against the attack of a Nazi power which might have acquired
temporary but lengthy control of a large part of western Europe and its
Some
the new plan.
on
Mr. John D. Hickerson,
.State Department, to be Secretary
President
Liabilities—
Demand
Sherman, United States
McNarney, Army Air Corps.
+ 690 000,000
2,579,000,000
3,609,000,000
11,254,000,000
505,000,000
3,168,000,000
...
Lieut .-Col. Joseph T.
—45 000,000
5,336,000,000
Rtates Government
Commander Forrest P.
months ago we came to
resources.
asked or
Government of the United States
that we should be glad to place such defense facilities at their disposal by
leasing suitable sites in our trans-Atlantic possessions for their greater
security against the unmeasured dangers of the future.
The principle of association of interest for common purposes between
Great Britain and the United States had developed even before the war in
the various agreements reached about certain small islands in the Pacific
We
have
offered
any
therefore decided,
spontaneously and without being
inducement, to inform the
The Commercial & Financial Chronicle
1068
Ocean which have become important as air fueling points.
of thought we found ourselves in very
Presently,
In all this line
American
close harmony.
learned that anxiety was also felt
we
The
about the air and naval defense of their Atlantic seaboard, and President
the
Dominion
of
Canada
and
Newfoundland
with
the
and with
us
development
of
that
interests
our
mutual
and
together in
up
For my own part, looking out upon the future, I do not view the process
one
Let it roll.
The
days.
American
practical
advance
Convert
The
Federal
ceived
with
from
certain
the future
hanks
Reserve
Bank
Bank
of
still
such
New
of
Fngland
After
York
Aug. 21
on
re¬
announcement that
an
pro¬
published
"that the German Government received
take every precaution against attack
view
to
...
the German combat forces."
that Germany had given no assurance of safe conduct
the other belligerent governments" had done,
it said "all
as
that
assurance
"explained that there was no occasion to give
Nazis
the
.
.
as
.
forces should stop the vessel or
it was out of the question that German
take any other measures against her."
the United States and
the note gave the following
relating in detail the negotiations between
'
the transport's voyage,
Germany
concerning
summary
of the case:
briefly, the German Government has on several occasions during
about the voyage of the American Legion stated that the
"Stated
the conversation
into the United Kingdom, although
transfer
sterling
under
previous arrange¬
The announcement said that in order to avoid hard¬
ments.
declared
exceptions Bank of England notes cannot in
be imported
can
the ship,
any
Dollars
into
the
for
Aug. 27
notice
acknowledged
but
Importation of Bank of England
Notes—United States Holders Have Until
to
vessel by
the
It
"serious and
existed."
course
which the State Department
Germany
to
note
this Government's
on
Bars
18 from
by the American Government and that it had been
expressed
Britain
Aug.
of
North
sufficient
Great
advices
Scotland, the note declared tbe question had been given
full flood, inexorable, irresistible, to broader lands
on
Kirk,
the decision that the transport should pass between the
Rona and Cape Wrath, off the northern coast of
on
island of
tracted consideration"
Let it roll
and better
Washington
determined that "no other
Like the Mississippi it just keeps rolling along.
stop it.
can
armed
W.
Foreign Office.
the German
to
Press
Standing pat
British
general advantage.
with any misgivings.
No
that Alexander
said
Department
Washington quoted the United States note as follows:
of their affairs for
some
by the German
undertaken
action
any
The
Associated
English-speaking democracies, the British Empire and the United States,
will have to be somewhat mixed
of
Department at Washington on Aug. 18 made
the communication
thereby.
that these two great organizations of the
process means
zone
Charge d'Affaires at Berlin, had been instructed to deliver
sure
less than theirs and the interest of the colonies them¬
no
selves and of Canada and Newfoundland will be served
Undoubtedly this
feel
we
by
forces."
Majesty's government is entirely willing to accord defense
99-years leasehold basis, and
in the
formal note to Germany, stating that this country
a
tation
action being taken against the wishes of the various colonies concerned, but
on a
traveling
was
expected that the American Legion "would not suffer moles¬
There is, of course, no question of any transference of sovereignty or of any
facilities to the United States
State
public
American naval and air facilities in Newfoundland and in the West Indies.
for our part His
since it
military operations.
in the United States
Roosevelt has made it clear that he would like to discuss with
Legion,
Aug. 24, 1940
vessel in
question—as
the
of
transport
public vessel of the United States, actually being a
a
States army—needed
United
safe conduct
no
from
the
reserved only for merchant
German Government because safe conducts were
vessels.
ship
to
existing
holders
Bank
of
England
of
the*
notes,
latter may be deposited at a registered bank in the United
States and mailed
midnight
by the bank in question not later than
Aug. 27.
on
not be credited
Notes forwarded by individuals will
arrival in the United
on
Kingdom.
It
was
explained in London that large amounts of the bank notes
held in France and other territories occupied by
were
and
many
therefore fall
may
into
hands for
enemy
version into currency in neutral countries.
is
announcement
His
Majesty's
given
affect
in
be
imported
the normal
accordance
tbe
in
In
order
to
into
transfer
with
con¬
the
of
United
Kingdom
Bank of
have
England
Kingdom.
This
that,
notes cannot
will
sterling through banks which
in
no
will
way
The
period allowed
sarily
take
t;
short,
existing holders the opportunity to obtain value for
for
the
carrying out
immediate
steps
advantage of the offer.
England
dependencies
of
The period
these
be
must
on
account
delivered
notes
can
arrangements
taken
in
to
by
those
is
neces¬
desiring
to
be extended.
case
no
bank
a
the close of business
to
up
credited
in
on
United
the
the
27th
States
the
said
the United
Kingdom
to
August
United States
a
will
be
registered
forwarded by the bank in question from
territory above
mentioned
later
not
than
midnight
post office
a
the
on
consignment should contain
letter
a
from
the
forwarding bank stating that
by cable.
the contents forms part of or all of the amount
notified
in
now
transit
to
the
United
Kingdom
from
United
the
States
will,
as
is customary, be
United
Kingdom
for collection.
Notes
forwarded
State
The
waters
Channel between
North
Berlin
conferences with the American Embassy
England "were completely infested with
in
off
be
accepted
individuals
of
according to the American
course,
Department
Aug.
on
taken:
The
this
reason
Roosevelt
dent
because
today
to
Welles,
a
to
change the
of
Democrat
Bone,
war
course
of the army
warning was told by Presi¬
German
who
Washington,
had been risked in the matter
as
-
when the
Senator Bone in the living quarters of the White House.
the President's press secretary, described the situation
case
of one nation having said certain waters were
a
another
and
Petsamo, Finland,
originally,
also
other
was
waters
Americans brought
home
present
were
mined.
by the transport from
nearly double the number which had been expected
was
Mr. Early said, and
Petsamo.
State,
of
having said certain
number of refugee
in
Senator
Under-Secretary
Early,
reporters
The
despite
the Senate this week that
Stephen
mined
Legion
stubbornness.
of
Sumner
to
refused
Government
American
transport
The
route
no
taken
for the additional
food
ones
to be
was
probably the most direct
was
one,
the
reiterated
reached
was
that
the decision
regarding the route that
followed
was
the recommendation of the Army and Navy High
on
Command.
or
by any other agency than a reputable and recognized bank to its regular
correspondent in the United Kingdom will not be credited on arrival.
Argentina Had
1939
United
States
War
Transport
After
Passing
Waters
Around
Warned
United
Fear
Legion,
was
Through
Great
States
Mine-Infested
Britain—Germany
expressed in Washington this week of
to
the
United
pute with Germany.
States
transport
army
North
United
partment
now
through
answer
announced
a
war
refugees,
mine-sown
a
possible
American
and
headed
of
the
ship's safety.
yesterday
(Aug.
23)
on
the
ship,
Aug. 28.
Germany
and
air
on
of
Aug.
the
17
proclaimed
waters
around
a
"total
the
a
press
blockade"
British
by
release containing
a
summary
on
of revenues
expenditures of the Argentine Republic for the financial
year
ended Dec. 31, 1939.
has been
Act
of
It is pointed out that this release
made pursuant to
1933,
as
amended,
Argentine
Section 11 (a)
of the Securities
in connection with the issue of
Republic
sinking
10-year
Nov.
5,
fund
ex¬
4V2% bonds dated Nov. 1, 1938, due Nov. 1, 1948.
The offering of these bonds was reported
1938,
2803.
page
in these columns
The statement on finances read
follows:
as
Argentina
completed
60,500,000 pesos
the
financial
Total
to
revenues
1,460.600.000
had
pesos,
a
pesos,
deficit of
600,000
year
1939
with
a
deficit
of
only
(about $15,125,000), according to a detailed report issued
by the Ministry of Finance.
tina
pesos
while
expenditures during the year amounted
totaled 1,400,100.000 pesos.
Argen¬
1938 and surpluses of 24,900,000
15,100.000 pesos in
and
10,800,000
pesos
in
1935,
1936 and
1937,
re¬
spectively.
Isles,
and
declared she would not be responsible for the
safety of tbe
and
The State De¬
that
Revenues and
Argentine Information Bureau, New York, issued
$25,000,000
warning from Germany that the
for the
The
Aug. 16
ternal loan
waters
Pesos at End of
Year—Summary of
Expenditures
serious dis¬
on
Deficit of 60,500,000
Financial
Finland,
apparently out of danger, is expected to arrive in New
York
sea
States
Atlantic, despite
Reich could not
a
The vessel left Petsamo,
Aug. 16, carrying 897 American
the
Had
Regarding Safety of Ship
Legion which might involve this country in
for
with 897
Refugees from Finland, Is Reported Out of
Danger
disaster
American
,
22 announced that the
Scottish coast
line, and thus well out of the area Germany had described
as highly dangerous.
Associated Press Washington advices;
of Aug. 22 reported the following regarding the course that
He
not
by
German statement
secretary said.
forwarded at sender's risk.
Consignments not complying with these conditions will
in the
not
the danger from aerial operations.
was
had
be accepted
will
vessel
issued yesterday in
the
in
mines
encounter
The
pointed out
President received
The total of each bank's holdings is cabled by the forwarding bank
the opening of business on the 28th
August to its correspondent
in the United Kingdom or to the
correspondent of its head office.
Every
.
been
the
that
exoects
American Legion was 1,500 miles west of the
(2)
Notes
might
the coastal
that
States
action undertaken by the German armed forces."
in the note of any German contention that the
any
The German argument for a change
27th
before
Notes
by
Cane Wrath.
had
it
United
the
of
mention
no
Legion
charged in
are
August, and
will
wa9
and
there
Government that under the circumstances
mines."
or
provided*
receipt in
(1) The notes
in
Government
There
continuing reliance upon the original statements of
the American Charge d'Affaires is instructed to
above related
in
Government,
the German
suffer molestation
was
Bank of
its
and
the
note,
sterling notes held by them, the following arrangements have been made.
and
German
inform
continue
existing arrangements.
afford
Legion,
the
the United
Government of
forces of the route, date of sailing and description of the Amer¬
armed
its
ican
Rona
decided
of the description of the vessel, and having
States that it had actually notified
departure from Petsamo and
American
United
having repeatedly made that statement and
Government
German
assured the
The text of the
below:
Government
subject to the exception referred to below,
henceforth
Ger¬
"The
having stated also that they would notify their armed forces of the route
on which it was informed the vessel would proceed,
and of the date of her
It
is
pointed
deficit for
1939
out
is
in
the
official
statement
that
the
amount
of
the
particularly gratifying in view of the fact that expendi-
Volume
tures
exceed revenues by 194,500,000 pesos when
Rigid economies helped to reduce the deficit,
Government succeeded in increasing receipts
to
sanctioned.
was
the
at
expected
were
budget
The Commercial
151
the
time
same
CHANGE
BERS »
by
Week Ended Aug.
3, 1940
Total for
Per
Week
Cent a
Total round-lot sales:
A.
Other sales.b......
-—..............—.......
400,275
Total sales.
Transandine railways.
and
4.470
395,805
Short sales
amounted to 1,015,200.000 pesos,
comprising 950.200.000 pesos in general revenues and 65,000.000 pesos
from special accounts.
General revenues had originally been estimated in
the budget at only 854.300,000 pesos, but unexpected increases in receipts
from internal taxes, gasoline taxes, posts and telegraph, sales taxes and
miscellaneous collections raised this total by almost 96.000,000 pesos.
The Finance Ministry's report shows that Argentina's national consoli¬
dated debt as of Dec. 31. 1939, amounted to 4.404.500.000 pesos, which
compares with 3.899 300.000 pesos on Dec. 31, 1938.
Of the 505,200.000
pesos increase, 89,100.000 pesos represented debts transferred by the prov¬
inces.
The remainder of the increase is accounted for by the new issues
in connection with the purchase of the Central Cordoba and Transandine
railways and the construction of extensive highways and other public
in the 1939 financial year
Cash receipts
STOCK
AND
(SHARES)
over
pesos
Cordoba
Central
SALES ON THE NEW YORK CURB EX¬
TRANSACTIONS FOR ACCOUNT OF MEM¬
STOCK
ROUND-LOT
TOTAL
the
and
the calculated amount.
Budget expenditures consisted of 1,075,700,000 pesos to be covered by
general cash revenues and 384.900.000 pesos coverable by bond issues.
The latter item included 214,900,000 pesos for public works, armaments
and State contributions, and 170,000.000 pesos for the acquisition of the
95,900.000
1069
& Financial Chronicle
transactions for the account of members:
Transactions of specialists in stocks in which they are
registered—Total purchases
B. Round-lot
1.
53,465
2,870
Short sales
54,495
Other sales.b.
2. Other transactions
"l3^070
purchases
Initiated on the floor—Total
400
Short sales
13,600
Other sales.b.
3, Other transactions
Initiated off the floor—Total
73.940
purchases
800
Short sales
14,985
Other sales.b.
Trading
Member
and New York
Ended Aug. 3
New York Stock
on
During Week
Exchanges
Curb
Securities
The
yesterday
round-lot
Exchange, Commission
and
made public
Other sales.b
Curb Exchange for the
Odd-lot transactions for the
Customers' short sales...
C.
of mem¬
(in round-lot trans¬
totaled 473,340 shares, which amount was 21.13%
transactions on the Exchange of 2,357,480 shares.
actions)
total
of
•
July 27 of 226,655
ended
shares was
data
respective
published
Stock
York
New
353,270 shares.
data for
made available the following
Aug. 3;
the week ended
The
shares, or
17.18% of total trading of
Commission
The
based
are
and
Exchange
upon
the New
weekly reports filed with the
York Curb Exchange by their
These reports are classified as follows:
members.
New York
New York
Slock
Curb
Exchange
Exchange
2.
3.
Reports showing other
830
received
1,065
transactions as specialists
189
Reports showing other transactions initiated on the
Total number of reports
1.
67
193
625
4. Reports showing no transactions
614
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists in the stocks In which they are registered and the round-lot trans¬
actions of specialists resulting from such odd-lot transactions are not segregated
from the specialists' other round-lot trades.
On the New York Stock Exchange,
on the other hand, all but a fraction of the odd-lot
transactions are effected by
dealers engaged solely in the odd-lot business.
As a result, the round-lot trans¬
actions of specialists In stocks In which they are registered are not directly com¬
...
parable on the two exchanges.
numbfr
The
the
than
entries in
of
number
more
the various classifications may total more
received because a single report may carry
classification.
reports
of
than
volume Includes only sales.
c
with "other
Sales marked "short
in
restriction by the Commission
which are exe mpted from
b Round-lot short sales
rules are Included
sales."
exempt" are Included with
Odd-Lot Trading on New
"other sales."
York Stock Exchange
Week Ended Aug.
Aug.
On
23
Commission
and Exchange
Securities
the
public a summary for the
STOCK
upon
921. The
Commission
issue of Aug 17, page
reports filed with the
and specialists.
ODD-LOT ACCOUNT OF
TRANSACTIONS FOR THE
DEALERS AND
SPECIALISTS ON THE NEW YORK
Week Ended Aug. 17,
ODD-LOT
STOCK EXCHANGE
1940
Total
for Week
Odd-lot sales by dealers
(customers' purchases):
Number of orders
12,077
......
Number of shares
302,196
...
...
11,130,666
Dollar value
reports
one
Odd-lot purchases by
Number of orders:
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
ROUND-LOT 8TOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS * (SHARES)
417
....
12,057
Customers' other sales.a
CHANGE AND
Week Ended Aug. 3,
dealers (customers' sales):
Customers' short sales
TOTAL
12,474
Customers' total sales.
1940
Total for
Week
Per
Cent
a
Number of shares:
11,492
Customers' short sales
A.fTotal round-lot sales:
Short sales.
...
J
Other sales.b
295,904
Customers' other sales.a.
102,160
2,255,320
307,396
Customers' total sales.
2,357,480
Total sales
10,296,852
Dollar value
B.
During
17
week ended Aug. 17 of com¬
plete figures showing the volume of stock transactions for
the odd-lot account of all odd-lot dealers and specialists
who handled odd lots on the New York Stock Exchange,
continuing a series of current figures being published by
the Commission.
Figures for the previous week ended
made
by the odd-lot dealers
transactions Initiated off the
floor
"members" includes all
figures are based
42
182
floor
term
Shares In members'
Aug. 10 were reported in our
107
Reports showing
The
a
with member trading
compares
week
18,002
partners, including
ended Aug. 3
during the previous
16.04% of total
trading of 1,326,090 shares. On the New York Curb Ex¬
change member trading during the week ended Aug. 3
amounted to 87,150 shares, or 20.94% of the total volume on
that Exchange of 400,275 shares;
during the preceding
week trading for the account of Curb members of 72.860
This
32,810
_
Exchange members, their firms and their
special partners.
transactions as per cent of twice total round-lot volume.
In calculating these percentages, the total of members' transactions Is compared
with twice the total roun d lot volume on the Exchange for the reason that the total
nf members' transactions Includes both purchases and sales, while the Exchange
Stock Exchange for the account
week
the
during
0
32,810
Total purchases.
sales in these figures.
Trading on the
account of specialists:
Customers' other sales.c
Total sales.
20.94
87,150
Total sales.
account of all members
of these exchanges in the week ended Aug. 3, continuing
a series of current
figures being published weekly by the
Commission.
Short sales are shown separately from other
bers
4,070
83.080
t
Short sales
figures showing the volume of total
stock sales on the New York Stock Exchange and
the New York
TO~475
Total—Total purchases.
(Aug. 23)
3.71
15,785
Total sales
4.
3.38
14,000
Total sales.
works.
13.85
54,365
Total Bales.
Round-lot transactions for account
of members, except for
^ the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks in which they are
registered—Total purchases
Round-lot sales by dealers:
Number of shares:
276,650
Short
46,660
215,610
Short sales
Other sales.b.
262,270
Total sales.
0
sales
64,560
Other sales.b
64,560
Total sales.
11.43
Round-lot purchases
by dealers*
76,580
Number of shares
2. Other transactions
Initiated on the floor—Total purchases
155,400
a
Short sales
Other sales.b—
132,800
Total sales
3. Other transactions
initiated off the floor—Total purchases
Short sales
Other sales.b
Total sales
4.
14,700
118,100
Total—Total purchases
Short sales
Other sales.b
Total sales
Sales marked "short
b Sales to offset
exempt" are reported with "other
sales."
customers' odd-lot orders, and sales to liquidate
round lot are reported with "other sales."
a long
position
which is less than a
6.11
91,060
Bondholders
8.000
70,270
78,270
3.59
523,110
External
Report
on
Republic
of
Panama
Plan for Readjustment
of
Debt
A committee of
holders of Republic of Panama
5% bonds
15,1963, has been organized in New York to inform
bondholders of the terms and conditions of the plan for
due May
69,360
403.980
other
473,340
for
Committee
Formed to
21.13
readjustment of the external
debt of the Republic of Panama
The Commercial & Financial Chronicle
1070
outlined in
as
recent
a
prospectus issued by the Republic.
C. F. Herb is Chairman and Walter S. Trefethen Jr. and
Conrad Worms
of which
the other members of the committee.
are
Although in existence only
Of
short time, the committee
a
accepting the plan, which, with approximately
$2,250,000 deposited with the depositary, makes
total of
a
$4,850,000 approving the proposed readjustment.
adjusted plan
referred to in
was
our
The
re¬
billion
Of
are
Seventy-seven
in
July
Sales
on
National
Securities
Exchanges Decreased 38.2% from June and 55.1%
from
Seventeen
nounced
the market
that
value of total sales
tered securities exchanges for
248,009,
sales
a
for
Stock
regis¬
decrease of 38.2% from the market value of total
and a decrease of 55.1%
June,
from July,
sales, excluding rights and warrants, had
valued
were
June.
all
July, 1940, amounted to $402,-
at
$81,388,049,
1939.
Bond
decrease, of 9.9% from
a
Sales of rights and warrants in July totaled $57,700.
The Commission added:
volume of stock sales,
The
shares, a decrease of 40.4%
bonds
sold
excluding rights and warrants,
from June's total.
$121,857,025,
was
that
The
two
leading
New
value of all
sales,
99.6%
of
the
market
York
exchanges
accounted
for
92.9%
the
of
value
bond
of
sales
all
on
registered
securities
The
value
July, 1949,
of
sales
total
securities
exempt
on
While
for
$535,120, almost unchanged from June.
was
Cuba
Stock
Half
Exchange
of
Cuts
made
1940—Total
of
$9,802
Loss for
Reported
as
issues,
Exchange and allied organizations had
31,
$9,802, compared with
ended June 30,
loss of $336,360 in the six months
a
an article appearing in
August issue of "The Exchange," monthly publication
the Stock Exchange.
The figures are exclusive of charges
the
of
for
depreciation, and receipt of initiation fees in the
of $104,000 in the first six months of this year,
to
capital account,
operating income.
which credited
Operating income for the first half of the
current year
totaled $2,766,765, against $2,601,372 in the
corresponding 1939 period, while operating expense was cut
from $2,937,732 in the first half of 1939 to $2,776,567 in the
first six months of the present year.
From the
54%
of parallel
measures
being taken to chart the
it is hoped that the cited gains
course,
may
he considered
as
tokens
of
additional
advantages to be obtained as time goes on.
For, under the
inspiration supplied in January, 1938, by the Conway Committee for the
Study of the Organization and Administration of the Stock Exchange, a
planned program of research has been carried through its initial stage and
is
now
entering
The
reference
already under
a more
is
full service on its readjustment and conversion
exchange for three national and two municipal
those issues being
portions of
European
dollar
bonds
in
default.
outstanding
as
of
issues of States or provinces, and of those bonds 91%
19
cent are issues of municipalities, and of those bonds about
Estonia,
Denmark,
dollar bonds outstanding, nine
France, Ireland, Italy,
having
countries
European
Finland,
Norway—have paid full service on their bonds through 1939
;
Hungary—have paid partial service
countries—Bulgaria, Greece and
three countries—Germany, Poland and Yugoslavia—•
(partial in some instances) on a portion of their
countries—Czechoslovakia, Danzig, Rumania and
Russia—have made no payments for 1939 service.
through
the
made
year;
payments
and
bonds;
other
the
to
been
has
service
Australia,
four
countries
five
made
during
and
Liberia.
Japan
temporarily
Service
account of
on
bonds
dollar
outstanding,
full
with respect to all issues of bonds of
Chinese
on
bonds
has
been
sus¬
exchange shortage caused by the Japa¬
occupation of large portions of Chinese territory.
full
service
its
on
national
obligations.
issues of Canadian political
There
Clark
is
reprinted
which
Jr.
in
appeared
the
first
annual
bondholders,
938,000 in cash, and
of
$37,204,000 in
been
has
this
done
article
an
by
1940, issue of
there
the
at
been
has
Reuben
J.
the
"American
actually
only
interest
and one-half billions of
approximately two
that
report
1934,
account
on
are
That article states that since the Council's
February,
in
negotiations
American
There
Canada is paying
defaults, however, on
subdivisions and guaranteed bonds.
the January,
in
Journal of International Law."
the
having
1939
defaulted
paid
of
some
on
dollar bonds.
to
the
$103,-
scrip—a grand total of $141,142,000,
actual
covering the whole of
Council's work of .00027% of the face value of the bonds concerning
an
expense
which the Council has
negotiated; that on permanent settlements negotiated
average annual interest return has been approximately
4.3%, the sinking fund approximately 1.2%, or a total service of 5.5%
per annum ;
that, generally speaking, defaulting debtors on dollar bonds
by the Council the
are
defaulting, not because they
their
debt
and
and
sinking
exchange to
that neither
has
his
beyond
their
their
pay
all
buy
in
up
our
are
are
bonds,
markets
their
own
selling due to their
place whatsoever in
creditors,
nevertheless
nor
good part of
a
upon
such
discussions
for few,
if
any,
governments
both
bonds
funds and
the
at
very
wilful default;
own
the principal it formulates,
between
a
to pay if they really had
the property of their nationals,
a
will
and to
and
sovereign
have borrowed
governments
capacity
levy
or
have the will to pay;
unable to find exchange to pay
have been able to find
phrase "capacity to pay,"
private foreign
necessary
allege they
on
which the bonds
the
proper
any
fund
indeed most of them)
low prices at
unable to
are
but simply because they do not
service,
and that while governments
to
make
the
pay.
comprehensive phase.
a
broadened study of Stock Exchange problems
with the consultative assistance of the management
engineering firm of Stevenson,
days
has
in
unexchanged
countries—Belgium,
to
way,
but
and
per
the
(many,
Exchange's
of 1938.
in default.
are
Of
dollar
la the light
issues,
1939:
default ;
in
interest
Exchange's article, the following is taken:
certain
on
pay
$1,467,767,066
Five per cent are
and
included in the statement of
not
are
amount
fund payments
"%
Eighty-two per cent are issues of national government or bonds guaran¬
teed by those governments, and of those bonds about 57% are in default;
operating loss of
1939, according to
to
1937
the
the
some
an
readjustment plan
in
only
Of
Dec.
nese
During the first six months of 1940 the New York Stock
.
sinking
on
arrears
making
is
issued
pended
Against $336,360 Year Ago
default in 1934, and
paying full interest on its outstanding bonds, with the
continuing
is
Uruguay
bonds
have
Operating
out¬
its external dollar bonds.
on
full interest on its two issues,
only token payments for Einking fund since Jan. 1, 1938.
As
York
First
in
is
the
under
Haiti
dollar
New
bonds
exception of those public works bonds whose holders have not yet exchanged
them
three
exchanges
default.
dollar
having
Republic adjusted its sinking fund
full service
Lithuania and
market
countries
with the exception of Cordoba.
country
that Government is
91.1% of the market value of stock sales, and
exchanges.
of
States, departments, or provinces, and
and
American
Latin
16
Dominican
Thirteen
market
cent are issues of
per
the
is meeting
are
June.
as
Adjustments have been made on the provincial and municipal issues
within
Total principal amount of
decrea.se of 9.5% from
a
15,116,765
was
bonds outstanding
dollar
cent are issues of municipalities, and all are in
of
bonds.
market
a
42.7% from June.
value of $320,802,200, a decrease of
sales
on
an¬
of
cent are issues of national governments or bonds
governments, and of those bonds more than 75% are
per
bonds 76% are in default;
per
The
Exchange Commission
bonds
are
standing, only one—Argentina—has always paid full service on its national
July, 1939
On Aug. 21 the Securities and
billions
four
default;
Out
of
$1,610,331,794 Latin American
guaranteed by those
of those
Value
almost
billions,
one-half
and
five
1939:
31,
Six
Market
by the Council said:
bonds guaranteed by those governments, about one
bonds of States, and one-half billion are bonds of municipalities.
the
Dee.
issue of April 6, 1940,
2182.
page
these
1940
In analyzing the report
in default.
are
24,
national governments or
reports that holders of $2,600,000 bonds have expressed their
intention of
39.6%
sum
statement
a
Aug.
Jordan & Harrison,
as
announced
a
The
Council's
referred to in
annual
our
report
issue of
few
for the previous
Aug. 19, 1939,
page
year
was
1102.
ago.
Assets of Members of FHLBS Increased $145,000,000 in
Foreign Bondholders Protective Council Report Shows
39.6% of $5,553,517,206 Foreign Dollar Bonds Outstanding Are in Default
The
Foreign
Bondholders
issuing its 1939 annual
war
in
tion, that
bond
Assets of the thrift and
Protective
issues would
invariably
financial,
as
so
well
attempt to depict the
any
be
not
Of
out
Council,
report on Aug. 19,
Europe has brought about
in the economic and
only
date
In view of this situation,
be
apt
the
the political situa-
status
to,
that'
states
in
sudden changes
many
as
Inc.,
of
but
the
would
various
almost
by the time Of its publication
Sion
of its
activities
rorvrnf
fiio
.on,,
* •
during the
year
and
a
indebtedness, reserving for
,
ru
*
m
*
-
recapitulation
subseauent
a
j.,
*
,
report the resumption of the fuller description of each bond
ISSUe
as
of
bonds
'
customarily given.
Dec.
31, 1939, there
issued
or
lltlCal
Ihe
Councils
were
<umrnntppd
.°
hv
^
report
shows that
outstanding foreign dollar
mvprnmpnic
ond
thoii-
™
their po-
subdivisions, in the principal amount Of $5,553,517,206,
home-financing institutions of the
Federal Home Loan Bank System increased $145,000,000
during the quarter closing June 30, as compared with $40,000,000 in the first quarter of the year, it was reported by„
economists of the Federal Home Loan Bank Board on Aug.
17• Total assets of the members of the System now amount
to $4,927,000,000.
The Board's announcement continued:
The trend indicates the increasing confidence of the public in entrusting
aBd the
the Council considered it prefer-
ahle to isslle this yeai a bliefer
report, limited to a discus-
of the outstanding
Second Quarter of 1940—Total Amounts to $4,927,000,000
Of the 3,914 members of the Bank
System, 3,865
associations and they hold 86% of the total assets.
* *•••
are
savings and loan
Some 49% of all
sav-
ings and loan associations in the country, holding 68% of the assets of aU
such institutions, are members of the System.
^ evtdence of the
manner
in which savings and loan
affiociatlons CItend
home-financing facilities throughout the country, 52% of such institutions
located in communities with a population of less than 25,000, while
23% are located in towns of 5,000 population or less.
are
Insurance companies which are members of the System account for 10%
of its total assets, while savings banks have 4%.
Volume
Retired $17,000,000
Savings and Loan Associations Have
FHLBB
associations voluntarily have retired
$17,000,000 of Government investments since
and loan
Savings
than
more
30, although less than $1,000,000 was due, officials
of the Federal Home Loan Bank Board announced Aug. 17.
at
p.
private investments into associations
throughout
available ample private capital for the
the country, making
building of homes, enabled them to repurchase $7,402,000
worth of shares from the U. S. Treasury and $9,717,000 from
be
on
funds has been notice¬
No Treasury
investments were made in savings and loan associations during the last year,
while only a few minor HOLC investments were made in special instances.
"The Government money poured into thrift and home-financing institu¬
tions has served its purpose," said James F. Twohy, Governor of the Fed¬
eral Home Loan Bank System.
"A total of about $270,000,000 was in¬
vested, strengthening the entire home-financing structure.
But private
investment now is resuming its proper course and Government investments
has reached a decisive stage.
have been reduced to about
now
$236,000,000—and can be expected to be
reduced sharply in the near future.
paid the same dividends on its
private investors, a total of about
money as
$35,000,000 in the last seven
years."
In
announcing the
Repayments of Government investments are
accepted at the end of each
due during July, as com¬
which were retired.
Only $981,500 was actually
period.
pared to the $17,120,000 in share investments
denominations
or
000
and
Deposits of
National Banks on June 29,
Call Date—Assets
1940 Greater than Any Previous
Totaled
and
$36,885,080,000
Deposits
Aggregated
tender
Aug. 20 that tlie total assets
banks in the United States, Alaska, Hawaii and the Virgin
Islands of the United States on June 29, 1940,
condition
for
call
volume and were greater
than
on any
of $1,148,423,000
active banks
and
call,
The total assets
banks were $36,885,080,000, an increase
of the 5,170 active
the amount reported by the 5,184
over
March 26, 1940, the date of the previous
on
increase of $3,704,502,000 over the amount
an
reported by the 5,209 banks on June 30, 1939, the
corresponding call
the
of the
date of
In his further analysis
a year ago.
figures, Comptroller Delano says:
The deposits
June 29, 1940, aggregated
on
$33,074,407,000, increasing
reported as of March
respectively.
Deposits on the last call date
of demand and time deposits of individuals, partnerships and
$1,078,139,000 and $3,604,938,000 over the amounts
26, 1940, and June 30, 1939,
consisted
$7,875,792,000, respectively, United
political
savings deposits of $23,152,000,
certified and cashiers' checks, cash letters of credit and travelers' checks
outstanding of $301,925,000, and deposits of banks of $6,084,051,000,
which includes deposits of banks in foreign countries of $348,651,000.
corporations of $15,976,786,000 and
States Government deposits
of
subdivisions
and
and
increase of
of
10%
represented
including
discounts,
overdrafts,
were
$118,935,000 since March and an increase
$9,179,227,000, an
of $605,524,000 since
indirect obligations held on June 29, 1940, were
The Direct and
of
$582,303,000,
decreased $22,123,000 since March
balances with
of collection of $5,457,733,000 and reserve with Federal Reserve
$7,837,068,000, a total of $13,877,104,000, increased $941,286,000
unimpaired capital stock on
which included
June 29,
the
ably
the
on
of $223,628,000,
a
undivided profits of $468,203,000, and re¬
total of $1,941,792,000, increased
$29,274,000
June, 1939.
other liabilities for borrowed
March, 1940 and $115,236,000 since
payable,
rediscounts
and
aggregating $2,910,000 increased $1,116,000
decreased $630,000 since June of last year.
The percentage
was
applied for, unless the
of payment by an in¬
company.
following morning.
The Secretary of the Treasury expressly
to reject any or all tenders or parts of tenders, and to
the amount applied for, and his action in any such respect
the right
reserves
than
less
shall
be final.
Those submitting tenders
will be advised of the acceptance
at the price offered
Federal Reserve Banks
immediately availablt funds on Aug. 28, 1940.
The Treasury bills will be exempt,
as to principal
allotted
be
must
made
the
at
for Treasury bills
in cash or other
and interest, and
also be exempt,
(Attention is in¬
from the sale or other disposition thereof will
except estate and inheritance taxes.
gain
taxation,
all
from
Payment
thereof.
rejection
or
ruling that Treasury bills are not
exempt from the gift tax.) No loss from the sale or other disposition of
the Treasury billy shall be allowed as a deduction, or otherwise recognized,
vited
the
of any
purposes
or
hereafter imposed by the
Circular No. 418,
the Treasury bills
Department
of
the terms
prescribe
tax now or
United
of its possessions.
any
Treasury
4550.
Decision
Treasury
to
amended, and this notice
as
and govern the conditions
of
their issue.
Tenders of
$211,381,000 Received to Offering
of $100,-
Treasury Bills—$100,166,000
Accepted at Average Price of 0.021%
Secretary of the Treasury Morgenthau announced on
Aug. 19 that the tenders to the offering last week of $100,000,000, or thereabouts, of 91-day Treasury bills totaled
$211,381,000, of which $100,166,000 was accepted at an
average rate of 0.021%.
The Treasury bills are dated
91-Day
of
000,000
Nov. 20, 1940. Reference to the
of Aug. 17, page 924.
\?
The following regarding the accepted bids of the offering
is from Secretary Morgenthau's announcement of Aug. 19:
Total applied for, $211,381,000
Total accepted, $100,166,000
Aug. 21 and will mature on
offering appeared in our issue
bids:
Range of accepted
100.
99.990—equivalent rate
High
Low
Average price
approximately 0.040%.
99.995—equivalent rate approximately
(76% of the amount
bid for at the low price was
0.021 %.
accepted)
*
President
ers
that
money
of loans and discounts to total deposits on June 29, 1940,
with 28.32 on March 26, 1940, and 29.09 on June
30, 1939.
President Roosevelt
of $100,000,000 or Thereabouts
of 91-Day
Bills—To Be Dated Aug. 28, 1940
Department announced Aug. 23 that
letter to the American
groups
self-organization, and promised the Ad¬
"in the orderly exercise of that
to
right."
a
letter to
which held
a
of the Conference,
this week, Mr.
plan of the organization to form a
David Lasser, Chairman
three-day session in Chicago
Roosevelt commended a
"100% American
movement" of unemployed, project workers
as an aid to the nation in obtain¬
underprivileged
ing the viewpoint
of the unemployed.
remarks, United Press Chi¬
advices of Aug. 18, said:
cago
Mr.
Roosevelt expressed hope
that the session would prove
beneficial to
whole, and said he would be glad
proposed by the conference.
"Your announced purpose—to form a
100% American movement of
unemployed WPA workers and other underprivileged, is legitimate and
laudable," his letter said.
"It can assist the nation in securing the view¬
point of unemployment; and help to render a patriotic service to our nation
as
tenders
are invited to a new offering of 91-day Treasury bills to the
amount of $100,000,000, or thereabouts, to be sold on a dis¬
The Treasury
asserted in a
ministration's protection
the
Treasury
Promises Aid in Exercising
Aug. 18 that unemployed and Works
Projects Administration workers have the same right as
to
New Offering
Conference,
Right
Reporting on the President's
27.75, in comparison
and WPA Work¬
Organize—In Letter to American
Security Conference on
and other
since March of this year but
Roosevelt Says Unemployed
Have Right to
Security
In
1940, was $1,534,649,000
preferred stock of $208,763,000.
Surplus of $1,249,961,000,
Bills
trust
closing hour for receipt of tenders on Aug. 26,
received at the Federal Reserve Banks or branches
up to the closing hour will be
opened and public announcement
acceptable prices will follow as soon as possible thereafter, prob¬
thereof
12-month periods, respectively.
$2,802,298,000 in the three and
serves
amount of Treasury bills
by an express guaranty
face
or
tender*
all
other
other banks and cash items in
banks of
since
the
bank
Immediately after the
1940,
$7,219,-
$1,891,336,000, respectively.
Other bonds, stocks and securi¬
totaling $3,794,049,000, which included obligations of States and
political subdivisions of $1,928,352,000,
but increased $10,892,000 in the year.
The
than three decimal places, e. g.,
accompanied
are
corporated
and fully
890,000 and
and
Each
be ex¬
without cash
accepted
16,214,526
United States Government obligations direct
Investments in
process
be
will
of
tenders
guaranteed aggregating $9,111,226,000 showed increases in the three and
twelve-month periods of $139,960,000 and $341,497,000, respectively.
Cash
considered.
deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment
securities.
Tenders from others must be accompanied by a deposit
June,1939.
ties held
be
The price offered must
j
accounts.
Loans
postal
$6,977,727,000
totaled
corporations
will
$1,000
$1,000.
with time deposits of individuals, partnerships
Savings deposits included
and
of $541,845,000, deposits of States and
$2,270,856,000,
of
multiples
the date of the
previous call date in the
history of the National Banking System.
amounts
$1,000,-
Fractions must not be used.
continued to increase in
reports,
than
less
amount
an
in
the basis of 100, with not more
on
Tenders
States
announced
and total deposits of national
Comptroller of the Currency Preston Delano
last
for
be
must
99.125.
for
$33,074,407,000, Comptroller Delano Reports
of
(maturity value).
No
any
Assets
will be issued in bearer form only, and in
$1,000, $10,000, $100,000, $500,000 and
bills)
(the
They
allot
six months
Dills on Aug. 28, in amount
issue of Treasury
of
"Meanwhile, the Government has been
maturity of a similar
of $100,202,000.
offering the Treasury also said:
payable without interest. There is a
pressed
The trend toward the retirement of Government
able for three years but it now
received at the
The Treasury bills will
dated Aug. 28.1940, and will mature on Nov. 27, 1940, and
the maturity date the face amount of the bills will be
tender
nouncement added:
received
thereof up
Treasury Department, Washington.
The FHLBB an¬
Corporation.
Loan
Owners'
Home
the
Aug. 26, but will not be
(EST)
m.
banks and the branches
Reserve
the Federal
June
The flow of
bidders. Tenders will be
count basis to the highest
to
June 30, Reports
of Government Investments Since
1071
Commercial & Financial Chronicle
The
151
underprivileged and the nation as a
receive any program
well.
"I
fault
have
consistently
of their own, or
self-organization
maintained that those unemployed through no
the same right to
employed on work projects, have
possessed
by other
groups
in the population.
This
The Commercial & Financial Chronicle
1072
Administration has upheld the right of self-organization of project workers
and will protect them in the orderly exercise of that right.
threatened
it is
as
tion in order to solve
"That
is
Our democracy,
to-day, needs the viewpoint of all sections of
popula¬
of the
true
question
of
"During the 1920's,
This
unemployment.
he said, these holding companies
had been per¬
until a few men
at the top,
institutions,
be complete until
cannot
through no fault of their
all Americans willing and able to
living: and that all unable to work
have security.
own
From that standpoint your
"Those at
the last
for all.
of
eight
have made much
we
years
"This
That good work must go on until we have conquered
assuring
people
our
American standard of living.
an
the problem
pressing economic and social problems
which must be solved in order to attain our security as a
nation."
situation
was
democratic processes."
our
The President wound up
all fronts because
on
his statement by saying:
we are
review
"the
but that it
unhealthy practices" it was designed to eliminate,
many
Two
Labor
Day Talks
in
South—Will Go to Hyde Park on Tuesday—Secre¬
tary Wallace to Speak in
The
attitude
the
on
.'.V- /
House announced
Labor
on
the statement continued.
it will enable
"It
Day,
Chickamauga
August 22 that President
"non-political"speeches in Tenne-
September 2.
The first
Chattanooga,
Dam,
Gap,
at ceremonies
one
Tenn.,
will
Labor
Day
This trip will
follow another visit to Hyde
(August 27) and remain there until
It
train for
Democratic
a
to absorb
us
source
of the business
Bill
financial machinery in good order,"
our
the shock of any crisis.
of satisfaction
have at least come to
businessmen
that
September 1 when he
August 22 that Secretary Wallace,
Vice-Presidential
candidate, will speak at the
Chicago
Wallace will deliver his acceptance
Labor Day.
on
Mr.
speech in Des Moines
standards to his particular corner
Empowering President to Mobilize National Guard
Given Final Congressional
on
August 29.
Aug. 22 approved
on
National
Approval
conference report on
a
legislation giving President Roosevelt
The report
to mobilize the
power
Guard and Army Reservists
military training.
was
Afro-American Exposition in
for
of active
a year
the Administration bill
on
then sent to the Senate where it
was
approved yesterday
It is
(Aug. 23), thus completing Congressional action.
before the President awaiting his
would
permit about 242,000 guardsmen,
116,000 reserve
officers and 50,000 enlisted men to be sent any
Western
this bill
now
The legislation
signature.
place in the
Hemisphere and possessions and territories of the
United States, including the Philippine Islands.
Bill
it
that
community."
The House
Chattanooga.
also announced
was
is
the Tennessee-North Carolina border,
on
Park, N. Y., where the President plans to go on Tuesday
a
com¬
be
formally opening the Great Smoky Mountains
National Park.
will board
is most
"This program is essential, not only because
and to assist him in bringing higher
man
morning at dedicatory exercises, and the other that afternoon
at Newfound
advisers
.
results in necessary reforms, but for the much more important reason
Labor Day
on
of the investment
part
cleaning house, putting
are
recognize that it is this administration's purpose to aid the honest business
White
Roosevelt will deliver two
see
Chicago
the investment trusts themselves
sufficient to note that
was
urged federal supervision.
"We
Plans
for the protection of the investor
convinced of its essential soundness."
As for the investment trust law, Mr. Roosevelt said it was not necessary
to
"This
Roosevelt
the American way of life and, had the
contrary to
mendable," he said. "
President
the far flung operating companies at
ran
juggled corporations for selfish purposes," he said.
"We will continue to push our program
I shall be glad to
learn about the deliberations of your conference and to receive any program
you propose for the solution of those
microscopic investment of their own, could control
pyramid."
the top
existence of
toward security
progress
a
holding companies not been checked, they would have threatened the very
phrase: 'Security for Americans means America's security' is well chosen.
"In
with only
the base of the
Administration recognizes that total defense of our shores, our homes, our
work have a job and a decent standard of
24, 1940
mitted to pyramid stock holdings on top of stock holdings
the smallest action of those who
pressing economic and social problems.
our
particularly
our
Aug.
Passage of
American
Ships
Child
Bring
to
issue of
Senate Committee Votes $5,008,169,277 Defense
Authorizing
our
Appro¬
by the House last week
Aug. 17,
reported in
was
927.
page
Refugees from European War Zone Sent to White
House-—Germany Cannot Guarantee Safe Conduct
of Vessels
priation Bill—Provides Funds for Two-Ocean Navy
Legislation amending the Neutrality Act to permit Ameri¬
ships to enter
can
House
Aug. 19 and sent to the White
on
The
Aug. 7; this
was
had
bill
been
reported in
our
adopted by the House
issue of Aug. 10,
page
780.
Regarding the bill, Washington Associated Press advices
of
passed by
the Senate the bill would permit unarmed and unconvoyed
American vessels to transport from
.
provided safe conduct
was
war zones
children under 16 years old
promised by belligerents.
vessels have been barred by
Heretofore, American
United States law from visiting
American person
some
public
so
that he would not become
a
Green,
Democrat,
Rhode
beyond
a
Island,
measure
of
and
a
statement
by
completely and enthusiastically unanimous in its approval.
was
•
on Aug. 21 it is learned
Germany is unable to guarantee safe conduct for any
American
bill
ships carrying children out of the
requires
German
Britain
are
practical.
that
no
ment
war zone.
that the belligerents give such
officials
explained
that
Committee
a
3,
two-ocean
merchanized
page
As
re¬
increased
by the
bill
approved
by
the
over
and for
navy
army.
was
measure
action
House
the
these columns of Aug.
was
the
mentioned
in
The bill carries $2,268,-
632.
699,277 in direct appropriations and $2,739,470,000 in con¬
The Committee's action
tract authorizations.
in
Associated
Washington
Press
advices
described
was
19
Aug.
of
as
follows:
Appropriations
Committee
increased
$45,017,320
by
the
direct
appropriations and contract authority previously approved by the House in
the
$5,008,000,000 supplemental defense measure.
Of this amount, $34,was in cash outlays, including an item of $7,000,000 for armor
ammunition for new aircraft.
An additional $15,000,000
507,320
the
waters
This
guarantee.
a
about
in
contract
authority
Increases
approved
included
$3,000,000
made available for plane armament.
was
the
by
Senate
direct
in
for
Bureau of
Medicine and Surgery
Senate
Continues
the storage
Committee
appropriations
authority
of aviation
in
and
the
$1,350,000
gasoline,
defense
big
$2,000,000
and $500,000 for the naval
in
the
for
bill
contract
navy's
reserve.
Great
infested with mines and hence the plan is im¬
Acting Secretary of State Welles said
on
Aug. 22
this
reported refusal.
tration's
It
Another
Program
to
on
Military Training Bill-
Group Fails to Complete Action—President Roose¬
President Roosevelt Signs Bill to Regulate Investment
Trusts—Calls
Debate
Plan to Draft Wealth Ruled Out of Order—House
velt
.
the
$45,017,329
by
July 31;
on
of
completely
a
the Senate,
ported to
official word had been received by the State Depart¬
on
construction
of
equipment and
According to dispatches from Berlin
that
Aug. 19 approved
on
routine explanation
Vandenberg, Republican, of Michigan, that the Foreign Relations
Committee
finance
to
The
little discussion of the
was
Senator
Senator
•
bill
organization
charge.
There
by
corporation
or
Appropriations Committee
$5,008,162,277 supplemental national defense appropriation
war zones.
Every child brought to this country would be required to be sponsored
by
a
House
Aug. 19 said:
As
The Senate
to evacuate refugee children
zones
Aug. 21 after the House agreed to minor Senate
on
amendments.
on
war
passed by the Senate
was
Milestone
Protect
in
Opposes Delay
Bitter debate
the Burke-Wadsworth military
on
training
bill continued in the Senate for the second successive week
Adminis¬
bringing
Investors
a
warning from Senator Barkley, majority leader,
on
President Roosevelt was reported to have signed
yesterday
(Aug. 23) the bill giving the Securities and Exchange Com¬
mission power to regulate the investment trust
industry. In
a
formal
the
statement
milestone"
in
the
protect investors.
President
said
as was
offering of
reported in
Concerning
the
Congressional action
new
our
securities,
Roosevelt
program" the
was
used
1935
designed to
was
on
to
this bill, which
completed last week,
page
925.
President's
as
a
statement the following is
Washington advices of Aug. 23:
good example of "the true meaning of this
Public Utility Holding
curb
"another
20-day waiting period
issue of Aug. 17,
taken from Associated Press
Mr.
was
Administration's "vigorous program"
also permits the SEC to shorten the
for the
it
"these
corporate
Company Act which he said
monstrosities."
Aug. 21, that the American people expected action soon
on
the
measure one
way or
another.
Military Affairs Committee
action
had
on
its version of the bill until next week.
tentatively
brackets
Meanwhile, the House
August 22 abandoned final
on
of
approved
the
bill
on
The group
August 20 the original
providing for registration of all
between 18 and 64 and making those from 21 to 45
to active
mittee
military service.
adopted
$21 to $30
a
an
conscription until
Action in the
the
war
course
approval of
subject
On August 21 the House Com¬
amendment raising Army base
month and
age
men
rejected
an
pay
from
amendment to postpone
is declared.
of Senate debate
amendment jto
oa
August 19 included
safeguard ^drafted men
against" foreclosures-and"evictions. "~A— proposal made~by
an
Volume
Senator Lee of Oklahoma
"wealth
well
as
has to originate
his
August 21 to draft the
on
power was
was a revenue measure
and hence
>
he
was
discussion in
the Senate, supporters saying that a further trial should be
given to the volunteer system. Mr. Roosevelt asserted that
this would delay the defense program a year or two.
In
reporting his remarks Washington Associated Press advices
of
The President told reporters at a press
of
man
that
conference that new increments
modern fighting equipment
needed now to learn to use
power were
said
Roosevelt
Mr.
the subject since
If a biU should not be
weeks, he added, there was going to
the next couple of
defense
been considering
had
Congress
talking about it.
was
enacted in
22,
begin consideration of the measure
opposition developed in
bi-partisan
reported in the August 17
This group charged that
written.
now
as
page
tax on small
925.
a
large corporations would be
Bill
Passes
Lending
Increasing
Authority of
Export-Import Bank by $500,000,000—Measure
Increases Borrowing Power of RFC
Also
on
Export-Import Bank's lending
South American trade
was passed by the House on Aug. 21
by a vote of 183 to
144 and sent to the Senate for action. The bill also in¬
creases the borrowing [lower of the Reconstruction Finance
Legislation expanding the
for
bank
the
revolving fund for loans
a
Latin-American nations,
expansion to meet defense
for plant
week was
reported in our
Associated Press
before
the
on
last
by
return the
defeated, 185 to 140, a move
A.
debate that ran past the' dinner hour
saw a long series of restricting amendments rejected by close margins
largely along party lines.
Action
and
and
after
came
an
however,
Republicans,
Several
recommended
Roosevelt
Latin America
all-day
as
a
spoke
means
for
the
of bolstering
bill which President
economic defenses in
against Nazi penetration.
concentrated their attack on the argument that
agriculture might suffer from helping South
of surpluses that are in competition with products of
Republican opponents
industry and
American
America
this
dispose
also argued that South American countries
$1,000,000,000 in dollar bonds floated to
United States and could not repay further credit.
They
the
when
than
had defaulted on
private interests in
turned
$500,000,000 bank loan section.
other amendments rejected were:
the
This was
Canada and other British
By Representative Wolcott—to deny loans to
French possessions in this hemisphere—by 129
to 99.
Andresen, Republican, of Minnesota—To
require Latin-American borrowers to meet the same wage-hour and acreage
reduction requirements imposed on government borrowers in this country—
at yesterday's
proposal
the
learned
was
work
would
meeting, made apparent
definitely to the die-
businesses, the Ways and Means
Committee,
bill, adjourned until Saturday.
L. Doughton, Democrat, of North
Carolina, chairman of the group, and representative Jcre Cooper, Demo¬
crat, of Tennessee,
chairman of the tax sub-committtee, conferred at
length with John Sullivan, Assistant Secretary of the Treasury, Colin
after
with the 90-page draft
brief session
a
committee on Internal Revenue
formula. ...
joint
the
of
Stam,
Robert
Representative
Meanwhile,
taxation, presumably
methods of changing the
on
committee predicted today that the formula
substantially altered before the bill is reported to
Designed to prevent "a crop of war millionaires," the meas¬
scrapped
be
House
the
of the House
member
One
would
or
amount rather to a "witch
optional "average earnings"
"escape clauses"
remains conjectural, and this procedure admittedly would only add to the
complexities inherent in any excess profits tax.
base
present loim, some believe, would
how the proposal to provide an
its
in
hunt."
Just
loading the measure with
and
Ways
the
in
deadlock
the
If
without
written
be
can
Means
Committee continues it is
Defense Advisory Commission will again rec¬
provision be separated from the
excess profits tax in
an effort to get speedy action on the former.
It has
been pointed out that provision for amortization for plant expansion by
n.eans of
tax deductions over a period of five years, as provided in the
bill, is needed to accelerate the national defense efforts.
On the other
hand the excess profits tax is made retroeative for 1940.
As the first
collection will not be made until March 15 next, it is argued, Congress
should take ample time to sec that the method of applying the taxes
will not result in confusion and hardships.
that the National
possible
tentative agreement
The
of
amortization
plant
the
that
ommend
reached Aug. 15 on the method
corporation earnings (reported in our
17, page 926) was changed by the Committee
computing average
issue of Aug.
however, was
to strike out
defeated 126 to 112. Among
attempt to restrict the scope of the legislation,
back, including the one by Representative Wolcott
Every
it
advantage of small and new
country.
more
Tribune" said:
dissension
the
of
result
the
As
ure
Washington
Wolcott, Republican, of Michigan, to
for elimination of the $500,000,000 provision.
Jesse
committee
to
action
the final vote the House
Representative
bill
orders. Approval of the
and Currency Committee
issue of Aug. 17, page 927.
measure
advices of Aug. 21 said:
House
Regarding
Just
$1,000,000,000
domestic industries
House Banking
the
by
while the remaining
by the RFC for loans to
would be used
bill
One-third of this would go
to Canada and
by $1,500,000,000.
Corporation
to
capital. Regarding the group's
dispatch of that date to
Aug. 22 a Washington
on
New York "Herald
the
1936-1939 base period and the other
earnings for the
percentage of invested
a
meeting
to assist
by $500,000,000
authority
be used in calculating
to
everage
virtually exempt. The
the optional formula
the.tax..'.One method is based on
said, center around
objections, it is
House
the measure was
corporations and new businesses, while
really
many
"Chronicle,"
the
raising objections to the bill
Ways and Means Committee
Previous action of the Senate was
issue of the
could not be ready
It had been expected
week.
until next
but
Representa¬
the measure.
Aug. 21, that the bill
on
the House would
Aug.
on
profits
Carolina, chairman of the com¬
North
consideration
that
be real delay in the
V
program.
said
mittee,
for
already is on hand.
June 20 and still
the major provisions of
Doughton, of
tive
excess
bill was delayed this week
Ways and Means Committee could not
House
the
agree on
Aug. 23 said:
on
plant amortization
and
when
Administration's proposed
the
on
Agree
to
Computing Tax Credits
Formula for
Action
Bill—Unable
Tax
Profits
Excess
tax
Delays Action on
Ways and Means Committee
House
This proposal is under
training until January.
♦
,
yesterday (Aug. 23) President
opposed to postponing military
conference
said
l
complete compensation the sum offered, the President shal
pay 50% of the price offered with the remainder to be
settled by the courts,
nation's
ruled out of order by a
in the House.
press
Roosevelt
man
contending it
54 to 23 vote
At
its
as
1073
Financial Chronicle
The Commercial &
151
decided that corporations would be
their average earnings over the base
period, 1936-1939, inclusive, instead of selecting any three
years within the base period.
late Aug.
16, when it was
required to compute
and
By
Representative August H.
By Representative
to nations in
loans
John C. Sehafer, Republican, of Wisconsin—To
default on debts owed to private citizens in
deny
The United States
Representative Wolcott—To strike out the section extending the
the Export-Import Bank from June 30, 1941, to Jan. 22, 1947,
and removing the present limit on bank loans of $20,000,000 to any one
country—by 120 to 84.
By Representative Frederick C. Smith, Republican, of Ohio—To bar
use
of funds for purchase of surpluses for the purpose of withholding
them from the market or to affect prices—by 113 to 88.
Under the bill,
loans could be made to governments, their central
banks
or
other acceptable banking institutions.
When guaranteed by
foreign governments or banks, loans also could be made to subdivisions or
individual citizens of the foreign countries.
1
By
life
of
Circuit Court of Appeals at
existing prohibitions
provided in the National Labor
Associated Press Boston
tions Act.
lined the decision as
Bill Authorizing: President
Exportable Defense Supplies
toSeize
the Waumbec
follows:
decision—split two to one—came as it ordered
Manchester, N. JL, to pay back wages to two
worked for the corporation, as well as to offer
Mills, Inc., of
have
who
passed and sent to the Senate a
bill authorizing the President to requisition machine tools
and other materials needed for national defense which have
been ordered by foreign purchasers but which have not been
The House on
Aug. 22
exported.
Mr. Roosevelt last month set up a
never
of
-
records, then the other
little worth.''
The court ruled:
"This
decline
that an employer may not lawfully
union applicant any more than does the prohibition
emphatically does not mean
to
employ
a
against a f'iscriminatory
a
union
,
policy of blacklisting applicants
prohibitions of the Labor Act are
employers are free to pursue a
labor union
discharge forbid an employer ever
to discharge
man.
the statutory test is whether the applicant was rejected
discharged on account of union membership or activity,
some permissible criterion."
court upheld the Board's
previous finding that the chief factor
Waumbec Mills refusal to hire the two men, Alphonse Chartier
"In either case,
or
the
or
on
licensing system to
materials, this action was referred to in our
issue of July 6, page 39. Under this Legislation the President
is to determine the fair price to be paid for the supplies
but if the owner of the materials is unwilling to accept as
control these
the
"If
with
Rela¬
advices of Aug. 20 out¬
court's far-reaching
The
jobs to both.
Approves
Boston on
employer could not refuse to hire an
applicant for a job solely because he was affiliated with a
union.
The court held that such "blacklisting" would nullify
Aug. 20 ruled that an
men
House
Employer Right
Applicant Had
Connections
Union
this
country—by 125 to 85.
Court Denies
Because
Solely
Job
Refuse
to
"
Circuit
States
United
by 126 to 106.
The
the
in
and
been
employee
account
Edward
union
mutual
The
aid
of
G.
Geoffrion ... was the fact that they had previously
and had taken an outstanding part in activities for
leaders
and protection with
Waumbec
Mills
employees of textile
contended that the National
mills in Manchester.
Labor Relations Act
The Commercial & Financial Chronicle
1074
did not
cover
employer's action until
an
contract of hire had been made
a
consummated.
and
but
subsequently had been informed by him that their labor records had
investigated and that no employment was available to them.
been
henequen, quebracho,
chicle, nitrate,
babassu nuts.
castor beans, and
It
75% of United States imports of cattle hides, about 50% of
also supplies
Both experienced textile workers, the two men contended that they had
been promised jobs in June, 1937, by William Zopfi, mill Superintendent,
Aug. 24, 1940
of cacao, 35% of the imports of raw wool, and nearly 25% of
the imports of manganese.
Part III of the Commission's report on "The Foreign Trade of Latin
the imports
America," issued in two volumes, contains a series of digests of informa¬
tion
30
on
export commodities which account
Latin American
important
by far the major portion of the value of all Latin American exports.
commodity there is a discussion of the relative position of Latin
for
For each
Supreme
Asked
Court
War Profit
Government
by
Review
to
Case—Appeals Two Decisions
Matter
as
of National Concern
America
well
as
Aug. 22 to review two decisions involving alleged
profits
World War shipbuilding.
on
its attempt to recover
to the Bethlehem
1929 to 1938, are shown,
exports to principal markets in specified years,
The Government asked the United States Supreme Cour
on
production; exports from Latin America; trade barriers,
world
:n
competitive conditions, and prices; and the effects of the European war.
Statistics of total exports from each important producing country and of
Making
a
excess
test ease
o
Shipbuilding Corp. for World War orders
I
also
Commission's
the
report
Trade
on
of
Latin
recently been released and was translated into Spanish for use
Conference.
Section I of Part II of this report, dealing
Habana
the
with
available.
"The Foreign
statistics of production when
of
America" has
at
$13,365,231 awarded by lower courts
as
Part
commercial
the
policies
the trade relations
and
of
Argentina,
has
Sections for each of the other countries of Latin
nearing completion and will be issued in the near
just been released.
America
now
are
future.
dating back to
Biddle said the
cern."
Solicitor
1916-1917,
General Francis
question was of "immediate national
Reporting his remarks,
C.
con¬
Washington dispatch
a
on
Conies
of
these reports
Tariff
Commission
in
Custom
the
in
available at the office of the United States
C., and at the Commission's office
are
Washington, D.
New York, N. Y.
House,
Aug. 22 to the Philadelphia "Inquirer" stated:
"In
times
of national emergency,"
preparing the Nation's defenses have
who refuses to preform
exhorbitant profit.
he stated, "the men charged with
time for haggling with
no
a contractor
his indispensible function unless he be assured of
Companies Entering Into Reorganization Proceedings
Ml
...
Half
First
in
an
"The Government," Biddle added in his petition, "cannot agree the law
sanctions
27% of the cost of constructing the vessels under the contracts when those
profits
were
secured without the slightest risk of loss and were coerced by
the threat of withholding an essential service to the Government
time."
■
■
.
Biddle charged
■
$93,000,000.
profit of $25,000,000 from contracts covering, only
a
■
v
Involving
The
and
Securities
Commission
Exchange
announced
Aug. 23 that 132 companies with assets aggregating ap¬
proximately
;
■.
.
war
under the lower court decisions, the Bethlehem
that,
would make
concern
in
132,
400,000, SEC Study Shows
obtained in good conscience, profits amounting to more than
as
Numbered
1940
of
$871,400,000 and Indebtedness of $446,-
of
Aggets
(book value) and indebtedness
brought into reorganization
$871,400,000
$446,400,000,
totaling
were
proceedings under Chapter X of the Bankruptcy Act, as
amended, (The Chandler Act), during the first six months
United
States
Expelled
Reject
to
by
Other
Who Have
Diplomats
American
Countries,
Been
Acting
Secretary of State Welles Announces
Sumner
Welles,
Acting
Secretary of
European diplomatic and consular officials those
announced
persons
as
who
unacceptable by other American nations.
Regarding this action
a
Washington dispatch of Aug. 20 to
the New York "Times" stated:
The
in the case of Friederich Ried, who is reported to have had to leave Brazil
and
was
stationed
as a
American
citizens
transferred him.
to
filed debtors'
These figures
compare
and
He
consul, because of alleged fifth column activities,
and
was
indebtedness
organizations that
the
ordered to Kobe, Japan.
with 242
German
which entered into
$81,600,000,
re¬
companies, having combined assets of $208,600,000
reorganization
of $175,200,000, for
were
which petitions for
filed during the first six months of 1939.
The Commission's announcement
Government
The ruling is calculated
on
bearing
on
the study added:
corporate reorganizations under Chapter X of
the Bankruptcy Act, as amended, are contained in an analysis prepared by
the Reorganization Division and made public by the Commission today.
The analysis is one of
the period
a
series of studies issued semi-annually and covers
Jan. 1 through June 30,
It includes data
1940.
on
the total
number of companies and their assets and indebtedness classified according
+.
to
Export Commodities of Latin America Issued
on
of
organization proceedings during tfye last half of 1939, and
The six-months' data
prevent the development of like incidents.
Report
with 159 companies, involving assets of $113,400,000
,
So many protests were made against Mr. Ried's presence in this country
by
$800,000,000 of the assets and
petitions for reorganization under Chapter X.
assigned to the German Consulate in New York.
was
over
Associated Gas & Electric Co. and its subsidiary, Associated
and indebtedness
ruling arose out of recent experiences with Germany, particularly
where he
Somewhat
$400,000,000 of the indebtedness were accounted for by the
Gas & Electric Corp., which in January, 1940
State,
Aug. 20 that the United States henceforth will not accept
have been found
of this year.
industry, location of principal assets, location of principal place of busi¬
ness,
federal judicial district in which proceedings were instituted, amount
of individual indebtedness, and type of petition filed.
by Tariff Commission
The information has been derived mainly from schedules, balance sheets,
"Latin America's ability
other
nations
is
to
dependent
purchase
upon
the commodities of
its ability
to export its
Part
States Tariff Commission makes
III
of
its
report
America," which
lected
Latin
was
"The
on
this
The
statement
Foreign Trade
of
in
Latin
released Aug. 19 and is entitled "Se¬
American
Export
Commodities."
The
Major
With minor
accuracy
of the information.
Moreover, the data reflect the number of
In the tables which follow, two sets of percentages are given:
in the totals Associated Gas and Electric
one
includes
Company and its subsidiary: the
other excludes them.
Industrial Classification
Manufacturing and real estate companies include, among others, com¬
panies owning apartment houses, hotel buildings and office buildings, and
and
merchandising industries led in number of companies with respective totals
use
sisal,
iron
which are produced in Latin America, partly for
partly for export, include barley, corn, cotton, henequen
ore,
meats, oats, tobacco, wheat, and yerba mate.
The
principal commodities of which all
duction
proceedings.
commodities
domestic
and
and other verified documents filed
reorganization
proceedings and do not make allowances for proceedings dismissed.
Com¬
mission's announcement stated:
•
with the Federal courts in the
exceptions, no independent check was made by the Commission as to the
products in adequate volume and at adequate prices."
United
and allegations found in the petitions
or
the greater
part of the entire
pro¬
is
of48,29 and 13.
The electric light, power and gas group showed the largest
aggregate assets and indebtedness by virtue of the inclusion of the Associated
Gas and Electric Co. and its subsidiary.
exported include bananas, cacao, chicle, coffee, copper, hides
skins, manganese ore, nitrate, oil-bearing seeds and nuts, petroleum,
quebracho extract, rubber, cabinet woods, tin and wool.
Lacking an
export market, most of these commodities could find only limited use
companies, manufacturing companies accounted for $28,800,000 or 43%
of the total assets and for $16,300,000 or 38% of the total indebtedness.
within
accounted for combined assets of
and
the
countries are
countries
now
which
produce
them
the
as
economies
of
these
constituted.
The second largest figures were
of $11,000,000 or
With the exclusion of these two
those for real
$15,000,000
or
estate companies,
which
22% and for indebtedness
26% of the total.
Latin American
countries supply all of the world's
quebracho, henequen,
chicle, and they have accounted for about 85% of the world's exports
of coffee, 70% of the exports of
fresh, chilled, and frozen beef and veal,
65% of the exports of bananas, 50% of the exports of cattle hides, 40%
of the exports of petroleum and
petroleum products, 30% of the exports
Geographical Distribution
and
of
sugar,
and
25%
of
the
exports
of
cacao.
Several
of
these
countries
also large producers and exporters of non-ferrous
metals, such as tin,
antimony,
manganese,
lead,
zinc,
tungsten,
vanadium,
and
bauxite
(aluminum ore).
are
,
In
been
addition
to
foodstuffs
and
raw
materials,
-
Latin
America
has
long
important exporter of gold and silver.
In recent years practically
all of these exports have been sent to the United States.
Imports of gold
an
silver into this country from Latin America were valued at
$152,000,000 in 1929, $156,000,000 in 1938, and $133,000,000 in 1939.
The United States is an important market for
many Latin American
products.
In recent years it has taken about 90% of the chicle and of
and
the
henequen and sisal exported from Latin America, 75% of the bananas,
65% of the cacao, 60% of the coffee, sugar, and manganese, 40% of the
nitrates, 25% of the canned meats, and 20% of the quebracho extract.
In
addition, the United States purchases from Latin America large quantities
of hides and
skins, wool, petroleum and petroleum products, tobacco, flax¬
seed, babassu nuts, and castor beans.
For many of these products Latin
America is the most important source of United States
imports.
That
area supplies
practioally all of United States imports of bananas, coffee,
Of the total of 132 companies, 19
and
a
bad their principal assets in New York
like number had their principal assets located in Illinois.
states were also the location of the
companies, respectively.
Those two
principal place of business of 21 and 19
The other states showed smaller numbers.
The
inclusion of the aforementioned two utility companies served to swell the
totals of assets and indebtedness for New York.
With the Exclusion of
these two. New York still accounted for the majority of the assets.
The
17 companies with principal assets in that state had aggregate assets of
$36,200,000
of the total, while the 19 companies with principal
or 54%
place of business in New York accounted for $36,600,000
or
55% of the total
assets, and for $23,400,000 or 55% of the total indebtedness.
•
By Federal Judicial District
The districts in which the largest number of cases were conducted were,
in order:
Northern District of Illinois, 13: Southern District of New York,
12; District of
Massachusetts, 11; and Southern District of California, 10.
Even with the elimination of the two large
utility companies, the Southern
District of New York accounted for $32,000,000 or 48%
assets and for
$20,300,000
or
of the aggregate
48% of the combined indebtedness.
The two
companies had originally filed petitions for reorganization in the Northern
District of New York but these
proceedings
after to the Southern District of New York.
were
transferred shortly there¬
.
Volume
The Commercial &
151
companies,
utility
remaining after the exclusion
showed indebtedness of less
107
accounted for only 22% of the total
indebtedness of at least
indebtedness.
$250,000 but less than
with indebtedness of at least $3,000,000
of
of the two
remaining 3 companies,
indebtedness
Civil Service Commission Reports
First Time,
The Civil Service Commission in
proceedings under
in 12 cases
and by an indenture trustee in one case.
Proceedings instituted by debtors'
petitions involved assets of $850,800,000 and indebtedness of $433,500,000:
those instituted by creditors' petitions involved assets of $18,400,000 and
indebtedness of $11,400,000: and that commenced by petition of indenture
trustee involved assets of $2,200,000 and indebtedness of $1,400,000.
1940, petitions instituting
the first half of
debtors in 119 cases, by creditors
353,786 from Feb. 19, 1938 to
Business Numbered
$2,319,-
Aug. 14, 1939—Loans to
$396,846,619
6,675 and Totaled
Reconstruction Finance
Corporation, announced Aug. 15 that since the RFC re¬
sumed lending during February, 1938, it has authorized
7,977 loans aggregating $2,319,353,785.74.
6,675 of these
loans aggregating $396,846,619.42 were to business (exclusive
of National Defense loans) including $23,810,223.15 later
taken up by banks.
Banks participated in these business
loans to the extent of $74,267,967.82, making a total of
Schram, Chairman of the
Emil
$447,304,364.09 loans to business.
The Federal National Mortgage Association has
above the million mark.
Employment in the Executive branch during
Administration insured mortgages
45,102 Federal Housing
commitments to buy
additional mortgages aggregating $5,421,138.38.
authorized 14 large scale housing loans aggregating
aggregating $181,974,085.34 and has
1,305
It has
increase of 33,076, or
3.4%,
all-time high of 987,857 reached in December.
Washington
dispatch of Aug. 15 to the New York "Times":
Almost 60% of
No. of
Loans to open
banks
the reorganization or
Loans to aid in
10
Loans to
companies-.Joint Stock Land banks
Federal National Mortgage Association.ailroads
Loans to
-
-
-
.
Loans to business
national defense
Loans for
$594,007.43
121
and loan associations
Loans to insurance
Loans to
Authorized
acterized by the commission as
Loans to mortgage
-------------
Loans to the
15,037,705.25
1,432,891.91
4,721,786.45
140,000,000.00
326,867,792.30
396,846,619.42
283,378,250.00
lO.OOO.OJO.OO
17,448,655.58
4,192,60u.00
1
176
125,000.00
229,218,702.81
212,250,000.00
5
7
------
RFC Mortgage Co
levee and irrigation districts
7
252
-----
Loans to drainage,
Loans to
whole the commission attributed more than
To the defense program as a
82% of the 85,806 total increase in
agencies which showed
"Other
6
2
2
1
105
17
334
public school districts
Electrification Administration
of Agriculture.
preferred stock of an insurance company
Loans on and subscriptions for preferred stock of
Purchases of debentures of banks
Purchases of securities from PWA.
Loans to Rural
-
Loans to Secretary
-
Loan on
banks.-
47,284,290.46
49,646,473.21
5,932,308.16
790,250.00
200,000,000.00
175,000,000.00
100,000.00
146,976,200.00
1,698,900.00
22,654,465.34
7,077 $2,319,353,785.74
ment," the commission's report
1,011,066 reported on the rolls as
Of the
More
Two
Aviation
Government
Gasoline
and to
Equipment—Rubber Reserve
180,000 Tons in 1941
Corporations to
Lend on Plant
Co. to Buy Added
comprised full-time permanent employees
754,579, or 74.6%,
Jones, Federal Loan
Corporation,
tasks.
Each
which will perform miscellaneous financing
of the organizations will be capitalized at
$5,000,000 provided by the Reconstruction Finance
tion.
The Defense supplies Corporation has been
Corpora¬
allocated
aviation gasoline which will be
acquired for storage at strategic points throughout the
country for emergency use by the Army and Navy air serv¬
ices.
No specific amount has been earmarked by the RFC
for use by the defense plant corporation, which Mr. Jones
said "is necessary in some instances in connection with
plants, equipment and machinery, particularly for the
manufacture of airplanes, airplane engines and airplane
$50,000,000 for purchase of
parts."
The
relief appropriations."
$149,076,667, a decrease of 0.1% from
the decrease, despite the rise in em¬
ployment, being due, it was stated, "mainly to the effect of fewer working
days in June for per diem employees, thus offsetting payroll increases
payroll for June, 1940, was
of $149,205,295,
May payroll
employment."
resulting from added
Recorded in 1939 Totaled $729,000,000,
Farm Mortgages
Reports FCA—1% Higher
offices
record
public
the
of two other government
Rubber Reserve Co.
noted in our issue
known
on
loans of
an
mortgages
after
a
and the Metals Reserve Co.—was
of July 6, page 42, Mr.
.Aug. 18 that the
180,000 tons of rubber
Jones also made
RFC has authorized additional
$75,000,060 to the Rubber Reserve
added
corporations—
Co. to purchase
during 1941 on a price
Than in 1938
going on
the books at
United States 1ms
the
throughout
upward
slightly
turned
farm
of
amount
The
five-year decline, it was
Farm Credit Administration on Aug. 19.
mortgage recordings, representing both new borrow¬
reported by the
Farm
debts refinanced,
and old
ing
1939, it is estimated.
aggregated $729,000,000 in
The figure is about
1% higher than
for 1938.
the estimate
in the total volume of recordings was due
in financing by the Federal Land banks, insurunce
companies and commercial banks.
The decrease during the 1934-38 period
resulted largely irom the declining volume of Federal Land Bank and
Commissioner loans during those years.
Most of the other farm mortgage
The
slight
increase
recent
primarily to increases
increased their recordings.
lenders
last
year;
individual
$67,000,000.
creditors,
recording
The
$79,000,000 of mortgages
lenders, $227,000,000; commercial
companies, $138,000,000, and miscellaneous
Land banks and Commissioner put
books
the
indicated that farm mortgage financing has^
in recent months in most of the Eastern and South¬
been somewhat lower in most of the Mid-Western and
The largest increase in 1939 compared with the preceding
figures
increased substantially
States; and has
ern
recordings were 66% greater; and the
of 77% in North Dakota.
mortgage-recordings data show a definite trend toward institutional
leaders.
In 1934 individual creditors were writing nearly half of the
total mortgages recorded by private creditors; today only a little more
than a third.
While individual creditors have scarcely maintained their
1934 volume of financing,
commercial banks have doubled theirs, and
year
most
in West Virginia, where
was
conspicuous decrease was one
The
companies more than tripled.
of farm mortgages recorded
insurance
size
The
to
Farm
the
Loans
Land banks in 1939
during 1938, while Land
averaged $3,780, or 4%
Bank Commissioner loans
closed—
mortgages—averaged $1,660, or $20 smaller.
Farm
companies, as in the preceding five years, averaged
for any class of lender, $5,480, which was $70 smaller than the
size reported in 1938.
Recordings by individual lenders, com¬
banks, and "miscellaneous" lenders averaged $1,720, $2,030 and
in the order named, with all three groups showing increases
are
some
during 1939 in counties reporting
averaged $2,310, or slightly larger
.
closed by the Federal
than
larger
Administration
1938.
in
than
Credit
second
mortgages by insurance
largest
average
mercial
$2,600,
over
1938.
HOLC Reports
Over 26% of More
Advanced to Home Owners
formation
paid from
25%, according to the Civil Service
Commission, "consisted of full-time temporary employees, those working
on
a force account or part-time basis,
and others paid from emergency
Western States.
Administrator, announced
on Aug. 20 the creation of two new corporations to expedite
the national defense program. The additional companies
are the Defense
Supplies Corporation, which will acquire
and store high test aviation gasoline, and the Defense Plant
Jesse H.
of June 30, 1940, a total of
regular funds, while the remaining
banks, $218,000,000; insurance
Forms
and the Department of
appeared in the Postoffice Department
Agriculture."
The Federal
Store
and the State Depart¬
"The new Council of National
first time, but only a small
continued.
in the June report for the
appears
proportion of the staff was employed by the end of June. The Department
of Commerce had a further gain in the Census Bureau, and normal seasonal
on
RFC
substantial increases as a result of the
the Civil Service Commission
defense program were
Defense
employment between June, 1939, when
925,260, and the June, 1940, figure.
the civil list numbered
27,155,887.42
95
2
10
4
66
6,675
18
4
24
33
stock—National defense-,
loan companies
Loans for mining, milling or smelting of ores
Loans to self-liquidating project, under Section 201-a, Emerfcgency Relief and Construction Act of 1932
Loans to public bodies under Section 5d. as amended
Commitments to Commodity Credit Corporation
Other loans for financing of agricultural commodities or
Purchases of
livestock
and the Civil Aeronautics Authority,
liquidation of closed
fc banks
Loans to building
Amount
Loans
Navy Departments, the
agencies char¬
in "the forefront of the defense program."
the increase was in the War and
Panama Canal forces
the
AUG. 14, 1940, INCLUSIVE
AUTHORIZATIONS FROM FEB. 19. 1938 TO
the May figure of 977,990,
over
World War mark of 917,960 and the
details of the report were given in a
Further
The
$5,650,500.
the last half
Commission reported, totaled 1,011,066, a net
of June, the
increases
bought
the nation's history the
listed under civil service has risen
total of Federal employees
previous
Loans Aggregating
Washington reported on
Aug. 15 that for the first time in
and exceeding alike the
RFC Has Authorized 7,977
Exceeded 1,000,000 Mark for
Federal Employees in June
each, showed aggregate
Type of Petition
During
agreement was made
Rubber Regulations Committee.
than $250,000, and
45% of the total.
Chapter X were filed by the
with the International
The 20 companies with
$3,000,000 accounted for
of the total indebtedness while the
another 33%
of 17 to 18Y2 cents a pound. The
range
of Indebtedness
Amount
Of the total of 130 companies
1075
Financial Chronicle
home
Repaid
of dollars loaned by the
Owners' Loan Corporation to a million distressed
owners during the depression now has been repaid,
More than
Home
Than $3,000,000,000
Has Been
officials
26% of the billions
of the
Corporation announced today
Nearly $864,000,000 in
(Aug. 24),
principal repayments were credited on
The Commercial & Financial Chronicle
1076
IIOLC's books at the end of the
the
About $183,000,000 of this amount
of 77,141 borrowers who have
to encourage the removal of every possible obstacle to
liquidated their loans in full.
The announcement added:
The
darkened
loaned $3,093,000,000 prior to the close of its lending
Corporation
It since has advanced nearly $150,000,000 to those
borrowers,
the
largely
for
of
payment
making
taxes,
HOLC
in
borrowers,
their
of
leading in the percentage
Wyoming, Washington and Oregon.
a
of
debt
total
repayments
Nevada,
are
'deliver
three years on taxes when
then were refinanced by the HOLC.
The long-term amortized HOLC loans,
with their 5% interest rate—later reduced to 4%%—have enabled the
great majority to rehabitate themselves.
Army and Navy Equipment Amounting
$22,299,730 Cleared—Total Now Above $2,000,-
000,000
Contracts
6
June
advices from
The
largest
Arms
Y., for
N.
Htica,
equipment
United Press
the
equipment to the Savage
gun
War
Department.
$500 000.
Its
does
clearance
not
that
mean
the
have
contracts
been
finally awarded.
■Meanwhile
for
awarded contracts totaling $10,893,248
pilot* and mechanics
training
civilian schools
in
the expanded air force.
for an increase of 1,948
as
part of
the pro¬
The
contracts
7,000
provide
industry
are
Corporations employ trained engineers to devise new and more efficient
workers
tion
mechanics
and
raise
science
of
order
in
to
develop
the
valuable
most
asset
That
possesses.
company
any
industry should study just as intensively the principles that
case,
human relationships.
govern
employment relations program should be constant and continuing—
The
It cannot be looked upon as a protective umbrella, to be
everyday job.
the
realms
unknown
The interest, skill, and experience of the human organiza¬
represents
used
Most companies maintain a staff of skilled research
the
explore
to
products.
new
only when threatening clouds appear and stored in a dark closet when
sun
is shining.
The most effective employee relations programs are
built
Day by day, year by year, they are improved as experience
slowly.
points out the imperfections.
Those which sprout quickly and are shallowly
wither and die as was the case with so many "welfare" programs
rooted
and
They
workman
American
the
were
founded
upon
paternalistic motives,
paternalism.
resents
Declaring that executive management had certain respon¬
the cumber of pilots to be trained.
a year
Mr. Hook said, in part:
during the World War days.
to provide pilots for
gram
to
War Department
the
in
methods of production.
an
June
which had for its primary
represent good business policy.
Most of
human problems.
In the human element
can
usually be found the solution to those vexatious, bothersome problems
which aflect quality, output, cost and all the other factors of production.
Equal in importance to the development of scientific processes and im¬
proved machines is the development of a spirit of confidence and coopera¬
tion among employees.
Machines can't think, but men can, and wiU, if
their confidence and cooperation is won and maintained.
problems
'
brought the total of contracts cleared by the Defense Commission
6
to
$2,100,445,017. The commission clears contracts over
These
since
employment relations managers
relations
employment
being the
Aug. 21, which added:
on
$15,000,000 for
contract was
Navy
and
according to
$2,100,445,017,
to
Washington
Corporation,
Army
bring the total contracts cleared
to $22,2U9,730
amounting
since
for
20
Aug.
on
can
portunity for intensive review of the most up-to-date meth¬
ods in this vital field.
cleared by the National Advisory Defense
were
Commission
workmen
giving individuals in employment relations an op¬
purpose
our
Contracts for
the
war-
More than 150 leading corporations
goods.'"
experts at the conference,
Good
to
the
the average, were delinquent more than two years
on
that if American
represented by their
were
and
principal and interest, and between two and
these
in
cooperate "with unshackled management they can and will
$3,246,633,000.
States
He said
days."
equipment
defense
essential
of
production
period, June 12, 1936.
but good common sense
that "it is certainly no flag-waving,
represented the payments
added
vital materials in the shortest possible time, and
of
fiscal year, June 30.
Aug. 24, 1940
sibilities
delegate if it hoped for a successful
could not
it
employee relations program, Mr. Hook continued:
following
expenditures, based on press releases of June 13-Aug. 15.
1940,
June 13
Aug. 1
Total, June 13
to Aug. 15
July 31
to
the
of
solution
foremen
philosophy
problem
is the same as
all
The consistent practice
from the president to the least important
the only sound solution because it builds understanding.
With
policy
is
cooperation;
comes
cooperation
with
industrial
comes
efficiency; and with industrial efficiency comes orders, satisfied customers
$137,233,468
41,824.313
50,969,288
6,644,818
$71,311,190
$208,544,659
24,539,358
45,353,776
66,363,671
96,323,064
petitive
12,655,625
18,200.443
of
4,161,717
3,434,100
1,131,179
307,901
3,742,002
891,683
Supplies.
Corps of Engineers
Signal Corps
78,230
969,914
Chemical warfare
Medical Corps
5,292,896
13,014,209
13,095,805
26,110,014
$257,173,599
$168,373,066
a252,005
Navy—
9,575,855
101,988
164,646,325
80,052,913
353,993
244,699,328
1,140.681,300
2,835,000
and
for
security
of
employee
As the economic benefits of good employee relations becomes
management.
apparent, the star of the employment relations man will rise
more
and
employee, and stockholder.
The more com¬
the greater grows the need for the presence
relations in the councils of executive
company,
becomes,
industry
ambassador
the
higher.
16,095.000
■
' '
higher
$425,546,666
28,851,395
Air Corps
.
.
7
Supplies and accounts
Marine Corps
Construction..
Yards and docks:
Combat vessels (est
1,140,681,300
cost)...
Purchase of auxiliary vessels
13,260,000
$1,347,691,025
38,427.250
200
ment—Lewis
$92,565,756 $1,440,256,781
National defense
16,530,100
7,092,360
Loan contracts approved for defense
5,670,000
housing
H. Brown
12,218,000
b6,548,000
Agency—Office of
in New York
2,912,366
d25,000,000
25,000,000
b Excludes housing allotments totaling $7,225,000 made to
the War and Navy Departments,
c Amount certified to State Boards of Education
d Appropriation.
of:
Contracts
not
made
public;
agreements
cleared
by
the
Commission which have not
Production Section of the National Defense
yet appeared on press releases as signed contracts; orders placed With the
and Navy
and
Ordnance
Supply
Depots,
Industry
and orders placed
business
men
who met
Corp., urge
equitable division of re¬
an
sponsibility between Government and industry with regard
Tennessee Valley Authority—
Exclusive
Urges Equitable Responsi¬
City Aug. 15 heard Lewis H. Brown, President
Johns-Manville
of
c2,912,366
Dam and generating units
for month of July,
$15,000,-
leading American
hundred
Education—
Defense training program
29.
National
Predicts
Expert
23,622,460
Two
July 9-July
Financing of
Discuss
bility Between Government and
USHA—
Security
to
Program—Tax
000,000 Annual Budget to Maintain Arms Equip¬
WPAapproved for
projects
Men
Business
Defense
Federal Works Agency:
Construction
Army
how it wants its
and after long
its mind
up
own
relations
employment
management
Aug. 15
Army—
Ordnance.
a
its
problems of business—intelligent leadership.
sound
understanding
Federal
make
Mr. Hook said:
In concluding his talk
The
other
of
to
create
must
institutional policies.
Policies written in haste
are
usually repented.
When tempered through long and varied experi¬
ence, they meet all tests of adversity.
issued by the Office of Government Reports at
was
Washington under date of Aug. 22:
It
basic
develop
experience
of National defense contracts and
summary
conducted.
business
Expenditures
The
management alone must
Executive
Summary of National Defense Contracts and
The
program.
meeting was held
Ellsworth C.
auspices of the Tax Foundation.
the
under
defense
national
the
to
Alvord, Chairman of the conference, pointed out that the
which
$14,700,000,000
Congress
has
appropriated
already
represented only the cost of acquiring defense equipment,
and
estimated
he
annual
an
of at
budget
least
$15,000,-
by
000,000 because of the huge maintenance costs of the new
supply depots which do not require contracts.
Coverage: Army—total coverage; Navy—contracts of $5,000 and over.
equipment and the men who will use it.
reported
were
in
follows
as
New
the
Other speakers
York "Times"
of
Aug. 16:
Improved
Employment
Defense
N.
A.
M.
Relations
Charles
Program,
Conference
Will
R.
Aid
Hook
Ability to
National
Says—Tells
Rearm
Depends
of
Greatly
Better System
on
much-needed
a
America
is
H.
to
great
a
extent
upon
improved
employment
relations,
the
at
Washington,
advanced
Charles
R.
said
Co.,
Hook,
on
Aug.
President of
19
in
an
the
American Rolling
address
before
the
Mill
National
for
lations at the University of Vermont,
ing
on
tions
tive
on
Employment Re¬
Burlington, Vt.
"Here," he continued,
the subject of "The Job of a Good Employment Rela¬
Man," Mr. Hook, who is also Chairman of the Execu¬
Committee
turers,
of
the
National
Association
of
Manufac¬
said that this country needs the utmost production
seems
economic
than
production
of
costs of
"It
new
Johns-Manville Corp. and Chairman
bottleneck of defense production
recognized, arises
or amortization
recovery
from the various proof costs of emergency
"industry has merely asked that it be protected
seem
to be a reasonable request.
influences.
of
defense
-
materials
arms
because of the
joining the problem of recovery
is being delayed
on
plants with the problem of excess profits tax,
which
industry.
is vital
industry.
to a
real
insistence of the Administration officials
affects all
demonstrate
that much of the present controversy is due to political
However, it
"The
the
"the
That would certainly
against capital loss.
Speak¬
to
plants."
rather
Association of Manufacturers' Institute
said
the
industry
of the greatest and most precious aseets
enterprise system."
generally
is
as
for
one
President of
Foundation,
jjosals
armament
private
our
Brown,
of
Tax
opportunity
people that
wondering
Lewis
Progress of the American rearmament program depends
"this
confused
Philip D. Reed, Chairman of the General Electric Co., added that
is
and
The
that
the
new
taxes
defense bill, huge
handicap
only be paid out of an
should not unduly penalize or
as
it is,
can
Volume
it is
"In
economic system
an
important to
centive
Alfred
Dr.
of
not
the
danger of inflation and
necessary."
cycle."
the
During
on
These
And
Demand
for
especially in highly
indication of diminish¬
ing despite a usual seasonal decrease, Byron T. Shutz, presi¬
dent of the Mortgage Bankers Association of America, said
The
housing .facilities,
for
demand
Shutz
Mr.
announcement said:
residential construction in
that the volume of new
reported
month in recent years. He pointed
total of 20,499 mortgages amounting
July reached the highest level for any
that
out
$94,120,780
to
month a
past
the
during
for
more
by
appraisal
was
selected
were
the
shown no
Regarding his remarks an
Aug. 21.
on
entire
there
country,
the stimulus provided
to
"The
show
the
been
has
there
that
industrial areas due
by the national defense program.
during
construction
residential
in
gains
pronounced increase in
a
was
less general throughout the
or
seasonal
no
contrary, these gains indicate that
year," Mr. Shutz said.
gain in home building has
the
of
"One
this
for
reasons
the
been
mortgage and the current
The modern
building boom will
be
discussed by the nation's
leading investors and lenders on
improved real estate when
be
subjects
two
will
which
annual convention of the Mortgage
Association of America which will be held in Chi¬
they gather for the 27th
Bankers
cago
A feature of the 1940 convention
Oct. 2, 3 and 4.
on
will be the clinical meetings
which will be held each after¬
At these meetings the
during the three-day session.
noon
mortgage lenders will have an
opportunity to discuss current
business.
trends in the mortgage
the
in
Urged
by
Relations
to Labor
New
of
Association
York
In
a
letter, made public Aug. 18 to the
Association of New York
ments to the
urged the
passage
National Labor Relations Act as
Association
The
Committee.
Smith
amendments,
enactment of the
members'of the
and Labor, the Merchants'
Senate Committee on Education
of the amend¬
proposed by the
believes
that
confidence and improve business, and,
production of
and other national defense equipment. The bill,
would help to create
as a
embodies
which
a
number
of
important changes
National Labor Relations Act, was
and is
June 7,
amendments
page
now
in the
passed by the House
philosophy of spending for the mere
the
and said that instead we
leadership of the Democratic party,
The
is
3754.
Speech
rebuilt
be
on
sound
of Wendell L. Willkie Accepting Republican
Nomination—Challenges
President
Roosevelt
to
Great
Debate
Military
Selective
Campaign
and
Service
Britain—Says
New Deal
Issues—Endorses
Material
Uneconomic and Discouraging to
Are
Aid
to
Domestic Policies
Creation of
L.
Wendell
nomination
Willkie,
for
formally accepting
President
before
a
crowd
the
of
150,000 at his birthplace, El wood, Ind., on July 17
President Roosevelt to meet him in a
on
major campaign issues.
service
as
the
sole
more
than
challenged
series of public debates
Mr. Willkie endorsed selective
democratic
armed forces,
Nation's
Republican
method of increasing
the
and he urged all possible material
aid to Great Britain as a means
of defense for the United
discouraged business enterprise by the im¬
punish business rather than
by taxing for the purpose of revenue.
With regard to labor, Mr. Willkie advocated continued
position of taxes designed to
Mr.
formal
standards.
of
lot
done
Federal
the
that
believe
I
the
farmer
the
minimum
of
maintenance
the
Government has a responsibility to
the manufacturer.
with that of
by parity of prices other means must
equalize
If this cannot be
be found—with the least
possible
regimentation of the farmer's affairs.
nomination of Mr. Willkie for
The
publican National Convention in
noted in these columns June
President at the Re¬
Philadelphia on June 28
29, page 4061.
Willkie's acceptance speech follows, ac¬
The text of Mr.
cording to the Associated
Press:
speech is a tradition of our pioneer
rapid communication.
You all know that I
accepted at
the nomination of the Republican party for
President of the United States.
But I take pride in the traditions and
not in change for the mere sake of overthrowing precedents.
An
acceptance speech is a candidate's keynote, a declaration of his
broad principles.
It cannot possibly review the issues in detail. I shall,
however, cover each of them frankly during this campaign.
Here I give you ah outline of the political philosophy that is in my
heart.
We are here today to represent a sacred cause—the preservation
The
of
of
ceremony
American
an
acceptance
days of
Philadelphia
the
democracy.
Obviously, I cannot lead this cause alone.
I need
American—Republican, Democrat or Independent—Jew,
the help of every
Catholic, or Prot¬
color, creed and race.
Party lines are down.
Nothing could make that clearer than the nomination by the Republicans
of a liberal Democrat who changed his party affiliation because he found
of
every
not in the New Deal party.
party, let me say this:
We go
Revitalized and reunited, and joined,
by millions who share in our cause, we dedicate ourselves to the principles
of American liberty, and we shall fight this campaign on the basis of
those principles, not on the basis of hate, jealousy, or personalities.
The leaders
of the Republican party, in Congress and in the party
organization, have made me that pledge.
I have given that pledge to them.
And I extend it to all who will join in this cause.
What we need in this
democracy in the Republican party and
And as the leader of the Republican
into our campaign as
into a crusade.
is a new leadership that
believes in the destiny of America.
I
forces that will bring that leadership to you.
why I have come back to Elwood, Ind., to
this acceptance speech.
I have an engagement to keep in this
It was made a long time ago with a young man I knew well.
represent here today the
Willkie's
speech of acceptance was given after the
notification of his nomination
had been made by
There
make
town.
Jr., Chairman of the
Republican National Committee, who said that the nomina¬
Representative
tion
collective bargaining, as well as
wage and maximum hour
Concerning agriculture, he said:
protection of the right of
country
States.
sought only to divide what wealth
rather than to create additional
wealth, and ha^
estant—people
Wealth
country,
the
in
past—before
Presidential
liberties,- and
Republicans can the United
economic grounds.
The New
through the election of
that only
is
the nominee said,
of protecting American
longer capable
no
was
before the Senate. House adoption of the
must
losophy of production."
on
mentioned in these columns of June 15,
was
Deal has concentrated on
sake of spending,
substitute for this "the phi¬
He charged that the New
ship."
result, increase employment and speed the
armament
including Federal
of securities markets, and
of banking and social security measures.
He criticized the
New Deal's administration of such laws, however, declaring
that unless the country changed its national Administration
it was in danger of "economic disintegration and dictator¬
regulation of interstate utilities,
the
specified in H. R. 9195,
as
of many of the re¬
inaugurated under the New Deal,
States
Merchants'
hopelessly
help than we are able to give.
the principle
endorsed
Willkie
there
Act
for which the country is
it emphatically does not /want.
He has secretly
affairs of Europe, and he has even unscrupulously encour¬
which
Deal, he continued, has
Enactment of Smith Amendments
.
statements and manufactured panics.
foreign Powers have been useless and
war
a
aged other countries to hope for more
forms
monthly-payment type of mortgage."
modern
attacks on
has courted
He
unprepared—and
Mr.
during the remainder of the
increase
inflammatory
in
President's
The
/
President, Mr. Willkie said:
the
dabbled
has
.
dangerous.
marked
home building will show a
1940 or after."
Referring to
On
slackening in home building.
outdistance Hitler in any contest
promised, if elected, "to
.
conduct of foreign
President has uttered inflamma¬
for
meddled
few months
the past
attacked Mr. Roosevelt's
he chooses in
.
Wilson.
shoulders rests
statements likely to lead the United States into a
which it is unprepared, and at the same time he
tory
war
He
gain
the
while
that
said
He
this
Willkie
Mr.
Administration.
assumption by this
proposal respectfully to a man upon whose
burden of the State.
But I make it in dead earnest.
make
affairs, charging that the
Housing
Federal
the
Theodore Roosevelt and Woodrow
Lincoln, Cleveland,
I
industrialized areas, has
to guard against assault.
would like to debate the question of the
seeking a third term, of a greater public confidence than
accorded to our presidential giants, Washington, Jefferson, Jackson,
was
Association
domestic economy as well as of
of labor, of industry, of
relationship to the people, and of our
great
our
in
President,
Shows No Signs of
of Mortgage Bankers
Facilities
Housing
Decreasing, Says B. T. Shutz
I
also
the President and I appear
of the country to debate the
The problems of agriculture,
Government's
the
of
finance,
preparations
of
problems
the
are
national defense:
our
.
.
and a half months
two
next
public platforms in various parts
fundamental issues of this campaign.
together
bring home to everyone
,
minimize
would
sacrifices
that:
Willkie proposed
Public Finance at the
of
major issues, Mr.
Mr. Roosevelt to debate
In challenging
deterrents to the profit in¬
depends for its real motive power.
Moreover,
Professor
Buehler,
Pennsylvania,
the
becomes doubly
free enterprise, it now
on
University
said that in financing national defense "the danger is
tax enough—heavy taxes now instead of rolling up further
G.
that we may
debt
based
being thrust into a new inflationary
avoid
must
we
Government."
far as possible those
as
remove
which the system
on
and that of their
about their own future
people anxious
industry to provide.
to
up
the last
income, which in
expanding economy—out of a greater national
analysis
1077
Financial Chronicle
The Commercial &
151
was
"the
Joseph
W.
Martin
result of a nation-wide demand
of a great
This
Elwood
started
is
a
young
public
the
special
man
reason
was
schools.
born and raised in Elwood.
He attended the
He worked in your factories and stores.
He
As I look back upon him, I
practice of law in your courts.
he
that
realize
had
If
he had also three steadfast
But
faults.
of
plenty
the
event
He hated all special
liberty.
of individual
devoted to the ideal
was
seemed
that
America
for any
in which
country
a
no
by
the
stand
to
I
his
on
to
have
United
the
The
States gave
of
ancestors
millions ci Americans,
members
not
restricted
One
in
for insisting
their
As
religion; another
descendant,
fought
have
I
My
grandparents
to the
they fled
people
in
And I
country,
oppressed
medieval
am
against
all
those
Today
there
of
own
Today, also,
in
mother
My
worked his
this
in
a
young
My father
country.
of
He
man
define
law
if any two
As
cratic.
people
They
kind.
hated
oppression,
They, believed
At school
home
autocracy,
inquiring mind,
them
control
of
any
It
month
one
They withheld
In
an
even
after
is
and
world
dangerous
more
Today
in
meet
we
typical
a
the
ness,
removed
stricken
is hard
It
lives.
the
far
seem
the
withhold
any
American
for
realize that
to
us
diplomatic
the
from
shattered
cities,
the
intrigue,
in
buildings
gutted
the
Europe
shifts
of
that
power
can
affect
the
our
over
last
war
failed
to
we
are
not
the
isolated
from
those
We live in the same world as they, and we are created
image.
In all the democracies that have recently fallen, the
same
people
of
living the
were
ideals
human
similar to
Try
from
as
we
trade
methods
will
of
Thy had similar
live.
and
exchange
is
or
the profound effects of
escape
plan for if.
>
wise
so
No
thing that
man
nation
a
guarantee to maintain
can
achieve by itself.
can
the world in
it upon
neither
nor
desirable,
peace.
or
to
lay out
a
that
For me,
In
the
It also depends
on
what some
to adopt
a
foreign
program
com¬
For
shall
not
decide
what
as
of
must not shirk
undertake
Congress,
or
to
to
in
the necessity of preparing our sons to
the
case
defense
of
analyze the legislation
must
America
on
leads
to
war.
examine the intentions of the Administration
I concur with many members of my party that these
be closely watched.
with
inten¬
some
secure
to
form
the
put
of
their
faith
selective
trained
and
in
me,
service
is
competent
without
the
only
man-power
recording my conviction that
democratic way in which to
we
need for national defense.
in the light of my principle, we must honestly face our relation¬
We must admit that the loss of the British fleet
greatly weaken our defense.
This is because the British fleet has
years
controlled the Atlantic, leaving us free to concentrate in the
Also,
ship with Great Britain.
of
for
our¬
that
The
the forms
them
of
to
this
States
as
the material
eggshell.
an
lay with France herself.
democracy and in the idea of freedom,
She "forgot that freedom must by
of creating a
process
world.
new
taught to all countries.
lost that vision they opened
Her
building
was
unfruitful
in
Government
a
great
a
political
find
us
to
If that is not
our
brutal, perhaps
with Hitler's way
competition
is not
against
energy
done
a
our
The first task
promptly
people and
in constant danger.
we are
I
us.
terrible, fact.
of our
We must
protect our
propose
Our
way
to do it.
of life is in
of life.
merely
of armaments; it is
one
production
energy,
bigger
a
The foreign policy of the
land.
own
earth dare attack
enemy on
a
cover
around themselves they tore
one
lesson.
our
in
plant,
flimsy
the
and
adventures
garment that was not big enough.
should have been weaving themselves
tragedy let
no
This
the way
productive
desperately
trying
was
new
France
begins right here
done
is
all over
credit
of
reserves
world.
the
in
use.
democracies
Germany
absorbed
of
and
France like
fault
best
the
of America had
we
European
men
on
intelligent
They possessed all
war.
Wealth
crushed
clear.
The action
jusfr.,as. brave and
considered
last
They had
put
theories.
competition
production,
against
a
competition
against
brains
trains, salesmanship against salesmanship.
facing it
is
Free
the
men
But
live.
a
for
new
German
Hitler
than
way
of
It
race.
is
to
that
new
same
beat
We must make
we must arise
American principles that overcame
1940
him
or
after.
And I promise that
terms,
in
way.
when
The
him
Powers,
We must make a wider horizon
life that I pledge myself.
-
before, both in business and in war, to outdistance
once
contest be chooses in
any
we
American
totalitarian
the
discovery.
by returning to those
autocracy
in
that our
wealth, more industry,
from any other way.
more
of adventure and
life
human
the
come
outdistance
to
are
we
I promise,
History shows
fear.
enlightenment
human
just take this historical fact for granted.
cannot
If
no
From it has
way.
more
the strongest men.
are
we
it
should have
we
stronger
happiness,
rr.ore
This
does
not
divisioh.
beat
or
on
our
own
our
own
Administration cannot lead you to victory
against anyone else.
stands for principles exactly opposite to mine.
the
doctrine
of
We
not
asked
make
New
the
"I
more
growth.
preach
The
it
shall
Administration
divide among
any
we
promises of the rresent
against Hitler,
would
Pacific.
to
We must face
Nevertheless, in spite of these considerations, I cannot ask the American
people
We must not kid
great tragedy.
a
were
were
the
won
now
While
in
If that
I
this subject that is now
entitled to prompt and
were
regain prosperity, restore the independence of
In
principle.
we
themselves
they
country in its international affairs is to become strong at home.
to
regard to it.
tions
the
free
And
life
in its domestic policy, I
I should threaten
both of these policies.
garment, for in trying to pull the small
it to pieces.
principle shall guide us.'
be simply defined:
policy of the United States,
fixed
instance,
care
before
can
to
defend American democracy, and I would refrain
anything that would injure it.
not permit our emotions—our sympathies or hatreds—to move
that
take
is
everything to
must
from
do
can
that principle
doing
We
us
we
foreign
do
would
from
failed
became
The
Peace is not some¬
mitting the United States to future action under unknown circumstances.
The best
allies
is
the lesson
This
practical,
to
relentless.
armies
people's nakedness with
country does.
is
It
or
our
people
the Germans
defensive forces.
*
future holds
foresee what the
to
as
her
Yet
Hitler.
were
cannot brush the pitiless picture of their destruction
we
live.
man
ether
she
United
vision,
we
No
we
Their
ours.
our
which
peaceful lives that
same
freedom.
situations,
the Nation's mind has been
in
spectators of
as
French
they needed.
economy
Yet—instinctively also—we know that
sitting
the
Their
reason
France
suffering people.
in
and
When
daily
there,
end.
to
to explain
facts,
report
dynamic, that it is forever in the
was
war
was
We must begin to tell ourselves the truth—right here—
been
Germans.
but
"
the
unpre¬
even
these, times is the hope of democracy.
France believed in
the
streets,
quiet
aside from the recurring conflicts
turn
we
hopelessly
is
He has secretly meddled
we are
confusion
I plan to reverse
instance,
The
The
town.
to
The
of history has been
the earth.
sacrifice
people of Europe.
Instinctively
country
now.
have
resources
pleasant fields that lie outside, the people going casually about their busi¬
and
right
For
for the preservation of the America of 1940.
necessary
and
country was threatened by them and
ready to act; and I should consider our diplomacy as part of
in
the stage
France
must not
we
like to
critical period
confusion for the
a
reports to the limit of practicability.
We
tribute to their
a
sacrifices for the preservation of the America of 1917.
no
hesitated
objectives.
selves any longer.
declared.
was
war
than
people's business concerning which
Candor
of you who are here today.
many
children.
their
to
I
America
in
we
that at
mean
the
big stick,"
was
the
teaching that when the United States entered the World War in 1917 three
of their four boys were volunteers, in the uniform of the American forces,
within
which
and he has
carry a
governments only when
frank
heart.
courageous
a
they taught those virtues to
they taught
course,
bitterness
cause
for
war
a
when I
the qualities that have made America great—an
in
an
arbitrary
or
And
foreign Powers have been useless and danger¬
on
foreign
loved this country more than they.
or
home.
at
largely due to this lack of information from the White House.
teacher.
appreciated
ever
independent spirit,
At
school
a
who lived here with them well know, they were fiercely demo¬
you
Of
panics.
should
attacks
has
He
realistic
As President
both studied
liberties
President to try to maintain peace.
He has dabbled in inflammatory
a
political oratory.
courted
has
confidence.
Whenever they had time they
and eventually both took up the practice of law.
I doubt
also
was
have
us
unscrupulously encouraged other
able to give.
the motto of Theodore Roose¬
velt.
It is still good American doctrine for 1940.
Under the present
Administration
the country
has been placed in the false position of
shouting insults and not oven beginning to prepare to take the consequences.
But while he has thus been quick to tell other nations what they ought
to do, Mr. Roosevelt lias been slow to take the American people into his
superintendent of schools here In Elwood.
My mother
of
civil
but this dees not
President
our
little
a
"Walk softly and
four
three or
was
of
many
done this.
countries to hope for more help
in northern Indiana.
It was then a
he helped to clear that forest.
He
settled
foreign affairs in
of
But like a great
like at first hand in 1917.
was
war
demoralize
to
manufactured
and
the affairs of Europe,
in
who desire sanctuary and oppor¬
through the Fort Wayne Methodist College, taught school,
way
became
and
As
what
saw
do
minds freely,
our
ous.
as
his parents
forest.
in whatever action he
when
occasions
pared—and which it emphatically does not want.
born
was
when
old
trackless
I
can
war
The President's
pledge you that kind of America.
years
implying military
as
his conduct
in
been
have
Roosevelt has not
history
sake
country as a land free of hate and bitterness, of racial and class distinction.
I
There
Americans
Mr.
speak
in my grandparents' time.
The protection of
labor and agriculture prevents us from admitting more than a few
But their misery and suffering make us resolve to preserve our
them.
that
statements
and
millions of refugees
are
them
American citizen I am glad to
an
deliberately inciting us to war.
I have made it plain that in the defense of America, and
what
know
persecution
America, just
tunity in
As
liberties, I should not hesitate to stand for war.
other
But
tragic in human history.
cur
time.
believe it to be the first duty
improve the culture of these countries and our own—is the most
much to
hostilities.
the President
follow
cannot
trust
our
many
still fighting.
How familiar that sounds!
I
critical
I
of
Europe.
The story of the barbarous and
of the Jews—a race that has done so
in
to
wondered if he is
They were supporters of the
when the revolutions failed
Germany.
United States.
being
are
than
worse
in
that
lived
revolutions
this
I
boyhood
from
restrictions, discriminations and tyrannies.
democratic
But
the right of free speech.
on
we
equal
training
in agreement with these two principles,
am
don't understand
I
them—and
pledge my wholehearted support to the President
take in accordance with these principles.
persecuted because
was
emergency
extend
and at
in order that
may
Revolution; and still another
principles of the French
the
understand
I
have
may
will
"We
and
equipment
and every'defense."
Americas,
any
We mast, in
and do
move
of this Nation,
force the material resources
will harness the use of those resources
involvement in the present
They were humble people—
Their opportunities were
distinctions.
and class
laws
of
said:
recently
States
United
the
the opposite direction.
which we can live and
in
in
way.
I should like to state that I
classes.
wealthy
or
of
we
the
in
task
as
lived in central Europe.
ruling
because of his
exiled
was
jailed
was
the
my
by discriminatory
believed
he
of
the
my family their first chance for a free life.
father and my mother, like the ancestors of
to
both
time
is
world
a
democratic
the
opponents of
same
ourselves,
than most of you to feel strongly about this because
reason
more
both coasts.
consternation.
with
America
rebuild
run,
in
President
the
the
fight.
work and
feet and
own
long
The
and women who have been deliberately
boy
humility—this
weakened
trade
foreign
objective of
business
I knew started like you, without money or
position; but America gave him the opportunity for a career.
I want to
assure a similar opportunity to every boy and girl of today who is willing
all
in
to
the
The
political
the
be
democracy must view
influences I now oppose; to the millions
longer believe in the future of their land—to them I want to say
disillusioned
We might be exposed to attack on the
until we could build a navy
us.
would
defense
Our
.
our
methods
achievement.
To the millions of our young men
who
vital
by
in that
would be profoundly affected.
That trade is
our prosperity.
But if we had to trade with a Europe dominated
present German trade policies, we might have to change our
to some totalitarian form.
This is a prospect that any lover of
Also,
We must fight to preserve
girl and boy has every opportunity
every
captured, the Atlantic might be domi¬
or
and air force strong enough to defend
opportunity to me 30 years ago.
as
lost
were
be calamity for
would
Atlantic.
America.
That boy was myself 30 or 35 years ago.
I still adhere to those convic¬
tions.
To him, to his generation, to his elders, and to the youth of
today I pledge my word that I shall never let them down.
In
former days America
was described
as a country in which any
young man might become President.
It is still that kind of country.
The thousands of my fellow townsmen standing hereabout know how distant
earth was the United States of
fleet
most
This
doubt that
And he knew without any
privileges and forms of oppression.
the greatest country on
British
Aug. 24, 1940
by Germany, a Power hostile to our way of life, controlling
of the ships and shipbuilding facilities of Europe.
nated
convictions.
He
Chronicle
The Commercial & Financial
1078
are
to
more
It
preaches
of ourselves.
the
We
ourselves that which we already have.
doctrine does not seek risk; it seeks safety.
Deal
pass"
bets
doctrine.
on
the
The
American
New
Deal
future.
doctrine
are
It
of
asked to
Let us call
dealt it and refused to
make
Volume
Why
Like
that
is
the
■exactly
France
course
Government
Blum
the
The Commercial &
151
France,
in
We
groups.
told
that
So
far
economic
of
of
political
I
me,
And
another.
one
want
to
I
say
ashamed to
am
is
hate
no
American
the
in
any
New
the
as
stand
I
purposes.
of
for
a
that some Amer¬
that there is no hate in my
campaign.
It is my belief that
of Americans for any other
Dealers seek
to
companionship
if
have
For
many.
and turn it back from the few to
this
the
learned
I
Those
The
in
The
years
for
that
know
gone
concentration of power must be checked.
he said that the prime purpose
6uch
in a democracy is to keep men from injuring
from our own experience that the less fortunate or
government
know
We
among
what
must be
us
known
is
as
less skilful
protected from encroachment. That is why we support
the liberal point of view.
That is why we believe in
regulated. I am
opposed to business monopolies.
I believe in collective bargaining, by
representatives of labor's own free choice, without any interference and
in full protection of those obvious rights.
I believe in the maintenance
of minimum standard for wages and of maximum standards for hours.
I believe that such
standards should constantly improve.
I believe in
the Federal regulation of interstate utilities, of securities markets, and
of banking.
I believe in Federal pensions, in adequate old-age benefits,
and
the
that
forces
free enterprise must be
of
has a responsibility to equalize
manufacturer. If this cannot be
by parity of prices, other means must be found—with the least pos¬
regimentation of the farmer's affairs.
I believe in the encourage¬
of cooperative buying and selling, and in the full extension of Tural
done
sible
ment
the farmer,
of
with that of the
electrification.
The
tion
of all such measures is indeed to obtain a better distribu¬
and earning power of this country, but* I do not base
liberalism solely on my faith in such reforms.
American
does not consist merely in reforming things.
It consists also
purpose
the wealth
of
liberalism
the ability to make things, is the measure of
man's welfare on this earth.
To be free, man must be creative.
I
am
a
liberal because I believe that in our industrial age there is
no
limit to the productive capacity of any man.
And so I believe that
there is no limit to the horizon of the United States.
I sav that we must substitute for the philosophy of distributed scarcity
ability
The
to
grow,
unlimited productivity.
I stand for the restoration of
reemployment by private enterprise in America.
And I
sav
that we must henceforth ask certain questions of every
reform, and of every law to regulate business or industry.
We must ask:
Has it encouraged our industries to produce?
Has it created new oppor¬
tunities for our youth?
Will it increase our standard of living? Will it
encourage us to open up a new and bigger world?
A reform that cannot meet these tests
is not a truly liberal reform.
It is an
"I pass" reform.
It does not tend to strengthen our system,
but to weaken it.
It exposes us to aggressors, whether economic or mili¬
tary.
Tt encourages class distinctions and hatreds.
And it will lead us
the
philosophy of
full
production and
inevitably,
to
alien
as
ours,
I believe we are now headed,
and a wav of life contrary
toward a form of government
to the way that our parents
El wood.
It
is from weakness that people reach
for dictators and concentrated
Government power.
Only the strong can be free.
And only the productive can be strong.
When the present Administration came to power, in 1933, we heard a
lot about the forgotten man.
The Government, we were told, must care
for those who had no other means of support.
With this proposition all
of us agreed.
And we still hold firmly to the principle that those whom
private industry cannot support must be supported by Government agency,
whether Federal or State.
But I want to ask anyone in this audience who is, or has been, on relief
whether the support that the Government gives him is enough.
Is it enough
taught
in
free and
the
for
or
here
us
with
credit
few scraps of cash
and his children just this side of
Is that what the forgotten man wanted us to
able-bodied American to be given a
which to keep himself
and nakedness?
starvation
remember?
that man
What
But
well-planned
and
It
business
It
attack against those very
man wanted a chance.
carried on a propaganda
gotten
""
men
seized
upon
industries in which the for¬
campaign
to convince the
people that
its taxing
for political purposes.
force another to do what he
power
It has levied
did not want
crack at a third whom some Government agency disliked,
promote the experiments of a brain trust.
The direct effect of the
to
do, to take a
or
to
New
Deal
money
that
taxes
has
been
inhibit opportunity.
of the rich from productive enterprises
United States Treasury—and no one
the
spend.
to
Thus much of
It has diverted the
to Government bonds, so
else—mav have plenty to
the money of the rich is
securities.
because
chances
more
are
many
of
them
are
forced
subsist
to
under centralized direction from Washington.
dole,
a
families
6,000,000
f
do
are
about
something
victims
they
because
on
are
they
tastic
vast
have less opportunity than we had before.
believes, as frequently declared, that the
this
spending of
New
little money
in
I propose to do it by spending as
possible.
as
money
This is one great issue in domestic policy and I propose
make it clear.
make this grave charge against this Administration:
campaign to
I
And
I
the course
charge that
like
I
disintegration
and
we much substitute for the philosophy of
production.
You cannot buy freedom.
that
say
losophy
this Administration is following will lead us,
I say that this course will lead us
dictatorship.
the end of the road.
France, to
economic
to
spent
the
possible.
as
has
Government is a virtue in itself.
They tell us that
spending insures recovery.
Where is the recovery?
Deal stands for doing what has to be done by spending as
by
Government
The
Administration
Deal
New
sums
itself power-
theory of government
economics by which, after the expenditure of 6uch a fan¬
we
sum,
The
in
there must be something wrong with a
say
theory of
a
or
stand
people—an
need of a
'
$60,000,000,000.
I
130,000,000
soon,
because
victims,
become
it
less to create anywhere except on paper.
To
accomplish these results,
the present
of
is
This
spending the phi¬
You must make
invested in tax-exempt
And it cannot be
,
,
have a proposal to make.
therefore,
I,
lightly.
is not made
It
charge.
serious
a
avoided* by the opposition.
lightly
speech that he does not have
either "the time or the inclination to engage in purely political debate."
I do not want to engage in purely political debate, either, but I believe
that
the tradition
of face-to-face debate is justly honored among our
The
that
believe
I
in
his
acceptance
political traditions.
American
of
stated
President
should
we
American democracy.
political."
see
an
example, at this time, of the
And I do not think that the
In my
workings
issues at stake are
opinion they concern the life and death
of
democracy.
I
appear
the fundamental
to debate
of
during the next two and a half months the President
together on public platforms in various parts of the country
issues of this campaign.
These are the problems
that
propose
I
and
great domestic economy,
our
as
The
Govern¬
well as of our national defense:
problems of agriculture, of labor, of industry, of finance, of the
ment's relationship to the people, and of our preparations to guard
against
assault.
would like to debate the
And also I
question of the assumption by
this
third term, of a greater public confidence than was
accorded to our presidential giants, Washington, Jefferson, Jackson, Lincoln,
Cleveland, Theodore Roosevelt, and Woodrow Wilson.
I make this proposal respectfully to a man upon whose shoulders rest
the cares of the State.
But I make it in dead earnest.
I accept the nomination of the Republican party for President of the
President, in seeking a
United States.
it was given at our convention
I herewith dedicate myself
mind, and with all my soul to making this
accept it in the spirit in which I know
Philadelphia—the spirit of dedication.
I
in
with all my
Nation
down
this, too:
say
the
now
am
heart, with all my
strong.
I
But
sacrifice and of
What
In the pursuit of that
road.
If I am chosen
of the Republican party, I
easy
1
goal I shall not lead you
the leader of this democracy, as I
shall lead you down the road of
service to your country.
far harsher thing than
saying is a
am
I should like to say in
would have said
I am
American democracy without
speech of acceptance—a far harsher thing than I
the Old World not been swept by war during the
this
had
past year.
rebuild our
without suffering.
proposing that course to you as a candidate for election by you.
When
Winston Churchill became Prime Minister of England, a few
months ago, he made no sugar-coated promises.
"I have nothing to offer
you," he said, "but blood, toil, tears and sweat."
Those are harsh words, brave words; yet if Ehgland lives, it will be
because her people were told the truth and accented it.
Fortunately, in
America, we are not reduced to "blood and tears."
But we shall not
saying to you that we cannot
hardship, without sacrifice, even
I
be
am
able
the "toil and sweat."
ahead of us every man
to avoid
who works in this country—
with his mind—will have to work a
will feel the burden of taxes. Every
housewife will have to plan a
little more carefully.
I speak plainly
because you must not be deceived about
the difficulties of the future.
You will have to be hard of muscle, clear of head, brave of heart.
Today great institutions of freedom, for which humanity has spilled
so
much blood, lie in ruins.
In Europe those rights of person and prop¬
In
months
these
whether
he works
erty—the civil
still
with his hands or
Every man 'and women
little harder.
iniquitous.
punish one man, to
to
taxes
and
his chance—his right—to
adventure.
remembered that. It launched a vitriolic
wanted us to remember was
in our great American
this Administration never
take part
their
which this Administration has so far proved
system
"purely
making things.
in
because
fewer.
are
defense
to
claim
my
victims
10,000,000 unemployed are victims because their chances
nation—will
entire
believe
lot
standard
freedom.
unemployment allowances.
that the Federal Government
in
I
the
persons
more
are
men
victims
are
virtually
unless-we
much
believe
remained
relief.
each other.
reform.
I
is
jobs
And
disliked regulation, yet
Jefferson
farmers
Approximately
here at home. From the factories that
large fortunes were made by a few
our community.
of private power had
has
before.
ever
The 9,000,000 or
ago,
the Nation. By
further than it should
business
than
what
on
democracy.
a
all
We
Thomas
of
concentration
the
go
many
industry
American
stagnant.
national
the
And
little
And
thereby acquired too much power over
forces were at work throughout the .rest of
who
same
1929
ever
liberalism right
my
this town
into
become
have
we
restricted
adopted—and distorted—liberalism.
individuals,
history
our
It offers no more jobs today than it did 10 years
decade.
a
champion.
to
only make the poor poorer and
can
in
time
first
obsolete.
is
the rich less rich. It does
not really distribute wealth.
It distributes poverty.
Because I am a business mm, formerly connected with a large com¬
pany, the doctrinaires of the opposition have attacked me as an opponent
of liberalism.
But I was a liberal before many of these men had heard
the word, and I fought for many of the reforms of the elder LaFollette,
Theodore
Roosevelt,
and
Wocdrow
Wilson
before another Roosevelt
But
turned
have been
seeking jobs.
As a Nation of
Much of our industrial machinery
of living has declined.
It is a statement of tact, and no longer a political accusation, that
the New Deal has failed in its program of economic rehabilitation.
And
the victims of its failures are the very persons whose cause it professes
producers
#
came
the
ago—and there are 6,000,000
more
redivide the wealth
to
necessary
start like the New Deal
you
many
men
markets.
his
stationary for
curse,
primary purpose
the
offices.
Low incomes in the cities, and
the country, have deprived the farmer of
in
experiments
of
millions
therefore
and
employment
the
irresponsible
put it there for
in an industrial
with the idea that we shall
automobiles or radios, that we cannot develop
many new
inventions of importance, that our standard of living must
remain what it is, the rest of the argument is easy.
Since a few people
have more than they need and millions have less than they need, it is
Of
operations,
his
from
away
society.
never
for tax revision the
Taxes shall be levied
be to raise money.
levying them will
expand
group
new
plan
its
We must—and can—raise more
money at less relative cost to the people.
We must do it without inflict¬
ing on the poor the present disproportionate loud of hidden taxes.
The New Deal's attack on business has had inevitable results.
The
investor has been atraid to
invest his capital, and therefore billions of
dollars now lie idle in the banks.
The business man has been afraid to
here and now
hearts
group—except
political
say
in
that
say
me
two simple principles.
each one's ability to pay.
And
with
accordance
of
other
enmity.
of that supposed
capital
heart, and that there will be none in my
there
in
heard
different
made
have
icans
and
let
connection
Republican party will follow
told that capital hates labor and labor capital.
We are
kinds of men whose task it is to build America
are
the
enemies
are
distinctions
class
of
Government
our
As in France, so here, we have
groups
preying upon
entangled in unfruitful adventures.
talk
to
has
this
In
her destruction!
become
followed
so
1079
Financial Chronicle
liberties—which your ancestors fought for,
virtually extinct.
profound conviction that even
party, under its present leadership,
and which you
enjoy, are
And
it
is
Democratic
my
protecting those
liberties of yours.
here in this country the
will prove incapable of
The Commercial & Financial Chronicle
1080
Democratic
The
for
stands
today
party
We
political
that
know
must
and
machines
faith
have
must
among
exploitation
the
Liberty does not thrive in such soil.
The only soil in which liberty can
of
division
for
people;
our
of class against class and faction against faction; for the
the struggle
power
truth
the
welfare
the
that
grow
of
pressure
groups.
is that of a united people.
is the
one
welfare of all.
We
reached by the expression of
only be
can
of
our
without rancor.
We must acknowledge
that all are equal before God and before the law.
And we must learn
to abhor those disruptive pressures,
whether religious, political, or eco¬
nomic, that the enemies of liberty employ.
The Republican party and those associated with it constitute a great
political body that stands preeminently for liberty—without commitments,
without fear, and without contradictions.
This party believes that your
free
opinions,
without
and
fear
happiness must be achieved through liberty rather than in spite of liberty.
We
ask
see
The
"deliberately inciting
was
to war" as "contemptible."
us
Roosevelt
"we
going forward to complete the mighty
are
tasks which must be achieved if America is to be defended
and
democracy preserved."
In his
I
address, Mr. Ickes said in part:
deeply deplore the fact that Mr. Willkie felt compeUed to toss a sop to
the bitter anti-Roosevelt isolationists by his ill-considered and
attacks upon the
inciting
President's conduct of our foreign affairs
war," and as "unscrupulously"
to
us
Those
the
help
ceaseless
upon the future, where your hope lies.
We
promise that has always been written there:
same
contemptible remarks
were
for you to
Let Mr. Willkie remember that Franklin D.
we
United
Roosevelt has become the
might.
of issuing
States
manufactured panics?
Declines
Willkie
Debate
to
L,
Wendell
Campaign Issues—Says He Is too Busy
on
#
said
Roosevelt
his
at
on
Aug. 20 that he would not accept the challenge'of Wendell
L. Willkie to hold
series of debates on current issues as
a
Mr. Willkie's
for the presidency.
part of their campaign
challenge was made in his speech on Aug. 17 accepting the
Republican nomination, referred to elsewhere in this issue
of the "Chronicle."
The President said that under present
active campaign
circumstances he is too busy to conduct an
his
Mr. Willkie replied on Aug. 20 renewing
third term.
He said that any man who seeks
challenge to debate.
the
"is under
of President
office
his confidence
A Hyde
dispatch of Aug. 20 to the New York "Times" sum¬
marized
remarks
Roosevelt's
Mr.
as
regular
follows:
in
in response
campaigning.
"(Mr.
and
again
President
The
he
on
was
laughed
the
told
and
Mr.
meet
going
you
are
to
he
might
and to
ho
Democratic
the
told
National
for a third
accepted the nomination
be accused,
and
are
Convention,
of statemanship.
defense
in such shape that he cannot indulge in campaigning.
that they
of
advices
Aug.
reminding the corre¬
Willkie
defense
works
suggested
and
suggested
issues of the campaign
"I
20
Ind.,
Rushville,
from
regard
time
the
building
such
to
he
as
own
contribution to democracy.
"that the President name experts
suggest," Mr. Willkie said,
understand
with
his
as
now
works
defense
that
for
uses
defense
of
works
purpose
discussing the issues in which the American people
democratic
"The
who
be
willing to,
the
"I
He
said
"The
it
visits
any
he
is
:g
the
questions
the
The test in
Of
all
the
anxious
most
the
President
these things that
people
do
to
of
any
the
is
a
a
convenience
convenient to
for
a
tradition
a
a
third
of
term,
150
to
Roosevelt
Mr.
the President,"
New
of
Hampshire
Bridges asking him to cancel the plan
that' the charges
the
had
been
made by the Secretary
it would cost to
was
evasions
Mr. Willkie said
full of "plain and single
so
issues
of
the ground
were not worth the
radio time.
engage
speech by Mr. Ickes
telegraphed
on
be
to
as
unworthy of
answering.
Bridges
to the press
statement
Adolf
on
Aug. 20, however, issued
denouncing the New Deal regime.
a
statement
Mr. Bridges'
follows, in part:
Hitler'rose
over
were
published.
to German power a
the American
Presidency.
until
pleasant
election
few months before Mr. Roosevelt
Mr. Hitler's plans
The secret reports of
were known.
They
foreign agents concerning German
our
So they
news.
were
filed in the White House
And the Congress and the people were
kept in total ignorance of the dreadful portents on the European horizon
year.
with
Mr.
Baldwin
and
with
Mr.
Along with M. Blum,
Chamberlain, Mr.
Roosevelt slept
as
Germany armed.
With 18 billions of blank checks which he could spend
wholly at his own discretion he built with these funds not one battleship, not
plane, not
lessly
an
anti-aircraft gun, nor
he wished.
as
a
single tank.
He squandered it reck¬
Is it possible that the President has
to face Wendell Willkie and be confronted before the
Since
Since
when
when
House?
has
has
Like
a
Mr,
the
Ickes
defended
Roosevelt
small
family
the
ago
vanished under
Hitler?
In his
"dignity" of
big—at
so
a
rouser
who
never
an
White
strings, the
Like
Mr.
Hitler,
succeeded at anything
a
office that long
safe distance—about Mr.
Hitler in short pants.
Hitler, he hates the newspapers and freedom of
ruthlessly control them.
of the
apron
commercialization by the Roosevelts.
right Mr. Ickes is
own
the dignity
boy hiding behind his mother's
cross
the courage
answer ?
"dignity of the Presidency" ?
upheld
New Deal has sought protection behind the
not
American people with
that irresponsible record for which he and he alone must
press
he
is
Like Mr.
and speech and would
a
professional
else—who is
a
rabble-
political hatchet
The New Deal regime that Mr. Ickes schemes for is
nothing but an
American form of Nazism.
Like Mr. Hitler he is a common scold
he
puffed
up
by high office.
he said,
The resemblance is closest in their attitude toward the
Who is Mr. Ickes to make faces at
Mr. Hitler?
Doesn't
he
own
a
mirror ?
parts of the country.
and
of
in view
the
fact
years' standing it is my judg¬
obligation to discuss the issues,
third term.
Valley
by the
radio address replying to Mr. Ickes,
but after hearing the latter's speech, Mr. Willkie
truth.
questions in different
double
acknowledge
man.
throughout the country.
running
under
particular issues of
a
be
place that
discuss
violation of
a
the
Bridges
Styles
Who is this Mr. Ickes who talks
system.
be
would
it
to
President
is
has
in
if
start
that
the
ing
discuss
he said.
to debate questions involved in the campaign at any points
want
do
should
States
that
will
I
ment
dent
obligation to, publicly
people,"
totalitarian
Executive
Chief
"I
as
much interested.
develop the democratic process."
would be glad
that
is under
but
the
with
United
the
"but
are very
upon
invite him to engage in public discussion.
promote and
the
trips
today is whether the democratic system is going to survive in com¬
petition
of
basically rests
process
American
again
world
inspection
discussion, and any man
the office of the President of the United States not only should
seeks
before
make
to
that the President devote such
to making democracy work by
and
denying that
was
indispensable
as
which President Roosevelt alone could have disclosed.
Mr. Roosevelt let military experts inspect
that the Chief Executive discuss the vital
with him
later singled out
was
scheduled to deliver
a
would
who
that
Mr. Willkie himself
Defense Commission.
rearmament were not
quoted Mr. Willkie as follows:
Mr.
a year ago
Authority, although this
took
how busy he was.
knew
all
Press
Barely
the paramount importance to the national defense of the Tennessee
wastebasket
United
Saturday, of
on
for selfish political purposes ?
in any way justified and he consistently refused to
were
Senator
night
the
on
in a radio speech, he went
not, he happens to be President
With that indirect statement, he closed the subject,
spondents
again
warnings met
the Administration's plans for mobilizing power resources in the interest of
130,000,000 people in the United States and its insular possessions,
things
only to have his
Mr. Willkie shabbily accused him
as
war scares
well
as
term
that whether the delegates liked it or
on,
of about
manufactured
a
This sort of demagoguery cuts to the heart of Mr. Willkie's assumptions
confrences, then he added that his reply might as well be mimeographed.
Roosevelt
England
on
for defense appropriations attacked
excessive and unnecessary;
as
falsehoods" and
that
reporter
mimeograph the question, since it would be asked at all subsequent press
Mr.
attack
again and again with jibes and jeers from Mr. Willkie's new-found friends,
inventing
money
asked, "when
campaign issues"
President,"
Willkie in debates
Hitler
the American people to the danger in the European situa¬
arouse
tion, only to have his request
question at his
to a
He said in effect that he was too busy to indulge
conference.
press
made
was
the
Is
Does not Mr. Willkie remember that, time and again, the President
Senator
declination
Roosevelt's
Mr.
into
foreign policy ?
on
materialize?
to
panic?
sought to
Senator
Park
indulging in
By what grasshopper leap of the imagination does
obligation to publicly
an
before the American people."
discuss the questions
the President of
this candidate conclude that the President has not taken the country
failed
conference
press
accuse
inflammatory statements and
Have the dangers against which President Roosevelt repeatedly warned
—Republican Nominee Renews Challenge
(President
with
the world's faith in freedom, the substance of the world's hope that right
the
Roosevelt
Willkie,
world's symbol of fearless support of democratic principles, the emblem >f
will prove stronger than
President
Mr.
make,
*
deeds.
Almighty Providence, with unyielding determination
must and we shall make that American promise
of
effort,
true.
a
demagogic
"deliberately
as
misleading other nations.
By what warrant does Mr. Willkie presume to
for
and called him
Mr. Ickes said that under Mr.
"the rich man's Roosevelt."
reference to the President of the United States.
the
promise that strong men will perform strong
come
dent
He assailed Mr. Willkie's political associates
to turn your eyes
you
With
24, 1940
hookup, described Mr. Willkie's declaration that the Presi¬
there
written
and
Aug.
I do not believe
right to eliminate public discussion
even
as
well
the Presi¬
to refrain from engag¬
Wendell L.Willkie to Visit 18 States in First Presidential
it when seeking public office."
Campaign
Tour—Republican
Drive With
or
Major Address in Coffeyville, Kan.,
Candidate
Opens
on
Sept. 16
Wendell
Secretary Ickes Replies to Wendell Willkie's Acceptance
Speech—Senator
Bridges
Attacks
Secretary
in
Formal Statement
Secretary of the InteriorMckes, in what
the Administration's
was
construed
L.
Willkie, Republican Presidential Candidate,
announced in New York
on
Aug. 22, plans for his first cam¬
He will travel 3,800 miles through 18 States and
make seven major speeches and
twenty or twenty-five in¬
paign trip.
formal talks from the
rear
reply to the speech of Wendell L.
ing from Rushville, Ind.,
Willkie
accepting the Republican Presidential nomination,
on
platform of
a
special train.
Start¬
his first major address at
charged
as
Aug. 19 that Mr. Willkie had indulged in "cheap
bravado" in challenging
President Roosevelt to
a
series of
joint debates and also criticized him for his "unpatriotic
demagoguery"
President.
Mr.
and
"unpardonable
Ickes,
speaking
over
references"
to
the
a nationwide radio
then travel
on
Sept. 14, Mr. Willkie will make
Coffeyville, Kan., on Sept. 16 and
through the Southwest, the Pacific Coast and
back to the Middle West
making another major speech at
Sept. 30. Ths tour will take him through Indiana,
Illinois, Missouri, Kansas, Oklahoma, Texas, New Mexico,
Detroit
on
Arizona, California, Oregon, Washington, Idaho, Montana,
Volume
The Commercial
151
Such
and Michi¬
gan.
The itinerary was announced following a conference
with Representative Joseph W. Martin, Jr., Republican
National Chairman, and other Republican leaders.
Mr.
Dakota, Iowa, Wisconsin
North Dakota, South
21 following an
Willkie arrived in New York on Aug.
1081
& Financial Chronicle
the
will be of benefit alike to the farmers, and to
With them rests judgment as to the work
presentation
a
rank and
file of
citizens.
the
have been doing during the past seven years
and in behalf of the Nation.
you
and more in
behalf of
agriculture
Very sincerely yours,
FRANKLIN D.
ROOSEVELT.
air¬
He had been staying at
Willkie's home town, since his ac¬
plane flight from Indianapolis.
Rushville, Ind., Mrs.
Annual
Last Fiscal Year Issued this
In the annual report
♦—:—
chants'
Resignation of Secretary
Roosevelt Accepts
President
Agriculture Wallace—Will Be Free to
of
Conduct
Campaign—C. R. Wickard Named
Vice-Presidential
Successor—P. H. Appleby
President Roosevelt
Made Under-Secretary
Aug. 19 accepted the
on
resignation
was
(Aug. 19)
day
same
Claude R. Wickard, Under-
to the Senate the nomination of
1933,
since
letters
exchange of
to succeed
assistant to Mr.
In an
made public at Hyde Park, N. Y., on
of Paul H. Appleby, an
Mr. Wahace, and
Wallace
since February, 1940,
of Agriculture
Secretary
Wickard's
Mr.
as
successor.
Mr. Wallace's
and said he was glad to free him of all
to interpret the program to the American
Aug. 19, Mr. Roosevelt gave high praise to
farm
program
duties
official
forward
another
to
said he was "looking
in resigning,
Wallace,
Mr.
people.
of even
another opportunity
period,
greater
the
issue of
week, as was reported
last
President
in our
Aug. 17, page 933.
tendering
am
you
herewith
my
1940, the day on which I shall probably begin
forward
gladly
the
to
opportunity I shall
rare
'
people
this
this
of
excellent
equipment,
wisdom
are
so
expressing
to
you
relationship, 1 can't
deep gratitude for the
our
my
the past eight years.
of
services of
development
only
come
the
so
on
of the
this able personnel, because of your
really enormous action programs for
agriculture, lias been an opportunity and an experience that
the benefit of
could
at
the
in
support,
another
in
change
a
broad a front under your leadership in
extraordinary national need has been immensely satisfying.
To
in the Department of Agriculture the material of fine personnel,
trauitions and technical preparation, and to be able to use all
had
this
without
experience
opportunity to work
times
have
only
represents
letter
extraordinary
The
and
Therefore, I approach the work of the campaign with eagerness.
Although
write
experience
when
times
troublous
these
in
essential.
once
in
a
millenium.
Now
I
am
looking forward to
period, another opportunity of even greater significance.
Sincerely
•
■;g
yours,
H. A. WALLACE, Secretary.
,.,'i
The
President, in accepting the resignation, wrote to Mr.
Dear
Aug. 17
on
follows:
as
a
circumstances
I
should
have
deep
regret
in
consenting to
Secretary of Agriculture.
But, giving due weight to
the consideration that the step you are impelled to take represents rather
a change
in relations than a severance of close ties, I have no alternative.
Therefore, in accordance with the terms of your letter of Aug. 15, I
withdrawal
as
accept your resignation effective at
and
You
I
are
content
to leave
the close of business on Sept. 5, 1940.
determination
of the issues
in the cam¬
Under our form of
government there is no higher arbitrament than the bar of public opinion.
I am delighted that you are to be freed of all official duties so that
you can devote your time and talents exclusively to an interpretation of
your agricultural program to the American people.
You found agriculture
piostrate in March, 1933.
The vicious wheel had turned full circle when
you came to the rescue.
Markets had been ruined; purchasing value was
goiie; the farmer was penniless.
Foreclosures and tax sales had done
paign this year to the calm judgment of the voters.
the
rest.
are
which
I
farmers
of the country
are
brought them and the Nation to disaster.
know,
and the farmers of the Nation likewise
deliberation,
formulation
bankruptcy,
true
of
have knowledge, of the
and statesmanship which have gone into the
agricultural program.
I know and they know that
despair and disaster, which had been their previous
wisdom
your
ruin,
through long years of neglect and incompetence at Washington,
under your guiding hand to a greater prosperity, security and,
else, to a return to self-respect and sane thinking.
Although you have devoted years to the study of our agricultural
portion
gave
way
abcve all
their solution, yours has not been
able to view the problem of the
farmer in its relation to other problems—economic, industrial and inter¬
national.
You have adhered without deviation to the settled processes of
democracy.
You and I remain unshaken in our faith in those processes
and in the efficacy of the policy of the good neighbor in the field of
foreign affairs.
Your habit of thought has enabled you always to see with
singular clarity the needs of the country as a whole.
I
think it particularly fortunate that throughout the weeks of the
autumn you are to be
free and unhampered to go about at will.
This
will give you an excellent opportunity in public addresses and through
conferences
with groups and individuals to discuss the work you have
problems and brought rich experience to
a
narrow specialization.
You have been
been
doing in behalf of
agriculture.
under
particularly in the State
united to forestall a $15,000,000 in¬
in the municipal
Important work was also done
tax.
the income
in
Federal fields.
and
the drive which blocked the progress
in
Leadership
2.
in Congress of
bill, which has been described as so "grotesquely
proposed penalties for violation of the anti-trust laws that
would have made it unsafe for any person to serve as a
O'Mahoney-Hobbs
the
in
drastic"
its
enactment
of
director
corporation.
a
workable plan for bringing private enterprise into
urban rehabilitation.
This took the form
prepared by the Association and passed by the Legislature.
Vetoed by Governor Lehman on technical grounds, there is already reason
for believing that this forward-looking measure will be enacted into law
Development
a
bill
a
next
year.
activities of the Association which, following the out¬
intensified to a considerable degree.
These were
served, on the one hand, to make it easier for those
Foreign trade
4.
break
of
of
field of slum clearance and
of
the
of
were
war,
character which
a
their operations both with neutral
other hand, to develop measur¬
ably the amount of business done with the Latin American countries to
the south, thus providing new outlets for commodities which it was no
longer possible to send to certain European countries.
engaged
field
this
in
and with
nations
to
carry
on
belligerents and, on the
Mead; continuing, said:
by the Association, with the cooperation of the press
and the radio, of the "What Helps Business Helps You" campaign, begun
in the previous year, brought popular response to a degree that indicated
that it had a measurable part in creating a better understanding and a
Mr.
continuance
The
more
life
part of
the
the
of
concept
favorable
on
importance of
the general public.
also continued its
has
Association
The
business in our
national
intensive effort to develop a
plan which will bring private capital and enterprise
clearance which is now occupied by public agencies
into the field of slum
at taxpayers' expense.
Committee on Slum Redevel¬
resulted in the preparation of a measure known as the Urban
the Association's
studies, conducted by
opment,
Redevelopment
bill, setting up a workable plan for the
rehabilitation projects financed by private
widely commended by real estate, civic and
building
and by the Public Housing Committee of the
Chamber
of Commerce of the United States, which adopted a report
recommending nation-wide consideration of the plan as embodying prin¬
ciples to be followed in developing similar legislation in other States.
Although it was not introduced until late in the session, the Urban Redevel¬
opment Corporations bill was passed speedily by both houses of the
Legislature,'
-v
..
■< .
. j
After holding the measure for nearly 30 days, the Governor vetoed it
for
reasons
which appear to be entirely technical.
The Association's
committee immediately set in motion machinery which it is confidently
expected will bring about the enactment of the bill/next year, possibly
in
Corporations
large-scale
of
The measure
organizations
was
somewhat amended
One of
to
time
condition
into
not likely to forget this.
Their minds
seared with bitter memories of official neglect and official incompetence
The
public budgets and taxation,
on
tax-paying interests of the State
crease
capital.
different
In
your
outstanding activities of the year
having
development
Henry:
of
been at the forefront of a movement which brought
$24,000,000 reuuction in the State budget in 1939, the Associa¬
the 1940 session of the Legislature provided the plan behind which
tion at
These
Wallace
for
work
where,
about
of the Association con¬
the Association's domestic
follows:
as
Its
1.
field
Meanwhile there
volume of service.
solution
Mr. Mead listed the
review
Such adjustments were
members interested in foreign
reviewing in detail the activities of the
the fiscal year which ended on April 30,
In
Association
the
resignation to take effect on Sept. 5,
active campaigning. I look
have to discuss with the
American people the matters in which you and I are so profoundly inter¬
ested and which are of such grave importance to the country.
I believe thoroughly in your unique capacities
to lead the American
I
conditions.
those activities
the
with
problems."
3.
President:
Mr.
Dear
important to large sections of our
those engaged in foreign trade.
adjustment of the work of the Associa¬
new
in
let-up
no
cerned
its
Mr. Wallace's letter of resignation, dated Aug. 15, follows:
declared that "the out¬
September brought new
were
trade received a large
the
of The Mer¬
Association's last fiscal
particularly
meet the
to
in
war
made with the result that our
significance.'' Mr. Wallace submitted his resigna¬
tion
to
which
involved the
This
Mr. Roosevelt sent
On the
European
the
problems
tion
candidate.
of
break
effective
Sept. 5, the date on which Mr. Wallace will probably begin
his active campaigning as the Democratic vice-presidential
the
and made public Aug. 18, he
year
Covering
Week
of S. C. Mead, Secretary
covering
Association,
membership,
A. Wallace as Secretary of Agriculture,
of Henry
Association
Merchants'
of
Report
Saturday (Aug. 17).
ceptance speech last
form.
projects begun during the year, which has not
come to
fruition, has been a definite attempt to improve
of the financial markets and again start the flow of
the important
Late in 1939 the
productive enterprise.
had
the
capital
report
district,
directors received a
the extent of unemployment in the financial
but pointing out
in broad terms the degree to which restrictions on
security transactions were operating to prevent recovery.
The directors
ordered the appointment of a special committee to deal with this subject.
showing
not
only
activities, Mr. Mead's report
certification of foreign trade
documents, the Association gave direct service to its mem¬
bers and others in over 300,000 instances.
In
listing
shows
that,
direct
service
including
the
+.
Chrysler—Automobile Manufac¬
111 for Two Years
Walter P. Chrysler, Chairman of the Board of the Chrys¬
ler Corp. and one of the Nation's leading automobile manu¬
facturers, died on Aug. 18 at his home in Great Neck, Long
Island, after a cerebral hemorrhage.
He had been ill with
circulatory ailment for two years.
He was 65 years old.
Funeral services were held Aug. 21 in New York City, and
Death
of
Walter
turer,
a
P.
65, Had Been
1082
burial
In
The Commercial & Financial Chronicle
at
was
Sleepy Hollow Cemetary in Tarrytown, N. Y.
brief biography of Mr.
Chrysler, United Press advices
a
from
Great Neck
Mr.
the top
In
as
an
ability
as
line
of
work
organizer,
an
the company show a
1875.
His
the
as
set of
own
in
entered
Mr.
who
man
could
Western
at
&
and
as
Salt
he
Lake
his
was
round-house
a
City,
Southern's
bear
to
the
and
Trinidad
American
Locomotive
$0,000 annually.
a
In
hand
became
later
shops.
time
spare
a
It
was
of
receive
will
he
made
to
with
go
in
was
Rio
Grande
foreman
and
of
three
&
the
and
months
paved the
Corp.
succeeded
Buick
C.
W.
Nash
a
temporary sacrifice
12,000-per-year job with
a
Motors
works
as
Two years
$48,000,000 profits to the parent organization, General Motors.
He later put the
faltering Willys-Overland company back
than
more
Mr.
For
several
which
The
is
Stock
Exchange Starts
Enlarge
to
curities and
Public's
Nation-wide
Understanding
Cam¬
of
Se¬
Utility of Exchange Facilities—Wayne
Program
Van Orman to Conduct
Coincident
with
appointed
Orinan, with the
conduct,
the
title of
work
The plans which
part of
an
enlarged
The
States
organization
under
such
the
Van
Exchange community,
enlarged program.
being put into effect, it is said,
developed by the Committee
of last year.
The
being put into operation is the
now
in
which
the
contemplates
local
the
the
clearly
reside
maintain
as
defined
of
coordinating the
Governors
liaison
officer
in
employees
cities
the
committees
on
will
on
will be
and
with
Mr.
Van
supply
Orman
the
President
one
side and the
members,
of
the
the
leadership
by the out-ofacting as special
Exchange and the Committee
member firms and their
.
is designed:
the Stock
Exchange's vital role
market and of the general
business economy.
It
of
is
all
proposed,
available
carried
on
tional
by
in
furtherance
members
of
the
of public
by
this
a
major unit of the capital
campaign,
to
utilize
the
services
Exchange
address'
special
tions, and by other mediums
Mr.
of
,
as
community.
The work will be
before civic, business and educa¬
forurns; by personal contacts; by the
informational literature;
by the correction of mispresenta-
means
organization;
distribution of
Van Orman has been
on
of
information.
of
April
the bar
New York and also of
the American Bar Association.
Mr.
Orman directed the
State-wide campaign of last winter in the
interest
of a more
equitable schedule of stock transfer taxes in
New York State.
His home is in Short
Hills, N. J.
of
Rockefeller has been active in South America,
the invitation of the Venezuelan Government,
White House said he recently was
Mr.
Rockefeller,
American
hotel
a
at
Caracas.
invited by another South American
however, resigned
as
director and
officer of
his
South
enterprises and obtained leave of absence from Rockefeller Center
devote
full
time
his
to
Roy^M. Green
assignment.
new
Resigns
Land
as
Bank
Commissioner
of FCA
Roy M. Green has resigned
of
Farm Credit
the
as
Land Bank Commissioner
Administration, effective Aug. 26, to
College. His resigna¬
accepted by President Roosevelt "with deepest
regret" on Aug. 15.
Mr. Green told the President in his
tion
was
letter of resignation that it had been a privilege
service to agriculture since 1933.
He
was
to be
of
appointed by Mr.
(noted in our issue of March 23,
1871) and prior to then had been Deputy Governor of
the FCA.
Mr. Roosevelt wished Mr. Green "every success"
in his chosen field.
♦
C.
L.
Wilson
Assistant
Named
Director
of
Bureau
of
Foreign and Domestic Commerce
jCarroll L. Wilson, of Massachusetts,
President Roosevelt
the
Bureau
of
on
was nominated by
Aug. 22 to be Assistant Director of
Foreign
Domestic
and
Department of Commerce.
Commerce
Mr. Wilson
now
in
the
is Executive
Assistant to the Director.
ITEMS
ABOUT
BANKS,
TRUST
Six ambulances have been
COMPANIES,
&c.
presented to the British War
Relief
Society, according to an announcement made Aug. 20
by the Ambulance Fund Committee of the New York Cocoa
Exchange.
The ambulances are destined for the British
Red
Cross
four
of
and
the
will
be
ambulances
friends
of
shipped
immediately.
Funds for
were
the
included
Philip H. Brandt, Chairman; John F.
Dengel Jr., Adrian C. Israel, Joseph R. Sullivan and Roy T.
Dickinson.
Arrangements
New
York
were
the State of
Van
made Aug. 21
for the transfer of
Stock
Exchange membership at $35,000.
previous transaction was at $40,000, on July 24.
a
The
»
Edwin A. Potter, a Vice-President of the Guaranty Trust
Co. of New York and widely known in financial circles both
in New York and the Middle West, died at his home in
Roslyn, L. I., on Aug. 21, after a prolonged illness.
Mr.
Potter, who was 62 years old, was born in Chicago and was
graduated from the Law School of the University of Michigan
in 1901.
After spending his early banking years with the
^American Trust & Savings Bank and the Continental &
Commercial Trust & Savings Bank, in
Chicago, he came
to New York in 1913 and for
a
time
was
associated with the
firm of G. M.-P.
Finance
&
Murphy & Co., Inc. Later he organized the
Trading Corp., of which he was President for
many years.
In May, 1919 he was appointed a Vice-President
of the Guaranty Trust Co., the office hb held at his death.
The
deceased banker was a director of the Fifth Avenue
Coach Co., McCrory Stores Corp.,
Murray Corp. of America,
Omnibus Corporation and Wilson & Co., Inc.
*
employed for 12
years by the New York Stock
DeCoppet & Doremus.
He was born in New York
City
4, 1906.
He attended Dartmouth
University and was graduated
from Columbia
University with an A.B. degree, and from
Fordham Uni¬
versity with the degree of Bachelor of Laws.
He is a member of
Exchange firm
the
of
To develop an esprit de
corps and team-work.
To maintain the service of
member firms at
maximum efficiency.
To demonstrate the
advantage of conducting securities
transactions through
member firms of the New York
Stock Exchange.
*
To develop a better public
understanding of securities.
*
To enlarge the public's
understanding of the New York Stock
Exchange as an
essential business utility.
To demonstrate
of
republics
out-of-town
conducted
the other.
campaign
in the other 20 American
groups
*
The
,
The
traveling
fields.
industries and constructing
new
in
division
mittee
367
Broadly,
Governors
necessary.
zones,
program
cooperation
between
Public Relations
on
expenses
relations
43,000 persons
campaign in their territories.
Thty are:
William Cavalier, San
Francisco, Calif.; Paul H. Davis,
Chicago, 111.; Russell E. Gardner Jr.,
St. Louis,
Mo.; Malcolm W. Greenough, Boston,
Mass.; W. W. Lanahari,
Baltimore, Md.; Edgar Scott, Philadelphia, Pa.
The work of
developing
cultural
the
regional
out-of-town
be
may
in
offices.
establishment
Exchange's
committees
representing
firms
the
town
at
the
contributed by members and
Exchange, and funds for two ambulances
were given
by the Hershey Chocolate Corp., members of
the Exchange.
The Cocoa Exchange Ambulance Fund Com¬
Exchange has yet undertaken.
broad cooperative
effort, the
a
member
chairmanship of
additional
Governors,
for
in
plan
Mr.
years
and
pay.
President,
the
Exchange community and who
43
Wayne
to the
announcement added:
It is proposed to
enlist,
who comprise the
and
in
beginning in October
far-reaching which
Exchange's
the
program
phase of the program
most
of
involved
are now
Public Relations
on
Special Assistant
members
among
organization
are
with
scientific
company,
York,
without
serve
post.
new
cooperate
and
New
Inc.,
will
the
announcement
to
members
and
allied members that plans had been
completed for a nation¬
wide campaign of information in
behalf of the New York
Stock Exchange, William McC.
Martin Jr.,
President, also
disclosed on Aug. 19 that he has
to
a
Center,
enterprises,
government to do similar work.
page
York
of
Roosevelt in March, 1940
name.
paign
Regarding
advices
become President of the Colorado State
feet
the urging
Chrysler went to the rescue and in four years had
the company out of
debt, with $5,000,000 in the bank and 2,000 dealers.
In 1924 he not
only sold 50,000 Maxwells, but also nearly 32,000 cars
New
Affairs.
Washington
only subsistence, transportation and
will
to
rose
its
on
financially.
Maxwell-Chalmers was in a critical
state, with
$2,000,000 debts, only 50 dealers and 26,000 unsold cars.
At
bearing his
American
at
manager,
later his salary
President, and by 1919 Mr. Chrysler
daily.
The company had contributed
as
cars
Press
make
he left
1912.
production to 560
bankers,
office
educational
to
to
South
State Department and cultural
in
field with the first auto¬
success
Inter-American
on
United
President of Rockefeller
several
in connection with his
year.
soon
increased
the
Rockefeller,
He
correspondence
the
years
instantaneous
an
future success,
That
for
general
Nineteen
highly competitive automobile
name.
sake of possible
$25,000
day.
per
Demonstrating his lifelong willingness
of
Mr.
make
machinist's apprentice in the Union Pacific
a
salary of 5c.
a
The
Aug. 16 said:
director
to growth of the great Chrysler
He
costs
Committee
appointment,
organizing
later
later he entered the
had
down
was
machinist's tools, and at night lie studied
years
Colorado
for
cut
his
engineering.
few
way
demonstrated
the
His
At 17 he went to work
mobile
Chrysler
reached
bcrn in Wamego, Kan.,
April 2,
locomotive across the prairies of that frontier
father piloted a
shops in Ellis. Kan., at
A
shop and
profit.
section.
his
he
Chrysler, of Canadian forebears,
course
railroad
a
1940
few minutes after signing an order creating the office.
mental
in
apprentice
24,
appointment also makes him Chairman of the Interdepart¬
in the business world.
whatever
Mr.
Aug. 18 said:
on
Chrysler started
Aug.
Francis Ward
Paine, senior partner in the banking and
brokerage firm of Paine, Webber & Co. of Boston and New
York, and an official of several other companies, was killed
on
Aug. 22 when he fell into the path of a subway train at
the South Station, Boston.
Mr. Paine recently underwent
a severe
eye operation and was planning to undergo another
in the
near
future.
Born in Boston
on
Aug. 1, 1888, Mr.
Paine after
N.
A.
Rockefeller
as
lations
President
Rockefeller
tions
Appointed by President
Coordinator
of
Commercial
and
Roosevelt
Cultural
Re¬
Among Americas
Roosevelt
coordinator
between
the
National Defense.
on
of
Aua.
16
appointed
commercial
American
republics
and
for
Nelson
cultural
the
Council
The President named Mr.
Rockefeller
A.
rela¬
of
a
graduating from the Hill School at Pottstown, Pa.,
in 1906, entered Yale
University, where he received his B. A.
degree in 1910.
The following year he received his M. A.
degree from the University of Wisconsin. For a short time
he was a Professor of
Mining Geology at the Michigan
College of Mines and became a member of Paine, Webber &
Co, in 1919.
Among other interests, Mr. Paine was VicePresident and Treasurer of the Copper RaDge Co., and a
director of the Midland Steel Products Co., the Maine Gas
Co.,
Pittsburgh and West Virginia Coal Co., East Butte
Copper Mining Co. and the Keyes Fibre Co.
The Commercial
151
Volume
of the Land Title
Philadelphia, Pa., appeared in the
Philadelphia "Inquirer" of Aug. 23:
following concerning the affairs
The
Bank
&
Co. of
Trust
Land Title Bank and Trust Co.
announced yesterday (Aug.
22) that it
value of its preferred stock
by the payment of $775,000, as of Aug. 1.
The regular dividend on the
balance of the outstanding preferred also was paid at the same time.
Percy C. Madeira Jr., President, stated that the retirement of this pre¬
ferred stock, bearing a 3% dividend rate, together with a saving on the
annual capital stock tax of the bank due to the recent readjustment of its
capital structure, should result in a reduction of more than $50,000 a year
retirement of $1,000,000 par
had completed the
in capital charges.
reduction of the preferred
He pointed out that this
sible by the
excellent liquid position of the
stock was made pos¬
bank.
market dealings
special meeting on May 20 last, stockholders of the
Philadelphia bank approved proposed readjustment of the
noted in our issue of May
25, page 3298.
v.".
a
institution's capital structure, as
At
meeting of the Board of Directors
a
National Bank of Philadelphia, Pa.,
appointed
a
director, to fill the
of the Second
William G. Semisch was
unexpired term of Frank
Philadelphia "Inquirer"
Adshead, resigned, according to the
of Aug.
16.
1
Stockholders of the South Chicago
Savings Bank, Chicago,
meeting Aug. 20, voted to pay in full the remainder
of funds "frozen" at the time of the 1933 bank moratorium
and in this connection to apply $300,000 of the bank's capital,
thus reducing the capital stock from $800,000 to $500,000.
The payment on account of the deferred certificates repre¬
senting the remainder of the frozen funds will be made
Sept. 10 to about 3,500 persons and will amount to approxi¬
mately $450,000. To meet this requirement the bank, be¬
sides applying the $300,000 of capital funds will take $150,000
from undivided profits and reserves. The Chicago "Journal
of Commerce" of Aug. 21, from which this is learned, went
111., at
a
to say:
on
reducing the par value
outstanding as at
present. After these changes, the surplus will amount to $200,000 as here¬
tofore, and undivided profits and reserves will total approximately $230,000,
of which about $200,000 will be in the undivided profits account, Guy A.
Nelson, President, said.
Deposits amounted to $8,733,000 June 29, the
The reduction of
capital stock will be effected by
from $100 a share to $62.50 a
share, leaving 8,000 shares
last call date.
The
$450,000 of deferred certificates are
funds of the bank ahead of its
They
are
the balance of an original amount
which $777,000 represented
and
$200,000 new
a
claim against
capital stock, but subordinate
the capital
to deposits.
of approximately $977,000, of
of the moratorium
deposits waived at the time
advanced depositors and others.
The original
the present amount by part payments made from
money
issue had been reduced to
time to time.
preceding close.
Shipbuilding shares were inactive, the only
registering a change, being Bath Iron Works which ad¬
vanced % point to 14.
The aluminum did not appear on
the tape and most of the popular industrials were off on the
day.
Oil stocks were moderately active but the changes
were comparatively small.
...
Aside from the moderate activity in the oil group, the
issue
and price changes
transfers dropped to ap¬
proximately 36,935 shares against 56,150 on Friday the last
full session.
There were a number of gains ranging up to
a point or more but the changes in the general list were largely
in minor fractions.
Aircraft stocks were irregular with
Beech fractionally higher, Republic down and Brewster and
Bellanca unchanged.
Public utilities were generally off,
industrial specialties registered a few small gains and the
aluminum issues failed to appear on the tape.
Bath Iron
Works was the only stock in the shipbuilding group to ap¬
pear and closed fractionally higher.
The market was stronger on Tuesday, and while the gains
were not particularly noteworthy, they extended to all sec¬
tions of the list.
The transfers showed a moderate increase
but the total sales volume was still very light.
Aircraft
shares registered some improvement, Brewster moving up
% point to 9%, but Bellanca and Fairehild finally closed
unchanged.
Oil stocks continued moderately active with
Buckeye Pipe Line leading the advance with a gain of 1 point
curb market
admitted
to membership in the Federal Reserve System, George J.
Schaller, President of the Federal Reserve Bank of Chicago,
announced on Aug. 15.
Stuart Duncan is President of the
Salle, 111., has been
La Salle bank.
has been
Detroit,
Board, an¬
of Aug. 17,
his election added:
Mr. "Williams joined the
Kresge Co. in 1908, became a
buyer in 1910,
of merchandising in 1920, and
was elected President in 1938.
He is also President of S. S. Kresge Co..
Ltd., of Canada, and President of Mt. Clemens Pottery Co.
He is a
trustee and Secretary of the Florence Crittendon Hospital.
promoted to Vice-President in charge
1940, the First National Bank of Sand¬
placed in voluntary liquidation. The in¬
stitution, which was capitalized at $45,000, was succeeded
by the Sandstone State Bank.
Effective Aug. 5,
stone, Minn, was
National Bank in Palm Beach,
increase of $100,000 in the
bank's surplus account from the reserve
account.
The
increase brings the surplus account to $1,000,000 as com¬
of
Directors
pared
bank
the
have
an
a year ago.
Capital funds
$1,41S,575, representing $200,000
$600,000
with
now
First
voted
total
$1,000,000 surplus, $100,000 undivided
in
Shipbuilding issues were stronger,
38.
50%
of the
capital,
profits and $118,575
holders
also voted an extra
tric
pref., 1% points to 111%.
assumed the market
leadership on Thurs¬
day, and as the advance continued, a substantial number of
the trading favorites in this group recorded a point or more
gain. Industrial specialties were active at higher prices and
oil stocks were stronger all along the line and registered
moderate advances.
In the shipbuilding group Todd forged
per
of
progressed. Bell Tel. of Canada moved against the trend and
upward 5 points to 103. Scattered through the list
were a number of modest gains but they had little effect on
the market movements.
Declines predominated at the close
and included among others Aluminum Co. of America, 1 %
points to 160; Pittsburgh & Lake Erie, 2 points to 59%;
Toledo Edison pref. A, 2 points to 111; Continental Gas &
Electric pref (7), 2 points to 91, and Fire Association of
Philadelphia, 2" points to 60.
As compared with Friday of
last week prices were higher, American Cyanamid closing
last night'&t 33% against 32 on Friday a week ago; American
Gas & Electric at 32% against 32%; American Light & Trac¬
tion at 14% against 14%; Carrier Corp. at 7% against 7%;
Glen Alden Coal at 8% against 7%; Humble Oil (new) at 52
against 50%; International''Petroleum at 10% against 9%
and Lake Shore Mines at 14% against 12%.
climbed
DAILY
TRANSACTIONS AT THE NEW
CURB
MARKET
dull and price changes narrow during
the fore part of the week, but the market gradually firmed,
and while the advances, in the main, were small, they ex¬
tended to all sections of the list.
Oil shares which have
heretofore moved around with little net change were un¬
usually active and registered a number of substantial gains.
Paper and cardboard stocks have been stronger but ship¬
building issues and aluminum shares have been unsettled
most of the week.
There was some improvement in the
Curb dealings were
public utility stocks and industrials as the week progressed.
Dull trading and narrow price changes featured the curb
YORK CURB EXCHANGE
Value)
Bonds (Par
Stocks
(.Number
Week Ended
Aug. 23. 1940
Shores)
Government
Domestic
$238,000
347,000
418,000
22,335
36,735
Saturday...
54,480
Tuesday—
Wednesday.
Foreign
Foreign
ol
Monday
THE
Pulp
moved forward by small fractions and the aircraft
shares were again irregular; Vultee recording a moderate
advance, while Brewster and Beech declined.
Lower prices prevailed during most of the dealings on
Friday. Trading was fairly active in the opening hour but
interest waned and the market quieted down as the session
& Timber
dividend
share in addition to the regular monthly
$1 per share payable September 1 to stock¬
of record Aug. 26, 1940.
dividend
Todd Shipyards
but Bath Iron Works
paper and cardboard
group, advances were recorded by St. Regis and Hammermill, while Puget Sound Pulp & Timber was unchanged.
Stocks moved along at a slow pace on Wednesday, and
while there were a score or more of the active stocks that
advanced up to 3 or more points, the changes in the rest of
the list were largely in minor fractions.
Public utility pre¬
ferred stocks were in good demand at improving prices,
industrial specialties registered a number of modest gains
and the oil shares attracted considerable speculative atten¬
tion.
Aluminum issues were irregular and the aircraft stocks
moved fractionally higher.
The gains included, among
others, Celluloid pref., 2 points to 27; Colt's Patent Fire
Arms, 2 points to 79; Midvale Co., 2 points to 107; St. Regis
Paper pref., 3% points to 63%; and American Gas & Elec¬
forging ahead 2% points to 68%,
closed without variation.
In the
reserves.
Directors of the bank have
of
The
around
Mich., Walter S. McLucas, Chairman of the
nounced last week.
The "Michigan Investor"
Florida,
dull affair on Monday
narrow.
ahead 2% points to 71; while Bath Iron Works moved
to some extent but closed unchanged.
Puget Sound
Roy Williams, President of the S. S. Kresge Co.,
elected a director of the National Bank of Detroit,
was
to
was a
extremely
Public utilities
The La Salle State bank, La
in noting
session on Saturday.
during the two-hour
Speculative interest was lacking and the transfers dwindled
to approximately 22,000 shares the lowest turnover in several
months.
There was very little activity apparent in the air¬
craft issues and most of the stocks were unchanged from the
were
At
1083
& Financial Chronicle
__
Friday
Total.
Sales al
New York
806,000
736,000
$3,135,000
$19,000
Week Ended Aug.
Curb
Exchange
Stocks—No. of shares.
1940
23
1939
.
837,000
$90,000
~~3~666
590,000
$250,000
24,000
23,000
26,000
1,000
1,000
7,000
301,310
Thursday
$5,000
9,000
3,000
$7,000
60,305
83,230
44,225
$3,244,000
422,000
613,000
765,000
Jan. 1 to Aug.
1940
23
1939
301,310
706,825
29,611,842
24,721,221
$7,904,000
$299,761,000
3,044.000
3,798,000
$306,603,000
Foreign government...
19,000
39,000
Foreign corporate
90,000
154,000
$203,159,000
1,521,000
4,539,000
$3,244,000
$8,097,000
$209,219,000
Total.
357,000
$3,135,000
Bonds
Domestic—.—...
Total
Corporate
The Commercial & Financial Chronicle
1084
THE ENGLISH GOLD AND SILVER MARKETS
We reprint
Samuel
FOREIGN
the following from the monthly circular of
Montagu & Co. of London, written under date of
Aug. 1, 1940:
GOLD
during the month of July, 1940,
Act of
The Bank of England's
buying price ror gold remained unchanged
at
give below
compared with 1,186,063 fine
Southern
BANK
ounces
gold output for May, 1940,
69,005 fine
was
contracts; the operations were somewhat intermittent and in consequence
there were rather sharp movements in the difference between the two
^quotations.
On July 1 prices were quoted level for the first time since
April 9 last and with this exception the premium on cash varied between
l-16d. and 9-16d.
The month orened very quietly and up to the 9th the cash quotation had
between 21 13-16u. and 21 ll-16d. and that for two months
On July 10 bear covering demand caused
advance to 21 15-18d. and 21^d. and thereafter the
premiun on cash
gradually Increased; spot supplies were scanty and there was a
prospectj>f
depletion of stocss as some Indian contracts, made prior to the export
license regulations, were engaged for shijment to
Bombay.
By July 17,
an
quotations had advanced
to 22 JUd. for cash and 21 13-16d. for two
months^,
the difference thus having widened to 9-16d. in favor of cash.
Offerings
continued to be poor and prices hardened further, 22
%d. and 22 1-16a.
being reached
changed.
the 19th, the difference having meanwhile remained un¬
on
On the 22d
sudden withdrawal of the pressure on cash saw a,
a
sharp contraction of the difference; cash declined 7-16d. to 22 3-16<L,
whjfe
Aug. 17
was
eased
by the resale of part of the silver
previously engaged for shipment.
received
the following day that the Government of India
on
had decided to reduce the fineness of the 8
anna
Government stocks of silver
silver piece.
were
It
was
stated
ample, the recent rapitl
absorption of coin for hoarding necessitated the conservation of stocks and
that it would be wasteful to continue to
produce large quantities of 8 anna
coins of the existing fineness.
Following the news, there was a sharp rise
in Bombay silver quotations,
possibly in the expectation that with less
incentive to hold coin of reduced
fineness, the attention of hoarders might
be attracted to bar silver.
There ensued a further bear covering movement
in the London market,
possibly in sympathy with the advance
in
Bombay,
and the cash price advanced until
22 9-16d. was reached on July 29, when
quotation was 22H6.
The demand was not maintained and
on the following
day prices eased to 22%d. for cash and 22 l-16d. for two
months' delivery, at which
they remained unchanged on the last day of
the month.
the forward
Quotations during July:
Cash
July
July
July
July
July
July
July
July
July
July
July
July
1
2
3
In London (bar silver per ounce standard):
2 Mos.
21 ll-16d.
21 13-16d.
21 ll-16d.
21 ll-16d.
21^d.
4—21 *4d.
21 ll-16d.
21%a.
5—21 ll-16d.
8.--21 ll-16d.
9
21 J l-16d.
10—21 15-16d.
11„-_21 13-16d.
12--.21^d.
15
22 l-16d.
16
22 3-16d.
21 9-16d.
21^d.
21 9-16d.
21^d.
2l%d.
21Hd.
21 »Ad.
21Kd.
Cash
2 Mos.
July
July
July
July
17—22%d.
18---22 Hd.
19
225^d.
22---22 3-16d.
July 23_--22 7-16a.
July
July
July
July
July
July
21
13-16d.
21
15 16d.
22 l-16d.
21 l-16d.
22 1
24
22%<1.
25--.22 3-16u.
26
22Vsd.
29---22 9-16d.
30
22%d.
31
22%d.
16d.
22 l-16d.
22d.
Bulgaria,
The official dollar rates fixed
follows:
22 l-16d.
22 Kd.
by the
Bank of England during July were
Buying, &4.03.H; selling, S4.02H.
Aug. 31, 1919,
Mar. 31, 1917,
Dec. 31. 1930,
When War Debt
Lowest Post-War
Pre-IVar Debt
annum
of
on
IP as at Its Peak
Debt
1,282,044,346.28 26,596,701,648.01 Id,026,087.087.07
12.36
250.18
129.66
Interest
interest-
bearing pub ic debt (%)..
Obligations of governmental
2.395
4.196
3.750
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Official
1.035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
J .998750
4.015000
4.021875
4.022812
4.022500
4.022812
.019666
.019666
.019666
.019666
.019666
a
a
a
Finland, markka
France, franc
Germany, reichsmark
Greece, drachma
Unmatured principal a..
prin & Int. for
which cash has been de¬
.399200
.399300*
.399340*
.006562
.006600*
.006642*
.006600*
.006642*
.006666*
.193700
pengo
lira
.399400*
.193700*
.193700*
.193700*
.193700*
.193700*
.050300*
.050350*
.050300*
,050350*
.050350*
Netherlands. guilder-
a
Norway. krone
Poland, zJoty
a
a
per
rate
annum
of
a
a
.038550
.038575
a
a
.038450
.038300
.038275
30,
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
Sweden
.238100
.238120
.238090
.238083
.238120
.238220
Switzerland, franc
.227758
.227666
.227770
.227742
.227758
.227670
Yugoslavia,
.022440*
.022440*
.022420*
.022433*
.022433*
.022433*
b
krona
dinar.—
b
July 31, 1940
40.661,264,822.47 42,967,531,037.68 43.770,544,600.21
309.80
325.19
331.07
Matured
which
prin, &
cash
Chefoo (yuan) dol'r
Hankow (yuan) dol
a
a
a
a
a
a
a
a
.224968
.225218
.223250
.224281
.225687
.226781
.301250
.301250
.301250
.301250
.301250
Japan,
.234235
.234310
.234310
.234310
.234310
.234310
.471156
.471156
.471156
.471156
.471156
.471156
yen
Settlem'ts, dol
.054250*
a
.054937*
Australia, pound—
Official
.228000
3.228000
3.228000
3.228000
3.228000
Free
.187500
3.199583
3.204583
3.205416
3.264791
3.205000
.200000
3.211666
3.217083
3.217916
3.217291
3.217083
South Africa, pound- 3.980000
North America—
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
New Zealand, pound.
Africa-
3.228000
Canada. doUar—
Official
.909090
Newfoundl'd,
.909090
.909090
.909090
.865546
.864531
.858203
.863046
.868359
.198875*
.200000*
.200000*
.199875*
.199875*
.909090
....
.909090
.865625
.200175*
Free
Mexico, peso
.909090
.909090
.909090
.909090
.909090
dollar-
Official
Free
.863541
.863281
.862500
.855937
.860833
.866250
.297733*
.297733*
.297733*
.297733*
.297733'
.297733*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050200*
.050200*
.050200*
.050200*
.050200*
.050200*
.051680*
.051680*
.040000*
.040000*
South America—
Argentina,
peso
Brazil, mllreis—
Chile,
peso—
Official
Export
Colombia,
Uruguay,
.569850*: .569850*
peso
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
.569850
.569850*
.569850*
.569850*
.051680*
peso-
Controlled
.658300*! .658300*1
•Nominal rate,
a
.648300*
.658300*
.648300*
.348675*
—
Non-controlled
.348975*
.348975*
.349875*
.348975*
No rates available
COURSE
OF
b
.658300*
.349875*
Temporarily omitted.
BANK
CLEARINGS
Bank
clearings this week show a decrease compared with
a year
ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
the
week in
same
the week ended
1939.
At this center there is
Friday of 33.4%.
a
loss for
Our comparative
sum¬
for the week follows:
Clearings—Returns by Telegraph
Week Ending Aug. 24
Per
1940
1939
$1,833,999,250
234,635,359
296,000,000
New York
$2,754,626,014
—33.4
255.257,266
—8.1
276,000,000
148,463.084
+ 1.4
150.468,321
75,208,355
71,400,000
143,074,000
105,646,328
90,062,372
90,264,154
56,161,969
Cleveland
Cent
72,140,388
61.700.000
+ 7.2
+ 4.3
+ 15.7
'
110,118,000
83,175,337
66,977,550
+29.9
69,144,750
+ 30.5
47,216,252
+ 18.9
—20.2
+ 27.0
+ 34.5
Eleven cities, five days
Other cities, five days
$3,146,920,108
$3,944,818,641
797,245,025
664,247,245
+20.0
Total all cities, five days.
All cities, one day
$3,944,165,133
$4,609,065,886
—14.4
788,833,022
370,490.024
+ 112.9
$4,732,798,155
$4,979,555,910
-5.0
4,473,975.29
34,847,591.07
1,890,743.141.34
31,378,214.32
2,257,736.173.42
the week in all
2,447,306,845.49
are hicluded in the general fund balances
shown herein, on and after
Includes amounts held
by the Treasurer of the United States, as shown
above,
principal of and interest od matured obligations
guaranteed
by the United States, on and after Sept.
30, 1939.
.053937*
furnish
July 31, 1939,
$148,239,000.
c
.053625*
Australasia—
5,498,551,330.28
not lnclude obligations owned by the Treasury as follows:
$482,276,377.43; June 30, 1940. $104,272,500; July 31, 1940,
a
a
a
.301500
5,497,556,555.28
•
oept. 30, 1939.
a
a
India (British) rupee.
5,479,676,798.67
or
for the payment of the
a
a
.054593*
2.582
been
held
by Treasurer of U. S. b
General fund balance.c
a
si
.054250*
Shanghai (yuan) dol
Tientsin (yuaD) dol.
Hongkong, dollar.
2.583
int. for
has
deposited with
b
China—
2.603
agencies guaranteed by
the United States:
a..
b
b
Asia-
Total all cities for week.
governmental
Unmatured principal
b
.038250
1940
Last Month
interest
bearing public debt (%)._
Obligations of
a
Portugal, escudo
Rumania, leu
Spain, peseta
Detroit
306 803,319.55
Interest-
on
a
a
a
Pittsburgh
1,118,109.534.76
June
a
a
Baltimore
Computed
a
San Francisco.
or
Gross public debt
;
Gross public debt per
capita
a
a
Kansas City..
St. Louis
July 31, 1939,
A Year Ago
a
.399400*
Boston
74,216.460.05
.019666
.399333*
.050342
Hungary,
Italy,
a
Philadelphia
Matured
held by
Treasurer of the U. S.b
General fund balance.c
a
a
Chicago
agencies guaranteed by
the United States:
posited with
$
Aug. 23
a
Cwchoslov'la, koruna
Denmark, krone
Engi'd, pound sterl'g
mary
Gross public debt
Gross public debt per
capita
per
$
possible to obtain weekly clearings will be 5.0% below those
for the corresponding week last
year.
Our preliminary
total stands at $1,732,798,155,
against $4,979,555,910 for
(On the basis of dally Treasury
statements)
rate
Aug. 22
$
indicate that for the week ended today
(Saturday, Aug. 24)
clearings from all cities of the United States for which it is
COMPARATIVE PUBLIC DEBT STATEMENT
Computed
Aug. 21
$
a
lev
22 l-16d.
22 l-16d.
Average: Cash delivery, 22.0951d.; two months'
delivery, 21.8315u.
In New York (per ounce
.999 fine):
United States Treasury price for
e
mont." 35 cents.
Market price: For entire month 34 54 cents.
as
RESERVE
1930
Aug. 20
Aug. 19
$
i
Europe—
Belgium, belga
Straits
fluctua¬
that although
FEDERAL
Unit
July 25, when the position
was
BY
Noon Buying Rale for Cable Transfers in New York
Value in United Stales Money
Country and Monetary
forward remained unchanged at 22
l-16d., the premium on cash being re¬
duced to Hd.
Thereafter the forward quotation showed little movemenT,
but no cash was offered at the small
premium, therefore the quotation "Kir
this delivery tended to harden,
although there were rather erratic
tions and the difference, after
reacting to %d., narrowed again to 3-16d.
News
CERTIFIED
UNDER TARIFF ACT OF
1940, TO AUG. 23, 1940, INCLUSIVE
May, 1939.
ll-16d. and 21 9-16d.
We
for May. 1940, and 1,064,2^4
The main features during July were the covering and extension of bear
between 21
RATES
TO TREASURY
AUG. 17,
~
Rbodesian
SILVER
varied only
certifying
record for the week just passed:
EXCHANGE
FOREIGN
compared with 69.6C6 fine ounces for April, 1940, and 66
fine ounces for
a
1940, amounted to 1,158,006"fine
fine ounces for June, 1939. <
as
now
cable transfers in the different countries of the world.
"""
unaltered at £236,758.
was
The Transvaal gold output for June,
ounces
RATES
of Section 522 of the Tariff
Reserve Bank is
the Federal
1930,
16Fs. per fine ounce, at which figure the above amount was calculated.
The
EXCHANGE
Pursuant to the requirements
daily to the Secretary of the Treasury the buying rate for
The amount of gold held In the Issue Department of the Bank of England
ounces as
Aug. 24, 1940
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
them today, inasmuch as the week ends today
(Saturday), and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day of
In
the
cases
has to be estimated.
elaborate detailed
statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended
Aug. 17.
For that week there was a decrease of
12.5%, the aggregate
of clearings for the whole country
having amounted to
$5,024,686,404, against $5,742,349,231 in the
same
week in
Volume
The
151
increase of 4.1%,
Outside of this city there was an
1939.
Week
this center having recorded a loss of
25.7%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
the bank clearings at
that in the New York Reserve District (^including
this city) the totals show a loss of 24.8%, in the Boston
Reserve District of 2.4% and in the Philadelphia Reserve
District of 4.0%.
In the Cleveland Reserve District the
totals are larger by 11.6%, in the Richmond Reserve Dis¬
trict by 5.5%, and in the Atlanta Reserve District by 3.2%.
The Chicago Reserve District has to its credit an improve¬
ment of 10.4%, the St. Louis Reserve District of 6.8%
and the Minneapolis Reserve District of 1.6%.
The Dallas
appears
Reserve District
San Francisco
furnish
In the following we
Inc. or
Dec.
1938
$
%
$
$
346,026
406,628
74,758,626
2,438,029
1,217,184
2,011,611
15,756.000
1,189,259
96,202,285
3,875,244
1,686,575
1,096.408
Seventh Feder al Reserve D istrict —Chi cago—
—3.4
406,824
392,790
Mich .-Ann Arbor
1,759,487
1,939,294
19,351,000
1,858.063
5,643.577
22,577,347
1.155.334
8.815.048
Lansing
Ind.—Ft. Wayne
Indianapolis--South Bend
Terre Haute
Wis.—Milwaukee
la.—Ced. Rapids
Des
CLEARINGS
+ 95.0
+ 6.1
+ 28.0
1,451,924
5,544,896
22,005,329
1,005,433
+ 1.8
+ 2.6
7,750.565
1,469,722
4,437,780
20,349.917
944,134
+ 17.8
1,107,659
7,529,007
3,109,199
+ 14.9
+ 13.7
3,303,532
15,850,000
4,035,323
18,108,277
8.453,292
3,225,425
354,959
355.761
—0.2
357.023
287,450
301,489,495
1,013,954
3,684,161
1,376,989
Chicago
Decatur
Peoria
Rock ford
286,384,101
+ 5.3
256,342,835
327,142,033
813,711
+ 24.6
652,690
3,550,350
1,197,915
1,059,344
+ 3.8
3,536,231
+ 14.9
963,741
+ 32.3
1,099,766
777,144
3,608,308
1,277,850
1,215,002
455,267,626
+ 10.4
394.394,961
492,368,722
82,400,000
93,200,000
30,786,107
14,523,503
34,403,625
16,612,575
1,401,796
Springfield
Total (18
+27.0
+ 17.3
+ 3.7
18,244,000
3,892,548
City
111.—Bloomington
-
by Federal Reserve
Moines
Sioux
96,496,105
3,005,780
1,697,317
994,739
122,586,767
3,525,104
Detroit
Grand Rapids.
of 0.8%.
SUMMARY OF BANK
1939
$
of 0.8%, but the Kansas
increase of 7.4% and the
a summary
1937
1940
/
districts:
17
Ended Aug.
Clearings, al-
Reserve District shows a decrease
City Reserve District shows an
1085
Commercial & Financial Chronicle
502,817,713
cities)
Inc or
Federal
1940
%
233.655,327
239,293.604
—2.4
2,486.335,234
3,304.868.484
—24.8
2.854.203.327
2,983.936,919
New York.. 13
"
3d
PhlladelphialO
"
418,048.045
435.445,563
4th
Cleveland..
7
"
331,862,007
297.269,181
6
10
**
"
145,032,117
18
4
Minneapolis 7
Richmond
6th
Atlanta
7th
Chicago
8th
10th Kansas City
12th San
362.814,135
311,066,965
122,772.558
130.494,478
168,253,021
144.735,971
158,264.576
502.817,713
455.267,626
394.394,961
128.209.610
144.813,200
112.542 038
121.388,939
129,166.700
155,497,156
Ninth Federal
68,393.030
71,404.163
Minn.—Duluth..
148,839,182
141.848.821
587.000
Fall
5,455,649,109
N. D.—Fargo.__
2,498,329
2,393.635
S. D.—Aberdeen.
919,178
—5.9
2,595,179.392
865.397
2,643,896,508
2.246,156,196
876.346
754,135
+ 16.2
689,893
793,863
Mont. —Billings.
3,234,664
2,992,158
+8.1
2,442.065
2,715,630
112.695,203
110,985.144
+ 1.6
112,542,038
121,888,989
Minneapolis
St.
364,970,589
283,829,126
—5.8
292.064.986
275,112,890
detailed statement showing last
our
Paul
Helena
Ended Aub.
519,806
517,652
+ 19.6
+4.2
1,560,950
1,993,986
—4.2
179,388,663
206,145,000
647.764
+ 9.2
511,013
586,262
410,598
799,303
—8.2
St. Joseph
354,483
392,504
+ 7.2
681,226
Colo.—Col.Spgs.
Pueblo
2,854,321
1,609,675
9,869,653
+ 8.2
+ 36.8
+ 8.3
1,626,869
10,689,051
8,992,132
9,861,308
4,218,052
3,810,202
+ 10.7
3,516,174
10,331,900
578,132
9,633,300
+ 7.3
462,428
+ 25.0
8,165,100
483,083
3,661,632
9,158,400
239,293,604
—2.4
208,526,355
al Reserve D istrict—New
York-
7,435,512
5,164,013
1,079.711
6.302,758
1,247,48 »
Binghamton
34,300.000
+ 5.2
31,000.000
35.100,000
Buffalo---..
1,258,462
32,600,000
+ 44.0
—6.3
9.047,338
1.179,676
560,296
467,828
+ 19.8
401,576
482,342
—
3,087,243
2,202,487
Hartford
New Haven.
__
R.I.—Providence
N.H.—Manches'r
233,655.327
Total (12 cities)
N. Y.—Albany__
Elrnira
906,056
1,013,490
2.380,789,896 3,203,526,026
7,084,335
7,537,119
Rochester
3.701,494
6,090.329
Syracuse
3.380,270
3,365,670
Westchester Co
4,112,863
3,911,417
Conn.—Stan
Jamestown
New York
626,715
735,370
2,755,648.185 2,870.369,717
6,104,716
7.696,912
+ 64.4
3,248,443
—0.4
3,440,377
—4.9
3,877.823
5,101,964
2,731,007
4,689,456
288,435
+ 6.4
+21.3
403,404
17,938,690
—0.2
14,737.390
17,488,495
Newark
17,909,123
Northern N. J_
21,810.383
24,369,033
—10.5
24,587,649
31,702,983
Total (13 cities)
2,486.335,234 3,304,868,484
—24.8
Third Federal
Reserve Dist rict—Philad elphia
403.640
Pa.—Altoona
1,090.923
Bethlehem
438,377
Chester
473,398
388,478
1,218,012
—4.7
—5.0
1,234,752
348,000,000
+ 4.8
1,299,954
+ 10.7
+ 4.4
1,964.292
738,023
1,503,548
3,948,400
1,151,704
1.358.691
Wrllke3~Barre-York
Total
364,597
423,000,000
2,671,438
Scranton
N. J.—Trenton
+ 17.4
343,770
504,719 + 116.1
520,456 —15.8
1,160,351
Reading
6,170,400
-
418,048,045
(lOcitiea)
1.529,791
2,413,713
1,103,183
1,193,319
3,618,600
435,445,563
+ 13.9
+ 70.5
—4.0
359,915,442
Wichita Falls..
Total (6 cities)
-
485,747
529,611
306,463
1,467,179
351,000.000
1,205,854
2,284.817
1,362,117
1,711,347
2,461,000
362,814.135
49,578,026
2,760,445
61,111,141
1,558,381
San
Grand total
(113
cities)
Outside New York
9,868,900
2,061.976
3,453,889
134,309.564
115,992,120
+ 15.8
361,405
459,494
+ 6.8
2,006,000
—14.0
42,760,986
1,194,356
66,890,125
—10.7
876,947
+ 13.3
22,489,344
+ 20.6
57,623,301
19,143,919
Md.—Baltimore
37,935,999
1,067,097
75,803,393
D.C.—Washing'n
27,119,566
Richmond
S. C.—Charleston
Total (6 cities).
Sixth Federal
145,032,117
+ 5.5
2,643,896,508 2,538,823,205
56.900,000
1,068.620
681.076
858,221
Macon
16,249,000
16,244,000
—1.8
15,277.000
19,576.000
20,597,909
+ 9.0
16,663,828
1,785,467
+22.1
1.315.072
20,446,731
1,628,298
Miss.—Jackson-.
Vicksburg
La.—NewOrieans
Total (10 cities)
2,179,730
X
X
X
X
117,280
X
+ 44.1
5.823,994
—18.6
13,821,087
4.672.528
2,237.465
+ 43.9
2,307,694
4,670.637
4,213,493
1,670,598
+ 5,3
4,780,212
4,411,629
1,784,723
1,723,883
2,242,809
120,389
—6.5
37,034.741
38,086,669
—2.8
32,894,219
36.051,637
163,085,020
+ 3.2
144,735,971
+ 3.2
1,101.700
527,408
705,074
727.212
+ C.2
17.584,657
14,439,828
4,815,579
2,374.534
5,383,238
4,650,069
1,896,813
1,601.449
2,659.479
1,726,144
2,807,623
3,790,132
2,898,432
3,913,234
2,943.828
346.353
301.864
458,171
457,453
+ 4.9
1,158.100
1,187,920
—9.8
540,454
669.368
+ 7.3
781.949
884.492
+ 7.2
761,775
726,940
+ 13.8
+ 4.3
612,856
691,122
179.729
234,061
'
638,676
183,066
586,711
+ 5.7
537.072
707,873
988,563
+27,3
641,607
567,816
—6.0
970,227
1,047,654
2,575,801
—4 2
2,353.520
3.007,869
302,275
—6.5
296,912
379,363
685.140
+ 11.7
700.961
758,010
765.501
517,242
+ 11.4
522.201
537,973
576.110
+ 8.4
—13.2
470,288
407.950
442.555
386.526
510.443
445.123
539,216
553,445
--
Total (32 cities)
♦Estimated,
1.9
—4.6
971,296
+ 14.7
1,007,394
959,626
1,114,166
283,829,126
364,970,589
158,264,576
168,253,021
—
+ 11.3
—23.6
136.896
128,719
+ 10.9
+ 9.8
68,411.934
282,632
Chatham
Sudbury...
13,838,209
107,634,462
2,468,189
Sarnia
Mobile
16,135,828
901,297
Kingston
22,449,865
_
—2.6
291,488
506,601
928,914
Prince Albert
Ala.—Birm'ham
—24.0
$
~ ^
112.364.634
620.084
Kitchener
Fla.—Jacks'nville
—8.1
32,548,691
16,241,621
—8.9
190.941
Moncton
+ 6.7
91,942,676
98,526,930
89,957,771
23,733,713
95.090,447
1937
779,357
726.743
Windsor
868.624
884,756
$
4,003,743
2,845.028
756.515
New Westminster
56,400,000
61,100,000
1,101,638
943.730
1938
%
475,974
Saskatoon
+ 3.9
63,500.000
1,219,905
Aug. 15
1,155.981
Let h bridge
+ 10.7
Nashville
1,591.996
5,001,804,381 5,465,549,109
Dec.
324,517
Brandon
16.695,317
176,073,000
3,519,874
+4.1 2,246,156,196 2,595,179,392
386,995
Regina
Sherbrooke
Ga.—Atlanta
Augusta
Victoria
Peterborough
19,648,428
—0.7
1939
86,637,979
84,528,853
24,728.367
15,816.061
19,944,684
4,738,212
3.218.612
4,920,073
4.673.628
1,834,532
1,691.035
2.314,553
3,820,309
2,852.105
Calgary
St. John...
4,423,186
17,174,987
3,823,555
—6.8
$
Brantford
a—
+ 11.4
+6.5
4,907,233
—15.2
Inc. or
Moose Jaw
130,494,478
39,058,950
16,936,029
4,181,928
3,844,471
—12.5
Medicine Hat—
Reserve Dist rict—Atlant
4,406,749
18.449.113
Tenn.—Knox vllle
122,772,558
•
5,024,686,404 5,742,349,231
Hamilton
20,946,359
906,943
925,728
31.402.673
—4.0
294,752,424
Fort William
137,451,595
+ 0.1
+ 18.5
238,989,798
Halifax
66,098,942
46,250.673
35,852.709
+ 3.4
'
2,564.000
39,321,372
1,104,311
1,230,299
33,949,459
16.133,117
4,637,795
3,328,174
SCO
+ 17.1
254,389,789
Edmonton
2,306.000
44,124,148
Franci
38,124,979
263,048,503
London
2,463.000
Va.—Norfolk
71,404,163
2,388.660
Quebec
+ 43.8
68,393,030
2,237,658
Vancouver
7,963,100
1,566.575
2,017,010
96,368,738
447.322
—0.8
+ 7.0
Winnipeg
—1.4
643,062
72,851,365
Canada—
—2.0
ond—
Reserve Dist rict—Richm
3,765,455
1940
1,779,180
2,872,574
Fifth Federal
950.075
3,204,517
Week Ended
11,455,900
311,066,965
+ 15.8
+ 3.5
888,542
3,262,228
Clearings at-
1,754,149
2,798.815
239,954,591
53,437.841
7,926.749
3,865,000
1,450,872
2,487.697
Total (10 cities)
11,225.000
+ 11.6
—10.7
7,090,934
3,723.000
—8.4
Santa Barbara.
Mansfield
127,062,959
1,469,043
52,161,099
—3.5
—It7
Francisco.
San Jose
Columbus
—2.6
1,324,938
—0.4
58,159,623
6,609,931
2,137,000
864,745
3,448.352
1,584,679
2,324,935
Pasadena
Cleveland
W.Va.—Hunt'ton
660,247
155,497,156
149.628,000
Calif.—L'g Beach
Ottawa
297,269,181
692.186
13,978,361
4,170,030
3,335,034
142,691.000
2,770.404
1,626,201
Utah—S. L. City
104,747,655
331,862,007
2,562.929
District—Da Has—
—7.1
1,817,838
1,231,168
40,217,542
15,488,746
3,934,679
3,103.443
147,066.000
3,425.223
Yakima
Ore.—Portland.
80,902,761
_
129,166,700
44,643,133
Wash.—Seattle..
+ 11.3
Total (7 cities)
132,055,701
+ 7.4
2,308,923
a
106,338,967
_
+ 18.1
istrict—San
Twelfth Feder al Reserve D
118,336,035
Youngstown..
+ 16.9
72,251,231
-
Montreal
istrict—Clev elandFeder al Reserve D
+ 41.5
1,970,432
2,787,359
Ohio—Canton
+ 6.7
56,850,008
60,651,08.
Fourth
Pa.—Pittsburgh
547,174
591,985
6,377,775
1,908,000
1,001,537
3,375.608
Fort Worth...
Toronto
Cincinnati
+ 5.5
1,689,311
Stockton
2,854,203,327 2,983,936,919
402,000,000
1,602,521
Lancaster.
Philadelphia.-.
3,016.123
89,101,377
2,640,869
644,037
338,569
57.899,000
Dallas
La.—Shreveport.
356,414
J.—Montclair
29,074,200
+ 17.6
+ 8.7
Eleventh Fede ral Reserve
Texas—Austin.
Galveston
+ 11.9
—25.7
461,678
238,247,382
432.323
N.
+ 4.7
2,550,706
91,099,408
2,704.695
32,626,267
2,982,251
2,923,314
109,335.408
3,316.625
825.686
2,793,936
1,849,338
Worcester
+ 18.2
—31.3
141,848.821
Total (10 cities)
107,924
149,239
146.097
2,263.565
698.934
Mo.—Kan. City.
479,951
+ 18.0
3,180,681
639,856
_
Wichita
2,128,746
206,587,663
+ 10.1
2,555,956
28,929,740
2,526,767
30,303.493
1,737,082
2,998,401
98.995,395
Omaha
$
$
841.561
86,134
92,584
3,021,567
Lincoln
1937
Kan.—Topeka.
%
S
28,087,736
2,226.066
836,719
145,258
101,970
171,442
Hastings..
1938
+4.4
as City
Reserve Dis trict—Kans
Tenth Federal
Neb.—Fremont..
17
Dec.
1939
.
+ 2.5
—0.6
week's
separately for the four years:
856,718
Springfield
83.484,854
5.001.804,381
2,726,856
Conn.
3,739,379
3,970,975
71,063,853
31,352.676
2,185,857
+4.1
376,792
_
—7.1
—12.5
574,067
2,217,573
197,815,828
707,484
River
apolis-
3,976,070
71,986,119
27,943,849
3,691,982
2,533,823,205
Reserve Dist rict—Boston
Lowell
New Bedford-
Reserve Dis trict—M in ne
5.742.349,231
294,752.424
Inc. or
__
144,813,200
5,024,686.404
$
Mass.—Boston
128,209,610
238,989,798
1940
Portland
+ 6.8
+3.4
Clearings at—
Me.—Bangor
139,406,159
254.389,789
Week
Federal
148,839,182
.
—0.8
figures for each city
First
597,000
73,756,796
27,771,689
Total (4 cities)
Total (7 cities)
add
500,000
72.851,365
32 cities
now
+ 19.8
263,048.503
Outside N. Y. City...
We
490,000
Qulncy
72.251,231
113 cities
Canada
X
492,368,722
112.695,203
+ 10.4
+6.8
139.406.159
+ 1.6
110.965.144
+7.4
132.055.701
"
"
6
Fran...10
Total...
359,915.442
239 954,591
X
X
X
X
111.—Jacksonville
*—4.0
+ 116
+5.5
137.451.595
+3.2
163,085.020
M
H
"
10
11th Dallas
Ky.—Louisville..
"
St. Louis...
9th
trict—St. Lo uis—
Eighth Federa 1 Reserve Dis
+ 3.7
85,600,000
88,800,000
+ 15.5
34,627,078
39,987,288
+ 4.2
18,689,081
19,464,894
Tenn.—Memphis
Mo.—St. Louis..
238.247,382
208.526,355
2d
6th
1937
1938
Dec.
S
Dists.
Reserve
Boston. ...12 cities
1st
1939
S
1949
Week End. Aug. 17,
275,112,890
xNo figures
292,064,986
available.
-5.8
630.716
1086
The Commercial & Financial Chronicle
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the
Treasury,
enabled to place before our readers
today the details
Government receipts and disbursements for
July, 1940
we are
of
and 1939:
General and Special Account#:
1940
Income tax
....
*
-
Taxes upon carriers and their
employees....
Railroad unemployment insurance
contributions..
Customs
Miscellaneous
receipts:
Proceeds of Government-owned securities:
Principal—foreign
Interest—foreign
Panama Canal tolls, Ac
Seigniorage
32,704,345
2,666,644
696,416
25,527,682
....
obligations—............
......
4,932,456
1,815,139
3,045,089
6,718,955
2,035,806
2,697,833
7,658,188
367,063,529
307,845,808
...—
,
-
Other miscellaneous....-..--.-.
..........
4,116,951
-
......
-
receipts
Deduct—Net appropriation to Federal
old-age and
survivors insurance trust fund.b
Net receipts
35,842,715
331,220,814
307,845,808
84,395,311
74,912,907
Departmental
.......
53,573,161
a2,758,508
Department of Agriculture: c
Agricultural adjustment program
Farm Credit Admlnlstration.d
235,084,202
.
....
151,266
Administration..."
9,788,658
Farm Tenant Act
Rural Electrification
5,067,578
3,117,889
324,273
Administration.e
Forest roads and trails
7,404,901
5,025,233
98,145,526
Navy Department (national defense)
c
Military (national defense)
g5,000,000
3,116,778
43,000.000
1,426,846
13,000,000
55,996,000
—..........
......
Investments
State accounts—Withdrawals by States.,
Transfers to railroad unemployment Insurance
gl4,000,000
41,581,000
account (Act June 25, 1938)....
Railroad unemployment insurance account:
Benefit payments.....
691,990
9,758,314
102,751,208
a80,460
-
761,066
10,772,894
3,253,205
2,341,680
890,785
a714,000
180.647,587
,
Other trust accounts
69,066
1,900,000
9,032,778
101,596.166
183,892,092
—
......—.
Other funds and accounts:
PWA revolving fund (Act of June 21, 1938)
Chargeable against increment on gold—Me ting
losses, Ac
236
—
Transactions in checking accounts of governmental
agencies, Ac. (net):
in market
Guaranteed by the United States:
1,066,750
Home Owners' Loan Corporation.
Reconstruction Finance Corporation
Federal Farm Mortgage Corporation.
Not guaranteed by the United States:
....
3,575,700
a25,550,000
...
alOO.OOO
a100,000
100,000
__
Home Owners' Loan Corporation
Electric Home and Farm Authority
Other transactions (net):
8,202,270
13,600
a565,000
60,502,659
Commodity Credit Corporation
10,002,157
328,668
al,011,216
Federal Housing Administration.....
Home Owners' Loan Corporation
al7,715,268
380,569
25,587,333
25,043,008
a43,414,936
Rural Electrification Administration
Reconstruction Finance Corporation.k
United States
16,535,092
Other
20,353,317
11,392,482
5,053,486
15,337,842
4,964,458
Housing Authority
District of Columbia (United States
share)
Federal Loan Agency:
Subtotal
5,084,750
•
Federal Housing Administration.e
985,554
Reconstruction Finance Corporation.c
6,481,036
al66,765
171,69+808
a2,522,137
16,020,070
12,813,819
al2,623,207
1,491,954
3,291,365
-
the public debt
26,430
413,757
Repayment of advance (Act June 25, 1938)
Railroad retirement account—Investments
Benefit payments
48,797,279
the President
Refund of taxes and duties
i
166,047,624
t
Total expenditures
349,939,716
Excess of receipts
Excess of expenditures
51,145,249
113",306,162
....
304,991
al,601
e_
97,086
7,971,404
15,334,763
12,157,644
114,346
Other...
Federal Works Agency:
5,308,620
15,122,945
33,758,938
110.123,670
Social Security Board.
25,572,952
1,986,029
41,242,816
8,573,073
149,347,550
all6,969
Summary
68,874
24,485,324
6,781,197
61,731,082
12,387,318
Federal Security Agency:
Civilian Conservation Corps
National Youth Administration
Public Buildings
!
........
79,146,255
19,145,420
2,023,914
33,698
River and harbor work and flood
oontrol
Panama Canal
National defense fund for
Treasury Department: c
236,633,553
Export-Import Bank of Washington
Department of the Interior: c
Reclamation projects
Post Office Department
(deficiency)
War Department:
Investments
Benefit payments..*..
Federal Housing Administration
—
7,819,691
Unemployment trust fund:
55,318,667
a765,706
.....
Federal Farm Mortgage
Corporation
Federal Land banks
Farm Security
Excess of receipts (+) or expenditures
(—):
Federal old age and survivors insurance trust fund
Unemployment trust fund
...
+ 37,735,800
—10,817,897
.....
Railroad retirement account
Other
+10,241,686
trust accounts
+14,260,437
+3,016,589
Other funds and accounts
..dminlstratlon..........
Public Roads Administration
Public Works
Admlnlstration.d.....
United States Housing
Authority _e
Work Projects Administration
Other....
51,943
Railroad Retirement Board
Tennessee Valley
Authority
Veterans' Administration
'
19,805
2,916,324
receipts
Sales and redemptions of obligations
(net) i
General (Including recovery and
relief):
s
$
Increment resulting from reduction In the weight
of the gold dollar
Subtotal
Expenditures—
Other.
1940
Federal old age and survivors insurance trust fund:
42,220,628
186,705,810
obligations
Other
1940
of
Expenditures—
%
49,655.149
237,388,715
38,063,666
503,936
529,446
1,178
25,225,305
...
on
Receipts (Concluded)—
Total
1939
*
Miscellaneous Internal revenue
.....
Social security taxes—Employment
taxes......
Tax on employers of 8 or more
Interest
-—Month
Other funds and accounts:
Month of July
—
Receipts—
1
Gold, &c.
on
Seigniorage
Internal Revenue:
Total
Aug. 24,
Trust Accounts, Increment
493,727
Transactions
a561,455
a305,621
5,377,643
a411,980
1,267,663
5,072,022
of
+ 8,559,885
govern¬
(net)
—4,091,050
+799,684
+51,145,249
....
Total
855,683
-
+ 25,650,000
—191,697,624
—113,306,162
501,607,000
....
Other transactions (net)
494,831
3,318,884
639,231,661
accounts
(net):
Sales and redemptions of obligations in market
45,703,306
699,794,462
checking
+ 10,967,222
+ 4,376,410
mental agencies, Ac.
143,016
46,258,600
in
—1,426,846
+ 30,264,790
402,056,000
Public Debt Accounts
'
Subtotal..........
Revolving funds (net):
Farm
Credit Administration
Public Works Administration
.....
....
Subtotal..
Receipts—
Market operations—Cash:
Treasury bills...
Treasury notes
Treasury bonds..
-
—...
trust fund f
Railroad unemployment Insurance
account:
k Advance July 5, 1939 (Act June
25, 1938)..
Repayment of advance Jan. 26, 1940..
Government employees' retirement funds
(United
States share)
20,000,000
43,000,000
21,900,000
15,000,000
Subtotal
...
87,203,400
113,520,110
167,103,400
12,212,250
134,250
Subtotal
Debt retirements
'
(sinking fund, Ac.)
Total expenditures
830,598,844
Excess of receipts
Excess of expenditures
807,324,994
...
499,378,630
499,479,186
499,378,030
12,212,250
debt retirements—
Excess of expenditures
(excl. pub. debt retlrem'ts).
Trust accounts, increment
on
gold, Ac., excess of
expenditures ( + ) or receipts
(—)
Total excess of
expenditures
or
decrease (—) in
gen. fund
Increase in the gross
public debt
Gross public debt at
beginning of
balance.
Gross public debt this date
487,165,780
499,344,936
134,250
—51,145,249
+113,306,162
436,020,530
+366,993,032
612,651,098
—390,918,687
803,013,562
on
84,800,000
389,000
473,000
175,000
15,000,000
—
20.000,000
128,969,000
1,376,942,935
657,377,948
491,758,000
Total public debt receipts
165,737,000
401,720.000
Expenditures—
Market
operations—Cash:
Treasury bills
Certificates of Indebtedness.
2,500
107,150
1,643,100
12,135,150
1,445,950
11,756,569
"7,877", 517
3,075,450
304,450
3,113,300
83,800
249,550
186,950
70,500
19,629
651,675
3,548,315
521,666,573
Treasury notes.....
Treasury bonds
418,196,537
...
42,967,531,038
40,661,264,822
First Liberty bonds
Fourth Liberty bonds
Adjusted service bonds
.......
Postal Savings bonds
Other debt Items
Subtotal...
43,000,000
2,220,951
35,842,715
Exchanges—Treasury
*
101,040
12,515
notes
Treasury bonds
43,000,000
Net receipts..
...
35,852,578
trust fund:
43,000,000
58,839,786
42,647,525
10,606
252,589
Deposits by States..
Railroad unemployment
insurance account:
Deposits by Railroad Retirement
Board
Advance from Treasury
(Act June 25, 1938)
Transfers from States (Act June
25,
Interest on Investments
Railroad retirement account:
x
Transfers from general fund
*
on
1,164,000
175,000
Subtotal
1,762,800
Subtotal
1,762,800
9,863
Intere*>t
43,000,000
1,900,000
830,000
Alaska Railroad retirement fund
(notes)
Postal Savings System (notes)
38,063,666
investments—
Unemployment
-
88,800,000
survivors Ins. trust fund:
appropriations.h—........
on
38,000,000
Civil service retirement fund
(notes)
Foreign Service retirement fund (notes)
Canal Zone retirement fund (notes)
National bank notes and Fed. Res. bank notes
age and
Less reimbursements to
general fund
Net
—
—
Fed. old age A survivors ins. trust fund
(notes)f
Railroad retirement account (notes)
United States savings bonds
Gold, &c.
Appropriations
Transfers from general fund.f
Interest
1,762,800
-
Special series:
Adjusted service certificate fund (certificates)
Unemployment trust fund (certificates)
221,732,411
40,439,532,411
Receipts—
Federal old
Treasury bonds...
43,770,54*.600
month or year...
Trust Accounts,
Increment
499,479,186
419,800
1,762,800
Corporation (notes).
Excess of expenditures
Increase ( + )
295,300
notes
Government life insurance fund
(notes)
Federal Deposit Insurance
Summary
Lessjmblic
491,221,148
Adjusted service bonds
Exchanges—Treasury
Subtotal
93,520,110
89,165" 148
1,245,915,835
U. S. savings bonds (incl. unclassified
sales)—
Transfers to trust
accounts, Ac.:
Fed. old-age and
survivors insurance
Railroad retirement account.'
671,311,760
72,997,075
—
Investments
Other trust accounts
1938)
20,000,000
Fed. old age A survivors ins. trust fund
(notes)f.
Railroad retirement account
500,000
25,000,000
5,000,000
14,000,000
(notes)
15,000,000
413,757
19,701
Special series:
Adjusted service certificate fund
(certificates)
Unemployment trust fund (certificates)
Civil service retirement fund
(notes)
Foreign Service retirement fund (notes)
Canal Zone retirement fund
49,000
(notes)
14,742
21,900,000
Postal Savings System
(notes)
Government life insurance fund
—
(notes)
Federal Deposit Insurance
Corporation (notes)__
-
20,000,000
3,400,000
...
—
117,011,645
105,972,576
Subtotal
,5 ,500,000
17,449,000
^
Excess of receipts
221,732,411
—.
...
(+) or decrease (—) in gross
operations—Treasury bills
of indebtedness
Treasury
Res. bank notes..
—107,150
—1,445,950
+ 78,222,341
—12,515
—3,548,315
—2,500
+715,249,666
—19,629
—651,675
notes
+119,700
*
Bonds
Other debt items
National bank notes & Fed.
+336,000
+9,849,000
...
Certificates
Guaranteed by U.
+73,444,411
+724,544,563
Subtotal
+78,469,000
+148,288,000
+803,013,563
Special series....
Unmatured Obligations—
+221,732,411
202,553,000
204,241,000
Federal Farm Mtge. Corp.
b Represents
Excess of credits (deduct).
a
1,418,203
1,269,387,900
3,336,005
c
5
3% bonds of 1942-47
2X% bonds of 1942-47..
••Departmental" above,
included in
d Additional
Additional
governmental
the caption
footnote b,
i The balances in the accounts of the Treasurer of the United States as special
agent for the redemption of obligations of governmental corporations were carried,
prior to Sept. 30, 1939, as liability accounts in the table of "General Fund" of the
dally Treasury statement under the caption "Postmasters, clerks of courts, disburs¬
ing officers, &c," and consequently the redemption of the bonds was not reflected
in the expenditures.
The redemptions of such bonds from July 1 to 31, 1939, were
revolving funds, stated separately below,
e
transactions are included under "Transactions in checking accounts of
agencies, &c. (net),"
f Includes transactions formerly classified under
"Old age reserve account."
g Excess of redemptions (deduct).
h See
Fund:
3% debs., series A
Third
follows:
Guaranteed by the
Corporation—
Federal Housing
Home Owners'
Administration
Loan Corporation
...
United States
5629,550.00
422,775.00
Federal Home Loan banks
k Includes transactions on
Corporation and Federal
account of RFC Mortgage
National Mortgage
Not Guaranteed by
the United States
Association.
OF THE UNITED
a year
CASH
Uncalled
Housing Insurance Fund:
2X % debs., series D.
Balance end of
or
b2,603,359,700
780,183,036
879,174,427
190,847,511
754,913.906
1,603,886
1,759,183
1X% bds.. ser. M, *45-47
Reconstruction Fin. Corp.:
X % notes, series N
X % notes, series P
X% notes, series R
1% notes, series S
135,802
9,611
9,881
IX% notes, ser. B, 1944.
2,605,118,883
211,460,992
8,669 298,947,669
336 310,090,336
475 275,868,475
992
211,460,000
298,939,000
310,090,000
275,868,000
10,475
1,096,367,475
kll4,157,000
2,688
114,159,688
5,497,235,905
3,599,317
j
Authority
U. S. Housing Authority:
U. S. Maritime
7,180,410
104
778,579,150
879,038,625
190,837,900
754,904,025
3% bonds, ser .A, 1944-62
2X% bds.,ser. G,'42-'44
X % bonds, series L, 1941
Tennessee Valley
646,949
2,023,850
Commission
5,500,835,222
Matured Obligations—
Federal Fwm Mtge. Corp.:
354,248
May 31. 1939
deficiency of receipts over
belated items
—7,182,562
under disbursements on
—6,111,028
$2,022,488,887 $2,918,149,016
obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings certificates
Settlement on wa rant checks
Deduct outstanding
215,603,901
3,398,595
1,311,543
51,577,387
715,498,599
3,460,755
1,007,160
$278,288,125
748
26,951,925
15,293
606,640
6,270
27,558,565
10,363,300
1,067
2,412
174,467
10,365,712
631,684
a37,923,125
632,433
5,535,159,030
4,231.750
5,539,390,781
1,301,486,655
36,095,160
dl,337,581,815
1X% bonds of 1939
Home Owners' Loan Corp.:
4% bonds of 1933-51
2X% bds.,ser.B. 1939-49
81,000
173,400
2% bonds, series E. 1938
1X% bonds, ser. F. 1939
X% bonds, ser. K,
1940
Total matured securities
Total, based on guarantees.
S.—
Secretary of Agriculture...
Postal
Savings System:
Funds due depositors
15,293
87,270
38,201,309
38,555,558
On Credit of U.
$771,543,901
57,974,086
Authority:
2X% bonds, ser. A, 1943
Tennessee Valley
Total, based on
credit of the
United States
Total
353,500
137,569,625
$2,029,671,449 $2,924,260,044
month by daily statements
406,805,797
'£» U.
1,173,600
7,180,305
Home Owners' Loan Corp.
MATURING OBLIGATIONS
May 31,1940
Add or Deduct—Excess or
U.
3,336,010
2.023,850
earlier are also shown:
AVAILABLE TO PAY
-
1,271,202,968
99
1,096,357,000
$9,225.00
41,480,000.00
Company, Disaster Loan
STATES
The following statement of the public debt and contingent
liabilities of the United States, showing also the Treasury's
surplus position, all as of May 31, 1940, has been extracted
from the Treasury's official report.
Comparative debt
figures of
30,343
646,850
Total unmatured securities.
COMPLETE PUBLIC DEBT
170,338
196,183
1,173,600
called
transactions are included in
as
-
Federal Housing Admin.t
under Title VIII of
Additional expenditures are
t»
836,503,803
94,848,938
236,672,383
103,177,843
1,815,068
3X% bonds of 1944-64..
collected
appropriation equal to taxes
Social Security Act, as amended, less reimburse¬
ment to general fund for administrative expenses.
Such net amount is reflected
as net appropriations to Federal old age and survivors insurance trust fund,
11,797
835,085,600
94,678,600
236,476,200
103,147,500
3% bonds of 1944-49
2X% debs., series B—
and deposited
449 202,553,449
11,348 204,252,348
406,794,000
X% notes, ser. D, 1941.
1% notes, series E, 1941
Mutual Mtge. Ins.
Total
$
$
$
$
S.
Total
Interest a
Principal
Commodity Credit Corp.:
public debt:
Market
8,300,000
*8.300,000
1,309,786,655
1,345,881,815
36,095,160
Other Obligations—
Balance, deficit (—) or
surplus (+)„._
....+$1,744,200,762 + 2146,605,115
INTEREST-BEARING DEBT
31, 1940
$
49,800,000
28,894,500
$
49,800,000
28,894,500
Special:—4s Adjusted Service Ctf. Fund—Ser. 1941
2Xa Unemployment Trust Fund—Series 1940..
4H8 Treasury bonds of 1947 1952
A-O
4s Treasury bonds of 1944-1954...
*
J-D
3)48 Treasury bonds of 1946-1956.......
M-S
8H8 Treasury bonds of 1943-1947......
J-D
3Hb Treasury bonds of 1940-1943
J-D
3X« Treasury bonds of 1941-1943.......
M-S
11,300,000
1,721,000,000
758,945,800
20,500,000
3s convertible bonds
of 1946-1947...*.
3Xs Treasury
bonds of 1946-1949.......
J-D
1,036,692,400
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
M-S
755,432,000
bonds of 1941
F-A
4)48-3)^8 Treasury bonds of 1943-1945........A-O
3)18 Treasury bonds of 1944-1946
A-O
3s Treasury bonds of 1946-1948
....J-D
3X8 Treasury bonds of 1949-1952....
J-D
2^8 Treasury bonds of 1955-1960
M-S
2Xa Treasury bonds of 1945-1947........
M-8
2X8 Treasury bonds of 1948-1951
M-S
2X8 Treasury bonds of 1951-1954..
J-D
2X8 Treasury bonds of 1956-1959
M-8
2X8 Treasury bonds of 1949-1953
J-D
2X8 Treasury bonds of 1945
J-D
2X8 Treasury bonds of 1948
M-S
2Xs Treasury bonds of 1958-1963
J-D
2X8 Treasury bonds of 1950-1952
M-8
2X8 Treasury bonds of 1960-1965...
J-D
2s Treasury bonds of 1947
J-D
2s Treasury bonds of 1948-50
J-D
2Xs Treasury bonds of 1951-53
J-D
U. S. Savings bonds, series A, 1935.
U. S. Savings bonds, series B, 1936
U. S. Savings bonds, series C. 1937...
U. S. Savings bonds, series C. 1938
U. 8, Savings bonds, series D, 1939
U. S. Savings bonds, series D, 1940.....
834,453,200
1,400,528,250
1,518,737,650
bonds of 1951-1955
3Xs Treasury
Unclassified sales
3s
Adjusted Service bonds
of 1945
Service bds.(Govt. Life Ins.
2Xs Postal Savings bonds
4X8 Adj.
Treasury
Fund ser. 1946)
J-J
notes
Treasury
bills...
Aggregate of
interest-bearing debt
Bearing no interest
Matured, interest
ceased
1,035,873,400
491,375,100
2,611,092,650
1,214,428,950
1,223,495,850
1,626,687,150
981,826,550
1,786,134,150
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,385,100
701,074,400
571,431,150
1,118,051,100
cl74,501,325
c318,899,808
c415,701,837
c501.670.237
c831,910,190
c530,268,919
c98,730,911
265,268,969
500,157,956
117,586,760
8,477,503,800
1,304,436,000
1,280,000,000
758,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,140,650
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,385,100
surplus or add Treasury
Net debt
177,540,847
325,779,839
426,775,954
517,248,987
277,488,263
84,780,864
287,008,150
500,157,956
117,776,160
Total gross debt May
for payment
guaranteed by the United
of the United States
and Interest obligations
held by the
amount of bonds
pending can¬
cellation.
Figures shown are as of March 31, 1940—figures as of May 31, 1940, are not
available.
Offset by cash in designated depository banks and the accrued interest
amounting to $45,557,079.07, which is secured by the pledge of collateral as provided
in the regulations of the Postal Savings System, having a face value of $45,094,345,
cash in possession of System amounting to $88,583,519.94, Government and Govern¬
ment-guaranteed securities with a face value of $1,193,439,770, and other assets.
In actual circulation, exclusive of $11,019,001.14 redemption fund deposited
in the Treasury and $292,017,485 of their own Federal Reserve notes held by the
issuing banks.
The collateral security for Federal Reserve notes issued consists of
$5,455,500,000 in gold certificates and In credits with the Treasurer of the United
States payable In gold certificates, and $2,091,000 face amount of commercial paper,
g Held by the Reconstruction Finance Corporation.
Does not Include $252,700 face amount of bonds in transit for redemption on
held by
$15,000,000 face amount of bonds of Series N 1940
the public debt, but does include $75 face
Owners' Loan Corporation as "Treasury" bonds
include
b Does not
Treasury
and reflected in
the Home
e
1
1940.
the face amount of $272,500 issued under
amount of $50,000,000 issued under Section
Valley Authority Act of 1933, as amended, are held by the
in the public debt.
k Does not include $25,000,000 face amount of notes Series
series D held by the Treasury and reflected in the public debt.
May 31,
8ection 15a and an Interim
15c of the Tennessee
J Bonds in
certificate in the face
Treasury and
42,255,426,112 39,755,084,770
388,675,616
413,721,891
166,385,915
117,072,190
deficit...+ 1,744,200,762 + 2146.605,115
b41,066,286,881 38,139,273,736
reflected
,
„
C and $20,000,000
NATIONAL BANKS
The
following information
from the office
regarding National banks is
of the Currency, Treasury
of the Comptroller
Department:
VOLUNTARY
LIQUIDATION
Amount
Sandstone, Minn
R. W. Barstow
Succeeded by: Sand¬
Aug. 12—The First National Banx of
Effective Aug. 5, 1940.
Liquidating agents:
and C. 8. Gjertson, Sandstone, Minn.
stone
State Bank,
$45,000
Sandstone. Minn.
COMMON CAPITAL
STOCK INCREASED
Amt.
-
From
Biglerville, Pa.
$50,000 to $75,000
of Increase
From
Neosho, Neosho, Mo.
Aug. 13—The First National Bank of
$50,000 to $75,000
Aug. 13—The Biglerville National Bank,
9,134,941,600
1,308,069,000
31, 1940, on the basis of daily Treasury statement, was
$42,807,765,653.85. and the net amount of public debt redemption and receipts in
transit, <fcc., was $2,721,989.23.
b No reduction Is made on account of obligations
of foreign governments or other investments, c Amount issued and retired Includes
accrued discount : amounts outstanding we stated at current redemption values.
a
matured principal
Stfltcs
701,074,900
...a42,810,487,643 40,285,878,851
Total debt...
Deduct Treasury
deposited with the Treasurer
d
Certificates of indebtedness:
3s Treasury
e5,046,042,808
amt.).
Funds have been
of outstanding
May 31, 1939
Payable
Q-M
Q-J
Title of Loan—
Fed. Res. notes (face
a
OUTSTANDING
Interest May
3s of 1961
31, 1940
Liability
Matured
435,645,537
803,013,563
...
Excess of expenditures
Increase
Detail
573,929,373
debt expenditures
UNITED STATES MAY
Received by the Treasury
Amount of Contingent
5
$
Expenditures—
Total public
1939
1940
Public Debt Accounts
CONTINGENT LIABILITIES OF THE
Compiled from Latest Reports
of July
Month
1087
Chronicle
The Commercial & Financial
151
Volume
-
$25,000
25,000
AUCTION SALES
securities were sold at
of the current week:
By R. L. Day & Co., Boston:
The following
Shares
auction on Wedaesday
? per Share
Slocks
83
25X
50c lot
—25c. per unit
*
—
1
28 Boston Chamber of Commerce Realty Trust prior pref, par 8100...
30c
Bonds—
Percent
SI,000 Ocean City Coastal Highway Bridge 2Xs, Dec., 1947, registered,
with 10 shares of stock
—
31 & int
20 Ludlow
Manufacturing Associates,
Mills
36 Indiana Limestone Corp., par
48 units New England Industries
8 American Locker Co. B
ex-dividend-^
-
3 Sanford
51
1088
The Commercial & Financial Chronicle
Aug. 24, 1940
MONTHLY REPORT ON GOVERNMENTAL
CORPORATIONS AND CREDIT AGENCIES AS OF JUNE
30, 1940
The monthly report of the
Treasury Department, showing assets and liabilities as of June 30, 1940, of
governmental
corporations and credit agencies, financed wholly
Statement" for July 31, 1940.
In the footnotes to the table below
or
in part by the United States, was contained in the Department's
"Daily
explanation is giveD of the simplification of calculation of
proprietary interest.
now
computed, the Federal Government's proprietary interest in these
agencies and corporations, as of June 30, was
$3,639,432,134, and that privately owned was $404,913,118.
an
As
SUMMARY OP COMBINED
STATEMENT OP ASSETS AND
LIABILITIES OP GOVERNMENTAL CORPORATIONS AND CREDIT
UNITED STATES, COMPILED PROM
LATEST REPORTS RECEIVED BY THE TREASURY*—JUNE
30, 1940
AGENCIES
OP
THE
Assets d
Investments
Real
Preferred
Capital
Securities
e
Slock, Ac.
Reconstruction Finance Corporation
1,061.433.327 469,673,752
Estate
and Other
and Other
by United
AU
Receivables
Business
States
Other
Total
I
£4,789,185
1.252.549
48,558,100
8,300,000 £25 402,297
881,836
169.090.652
51,822,070
Federal Crop Insurance Corporation
insurance Corporation
.
63,843,042
.
Tennessee Valley Authority
Public Works Administration
United States Maritime Commission
h27143.702
459,916 44,296,196
8,053.310 473,250.254
36.400
3,596
156.992
10.601,059
41,729,745
42,508 r39.720.468
H21 171,467
18,396,617 347,198,632
6,519.539
6.022.336 322,009,949
94.570.433
Rural Electrification Administration.....
Home Owners* Loan Corporation
Federal Savings & ix>an insurance Corp..
Federal Home Loan banks
44.442.665
219.638.771
47,123.139
11,619,352
163.033,448
187,327,293
11,975,309
668,850.213
1,880.408.005
232,020.979
Federal Land banks
Federal Intermediate Credit banks
29.401.347
62,176,820
16,618,023
401,222
220
Banks for cooperatives
Production credit corporations
Regional agricultural credit corporations..
72,269,604
19,406.928
7~,76~7~654
War emergency corporations and
agenc
3,20 L171
424,382*743
221.671,920
2.737,100,446
199*750
260,067,459
1,099,920
h3.679,810
22,949
1,348,198 128,111,105
5,705,268
124.917.101
233.770
86,373,016
74,824,557
75,871,485
19,651,250
79.887.604
13.822.431
510.931,012
334,551,824
227.720.433
491,419
18.709,155
3,908", 8li
672,818,132
107,761,215
1,525.319
182!500
56,992" 147
266.963.808
30,482",024
2.033,149
7.623,261
3.600.000
17.340.998 105,436.423
41,287,026
13,569,078
24,957,443
614.361
157,397,047
......
Farm Credit Administration
Federal Farm Mortgage Corporation—
82.508.627
1,662.912.773
94.570.433
20,008~917
25,025,612
2.012.760.434 1203024,210
Federal Housing Administration
Federal National Mortgage Association.
United states Housing Authority
(in liquidation):
Navy Department (sale of surplus
Other t
Property
3.064.380
Commodity Credit Corporation
Export-Import Bank of Washington
Federal Deposit
Accounts
Guaranteed
States
Cash
United
Securities
Loans
761,926,244 43,217.753
3,512,655 166,602,259
895,725
5,517,482
12,693.328
5,896,483
91,962,461
2.028,453
1,126,917
60~753
130,136
463,943
10,968,190
9,96 L 005
610,350 101,457,774
44,328
34,111
70,345
13,703,860
54,859
605,637
62,091.138
167.814,432
277,687.774
284.690.369
1.516.088,885
2,306.024,483
328.335.776
176,913.329
122.562.978
22,147,496
war
supplies)
4,571,511
Sec
of Treasury (U. S. RR.
Admin.)..
United States Housing Corporation
United States Spruce Production
Corp.
Other:
4,065
70,238
Disaster Loan Corporation
Electric Home and Farm Authority...
Farm Security Administration
21,594,899
loans)
Waterways Corporation.......
447,317
4,329.278
3,824
60,002
14,902
48,353
22.708.782
14.159.905
802",392
307.889,043
8.643.835
625,283
295,501
T.151
256,142
33,825
19,694.328
159,592
39,453,136
495,831
2,550,531
hi,341,858
378,600
4,640
3,723",623
614.362
366.426
4,057,303
1,219,600
59,599,577
1,829.394
700,190
16,487
9,168,672
Treasury Department
434~, 196
2.893,524
25.583.411
49,769.566
8,099.409
61,755,382
2,201
.
Federal savings and loan associations
Railroad loans (Transp'n Act. 1920).
307185",928
Securities received by Bureau of Inter¬
nal Rev
610,509
14,375
hi,049,057
2,893,524
atives, Inc
Securities
1,170
3,497537
Panama Railroad Co
Puerto Rlcan Reconstruction Admin..
RFC Mortgage Co
Tennessee Valley
Associated Cooper¬
110,132
54,312
505,104
1,000
361.563
13,718.600
4,571,511
46,475
1,190.648
123,678
307,889,043
Federal Prison Industries. Inc
Interior Department (Indian
Inland
69,592
570,059
34,137,100
296,708
34.137.100
30,185,928
In settlement of tax liab's
received
from
the
under Act of Feb. 24, 1938
Inter-agencv Items:
172,151
RFC
172,151
2,373,963
...
m
2,373,963
Due from governmental corporations
or agencies
Due to governmental corporations
agencies..
or
....
Total.
7,686,834.832 708.092.552 411,808,294747,752,299
131,045.141 910,540,804 404,202,241
562,433,30711219498,692 12,782,208.162
Liabilities and Reserves d
Not
by
Guaranteed by
UnUedState*Q
...
United States Maritime
Commission.....
Rural Electrification
...
8114,806,813
337,087,976
125.000,683
337 ,087,976
125 .000,683
349.858
79.537.746
79 ,537.746
6,755,826
500.000,000
100.000.000
75,000.000
7,066.605
7 ,066.605
221,631.455
289.299.557
14,679.613
319.872.211
139,299,557
150 .000.000
94 .570,433
64,727,672
162 .992.761
221 ,671,920
23 .546.995
al63.688.401
a94.567.252
200.000.000
1,296,290
82,429.948
1 .296.290
82 .429.948
123 ,620.811
124 .741.000
100,000,000
124.741.000
50 .342.327
25,000,683
b"933",395
51,358,925
b69~5,640
127.104.668
c76,4^3,05
bl00,000,000
a50.342.327
4,139.996
11 .748.811
89 .096,466
177,637,511
50,342.327
78,717,966
4,638,853
119 .445.666
158.242,108
192 .803.459
36,665.366 1.316 .015.679
158 .242,108
1,000.000
91,886,910
91 ,886,910
200 ,073.206
23,620,811
a91.886.910
200.073.206
513,351.492
213 ,136,525
,181,117
174,084,173
122,216,320
91,966,379
52,806,511
78 ,717,966
346.658
10.000.000
5,557,288
137,237,896
63,160.678
20,004.212
200.000.000
125.000.000
1187.772,745
70.000.000
50,524,171
b5,321,920
160 ,393.345
149.000,000
120.000.000
16.068,425
2,216.320
5,324,920
122 .216.320
19 ,966,379
3~,690",828
304 ,325.270
115 ,199,251
209,026,222
115,199.251
2 .829.156
2,181,117
corporations..........
b328,137,027
4,537",746
a94.570.433
162.992.761
221,671.920
23,546.995
123.620.811
2,829.156
346,658
War emergency
corporations and agencies
(in liquidation):
£165.225,003
a268.513,286
62708.528 2,713 .553.451
213.136.525
Regional agricultural credit
corporations..
Interests
150.000.000
319 .872.211
94.570.433
1,793,672.991 1,793 .672.991
Federal Intermediate Credit
banks......
Banks for cooperatives
Interagency
Surplus
8.000.000
192.803,459
....
Corporation.... 1,279.350,313
Navy Department (sale of surplus
Stock
89.096,466
7,608!815
.....
Production credit
United States
349,858
64~,727~,672
Administration.....
Authority
Capital
Owned
%
£225,574,030 1,325,824,797
140,240.666
547,817.449
....
Farm Credit Administration
Federal Farm Mortgage
Owned by
Liabilities d
14,679,613
.
Home Owners' Loan
Corporation
k2650844,923
Federal Savings A Loan Insurance
Corp..
Federal Home Loan banks
Federal Land banks
Total
Privately
221.631,455
Federal Crop Insurance
Corporation.....
Federal Deposit Insurance
Federal Housing Administration
Federal National Mortgage
Association..
United States Housing
Distribution of United States Interests
Over
6,755.826
.....
Tennessee Valley Authority
Public Works Administration
Proprietary Interest
United States
Reconstruction Finance Corporation.....
81100 250.767
Commodity Credit Corporation
8407.676,783
Export-Import Bank of Washington.....
Corporation.
Excess
of Assets
Guaranteed
5,000,000
14,996.379
73,206
b8,447,475
war
supplies)
Sec
4,571,511
of
76,408
13,087,096
Administration..
Inland
Rlcan
166,225
1,171,994
1,171",994
1.447,828
1,447,828
1,670",472
!
Admin..
Associated
atives, Inc
22.632.374
24,000.000
cl,347,626
1,072.809
850.000
307,889.043
a307.889.043
8,477.610
,8.477.610
a4.113.380
4,364,230
2,893.524
a2,893,524
12.000.000
7,000.000
1,570", 472
42,340.793
bl,019~,055
34,872,065
2,893,524
24,411,417
48,321,738
8,099,409
60,184,910
24,411,417
200,190
224,334
Federal savings and loan
associations
Railroad loans (Transp'n
Act, 1920).
Securities received by Bureau of Inter
nal Rev in settlement of
tax liab's
Securities received
from
the
RFC
under Act of Feb. 24. 1938
60,184.910
25,000,000
312,845
296.708
1,000
295,708
34,137,100
30,185,928
a30,185,928
34,137,100
172,151
172,151
al72,151
2,373,963
2,373,963
a2,373,963
Due from governmental
corporations
or agencies
Due to governmental
corporations
~"b~l!525
a8.099.409
30,185,928
m
400,000
12~.4Yl~.4i7
48,321.738
8.099.409
34,137,100
Cooper¬
Treasury Department:
Inter-agency items:
22,632,374
1,072,809
alio.132
296,708
Reconstruction
RFC Mortgage Co
Valley
13,087,096
166",225
loans)"..!
Waterways Corporation
Tennessee
76,408
"
Inc
Panama Railroad Co
Puerto
c32,25>7,669
700.190
34,087.063
100,000
700,190
Disaster Loan Corporation
Electric Home and Farm
Authority...
Farm Security
(Indian
a4,571,511
1,829.394
110,132
1,829,394
Other:
Federal Prison
Industries,
Interior Department
4,571.511
110.132
307,889,043
Treasury (U 8 RR Admin )..
United States Housing
Corporation
United States Spruce Production
Corp.
al05,012.027
or
bl05,012,027
agencies
a!2,271,707
Total
_..
..
For footnotes see
top of
5,560,438,414 3,177,424,496 8,737,862,910
4,044,345,252
following oolumn.
404,913,118 3,639,432,134 3,291,634,133
12,271,707
557,798,001
n210,f00,00ft
Volume
The Commercial
151
PRELIMINARY
PRECEDING
FOOTNOTES FOR TABLE
UNITED
revised by the Treasury Department to adjust tor certain
lnter-agency Items and therefore may not agree exactly with statements Issued by
*
These reports
are
The
the respective agencies,
b Excess inter-agency assets
(deduct),
assets and liabilities (except
Exclusive of Inter-agency
d
bond Investments and
deposits with Reconstruction Finance Corporation),
e
Excludes unexpended balances of
& Adjusted for lnter-agency
h Also Includes deposits
held for sale.
Items and Items In transit,
building and loan
i Shares of State
thereon,
associations, $39,893,410: shares of Federal
As of June 30,. 1940 the
J Also excludes contract commitments.
definite contracts calling for
United States
maximum advances
Advances have
been made In tbe amount of $78,204,r18 as
of June 30, 1940. against loan contract commitments amounting to $370,525,000.
The Housing Authority has also agr«ed to disburse $259,366,000 on additional
loan contract commitments amounting to $318,783,000
now being financed by
securities issued by local housing authorities.
of
4H% bonds of 1947-52
4% bonds of 1944-54
3H% bonds of 1946-56
3H% bonds of 1943- '7
$75
k Excludes
I Includes
bonds of Home Owner's Loan
due to
inter-agency
Represents
and of Government agencies,
which
are
United States Treasury
assets and liabilities of the Treasury
which agencies are not Included In this
holdings of capital stock and
deducted from the capital stock and paid-in
Represents
n
Federal Land banks from the
paid-in surplus.
for subscriptions to
m
"Treasury"
Corporation held as
cancellation.
$475,981
not
lnter-agency
Department
statement.
paid-in surplus Items
surplus of the corre¬
sponding organizations.
Includes cash In trust funds,
p
q
Includes
accrued Interest.
deposited with Federal Reserve
Includes $16,690,481
r
banks for a
conditional
purchase commitment.
s
held by the Secretary of
liabilities; Reconstruction Finance
Corporation, $25,000,000. and United
in bonds and notes
Excluded are the following amounts
the Treasury, which
shown as lnter-agency
are
Corporation, $7,000 000; Commodity Credit
States Housing Authority, $20,000,000.
Note— Effective
of July 31, 1938, the proprietary Interest
paid-in surplus and non-stock Interest In govern¬
with the statement
represented by the capital stock,
-
ser.)
and agencies which were offset by a corresponding Item under
"lnter-agency proprietary Interest" of the Treasury, have been omitted (except for
such Items as are Included In the lnter-agency assets and liabilities shown herein)
for the purpose of simplification in form.
mental corporations
--------
bonds of 1941-43
544,870.050 00
818,627.000 00
755,432.000 00
834,453.200.00
bonds of 1941
3
1,400.528,250.00
1,518,737.650 00
1,035.873,400 00
491,375,100.00
2,611.092,650.00
$1,214,428.950 00
1,223.495.850 00
1,626.687.150 00
981,826.550 00
1,780,130,650.00
540.843.550.00
450,978,400 00
918,780.600 00
1,185,841.700 00
1,485,384.600 00
701,074,400.00
571.431,150.00
3
H% bonds of 1943-45
M% bonds of 1944-46
3% bonds of 1946-48...;
31 i% bonds of 1949-52
2H% bonds of 1955-60
214% bonds of 1945-47
214% bonds of 1948-51
2*4% bonds of 1951-54
214% bonds of 1956 59
2 54% bonds of 1949-53
2 54% bonds of 1945
2 54% bonds of 1948
2*4% bonds of 1958-63
2 54% bonds of 1950-52
214% bonds of 1960-65
2% bonds of 1947
2% bonds of 1048-50
254% bonds of 1051-53
254% bonds of 1954-56
3
1,118.051,100 00
671,311,760.00
U. 9. Savings bonds (current
$173,851,563.00
317,910.186 25
414,309,778 50
490,803.505 25
827,888,379 25
Series B-1936
Series G1937
-
Series C-1938
Series D 1939
-
-
649.755,787.50
1040
82,330,649.65
Unclassified sales
CURRENT LIABILITIES
The cash holdings
items stood
of the Government as the
The figures
July 31, 1940, are set out in the following.
are taken entirely from the daily statement of
States Treasury
July 31, 1940.
CURRENT ASSETS
$20,461,820,908.78
(oz. 584.623.454 5)
$20,461,820,908.78
Total
Liabilities—
Gold
$2,881,891,169.00
15,373,532.390 77
12,853,801.14
156,039,430.93
certificates—Outstanding (outside of Treasury)
fund—Board of Governors. Fed. Res. System-
Gold certificate
Redemption fund—Federal Reserve notes
Gold reserve..-..
....
Nate— Reserve
and $1
against $346,681,016 of
162,722 of Treasury notes of
United States notes
1890 outstanding
Treas
1890 are also secured by silver dollars In Treasury.
Exchange stabilization fund.——-———---——--—
—
notes of
ury
Adjusted service bonds:
(Government life Insurance
Total
1,800,000,000.00
Gold In general fund:
In working balance
$737,161 600 00
114% series C-l 940. maturing Dec. 15.1940.
1 H% series A-1941, maturing Mar 15.1941.
15.1941.
1H% series B-1941, maturing June
15.1941.
1 H% series C-1941, maturing Dec
15.1942.
1*4% series A-1942, maturing Mar
15. 1942.
2%
series B-1942, maturing Sept
15. 1942.
maturing Deo
154% series C-l942,
maturing June 15.1943.
1
676,707 600 00
503,877 500 00
204,425 400 00
426,349 500 00
342,143 300 00
232,375 200 00
629.115 400 00
54% series A-1943,
m% series B-1941, maturing Dec. 15.1943.
1%
series C-1943, maturing Sept, 15.1943.
15.1944.
54% series A-1944, mattirlng June
1%
series B-l 944, maturing Mar 15, 1944.
15 1044.
1%
series C-l044, maturing Sept
J4% series A-1945, maturing Mar, 15.1945.
420,972 ,500 00
279,473 ,800.00
415,519 500 00
515.210 ,900 00
283.006 ,000 00
718,024 ,200.00
$0,384,362,400.00
237.504,116.94
3% old-age reserve account series,
June 30, 1941 to 1944........
$20,461,820,908.78
-
Silver
$1,361,565,728.62
497,867,646.00
(oz.l.053.085.993 2.. „r.
385,069 507 4)
8llver dollars (oz.
$1,859,433,374.62
Total
Liabilities—.
$1,824,948,436.00
1,162,722 00
33,322,216.62
-
—__
...
—
Total
$1,859,433,374.62
-
GENERAL FUND
Assets—
$237,504, 116.94
Gold (as above)
33,322, 216.62
Silver—At monetary value (tv> above)
Subsidiary coin (oz. 2.052 067 1)
2,836, 795 65
333, 509.10
241 252.1)
1,293.217,450.9).a
Bullion—At recolnage value (oz.
At cost value (oz.
-
Reserve
notes
-
—
-
-
-
Federal Reserve bmk notes
National bank notes..
-
-
Unclassified—CYllectlons, &c
Deposits In—Federal Reserve banks
Special depositaries account of sales of Government securities..
National and other bank depositaries:
To credit of Treasurer United States
To credit of other Government officers
Foreign depositaries—
To credit of other Government officers
Philippine treasury—To credit of Treasurer United States
Total
-
-
Liabilities—
outstanding..
Deposits of Government officers—Post Office
Board of trustees. Postal savings System:
5% reserve, lawful money
Other deposits
Postmasters, clerks of courts, disbursing
Department.
1,028, 921.71
2,188, 145.00
maturing June 30.
Working belance——
Postal Savings System series, maturing
June 30, 1942 to 1944
2% Government life insurance fund series,
maturing June 30, 1943 and 1944
Federal
2%
Deposit
Insurance Corporation
1,1943 & 1944
series, maturing Dec.
Certificates of
officers, Ac
above)
1)
-
Adjusted service certificate fund series,
1941...
------Unemployment trust fund series, mataring June 30, 1941
2W7o
638,613, 839.79
718.236, 000.00
57,283,658.75
34,505,724.23
333,473.83
1,990,437.36
$2,413,668,327.53
maturing Jan. 1,
Treasury bills
$4,902 ,890.36
10,674 ,624.16
61,172 530.89
16,003 274.42
$142,796,795.17
588,102,407.85
1,526,836,970.40
(maturity value)
a
-
The weight of
cost per ounce
this Item of silver
Matured Debt on Which
2,257,736,173.42
942,000.00
96,500,000.00
4,259,000.00
56,000,000.00
^ ^ 757,400
00
4%
$10,800,000.00
1,723,000,000.00
, m 8M „„„„„
1,302,251,000.00
$43,180,483,544.30
debt
1932-47
and 4)4%
Second Liberty Loan bonds
of 1927-42..
$3,880,660.26
30,440.00
10,778,450.00
1,168,000.00
1,879,500 00
14,554,800.00
1922-23.577,450 00
31,282,400.00
37,242,700 00
interest rates
3,908,100 00
4)4% Third Liberty Loan bonds of 1928
4)4% Fourth Liberty Loan bonds of 1933-383»4% and 4)4% Victory notes of
3*X Treasury bonds of 1940-43
Treasury notes, at various rates of Interest..
Indebtedness, at various
92'ono'ovR
202,875.00
Treasury bills
savings certificates
^ ^ ^
Interest—
United states notes
mo
Jin'SS
150,039,430.93
$2,413,668,327.53
of June 1940.
item of seigniorage represents
—
Interest Has Ceased—
matured—Issued prior to April 1,
1917 (excluding Postal Savings bonds)
2 H% Postal Savings bonds
—
3H%. 4%, and 4)4% First Liberty Loan
Old
Debt Bearing No
the difference between the cost value
and the monetary value of silver bullion revalued and held to secure the silver cer¬
tificates issued on account of silver acquired under the Silver Purchase Act of 1934
and under the President's proclamation dated Aug. 9. 1 '■ 4.
Note 2—The amount to the credit of disbursing officers and certain agencies
today was $2.685.858.299.44.
Note 1—This
5,448,000.00
Interest-bearing debt outstanding.——-—
Total
Treasury
bullion Ls computed on the basis of the average
at the close of the month
4,756,000.00
—
Less gold reserve.--------
Total
79,400,000.00
Indebtedness—
4%
Ctfs. of
-
1941 to 1945
2%
1,545, 651.00
21,914, 584.03
$155,932,154.11
today—Increment on gold (as
fund, series
fund, series 1941
retirement fund series,
Alaska Railroad
4%
324,900,000.00
038,800,000.00
200,000.00
5
to
14,595, 405.00
413, 293.50
59,300 .000.00
3,878 834.28
Uncollected items, exchanges, Ac
Seigniorage (silver) (see Note
3-
1945
bonds of
Treasurer's checks
Balance
to
4% Canal Zone retirement
1,408,200,000.00
647,022, 555.02
Minor coin
United States notes.————-—
series, ma¬
turing June 30.
1941
outstanding
Treasury notes of 1890 outstanding
Silver In general fund
Silver certificates
Federal
Railroad retirement account
1942 to 1945
Civil service retlremont fund:
4% series 1941 to 1945..
3% series 1944
4% Foreign Service retirement
3%
SILVER
Assets—
maturing
H% Federal old-age and survivors Insur¬
ance trust fund series, maturing June 30
1944 and 1945
-
2
Total
insurance trust
fund notes:
$142,796,795.17
94,707,321.77
-
75349752490
bonds————————-------------—$31,146,665,144.30
Federal old-age and survivors
resulting from reduogold dollar
tlon In the weight of the
500,157,950.40
fund series)—
$20,224,316,791.84
Balance of Increment
2,965,939.849.40
'
$258,249,668.50
Adjusted service bonds of 1945
Treasury Notes—
AND LIABILITIES
GOLD
Assets—
Gold
the United
27,226,109,210.00
redemp. value):
Series A 1935
Series D
TREASURY CASH AND
^ ^ ^ ^
$758,945,800.00
1,036.692,400.00
489,080.100 00
454,135.200 00
—
3V$% bonds of 1946-49
3% bonds of 1951-55
$689,308,000.
bonds pending
$49,800,000.00
15,761.000.00
13,133,500.00
117,513,960.00
-
Treasury bonds:
$163,130,800.
Housing Authority had entered Into
as
Bonds—
with the RFC and accrued Interest
savings and loan associations,
1940,
3% Panama Canal loan of 1961--..
3% Conversion bonds of 1946
3% Conversion bonds of 1947
2H% Postal savings bonds (20th to 49th
appropriated funds,
f Also Includes real estate and other property
public debt of the United
basis of the daily
preliminary statement of the
States July 31,
Deficit (deduct).
c
THE
DEBT STATEMENT OF
STATES JULY 31, 1940
made up on the
Treasury statement, is as follows:
Interests),
(or includes non-stock proprietary
Non-stock
a
1089
& Financial Chronicle
$190,641,585.07
Deposits for retirement of National
Federal Reserve bank notes
Thrift
bank and
and fractional currency..and Treasury savings stamps, unclassi¬
Old demand notes
fied sales
fled sales, Ac
&c...
Total gross debt..
189,347,448.50
2,029,340.83
3,773,306.25
—.....
385,791,680.65
$43,770,544,600 21
The Commercial & Financial Chronicle
1090
CALLS AND SINKING
REDEMPTION
Aug. 24, 1940
FUND
Below will be found a list of bonds, notes and preferred
stocks of corporation called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Page
Company and Issue—
Date
Alabama Gas Co. 1st mtge. bonds.
Sept.
Alabama Power Co. 1st mtge. 5s.
--Sept.
Ald>bd'Oid' Power Co.» 5s
Alabama Power Co, 1st mtge. 6s 1946-——
—
8ept. 1
Alabama Water Service Co. 1st mtge. 5s
Sept. 16
Allentown-Bethlehem Gas Co. 1st mtge. bonds—--..---Sept.
1
Arden Farms Co. 6H% debentures.——
------Oct. 15
Central Foundry Co. 1st mtge. 6s.—
—-----—Sept. 1
Central Kansas Power Co. 1st mtge. 6s
—-.--—--Sept. 1
Central Maine Power Co. 1st mtge. bonds.
-Aug. 26
Champion Paper & Fiber Co. 434 % debentures.—--—-Sept. 1
Charleston Transit Co. 1st mtge. 5s__
---------Sept. 1
General mortgage bonds.
—
—-Sept, 1
Collateral trust notes.—
.-—-----.Sept. 1
Chicago Union Station 3M% bonds
—...
Sept. 1
City of New Castle Water Co. 1st mtge. 6s, 1942
---Sept. 18
Cleveland By. Co. 1st mtge. 6s.
—
——.Sept. 1
Colon Development Co., Ltd., 6% pref. stock —--—-.-Aug. 26
Connecticut Light & Power Co. 3h% debentures—--—.Sept. 1
♦
Consolidated Title Corp. coll. trust bonds
Sept. 1
Consumers Co. of Illinois 1st mtge. 6s
—--Aug, 31
♦
George Washington Hotel Corp. 1st mtge. fig--—Sept. 1
Globe-News/Publishing Co. 6% bonds
-—
-Sept. 1
Green Bay & Mississippi Canai Co. 1st mtge. 434s—----Sept. 1
♦
Horden Colleries Ltd. 534% debentures
Walter E. Heller Co. 7% pref. stock
686
834
235
*2406
402
686
980
691
982
839
—
—
♦
New York Fire Protection 1st mtge. 4s
-Aug. 23
N. Y, Lake Erie 5c West. Docks & Impt. Co. 1st mtge. 5s—Sept. 9
North American Light & Power Co. 534 % gold debs.
Oct.
2
Northern Illinois Coal Corp. 1st mtge. 6s—
Sept. 1
Ohio Connecting By. Co. 1st mtge. 4®
Aug. 31
Oklahoma Natural Gas Co, 1st mtge. bonds
Oct.
1
Pennsylvania-Dixie Cement Corp. 6% bonds—
Sept. 15
Pennsylvania Glass Sand Corp. 1st mtge. bonds.———-Aug. 31
-
Peoples Light 8c Power Co. series A bonds.
Philip Morris & Co.. Ltd.. 5% pref. stock
--Sept. 19
Aug. 36
Richfield Oil Corp. 4% debentures
♦
Richmond Terminal By. 1st mtge. 5s--—
Kiordon Pulp 8c Paper Co., Ltd. 6% debs
—--—.-Sept. 15
.Jan.
1
_—
Dec. 31
Rochester Gas & Electric Corp. 4% bonds
St. Paul Union Stockyards Co, 1st mtge. 5s-—
—-Sept. 1
—Oct.
1
Scovill Mfg. Co. 534%
debentures
--—Sept. 16
Southern Natural Gas Co. 1st mtge. 4348——-.-—
Oct.
1
Southwestern Associated Telephone Co. 1st mtge. 6s A—Aug. 31
Strawbridge & Clothier Co. 5% bonds—Sept. 1
Third Avenue BR. Co. 5% bonds-Sept. 1
♦
Tide Water Associated Oil Co. 3 34 % debentures.
Oct. 21
Ujigawa Electric Power Co,, Ltd., 1st mtge. 7s.
—Sept. 15
Union Pacific BR. Co. 1st mtge. bonds—.
Sept. 1
United Telephone Co. of Pa. 6% preferred stock-----—-Sept. 16
Virginian Corp. serial notes
Sept. 10
♦
Wailen Milling Co. Ltd., 7% bonds—
Sept. 1
Warner Co. 6% bonds
Aug, 26
♦
Washburn Water Co. 1st mtge. 5s—
..Oct.
1
♦
Westchester Service Corp. 1st mtge. bonds.
Sept. 16
Wilson & Co., Inc., 1st mtge. 4s
Sept. 15
Woodward Iron Co. 2nd mtge. 5s
-Sept. 1
*
Announcements this week,
x V. 150.
—
-
-
-
—
-------
...
Net gold eoln and bullion
Net silver coin and bullion
Net United States notes.
Net National bank notes
Net Federal Reserve notes
Net Fed. Res. bank notes
Net subsidiary silver——
Minor eoln, Ac
$393,543,548
680,678,281
2,188,145
1,545,651
14,595,405
413,293
2,836,796
22,943,506
1940 June 1,1940
$341,919,042 $347,324,989
665,363,800
669,253.587
2,065.107
1,485,408
518,331
353,706
14,328,405
12,250,135
220,828
570,986
3,768,806
5,794,347
18,762,954
20,288,544
Cash balance In Treas—
122
1
other bank deposltarlesTo credit Treas. U. S—
To credit dlsb. officers.
Cash In Philippine Islands
Deposits in foreign depts.
Net
cash
in
and in banks
Includes
1140
984
1144
987
702
1144
417
553
553
553
554
554
107
555
555
107
1148
1148
705
991
558
249
420
1151
251
854
709
709
855
998
710
857
559
1004
1156
113
113
114
429
1005
714
862
—•—
.—- - -
(quar.)
Preferred (quar.)-—-----------—----American Sumatra Tobacco (quar.)
-----
-
50c
&
t
15c
'
—
10c
$1H
$1X
50c
—
15c
Belmont Radio Corp. (quar.)--,
Bliss (E. W.) Co., 6% preferred
^%) preferred«.
Boston Woven Hose & Rubber Co.,
S1H
$1X
common..-
7% part, preferred (partic. dividend)Bui lard Co_
--
—
—
— —
Central & South West Utilities Co,—•
$7 prior lien preferred (quar.).. —
$6 prior lien preferred (quar.)
m
62 y2c
—
.
—
Chesapeake & Ohio Railway.
Preferred (quar.).—
Chicago Rivet & Machine
—
—
—
—
50c
50c
--------
Cluett, Peabody & Co., Inc. (interim).
Preferred (guar.)--—
$IH
25c
Compo Shoe Machinery (quar.)
62 He
Preferred (quar.)
90c
Consol. Gas, Electric Light & Power Co. (Bait.)
4 H % preferred series B (quar.)
4% preferred series C (quar.)
30c
Consolidated Investment Trust (quar.)
10c
Special
50c
Cutler-Hammer, Inc_
Distillers Corp. Seagrams (quar.)-.t55Hc
t50c
Dome Mines, Ltd
Dominion Tar & Chemical Co., 5H % pref. (qu.)
Dominion Textile Co. (quar.)
Preferred (quar.)
M
—
—
.
-
__
—
—
Driver-Harris Co-—
Preferred (quar.)
.
—
1160
865
1160
1160
1010
265
Electric Controller & Mfg_
Famous Players Canadian (quar.)
Federal-Mogul Corp
pref.
.
—-
Fifth Avenue Coach (quar.)
Fox (Peter) Brewing (quar.)
Preferred (quar.)-----FrankenmuthBrewing (quar.)
Extra
Gamewell Co
—
—
1, 1939
-
Preferred (quar.)
Signal, pref. (quar.)
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quar.)
Gilbert (A.G.) Co. preferred (quar.)
Gillette Safety Razor, pref. (quar.)
Glidden Co. (interim)
Preferred (quar.)
Goodrich (B.F.) Co., pref. (quar.)———-
$487,757,925
644,657,895
4,686,160
395,833
10,228,265
524,370
3,367,676
19,949,979
-
-
— —
—
General Refractories Co—------
—
Great Lakes Power, preferred A__
Group No. 1 OilCorp—
Hall (W. F.) Printing (quar.)
_
962,705,194
890,907 842
901,282,271 1,015,528,672
156,039,431
— _
Haloid CoHawaiian Agricultural (monthly)
Heileman (G.) Brewing (quar.)
Hewitt Rubber Corp
—
— — —
—-
—
—
------— —
---------
Hollinger Consol. Gold Mines (monthly)_—.
Home Fire & Marine Insurance (quar.)
—
——
Humble Oil & Refining—-——
— _ — — —-
Hydraulic Press Mfg., preferred (quar.)
Idaho Maryland Mines (monthly)
Indianapolis Water Co., 5% cum. pref. A (quar.)
Jaeger Machine Co
—
— _
—
-
718,236,000
638,613,840
805 379,000
253,934,903
813,247,000
437.797.272
771,193,000
927,829,929
57,283,659
34,505,724
53.684,796
32,321,992
47.026.380
32.779.381
1,990,437
333,474
1,696.781
1,255,496
135,453
41,177,436
42,279,508
2,340,870
186,618
Preferred
—
—
—
-—
—
(quar.)_
————
Kaufmann Dept. Stores, 5% pref. (quar.)
Keystone Steel & Wire Co
Kimberly-Clark (quar.)..
— _
—
2,413,668,328 2,038,114,528 2,233,523,253 2,800,536,033
155,932,154
147,371,387
353,229,187
203,851,804
coinTas
DIVIDENDS
Dividends are grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we show the dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
in our "General Corporation and Investment
News Department" in the week when declared.
are:
Johns-Manville Corp
7% preferred (quar.)
Joslyn Mfg. & Supply
Extra.
-—
-
Preferred (quar.)
_.
Kings County Lighting, 7% pref. B (quar.)-
—
6% preferred C (quar.)
5% preferred B (quar.)
Lake Shore Mines, Ltd
Lehn & Fink Products Corp
Liggett & Myers Tobacco, pref. (quar.)——
Lincoln Service Corp. (quar.)
—
_
partic. preferred (quar.)
prior preferred (quar.)
Lorfflard (P.) Co——
——
Preferred (quar.)6%
7%
cum.
— -
cum.
—
Louisiana Land & Exploration
Louisville Gas & Electric, class A (quar.)———
Class B (quar.)
——
Marsh & Son—
—
—
Massachusetts Investment 2nd Fund
Master Electric Co
,
—
------
McCrory Stores Corp.
Memphis Natural Gas
Mesta Machine Co
3
14
10
31
31
6
6
26
26
20
6
13
20
Sept. 14
Oct.
30
18
20
26
15 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
Sept.14 Aug.
25 Oct.
10
15 Sept, 14
Aug. 23
Oct.
Sept. 16
Sept. 30 Sept.16
Sept. 20
Sept. 27 Sept. 17
Sept. 16 Sept. 5
Sept. 26 Sept. 13
Oct.
1 Sept. 14
Oct.
Sept. 14
Sept. 16 Sept. 5
Sept. 16 Sept. 5
Sept. 16 Sept. 6
Sept. 16 Sept. 6
Oct.
Sept.10
Oct.
Sept. 14
Oct.
Sept. 14
Oct.
Sept. 21
Oct.
Nov.
1
Oct.
Sept. 12
Oct.
Sept.12
Sept. 30 Sept.18
Sept. 27 Sept. 3
Oct.
1 Sept.10
Sept. 30 Sept.10
Sept. 20 Sept. 5
Oct.
1 Sept. 14
Sept. 20 Sept. 10
Sept. 16 Sept. 5
Sept. 14 Aug. 30
Sept. 9 Aug. 26
Sept. 16 Sept. 5
Oct.
1 Aug. 31
Aug. 31 Aug. 20
Sept. 21 Sept. 10
Oct.
1 Sept.12
Sept. 10 Aug. 31
Sept. 24 Sept. 10
Oct.
1 Sept. 16
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Sept. 16 Aug. 31
Oct.
1 Sept.12
Oct.
Sept, 12
Oct.
Sept. 12
Oct.
Sept. 16
Oct.
Sept. 16
Oct.
Sept. 16
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Oct.
1 Sept. 10
Sept. 12 Aug. 31
Sept. 12 Aug. 31
Sept. 12 Aug. 31
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Sept. 14 Sept. 3
Sept. 25 Aug. 31
Sept. 25 Aug. 31
Oct.
1 Sept. 21
Sept. 20 Aug. 30
Sept. 20 Sept. 5
Sept. 30 Sept.18
Sept. 14 Aug. 30
Oct.
1 Sept. 16
Sept. 10 Aug. 30
Sept. 10 Aug. 30
Oct.
— —
—
16
16
13
3
Oct.
Oct.
Eastern Gas & Fuel Assoc., 4H % prior
Eddy Paper Corp.
20
4
2
1 Sept.
Sept. 12 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
Sept. 16 Sept. 5
Sept. 16 Sept. 5
Oct.
1 Sept. 14
Oct.
1 Sept.14
Oct.
1 Sept. 14
Sept. 16 Sept. 3
Sept. 16 Sept. 3
Sept. 14 Sept. 3
Sept. 16 Sept. 3
Oct. 21 Sept.30
Nov.
Oct. 14
Sept.
.
The dividends announced this week
Oct.
Oct.
1009
1
Sept. 20 Aug.
Sept. 20 Aug.
1 Sept.
Oct.
1 Sept.
Sept.14 Aug.
Sept. 16 Aug.
Duval Texas Sulphur Co
1007
*3376
1009
16
16
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Duquesne Light, 5% preferred (quar.)—
_
25
16
30
30
30
30
Sept. 20
du Pont (E.I.) de Nemours (interim)
Preferred (quar.)
156,039,431
name
Oct.
1158
156,039,431
189,214
$1
25c
$33 H
$1%
—
Preferred (quar.)
Clark Controller-
tig
18
Nov. 25 Nov. 15
50c
75c
—
Central Power & Light, 7% preferred
6 preferred
Colamba Sugar Estates (quar.)
California Ink Co. (quar.)_.
—
$1
50c
Oct.
Sept. 25
Sept. 10 Aug. 28
Oct.
1 Sept. 14
Sept. 30 Sept. 16
Sept. 30 Sept. 20
Oct.
1 Sept.16♦
Oct.
1 Sept. 3
Oct.
1 Sept. 3
Sept. 30 Aug. 31
Sept. 30 Sept. 6
Dec.
1 Nov. 25
Sept.16 Sept. 2
Oct. 15 Sept. 16
Sept. 23 Sept. 3
Sept. 12 Aug. 26
Sept. 30 Sept. 14
Sept. 30 Sept.14
Sept. 30 Sept. 16
Sept. 14 Sept. 13
Oct.
1 Sept. 4
Oct.
1 Sept. 16
Sept. 16 Aug. 31
Sept. 6 Aug. 26
Sept. 6 Aug. 26
Aug. 23 Aug. 22
Sept.
Sept.
lOd. Sept.
$1X
Sept.
25c
Sept.
-- —
50c
Sept.
1$ 1.16 2-3 Sept.
Sept.
——
Aug.
_
Common
Brewer (C.) & Co. (monthly)
Briggg & Stratton (quar.)_-_
British-American Tobacco Co., Ltd, (interim)—
Budd Wheel Co., 7% part, pref. (quar.) —
—
15c
%2X
Preferred (quar.)
Bangor & Aroostook Railroad, pref. (quar.)
Christiana Securities
9m
X
—
— — —
Oct.
Oct.
ilX\
m
25c
(quar.)—----.
Sept. 13
Sept. 9
Sept. 13
Sept. 13
Nov.
ty
$1H
75c
--—
Oct.
Oct.
Oct.
20c
$5 preferred
-------American Public Service Co., 7% pref. (quar.)—
American Radiator 8c Standard Sanitary Corp
Extra
37H<5
$3
I HoUlers
Payab*e of Record
1007
156,039,431
on
.
General Railway
Aug. 1 $647,356,064 silver bullion and $1,028,922 minor
indicated in statement "Stock of Money."
pany
„
Beech Creek Railroad (quar.)
Available cash balance- 2,257,736,174 1,890,743,141 2.029,671,449 2,447,306,846
*
_
983
545
694
Treasury
Deduct current liabilities.
Preferred (quar.)
American Cigarette 8c Cigar, pref.
American Hide & Leather, 6% pref. (quar.)
American Home Products Corp
American Power 8c Light. $6 preferred
Ashland Oil 8c Refining (quar.)--
tories account of sales of
Government securities.
Aluminum Co. of America——
840
Deposit in special deposi¬
Dep.in Fed. Res. banksDeposited in National and
_
Asbestos Corp., Ltd. (quar.)—-
Total cash in Treasury. 1,118,744,625 *1046947,273 1,057321,702 1,171,568,103
Less gold reserve fund
$5 preferred (quar.)
—
Alberta Wood Preserving Co., 7% pref. (quar.)
982
following compilation, made up from the daily Gov¬
statements, shows the money holdings of the
Treasury at the beginning of business on the first day of
June, July, and August, 1940; also on the first day of
August, 1939:
1,
.-
——...
American Telep. 8c Teleg. Co.
The
1940 July
(quar.)
(semi-annual)
Alabama Power Co., $7 pref. (quar.)_
$6 preferred (quar.)
—
Anaconda Copper Mining Co —-----—-_
Anheuser-Busch
ernment
1,
Aero Supply Mfg., class A
Alabama & Visksburg BR.
982
TREASURY MONEY HOLDINGS
Holdings in U. S. Treasury Aug.
Share
Name of Company
982
982
-Sept.30
—Sept. 16
Huntington Water Corp. 1st mtge. 6s. series A—-----Aug. 26
1st mtge. 5s, series B———
.—-—-Aug. 26
1st mtge. 5s, series O—
Aug. 26
Indianapolis Power & Light Co. 1st mtge. 33^8-.
-Sept. 16
Indianapolis Power 8c Light Co., 1st mtge. 334®--Sept. 16
Iowa Power & Light Co. 1st mtge. bonds----- -------Sept.
1
Iowa Southern utilities Co. 534% bonds, series 1925--—-Jan. 1 '41
534% bonds, series 1935
Nov. 2
Lebanon Valley Gas Co. 1st mtge. 5s—--—Sept. 1
♦
Lincoln Water Co. 1st mtge. 5 34s
—Oct.
1
♦
Liquid Carbonic Corp. 10-year debentures
—„ - -Oct.
10
Luzerne County Gas 8c Electric Corp. 1st mtge. bonds—-Sept. 1
Manila Electric Co. 1st mtge. 5s
--Aug. 23
Mengel Co. 1st mtge. 4Hs_.
--—-Sept. 1
Morris town & Erie BR. 1st mtge. 6s
--Sept, 3
Mortbon Con), of New York 5% bonds
—Sept. 1
------
When
Per
NOTICES
——
——
Michigan Steel Tube Products
Mission Dry Corp. (quar.)
Mississippi Valley Public Service Co.—
7% preferred A (quar.)
-—
6% preferred B (quar.)
——
—
—•
—
Sept.
Oct.
3 Aug. 19
1 Sept.
8
Volume
The Commercial &
161
Payable of Record
Share
Company
Sept. 30
Oct.
American Bank Note
Oct.
Oct.
Sept. 20
Sept. 14
Nov.
Oct.
15
American Box Board, preferred
American Business Shares
Nov.
Oct,
15
American
__
_____
Oct.
Sept.
____
Teleg
(quar.)
Niagara Alkali, pref. (quar.l.
Ohio Confection Co., class A (quar.)
6% preferred (quar.)
Preferred
—
Power (quar.)
Ottawa Light, Heat &
(quar.)
Paraffine Cos
(quar.).
(David) Grocery, class B
Sept. 3
Sept. 27
Sept. 27
.........
(quar.)
Philadelphia Co., $6 pref. (quar.)
$5 preferred (quar.)
Pioneer Gold Mines of British Columbia
Pittsburgh Brewing, pref
Plymouth Oil Co. (quar.)
Progress Laundry (quar.)
Extra
Oct.
Oct.
Oct.
Sept. 14
Sept. 30
Sept. 3
Sept.
—
Oct.
(quar.)
....
pref. (quar.) —
Prosperity Co., Inc., 5% pref.
Public Service Elec. & Gas, $5
-
Preferred
(quar.)
Rand's (Pittsburgh).
8% preferred (quar.)
—
.....
Raybestos-Manhattan
Reed-Prentice Corp., preferred
Oct.
A. (quar.)
Roxy Theatre, Inc., preferred (quar.)..—
Schiff Co. (quar.)
Preferred (quar.)—
Schenley Distillers Corp., pref. (quar.)
25c
37Hc
25c
—
Scranton Lace
*
Seeman Bros., Inc
(quar.)
Simmons-Boardman Publishing, pref
Smith (Howard) Paper Mill preferred (quar.)..
Shattuck (F. G.)
So not one Corp
Sonotone Corp.
preferred (quar.)
Southern Natural Gas Co
...—
—
Southwest Consolidated Corp
Southwestern Light & Power,
....
$6 pref. —
(guar.)
—.—
—
Staley (A. E.) Mfg. Co. $5 cum. pref. (quar.),.
Strawbridge & Clothier 7% preferred..
$6 preferred
Sunshine Mining Co. (quar.)
Sutherland Paper Co
...
....—
Tacony-Palmyra Bridge (quar.)
__
—
Extra
_
Class A
Class A
(quar.)
(extra)
—....
,—.......
5H % part, preference
(quar.).
25c
68He
„____
10c
Land Co
(quar.)
;
__
Elevator, preferred (quar.)...
Thatcher Mfg. Co.
,_
RR
— .—....
(s.-a.)
Union Premier Food Stores, Inc. (quar.)
Union Pacific
Preferred
Cum. conv.
25c
50c
10c
Talcott (James) Inc
Toronto
50c
HH
Preferred (quar.)
Texon Oil &
40c
30c
Utah Power & Light $6
preferred
______
$7 preferred
Veeder Root
.....
Sept. 14
Sept. 27
IIH
Oct.
$I»1
$2 A
12 H
(s.-a.)_.
Oct.
Sept. 16
Oct.
Oct.
25c
Sept. 15
Sept. 15
Sept.20
Aug. 31
Virginia Pulp & Paper Co
75c
Oct.
Youngstown Sheet & Tube.
Preferred (quar.)
Yellow Truck & Coach 7% preferred
25c
Oct.
40c
Viking Pump Co. (special)
Preferred (quar.)—....
...
50c
Wagner Electric
Welch Grape Juice
West
7% preferred
60c
a
...
Oct.
tS7
IIH
(quar.)
Oct.
Oct.
.....
Oct.
Dec, 31
(quar.)
Preferred
4-1-41
preferred (quar.)
Goods Co. 7% pref. (quar.)...
Sept. 10 Sept.
Dec.
(quar.)
American Steel Foundries
American Sugar Refining preferred (quar.)—
American Tobacco Co, com. & com. B (quar.)..
.
5
Anglo-Canadian Telephone Co. class A (quar.)__
Applied Arts
Apponaug Co. preferred (quar.)
Archer-Daniel-Midland Co
...»
Armour & Co. of Delaware, 7% pref. (quar.)...
Armstrong Cork Co. (interim)
Preferred (quar.)
—
Art Metal Works (quar.)
Artloom Corp., 7% preferred (quar.)
Associated Breweries of Canada (quar.)
Preferred (quar.)
Associated Dry Goods 1st pref. (quar.)..
2d preferred
Associates Investment (quar.)
Preferred (quar.)
Atlanta Gas Light Co., preferred (quar.)
Atlantic Refining Co. (quar.)
Atlas Corp., 6% pref. (quar.)___.
Atlas Powder Co
50c
f1^
Jig
25c
75c
75c
143 54 c
Automobile Finance Co., 7% preferredAutomotive Gear Works cum. conv. pref
Badger Paper Mills
t826t
...—
Works pref. (s.-a.)
Baltimore Radio Show, Inc. (quar.)
6% preferred (quar.)
Baldwin Locomotive
15c
IIH
IIH
6Hc
6Hc
Preferred (quar.)
Barber (W. H.) Co. (quar.)
Barlow & Seelig Mfg. class A
Barnsdall Oil Co
(quar.)
___
Buyuk Cigars, Inc. (quar
First preferred (quar.)
—__
__—
Beattie Gold Mines (interim)
„—
Beau Brummell Ties, Inc
Beaunit Mills, IIH preferred (quar.)
$1H preferred
——
Beecn-Nut Packing Co. (quar.)
Extra
Belden Mfg. Co
Bendix Aviation
Corp
Berghoff Brewing Corp. (quar.)
Berkshire Fine Spinning Associates—
$7 preferred,
$5 preferred
Bethlehem Steel Corp—
7% preferred (quar.)
________
Bigelow-Sanford Carpet
Preferred (quar.)
_______
Bird & Son, Inc., 5% preferred (quar.)
____
Birmingham Gas
Co^JSH prior pref. (quar.)_._
Works, 6% pref. (quar.)___
Birmingham Water
(interim)
Bloch Bros. Tobacco Co. 6% pref. (quar.)
Blue Ridge Corp., $3 preferred (quar.)____
Opt. div. l-32nd sh. of com. or cash
Blaw-Knox Co.
Brass
Publishers (quar.)
Borden Co. (interim)
Boss Mfg. CoBoston & Albany RR. Co
Bower Roller Bearing Co
Bohn Aluminum &
we
and not yet
give the dividends announced in previous
paid.
The list does not include dividends an¬
nounced this week, these
being given in the preceding table.
Per
Name
Abbotts Dairies, Inc.
Abbott Laboratories
Share
of Company
(quar.).
(quar.)
Oct.
Preferred (quar.)
Co. (quar.)
Aetna Ball Bearing Mfg
Acme Steel
Agnew-Surpass Shoe Stores
(s.-a.)
Bonus
(quar.)
Alabama Water Service Co.. $6 pref.
Allegheny Ludlum Steel pref. (quar.)
Allied Laboratories, Inc. (quar.)
Preference
Allied Products (quar.)...
Class A (quar.)_____
Preferred
(quar.)
Industries. Inc
(quar.)
__
5% pref. (quar.)
Alpha Portland Cement
Aluminum Goods Mfg. Co., cap.
Aluminium, Ltd
Aluminum
When
Holders
Payable of Record
Sept. 1 Aug. 15
Sept. 30 Sept. 12
Sept. 30 Sept. 12
Extra
Allied Stores Corp.
weeks
stk
__
—
1
Sept. 12 Aug. 20
Sept. 14 Sept. 3
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
1 Sept. 16
Sept. 1 Aug. 20
Sept. 3 Aug. 15
Oct.
1 Sept. 16
Oct.
1 Sept.
9
Oct.
1 Sept. 9
Oct.
1 Sept. 17
Sept.25 Sept. 2
1 Sept. 14*
5 Aug. 20
1 Aug. 15
Sept. 14 Aug. 31
Oct.
...
15 Oct.
-
Sept.
Sept.
75c
25c
$1H
IIH
IIH
$1H
A
IIH
87 He
IIH
12Hc
75c
Brooklyn Union Gas
Brown Oil, Ltd. (quar.)
Brown Shoe Co. (quar.)
Brunswick-Balke Collender Co
25c
50c
15c
50c
7Hc
IIH
60c
12
$1H
25c
IIH
50c
$1
IIH
$1
(quar.)
Buckeye Pipe Line Co__
---
Suiliyan Mining & Concentrating
Burma Corp. (final 3H annas)
Amer. dep. rec. (final 3H annas)
Burroughs Adding Machine Co
Butler Bros., preferred (quar.)
Butler Water
7% preferred (quar.)____
Calgary Edmonton Corp
California Art Tile Corp., $1 % conv. pref.
California-Western States Life Insurance (s.-a.)
Cambria Iron, semi-annual
.___
Canada Cement 6H% preferred
Canada Ma.ting Co. Ltd., reg. (quar.)
Bearer (quar.)
_____ —
Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable, class A (quar.)—
Class A (quar.)_
Bunker Hill &
50c
25c
$2
$2
Burial Casket Co. (quar.)
(C.) & Co. (monthly)
Brewing Corp. of America (quar.)
Bridgeport Gas Light Co. (quar.)
Bright (T. G.) & Co. (quar.)
_____
6% preferred (quar.)
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.) —
Brooklyn Telegraph & Messenger Co. (quar.)—
Preferred
10c
37Hc
t75c
$1
50c
Boyertown
Bullock's, Inc
25c
30c
15c
25c
3m
.
Brewer
Below
Aug. 27
Aug. 5
Aug.
2
Sept. 14
Oct.
Sept. 5
Sept.
Aug, 10
Sept.
Aug, 15
Sept.16 Aug. 31
Sept.
Aug, 15
Sept.
Aug. 21
Oct;
Sept. 10
Sept.
Aug.
5
Sept. 16 Sept. 3
Sept. 28 Sept, 18
Sept.
Aug. 15
Sept, 30 8ept. 14
Oct.
Sept. 14
Sept.
Aug.
9
Sept.
Aug.
9
Sept. 30 Sept. 14
Sept. 30 Sept.14
Oct.
Sept, 14
Sept.16 Aug. 21
Aug. 31 Aug. 20
Sept. 10 Aug. 30
Sept. 16 Aug. 31
Sept,
Aug. 20
Aug. 26 Aug. 15
Sept.
Aug. 17
Sept,
Aug. 15
Sept.
Aug. 15
Oct.
Sept. 10
Oct.
Sept. 10
Sept.
Aug.
9
Sept.
Aug.
9
Sept. 15 Aug. 31
Sept.
Aug. 16
Sept.
Aug. 15
Sept.15 Aug. 31
Oct. 15 Sept, 30
Sept. 20 Sept. 9
Sept,
Aug. 14
Sept.
Aug. 15
Sept.
Aug. 15
____.
Bonomo
16 Dec.
Sept.
Aug. 30
Aug. 31
Sept.30
American Rolling Mil] 4H% pref—
American Smelting & Refining
3
3
Sept. 11
Sept. 4
Sept. 17
Sept. 3
Sept.
3
Aug. 31
Sept.
9
Sept.
9
Sept.
1
Septl
1
Sept. 3
Aug. 17
Sept. 10
Sept. 14
Sept. 14
Sept. 12
Sept. 12
Oct.
10c
25c
7% preferred (quar.)
American Radiator & Standard Sanitary—
Sept.
25c
25c
20c
5% cumulative
Sept.
Oct.
$1.20
25c
(quar.)
American Paper
Sept. 20 Sept. 10
Oct.
1 Sept. 14
Sept. 30 Aug. 31
Sept. 16 Aug. 31
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Nov.
Sept. 18
Oct.
Sept. 16
Oct.
Sept.16
Sept. 30 Sept. 10*
Oct.
~ Sept. 14
Sept.
Aug. 22
Oct.
62 He
50c
20c
Inc
5% cumulative preferred
12
3
24
31
31
Oct.
1 Sept. 25
Sept. 30 Sept. 10
Sept. 16 Aug. 31
Sept. 20 Sept. 3
Sept. 14 Sept. 3
Oct. 15 Sept. 30
Sept. 15 Sept. 10
Oct.
1 Sept. 10
Sept. 30 Sept. 13
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 20
$2
1.18 H
75c
...........
5% cumulative preferred
1 Sept. 12
IIH
(quar.)
Vicksburg Shreveport & Pacific
Preferred (semi-annual)...
65Hc
IIH
10c
40c
(initial, quar.)__
Co. (quar.)
American News Co, (bi-monthly)
American Oaa & Leather Co
1 Sept.
Sept. 16 Sept.
Aug. 30 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
35Hc
preferred (quar.)
United Pacific Insurance
25c
»1H
12 He
...........
Preferred (quar.)
American Meter Co.,
Oct.
...
$1
Extra
Aug. 30 Aug. 21
Sept. 16 Aug. 31
Reliance Grain preferred
17yfo
4*
—
American Metal Co
Sept. 16 Sept. 3
Sept. 16 Sept. 3
Sept. 16 Aug. 30
_
Republic Steel, 6% prior pref.
6% preferred
Robertson (H. H.) Co
;
American Laundry Machinery
~
.........—..
Quaker Oats Co. (quar.)
(quar.)
5c
American Investment Co. (111.)
3
Sept. 30 Sept. 3
Sept. 30 Aug. 30
Oct.
15 Sept. 13
Sept. 16 Aug. 30*
Sept. 25 Sept. 3
1
Nov. 30 Nov.
7% preferred (quar.)
75c
$1H
Extra
3
Aug. 20
Sept. 17
Sept. 17
Sept. 10
Sept. 3
Sept. 3
Aug. 31
Aug. 31
Sept. 9
Aug. 20
Aug. 20
15 Oct.
25c
--
—...
(quar.)
American Insurance Co. (Newark) s-a.)
Sept. 30 Sept.
Public Service of N. J
6% preferred (monthly)
Pyrene Mfg. Co..
1
Oct.
Pet Milk Co.
(St.L.) (qu.)
preferred (quar.)
Sept. 30 Sept. 15
15
Sept.
1 Aug. 19
Sept. 15 Aug. 31
Oct.
1 Sept. 11
Oct.
1 Sept. 17
Sept. 1 Aug. 19
Aug. 31 Aug. 15
Sept. 1 Aug. 15
Sept.15 Sept. 4
Sept. 15 Sept. 4
Sept. 16 Sept. 3
Sept. 1 Aug. 25
Sept. 10 Aug. 31
Sept. 3 Aug. 24
Sept.16 Aug. 20
Oct.
Sept. 6
Sept.
Aug. 15
Sept.
Aug, 15
Sept.
Aug. 15
Sept.
Aug. 14*
Oct.
Aug. 26
Oct.
Sept. 3
Oct.
Sept. 3
Sept.
Aug. 15
Sept.
Aug. 20
Sept.
Aug. 20
Aug. 22
Sept.
Sept.
Aug. 22
Sept.14 Aug. 29
Sept, 14 Sept. 4
Aug. 26 Aug. 18
Dec. 31 Dec,
25c
—
American Indemnity Co
Sept. 14 Sept.
Peoples Gas & Fuel
Personal Loan & Savings Bank (quar.)—.—....
Sept.16
3 Aug. 28
Sept.
Penic*t & Ford, Ltd______
Extra
Sept. 10
Aug. 31
Aug. 31
Sept.13
Sept. 27 Sept.10
1
Oct.
15 Oct.
__
Preferred
Pender
4
Sept. 14 Sept. 4
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Sept. 16 Aug. 31
Sept. 16 Aug. 31
Sept. 30 Sept, 13
Oct.
1 Sept. 13
Oct.
1 Aug. 26
Oct.
1 Aug. 26
5% prior preference (quar.)
6% preferred (guar.)
Oklahoma Gas & Electric 7 % preferred (quar.)__
...
Capital Corp. prior preferred (quar.)__
American Chain & Cable
_—,
Preferred (quar.)
,
...
American Chi<*le Co. (quar.)
American Envelope Co., 7% pref. A (quar.)___.
American Factors Ltd. (mo.)..,,...,..,..,.,
American Forging & Socket
American Gas & Electric Co. (quar.)
4 54% cum. preferred (quar.)__
—
American General Corp. $3 conv. pref. (quar.)..
$2 H conv. preferred (quar.)
$2 conv. preferred (quar.)
........
American Home Products (monthly)
Oct.
Ohio Finance Co..
Omnibus Corp. (quar.)
Preferred (quar.)
Preferred
Sept. 4
Aug. 21
Aug. 30
Sept.
Sept. 20
Sept. 28
Sept. 16
Sept. 16
Sept. 26
Oct.
1
—
American Automobile Insurance
28
Oct.
National Radiator Co
Extra
New York City Omnibus
1
Oct.
Dec. 31
IIS
American Arch Co
Nov.
(quar.)
_
Motor Products Corp
Muskegon Piston Ring..
National Battery Co
Preferred (quar.)
_
National City Lines
$3 preferred (quar.)
Class A (quar.)
National Dairy Products (quar.)
Preferred A and B (quar.)
National Oats Co. (quar.)
Sept. 30
50c
Quarterly.
7% preferred (quar.)..
7% preferred (quar.)
Aug. 31
Aug. 31
Sept.16
Sept. 12
Sept. 16
Sept. 16
Preferred
50c
Aluminum Mfg.. Inc. (quar.).
1 Sept. 14
Sept. 16 Aug. 28
Oct.
Mississippi River Power 6% pref. (quar.)__
Monsanto Chemical Co. (quar.)
Montreal Cottons, Ltd. (quar.)
New England Tele p. &
Newmont Mining Corp
Holders
When
Per
Name of
1091
Financial Chronicle
50c
25c
Oct.
Sept. 10
Oct.
Sept. 10
Sept.
Aug. 17
Sept. 3 Aug. 10
Sept.16 Sept. 6
Sept.
Sept.
Sept.
Aug. 26
Aug, 26
Aug.
9
Oct.
Sept. 6
Sept.
Aug. 15
Sept.
Aug, 15
Sept.
Aug, 20
Sept.
Aug. 20
Sept.16 Sept. 3
Aug. 31 Aug. 10
Sept.30 Sept. 25
Sept. 3 Aug. 14
Oct.
Sept. 13
Oct.
June
25
Sept.
Aug. 26
Sept. 30
Sept. 20
Sept. 3
Aug. 15
Aug. 13
Aug. 31
Sept, 6
Aug. 22
Aug. 25 Aug. 20
Sept.15 Sept. 1
Sept.30 Sept. 13
Sept. 14 Aug. 31
Sept.14 Aug. 31
Sept. 3 Aug. 16
Aug. 31 Aug.
9
Sept. 3 Aug. 21
Sept. 3 Aug.
1
Aug. 28 Aug.
3
Aug. 20
Sept.
Sept.16 Sept. 5
Oct.
Sept. 20
Sept.14 Aug. 23
Aug. 31 Aug. 12
Aug. 15
Sept.
Sept.30 Aug. 22
Oct.
Aug. 22
Sept.
July 27
Aug.
7
Sept.
Sept.16 Sept. 3
Sept.30 Aug. 31
Sept.
Aug. 16
Sept.15 Aug. 31
Oct.
Sept. 14
Sept. 20 Aug. 3)
Sept.14 Aug. 31
Sept.14
Sept.
Aug. 20
Sept.15 Aug. 31
Dec.
15 Nov. 30
The Commercial & Financial Chronicle
1092
Per
Share
Name of Company
Canadian Industries, Ltd. A & B (quar.)—
Preferred
tflH
—
(quar.),.
W2*c
Canadian Malartlc Gold Mines.--.
Canadian Oil Cos.. 8% pref. (quar.).----
i$2
Canadian Pacific RR., Dreferred (interim).
Canadian Tube & Steel Products. 7% P
%
Canadian West. Natural Gas, Lt., Ht. cc Pow.
^
6% preferred (quar.)
Canfleld Oil
$1H
6% preferred (quar.)..--Carman A Co., Inc .class A (quar.).
-Carolina Tdep & Teles: Co (quar.).
Carter lWra.1 Co., oreferred (quar.)
Case (I. I.) Co.. preferred (quar.)
Caterpillar Tractor (quar.).
Central Arkansas Public Service Corp.—
50c
—
-
7% preferred (quar.).
_
-
SI
>1
$15&
-----
-
—
—------
% Pr(*- (QUar»)—
Central Illinois Public Service $6 pref
6% preferred
r
Central Maine Power 7% preferred (quar.)
6% preferred (quar.)
$6 preferred (quar.)
Central Ohio Linrht & Power $6 pref. (quar.)
—
--
SiX
SI J*
$1H
SiX
SIX
SIX
SIX
25c
Champion Paper & Fibre.--Preferred (quar.)
Chartered Investors 15 preferred (quar.)
Chesebrough Mfg. Co. Consol. (quar.)---
—
1 Sept.
2
Sept. 16 Sept.
9
Sept. 3 Aug. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Aug. 31 Aug 15
Oct.
1 8ept. 24
Sept.16 Sept. 10
Oct.
1 Sept. 12
Aug. 31 Aug. 15
Sept. 3 Aug.
Sept. 16 Sept.
1 Sept.
Sept. 16 [Aug.
Sept. 16 Aug.
Oct.
1 Sept.
Oct.
15
6
20
20
20
lO
1 Sept.10
1 Sept. 10
Oct.
Sept.
1
Sept. 3
Sept. 2
Sept. 16
Aug. 17
Aug
15
)ug 20
Aug. 31
S\X
1
Oct.
1 Sept- 14
SIX
$1
50c
—
Sept.
3 Aug
75c
Chestnut Hill Railroad Co. (quar.)
Chicago Corn *3 ^referred...
Chicago Flexible Shaft (quar.)
Extra
Chicago Yellow Cab—
Chile Conner Co.
31 Sept. 30
15 Sept. 30
Sept. 26 Sept. 5
Oct.
1 Sept. 20
Oct.
Oct.
25c
Central Ohio Steel Products--.-Century Ribbon MIPs. 7% pref. (quar.)
Extra
Oct.
t50c
SIX
25c
-—---—
25c
—
5Hc
SIX
Chrysler Corn
1
Sept. 23 Aug. 30
Sept. 23 Aug. 30
Sept. 14 Aug. 20
Sept.
1 Aug. 15
Sept. 30 Sept. 20
Sept. 30 Sept.20
Sept.
3 Aug 23
Aug. 27 Aug.
9
Sept.12 Aug. 12
Cincinnati New Orleans & Texas Pacific,
CIn^nnaP^Pnhm terminal" 5%
pref
SIX
Six
(quar.)
30c
Preferred (quar.)
six
SiX
City of New Castle Water Co.. 6% pref. (qu.)-Equipment Co.--.----------Preferred (quar.)
Clark
—
(interim)
—
Preferred (quar )
Olearv Hill Mining Co. (quar.)-Cleveland A Pittsburgh RR. gtd. (qu.)
Special guaranteed (quar.
7% gtd
(quar.)
4% guaranteed (quar ),„,
x
Coast Counties Gas & Elec., 6% 1st pref. (quar.)
—
—
...
Coca-Cola Co..,
Coca-Cola International
Colgate Paimoiive Peet,
-
-
—
z
(quar.)
*
Sept.
Colonial Finance, preferred (quar.)..
Coifs Patent Fire Arms Mf« (quar.)
Six
Oct.
$5.70
Oct.
1.P6H
Si%
5nc
Columbia Brewing Co. (quar.)
30c
Columbia Broadcasting A & B--------------Columbian Carbon Co. (quar.)
Commercial Alcohols, pref. (quar.)__
Commoll. Ltd. (quar.).
r - - - *
Commonwealth TTtils Corp. 6% pref. B (quar.).
—
-
-
-
,
(quar
Common
$1
10c
lc
SiX
25c
.--
2.5c
50c
—
Oompanla 8wift Internadonal (quar.).Consoleum-N'drn (quar.)
Conlaunim Mines
45c
six
SIX
6 Mi % Preferred C (quar )
Community Power A Light
25c
-------------------
4c
75c
Connecticut Light & Power (quar.)
Preferred (quar.)
Connecticut Power Co. (nuar.)
Connecticut River Power Co. 7% oref
Consolidated Cigar Corp 7%
—
SiX
-—
62 He
II X
(quar.)
preferred (quar.).
Consolidated F.dlson (N. Y.) (quar
Consolidated Film Industries, preferred
50c
25c
25c
Paner Co
.
Consolidated Retail Storos
pref (quar.)
Continental Can Co^p^ef. (quar.)
Continental Casualty (Chicago), (quar.)
$2
30c
—
Continental Oil
Continental Steel Corp—
—
—
-
25c
25c
—
Preferred (quar.)
Cook Paint & Varnish Co. (quar.)
$1 X
15c
Preferred (quar.)
Conner weld Steel Co
5% cum conv nreferred (quar.)...Courtaulds Ltd. Am dep. rec. (interim)------Crane Co.. preferred, (quar.)....
—
—
-
-
-
-
-
$1
20c
62Hc
-
Creameries of America, Tnc
$3 H conv, pf. (qu.)
Crown Cork A Seal Co., Inc.—
87 He
$2H cumulative preferred (quar.)-—--——
Crown Zellerbach Corp
S5 pref. (quar.)
Crura A Forster pref. (quar.)
56 He
25c
.
—
...
Crum A Forster Insurance Share A & B
Preferred (quar.)
Cuneo Press. Tnc., preferred (quar.)----Curtis Publishing Co., $7 preferred
SIX
$2
30c
SI H
SiX
75c
Curtiss-Wrlvht Corp., class A
Cushman's Sons, Tnc. 7% preferred....Davton Power A Ll<?ht, 4H% preferred
(quar.).
3 Aug.
3
Sept. 3
Sept. 3
Sept.16
Sept.
87 Xr
50c
SI X
Preferred (quar.)
Consolidated
5c
2.5c
Collins & Alkman Corp
6H% preferred C
75c
SIX
t25c
tSIX
Sept. 3 Aug. 15
1 Sept 18
Sept. 30 Sept.14
8ept. 2 Aug. 24
12
Sept. 3 Aug
Sept. 16 Aug. 29
Sept. 16 Aug. 29
Sept. 15 Aug 31
Sept. 15 Aug. 31
Sept.
1. Aug. 20
Oct.
75c
—
pref.
50c
SIN
S1H
Aug
10
Aug. 16
1 Sept.12
1 Sept. 12
Sept. 30 Sent
Sept. 3
Sept. 3
Sept. 3
Sept.30
Sept. 1
Sept. 6
Sept. 10
Oct. 15
10
Aug. 20
Aug. 20
Aug. 19
Sept
Aug.
Aug.
Aug.
Sept.
Aug. 29 Aug.
Oct.
Dec.
10
Aug 10
Aug. 10
1 Sept
2 Nov
12
15
23
23
3
15
14
15
2 Aug. 15
26 Aug. 15
Dec.
2 Nov. 15
Sept.
1 Aug. 15
Sept. 16 Aug. 30
Sept. 25 Sent 14
Oct.
1 Sept. 14
Sept.
1 Aug. 15
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 2 Aug. 15
9
Sept. 16 Aug.
Oct.
1 Sept.13
Sept.
1 Aug. 21
Oct.
1 Sept 14
Oct.
1 Sept.10
Sept. 3 Aug. 15
Sept. 30 Sept. 3
Oct.
1 Sept.13
Oct.
1 Sept. 13
Sept.
1 Aug. 19
Sept.
1 Aug. 19
Sept. 10 Sept. 1
Sept. 10 Sept. 1
Sept. 4 Aug.
2
Sept. 14 Aug. 31
Aug. 31 Aug. 10
Sept.
Aug
Sept. 16 Aug. 30*
Oct.
1 Sept. 13
Sept. 1 Aug 13
Sept. 30 Sept. 19
Aug. 31 Aug. 16
Aug. 31 Aug. 16
Sept. 16 Aug. 31
Oct.
1 Aug. 30
Sept. 30 Sept.14
Sept. 3 Aug. 16
Sept. 2 Aug. 20
Deoenture A Securities Corp. (Canada)—
Preferred (semi-annual)
1-2-41 Dec.
23
Decca Records, Tnc.
Deere & Co.. preferred (quar.)
Delaware Fund, Tnc
35c
15c
Dentist's Supply Co. (N. Y.) (quar.)
75c
Aug 28 Aug. 14
Sept. 3 Aug. 15
Sept. 14 Aug. 31
Sept. 3 Aug. 20
75c
Dec.
2 Nov. 26
Sept.
Sept.
1 Aug. 20
2 Aug. 15
15c
Quarterly__
—-
Denver Union
Stockyards 5H% pref.
(quar.) —
Detroit OaRket A Mfg., preferred (quar.)-Detroit-Hlllsdale A Southwestern (s.-a.)
Devonian Oil Co
Dexter Co
— -
Preferred
Preferred (seral-ann.)
Dictaphone Corp.
Preferred (quar.)
Disney (Walt) Productions, Inc..
6% cum. conv. preferred (quar.)
Dixie-Vortex Co. class A (quar.)-Doctor Pepper Co. (quar.)
Quarterly
Dome Mines, Ltd
Dominguez Oil Fields (monthly)
Dec.
20
Sept.14 Aug. 31
Sept. 2 Aug. 10
Sept. 3 Aug. 12
Dec.
2 Nov, 12
Sept.
25c
20c
75c
6% preferred
Eagle richer Lead
Sept.
Sept.
SiX
SiX
SIX
SIX
7% preferred (quar.)
6% preferred (quar.)
Eaton Mfg. Co.-
*75c
—
Edison Bros. Stores, Inc. (quar.)
2.5c
62 Xc
—
Elgin National Watch
25c
25c
Electrographic Corp. (quar.)—
Preferred (quar.)
Elizabeth & Trenton RR (s.-a.)-..
SIX
Preferred
fsemi-annual)..
El Paso Electric, nreferred A (quar.)
Preferred B (quar.)
*ix
Six
SiX
SiX
-
$6 preferred (quar.)
Ely A Walker Dry Goods
Empire A Bav State Telegraph guar, (quar.)—Emoire Canital Corp. A (quar.)
Empire Power Corp., $6 cum pref. (quar.)
Participating stock
Emporium Ganwell 7% pref (s.-a.)
4X% preferred (quar.)
25c
SI
10c
six
50c
—
preferred (quar )
Engineers Public Service $6 pref. (quar.)
SiX
SiX
■■■;
3-141
3 Aug. 12
25c
25c
2-10-41
Farmers A Traders Life Insurance (quar.)
3 Aug. 15
3 Aug.
3 Aug
Aug
Oct.
Sept
30c
25c
tt50c
—
$3
50c
S1H
Sept. 3 Aug. 15
Aug. 24 July 31
Oct.
Sept. 20
Sept.
1 Aug. 20
Oct.
1 Sent. 30
Sept. 10 Aug. 20
Oct.
1 Sept. 20
Dec
10
15
31 Aug. 17
.Sept. 16
30 Sept. 16
18 Dec
14
Federal Light & Traction Co..
$1 H
pref. (quar.)
50c
Smelting Co
Ferro Enamel Corp
Fireman'8 Fund Indemnity (quar.)
Firestone Tire A Rubber, preferred (quar.)
25c
5fc
—
SiX
Fishman (M. H.) Co. (quar.)
Fitz Simons A Connell
Sept. 16 Aug. 31
Dec. 16 Nov. 30
Mar. 15 Feb. 28
Oct.
11 Sept. 10
15c
2 Dec.
l,8ept.
Sept. 1 Aug.
Sept. 3 Aug.
Sept. 20 Sept.
Sept. 25 Sept.
Sept. 16 Sept.
Jan.
Oct.
Sent.
ljAug. 22
3|Aug. 20
SiX
$2H
Sept.
Sept.
Sept
25c
Sent.
50c
Sept.
87 He
Sulphur (quar.)
Extra
Fruehauf Trailer Co
35c
SI H
5% preferred (quar.)
SI X
20c
(quar.)
SI H
SI.37
25c
68 He
5% preferred (quar.)
5H% preferred (quar.)
Gaylord Container Corp
Preferred (quar.)
General American Corp. (quar.)
General Cigar Co
75c
25c
-
7% pref (quar.)
General Instrument Corp. (quar.)
SIX
-—
15c
—
15c
Quarterly.
General Motors Corp
Preferred (quar.)
General Outdoor Advertising class A (quar.)
Preferred (quar.)
SI
SI H
-
-
Nov.
1 Oct.
7
6
75c
50c
25c
40c
SIX
$9
SiX
50c
25c
I—
SI H
50c
25c
$3
15c
—
SI
SIX
SIX
15c
50c
tsix
preferred
75c
Greene Cananea Copper Co
Griggs, Cooper & Co., 7% pref. (quar.)—
Gulf State Utilities $6 preferred (quar.)
S5X Preferred (quar.)
Si X
SiX
SIX
43 Xc
Hackensack Water pref. A (quar.)
Hale Bros
Stores. Inc. (quar.)
Hall (C. M.) Lamp Co.Hallnor Mines
25 c
20c
15c
Hamilton United Theatres, 7% preferred
Hamilton Watch Co
tsix
25c
Preferred
SIX
(quar.)
Hancock Oil of Calif., A and B (quar.)
50c
25c
$1H
(quar.)
2c
2c
2.5c
1H%
SIX
SiX
(quar )
Hart-Carter
50c
25c
50c
Co. $2 conv. pref. (quar.)
Haverty Furniture Co., Inc. (quar.)
Pineapple Co. (extra)
Hazel-Atlas Glass Co
—
|Aug. 20
Aug. 31 |Aug. 20
Oct.
1 Sept. 20
Sept. 30jAug. 31
Oct.
Aug. 31
Oct.
Aug 31
8ept. 16 Aug. 30
Sept. 16 Aug. 30
Sept. 3 Aug. 15
Sept. 15 Aug. 22
Sept. 1 Aug. 16
Oct.
1 Sept. lo
Jan.
l'Dec. 15
Sept. 12 Aug. 15
6
25c
Great Atlantic & Pacific Tea Co
Preferred (quar.)
Great Lakes Terminal Warehouse Co
Hazeltine Corp. (quar.)
Heel a Mining Co
Aug. 31
Nov. 15,Nov.
12c
Granby Consol Mining. Smelting & Power Co—
Grand Union, arrears certificates
Harris A Co., nreferred
3 Aug
20
3iAug. 16
3 Aug. 16
Nov. 15 Nov.
S1H
Glens Falls Insurance (N. Y.) (quar.)
Globe-Democrat, Publishing Co.
Great Northern Paper Co
Green Mountain Power, $6
3|Aug. 15
Sept.
1 Aug. 19
com.
—
Grace National Bank (s.-a.)
..
3!Aug. 15
SI
-
7% nreferred (quar.)
Globe Grain A Milling Giquidating)
Gold & Stock Telegraph Co. (quar.)
Golden Cycle
Goodyear Tire & Rubber
Preferred (quar.)
Gorham Mfg. Co
Gossard (H.W.)Co
.
3,Aug. 20
S1H
$3 preferred (quar.)
Gibraltar Fire & Marine Insurance (s.-a.)
Extra
5
Sept.
l'Aug. 15
Aug. 31 Aug. 15
Sept.
Sept.
15c
Wayne & Jackson RR.. 5H%pref. (s.-a.).
General Shareholdings Corp.—
$6 cum. conv. Dref. (out stk. div. series)
Ont. cash or 44-l.oooths of one sh. of
General Tin Investments, Amer. ctfs
General Water Gas A Electric Co
3
10
25c
7% nreferred (quar.)
Fuller Brush Co.. 7% preferred
Gatineau Power (quar.)
11
12
21
19*
17Hc
Dredge A Dock
Fitzsimmons Stores 7% preferred (quar.)
5% cum. partic. preferred A&B (quar.)
Florida Power Corn nref. A (quar.)
Hawaiian
tSiX
Dec
15
1 2-41
3-15-41
4-1-41
Aug 31 Aug. 15
Sept.
25c
5 c
Preferred (quar.)
-—-———
Harrlsburg Gas Co. 7% pref. (quar.)
21 Sept.30
Aug. 31 Aug. 16
Sept.10 Aug. 31
Oct,.
1 Sept. 15
Sept.
$2H
S2X
/_»
Quarterly
Faultless Rubber Co. (quar.)
Federal Comnress A Warehouse
1 Sept. 10
Oct.
21
1 Sept. 13
1, Sept. 13
5c
Oct.
50c
25c
Oct.
21
1 Sept. 13
Sent.
5c
-J
62 He
30c
16
Oct.
Oct.
5c
(quar.)
Quarterly
Quarterly
Common
2 Nov
21 Sept
1 Sept
2-41 Dec
3c
Harbison-Walker Refractories Co
3 Aug. 17
Sept
$1 X
SiX
Corp., preferred (quar.).
1 Sept. 16
Dec/
3 Aug. 23
3 Aug. 21
Aug. 31 Aug. 15
Sept. 15 Aug. 31
Sept. 10 Aug. 31
15c
Falstaff Brewing Go. (quar.)
lYeferred (semi-annual)
Oct.
Septi
15 Sept. 30
Sept.
Sept.
50c
Class A and B (extra)
Hanna (M. A.) Co. $5cum. pref.
Banners Oil Co., common
30c
Sept. 20
50c
37Hc
—
.
15 Sept. 30
25c
3 Aug. 16
3 Aug. 16
$2
80c
25c
---._
Faber, Coe A Gregg (quar.)
Fairbanks. Morse & Co. (quar.)
Fa jar do Sugar of Porto Rico
Freenort
15 8ept.30
1-
lHc
Farallone Packing Co.
1 Sept. 20
Oct.
Oct.
Oct.
Oct.
$1 H
-
Fansteel Metallurgical
Preferred (quar )
Oct.
Oct.
56 He
4 X%
$5H nreferred (quar.)_«
$5 preferred (quar.)
Erie A Pittsburgh RR. (quar.)
Eversharp Inc.. new 5^ pref (quar.)
New 5% preferred (quar.)-New 5% preferred (quar.)
Sept
2 [Aug. 12
Sept. 3 Aug. 12
Sept.16 Sept.* 3
Oct.
1 Sept.
5
Oct.
1 Sept. 5
[Aug. 24 Aug. 5
Sept. 14 [Aug. 31
Sept. 14|Aug. 31
Sept. 21,8ept. 7
Aug. 31 .Aug. 22
Aug. 31 |Aug. 22
$3 H
56 Xc
-
I Holders
1 Aug. 20
1 Aug. 20
1 Aug. 20
1 Sept. 15
1 Sept. 15
1 Aug. 10
1 Aug. 10
Oct.
Eastern Massachusetts St. Ry., 1st pref
Eastman Kodak Co. (quar.).
Preferred (quar.)
Fort
When
Payable of Record
Oct.
Preferred (quar.)
East 8hore Public Service Co. $6 pref. (quar.)_.
$6 H preferred (quar.)
East St. Louis A Interburban Water Co.—
Federal M intra* &
1940
24,
Sept.
Sept.
Sept.
(quar.j.
7% preferred (quar
Sept.
Sept.
50c
Dominion A Anglo Investment Corp., Ltd.—
5% preferred (quar.)
Dominion Bridge Co., Ltd. (quar.)
Dominion Foundry A Steel (quar.)
Dominion-Scottish Investment, 5% pref
Dover & Rockaway RR Co.
(s.-a.)
Dun A Rradstreet, Inc. (quar.)
Jan.i'4J
75c
(seral-ann.)
$2
50c
•
$6 preferred (quar.)
SiX
30c
25c
Diamond Match Co. (quar.)
Quarterly
Durez Plastics A Chemicals.
Extension Oil Ltd
City Tee A Fuel Co
Class B
Per
Share
Name of Company
5% cumulative preferred (quar.)
Central Cold Storage Co. (q
Central Illinois Lteht Co., 4 X
-
Holders
When
Payable Of Record
Oct.
Aug.
S1H
75c
—
15c
—-——
15c
Hein-Werner Motor Parts Corp. (quar.)
Henkel Olauss. pref (quar.)
Heyden Chemical Corp
Hires (Chas. E.) Co_—_—r-.»—u.-.w',..
SI X
75c
..
30c
Aug. 30 Aug. 15
1 Sept. 12
Oct.
1 Sept. 12
Oct.
Sept. 3 Aug. 15
•Sept. 3 Aug. 15
1 Sept. 14
Oct.
Sept. 1 Aug. 20
Aug. 29 Aug. 24
1 Sept 30
Oct.
Sept. 10 Aug. 31
Sept. 16 Aug. 15
Sept. 16 Aug. 15
Sept. 16 Sept. 3
Sept. 3 Aug. 15
Sept. 1 Aug. 28
Sept. 3 Aug. 16
Sept. 7
Sept. 1 Aug. 16
Sept. 1 Aug. 16
Aug. 30 Aug. 20
Sept. 3 Aug. 20
Sept. 3 Aug. 24
Sept. 16 Sept. 6
Oct.
1 Oct.
Sept. 16 Aug.
Sept. 16 Aug.
Sept. 30 Sept.
Sept. 3 Aug.
1
30
30
16
15
Sept. 10 Sept. 3
Sept. 4 Aug. 15
Sept. 30 Aug. 31
Sept. 16 Aug. 30
16
1 Aug. 16
1 Aug. 16
1 Aug. 15
Sept. 3° Aug.
Sept.
Sept.
Sept.
Sept. 15
Dec.
15
Aug. 31 Aug. 15
Oct.
19 Oct.
Oct.
15 Sept. 30
1 Oct. 25
Nov.
5
Sept. 1 Aug. 15
Aug. 24 Aug. 15
Aug. 30 Aug. 20
Oct.
1 Sept. 13*
Sept. 16 Sept. 3
Sept. 15'Aug. 15
Sept. 16 Sept. 6
Oct.
1 Sept. 20
Sept.
Sept.
3 Aug. 20
3 Aug.
15
Volume
Share
Company
Sept. 3 Aug.
Aug. 26 Aug.
Aug. 31 July
Aug. 31 Aug.
Horder's, Inc. (quar.)
preferred (quar.)
6% preferred (quar.)
Horn & Hardart (N.Y.)
Huntington Water Co., 7% preferred (quar.)
6% preferred (quar.)
Imperial Tobacco Co., Ltd. (G. B.) (interim)__
1 Oct.
Nov.
Horn (A. C. )7%
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug
Aug.
Aug.
Sept.
Sept.
Inland Steel Co
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
International Business Machines (quar.)
International Harvester Co. (quar.)
Oct.
Ingersoll Rand Co
Oct.
15
Sept. 3
Sept. 20
Sept. 30
Corp
International Nickel Co. (Can.)
Oct.
Sept. 20
Sept. 20
Jan.
5 V4% cumulative preferred
20
18
15
19
19
19
14
12
12
2
5
16
23
20
5
31
Motor Finance Corp. (quar.)
Preferred (quar.)
Motor
Wheel
31
2 Nov.
Oct.
1 Sept. 20
9
National Lead
Preferred A (quar.)
Preferred B (quar.)
Nov.
Special
Klein (D. EmM)
Nov.
Oct.
Kobacker Stores, preferred (quar.)
Knudsen Creamery Co. (Calif.), pref. (quar.)_.i
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
7% preferred (quar.)
Kresge (S. S.) Co
Lake of the Woods Mill, 7% preferred (quar.).
Lake Superior District Power, 7% pref. (quar.)
6% preferred (quar.)
Landis Machine preferred (quar.)
Preferred (quar.)
Lane-Wells Co. (quar.)
Sept.
Aug.
Sept.
Oct.
SI34
$1%
30c
Extra
n
1
Dec.
Sept. 15 Aug. 30
Sept. 15 Aug. 30
Aug. 31 Aug. 21
Oct.
1 Sept.14
Oct.
1 Sept. 14
Sept.
1 Aug.15
Sept. 15 Aug. 24
Sept. 3 Aug. 12
Sept. 16 Aug. 30
1
Sept. 3 Aug.
1
Sept. 3 Aug.
Sept. 2 Aug. 16
Sept. 16 Sept. 3
60c
6234c
Lehigh Portland Cement Co., 4% pref. (quar.).
Le Tourneau (R. G.), Inc. (quar.)
Leslie Salt Co. (quar.)
Lexington Water Co., 7% preferred (quar.)
Libbey-O wens- Ford Glass
Life Savers Corp. (quar.)
Special
Liggett & Myers Tobacco com. & com. B (qu.)_Lify-Tulip Cup (quar.)..
Lincoin National Life Insurance Co. (quar.)
Lincoln Stores, Inc. (quar.)..
Preferred (quar.)
Link-Belt Co. (quar.)
Preferred (quar.)
Corp. (quar.)
Liquid Carbonic Corp. (quar.)
Lit Bros., preferred
Loblaw Groceterias A and B (quar.)
Little Miami RR. Co., original capital (quar.)_.
Originai capital (quar.)
Special guaranteed (quar.).
■•).
Special guaranteed (quar
Lock-Joint Pipe Co. (monthly)
Monthly
Preferred (quar.)
Loose-Wiles Biscuit Co., preferred (quar.).
$1
25c
65c
$1K
50c
40c
40c
SI
30c
30c
25c
$15*
25c
%\%
1234c
25c
t$2
25c
$1.10
$1.10
50c
New
16
60c
$1
$1
$2
Oklahoma Natural Gas Co
Aug. 31 Aug. 21
Sept. 30 Sept.20
Oct.
1 Sept. 21
$1X
%2M
Oct.
1
$534 conv. prior preferred (quar.)
Preferred (quar.)
Okonite Co. 6% preferred (quar.)
Omar, Inc., preferred (quar.)
Otis Elevator Co—
Sept.18
Preferred
Aug. 26 July
Sept. 3 Aug.
Oct.
1 Sept.
1-2-41 Dec.
Sept. 3 Aug.
Aug. 30 Aug.
Sept. 16 Aug.
29
17
21
$1H
Nov. 15 Nov.
5
$2
Ludlow Manufacturing Associates
Lunkenheimer Co. 6 H % Pref. (quar.)....
ilH
0^4% preferred (quar.)
Macy (R. H.) & Co
Madison Square Garden
Magma Copper Co
Magnln (I.) & Co. preferred (quar.).....
50c
...
(Quarterly.)
Mallory (P. R.), Inc. (quar.)
...
Mammoth Mining Co
Manhattan Shirt Co. (quar.)
Marshall Field & Co. 6% preferred (quar.)
6% 2d preferred (quar.)
Masonite Corp. (quar.)
...
Preferred (quar.)
Maryland Fund, Inc
Mastic Asphalt Corp. (quar.)
May Department Stores (quar.)
May Hosiery Mills $4 pref. (quar.)
McGraw-Hill Publishing
Mrfntyre Porcupine Mines (nuar.)
McKenzie Red Lake Gold Mines (quar.)..
Mead Corp., $6 pref. A (quar.)
S5H preferred B (quar.)
Mercantile Acceptance Corp.—
6% preferred (quar.)
—
5% preferred (quar.)
6% preferred (quar.)
0% preferred (quar.)
Merck & Co., Inc
Preferred (quar.)
Metal Textile Corp., part. pref. (quar.)
Metal & Thermit Corp
Metal & Thermit Corp. pref. (quar.)
Preferred (quar.)
Michigan Silica (quar.)
Quarterly
Mid-West Rubber Reclaiming Co., $4 pref. (qu.
Middlesex Water (quar.)
...
...
...
...
...
—
10c
20c
5c
25c
$1H
$134
25c
$1 Yi
10c
10c
75c
$1
Minneapolis Gas Light, 6% pref. (quar.).
5M% preferred (quar.)
$5.10 preferred (quar.)
5% preferred (quar.)
Minneapolis-Honeywell Regulator (quar.)
Sept.
3 Aug. 15
Seot.
3 Aug.
8ept.
Sept.
1
25c
Dec.
Dec.
1
30c
Sept.
Sept.
30c
40c
Dec.
Dec.
$1H
81 He
;2
6c
6c
$1
75c
$1%
50c
25c
(quar.)
Missouri Utilities 7 % pref. (quar.)
Mohawk Carpet Mills.
Monarch Life Insurance Co. (s.-a.)
Monarch Machine Tool
Monsanto Chemical Co., pref. A & B (semi-ann
—
Sept.
Oct.
Sept.
Sept. 3 Aug.
Sept.11 Sept.
8ept. 30 Sept.
Dec.
l\%
Preferred
1
Sept. 10 Sept. 2
Sept.
1 Aug. 15
Sept.
1 Aug. 15
25c
$1.27 H
Extra
preference
Package Machinery Co. (quar.)
Panhandle Eastern Pipe Line—
Oxford Paper Co., $5
Sept. 15 Aug. 31
Sept. 10 Aug. 30
Aug. 30 Aug. 20
Sept. 3 Aug. 12
Sept. 30 Sept. 15
Sept. 30 Sept.15
Aug. 26 Aug. 14
Aug. 26 Aug. 14
Sept. 15 Aug. 31
Sept. 15 Sept. 1
Sept. 3 Aug. 16
Aug. 31 Aug. 15
$1
*IX
25c
$1H
$1
$2 X
23 Dec.
1
1
20
20
20
2
20
13
Sept. 23 Sept. 20
Dec. 23 Dec. 20
Sept.
Sept.
Oct.
3 Aug. 20
Aug. 23
Sept. 14
Aug. 20
Aug. 20
Aug 20
Sept.
Sept.
Sept.
Sept.
Sept.10
Sept.10
Aug. 31
Sept. 3
Sept. 15
Sept. 15
1
Sept.
Dec.
Aug. 20
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
24
24
20
31
2 Nov.
9
2
1
23
Aug. 26 Aug. 19
Sept. 10 Aug. 22
Sept. 3 Aug. 20
Sept. 3 Aug. 20
Sept. 3 Aug. 20
Sept. 3 Aug. 20
Sept. 10 Aug. 23
Sept. 3|Aug. 15
Sept. 3 Aug. 19
1 Sept. 14
Oct.
Oct.
ItSept.14
Oct.
11Sept.14
1 Sept.14
Oct.
1 Sept. 14
Oct.
Sept 14 Aug. 31
6
Sept. 3 Aug.
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 1 Aug. 15
Sept. 3 Aug. 15
Sept. 30 Sept. 14
Sept. 30 Sept. 14
Sept.30 Sept. 14
Sept. 3 Aug. 20
Sept. 30 Sept. 23
Sept. 20 Aug. 23
25c
Sept. 20 Aug. 23
$1 74
10c
Sept. 1 Aug. 20
50c
Sept.
1 Aug. 20
Oct.
1 Sept. 16
30c
_
t$lK
Sept.
l6
1 Aug. 15
50c
Sept.
3 Aug. 20
Oct.
1 Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
1 Sept.
30c
Quarterly
9
15
30
50c
$1H
Mid vale Co
23
Oct.
(quar.)
Oshkosh B'Gosh, Inc. (quar.)__
$2 convertible preferred (quar.)
Ottawa Electric Ry. (quar.)
15c
f*
-—
—
10|Nov. 25
Preferred A & B (quar.)
Parker Pen Co
Parker Rust Proof (quar.)
Extra
Co
7% preferred (quar.)
Paton Mfg.
Peck, Stow & Wilcox Co
Pender (David) Grocery,
6
1
Sept. 16'Aug. 17
Sept. 19.Aug. 31
$1
Ohio Steel Products
__
Sept. 10!Aug. 24
Dec. 10 Nov. 25
Sept.
Sept. 16
Sept. 16
Sept.
Sept.10
Sept. 3
Sept. 14
Sept. 3
Sept. 18 j Sept.
25c
Dec.
Sept.
Oct.
Oct.
$234
1 Sept. 14
Aug. 31 Aug. 10
Sept. 26 Sept.11
Oct.
1 Sept. 21
Sept. 3 Aug 10
Sept. 10 Aug. 24
26
1 Oct.
3 Aug. 23
3 Aug. 23
9
3 Aug.
22
16*
29
15
15
31
Aug. 26
Aug. 17
Aug. 17
Aug. 17
Sept.16
Aug. 16
Aug. 31
Aug. 31
Aug. 10
Aug. 20
Aug. 15
Aug. 23
Aug.
9
Nov. 15 Nov.
Ogilvie Flour Mills, 7% pref. (quar.)
Ohio Edison $5 pref. (quar.)—........—.—
$6 preferred (quar.)
....
...—
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Oil Co., preferred (quar.)
Ohio Power Co. 6% pref. (quar.)
Ohio Public Service Co., 7% pref. (mo.)
6% preferred (mo.)
5% preferred (mo.)
—.—..
Ohio River Sand Co., 7% preferred
Sept.
Sept.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Jersey Zinc Co
Norwich Pharmacal Co
Nova Scotia Light & Power, 6% pref. (quar.).
Nov.
18
Aug. 20
Aug. 22
Oct.
(s.-a.).
7% preferred
6% preferred
6% preferred
1 Oct.
Sept.
Sept.
Sept.
Sept.
Sept,
Sept.
Sept.
Sept. 16
Newport Electric
New York & Queens Electric Llgh t& Power
Preferred (quar.)
Niagara Share Corp. (Md.) pref. (quar.)
1900 Corp
class A (quar.)
Noranda Mines, Ltd
(interim)
Norfolk & Western Ry. (quar.)
North Penn. Railroad Co. (quar.)...
North River Insurance Co. (quar.)
Northwestern Public Service 7 % pref
25c
50c
Louisville & Nashville RR. Co
Nov.
(quar.)
7% preferred (quar.)
Newberry (J. J.) Co. (quar.)
Preferred (quar.)__
New England Public Service, $6 pref.,
$7 preferred
New England Water & Electric, $4 pref. (quar.)
18
1
15 Sept. 10
Aug. 31 Aug. 16
Sept.14 Aug. 20
Sept. 3 Aug. 16
Sept. 30 Sept. 13
Sept.14 Aug. 30
New Bedford Cordage Co
Class B
25c
$1
Oct.
6% preferred (quar.)
Sept. 13 Sept. 3
Sept. 3 Aug.
7
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 16
$1
$1*
10c
Lanston Monotype Machine (quar.)
Leath & Co., preferred (quar.)
1 Oct.
Nov.
Aug. 17
Sept. 14
Aug. 10
Aug. 15
Sept. 3
Aug. 22
Aug.
7
Aug. 15
Sept. 10
Sept. 10
Aug. 31
Aug. 20
Sept. 24
Aug. 10
Sept. 14
Oct.
National Power & Light Co
Nebraska Power, 7% pref. (quar.)
Neisner Bros., Inc. (quar.).—
New Amsterdam Casualty Co.
1 Nov. 22
Aug. 31
-
-
3 Aug. 15
1 Aug. 15
Sept. 16
National Linen Service $7 pref. (s.-a.)$5 preferred (semi-ann.)
National Malleable & Steel Castings Co
Aug. 10
Aug. 31
Aug. 31
Sept. 5
Aug. 20
Aug. 15
Aug. 19
Sept. 30
Sept. 30
Sept. 20
Aug. 15
25 Aug. 15
3 Aug.
9
1 Sept. 20
Kirkland Lake Gold Mining (s.-a.)
...
__
(quar.).
National Life & Accident Insurance
1-2-41 Dec. 30
Sept.
Sept.
Dec.
preferred (quar )
National Container Corp
National Gypsum Co., preferred
1
1 Oct.
Oct.
Aug. 31
Sept. 28
Sept.10
Sept. 3
Sept. 16
Sept. 3
Sept. 3
Aug. 31
Sept.21
Sept. 21
(quar.)
(quar.)
Sept. 16 Aug. 31
Aug. 30 Aug. 15
Sept. 1 Aug. 23
Preferred (quar.)
25
6
31
16
5
20
2 Nov. 20
Key West Electric Co. 7 % preferred A
Kingston Products Corp. 7 % pref. (quar.)
$ltf
National Casualty Co. (Detroit) (quar.)
National Container
Nashua Gummed & Coated Paper 7% pf. (qu.)_
National Automotive Fibres, pref. (quar.)
National Biscuit Co
Sept. 1
Sept. 30
Sept. 30
Sept. 30
Sept. 4
Sept.
Sept.
(quar.)
35c
Preferred (quar.)
2 Aug. 10
Dec.
Special
Dec. 20
Murphy (G. O.) Co. (quar.)
Muskogee Co., 6% pref. (quar.)
Muskegon Motor Specialty, class A (quar.)
Sept.
Dec.
Jan.
a
Muncie Water Works Co., 8%
Common
Sept. 3 Aug.
Sept. 20 Sept.
Sept. 14 Aug.
Oct.
1 Sept.
Sept. 20 Sept.
Sept. 3 Aug.
20
Sept. 20
Corp
Mount Diablo Mining
Iron Fireman
Mfg. common v. t. c. (quar.)
t. c. (quar.)
Irving Air Chute (quar.)
Jantzen Knitting Mills, pref. (quar.)
Jewel Tea Co., Inc. (quar.)
Joy Mfg. (quar.)
Keith-Albee-Orpheum 7 % preferred
Kelvinator Corp. (Canada) (interim)
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.)
Kendall Co. cumu. participating pref A (quar.).
Kennecott Copper Corp
Dec.
Oct.
t$m
3134c
$1>4
$134
(quar.)
534 % cumulative preferred (quar.)
Montreal Loan & Mortgage Co. (quar.)
Moore (Wm. R.) Dry Goods Co. (quar.)
Quarterly
Moran Towing Co., 7% preferred (quar.)
Morris & Co. pref. (quar.)
Morris (Philip) & Co., Ltd., Inc.—
5% conv. preferred A (quar.)
Morris Plan Insurance Society (quar.)
Quarterly
14
Investment Corp. (Phila.)
v.
20
Jan.
110c
Extra.
1
Oct.
Dec.
10c
1 %
Quarterly
Sept. 30
Sept. 16 Aug. 30
Sept. 14 Aug. 31
Oct.
20c
National Bond & Investment
Payable in U. S. funds.
International Ocean To leg. Co. (quar.)
Interstate Hosiery Mills
Lionel
*20c
Extra
1 Sept. 15
Oct.
Hooker Electrochemical
Hooven & Allison 5% preferred (quar.)
Kern County Land Co.
Kerr Lakes Mines Ltd
Share
Modern Containers, Ltd. (quar.)
Aug. 30 Aug. 20
Sept. 27 Sept. 17
Sept. 1 Aug. 15
Sept. 3 Aug. 15
-
Payable of Record
Company
Name of
Payable of Record
Hlbbard, Spencer, Bartlett & Co. (monthly)
Monthly
Hobart Mfg. Co. class A (quar.)
Holophane Co
Preferred (s.-a.)
Holt (Henry) & Co., class A
Homes take Mining Co. (monthly)
Holders
When
Per
Holders
When
Per
Name of
Preferred (quar.)
International Mining
1093
The Commercial & Financial Chronicle
151
class A (quar.)
Peninsular Telephone (quar.)__
Quarterly
Preferred A (quar.)
Preferred A (quar.).—__
Dec. 30 Dec.
Sept. 3
Aug. 31
Aug. 31
Sept. 15
Sept. 15
Sept. 25
Sept. 3
Oct.
14
15
10
10
31
31
31
20
14
1-1-41 Dec.
,
class A (quar.)---,
Pennsylvania Salt Manufacturing-Pennsylvania State Water Corp. $7 pref. (qu.)-.
Peoples Drug Stores, Inc
——SP^Ci&l
.
»
* — -» m m
m> mm » mm m mmm m-mm + mmmm
Peoples Gas Light & Coke
Peoples Telephone Co., 6% pref. (quar.)
Peoples Water & Gas, preferred (quar.) —
Perron Gold Mines, Ltd
—
Perm Electric Switch
Extra
Pfaudler Co., 6%
preferred (quar.)
Pfeiffer Brewing Co. (quar.)
Pharis Tire & Rubber
Phelps Dodge Corp
—
Philadelphia Co. 5% pref. (s.-a.)
Philadelphia Electric Power, 8% pref. (quar.)..
Philadelphia Germantown & Norristown RR—
Philadelphia Suburban Water Co., pref. (quar.).
Phillip Morris & Co. pref. (quar.)
Phillips Petroleum Co. (quar.)
---Philippine Long Distance Telephone (monthly)
(Monthly)
Phoenix Acceptance Corp. (quar.)--Phoenix Hosiery 7 % 1st pref
Photo Engravers & Electrotypers (s.-a.) —
Pi lis bury Flour Mills (quar.)
Piper Aircraft Corp. pref. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)—Pittsburgh Coke & Iron Co. $5 conv. pref..,
Pittsburgh Plate Glass
Pittsburgh Youngstown & Ashtabula Ry.—
Preferred
(quar.)
Wine
Pleasant Valley
Nov. 16 Nov.
2-15-41
14
4
2-4-41
Sept. 16 Sept. 3
Sept. 14 Aug. 31
Sept. 3 Aug. 12
Oct.
Sept. 9
Oct.
Sept. 9
Oct. 15 Sept.21
Sept.
Aug. 31
Sept. 3 Aug. 20
Sept. 21 Aug. 31
Sept. 21 Aug. 31
Aug. 21
Sept.
Sept. 10 Aug. 20
Sept. 20 Sept. 5
Sept. 10 Aug. 16
Aug. 10
Sept.
Oct.
8ept. 10
Aug. 20
Sept.
Aug. 12*
Sept.
Aug. 15
Sept.
9
Aug. 31 Aug.
Sept. 30 Sept. 20
Aug. 31 Aug. 20
Nov. 15 Nov.
Sept.
Sept.
Aug.
Sept.
Oct.
Sept.
Oct.
5
Aug. 19
Aug. 15
31 Aug. 15
Aug. 20
Kept. 14
1 Aug. 20
liSept. 10
J,
Sept. 3 Aug. 20
Aug. 281 Aug. 20
The Commercial & Financial Chronicle
1094
Per
Name of
Share
Company
$1M
Plymouth Rubber, preferred (quar.)
Pollock Paper & Box 7% preferred (quar.;
7% preferred (quar.)_Poor & Co., $1M class A (quar.)
Portland & Ogdensburg Ry. (quar.)
Potomac Electric Power, 6% pref. (quar.).
fig
37 Mc
39c
118
5M% Preferred (quar.)
Prentice-Hall, Inc. (quar.)
70c
75c
$3 preferred (quar.)
25c
Pressed Metals of America
Procter & Gamble Co., 5%
preferred (quar.)
—
Public Electric Light Co. 5% pref. (quar.).
Public Finance Service. Inc., $6 pref. (quar.)
Public National Bank & Trust Co. (quar.)
pref. (mo.)
Public Service Co. of Colorado, 7%
SIM
SIM
$1)4
37Mc
58 l-3c
50c
6% preferred (monthly).
5% preferred (monthly)
—
Public Service of N. J. «% pref.
412-3C
$2
(quar.)
$1M
7% preferred (quar.)
6% preferred (monthly)
$5 preferred (quar.)
Puget Sound Pulp & Timber (special)
Preferred (quar.)
—
Pullman, Inc
6». c
SIM
J1
30c
25c
Purity Bakeries Corp
Quaker Oats Co., preferred (quar.)
Quaker State Oil Refining
.
Quebec Power Co. (quar.)
Radio Corp. of America—
$3 M cum. conv. 1st pf (qu.)
—
B preferred (quar.)
Rand's (Pittsburgh) (quar.)
8% cumulative preferred (quar.)
Rayonier. inc., $2preferred
Reading Co. 1st pref. (quar.)
2nd preferred (quar.)
Reeves (Daniel), inc. (quar.)
...
Preferred (quar.)
Remington Rand, Inc. (interim)
$4M preferred (quar.)
—Republic Insurance (Texas) (quar.)
Republic Investors Fund, Inc.—
6% preferred A & B (quar.)—
Rheem Mfg. Co. (quar.)—
—Rice-Stix Dry Goods Co., 7% 1st & 2nd pref.(qu)
Rich's. Inc.. 6M% pref. (quar.)
Riverside Silk Mills, class A (quar.)
25c
$1)4
15c
*25c
87Mc
SIM
5c
(quar
Rochester Gas & Electric 5%
Aug. 31 Aug.
1
Sept. 16 Aug. 30
Aug. 26 July 22
Oct.
1 Sept.
1 Sept.
Oct.
Oct.
10
30c
12
6
6
Sept. 9
Sept. 3
Aug. 15
Aug. 22
Sept.19
Sept, 15 Aug. 31
Sept. 15 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Aug. 26 Aug. 10
15c
Nov
25c
Sept. 15 Sept. 1
Oct.
1 Sept. 14
8ept.30:Sept. 16
Oct.
1 Aug. 13
Oct.
1 Sept. 20
81 M
5
10c
10c
Quarterly.
Rochester Button On. nref
Sept.
1 Aug. 15
Aug. 31 Aug. 30
Sept. 3 Aug. 15
Sept.
Aug. 15
Sept.
Aug. 19
Sept.
Aug. 19
Sept.
Aug. 15
Sept. 14 Aug. 23
Sept. 3 Aug. 20
Sept.
Aug. 31
Oct.
Sept. 20
Sept.
Aug. 20
Sept.
Aug. 20
Sept.
Aug. 20
Sept.14 Aug. 15
Sept. 14 Aug. 15
Sept. 14 Aug. 15
Sept. 14 Aug. 15
Sept. 1 Aug. 15
Oct.
1 Sept. 16
Sept.16 Aug. 23
Sept. 3 Aug. 16
5Gc
20c
15
Dec.
1 Oct
15 Dec.
15
5
37 He
81 M
25c
pref. E (quar.);
6% preferred C & D (quar.)
Rolland Paper preferreu tquar.)
Rolls-Royce Ltd., ord. re., (interim)
Amer. dep. rec. ord. re . (interim)
Ruud Manufacturing Co. (quar.)
...
Aug. 31 Aug. 20
Sept.
1 Aug. 14
$1 M
1
Aug. 14
Sept.
Aug. 15
Sept. 14 Aug.
3
8
Sept 20 Aug.
Sept.16 Sept. 6
81 )4
15%
15%
Sept.
_
25c
Dec.
-----
15c
Sabin-Robbins Paper Co., pref. (quar.)__.
62Mc
SIM
Sept.
Sept.
75c
81M
Oct.
1
Quarterly
Rustless Iron & Steel Corp
Preferred (quar.)
Safeway Stores. Inc
5% preferred (quar.)
St. Joseph Lead Co
St. Joseph Water Co. 6% preferred (quar.)
Savannah Electric & Power. 8% deb. A (quar.)
714% debenture B (quar.)
7% debenture C (quar.)
5)4% debenture D (quar.)
6% preferred (s.-a.)
Savannah Gas preferred
Scott Paper Co. (quar.)
$4 )4 cum. preferred (quar.)
$4 cum. preferred (quar.)
Seaboard Oil of Delaware (quar.)
Sears Roebuck & Co.
50c
M
SIM
SIM
$1%
S3
43 Mc
40c
.
I
Sherwin-Williams Co. preferred (quar.)
60c
Siscoe Gold Mines (quar.)
t3c
661)5 Grand Building (Los Angeles)
Skelly Oil Co
Smith (S. Morgan) Co. (quar.)
Socony-Vacuum Oil Co
40c
50c
Sontag Chain Stores Co., Ltd. (quar.)
7% preferred (quar.)
South Bend Lathe Works (quar.)
South Carolina Power Co. 1st $6 pref. (qu )-.Southeastern Greyhound Lines, pref. (quar.)
Southern California Edison Co., Ltd.—
(quar.)
25c
25c
-
Southland Royalty Co
5c
50c
Preferred
(quar.)
Spear & Co. 1st & 2nd pref. (quar.)
Spencer Kellogg & Sons, Inc. (quar.)
Sperry Corp. voting trust certificates
Spiegel. Inc., preferred (quar.).i.
Standard Brands, Inc. (quar.)..-
SIM
SIM
40c
$1
SIM
10c
Preferred (quar.)
Standard Dredging
50c
SIM
37Mc
37Mc
South view Pulp Co
54)4 cum. pref. (quar.)
Standard Cap & Seal, preferred
Sept. 10
Oct.
Sept. 10
Oct.
Sept.10
Oct.
Sept. 10
Oct.
Sept.10
Sept.
Aug. 20
Sept. 16 Sept. 3*
SIM
SIM
(quar.)....
40c
40c
preferred (quar.)
Standard Oil of Calif, (quar.)
Standard Oh Co. of Indiana (quar.)
25c
25c
...
Extra
25c
Standard Oil Co. (Kansas)
Standard Oil Co. (Ky.) (quar.)
60c
25c
25c
Standard Oil Co. of Ohio (quar.)..
Preferred (quar.)
Standard Wholesale Phosphate & Acid Works
Stecber-Traung Lithograph 5% pref. (quar.)
5% preferred (quar.)
Sterling Products, Inc. (quar.).
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
14
10
1
1
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
SIM
40c
SIM
SIM
26
26
26
3
15
31 Aug. 16
14 Aug. 24
Sept. 16 Aug. 16
Sept.
1 Aug. 15
Aug. 28 July 25
Aug. 31 Aug. 15
Oct.
1 Sept. 10
Sept.
1 Aug. 15
Sept. 15 Aug. 20
Sept. 3 Aug. 15
Sept. 30 Sept.13
Sept. 3 Aug. 15*
Sept. 14 Aug. 30
Sept. 1 Aug. 15
Aug. 25 Aug. 15
Sept. 3 Aug. 23
Sept. 10 Aug. 24
Aug. 28 Aug. 19
Sept. 14 Aug. 31
Oct.
1 Sept. 5
Dec.
16 Dec.
Sept. 16
Sept. 3
Sept. 1
Sept. 16
Sept. 16
Sept. 16
Sept.16
Sept. 14
Sept.14
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Telephone Bond & Share Co. 7% 1st pref
1st $3 preferred
'
Terre Haute Water Works Corp.—
7 % preferred (quar.)
30c
5c
28c
12c
SIM
50c
Preferred (quar.)
United Gas & Electric (Conn.) 7%
United Gas Improvement
--
pref. (quar.).
(quar.)
4
31
1 Sept. 10
1 Sept. 10
Sept. 14 Aug. 31
Sept. 14 Aug. 31
8ept.
3 Aug. 20
_
_
50c
Oct.
ljSept. 16
25c
Dec.
Oct.
10 Sept. 20
581-3c
53c
53c
6.36% preferred (monthly)
8% preferred (monthly)
6% preferred (monthly)
United Mercnants & Manufacturers, Inc.
United New Jersey RR. & Canal (quar.)
United States Envelope Co
Preferred (semi-annual)
United States Freight Co. (interim)
United States Gypsum Co. (quar.)
S2M
si
Oct.
16 Dec
30
15
16
15
16
15
2
50c
—
Oct.
1 Sept. 14
50c
;—
(quar.)
Sept.
Sept.
Sept.
3 Aug. 15
2f
Oct.
SIM
Oct.
1 Sept. 14
1 Sept. 14
2c
United States Petroleum Co. (quar.)
2c
Quarterly
3 Aug. 15
5 Aug. 22
8ept. 15 Sept.
Dec. 15 Dec.
5
5
50c
United States Playing Card
United States Plywood Corp.,
Dec
Nov
50c
Quarterly
Sept. 20 Aug. 31*
50c
Co. (quar.)
United States Pipe & Foundry
Oct.
Sept. 14
Aug. 17
37Mc
pref. (quar.)
Sept.
30*
United States Rubber Co.—
8% non-cum. 1st preferred
United States Steel.—.
—
————•
—
32c
States Tobacco Co
Preferred
1st
43 Mc
(quar.)
25c
pf. (qu.)
SIM
SIM
50c
SIM
40c
50c
SIM
preferred (quar.)
75c
Vanadium-Alloys Steel
Vapor Car Heating, Inc. (quar.)
7% pref (quar.)
7% preferred (quar.)
7% preferred (quar )
Vick Chemical Co. (quar.)
50c
SIM
SIM
SIM
50c
10c
Extra
50c
Virginia Coal & Iron Co
:
;
Virginia Electric & Power, pref. (quar.)
SIM
50c
Virginia Fire & Marine Insurance Co
Virginian Ry. (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
37Mc
37 Mc
(quar.)
Vogt Manufacturing Corp
372^C
62 Mc
37 Mc
Preferred
Vulcan Detlnning (quar.)
preferred (quar )
Agricultural Co
Walgreen Co. (quar.)
Preferred (quar.)
Walker & Co., class A
;
Walker (H.) Gooderman & Worts, Ltd, (qu.)__
Preferred (quar.)
Warren (Northam) Corp. $3 preferred
Warren Foundry & Pipe
Washington Railway & Electric Co
Participating units
Washington Water Power $6 pref. (quar.)
Welch Grape Juice Co., pref. (quar.)
7%
Waialua
—
Preferred
SIM
SIM
50c
40c
SIM
62Mc
tSl
J25c
75c
50c
S10
25c
SIM
SIM
50c
Wesson Oil & Snowdrift (extra)
SI
(quar.)
West Michigan Steel Foundry—
Convertible preferred (quar.)
West Virginia Water Service, pref.
Western Auto Supply Co. (quar.)
43 Mc
...
SIM
(quar.)
50c
t37Mc
preferred
Westgate-Greenland Oil Co. (monthly)
Westinghouse Air Brake
Westinghouse Electric & Mfg
Western Public Service,
lc
25c
Ltd
20c
SI
SIM
SI
20c
50c
SIM
SIM
60c
Yale & Towne Mfg. Co
Aug. 23
Aug. 30
Aug. 19
Sept. 14
19
18
5-1-41 Apr.
8-1-41 July
19
19
Sept. 3 Aug. 15
Sept. 20 Sept 10
Oct.
19 Oct.
31 Aug.
20 Aug.
14 Aug.
31 Aug.
15 Aug.
15 Aug
2 Aug.
3 Aug.
31 Aug.
31 Aug.
Sept. 14 Aug.
Aug. 31 Aug
Aug. 26 Aug.
Aug. 26 Aug
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
3
1
3
3
16
14
30
30
10
21
20
15
20
23
23
15
15
15
15
23
15
10
15
Aug. 15
Sept. 14
Aug. 20
Aug. 12
8ept. 10
Aug. 15
Aug. 13
Aug. 13
1 Oct.
1 Oct.
15
Nov.
1 Oct.
Oct. 31 Oct.
15
Nov.
Sept.
Sept.
50c
50c
Dec.
15c
5Cc
50c
15
3 Aug. 26
9
3 Aug.
1 Aug. 22
1 Aug. 22
Sept. 2 Aug.
Oct.
1 8ept.
Aug. 31 Aug.
Oct.
1 Sept.
Aug. 29 Aug.
Sept. 16 Aug.
Sept. 15 8ept.
25c
15
1 Sept.14
Sept. 10 Aug. 27
Oct.
1 Sept. 12
6
Sept. 3 Aug.
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Sept. 3 Aug. 12
Oct.
1 Sept. 14
Sept. 10 Aug. 31
Oct.
10c
-
Aug. 16
1 Oct.
2-1-41 Jan.
Oct.
25c
Young (L. A.) Spring & Wire
Youngs town Steel Door
Zion'sCo-operative Mercantile Institution..
Quarterly
3-1-41
Aug. 16
Nov.
5c
—
10 Nov. 30
3-9-41
Sept. 3
Sept. 3
Sept. 3
Sept. 20
Sept. 3
Sept. 25
10c
—-----
Payable in U. S. funds.
Wrigley (Wm.) Jr. Monthly
Monthly
Wurlitzer (Rudolph) Co
*
a
SIM
(F. W.) Co. (quar.)
1 Aug. 20
Oct.
21
—
Dec.
Nov.
SIM
Extra
1 Sept. 28
Dec. 30
Sept.
1 Aug. 20
Sept. 20 Sept. 10
Sept. 1 Aug. 15
Sept.
1 Aug. 15
Sept. 3 Aug. 16
Sept. 10 Sept. 2
Sept. 10 Aug. 31
Aug.
Aug.
50c
Wilson Products, Inc. (quar.)
Winstead Hosiery Co. (quar.)
13*
20
26
26
25
1-1-41
Sept.
25c
(quar )
Extra
Oct.
SI
SI
Ltd. (s.-a.)
Westmoreland, Inc. (quar.)
Weston Electrical Instruments (quar.)
Weston (Geo.) Ltd. (quar.)
Wheeling Electric Co., 6% pref. (quar.)
Whitaker Paper Co
7% preferred (quar.)
Whitman (Wm.) & Co., pref. (quar.)
Williamsport Water Co. $6 pref. (quar.)
Wilsil
Sept. 27 Sept.
Sept. 20 Aug.
Sept. 16 Aug.
Sept. 16 Aug.
Sept. 1 Aug.
25c
Preferred
Westminster Paper Co.,
Wright-HargreavesMines Ltd. (quar.)
17
15
3
17
-
Sept. 30 Aug.
Sept. 3 Aug.
1 Sept.
Sept. 3 Aug.
1 Sept.
Oct.
Sept. 3 Aug.
58 l-3c
preferred (mo.)
7% preferred (monthly)
6.36% preferred (monthly)
Extra....
6
50c
(guar.)
13
15
24
10
4
1M%
SIM
United Light Rys. 7%
Preferred
15c
75c
S2M
United Gas Corp. $7 pref
United Gas & Electric Corp
Wool worth
Oct.
2Mc
37Mc
— -
class A pref. (qu.)
12
5c
Extra
25c
-
United Fuel Investments. 6%
Wisconsin Electric Power, 6% pref. (quar.)
Wolverine Tube Co. 7% preferred (quar.)
Oct.
SIM
37Mc
t75c
preferred
United Chemicals $3 part,
Elastic Corp
United
14
10c
25c
25c
15c
30c
15*
17
17
60c
Sylvanite Gold Mines, Ltd. (quar.)..
20c
Pnited Bond ft Share. Ltd. (quar.)
United-Carr Fastener
United Biscuit Co. of America
Dec. 31 Dec.
Talon. Inc. (quar.)
Strawbridge & Clothier prior pref. (quar.)
Stromberg Carlson Telep. Mfg. Co. pref. (qu.)..
Stuart (D. A.) Oil, Ltd., pref. (quar.)
Sun Oil Co. (Phila., Pa.)
Preferred (quar.)
Sunset-McKee Salesbook Co., SIM class A (qu.)
Class B (quar.)
Superior Tool & Die Co. (quar.)
Swan-Finch Oil Corp., 6% pref. (quar.)
Swift & Co. (quar.)
12Mc
12Mc
SIM
SIM
75c
Sept.
Teck-Hughes Gold Mines (quar.)
Storkiine Furniture Corp. (quar.)..
Extra
95c
2
3
15
20
16
16
16
Sept. 6
Aug. 30
Aug. 31
Oct. 15 Sept. 30
Sept.14 Sept. 5
Sept. 30 Sept.14
3 Aug.
Aug. 30 Aug.
Aug. 30 Aug.
Sept. 2 Aug.
Sept. 1 Aug.
Sept. 3 Aug.
Sept.16 Aug.
Sept. 3 Aug.
Sept. 14 Sept.
Sept. 14 Sept.
Aug. 24 Aug.
Sept. 4 Aug.
Oct.
1 Sept.
Sept. 30 Aug.
Sept. 16 Aug.
...
31
15
15
15
24
15
15
1 Nov.
1
SIM Nov.
25c
Sept. 16 Aug. 21
15c
Sept.
1 Aug. 20
Sept.
1 Aug. 20
SIM
30c
Southern Natural Gas Co. (quar.)
Southern Pipe Line Co
■
Oct.
21*
$irj
Simon (Wm.) Brewing
Simonds Saw & Steel Co
35c
58 l-3c
preferred (monthly)
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
—
SIM
Trane Co. preferred (quar.)
SIM
Truax-Traer Coal Co. 5M % Pref. (quar.)
SIM
6% preferred (quar.)
r-——
50c
Underwood Elliott Fisher Co. (quar.)
J 20c
Union Gas of Canada (quar.)
45c
Union Tank Car Co. (quar.)
Toledo Edison Co., 7%
Upper Michigan Power & Light Co. 6%
6% preferred (quar.)
Valley Mould & Iron
Preferred (quar.)
Van Norman Machine Tool
Van Raalte Co., Inc
21*
50c
20c
Timken Roller Bearing
Universal Insurance Co. (auar.)
1 Oct.
25c
•
1 Sept. 20
liOct.
23c
(quar.)
—
preferred (quar.).--
(Quarterly).
Tilo Roofing Co., Inc
$1.40 preferred
1 Sept. 19
Nov.
Shawinigan Water & Power
SIM
(quar.)
Tide Water Associated Oil,
Oct.
Sept. 19
Sept. 20 Sept., 6
Sept. 3 Aug. 12
Sept.3UjAug. 30
5oc
Thompson Products
Oct.
Nov.
20c
25c
25c
10c
SIM
—
United
SI
25c
75c
(quar.)
6 % preferred series B (quar )
Southern California Water, pref.
6
(quar.)
3 Aug. 23
3 Aug. 23
SI M
Secord (Laura) Candy Shops (quar.)
Servel, Inc
Sheaffer (W. A.) Pen Co.
Extra.
16 Dec.
SIM
Sept. 16 Aug. 30
Sept. 3 Aug. 21
Sept. 3 Aug. 10
Sept. 16 Aug. 30
Sept. 15 Aug. 31
Oct.
1 Septf 21
Oct.
Sept. 21
Oct.
1 Sept. 10
Sept. 3 Aug.
9
Sept. 16 Aug. 26
Sept. 16 Aug. 26
Sept. 5 Aug. 16
Sept.
Aug. 15
Sept.
Aug. 15
Sept. 3 Aug. 15
Sept. 3 Aug. 24
Sept. 14 Sept. 4
Sept. 14 Sept. 4
Sept. 30 8ept. 12
Sept. 14 Aug. 20
Sept. 3 Aug. 16
Sept.
1 Aug. 12
Oct.
15 Sept 80
Sept. 16 Sept. 5
Sept. 2 Aug. 10
Sept. 24 Sept. 5
Oct.
1 Sept. 20
Sept. 3 Aug.
9
Sept. 6 Aug. 31
Sept. 15 Aug. 31
Sept. 16 Aug. 31
c
SI
Thermoid Co., preferred
Thew Shovel Co. preferred
Preferred
l'Sept.
Oct.
5
SIM
(quar.)
Texas Pacific Coal & Oil Co. (quar.).-
$5 preferred
Payable of Record
50c
Corp. (quar.)
Texas Gulf Sulphur Co
Texas-New Mexico Utilities 7% pref.
15 Dec.
50 c
$1
Texas
Dec.
16
16
26
12Mc
11H
1
Sept. 15 8ept. 15
Sept.
Sept.
Aug.
Sept.
10c
50c
—
Roberts' Public Markets (quar.)
15 Oct.
Share
Name of Company
I Holders
When
Per
I Holders
When
Payable of Record
Oct.
Aug. 24, 1940
15 Dec.
20
20
20
10
15
31
5
5
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada
the' amount of such dividend will.be made.
deduction of a tax of 5% of
,
Volume
York
New
Aug. 21, 1940,
comparison with the previous week and the
in
The
Federal Reserve
shows the condition of the
The following
Bank of New York at the close of business
York City
Weekly Return of the New
Clearing House
Bank of
Condition of the Federal Reserve
1095
Financial Chronicle
The Commercial &
151
corresponding
STATEMENT
date last year:
issued by the New York City
weekly statement
Clearing House
OF THE NEW
OF MEMBERS
ASSOCIATION
OF BUSINESS
CLOSE
AT
full below:
Friday afternoon is given in
on
YORK CLEARING HOUSE
THURSDAY. AUG. 22, 1940
Aug. 21, 1940 Aug. 14,1940 Aug. 23,1939
$
$
Assets—
$
■
Gold certificates on band and due from
Other cash t
—
9,072,070,000 9,029,798,000 6,878,268,000
.
Govt, obligations
8.
U
by
440,000
549,000
331,000
1,172,000
837,000
Other bills discounted
380,000
397,000
direct and guaranteed
77,500.000
20.000.000
Guaranty Trust Co
90,000,000
National
discounted:
Secured
711,000
1,721,000
242,000
City Bank
Co
Cent Hanover Bk&Tr Co
21,000.000
15.000.000
10.000,000
50,000,000
4,000.000
100.270,000
Bills bought In open market...
2,052,000
1,808,000
1,808,000
Industrial advances..
First
National Bank
Irving Trust Co
Continental Bk & Tr Co.
anteed:
265,094,000
404,294,000
345,311,000
404,294,000
345,311,000
Notes
342,203,000
97,630,000
Bills
749,605,000
Uncollected Items
Bank premises.....
....
Other assets
Total
752,124,000
8,926,000
60 105,000
1,299.000
45,282,000
81,778, 200 el,131 882,000
4,218.000
53,211.000
2,124.000
2,465, 000
14 .679.000
125 .534,000
3,081.000
426 ,756,000
37.541,000
117 ,142.000
2.061,000
84 ,960,000
51,742,000
932,644,800 14,632,270,000
725,586,000
Comra'l Nat Bk A Tr Co
7,000,000
Publio Nat Bk A Tr Co.
7,000,000
10,067 700
...—
Totals
*
x_
518,518,000
...
As per
163,518,000
10.013,990,000 10006,490,000 7,778,895,000
assets.
1,087,000
5,804,000
4,450, 400
9,448, 000
28,000 800
8,639 500
15,182,000
28.259,000
699 ,477,000
37,000
9,785,000
60.835.000
699 859,000
12,500,000
York Trust Co
7,004,000
77,302,000
98,680,000
109,530, 400
63,310, 000
6,000.000
5.000,000
Marine Midland Tr Co..
4,022,000
17,197,000
706 646,000
40,151, 100
73,285, 300 cl,106 756,000
302 083,000
21,021, 300
25,000,000
Title Guar A Trust Co..
708,942,000
17,000
1,934,000
195,635.000
9,785,000
17,335,000
Reserve notes of other banks...
Federal
704,927,000
17,000
1,829,000
160,704,000
Total bills and securities
Due from foreign banks
749,605,000
752,250,000
direct and guaranteed
41,310,000
186,147.000
134,091, 000 d2,962 ,650.000
56 ,398,000
*
4,115, 400
Fifth Avenue Bank...
Bankers Trust Co
New
Total U. 8. Government securities,
18,599,000
587 329.000
500.000
Chase National Bank...
Bonds
214 632,000
68,819, 400 a2,428 949,000
738 898,000
57,240, 100,
185,63), 400 62,167 535,000
41,748.000
Manufacturers Trust
Corn Excb Bank Tr Co.
discounted
bills
Total
$
$
13,940, 700
26,651, 100
20.000,000
Chem Bank & Trust Co.
Total reserves
Average
6,000.000
Bank of New York
Bank of Manhattan Co.
Bills
Time
Deposits,
Average
Surplus and
Members
8.975,371,000 8.926,155,000 6,786,833,000
1,460.000
1,679,000
1,477,000
89,975,000
101,964,000
95,222,000
United States Treasury.*
Redemption fund—F. R. notes
Capital
Deposits,
Profits
•
Clearing House
Net Demand
Undivided
•
official reports:
29. 1940; trust
National, June 29, 1940; State, June
companies, June 29, 1940.
foreign branches for latest available
Includes deposits In
5280,227,000; (6) $68,764; (c) (Aug. 22),
(a)
dates as follows:
$2,258,000; (d) $73,500,000; (<?) (Aug. 21)
523,173,000.
Liabilities—
F.
R. notes In actual circulation
Deposits—Member bank reserve acc't..
U. 8. Treasurer—General account
1,418,624,000 1,414,373.000 1,137,015,000
7,158,549,000 7,128,806,000 5,911,855,000
147,594,000
362,454,000
329,859,000
308,332,000
...
Total deposits.
.<
Deferred availability Items
299,428,000
500,317,000
193,147,000
Sat.,
Mon.,
Tues.,
Wed.,
Aug. 19
Aug. 20
Aug. 21
Aug. 22
Suroius (Section 7)
(Section 13-b)
Other capital accounts
Sui p us
50,873,000
52,463,000
Central Mln A Invest..
7,109,000
7,457,000
Cons Goldflelds of S
Total liabilities and capital accounts..
total
of
reserve
10,013,990,000 10006,490.000 7,778,895,000
749,000
742.000
t "Other cash*
Imp Tob of G B A
Mid Ry
does not include Federal reserve notes or a
over
cents
59 05
to
cents,
£55*
62/6
63/9
£55*
64/45*
32/6
19/9
32/6
£6
33/15*
19/6
19/9
13/-
13/-
13/1%
United
Molasses
Vlckers
these
£55*
£6
£55*
£5
West
60/-
60/£55*
Rolls Royce
certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934
100
£55*
90/755
£12
£125*
60/-
60/-
£5
......
Rio Tlnto
by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
These are certificates given
z
£12
65/33/15*
65/-
19/9
13/15*
19/6
32/6
13/15*
Wltwatersrand
Weekly Return of the Member Banks of the
£25*
£2»m
£25*
£25*
£2)*
Areas
-
22/-
90/75*
90/75*
90/£12
60/-
6/9
15/6
21/9
15/9
21 /6
Shell Transport
bank's own Federal
bank notes
Reserve
6/3
15/7%
21/6
/6
56/6/9
15/6
55/9
55/9
6/9
56/-
27
£45*
£4
£4
£3?*
£12
Box
Rand Mines..
2,059,000
I..
/6
28/S
27/9
28
27 /G
28/15*
27
27 /6
6/15/75*
21/90 /7H
London
Metal
vances
£10
Hudsons Bay Co
Industrial
make
to
Commitments
£10
Closed
.....
91.6%
93.0%
93.1%
£95*
Electric A Musical Ind
Ford Ltd
note liabilities combined..
R.
£95*
27/9
£35*
55/9
36,000
F.
£49
Distillers Co
deposit
to
A.
£485*
Beers
De
78/15*
£49
Courtaulds 8 A Co
8,430,000
31/6
77 /6
39/6
£48%
£9?*
27 /6
Cable A Wire ord
12,523,000
Aug. 23
£49
51,075,000
53,326,000
51,075,000
53,326,000
7,109,000
12,608,000
Capital paid In
Ratio
74/5*
British Araer Tobacco.
40/76/105*
39/3
7414%
38/105*
Boots Pure Drugs
Cajltal Accounts—
Fri
Thurs.;
Aug. 17
9,889,872,000 9,882,457,000 7,659,672,000
Total liabilities........
received by cable
of the past week:
each day
1,139,000
674,000
STOCK EXCHANGE
Quotations of representative stocks as
8,326,222,000 8,291.005,000 6,371,781,000
149,737,000
176,405,000
144,266.000
760,000
LONDON
THE
119,185,000
529,482,000
Foreign bank
Other deposits
Federal Reserve System
Board of Governors of the Federal Reserve System, giving the principal
of the reporting member banks in 101 leading cities from which weekly returns are obtained.
Following is the weekly statement issued by the
items of
These
and liabilities
resources
figures
are
always
the Federal Reserve
a
System
comments of the Board of Governors of
of "Current Events and Discussions'
also give the figures of New York and Chicago reporting member banks for a week later.
week behind those for the Reserve banks themselves.
The
the figures for the latest week appear in our department
upon
immediately preceding which we
19, 1937, various changes were made In the breakdown
Federal Reserve Bank of New York of April 20. 1937, as follows:
Commencing with the statement of May
described in an announcement of the
of loans as reported in this statement, which were
classification of loans and discounts. This classification has been changed primarily to show the
agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
the distinction between loans to brokers and dealers In securities located In New York City and those located
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
The changes in the report
form are confined to the
amounts of
(1) commercial, industrial and
lecurities.
The revised form also eliminates
outside New York City.
market" under the revised caption "open market paper," instead of In "all other loans," as formerly.
it was made known that the new items "commercial, industrial and agricultural
each be segregated as "on securities" and "otherwise secured and unsecured."
more detailed explanation of the revisions was published in the May 29, 1937, issue of the "Chronicle," page 3590.
cial paper bought in open
Subsequent to the above announcement,
would
A
ASSETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER BANKS IN 101
Phlla.
St. Louis
Chicago
Atlanta
Minnsap, Ran. CUv
San Fran,
Dallas
$
$
S
$
$
$
S
ASSETS
New York
Boston
Total
Federal Reserve Districts—
AUG. 14, 1940 (In Millions of Dollars)
LEADING CITIES BY DISTRICTS ON
Cleveland Richmond
loans" and "other loans,*
1,207
1,902
719
634
3,488
710
527
10,410
689
1,183
387
24.121
712
275
312
965
326
306
960
3,109
476
268
614
183
8,506
278
121
152
182
179
337
1,825
231
176
302
91
4,461
587
and agrlcul. loans
7
11
14
35
3
Open market paper
Loans to brokers and dealers In secure.
85
22
2
64
9
3
294
39
3
4
27
3
1
10
22
14
3
12
274
3
376
31
14
10
69
13
9
45
215
25
13
18
7
469
44
11
•30
385
203
177
23
80
1
1
1
"70
62
50
168
12
29
2
Loans and
Investments—total
Loans—total
Commercial. Indus
Other loans lor purchasing or
carrying
securities
28
1
1
1
2
137
479
106
210
81
108
"121
62
2
317
17
1,213
50
...
Other loans
2
1
1
168
173
38
303
40
"28
68
64
1,120
~~33
39
40
607
134
109
1,053
147
85
701
328
92
338
110
6,580
2,579
308
72
24
76
48
194
733
Treasury notes
States bonds
...
Obligations guar, by U. 8. Govt
securities
Federal Reserve Bank..
Cash In vault
Balances with domestic banks
Other
Reserve with
9
343
92
130
66
67
70
106
542
103
344
284
58
278
135
128
42
3,609
2,876
1,448
1,514
679
195
148
i,463
228
141
444
6,536
475
203
638
104
11,254
21
23
15
77
12
25
505
47
12
104
17
144
8
231
202
569
177
142
319
285
305
203
338
16
23
30
268
1,138
1,064
54
3,168
1,167
178
219
71
401
79
95
20,789
1,312
10,267
1,013
5,336
Other assets—net
235
1,077
262
528
12
36
49
77
22
541
438
2,819
496
308
562
491
1,404
746
203
192
969
191
116
146
135
15
2
19
32
87
347
163
416
245
329
1
19
6
"~7
3
"~~3
*283
94
60
105
88
387
LIABILITIES
Demand deposits—adjusted.........
Time deposits
United States Government
33
2,114
Treasury bills
United
55
1
1,654
Loans to banks
122
39
Real estate loans................
2,265
deposits..
Inter-bank deposits:
Domestic banks.................
Foreign banks..............
60
46
42
33
42
138
295
272
1,323
8,397
373
3,731
430
473
685
18
631
5
1
1
1
8
....
Borrowings
Otber liabilities
Capital accounts
~699
"19
~287
~"l4
15
34
3,781
245
1,617
215
380
98
19
94
398'
The Commercial & Financial Chronicle
1096
Aug. 24,
1940
Weekly Returns of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
for the
week
System
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
resources and liabilities separately for each of the 12 banks. The Federal
statement (third table following) gives details
regarding transactions in Federal Reserve notes between the
as a
The second table shows the
lastfyear.
Reserve note
Reserve agents
returns
on Thursday afternoon, Aug. 22,
The first table presents the results
Wednesday.
on
and the Federal Reserve banks.
for the latest week
appear
COMBINED RESOURCES AND
in
our
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions
LIABILITIES
OF THE
FEDERAL
RESERVE
BANKS
AT THE
CLOSE
OF
BUSINESS
AUG.
21,
1940
.
Three Ciphers (000) Omitted
Aug. 21,
1940
Aug. 14,
%
July 31.
July 24,
July 17.
1940
Aug. 7,
1940
1940
1940
1940
1940
1940
June 26,
1940
$
I
*
$
S
S
$
%
Juiv
10,
July 3,
hand and due from U. 8. Treas.x.
on
1,119
1,939
Other cash *
Total reserves
—
18,387,980
18,862,860
Redemption fund (Federal Reserve notes)
18,486,978
11,826
364,056
18,273.975
18,188,977
18,113,976
11,951
12,853
362,066
358,922
12,852
377,336
18,761,997
18,645,750
1,012
1,935
2,947
1939
S
ASSETS
Gold ctfs.
Aug. 23,
17.944,476
10,862
360,233
17,840.475
17,653,476
12,853
380,284
18,028.478
10,353
367,639
10,862
338,248
10,862
9,126
378.780
344,846
18,579,165
18,507,113
18.406,470
18,315.571
18.189.585
18,043,118
14,521,692
1,237
1,999
1,891
1,781
998
768
654
711
704
1,012
1,729
1,439
1,350
1,437
1,557
3,806
3,236
3,672
2,727
2.207
2,004
2,148
2,261
4,818
14,167,720
Bills discounted:
Secured
U. 8.
by
Government obligations,
direct and guaranteed
Other bills discounted
Total bills discounted
Bills bought In open
-
3,058
market,,.
"
575
"
"8,561
8,545
8,602
8,884
9,103
"V, 118
"9)l53
9,186
8,975
11,677
1,319,196
1,126,732
1,319,196
1,319,196
1,126,732
1,321,196
1,126,732
1,323,196
1,126,732
1,323,196
1,126,732
1,126,732
1,323,196
1,126,732
1,323,196
1,126,732
1,343,183
1,130,125
911,090
1,176,109
335,540
2,445,928
2,445,928
2,445,928
2,447,928
2,449,928
2,449,928
2,449,928
2,449,928
2,473,308
2,422,739
2457,647
2,457,420
2,457,766
2,460,484
2,461,758
2,461,253
2,461,085
2,461,262
2,484,544
2,439,809
47
Industrial advances
47
47
47
47
47
47
47
47
22,981
United States Government securities, direct and
guaranteed:
Bonds
N OteS
+
Bills
Total
U.
S. Govt
direct
securities,
and
guaranteed
Other securities
Foreign loans
on
gold....
.....
...
Total bills and securities
Gold held abroad
Duerfrom foreign banks
Federal
Reserve notes of other banks
20,041
Uncollected Items
Bank
Other assets
....——
Total assets
—
-
21,679
22,794
661,319
778,624
614,038
23,608
790,313
659,473
41,407
68,754
41,407
67,523
21,433
640,802
41,417
57,854
21,193
654,894
41,395
59,326
—
premises
41,432
57,153
41,440
56,114
41,439
55,381
20,227
721.440
41,436
54,450
22,092,535
22,119,928
21,839,325
21,801.202
21,743,590
21,779,245
21,555,977
21,488,447
"149
18.489
21,732
656,231
604,265
41.490
42,224
54,057
51,032
21,297,976
17,680,903
LIABILITIES
Federal Reserve notes in actual circulation
5,309,939
6,247,601
5,223,282
5,230,359
5,232,463
5,247,837
5,144,450
4,572,130
13,564.561
13,863,019
278.395
13.764,343
13,736,629
221,447
753,332
492,022
13,722,819
10,828,970
723,754
841,341
13,498,134
694,083
787,371
658,679
323,760
480.897
280,186
15,723,856
740,963
12,156,670
2,891
21,732,898
137,562
151,720
923,394
816,341
570,013
594,991
642,925
742,077
585,358
15,595,609
601,048
2,460
15,574,579
15,534,921
617.784
626,010
2,303
21,760,513
21,480,043
137,553
161,720
26,839
137,543
26,839
43,516
Items
Other liabilities, incl. accrued dividends
Total liabilities
297,428
765,082
564,920
508,748
15,439,935
750,395
1,690
15,335,601
1,881
15,203,430
679,476
1,373
15,163.005
629.569
2.205
5,786
3,118
21,442,267
21,386,418
21,422,379
21,199.417
21,132,116
20,942,810
17,335,138
137,238
137,103
151,720
26,839
40,763
137,194
151,720
26,839
40,578
135,486
151,720
26,839
41,153
137,449
151,720
43,303
137,499
151,720
26,839
42,877
137,460
151,720
26,839
43,180
39,504
33,863
22,119,928
21,839,325
21,801.202
21.743,590
21,779,245
21,555,977
21,488,447
21,297,976
17,680,903
89.3%
—
733,601
22,092,535
Foreign banks
Other deposits—
Total deposits
Deferred availability
5,280,926
13,285,861
2,896
United States Treasurer—General account..
5.292,803
867,059
618,466
account...
13,339,587
940,004
626,546
reserve
13,418,718
889,274
15,793,517
Deposits—Member banks'
89.3%
89.3%
89.2%
89.2%
89.0%
89.0%
88.9%
88.8%
86.8%
11,075
602,924
629,472
300,610
603,220
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
Total liabilities and caoital accounts
Ratio of total
reserves to
deposits and Federal
Reserve note liabilities combined
Contingent
liability
26,839
40,858
on
bills
purchased
151,720
26,839
for
foreign correspondents
"
Commitments to make Industrial advances
149,152
27,264
101
"8,241
"8,370
8|431
t8,582
"8*587
"V.eii
8,682
8.700
T, 762
1,579
1,405
1,719
2,212
1,402
1,198
1,026
1,069
Maturity Distribution of Bills and
Short Term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
198
161
1,171
107
1,253
111
116
136
145
178
409
415
446
2,244
320
336
224
153
162
182
566
639
575
523
489
324
Over 90 days bills discounted
296
275
304
214
497
233
391
441
571
554
374
414
468
516
258
3,058
2,947
3,236
3,672
2,727
2,207
2,004
2,148
2,261
4,818
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
31-60 days bills bought in open market
31-90 days bills bought in open market
Over 90 days bills bought in open market
Total bills
bought in
open
80
■
305
33
209
28
market....
"
575
"
1-15 days Industrial advances
"1,545
"1,881
"2.079
"2", 151
1*913
102
"1.910
"2)057
63
67
95
368
367
98
309
320
207
207
184
89
78
352
594
297
Total Industrial advances
U. 8. Govt, securities, direct and guaranteed:
1-15 days
16-30 days
"T,575
136
243
Over 90 days industrial advances..
1,503
200
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
150
161
251
259
287
362
369
218
442
1,205
166
6,276
6,447
6,444
6,482
6,491
6,401
6,421
6,462
6.250
9,270
8,561
8,545
8,602
8,884
9.103
9.118
9,153
9,186
8,975
11,677
77,625
62,250
31-60 days
85,550
61-90 days
Over 90 days
82,115
2,445,928
2,445,928
2,447,928
2,449*928
2,449,928
2,449,928
2,449,928
2.473",308
2,115,199
2,445,928
2,445,928
2,445,928
2,447,928
2,449,928
2,449,928
2.449,928
2.449.928
2,473,308
2,422,739
5,607.570
5,588,093
6,579,915
5.553,139
305,538
317,852
285,868
6,452,808
308,358
4,859,493
298,989
5,565,621
335.262
5.533.705
295,290
5,566,947
343,665
5,550,315
297.631
5,309,939
Total U. S. Government securities, direct
and guaranteed
2,445", 928
5,292,803
5,280,926
5,247.601
5,223,282
5,230,359
5,232,463
5,247,837
5,144,450
4,572,130
5,688,000
1,625
5,685,000
5,682,500
1,834
5,664,500
1,836
5,679.500
1,614
5.669.500
5,604,500
1,334
4,945,500
1,265
5,624,500
1,152
5,557,500
1,543
1,434
2,182
5,689,625
5,686,543
5.6X4,334
5,666.336
5,681,114
5.670.765
5.625.652
5,605.834
5,558,934
4,947,682
Total other securities
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
287,363
Security for
Notes Issued to Bank—
Gold ctfs.
hand and due from U. S. Treas...
on
By eligible paper
United States Government securities
Total collateral..
»
"Other
dues not Include Federal Reserve
notes,
f Revised figures.
certificates given by the United dtates
Treasury for cue gold taaen over from the Reserve banks when the dollar was devalued from 100 cents to
59.06
cents on Jan. dl, 1934, these certificates
being worth less to the extent of tne difference, the difference itself
having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
x
These
cash'
are
Volume
1097
The Commercial & Financial Chronicle
151
System (Concluded)
Weekly Returns of the Board of Governors of the Federal Reserve
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OP EACH OP THE 12 FEDERAL
Three
(000)
Ciphers
Omitted
Total
ASSETS
9
S
$
Gold
certificates
on
hand
Atlanta
Chicago
$
$
$
$
due
and
1,077
402
31,706
23,131
Other cash *
Total reserves
400
495
633
38,047
17,645
8,104
19,027
254,358 1,055,891
650
1,248
32,080
12,987
389,474 2.903,963
501,093
460,355
478,400
293,997
419,175
267,995 1,089,219
24,080
18,852,860 1,178,240 9,072,070 1,000,700 1,258,534
Redemption fund—Fed. Res. notes
9
367,785 2,865,087
829
1,147
475,395
1,618
967,917 1,235,001
18,486,978 1,144,905 8,975,371
1,477
11,826
1,850
95,222
31,485
354,056
from United States Treasury
$
$
$
San Fran
Dallas
Minneap. Kan. City
St. Louis
$
Cleveland Richmond
PhUa.
$
Federal Reserve Agent at—
New York
Boston
AUG. 21, 1940
RESERVE BANKS AT CLOSE OF BUSINESS
20,542
399,515
285,398
Bills discounted:
Secured by U. S. Govt,
bllgatlons,
15
440
94
113
60
9
56
65
36
161
9
397
54
34
65
200
10
125
80
226
709
30
3,058
24
837
148
147
125
209
66
125
145
262
870
100
8,561
Total bills discounted
1,132
1,808
Industrial advances
2,420
,
373
790
209
272
5
222
216
462
052
66,053
139,987
61,076
38,829
62,345
51,423
110,007
60,416
48,383
41,324
119,502
52,106
33,165
53,249
43,920
94,469
U. 8. Govt, securities, direct <fe guar.
1,319,196
U.
8.
404,294
104,677
82,194
345,311
89,406
135,286
115,550
2,445,928
178,430
749,605
194,083
250,836
122,469
89,707
259,549
113,242
71,994
115,594
95,343
205,076
2,457,547
179,586
752,250
196,651
251,356
123,384
90,125
259,887
113,372
72,361
116,072
96,675
205,828
47
.
Notes..
96,236
1,126,732
Bonds
Total
3
18
5
2
6
1
securities
Govt,
direct and guaranteed
Total bills and securities....
Due from foreign banks
1
a
20,041
1,108
1,829
1,136
1,672
2,502
1,891
1,951
1,755
661,319
61,100
160,704
49,520
75,263
56,924
23,657
92,509
18,766
41,395
59,326
2,857
9,785
4,508
2,500
2,008
3,351
1,379
3,133
17,334
4,645
2,142
6,008
2,602
1,796
2,698
2,751
22,092,535 1,426,984 10013 990 1.257,165 1,598,881
689,774
509,299 3,267,675
625,807
389,488
572,904
assets
i
1
3,369
23,310
392,242 1,348,326
;l
'
LIABILITIES
5,309,939
433,796 1,418,624
367,293
486,964
232,147
172,157 1,148,821
198,586
144,776
192,766
83,162
430,847
13,418,718
643,932
834,429
161,045
275,837
737,825
84,960
81,498
80,625
231,040 1,776,375
88,633
35,018
313,255
55,435
307,083
41,725
618,466
766,791 7,158,549
329,859
72,450
308,332
61,940
529,482
7,777
24,095
15,793,517
908,958 8,326,222
P. R. notes In actual circulation
Deposits:
Member bank reserve account
U. 8. Treasurer—General account.
889,274
Foreign banks
867,059
Other
deposits..
104,033
19,073
25,141
26,008
7,165
1,145
4,908
9,622
6,950
4,304
1,156
1,839
34,733
63,318
20,023
808,422 1,003,717
387,231
301,309 1,978,663
388,441
218,998
340,388
275,269
855,899
144,266
48,088
74,092
54,728
22,637
94,125
27,475
16,266
28,948
22,235
34,722
418
760
279
304
68
1130
302
97
128
150
113
147
2,896
21,732,898 1,402,136 9,889,872 1,224,082 1,565.077
674,174
490,233 3,221,911
614,599
380,168
562,252
4,154
4,709
2,960
3,152
4,416
4,139
11,637
3,613
3,974
538
1,001
1,266
10,224
2,121
2,729
Other liabilities, lnd. accrued dlvs
Total liabilities
38,254
30,343
58,964
I
Deferred availability Items
34,576
37,278
42,228
26,008
212,557
34,865
626,546
Total deposits...
.....
...
137,562
9,333
51,075
151,720
10,405
53,326
14,059
14,323
1,007
11,880
Surplus (Section 7)
14,198
Other capital
43,516
12,608
5,330
"Other cash" does not Include Federal Reserve notes,
a
13,910
5.72S
3,246
1,777
4,41£
4,669
5,247
22,092,535 1,426,984 10013 990,1,257,165 1,598,881
742! •
1,121
26C
1,034
8,241 1
Commitments to make Indus, advs..
*
4,393
2,612
7,102
2,874
2,236
26.839
13-b)
accounts
713
22,824
1,429
1,959
7,601
1,807
2,207
1,142
1,481
509,299 3,267,67£
625,807
389,488
572,904
If
374
54
689,774
510!
68S
RESERVE NOTE
Federal
$
S
$
$
s
S
San Fran.
Dallas
St. Louis Minneap. Kan. City
Chicago
$
447,577 1,503,890
85,266
13,781
388,714
509,314
22,350
249,852
17,705
186,274 1,181,287
32,466
14,117
208,618
10,032
150,095
5,319
201,607
21,421
8,901
89,809
6,647
490,473
59,626
5,309,939
433,796 1,418,024
367,293
486,964
232,147
172,157 1,148,821
198,586
144,770
192,766
83,162
430,847
5,688,000
460,000 1,515,000
390,000
511,500
260,000
190,000 1,200,000
219,000
150,500
205,000
93,000
494,000
837
148
100
138
253
400,024 1,515,837
390,148
219,100
150,638
205,253
93,000
494,000
Bank
Held by Federal Reserve
In actual circulation
held
Atlanta
$
297,631
5,007,570
Issued to F. R. Bank by F. R. Agent
Collateral
$
$
S
Reserve notes:
Cleveland Richmond
PMla.
New York
Boston
392,242 1,348,326
3,294
1441
STATEMENT
Three Ciphers (000) Omitted
Total
2,084
Less than $500.
FEDERAL
Federal Reserve Bank of—
380,779 1,321,615
>
■
CAPITAL ACCOUNTS
Capital paid In
Stir pi as (Section
2,439
42,655
2,893
5,288
1,134
4,090
5,449
6,603
27,279
2,398
premises
Total assets
4
1
376
2,193
29,632
Uncollected Items..
Other
See
1,189
Fed. Res. notes of other banks
Bank
70
1,119
1,939
direct and guaranteed
Other bills discounted
by Agent as security
banks:
for notes issued to
hand and due
Gold certificates on
from United States Treasury
5,689,025
Total collateral
18 1940
Sept. 25 1940
2 1940
Oct.
9 1940
0.06%
0.06%
-
1
Oct.
23 1940
Oct.
30 1940.—
1
1
1
Nov.
Nov.
1
1
»
—
0 1940
13 1940
Nov. 20 1940
111 1I
1t111
PARIS
THE
Aiked
Bid
16
I1• •I
11t1(
1
190,000 1,200,000
30,
June 11 to July
1940
Oct.
0.06%
Oct.
4 1940..
Sept. 11 1940.
260,125
BOURSE
conditions, was closed from
which latter date the Exchange was
The Paris Bourse, due to war
Asked
Bid
0.06%
0.00%
0.00%
0.06%
Sept
511,500
quoted are for discount at purchase.
Aug. 28 1940
Sept.
125
Bills—Friday, Aug. 23
United States Treasury
Rates
24
1,625
Eligible paper
0.06%
0.00%
0.06%
0.06%
0.08%
0.06%
on
opened for limited trading.
THE
Closing prices of representative
each day
of the past week:
Aug,
111 1
I
1
•
stocks as received by cable
17
Notes—Friday,
Aug. 23
Elektrlzltaet8-Gesellschaft(6%)155
Berliner Kraft U. Llcht (8%)
190
Commerz Bank (0%)
129
Deutsche Bank (0%)
135
Deutsche Relchebahn (German Rys. 7%)..127
154
191
129
135
128
128
184
.....118
245
128
128
184
118
243
Dresdner
Figures after decimal point represent one or more
32ds of
point.
Bank
(0%)
Farbenindustrle I. G. (8%)
Relchsbank (new shares)
Siemens & Halske
(8%)
Vereinlgte Stahlwerke
Bid
June
15 1941
—
Dec.
15 1941...
June
101.19
101.17
101.19
101.25
101.27
Mar. 15 1944..
102
(6%)-......
101.21
102.6
102.8
1%
101.19
101.21
100.19
100.21
101.18
101.20
100.4
100 6
-
%%
15 1944...
1
102.24
102.26
June
Sept. 15 1942...
Dec. 15 1942—
2%
104.2
104.4
1H%
103.23
103.25
Sept. 15 1944—
Mar. 16 1945-..
H%
ENGLISH FINANCIAL
102.4
101.19
1 H%
Sept. 15 1943...
Dec. 15 1943...
Mar. 15 1942...
1%
%%
The
as
Sat.,
Aug. 17
the
stocks and bonds listed on
the New York Stock Exchange
compiled by Dow, Jones & Co.:
10
1
30
20
15
Total
10
First
Second
Rail¬
Utili¬
65
Indus¬
Grade
Grade
trials
roads
ties
Stocks
trials
Rails
Rails
10
Total
Utili¬
ties
22.00
42.44
106.91
91.06
46.26
108.13
88.09
126.46
27.09
22.28
42.85
106.90
91.51
40.76
108.23
88.35
88.05
125.07
20.79
21.97
42.37
106.84
91.21
46.05
108.10
123.17
26.58
21.02
41.78
106.70
91.15
44.96
108.00
87,72
122.06
26.31
21.64
41.44
100.59
91.01
44.65
107.96
87.55
121.98
26.27
106.54
90.90 1
44.55
107.94 1
87.52
41.41
23 5-16d.
168s.
£7Z%
1960-40
23)id.
168s.
£73%
168s.
nzy<
Closed
£100
£100)4
£101 Y%
£101
£100%
Closed
£111M
£11124
£H2
£112
£112
price of silver per ounce
States on the same days has been:
The
(newly mined)
Aug. 23
23 5-16d.
(in cents) in the
71.11
United
3424
3424
3424
3424
3424
71.11
71.11
71.11
71.11
71.11
Bonds
20.81
21.63
23 7-16d.
108s.
£73V»
Fri.,
Thurs.,
Aug. 22
Wed.,
Aug. 21
40
125.34
9.
23 7-16d.
168s.
£73 H
Tues.,
Aug. 20
U. S. Treasury
1
Indus¬
-
Mon.,
Aug. 19
British 4%
(foreign)-..- 3424
10
I
1
Dale
159
197
129
135
127
128
186
118
248
129
securities, &c., at London,
follows the past week:
Bar N. Y.
Bond*
Stock*
168s.
Closed
W. L
of representative
daily closing averages
Closed
Consols,2Vi%.
British 3 H%
Stock and Bond Averages
as
23
158
190
128
135
127
128
186
118
248
129
reported by cable, have been as
Gold, p. fineoz.
are
127
157
195
128
135
127
128
184
118
246
129
155
194
128
135
127
128
183
118
245
128
MARKET—PER CABLE
daily closing quotations for
Silver, p. oz—
Below
22
Asked
1X%
1%
15 1943—
101.12
101.17
1M%
—
Bid
Rate
Maturity
Asked
101.10
1H%
1W%
1 *A%
15 1940—
Mar. 15 1941
Aug.
Aug.
Int.
Int.
Rale
Maturity
21
20
19
Per Cent of Par
Quotations for United States Treasury
Dec.
Aug.
Aug.
Aug.
1
t
1
Allegememe
a
EXCHANGE
BERLIN STOCK
-----
United
States
York Stock
Government Securities on
the New
Exchange—See following page.
Transactions
at
Daily, Weekly and
the New York Stock Exchange.
Yearly—See page 1113.
Aug.
1098
1940
24,
New York Stock Exchange
Stock and Bond Sales
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
NOTICE—Cash and deferred delivery Mies are disregarded In the day's range, unless they are the only transactions of the day.
computing the range for the year.
account Is taken of such sales in
United States Government Securities
Below
on
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
furnish
a
Daily Record of U. S. Bond
Aug. IS Aug. 20 Aug. 21 Aug. 22 Aug. 23
Price8\Aug. 17
Treasury
4 lis, 1947-52.
(High
Daily Record of U. S. Bond
Prices^ Aug. 17
Aug. 19 Aug. 20 Aug. 21 Aug. 22 Aug. 23
1
119.17
—/Low.
119.17
119.25
119.21
119.17
"mmmm
119.25
119.25
119.21
1
5
119.22
Treasury
2HB, 1945
(High
——
/Low.
'"mmmm
'•
*•-
'mmmm
■mmmm
'mmmm
mmmm
mmmm
^
mm
mm
nfmmm
.
'
I Close
mm* *
Total Bales in $1,000 units...
•
fHlgb
Total sales in $1,000 units...
2
mm
mm
2XB, 1948—
m
'm
mmmm
mmmm
mmmm
....
....
mm-mm
102.16
../Low.
(Close
102,16
Total sales in 31,000 units,..
-mm
mm
mm
mm
mm
m
102.16
*2
mmmm
mm
m
mm
mmmm
102.17
107.18
mmmm
107.18
'mmmm
mmmm
mmmm
*1
m
m'm
mm.mm
■
■
104.29
104.29
105.1
104.29
105
104.29
105
102.15
102.17
'mmmm
105.7
105.17
mmmm
''mmmm
105.7
■mmmm
■mmmm
mmmm
mmmm
mm
102.17
102.17
Close
m
mm.rn
2
1
Total sales in $1,000 units...
m
mm
108.2
'
■
108.2
Total sales in 31,000 units
mmmm
mmmm
mmmm
-
m
-mmmm
*5
mi
mmm
High
IjOW.
108.10
108.10
mmmm
Close
Total sales in 31,000 units...
108.11
108.10
:
mmmm
2
11
mm
mmmm
m
2s. 1947.....
mmmm
'.mmmm
m
m<m
—
mmmm
■'mm
105.17
7
103.10
103.3
mm
103.10
103
103.10
102
mmmm
mmmm
m'm
m
mmmm
1
103.3
'
mmmm
mm
mmmm
■mmmm
■
mmmm
1
m
mmmm
'mmmm
mm
m'mmm
mmmm
■
mmmm
m'pt
^
102.12
102.14
102.21
102.25
102 22
102.12
102.14
102.14
102.22
102.22
102.12
102.14
102.21
102.25
102.22
2
1
8
68
104.20
....
mmmm
mmmm
■
+
Low.
mmm
104.20
mmmm
'-mmmm
104.25
15
8
mmmm
m
105
104.25
■
105
104.25
■
104.20
m'mmm
Close
Total sales in $1,000 units...
mmmm
m
(High
m
mmmm
.mm
mmmm
105.7
■
.:
-
■
mmmm
•
•
Total sales in $1,000 units—
mmm,rn
mmmm
'mmmm
m
^m mm
'■
mm
'
109.5
109.6
mm
.'■
'
:Close
10
m'mmm
mmmm
mmmm
mmmm
'Low.
—
103.15
I
108.10
m'm
m
mm-mm
[High
2X», 1954-56
103.15
mmmm
103.12
'mmmm
108.11
■
103.15
103.12
m# f
'
■■
'"mmmm
-
103.12
m
m
mm
.Close
(High
mmmm
m' '
mmm
mmmm
mm
Total sales in 31,000 units.,.
'mm
102.31
Total sales in $1,000 units...
mmmm
■
mmmm
High
-mm
102.31
Close
■
t2
Low.
[High
102.31
2Xn, 1951-53—— Low.
'
"ommmrn
'
'
108.2
Close
mmmm
mmmm
105.17
Low-
mm
m
mm+m
mmmm
7
2
\:"mmmm
m
mm
mmmm
mmmm
105.10
*3
(High
2 X8. 1950-52——
mmmm
105.10
104.29
■
'mmm
105.10
104.29
mmmm
High
105
«.
■
mmmm
3
*4
mmm
mmm
mmmm
'
../Low.
109.3
109.5
(Close
109.6
109.5
Total sales in 31,000 units
m
m
Low.
m
m
mmmm
103.3
m'm mm
103.3
103.8
103.21
mrn'm-rn
-mmmm
High
2s, 1948-50—.——. Low.
mmmm
103.3
103.8
103.10
103,21
'-mmmm
103.21
'
mmmm
'
m'm m
m
'
mmm
m
'■■■'mmmm
mmmm
'mm
mmmm
Close
'
Total sales in $1,000 units...
mmmm
mm
2
1
'mmmm
1
mmmm
mmmm
mmmm
■
mm
rn
mmmm
m~~m
mmmm
mmmm-
Federal Farm Mortgage
■
mmmm
5
mmmm
■/
m mm
'
m
110.26
^
^
m
mmmm
110.20
m
m
■
.Close
Total sales in 31,000 units
mmmm
mm.mm
110.26
mm
!
■
2
16
High
3*8, 1946-49—....
mmmm
mmmm
Total sales in $1,000 units...
102.17
mm
'mmmm
■
Low
3*8, 1944-46—,
mmmm
Low.
2X*. 1949-53—
mmmm
107.18
m
mm
(High
mmmm
mmmm
mmmm
mmmm
m'm
-
Total sales in $1,000 units...
(Close
3*8, 1943-45—......
'
m'mmm
(Close
+ mm
....
mm
■mm
-
mm
— —
(High
3*8.1941..........
'■
■■mmmm
mrnm'm
'
[Low.
...
mmmm
■
Total sales in 51,000 units...
3X8, 1943-47
m'm
m
Close
(High
—/ Low.
3^8. 1941-43
m
(High
'mmmm'
m -
»
mmmm
113.13
'mmmm
(Close
Total sales in 51,000 units
*
•
113.13
mm
mm
,
■
'
'
'
113.13
mmmm
."mm-
4s, 1944-54—....... ../Low.
3X8, 1946-55
1
mmm
m
Close
-mmmm
.
fHIgh
3X8, 1944-64
mmmm
107.4
■mmmm
m
■
m
m'm
m
m'm
••
/
±mmm
107.4
m
Low.
107.4
'mmmm
'mmmm
'
'
'
■
_
mmmm
m
mmmm
+
mmmm
m'm
mmmm
'.mmmm
m
~
mmmm
-mmmm
mmmm
''mm-m'm'
mm.rn
mmmm
•
High
3
*8, 1949-52—......
'
111.12
■mmmm
111.12
Low.
m
m- rn
m
111.12
.Close
m
m
mm
mmmm
Close
.mmmm
'.mmmm
mmmm
Total sales in $1,000 units...
'
m
m
.mmmm
mmm
-mmmm
mmmm
~++mm
mmmm
mmmm
mm
Low.
110.7
110.8
.Close
110.7
.
110.8
110.8
'mm
m
(High
109,22
109.22
109.27
(Close
109.22
109.27
(High
107.2
Total sales in 31,000 units...
2*s, 1955-60........ —/
Low.
'■
3s, 1942-47..
110
■
"'mmmm
1
'mmmm
'■m
■m
m
mmmm
m m
107.5
10716
107.11
107.19
107.9
107.16
107.26
79
18
107.2
59
14
1
(High
108.18
108.20
Total sales in 31,000 units...
1
107.22
107.22
107.25
I Close
Total sales in 31,000 umts.._
107.22
107.25
2
2
106.22
(High
(Close
106.22
Total sales in 31,000 units...
m
m'm
m'mmm
mmmm
mmmm
•
mmmm
-mmmm
mm'mrn
1
mmm
■
■
m
:'m
:
mmmm
mmmm
mmmm
mmm
mmmm
■m~~~
.
■'
'
:mmmm
mmmm
mm
■
mmmm
■
mm mm
■mmmm
■■mmmm
■mmmm
*mmm
■
mmmm
mmmm
'mmmm
mmmm
-
;
m
m
mm
-m
■m
jmm
■mmmm
mm
'■
"■
m
mm
m'm
'-m:tmmm
Close
Total sales in
108.21
m
mm
-
mmmm
1 High
3s, series A, 1944-52—/ Low.
m'm
m
m
mmmm
106.30
mmmm
107.5
107
107
mmmm
-mmmm
■mmmm
107
106.30
mmmm
mmmm
■mmmm
mmmm
106.30
m
mmmm
mmmm
$1,000 units...
3
V
.—
m
mm
'■mm
mm
mm
'mmmm
mmmm
mmmm
m
2X8,
m
mmmm
107.9
mmmm
107.9
5
•
mm
*
56
(High
....
107.1
107.1
1
1
5
../Low.
■
-----
1
..
100.15
-----
•
,
(Close
■'■
1
106.15
'
....
Total sales in 31,000 units...
1
....
38
.—.
,
(Close
—-
106~3~
10«~8~
106,16
106.8
106.16
100.15
106.3
106.8
100.16
106.17
10
8
rn-m
mm
—
m'm
—_
lOl". 22
101.17
^
101.17
mmmm
-
"
mm.mm
mmm
101.17
101.21
m
101.21
■mmmm
1
6
t Cash sale.
includes
table
m
mmmm
2
m
mmmm
t Deferred delivery sale,
above
mm
103.16
^
'
m m
m
^
m'm
mmm
of
sales
only
coupon
Transactions in registered bonds were:
Treasury 3 Xa, 1943-45...
Treasury 2?is, 1945-47...
Treasury 4Jis, 1947-52...
-
m'rn
m
mm
.108.9
'
'U
.......
-----—
...... ........
.
—
—
—
to 108.9
108.21 to 108.21
—.119.22 to 119.22
100.17
106.3
(High
2*8, 1960-65........ ../Low,
^
m
•
•
103.10
mmmm
'
mmmm
101.14
103.16
5
Odd lot sales,
bonds.
....
108.15
....
—
Im
mmm
.
101.14
Note~—T\iQ
■■' —
106.8
....
.
101.14
_.{ Low.
Total sales in $1,000 units...
1
106.8
(Close
'
Close
m.b"
—/Low-
"mmmm
3
*■-
"mmmm
,
103.15
-
103.15
lHs. 1945-47—
107.9
Low.
Close
'
mmmm
107.9
107.9
103.15
High
■mmmm
m„mm
107.9
High
Total sales in $1,000 units...
mmmm
-
—.
in 51,000 units...
1942-44——(
'
'
5
mmmm
'
mmmm
fHIgh
2*8,1958-63
104.2
mmmm
Total sales in $1,000 units...
108.21
m.
mmmm
mmmm
....
106.22
...
mm
^
'
2*8, 1951-54—— ../Low.
8
:mmmm
Home Owners* Loan
'
sa
rn'mrnm
104.2
Close
108.22
'mmmm
'
'
107.25
2*s, 1948-51—_. ../Low.
'-mmmm
mmmm
mmmm
7
(High
107.24
'■
108.18
108.18
107.28
108.20
108.18
(Close
Total
^
107.24
13
104.2"
mmmm
'mmmm
_J Low.
2^8. 1942-47—
107.21
107.5
■
High
m
m,
m
mmmm
^
Close
'mmmm'
■
m
■
mmmm
■
Total sales in $1,000 units...
rn m
107.16
'
mmmm
"rnm
'
rn''
'mmm
mmmm
mmmm
.m'mmm.-
■
mmm
Low.
'
107.9
../Low.
2*8, 1956-59.
\
—
m
mmmm
mmm
m
mmmm
High
mmmm
107.5
107.2
(Close
Total sales in 81,000 units...
110
110
mmmm
11
7
'
mmmm
m'mmm
-
•rn'mrnm'
'
mmmm
mmmm
*mmm
109.27
—/Low.
mmmm
1
1
''
mm
'
'
mmmm
-m
mm
m
,
Total sales in $1,000 units...
'
1
mmm
'mmmm
•
mmmm
■■
Close
'
■
m
rH!gh
3b, 1944-49———- Low.
'mmmm'
m
-
mmmm
110.7
Total sales in 91.000 units...
2*8, 1945-47
-mmmm
-
1
High
3s, 1946-48—......
mm
"
Total sales in 31,000 units...
3b, 1961-55
mm
Total sales in 51.000 units...
3
1
United States Treasury Bills—See previous page.
United States Treasury Notes, &c.—See
previous
page.
New York Stock Record
LOW AND
HIGH SALE PRICES—PER
Saturday
Tuesday
Aug. 20
Wednesday
Aug. 17
Monday
Aug. 19
$ per share
S per share
$ per share
*55*
56*
♦55*
57
*56
57
141
*117
141
*31
40
*45*
6I8
*17*
♦123s
46*
5*
18*
13*
*117
141
*117
*32
40
*32
40
47*
68g
*45*
46*
5
5
*45*
*5-
18
*17*
18*
*12*
12*
*12*
*38*
**
39
13*
3878
*11
*4i4
**
*7*
*6*
*10*
19*
58
38®4
♦*
*
**
43j,
4*
4*
h*
»,(!
7*
734
684
121?
4*
*
8*
*7
20
20*
8*
7*
12*
19*
....
*7*
*149
*9*
11*
6
*62*
29*
12*
♦1*
*984
*42*
14*
51*
*7
*36
*
8*
152
10
11*
6*
*11
19*
*...
*784
*150
*9*
11
39
13
4l2
*16
9
778
13*
20*
8
152
*15?
10
It
*912
11*
978
11*
578
6
*62*
29*
*12*
*1*
*978
*42*
*14*
53*
*6*
36*
67
*62*
65
29*
12S4
*30
31
*12*
1284
n2
12
43%
15*
55U
14
43*
14*
52
7*
38
1*
6
*1*
14
*934
43*
43
16
7
15*
*5412
6*
36*
36
54*
6
,4.147.21
$ per share
$ per share
Shares
Range Since Jan
*56*
*117
57*
141
*33*
*46*
5*
*56*
*117
40
47
6*
18*
13*
4084
*32*
47
57
141
*56*
*117
40
47
57*
5
46*
5*
200
47S
*18*
13*
4034
5*
22
13*
41
*12*
13*
100
40
40*
2,200
**
*
100
4*
4*
4*
2",700
*
9*
»u
4*
*
884
7*
Y*
*
9*
18*
*12*
3978
**
»i«
2,700
2,000
*
4*
*
878
*784
8*
14*
21*
9*
*19
22
I
2,700
100
..
7*
14*
21*
2,800
~*8* "k*
'""300
152
153* 154
*984
10
12
12*
6
6*
*63* 66
32
32*
*12* 1234
*1*
1*
*10* 14
43* 43*
700
*13
20*
*13
21*
14*
21*
*13
21*
152
*934
10
884
152* 153*
*984
10
12
12
578
*62*
64
64*
31*
12*
1*
15
32
30*
12*
*1*
♦10*
*43*
15
54*
7
7
36*
*36*
6
12*
6
7
*12*
*1*
*10*
*43*
15*
56*
7*
40
*36*
44
15
66*
12*
6*
64*
32*
1234
1*
15
44
15*
57*
7*
40
1 In receivership
*15*
55
7*
36*
a
16
56*
7*
36*
Def
Lowest
Par
.
.No par
*X% eonv pref—... 100
Abraham A Straus.... No par
40
300
200
i",806
1,600
100
1,600
200
Acme Steel Co...........25
Adams Express
No par
Adams-Millils
...No par
Address Mu'tgr Corp
10
Air Reduction Ino
.No par
K t Way E. App^anoe
No par
Alabama A Vicksburg Ry.100
Alaska Juneau Gold Mln.—10
Allegheny Corp-N* par
&X% P A with 130 war. 100
6J4% pf A without war. 100
$2.50 prior eonv pref. No par
Alghny Lud St' Corp_.1V* par
Alleg A West Ry 6% gtd—100
Allen Indusuves Ino
1
Allied Chemlea A Dye.No par
AUled Kid Co........
...5
AUied Mills Co Ice ....No par
Allied Stores Corp...
No par
5%
preferred..........100
Allla-Chalmer Mfg....lVs par
Alpha Portland Cem—No par
Amalgam Leather Co Ino
1
6%
300
1,400
3,400
700
eonv
preferred
Amerada Corp
50
No
par
Am AgneChem (Dei\..No par
Am A rtlnes Inc.—.,..—.10
American
Bank Note....—10
tl% preferred
350
delivery
Range for Previous
Year 193 >
EXCHANGE
Abbott Laboratories.
141
*32*
46*
1
On Basis of XOO-Shars Lots
Week
$ per share
Bid and asked prices. bo sales ou this day.
STOCKS
NEW YORK 8TOCK
S^ths'-
Friday
Aug. 23
"8* "8* ""8* "
152
6
12*
1*
Sales
Thursday
Aug. 22
72*
67
29*
NOT PER CENT
SHARE,
n
New stock
.
...50
r Cash sale,
r
4* May 28
16*June 5
12* June 15
36*June 10
igJune 10
60 May 21
4
May 21
*June 4
5* June 10
4*May 21
7
May 21
15*May 21
61
June 22
634June 11
135*June 10
8* May 15
10
June
Lowest
Highest
$ per share
50 May 21
110 May 22
30 May 22
34* May 25
5
% pet share
70* Feb 14
147
Feb
8
46* Apr
6
9
52* Apr
9
Jan
Highest
9 per share \ per share
3
53
Apr
120
Apr
33* Apr
31* Mar
6* Aug
71* Rept
149* Sent
49* No*
56* Oct
11* Sept
27* Apr 8
19
25
Mar
19* Jan 4
58* Jan 2
* Mar 11
I57t Sept
27*
45*
*
Apr
68
Jan
Sept
77
68
Feb
68
Dec
* July
5* Aug
4* Sept
10
Jan
2
Sept
7
Mar 26
Jan
8
1* Jan 8
14* Jan 3
12* Jan 4
17* Apr 8
26*May 10
73* Mar 21
123g Apr 16
182
Apr 9
14
16* Apr 23
Jan
6*
8
June
14
Apr
52
May
684
Apr
151* Apr
10
Jan
Sept
Apr
9* Apr
6
1* Sept
Feb
20* Sept
18
Sept
23* Sept
28* Jan
69
Sept
117* Oct
200* Sept
14* Sept
15* Sept
11* Jan
4*May 21
May 28
9* Jan
2
55
7378May
8
54* Apr
71
2l*Mav 22
417g Jan
4
28
48*
16
9
12* Apr
1* June
19* Jan
3* Sept
12
11
Juno 10
l*May
9* May
38* May
12*May
4134 Jan
15
28
23
22
12
Jan
2* Jan
18
0
Apr 22
Aug
Jan
5
50
Jan
4
16
Aug
Apr
Apr
21
58* Apr
75
Apr 15
28
June
47
Dee
17*
Jan
60
Jan
6
June 10
1284 Apr
9
June 18
50
3
v
Apr
21
35
Et-dlv
Apr
Ex-rtvbt.
Jan
9* Sept
46*
Dee
Sept
74* Sept
24* Sept
1 Called for redemption
-
LOW
SALE
HIGH
AND
Saturday
Aug. 17
Aug. 19
*6%
*034
7
33%
173
*172
176
22
22
*22%
23
23%
4134
*40%
41%
41%
2%
18%
*18
18
*18
43
*18%
6
*478
5
*1%
*33s
*3%
5%
*14
15
*14
3i2
12i8
28%
3?8
*234
*1H4
*27
384
12i8
2814
*1114
*27l4
378
28
*48
*3
I
134
15s
15s
15$
*2012
15s
2134
3is
*2H4
13
*2034
3
*3
2134
3is
nl3
13
*13
1334
*4914
51
*49U
51
*1212
127g
*12
1258
3
13
*4912
12l2
*52U
*lli8
53
*51
52i2
lUs
11%
11%
2i4
15U
*2%
3
*2l2
*1414
*9014
15
*9014 100%
*13%
*90i4 100%
23
*22
312
4S12
4212
314
48U
*413S
4212
578
57S
*10l8
1014
*60
60-s
*7
34i2
144
2134
*1H2
1214
13
13
72i2
*1214
*1278
*70
*14l4
*70
*1414
158U
17
72%
*71%
7334
72%
7314
*142% 150l2 *142%
*3i8
314
*3i8
8i8
812
814
"
*89i2
95
*88
*8%
8l4
8is
38
*36
*4&8
1178
1178
3
16
11%
IK'S
278
700
Amer Mach A Fd,
700
Amer Mach A Metals..No
*1478
*22l2
240
334
312
6,500
52
44l2
5H2
4314
900
4312
6's
618
10%
62i2
*8%
""
10%!
62i2
83s
"
37
37
*32
41
5
434
37
3734
23U
12
13
25
*24
147g
9
*102
75
t
29%
29%'
*7%
8%
*4%
4%
*68% 102
2934
*7%
4%
*68%
*
38
38
75
*35
2934' 30
30
8%
*7%
8%
4%
*4%
4%
102 I *68% 102
38
75
38
*35
37%
I
38
39
39
75
*35
*7%
*4%
*68%
5%
5%
*5
4%
*35
30%
*5%
30%
8%
4%
102
5%
65%
18
May 21
May 21
*14%
15
12 60
No par
107
113% 113%
*8%
9%
15 dlv pref.
100
Andee Copper
2%
200
A P W Paper
2634
300
2%
*26
31
*734
*4%
104
*102
39%
75 i
<
5%
65
65%
*60
65%
*62%
66
*62%
66
*64
66
*64
"""
6534
34
*33
34
*33
34
65
6534
*87%
90
*87%
90
*87
*33
34
88
88
87
88
14%
1478
1478
1538
153s
*46
48%
48%
*11
12
*46
483g
*46
49
10% 1034
*8%
10%
*8%
10%
*9%
12%
*9%
12%
*9% 12%
21%
21%
21%' 21% 21% r21
*107% 110
*107% 110
t*107% 110
10%
1034
*8%
*11%
10%j
7
7
*45%
46
*45
4578
*59
63%' *59
61%
120
*116
i*116
*5
5%]
*2
2%|
*5
*2
15%, *12%
*13
4
4%
4
*4%
*8%
137g
3%
*4
*83s
14%
3%
434
834
1378
3%
36%
*36%
36%
*9%
4%
*20%
*9%
*4%
23%
10%
4%
23%
8
8
*26%
I
734
*26%
27%
11434 *112
*112
*22
2234
*22
*104%
*104% 112
*104
112
#_
*104
32
..
*
114% *113
*113
*734
27%
8
8%
28
28
I
120
5%
2%
15%
4%
14%
3%
4%
8%
39
10%
5
23%
7
120
*116
5%
5
2
2%
2%
4%
14
33s
*4
8%
*36%
*9%
*45s
*23%
112
*104
112
32
*
32
114% *11078 114%
8
7%
8
28%
19%
116
*5%
46
116
3%
*38
9%
*4%
116%
20
5%
100
2%
1,200
2%
74%
*63
7438
75
75
*63
Bid and asked prices; no
934
600
39
25
50
778
8
1,100
2734
28
400
*21
115
*112
2234
2234
22%
*104% 112
*104% 112
*104
112
*104
114
8%
*2934
*111
*734
31%
10
*112% 114%
100
8%
500
31%
31
114
*734
8%
*51%
29%
54
29%
*50
30%
77%
54
I
30%
79%'
7634
75
76%
*63
75
sale on this day.
*63
75
30
197g
54
*50
3,900
700
100
*29
30%
300
76
77%
25,100
119% 120
22
*21%
17%
*17
400
200
300
8
700
*16
18
100
*11%
13
*63
75
*734
t In receivership,
a
Pet, delivery,
884
Jan
Sept
Apr
Apr
21
4
Deo
21
Apr
37
Sept
97
May
100
3%
33*4
Aug
Apr
60
50
1%
Deo
884 Sept
Sept
Jan
6%May 22
3%May 22
96% Jan 12
4%May 22
65% Aug 16
49%May 22
29%June 18
13
Mar
4
9% Jan
102
73
July 23
Jan
78%
41
Apr
81
Oct
45
I
Mar 26
30
Apr
38
June
90
Jan
100
June
21
Sept
3
67% Apr 24
23% Jan 3
22% Apr 20
22% Apr 20
27%May 7
110
Jan 25
978 Mar 19
51
Feb 14
71
Apr
Aug
30% Jan
26«4 Sept
9% Aug
18% Sept
104% Apr
110% June
534
7
Apr
43%
Apr
80%May 13
50
Aug
110
June
Aug 16
8% Apr
l2%May 23
234May 15
3%May 15
7% June 11
34
May 21
1978May
4
4
4
15
10
6% Jan
2
4
7
6% Mar
32% Mar
8
Jan
x-warrents.No par
Beech Creek RR
50
Beech-Nut Packing Co
20
Beidlng-Hemlnway— No par
Belgian Nat Rys part pref
5
LoanNo par
Pr pfd$2.50d v ser'38No par
Best A Co
No par
Bethlehem Steel (Del).No par
7% preferr^Kl — ——.100
Blgelow-Saaf Corp Inc. No par
Black A Decker Mtg CoN> par
Blaw-Knox Co
...No par
Bliss A Laughlin Inc
6
Blooraingdale Brothers.No pat
Blumenrhal A Co pref.—..100
8%May 21
Mar
Deo
15
124>4 Jan 10
8% Mar
Jan
427g
z49%
May 23
May 21
Oct
70
25% Jan
5
Jan
8
May 21
7
Dec
10%
Jan 16
May
8
May
Oct
100
85
80
100% Mar
June 24
Jan
Jan
10%
Apr
5%
Jan 11
9
May 23
178 Feb
6
Inc.....No par
1st preferred
.......-100
Beatrice Creamery
25
$5 preferred w w— No par
r Cash sale.
27% Aug
53
20
Sept
2484
48% Aug
71
Sept
127
Jan
Sept
4%
Apr
8
2
Apr
37g
16
Nov
3% Aug
9% Aug
37* Aug
4«4 Sept
Oot
9% July
Jan
30% Jan
9% Nov
21% 8ept
884
Jan
11% Sept
147S Jan
11%
Dec
30%
Jan
52% Jan
49
Deo
87%
Jan
10% Aug
21%
0
Apr
13
Jan
24%
Apr
33
Feb
19%
Jan
preferred....——60
w Mew stock
5478
Apr
65
10
Bayuk Cigars
Aviation....
40
Apr
13%
Mar
67
—10
Beneflcla. Indus
Apr
35
7% Sept
6% Apr
43%June
Barnsdai* Oil Co
Bendtx
Sept
Sept
112%June 11
4
May 21
Preferred
112
*104
112
20
500
614%
Brothers
Sep'
48
2O84
29% Mar
Barker
12
Apr
Apr
3184 Sept
May 21
200
Sep'
Aug
4
Apr
May 15
47g
6484
4
4
4
20
478
15% Sept
288s
113% Aug 23
15% Apr 12
4% Apr 10
35% Feb 27
110% Apr 30
7% Apr 22
64% Apr 22
68
Apr 20
N« par
5
Corp
Aug
24
52% Apr 23
8% Apr 10
45% Apr 22
32
Apr 9
41% Apr 8
22% Mar 8
4
Barber Asphalt
Jan
96
Apr
3%
16% Apr
8% Jan
700
Jan
14%
Apr
11
7
Aroostook......-60
preferred..... 100
978
883
Apr
8%
Apr 23
153% May
4384 Apr
102
Conv 6%
9%
8%
31%
Bangor A
97g
112
*734
30
Jan
Jan
Oot
Sept
4% 8ept
8%June 6
9%June 5
l8%May 21
Del (Tbel.3
Works vt 0—13
Ohio......—100
4% preferred
.....100
500
Jan
Dec
87%
89»4
78
13
Ba'tlraore A
4%
4
39%May 21
9%May 22
Baldwin Loco
2,300
171%
Apr
75%
82
Aviation Corp. ol
5,400
*9
25
par
No par
No par
No par
S5 prior A
28,800
28%
115
*21,
1
100
100
25
Austin Nichols
4%
8
8
100
series A...100
......——-5
6% preferred..—
50
Atlas Powder
No par
6% conv preferred
100
14%
3%
39
40
par
4% conv pref
438
3%
4%
9
,
Atlas Corp
4%
28%' *28
25
11434 114% *112
22%
22%
22%
114
310
5
.....100
Anas Tack Corp
May 21
68% Jan
100
...
May 21
18%
Apr
132
8
Jan
Oct
Sept
97% Sept
Deo
1378
3
12
34
22%May 21
par
Santa Fe..lC0
Atlantic Refining
14%
3%
78%
122%
*119% 122% *120
118
118% *118% 121
23
*21%
21%
21%
20% 20%
20%
*19%
17
17%'
*17
17%
17
17
17%
*1678
8
8
I
8%
*7%
7%
7%
73g
*7%
18
*16
*16
17%
16
17%
*1584
16
13
13
*11%
13
*11%
13
*11%
*11%
74
17
*16
*105
*
200
*5
15%
4%
834
2,900
*114
17
4%
14%
200
63%
2%
1634
4%
1,800
4
35
6% pieferrred
100
Atlantic Coast L ne RR—100
AtiG A W I SS Lines
1
5% preferred
*61
5%
*2%
47
I *46
63%'
1934
73%
*
46
*59
29%
29%
75
8
28%
1,300
*1934
55
♦63
*23
11%
*8%
10%
*9% 12%
2134
21%
22
22%
107% 107% *107% 110
7
7
7%,
7
1978
*27%
I
*4%
11%
12%'
10%i
30%
*50
13
10%
5
11%;
*9%
1978
1978
17%
*9%
11%
*8%
30
30
♦11%
38
47%
47%
1934
55
*14%
38
6% preferred
Atch Topeka A
300
30%
*27%
7»s
8%
2%
16%
4%
14%
ZU
4%
8%
140
2,900
June
97%June
100
Co
No
Arnold Constable Corp
A/tloom Corp........No
7% preferred
Associated Dry Goods
6% 1st preferred
7% 2d preferred
Assoc Investments Co. No
Armstrong Cork
15%
90
ls4June 17
Archer Danlel«
15
47%
1934
*19%
73s
3%
*4%
5
Mldl'd.Nc par
ArmourACo(nel)pf7% gtdlOO
Armour A Co of Illinois
6
16 conv prior pref...No par
4
May 21
8
23
15%
47%:
15%
2934
*50
|
4%
14%
120
"166
34
29%
19%
17%
16%
16
15
28%
21
*116
*5
5134
121%
7
*46
*59
19%
*16%
107%
7%
5134
*19%
*21%
63%
♦27%
*118
*9%
45%
45%
*59
4%
14%
33s
4%
834
39
10%
5
25
8 |
8%
8%
27 '
27
27
11434 *112
11434
2234 *22% 22%
112
*104% 112
28
*8%
15%
48%
1178
10%
12%
21»4
107%
7%
46%
63%
6534
June
Mining......20
...6
Co Inc
7% preferred
"166
31
*33
14%
1,000
75
*61%
*60
87%
"Y. 500
*734
8% "166
*4%
4%
*68% 102
5%
5% ""700
834
4%
5%
*61%
39%
30%
31%
*68% 102
4%
4%
*39
*35
4%
12%May 21
Ancborllock Glass Corp.
10
66
35%
25%May 21
4%May 22
35
June 10
100
1
20
65%
14%
8melt
May 21
6
No par
..........
Apr
73 '
9
534 Apr
14% July
18%
148
101% Apr 15
Anaconda W A Cable..No par
*62%
87%
No par
Jan
Nov
Apr
15%
May
12%
5% May 21
41
75% Mar
Mar 13
9I84 Apr
Aug
July
Aug
Apr
9
Feb 23
151
69
153
8%
18
4
144
20%
175% Mar 12
89% Apr 15
15 prior conv pref
25
Anaconda Copper Minlng._50
*60
*33
June
63
Oct
140
93
May 21
70
9
1
33% jan 3
14% Apr 12
17% Jan 5
23% Feb 23
200
|
42
*61%
*33
Apr 15
Feb
40% 8ept
Sept
Aug
Apr
127% 8ept
59% Apr
l52%May
24~, 500
*26
4%
147
2578
*102
104
4%l
4%
May 28
Jan
20
8ept
35%
April
2%May 21
Preferred
9
54
70
80% Sept
15% Mar
Dec
IO84
Jan
Jan
22s4
Apr
25%
37% Apr 15
83% June 11
Amer Zinc Lead A
50
Jan
162
117* Juno
Jan
11% Feb 23
May 15
136
-.100
American Woolen
Jan
12% Mar
May 21
Founders Ino
10
Elec.No par
$6 1st preferred
2,600
17%
19%May 21
9%May 22
11
May 18
100
25
25
Sept
70
12%May 28
......
140
Mar
Nov
183s
8% Sept
10% Jan
20%
2
106
*26
27%
*26%
163
20
9
2
26%
49
*22%
*112%
*8
*178
26
587* Nov
Apr
Am Water Wks A
700
*35
*14%
*112%
Am Type
Feb
7
Apr
Apr
139
Tobacco..No var
6% preferred
100
300
3%
Jan
124% Mar
Jan
x20
28
70% Aug 20
11% May 21
145 May 28
69
May 22
Common class B
21% Sept
32
Reflnlug..l00
American Tobacco
Oct
112
Mar 19
Mar
40%
Jan
6l7„May 22
May 25
25
A Teleg Co
Dec
Jan
100
Amer Telep
22%
Mar 20
5% Sept
Apr
Jan
26
20%
20%
Jan
2%
5%
122
100
Am Sumatra
7,200
5%
Jan
3
4
1684
54
211
42
*35
42
25
26
500
95
~Y,206
83s
5%
5%
Jan
79%
Apr
30% May 21
Refg.No par
Preferred
1,000
8%
30%
Aug
11
63%
23
Building Co. No par
American Sugar
5,600
15012
3%
Aug
41
May 15
5
Stores......No par
Amer'can Stove Co
No par
100
1634
13
4®4May 21
June 12
American
300
72%
39%
20
*14%
200
1,000
161
73%
73%
3
Apr 24
28%May 21
6% preferred100
Amer Steel Foundries..No par
400
13
Sept
20
135
18.50
American Snuff
"a, 000
13%
*12%
6
6
1478 Jan
3% Jan
..100
Preferred
100
1214
12%
Amer Ship
2,600
2234
Aug
384 Sept
Jan
Dec
3% Auk
Apr 27
9%May 15
Amer 8raeltlng A
300
*12
13%!
2%
37%
I
12%
24%
1478
*23
120
22%
23%
12
197g
2412
27%'
36%
36%
25
121
2
i American Seat'.ug Co..No par
300
135% 135% *135U 138
*55
57 I *55
56
*140
144
*140
144
Jan
Aug 17
48%May 21
7
June
5
American SafPty Razor..
400
*7
60
14%
3434 May 21
100
4\ri% conv pref
470
8%
73g
27i2
9
*35
63U;
8i2
*2712
5%
*35
41
19l2
*2034
27%
63
8%
7%
28
27g Mar
43% Sept
57
Rol lng Mill.....25
American
1,500
10%
Jan
25% Nov
33
Sept
8
8ept
Jan
6v
3
Am Rad A Stand San'y. No par
Preferred
IOI4
10%
63
714
39
37%
$5 preferred
1,400
7,200
Apr
Apr
13
12% May 28
No par
No par
$6 preferred
Apr
12
Apr
25
Amer Power A Light...No par
162
'*146
13
*14%
♦1125s
*26%
23
35S
5H2
44'4
6I4
6%
6«4
*146
162
10
Jan
984
Mar 29
35
20% June 11
Apr
1%
10
July
5
30% Nov
3
1
66% Apr
378 Apr
Co.No par
90
Apr
4l«4
100
100
Dec
25%
63
No par
3%
178
Apr 22
38
22% Jan
No par
6% Sept
4% May
Jan
May 25
6% conv preferred
86% Sept
5% Jan
2% Sept
12%
May 22
American News Co
18% Sept
Apr
Feb
61
7% Jan 4
Jan 8
50i2May 3
6% Apr 23
May 18
l84May 15
H7g 8ept
6%
24%
6
Feb
884
5% Sept
6% Apr 16
2% Jan 8
10
""166
92
92
Aug
Aug 17
Aug
17% 8ept
Dec
5
38
par
132
Apr
9
28%
Oct
115% Mar
4
5
15% Apr 18
91% Mar 25
3% Mar 8
Apr
8% Jan
41%May 31
50
i.
Amer Metal Co Ltd
1478
*14%
pref....
conv
Preferred
3%
4314
162
1012
62
83s
5%
109%
934
American Locomotive..No par
"i'900
5012
312
49
43U
278
*90l4 100%
23
23
22
3%
49
1014
6034
8%
278
13
70i2
37%
4%
19%
25
*213s
600
*13i2
13
13
13
72%
70i2
70%
7012 70i2 *70l2 72%
*15
17
16%
16
16 I *16
17
-- I *15
--15914 160
159l2 160% 160l2 161
160
159
72i4 72%'
73
73 i
73
7334 *72i2
74
74
74
| 74
74 I
7484 74%
73%
7314
150% 144
144 ,*141% 15012 *14114 150% *14378
3%|
*3i8
3%>
314
3U
3'4
314
*3%
8%
8i4
8%',
838
834
8%
9'8
S%
*8912 100 I *89
100 I *91
95 | *9014
100
818
8%
85S
878'
834
834
8%
9
"
*32
1934'
19
54
*678
1234!
4%
I
41
*32
5358
26%
34 ».
*35%
5
I
7
1234
158
*73
55i2
6
26%
137%
5534
2134
55
7i2
*678
7i2
26i2 27 i *2712 29
33%
35i2 35%
35l2 36i2
*135
1375s' 135l2 135l2 *135
138
*55
56 i *55
56 ;
56
56
*140
144
*140
144
*140
144
2134
2238
2178 22">8
225s 23%
*11%
1214
11% 11%
H34 H34
*12
13
I *12
13 I
1234 1234
7>8
34i2
54
'*146
7
26l2
2534
12%
6
*812
13
1334
52i2
162
59i2
884
*838
3
1
III new
100
25%
Feb 23
13
21
June
Corp..-No par
*12
12
3
*14l2
15
*90l4 100l8
3l4
10
6034
*812
100
pref
non cum
Amer Invest Co of
300
*4934
6
10%
605S
834
6%
Amer Internat
1,800
13
*146
10%
200
No par
Ice
52%
162
*146
162
American
200
125s
6
6
""TOO
6% conv preferred
60
American Home Products... I
900
Apr
May
23
Co
Amer Hawaiian SS
1278
♦lllg
*2l2
4838
42i2
*4812
*4^%
1,800
No par
10
American Hide A Leather...1
16 preferred
100
Oct
13%
2% May 21
9%May 28
May 21
3
May 28
23
May 24
45%May 21
l%May 21
18
May 23
No par
17 2d preferred A
200
54
23
*314
48i2
♦413s
3%
No par
%7 preferred
400
Oct
64
3%June 17
1
May 15
10'4 May 21
No par
Power...No par
Amer* For n
900
May
July
40%
Aug
75%May 27
l%May 22
Sees
Amer European
51
2
2I84
3i8
8
179
8ept
30%
4%May 18
1
116% Sept
Apr
150
Aug
6%May 18
100
6% 1st preferred
Aug
16%
May 23
American EncaustloTiling...
4
2134
9
American Crystal Sugar..—10
28
4978
*134
5H2
2
2134
3i2
1334
Co NJ25
10
12%
22
*22
3%
49
158
3i8
55
12l2
54
1158
3
1538
100i8
23
3U
*140
*4934
50%
2134
*22
55
50l8
3
2%
*49
5012
*2014
*14i8
*13i2
2134
3i8
1334
*49
May 23
Alcohol Corp__20
Am Comm'l
400
2914
378
May 21
112
'
14
*25
100
American Colortype Co
Jan
5784 Sept
140
Apr
83%
9
July 19
fl%
?3%
100
Am Coal Co of Allegh
"""266
Apr
Jan 2
Jan 3
112% Apr 22
140% May 9
May 28
May 21
No par
5% conv preferred
American Chide
8
Aug
125
33% May 10
13%May 28
Am Chain * Cable fnc.No par
'""ldo
312
*3
28
51
214
1434
4i8
*26l4
50l2
*134
2134
3%
*1312
28
34
600
1%
15
1%
14 | *12
29%)
2914
4
I
28
*2434
*158
lli8
4
1
*243s
28
*48
1%
*52
12%
2914
12i8
29U
100
Preferred
is4
678
*3*8
334
35s
*1214
2914
384
*3
*25
497S
*55
1514
378
334
334
*2412
*135
14%
28i4
*3
*1H4
*146
li8
334!
12i8
28
*3%
1%
1434
1%
1478
1%
15
*14
578
177
18
Jan
1'0%
May 27
900
*H2
134
578
■
1>8
15%
*ll2
1%
57g
134
May 21
600
3%
3184
3
3
284 July 18
178 Aug 13
87
164
American Car <& Fdy_.No par
3,400
Highest
share $ per share
per
June 28
135
25
100
Preferred
80
*79
80
*79
*1%
*3%
1%
*1%
*3%
American Can
9
*8l2
9
*8i2
9
80
*78
80
Amer
200
5
5
5
5
5%
*8%
8%
8%
*78
1%
1%
1%
1%
478
5
1%
578
*1%
1%
578
6
878
80
*78
7934
6
5
87«
9
*834
*78
*534
6
5
6%
128
[
share
per
9%May
4584 Jan
May 21
May 24
28
100
Cable & Radio Corp. _1
1,300
178
*174
Fdy.No par
1,000
178
95<2
178
23'2
24
24%
43
43%
43>2 *41i2 42i2
1834
1834
19
18i2
18%
107% *10314 10734 *10314 10734
*12014 122
122
122- *120
*5%
13
*5%
13
13
*534
6I4
6
*5%
6'4
*103% 10734 *103% 107% *103% 107% *103%
*119%
*119
121% 121% *119% 122
121%
13
13
*5%
*5%
*5%
*5%
13
*6
f>M% conv pref
23^4
24%
23%
23%
41%
18%
Am Brake Shoe «fc
40
per
1
American Bosch Corn
200
95'2
176
176
178
*173
176
*173
800
130
178
95i2
178
*94
95
130
131
*129
178
17g
94%
7
$
share
6%June 26
%
Par
Year 1939
Lowest
Highest
Lowest
34
634
34
35*2
*34
130
130
2
173
18
$ per share
7
7
Shares
94%
94
*39%
Aug. 23
$ per share
33%
2
*2
*93
EXCHANGE
Aug. 22
$ per share
93%
2
93
the
Aug. 21
135
*129
135
2
93
Friday
On Basis of
Week
7
*32%
NEW YORK STOCK
Thursday
34%
*6%
34%
*129
130
130
6%
*32%
STOCKS
for
Wednesday
$ per share
$ per share
678
34%
*0%
*33
Range for Previous
1
100-Share Lou
Range Since Jan.
Sales
CENT
SHARE, NOT PER
PRICES—PER
Tuesday
Aug. 20
Monday
5 per share
1099
New York Stock Record—Continued—Page 2
151
Volume
Jan
11%
Aug
20% May 21
36% Apr 17
15%
Apr
20% Nov
lll%June 10
18%May 21
105 May 28
115>> Mar 12
109%
Oot
7%June 10
102
June 17
29%May 14
102 May 22
7% June 11
6334 Feb 27
24%May 28
17% May 22
49%June 25
22%May 21,
63%May 23
l09%May 22
14
May 21
15 May 15
534May 15
l3%May 21
11
May 14
54
June 27
13% Jan
35% At." 16
112% Apr 22
105 May
7
32
Apr 11
Jan 21
127
9
2
9
22% Mar 13
978 Apr
67% Apr
36% Apr
66%
Jan 18
39
Jan
3
89%May 10
125%May 10
34% Jan 6
22% Apr
17
Apr
115% Nov
28
July
98
Apr
107% NOV
32
Nov
1047« Sept
123%
Aug
Apr
9%
73%
3384
22%
Oct
Jan
Deo
60
Deo
2784 Sept
7%
62
Nov
10%
Apr
177g
Apr
48%
Apr
32
Sept
50% June
99%
157s
Apr
Apr
oct
67% Mar
100
Sept
120% 8ept
32% Oct
Oc*
11% Jan
23% Jan
Apr
24%
17%
22
Dec
30%
16
Apr
13%
Dec
23% Mar
80
Mar
35
Apr
57
1 Ex-dlv. v Ex-rlgbts.
14
8%
Apr
? Called for redemption
Jan
Oct
Dec
New York Stock Record—Continued—Page 3
1100
WW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Aug.
Sales
STOCKS
Range Since Jan. 1
for
NUW YORK STOCK
On Basis of 10O-Share Lots
the
EXCHANGE
Saturday
Aug 17
Monday
Aug. 19
Tuesday
Wednesday
Friday
Aug. 20
Aug. 21
Aug. 23
Week
$ per share
$ per share
$ per share
$ per share
S per share
Shares
12%
24%
106
57%
13
13%
13%
25%
*24%
24%
106
131?.
25%
13%
25%
13%
25%
*105
106
*105
108
*105
108
57%
*55
00
*55
60
*55
00
*22
23
*22
*22
23
18%
*15%
*1%
18%
*32
34%
1%
18%
18%
187s
15%
16
107s
*1%
1%
*32
5
4%
8%
8%
18%
*31%
*39%
*32
17
1%
34%
39
*4%
20%
24%
*17%
*7%
7%
5
9%
03s
33
33
33
5
108% *103
3%
778|
734
7%
108% *103
108%
378
334
334
39
40
40
5
5
5
5
2034
2034
25
18
273s
734
40%
41
5%
26%
*23%
26%
25
*24%
18
*17%
17%
7%
2%
*17%
7%
2
2
7%
2%
2%
7
7
7
7%
7%
4%
18%
4%
7%
25
2734
26%
18
18
8
*7%
2%
*2
*6%
7
7
4%
1878
*4%
*18%
4%
*4%
4%
4%
I87g
*18%
187g
4
4
18%
4%
7%
*32
20'4
478
4
1884
10%
*1%
012
19%
♦3 Us
4H4
20%
24%
*7
Borg-Warner Corp.i
197*
*2
4%
*18%
37g
Borden Co (The)
5,300
8%
378
39
200
2,400
17%
1%
19%
77s
*6%
4
7%
4%
7%
*6%
7
784
10
1834
8%
734
10
23%
19%,
35
106%
1934May 22
99
May 23
5184May 22
*22
8%
*4%
1234 Aug 16
5
22i2
1834
1*8
5
5
*3%
237s
3%
1,100
2,700
6,800
334
*29
30%
21%
Bond Stores Inc..
3,900
7,900
""TOO
5
38
Brooklyn & Queens Tr_ No par
Transit..No par
$6 preferred series A .No par
49
' ""800
*7%
778
734
7%
*105
108% *105
108%
3%
3%
3%
384
41
41%
38% 41
5
6%
5%
5%
27% 27%
27%
27%
26% 27%
26%
26 %
17%
17%
17%
18%
7%
7%
7%
7%
2%
2%
*2%
2%
*7%
7%
*7%
7%
*4%
4%
4%
4%
*18%
187*
18%
18%
5
4%
4%
434
*7
*7
77*
7%
53% 55
*53%
57
*10% 11% *10%
11%
16%
16%
16%
16%
Bklyn-Manh
Brooklyn Union Gas...No
Bucyrus-Erie Co
500
Budd (E G) Mfg
360
7% preferred
Budd Wheel
500
80
.
200
400
55
*10%
11
*53%
*10%
16
16
*15%
*47
53
*47
63
*49%
55
11
16%
53
*47
53
*47
1
1
1
1
1
1%
1
1
1
1
"2" 200
5%
6%
5%
534
534
6%
6
6
6
6
0
11%
*137S
11%
14%
12
12
*1134
14
14
1234
14%
12%
*13%
♦35
37%, *35
3
*32
27g
34%| *32
*3%
4%
*3%
*3034
*85%
37%
89
*3034
*85%
*26%
2%
20
*2%*48%
26
2%
50
48
*14
37%
3
3
*12%
3%
34%
*35%
3%
*32
34%
4%
*3%
37%
37%
88
27%
2%
48%
*85%
27%
*2%
4%
37%
89
27%
2%
48
48
*107
109
*32
*3%
*37%
*86%
*27
238
48 %
109
44
42%
43
43%
43%
27%
27
27
27
28
118
63
1234
*43
*117
10%
*47
*35
37%
109
*1534
14
*107
26%
*107
1%
5%
Bush Term Bldg dep7%pf-10O
Butler Bros
10
6%
preferred
..30
Butte Copper A Zinc
6
*107
43%
28%
Byers Co (A M)
*33
34%
37%
3%
34%
4%
89
28%
2%
48 34
*27
43%
29
57
*51
57
*46%
17%
*17
17%
1%
*17
*1%
2
1%
*110
*3
*414
*2%
3%
*88% 102
22% 22%
50
89
30
28%
200
2%
1,300
2%
47,
47
109
*107"
4384
49%
43%
28%
*87
22%
*110
"3%
*4%
3%
*2%
334
4%
3%
102
*87
2234
2
*110
*3
5
102
2
22%
*3
*4%
*2%
2734
102
*87
23%
23%
*47
57
*17
800
5,300
500
6%
17
"166
2
2
600
Apr
2
Jan
Jan
3
13%May 21
May 21
1484May 21
27
May 21
3%May 22
20
Jan 19
37g
24%
114%
25%
37%
29%
2
May 21
6%May 21
4%May 21
17%May 28
2%May 24
6%May 22
39
May 22
9
May 21
14
May 21
50% July 25
1
May 21
27
13%
31%
9%
Apr
10% Feb
9
7
Apr
111
Jan
Apr 30
May
7
94%
Apr
0% Jan
5
4
Apr
5
29%
Apr
3
Apr
0% Feb 17
33% Apr 29
Jan 10
15% Aug
21% Apr
11% Apr
Jan
11
June
1
Apr
Mar
7
_
Apr 22
Apr 22
0% Mar
7% Jan
23%
4%
13%
81%
15%
2078
4
Apr 3
Aug 13
Jan
3
Jan
3
Jan
4
Feb 9
62% Mar 13
178 Feb 21
8% Feb 21
0
Apr
10
36% Aug 1
76%June 3
22%May 21
45
May
Aug
2
May 24
39%May 23
100
June 10
42%May 15
20
May 21
105%May 22
Apr 17
6%Mar 6
40% Jan
91
Jan
118% Jan
56% Jan
35% Apr 29
119
5
May 21
100
48
June 15
72
Central Aguirre Assoc-No par
Central Foundry Co
1
Central 111 Lt 4^% pref.,100
17
Aug 15
106
June 12
May
1
26% Apr 22
3% Jan 3
114% Mar 9
3%
47g
^Central RR of New Jersey 100
2%May 18
Central Vloleta Sugar Co
4
May 21
3%
Century Ribbon Mllls.No
par
3
May 21
6
100
90
July 12
100
102
*87
23%
Preferred
2414
4,800
4
4
4
4
3%
4
4%
*378 ■
4%
1934
2084
2034
2034 2134
2134
2134 *20
-21%
19
19
1834
1834
*19
21
19
*18%
19
*1884 21
*101% 103
*101% 103
*101% 103
*101% 103
*101% 103
*101% 103
*22
22
22
23% *22
22%
22% 22%
22% 22%
22%
22%
*13
7
*13
17
*12%
17
*13
*12%
16% *13
16%
167„
4
4
*4
4%
4%
4%
4%
4%
*4%
4-%
*4%
4%
35%
38
35% 30
36%
36%
38 84
3734
38%
3834
39%
39%
*917g 97
*91% 97
*9l34 97
*9184
97
*9134
97
*9134
97
*1%
1%
*1%
1%
*1%
H,
*1%
1%
♦1%
1%
*1%
178
1
1
*78
1
*%
*%
*%
*%
*78
'
*7
*7
7%
*7
7%
*7
7%
7%
7%
7%
73g
Cerro de Pasco Copper.No par
22%May 24
578 Apr
7
Ap*
25% Apr
11% Aug
13% Apr
48% Mar
% Feb
478 Aog
9%
Apr
12
Apr
36%
3%
29%
4%
Dec
Sept
Sept
May
July
Apr
1378 Apr
2% July
63% Aug
3% Jan
No par
l%May 15
Apr
1878 Apr
2% June
77
32%May
75
578
35
Apr 8
12% Feb 15
Celotex Corp
Jan
Apr
44% Jan
2%May 22
July 10
Apr
Apr
6
*234
24%
Aug
Aug
Aug
Apr
*4%
102
23%
1%
7%
13% Jan 30
3%May 23
5% preferred
10
*3
3%
434
3%
Aug
29%May 28
100
5
ll%May 10
Mar
7
Apr 16
,41% Jan 10
110
Apr
38%
Apr
13%
Apr
84
Apr
68
778 Aug
Oct
18% Apr
2% Apr
103% Sept
3% June
3%
Apr
3% Apr
86% June
32
June
•
*378
20
4
*3%
600
20
19%
*18%
210
*%
3u
*ai#
%
*%
*%
%«
*%
34
*%
10
*%
10
10%
3i«
*%
1
*%
%
*%
%«
*%
%
%
*%
316
♦%
*%
%
*%
84
10%
29%
10%
29%
*29
30
10%
*29%
30
"
*42
40
*42
10
10%
10
*28%
3134
*29
30
*29%
30
*42
46
*42
46
*42
40
*42
46
*%
100
10%
10%
3
*%
%
*%
3
%
%
•%
3
*%
*%
%
6i«
s
*%
«!•
*%
>1
%
3
*%
;
*%
*884
%
*%
934
*834
9%
*834
9%
10%
*10%
2%
10%
2%
21%
*10%
10%
2%
2%
*20
68%
6934
69%
*9%
*88%
*44%
*2%
30%
934
90
*9%
*88%
*—.
*
*44%
*2%
2%
3034
*31
*
124
63
70%
9%
*88
90
*44%
*2%
*31%
...
2%
32
124
*--_
*20
70
10
63
*
21%
71
9;
90
...
2%
32
124
*-.._
*10%
2%
20%
71%
10
*88
*44%
*2%
31%
*-...
9%
x9
*99
*22%
*58
59
11%
11
11
99%
24
99%
*23%
*109
*14%
99%
24
*108
16
*14%
*2
3
*2
*2%
*1%
*19%
19%
5%
*78%
*65%
3
*2%
*75
I
%
""loo
%
200
%
100
9
*8%
9%
10%
2%
25
73%
10%
10%
2%
20%
73%
10%
20%
73%
*10%
20%
10%
*2%
*20%
7434
7084
10%
10%
90
*86%
90
*8614
2%
33%
*44%
*2%
*31%
*44%
*2%
32%
2%
33
124
*--.-
124
*
*2%
63
*
23,000
1,100
234
3%
*99
23%
*109
*15%
*2
284
*2
3
234
3%
20%
20
*65%
78
*76%
4%
191*
*3%
4%
*3%
4%
*17%
19%
*17%
*30%
19%
30%
99%
37%
*95
37
30%
100
37%
20
*19%
5%
20
30%
*95
37
9%
1%
58
30%
9
1%
*56%
30%
9
1%
*9%
1%
58
55
30%
30%
Bid and asked prlees; no sales
20
19%
5%
5%
79
79
82
*65%
82
78
77
77
30%
100
*95
1034
*22%
*109
17
*75
20
*102% 105% *102% 105% *102%
♦
3
23%
9984
78
*3%
1%
16
*58
*79%
*17%
*30%
30%
109
1084
*99
30%
100
*15%
*2
2 84
*2
6884
1034
9934
24%
111
16%
3
1084
*99
2284
109
15%
*2
234
37g
X20
20
*19%
20
5%
5884
284
*2
19%
*1834
53
1078
2,300
9934
2234
300
109
15%
3
234
378
19%
1984
*79
*65%
82
*77
78
*65%
*76%
4
4
*17%
3034
19%
31%
*4
31
*95
4%
19%
31%
100
*95
1 In receivership,
a
20
100
conv
100
preferred
($2.60)
500
10,100
400
""160
100
Apr
%May 21
1% Jan
14% Jan
3578 Jan
30% Aug
60
44
No par
10
26
..6
...
No par
100
%May 20
% July 23
% Jan
% Jan
9
May 21
2% Aug 19
20
Aug 10
63%May 28
9% Aug 15
88
Aug 7
7%
Aug
10
10% Apr 16
6% Mar 25
33% Apr
91% Apr
14% Jan 26
25
98
Apr
Apr
4% Dec
Apr
63%
Apr
9
Apr
Feb
79
Jan
Jan 30
46% Sept
2% Apr
15
Apr
124
July
8
140
May
65
Mar
6
08
Feb
24
124
60
June 19
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The)_l
Clev A Pitts RR Co 7% gtd.50
108
May 21
Special gtd 4% stock
60
Climax Molybdenum..No par
Cluett Peabody A Co..No par
...100
Coca-Cola Co (The)...No par
Class A
No par
....
Colgate-Palmolive-Peet No
par
No par
No pa
6% conv preferred
100
Colo Fuel A Iron Corp .No par
Colorado A Southern
100
...100
4% 2d preferred
100
Columb Bi 'd Sys Inc cl A.2.50
Class B
2.6O
Columbia Gas A Elec..No par
0% preferred series A... 100
5% preferred
100
Columbian Carbon v t e No par
Columbia Plct
11% Mar 28
May 18
100
4% 1st preferred.
%
% Aug
.
2
100
Collins A Aikman
% June
% Apr
45
preferred
$4.25 pref
Apr
Aug
5
No par
Equipment
Dec
....100
May 15
May 21
July 8
Clark
%
10
Mar
% May 21
778May21
z60
4% Apr 26
40% Apr 18
114% Jan 10
43% Mar 8
26
May 21
74
May 16
80
Mar 28
46%May 16
48
Mar 26
25%May 22
25%May 21
131
May 22
99%May 21
66
May 24
10%May 21
94
June 10
16%May 21
108
May 23
12%May 21
l%May 15
2
May 17
2
May 22
16
May 21
10
May 21
4%May 22
67%May 28
3
69
June
71
May 29
41% Apr
45% Apr
1
4
10678 Sept
20% Apr
69
Sept
42
Jan
34% June
21% Apr
142
Feb 14
125
Sept
131
Mar 30
105
Sept
63
Feb 27
68
Jan
20
Feb 21
11% Apr
100
July 22
36% Apr
8
112% Feb 10
24
May 10
4% Apr 4
6% Apr 4
5
Apr
4
20%
100
378 Sept
3% Aug
14
Apr
14
Apr
79
62%
98% Apr 4
8% Mar 15
Apr
Apr
2% Aug
74%
Jan 26
Apr
11%
26% Mar 12
26% Mar 12
7% Apr 8
93% Apr 8
5%
73
Apr
Jan
Jan
Apr
No par
3%May 21
preferred.No par
Commercial Credit
10
14%May 24
27%June 10
23% Jan 29
15% Dec
48
3
38%
108% Feb 21
98%
Oct
42
Apr
v
t c
conv
AH% conv preferred
95
June 13
3,300
Comm'l Invest Trust..No par
$4.25 conv pf ser *35.No par
32
June 10
66
97
June
4
113
"2*300
Commercial Solvents..No par
Commonw'lth A Sou..No par
$6 preferred series
1,500
Def. delivery.
Apr
8%-Aay 16
23%May 21
41
May 22
100
6,500
1% Sept
1% Aug
9%
par
No par
Chrysler Corp
City Ice A Fuel
100
8,900
85%
% Jan
No par
Chile Copper Co
$2.76
"MOO
Jan 16
Jan 3
Jan 24
Jan 4
Apr
Dec
Apr
Oct
%May 13
cum dlv No par
Chllds Co
50
"l"|506
97%
2%
2%
12%
27
% June
% Dec
JChic Rock IbI A Pacific... 100
7% preferred
100
0% preferred.
100
100
37% 38
38%
3884
37%
38%
105% *102% 105% *102% 105% *102% 105%
9%
9%
9%
984
9%
9%
1%
1%
1%
1%
1%
1%
56
56% 58
58
59%
59%
30%
30% 30%
30% 30%
30% 30%
this day.
$3
Preferred
""406
100
79
*17%
900
5884
5%
8I84
82
78
79
5%
37%
on
90
2,300
Aug
6%
x3%
100
Chicago Pneumat Tool.No
5%
50
17
tChicago A North West'n.100
CCC A St Louis Ry Co
1,000
Apr
30% Apr 18
29% Mar 23
478 Apr 3
42% Jan 8
%
6H% preferred
20
18
98
May
% Jan
City Investing Co
City Stores..
700
Sept
Sept
8
9
21%May
106
% Jan
Chick ash a Cotton Oil
50
5% Aug
22
% Feb 28
200
1,800
17%May 22
8% Feb 15
36% Feb 15
100
Chicago Yellow Cab
...
5834
11
5%
82
4%
*56
11%
9984
23%
*58
100
$5 preferred
63
82
82
19%'
19%
*8%
5834
25
Chicago Mall Order Co
.6
tChlc Mil St P A Pac..No par
100
124
*--._
5%
82
72
*3%
37%
23%
*15%
*2
19%
1934
5%
3%May 22
30%May 28
84%June 17
78May 15
84May 28
0%May 21
% Feb 28
90
63
63
19%
*1884
5%
*78%
*65%
*17%
30%
99%
1034
*99
*2
*2
20
*58
109
15%
No par
JChesapeake Corp
Chesapeake A Ohio Ry
Preferred series A
Pr pf
%
...
59
107s June 10
300
%
10%
2%
2%
32
""Moo
*%
%
10%
2%
...
10%
*112% 113
*112% 113
*112% 113
*1127g 113
11278 11278
*31
32
32% 32%
32%
34
32%
33%
34
*33
34%
34%
*76%
79% *76%
79%
77% 77% *70% 78
*76%
7734
*76%
78
*
48
*40
48
4734
*46
4734 *46
*46
*26
27
26% 26%
26%
27
2634 2634
26% 2734
26% 26%
*30%
31
3034 3034
31%
31%
33
32% 33U
33% 33%
33%
*133
*133
140
*133
142
*133
142 " *133
142
*133
142
104
104
105
*103% 105
105
105% 105U 105% 105% *103% 10484
*58
6
Cab Mfg
Preferred-
*112% 115
*11
99%June 22
*7ie
%«
2%
21%
200
*%«
*8
No par
tChic A East 111 Ry 6% pf.100
JChic Great West 4% pf._100
*1
*%
*20
9,600
100
*%
*10%
2%
Chain Belt Co
Cham Pap A Fib Co 6% pf. 100
Common
No par
900
*'S
*884
T,800
*%
%
3
3%May 22
15%May 21
15
May 28
Checker
'"500
*%
%
1
6% prior preferred......100
46
%
34
300
Certain-teed Products
No par
Commonwealth Edison Co..25
n
New stock,
r
3a°h sale
Feb
53
1
7% prior preferred
7%
Apr
..25
Celanese Corp of Amer.No par
478 Sept
34% Oct
41%
40
100
Apr
53% Apr
34
100
Jan
Apr
Sept
May 23
1% Jan 5
ll«4May 21
No par
Aug
32
Aug
No par
Caterpillar Tractor
Dec
22
Apr
19% Apr 18
23% Apr 3
1
24
Jan
39% Feb
par
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
5
Jan
Apr
12%
16%
18%
1%
19%
5%
May 22
...100
Carriers A General Corp..
Case (J I) Co
Jan
63% Dec
41
Canada Sou Ry Co
Canadian Pacific Ry
Capital Admin class A
$3 preferred A
Jan
Jan
28%
1578
3178
4%May 21
11
May 21
Canada Dry Ginger Ale
51
34%
121% Dec
Apr
5
Campbell W & C Fdy_.No
57
*110
*3
*4%
*2%
1
Calumet & Hecla Cons Cop..6
200
17
2
60
Preferred
T,900
*47
17%
*87
23%
117
6
*111
3%
4%
3%
117
117%
2
...
44%
28
No par
6% preferred
Callahan Zinc Lead
109
44
29
*107
109
57
17%
*51
*2%
2%
...
*27
28
*2%
48
par
Sept
Aug
Cannon Mills
le'eoo
*87%
88"
*6
*17
3%
434
*3%
*37
88
6
17%
110
3%
*33
4%
*37
...
6
57
2
4
*334
117
*17
*3
*35%
118
*46%
*4%
600
37%
118
6
110
3%
34%
4%
14%
*35%
3%
14%
No
California Packing
12%
118
117% 117% *117
*534
57*
5%
5%
*534
*178
37%
conv
Aug
16
7%
21%
12%
6%
13%
.1
8
16%
100% Sept
10%
12%May 22
7% July 3
par
$ per share $ per share
Maris
Burlington Mills Corp__.___l
Bush Terminal
600
12%
14%
7
33
Burroughs Add Mach..No
share
37%May
17%May 21
Participating preferred.. 100
Byron Jackson Co
No par
127*
14%
per
28% Apr 15
29%May
1
123% Jan 3
70% Mar 20
29% Apr 25
24% Mar 27
257g Jan 3
2% Jan 4
No par
100
4,400
1,000
%
31
21
..No par
No par
Year 1939
Lowest
13% Apr 29
23% Apr 8
par
100
Bulova Watch
53
1
40
4%May 23
8' May 21
13%May 22
100
No
Bullard Co
300
15,800
May 22
6%May 23
97 May 28
3
May 23
..6
7% preferred
4,900
1,300
1,200
1,200
1,600
par
No par
Bruns-Balke-Collender.No par
2,000
11
11
No
Brown Shoe Co
30%
21%
June 10
1278May 21
1
May 18
27
Bristol-Myers Co
16%
55
100
177gMay 28
17
par
300
57
11
5
Brlggs & Stratton
*55
*53
15
20
100
*10%
*15%
55
1
.....
Co....5
Brewing Corp of America
3
Bridgepott Brass Co
No par
Brlggs Manufacturing.No par
34
4234
384
23%
24
*114% 118
17%
1634
I684
17
No par
Bower Roller Bearing
9%
24
*28%
*21%
Class B
Boston A Maine RR
5%
*42
No par
100
1934
9
Bon Ami class A
200
34
19%
*31%
34
42%
share
5
Bohn Aluminum & Brass
00
3314
per
Boeing Afrolane Co
1,900
*55
17%
$
3,600
*105
4%
4%
Par
Range for Previous
Highest
1384
27
2 634
60
*55%
22i2
18%
16%
♦Us
3314
5
13%
Lowest
108
18%
*31%
3%
39
14
2634
478
8%
42%
*39%
41% *39%
40%
41%
40%
3%
*3%
*3%
3%
3%
3%
3%
3%
24
23%
23%
23%
23%
23%
237*
23%
*114% 118
*114% 118
*114% 118
*114% 118
16% *10%
16%
17% *16%
17% *10%
17%
32
*30
*30
*30
*30
30%
30%
30%
20
20
21
*20% 21%
20%
21% 21%
7%
734J
*105l4 108%
378
3%
137s
2614
♦105
22%
18%
1%
34
$ vet share
18%.
8%
18%
*32
18%
1678
1%
*1%
34
18%
35
*22
23
18%
1578
10
*47«
*31
13%
25%
1940
24,
8
May 21
%May 22
42
May 21
257sJune 10
jcEx-dlv.
v
Jan
Apr
Mar
8
6
16% Apr 5
l%June 28
73% Jan
8
33
8
Ex-rights.
Apr
6%
Dec
Apr
103% Sept
8% Aug
1% Dec
45%
Jan
z25% Apr
1 Called for redemption.
Jan
Jan
Volume
Monday
Tuesday
Aug. 20
Week
$ per share
$ per share
5 per share
*1214
*234
155s
3
1578
*12U
12%
*12i4
12i2
*1214
12%
*123s
*12
12i4
*1218
1214
*12ig
2034
12%
*12
19*8
19i2
195s
195g
20
*8%
9%
*8%
9%
*12
71
*65
85
*81
82
8412
5
5
5%
28
107
106
*5s
34
*67g
734
*7
*214
2%
*214
2i2
6%
6i8
6
*H8
1%
*1%
6is
H2
*2%
3
*2t2
3
13
*10
*100
101
*100
1234
101
8% I
».«'
»»
80 I
37V
8%
*34
*78i2
*367s
13
*8i8
34
*34i2
35
27g
*34i2
25s
1734
1734
*1758
20
20
*20
17]8
54
4712
4734
*5212
*169
47i2
48l2
5
83s
8i2
8%
78
8i2
6
*5%
34i2
35
3
34t4
234
1714
51s
%
17U
58
99i2
*23
23i2
*23
434
24i4
41
*2412
*39U
434
*i2
1678
*43s
434
2414
*438
24<4
2414
♦39i2
41
*39i2
40
1378
*39
1378
85
85i2
275s
*84
2634
27
*8234
27%
*8712
92
*8712
10
60
60
10
10
*10%
233s
*22
2
2
40%
7
24%
4
600
*58%
63
10%
100
*22
2
2
41%
2
2
41%
40%
2
3914
67s
2334
*24
2412
*70
80
*70
80
*70
80
*70
80
*70
80
*70
56
*42
56
*42
56
*42
56
*42
56
*42
*42
*1778
*3i2
18
4%
17
478
*177a
*3t2
18
18
18
185g
4%
17
19
19
*18%
1834
*15%
24%
2534
18%
*3%
*15%
17
7%
7%
25
4%
*3%
4i8
7
25%
*3%
25
*15%
15
15
15
2212
22%
2234
22%
2258
22%
15%|
22%'
15%
15%
107s
3%
15%
15%!
10%
3%
11%
*3%
15%
10&8
33s
*%
%
11434 *111%
1'
I2
114"
*111% 11378
*1512
2278
227s
2212
*15i8
15U
10i2
3i8
15U
15U
15%
*1014
1058
10%
38
38
IOI4
3i8
*1
11434 *111
*111
314
314
5%
5%
*5
5
5
15%
15
10%
3%
5%
Cutler-Hammer Ino
No par
5
1,200
112
40
15%
16
*22%
23
1,800
1,800
11034 ll034 *110
11034 11034
110% 110%
No par
15%
11
15%
10%
5% preferred
25
Davison Chemical Co (The)
Conv
5%
5
1
100
Davega Stores Corp
500
3%
3%
*%
%
*%
%
113% 113% *111
113%
3%
700
10,400
1,100
Pf-100
Dayton Pow & Lt iM %
Deere
A
No par
Co
20
Preferred
.500
36%
300
6%
500
Diamond T Motor Car Co
17%
900
Distil Corp-Seagr's
*71
73%
*71
73%
100
*10
107g
3412
*33
33l2
32%
33
*32%
34%
18
*17ig
18
13ig
6834
18
18
*18
19
*10
1078
*33
*17
*114i2
I6OI4
....
*11412
116U H6I4 *11614
*2734
*2734
2778
*3U
*314
37s
2834
*14
28«4
I2h
458
323s
29
*2812
*1
34
434
32%
172
2834
*12%
45«
3178
2834
29
28%
H4
*1
33i2
*3812
40
3134
12 78
34%
34%'
12%
12%
12%
13%
13%
34
*%«
13%
34
5%
34
478
32
2834
28%
1%
33%
40%
8%
*»j6
34
14%
*®1«
5
5
14%
13
13%
2,900
Electric
*»16
37%
3434
31%
33
31%
29
29%
29%
29%
2978
2978
1%
*31%
34
*38%
*38%
40
108% 108% *108% 109%
8%
8%
*71
77
*70
78
84
*79
83
*79
82
*72%
*80%
*85
89%
*85
89
40
108
1%
34
41%
108
834
8%
77
*1
*31%
*29
*1
36%
3134
600
Elec Storage
1%
34%
31%
12,900
300
Elk Horn Coal
34
*38%
41%
""366
107% 107%
834
5.600
*71«
%
118
1%
112
*1%
*34
H4
*%
1
*63i2
35$
*5i2
*2858
35s
578
*334
*17%
*3%
5%
*28%
29
34
*%
*3234
*63%
80
5
34
18i2
*7
*%
*334
*33
18
1%
1%
1%
it
100
78
82
"""166
100
*ht
700
*1
1%
1%
*1%
1%
*1%
*1
1%
1%
80
3%
*63%
*3%
* 3«4
6
6
6
29%
29%
30%
80
3%
*63%
5%
29%
34
*5%
5
%
3%
28%
5
600
400
34%
35
200
18%
18
18
1334
13
13
13
*1234
13%
99
*89
99
*89
99
*89
*17
18l2
18%
*18
18%
*18
18%
*12i4
13
*12%
1234
234
%
19%
*18
91
*87
137s
99
*17
25s
*2%
*1734
91
*87
*%
*87
I *12*2
3414
i *1134
2%
%
*1234
13
2%
%
*2%
*%
13
2%
78
18%;
18%
18%
*18%
19
91
*2%
234
""206
*12%
13
100
2%
2%
18%
*87
500
200
%
*%
18%
300
91
91
*87
*13
14
*13
91
14
*87
13
*13
14
*13
1378
"""206
3434
*34%
3434!
3478
*1134
3478
20%
3478
*1134
3478
*34%
35%
400
20%
*1134
20%
• Bid and asked prices; no
sales on this day.
Exchange
Fairbanks
$t)
18
13
20%
Ex-Cell-O
94
*17%
3434
*1134
1384 Jan 18
120
Jan 17
10
Apr
14
4
2
6
3
May 15
Co
50
Cleaner....6
Co—.—-—6
Corp
3
Buffet Corp .No par
Co 8% pref
100
Co. No par
preferred
Smelt Co
2
Federal-Mogul Corp....
6
Federal Motor Truck..No par
Federal Water Ber* A.No par
Federated Dept Stores .No par
4%% preferred
...100
corp—....—.1
Ins N Y.$2.50
(Wm) 80ns Co.No par
Enamel
112
2534 June 10
44%May
6% Jan
117
May 15
June 10
166% Jan
155
June 10
178
Jan
9
22
May 22
37
Apr
9
17%
Jan
4
10% May 28
15%
10% May 21
18% Apr 20
%May 22
May 15
18%May 21
15%May 21
z247gJune 6
%May 22
May 21
May 22
May 22
35
I84 Jan
Jan
8%
4
8
37% Aug 22
Aug 22
33
33%May 2
1% Jan 10
41% Jan 3
46
Apr 13
Mar 19
112
15% Sept
Apr
8% Apr
1% Sept
6% Apr
20% Apr
I884 Apr
23% Apr
% Apr
Jan
28
32% Aug
zl03% Mar
7
Apr
May 31
83 *
Jan
8
8
May 31
89
Jan
8
62%
65%
4
97
Jan
8
69
% Jan
4
5%May 21
63
66
Mar
84
SgMay 15
12% Jan
3% Jan
%May 15
1% Apr
7
278May 25
5
May 21
20% Jan 15
%June13
3%June 10
29%June 6
17%May 21
67% Aug
67% Aug
11
May 23
85
June 10
16
July 24
1234 Aug 16
2% May 15
%iMay 22
5
%
8% Mar 11
18%
3%
12%
Jan
41%
38
Feb
35
Sept
3% Sept
42»4 Nov
65
Sept
Jan
111
13% Aug
95
89
Aug
Aug
Aug
1% Sept
3
Sept
6
Sept
3% Sept
65% dept
6% Mar
284
13
Apr
Dec
Apr
25% Nov
24
3
29
Dec
14% July 23
4% Jaa 4
19%
40%
Jan
Feb
Oct
July
Oot
Nov
Mar
Jan
80% June
49% Apr 8
31% Apr 18
18% Apr 3
102
Mar 27
28% Jan
186%
183%
30%
Apr
6
14%
3
Jan
Deo
8% Sept
Aug
11% Apr 25
3434May 10
I
Feb
31%
Apr
Apr
1% Sept
1% Apr
65% Sept
3% Sept
Feb
124% Aug
118%
Apr
84
1
I84 Jan
%May 15
l%May 14
Apr
22%
41% Apr 16
3
188% Sept
3% July
138% Apr
155% Sept
May 21
25
116% Nov
Sept
111% Sept
12% Apr
8
3
2
3
Deo
Jan
June
Apr
128%
118% Jan 19
Dec
144%
Apr
108
4
112%May 22
8784 Nov
Aug
8
189% Apr
126
Mar
Apr
Jan
2%
Jan
8% Sept
43% Jan
20
Apr
11
Apr
38% Sept
18% Aug
81
Jan
98
Deo
31%
Deo
2% Aug
84 May
6% Nov
Jan
Oot
Feb
23% Nov
1%
Jan
9
15
May 28
25
Jan
3
18«4
Apr
27%
79
June
5
95
Apr
82*4 8ept
89*4
10
May 21
20
Jan
6
3
17% Nov
27»4 Apr
40%
Deo
21%
Dec
Fidel Phen Flr«
27%May 21
Filene's
14% May 20
t In receivership, a Pef. delivery, n
55
9
146%May 28
114
May 22
102
100
100
...100
Apr
July
34
20% Sept
94%May 10
9%June 10
114
.100
Federal Mln A
feno
5
26
Fajardo Bug Co of Pr Rloo__20
Federal Light A Traction...15
14
20%
19%
Fairbanks Morse A
200
34U
20%
*1134
Dec
600
36%
*17%
*89
193g
6
200
*34
18
*1234
2%
Mar 30
Evans Products
10
*13
*1814
10
Eureka Vacuum
2,000
5
1234! *12%
17%
May 21
1
.....3
Corp
60
{Erie Railroad
4% 1st preferred..
4% 2d preferred
900
3334
12%
1434 Jan 12
par
8ervlce—.1
$5 conv preferred
No par
$5)4 preferred
...No par
$6 preferred
No par
Equitable Olfloe Bldg
No par
600
%
*4
Apr
Corp—No par
6% preferred
Engineers Public
Jan
Jan
22%
Mar
...No par
..No par
Battery..No par
End 1 cort Johnson
Apr
13% Nov
35%
6
Erie A Pitts RR
80
%
%
%
*4
60
10
24% Apr 23
23% Jan 10
May 21
July
90
101%
EI Paso Natural Gas
*31%
*85
*7i,
4,700
Mar
Apr 24
preferred..
$6 preferred
$7
30
30
Electric Power A Light. No par
"7"400
29%
34%
30%May 22
Ind Am shares...
5%
5
3234
2934
34
40
Boat
Elec A Mus
34
(The)
Feb 29
38
20% Mar
Sept
984 May
171
.100
Manufacturing Co
66
65% July 3
137 May 28
par
Mills
...5
(N J).No par
Edison Bros Stores Ino
6% Aug
13% Sept
6
9
34% July
447# July
10% Nov
36>4 Sept
8534 Apr
14% Apr
9% May 15
Jan
Oct
Jan
1%
par
No par
6% cum preferred
3
10% Feb 21
20
Jan 8
Oot
8% Sept
par
Duquesne Light 5% 1st pf-100
Eastern Airlines Inc—..... 1
Eaton
Oct
Dec
28
12% Aug
3% Sept
«8 Dec
ll%May 22
A Co.„20
preferred
Electric Auto-Lite
300
11%
14
100
Eastman Kodak
Apr
18%
par
No par
preferred
Du P de Nem (E I)
3,000
32%
29%
*1
Co No
Dome Mines Ltd
No
Douglas Aircraft......No
Dow Chemical Co
No
Dresser Mfg Co
No
Dunhtii International
1,400
32%
29%
*31%
...No par
Class A
Doehler Die Casting
Eastern Rolling
27% July
43% Feb
434May 15
12%May 21
2934
14%
34%
4%
1%
200
1,400
25%
Apr
36% Apr 10
May 21
32
6614 May 24
29-%
14%
3234
4%
1%
1,300
2
Ltd.No par
$4.50
H284
Apr
19% Apr
5% pref with warrants.. 100
Co
No par
10
176
*4%
8978
*114
£
31
30
14%
34%
*14%
33%
*85
*72
l
30%
29%
32%
28%
*79
•
*3%
125% 126%
172
176 |*172
100
25
Dixie-Vortex
Duplan Silk
20
28% 29
3%
3%
125% 126
No par
Match.
6% partlc preferred
8%
*116%
29%
3%j
29%
14%
*31%
*8%
172
29%
14%
*108% 109%
812
28%
32
*38%
*31
*10%
500
*114%
15
2834
*®ie
29
*10812 110
8i2
125
28%
3%
12
*116%
176
3134
32
*9l«
*10%
*6%
7
*114%
125
*14
15
12l2
3,800
*6%
12
*10%
*171
4
4,100
2,900
15
69
166
167% £163
166
163% 165
*120% 123% *120% 123% 120% 120%
*6%
*116%
*116%
28%
3%
110
2,700
176
2812
200
21%
7
12
21%
22
21
20%
7
20%
29
*3%
3%
12434 125
*170
32
*120% 123
68%
34%
18%
900
*114%
...
162%
14%
15%
7134
150% 151%
12312 125
124i8 125i«
176
*10%
*114%
*17%
100
148% 148%
20%
6%
12
20%
6%
13%
13%
71
14978 150
145% 145%
162
161% 162
*12078 123
161
*12078 123
*170
—
70
70
*33%
33%
19
71
1234
70
13%
*1234
*1212
12i2
1234
6834
*67i2
69
148
1453s 1453s *143
203s
20%
20
2OI4
6%
6%
*6
6iZ
*1014
12
*10i4
III4
33%
*18%
10
10
11
Sept
15%
23
Apr
28%
36
*10
Deo
103
6
28% May
28
28%
36%
6%
17%
11
10% Sept
113% Apr 12
237g Apr 9
l3%May 22
June 10
21
Diamond
14
29
*10
June
17% Mar
Apr
32%
*36%
1078
4%
125%
*28%
*10
7
3% Aug
14% Sept
4
Apr
*13
17%
7
8% Apr
Nov
55% June
Sept
25
Sept
13
*6%
Apr
18
28%
36%
638
16%
73%
6%
13%
Apr 27
6% Mar
17
3%May 22
107 June 13
91
Jan
103
13
16%
l4%May 15
3
May 21
l3'4May 22
32% Nov
Apr
45
22% Apr 30
Apr
73%
May 10
60
63% Sept
13% Nov
Apr
4% Aug
19%
32% Mar 14
92
Mar 29
8
36%
*71
3% Sept
23% Jan 10
28%
63s
38
8
4% Jan
Jan
125% Jan
13
16%
May
11% Mar
6% July 25
21%May 21
75 June 10
45
Aug 3
12%May 21
2 5% May 22
28%
*70%
51
4
4
28% Deo
7% Sept
98%May 22
*28
*16%
Sept
19% Sept
29% Feb 24
Deo
100
*12%
6l2
93
Aug
Devoe A Raynolds A ..No par
13
1678
Aug
9
26
Detroit Edison
36i2
71
48
140
2878
6I4
91% Feb 24
17
Apr 22
100
13
71
May 21
13
*36is
*16
Sept
8% Sept
2
*28
6I4
13
2% Aug
84 Jan
14
165s
Apr
96
% July 11
IDenv A R G West 6%
37
70i2
3
June
pf.100
100
29
6'4
8%May 10
62
9
3
3
*36
16
37% Mar
5% Jan
*1212
*70
Feb
Apr
23% Jan
*28
36%
6%
1658
73%
Jan
40%
Apr
Sept
28
11% May 22
8%May 21
2%May 21
10
Delaware A Hudson
13
*36%
*6%
41%
33
4
4
9
Apr
100
Western-.50
Dlesel-Wemmer-Gilbert
Delaware Lack A
20%
Feb 26
13
Deo
19%June
preferred
17
*15%
32% Aug
Deo
June 17
$8
26% Jan
6% Aug
17%
2
A
Jan
110
93
5
2
3
52% Sept
31
Class
Apr
5
94
978May 23
1
Cushman's Sons 7% pref..
Sept
Apr
No par
4.200
16
Apr
Curtis Pub Co (The)...No par
4%
*3%
4%
17
17
478
4%
*4i2
*111
111% *11014111%
15
15
147s
1478
*15i2
25%
7%
7%
26
Deo
2% July
38
Jan
Apr
6
May 17
Preferred
5
3% Aug 15
6
Curt lss-Wright
Aug
Sept
% Sept
9
60
30
Ino
177
184May 24
100
Press
Apr
Sept
24%
64
Packing Co
61% Sept
67% Sept
Jan
64%
75
100
pref erred... 100
Cuban-American Sugar
10
56
678
49
95%May
43%May 10
95
Apr 25
4% Jan 6
May 21
May 21
Preferred
Jan
Jan
46
May 21
80
235s
7
63.
3
43% Apr
21%May
May 22
12,900
150
4
387s Apr
July 17
12
Preferred
31%
Apr
3284 Feb
784 Jan
30%June 12
25
2,300
40%
7%
8
105
3%May 22
18% June 11
36
75
Cuneo
3
May
5% Nov
8
65%
June 14
5
Cudahy
May
61% Jan
Jan
70
June 13
No par
Crucible Steel of America.. 100
5,800
2
3914
634
179
23
$5 conv preferred
23%
4
8
75
No par
ex-warrants
Crown Zellerbach Corp
130
*10%
4
16%
25%May
2
6
3
Cuba RR 6%
10%
4034
2%
41
2
40%
2
40
*22
233s
*22
233s
2
400
234'
233g
*59
1058
40
1,900
61
*3%
3%
60ig
Pref
200
5
8
8
$2.25 conv pref w w..No par
90
105s
*22
23»8
*22
"1W0
4%
32% Sept
Jan
1% Apr
24% Jan
No par
25%
40%
Jan
Deo
Apr
4% Feb
7% Apr
Crown Cork & Seal
25
*39%
10%
4078
33
May 21
Crosley CorpJ(The)
4%
26
40%
51% Sept
116
May
Apr
25
I
% July 31
13 June 5
100
(The).2
No par
5% conv preferred
Cream of Wbeat Corp
Apr
Sept
5
4
Co
Crane
180
90
*934
22% Mar
29% Apr
1% Apr
19% Aug
1
1
25
200
93
60
Dec
1IO6
May 25
Internal Corp
Coty
4,500
,
Deo
17%
32%
165
Coty Inc
200
29%
62
*95s
105s
*9l2
"""400
.
101%
9% June
100
23%
*2
25
Preferred
28%
334
pref. 6% series
conv.
Corn Exch Bank Trust Co.20
987s
234
5
50
CornlProducts Refining
*23
*2
Sept
Sept
l6%June 10
18%May 21
15% Mar 16
47 May 21
41
May 28
44%May 21
1
5
*97
*90
Sept
34
88
7
49% Apr
277gMay 25
2 May 15
40
3
9
8% Aug
2
19% Apr 24
106%May 31
4% May 21
2,700
91
35a
preferred
No par
Diamond Fibre. 5
170
14%
*2
Apr
Jan
100
85%
27%
90
5% Sept
July
1%
Mar
Continental Oil of Del
14
89
9% Sept
1
100
Continental Motors
85%
27%
*2
6% Aug
7% Mar
z87% Sept
33
20
Continental Insurance...$2.50
39%
89
Feb
12% Mar
9
116% Jan 26
9% Apr 9
40% Mar 5
1,500
39%!
7»4 Sept
3»4 Deo
May 21
100
preferred
Continental Can Ino
180
*4%
104
Dec
84
Jan
2%
2
Copperweld Steel Co
17%
18% Mar
108% Aug
Deo
1,500
%
1734
Jan
Apr
600
%
Mar
Apr
1
54.50
5
35
27
101%
Feb
11%
18
5
Sept
1% Apr 4
97% Jan 10
Continental
*171
Aug
11
15% Jan 10
B
*1734
5%
%
18%
98%
91
84 May 16
70 June 5
800
54.
Apr
7% Nov
7% May 21
8%
49
85
79%
5%
No par
Class
"woo
4934
32% Nov
9% Oot
Apr
15% Aug
4% Apr 29
9%May 21
10,900
54
6
93% May 22
900
34%
3
18%
49%
June
Apr
73
Continental Bak Co ol A No par
500
85
3
35s
1
America.20
Container Corp of
1,300
40
14%
92
35s
2%May 21
8«4May 22
5% preferred v t c
Consumers P Co|4.50 ptNo par
100
85
29%
*60
2%May 23
5%May 22
pf-100
t e._25
100
Consol Coal Co (Del) v
*39%
14%
I
%May 17
No par
Oil Corp
Consol RR of Cuba 6%
143s
28%
212
Consol
85%
40
14%
28U
35s
378
6434
25%
40%
2734
*2
3
25lg
*85
85i2
*4%
45s
2,600
5,900
100
1,400
23%
41
*38%
14
1378
1734
97%
*23
2312
*43s
40
39U
1334
*38i2
1334
85
*%
1734
9712
17i2
97i2
5% May 22
6
*48
May 21
$2 partlc pref
No par
Consol Laundries Corp
6
Continental Steel Corp.No par
180
5%
5%
58
5'8
*5
*171
180
*170
180
*169
4%May 21
400
49%
49%
May 29
23
21%
48%
48%
49
49
4834
48
*97
24i2
41
*312
48
May 29
75
*20
56
*54
55
48
2334
*43s
*60
*53
4714
4714
Deo
l7%June 10
7% Jan 29
18%
18%
Jan
9%
97% May 21
11434
18%
30%
Sept
12% July 8
31% Apr 15
16
Apr 8
92
Apr 9
95
Apr 5
9% Feb 21
3278 Apr 5
110% Mar 25
1% Jan 5
10% Apr 4
4% Apr 4
8% Apr 9
2% Jan 3
63
22
*21
18'8
18ig
1778
65
*53
2%
18%
I8lg
21%
%
16%
97i2
*2234
*2
27s
18
Apr
5
June 12
preferred
No par
Consol Film Industries
1
80
34%
278
34%
3
18%
34%
5
19
13% Feb 29
$5
100
300
38
3758
3
24% Feb 17
Jan 15
10
Consoi Coppermlnes Corp
Consol Edison of N Y..N0 par
400
78
*34
♦78
80
*79
3412
3
21%
18
2014
1734
97
23
30
4,700
4,900
Jan
Highest
share $ per share
8% Feb
Apr
per
8
14
100
100
6
7% preferred
6H % prior pref
8i2
38ig
38%
11434 *114
11434 *114
*5%
*5%
6
6
38
38
11434 *114
20
78
78
81
383s
*12
I6I4
9912
3914
78
*7834
34
80
51s
16
*97
*39i2
83s
*23
*1534
23
85s
*4%
3a
*12
1358
*53s
180
*169
180
5
13i2
*37
3512
234
18
2014
1714
54
4712
4812
1714
*5114
4734
13l2
*78
6
*17
47l2
*13U
11434 *114
*518
234
13iS
34
80
3634
534
Consolidated Cigar
—
135s
133s
34
*78i2
3634
*514
83
534
28iS
*8lis
*8is
8%
11434 *114
*114
♦811s
5U
83
1234
13
1234
1234
9
72
538
534
5U
53s
514
2734
28
283s
2734
28i2
277g
108
10712 *106
10812 *106
106i8 *106
*%
34,
34
34
*5g
34
*%
s4
*7U
778
7&S,
*7i2
7%
758
73g
73s
23g
2i4
238
2%
2%
*214
2i2
*214
6
6%
6
614
6i4
61S
6i8
6is
ll2
1%
1%
*ll8
H2
*118
H2
*lt8
3
3
I
3
3
3
3
3
*2i2
1434
14
1312
13% *12i2
*12
*10i2
13
*100
101% *100i8 10H8 *100l8 101l8 *100ig 101ig
75«
*10
*8i2
*68i2
275s
4
3,
*5s
213s
9
72
83
Aircraft Corp
Consol
2,600
22
*8i2
*68l2
6%
$
share
2%May 22
May 18
par
No par
10
1
No par
Ctfs of deposit
106
106
Congress Cigar
.
22
93s
72
8234
12i2
*1218
No
Console urn-Nairn Inc. .No par
1,700
400
per
$
share
per
Lowest
Highest
Lowest
$
Par
Conde Nast Pub Ino
3
16i2
12%
12%
2112
16i2
5i8
5i8
28
2734
28
*106
I6I4
22
*85s
*65
72
82
72
►81
21
93s
*8l2
*65
*65
157s
*234
3
16i2
12i2
1214
*234
3i8
I6is
3%
1534
*234
155g
*234
On Basis 0} IWh Share
Shares
12%
1512
Range for Precious
Year 1939
1
Lots
EXCHANGE
Aug. 23
3
15%
12%
*234
NEW YORK STOCK
the
$ per share
Aug. 21
S per share
$ per share
STOCKS
for
Friday
Thursday
Aug. 22
Wednesday
Aug. 19
Saturday
Aug. 17
Ranoe Since Jan.
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
1101
New York Stock Record—Continued—Page 4
151
New gtock. r Cash sale, x Ex-dlv. v
1
40% Feb 14
22% Jan 6
16% Sept,
Ex-rlghte 1 Caller tor "edemption.
New York Stock Record—Continued—Page 5
1102
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Aug. 24, 1940
Tuesday
Aug. 20
Wednesday
Aug. 17
Monday
Aug. 19
$ per share
$ per share
S per share
13%
13
Aug. 21
Week
$ per share
S per share
S per share
Shares
28
14
14
14
14
14
14
*13%
95
*90%
*90%
95
*90
03
90
40
*38%
95
40
40
*38%
40
*3834
13%
13%
*26%
28
13
*27
13%
*27
28
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Friday
Aug. 23
40
13%
STOCKS
NEW YORK STOCK
the
Thursday
-41*17.22
13%
*91%
13*4
*00% 100
*38%
40
Sales
for
Saturday
40
13%
13%
*27
13%
13%
28
*27
14%
14%
100
Par
300
First National Stores.
1,700
Fllntkote Co (The)..
No par
*19
22
*19%
21
*19%
22
*19% 21
*19%
21
*19%
21
1%
*1%
1%
1%
1%
*1%
1%
1%
1%
1%
1%
24%
*25
*23%
24%
24%
24%
24%
24%
2.534
25% 25%
*106
107
*105
107
*104% 107
*105
107
*105% 107
*105
107
*11
12
*11%
12%
12%
12%
*11%
13
12%
12%
12%
12%
*68
*66
82% *65
82%
82%
*70%
82%
*71%
82%
*71%
82%
*2%
2%
2%
2%
2%
*2%
2%
2%
*2%
3
*2%
3
No par
__
400
t Follansbee Brothers..No par
500
Food Machinery Corp
*26
34
*28%
30
*27
1%
*2%
*11%
17%
2%
12%
*98
1%
2%
*11%
17%
17%
*98
100
*4%
29
29%
*1%
4%
34
*27
29%
29%
1%
*21
1%
34
*27
34
27
27
100
30%
*29%
1%
30%
29%
29%
800
1%
1%
1%
500
2%
200
2%
2%
2%
13%
12%
12%
*11%
12%
12%
12%
2%
*11%
18%
18
18%'
18%
18%
17%
17%
17%
17%
460
99
99
*99% 100
*4%
4%
10
*98
100
*4%
4%
'
100
4%
4%
4%
*99
4%
100
4^4
4%
12
*10%
12
*11
12
*11
12
*11
12
*47
55
*47
55
*47
55
*47
55
*47
55
*4%
*95
*4%
6
102
45%
*95
*4%
5
102
*44
45%
6%
*95
45%
*6%
137% 137% *136
*136
*2%
2%
2%
2%
5
5
5
14%
62
*16%
17%
122
*%
15
60
*17
*109% 112%
32%
32%
*39%
41
*115
*4%
*96
45%
4512
6%
6150
*135
2%
5
5%
*96
47
6%
150
6-%
*136% 150
2%
2%
*2%
*115
%»
*17
122
*%
*115
7n
*25
35
*25
90
*89%
*12%
*55%
*115
%.
150
*12
*55%
122
%
*117
ht
121
%
33%
41
*39
124%
*40
46
*414
1
48
*42
48
7
*4%
*6%
«
*%
10%
%
10%
11%
*6%
10% <
*14%
22%
22%
*14%
22%
23
*10%
11%
*10%
11
*10%
*21
22
18%
*18%
*7,
i»
%
16
22
*21%
18%
18%
*18
*8%
9
*16
*
*8%
*16
18
*10%
%
16
22
9%
*8%
18
*
100
103
*16
100
—
11%
♦10%
11%
1034
4
4
4
4
4
36%
*48%
36%
5%
50
*48%
*12
12%
12
*37
43
*37
5%
*2
*36
*77
2%
10%
*49
2
2%
2%
*78
10%
11%
49%
14%
79%
79
*79
80
*2
2%
50%
%•
*30%
50%
*30%
%
%
5
9u
4%
*22%
13%
12%
10
*8%
*10%
*31%
*22«2
13%
21%
*19%
32%
24%
13%
*2
2%
12%
5
*12%
*9
10
11%
*10%
32%
24%
*32
13%
21%
*22%
13%
21%
19%
2%
37
5%
2%
81
11%
49%
14%
80
2%
50%
%
5
12%
9%
11%
,32%
2%
*78
2
4
13
*40
2%
44
2%
*2%
2%
2%
*2%
*78
82%
4
36%
5%
5%
52%
12%
""640
400
11,900
800
1,100
500
700
2%
*2%
*78
"l"806
700
82%
11%
11%
11%
11%
50%
*49%
"i~,I66
50%
200
15
81%
15
14%
15
1,800
*82
85
82
82
600
2
*2
*30%
"ii
2%
.5
5
12%
9%
*11%
*9
10%
10%
*10%
*9
*2
2i,i
50%
*30%
8 is
%
»ie
5%
12%
9%
*11%
*9
32
*32
24%
13%
*22%
24%
13%
*22%
24%
*22%
13%
13%
13%
13%
22%
22%
23%
22%
*1934
23%
22
"20", 300
5%
12%
9%
11%
31%
24%
13%
22%
*10%
31%
1,200
100
"""loo
200
22
*19%
*127
20
13
♦127
131
*127
131
130
130
*29
130
130
40
*29
*130
133
40
*29
40
*29
40
*29
40
*27%
*29
28
40
*27%
28
28
28
28
28
10%
10%
10%
28%
*28
*10%
*10%
28%
10%
11
11
11
1,500
10%
*10%
11%
10%
11
10%
10%
10%
10%
*10%
28%
11%
*10%
1078
100
16
15%
15%
16%
16%
16%
1%
12
*1%
16%
16%
1%
1,300
1%
11%
*1%
*11%
1%
12
1%
1%
1478
178
400
11%
1%
16
1%
*11%
*1%
*10%
*29%
*32%
*12%
*13%
1%
12
*10%
33%
*29%
33%
12%
15
31
*5%
*85%
*2
*95
8%
150
5%
88
*85%
2%
~
97%
2%
*95
*10%
*31
*31
12»4
1234
8%
8%
'*90%
*150%
14%
13%
t
80%
80%
80%
*127% 127% *127%
*52%
56%
54%
*100% 110
♦10078
*13%
15% *13%
*25%
26%
25%
*4%
5
*9%
9%
*101
12%
*14
101
1%
12%
15
*101
150
1%
*14
*126
47«
9%
*39%
40%
*30%
31
z39%
30%
*4%
*9%
*101
39%
30%
117«
4%
934
....
*39%
40-%
31
478
9%
12%
15
*1%
12%
*14
*101
15
3%
*27%
*%
*3%
3%
3%
28%
*27%
28
*%
*3%
14%
1
1
20
*126
150
20
150
*126
2%
102
*97
2%
8%
8%
3%
14%
14%
3%
3%
9i«
916
6%
678
14%
82%
*80%
127%
56%
105
14%
84
*52
28
27
*484
5%
*5
9%
9%
9%
*9%
*101%
*101%
40%
3934
40%
40
3%
28%
14%
14%
14%
14%
3%
%
3%
3%
3%
3%
»>«
*%
91S
*%
334
»is
678
7
6%
7
7
*12%
37%
6%
14
*12%
14
*13
14
*13
37%
*37
38%
*36%
3%
39
*35%
4
*3%
39
4
*12%
14
*12%
14
42
*38
41%
4
100
1,500
100
"300
900
70
100
*3%
4
t>h ond iB' ed nricea
*3%
no
q^ie*
*%
3%
4
on
*3
500
"3", 100
300
2,800
334
t'd* day
37g
T066
3034
2,100
1
*%
334
3%
7%
7%
3%
9,
"16
*2
t in recet' er^lp
7
a
No par
69
No par
l%May 15
May 22
%May 14
4%May 22
9%June 7
6 %June10
10 May 18
26
May 21
100
Graham-Paige Motors
Granby Consol M 8 A P
16%
3%
•is
1
5
Grand Union w dlv ctfs. No par
Without dlv ctfs
No par
Granite City Steel
Grant
No par
(W T) Co
10
preferred
20
Gt Nor Iron Ore Prop..No par
Great Northern pref...No par
Great
Western Sugar..No par
Preferred
100
18% May 22
14% June 26
1% Aug 22
May 21
1% July 23
8
May 21
29%June 5
30
May 20
9%May 21
10% May 22
100% June 18
100
Gulf Mobile A Northern
100
preferred
100
25
Water
7% preferred class A
25
Hall Printing Co
10
Hamilton Watch Co..-No par
6% preferred
100
Hanna (M A) Co $5 pf.No par
preferred
100
1
100
2
Hazel-Atlas Glass Co
Hecker Products
June 13
1
Aircraft Corp
preferred
25
Corp
1
Helme (G W)
Preferred
Hercules
21%May 29
ll%May 22
15%May 21
No par
preferred.
Guantanamo Sugar
8%
25
10
1
Greyhound Corp (The).No par
Grumman
June 11
27% July 30
23
May 22
9%May 22
9
May 29
Green (H L) Co lnc
5H %
May 21
May 21
12%May 22
....100 zl23
11
95
June 25
16%May 23
130
25
86
Class
B
par
...No par
preferred
No par
100
Howe Sound Co
5
Hupp Motor Car Corp
1
Illinois Central RR Co
100
No par
6% preferred series A... 100
'elOery
Leased lines
4%
RR Sec ctfs series A
10
8
June 11
12% July 16
19
May 21
4% July 15
21
13
21
22
21
64%May 22
104
A g 13
8
May
103 May
35
May
28
May
8%May
«
New stook
r Catn sale
3%May 22
Aug 15
12
May
3
May
%May
5% May
12
May
100
31
1000
3
r
Ex-dlv
Jan
36% Jan
107% Sept
% Dec
Jan
99
128%
56%
112
8ept
28
Apr
3% Sept
7
Mar
105
Apr
Jan 11
19% Apr
12% Aug
Jan
4
Jan 11
13% Jan
Jan
Ji
41
Ji
15%
O
Aug
Jan
3
2
43
19% Jan
4
14
Sept
44% Mar 26
34
May
Jan
I7a
Apr
70
Jan
20% Apr
69% Mar
24% Apr
97% Feb 21
4% Feb
71% Jan
1% Jan 30
9% Apr 10
Jan
13%
Apr
63
21%
87
10%May
.
Jan
2878 Apr 24
29% Jan
Feb
Jan 29
Dec
% Aug
4% Apr
10
Dec
Dec
Apr
24%
227g
12%
Apr
9%
16% Apr
36% Apr
25% July 17
Apr
Apr
Nov
27g June
67
14%
14% Jan
65
Sept
2%
3% Apr 11
Jan
Jan
16% Apr
23% Aug
129% Sept
42
May
35% Apr
24%
17% Jan
14%
Apr
12
10
Aprl
Jan
25% Apr 29
3% Apr 18
30% Apr 18
4
18
Apr
Jan
9
Jan
Apr
Apr
Apr
Apr
29
May
2
8
Jan
Apr
20% Feb 19
'17
Jan
11
34% Apr22
37
%
9
3
Jan
5
Apr
106% Jan 12
9
Apr
105% Mar 30
28% JaD 4
96
May
17
Apr
Sept
11% Apr
8
Jan
3
22
24
15
14
21
21
June 12
Mrv
v
18
4%
8%
Feb
Apr
8
100
Mar 20
148
Oct
21% Apr 22
100% Apr 9
10
Apr
63
Apr
133% Jan 30
67% Apr 16
Jan
18% Jan
115%
9
4
35% Apr 4
7% Mar 4
16% Apr 20
110
Mar 30
60% Jan 12
38
Apr 13
16% Apr 15
25
H
3
21
20
7% Feb 20
71% Apr
lll%May
67a Jan
60% Feb
1% Feb
27
Jan
5
6% Feb 17
Jan
2
13% Jan
3
3
6
3
1
24%
Jan
43% Apr
6% Jan
Ex-rlght*
Sept
128% Apr
54
Jan
100
Sept
14% Apr
29% Sept
5% Nov
8% Aug
95
May
47% Sept
27
Apr
8% Apr
60% Oct
102
Sept
4% 8ept
40
Jan
Apr
68% Apr
4% Apr 22
6%
10% Jan
111% Nov
1% Sept
1%
20%
8% Sept
6% Mar 6
61% Mar 14
Oct
Feb
28
97% Nov
15% Apr
6% Apr
43% Oct
6% Aug
4
38
92%
Apr
10%
1
Dec
126% June
Aug
8ept
Apr
4
May
23% Jan
July
June
Sept
15
23% Apr 27
106
June
16
31%May 10
24% Mar 7
142
Aug
Jan
14
18%
Jan
47%
118% July
1% Jan
66% July
Apr
5
88
44%
Dec
4
9
130% Mar
125%
36%
18% Apr
33% Jan
1' 6
2%May
Hudson Motor Car
25%
Oct
Apr
2
110
100)
1,300
Dec
Apr
Jan 12
% Jan
2,100
1,900
16
%
12%
85%
%
June 11'
126% Aug
28
Jan
Jan
94% May 21
100
Mining..... 12.50
Jan
Jan
75
Apr
60
preferred
18
35
31
99% Feb 21
15%
July
5% 8ept
Apr
93
5
No par
Homestake
Mar
Apr
Apr
No par
3,000
10
1%
103ia Mar
Apr
8
3
Jl,
Mar
Jan 10
19%
Ji
9
Sept
106
4
Jan
Ji
Ji
72%
7% Apr
10
7%
18%
62
17%
39
68%May
110
18% Oct
15% Sept
104% Dec
43
2
56% Apr
127% Mar 23
Jan
Sept
3% Sept
578 Sept
11
2
Hershey Chocolate
Houdallle-Herehey cl A .No
9
Apr
Jan
65
36
65
4% Apr 16
113% Jan 20
12%May 23
10
5
2%
Jan
130%
37% Sept
108% Jan
29% Jan
90% Jan
97a Sept
149
71
76%May 23
No par
128
Jan
July
Apr
123
No par
5% preferred
100)
Hud Bay Mln A Sm LtdNo par
"""20
%
44
Jan
31%
Dec
Sept
Apr 12
9% Apr 5
Apr 9
No par
10
96
7%
49% Apr 15
118% Jan 6
Apr
138
Motors
Hlnde A Dauch Paper Co
Holland Furnace (Del)
3%
*9% Sept
45% Aug
5% May
40
Jan
101
Apr
104
155
100
94
21
27
16
Hercules Powder
6% cum preferred
July
7% Aug
July
Jan
41
Apr
2
Jan
29% Apr
87
Apr 24
19% Apr 16
117% Mar 29
Apr
Sept
Apr
9
4
Jan
Apr
Aug
May 27
5%May
83%June
2
Aug
89%June
7%June
100
Hudson A Manhattan..
7%
Def
$5 conv preferred
Gotham 811k Hose
May 21
July 16
10
Houston Oil of Texas v t C..25
*%
16
45
5%
*3%
%
5% preferred
No par
Goodyear Tire A Rubb.No par
Household Finance
100
30%
*3%
16%
2
9
3% Jan
11% Jan
10%May 22
334 Aug 23
33%May 21
4%May 21
43
May 22
11
May 21
30 May 21
2
May 22
77
Hollander A Sons (A)
384
384
9
1
Holly Sugar Corp
3078
*3%
15%
3%
1
Goebel Brewing Co
100
334
384
60
Feb
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
200
28%
1
No par
98
18%
1%
Mar 20
145
May 21
July 22
$4 conv preferred
28
3%
No par
""800
14
3%
1
3%
preferred
4J-S % conv preferred
Gobel (Adolf)
7%
40
No par
5H% preferred
Hayes Mfg Corp
27
3%
28
$6
Brothers
Glidden Co (The)
6%
14%
5%
9%
Glmbel
Hat Corp of Amer class A
56%
*13%
Gillette Safety Razor..No par
$5 conv preferred
No par
"260
105%
15
100
General Tire & Rubber Co...6
Harbison-Walk Refrac. No par
126% 126%
*102
preferred
27
8%
May 21
16%May 28
7%May 23
137sMay 28
Gen Theatre Eq Corp..No par
1%
Jan 25
6% Apr 22
13% July 23
20
i"300
93
*27%
*%
*314
14%
*37
*3%
500
......
*150% 165
14%
Telephone Corp
Sept
14
14% Apr 24
May 3
14
General
6%
102
*91
Gen Steel Cast $6 pref..No par
Hackensack
50
88
2%
8%
92
165
6
*85%
478
*101%
3978
400
150
6
578
88
31%
3%
20
10
20
*30% 32
32
*31
*31%
32%
11% *11%
11%
11%
11%
1178
12
12%
11%
11%
*56%
57% *56% 57%
*56% 57% *56% 57%
*56%
57
56%
56%
*102
104
*101% 104
*101% 104
*101% 104
*103
104
*102% 1C4
*11
800
104%
20
10
Green Bay A West RR
*101
104% *102
20
5%
*5%
5%
*5%
5%
578
*85% 88
*85% 88
*85%
2%
*2%
2%
2%
2%'
2%
97%
97%
*97
97%
100
*97
8%
8%
8%
8%
8%
8%
92
*90% 92
*90% 92
92
165
*150% 165
*150% 165
*15012
13%
*13%
14%
*13%
*14
14%
80%
80% 80%
81
81
82%
127
127%
127%
126% 126% *126%
54%
*53% 56%' *53% 56%
*53%
110
*100% 105% *104
108% *193
15%
*13%
15%
*13%
15
*13%
25%
25% 26
*26% 26%
*27
*4%
1%
104% *102
....
.
88
*9%
30
33%
12%
104% *102
104l2 *102
19%
*19% 20
20
*101
1,200
33%
32%
6,800
12
33%
32%
1%
.
*90%
92
*150% 165
*13%
*5%
*12
*11
15
*126
1%
*30%
*14
150
16%
14
12
15
*126
1%
*12
33%
32%
*14
101
16%
12
*29%
13
19%
16%
1%
10%
19%
19%
*11
*12%
*101
*10%
20
*31
*12%
20
'1%
19%
1%
12
33%
33%
104% *102
19%
12
*31
*102
*126
1%
12
33%
32%
13%
*100
20
*10%
*29%
19%
20
1
5%
2,7o6
*21%
20
No par
Oct
5
66lz Aug
51
6
General Refractories
25
Apr
Apr
103%
6% Apr 24
Apr 30
18% Mar 6
105% Mar 27
934June 10
86% Jan 15
%May 15
Preferred
"is
9
*5
11%
32%
200
50%
1
%June
No par
June
No par
6% preferred
100
Gen Realty A Utilities
1
$6 preferred
No par
6%
2%
*2%
100
May
1%
Apr 15
67%
Aug
Jan
38
20
104
51
Apr
17
7«4 Apr
short
Sept
21
Jan
Apr
per
25% Sept
105% June
15
4
9
Apr 4
Apr 29
Apr 30
Apr 18
Apr
Jan
25
9
Jan
107%
21%
83%
6%
32%
38%
2%
3%June10
5%May 21
1
No par
Gen Time Instru Corp .No par
44
*40
No par
Printing Ink
preferred
General Shoe Corp
53
13
*49%
50%
32
~i~7o6
11
11%
15
"ii
*11
|
100
49%
*30%
5
"""266
9%
3%
Common
$6
Gen Railway Signal
18
36%
preferred
Gen Public Service
100
11
100
10
Motors Corp
100
300
*8%
preferred
General
$5
No par
1,000
18%
*16
5%
52
16
*
4%
37
12%
81
11%
49%
14%
81%
11%
5%
*51
44
2%
9%
18
100
11%
43
79
*2
*9
*16
*
11%
*38
14%
12%
*18%
12i4
81
10%
12
23
*18%
23%
18%
50
49%
*7%
*10%
*31%
22%
19
23%
16
6%
Genera)
10
11
12%
*14%
*12%
23%
50
*49
5
*14%
23%
12%
*40
500
%
*10%
4%
38%
5%
*7u
10%
24%
9
*36
34,200
!
23%
18
4
7i
May 21
26% May 21
2
25% Apr
3% Jan
3212 June 10
General Mills
40
34
11%
103
23%
50
14%
*4%
5%
7n
l234May 23
102
No par
"""760
600
*14%
100
11%
*9I«
11%
6
36
May 22
lll%May 22
%May 17
35
May 13
77%May 21
118
May 28
37%May 28
116
May 22
preferred
"moo
5
*98
June
35% May 25
5%May 22
118
May 27
l%May 15
4% May 15
ll34May 24
48% Feb 6
Gen Outdoor Adv A..-No par
*10%
*12
49%
1*
9
*16
*
5o
11%
103
100
$6 conv pref series A.No par
16
49%
14%
*30
37
*19
11%
94
No par
Electrlo C0...N0 par
Foods Corp
No par
No par
Gen Gaa & Electrlo A..No par
49
*4%
100
preferred
$4.50
23%
11
*49
2%
2%
10%
5%
5
7%
General
35
*43
No par
No par
preferred
General Cigar lnc
cum
General
7
*6%
7
109% *108
109%
*98
%
43
*78
81
5%
9%
Cable Corp
6
Class A.
1,500
%
*25
49
4%
t
"16
12
*2
2%
*2%
37
38%
5%
*14%
23%
*10%
23%
18%
18
4%
*6%
*7i«
18%
1034
4%
7
II
23.
100
*44%
11%
11%
*98% 103
10%
General
100
121
%
35
108% 108% *108
li
li
*98% 103
*%#
%
*14%
16
22% 23%
*98
.103
%
*25
48%
*4%
*107 ~ 109% *107
*98
35
*42
5 I
4%
5 I
7 I
*6%
7 I
109% *107
109%'
*%
a4
♦%
a4
5
*6%
*25
300
40
91
89%
90
91%
92% 92%
*92%
94
126% 126%: *125% 127
*125% 126% *125% 126% *125% 126%
44% 45%
44% 45%
46% 47%
46
46%
47%
46%
123% 123% *123% 124%
123% 123% *123% 124
124
124
*126% 127%
44%
45
*123
35
No par
Bronze Corp
19,500
90
*25
58 preferred
6
5
17%
99%
38%
35
June 14
8
3
Jan
Highest
share $
per
Jan 24
46
45%June 14
3%May 21
..No par
General
""260
33%
41%
*117
preferred
June 19
$
21% Apr 5
38% Mar 26
3%May 28
5
Gen Am Transportation
General Baking
7%
*17
17%
108% 109%
97
|6 pref No par
100
60
*4%
2% June 11
10i2May 21
12
May 21
10
3
10
14
l%May 14
50
500
60
xl 7%
122
*%
35
*89%
14
60
17%
2% Aug 12
No par
Gaylord Container Corp
5H % conv preferred
1,300
6%
*2%
5
conv
5
20
May 24
24% May 28
Gen Amer Investors..-No par
2%
5%
14%
5
preferred
Gannet Co
S6
47
*135
S3
June
9%May 21
May 22
7% pf.100
Gamewell Co (The)
21% Jan
106
22
22
10
20
61
Free port Sulphur Co
10
Gabriel Co (The) cl A..No par
Galr Co lnc (Robert)..
1
Gar Wood Industries lnc
102
6%
Francisco Sugar Co
F'k'nSlmon&Co lnc
100
5%
46%
102
10
Lowest
$ per share
15
l8%June 10
No par
No par
700
11%
*96
6%
700
55
*4%
102
46
45%
*2%
5
*4%
102
11%
*47
5%
5%
14%
14%
*55%
60
17%
17%
17%
17%
109% 109% *104% 112
*108
112
*108% 112
32%
32%
32%
32%
32% 33%
33%
34
39%
39%
39%
39%
40%
40%
41%
41%
*12
*52%
*12
*2%
*4%
*12%
*53%
5
102
*4412
8%
6;
150
*478
*52%
""266
1%
2%
13
2%
Foster-Wheeler
57 conv preferred
*1%
*2%
2%
10
100
4H % conv pref
"MOO
29%
30
1%
*10%
*
32izMay
10%May
2434June
19
May
l%May
Florshelm Shoe class A .No par
*i%
*23%
share
12%May 21
May 21
No par
Florence Stove Co
28
per
Year 1939
Highest
84
6% preferred series A... 100
14
*27
$
10
Firestone Tire A Rubber
40
13%
28
600
90
Lowest
Range for Previous
Apr
%
27a
21%
4%
%
8ept
9
Aug
16%
Apr
Dec
Sept
July
Aug
38% Sept
4% Sept
1 Ca le I for re lemptlon
Ji
Volume
LOW
•
Monday
i
Tuesday
Wednesday
|
Saturday
Aug. 17
Aug. 19
J
Aug. 20
Aug. 21
$ per share
*5%
*88
90
*145
157
*145
157
*145
*21%
*88%
$ per share
5 per share
*5%
534
*5%
534
*5%
22%
*21%
22%
*21%
5S4
22%
90
90
90
8834
8834
500
157
*145
157
2l2
2%
*2%
*534
*7534
*5%
*223g
212
*2l2
278
*6
6i4
90
7
*7534
*534
*2258
24
*123
—_
90
*534
*7534
6
24
*534
*22%
23%
6
6
24
5% conv pref
100
Internet Rys of CentAmNo par
3334
300
International Salt
No par
300
International Sboe
No par
25
"""loo
10%
119% 119% *119%
*4%
4%
*4%
*1434
15 I *14%
*10%
11%' *10
11%
10%
92
92
93s
103%
12%
97%
93g
6%
*97% 100
25%
*1234
*32%
253g
13
*134
15
23%
23%
334
2278
29%
7%
*21
23%
*234
2234
29%
*5%
*11
100
19
*18%
2%
234
6%
90
7
24%
2%
2%
6%
*7534
*534
24%
10
*9
6,800
1,000
700
*98
1234
5%
100
1%
23%
23%
334
2234
29%
7%
25%
12%
*32%
*134
12%
57g
""loo
100
23
23%
24 "
24
29%
*5%
7%
5%
*4
1978
197fi
*19%
20%
*20
*18
18%
*18
37%
37
*6%
*36%
*90%
63s
38
93%
*92
94%
94
*90%
37
5%
234
*24%
7%
2934
*5%
*11
13
*4
2334
2,200
278
*234
334
700
Kress (S H)
25
24
24%
600
30%
7%
29%
2934
7%
2,100
1234
*4%
*5%
12%
*4%
900
12%
5%
1%
*%
*234
*18%
11
*22%
6%
*36%
*90%
95
*93
97%
*93
97
*93
600
700
33%
*32
32
32
*30%
9%
9%
*9%
96
33
10%
9%
33
33
33
10%
*9%
10%
32%
*9%
*1334
2434
934
*14
15
*1334
15
*13%
15
*13% 15
15
25
25% 26%
2534
23%
24%
23% 23%
2378
24
24
24
24
24%
23% 23%
*23% 23%
*23%
23%
*100
*100
101
10234 *100
101% *100
101
*100
101% *100
21
20
21% 22%
21%
22%
207g
1978 20%
19% 20%
934
*13%
23%
„
30
*30%
30%
30%
3034
*2%
30
30
30
2%
*2%
2%
31
2%
32
2%
14%
31
2%
*28%
31
*115
130
20
20
23%
23
*10%
107g
*115
20%
2278
*10%
*1%
1%
*247g
*1%
*5
6%
31
130
20%
2278
I07g
257g
*5
26
26
*28%
31
*28%
*121
31
"600
22
21%
21%
21%
2134
23%
10%
23%
23%
*10%
I07g
2578
257g
257g
23%
*10%
26%
1%
*5%
2334
107g
26%
134
6
*30%
17%
*12
4%
*334
307g
17%
127,
1
4%
4%
11%
12%
30%
3078
23%
10%
*25
1%
*478
1%
6
1%
6
1%
*47g
32
17%
*30%
*17%
*17%
31
17%
30%
*17%
30%
17%
*12
13%
*12
13%
*12
127g
*12
*34
1
4
4
334
378
1
*34
♦3%
*3%
11
1034
28%
7%
28%
*25
26
25
*24%
25%
*1034
28%
7%
*7%
*24%
*46%
*2%
*22%
4734
234
25%
102
*90
12%
*12
14
14
4%
3%
4%
4
4%
11%
29%
11%
30%
8
25%
*25%
26
25%
*25
25%
24
24
*22%
*90
102
*12
12%
*90
*12
8
*25%
25%
8%
26%
2534
4734
234
4734
*2%
25%
*22%
102
12%
*90
*12
*34
8
*25%
2534
*167
*167
*167
*2%
4%'
*334
29%
*4634
*2%
1
*4
29
4734
234
*46%
1278
3%
11
7%
*34
1%
6
3034
17%
4%
11
1034
28%
8
*167
*167
*34
1
8%
26%
2534
*4734
48%
*2%
25%
234
25%
*22%
*90 ~ 102
12%
*12
*26
*20%
21%
*6
7
*27
28
*6%
*
6%
400
1%
*5%
30%
17%
600
*12
*♦34
4%
27
1%
6
......
320
12 7g
1
3,400
4%
*334
4%
80
1134
1 l7g
2,400
29%
30%
7,100
7%
2,000
734
*25
25%
12%
*47
*2%
*22%
26
300
257g
500
48%
'"200
25%
12
no
sales on this day
.-I
No par
7% guar. 100
Modified 6 % guar
100
Manhattan Shirt
25
Maracaibo OH Exploration..1
Marine Midland Corp
' 6
Market St Ry 6% pr pref.100
Mandel Bros
Co...No
Martin (Glenn L) Co
Martin-Parry Corp
No
Masonite Corp
-No
Mathleson Alkali Wks.No
7% preferred
Marshall Field A
X In receivership,
Jan
'"loo
'"300
1,300
a Def
'
l",200
300
1,300
1,900
n New
May 22
l53gMay 21
3
May 15
13%June 10
l05%May 23
18«4May 17
!38%May 31
15% May 21
38 May 18
25%May 22
130 May 31
17
May 24
20%May 21
8%June 6
21%May 22
1% Aug 10
4
May 21
24
May 21
l4%May 21
ll%May 23
a4May 31
3%May 22
278May 21
21%June 10
No par
McCrory Stores Corp—
1
6°r
conv o'eferred
100
McGraw ElecCo
1
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
delivery,
lO%May 21
26% June 25
McCall Corp
stock, r Cash sale.
6%May 21
21
June 10
160
June 12
36% May 22
2%May 22
May 23
Oct
Jan
Oct
37%
Jan 11
Apr
Apr
417, Apr
37% Mar
109% Apr
32% Mar
6634 Mar
10
Apr
Sept
33
Sept
43% Aug
95
Sept
108% Aug
09%
95% Sept
152
Sept
15
Apr
20'4 Aug
31% Apr
10
Aug
I3%june
2984 Dec
30% Sept
101% Sept
Mar
6
38% Sept
Aug
80
May
19
•
Nov
40% Sept
47
Mar
18% Sept
19
Jan
32*4
Dec
64% Jan
109% July
21% July
62
Jan
Aug
6% Sept
16% Sept
22% Mar
2
105
Jan
110
Jun*
Sept
24% Feb
159% June
20% Mar
19% Apr
138
15%
Jan
36%
Apr
3
28
Apr
35
Aug
136%May 10
2884 Jan 3
31
Apr 15
124
Feb
135
Nov
18
Aug
33%
Oct
26% Sept
43%
19%
Feb
4
60
Jan 25
35
Jan
12% Jan
4
Mar
8
38
4% Apr 18
778 Mar 11
85% Feb 28
17% July 17
16% Jan 17
l%May 9
5% Jan 5
8% Mar 29
1.5%
4784
1434
4078
32%
170
Feb 21
Aim- 16
Apr 15
Jan 8
Apr 15
Mar 2
11% Sept
25% Apr
1
Apr
29
111
30
Apr
15% Nov
10
Apr
16
Oct
1
Apr
2% Sept
4%
Apr
6% Sept
378
Aug
984
Apr
17% Nov
26% Aug
45% Nov
8% Dei
2
May
30
Sept
20% Aug
155
Nov
Apr
3% Sept
Dec
8% Mar
57%
Jan
37% Sept
176
53%
July
Oct
0% Mar
36% Mar
105
June
93
Jan
107,
Apr
15% Aug
9%
Jan
17% Nov
10«% Dec
25t, Dee
1084 Jan
3
9% Apr 25
Jan 3
47%
y Ex-rlghts
Nov
8
Feb 24
127, Jan
Oct
Apr
8
Mar 29
Apr
7%
Apr
2484
17%May 21
5 June 6
26
June 26
Jan
Sept
6% Sept
6
4034
16% Jan
1778 Apr
40
Sept
5
3
30% Apr
67
9
53% Jan 4
4% Feb 23
105
5%May 15
4%
3
21% Jan
Apr
Apr
9%
2
May
3% Sept
27*4 Jan
13% Nov
36% Apr
39% Apr 8
46% Jan 2
4% Apr 10
18»4 Jan 11
l09%May 3
162
6% Sept
8% Sept
Sept
23
3
20
15
15
5
9
4
3
6
27
27
16
16
8
25% Apr
Jan
20
Feb 19
96%June 14
10%May 22
10 May 21
93
May 21
* Ex-dlv
5
14
22% July 3
20%May 21
20
Apri
2% Sept
% May
1% Apr
3
29
1
100
Jan
3%
4
4
2484 Apr
par
par
Department Stores...10
No par
S3 preferred
No par
$6 1st cum pref
No par
Apr
Mai
1% Jan
4% Jan
884 May 21
par
20
Mar
4
par
May
102
12
10
Maytag Co
234
*90
Louisville A
X Manhattan Ry
30%
17%
14%
14%
14%
14%
14
14
14%
14%
1334
1083i
10834 *101
10834 *101
10834 *101
10884 *101
23
23%
22
22
22%
2234
21
21
21%
21%
6%
6%
6%
6%
*6
634
*6
6%
*6
634
*30
31
28«4
3034
*27
28
27%
28
*27
28
6%
634
634
678
634
684
634
6%
6%
6%
price:
Manati Sugar Co
2,000
1334
Bid and asked
Magma Copper
900
21%
24%
10%
*167
..
4734
234
102
213g
2334
10%
1G834 *101
*101
600
128
*21
*30%
17%
*30%
*120
A.-No par
Nashville....100
MacAndrewsA Forbes
10
6% preferred..
100
Mack Trucks Inc
.-No par
Macy (R H) Co Inc
No par
Madison Sq Garden...No par
200
Sept
25
par
7% preferred
Louisville Gas A El
Dec
4
30%
118
14% Apr
18% Mar
....100
10
.....100
38
Apr
127, Apr
Apr
41
Loose Wiles
I84
Sept
Dec
29% Jan
5% preferred..
Lorlllard (P) Co
1078 Sept
17
May 15
1,200
46% Sept
884 Apr
20
Apr
99
25
May 21
A.__No par
Biscuit
26
Apr
112
9
Long Bell Lumber
June
28
8
Jan
13%May 21
200
2%
79
3584 Jan
23% Jan 10
115
May 28
2
Aug
18% Mar
6% July
9% Apr
45
Apr
June
Dec
14*4 Mar
10% Mar
5
23%
May 15
97
Jan
July
12
53% Jan
29
18
12% Sept
27
1
Apr
7% Apr
5
6% Apr
par
No pur
99 78
100%
Sept
12% Apr
2984 July
29% Oct
13% Jan
June 10
Corp No par
90
85
Jan
1684 Nov
8% Apr
8
Jan
Sept
2384 sept
20% Apr
7
Apr
par
16.60 preferred
24
Apr
29% Jan 3
34% Apr 9
9% Jan 6
18% Jan 5
16% Jan 11
33
Liquid Carbonic Corp. .No par
Lockheed Aircraft Corp
1
Loews mc
No par
11
5
268, Aug
6% Jan
5
par
4
Jau
lit,
384 Dec
30
__
4
Feb 26
23% Apr
Lone Star Cement
Jan
Feb 16
May 22
Loft Inc
105
4
16
1,000
18
Sept
26
109% Apr
180%May
34,000
1,200
128
2%
31%
109
21%
*120
19%
103%
38%
14%
46%
May 22
24%
101
128
128
17%
May 22
31
*120
109
9
June 19
"7"800
Oct
Sept
8
Apr 18
Apr 23
Apr 23
Apr 16
Jan 3
Feb 9
Apr 18
Jan 24
Apr 8
87
Lily Tulip Cup Corp..No
Lima Locomotive Wks.No
Link Belt Co
No
Lion OH Refining Co—No
Mar
13
Feb 23
87
400
Jan
3284 Sept
125
69
15% Jan
169
200
*29
15% Jan
97
25
100
10
1434
26
31
Jan
Tobacco..25
300
*29
7% Apr
20
Liggett A Myers
32%
31
Jan
Apr
—...5
Preferred
Jan
June
10%
4
3
Mar 16
Life Savers Corp
*106
*28%
Jan
16
9%May 18
18%May 21
No par
Series B
87
Sept
Jan
Feb
Mar 27
100
*2%
2%
2%
*14
*137g
14%
14% *1334 14% *1334 14% *1334 14%
109% *106% 109% *106% 109% *106% 109% *106% 109% *106% 109%
19%
19%
19%
1934
19%
19%
19%
19%
19% 19%
19%
19%
*149% 154
*149% 154
*149% 155
*149% 155
*149% 155
*149% 155
19%
19
19% *19
19%
19% *19%
19
19
19%
*19
19%
52
52
*52% 56
*53%
56
52%
52%
*50% fl&3%
*50%
53
*2%
*1334
17
9
77% Jan
500
'"206
76
119% Sept
Libbey Owens Ford Gl.No par
Llbby McNeil A Libby
7
95
1484
Mar 13
28
163gMay 21
15%May 22
lOO%June 10
l38May 23
a4 Apr 17
2
May 17
15% May 21
60
Lerner Stores Corp
2,800
Sept
7% Aug
127% May 14
484May 22
87%June 20
24%May 21
10 May 21
27«4May 21
l%May 22
!7%May 20
l9%May 23
2 May 21
22% Aug 13
23%May 22
4
May 21
8%May 23
12
May 15
3%May 28
No par
100
500
4
7% Nov
18
Apr
8%May 21
100
200
96%
*30%
I Lehigh Valley RR
Lehigh Valley Coal
3
8% Jan
52
95
Cement...25
4% conv preferred
Jan
Jan 3
Apr 10
90
7%May 21
6% conv preferred
50
Lehman Corp (T he)
...1
Lehn A Fink Prod Corp
6
500
*95%
98
96%! *95% 98
*175% 181
*17478 180 |*17578 182
*171
179
*1747, 179
*171
179
*19
19%
197g
197s1 *19
19
*18%
1978 *17%
*18%
1978
*173g
1978
20% 2078
21%
20%
20% *207g 21% *21
19% 19%
*19%
203g
*94
94
Lehigh Portland
Dec
9%
»78
191,
5
Lee Rubber A Tire
107
121%
-No par
Bak.No par
100
5% preferred.......
100
Lambert Co (The)
No par
Lane Bryant
No par
20
Jan
3% Sept
Apr
A Co
100
84
5
13
Kroger Grocery A
300
20%
20%
2034
20% 20% *20%
18%
18% *18%
18%
18% *18%
*106
108
*106
108
*105% 108
106
1%
134
I7g
*134
2
17g
1
%
78
*7g
1
l
3
3
278
278
3
19
19%
19%
19%
19% *19
19
*11
11
11
11%
11
*1078
1H8
2434
23-%
2334 *22% 24% *23
2334
39
3834
39%
39%
38%
387g
37%
6%
6%
6%
63
*6%
6%
6%
*36% 3978
39% 39% *38% 40
40
Oct
8
Jan
117% Jan
5% Apr
Laclede Gas Lt Co 8t Louis
13
*11
1234
5%
33
Apr
102%
4%
4%
10%
Apr
121
10
1
Kresge Dept Stores...
Sept
40% Sept
19
Sept
1
Kresge (F S) Co
2334
38
5
June
prior preferred ...No par
23%
13
12%
5%
12%
$5
60% June
Jan
31% May
83
No par
1
Kimberly-Clark...
Jan
29
133
No par
Kinney (G R) Co
39%
Apr
Keystone Steel A W Co.No par
23
*22
18%
37
39
94
12%
22%
23%
*134
900
13%
34%
17g
May
Aug
1
A.-No par
Class B
Kennecott Copper
6%
Jan
28
June 10
Jan
Dec
Jan
35
100
Kendall Co $6 pt pf
67%
3%
5% Jan 24
56% Feb 6
37% Apr 12
36% Jan 5
122
100
6
Kelth-Albee-Orpheum pf-.lOO
Kelsey Hayes Wh'l conv el A. 1
20
25% Aug
Apr 29
Jan
May
1484
Jan 15
5% conv preferred
800
20%
105
6%
*5%
*11
13
12%
178
Furn—10
Dept Stores
5584
138
Aug
6%
3
July 15
Kayser (J) A Co
12,500
*33
29%
*4
18%
106%
*105
106% *105
*134
2
*134
2
»ie
1
%
7&
*234
3
*234
3
1878
I87g *18% 19%
*10% 11
*10%
11
*22
2334
*2134
2334
34
23
1258
*4
*33
1%
23
23%
3%;
29%
127g
5%
*18
34
*1%
*21%
23%
23
17
6%
*127„
29
*1258
26%
"2",666
103%
27%
*534
*100
13
*234
*
*234
103%
12%
73
Sept
75
L pf ser B No par
City Southern.No par
Kaufmann
100
13
*22
Kansas
100
13
*1%
Dec
Sept
10
132
Kan City P A
""500
9
6%
35
123
Jan
17% Sept
117%May 28
3%May 21
11 May 23
9
May 23
92 May 21
St'l pref. 100
Kalamazoo Stove &
4% preferred
100
277S
4
Oct
8%
Apr
2% Aug
6% Apr
Jan 11
21%May
Oct
19584 Mar
71% Sept
I6684 Aug
122% May 22
48%May 15
9%June 10
100
Jones & Laughlin
Sept
3»4
5
3878 Jan
133
May 21
9
44
467, Sept
3
34%May 22
No par
Johns-Manvllle
100
9
*12
B) Co
Jewel Tea Co. Inc.....No par
37,
41
Jan
7
June 21
122
1
1
preferred
Jarvis (W
20
*98
No par
Coal..........1
167, Sept
1% Apr
Jan 23
5% Jan
l84May 15
l78May 15
43gMay 21
74%June 11
5%May 21
20%May 23
100
Intertype Corp
Island Creek
100
*33
1%
23%
10%
*86
103%
142
Jan
2% Apr
7% Aug
14% Apr 20
97% Jan 15
Preferred
""300
70
70
13%
12%
1,400
119% 119%
*4%
4%
*14%
15
*10
11%
13
13
33
*21
*11
12%
13%
*98
6
6%
6%
103% *100
100% *100
27
26% 27%
26%
*11
13
103%
13%
100
Teleg...No par
Foreign share ctfs...No par
Interstate Dept Stores-No par
Inter Telep A
Preferred....
60
126%
*10
9%
103%
171
13%May 21
$6
59%
4%
15
11%
Sept
May 23
50
7% preferred
105
*95
100
*86
*9
103%
*98
103%
*12%
12 34
*534
6%
*98% 100
25% 25%
1278
13
*32%
33
*134
*86
93s
*9
*98
17,
34
*4%
*13%
4%
145
June 10
37
100
preferred
5%
International Silver
*125
71
Apr
267gMay 28
30
126%
72
1034
*67
16
5
278
40
*123
*10%
3
3
33
200
*119%
June
*2%
3934
""400
*9
*36%
15,400
11
10%
4
6
10%May 21
40%May 21
la4May 18
15
5684
42
69
109
100
Preferred
Inter Paper A Power Co....
11
*10%
19%June
Int Nickel of Canada..No par
300
30,200
*41
*92
638
25,900
1478
58%
11%
*10%
♦37
2734
140
14%
109% Dec
578 Sept
Apr
6
3%May 23
42
59%
97%
*5%
1
*40%
*92
*234
4
*11
*13
*2234
29%
4
11
15
11%
23%
Int Mercantile Marine.No par
42
*11%
*10%
*21
2,500
11
4%
15
10%
*5%
6%
Internat'l Mining Corp
90
Dec
9% Mar
Oct
46%
Jan
145
400
Mar 28
57,
17% Apr
191% Mar 12
62% Jan 4
May 22
May 25
134May 22
5%May 22
*40%
69
4
100
Preferred
98«4 Sept
21
Sept
Apr
Feb 14
Feb 28
Mar 20
5
June 11
Int. Hydro-Elec Sys class A.25
11
*119%
*4%
*119%
*98
Internat'l Harvester...No par
67
12% Jan
2% Apr
38
200
40
10%
9% Apr
4% Apr
2 »4 Sept
1
May 21
18%May 21
100
1,000
11
59%
Agricultural..No par
preferred
136
1,600
40
59%
Aug
Apr 11
23gMay 15
6%May 21
2%
11
127% *125
70%
70%
*70
10%
10% *10
Jan
Sept
147% May
157
38
Rubber....No par
No par
Int. Business Machlnea.No par
40
69
*12
Prior
40
*65
*834
Internet
500
157
*29
*123
*123
100
100
131
113
June 10
91
—100
6% preferred
Intercont'l
29%
Apr
15%
6%
6%
47%
4%June 11
2%May 21
21% Aug 16
Interlace Iron—
*10%
*10%
4
*6%
*24
7%May 22
30
1
Apr 16
90% Apr 27
6
2%
234
6%
90
7
24%
86
9% Sept
4% Apr
16% Apr
4
158
2%
157
19
3
Jan
66%May 22
"2" 500
14078 141
44
45%
105
2%
*2%
6%
*7584
No par
Inland Steel Co
X iDterboro Rap Transit
100
Interchemlcal Corp
No par
1%
Jan
9% Apr
June 26
145
Inspiration Cons Copper
20
Insuransbares Ctfs Ino
....1
300
23
*20%
30
90
59
5734 58
58%
57% 57%
127% *125
127% *125
127% *125
58
*125
*29
*95
*23
6
104%
*2%
7%
*1%
33%
6%
*7534
*123
3834
*18%
3,300
26%
*3334
2%
2%
27&
*6
90
6%
*123
11
42
*10%
*40%
278
2%
2%
2%
6%
2%
2%
2%
*2%
15%
5834
2%
39%
56%
*2%
"""966
87g
5%
234
24%
104%
3
734
*121
125
14%
105
*95
105
*95
105
*95
105
*95
*5%
*22%
27
24%
124
8%
29
118
72
100
preferred..
6%
80%
80
80
*79
80%
79
80
80%
80
80
83
8%
9%
834
8%
8%
8%
8i2
*8%
8%
8%
5%
5%
53g
53s
5%
5%
5%
*5%
5%
•53s
*2%
234
*2%
234
*2%
2%
234
*2%
♦25s
2%
♦22%
24%
*22%
24
*22% 24
*20% 22 i2 *21% 2334
104% 104%
104% 104% *104% 109
*104i2 108% *104% 109
*2%
3
*2%
3
*2%
3%
*2I2
3i4
*2%
3%
7%
734
738
734
7%
7%
7%
7%
718
7%
*1%
1%
!% *1%
*1%
1%
*1%
1%
*1%
1%
21% 21%
*20% *% *20% 22%
*20i2 22i2 *20% 22 %
140
141
140
140
*138% 140%
*138% 142
♦138l2 141
45
43
45%
43%
41% 42
41% 41%
4H4 4H4
*154% 157
155
155
*155
158
*154% 157% *154% 157
2%
2%
2%
2%
2%
2%
*2%
2%
2%
2U
5%
6
534
5%
5%
5%
5%
534
5'4
55,
3%
4
*334
4
*334
4
*334
4
*3%
4 1
23%
24%
22% 23%
22% 227,
22% 2278
*120% 126
*120% 126
*120% 126
*12014 126
15
15%
14%
1478
14%
14%
1378
14%
55
56%
57
56%
5434 55%
54%
55
*2%
2%
*2%
2%
*2%
278
*2%
27g
38
38%
37% 3734
37% 37%
*3758 383s
*33
*33
34
33%
33%
33%
*32
34
2934 2934
28% 29
*2834 287g
*28% 29
*17%
19
*17%
19
*17%
19
*1718
19
157
*145
*80
Ingersoll Rand...
Highest
$ per share 8 per share
$ per share
share
per
6 May 23
l63,May 21
May 26
10
No par
No par
Indian Refining
Industrial Rayon
""206
*89
♦145
157
9
Par
Shares
Lowest
Highest
Lowest
Week
Aug. 23
Year 1939
Lou
EXCHANGE
*21%
5%
22%
89%
*5%
5%
21%
89%
*5%
21%
89%
21
Friday
(
Aug. 22
$ per share
$ per share
$ per share
6%
21
Thursday
,
On Basis of IQQh Share
NEW YORK STOCK
ff
the
Range for Previous
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
1103
New York Stock Record—Continued—Page 6
151
8
8«
Jan
15%
Apr
6t2 Sept
39
Sept
884
Apr
69% June
18% Sept
1 Called for redemption.
New York Stock Record—Continued—Page 7
1104
LOW
AND
HIGH
Saturday
Aug. 17
$ per share
4%
*4
*20%
21
6%
*8%
7
9l2
*8%
3 per share
*6%
108
8%
8%
*77
80
*77
80
8%
*77
*66
6812
*66
68%
*66
28%
*28
68%
28%
3%
15%
*66
*28*8
*28
28%
3%
15
15
15
*10
12
*10%
28
3
*2%
i*14l4
15%
*9
11%
*14%
*9%
*26'4
*6'2
12l2
27%
*26
*2%
27
7
*6%
6%
12'2
29
27%
6%
12%
12%
12%
*21
*30
35
*7%
9
*%
%
2%
%
%
13%
*1%
*%
*3ie
*12%
*89%
8%
8%
12%
39
39
38
24
24
*10%
68%
*66
29
*28%
29
200
3
200
14%
250
13
28
*27%
28
14%
*2%
2%
*27%
30
12%
12%
*73%
75%
*110
5%
44
*8%
*9%
18%
*162
*13
*»JS
38
23%
*10%
*35
23%
*24%
11%
15%
25%
12%
*24%
11%
25%
12
""130
15%
*15%
15%
19
*18%
19%
2%
*27%
*12%
73%
12%
76
110
5%
*42%
5%
4%
110
5%
*42%
4%
5%
17%
*6%
*8%
8%
9%
9%
7
14
6%
81%
16%
20%
*7%
20%
*16%
10
6%
80%
16%
*7%
5%
57%
6%
58
7%
*6%
*8%
*9%
10
""966
19
19
19
3,100
*7
♦8%
9%
19
19%
170% *162
18
7
500
8%
170% *162
170%
7%
17%
*16
18
200
*11%
11%
700
9%
9%
9%
700
National Cylinder Gas Co
2,200
*16%
11%
9%
17%
11%
9%
*77
81
*77
58
5%
*80
81
1678
16%
17
17
167% ♦158
167% *158
141% 141%
*17%
18%
7%
7%'
*57% 58%
7%
81
5%
81
81
141% 141% *140
18
18
142
142% *140
18%
*17%
18%
7%
8%
7%
7%
59
58%
58%
5%
5%
5%
5%
18%
7%
7%
58%
58%
5%
5%
5%
*9
10
*9
10
*9
10
*9
10
*9
10
*9
33
33
33
33
33
33
34
*27%
34
34%
34
*27%
4%
34%
*27%
34%
5
5
5
300
1,400
T.900
3,600
5%
*7%
8
9%
8
9%
8
9%
8
*10
18%
*16
9%
18%
*73%
77
*73%
77
*38%
*102
40
*38%
106
21
6%
6%
40%
40%
22
77
*75
21%
6%
*40%
12%
25
*23
25
*3%
4
*3%
*5
7
*102
106
60
400
6,700
1,800
1,400
*106
117% *106
*48%
7
107
51
*%
*%
"l8
*%
*%
*%
%
51
4
7
106
*102
106
51
« is
41%
11%
12%
24
24%
25
25
26%
7
7
*40%
11%
12
22%
*24%
41%
11%
12%
23
*3%
4%
*3%
7
*5%
7
*102
*50
51
%
%
»i«
»ia
%
♦%
*%
19%
*24%
106
*102
"
*114%
47%
*6
*2%
2%
10
28
37%
*8%
37%
9
-»•>
-
6
6
6%
2%
2%
10
9
9
*4%
*9%
28%
*37%
4%
11%
*28
121
»
47%
6
11%
4%
*114%
47%
*2%
*8%
*4%
*10%
148
*
*114%
28
4%
*10%
148
48
6%
*8%
*120
....
*49
*37%
8%
*120
4%
11%
28%
381
*48
9
*9
123
121
*148% 150
49
28%
38%
9%
121
*49
*115
...
49% 49%
6%
6%
2%.
2%
*9%
9%
*4%
*9%
28%
*38
*9%
120
*148
Bid and asked prices; no sales
*115
51
4%
11%
28%
38%
9%
121
50
this day.
60
6%
*2%
6%
*8%
*4%
10%
4%
11%
28%
38%
9%
*10%
28%
38%
9%
*119
150% 150% *148
on
51
...
2%
122%
....
*49
11
200
"l",306
""460
10
5,100
30
100
20
2,500
2,400
30
*8%
10%
4%
11%
28%
38%
123
*148
t In receivership,
152%
a
Def
10
100
2",300
500
500
50
40
delivery,
1
Aug
2% Aug
% July
% Dec
10% Apr
May 23
60
1
50
100
9
June 10
12% Aug 14
May 18
16
June 26
9%May 22
6
May 21
11%June 5
107%June13
107 May 23
3 May 28
5% May 23
17
June 10
7%June 6
5%May 21
66
June 19
l4%May 22
132
No par
Equip
No par
Omnibus Corp (The)
6
8% preferred A
100
Oppenhelm Collins....No par
Otis Elevator
No par
6% preferred
100
Otis Steel Co
No par
1st pref ..No par
5
.....No par
100
Owens-Illinois Glass Co. 12.60
Pacific Amer Fisheries Ino...6
Pacific Coast Co..
10
1st preferred
No par
6% preferred
n
New stock,
r
x
Feb 28
15% Mar 20
83
Mar 29
111
Mar 14
8% Feb 16
Apr 8
7% Feb 15
53
30
Sept
Apr
105
Sept
4
Aug
43% Sept
6% Sept
8
May 23
26%May 24
Aug
3% Jan
14
72
4
May 21
July 31
36
May 22
100
June 12
20% July 20
6%May 24
30% May 21
9%May 21
8%May 21
May 21
20%May 21
3%May 21
15
4%May 22
104
110
45
May 21
Apr 27
June
6
% Apr 12
% Apr 4
13% Jan 15
May 23
May 22
May 25
14%May 21
47%May 22
47%May 22
15 May 14
84%June 5
4%May 15
May
May
2%May
25% Aug
24
22
15
13
24
*
2%May 22
96
Jan 31
27
Jan
*
91
Dec
Nov
Jan
Deo
9%
15
7% Sept
Jan
Nov
28% Mar
175
Sept
Apr
4% Jan
20% Sept
10% Sept
8% Sept
83
Sept
17% June
4%
6
Jan
4
26% Aug 23
14% Feb 20
50
Jan
3
18%
Jan
3
21% Jan
4
39
Jan
3
33% Mar
9
8% Apr 22
12% Apr 22
115%Mar 11
117% Aug 15
66
Feb 20
% Jan
Jan
4
% Jan 11
26% Apr 22
35% Apr 6
226%May 4
113% Mar 27
23% Jan 3
59
Jan
68
Jan 10
26% Jan
Oct
Apr
Apr
July
10
Apr
33% July
41
8
3
90% Feb 20
9% Jan 3
-Dec
2% Apr
8% Sept
18% Apr
73% Mar
32
Apr
105% Sept
8% Apr
Apr
11% Sept
10% Apr
18% Apr
30
Apr
1% May
27
4% July
Jan
Mar
8%
Oct
6%
28%
Feb
Jan
Jan
18%
16%
Jan
106
Mar
27% Jan
173% Aug
145
Feb
36% Sept
10
Aug
82
Sept
Jan
15%
20
Jan
59%
50%
5%
11%
Apr
Oct
Jan
Feb
29% June
87% Aug
42
July
112% June
17% Sept
Sept
62
23%
25%
45%
43%
10%
Sept
Sept
Sept
Feb
Sept
106
Nov
15% Sept
118% Mar
119
May
120
Mar
47
July
62
Mar
3
2
Sept
14%
5% Aug
Apr 29
%
Dec
1% Dec
% May
8% June
31% Dec
168
1% Sept
6% Sept
1% Sept
17
Sept
33%
Dec
Jan
103%
18%
52%
60%
12%
217
Nov
Sept
113
June
Apr
Sept
Sept
Apr
82
Jan
7
June
26% Feb
59% Aug
69
Aug
29% Nov
89
Nov
14%
Jan
113
Mar 2 5
100
113
Dec
36
Apr 29
29
40
Oct
5%
Jan
3
42% Jan 12
112
6% Apr
18% Jan
144
4
4
3
4
May 24
55
Jan 22
115%May 24
120
Jan 17
10%
6%
23%
12%
6
Apr 26
Jan
Aug
,.4% Sept
12
Jan 11
64% Jan
6
4
Feb 19
12% Jan
Sept
Sept
2% Apr
32% Apr
4
Mar 28
32<4 Apr
y
Mar
Sept
18% Sept
62
5318 Apr
110
41
Ex-dlv.
62
21% Sept
9% Jan
14%May
43% Apr
43% Apr
8% Apr
10% Apr 11
10%June 24
25% Mar 13
May 21
June 18
Jan
26% Nov
6%
73% Jan
June 10
June 10
7%
44%
14%
70%
111%
9%
Aug
147%
10%
8% Jan
19
47
Oct
Jan
114
_
21
42
Jan
17%
107
Jan
6% Apr
7% Mar 14
26% Apr
15% Jan
12% Jan 3
16%May 29
8%May 7
ll%June 11
124% June 11
7 May 21
19
30
114
23% Apr
14% Mar
May 23
67% Oct
47
Sept
37% Mar
13% Mar 12
18% Apr 17
116% Jan
Apr
99% Apr 17
20% Jan
16% Jan
10%May 21
7%May 21
95
Oct
7% Aug
30
18
20
15
14
July 2
5%June 10
21
114% Sept
May
122% May
121
17% Nov
96% May
23% 8ept
26% Jan
16
Sept
18% Aug
117% Jan
19
% Apr 27
20
14
Jan
Mar
14% Jan
2% Jan
9% Jan
1% Sept
2% Sept
Oct
Apr
87
Sept
17% Apr
14% Dec
*8% July
12is Jan
110
Sept
4%May 24
34
Apr
9
July
6%
64
Apr
50
152
144
Cash sale
5% Feb 16
Deo
114
Apr
132
100
No par
No par
Pacific Telep A Tel eg
9%
10
16% Apr
3% Aug
148% Jan 29
100
Paclflo Ltg Corp
Pacific Mills
16
Apr 18
18% Apr
26% Jan
39
Apr
Sept
Sept
Sept
120% Nov
85% Jan
40% Apr
31% Aug
22% Sept
30% Feb
May 29
4%June10
2 May 22
8 May 22
3%May 22
9%May 21
25%May 22
33 May 22
8 May 21
115 May 25
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Jan
Feb
June 19
13%May 21
5%May 22
48 May 21
27
Pharmacal Co..2.50
112
56
45
85%
22% Apr 9
173% Jan 31
101
conv
6
June 11
91
Northwestern Telegraph
50
Norwalk Tire A Rubber No
par
Preferred
60
Norwich
121% Jan 30
Apr
110
June 15
l6%June
155
105
60
May
July 31
21% Apr
7% July
8% July
18% Apr
24% Jan
170% Mar
175
6% preferred series
19% Jan
119
119
13% Jan 13
5% July 15
7% June 20
100
5H% pref series
North Amer Aviation
Northern Central Ry Co
Northern Pacific Ry
is Jan
% Jan
22% Jan
100
10
1%
4%
June 10
Adjust 4% preferred
North American Co
Outlet Co....
Preferred
3,500
Jan
Jan
4% Apr 24
3%May 21
Norfolk A Western Ry
35.50
2%
121
IN Y Ontario A Western.. 100
Outboard Marine A Mfg
6%
9%
60
N Y Shipbldg Corp
part stk..l
Noblitt-Sparks Indus Ino
6
10
600
*9
pref
Ohio Oil Co
51
28%
par
No par
Oliver Farm
49%
37%
No par
N Y Lack A West Ry Co-.lOO
IN Y N H A Hartford
100
Conv preferred..
100
600
100
8% Aug
7% May 21
Corp..No
2,400
1,600
Apr
11
North States Pow 35 pf No
par
20
100
...
*4%
N Y Air Brake
500
300
11,200
11
9% Aug 17
New York Central.....No
par
N Y Chio <fe St Louis Co... 100
6% preferred series A...100
NYC Omnibus
50
5,500
Apr 25
No par
conv serial pref...100
non-cum
48
No par
1
18
40
Apr
44% 8ept
103% Sept
2% Sept
36
Sept
41
No par
Newberry Co (J J)
No par
6% pref series A
100
Newmont Mining Corp
10
Newport Industries..
1
10%
49%
6%
2%
*9%
Natomas Co
Nehl Corp
Nelsner Bros Ino
100
Apr
8
100 *160
No par
N Y A Harlem RB Co
50
1,300
*%
*%
18%
*115
6% prior preferred
National Tea Co
18%
Apr
21%June 20
8%May 22
12 May 21
15 May 21
2%May 14
•20 May 21
8% May 22
66
May 28
97%May 22
4
May 21
Nat Enam A Stamping No
par
National Supply (The) Pa.. 10
32 conv preferred
40
% prior preferred
100
Apr
40% Apr
Jan 20
Jan
28% Jan
21% Sept
39% Jan
16% Sept
Apr
6%
11%
54
113%May 27
3l%May 21
33% May 21
No par
6% preferred B
100
Nat Mall A St'l Cast Co No
par
National Pow A Lt
No par
National Steel Corp
25
25
8
Deo
6%
Aug
11% Sept
7
Nov
Nov
July
110
86%June 10
5% preferred
106
Ia
10
Nat Gypsum Co
1
34.50 conv preferred.No par
National Lead Co
10
New York Dock
117% *106
117%
60
*48%
60
%
*1*
*%
%
4
%
18% *18%
18%
18%
19%
19% 20
20
19%
27
*24% 27
*24%
27
*24% 27%
*25
26%
26%
*212
214%
214% *212% 214% *212% 214
214
214% *213% 215
*110% 112% 110% 110% 110% 110%
*110% 112% 110% 110%
110% 110%
*18%
19%
18%
18%
19
19
19%
19%
19%
19%
18%
19
*54
56%
55%
55%
54%
55%
*55
55% 55%
55
55
55%
*54% 55%
54%
54%
54%
54%
54%
*54
54%
55%
*53% 54%
15%
15%
15%
15%
15%
16%
16%
16%
16%
17%
15%
16%
*87
95
*87%
88
*87%
88
88
*87%
88
88
*87% 95
6
6%
6%
6%
6%
6
6%
6%
6%
6%
6%
6%
*109% 111% *109% 111% *109% 111%
*110% 111% *110% 114
*111
114
*34% 35
35
35
*35
38
35%
35% j *35
*35
38
38
*2%
2%
2%
2%
*2%
2%
*2%
2%' *2%
2%
*2%
2%
*25% 27
25%
25% *25% 27
*25% 27 I *25%
27
*25% 27
*14%
14% *14%
14% *14%
14% *14%
14% *13%' 14%
14%
14%
6
6%
6%
6%
6%
6%
6%
6%'
6%
6%
6%
6%
*12
13%
12%
12%
*12%
13
13
13%
13
13
*12%
13%
*9%
10%
*984
10
1038
10
10% 10%
10%
10%
10%
10%
*97
102
100
100
*97
101
100
100
*100% 106
*100% 106
*3
*2%
3%
3
3
*3
4
*3%
3%
*3%
3%
12%
12%
13
13%
13%
13%
*13%
13%
13%
13%
*135
140
*135
140
*135
140
*135
140
£133% 133% *128% 138
*7%
7%
*7%
7%
7%
7%
7%
7%
7%
7%
7%
*22%
26
*22%
26
*22%
24%
*23
*22% 26
25
*22% 25
*20%
24
*20%
24
*20% 24
*22%
24
*22l4
24%
*22% 24%
*49
51
*49
18%
*24%
51
500
2,900
4%
♦5%
%
*49
300
15,500
100
25
7
*211
51
"2466
1,600
4%
117% *106
*48%
400
25%
7%
24%
'is
"is
11%
12%
26
24
*%
»u
23%
7%
41%
preferred
Nat Distillers Prod
4% %
40
100
No par
6%
77
40
106
117% *106
*75
*102
*5%
*48%
*%
400
700
40
41%
11%
12%
23%
117% *106
*48%
8%
9%
18
106
23%
2278
*23%
*3%
*102
400
40
7%
26
77
100
5%
9%
*16
"Cm
36%
*102
7%
*5
4%
*5%
*102
22
41%
11%
*12%
23%
*23%
*3%
11
9%
18
*75
*27%
*4%
*8%
40
41%
11%
12%
*40%
8
*9%
*16
7%
11%
12%
22%
5
106
*102
21%
7
34%
8
8
77
*38%
106
22%
22
40
*102
*6%
11
18
10
_
*16
41%
11
12
5
16%'
*11%
22%
10%
*11%
*23
9%
5
*73%
*38%
106
*21
8
9%
34%
*16
40
*102
21%
*27%
*4%
*7%
*9%
!
33%
34%
7% pref class B
Nat Dept Stores
7% preferred A
10
*32
600
1
Nat Dairy Products...No
par
7% pref class A
100
"""40
400
17%
16%
16%
167% *158
167%
par
3
73
63
30%
14
June 26
5
100
5
Feb 21
101
110
10
pref
11%
*86
*31
*5
cum
39% Aug
28% Dec
8
12% Apr 10
17«sMay 9
7%May 21
%May 18
l%May 22
%June27
%June 21
9%May 21
10
National Biscuit Co..
6
2%May 15
May 21
Nat Automotive Fibres Ino-.l
6% conv pref
Nat Aviation Corp
66
2
9
5
17%
*16%
18
5%
"2400
878
10
18
6
28%May
32% Apr
26
Nashv Chatt A St Louis... 100
National Acme Co
1
11%
9%
142
142
Nash-Kelvinator Corp
14
94
142
7%
20,200
4%
*12%
17%
*86
94
167% *158
17%
4%
4%
14
18%
May
May
95
Myers (F A E) Bros ...No par
94
167% *158
7%
1,800
13%
6%
*16%
5%
45
*42%
*112
*5%
16
5%
Munsingwear Ino
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America.. 10
13%
13%
13%
13%
13%
13%
13%
112% *112
114
•112
112% *112
112%
111% 111% *111% 112
^
*111% 112
*111% 112
4
4
*4%
4%
4%
4%
4%
4%
*5%
*6
6%
6%
6%
6%
*6%
6%
20% 20%
20%
20%
20%
20%
20%
20%
*7%
10
*7%
10
*8
10
*7%
9%
*6%
6%
7
6%
678
678
6%
7
13%
111% 111%
4%
4%
6%
80%
5%
30
*86
17%
9
100
94
11%
9%
20%
200
Nat Bond A Invest Co.No
par
6% pref series A.
100
Nat Bond A Share Corp No par
Nat Cash Register
No
11%
9%
6%
12%
74%
14%
*15%
4%
*12%
*73%
*13
*86
114
100
1478
9%
13%
200
*110
45
18
7
3
30
*13
17%
94
*112
5%
*42%
4%
8%
10
*2%
*27%
Motor Wheel Corp
6
Mueller Brass Co
1
Mull Ins Mfg Co class B
1
37 preferred
No par
1478
11%
13%
100
12%
76
*127g
7
*9
115
4%
*8%
978
7
8%
600
...
14
17%
9%
*11
*111% 111%
5%
45
4%
15%
19%
30
*12%
*73%
*110
*12%
*15%
*18
3
*27%
12%
76
5%
*42%
17%
*6%
*8%
9%
3
30
*73%
4%
*12%
17
*278
*27%
*12%
2,000
15%
19
19
3
*110
44
4%
14
17
12%
73%
110
44
*12%
278
30
85
May
100
Montg Ward A Co. Inc.No par
Morrell (J) A Co
No par
Morris A Essex
60
Motor Products Corp..No par
14% Sept
122
100
No par
No par
101% Nov
Aug
July
82
26
Oct
Jan
6
May 24
33%May 21
No par
34.50 preferred
Preferred series B
10
6,100
11%
15%
30
10
10%
88
3
5
103
5% conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co.__.10
100
6% Aug
Apr 15
14%May
6
10
7% preferred series A
J Missouri Pacific BR
500
24
9%
57%
100
11%
11%
*140
%
24
*15%
*158
*%
11%
*86
*6%
700
38
17
*79
""600
%
*35
94
*16
2%
2
%
38
19
Mission Corp
Mo-Kan-Texas RR
%
*%
2%
*35
18%
19
18%
18%
19
19
170% *162
170% *162
170% *162
14%
*12%
14%
*13
*12%
14%
*7%
%
100
38
17
*4%
*5%
20%
8%'
4
107
ll%May 21
23%May 21
Minn Mollne Power Impt
1
36.50 preferred
No par
100
*35
14%
9
13%
900
8%
*%4
20%
2%
*2%
*27%
*12%
*73%
7
*9
278
38
23%
23%
11%
11%
14%
*18
38
*86
*112
*%
*2%
*%
20
2%
6
1
1
9% Jan
34% Mar
6% Jan
Feb
63% Feb
8% cum 1st pref
1
100
Minn-Honeywell Regu.No par
4% conv pref series B
100
1,200
*32%
8%
310
40%
*12%
13%
*12%
13%
13
13
*12%
13%
*91
90%
90%
91%
91%
92%
91%
92
*115% 117
*11512 117
116% 116% *115% 117
119
119
*117% 120
*117% 120
*117% 120
*117% 120
39%
39%
39% 40
40%
41%
41%
42
39% 41
9%
*10%
2%
34
800
107%
13%
4%
16%
*6%
2%
*8
%
1
40%'
40
|*105
105
34
8%i
j
Meet a Machine Co
800
Highest
S per share 3 per share
8% Apr
32% Apr
24%May 24
2%May 22
ll%May 22
10
Aug 13
24 May 22
6%May 21
Miami Copper
6
Mid-Continent Petroleum.. 10
Midland Steel Prod
No par
4,700
*12%
13
*30% 31%
115
115
91
14
16%
1*12%
105
2
%
*16
115
a:40%
*%
2%
*%
%
*12%
110
5%
*41%
4%
*%
%'
115
'"300
27
678
12%
31%
64
Year 1939
Lowest
$ per share
May 31
7%May 28
No par
15.50 pref serBw w.No par
Melville Shoe Corp
1
Mengel Co (The)
1
5% conv 1st pref
50
Merch A M'n Trans Co.No par
13
27
7%
12%
31%
35
*8
14%
*10%
13
7
7%
13
*30
*278
147S
share
90
100
conv preferred
Mead Corp
68%
*28%
2%
14%
*10%
2%
1
Range for Previous
Highest
4
May 15
l7%May 28
5
May 21
No par
16 preferred series A. No par
*66
3%
7
8%
*2
2%
*%
*ai»
*35
11%
14%
20%
*18
*%
*1%
6%
""600
68%
*12%
30%
35
$3 series conv pref
McLelian Stores Co
80
28%
6%
*7%
1,100
*77
3 ver
McKesson A Bobbins, Inc...5
400
6%
108
8%
80
1,400
21%
*96
878
*77
Par
*2%
27%
*30
|
V
6%
108
4%
*115% 117
120
*35
9
*90
93
*115% 117
*118
'
35
♦7%
21%
6%
80
4%
21%
6%
Lowest
28%
29
*30
Shares
4%
*96
29
30
*29% 30%
31
♦113U 114% 113% 113% 114% 114% 115
115
40%
41
41
40%
40% 40%
*40%
41%
*10712 110% 1107% 107% *105
107% ♦105
107%
*2%
2%
2%
2% I
*2%
2%
*2%
2%
,
S per share
Range Since Jan. 1
On Basis of \Qto-8hare Lots
Week
4%
15
11%
3
EXCHANGE
$ per share
108
80
♦77
STOCKS
NEW YORK STOCK
the
Friday
Aug. 23
6%
*96
Sales
Aug. 22
4%
21%
21%
6%
*96
9
4%
21
6%
108
Thursday
4%
21
21%
*96
NOT PER CENT
for
$ per share
4%
SHARE.
Wednesday
Aug. 21
Aug. 20
4%
*20%
*6%
6%
108
PRICES—PER
Tuesday
8 per share
4i«
*96
SALE
Monday
Aug. 19
Aug. 24, 1940
6
Feb 13
Jan 4
Sept
100% Sept
4% Aug
15% Sept
128
Oct
7%
Apr
July
Apr
Jan
Jan
50
Apr
3
Aug
2% Apr
11%June
33
16%
40%
114%
Apr 15
34% Apr 15
3% June
9% Apr
27% Apr
50
41
14
Jan
3
16% Jan 4
139 Mar 12
154
Jan 24
Ex-rigbta.
9%
Apr
Apr
114
Apr
128
Sept
6% Nov
44% Aug
101% Sept
30
Jan
20% Mar
113% May
8% Jan
27% Jan
148% July
16
Sept
55% Sept
26% Deo
64
Deo
120
Deo
70
Jan
7% Sept
7% Nov
25
Nov
15% Sept
12% Mar
34% Mar
52
Oct
21% Sept
132
June
156% July
1 Called for redemption.
Volume
1105
New York Stock Record—Continued—Page 8
151
'
AND
HIGH
Aug. 17
Aug. 19
8 per share
*3%
3%
6
3%
314
3i8
13
*8
314
578
6
3%
12%
3%
13
13
Shares
314
3i8
314
1378
13%
3'8
314
6,500
Packard Motor Car
13i2
3,500
Pan Amer Airways
13
14
8
9
4,400
200
*8
*32
34
*32
34
*32
35
*32
35
*32i2
35
*90
98%
*90
98%
*90
98i2
53g
*90
98%
*90
98'2
*90
98i2
7958
*73
9
*8
*5i8
9
53S
79%
8%
*73
*1%
17%
15s
32
32
*73
*778
*15
*18%
*73
*778
79%
8i4
*15
H2
1718
1%
*15
32%
18 78
19
*18%
*1
H8
*734
8
6
1
*134
*2l4
19
*12%
*134
*214
13
*120
1912
19
*32%
*134
33U
12%
*2734
734
29
175s
3234
*1634
*6i8
20
*6-%
*734
8
263s
44
26
*43l2
*75
*714
2618
12
*110
140
*3%
*27
38
32
734
30
30
30
220
18U
*17
18
110
*18
19
*18
19
90
*38
4312
*82i4
'
*27
2534
51
*
135
*4
.
2878
44
6,800
*107
38
*107
140
4
4
37g
*28
38
*28
"366
38
24l2
*2314
24l2
*23%
3234
284
37%
24%
51
*47
52
*47
52
32%
3234
3
325s
*284
3
234
47l2
*37i8
45
37%
*
327g
*
135
*
135
3,000
100
10
434
434
*4%
*1612
I8I2
18%
'"16
"166
200
6%
500
140
6%
*5i2
70
*69
6
*57g
6U
*584
69
69
— ~
6
6
6
63S
75
*145i2
300
7
7
714
714
*7
7
7
22
*20
22
*20
22
*20
21
16
*14
15
15
*14
15%
"~20
*273s
3112
*30
3U2
*30
1512
31i2
22
1512
21
*14
*20is
*1414
*20
16
30
*30is
3112
40
10
*10
1012
10i2
10l2
30%
10%
10
*634
*1618
*12i2
634
1
17
16
*%
I6I4
♦12%
*65s
634
1012
1
17
1012
1078
*151
*%
*1618
*12l2
1312
634
30
1012
*151
*151
*15ll2
*%
7%
634
1
1634
14
*1614
*1214
1
1678
*%
1634
14
714
*1212
1
7
78
7S
*84
"
'8
*34
7g
*34
612
*6i4
6i2
638
6%
714
78
*614
634
914
*84
88
*76l2
77
*1014
10i4
4i2
11
IOI4
4%
*84
*934
*3012
6134
*61%
11534 116
*84
88
*84
88
*7612
77l2
7712
1078
1078
*10i4
412
45g
4%
*75
5512
2i2
2i2
*2134
♦18&8
34i2
18ig
15
26
22l2
*22l2
23
2112
*185s
2134
2l4
*2714
30
*6i2
*2
11
*3412
17%
36
15
15
26
1278
*1212
23
26%
1278
13
11
75s
77g
784
*50
5312
*.50
53i2
65
*48
70
*48
70
*8
8%
163s
92
*8
1%
1%
lis
17
17
173g
93l2
16U
*7612
54%
778
53%
54%
ll8
I6I4
lis
9134
7734
8%
*8
77g
95
93
93
79
*78
81
*77
7734
85s
9,400
5534
1,400
36
18%
1634
300
34%
*18
34%
1678
2,000
27;%
273g
133s
200
*21%
*19
23
2034
23s
*2
2%
*8
8%
*8
978
*8
*27%
*6%
11
8
51
*50%
52%
70
*54
70
77g
1%
8%
1%
1%
17%
17%
16%
94%
94%
92%
80
79%
*78
1%
17
93%
79%
8%
1,800
21,900
450
100
800
100
100
preferred
Pitts Coke A Iron
Corp No par
Pitts Screw A Bolt
Pittsburgh Steel Co
No par
No par
Poor A Co class B
Procter A Gamble
No par
1
25
50
preferred
Company
Reading
60
-..50
6
..100
Silk Hosiery
(Robt) A Co 1st pref—100
10
Remington-Rand
...1
Preferred with warrants..25
Rensselaer A Sara RR.Co._100
JReo Motors vtc
1
Republic Steel Corp...No par
6% conv preferred..
100
6% conv prior pref ser A. 100
Revere Copper A Brass
6
Co...
*45%
49
10
*10i2
11
*10%
11
j
*10%
11
1034
11
11%
11
11
1,100
Reynolds Metals Co...No par
*78
85
*78
85
,
*78
85
*78
85
"9I66
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
778
53
*52
53
8
8
8
8
8
8
*5
578
*5
5%
5
*314
*13i2
334
*3%
334
*3%
13%
*l2
14
1334
1
*%
1334
*%
1
4
133s
13%
14
1334
*%
29%
1334
1
29%
1378
1
29
*%
1
*%
*18
*%
»;
*%
%
%
*%
*3%
*;
*14
*3%
*4
4158
*4
415s
*41%
...
42
105
*205g
*20%
*20%
22%
*4
*4
42
105% 105%
2212
4
Bid and asked prices; no
£
42%
105
22%
43%
105
*
8
4
...
43%
10534
22%
ales on this day.
243s
2978
*%
*18
*3%
*4
43%
*4%
5%
4
30%
*:
2978
*18
*%
*3%
*4
...
...—
10
43% Apr 8
115% Jan 11
128
Apr 20
145
Mar 29
6
165
Apr
118
...
43
1,700
a
1,000
Def. delivery,
Stores.......No par
preferred—...
100
No pat
Safeway
5%
Savage Arms Corp
n
New stock,
r
Cash sale.
Aug
%
Apr
17% Sept
Apr
% Aug
Aug
6% Sept
Apr
18
60%
112
Apr
49
Sept
66
Dec
101% Sept
1143g Aug
128% Aug
2
Sept
129
Apr
143
Aug
147 /
Sept
166
June
Sept
*22% Aug
6% Aug
70
Sept
117%
4l7g
II84
90%
^81%
15% Feb
15%May 22
13%May 21
May 28
978May 28
1934June 8
17 May 22
l%May 21
Jan
16% Sept
I684 Sept
112
IO84
11
36% July
23
Apr
297gMay
Jan
3
4% Feb
8
Mar
4
247gMay 23
6
13
6%May 21
8
Aug
5
8
Jan 12
Jan
6
Aug
Sept
Mar
Jan
18% July
16
Nov
53% Apr
8% Jan
85% June
6778 Jan
23% Sept
85% June
Apr
6% June
37%May
17% Apr
26% Apr 10
23
Jan
Aug
Dec
Sept
16%
7% Apr
Apr 15
69
Apr 8
3 June 20
90
55
June
2%
4I84 Aug
63®4 Aug
6
Sept
1678 Sept
Apr
31%
15% Feb
24
17
ll%May
June 19
Dec
Sept
11984 Feb
97%May
89 May
34
9
2% Sept
24
Mar
5
June
1
32% Jan
June 12
9
12% June
10% Apr
19
Dec
28*4
Deo
207b Sept
2284 Sept
2884 Oct
16
27
July
2% Dec
Dec
64
7
Apr
16%
6% Apr
9
Apr
Sept
5% Sept
40
lb
Mar
Oct
Nov
9% Dec
14% Sept
17% Jan
6734 Apr
60
Dec
75% Mar
50
May 28
69
Jan
60
Apr
75
1
May 15
2
Apr
237g Jan
7b July
1278 Apr
9534 Aug
43
Apr
May
42
Apr
6
May 22
z3734June
14
7
May 21
70%May 21
60
May 21
13% Feb
10% Jan
80
7%May 21
17% July 26
21% July
30% Apr
Apr 17
70
June 26
92
39
May 27
61% Apr
8%May 21
757g Mar 28
6%May 21
32 June 10
52
May 22
3% Aug 8
ll%May 28
%May 15
34
9
May 21
96
May 21
17
May 21
xEx-dlv.
y
Sept
66
Sept
7% June
78»4 Jan
I484
Jan
87
Dec
11%
Jan
45
Jan
58
Jan
10%
Jan
984
Oct
ll%May
May
8
35
June 17
Aug
52
3
3
Feb 27
12
22% Apr
1% Feb
4
9
Jan
3
5
Jan
84
44
% Apr 19
*i«July 13
Jan 30
4
Apr
37% July 1
64
42
2
63
8
2
June 10
26
8
1578 Feb 20
96% Apr
% Jan
7g Jan
May 10
4%May 18
63
Mar 14
111% Mar 28
31% Apr 26
Ex-rights.
Nov
284 Nov
28% Sept
9534 Dec
8934 Oct
20% Jan
40% Jan
9%
14'4 Jan
100
Lead
10
{St Louis-San Francisco.—100
6% preferred
100
{St Louis Southwestern... 100
5% preferred
100
St Joseph
480
24
23%
142
1111
Jan
1,300
106
Sept
6
42%May
7134 Apr 16
118% Jan 2
6
1334
100
June
July
1,200
300
25% Oct
40% Sept
20% Sept
18
2% Feb 27
8
1478 Jan
1434 Jan
100
T.365
12% Aug
7% Aug
5%
No par
No par
Roan Antelope Copper Mines.
Ruberoid Co (The)
No par
{Rutland RR 7% pref
113$ Sept
16% Sept
48% Oct
6%
7% Jan
%
Aug
478 Aug
6% Apr
22
Apr
Jan
8% Jan
•
4
Sept
Jan
57gMay 22
30%
95
175
12>4
434May 22
1
Apr
Sept
15
Rltter Dental Mfg
43
{ In receivership,
151% July
1% Mar 12
2234 Feb
Richfield Oil Corp
106
44
105% 106
2434
25%
100
—100
preferred
Common
60
6
May 10
16% Apr
"3" 100
%
4
10
...
4
4%
334
*%
5H % conv
8
334
l4
104i2 104i2
8
*3%
SI6
4
8
384
*%
*3%
8
8%
A
7% preferred
5H, % preferred
53
*4%
*i8
4
*52
5%
28%
*3%
53
*412
2734
29
*52
5
2814
28i4
*
53
*52
Class
37
2%June 20
100
Rayonier Inc
2
34% Apr 25
1934 Apr 8
48%May 21
1
Raybestos Manhattan.No par
4% 1st preferred...
4% 2d preferred
Fept
158
10% Aug 17
4%May 23
90
Apr 15
No par
$3.50 conv 1st pref..No par
Radlo-Keith-Orpheum
Jan
Jan
83s
11
May 22
No par
Real
80
June
Corp.. 10
49
*52
32% Sept
14% Sept
Quaker State OU Ref
Radio Corp of Amer...No par
*453s
53
12
Apr
2%
73%May 28
49
*52
Apr
Mar
9
$2
Jan 17
May 21
1678May 21
7
May 21
......No par
preferred
45% Mar
31% Sept
61
Sept
4
84
conv
35% Mar
Mar 12
143
*453s
2,300
Aug
Feb
12
100
100
100
9%
3478
2
46% Sept
37g Sept
4
115
49
9%
Apr
126
*453s
3438
31%
4
112%May 22
3078June 10
100 May 21
1107gMay 22
4538
10%
Jan
July
5
9
93g Apr
6% preferred
6% conv preferred
Purity Bakeries
6%
Mar
7
35
7
June
..No par
(The)
154
Apr
234 July
27% Jan
53
preferred..........100
preferred
100
preferred
100
Pure Oil
Aug
25
Mar 25
110
21
6% pf (ser of Feb 1 '29) .100
Pub Serv Corp of N J..No par
Pullman Inc
91
178 Sept
103% Mar
May
No par
1
5% conv 1st pref
5% conv 2d pref
4538
35
Sept
47% Sept
48% Aug
678 Feb
5
60
Pressed Steel Car Co Inc
50
934
124
41*4 Jan
29
20
21
21
May 21
*4538
35
Jan 23
734 Apr
%May
6% Aug
6%May
6%May
85
9%
% July
Sept
40
l6%May 22
10 May 21
19 May 21
7
May 21
151% July 3
% Feb 14
15
May 28
12% Jan 13
6%May 21
7% pref class B
100
5% pref class A
100
5M % 1st ser conv pr pf_100
Pittsburgh A West Va
100
Pit Youngs Asht Ry 7% pflOO
Plttston Co (The)
No par
Plymouth Oil Co
6
19
35
74
136
4%May
5
May 15
No par
*16
8%
1
9
10% Sept
8% Mar
6
*72
34%
% Mar
97%May
4
18
83s
34%
Jan
Apr
85
8%
34%
75
May
18
8%
Apr
4
May 10
*72
3334
Apr
36
Jan
154
18
*8
28%
Jan 11
85
176
85
333s
Apr
47
40% Jan
May
*72
8U
Sept
684
June
18
3334
Sept
25
6% Sept
4
2
2
167
85
*734
40
Jan
17
154
*15
3334
Apr
Oct
684 Sept
1934 Sept
45
Sept
13% Sept
100
No par
*72
85
Apr
21
Apr 25
100
95 conv preferred
18
*78
45
May
7%
6%May
64%May
85
85
2
4% Jan
3%May
*15
*78
Apr
30%
Jan
38«4
May 21
Jan 23
16
*72
*11%
27% Sept
2l34May
107% Feb
100
6%
Mar
Aug
Jan
18
8%
Mar
15
24«4 Jan
Apr
85
9%
124
May
*15
8'
120% June
35
*72
8i8
Deo
May 18
121
23
8%
*16%
8i8
9
17
Jan
36
Reliance Mfg
20
5% Sept
6
16%
2%May
Reliable Stores Corp..-No par
300
484 Sept
Apr
33
3
8
Rels
2,000
8
51
*54
69% Deo
9434 Aug
2% Aug
17% Aug
11»4 Sept
Jan
2878 Apr 26
61
Aug 21
Preferred
97g
28%
*4
Feb 17
66
200
28%
11
8%
*27%
Apr
May
500
""166
Apr
74
8
Deo
2% Feb
13% July
1134 Mar
May
300
200
19
163s
4% Jan
21
Apr
22
15 preferred B
*23s
Sept
Apr
Aug
36
""loo
2%
500
Sept
48
25
27%May
Pittsburgh Coal of Pa
Jan
4% Sept
47
26
Pirelli Co of Italy "Am shares"
*75
55
2%
2084
*6%
11
*734
*50
10%
434
4%
*8
28%
*6%
812
978
10%
23
*273S
11
1078
.434
13%
*2
""360
77%
1034
23
2%
3,500
87%
Jan
26
*5%
8
3%May 18
Jan 10
Pub Ser El A Gas pf 95. No par
'4166
Jan
13%
Apr
100
""16
77%
1034
13%
283s
55
92
40
*123.4
213s' *18%
*8
28i2
34%
*83
29
24
978
92
*27
1
*2
812
*77l8
16
27%
13
18%
*18%
*8
*1
I8ig
15%
*21%
*734
l's
16]8
*3412
36
2
978^
8
1%
1578
2,100
7712
10%
55
2%
213g
812
778
*3412
*1734
15%
3434
...
55
2l2
23
*8
718
♦75
555s
2l2
2
*734
*6t2
7712
*185s
2%
*273s
1712
*54
26
*2738
*612
*734
,
4,900
Jan
107%
1%
06%May
5
22
18
22
13
21
22
14%
684
4
10%May 13
62% Jan
5
4
Jan
Feb
104
117g
23gMar 12
12% Mar
6
60%
Apr
36
9
22% Apr 16
30
5
Hosiery
Preferred
""266
116
116
88
*82
*75
__
*535s
234
26
*1212
61%
44% Apr
June 11
136
No par
1%
2% Apr 12
% Mar 20
J Porto Rlo-Am Tob d A No par
62
10%
*1014
458
105S
1012
4%
1034
IOI4
1058
*1014
412
*76i2
10i2
4%
.
Phoenix
6%
7%
8%
54l2
13
Petroleum
95 preferred
*2l2
*1212
Phillips
100
54%
*26
l'.ioo
6
Feb
24
68
10
5% conv pref series A...100
Phillips Jones Corp
No par
7% preferred
...100
Sept
7% Sept
14% Sept
6
18
May 22
70
Philip Morris A Co Ltd
72
Apr 15
10% Apr
Apr
6% Sept
13% Apr
39»4 Apr
29% Apr
Phlla A Reading C A I.No par
10%
115
25
Phelps-Dodge Corp
Philadelphia Co 6% pref...50
$6 preferred
NO par
Postal Teleg'h Inc pref.No par
31
62
94
%
4
10% Feb
100
7612
34i2
9%
Sept
6% May 18
25%June 10
37% May 25
100
30%
92
8% Apr
Pfelffer Brewing Co..-No par
600
*9%
101% Jan 25
8% Sept
2
Sept
Sept
8% Apr
684
97s
1018
34%
3434
88
*1712
*14i2
684
35
6%May 28
7g
*1»18
5
5
Petroleum Corp of Amer
11% Jan
484 Jan
1978 Deo
June
2
15
100
100
No par
5
Jan
1
ll%May 21
100
prior preferred
preferred
2,000
3434
IOI4
19
15
27l2
*50
*11338
l%June
5%May
17% May
Pond Creek Pocahontas No par
7%
32
615s
300
14
10l8
97g
*97g
*30
*1012
36
*
1018
10's
32
6212
5%
6%
347g
36
35
234
*1714
*14i2
16%
♦13
634
*11458 116
5434
*3412
*16%
7%
May
10812 108'2 *10834 110
*1081S 110
*10812 110
*120
122l2 *120
122i2 *120% 122%
12212 *120
*133% 139
*13314 139
*13314 139
*13414 139
156
156
155
155
156
156
*154% 156%
*11478 118
*1147g 118
*114T8 120
*11478 120
19
1938
18l2
19
11914
1934
19'8 20
7%
7%
714
712
7l8
714
7i8
714
*75
*2
1012
31
62
7g
18
7612
*75
*5334
*212
934
*912
*28i2
914
93g
9%
*914
10
*914
978
*27
30
*27l2
30
6H4
6134
6H2 617g
*1145s 116
*11458 116
35
35
3434
3434
*10778 110
*1083s 110
1205s 1205s *120
122l2
*13314 140
*13314 139
*155
158
*15414 158
*113
119
*11478 118
1818
18l2
18%
1834
7iS
714
7i8
7i8
*6i2
934
270
7g
1
*16U
14
30%
10%
*151
*151
*%
7
7
7l2
May
7% guar preferred
1,500
*14
7l2
15
23
Pitts Ft Wayne A C Ry Co.
*145
*20
*634
Peoples Drug Stores l no
5
Peoples G L A C C(Chlc)..100
Pitt C C A St L RR Co
5
18%
70
71
72%
73
6912 6912
*145%
*14512
*14512
*172
182
*172
182
*172
182
*172
182
*17212 182
*17112 182
534
578
*514
512
578
578
5%
55s
5i2
55s
534
534
*5l2
70
*145l2
May
Plllsbury Flour Mills
135
434
1778
*4
*1612
20
""266
500
76
*74%
140
*3%
4
716
*3g
J
%
300
90
*83
90
*83
75
*2314
434
*1612
2778
*43%
44
75
51
135
*4
434
20
29i2
32i4
*234
3
4712
2414
*47
400
*37is
3212
3218
*234
7%
75
*27
*37i8
*2314
3
47i2
7i2
*7%
l2
*338
38
""366
140
*107
4
*338
67g
*43l2
90
*3s
12
*6%
*7ig
29
43l2
15
RR
Pet Milk Co
29%
7i«
27
60
Pennsylvania
Pere Marquette Ry Co
634
634
118% Jan
No par
Peoria A Eastern Ry Co... 100
8
*7%
19
*18
684
7l8
7I4
27
43i2
19
*714
19
*6%
634
75
*16l2
400
I8I4
140
*
200
3334
2%
2912
734
*7U
75
*40
4^
214
19
*33%
*1®4
337g
*134
18
51
51
19
3378
12"400
29
7%
32
2534
135
*1834
214
*107
*234
*40
*4
1834
3314
>134
20
18
*75
38
*2358
*17
1834
33U
19%
*1834
2014
10
No par
97 conv preferred
29
2634
4312
334;
*37i8
*2314
*
1978
ser
Deo
Apr
97s Sept
June 12
10
9»4June 25
*120
*120
76
32
32i2
3
47%
*234
*37i8
100
pref
conv
3
4
45% Apr
Penn G1 Sand Corp v t c No par
97
7
per
25% Apr
13gMay 22
l%May 22
H34May 21
Corp
Penn-Dlxle Cement..
12»4
20i8
140
*27
*11%
June
4
4% Mar 11
A...No par
Penn Coal A Coke
2%
21%
1978
75
334
*2%
*17%
I734
*65g
12
*75i8
*110
334
212
21'4
1234
29
*17
90
*si«
76
*2%
I *17i2
1234I *lli4
*1H4
71
100
2%
*2
2%
No par
2.50
Patlno Mines A Enter prises. 10
900
1734
7i2
27
4312
*75
90
*»!•
*75
*2
No par
Penney (J C) Co
Parker Rust Proof Co
~2,606
82
81
82
*6i4
65s
4312
*46
47*2
29
20
658
82
No par
4
share $ per share
7% Deo
6% Deo
8% Jan
ISsMay 21
31% July 22
13%May 22
34May 28
53aMay 21
5%June 26
45 May 23
Parmelee Transporta'n. No par
Pathe Film Corp
1
"2,800
1978
19
33i2
214
734
*134
734
29
18
*17
7
*46
8134
400
1834
1%
*1
7
7
7
4712
*120
1912
*1818
*2734
*16U
*17
2
21
20
33i2
214
*134
*612
2
1912
19
*32i2
214
678
47%
*2l4
*18i4
*120
*18
*6%
2
23g
2U4
1234
*1814
*1H4
634
8134
*32
Highest
7% Jan
May 21
Penlck A Ford
8
*46
*134
*214
2
23s
21%
193s
*1818
8
6l2
47l2
81
612
8OI4
*120
19%
18®4
8
8
1
Parke Davis A Co
193s
Us
*1
16
1,100
*18i2
Us
8I4
19
1
32i4
32i2
8
19
10
Park Utah Consol Mines
32i2
*1
100
,
2~400
134
8ig
6% 1st preferred
6% 2d preferred
1
l7s
15s
158
32<2
100
Park A Tilford Inc
17%
*15
1718
8
*45
1%
32%
8
*15
*1
6%
*1712
12%
212
2i2
*18
*8
*15
No par
4% conv preferred
Paramount Pictures Inc
""266
8
8
8
5,400
7958
*73
795s
*73
795g
8%
I7i8
1*8
1
Parafflne Co Inc
53s
5U
53s
Panhandle Prod A Ref
34
*»i«
34
53g
15s
32i2
19
H8
*1858
47%
81
*80U
I
80
5%
5%
8%
*H2
8
*6%
*45
4734
80
*lg
*'2
I7i8
*778
1%
734
6
*45
5i8
514
32
*1
!
5%
878
»w
*%
Ul«
*%
.No par
Corp
5
Pan-Amer Petrol & Transp..5
100
8
9
34
»u
*8
6
314
3i8
13!8
3i2
6
Lowest
$ per share
share
per
27gJune 10
6% July 10
2%May 15
12 May 21
6»4 Jan 16
%May 22
26% June 11
99%May 7
4% May 21
64 May 23
6%May 21
Pacific Tin ConsoI'd Corp
1
Pacific Western Oil Corp... 10
33s
6i4
*6
9
Par
Year 1939
Lots
Highest
Lowest
3%
3i2
3*2
6I4
*32
*%«
*8
$ per share
On Basis of 100-Share
Week
$ per share
*578
3%
578
314
13i8
EXCHANGE
Friday
Aug. 23
I
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Thursday
Aug. 22
$ per share
$ per share
314
*578
3%
13
|
NOT PER
SHARE,
Wednesday
| Aug. 21
Tuesday
Aug. 20
,
$ per share
*5*34
PRICES—PER
SALE
Monday
Sales
for
LOW
Saturday
6%
Apr
Sept
July
6% Apr
6% May
10
Sept
17% Sept
15%
84
27%
%
%
134
Sept
34
Apr
Apr
June
Aug
May
33s May
2784 Apr
82% Jan
IO84 Apr
Jan
2% Nov
49% Sept
7g Sept
2
Jan
6
Sept
6% Sept
5I84 Nov
109
Aug
23
Sept
1 Called for redemption.
New York Stock Record—Continued—Page 9
1106
LOW
AND HIOH
SALE PRICES—PER
Sales
NEW YORK STOCK
the
NOT PER CENT
STOCKS
for
SHARE,
EXCHANGE
Saturday
Aug. 17
Monday
Aug. 19
Tuesday
Wednesday
Thursday
Friday
Aug. 20
Aug. 21
Aug. 22
Aug. 23
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
On Basis oj 100-Share Lots
Week.
Shares
*9%
9%
73
*70
*%
*2i2
*37%
*9
9i2
9%
73
*70
*70
*u
%
%
2S4
40
*212
*3778
2%
40
*110
113
*105
10012 ♦105
*JX»
*110
'4
%
*%
*lt
*12%
*H2
12i2
2
*75
76
*078
*9
10
*9
*45
01
*45
3%
4034
47fi
37
37
*8
8i2
*102
*314
*40
47„
*3034
*8
*23
15
*14%
*14%
*80
*80
*109
111*4 *110
13*4 *12
*7
77S
*12
*7
16
*15
8%
*ll2
*1234
*17
*1331«
26
7%
10%
*10*4
*29
*1*4
*378
*6214
*16%
35%
26%
*50%
6%
*51%
30
1%
14
17%
35*4
26*4
53%
6%
53
6%
*105
109
1%
3*4
14
1%
3*4
14
17
17
17*4
24%
33%
18
2478
34
30%
*28
*62%
6%
*4%
7%
7%
114
'it
8%
70
10%
9%
57%
42%
4%
37
8
*100
*3%
14%
*134
23%
15%
14%
2
2334
15
*80
...
111%
110
14
*12
7%
7%
8
4%
15%
2
23%
15%
...
110
13%
7%
16%
834
1%
03%
6%
4%
7%
7%
8%
*1%
*12%
17%
*62%
*10%
35%
*25%
*50%
*6%
16%
8%
*62%
17%
17%
17%
6%
14%
1%
♦U
12
*22%
24%
6
*4
18%
16*4
5%
8
334
34%
3
*2%
36%
30%
*5%
10%
384
7%
40%
3
35
3%
297g
5
4%
31%
1;
*3%
*5%
*9%
*30%
*2%
35
31
35
334
5%
353s
27g
31%
6
8%
8%
18
30%
6%
100
Slmms
Slmonds Saw & Steel
*15%
15%
15%
700
15%
*81
*13
*17
135
26%
7%
11%
18
*29
*1%
*4
*12
*7%
*15
1%
13
"MOO
500
13
26%
8%
26%
26%
7%
7%
11%
18%
33%
2
11
17%
*29
1%
4
4
4%
11%
18
33%
1%
*17%
37%
18%
38
*36%
*26
28
26
20
*51%
54
6%
53%
30%
6%
54
54
6%
*53%
30
6%
17%
37%
6%
57
30%
6%
*77
78
*15%
*24%
15%
77%
*15%
*24%
1%
35%
*3%
2%
31%
5%
35%
2%
31%
6
*5%
2,800
400
60
1,400
18%
5%
5%
*4%
17
4%
4%
35
3%
6%
*4%
*32%
*3%
5%
36
3
31%
6
35%
2%
31%
5%
18%
17%
5%
preferred
100
Sparks Withlngton
Spear A Co
No par
1
preferred
No par
Spencer Kellogg A Sons No
8perry Corp (The) v t
Splcer Mfg Co
$3 conv pref A...
Spiegel Inc
1
No par
No par
2
Conv $4 60 pref
No par
1
Square D Co
1,700
1,600
Standard Gas A El Co.No par
$4 preferred
...No par
300
1,500
3,400
4,600
$6 cum prior pref
No par
$7 cum prior pref....No par
Standard Oil of Calif
No par
Standard Oil of Indiana
25
10.900
Standard Oil of New Jersey.25
100
Starrett Co (The) L B_.No par
1,200
Sterling Products Inc
10
1,400
Stewart-Warner Corp
5
Stokely Bros A Co Inc
1
100
5,100
Stone A Webster
7,sod
Studebaker Corp (The)
800
70
Sun
No par
Oil..
1
.No par
100
preferred
....100
Sunshine Mining Co......10c
Superheater Co (The)..No par
700
Superior Oil Corp......
200
Superior Steel Corp.......100
1,500
6%
1
Sutherland
Paper Co
10
Sweets Co of Amer (The)—.60
2,700
Swift A Co
1,500
Swift International Ltd
700
5
Symington-Gould Corp w w.l
200
200
35
"""loo
5%
600
35%
2%
31%
5%
4%
5,500
400
,2,400
....25
Without warrants....
1
Talcott Inc (James)
9
5H% preferred
Telautograph Corp..
Tennessee Corp
Texas Corp (The)
..50
6
5
....
26
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A OH....10
41%
27g
*34%
*2%
41%
*34%
*2%
41%
3
*34%
*234
41%
3:
35
*34
35
35
35
*34
35
3%
*27%
45g
*4%
*31%
*1%
*1134
9%
*87%
23%
40%
4%
10%
*5%
*1%
*52%
*334
3%
29
*3%
28%
3%
*20%
3%
28%
4%
*4X4
32%
3%
28%
4%
4%
32%
*1%
*11%
1%
13
*1%
*11%
13
9%
9%
9%
9
3
*2%
35
*34
5
438
32
1%
13
1%
*11%
9%
9%
89
*86
33g
47g
4%
13
9%
89
22%
22%
22%
41
41
434
47g
16%
16%
5%
14%
5%
*14%
134
18%
7%
26%
*1%
*17
6
1%
*5%
3%
15
1%
35%
112
47%
*13%
134
35%
77
76%
*14
112
77
36
3534
15%
*13%
37
112
47%
15
1%
35%
on
*13%
1%
35%
112
7%
27%
12%
70%
15
4834
15
2
36
thla day.
15%
25%
36%
16%
*111% 112
*48%
*16
*75
15%
26%
15
1%
19%
7%
27%
12%
72
113%
12%
84%
78%
15%
25%
37%
16%
14%
16%
48%
*13%
1%
36
48%
15
1%
36%
$3 dlv
100
$4 50 conv pref
.No par
Tlmken Detroit Axle..
10
Tlmken RoUer Bearlng.No par
$3.60 cum preferred-No par
1,800
1,500
500
"loo
Transamerica Corp
2
Transoont'l A West Air Inc. .5
Transue A Williams St'l No par
Tri-Contlnental
i:766
500
134
20th Cen Fox Film
10
7%
7%
1,000
2734
11%
27%
12%
72
4,900
900
3,800
30
Union El Co of Mo$5 pf No par
25
12%
300
84%
85
78%
1,200
15%
500
Union Prem. Food
26
100
Union Tank Car
15%
*25%
36%
10%
13%
112
,
1%
35%
J In receivership,
400
36%
16%
7,400
9,700
13%
100
112
*48%
*13%
a
30
50
15
500
1%
35%
Union Pacifio Rlt Co
4%
preferred
100
100
Stores,Inc.1
No par
United Aircraft Corp
6
Un Air Lines
Transport
5
United Biscuit Co.....No par
Preferred
100
United Carbon Co.....No par
Unlted-Carr Fast Corp .No par
4",200
1,500
Def. deUvery.
United Corporation
$3 preferred
n
New stock,
Sept
6
60%
16% Jan 11
15% Apr
11%
10%
Apr
Apr
18%
21«4
69% Apr 12
534 Jan 11
60
Apr 6
7% Mar 13
40% Feb 13
13% Jan
61
Dec
72
Apr
108% Feb
6% Jan 10
24
Jan
2% Apr 29
25
Feb 19
23% May 10
Apr
3% May
43
June
6% Dec
28
Jan
978 Aug
98% Aug
434 Apr
17% Apr
2% Dec
10% Apr
15% Aug
Jan
Jan
Sept
778 Sept
64
Oct
1134
Feb
38% Aug
17% Sept
10778 Nov
8% Sept
3234
Jan
3% June
28 %
Oct
Jan
29%
127
Dec
Apr
21
Sept
11% Jan
24% Feb
12% Jan
9
Dec
17% Mar
5
May
15
June
l%July
.
May 22
23%May 22
634May 21
8
May 21
l3%May 21
31
July 17
l%May 21
3'4June 12
63
July 29
14%May 29
May 21
19
May 21
46%May 28
434May 22
46
May 22
26%May 23
5
May 21
33
98
June 10
1
May 18
2%May 22
9% May 26
l2%May 21
17%May 22
20%May 28
29%June 1
23
May 21
60
May 21
4%May 15
4%May 20
5
May 21
534May 21
4634 Aug
118%May
7%May
12%May
l%May
9%May
6
29
15
21
21
22
20 May 21
3
May 22
*17%May 29
16% Aug 20
434May 21
334May 22
4%May 21
28%May 20
3
May 22
4%May 14
33
May 25
2%May 21
26% May 23
5%May 22
334 July 11
5
May 22
8
May 21
113a
2% Mar 11
16% Jan 3
30%May 10
162% Apr 23
30%May
15% Jan
20% Jan
34% Jan
39
3
7
72
6
May 14
June 10
12
No par
26%June 11
Ex-dlv.
y
Jan
9% Sept
70% Nov
Dec
63
Dec
18% Apr
5% Dec
16% Mar
75% Mar
34% Dec
7% Jan
60% Apr
40% Apr 10
7% Apr
Oct
2
Dec
4*4
10
7% Jan
18% Jan
22% Jan
26% Jan
29
Apr
8% Aug
57«4 Dec
94
108% Apr
2% Jan
Apr
2078
36
Sept
Apr
0% Aug
3% Apr
80
Dec
8%
Apr
17%
6%
Apr
65
19% Sept
6
40
3
3
Apr 11
Mar
5% Mar
7
5
Mar 21
47% Apr
4%
3534
8%
0%
12%
18%
5
4
Apr 4
Apr 11
Jan 8
Jan 4
Jan 8
Jan 8
Mar
7
Apr 8
Apr 22
Apr 10
Jan 4
23
JaD 27
12
May 0
May 10
97
2778 Apr 24
52'
7
Jan
3
Mar 14
Sept
53% Sept
Apr
10% Jan 20
27% Jan 5
28
25
22
25
30
Aug
4534 Sept
4
25% Oct
33% Sept
38
118% SeDt
3
Jan
Jan
Oct
20%
4
2% Jan
17% Apr
36% Feb
7% Mar
24% Apr
32% Jan
9% Jan
7%May
June
5%
10%
Feb 13
66%May
124
108
Apr
13% Apr
24% Sept
22»4 Ang
Apr
46% Jan
34% April
8034 Jan 3
8% Feb 15
8% Apr 2
12% JaD 5
12% Feb 21
7%
534
38%
2%
15% Aug 15
2234 Jan 21
31% July 3
12
May 21
l2%May 28
110% June 20
42%May 23
3%
Apr
Sept
34%
5
70
Jan
4334 Sept
42
11% Jan
2
l3%May 22
6%May 23
21%June 10
9%May 21
69%June 10
106 May 27
12
May 21
71
May 25
Jan
36% Nov
67% Apr
4
l%May 22
Dec
22% Dec
6178 Sept
234 Feb
3%May 21
6%May 22
434
60
Dec
Apr
34
5
Mar
Sept
29%
21%
23%
Apr
42% Feb 16
534 Mar 8
Aug
11% Apr
15% Apr
July
143
Apr
5
64
Apr
Sept
11
30
Jan
Jan
Sept
14%
Feb 16
25%May 28
1
May 18
8
May 21
8'4May 28
81
May 28
18
May 21
35%May 21
4%May 21
lO%May 21
4%May 22
l%May 22
23%
10%
Sept
15%
3%
18%
35%
36
4
May 15
Apr
Apr
24
Feb
47
Mar 21
June 19
Sept
14
Sept
383* Apr
23% April
63
June
13
127
1% Aug
May
Jan
12% Apr
10% Aug
1% Sept
34
Jan
36%June 27
2% June 11
No par
z
1% June
2% Mar 25
1
3% Sept
24% Sept
3% Jan
857b Nov
112
May 24
l%May 29
r Cash sale,
Apr
15% Aug
Jan
Jan
May 21
Union OH of California
*12%
1
1% Jan
Apr
May 22
1
% Aug
70
5
Twin Coach Co
Jan
101
14
Under Elliott Fisher Co No par
Union Bag A Paper
No par
Union Carbide A Carb.No par
Feb 27
%
Apr
par
City Rapid Tran.No par
7% preferred
100
Sept
Jan
120
Nopar
CorpNo
$1.60 preferred
Twin
18%
*75%
par
Truscon Steel Co
5%
112
Corp..No
$0 preferred
No par
Truax-Traer Corp.....No par
105
1
10% Jan
52% July
117% May
114%May
18% Apr
3
Tide Water Associated Oil..10
109
Apr
334 Apr
44% Sept
May
20
100
115% Jan 11
share
1778 Mar
76% Aug
May
1
..100
%
4
per
Aug
Sept
01
07
10
'2:666
15%
112
100
preferred
Thompson (J R)
25
Thompson Prods Inc
No par
Thompson Starrett Co.No par
5%
70%
No par
Third Avenue Ry
*1%
*16
No par
Co..
conv
300
*14%
5%
15
1
100
No par
600
200
9
113% *112
12%
12%
83%
84%
15%
*25%
Bid and asked prices:no sales
JtKm
4%
Tbermoid
20
1,100
1%
Mfg
Preferred
20
200
67
*3%
5%
15%
26%
15%
1%
*52%
Texas Pacific Land Trust
$3.00 conv pref
The Fair
2,500
4,500
*6
70
12%
83%
1,000
6
6
1%
200
23%
43
4%
17%
4
69%
*112
93
23%
40%
434
17%
6%
67
1%
8
12
12%
82
*87
18
5
4%
32
4
*1%
112
*458
*4%
32
*6%
15
112
35%
1%
*52%
1%
18%
7%
27%
12%
68
15%
*13%
I5g
15
68
*25
4%
17%
6
6
67
4
23%
42%
4%
6%
67%
15%
89
23%
42%
*1%
*15%
7%
*75
17%
4
89
*14%
*27%
12%
81%
9%
89
23%
41%
4%
134
18%
7%
12%
82%
77%
15%
26%
34%
15
32%
1%
13
5%
27%
12
112
434
4
1484
11%
27
3
,*6
lli2
J14
3%
par
e
100
5
3%
No par
Standard Brands......No par
$4.60 preferred
No par
6
18%
17%
5%
Ry._,
Jan
Highest
share $
105
Aug 13
50
1,400
10.200
l%May 31
17%May
12%June
May 28
*36%
34%
35
34%
*14%
15%
14%
*13% 15
*13% 15
*111% 112
*111% 112
*47
*48
4834
48%
*13
3%
35%
"""266
95%June 14
3%May 22
12% May 23
16
41%
8
*81
*3%
5%
300
8%May 21
61% Aug 1
3
May 21
40% Aug 10
434May 21
34
May 29
7%June 0
1 per
10
% Jan
7»4 Feb 21
49
88
8% June 10
10
Southern
14% Mar 27
85%May
l%May 15
01% May 21
128
Pacific Co...No par
Year 1939
Lowest
share
per
20
8% preferred.
100
Southern Calif Edison......25
Southern
$
%May 16
%May 18
11
May 21
S'eaetern Greyhound Lines..6
So Porto Rico Sugar...No par
MobUe A Ohio stk tr ctfs 100
"l, 100
107%June
101%June 24
7%May
Texas A Pacific Ry Co
4
*12%
35
*4
6
2,400
0,200
3,300
2,500
May
So cony Vacuum Oil Co Inc. 15
South Am Gold A Platinum..1
Thatcher
*5
112
8%
14%
1%
1134
25
18%
*17%
5%
4%
4%
*32%
10
% Apr
2%May
34
2
22
21
14
25
10%May
200
*334
12%
8%
*14%
1%
*11%
*23%
*23%
700
7%May 21
64% July
Smith (A O) Corp
10
Smith A Cor Typewr. .No par
Snider Packing Corp...No par
200
8
82
8%
15
1%
11%
25
*4
6
18%
17%
200
No par
7
4
82
8%
*14%
1%
11%
15
$0 preferred
$5.50
*60%
17%
49
48% 48%
123
122% 122% *121
8%
14%
138
1134
24%
""loo
8%
17%
17%
*133% 135
10
No par
Skelly OH Co
60
16%
8%
14
17%
135
13%
7%
Petroleum
Sloss Sheffield Steel A Iron. 100
...
110
110
No par
10%
*3%
7%
Simmons Co..
800
1,500
7
*5%
5%
*14%
26%
11%
66%
preferred.. 100
*10
67
*1%
*15%
15
Oil
conv
7
32%
I3g
22%
40%
5)4%
Silver King Coalition Mines. .6
24
*48%
49
121
35%
*2%
31
Shell Union
24
*60%
5%
*434
4%
*32%
(Frank G)
No par
Sheaffer (W A) Pen Co.No par
200
700
Sharpe & Dobme
No par
$3.60 conv pref ser A .No par
Shattuck
10
*31
*87
17
500
4
No par
No par
7
29
*4%
*4%
18%
20
Sbaron Steel Corp
$6 conv preferred
26
*81
*4
600
2,000
104
4
4JH
"""600
—No par
10
6
1%
36%
300
Seagrave Corp
Bears Roebuck A Co...No par
Serve! Inc
1
7%
*1%
*5278
34%
*3%
42%
*4%
100
10%
1%
1%
4,800
2,400
*6%
6%
34%
10%
9%
*45%
100
*934
67
15
Seaboard Oil Co of Del.No par
4
*5%
26
700
7%
103s
*1%
*52%
68
113%
200
4
1%
1*4
18%
7%
27
11%
*
*234
43g
6%
I484
*13
*5
35
16%
*1%
*15%
%
12%
2
No par
*5%
*934
4%
6
77
10%
9%
57%
3%
43
5%
37
8%
...No par
78%
10%
9%
57%
3%
42%
5
36%
12%
*1%
2
79
$4 preferred
JSeaboard Air Line..
4-2%
preferred
**i«
%
12%
$4.60
10
10%
16%
8%
2,000
*%•
*534
434
4
10
%
100
No par
preferred....-No par
6
16%
*14%
*12%
3%
40%
4%
67
*112
4%
35
5%
478
*3%
9%
*26%
*11%
*66%
16%
5%
*4%
*4%
*32%
*3%
5%
4%
6
18%
I07g
*26%
*434
4%
9
*7
*22
18%
3%
13
*3*4
*6%
*5%
24%
*4
18%
16%
29%
9
42
11
*3t4
*11
22%
8%
14%
1%
*11%
*26%
*30%
*1%
*11%
89
8%
*22
30%
*5
48%
121
1434
1%
11
27g
3*4
*5%
*9*4
*112% 114
106% 106%
111% *109
111%
*12%
13%
13%
8
*7%
7%
*15%
17
17
8%
8%
8%
1%
*1%
1S4
6%
8%
5%
34%
6
30
*13%
1%
6
5%
34%
4%
35
6
1%
8
18%
*16%
5%
*4%
*4%
*32%
3%
47g
*62%
*1634
700
...100
1
Range for Previous
Highest
share
$ per
5
Scott Paper Co
108
*105
109
*105
105% 105% *105
*105
109
109
*1%
1%
1%
1%
1%
1%
1%
1%
*1%
1%
4
4
4
4
4
3%
3%
3%
3%
4%
*13% 14% *14
14%
15%
14% 14%
15% *13% 15
*16%
17%
*16%
17%
17%
17%
17%
18%
17%
17%
17% 17%
17% 17%
17%
17%
17%
17%
17%
17%
24% 24%
24% 24%
24%
24% 24%
23% 24%
24%
33% 33%
33%
33%
33% 34%
33%
34%
33% 34%
*28
*30
30%
*28% 29%
29%
29%
31% *31
31%
63
63
63
*62% 63
6234 63%
63%
62% 63
6%
63*
6%
6-%
6%
6%
6%
6%
6%
0%
*4
*4
4%
*4%
4%
4%
4%
*4%
4%
4%
*7
8
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
*13%
1%
*5%
15%
*80
*7%
200
15%
1%
53%
*30%
0%
30%
6
8%
*53
25
*12%
200
%«
15%
1%
53%
30
0
14.%
1%
11%
24%
16%
25
153g
3
15%
2
*52%
30
0
*8
*867g
22%
*40%
434
15%
2
*109
15%
*1%
Scbenloy Distillers Corp
*24
15%
*1%
53%
30
*14
*1%
4
6%
49
*3
*8%
4
6%
55
121
*34
8!
900
38
38
103% ♦100% 103% *102
4
0%
52
121
*26%
*4%
*4%
*30%
*36%
5
6%
52
*48
*36%
*2%
37
3%
*41%
37%
49
*3%
*46
27%
55
122
*5
57%
33g
42%
5
37
♦47
34%
*234
30%
*9%
*26%
*51%
*121
*4
9%
77%
10%
30%
48
*18%
16%
5%
*4%
*4%
*32%
*12%
*1%
27%
*25%
*50%
*6%
*52%
122
*22%
123g
134
77%
10%
36
35%
27
55
6%
48
*11
*36%
*8%
103%' *101
*121
1%
**i«
*%«
123g
134
75%
10%
*9%
*45%
3%
42%
4%
12%
2
*15
*15%
Z8%
8%
1%
1%
1%
14
*1234 14
1234
12%
18
17%
17%
173g
17%
17%
140
*133% 135
*133% 135
*133% 135
26
26% 26%
26% 26%
26%
26%
7%
7%
75g
7%
7%
7%
7%
11
10% *10%
10%
10% 10%
11%
17
17
1658 16%
17%
17%
18
*29
*29
33'2
33%
33% *29
32%
178
*1%
2
1%
134
1%
1%
4i4
*3%
4%
3%
3%
4%
4%
8%
30
6
*15
*112
*3%
4
23*4
113
42%
4%
*30%
37
102
*23
113
*45%
47S
4
14%
*1%
113
Par
6)4% preferred
tScbulte Retail Stores
8% preferred
*2%
38
Lowest
100
9%
73
*%
»ie
38
*1%
3%
4214
9%
*71
2%
40
10%
9%
61
102
147g
2
%«
2 34
234
*38
75
912
4
*145s
*134
%•
2%
40
%
12%
97g
104
*334
9%
72%
*110
*%
12i2
2
75S4
10
*3U
9%
72%
*%
2%
*38
113
*%
40i2
47a
*i«
*2%
9%
72%
9%
*71
10012 *105% 106% *105% 106% *105% 106%
*u
%
*%«
%•
%
I2l2
*ll2
.75%
978
9%
73
Aug. 24, 1940
7%
Apr
134 Aug
12%
Jan
7«4 Sept
Jan
10
Oct
60
Jan
128% June
II84 July
38%
Jan
Apr
3% Sept
22% Jan
22a4 Sept
57b Sept
30% Mar
10% Jan
10
17
Apr
24«4 June
4%
3%
478
33%
3%
4
Aug
25% Sept
37% Sept
12% Sept
Aug
9% Sept
Aug
7% Mar
43% July
6% Mar
9% Sept
Oct
Aug
Apr
32% Aug
3% Aug
5034 Sept
26
Sept
38% Sept
7
Aug
11% Sept
534
5»4 Nov
9
8% Sept
Jan
22%
Jan
Jan
15% Dec
24
Oct
48
01
Oct
Dec
3% Dec
30
2%
14
1%
41
Oct
Apr
6
Nov
Apr
33
Nov
Sept
Jan
2«4 Sept
17
Oct
684
Oct
37»
434 Nov
Apr
33% Nov
1% July
7% Apr
9% Aug
83
Sept
18% Dec
14% Mar
334
Jan
96
Feb
10»4
34%
Apr
25
Dec
Apr
64%
5
Sept
Jan
4
2
Mar
8% Sept
127s Dec
107s Jan
4% Sept
82% Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
25% Jan 23
74
Apr
88
3
Apr
784 Sept
6
Apr
14% Sept
26% Jan
21% Apr
4
8% Apr
2% Jan
4
3% Apr
30
Apr
4
4
13% Mar 14
45
Feb 19
18% Apr 22
88% Jan 4
110%May 2
17% Jan 8
98
Apr
8
6%
5%
Apr
Apr
11% Dec
1934 Sept
1% Apr
17% Apr
7%
Apr
34% Sept
6
Aug
65% Apr
108 «4 Sept
15% Aug
81% Apr
Jan
34%
Jan
384 Aug
35% Aug
12% Jan
66
Jan
13% Dec
94% Sept
118
I984
July
Jan
105
Sept
90
July
89% Feb 10
16
July 13
78
297gMay 11
20% Mar
24% Sept
63% Apr 10
2334 Apr 4
18
Apr 17
31
51
119
Feb 23
05%May
19i4 Apr
2% Apr
42
2
6
4
Feb 13
Ex-rights.
Apr
Aug
77s Apr
14% Sept
112% Mar
Nov
16% Dec
I884 July
119% June
52
Apr
69%
13%
Apr
20
2
30%
Apr
Apr
384
Oct
Mar
Feb
397g Aug
1 Called for redemption.
Volume
Aug. VI
Tuesday
Aug. 20
$ per share
$ per share
Wednesday
Aug. 21
Range Since Jan. 1
$ per share
4
*378
4
3
4
*2i2
3
*2%
41
*39%
41*
4
29%
*29
*4
*28*2
61
*60
4
7
7
*63
*17914
*35s
*2512
1712
*334
*32i2
25
34%
%
1734
1778
84
80
80
52
*64
52
66l8
5H4
52
52
6618
52i8
*78
82
*5H4
53
66%
5134
*64
505s
I
a; 50%
*578
15
*14
*53
U 8 Playing Card Co
{U 8 Realty A Trnp
81%
52
53
53
18*2
500
54
600
66
66
5318
5234
535s
117
3212
*315s
323s
*30%
*44U
1%
*li2
45U
1%
*44U
*H2
678
83
1%
*1314
*1312
53
53
53
153
*143
*13%
*70
80
%
17%
*12
%
%
*12%
17%
%
*1234
'
85
85
80
80
80
153
*143
8%
*12%
1234
1234
*29
29%
2534'
*25
2534
29%
*25
17%
30%
30%
2534
31%
*22%
*1%
*17%
24
*22%
24
*17g
2
2
2
2
2
18
*16
18
17
17
*16
*22%
*11714 120
7,100
*7
10%
*7
42
♦323s
327g'
*36
*22%
25
*22%
24%
2
18
1%
*17%
2
*1%
18
18
*77
*123%
*%
""BOO
*9178
378
334
24%
*12%
*4%
1278
4%
*22%
*12%
98
334
24
1278
*4%
4%
|
Victor Chemical
600
18%
200
Va-Carollna
38
*4%
Waldorf
2%
38
16
16%
2%
8
8%
*6
24%
*23
24%
*23
25
24
24
*23
24
*23%
24%
24
16
*15
15%
*15
15%
*15
*17%
*2%
15%
18
*17%
18
*l73g
18
*17%
3
15%
*2%
3
*234
*15%
*2%
3
*15
*56%
60
*56
60
110
110
*108
*101
102
101
101
*114
115% *114
*108
110
27%
1534
104%
x27
27%
*3
3%
534
*4%
27%
*3
3%
*4%
534
*%
%
*38
115%
*99
104%
*99
17
17%
*17
19
19
*18«4
94%
94%
*123%
28%
94%
*123%
%
28%
*283g
33%
*32%
34
*33%
75
*69%
*95
97%
*95
97%
20
20%
20
20%
65
*60
*784
934
*7%
*478
*58
65
*60
7%
8
934
9%
*7%
734
7%
7%
934
97
10
65
734
10%
65
734
10%
7%
*7%
734
5%
7%
5%
42
*35
42
*38
42
*5%
*35%
22
*19%
*21
22
21
*17g
2
*1%
22
2
*1%
2
*1%
2
2
2
2
1%
2
2
2
37g
3%
4
4
3%
4
4%
4%
4
54
4
4
4
*51%
53%
*51%
3%
*5134
26"
*25
*25
31
31%
3034
*17%
18%
*1734
*5%
5%
*111%
*111%
2534
31%
1834
25%
3134
18
18%
*42%
*39
47
*42%
100
*91
79
79
70
*91
*78%
2
12%
18
12%
*81
90
*16
16%
11%
11%
*2%
2%
•
16%
11%
2
3,900
7%
300
21
19
70
42%
*1%
2
*4
2
48
1%
2
16" 700
3%
4
1,000
4
4
1,800
53
53
*25%
2534
25
25%
"i"ioo
32
32%
32%
323g
9,700
19
19%
18%
3,500
18
*62%
*62%
*55
*55
70
42
48
*43%
*40
*43
47
*43
48
*45
*92
100
*93
100
*93
*92
100
*79
83
*79%
83
17%
13%
90
*81
90
*81
90
16%
*16%
17
17
17
12
12
12%
12%
2
*2
2%
2%
Bid and asked prices: no
1234
2%
sales in this day.
41%
*79
4134
81%
42
...
70
42
900
10,700
17%
1234
*2%
13
2%
12%
12%;
*2%
2%
{ In receivership,
u
Apr
112% Sept
15% Apr
4% July
Jan
48
-
35
Jan
100
Mar
135
May
64%
125
1% July
2% Jan
5%
15%
7% Apr
23%May
Apr
Apr
85
6% Jan
35% Jan 11
Jan
4
Maris
101
Apr
Mar
% July
1% Jan
Apr
30% Sept
10
June
4
25% Jan 10
4% Feb 19
21
May 15
May 22
50
36
30
2
Mar 16
9
May 21
May 21
Mar 16
91
June
75
108%May 23
Pulp A Pap Co No par
11
May 21
100%May 17
100
Western
Supply Co... 10
..100
Maryland
4% 2d preferred
100
Western Pacific 6% pref.. 100
Western Union
Telegraph. *00
50
50
preferred
Weston Elec Instrument. 12 60
Westvaco Chlor Prod—iVo par
5H % conv preferred
100
Wheeling Steel Corp
No par
100
preferred
No par
White Dental Mfg(The 88) .20
White Motor Co
1
White Rock Mln Spr C0N0 par
White Sewing'Mach Corp._.l
$4 conv preferred
No par
Prior preferred
20
Wilcox OH A Gas Co
"
Willys-Overland Motors..... 1
$5 conv prior pref
6% conv preferred
Wilson A Co Ino
$6
preferred
10
No par
No par
pref. 100
Co—....—10
.10
Worthlngt'n PAM(Del)A7o par
7% preferred A
100
6% preferred B
...100
Woodward Iron
Wool worth (F
W) Co
4M% series..100
pf 4H % conv series 100
Aeronautical..-No par
Prior pref
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
26
Yellow Truck A
Coach cl B. . I
Preferred
100
Wire..No par
T
No par
6H% preferred ser A—.100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonite Products Corp
—1
Youngstown 8 A
Def. delivery,
n New stock,
r Cash sale
90
Apr
Apr
14%
Apr
Sept
20
17g
16
Apr
July
55% Aug
4
110% Apr 12
115
Apr 9
96%May 22
preferred
preferred
Feb
6%
19%
4
Jan
Dec
1% Nov
4% Feb 29
29% Apr 16
3
100
100
7%
6%
Jan
Dec
3%
Jan
24
Young Spring A
400
Apr
Jan
118
14
1,100
400
Apr
2%
17
13% May 21
8,100
3,200
18%
4% Jan
31>4 Jan
1
Wayne Pump Co
Webster Elsenlobr
60
100
347g Apr
54% Aug
49%May 9
59% Feb 28
31% Mar 14
June 10
Prior
1734
18
13%
Apr
%May 16
Wright
100
13%
13%
1334
119% *119% 126%
9%
10
10
10
30
31%
31%
32%
93
*84
86
86
18%
*17%
17%
17%
18
119
Apr
Sept
16
31% Jan 5
2834 Feb 7
20% Apr 22
4734
81%
25
109
20
200
100
*79
43%May 10
39% Mar 15
117% Apr 9
Aug
2
No par
Wisconsin El Pow 6%
*111%
16
Washington Gas Lt Co .No par
Waukesha Motor Co........6
100
4%
54
65
83
2
*1%
2
*55
100
""206
4%
4134
*40
800
45
*20
*111%
18%
5%
*5%
*35
4
32
800
8
Apr
Jan
Feb 29
19
%May 21
3'4May 16
22
May 23
6%
10%
21
%
14
6% conv preferred
30
WTiee'lng A L E Ry Co....100
8
45
45%
6
% Apr
{Warren Bros Co
No pa*
$3 convertible pref—No par
Warren Fdy A Pipe
No par
1st
10%
Sept
Mar 27
6
Westlnghouse Air BrakeATo par
"""260
60% Sept
146
Jan 2>
112
100
Westlnghouse El A Mfg
*9334 120
May
159
%July 1
«4May 15
5%May 21
16%May 22
89 June 26
3
May 22
No par
preferred
1,400
100
Apr
Apr
9
1% Jan 10
3,000
8
5%
7%
Warner Bros Pictures
6% preferred
""960
1%
46
Oct
Western Auto
2,900
Deo
Dec
West Va
"306
Oct
1%
6% May
Dec
""600
100
39
May 10
Jan 15
70
Jan
Aug
98% May
30
Sept
1%
Tioo
10%
5%
17
July
41%
48% Feb 20
2 <4 Apr 24
7% Apr 24
2% Apr 11
61
Apr 12
WestPennPowCo 4H % pf-100
60
21
60
86%
7
70
1,300
*38
48
Apr
Apr
14%
20
21
7%
4
124% Apr 23
39% Apr 5
""70
10%
*7%
Jan
65
)5%May 22
60%May23
97
*7
Deo
70s4 Jan 11
68% Jan 3
No par
21
70
Oct
1%
31%
117
$4 conv preferred
No par
West Penn El class A..No par
*95
*63
31%
5
3
April
Apr
1% Jan
41% Jan
Wesson Oil A Snowdrift No par
22
70
32% Sept
39
"""566
*7%
*52
25%
1734
12%
*81
*61
46
4
1
2%May 21
97
*9334 120
4
17%
17%
173s
1734
13
13
1234
12%
117
117% *116
117% *116
*116
117% *116
10
934
10
*9%
10
*9%
9%
*9%
31
31%
3134
30%
29%
29%
29% 29«4
*1734
21%
54
25%
31%
*62%
*95
100
59%
*97% 100%
113
I *108
110
65
70
42%
*39
21
*114
*111%
25%
31%
*
70
15-%
*59
59%
21%
42
4
15%
'
100%
21%
*9334 120
65
54
*234
3
15%
*100
*19%
4
100
15%
110
100
400
15%
1734
*234
I
8%
15%
1734
3
1734
4
16% Feb
9% Jan 10
$3.85 conv pref
23
May
334May 21
38
1%
5% Aug
Apr
1234 Apr 23
74
A..No par
Class B
25
*24
25
15%
*17%
*24%
*35
*517g
23
24
*15
*95
*9334 120
*5
*6%
8%
*6%
*22
2034
20%
934
5%
*1%
1%
*1%
97%
*95
8
8
6,600
Apr
18%May 22
600
2%
101
101
*9334 120
*60
15%
*30
No par
;
Apr
13% Apr
3% July
Walk(H)Good A W Ltd N par
Preferred
No par
1
15%
2%
38
*30
24%
15%
18
3
110
*»i«
15%
2%
2%
17»4
1734
18%
18%
1734
18%
I73g
17%
173g
1934
20
20
20
20%
20%
19%
19%
19%
9834 100
99
100%
96
96
98%
9534
95%
*123% 133
*125
133
*123% 133
*123% 133
133
31
32%
31
32
30
30
28% 2834
29%
*33%
33%'
33%
33%
3334 *32% 3334 *32% 3334
*33%
33%'
*33%
33% *33% 33%
33%
*33%
33%
*69%
75
*69%
75
75
*69%
75
*69%
75
*32%
*33%
*69%
*9384 120
14%
*4
1
*»ie
Walworth Co
Ward Baking Co cl
4%
4%
101%
101% *101% 102%) 101
*114
115% *114% 115% *114% 115%
115% *114
1634
17
16
1634
17% *17
15%
17%;
*99
104%
*99
104%
*99
104%
*99
104%
27% 27%
2734!
27
27 I *27
27
27
*2%
3%
3% I
*2%
3%' *2%
3%
3%
*4%
5
*4%
534
*4%
534
534
*4%
*%
7is
*%
7i«
*%
7u
%
%
101
*15%
15%
*14%
1
15%
*57%
59%
100% 100%
*108
110
100
15%
15%
59%
*56%
100% 100%
100% 100%
100% 100%
12%
25
*23
*15
15%
12%
8
*6%
8%
*6
*22
13
1%
*1%
1%
*1%
*63g
1%
*1234
38
*30
38
*30
2534
700
2%
2%
200
No par
Walgreen Co
No par
4H % pref with warrants 100
System
4
23
Apr 25
38% Jan
3034June114
28%May 29
71 May 23
120 June 10
100
100
IWabash Railway Co
5% preferred A
400
2" 900
16
*»i«
*14%
2%
...100
Aug
7% Apr 23
May 18
500
4
*4%
28
5
Preferred
Mar
5%
149% Sept
Jan 6
May 24
_
June
5
182%May 14
6% Mar 9
32s4Mar 11
'23
May
25
75
65% Sept
l%May 15
Co.....100
Apr
Aug
5% Mar
Jan 25
89
109
preferred
Apr
6%
3%
10-% Apr 11
10% Jan 3
May 22
6%
25
Sept
7% Apr 10
7% Jan 3
97 May 11
14
preferred
Vulcan Detinnlng
4
110
Jan
1334 Mar 12
No par
Va Iron Coal A Coke 5% pflOO
Virginia Ry Co
25
x25%
25
12 34
4%
24%
*12%
1
*%
16%
*1%
1%
*1%
12%
4%
*30
2%
2%
24%
*14%
2%
16
*39
*2334
*12%
*4%
19
No par
Va El A Pow $6 pref
24%
Apr
117% Feb 24
....100
6%
50
11
May
56»4
6
Works
6
July
35%May'28
5
Chem
Apr
15
112
..100
1st preferred
62%
22%June
Vlcks Shreve A Pao Ry...l00
25
2
4
4
4
4
3%
1
*7g
1%
*%
*14%
3%
25
6
Vlck Chemlca' Co
*32%
378
*22%
100
u
Van Raalte Co Ino
....
%
*6%
*20%
*9178
Nt par
Vanadium Corp of Am.No par
7%
*32% 33%
*32%
33%
33% *323s 33% *32% 33%
*79
84%
*79
84%
*78
84%
*78
84%
8478
*7834 847g
*123% 165
*123% 165
*123% 165
*123% 165
*123% 165
*%
34
*%
34
*%
34
34
*%
%
*%
34
%
%
*%
1
*i%»
1
%
%
7g
*"u
7g
6%
6%
6%
6%
*6%
6%
6%
*63s
7
*6%
7
*20%
20% *20% 20%
20
20
20%
20%
20%
*20% 20%
*93
98
*92%
98
98
*91%
98
*91%
98
100
pref. 100
Sales.......
Preferred
100
116% 116% *116% 118
*7
10
*7%
10
*38»4 43
*38%
43
*116% 120
117% *116% 117
*7
10%
*7
10%
10%
43
*38%
43
42
*38%
117
*36%
*22%
24
Vadsco
30
*25
preferred
Universal Pictures 1st
700
30%
%
17%
No par
Universal Leaf Tob
60
%
*7»
5
No par
preferred
conv
Universal-Cyclops 8teel Corp 1
400
31%
30% 31%
2534
25«4 2534 *25% 26%
*110% 116%
*110% 116 1*11014 H6I4 *110% 116% *110% 116% *110% 116%
*42
45
4134 4134
4134 42% *42
44%
*4184 42V
42l4 4214
29%!
29i8
*25
United Stores class A__
S6
87
*81
%
*%«
25
Unl ed Stockyards Corp
1
Conv pref (70c)
No par
""166
| *13% 15
*52% 55
,*143
153
15
55
*52%
153
No par
preferred
25%
3
May 21
103%May 21
30% Aug 10
42%June 5
l%May 22
5%May 28
1 May 18
41 June 26
l2%May 24
45 May 24
l3434June 8
69 June 5
%May 21
12 June 24
100
200
1%
51%
*46
52%
U S Tobacco Co
7%
3
42
No par
400
*114
13s
*1U
US S eel Corp
Preferred
"""266
Apr
Jan
35
39%May23
60 May 22
400
3134
45U
1%
Dec
Dec
3%
85% Jan
68%May 22
50
600
63g
*46
53
*143
1%
*6
5478
15
14
*7i«
17i2i
II4
*46%
53
*70
%
H4
54?8
14%.
153
52l2
*143
80
6i8
H4
*46l4
5478
14
4
5612
*6
138
578
1%
4%
64%
6
21
50
A Min
Preferred
4% Aug
Mar 13
65% Mar 14
5% Jan 3
21
19
11
14
3
.100
8% 1st preferred
43,900
523g
*116% 117l2
51%
45%
158
No par
10
U S Sraeltlwi Re
200
67
*65
66
5214
20
10
USRubbcCc
4,600
82l2
*5214
66
117
1834
*81
*4414
153
*12i4
100
500
*31
*143
*7i«
3412
»x«
"u
32
*114
100
*32i2
18
May
Aug
2134June
27i4June
%May
15 May
6
48
No par
U 8 Pipe A Foundry
45%
158
*45
Prior preferred..
100
*31
13s
Partlo A conv cl A
100
26
*44U
59l2
No par
400
*25
19
8112
%
6%
U S Leather Co
300
7
*47
25i8
34i2
%
1834
81%
25i8
5
5
% conv preferred
50
U 8 Industrial Alcohol. No par
5578
*32i2
6
U fl Hoffman Mach Corp
300
414
*658
678
678
20
100
55i8
*4
4%
*4
*47
II6I4 117
""2OO
33
*17i2
No par
preferred
7%
|*179i4 180
*35a
4i2
I *261? 33
18V
18i2 18i2
No par
...
U S Gypsum Co
800
69
4%
*334
*2612
No par
Corp conv pref. 100
U S Freight Co
600
*17914 180
31
6i8
*114
*45
7i2
6834
Ule
*1%
U 8 Dlstrlb
8
34i2
80i2
51i2
""16
712
*714
4514
31
45U
IS#
*H2
*65
5U8
*6U
69
10
Paperboard..
$6 first preferred
7
*4414
31
31
|
11514 11514 *11538 II6I4
♦1153s 116i2
*44U
48
United
83
68i2
No par
USA Foreign Secur
83
*80
No par
preferred
United Mer A Manu Inc v t c 1
1,000
7
7i2
$5
""400
334
334
No par
United Gas Improv't
100
*80
65S
55i8
25i2
6581
65s
60 j *47
25% *24l2
*32i2
33
*%
ui«
18i2
I8I4
*76
1734
175s
4%
83
*24l4
*321?
%
1758
nn
414
United Fruit Co
4
*3U
4
414
*3U
4
5
61
12
11334 *113
114
834
884
9
9
834
*78
83
*63g
*47
*245s
33
*%
612
48
25
3412
*%
*24i2
*78
612
7i2
5934
*612
*4
United Eng A Fdy
100
1,800
4,400
Highest
share
per
7% April
3^ May 28
2%May 22
Aug 21
2%May 21
25%May 22
60 Ma; 21
!0%May 22
107%June 6
6 June 10
3 May 21
3% May 25
80
Jan 15
6 May 18
5%May 22
50 June 10
165 May 23
2%May 21
25% July 17
14 May 21
3%May 21
39
5
6112
12
$ per share
100
Preferred
United Electric Coal Cos
30i2
|
12
$ per share
900
4%
*4%
United Dyewood Corp
40
Highest
5
..10
United Drug Ino
200
*29
6134|
12
*612
734
734'
*6
734
*7
712
7 I
634
714
65
67l2
63 I *64
65
*17914 182
182
*17914 182
*334
4l2
378
*334
4l2
*26l2
33
33 i *26l2 33
18
18
18 ' *173g 18
4
4
334
*334
4
6512
63
182
*17914
4
334
33
*2612
1712 *17%
4 '
334
*48
43g
4
*4
83
*612
*65g
7i2
834
*314
8i2
*314
61
1,200
234
45
30%
*29
113i2 113l2 *113
4
8%
8%j.
4
*78
83
*6i2
61l2
1134
60%
11%
11%
H78
11334 *113
1135s
6OI4
11%
2i2
414
4i8
414
291?
6li2
1178
61
4
3
45
*4
29
4
4
378
*234
3
41
Lowest
Lowest
Par
Year 1939
100-Shara Lots
On Basis of
Shares
|
Range for Previous
EXCHANGE
Week
.
$ per share
*29
414
4U
61
11%
11%
*113
*11314 114
*8i2
9
8i2
4
*3ig
*3%
4
4
*3%
*78
*234
39
45
29
29i2
|
STOCKS
NEW YORK STOCK
the
Friday
Aug. 23
$ per share
Thursday
Aug. 22
$ per share
378
4
37g
3
378
*2i2
*40
41
*3914
i
Sales
for
Monday
Aug. 19
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
LOW
Saturday
1107
New York Stock Record—Concluded—Page 10
151
85
95
Apr
8
88
Apr
108
June 10
Jan
Apr
105% Sept
15% Nov
118% Apr 30
25%May 3
105
Apr 29
June 10
40% Apr
Jan
20%
2*s
Apr
234May 15
4%May 18
%May 15
8% Apr
3%
Apr
Jan
%
Deo
14%May 22
15%May 21
28% Jan
28% Jan
167a
Apr
18%
82%
Apr
21
110
21
May 21
26
Jan 20
70
May
27«4May 21
28%May 21
60
May 28
5
1
118
Jan
138
4
Jan
126
37%May
38% Feb 13
39% Jan 3
Apr
Apr
May
Apr
Apr
10%
15%
x29
Apr
70
July 29
42
July
May 24
98
Jan 30
74
18% May 21
9334June 13
Apr
Apr
105
85
61
May 29
734 Aug 16
7%May 21
4% Mar 23
3%May 22
38
Jan 4
1434May 22
l%May 15
1% Jan 5
3
Jan 15
3«4May 21
45 June 7
116
Jan
2
15«4May 21
May 18
30
35% Apr 9
Apr 30
71
Apr 6
11% Apr 18
13% Apr 9
15%
80
Jan
45
July
8%
Deo
7
Apr
8
24%May 2
3% Jan 11
3% Sept
1>4 Aug
14
Apr
14
Sept
2% Aug
3% Apr 22
6% Apr 13
7% Apr 22
2% June
27s Aug
11% Apr 10
7%May 3
57% Mar
Mar
6
121% Mar
1
9
5
8
70
27% Apr
42% Apr
2478May
1
June
32
Aug
105% Apr
15
Apr
36
Sept
June 17
71
Jan 25
10% Apr
47% July
July 25
5
69
Apr 23
43
44
Aug
7
39
June 17
64%May
91
June 10
9
9
73
May 23
93
15%May 28
9%May 21
May 25
25
13%May 21
65
60
29
June
..
98
6%June 10
26%June 10
80
May 28
12%May 21
8%May 21
2
Mar
1
t Ex-dlv
129
Apr
Apr 26
Jan 3
19% Jan 4
Apr 23
124
Apr 16
48% Jan 3
14
May
23% July
31% Apr
85
Apr
75
Mar
18*4 Sept
11%
98
Apr
Apr
9% Aug
30
Apr
93%May 10
28i2 Jan 4
74
May
8
4% Apr 22
12
17% Apr
y Ex-rights
17
Apr
Apr
Aug
t Called for redemption.
1108
Aug.
Bond Record—New York Stock
1940
24,
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
are
"and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column beaded "Interest Period" indicate in each case the month when the bonds mature.
FndaV
Week's
Last
Range or
Range
Sale
V
BONDS
N. Y. STOCK EXCHANGE
Friday'e
Bid
A
Asked
Since
Price
Week Ended Aug. 23
Low
1947-1952 A
rreasury 4%s
No.
119.25
7
1944-1964 J
113.13
113.13
2
♦114
114.3
111.16115.9
102.15
102.17
♦Sink fund 6%b of 1920
102 11 104.24
♦0%s assented
♦Guar sink fund 6s
al08.2
—.1943-1947 J D
1941 F A 1c3.15 103.12
3%b
..1943-1945 A O
1944-1946 A O
1946-1949 J D
1949-1952 J D
1940-1948 J D
1951-1966 M 8
1965-1960 Af 8
1945-1947 M 8
1948-1951 M 8
1961-1964 J D
1956-1969 M 8
1958-1963 J I>
..1960-1966 J D
1946 J D
..1948 M S
..1949-1963 J D
...1960-1952 M 8
1951-1953 J D
1954-1950 J D
1947 J D
1948-1960 J D
Treasury 3%s
Treasury 8 >68
Treasury 3%s
Treasury 3s
Treasury 3s
2%s
2%s
2%s
2%s
2%s
2%s—
2%s
2 Mr
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
2 Ha
2%s
2Ma
Treasury 2%s...
Treasury 2kb
Treasury 2s
Treasury 2s.
1108.
Low
High
1172
121.6
11
103.10 105.17
108.11
13
107.12110.1
109.6
18
110.26
1)0.26
108 23112.13
111.12
109.14113.10
110.08
108.6
109.22
110
19
107.20111.30
184
107.26
108.21 108.18
111.22
104.20109.16
108.22
11
100.20109.28
4
105 24109 .19
104.10108.30
107.25
107.9
106.8
106.8
56
103 24 108.12
106.15
106.15
38
103.13 108
106.17
22
103.15108 1
Copenhagen (City) Sfl
106.18109.13
25-year gold 4Mb
1953 AfN
J
Cordoba (Prov) Argentina 7s.. 1942 J
106.17 106.3
♦108.4
108.8
107.18
107.18
3 04.29
105.10
16
103.2
105.17
8
103 4
107.3
102.31
103.10
108
1017
104.23
102.22 102.12
102.25
94
102 2
102.25
104.20
105
15
103.3
103.21
4
105 13108.31
107.4
15 1944-1964 M 8
ser
C
107.4
105 22108 .24
104.2
M N 107.1
100.30
103.9
107.5
7
105 4
108.12
103.10
5
103 1
104.25
101.22
103.15
J
D 101.21 101.14
12
100.5
102.12
95 %
95 M
...1947 F
A
317
96%
*20
♦Qtd sink fund 6b
1948 A O
Akershus (King of Norway) 4S.1968 Af 8
♦29
23
88%
97%
20
28M
21
28 %
29
40
*20
J
♦Aatloqula (Dept) coli 7b A...1945
40
66
11
10%
11%
8
15%
♦External
a
f 7s series B....1945
J
s
f 7s series C
1945
J
ny8
11%
11 %
7%
7%
16
♦External
♦External
s
f 7b aeries D
1946
J
11%
11
7%
15M
O
f 7b 1st series...1957
15 M
10 %
10%
7%
7s 2d series. 1957
O
10
10
7%
14%
f 7s 3d series. 1957
0
10
10%
7%
14%
Antwerp (City) external 5s
1958
Argentine (National Government)—
D
a
sec s f
♦22 %
30
18 M
79
77
...1948 M N
1971 UN
76 %
64
76 M
64
66 %
70 M
61%
96 M
95
1972 F
A
57 %
57
60
54 H
8 f extl conv loan 4b Apr
1972 A
O
57 M
59%
55%
87%
87%
50
39
91
50
38
90 M
34
84
8 f external 4Mb
oonv
X
J
49
57 M
47
8
49%
49%
External g 4%s of 1928
1956 M N
J
♦Austrian (Govt) s f 7s. ......1967
44%
40
Australia 30-year 5a
External 6s of 1927
—1965
1957 M
8%
External 30-year
(Germany)
s
f 7s
20-year
■ f 6s
1968
—i960
♦Budapest (City of) 6s.-
1902
12 M
20
60
32
8M
External
s
Refunding
03
b
108
12
15
15 %
15%
7%
10%
14%
14
14%
n%
10%
23 M
10%
18%
18%
18%
11 %
J D
M 8
F A
J D
J D
10 %
11%
8%
8%
12%
11
12%
8%
55
s
M 8
M 8
F A
1970 A O
1976 MN
1984 J
J
8M
100
8%
30-year 3s
30-year 38
*55
65
65
42
38%
65%
8
39%
63%
45
47%
47%
1
41
60
50
51%
4
40
67%
45%
"bin
/
38%
86
69
101%
83
107
82
74%
84%
11
61
86
87
3
78
MN
41
41
43
39 M
70
32
42%
73
18%
17%
65%
70
55%
75%
70
S
1
63%
*73
7.5
68
*73
75
17
69%
11%
♦El Salvador 8s ctfs of dep—1948 J
J
1967
♦Frankfort (City of) s f 6%s_—1953 AfN
J D
French Republic 7 Mb
stamped. 1941
(Republic)
1904
1908
*21%
*70%
17
16
53%
40
80
9%
19%
40% 105
55%
92
"90"
92%
45% 118
*70%
100
109
D
16%
16%
12%
17%
12%
8%
5%
20%
17
O
20 M
20%
13%
21%
10%
6%
25%
15%
15%
a
Hungary 7%s
18
22
20%
15
7%
10%
7%
67
65
10%
21%
16%
90
*8M
20
16%
10
17%
49
22%
75
<
1901 AfN
F A
1979
*7%
*7%
D
1961
ser B '47 Af
27
6%
9%
6
8
7
9%
5%
16
10%
9%
9
9
27
20
32%
60
45
92
48
49
34%
72
31
~30
27
*48
48%
31%
30%
25
78%
54%
29%
23
'
82
82
83
76
91%
59%
59%
60%
57
70
*8%
13
7
A
12%
17%
15%
D
15%
15%
Bk) 7s 1957
F
♦Leipzig (Germany) s f 7s
1947
♦Lower Austria (Province)
7%s I960
12%
*7%
S
♦Italian Public Utility extl
J
7s_.1952
Japanese Govt 30-yr n f 0 hb_—1954 F A
Extl sinking fund
6%s
1965 AfN
A O
♦Jugoslavia (State Mtge
7
*7%
i960 UN
f 5s
18%
15%
"49""
1940
7%sl950
ext at 4%s to
s
10%
*10%
67
Helslngfors (City) extl 0 Mb
1960
Hungarian Cons Municipal Loan
♦7 Mb secured, sfg...
j
1940
♦7s secured s fg...
j
1946
♦Hungarian Land M Inst 7%s.l901 AfN
♦Sinking fund 7%sser B
9
*19
10%
A—19S>2
extl
14
*9
y
1908
s f 6s ser
♦Hamburg (State 6s)
♦Heidelberg (German)
72
96%
93%
90%
1954
D
1954
^Colombia) 0 Mb
(Prov) 4sreadJ
D
*1 %
J
*1%
♦Assenting 4s of 1904
♦Assenting 4s of 1910
1954
{♦Treas 6s of '13
1933 J
68%
88%
Milan
7%
Mlnas
7
14%
53
10%
57
82%
1%
%
*1
I
"lM
1%
1
%
1%
D
1%
1%
1%
%
1%
1%
%
1%
J
*1%
1%
%
1%
1946
89
59%
assent
*9%
*53
1943 UN
J
♦Mexico (US) extl 5s of 1899
£.1945
♦Assenting 68 of 1899
1945 Q
35
*14
32
16
16
1
*•
6
1
18
♦Sec extl
s
f 0 Mb..
10
19%
♦Sec extl
s
f 6%s
9%
-
10
20
■m
15
_
♦08 series A
m
m
12
17
3
11
14%
1
12
17
New So Wales
External
s
(State)
1959 M
♦Extl sinking fund 6s..8ept 1961 M S
♦0s assented
—.Sept 1961 M S
♦External sinking fund 6s...1902 A 0
UH
12%
71%
71%
10%
14%
12
17
External
8
10%
14%
4s s f extl loan
12%
2
12
17
Municipal Bank
11%
10%
14%
12%
10%
14%
11%
17
11%
12%
11%
15
10%
14%
2
12
3
10%
16%
14%
—1962
Apr 1958
2
11%
12%
4%
8%
44
4
10%
53%
4%
40
11%
1
23
70
11%
11%
26
7%
53
12%
12%
S
31%
53
20-year external 6s
External sink fund 4%s
12%
11%
12%
7%
*7%
*52
*11%
*12%
*11%
J
31
D
f 5s
f 4%b
O
....1959 M N
A
extl 66—1957
Norway 20-year extl 6s
s
A
1950 Af S
♦Montevideo (City) 7s__
19
m m
15%
11%
12%
(City. Italy) extl 6 %s__ 1952
Geraes (State)—
14%
m
12%
J2M
J
O
"55%
55%
1949
♦7s part paid
♦Sink fund secured 6s
♦6s part paid
28
A
1963 M N
11
19
♦7s unstamped
1949
German Prov <fc Communal Bks
♦iCons Agric Loan) 6%s—1958 J D
♦Greek Government s f ser
UN
6%
O
..1962 A
46
8
75
40
29%
~45"
8
Y'd
♦5%s unstamped
1965
♦5%s stamp(Canadian Holder)'65
♦German Rep extl 7s stamped.. 1949 A
81
*10
♦External sinking fund 6s... 1963 AfN
1949
M
'
9
■
*
J
German Govt International—
J
♦5Mb of 1930 stamped
...1905
81%
*12%
11%
12%
11%
12%
11%
Jan 1901 /
1941
7s unstamped
6%
M N
Jan 1901
1945
7 Mb unstamped
External 7s stamped
69
*10
A
*8
Estonia (Republic of) 7s
Finland (Republic) ext 6s.
69%
*14%
Feb 1961
20
13
*12
78 M
1942 M N
1113
51
131
75
80
O
i960
For footnotes see pave
45%
A
O
76%
75%
♦4 Hs stamped assented
173
♦08 assented
14%
13%
Mexican Irrigation—
90
♦68 assented
81%
12
13%
75
Mendoza
99%
♦6b assented
70
*7
68
15
2
90%
f 6a
104
65
14
11
83'
♦Extl sinking fund 6a..Feb 1961
a
101%
62
98
65
9%
U
♦External sinking fund 6s_—1900 A O
♦Ry extl
93
51%
3
72
8
79%
89%
♦6s assented
15
34
102
75
31
87 M
♦6s assented
97% 102%
103%
100
75
33%
98
1942
51%
5
*13
12%
87 M
f 7s
21
100 M
100
52%
*70
*30
A O
MN
♦6s Jan. 1937 coupon on..1900
♦Farm Loan s f 08...Oot 15 1960 A
*68 Apr. 1937 ooupon on..1960
a
85
13
*70
*10%
♦Carlsbad (City) 8s
11964 J J
♦Cent Agrio Bank
(Ger) 7s
1950 M 8
♦Farm Loan s f
6s...July 15 1960 J
J
•Chile (Rep)—Extl
♦7a assented
10%
45%
1908
65%
O
Irish Free State extl
4%
45
1960
3
A
0
2d series sink fund 5 Mb
1940
Customs Admin 5%s 2d ser..1961 M S
A O
5 Mb 1st series
1909
A O
5%s2d series
iurq
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
8
8%
44%
.1952
10-year 2Mb
26-year 3 Mb.
7-year 2 Hs
72
20
99%
61 %
1942
79
Aug 15 1945 F A
1961 J
J
1944 J
J
1957 J
J
5s
71
*99 M
F
External gold 5%S—
1955
A
External g 4%s
Apr 15 1962
Dominican Rep Cust Ad 6%s__ 1942 Af
A
1st ser 5%sof 1926
1940
87 X
4AM
J J
1908 M N
Canada (Dom of) 30-yr 4b
49
14M
7*
45
1957
♦Stabilisation loan 7 Ha
62%
15%
73%
♦Medellln
f 7a.
10
14
*15
1952
60
Bulgaria (Kingdom of)—
♦Secured
25
28
*7
ser B
55
1977
f % bonds
26%
29%
*72
♦Sinking fund 8s
52
W
1976
f 4%-4%a
External read) 4M-4Mn
External s f 4 >4-4 Mb
s
3% external
30% 100 M
35
11 %
1951
f 4%-4%s
102 M
62 %
62%
*12
Buenos Aires (Prov of)
♦6s stamped
26%
27%
20
25
♦Public wks 5%s_—June 30 1945
♦Czechoslovakia (Rep of) 8s—_1951
Haiti
15
56
1965
f 6%s
1960
♦External sinking fund 6s_—1958
♦Brazil (U 8 of) external
8s_—.1941
♦External s f 0%s of 1926... 1967
Sinking fund gold 5b..
34%
24%
28
78—1964
12
19
*50
b
♦External s f 0 Mb of 1927—1957
♦7b (Central Ry)
—1962
Brisbane (City) s f 5s
-.-—1957
6%
18
A
♦Bavaria (Free State) 0%s. —1945
Belgium 25-yr extl 6 Mb
1949 M 8
J
External a f 6s
-.1955 J
♦Berlin
34
14%
loan 4b Feb
8 f external 4 Ma
8 f extl
15%
15%
♦Dresden (City) external 7s—.1945 M N
..1980 J D
Municipal
Agricultural Mtge Bank (Colombia)
sec b
6%
15%
20%
100 M
—
♦External
3
20
102
105.2
New York City
♦External
20
A
1977
Denmark 20-year extl 6s
♦103.24103.28
Transit Unification Issue—
♦External
13
8%
12%
20
F
1949
103.10 105.15
♦Gtd sink fund 6b
13%
17%
14
6
Sinking fund 5%s_—Jan 15 1953
105 20108.21
&
14
16
9
26%
26 M
23%
Af 8
1944
External loan 4Mb
♦107.10107.13
Govt.
10M
17
9%
24
1951 UN
4 Mb external debt
104.2
J
1 1942-1947 M 8
♦Costa Rica (Rep of) 7s—
Cuba (Republic) 5s of 1904
101 13104.24
16 1944-1949
Foreign
10
9
*20
102 28 105 30
16 1942-1947 J
3% Corporate stock
13%
16
13%
11%
14
1947 F
1952 J D
♦Sinking fund 7s Of 1927
1949
Mar
1945-1947 J
9
9%
*20
A
Jan
1942-1944 J
♦6s of 1927
ser
May
1 Ma aeries M
10%
10%
11%
14
♦Colombia Mtge Bank 6%s—1947 A
♦Sinking fund 7s of 1920
1946 UN
External 6s of 1914
3%s
2 Ha aeries Q
UM
High
18%
107.2
105.7
1
Low
13
10%
11%
10%
*12%
9%
*3%
28%
Oct 1961 A
Jan 1961 /
1928
of
No
(Republic of)—
106.22
3s
Mar
♦0s
8
Since
Jan.
10%
10M
M 8
♦Cologne (City) Germany 0%s_ 1950
High
*11%
10 %
i960 M
1951 J
107.9
3s
2%s
♦7s assented
Range
Asked
*11%
I960 M
♦Chilean Cons Munlc 7s
Colombia
11
1961 J
1961 A
1962 AfN
♦Chinese (Hukuang Ry) 6s
A
UM
*10%
*11%
*10%
J
1961 A
1962 FN
♦6s assented
110.7
107.24 107.2
.
♦Guar sink fund 08
111.12
Bid
Price
Low
1901
♦6s assented
107.30 110.21
Federal Farm Mortgage Corp—
Home Owners' Loan Corp—
3s aeries A
May
1 1944 1952
♦0 Ma assented
109.3
Friday's
1957 J
—1957 J
♦Chile Mtge Bank 6Mb
108.10
Nft.
Range or
Sale
Foreign Govt. & Munlc. (Cont.)
111.18115 6
107 16 109.30
103.15
cfe
Week Ended Aug. 23
High
1940-1966 M 8
1941-1943 Af 8
Treasury 3 %s
Treasury 3 %s
Treasury
Treasury
Treasury
Treasury
Treasury
O
D
4s
3%s
3%s
1
Jan.
Week's
Last
119.21 119.17
United States Government
Treasury
Treasury
Treasury
Treasury
Friday
BONDS
N. Y. STOCK EXCHANGE
O
1943
A
"49"
A
extl s f 6s...1970
D
1
48
13
35
89
49
4
29
97%
47
49
13
97%
33%
90%
42
44
46%
16
29%
23%
40%
i960 M 8
O
...1965
1903
50
47
48
A
1944
50
48
47%
22
20%
41%
46
32
20
80
21%
80
*29
90
80%
Volume
Friday
Week's
Last
Range or
Sale
Friday's
Bid
A
Ask
BONDS
N.
EXCHANGE
STOCK
Y.
Price
Week Ended Aug. 23
♦Extl s f 5s
ser
"20
52
50
"3
♦Nat Loan extl
M
O
*6 %
74H
*4
O
*4
1968
3
1950
J
1963
D
...1961
3
1966
1952 AfN
1951 M S
♦External sink fund g 8s
♦4%s assented
♦Porto Alegre (City of) 8s
♦Extl loan 7%s
♦Prague (Greater City) 7 Hs
♦Prussia (Free State) extl 6 His
♦External s f 6s
Second mortgage
♦Rio de Janeiro (City of) 8s
♦8s extl loan of 1921
6%
s
f g
11
9
2
9
13
12
11H
103
59
52 H
54
5
41H
98
15H
7 %
15H
2
15
21
7%
3
5H
7
4
4H
J
D
1968
....
1967
1952
1959
A
O
F
J
J
"33%
Sao Paulo (City of,
8%
12
35
27
01
9
22
1952 AfN
*8
AfN
1967
secured s f
San Paulo (State of)—
{♦8s extl loan of 1921
10H
♦7s extl water loan
♦6s extl dollar loan
f 7s
♦Sinking fund g 6 % s
4
69
12%
12%
13
11
11H
35%
sec
extl
......1968
♦4%s assented
1958
♦Sileslan Landowners Assn 0s
..1947
Sydney (City) a f 5%s
1955
Taiwan Elec Pow sf 6%s
1971
Tokyo City 6s loan of 1912
1952
External s f 6%b guar
1901
♦Uruguay (Republic) extl 8s
1946
♦External s f 6s
—1960
♦External s f 6s
1964
3%s-4-4%s
39%
23
Cons mtge 3%s «er
13 H
Consol mtge 3s ser G
4H
4H
20 H
11%
39 %
10
Consol mtge
6%
5
5%
9
"68"
1554
87
40 H
52 H
14
50 H
63
25
25H
7
23
41
54H
55
8
53
02 %
53
05
44
03
48
25
63
A
44%
AfN
AfN
39%
42 H
38 H
41 %
AfN
47
38 H
1
35 H
1984
J
3
36%
7s..—..1952
A
32 H
55%
33
O
24
29 H
35 H
41 %
39%
6
53
31%
3
10
F
51 %
34
25
66%
36%
66
24
61
8
M N
1952
1958
1958
1961
0s
♦Warsaw (City) external 7s._
♦4Hs assented
.........
Yokohoma (City) extl 6s
10
A
3
3%
r
a
J
D
57 %
57
Friday
Elig. <k
Range or
Sale
See A
Price
7%
J
D
z
Since
Friday's
Bid
&
Ask
A
stamped. 1946
1962
Ala Gt Sou 1st cons A 5s....1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 0s..1948
6s with warr assented
1948
Alb & Susq 1st guar 3 Hs
1940
Alleghany Corp coll trust 68.1944
10-year deb 4%s
1998
1942
Allegb A West 1st gu 4s
Allegh Val gen guar g 4s
Hs..1950
4 Hs debentures
1951
A Ills-Chalmers Mfg conv 4s. 1962
♦Alplne-Montan Steel 7s
1955
Am & Foreign Pow deb 5s—2030
Amer IG Chem conv 6 Hs... 1949
Am Interaat Corp conv 6%b.1949
Allied Stores Corp deb 4
Amer Telep A
D
Jan. 1
99 %
*34
aa
107
A y bb
2
O y cc
O y bb
2
aa
2
8
a
3
M
8 y b
S y b
2
x
1
105
58 H
108 H
84 H
88
92
69
73 H
16
58
42
44 %
184
"43%
62 %
"l04%
62 H
3
104H
104H
7
*100%
103
94 %
*109"
108H
109
"3
7
*14H
"48"
44%
102H
bbb3
3 yb
107"
110H
70 %
2
M
J
109
68
A y bbb2
M
108 H
80 H
40
76
87 H
O y bbb2
F
AfN
100
60
2
A
x
99H
"io%
61
3
x
98 H 104 %
*73%
bbb3
D y b
A
27 H
57 %
97 % 104 H
2
46
*50
M S
4
45
*50
O y b
x
15
'60
O yb
O
43
100
*109%
aa
D x
100
*105%
bb
x
1949
1950
Coll A conv 5s
♦5s stamped
y
100
O y bb
Adriatic Elec Co extl 7s
40 H
42 5*
cc
"97"
97
*48% "51
H
87
89 %
75
47%
64 H
-59
104H 107 H
99
101 %
89
99%
20 %
100% 111
17 H
17H
68 %
44
102%
37
97%
2
100H 105%
91
105H
Teleg—
20-year sinking fund
MN
x
aaa3
105»i.
105l,i«
106
19
105"ul09H
3%s debentures—
A
O
x
aaa3
108%
108%
109%
48
104
J
D
x
aaa3
108H
108H
109
37
103H 110H
6H8.1943
1901
3%s debentures
1966
Am Type Founders conv deb. 1950
Am Wat Wks A Elec 6s ser A. 1975
107
"~3
96
109
104%
37
102
27 H
27H
1
27
41
41
2
32
97%
97%
1
101%
102%
21
101H
102%
12
97H 99H
95% 104%
95
104H
104%
105%
85
101H 107 %
*90
MN y bbb2
105
106H
104
Anaconda Cop Min deb 4 Hs .1950 A
J y bb
O
x
bbb3
"104 %
♦Anglo-Chilean Nitrate—
1967
5 f Income deb
Armour A
Jan
y cc
2
bb
1
1995
Q
J
6s..1964
Co (Del) 4s B—1955
M
B xbbb4
F
{Ann Arbor 1st g
4s
Ark A Mem Br A Term
A
y
x
aa
"11
97 %
2
"162"
1957
J
J
x
aa
2
1995
A
O
x
aa
2
Nov
x
bbb3
Stamped 4s
J
D
Conv gold 4s
Conv 4s of 1905
..1966 J D
Conv gold 4s of 1910...—1960 J D
MN
x
bbb3
x
aa
x
aa
x
aa
J
D
x
aa
103
Rocky Mtn Dlv 1st 4s —1965 J
Trans-Con Short L 1st 4s—1958 J
J
x
aa
100%
1st m s f 4s Ber
C (Del)
Atchison Top A Santa Fe—
General 4s
1995
...—1995
of 1909
1955
Adjustment gold 4s.
Conv deb 4Hs—
—...1948
Cal-Arlz 1st A ref 4Hs
A..1962
M
1st g 5s
1940 J
Atl A Charl A L 1st 4Hs A..1944 3
1st 30-year 6s series B
1944 3
Atl Knox A Nor
105H
3
x
8
x
"85%
x
bbb3
J
x
bbb3
50
90
77 H
87 H
86H
76 %
89
92
96H
96
90 H
97 H
95
96
99
108%
100
105 H
99
100 %
108
110%
109H
104H 109 H
103H
17
100%
22
114
*112
93 %
41
110H
102%
*
aa
J
"96"
♦
aa
H
96
85H
*
a
x
107H
97
*85
2
D
110 H
95
96
3
3
11%
110
7H
31
15H
93%
97
12%
54
54
55
11
40
45
44%
45
10
32
53 H
54
12
90
90
89
101
*57
3
b
60
64
70
72
_
59 H
49 H
59
59
64
45
37
*66 %
H3H
aaa3
68
46 H
*35
64
72H
59
_
bbb4
45
72H
113H
133H
112
"15"
113H
"l5~" "l"0"
117H
127H 135
3%s ser
J
x
a
x
a
101H
101 %
106
101%
32
x
a
105
104%
105
26
J
D
x
aaa2
109
109
109
1
r
a
x
bbb3
97
97
y
b
68H
72 H
163
41H
76
73
76
33
41%
79%
69
72 H
24
405*
76
"71%
67 %
72
102
18H
17%
19
190
07%
17%
-71"
75
b
y
b
bb
y
y
ccc2
z
cccl
114
aaa4
108%
108%
105
bbb3
*102 %
104
a
*112H
113
x
bbb3
*1135*
88% 107%
108% 113%
115%
111
y
bb
x
bbb3
O
O
"93%
92
97
97%
93
99 H
102
109% 112%
*107
107% 109
cc
37 H
39H
*3H
39
b
z
A
98%
107%
84
107
112H
*111
aa
37
40%
25%
5
7
3
cc
*2%
4%
2%
6%
y
bb
*68 H
70%
b
y
b
65%
32%
46%
70%
y
x
a
x
1952
1955 J J
A O
gu..—1960
A O
Calif-Oregon Power 4s
1900
A...1962
bbb3
O
A
38 H
58H
104
aa
J
47
61
106%
78H
21
05
2
89%
89%
18
82%
83%
92
39
91%
29
72% 103%
75% 106%
75% 107%
90
85
2
92
2
91%
2
845*
85%
aa
2
89
81
90%
32
72% 103%
aa
2
90
81%
90
18
71% 103
aa
3
102
98%
102%
27
87
bbl 2
54
49%
65%
55%
50
31
72
13
57%
a
2
aa
2
a
2
x
a
2
66%
3
-----
x
a
3
107%
x
85%
6
745* 107
72% 105%
x
94
97%
7
71%
72
4
67
10
63
35
107%
94
35
107%
94
y
b
1
y
b
3
*46
bb
4
*79
35
102
1
90
805*
12%
2
2
5
48
2
35
51%
y
113%
69%
40
735*
19%
30%
4
7%
3%
3%
z
c
2
*1%
2
o
z
c
2
*2
2%
1%
IH
J
D
z
cc
2
*4%
75*
4%
z
cc
2
*2%
5%
Af 8
x
90%
6%
O
8
4
1085*
109H
aaa3
x
aaa4
z
b
48
2
{♦Cent New Engl 1st gu 4s_.1901
J z ccc3
{♦Central of N J gen g 6s...1987
J z ccc3
♦General 4s
....1987
O x a
3
Central N Y Power 3%b
1962
A y bb 2
Cent Pac 1st ref gu gold 4s.. 1949
0 y bb 2
Through Short L Is* gu 4s. 1954
F A y b
2
Guaranteed g 5a
1900
AfN y b
3
Central RR A Bkg of Ga 5931942
MN x bbb2
Central Steel 1st g s 8«
1941
Af 8 y b
3
Certaln-teed Prod 5 Hs A—.1948
Champion Paper A Fibre—
M S x bbb3
8 f deb 4%b (1935 issue)..1950
M 8 x bbb3
8 f deb 4Hs (1938 issue)..1960
Chesapeake A Ohio Ry—
Af 8 x aaa4
General gold 4Hs
.1992
MN x aaa2
Ref A Imp mtge 3 Ha D..1996
F A x aaa2
Ref A impt M 3 Ha ser E—1996
D
aaa2
Ref A impt M 3 Ha aer F..1903
3 x aaa2
Potts Creek Br let 4s..—1946
J x aaa3
R A A Dlv 1st con g 4s...1989
J
J x aaa3
2d consol gold 48
..1989
Af S x aaa2
Warm Spring V 1st g 5S..1941
A 0
ccc3
♦Chic A Alton RR ref g 3s.. 1949
J
J
aa
2
Chic Burl A Q—111 Dlv 3HS.1949
J
J
aa
2
Illinois Division 4s
1949
102b*
70
13%
12%
13
10GH
"59%
59H
14%
13%
106H
60
42%
44H
50
80
37
17
9
17
*101
80
57 H
69
73%
60
31%
64
50
02%
107»«ial 12l«»
19
65
82%
101% 100%
106H
102
102
124%
20%
9
107>*«
78H
64
12
10%
18
105% 110
"23
50
107"i«
109
109% 111%
48
64
*,
"44 H
1085*
109H
90
100
2
O
4%
90
J
A
45
8%
30
a
/
79
109%
100%
46%
25%
12%
A
M S y bb
M S y b
89%
87% 108%
54
84%
92%
71%
M2V
—1958
1977
.1971
100
81
*25
1941
8
74H
3
1st A ret 3 Ha *05
Light 3Hs
1960
3
17
77 H
A
F
Cent Hud G A E
58 H
2
J
68—1941
39
104
aa
x
{♦Carolina Cent 1st guar 4s .1949
D
Caro Clinch A Ohio 1st 6s A. 1952
MN
Carriers A Gen Corp 5s w W..1950
F A
Cart A Adlr 1st gu gold 4s...1981
J D
Celotex Corp deb 4 Hs w w.. 1947
J D
♦Cent Branch U P 1st g 4S..1948
1945
58
aa
aa
a
F
{♦Consol gold 5s
1945
♦Ref A gen 5 Ha series B..1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g 4s._1951
♦Mobile Dlv 1st g 5s
1946
38H
103H
aa
x
J
1970
J
Guar gold 4%B..3ove 15 1955
F
Guaranteed gold 4 Ha
1950
m 8
Guar gold 4 Ha
Sept 1951
3
Canadian Northern deb 6 Ha. 1940
3
Can Pac Ry 4% deb stk perpet..
m s
Coll trust 4 Ha
1940
J
3
5s equip trust ctfs
1944
D
Coll trust gold 5s__Deo 1 1954
J
Collateral trust 4 Ha
1960
series B
1st & ref 5s series A
"95H
95
1O0H
aa
Consolidated 5s—...
1st a ret 4%b
74%
23%
12%
110%
6%
x
Bush Term Bldgs 5s
General 4s
8%
x
A
Gen mortgage 5s
105%
109% 109 %
92
99%
5
*6%
1015*
99^,
102
x
AfN
Bush Terminal 1st 4s
105H
y
♦Certificates of deposit.—
Cent Illinois
19
105b«105'n
100
100H
A
1957
^Central Foundry mtge
20
103 H 112
A
modified (Interest
{♦Cent of Ga 1st g 5s.. .Nov
16H
54
F
{Burlington Cedar Rapid A Nor—
{♦1st A coll 5s
1934
Canada Sou cons gu 5s
108
9
F
J
1944
3% to 1940) due
107H
107H
18
21
13%
*13H
bbb3
1960
H—1965
11H
*13
_
1952
Hs—1950
M S
C..1967
AfN
1st M 5s series II
1955
A O
1st g 4 Hs series JJ
1961
J
J
1st mtge 4s series RR
1960
AfN
inc mtge 4Hs ser A. July 1970
F A
t*Boston A N Y Air L 1st 48.1955
AfN
Bklyn Edison cons M 3Hb—1966
F A
Bklyn Union El st g 5s
1950
AfN
Bklyn Un Gas 1st cons g 6s—1945
AfN
1st lien A ref 0s series A.. 1947
/ D
Debenture gold 5s
1950
AfN
1st Hen A ref 5s series B—1957
F A
Buffalo Gen Elec 4Hs B
1981
/ D
Buff Nlag Elec 3 H« series C.1907
Buffalo Rochester A Pgh Ry—
Stamped
15
*13H
b
Guaranteed gold 5s
Range
RAILROAD and INDUSTRIAL
COMPANIES
{ {♦Abltlbl Pow A Pap lBt 58.1953
M S y bb
Adams Express coll tr g 4s...1948
Coll trust 4s of 1907
1947 J D y bb
12H
69
55%
Week's
Last
Rating
cc
bb
Guaranteed gold 5s...Oct 1909
Bank
N. Y. STOCK EXCHANGE
Week Ended Aug. 23
z
A
bb
Canadian Nat gold 4%n—.1957
Guaranteed gold 5s. .July 1909
BONDS
15H
cccl
F....1969
Big Sandy 1st mtge 4s
81
13
3
35 H
41H
36%
3 Ha extl readjustment
Venetian Prov Mtge Bank
42
'66
Beth 8teel 3Hs conv debs..
at
♦Vienna (City of)
' 30
152
*105H
10 H
51
52
O
3%-4%-4b*s extl conv
......1978 J D
4-4%-4%s extl read) — ....
1978 F A
27H
aaa3
35
*13
*48
AfN
29
b
♦Berlin Elec El A Undergr 6 Hs
6
~*3%
A
1979
ccc4
b
14 H
A
1979
31
z
1943
0%s.l951
6%s—1959
1955
7H
9H
9
3%-4-4%s ($ bonds of *37)
external conversion
15H
♦Deb sinking fund
8
($ bonds of *37)
externa) readjustment
33
Belvldere Del cons 3 Ha
15%
D
F
30
132H
7H
F
8
28 H
Boston A Maine 1st 5s A
J
J
29%
...I960
12
13H
.....
M
ccc4
MN y bb
Blaw Knox 1st mtge 3
9H
A
30
z
bb
16
F
J
18
y
20
D
/
72
.1951
*9
AfN
♦Silesia (Provof) extl 7s..
35
6s—1943
8H
AfN
..1902
1902
31H
aaa3
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
34
bb
*U%
D
31
ccc4
z
bbb3
5
13H
20 %
13
69 H
15H
30%
x
12 H
1945
1940 J
♦Saxon State Mtge Inst 7s
♦7s series B
F
3Hs 1952 (called bonds)
1950
1950 M 8
1908 J J
1940
55
68
27 %
y
5
20 %
13%
1930
♦8s external
26
66 %
1950
1947) due
1st A ref 5s series C
~80"
53%
10H
9%
70H
67 %
♦Berlin City El Co deb
12%
9%
7%
7H
55H
56%
29%
1951
Battle Cr A 8tur 1st gu 3s..1989
Beech Creek ext 1st g 3HS--1951
Bell Telep of Pa 5s series B..1948
12
7
*53"
38
3
bb
z
4s stamped
5H
9%
68
ccc4
z
z
Con ref 4s.
Brazil)—
♦6 Ha extl
s
extended to..1951
♦Debenture 0s
♦8s extl secured s f
♦Secured
Feb 1 1960
to Jan 1
13
7
5
t
1964 M S
<
1948
3
Toledo Cln Dlv ref 4s A.. 1959
11H
10%
10H
*4 H
♦February 1937 coupon paid
♦Saarbruecken (City) 8s
O
22
66 %
bb
Dec 1
Ref g 4s
10
*7 %
A
106H
97
106H
*91 %
67
y
S'west Dlv 1st M (lnt at 3 H %
33 %
A
1953
Rome (City) extl 0%s
♦Roumania (Kingdom of) 7s
o
Pgh L E A W Va System-
10
D
/
a
62 H
75H
102H 107 H
94 H
82
9
70
69
106H
3
'
11%
7H
9H
10
1966 MN
♦7s extl loan of 1920
♦7s municipal loan.....
Santa Fe extl s f 4s
to
11%
10
a
J y bb
♦Conv due
3
10
12%
b
x
S
b
y
3
17H
9
"81%
J
M
18H
9H
*10
34 H
July 1948
Oct 1 1940) due.July
7%
79H
O
23 H
y
Ref & gen ser A
7
54
1946 A
5
1953
Bangor A Aroostook 1st
...
29%
J
(lnt at 1%
J D
1946) due.. 1995
Ref A gen ser C(lnt at 11-5%
3 D
to Dec 1 1940) due...1995
Ref A gen ser D (lnt at 1%
M 8
to Sept 1 1946) due. .2000
Ref A gen ser F (lnt at 1%
M 8
to Sept 1 1946) due..1996
3%
6%
41
29%
Atl Gulf A W 188 coll tr 58—1959
Rio Grande do Sul (State of)—
♦6s extl
4s
1st mtge g (lnt at 4% to
81
"7%
28
1st mtge gold 4s
O
O
5
MN y bb
J y b
H
Stamped modified bonds—
A
A
33%
8%
10H
16H
9H
"iH
*12
F
70
33
bbb3
Baltimore A Ohio RR—
9
A
1946
1953
6 %s
55
10%
9%
8H
8
32
10%
F
♦Rhine-Main-Danube 7s A.—...1950 M
62
11
A
1941
1947
Queensland (State) extl • f 7s
25-year external 6a
76
61
AfN
Austin A N W 1st gu g 5s... 1941
4%
12%
62
61H
4
5%
*3
O
1952
41
29
10%
%
8%
3%
9H
*8
*4%
68
68
5H
8
O
77
48 %
66
4
95
1947
♦4 Hi8 assented
64 H
46
67
4%
23
6H
O
1940
1958
♦4 }^s assented
♦Stabilization loans f7s
sec
6%
6
D
O
f 6s 2d ser
■
{♦Poland (Rep of) gold 6s
♦Extl
♦5H
S
1960 3
1961
19
48
2
4%
6%
8
6%
6 %
M 8
1947
1959
67 %
2
bb
1948
1948
Atlantic Refining deb 3s
♦Peru (Rep of) external 7s
♦Nat Loan extl sf 6s 1st ser
66H
bb
y
Oct 1952
Atl A Dan 1st g 4s
♦Ctl8 ol deposit (series A)
♦Pernambuco (State of) 7s
67
y
LAN coll gold 4s
82
1
High
No. Low
High
x
75
59%
50
50
Low
10-year coll tr 5s..May 1 1945
62
*
Rince
Jan.
Ask
A
M 8
General unified 4 Hs A
58
90% 105 H
Range
Friday's
Bid
1964 J D
Atl Coast L 1st cons 4s.July 1952
65
49 H
19 H
6
101
19
Sale
Price
a
Railroad & Indus. Cos. (Cont.)
54
18
*35
AfN
...1963
♦Stamped assented
56%
51%
1963 AfN
A
55%
101
High
9H
16
*12
55 %
No. Low
See
Range or
Last
Rating
Week Ended Aug. 23
Week's
Friday
i
Elig. <k
N. Y. 8TOCK EXCHANGE
Jan. 1
aa&a
High
Low
Foreign Govt. & Mun. (ConcT)
♦Nuremburg (City) extl 6s
—1952 F A
Oriental Devel guar 6a
1953 MB
Extl deb 5 %s
1958 M N
Oslo (City) sf 4%s
1955 A O
♦Panama (Rep) extl 5His.
..1953 J D
BONDS
Since
"3
o
Bank
8X9
is a
Range
g-o
1
1109
New York Bond Record—Continued—Page 2
151
102
124
124%
5
104%
118
120%
100%
116
100%
40
94
100%
35
94
100%
107
3
103
107%
109
100
100
106%
100
109
99%
116
113% 117%
116
106
*102
110
*98
11
11
3
7%
10%
98
94%
95
37
90%
98 %
98%
98%
28
93% 102%
2
84 H
84%
85%
36
83
93
F
A
x
bbb3
74%
20
71
84%
A
x
bbb3
82
73%
80%
75
F
82
29
75
90
M 8
a
35
New York Bond Record—Continued-Page 3
1110
BONDS
N.
Y.
Elig. A
Rating
a.
h*
O
b
1961 at n
6s
geD
Price
♦Certificates of deposit...
Chicago A Erie 1st gold 6s.. 1982
cccl
ccc3
26 li
t*Chlc Ind A Loulsv ref 6S..1947 J
J
ccc3
1754
♦Refunding g 6s series B..1947 J
♦Refunding 4s series C—.1947 J
J
ccc3
J
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♦1st A get
2554
1554
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1554
1966 J/N
J
6* series A
High
1354
1354
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cc
2
2
bb
2
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Low
1
High
117
1234
194
104
10
96
194
100
86
2754
1754
194
304
21
J
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J
z
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B.May 1 1989
♦Gen 4 4s series C.May 1 1989
J
♦Gen 4 4s series E
J
ser
ccc3
z
z
ccc3
24 54
z
May 1 1989
♦Gen 4 lis series F.May 1 1989
ccc3
24 4
ft
1976 F
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♦Conv adj 6s
A
z
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3
5
A
O
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2
154
Jan 1 2000
I Chicago A North Western Ry—
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.1987 MIV
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1987 M N
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.1993 J D
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1965 J
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1967 UN
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1966 UN
1254
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103
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1952
1942
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to
1946
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1947
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.1946
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A
54
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35
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195f
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197'
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197'
2
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Illinois Central RR—
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87
83
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86
864
324
484
X
88
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1952 A O ybb
..1955 UN ybb
2
Purchased lines 354s
Collateral trust gold 4s
J ybb
1952 J
1953 UN ybb
2
2
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40-year 44s
1955 UN ybb
2
5154
3754
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27
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/
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80
76
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1st gold 38 sterling
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108
10154
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224
22
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8154
14
9
134
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87
F
ser
80
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Feb 1957 A
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10354
80
734
184
x
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1949 /
Hocking Val 1st cons g 4 54s..1999 J
Hoe (R) A Co 1st mtge
1944 A
Houston OH 45is debs
1954
Hudson Coal 1st 8 f 6s ser A.. 1962
Hudson Co Gas 1st g 5s
1949
Hudson A Manhat 1st 5s A.. 1957
1854
294
554
*16
104
344
264
91
14
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stpd.. 1952
58.1937
73
85
Gulf States Steel a f 4 54s
1961 A O
Gulf States Utll 3 54s ser D..1969 Af N
cons g
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bbb3
_
Greenbrier Ry 1st gu 4s
1940 UN x aaa2
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I960 A O ybb 4
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J
J
1st A ref Term M 6s
b
2
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994 105
244
284
30
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197'
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Gen mtge 4s series H
194f
Gen mtge 35fs series I ...1967
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♦Debentures ctfs B
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7154
73
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40
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z
J
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121
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Goodrich (B F) 1st 4 4s
1956
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2
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1
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M N
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1948
65
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1
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74
92
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1254
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62
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J
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3
1
10754
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110
74
10254
m f
1974
♦Certificates of deposit
Fort Bt U D Co 1st g 4 54s.. .1941
19
105
654
*106 54
♦Certificates of deposit
Fonda Johns A OIov 4 54s__.1952
184
1
44
4
t*Fla Cent A Pennln 5s
1943
tFlorlda East Coast 1st 4 548.1959 /
13
111
14
M
11
104
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Cuba Nor Ry 1st 654s
23
108
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s f 5s stamped
x bbb2
194?
if f
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xbbb2
1942
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Firestone Tire A Rub 3 54s.-1948 K O x a
4
19
106
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F
Cuba RR 1st 58 g
10654
144
1024 1064
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x
16
110
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J
19
111
J
1951
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1104
12
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354s
1064 1114
1094 130 4
92
884
10954
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10654
10654
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1254
1354
6554
M
1st Hen
19
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354s
10654
cccl
1960 J
S f 454s debentures
40
14
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..1969 UN
344
1254
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Consol Oil
2)is—1948
106
974 1054
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99
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344
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65
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For footnotes see page
"4
24
..1948 A
extended
10354
3454
4
J
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1968 J
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B
103 54
7354
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16
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564
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113
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1
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1946 A
1004
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1958
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1961
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1961
Consol Edison of New York—
100
x
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5s
614
67
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Commonwealth Edison Co—
Crane Co
10354
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644
50
1054 1064
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37
434
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10054
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61
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1967
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104
56
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104
36
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103
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10154
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24
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95
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x
1953
74
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1074
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106
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conv
105
93
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304
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1953
78
18
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2
J
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104
105
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1977
Gen a ref 4 54s series B. .1981
Cleve Short Line 1st gu 4 54s .1961
Cleve TTnton Term gu 654s. .1972
107
z
1154
654
454
754
654
154
194
105
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Series D 354s guar...
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1965
134
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2054
1965
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101
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204
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20
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4s
4
494
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1951
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114
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60
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1967 J D
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3
184
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1965
106
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1961
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1943 A
w
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109
6
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10
74
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Income deb
ser
.
6
6
High
107
104
...
A
J
guaranteed
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♦Ref A Impt 6s ser B.Apr 1978
10
6
cc
1960 M S
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♦6s
254
254
2
294
6
c
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s
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*154
c
29 4
Chicago Union Station—
s
ddd2
z
Gen A ref mtge 3 54s ser O.l966
Detroit A Mac 1st Hen g 58—1995 J
8
cc
1934 AO
Memphis Dlv let g 4s
1961 J
Chic T H A So'eastern 1st 6s.1960 J
1st
ddd2
z
284
274
124
D
♦Conv g 4 4s
c
1960 afn
Ch St T. A New Orleans 6s..l961 J D y bbb2
Gold 3 4s
Judo 161961 / D|y bbb2
lst
z
♦Assented (subj to plan)
154
16
74
.
ccc2
{♦Secured 44sseries A...1962
•♦Certificates of deposit
Series A
14
8
12
D
♦Certificates of deposit
St L Dlv 1st coll trg
7
754
17
*12
♦Certificates of deposit
con
106 54
6*4
*6 54
13
ccc2
44s series A
1949 M1V
ll^Chlcago Railways 1st 6« stpd
Feb 1940 26% part pd.,1927 F A
l*Chlc R T A Pac Ry gen 4s..1988 J J
Chic A West Indiana
106 54
cccl
cccl
cons
18
19
ccc2
♦Conv
3 54s
aa
z
z
1st mortgage 4 54s
164
10
13
M N
1st ref g 6s
May I 2037 J
♦ let A
ref 4 4s stpd.May 1 2037 J
♦1st A ref 4 4s C..May 1 2037 J
Dec 1
x
{♦Consol gold 4 4s
1936
I*Denv A R G W gen 5s Aug 1955
J|*Den A RG 1st
154
134
13
*12
13
MJV
♦
Income guar 6s
104
Detroit Edison 454s ser D—1961 F
14
ccc2
M N
♦Gen 4 4s stpd Fed lnc tax 1987
♦Gen 6s stpd Fed lnc tax.. 1987
♦4Kb stamped...
1987
{♦Secured 84s—
1936
|♦Refunding gold 4s
104
62
5
44
14
*124
ccc2
ccc2
M N
Fed lnc tax.1987
n p
*108
aa
l*Des M A Ft Dodge 4s ctfs. 1935
t*DesPlainsVal 1 st gu 4 4s. 1947 M 8
tCMc Mllw St Paul A Pac RR—
Jan. 1
No. Lore
aa
63
244
244
244
High
Since
«
(*503
x
104
21
4
234
214
Low
C5
Ask
A
x
184
104
224
21
Range
Friday's
Bid
548—1971
1969
1969
g4s._ 1936
34
224
1940
Range or
Sale
Price
Railroad & Indus. Cos. (Cont.)
34
6314
Last
See l
24,
Week's
Friday
Rating
20
654
654
23
24 54
23
Del Power A Light 1st 4
1st A ref 4548
Gen A ref M 4s
♦Gen 4s series A... May 1 1989
»Geng34s
II
exchange
STOCK
Week Ended Aug.
124
124
JChlc Milwaukee A 8t Paul-
♦Mtee
y.
124
34
1754
1554
*654
J
No
Elig. A
BONDS
n.
Jan. 1
12354
1354
1354
654
cc
Since
Ask
A
123
2
8
♦1st A gen 6s ser B..May 1966 J
Chic Ind A Sou 60-year 4s.. 1966 J
Range
Fridays
Bid
cccl
a?n
t*Chlcago Great West 1st 4s. 1969 M
Bank
Range or
Sale
Low
Railroad A Indus. Co*. (Com 1
TI ♦Chicago A East Til 1st 6S-1934 A
f*Cblc A E III Ry
Last
See a
EXCHANGE
RTOGK
Week Ended Aug. 23
Aug.
Week's
Friday
Ban k
2
"76"
7
4054
45
42
44
45 54
40
23
34
50
2
344
21
31 4
51
3954
5154
11
40
147
40
37
38 54
bbb4
*69
7454
70
45
464
564
464
784
xbbb3
*45
65
58
65
57
59
A y ccc2
3854
28 4
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s_. 1951
Loulsv Dlv A Term g 3 54s. 1953
X
ybb
4
Omaha Dlv 1st gold 3s
1951
Bt Louis Dlv A Term g 3s.. 1951
ybb
2
*42
49 54
bb
4
*40
46 54
45
64
Gold 354s
1951
Springfield Dlv 1st g 3 54s. 1951
y
bb
4
*50
54
474
56
x
bbb3
*55
Western Lines 1st g 4s
y
1951
ybb
2
*52
3
D ybb
59
56
11
654
"63
56"
25
33
504
26
30
47
"75"
111 Cent and Chic St L A N O—
Joint 1st ref 5s series A
1963
D y bb 2
1st A ref 454s series C
1963
1948 F A z cccl
{♦Ind Bloom A W 1st ext 4s. 1940 A Oxbbb3
4554
4154
♦Ilseder Steel Corp 6s
Ind 111 A Iowa 1st g 4a
1950 J
t*Ind A Louisville 1st gu 4s. 1956 J
Jybbb2
J
z
ccc2
column i ncorporated in this tabulation pertaining to bank
43 54
3954
4554
4154
*16
60
194
*99
99 4
994
54
61
60
60
*854
1254
eligibility and rating of bonds.
84
21
17
See i.
K
Volume
Bank
Y.
Friday
Week's
Last
Range or
Rating
Sale
See k
Price
Friday's
Bid
A
Ask
EXCHANGE
STOCK
Week Ended Aug.23
Railroad
&
Indus.
106
105
104%
105%
92%
93%
81
70
81%
33%
17
29
39%
♦Miag Mill Mach 1st
77%
21
67
77%
z
z
cccl
J
A
Kan City Sou 1st
z
Ref A lmpt 6s
Kansas City Term
b
b
102 %
70%
70%
$645) 1943
♦Ctfs w w stmp (par $925) 1943
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s—1987
Stamped
30%
65 H
107%
Lake Sh A Mich So g
Nitrate Co
*107%
108%
105%
100% 106
102%
101
18
14%
41
7%
19%
11%
11
11%
12
8
15%
12
10%
4%
12
4%
7
8%
3%
16%
8%
2
4
cccl
♦
z
ccc2
14%
z
cccl
♦13%
z
cc
2
1%
"T%
z
ccc2
15
15%
40
z
cccl
14%
14%
14%
15
11
MN
z
ccc2
15%
14%
z
cccl
15
1949 M N
1980 A O
z
c
2
H
z
ccc2
*15%
z
cccl
*13%
z
ccc2
14%
z
cccl
14
14
2
71
71
1965
1st A ref 5s series A
F A
♦Certificates of deposit
1975
1977
M S
M S
1978
♦Conv gold 5 Ho
♦1st A ref g 5s series
H
1981
♦1st A ref 6s series 1
F A
j y bb
D
♦74%
91%
25%
33%
52
20
34%
34%
1938 M 8
cccl
25
41%
J y bb
J y bb
2
"49""
bbb3
x
M 8 y b
"34""
3
80
94
79%
88
28
39%
87%
31
50%
2
49
50%
83
33%
34%
19
42
57
14
42%
8
79%
65%
90
37
4
30
z
b
*49%
37%
49
z
b
*27%
27
35
z
b
*27%
30%
22
33%
z
b
*27%
30
23
29%
z
b
♦27%
29%
20%
30
z
b
*23
28%
z
b
28%
30
z
b
70
z
b
*60%
*60%
y
bb
z
bb
2
z
bb
2
IN
z
MN
z
AfN
z
ccc2
60
Nash Chatt A St L 4s ser
30
48%
38%
"16
41 %
41%
41%
2
30
45
41%
40
42
8
30
47
14%
21
15%
14%
14%
15%
cccl
15%
24
16%
16%
2
"16%
15%
17
17
18%
"l"8%
16%
18%
40
10
19%
20%
46%
47%
7
40
61%
cccl
ccc2
cccl
bbb3
8%
8%
17%
9%
8%
18
10
9
10%
17%
18%
45%
7
54
aaa4
"l23%
aaa4
128%
127%
128%
bb
3
95
a
2
105
121% 127%
120% 131%
1
90
101
16
95
105%
105
102%
102%
"l"07%
aaa3
107%
44
b
1
a
3
bb
3
"19
103"
100% 105
4
105„
91%
110
63%
"30
"91%
20
67
89
*69
bbb2
73%
28%
3
44
107%
94%
96%
95%
85%
bbb3
92%
94
bbb3
92%
94
123%
123%
120% 126%
125
125
120
83
75
x
aaa3
F
A
x
aa
J
J
x
bbb3
M 8
x
aa
3
m a
x
aa
3
x
3
bbb3
series B
2003
x bbb3
1st A ref 4 Ho series C
2003
x bbb3
1st A ref 4s series D
2003
x bbb3
1st A ref 3%s series E
2003
x a
3
Unif mtge 3Josser A ext..1950
x a
3
Unit mtge 4s ser B ext
1960
xbbb2
Paducah A Mem Dlv 4s_.1946
3
M S x a
St Louis Dlv 2d gold 3s—1980
3
M 8 x a
Mob A Montg 1st g 4%s_.1945
J
J y bbb2
South Ry Joint Monon 4s. 1952
IN x aaa3
Atl Knox A Cine Dlv 4S..1955
F A z ccci
•Lower Aust Hydro El 6%s.l944
2
A O x a
McCrory Stores deb 3%s—1955
M 8 y b
2
2
b
2
ccc2
83
108%
*109
D y
87
"165""
110
111%
103
{{♦N O Tex A Mex d-c inc 6s
♦Certificates of deposit
93%
94%
53
83
95
86%
12
78
88
82%
83%
13
72%
84
103%
33
105
106%
9
105%
20
101
105%
2
78
82%
112
112%
80%
*110%
106%
103%
"2
81
3
106%
164"
"5
103% 104
105
106%
73% 83
104% 107
15%
15%
102% 104%
74%
75
4
70
81
"56"
49%
50
10
39
65%
28
27%
28
4
27%
46
85%
1
76
86%
Lake Shore
49
49
1
39
53
Mich Cent
cc
1
M 8 y aa
1
♦85%
MN y a
A
O
J
D
z
z
"49"
1
*40
"88%
ccc2
*13
19%
15%
22
82
82
64%
82
3
2
*80
81
66
81
J
z
ccc3
75
75
52%
83
Q A
z
b
61%
60
112% 120
100% 101%
103% 107%
104%
16
99% 106%
1
%
%
%
%
%
%
/
z
D
x
x
9
1935
*120%
*37
*61%
106%
aa
106
68
bb
bb
3
bbb3
J
O
z
b
1956
A
~F
z
Louis—
Ref 5 Ho series A
1974
Ref 4%s series C
1978
4s collateral trust
1946
1st mtge 3%s extended to. 1947
3-year 6% Botes.........1941
J
F
106% 109
64%
78%
60%
-
-
1
5
59
b
z
62
1
65
71%
31
1
21
33
25
30
23
39%
24
37%
28%
37%
26
37
23%
36%
30%
*20
*
_
*28%
29%
1
30%
35
38
35
40
♦
1
........
-
-
•
...
-
-
1
27
30
30
1
25
38%
111
111%
57
50
44%
62%
*107
57
54%
81
81
82%
32
74
83
51
48%
52%
244
38
66%
56%
64%
58
162
43
62%
57%
55
57%
33
42%
63%
79%
80
13
7
86
95
4
53%
62%
48%
60
3
91%
57%
59
♦51%
54
bbb2
O y
bb 3
bb 3
bbb2
M S y
A y
_
32%
40
33
A y bbb2
A
29
33
91%
A y
60
45
102% 105%
101% 108%
31
ccc2
J y bb
60%
62
*20
1
F
F
8
-
68
1
z
OA
70
106%
7
ccc2
z
122
23
ccc2
b
31%
43%
128%
122% 12*%
3
» ..
104%
ccc2
b
z
F* "i
z
-
104%
1
z
AO
2
38
127
m
71
124%
43%
119
36
103%
ccc2
z
----
42%
104
104%
J y bbb2
A
58%
59
bbb3
x
100 % 105%
102
105%
63
124
38
126%
*126
A y bbb2
O
H
104%
aaa2
D
%
ii
104
aaa2
MN
J
%
16
cccl
J
y
%
•mm*
*62
J
J
%
m
%
105%
cccl
x
mmmim
««•*•«»
104%
aaa3
1%
mmrnmm
104%
4
%
%
+ mw
m
105
2
z
A
%
5
1%
x
J
1
*%
*%
♦%
J
J
70%
102%
24
♦%.
♦%
D
O
64
102
3
66
106%
1.
J
1942
coll gold 3%s.l998
coll gold 3%s.l998
N Y Chic A St
1
*1
J
Debenture 4s
85%
115%
104
2
a
r
101
104% 109%
106
106
a
A
1954
1
z b
♦Certificates of deposit
X aaa2
Newp A C Bdge gen gu 4%s.l945
y bb 3
N Y Cent RR 4s series A
1998
y bb 3
10-year 3%s sec s f
1946
3
yb
Ref A lmpt 4%s series A..2013
3
yb
Ref A lmpt 5s series C
2013
'bb 3
MN y
Conv secured 3%s
..1952
2
J
J x a
N Y Cent A Hud River 3%s_1997
81
6
*102%
bbb2
b
♦1st 5%s series
21
39
33
*100%
z
♦Certificates of deposit
94
44%
24%
32
109
30%
AfN
....1956
D
47%
27
64%
D x a
♦Certificates of deposit
♦1st 4%s series
56%
34%
7
109
bbb3
J
♦Certificates of deposit
♦1st 5s series C
56%
6
37%
115%
x aa
F
56%
41
z
1954
♦1st 5s series B
93%
94
cccl
z
1961
series B
37
aaa2
O
RR guar 1st 4s. 1986
A
Light 1st 4 %s... 1960
J
New Orl Great Nor 5s A
1983
86
55%
mm-mm
----
65
2
O
N J Pow A
108
42
81
1st g 4 %«
N J Junction
106
105%
"83%
1954
3%s
{♦Naugatuck RR 1st g 4s... 1954
Newark Consol Gas cons 6s. 1948
{♦New England RR guar 5s. 1945
♦Consol guar 4s._
—.1945
New Eng Tel A Tel 5s A
1952
112
103%
94
Natl Supply
3s... 1965
108%
102%
101
2
b
71%
37
2
b
95% 104%
40%
1
bb
28
56
♦
bb
A
NOANElstrefAlmp %sA'52
New Orl Pub Ser 1st 5s ser A. 1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4s. 1953
129%
86%
86
101
D y bb
MN y
82%
National Steel 1st mtge
110
104% 104%
aaa3
2
*%
*H
♦4s April 1914 coupon off.. 1951
A
♦Ass't warr A rets No 4 on '51
7
b
79
*
1
56
+
2
*%
♦4s April
104
12
*
b
bb
O
118
99
112%
67%
O
109
4
124
*58
bbb2
A
6
102%
110%
103
101%
A
115%
102%
123%
O
J
{♦Ass't warr A rets No 4 on '26
1914 coupon on..l951
46%
115%
105
111
101
J
115%
107
110
110%
101%
J
"46%
48
4
A.. 1978
J D x
extended to. 1946
MN x
Nat Dairy Prod deb3%s ww 1951
M S x
Nat Distillers Prod 3%s
1949
National Rys of Mexico—
J
J
♦4 %s Jan 1914 coupon on.1957
J
J
♦4%s July 1914 coupon on 1957
J
J
♦4 %s July 1914 coupon off 1957
J
J
♦Ass't warr A rets No 4 on *57
A O
♦4s April 1914 coupon on. 1977
A O
♦4s April 1914 coupon off.. 1977
A O
♦Ass't warr A rets No 5 on '77
Nat RR of Mex prior Hen 4 %s—
3
a
3
A y bb
F
bbb3
bbb4
4
a
Nat Acme 4%s
36%
A
1st A ref 5s
63%
49%
65%
30
50
ccc2
%s—.—2003
MNz
♦4 Ho assented—
2003
UN
♦General cons 6s—...—2003
♦58 assented
2003 MN
A O
{Leh Val Term Ry 1st gu g 5s 1941
6s assented
1941
Lex A East 1st 50-yr 5s gu.—1965
Llbby McNeil A Llbby 4s.. 1955
Liggett A Myers Tobacco 7s. 1944
5s debenture
1951
Lion Oil Ref conv deb 4%s..l952
Liquid Carbonic 4s conv debs 1947
MN
Little Miami gen 4s series A .1962
F A
Loews Inc s f deb 3 Ho——..1946
J D
Lombard Elec 7s series A
1952
F A
Lone Star Gas 3%s debs
1953
A O
♦Long Dock Co 3%s ext to..1950
M S
Long Island unified 4s.
1949 M S
Guar ref gold 4s......—1949
M 8
4s stamped
1949
RR—
30
24%
55
103
4
106%
109%
a
bb
A
debentures...
20%
18
39
41%
....
10
*105%
48
49
4
24
39%
48
134
8
37%
2
aa
1965 A
Montana Power 1st A ref 3%s *66 J
Montreal Tram 1st A ref 5s..1941 J
Gen A ref s f 5s series A... 1955 A
Gen A ref s f 5s series B...1955 A
Gen A ref s f 4 %s series C.1955 A
Gen A ref s f 5s series D—.1955 A
Morris A Essex 1st gu 3%s..2000 J
MN
Constr M 6s series A
1955
MN
Constr M 4%s series B...1955
J D
Mountain States TAT 3%s.l968
MN
Mutual Fuel Gas lstgu g 5s. 1947
MN
Mut Un Tel gtd 6s ext at 5% 1941
68
*39
cccl
1991
Monongahela Ry 1st 4s ser
Monongahela W Penn Pub Ser
1st mtge 4 %s
...1960
82
♦22%
b
M 8
A 1960 M N
Moh'k A Malone 1st gu g 4s.
1
82
2
O
{♦Secured 5% notes
45
1
30%
79
31%
1977 M
♦Ref A lmpt 4%s
♦Certificates of deposit
91%
50%
30%
Dec y cccl
60
cccl
69%
87%
2
a
x
3
21%
21%
2
8
39
81
12%
52
25%
♦Certificates of deposit
♦Certificates of deposit
bbb3
20%
12%
"l~5%
15
44
x
2%
21%
12%
20
49%
50%
21%
%
12%
20%
38
*42%
12%
1
15%
5
33
2
15
2
1
b
15%
21%
21%
21%
31%
4
43%
4
12%
12%
24
48%
2
20%
1%
12%
31%
2
48%
43%
21%
12%
24
38
80
13
cccl
79%
20
88
zb
15
ccc2
12
49%
j
80%
64%
62%
65%
74
45%
68%
54%
52
55%
143
38%
83
83%
63
69%
86%
*89
bbb3
90
-
73
80%
-
90
66
86
63
A
O yb
yb
Stamped
April *40
.1945
13%
ccc2
85%
48%
j
J
43
F A
85
49%
48%
j
2013
Manila Elec RR A Lt s f 56—1953
Manila RR (South Lines) 4s.1959
{♦Man G B A N W 1st 3%s.l941
Marion Steam Shovel s f 6S..1947
24%
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 5s 1947
88
85
2
y
4s. 1990
32%
22%
*90%
85%
51%
87%
2
b
♦Second 4s
84
20
24
MN
b
J
2
59%
55
{♦Mo Pac 3d 7s ext at 4% Jul_'38
b
J
43
78%
4%
bb
bbbl
1939
{♦McKesson A Robblns d 5 Ho *50
Maine Central RR 4s ser A. 1945
Gen mtge 4 Ho series A
1960
Manati Sugar 4s s f... Feb 1 1957
50
*75
z
♦Certificates of deposit
103%
1%
*3
m a
7s...-.1944
6s debenture
1951
Louisiana A Ark 1st 5s ser A. 1969
Louisville Gas A Elec 3 Ho—1966
Lou A Jeff Bridge Co gu 4s..1945
7%
2%
13%
y cc
♦Certificates of deposit
Lortllard (P) Co deb
7
*42
y cc
♦Certificates of deposit
105% 108
107
108%
*107
102%
4Ho. 1940
1940
{♦Market St Ry 7s ser A
(Stamp mod) ext 53
J
J
0
♦Certificates of deposit
85
168
104%
2003
%
ccc2
J
1962 J
D...1978 *7
A..Jan 1967 A
♦1st A ref 5s series G
80
104%
..1944
1954 r a
♦5s stamped
1954
FA
♦1st A ref s f 5s
1964
♦6s stamped......
..1964
FA
♦1st A ref sf 6s
...1974
♦5s stamped
1974
7"i
♦Sec 6% notes extended to 1943
♦68 stamped
1943
F A
Leh Val Harbor Term gu 5s.. 1954
{♦Manhat Ry (N Y) cons
♦Cum adjust 5s ser
80
80
157
102 H
Co—
Louisville A Nashville
90
90
172
2
♦5s stamped
♦4s assented
1%
y cc
1962 J
Prior lien 5s ser A
♦1st A ref 5s series F
3
♦General cons 4
6%
1%
2
RR—
♦General 4s
a
4s........—2003
4%
1%
4
75
a
♦1st A ref sf 5s
{{♦Leb Val N Y 1st gu
§♦4 Ho assented
tLehigh Valley RR—
*4%
3
50
M 8
A
5%
1%
b
50
MN
J
2%
4%
1%
bb
68
2
/
2%
%
2
z
103%
a
/
1%
1
y
40-year 4s series B
6
1%
5
S
J
J
D
y
"4% ""8%
5
M
J
J
<7
5%s
1st A ref 5 %s series B
8
""e
3%
3%
3%
1949
1978
14%
13%
"70%
*150%
2
a
3%s._.1997
1%
4%
cccl
{Missouri Paclflo RR Co—
*
Ltd—
1 %
*1
cc
104% 107%
2
aaa4
reg—..1975
Lehigh C A Nav s f 4 Ho A..1954
Cons sink fund 4%s ser C.1954
Lehigh A New Eng RR 4s A. 1965
Lehigh A N Y 1st gu g 4s
1946
7
1 %
cc
68%
109
100
*60
bbb3
♦1st mtge Income
♦Gen eons g
105
105%
70%
Lake Erie A Western
Lehigh Valley Coal
50
34
*20
bb
1942
Coll A ref 6 Ho series C
1953
Coll A ref 5 Ho series D—1960
Coll tr 6s series A
1942
Coll tr 6s series B
1942
Lautaro
50
102
♦105
bbb3
1941
73
2
z
Missouri-Kansas-Texas
66%
102
3
bbb3
1947
2
z
♦10
3
a
J
Ref A ext mtge 5s
2d gold 6s
c
c
<7
38%
25
bb
M S
J
2
J
69%
8
108
11
7
"7
cc
J
♦
14
11
ccc3
8
F
T
*15
11
ccc3
1946
♦25-year
30
52
32
16%
16%
cc
50
62%
64%
107%
23
cccl
24%
30%
61%
55
z
{♦Mo-Ill RR 1st 6s series A. 1959
Mo Kan A Tex 1st gold 4s
1990
67
104%
*20
z
39%
97
*43
z
87%
94%
55
5
2
J
J
98%
84
25
97%
♦29
MN
1961
Kings County El L A P 6s—1997
Kings Co Lighting 1st 6s
1954
1st A ref 6 Ha
1954
Koppere Co 4s series A._
1951
Kre«ge Foundation 3% notesl950
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit...1959
6s
93
29
2
38
65
ccc2
b
J
J
J
♦1st A ref 68 series A
90
96
103%
20%
9%
37%
{{♦MStPASS M con g 4s Int gu'38
{♦1st cons 5s
...1938
•♦1st cons 5s gu as to Int..1938
55
38
15
18
66%
20%
ccc2
N
{♦Minn A 8t Louis 5s ctfs... 1934 M
♦
1st A ref gold 4s
.1949 M
♦Ref A ext 50-yr 5s ser A.1962 Q
103%
90
7%
%
18%
♦10
1961
RR—
extended at 3% to
1%
90
29
cccl
z
5%
%
65
3
a
A O
J D
J D
M 8
J J
Prior lien 4 %s series
4%s unguaranteed
{♦Laclede Gas Lt ref A ext 5s
47%
4
53
97%
3
35%
8
102%
44%
22
1%
♦85%
aaa4
21
113
52%
3
{{♦Mid of N J 1st ext 5s
1940
{{♦Mil A No 1st ext 4%s—.1939
♦ICon ext 4 %s
...1939
{♦Mil 8par A N W 1st gu 4s. 1947
{♦Milw A State Line 1st 3 %s 1941
112%
46
*59%
*90%
2
1951
105%
109
*16
cccl
Ref A lmpt 4 %s series
99
1
27%
28%
z
a
Jack Lans ASag3%s
1st gold 3%s
95
82
26
52 %
bb
4)48.1961
1961
Plain....
70%
"60
♦1%
x
♦Ctfs w w stmp (par
Kentucky A Ind Term
1
s
bb
99
103%
90% 104%,
87
Ino—
Karstadt (Rudolph)
9
58
30
y
*6%
M S
76%
27
bbb3
x
1950
Apr 1950
1st 4s
1960
45
ddd2
High
100 %
z
1952 MN
C—1979 J J
Michigan Consol Gas 4s
1963 M S
14%
17
102%
1
bbb3
z
4
74%
53
103
101%
1
z
gold 3s
6%
102%
3
x
bb
14%
37%
145
102%
M 8 y bb 3
A O x bbb4
O
8
♦85
2
6%
49
57
16%
1
27
D y bb
4s 1936
7%
8
*7
A y b
2
m a z cccl
J
12
*7%
P
1st 4S.1959
Jones & Laughlln Steel 4 %s A1961
Kanawha A Mich 1st gu g 4s 1990
1%
90%
78
45%
A y bb
J y b
F
1
48%
M S y b
MN y bbb2
James Frank 1 A Clear
{{♦K C Ft S A M Ry ref g
♦Certificates of deposit
1
b
3
ccc4
bb
y
12
8%
85
cccl
1956
Internat Hydro El deb 6s
1944
Int Merc Marine s f 6s
1941
Internat Paper 5s ser A A B.1947
Ref s f 6a series A
1955
Int Rys Cent Amer 1st 6s B .1972
1st lien A ref 6 Hi
1947
Int Telep A Teleg deb g 4%al952
Debenture 5s
1955
{♦Iowa Cent Ry 1st A ref 4s_1951
86%
8%
1%
cc
110%
Low
3
4
105%
110%
105%
110%
aa
Mich Cent Det A Bay City—
3
z
105%
3
x
M S
f 7s..1956 J D
77
{♦Int-Grt Nor 1st 6s ser A. .1952
♦Adjustment 6s ser A.July 1952
♦1st 5s series B
1956
y
100%
89
33
cccl
y
102% 105%
6
20
bbb4
x
♦Mex Internat 1st 4s asstd_.1977
33 %
z
♦1st g 5s series C
33
4%s__.1955 M
Metrop Ed 1st 4%s series D.1968
Since
No
High
IjOW
S
M S
Metrop Wat Sew A D 5%s_.1950 A O
{{♦Met W 81 de El (Chic) 4s. 1938 F A
Mead Corp 1st mt-e
Range
Jan. 1
Bid
Price
See k
la
Friday's
A
Ask
Sale
Rating
80%
~80%
y
bb
100
Range or
Last
A
Elig
EXCHANGE
Railroad & Indus. Cos. (Cont.)
High
105%
106%
104
6
106
4s__1947
Interlake Iron conv deb
No. Low
105%
STOCK
Week Ended Aug. 23
Jan. 1
105
*
B.1986 M 8 x aaa2
Industrial RayoD 4 Ha
1948 J J x bbb2
Inland 8teel 1st mtge 3s ser F1961U O z aa 3
Inspiration Cons Copper 4s. 1952 4 Oybb 2
{♦Interboro Rap Tran 1st Sal 9661/ J z bb 1
I ♦10-year 6s
1932 A 0ICc 1
{♦10-year conv 7% notes..1932 M S % bb 1
Y.
N.
Since
£3
High
Low
Cos. (Cont.)
Ind Union Ry 3%s series
BONDS
Range
cS
Week's
Friday
Bank
Elig. &
BONDS
N.
1111
New York Bond Record-Continued- Page 4
151
Q
1
A
O
A
O y b
x
2
80%
79
80%
93
See
For footnotes see page
1113.
Attention Is directed to the sew
column
incorporated in this
tabulatioa pertaining to
bank eligibility and r«tin< of bonds.
k.
W
New York Bond Record—Continued—Page 5
1112
Bank
BONDS
N. Y.
Week's
Last
Elig. <t
EXCHANGE
STOCK
Friday
Range or
Raxing
Sale
See a
Price
Week Ended Aug. 23
Railroad & Indus. Cos. (Cont.)
Low
x
aa
3
1st guar 6s series B
-1953
x
aa
3
N Y Dock 1st gold 4s
1051
y
b
3
y
ccc2
*47 H
x
aaa4
109
----1947
N Y Edison 3H« ser D
1966
1st Hen & ref 3Mb aer E... 1966
Conv 6% notes.-
x
x
x
H
101
aaa4
23
U6M
M
4s.-1941
b
3
12H
2
100
60
43 H
50
64
80
2
*65
3
15
8H
97
53 H
80
60
*78
85
65
80 H
ybb
3
*25
72
71
conv
3 Hs deb. 1952 / D
x
a
109
x
aaa3
109 H
4
*98
x
{{♦PhlUpplne
conv
Pitts Coke A Iron
J
45
45
14
114
110H
14H
115
106
106 H
13H
62
111H
109H 110H
114H
106 H
60
107
109 H
110
71
sin
107 H
107
107 H
my,
36;
109
*106 H
aaa4
110H
104 H 108 H
100
106H
108
111H
cccl
3
3
9H
2H
16H
cc
cc
4
4H
3H
8H
z
z
.1948 M "8
3s
58
High
z
Ry 1st s f 4s„ 1937 J
Phillips Petrol
Wh
1
Low
z
1949 M S
♦Certificates of deposit
bbb4
x
{♦Phlla A Read C A I ref 68.1973 J
-
aa
x
1967 J D
Phlla Electric 1st A ref 3HS.1967 M S
No-
61H
108H
109 H
114H
aa
aa
x
High
68H
61H
x
Since
Jan.
57 H
bb
bb
1977 J
.1981 / D
Range
12
Asked
64H
56 H
3
y
y
♦Conv deb 6s
A
4
-
x
107
aa
106 H
4 Hs A '62 M S xbbb3
107
13
104H 112H
99 %
93 H 101
106 H
100 H 103
105 H 108
72 H
b
y
8
Phelps Dodge
ybb
1980 M S
1st g 4Hs series C
General g 4 Hs series C
General 4 Hs series D
Phlla Co sec 6s series A
102
♦56 %
z
tPNYANE (Boat Term) 4s '39 A O
{♦N Y New Hav A Hart RR—
Pere Marquette 1st set A 5s .1958 J
1st 4s series B
1956 J
120M 126H
113H 118H
12H
Friday's
Bid
Low
Phlla Bait A Wash 1st g 48—1943 M N
General 5e series B
1974 F A
53 H
Price
Railroad & Indus. Cos. (Cont.)
116H
♦98H
bbb2
bb
66 H
67 H
Range or
i
Sale
See s
104 H HO
105
110H
109
116
y
N Y A Long Branch gen
46 H
46
54
♦J23H
{♦N Y A Greenwood Lake 6sl946 M N z cc 2
N Y A Harlem gold 3Hs
2000 AT N x aa 2
N Y Lack A West 4s ser A—1973 J/N y bbb2
4Hs series B
1973 J/N
♦N Y L E A W Coal A RR 5 Hs'42 A/N
J
♦NYLEAWDkA Impt 6s 1943 J
107H
104H 108H
47 H
N Y & Erie—See Erie RR
Purchase money gold
High
Last
Rating
£
c
108H
aaa4
4s—-1949
108H
47
Elig. &
EXCHANGE
Week Ended Aug. 23
1
No. Low
107 H
47 H
aaa4
NY Gas El Lt H & Pow g 6a. 1948
107 H
108
108
Jan.
High
4 Hs A—1953
N Y Connect let gu
N. Y. STOCK
Since
Asked
A
1940
24,
Week's
Friday i
Bank
BONDS
Range
I:
Friday's
Bid
Aug.
•o
z
conv
Pitts C C C A St L 4 HS A
A
1940
O
x
1942 A O
99H
*100»j«
aaa2
aaa2
*105 M
cccl
*13H
16
11
20
Series B 4 Hs guar
Series C 4 Hs guar
x
1947 M S
1942 M N
x
♦Non-conv debenture 3 Mb 1947 M 8
♦Non-conv deb 3 H8
--1964 A O
aaa2
*108 H
cccl
♦12
19
15
19 H
Series D 4s guar
1945 M N
X
aaa2
*110
109
cccl
♦10H
13H
14
11H
19H
Series E 3Hs guar gold
1949 F
Series F 4s guar gold——1953 J
x
aaa2
*110
104 H 110
108
109
♦Non conv deb 4s
J
♦Non-conv debenture 48.-1966 J
♦Non-conv debenture 4s.-1966 A/N
cccl
14
cccl
13H
♦Conv debenture 3Hs—-1966 /
J
cccl
1948 J
J
cccl
♦Conv debenture 08
I ♦Collateral trust 68—-—-1940 A O
1967 M N
♦1st A ref 4 Hs ser of
D
J
1927.1967
1
cc
b
{♦N Y Ont A West ref g 48—1992 M 8
20 H
20
Series H
27
16H
12H
2
*3H
15H
16H
3
15
19 H
65
cc
2
c
2
*2
b
2
2H
12
23 H
4
0
5H
58
72
31
3
L
4H
6H
27
*80
b
4H
24 H
36 H
85
2H
8H
4H
IX
85
2
49H
49 H
5
43
aaa4
109H
109H
2
107
J
110H
bbb3
105
105
1
105
N Y A Rlchm Gas lBt 6s A—1961 M N
108 H
bbb3
N Y Steam Corp let
J
100H 106 H
aa
104H
106H
1
J
cc
N Y Queens El Lt A Pow 3 Mb
N Y Rys prior
*66 M N
Hen 6s stamp. 1958 /
3He..-1963
{{♦N Y Susq A W 1st ref 58.1937
{♦2d gold 4 Hs
1937
{♦General gold 6s
1940
♦Terminal 1st gold 68
1943
N Y Telep 3Hs ser B
,— 1967
N Y Trap Rock 1st 6s
1946
6s stamped
1946
11*NY West A Bost 1st 4 >{8 1946
Niagara Falls Power 3Hs—1966
Nlag Lock A O Pow 1st 5s A. 1966
Niagara Share (Mo) deb 6 Mb 1950
{ {♦Norf South let A ref 6s._1961
♦Certificates of deposit
J
/
F
F
AT
A
A
N
J
J
J
D
J
J
106
*18
aaa4
110H
bb
2
*77
90
85 H
90
2
*82 K
89H
78
92
c
2
*3H
4H
aaa3
AO* a
MN y b
F A z c
4
1
C
ccc2
A X aaa4
A x
m
—
103
2
122H
llM
HM
122
122H
105H
4
106H
117H 126H
102 H 107 H
a
4
105H
105H
101
a
4
106
2
*H5H
106H
119H
114
x
aa
2
*107 H
109H
107
108 H
z
ccc3
1974 M 8
A
A
0
O
ccc2
*35
106H
102H 108H
*35
ccc2
bbb2
bb
40 H
49
66
67H
43 H
2
66
94
Northern States Power 33^8.1967
Northwestern Teleg 4 Mb ext 1944
4a.. 1948
aa
.1967 M
1st mtge 3Hs
1972 J
Oklahoma Gas A Eleo 3Hs~ 1966 J
4s debentures
1946 J
108H
J
c
2
a
4
8
a
6
J
a
4
D
a
D
4s.. 1946 J
J
54H
102
106H
110H 110H
117
3
bbbl
"68 "
71
J
bbb2
♦110H
111
104
J
cccl
92 *4
90
93
59
90 %
91 H
81H
91
58 H
93
{♦Porto Rico Am Tob conv 6s '42 J
♦Certificates of deposit
♦6s stamped
cccl
j"J
1942
♦Certificates of deposit.—
cccl
"j
Potomac El Pow 1st M 3HS.1966
Pressed Steel Car deb 6s
1951
70
90
91 H
cccl
"90"
90
J
bb
2
*107H
80 H
{♦Providence Sec guar deb 4s 1957 J/N
cc
1
aaa4
*110H
aaa4
*147
aaa4
77
64H
90 H
*212H
{♦Proyidence Term 1st 4s_—1956 M S
PubUc Service El A Gas 3Hs 1968
J
1st A ref mtge 5a
J
2037
D
1st A ref mtge 8s.
2037
Pub Serv of Nor 111 3Hs
1968
Purity Bakeries s f deb 5s.„1948
Reading Co Jersey Cent coll 4s *51
Gen A ref 4 Hs series A—1997
O
81H
93
79
4H
84 H
3H
*70
b
81H
107H
81H
91
106H HOH
109
*2H
aaa4
63 H
112 H
153
108
5
63 H
113
140
150
222
226
106
9
110H
109 H
103 H
J
bbb3
O
J
bbb3
J
bbb3
Remington Rand deb 4 Hs w w '56 M S xbbb3
4H» without warrants
1956 M S x bbb3
Rensselaer A Saratoga 6s gu.1941 J/N x bbb2
Republic Steel Corp 4 Mb ser B '61 F A x bbb3
Pur mon 1st M conv
5H8.1954 M N x bbb2
99H
21
11
70 H
70 H
103 H
53 H
25
60 H
75H
70 H
bbb2
109 H
104 H
52 M
aa
aaa2
bb
y
b
70 M
28
62 H
75
44
89H 102
90
100H
♦Rhine-Westphalia El Pr 7s. 1950
UN
Z
z
aaa2
aaa2
1st A ref mtge 3 Hs ser I—1960
x
aaa2
{♦Pac RR of Mo 1st ext g 4s_ 1938
z
bb
2
{♦2d ext gold 6s
1938
Pacific Tel A Tel 3 Mb ser B—1966
Ref mtge 3Hs series C
1966
z
b
aaa4
MM
4H8..1955
Panhandle East Pipe L 4s...1952 A/ S
5
104H 110
101H 110
107 H 110H
103
107
99"
99 H 105
60 H
60
Saguenay Pow Ltd 1st M 4Hs '66
St Jos A Grand Island 1st 4s. 1947
St Lawr A Adlr 1st g 5fl
.1996
ybb
MM
1
105H
2
112H
126
72
7
104
100 X 102 H
3
105H 106
1
IV
-M
M
"4
101
102
107H
99 H 106 H
99
105
88
101
96
101H
97 H
99
3
88 H
102
50
3
108H
81
92
115H 120 H
103H
108H
84
94 H 104 H
6
100H 110H
90H
83
3
90 H
96 H
88 H
a
96H
97 H
20
3
89H
99 H
a
Convt eb 3Hs
97 H
97 H
89
xbbb4
96 H
83 H
18
1952
99H
85 H
80
75H
87 H
page 1113.
x
b
z
cc
*113
b
z
85
a
z
x a
J
c
116H
114H
116H
69H
70
68 H
■
69 H
6H
107 H
107H
7
Attention is directed to the
new
*"2
14
6
15
3
79
91
110H 110
111
117H
50
71
58
70 H
3H
10
106 H 110H
12H
cc
2
x
a
2
x
aaa2
1996
10SH 111
2
105
5
21
*17H
2
/
*6
6H
"9
9
9H
68
109 H
70
*35
21
4
91M
*35"
110H
9H
6
6H
*78 H
k
2
98 H
109H 112
y
b
z
bb
59 H
60
49 H
z
bb
57H
58
48 H
65
St Louis Iron Mtn A Southern
♦{Riv A G Dlv 1st g 4s...1933 J/N
♦Certificates of deposit—
{♦St L Peor A N W 1st gu 5s 1948 J
/
St L Pub Serv 1st mtge 5s_._1959 M S
St L Rocky Mt A P 5s stpd—1965 J
/
{♦St L-San Fr prllen 4s A._.1950 J
♦Certificates of deposit
♦Prior Hen 6s series B
I960 J
ccc2
65H
55H
66H
38 H
38 H
33
62 H
8H
8H
8H
8H
7
14H
cccl
cccl
J
*8H
9H
6H
8H
16
9
7H
15H
cccl
J
65 H
2
"I'm
9
cccl
1978
'MB
cccl
bb
8H
1
ccc2
9
8H
8H
6H
61H
54 H
87
25 H
38
21H
13 H
*60 H
*27 H
2
b
J
7
14
14
"14 H
12
7H
cccl
8H
bbb2
*66 H
80
65 H
{♦St Paul E Gr Trk 1st 4 Hs. 1947
{♦St P A K C Sh L gu 4Hs—1941
cccl
*3H
6
3H
cccl
6H
4H
aaa2
*5H
♦115H
Dep 5s guar——1972
{♦Schulco Co guar 6 Ha
♦Stamped
♦Guar
s
1946 J
z
/
O
z
A
♦Stamped
{♦1st g 4s unstamped
{♦4s g 8tamped
♦Adjustment 5s
O
z
1989 M N
x
O
z
ccc2
38 H
O
z
z
c
1959 A
O
z
cccl
z
1946 M
2
z
cc
2
z
8
1933 MS
cc
1
z
cccl
column incorporated in tnl» tabulation pertaining to bank
68 H
105
108H
108
107H 111H
109 H
32
109H HI
21
33
28H
18H
"38H
28 H
29 H
33 H
47
47
38 H
*118H
114H 123H
125
8H
8
15
*8
cccl
♦Certificates of deposit
54
105 H
8
cccl
A
tl*Atl A Blrm lstgu4s
110H 118
116
*38 H
aaa3
1950
♦Certificates of deposit
♦1st cons 6s series A
82
5H
8
*28
cccl
Oct 1949 F
{♦Refunding 4s
13H
84H
63H
105 H
107 H
*107 H
cccl
1950
Scioto V A N E 1st gu 4s
{Seaboard Air Line Ry—
8H
14H
*28
64H
z
1946 A
f 6 Hs series B
J
J
14 H
8H
cccl
♦Ctfs of deposit stamped
{♦St L S W 1st 4s bond ctfs. 1989 MN
♦2d 4s Inc bond ctfs.-Nov 1989 J
{♦1st term A unifying 6s„ 1952
♦Gen A ref g 5s series A._. 1990
St Paul A Dul 1st con
g 4s__1968
28 H
20 H
64H
2
b
♦Certificates of deposit
♦Con M 4Hs series A
15
66
65
*18H
b
13
bbb4
-
cccl
113H
H2H
89 M
x
cons 4sl940 A O
♦Certificates of deposit
♦Income 4s
—-.Apr 1990 Apr
Peoria A Pekln Un 1st 6Hs—1974 F A
O
H3H
112H
*118H
34 H
5H
6H
S A A Ar Pass 1st gu g 4s
J ybb 3
1943 J
San Antonio Pub Serv 4s
1963 A O ya
3
San Diego Consol G A E 4s._ 1965 J/N x aaa2
Santa Fe Pres A Phen 1st 5a. 1942 M 8 x aaa2
x
{{♦Peoria A East 1st
109 H
108H
*5H
St Paul Un
1970
aa
108 H
cc
107 H 109 H
1984
x
*108 H
aa
104 H 110H
100
109H
Debenture g 4Hs
68—1943 A O
1947 M 8
aa
1
General 4Mb series D
Gen mtge 4Ha series E
1981
8
14
102 H
10H
40
20
12
8M
8
107 M
116
*7H
8H
33
36
23
M
109
110H 115
22
M
107H
111
*26 H
17
17
103 H 109
101H 105
106 H
101 H
10
M 8
107H
8
14H
*109H
108H
""27
17
16
*9
2
107 H
aaa2
a
121
gold 6s
17H
20
aa
-1948 A
f 6s
19H
15H
12 H
13
8
107 H
3
a
x
x
47
67 H
"
.
105
101H
61H
90 H
36
2d
s
M
"io8H
x
a
2
1
'
40
76
....
104
101H
Tl3H
aa
1965
103 H 105
100 H
105H
*97 H
aaa2
75
104 H 112
102 H 103 H
....
-*
85
103 H 110 H
87 H
MM
71
"16
46 X
105
x
1968
M
103H
104H
103H
x
O
M
75
104
a
Gen mtge 3Hs series C
1970 A
Consol sinking fund 4Hs_.1960
5
74
76
41 H
aaa2
cc
00 H
93
108H
105H
1UH
20
15
aa
53
"eo""
bbb4
ccc2
109H H3H
112H
105H 110H
M
70
100 H
x
ccc2
J
108
90
108
M—
niM
llOH
87 H
x
D
A coll trust 4s A—1949
O
Roch Gas A El 4Hs ser D—1977 M 8
32
'
M-#*
....
M
113
40 H
*121 H
A
{{♦Rio Gr Juno 1st gu 6s
1939
{{♦Rio Gr West 1st g 4s...1939
{♦Rut-Canadian 4s strap
1949 J
{♦Rutland RR 4Hs stmp—.1941 J
*104
A x
1
con
30
14
106 H
101H
2
b
77
4
1974 F
aa
A
♦1st
26
17
bbb3
J
102 H
*16
♦Rlma Steel 1st
107 H
a
1969 F
1952 M S
Rlchm Term Ry 1st gen 6s—1952
s f 7s
1955
100H
98 H 103 H
16
68
x
cons g 4s.. 1943 A/N
Consol gold 4s
1948 A/N
4s sterl stpd dollar May 1 '48 A/N
109
92
17
104
30
111
101H
103
157
-
8
110
aa
100H
14
100
*17H
z
z
24
109H
x
A
O
♦Ruhr Chemical
•109H
103H
28-year 4s
1963 F A x a
IfPenn-Dhde Cement 1st 6s A1941 M S y b
Pa Ohio A Det 1st A ref 4
Ha A '77 A O x a
4 Hs series B
1981 J
J x a
1953 F
1955 A
69H
*45H
"90H
106
99 H
*101
99
*14H
119
*60~
aa
♦Cons mtge 6s of 1930
Richfield Oil Corp—
4s s f conv debentures
"77
*18
113
2
x
—
3
98
100 H
100
*12H
105H
109H
105H
♦Direct mtge 6s..
♦Cons mtge 6s of 1928
100
105 H
100
"99 H
...
i
111 H
aa
f 7s.
112H H8H
100
1J0H
112H
110
s
Gen mtge 3Hs series H—.1967
Gen mtge 3Hs series I
1967
Gen mtge 3Hs series J
1969
{{♦R I Ark A Louis 1st 4 Hs. 1934
aa
aa
109 H
1
aaa4
x
105
9
x
x
3H
8H
107H 108 H
109
♦
Parmelee Trans deb 6s
1944 A O y ccc3
Pat A Passaic G A E cons 68.1949 M 8 x aaa3
♦Paullsta Ry 1st s f 7s
1942 M 8 z b
2
Pennsylvania RR
M
109
*57
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
.1955 F A yb
2
Paramount Pictures 3Hs deb *47 M 8 x bbb3
Penn Co gu 3 Mb coll tr ser B. 1941 F A
Guar 3Mb trust ctfs C
1942 J D
Guar 3 Mb trust ctfs D
1944 J D
Guar 4s ser E trust ctfs—.1952 A/N
M
"24
105 H 110H
95
95
109H
x
ef g
16
6H
107 X
105H
3
x
5
....
117
112H
UK
110H
98
...
117
1
98
*95
-
1952 J/N
108M
68
"76
bbb4
56
117
3
x
x
66 H
110H
105 H
bbb3
40
*116
2
♦Rhelnelbe Union
x
40 H
96 H
*95
aaa2
Gen mtge 4Hs series C—.1956 J/N
Revere Cop A Br 1st M
J
4Hs 1958
13
*105H
aaa2
Gen A ref 4 Hs series B...1997 J
27
H
49 H
109
aaa2
1961
70
108H
ioSk
3
x
see
54 H
54 H
40
1960 M 8
54
6
3
aa
D
6s. 1946 J
aa
69 H
"40H
109
bbb4
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G.1964
1st A ref mtge 3Hsser H..1961
For footnotes
aa
1977 / D
1950
53 Ve
107
107H
4
1st mtge A 4Hs.. 1962
cons
40
40
22
*98 X
z
♦108H
4
1946
Refunding gold 5s
*111
z
*90
aaa3
Ontario Power N F 1st g 5s_. 1943 F A
Ontario Transmission 1st 6s. 1946 J/N
Peoples Gas LAC
53 H
54
z
43 H
108H
bbb3
Ohio Connecting Ry 1st 4s.. 1943 M 8
1965 M N
General 5s series B
53
51H
52 H
3
J
52
General 4 Ha series A
52 H
107 H
02
100H
108 H 108 H
*103 H
aa
J
52
debentures
63
aa
J
53 K
53 H
4 Ha
100
"54"
aa
1946
bb
Lt 3Hs
3
3
♦3H« assented
1946
♦Rhine-Ruhr Water Serv 6s. 1953
bb
A
3
yb
yb
44
2047
Penna Pow
108 H
61H
60 X
cons g
108 H
31H
49
58H
con g
105H
99 H
105H
2
33 H
45
42 H
47
59H
Ore Short Line 1st
99H 108H
99 H
2
yb
O
116H
114H 118
aaa2
x
110
115
106 H
2
73
48 H
bb
Oregon RR A Nav
♦115H
106
106
105
116H
aa
38
bb
2047
2047
-
115
aa
348
Ref A impt 4 Mb series A—.2047
Ohio Edison 1st mtge 4s
1st mtge 4s
aaa2
108H 110
*110
116H
114
Ref A Impt 6s series B
Ref A impt 6s series C
Ref A Impt 5s series D
Paducah A 111 1st
17H
79
aa
♦Certificates of deposit
Otis Steel
7H
64 H
x
North Pacific prior Hen 4a—-1997
Geo lien ry A Id g 8s Jan
2047
Ore-Wash RR A Nav 4a
18 H
x
{Northern Ohio Ry—
♦
1st gtd g 5s
1945
♦1st mtge g 6s (stamped can¬
cellation of guarantee). 1945
Guar stpd cons 5s
8
A
1959 F
gu g
109
96H 104H
16
68
107
6
68
68
62 H
111H
1974 M 8
Debenture 4s
North Cent gen A ref 6a
Gen A ref 4 Mb series A
{♦Og A L Cham 1st
+ lm
10H
2
z
F
103
2
z
a
*108H
102H
10H
108
14
3M
6H
107H 112
*109
aaa2
Pitts Y A Ash 1st 4s ser A—-1948 J D
1st gen 6s series B
1962 F A
1st gen 58 series C
1974 J D
1st 6s extended to
39 H
5
*110
aaa2
aa
0
1st 4Hs series D
Port Gen Elec 1st 4Hs
*.50
110H
♦108H
aaa2
x
D
1960 A
aaa2
x
x
1970 J D
1975 A O
x
x
x
1964 J/N
1st mtge 4Hs series C
12
9H
51
1963
A
Pitta A W Va 1st 4 Hs ser A.1958
1st mtge 4Hs series B
1959 A
30
107 H
*7
mm. — *.
F
Gen mtge 5s series B
J
Gen 4Hs series C
1977 J
Pitts Va A Char 1st 4s guar. 1943 M N
6H
5H
101
9H
bb
A x
Series I cons 4 Hs
Series J cons guar 4 Hs
Gen mtge 5s series A
9
23
23
*4H
cc
M 8
4s
108 H 108 H
112
62
bb
Norf A W Ry 1st cons g4s—-1996 O
North Amer Co deb 8Mb
1949 F
3Hs————1964
4
104H
105H
c
1 {♦Norfolk A South 1st g 5s. 1941 A/N
Debenture
104H
cons guar
D
1957 J/N
1960 F A
Series G 4s guar
10
1955 J D
N Y A Putnam 1st con gu 4s. 1993 A
20 H
10
1
1942 A O
♦General 4s
{♦N Y Prov A Bostocr4s
11
6
65
cccl
J ♦Harlem R A Pt Ch 1st 4s 1964 M N
46
13H
12H
17H
27
*17'
cccl
♦Debenture 4s
14
13M
12H
16H
A
8H
1H
6H
1H
15H
3M
2H
2H
2H
6H
5H
.....
3H
m8H
4
*2H
3H
4
10H
14
3
4M
1H
4H
3
8H
7H
10H
9
15H
eligibility and rating of bonds.
See *
Volume
Bating
Week Ended Aug. 23
Price
97 H
41
93 H
97 H
63 H
17
55H
67
Virginian Ry 3Hs series A—.1966 M 8
26
55
18 H
*49 H
*13H
z
100 H
x
Socony-Vacuum Oil 3s debs. .1964
x
aaa4
South A Nor Ala RR gu 5s.. .1963
South Bell Tel A Tel 3Hs—■ .1962
x
a
x
aaa3
.1979
x
aaa3
x
aaa3
x
101
15
104 H
aaa2
A
"l04H
*116
3
115
106 H
107
25
105H 109 H
108
2
107 H 111
101
J
x
bbb3
105H
105 H
105 H
3
.1946 J
D
x
bbb3
102 H
102 H
102 H
8
.1951 A
O
bbb4
106
106
106
2
J
D
bb
M S
A. 1977
.1968 M S
bb
Southern Colo Power 6s A
_.
1st mtge pipe line
4 H8
So Pac coll 4s (Cent Pac coll). .1949
Lines)
Gold 4 Ha
Gold 4 Ha
1946 J
"44 H
38 H
45 H
47
bb
bbb3
"~88H
"_40
87 H
51
56
100
70
74
12
75 H
54 H
2
89
78 H
39
*106 H
16 H
16 H
3
^♦Spokane Internal 1st g 5s.
cccl
1901
aaa4
104H
13
Standard Oil N J deb 3s
2 Ha debenture
Studebaker Corp conv
1953
"78H
*60
104
105
4
26
7
105 H
16
125H
6
*112H
aaa4
109 H
109H
4
1950
bbb3
87 H
87 H
aaa4
105H
5Hs A.
105
*
4
106"
"lOfT"
109H
"n
87 H
1
105 H
76
33
aaa3
72
108H
15
23 H
101H 1O0H
100H 106 H
81
113H
104H 106H
128H
122
111H 115H
104 H 111H
92
70 H
106H
102
a
4s....1952 A O
J
1977 j
West N Y A Pa gen gold 4s_. 1943 A O
:♦ Western Pac 1st 6s ser A—1940 M 8
x
bbb3
x
bbb3
Western Maryland 1st
74
2.40s
.....
2.50s
2 65s
-
2.60s
2.65s
Nov
May
...Nov
...May
x
47 H
2361
Wheeling ALE RR 4s
1949
Wheeling Steel 4Hs series... 1980
J
j y bb
M
S
"ii3H
A
x
x
H
113H
113H
1
110H 110H
101 %
100 H
101 H
64
90 H 102 H
bbb2
1940 M N
J {♦Wilkes-Bar A East gu 58.1942 J D
Wilson A Co 1st M 4s A
1955
bbb2
F
White 8ew Mach deb 6s
12H
cc
x
bbb3
"13"
~~4
105H
105H
4
100 H
105H
3
100 H
103
100
*99 H
100 H
2
z
13 H
9H
100H 106 H
98
102
110
112
109
106
D
x
a
4
109H
109H
107 H 110H
J
z
c
2
S
x
a
4
103 H
102 %
x
bbb4
105H
105 H
a
Conv deb
56 H
19
18H
3Hs
♦Certificates of deposit
{♦Su A Du dlv A ter 1st 4S.1930 MN
♦Certificates of deposit
22
45
62 H
Wisconsin Elec Power
60
11H
25 H
Wisconsin Public 8ervlce 4s_.1901 J
3HS—1968
95
,100H
100H
t♦ Wor A Conn East 1st 4 Hs -1943 j
105
*100
107H
4
M
J
O y bb
M 8
J
65 H
66 H
7
82 H
61
8
55 H
105H
14H
14H
A
z
cccl
*12
13 H
14 H
80
99 H
82 H
aa
z
cccl
3
82 H
107 H
x
8H
MN
10H
4H
4H
*3
9
110
14
9H
55
103H
105M
101H 109H
101
1O0H
25
108
104
106H
*12
J
1961
23
8
121H 125
*121H
b
O
1st mtge s f 4s ser C
25 H
14
21 H
67 H
z
A
1948
M
13H
"98" "99H
~97H
MN
F
"22H
89 H
61
105H
bb
38
87
*_.
4
aaa3
x
J y
H
21
*105H
aaa2
a
56 H
86 H
3
x
x
S
I
56
56
bbb3
x
*111
22 H
Youngstown 8heet A Tube—
Conv deb 4s.
D
1
D y b
107 H
105H 109
109»aj
103H
i09»Vj
102 y9
103H
Cash sale; only transaction
r
during current week,
n Odd lot sale, no
week,
transaction during current
109H 112H
100H 104H
included In the yearly range
current week and not
No. sales.
9
8
*8H
Cash sales transacted during the
e
{ Negotiability Impaired by
tion
per
200-pound unit of
a Deferred delivery sale: only
Included In year's range
t The price represented Is the dollar quota¬
Accrued interest payable at exchange rate of
maturity,
bonds.
*4.8484i
113
H2H
113H
115
HO
98
26
92 H
97
40
92 H
101 H
102 H
a
3
106 H
106
4
*66
M S
bb
4
M 8
aaa4
aaa3
O
32
97H
96 H
97H
b
A
x
102 H
81
77 H
H
48
7
81
101H
104H
53 H
70
"45
75H
99 H
99H
102H
100H
77 H
89 H
f The following Is a list of
the New York Stock
Central Foundry 6s 1941, Sept.
Pennsylvanla-Dlxje Cement 0s 1941, Sept.
t Companies
A..1955
1957
Pacific RR—
§♦4 Ha July coupon off..-.1934
§♦4 Ha assented
.1934
100H 100H
100 H 100H
*100 H
*100 y9
A
100
100 H
*100 H
101
*100 H
101H
*100 H
100H 100 H
100 H
100
100 H 100 H
101
*100 H
100 H
100 H 100 H
100 H 100 H
100 H
101
*100 H
100 H
100
100 H
*100 H
100 H 100 H
100 H 101
101
100 H
101
100 H
101H
101
101
100
101
100 H
100H
100 H
100 H
100 H
100H
100 H 100H
100 H
100 H
100H
101H
100 H
100 H
101H
100 H
101H
Indicates those bonds we believe are
provision In the bond tending to
some
*
Indicates Issues in
*100 H
based on the ratings assigned to each bond
agencies.
The letters Indicate the quality and the numeral Immediately
number of agencies so rating the bonds.
In all cases the symbols
wl JJrepresent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating Is shown.
The rating
symbols In this column are
A great
majority of the issues bearing
Transactions
18
25
*22
25
20
23 H
20
24H
*20
23
20 H
bbb3
88 H
x
bbb2
x
bbb3
A
x
aa
x
aa
Aug.
Slocks,
Railroad <k
United
Total
Mis cell.
Municipal
States
Bond
Shares
Bonds
For'n Bonds
Bonds
Sales
23, 1940
20
84
93 H
S756.000
Monday
129,650
242,000
360,310
441,180
294,460
1,535,000
2,232,000
3,105,000
3,468,000
2,552,000
1,574,900
$13,648,000
$2,557,000
Saturday
Thursday
c
101H
50
96
104
101
102
41
95
1 04H
Friday
—
Total
Sales at
New York
Vera Cruz A
Week Ended Aug. 23
Stock
Exchange
H
1939
1940
foreign
Railroad and industrial.
Total.
incorporated in this tabulation pertaining to
203,000
71,000
$694,000
$16,899,000
54,000
Jan. 1 to Aug. 23
1940
j
1939
1,574,900
4,779,744
139,838,335
141,756,506
$694,000
2,557,000
13,648,000
$4,120,000
$29,548,000
$57,691,000
5,510,000
19,692,000
143,565,000
828,942,000
156,258,000
835.938.000
$29,322,000
$1,002,055,000
$1,049,887,000
Bonds
State and
$982,000
1,926,000
2,882,000
3,724,000
4,304,000
3,081,000
$16,899,000
Stocks—No of shares..
Government
directed to the new column
$31,000
76,000
259,000
$195,000
315,000
391,000
565,000
633,000
458,000
Wednesday
101H
H
Slate
106,700
*106
z
13
Exchange,
New York Stock
Number of
Week Ended
*106
M N
~9o"
25
20
23
*23 H
x
the
at
Tuesday
*22
..
All Issues
Daily, Weekly and Yearly
•
102H
100
23
z
symbols ccc or lower are In default.
In default.
bearing ddd or lower are
101
101
100H 100H
102 H
z
F
status
by the four rating
100 H
100 H 100H
*100 H
*100 H
102
101H
not bank eligible due either to rating
make lt speculative.
in process of reorganization.
following shows the
99 H
102
*100 H
cccl
those bonds which we believe
default. In bankruptcy, or
*100 H
23
z
y
or
100 H
*100 H
Rating Column—x Indicates
100 H
101H
Bank Eligibility and
eligible for bank investment.
10IH
*100 H
*100 H
z
Included in
100H 100H
*100 H
b
during the current week and not
delivery sales transacted
No sales.
*100 H
z
z
week,
the yearly range:
*100
z
under
Bonds selling flat.
Deferred
No sales transacted during current
Friday's bid and asked price.
v
*99%
*100
101
H.
15 at
being In bankruptcy, receivership, or reorganized
securities assumed by such companies.
reported as
♦
*100
100 H
1 at 102.
Section 77 of the Bankruptcy Act, or
*99 H
2
Exchange bond Issues Iwhlch have
been called In their entirety:
110H
108
*107H
aa
1 1940
x aa
1 1941 MN
x aa
1 1941 MN
x aa
1 1942 MN
MN x aa
1 1942
x aa
1 1943 MN
x aa
1 1943 MN
x aa
1 1944 MN
1 1944 MN x aa
MN x aa
1 1945
x aa
1 1945 MN
x aa
1 1946 MN
x aa
1 1946 MN
x aa
1 1947 MN
x aa
1 1947 MN
x aa
1 1948 MN
MN x aa
1 1948
x aa
1 1949 MN
x aa
1 1949 MN
x aa
11950 MN
x aa
1 1950 MN
MN x aa
1 1951
x aa
1 1951 MN
x aa
1 1952 MN
1 1952 MN x aa
1 1953 MN x aa
x aa
1 1953 MN
1 1954 MN x aa
MN x aa
1 1954
11955 MN x aa
CorpS Ha A..1951
♦3Ha assented A
1951
♦Sec s f 6Hs series C
1951
♦3 Ha assented C
.1951
♦Sink fund deb 6 Ha ser A. 1947
♦3 Ha assented A
1947
United Stockyds 4 Ha w W..1951
Utah Lt A Trac 1st A ref 58.1944
Utah Power A Light 1st 5s__ 1944
Attention i«
45
44
aa
x
"48H
"46H
""48 H
109
J
♦Un Steel Wks
Vandalla cons g 4s series
Cons s f 4s series B
32
guar....—2361
♦
—May
2.453
52 H
14
*
J y bb
debentures—
—
35
b
J
United States Steel Corp—
2 35s
17H
"i§
b
z
3
J
58.1952
Co (Del) 5s
1953
Canal gen 4s.—1944
Nov
May
...Nov
70
10 H
y
aa
O y cccl
A
United Cigar-Whelan Sts
2.30s
72
6714
51
x
55 H
18 H
56
3
2.259
53 H
36
a"o
2
J yb
3
2.20s
25
67 H
*7
aa
2.15s..
69H
65 H
1
aa
2.109
66 H
b
cc
aaa3
May
Nov
...May
Nov
—May
Nov
May
67 H
69 H
y
z
97 H
A
1.95s
18H
50
1951 j d
30-year 5s
1960 m 8
j
♦Westphalia Un El Power 68.1953 J
25-year gold 5s
72
88 H
J
2.05s
10H
1
7H
53 H
10
...1947
1.90s
5
65H
2
21 H
3
90 H
34-year 3 Ha deb
—1970
M N
35-year 3 Ha debenture—1971
Ref mtge 3 Ha ser A
..1980 J D
United Biscuit 3 Ha debs
1955 A O
2.00s
13
05 H
bb
cccl
66 H
88 H
Union Pac RR—
1.859
18H
13
cccl
y
cccl
66 H
aa
1.803
10H
z
66 H
90H
aaa4
1.75s
7
z
104H 110H
2
a
x
1.625s
13H
ccc2
x
1.503
13
aaa2
A
1.375s
ccc2
z
Registered
92 H
aa
z
1946 M 8
West Shore 1st 4s
80
107 H 108^
x
4HS.1950 MN
♦6s assented
Western Union Teleg g
22
bb
A
—
"107H
72
79
4
107 %
z
F
1.25s
53
89
88 H
107H
x
F
1.125s
2
83 X
84
107 H 112
98
102H
y
A. 1942
1959
.8753
84
102
4
x
1947
59.1945
1.00s
102
3
t*Wls Cent 50-yr 1st gen 4s.. 1949
J5*Unlon ElevRy (Chic)
,75s
1
Winston-Salem 8 B 1st 4s... 1900
UDlon Oil of Calif 6a series
Nov
May
Nov
May
Nov
May
—Nov
—May
...Nov
...May
Nov
—May
Nov
May
Nov
104H 110H
115H 120
H7H
72
M S yb
,625s
D
x
1st A ref 5 Hs series A
bbb3
UJlgawa Elec Power s f 7a—1945
J
Union Electric (Mo) 3Ha_ —1962
.60s
3s... 1954 j
aaa3
110
110
72 H
3
375s
j
108 H
♦116H
110
63 H
106H
2
Serial
1900 J
*123H
108H
3
53 H
J
U N J RR A
aa
x
6
J y bb
United Drug
aaa4
x
13
J
4s.
70
108 H 109 H
128 H
120
68
J
1st A land grant
78
37
1O0H 109H
68
5s_—1937
3s debentures
84 H
30H
60
aaa3
x
90 H
16
31H
79 H
55
"39
aaa3
x
1st mtge 3Hs series 1
West Va Pulp A Paper
57
85
*106H
x
81
H
78
65
*
b
70
50
37
34
32 H
*30
1945
1945 F A
D
Westchester Ltg 5s stpd gtd.1950 j
Gen mtge 3Hs
1967 j D
63
"7
03
80
67H
Ha.—1952
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953
Tol A Ohio Cent ref A Imp 3 H a '60
Tol St Louis A West 1st 4s
1950
Tol W V A Ohio 4s series C—1942
Toronto Ham A Buff 1st g 4s .1946
Trenton G A El 1st g 5s
1949
Trl-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7 Ha..1955
♦Guar sec I f 7—
1952
♦AdJ Income 5s
{♦Third Ave RR 1st g
A
F
"sin
101H 106 H
65
3
a
1964 M 8
Tide Water Asso Oil 3
"so"
A y b
y
2
20
*78
S y b
M 8 z cc
Wash Term 1st gu 3Hs
1st 40-year guar 4s
61K
9H
bbb3
1960
Jan 1960
4s
1941
42
9H
bbb3
/
Third Ave Ry 1st ref
^♦Warren Bros Co deb 6s
91H
4H
69H
67
69H
1948 M
102
100 H
98
aaa3
.1959
deb
1943
Texas A N O con gold 5s
Texas & Pacific 1st gold 6s.. 2000
1977
Gen & ref 5s series B
1979
Gen & ref 5s series C
1980
Gen & ref 5s series D
Tex Pac Mo Pac Ter
6s debentures
Warner Bros Plct 6s debs
83
42
39 H
"l7
104
104
x bbb2
O y bb 2
O y b
1955 A
53
108 H 112
105
100
2
bb
69
105H
104 H
105H
aa
76
125H
aaa4
bb
1953
"5"
D
j
48 H
73 H
63
aaa4
A.
9H
65 H
1955
Gen refund s f g 4s
4H
52
93
So'western Bell Tel 3 Ha B_. 1964
1908
1st A ref 3s series C
Texas Corp 3s
*4H
56
110H
106 H
Texarkana & Ft 8 gu 5 Ha
cc
58
110H
Term Assn St L 1st cons
9<H
O
80 H
*67 H
5a.
5s_. 1944
4H
63H
aaa4
Tenn Coal Iron A RR gen
8
42 H
bbb2
aa
4H
6
.1951
J
4H
72 H
2
1959 AfN
cc
51H
2
195' J
13
4H
61
bbb2
Swift A Co 1st M 3Ha
7
7H
7H
7
Washington Cent 1st gold 4s_1948 Q M
bb
deb 6s 1945
28
51
13H
5
50 H
bb
St Louis Dlv 1st g 4s
9H
"7H "lO
4H
30
1996
1st g 5a
*9H
O
1955 A
35
1956
—
Devel & gen 6 Ha
Mem Dlv
1945
30 H
.1956
Devel & gen 6s
41
West Penn Power 1st 5s E—1963 M 8
1st cons g 5s_. 1994
Devel A gen 4s series A— 1958
bb
1
cc
53 H
54 H
2
.1955
Southern Ry
46
4H
54
bbbl
1st 4s stamped
46
39 H
72
bbb2
4a__. .1955
20
25H
A%
50
50 H
bb
O
48
10H
5
1
*35 H
40H
37 H
30 H
0
28
cc
Warren RR 1st ref gu g 3 Hs.2000 F
39
17
11H
cc
50 H
60 H
b
40 H
11H
27
b
30
40
62 H
109 H
cc
30
40 H
37 H
H
39
b
24
38
39 H
54
102
39H
2
ccc2
109
39H
b
J
1950 A
10-year secured 3Ha
San Fran Term 1st 4s
38 H
44 H
2
78
70
6
21
58
G A W—
Walworth Co 1st M 4s
107H
104
12
b
.1969 MN
1981 M N
Gold 4 Ha
So Pac RR 1st ref guar
Walker (Hiram)
97H 102 H
Convertible deb 4Hs
Southern Natural Gas—
2
78
107H
68
106 JM5
'~28~~
b
1941
♦Ref A gen 4 Hs series C—1978 A
♦Ref A gen 5s series D
1980 A
106
40
b
1939 MN
1939 F A
—1954
♦Omaha Dlv 1st g 3Hs
1941
♦Toledo A Chic Dlv g 4s. .1941 M S
J* Wabash Ry ref A gen 6Hs A *75 M 8
♦Ref A gen 5s series B
1976 F A
101H 105H
High
111
61H
107
3
48 H
78
58
NO. Low
High
HO
48 H
106 H
Jan. 1
Ask
*109H
aaa2
x
{♦Des Moines Dlv 1st 4s..1939
109 H
5
108
"167"
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
119
104
104 H
{♦2d gold 5s
102H 106 H
109"
104 H
1947 J
Southern Kraft Corp 4Hs
1st 4Ha (Oregon
5
....
109
"l09"
J Mat gold 5s
36
12 H
102 H
94
99 H 101
19
104 H
bbb3
101H
100 H
100 H
xbbb2
.1965 F
2
36
36
36
cccl
A
tWabash RR Co.—
14 H
3H
Since
Friday's
Bid
Low
61H
4
1H
M S
Price
96 H
IN
6
Range
Range or
Sale
See 4
61H
2
*1H
_
Rating
97 H
♦1H
c
y
Last
Elig. &
35
Va Elec A Pow 3Hsser B...1968 M 8 x aa 2
Va Iron Coal A Coke 1st g 58.1949 M S y ccc3
J y bbb2
Va A Southwest 1st gu 5s.-.2003 /
1st cons 5s
1958 A O y bb 2
c
z
A
EXCHANGE
STOCK
Railroad & Indus. Cos.(Concl.)
High
z
6H«.
.1961
No. Low
Y.
Week Ended Aug. 23
A
.1946 F
♦Silesia Elec Corp 0 Hs
Slleslan-Am Corp coll tr 7s_. .1941
.1952
Simmons Co deb 4s
.1950
Skelly Oil 3s debs
1st mtge A ref 4s
High
N.
Since
A
J x aa
Shell Union OH 2 Ha debs— .1954 J
Shlnyetsu El Pow 1st 6 Ha__. .1952 J D y b
1951 M S z
♦Siemens A Halske deb
Southern Calif Gas 4 Ha
Jan. 1
Low
Railroad & Indus. Cos. (Com.)
J ♦Seaboard All Fla 6s A ctfs.1935 F
♦6s Series B certificates
1935 F
3s debentures
Range
Friday's
A
Ask
Bid,
1|
BONDS
Range or
Sale
See i
I*
EXCHANGE
8TOCK
Last
Elig. <k
BONDS
Y.
Week's
Friday
Baa
Week's
Friday
Bank
N.
1113
New York Bond Record—Concluded—Page 6
151
bank eligibility and rating
of bonda. See note A above.
New York Curb Exchange—Weekly and
1114
Yearly Record
Aug. 24, 1940
NOTICE—Cash and deterred delivery salee are disregarded In the week's range unless they are the only transactions of the week
of the regular weekly range are shown
In a footnote In the week In which they
occur.
and when selling outside
No account is taken of such sales In computing the range for the year
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Aug. 17, 1940) and ending the present Fridav (Aug. 23, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock
bond, in which any dealings occurred during the week covered.
I
Sates
Friday
Last
Par
STOCKS
Week
Hale
of Prices
Low
High
Price
s
Range
for
Shares
Low
13
Acme Wire Co common. 10
Aero
of Prices
Low
High
May
22%
Jan
July
4%
Jan
22 %
7
Mar
May
1
B
6%
5%
5%
1,700
5
6%
600
4
May
10
Jan
1% May
Investors common..
17 %
Conv preferred....
Warrants
Alabama Power Co 17 pf.
93%
preferred
60
101
70 %
101
92
93 %
90
70
Alabama Ot Southern..60
Jan
%
May
600
*x«
r68
10
June
90%
82
May
May
100
Conv preferred
Bickfords Inc common
Blauner's
AllesA Fisher luc com...*
2
Feb
2%
Jan
BIIm (E W) common
Feb
Blue Ridge Corp com
July
May
July
11%
Allied Intl Investing—
3
8
Aluminum Co common...*
0%
preferred
100
Aluminum Goods Mfg...*
Aluminum Industries com ♦
Aluminium
0%
Ltd common.*
preferred
17
160
160
161 %
113% 113%
-jj"
"75%
17
17
760
138 %
108
Jan
May
16% June
6% May
42% May
96% May
% Aug
60
200
*68% "75%
"700
100
American Beverage com.
American Book Co
100
39 %
38
36
40
Amer Box Board Co com.l
June
4
39%
May
4
21
192%
118%
18
Apr
Apr
Apr
11%
Feb
110% Mar
109% May
1%
Apr
49%
Apr
7%
Apr
American Capital—
Class A common.... 10c
Common class B
preferred
16.60 prior pref
•is
1
A
%
28%
28%
100
%
H
2,100
31%
11%
33%
2,800
12%
1,100
1
12%
Amer Fork & Hoe com
preferred..... 100
Amer General Corp com 10c
preferred
32%
111
10%
31%
200
1,600
300
3
3
10%
33
111%
110
600
13%
13%
60
Laundry Mach...20
26
preferred
11%
li'% "14%
300
26
Amer Mfg Co common. 100
Preferred
100
Amer Maracalbo Co
Amer Meter Co
70
*
70
10
1
"29"
"29*
"166
Amer
Pneumatic Service.*
Amer Potash & Cbemioal.*
American
Republics
Amer Seal
10
American Thread
Anchor Post
4%
4
*
com
1st $0 preferred
10 series preferred
•
*
5
4%
400
7x«
72
May
May
19%
Apr
%
9%
Mar
'11
26 %
107%
May
May
July
39 %
111%
2%
22%
preferred
Apr
Jan
July
11%
13%
11
Preferred
Brill Corp class A
Class B
Registered
3 %
%
May
Mar
%
Am dep rets ord reg
Am dep rets ord
j Brown Co 6% pref
600
400
7
7%
200
Feb
1% May
1% May
6% May
87
11%
May
July
Class A preferred
$0
%
2%
2%
Vot trust ctfs
Aug
8%
Feb
%
*
1
Atlanta Birmingham A
Coast RR Co pref... 100
Atlanta Gas Lt 6% pref 100
Jan
Feb
%
6%
Jan
Jan
65
2%
12%
400
12%
200
12
"166
hi
Am
13%
Feb
"266
June
»x. May
May
11%
68
2%
2%
Tobacco—
4
600
2%
2,300
10
Purch warrants for
com.
Bardstown Distill Inc...
Barium Stainless Steel
Barlow <fe Seellg Mfg—
A com
Capital City
Products
5%
25%
1
26
5%
25%
700
6%
25%
hi
page
Feb
14%
May
34
July
19%
Jan
10
May
17
Apr
20%
Feb
20
Apr
Mar
Jan
1%
Feb
Mar
1%
May
May
May
5%
Feb
Feb
18%
2% May
1%
"37"
"l%
"38"
200
"150
June
38
1%
May
July
4%
11%
Jan
5%
1%
43
Feb
20%
500
"16"
20%
10
"800
28
Jan
10
May
90%
20%
May
9
May
22%
108
Jan
Jan
Jan
May
14%
Jan
% June
Apr
'"hi
100
7i»
"x«
100
% June
2%
1%
1%
%
'11
May
1
1%
11%
1%
Aug
3%
Apr
May
18%
Mar
Feb
May
2 %
A pr
17%
5%
May
2%
4,100
17
Aug
6%
Jan
Jan
Mar
Apr
Apr
22
Jan
11%
Apr
10%
5%
10%
100
9%
6%
500
6%
July
May
1
June
2%
Jan
%
%
1,000
%
1%
Feb
100
6%
%
18%
4%
May
May
*
Carnation Co
4%
*
4%
Carrier Corp common
1
Carter (J W) Co common. 1
Casco Products
*
20
1%
25
May
7%
40%
May
May
May
80
9%
May
27
102
Jan
Jan
Feb
109
May
Apr
May
"0%
7%
400
6%
100
""2% "2%
1
"266
6%
May
May
7%
6
May
12
Feb
15
7%
104%
15%
6%
7%
102
Castle (A M) common..10
Catalln Corp of Amer
May
97%
*
common
(7 div
preferred
partic pref
Cent Hud G A E
Feb
Cent Pow A Lt
com
June
20
Jan
1%
May
1%
6%
7%
2,100
200
preferred
preferred
7%
Conv preferred
3%
May
Jan
Apr
Jan
hi
14%
14
15
4%
Apr
Chesebrough
63
3%
30%
4% May
May
May
Ti« July
Chicago Rivet A Mach
Chllds Co preferred
%
Mar
May
3% May
9% May
3%
May
4
June
12%
1119
Feb
8% May
27% May
7%
Apr
%
Apr
%
Jan
11%
7%
16%
6
6%
15
5%
10%
95%
Mfg
25
Chicago Flexible Shaft Co 5
Jan
Apr
Claude Neon Lights Inc__l
1
Jan
Jan
2%
Jan
2%
Jan
4%
May
7%
Mar
June
13
Jan
95%
50
95
May
117
Apr
June
83
Apr
50
10%
5%
70%
71%
700
6%
5%
70%
*
Clark Controller Co
Jan
10
50
6%
100
10%
6
4,400
4%
10
Mar
Aug
%
29%
Mar
4
Jan
6%
May
49
May
79%
July
May
9%
4%
May
7%
75
Apr
July
July
46
May
85
May
115%
Mar
75
$0 preferred BB
Cities Serv P A L (7 pref.*
(0 preferred
Jan
Jan
July
May
Jan
100
0
5%
15%
"l4"
5%
"15%
300
May
110
Mar
"400
100
4%
May
7%
Feb
6
City Auto Stamping
*
City A Suourban Homes 10
Apr
2%
%
%
2%
8%
300
»u June
Apr
Mar
May
115% May
4%
5%
4
100
preferred
60c preferred B
Apr
Apr
10%
Chief Consol Mining.
(6
Jan
109
55
4
.5
Charls
Apr
Apr
Feb
5%
Feb
34%
87% May
Feb
17%
10%
% May
•xi May
100
2% May
Jan
500
3
Corp common
10
Cherry-Burrell common..5
May
%
100
Feb
100
2,500
%
May
105%
»u May
Apr
Co....
Jan
127
June
0%
95%
Conv pref opt ser *29.100
Chamberlln Metal Weather
Strip
June
91
100
Mar
Mar
Jan
100
1%
Feb
13
Jan
500
17
18
140
2% June
20%
69%
1
20
May
100
7% pfd 100
Cent States Elec com
Jan
18 %
14%
May
106%
97%
Cent A South West Utll 60c
Mar
Jan
Jan
175
98
May
May
*n May
%
Jan
Mar
%
200
1
2%
6%
4
"97% "98%
14%
*
4
May
125
27
3%
25
•
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
'
125
*
Cent Ohio Steel Prod
0
124
7% 1st partic pref... 100
Celluloid Corp common. 15
Jan
19%
8
pref......20
«ee
200
*
Class B-..
23%
May
4%
Beau Brummell Ties Inc..
Beaunlt Mills Inc com.. 10
For footnote
25%
1
Baumann—See "Ludwlg"
1%
25c
Carman A Co class A
July
3
25%
6
Basio Dolomite Inc com.
Bath Iron Worlds Corp
38
May
30
1
Cities Service common..10
7% preferred
30
Baldwin Rubber Co com.l
1% May
*
3% May
3% May
15
Aug
34
Ayrshire Patoka Collieries 1
*
1%
*
Class B non-voting
Marconi
%
Class A common
20
Apr
May
10
1%
—
1
14%
3%
26
Babcock & Wilcox Co
Baldwin Locomotive—
2,300
*
Class A voting
Apr
May
Apr
June
14%
Warrants
Aviation & Trans Corp.._l
11%
dep 5 %% pref shs £1
4%
104%
Jan
13%
w_.._25
x-w
May
Canadian Indus Alcohol—
Apr
June
2
Products
6
Automatic Voting Mach_.
Avery (B F) 4 Sons com.6
conv
Apr
2%
May
Automatic
conv
%
Feb
July
1% June
3%
Atlas Corp warrants
Atlas
Axton-Flsher
Apr
100
2
Atlantic Coast Line Co..60
Atlantic Rayon Corp
1
w
Jan
4
Cables A Wireless Ltd—
1st
Atlantic Coast Fisheries..1
11.60
*11
May
»»•
Assoc Tel & Tel class A...*
6% preferred
6% preferred
Jan
Apr
Ceianese Corp of America
Laundries of Amer *
11.20
Jan
warrants
Drop Forge com...6
Atlas Plywood Corp.....*
}Austln8llver Mines
1
Apr
3%
1%
1%
Carolina P A L (7 pref...*
(6 preferred
*
May
Apr
Mar
49
60c
Carib Syndicate
11%
i Associated Gas & Elee—
t c common
10%
Cable Elec Prod com...60c
Jan
8%
99
Jan
V
25
1st preferred
Canadian
5%
H
36
May
1%
1
1
com
(1.00 preferred
(5
Jan
Mav
1
Apr
8%
7%
17%
7% July
7% June
11%
Bruce (EL) Co common..6
Apr
Apr
Apr
4
800
May
10%
*
...»
Jan
700
Assoc
preferred
115
4%
1
8
10%
7% partic preferred...25
4%
•
2% June
3% May
Feb
Feb
Feb
Apr
Feb
Apr
4%
A
1%
Apr
Apr
May
15
Associated Elec Industries
preferred
Aug
May
May
30
Canada Cement Co Ltd..*
Ashland Oil & Ref Co
H
2%
May
Mar
30
Brown Forman Distillery.
Mar
6% Mav
Jan
Mar
48%
6%
%
8%
4%
Apr
8%
2%
31%
Canadian Car A Fdy Ltd—
6%
1
45
22
Feb
May
£1
Jan
July
Mar
4
Assoc Breweries of Can... •
June
Jan
6
May
2
100
$5
50
Camden Fire Insur Assn..5
2
28
6%
22% May
1%
Jan
15
Feb
May
Aug
% Aug
33% June
3% May
1% June
16% May
16
1%
108
May
*
3%
30
Mar
100
British Col Power cl A
Jan
5
Class
*22%
reg,.10s
17
5
Option
400
Brown Fence A Wire com.l
June
5
Common..
22%
Burma Corp Am dep rets..
Burry Biscuit Corp.. 12 %c
Art Metal Works com....6
1
400
3,000
£1
May
1%
..10
900
5
Am dep rets ord bearer £1
0
112% 113
Apr
British Ceianese Ltd—
2,000
100
40
Apr
%
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
11
"l% "2"
3%
10
2
»
Jan
2% May
1
May
% May
8% Mav
May
2%
12
1% May
Bunker Hill A Sullivan 2.60
Mar
Apr
Jan
Amer Tobacco—
Jan
10%
0%
"50
*
Jan
Jan
Feb
14%
29
100
76
Arkansas P & L17 pref
*
Aro Equipment Corp ...1
Amer deposit rets
preferred
British
Apr
Apr
May
2%
British Amer Oil coupon..*
May
36
hi
30
Buckeye Pipe Line
60
Buff Niagara A East Pow—
%
109%
50
300
Biillo Mfg Co common...*
Jan
May
% June
Aug
4% Aug
•x«
Mar
*
Brown Rubber Co
>11
.....
2%
*
Apr
Apr
23
5%
100
19%
i,x»
30
Bridgeport Gas Light Co.*
Bridgeport Machine
*
11
73
Mar
%
3%
Apr
Jan
Mar
%
5%
4%
8%
Can Colonial Airways
113
30
5
Mar
16%
29 %
25%
300
3%
Mar
18%
37
1
31%
May
13% June
11% May
26
May
13% May
05
May
% June
35%
1
34%
4
Jan
125
June
*
May
May
lArcturus Radio Tube...l
Arkansas Nat Gas com...*
Common cl A non-vot..*
14%
'37"
1,000
*
Jan
Jan
50
700
1
Breeze Corp common
Brewster Aeronautical
Mar
1%
3%
13%
%
100
June
400
Apex ElecMfgCocom
*
Appalachian Elee Power—
0%
1st preferred
48
6% pf_.6
...»
33%
3%
13%
•
preferred
7%
136
%
4%
13%
*
com
350
70%
Fence......*
preferred
Apr
8%
20
1,600
%
71%
12%
1,300
Angoetura-Wupperman ..1
17
36
Apr
36
May
39%
Apr
65
Kap common..2
Corp
Jan
Feb
10% July
36% June
Brazilian Tr Lt A Pow
Mar
%
Apr
8%
'w
100
25
20% May
1
preferred... 1
Amer Hard Rubber Co..60
conv
Amer Lt & Trac com
June
22% June
% June
v
*
Elec._.10
4%%
Am Superpower
80
31
Amer Foreign Pow warr...
0%
June
% May
1
1
*
Bourjols Inc
Jan
25 %
33 %
Amer
20%
600
26
B
conv
Jan
Borne Scrymser Co
Bowman-Bfltmore
2d
Feb
32%
43%
46%
300
*
C) Co com
7% 1st preferred
7%
Apr
May
8%
Foundry
Class A..
Amer Cyanamld class A. 10
Class B n-v
10
12 60
*xi
05
*
Amer Export Lines com__l
12
Jan
May
May
July
30
%
Bohack (H
Apr
%
Class A with warrants.25
American Gas A
2%
13
*
Amer Centrifugal Corp
Afn CltJes Power & Lt—
Class
Jan
10c
S3
Class
1%
88
%
common......*
S3 opt conv pref
Blumenthal (S) A Co.
May
July
Apr
60
•
& Machine Co com
pref
3
(2.60 preferred
Birdsboro Steel
conv
300
400
*
Berkev & Gay Furnlture.l
Purchase warrants
Mar
S3
3%
High
3% May
13% July
23
July
Allied Products (Mich).. 10
Class A conv com
25
98
1,300
105%
3%
103
Low
4%
16%
114
111%
1%
15
Range Since Jan. 1,1(40
Shares
%% pf.100
Bell Tel of Pa 6
July
% May
15
for
Week
Benson A Hedges com...*
111 J*
Investment
4
1
Bell Tel of Canada
Allegheny Ludlum Steel—
7% preferred 100.... 100
Alliance
4
1
com
Belianca Aircraft com
6% Mar
14% May
3%
Apr
30%
Apr
»»•
Apr
78 %
Apr
108 %
Apr
98
Corp
Price
1
Beech Aircraft Corp
Bell Aircraft
Air Associates Inc com...
SO
Week's Range
Sale
Par
20%
Alnswortb Mfg common..
(Air
Last
High
Supply Mfg—
Class A
Class
Sales
Friday
STOCKS
(Continued)
Range Since Jan. 1,1940
Week
or
May
7
Apr
12
May
16%
Jan
% May
%
Mar
Volume
Range Since Jan.
Last
Week's Range
for
(Continued)
Sals
of Prices
Aug
Feb
Feb
Eversharp Inc com
30
May
4
May
4)4
4)4
4)4
100
254
254
2)4
100
1
May
May
2)4 Apr
354 May
May
6
Feb
£1
4)4
4)4
Colorado Fuel A Iron warr.
Jan
2)4
Jan
Fedders
454
Jan
50
7)4 May
51
1)4
63
1)4
75
700
»n
X
1,200
"24)4 ~26~~
""250
88
May
67
62)4
100
1
38)4
preferred
Oil
Cont G A E 7% prior
Apr
Feb
Fox (Peter) Brewing
May
45
Feb
)4
1)4
Aug
IX
Roll A Steel
May
May
3)4
Feb
8354
Apr
2)4
67)4
100
78
2,900
24)4
600
1)4
500
5)4
200
3)4 May
1)4
100
7
May
10)4
Jan
6)4 May
1154
May
"354 "3)4
~250
3)4 May
)4 May
"u Aug
700
1
1)4
1)4
£1
2,400
13
12)4
Aug
May
)4
Jan
IX May
..I
154
200
Feb
Feb
Feb
Feb
Apr
5)4
Apr
Jan
24)4 May
6)4
Jan
54 Apr
1)4
Apr
May
4
July
8)4
Feb
May
1)4
Feb
Jan
18
X
22)4 May
May
X May
8)4
Feb
6
109)4 109)4
10
May
4
5
*
6)4% pref.100
5
June
10X
Apr
IX May
108
May
254
Jan
112
Feb
Jan
7
Feb
2)4 May
July
454
19
Jan
Feb
1954
32
Jan
Feb
6)4
'"3)4 "3)4
com...5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Darby Petroleum
"266
16
9)4
22)4
35
Records common.. 1
conv
9)4
50
100
25
t8)4
May
21
May
Jan
4)4 May
200
5
1
com..5
36 prior pref
50
8% debenture
100
Derby 011A Ref Corp com*
A conv preferred
•
Detroit Gasket A Mfg
1
6% preferred w w
20
Detroit Gray Iron Fdy
1
Det Mich Stove Co com__l
Detroit Paper Prod
1
Detroit Steel Prod
10
De Vllblss Co common.. 10
7% preferred
10
8
3
4)4
6
June
Apr
14
Feb
Feb
98
Apr
IX May
)4
1)4
27)4
84)4
X
Dennlson Mfg cl A
2
Jan
May
200
31)4
31)4
10
9)4
9)4
Aug
30
100
7)4 May
16)4
May
X May
1)4
Feb
54 Mar
15)4
15)4
15)4
12)4 May
22)4 July
100
Feb
Feb
"25
6X
154
2)4
Jan
Mar
154
Apr
Jan
22
28
Apr
zlO
Apr
July
28
June
6)4
100
Jan
1)4
7%
5)4
5)4
100
Apr
"40
"2)4
"366
IX
Mar
Jan
May
)4 June
Eastern Malleable
5
200
5
54 May
July
8)4
7X
8)4
900
654 May
12)4
Jan
50)4
45)4
21)4
19
16
16
8)4
*
*
B
♦
Economy Grocery Stores.*
Elec Bond A Share com..6
35 preferred
*
36 preferred
•
36 preferred series B
ElecPA L 2d pref A
Option warrants
Etectrographlc Corp
Elgin Nat Watch Co
Emerson Elec Mfg
Empire Dlst
3)4
Feb
10
200
9
Apr
IX
Jan
May
5)4
IX
254
Mar
4
10X
154
28)4
10
1,500
Bi«
1
$6 conv preferred
*
62)4
62 X
63 X
39
39
39
96)4
96 X
60
8)4
754
6% conv preferred
Class A
96
554
4,100
May
6454
73)4
July
650
May
7)4 May
1,200
54 May
3)4
14)4
17
2
Jan
20
Jan
10 X
May
14
Jan
21
May
29*4
Apr
2)4
Aug
6)4 May
76
July
79
Feb
72)4
40
57
June
88
July
72)4
72)4
10
67
May
86
July
74
75
75
June
88)4
July
75)4
75)4
25
55 X
66
June
87
July
24)4 May
8)4 Mar
26
Jan
5% conv preferred
11
JaD
Div arrear
9
X
19)4
100
X May
300
875
19
•11
Feb
Aug
2554
Mar
2)4 May
5)4
Apr
Illuminating Bhares A
regis
5X May
19
Aug
5
May
May
554
100
40 X
100
854
8)4
200
2754
27 X
Apr
•
*
£1
Mar
Apr
7)4
May
49
6)4
Apr
6)4
Apr
954 May
32)4
Apr
11 X
Apr
Apr
106
»n
Feb
IX
Apr
Feb
25
June
17
June
28)4
June
Apr
Apr
Apr
8
4)4 May
11X
Jan
May
11454
Apr
June
36
6 54
May
Jan
135
4954
1054
Apr
Apr
2)4
Jan
Mar
X
Jan
25)4 June
39 X
June
111)4
Jan
107X May
114)4
Mar
b»
Jan
28
1,000
110
20
102
111)4 111)4
50
754
8)4
400
5)4
21)4
21)4
50
20 X
Feb
May
40)4 May
62
May
70)4
54
Aug
IX
Jan
X
Jan
Jan
54
2)4
Feb
July
8)4
Apr
109
109
54
54
54
"266
600
4)4
4)4
100
IX
4)4 May
May
14
29
Apr
Apr
23
19
19
"266
Jan
454
16
IX May
23
200
3)4
May
11
May
21)4
Feb
May
4)4
300
4
854
60
7
"25"
"166
4)4
854
25
"25"
Jan
May
7)4
Apr
12)4
Apr
11
June
27
May
60
May
13X May
Jan
14
7X May
23X May
24
8
50
Feb
10154
91
Jan
Feb
IX May
2
Imperial Chemical Indus—
Am dep rets
Jan
Apr
93
40 X
60
ctfs
Illinois Zinc Co
July
123X May
*
Co com*
Horn (A C) Co common.. 1
Horn A Hardart Baking..*
Horn A Hardart
•
6% preferred
100
Hubbell (Harvey) Inc
6
Humble OU A Ref
*
Hummel-Ross Fibre Corp
Hussmann-Llgonler Co...
IHuylers of Del Ino—
Common
1
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities •
Hy grade Food Prod
5
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
71
May
100
8)4
27 X
Mar
Jan
Mar
13
Apr
92
May
22)4
*7)4
854
x8
200
Apr
400
June
10
Jun
May
12
Jan
9)4 May
854
14
Jan
6
z554
Feb
14)4
Feb
29 X
Jan
36 X
Apr
254
Aug
3X
Apr
14 X
Hormel (Geo A) A
42
106
Apr
Herder's, Inc
14,500
Aug
Mar
common..5
100
Apr
May
Henry Holt A Co—
Participating class A.
3)4
81
88
40)4
...25
ex-warr
25
Hewitt Rubber
June
55
88
Preferred w w
Preferred
Jan
154
75
....
Heller Co common
Apr
Aug
•is
4
25c
*
Rubensteln
Apr
1
18
pf*
Hazel tine Corp
*
Hearn Dept 8tores com..5
Helena
48
11
Haverty Furniture conv
Apr
6
May
54 May
26)4
IX
Prod com..25c
1
Gulf Oil Corp
25
Gulf States UtU $5.50 pf.*
$6 preferred
*
Gypsum Lime A Alab&st.*
Hall Lamp Co
5
Hammermlll Paper..... 10
Hartford Eleo Light....25
Hartford Rayon v t c
1
Hart man Tobacco Co
*
Harvard Brewing Co
1
Hat Corp of America—
B non vot common....1
Hecla Mining Co
Mar
*11
25
*
Greenfield Tap A Die
90
25
100
Apr
8H
May
1054
•
1st oreferred
7%
Mar
>11
41
Great Atl A Pac Tea—
Gt Northern Paper
Apr
65
Mar
60
5)4
5X
60
*
$3 oreferred
*
Gorham Mfg common.. 10
Grand Rapids Varnish... 1
Gray Mfg Co
10
Non-vot com stock
Apr
Ti«
May
Gorbara Inc class A
28
354 May
Feb
41
May
Goodman Mfg Co
May
Jan
Jan
Aug
Apr
Apr
Feb
X June
32
150
19
19
95
95
17 preferred
*
Goldfleld Consol Mines.. 1
14
Apr
16 54
May
25
454
6)4
*
150
4)4
Mar
40 X
*
B
28
1754
1554
Jan
4)4 May
Godchaux Sugars class A.*
May
June
Jan
Aug
4)4
100
*
♦
Alden Coal
Jan
IX
87 54
Gladding McBean A Co..*
Class
78
8
*
Georgia Power S6 pref...*
$5 preferred
»
Gilbert (A C) common...*
Glen
July
98
100
1'
preferred
13
51
X
28)4
Common
100
900
1119
28)4
General Tire A Rubber—
Gilchrist Co
90
July
200
54
Preferred
Jan
Feb
65
stock...*
General ShareboldlngsCorp
S3
41
62
Gen Rayon Co A
275
254 May
May
in
Gen Pub Rerv S6 pref....*
ui«
1,700
9
"16
X
X
Gen Outdoor Adv 6% pf 100
6% preferred A
Feb
60
HolllngerConsolO M....5
Holophane Co common..*
Holt (H)—Bee Henry
71)4
19
"30"
"30"
X
Mar
Apr
Apr
63 H
X
100
Warrants
Gen Water O A E com
Jan
27 X
9
*
6% pref B.*
General Investment com.l
16 preferred
*
Gen Gas A El
24)4
69
1
For footnotes see page
Amer dep rets ord reg.£l
Gen Fire proofing com
May
62
19
10
4)4
4)4
12)4
1
16
4
1
Gen Electric Co Ltd—
850
71
Equity Corp common.. 10c
5854
Jan
May
54 May
52
22)4
8)4
63)4
72
Apr
32)4
19
July
«
Mar
1)4
100
6)4% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equip..6
Apr
20)4
5854
100
preferred
55 X
8)4 May
54 Mar
xllX
85 X
May
25
854 May
16)4 May
19 X May
30
26
154 May
100
"266
Gatlneau Power Co com..*
5%
17)4 May
8)4
Gamewell Co S6 conv pf..*
Genera) Alloys Co
Jan
T2254
8)4
12
600
12
*
prefen ed
Esquire Ino
3)4
17 X
17
12
300
E! 6% pf 100
33 conv preferred..
June
854 June
"2l"
Heyden Chemical
10
Hires (Chas E) Co
1
Hoe (R) A Co class A...10
Empire Gas A Fuel Co—
6%
1
500
1
$3 conv stock
*
4% conv preferred... 100
16)4
16
Easy Washing Mach
8)4
Conv
16)4
uie
Corp
37 preferred series A
Feb
Mar
X June
12)4
Jan
1
Common
Apr
113
700
Co..5
2 H
2
Iron..25
»
Eastern States
2)4
7954 May
5
8
2
100
100
110
Apr
AimAug
Jan
Jan
Apr
East Gas A Fuel Assoc—
4)4% prior pref
preferred
Jan
78
64
100
6%
Mar
67
32)4
107)4
"2"
cl B com *
Duro-Test Corp common. 1
Duval Texas 8ulphur
»
Common
Apr
May
12 X
Jan
654 Mar
5654 June
Durham Hosiery
10
Mar
Mar
Jan
Apr
26X
20)4 May
60
10
Eagle Plcher Lead
June
4
67
60
Corp.l
Duke Power Co
9)4
7)4
554
100
preferred
Dublller Condenser
13 X
May
25)4 May
100
*
Driver Harris Co
Mar
554 June
4
1
Dominion Bridge Co Ltd.*
Dominion Steel A Coal B 26
Dominion Tar A Chemical*
Dobeckmun Co common.
preferred
May
Aug
*1#
70
1)4
Guardian Investors
Apr
10
13
£1
Dlvco-Twln Truck com._l
5)4%
84 X
8X May
Mar
11)4
154
Grocery Sts
Distillers Co Ltd—
Draper Corp
1254
10
100 fires
1754 May
1)4
"23
"23"
new..2)4
Am dep rets ord reg
..
37)4 May
11)4
Apr
20)4
x
Diamond Shoe Corp com.*
Distilled Liauors
Jan
3)4
100
*
10
Stores
Apr
13)4
754
3)4
12)4
*
Curtis Mfg Co (Mo)
Dejay
30
May
Aug
1
500
Jan
May
J4
1)4
77)4
2)4
55
(Md).5
Crown Cork Internat A..*
Crown Drug Co com
25c
7% conv preferred
25
Decca
May
X
854
6)4 May
7
Feb
Die
Crowley, MUner A Co...*
Class A
Jan
200
Crown Cent Petrol
Cuneo Press
98
8)4
7)4
Jan
May
23
J
Cuban Tobacco com
Apr
4
)4
...6
Crystal OH Ref com
36 preferred
Cuban Atlantic Sugar
May
6)4
84
50
Croft Brewing Co
May
40
8)4
Ltd
May
"600
93
91
7)4
Crocker Wheeler Elec
Feb
2)4 May
39)4
Jan
3)4
Jan
97)4
Feb
154
Jan
""5)4 "6)4
91
"~6 X
*
Creole Petroleum
Jan
June
18
Apr
120
154 May
com...*
33 prior preference
*
Copper Range Co
♦
Cornucopia Gold Mines 6c
Corroon A Reynolds
1
36 preferred A
♦
6% conv preferred
May
111
20
5
Cooper-Bessemer
Courtaulds
100
154
pf 100
1
1
Cosden Petroleum com..
70
Fuller (Geo A) Co com
54
Amer dep rets.
75
•
Cook Paint A Varnish
275
partic pref.....15
Fruehauf Trailer Co
1
Continental Oil of Mez
Cont
107)4
___•
18
1)4
24)4
100
10
Consol Steel Corp com
Class B voting
11)4 May
21)4
Utilities
preferred
36 X
954
Jan
X Aug
51X May
10
*
Class A non-vot._
100
114)4 114)4
1)4
1)4
100
1
Ltd..5
Consol Retail Stores
1
8%
800
11)4
200
78
Consol MIn A Smelt
Consol Royalty
200
'
)4
2)4
Consol G E L P Bait com.*
Consol Gas
Mar
Froedtert Grain A Malt-
•
Corp..l
Co
1
4*4% aeries B Dref
8
15H
8
si«
60)4
154
Ford Motor of Canada—
12)4
)4
12
1
Conn Telep A Elec
Consol Biscuit
Apr
Apr
Apr
June
654 May
May
200
Ford Motor of France—
Conn Gas A Coke Secur—
S3
Jan
21X June
)4 May
Mach—
V tcextto 1946
Jan
10)4
28
Ford Motor Co Ltd—
)4
Jan
154 June
Jan
9
105
107
Am dep rets ord ref...£l
*i»
Aug
17X May
60
Florida P A L S7 pref....*
42)4
26
100
1
Fldello Brewery
60
2)4
IX May
1H
Distribution.. 1
Community Pub Service 25
Community Water 8erv__l
Com ik) Shoe
Flat Amer dep rets
Feb
70 X
June
Commonwealth A Southern
Warrants
1254
June
6)4 May
July
6)4
300
X
8
Fire Association (Phlta) 100
Columbia Gas A Elec—
Commonw
May
9
5
Mfg Co
4
200
Apr
2
1254 May
83
"20)4
Fed Compress A W'h'se 25
3)4 May
700
6)4
2054
31
June
7)4 May
2,000
6)4
20)4
854
7)4
1254
8)4
79
79
Patent Fire Arms.25
9)4
4)4
4
4)4
1
Brewing
Fanny Farmer Candy
1
Fansteel Metallurgical...*
H May
3)4 May
ord
Columbia OH A Gas
Falstaff
654 May
Cohn A Roeenberger Inc.*
9
300
July
2
FalrchUd Eng A Airplane. 1
2
Cockshutt Plow Co com..*
23
1
4
Club Alum Utensil Co—.*
6% preferred
Falrchlld Aviation
High
Low
1
9
1.1940
Range Since Jan.
for
Week
Share
Eureka Pipe Line com..60
48)4
754
150
Clinch field Coal Corp.. 100
6% conv preferred
5)4
of Prices
Low
High
Price
Par
Mar
Week's Range
Sale
High
Low
Shares
39)4
38
39 54
Last
-
(.Continued)
3J4
*
Cleveland Tractor com
High
Low
Price
Par
Colt'
STOCKS
1,1940
Week
Clayton A Lambert Mfg._*
Cleveland Elec Ilium
*
Sals
Friday
Sales
Friday
STOCKS
Colon Development
1115
New York Curb Exchange—Continued—Page 2
151
254
254
100
120
Jan
120
2954
2954
108
29)4
Jan
26
May
36)4
Apr
July
11254
May
108
108
13 X
May
19)4
Apr
52 X
1,700
47 X
May
68
Jan
51X
6)4
52
6)4
300
454
Feb
8X June
9)4 May
8)4 June
Jan
4)4 May
X
10)4
Feb
6
July
10 x
Feb
2
Apr
254
Feb
»u June
1X
34 X
IX
35
100
100
4
2X
3
300
22 X
2)4
"554
25
1,000
5X
5)4
1,400
4
4)4
450
IX June
3
Jan
May
254 Mar
2154 May
4754
33)4
Apr
Mar
9)4
May
4
Aug
7)4
Mar
55
June
63 X
Mar
28 X
4)4
5)4
Jan
Apr
6)4 May
6
JaD
New York Curb Exchange—Continued—Page 3
1116
Sales
Friday
STOCKS
Last
'eek's Range
(Continued)
Sale
of Prices
Low
High
Par
Price
for
Friday
Range Since Jan. 1, 1940
4,400
7%
8%
Low
300
Par
Hihg
5X June
12X
Jan
6X May
12 X
Jan
7X June
*
Registered
Imperial Tobacco of Caa.5
13 X
Jan
Imperial Tobacco of Great
£1
A Ireland
Britain
Indiana Pipe Line
pf-100
100
IndplsP&L6*4% pf—100
7%
preferred
3%
10%
16
17
17
3X
200
100
10
Mar
22
Apr
100
10X
Mar
21*
Apr
60
102 X
May
UO X 111
July
Aug
24 X
Feb
4X
July
113
Jan
X May
X July
Feb
Feb
X
X
100
Mach •
luternat Hydro Elec—
Pref 13.60 series
60
7X
IX
& Pow warr
*
*
Coupon shares
Registered shares
"m
7X
IX
"2% "zx
9X
73 X
Apr
10X
Apr
Mid-West Abrasive
200
6X May
16 X
Jan
600
1
2X
Apr
12X
Jan
6 X May
June
6,100
IX
5,100
8X June
9X June
11.76 preferred....
*
*
S3.60 prior pref
May
X
8
May
X
8
4X
8X
10
Interstate Hosiery Mills..*
4X
8X
10
100
200
300
19X
5X
Feb
Apr
Mar
X
Apr
Aug
May
Jan
Jan
Jan
Apr
Mar
13 X
100
May
'350
108 X 108 X
60
107X June
90
May
3X
6
OX
X
0
38
May
6X
100
5
May
OX
39 X
800
5X
200
24 X
May
Jan
X May
IX June
6
280
18
Moody Investors part pf.*
166
19
200
22
165
165
22
25
May
13 9 X
May
15 X May
22
July
X
2X
§Moore (Tom) Dist Stmp 1
Apr
May
May
4% May
8X
11
Jan
1
Feb
70% May
94
July
117X
Feb
5%
Apr
11%
9%
Apr
41
Apr
1
Jan
Jan
2%
7H
171
Jan
Apr
Jan
26
Jan
30
Jan
X May
4X
Jan
4X
Feb
OX May
3X May
Mountain Sts Tel & Tel 100
125 J*
July
May
2 X
Feb
6X
11%
May
May
17%
Apr
Mar
80
May
Apr
May
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.2*
Muskogee Co common
*
6% preferred
100
June
10
Mar
May
81X
Jan
May
11X
X
Apr
31
Jan
99 X
105X
60
90
May
60
97
May
109
Mar
20
22 X
1,200
18
June
36
Jan
"16
113
26X May
118
June
27 X
120
Mar
6
May
3X May
Jan
Ti# May
81* June
65
IX
IX
IX
300
IX
400
June
1
May
IX June
100
June
11X June
8X Aug
3X July
common
*
....
Nachman-Sprlngfllled
83
83
10
76
May
55
Feb
5
3X
4,700
16 X
iox
5X
400
iox
100
2X
May
75
8%
1
Bellas Hess com
12
6
*
Nat
X
200
X May
16
National Breweries com..*
July
National
.*
10
Feb
11
June
7X
Mar
National City Lines com.l
53 conv preferred
60
OX
Apr
National Container (Del).l
Candy Co
112 X
Jan
"i«
Mar
95
Mar
73 X
Mar
Nat Mfg A Stores com
Jan
Nat Rubber Mach
2X
Jan
Jan
Apr
National Steel Car Ltd...*
National Sugar Refining.*
IX
10 X
Jan
8X
Apr
iix
500
iox
4,500
'3'4'x "35"
'"260
*
National Oil Products...4
National P A L 56 pref...*
National Refining com
*
2
15
35
iox
10
10 X
*
88 X
National Tea 5 X % pref. 10
National Transit
12.60
Nat Tunnel A Mines
*
30c
90X May
Navarro Oil Co
75
89 X
400
May
7X
10
"~4~X "5"
20X
7X
7X
7X
9
IX
X
28X
7%
7X
9X
"466
1,625
400
25
1% May
31X May
76X June
Apr
May
13 X
Jan
11%
Feb
17%
Apr
47 X
Apr
14X May
13%
Jan
3X
Feb
44
Jan
97X
Jan
3X
3X May
OX
Apr
Feb
24
June
5444
7
May
IIX
Feb
5X May
8X
12X
Mar
1%
IX
12%
Feb
July
117 X
Apr
300
8X
IX
500
1
X
11 It
1,300
Jan
May
X
8
*
21X
142
July
IX
Nebraska Pow 7 % pref. 100
Nehi Corp 1st preferred..*
May
June
2
*
Nat Union Radio
83
5X
2%
Mountain States Power—
National Fuel Gas
111
3
Mar
May
May
Jan
Apr
Jan
{Nebel (Oscar) Co com...*
11* June
1
4X
37
37
14*
12 X
15X
3,300
3%
3X
3X
600
60
37
9X
12X
Apr
May
xO X
Apr
Aug
July
43 X
Mar
Nelson (Herman) Corp...5
Neptune Meter class A...*
25 X
Jan
Mar
3% cum 4%non-cum.l00
New Engl Pow Assoc
*
4%
100
12X
15X
Apr
16 X
Feb
*
4X
X
Aug
6X
X
Mar
12X
300
Class B
Lefcourt Realty com
Conv preferred
1
*
Lehigh Coal A Nav
__*
2X
2X
Leonard
Oil Develop...26
Le Tourneau (R G) Inc-.l
Line Material Co
800
X
100
X
9X June
Apr
4X May
IX May
X May
OX
Feb
Apr
Mar
3
9X
9%
"150
3X
100
3
May
May
6
5X
200
4X May
X Aug
7
18X June
8X
May
Jan
01X
iil'x iiSx
100
12 X
Apr
N Y Auction Co
July
22 X
Mar
IX
Apr
Jan
30 X
Apr
"io
June
13*
Jan
May
76 X
Jan
May
25 X
UOX June
136 X
Jan
Apr
3%
13 X
100
IOX May
57X
57X
200
49
X
13X
X
200
4%
200
June
May
X
July
8X May
15X
Apr
67
IX
26
July
2
*
com
Apr
65
4X
13X
New Mex A Ariz Land... 1
New Process Co
1
7% June
1
18
59
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Inc common...*
New Jersey Zinc
25
Jan
'
Feb
3%
36
Apr
Jan
Apr
Apr
N Y City Omnibus—
preferred
26
13
*
common
Loblaw Groceterias cl A._*
Class B
*
...6
Lone Star Gas Corp
Long Island Lighting—
»
N Y
8X
13
18X
8X
9
160
1,000
*
7% pref class A
6% pref class B
10
May
7X
800
100
13 X
Mar
56
May
10 X
May
N Y
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L 16 pref..*
31X
4X
4X
103
""225
33
4X
103
1,700
preferred...
Jan
Jan
44 X
Jan
2X
Mar
6X
106 X
Apr
Apr
6% 1st preferred
6% 2d preferred
20
100
20
20
Lynch Corp common
6
Manatl Sugar opt warr...
Mangel Stores
.....1
June
Mar
2
Apr
Jan
25
Jan
20
25
Jan
June
29 X
Apr
May
May
IX
Apr
IX
Apr
Jan
20
X
IX
*
30
May
39
Mar
Co.*
10
Jan
10
Jan
25
May
29
Feb
Mapes Consol Mfg Co...*
26
26
100
Marconi Internat Marine
17
10X
10 X
100
10
July
2X
2X
100
2
June
4X
Feb
Jan
"loo
IX July
IX May
21X
Jan
2X
"~2% "2%
5
Jan
42
Apr
1
Massey Harris common..*
...1
29
29 X
100
Apr
May Hosiery Mills Inc—
*
5%
5X
300
*
Memphis Nat Gas com..6
Mercantile Stores com.t_
~4~X
~4X
"600
3X
4X
3X
100
27 X
160
27
Merrltt Chapman A Scott *
Warrants
27
3X
4
300
May
3X
25
X
300
Apr
Mar
2
May
50
l
2X
Feb
9X
170X
Jan
Apr
5X
18X
May
Apr
30 X
Jan
4X
July
X
Mar
July
July
May
Jan
4
76
15
1119
X
Jan
X
Mar
IX
3554
26c
3X May
X
100
For footnotes see page
May
11
Merchants A Mfg cl A...1
Participating preferred.*
X July
4X May
123
July
X
3X
Feb
July
42 X
Jan
103 X
May
118%
Jan
109
98
May
17X
1,100
11
May
105 X 105 X
110
98
May
"20 X "20 X
17
5X%
preferred
100
105 X
"""46
17
17
5X
5
N Y Water Serv 6% pf.100
Jan
23 X
Apr
Jan
May
108
May
7%
29
Apr
Jan
Niagara Hudson Power—
10
100
4X
4X
2,900
81X
4X
81X
25
3X May
73
May
July
66
..100
*11
Class A opt warrants
Class B opt warrants
OX
Mar
Apr
Jan
X May
Jan
92
87
*11
1
Feb
Feb
Niagara Share—
Class B common...
Class A preferred
4X
5
100
3X
85
June
60
May
6*
Feb
99 X
Feb
7IX May
9% Mar
IX
Jan
X
X
100
8% May
X May
.1
Nor Amer Lt A PowerCommon
3X
3X
200
3X
May
5%
Jan
1
X
»i«
5,000
X
May
80 X
81X
175
57
May
IX
103%
Mar
19X
19 X
100
15
May
26 X
Apr
$6 preferred
.»
North Amer Rayon cl A..*
Class B common
*
SIX
15
May
26%
Jan
May
62
Feb
X
Mar
2X
May
Utility Securities.*
Nor Central Texas Oil...5
Nor Ind Pub Ser 6% pf.100
preferred
Novadel-Agene Corp
4
com
com
104
10
Mar
95
May
110
May
May
117X
May
Apr
6
May
9X
9X
iox
800
7
May
9%
15X
14X
15X
250
12
May
21
30 X
31
300
26%
June
38X
3%
May
"~2X
2%
3X
1,000
107 X
'""125
IX June
Jan
Apr
Aug
17
*
Ohio Power 6% pref.-.100
3X
Jan
14X
*
Ogden Corp
Ohio Edison 56 pref.....*
Ohio Oil 6% preferred..100
•is
97
104
100
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest Engineering..*
Jan
44 X
prior preferred...50
Ohio Brass Co cl B
May
*
Nineteen Hundred Corp B 1
5
7%
4X
100
Nlles-Bement-Pond
No Am
♦
Jan
Mar
"16
New York Transit Co
6%
._»
Apr
9X
New York State El A Gas—
Noma Electric
*
15
28%
May
15%
115%
N1 pissing Mines.....
Communlca'ns ord reg £1
Margay Oil Corp
*
Marlon Steam Shovel
Mass Utll Assoc vto.,
lilx
*
1
Common
92
1
Ludwlg Bauman A Co com*
Conv 7% 1st pref
100
preferred..
IX
48 X
May
IX May
3X May
21
10
100
Shipbuilding Cori>—
June
24
19
Apr
May
7
18
10
7% pref..100
X May
24
100
c.
Merchandise
N Y Pr A Lt
13X
15
Warrants
N Y A Honduras Rosarlo 10
Founders shares
Common
preferred
McCord Rad A Mfg B
McWilliams Dredging
3X
5X
*
Jan
Llpton (Thos J) inc—
Master Electric Co
5X
100
X JuDe
6
Locke Steel Chain
6% preferred
52 preferred
X
36X
21
84X
Nevada Calif Elec new..10
Jan
May
May
11X
UOX May
84X May
Nestle Le Mur Co cl A...*
2X May
x71
Apr
*
Corp
Apr
May
Apr
May
IX
96 X
102
100
100
Class A
Partic preferred..
2*
Feb
Mar
Langendorf Utd Bakeries—
Metal Textile
120%
July
*
Lakey Foundry A Mach.. 1
Mesabl Iron Co
May
IX
Jan
OX May
H
91 »4
118
Lane Bryant 7% pref.. 100
Lane Wells Co common.. 1
0X% A preferred
97
~~56"
"55'
Mtge Bank of Col Am aha..
99 x
_
Mead Johnson A Co
*
Montreal Lt Ht A Pow..*
Mountain City Cop com.6c
Mountain Producers
10
105
21*
1
Kreuger Brewing Co
$4
July
May
43 X May
1
A
Jan
oix
100
pref.
Manlschewltz(TheB)
Monroe Loan Soc
1
Jan
*
Lackawanna RR (N J) 100
Lake Shores Mines Ltd...l
conv
7
19
1
IX
Kress (8 H) special pref. 10
$5
Mar
May
17 X
12
Klelnertd B)Rubber Co. 10
Knott Corp common
1
Conv 7 % 1st pf v t
Jan
Jan
Apr
May
12
100
Kelln (D Emll) Co com..*
6%
Jan
"n
9%
May
200
IX
1
Klrkl'd Lake G M Co Ltd.l
Lit Brothers
4X
Mar
6X
X
17 X
14
6
100
June
Mar
X
Kir by Petroleum
conv 1st
July
Apr
9
Mar
May
18 X
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
4%
4X
10 X
July
June
*
Montana Dakota Utll—.10
18 X
Ken-Rad Tube A Lamp A *
Kobacher Stores Inc
"500
Monogram Pictures com.l
18 X
37
2X May
OX June
9
May
X
5
9X
Monarch Machine Tool..*
1st pf 100
6% preferred D
Kingston Products
75
Missouri Pub Serv com..*
May
IX
13X
13%
Kokenge com..*
common....
"OX "7 "
Mississippi River Power—
6% preferred
100
Feb
X
2X
1X
OX
X
Kansas G A E 7 % pref. 100
Kennedy's Inc
2,750
July
3*
*
Jersey Central Pow A Lt—
6%% preferred
100
6% preferred
100
7% preferred
100
Jones A Laughlln Steel. 100
6X
4X
Minnesota Min&Mfg
*
Minnesota P & L 7% Pf 100
9X
Investors Royalty
Jeannette Glass Co
Apr
Apr
12
10
Jan
8
May
200
5X
105 X 107 X
July
300
Interstate Power 17 pref.*
1
Iron Fireman Mfg v t o—*
Irving Air Chute
-1
Italian Superpower A
*
acobs (F L) Co
1
200
5X
50c
Montgomery Ward A
Vitamin... 1
200
*
dlv shares
X
100
100
X
7%
Mock Jud Voehrlnger—
Common
12.50
23 X
Interstate Home Equip._1
Koppers Co 6% pref
Kresge Dept Stores—
non cum
19*
Warrants series of 1940.
Key Co
52
Molybdenum Corp
1
Jan
X June
8
Midland Steel Products—
5X
X
X
.*
Class B
108 %
May
May
•11 July
4
Midwest Piping & Sup...*
Mining Corp of Canada..*
Ap.
Apr
International Utility—
Class A..—
X
Mid vale Co
23X
3
Internat Safety Razor B_*
4X
*
preferred
50X aMy
"500
International Products—*
Keith (Geo E)7%
conv
X
16X
4X June
10 x
High
Feb
X
100
6
1
Midwest Oil Co
IX
104
1
1
Jan
International Petroleum-
Julian A
t c
t c
Jan
Internat Metal Indus A—*
International
v
v
17X June
"60 H Six
Insurance Co of No Am. 10
Internat Industries Inc.—1
Ti«
9
100
International Cigar
Internat Paper
Class A
Middle West Corp com..6
Midland Oil Corp—
52
1
Low
100
*it
10
Preferred
Class B
.
preferred
Range Since Jan. 1, 1940
Shares
Middle States Petroleum—
»,
V to common
High
Mlcromatlc Hone Corp...l
6
3X
Industrial Finance—
7%
Lore
for
Week
of Prices
-*
preferred
8X
Non-voting class A—-1
B
56
Michigan Bumper Corp..!
Michigan Steel Tube..2.60
Michigan Sugar Co..
*
100
Indian Ter Ilium Oil—
Class
Price
Sales
Veek't Range
Metropolitan Edison—
16 X
17
8%
new.7X
Indiana Service 6%
Sale
(Continued)
Shares
7X
Last
TOCKS
Weet
6X
imperial Oil (Can) coup—*
Aug. 24, 1940
107"
May
24 X
May
95
May
110%
Mar
94
June
107
Apr
May
116X
Feb
110 J*
©
Volume
Par
Ohio P 8 7% 1st pre!
6%
Oklahoma Nat Gas
conv
Price
104
May
96
June
Apr
St Lawrence
8*4
Apr
Class A $2
2154
prior pref
50
50
39
May
60
Mar
7% preferred
114
25
100
May
117
Mar
Samson United
"5" ""May
Pacific Can Co common..*
1454
3254
29 54
pf.25
3)4
1554 May
Schlff Co
34 *4
Apr
Scovlll
31*4
Jan
10854
9554
654
Feb
Scran ton Lace common.
Jan
Feb
Scranton Spring Brook
Water Service $6 pref--*
Feb
Sculln Steel Co
*
Pantepec OH of Venezuela-
20
Feb
20
Paramount Motors Corp.l
...10
46 54
"4654
13*4
100
41
*11
27
25
May
Penn-Mex Fuel
Mar]
54
254
60c
Penn Traffic Co
214
154
1454
1
Penn
64
"
54
1
11154 11154
10654 10754
175
17554
pref...
56 preferred
50
Pennsylvania cougar com 20
50
9754 May,
May
20
50 rl58*4
12
22
754
2954
A. 10
Pierce Governor common.*
14
754
2954
1354
1*4
854
31
14
154
...»
654
654
654
1,000
112
Feb
May
5954
59
1254
81
x2
Polaris Mining Co
Apr
Jan
Jan
2854 Mar
Jan
June
May
May
120
43
200
9
May
May
700
65
w
300
Powdrell &
854
854
June
54 Aug
54 May
2*4 May
120
South
1354
8154
1354
104
Mar
254
July
Jan
Apr
11
Jan
15
Feb
1*4
Jan
Apr f
8154
Jan
May
Apr
May
2414
154
May
42
Mar
454 May
10
Feb
1
Premier Gold Mining
*4
*4
*4
16
54
400
32
Prentice-Hall Inc com.
Producers Corp of
"266
1
Pressed Metals of Am
54
Nev__20
*
Prosperity Co class B
Providence Gas
*
*
Prudential Investors
654
_*
56 preferred
July
254 May
854 May
454 May
"266
3
3
*""6
654
10254 10254
"400
May
95
50
Jan
Feb
j
(
*10454 May
109
*
*
57 prior preferred
56 preferred
91
8954
44
42
93
4554
June
300
67
May
250
35
May
!
Jan
*
*
56 preferred
85
2354
Tim ♦
Puget Sound Pulp A
Pyle-National Co com...5
Pyrene Manufacturing.. 10
Quaker Oats common
*
6% preferred
100
Quebec Power Co
*
Radlo-Kelth-Orphuem—
Option
j
May
11354
87
2554
18
"~Sk "«X
1,175
1,650
200
"""166
May
1354 May
1154
Jan
754 May
454 May
Feb
Aug
87
3254
29
10*4
754
94
June
12*
Feb
142
May
155
July
May
13
Feb
4*4
54 June
1054
Feb
54
Feb
14
Feb
May
41
July
54
54
1654
4*4
June
154
254
26*4
54
Aug
May
May
May
4*4
2054
100
"li""
'""So
10
May
13*4
2,100
4
July
6 54
1254 June
2054
"14"
Engrav._5
Republic Aviation
*
75
654 June
54
Feb
34
1,100
1954
z654
454
...
Aug
154 May
354
*
Richmond Radiator
1
Rio Grande Valley Gas Co-
1
Rochester G&E16 % pf C100
6% preferred D.
100
Rochester Tel 614 % prf 100
ltoeser A Pendleton Inc..*
54
102""
""25
54
100
54
Voting trust ctfs
95
102"
94
11654
11
Feb
Jan
Jan
Jan
6
Mar
Apr
Mar
Jan
2*4
Apr
Jan
hi
Jan
May
May
10454
105*4
11654
July
July
Feb
Feb
May
14
Jan
Rolls Royce
£1
Rome Cable Corp com
6
Roosevelt Field Inc..
5
Root Petroleum Co
1
51.20 conv pref
20
Roesla International.....*
Royallte Oil Co Ltd
*
Royal Typewriter
.*
Russeks Fifth Ave
254
Am
Rustless Iron
Ryan Consol
854
100
200
1*4
200
1*4
154
Jan
Aug
Aug
"106
454
54
1254
3*4
354
754
Jan
Mar
Feb
Jan
Apr
Feb
*42~""June
""54 ~"~H
~65"""Mar
2*4 May
5
*12 54
400
8
May
15*4
40
11
May
50
454
Co._.l
For f >ornotes see nagf
854
2
154
A Steel
Petrol—
May
6
2
52.60 conv pref
Ryan Aeronautical
Preferred
Aug
154 May
*
5
254
Mar
Jan
Apr
July
Jan
•11
1*4
154
2 54
5
Jan
Apr
Apr
Jan
254
28
May
44
Jan
Jan
35
Feb
2854
2854
100
2454 June
154 June
66
Mar
3054
3054
154
Mar
Jan
Mar
46 54
6
254
200
200
Feb
454 May
5*4 Aug
254
Jan
1454
Jan
Jan
2
Apr
Mar
654
Jan
11*4
Apr
454 May
72
17054
May
20
July
754
154 May
8
May
I~2o6
2*4
6
16
Apr
Mar
Apr
hi
Jan
254
Mar
hi
Jan
May
154
54
Mar
454
Aug
54
1654
Jan
Mar
24
Mar
200
200
100
13
Aug
100
1
May
154
954
200
1854
3254
800
954
106
18
3154
600
25
106
106
54
10,600
854
400
54
1
*
*
60
12
12
1854
3154
Jan
300
154
13
154
1
554
1354
554
854 May
754 June
1654 May
2654 May
10054 June
54 June
he Aug
20
854
754
,
"266
"23k "24
Mar
6
May
he May
19
May
1
Jan
Jan
2
254
Feb
14
Mar
11
Mar
20*4
Feb
41*4 May
11054 May
*4
Jan
54
Jan
2754
Jan
1054 Apr
'h
Jan
4054
Jan
Feb
154
1554 May
he May
21
3954 June
1054 June
62
Feb
15
Apr
2
May
33
Jan
Feb
154
4*4
38
Jan
Feb
Apr
6
May
554
Jan
54
54
100
954 May
954 Apr
54 Aug
154 May
2J4 May
2
Jan
354
Feb
Jan
Jan
Apr
Apr
Apr
>i«
9
1
Sunray Oil
1
654% conv pref
50
Superior Oil Co (Calif) ..25
Superior Port Cement—
Co
1054
9
Co
Sullivan Machinery.....
954
154
154
150
"266
600
Mar
7*4 May
654 May
May
8
1*4
33*4
Aug
Feb
4*4
54
10*4
13*4
15
Jan
2
354
2654
1
154
10
3 54
2654
400
300
registered
Corp
£1
5s
*
Jan
Jan
13
July
"T
""154
'MOO
10
1054
107
600
254
400
107
2*4
16
754
16
7 54
254 May
2554 May
54
70
150
100
Apr
Jan
54
854 May
May
May
103
2
1254 May
July
7
54
Jan
4854 May
354 May
Jan
954
Jan
6
Jan
54
154
Apr
16*4
Feb
Jan
"6754
71
160
Jan
Mar
114
2*4
Jan
2454
Apr
15
Apr
154
Apr
Jan
59
554 May
1054
*4
Tr—
Ordinary reg
36
5
common......*
16
Co com..*
§Tastyeast Inc class A...1
Taylor DistUlIng Co
1
Technicolor Ino common.*
Texas P A L 7% pref.. 100
Texon Oil A Land Co
2
Thew Shovel Co com....6
Tllo Roofing Inc
1
Tlshman Realty A Constr *
Tobacco A Allied Stocks..*
Tobacco Prod Exports...*
Apr
May
13
$3.30 A part
Taggart Corp com
4054
21
Swan Finch Oil Corp
Todd Shipyards
1119
Jan
2*4 May
10554 Mar
54
Feb
May
254
common..*
♦
6% 1st preferred
50
6% 2d preferred
20
8terllng Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Inc.
1
Stetson (J B) Co com.—•
Stinnes (Hugo) Corp....5
Def
Feb
Aug
Jan
354 May
154 Mar
Mar
954
155
May
Ordinary shares
Tobacco Secur
July
May
Apr
654 June
154
Apr
27
Sterchl Bros Stores
Class B
Aug
Apr
2254
100
Stein (A) A Co
Sun Ray Drug
99
167
5
Standard Tube clB
1
Standard Wholesale Phos¬
phate A Acid Wks Inc. 20
Starrett (The) Corp v t c.l
Steel Co of Canada—
Stroock (S)
154
Jan
54 June
954 Mar
"l554~
100
554
Lead
Standard Silver
Jan
.154
2854
100
Standard Pow A Lt__
Common class B
May
35
Tampa Electric
Ltd—
dep rets ord reg
Apr
114*4
Jan
1154 Mar
30
30
Standard Steel Spring
70
54
654
1st preferred
Apr
Mar
270
54
654
Apr
Apr
Jan
22
Standard Products Co..
102
"300
1
*
Jan
May
155
"32"
Am dep rets
$5 preferred
500
200
Spanish A Gen Corp—
11354 May
6*4 May
54
654
Reliance Elec A
Goods
58
10954
8
Raymond Concrete Pile—
Common
1
53 conv preferred
*
Raytheon Mfg com
50c
Red Bank Oil Co
*
Reed Roller Bit Co
*
Reeves (Daniel) common.*
Rice Stlx Dry
June
10454 June
"""230
154
4
154
354
"3l"
10654 May
5954 May
107
153
warrants
Co
8254
2254
1754
154
25
Southwest Pa Pipe Line. 10
Southern Calif Edison—
5% original preferred.25
6% preferred B
25
654% pref series C...25
Southern Colo Pow cl A.25
7% preferred
100
South New Engl Tel...100
Southern Phosphate Co. 10
Southern Pipe Line
10
Southern Union Ga
,.*
Preferred A
25
Southland Royalty Co...6
6%
10054
800
$1.60 conv preferred..20
Standard Invest $554 pref *
Standard Oil (Ky)
10
954 Feb
Apr
954
10254 May
100
Ry & Light Secur com..
Railway A Util Invest A.l
Rheem Mfg
20
no
no
Mar
Mar
100
May
54
Standard OH (Ohio) com 25
99
6% prior lien pref...100
7% prior Hen pref... 100
106
1*4
Penn Oil
8palding (A G) A Bros
Public Service of Okla—
Puget Sound P & L—
55 prior preferred
10
95
Mar
Jan
554
"99"
166"
ord reg—£1
J Spencer Shoe Corp
*
Stahl-Meyer Inc
Standard Brewing Co
Standard Cap A Seal com. 1
Conv preferred
10
} Standard Dredging Corp—
Common
1
1
he June
Publlo Service of Colorado
6% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
200
2,200
Solar Mfg Co
Apr
July
"166
18*4
July
19
7% pf 100
5
Skinner Organ
Feb
854
45
July
19
"600
...
5
100
Sioux City G A E
Jan
4
19"
*
$3 conv pref.
Apr
2
65
"354 "354
May
Jan
May
8
1
Sonotone Corp..
1
Boss Mfg com
1
South Coast Corp com... 1
100
5
ild"
.....
Simmons H'ware A Paint.*
1854 May
Canada. _*
1st preferred
Pratt A Lambert Co
6%
"200
354 May
154
254
854
6*4
1
Simmons-Boardman Pub—
Jan
Jan
154
454
8*4
Alexander
Power Corp. of
June,
154 Mayl
754 June
400
54
60
25
*
Line stamped
SHex Co common
Apr
May
Potero Sugar common..
May
Jan
Jan
Apr
Apr
Shreveport El Dorado Pipe
1654
72*4
9054
Mar
10
10
25c
37
554 May
15*4
12 54
8454
Jan
Jan
54
654
6954
>it
254 June
-
6254 June
47*4
8
-.7.60
Plough Inc com
Pneumatic Scale com
May
-
"*10
1254
Ho"
May
"""206
"i054
Aug
35
w
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
x2
16"
12
Feb
6154
1054
-
100
154
"ili "~4*4
454
Singer Mfg Co
6
50
Pittsburgh Forglngs
1
Pittsburgh & Lake Erie. 50
Pittsburgh MetaUurglcal 10
Pittsburgh Plate Glass..25
Pleasant VaUey Wine Co. 1
*
186
Pltney-Bowes Postage
Meter
Seton Leather common
Simplicity Pattern com__l
Simpson's Ltd B stock._.«
1
1,500
-
»u
Jan
9*4
300
154
854
11
6
Feb
5
350
43
154
3154
654
39
Pioneer Gold Mines Ltd_.l
Jan
£1
1
1
2054 May
4,500
Apr
Mar
50
"41X
43
5% cum pref ser AAA 100
Sherwin-Williams of Can. *
4*4 June
8% pref.25
Phillips Packing Co......*
Phoenix Securities—
Common
1
4l"
Shawlnigan Wat A Pow..*
bherwln-Williams com..25
11354 June
2954 July
May
Phl.'a Elec Pow
Pitts Bess ALE RR
Sentry Safety Control
Jan
May
Philadelphia Co common.*
PhHa Elec Co 55 pref
*
Conv $3 pref series
Amer dep rets reg
Mar
May
4
Jan
Apr
40
June
Selfridge Prov Stores—
113*4
May
*
Pharls Tire & Rubber
July
1
100
300
-
5
25
Allotment certificates...
Jan
2
Mar
1
*4
Jan
354 May
854 May
3,300
54
100
Shattuck Denn Mining...5
53*4 May
63
Perfect Circle Co
stock
$5.50 prior stock
May
Feb
100
Pepperell Mfg Co
54
54
6i«
Convertible
54
*4 May
10354 May*
"350
"So"
"59"
Water & Power Co. *
200
35
------
Common
Apr
65
*
Mar
954
4*4 May
•u May
*4 Mar
400
*
2954
53
Selected Industries Ino—
Mai
June
May
July
Selby Shoe Co
54
2254
Apr
33
*
.*
Pennsylvania Gas & Elec—
Penn
Jan
Serrlck Corp..
55 series pref
$2.80 series pref
Penn Salt Mfg Co
Segal Lock A Hardware..1
Selberllng Rubber com
*
2
Pennsylvania Edison Co—
Class A common
Jan
3
May
1*4 May
1154
Jan
4,500
1,300
2
15*4
Feb
Feb
16 54
Apr
36 54 May
3254
Apr
54 July
May
30
Securities Corp general
Seeman Bros Inc
1054
3554
4954
May
Peninsular Telephone com*
Feb
Jan
1254
May
May
"~30
34
June
""£66
854
854
54
854
54
""
354
May
200
1354
"mi
*
654
6
20
654
Parkersburg Rig A Reel._l
Patchogue-Ply m o uthMllls *
Pender (D) Grocery A...*
Jan
Jan
44
.
Warrants
654
254 June
3*4
Jan
8
May
2,400
354
354
1
14
""19"
com
Jan
Aug
22*4 May
200
2554
Scranton Elec $6 pref...
June
10
1st preferred
Pennroad Corp com
Cent Airlines com_
25
25
9*4 May
154
Jan
85
May
54
9
*
common
Mfg
72
4
51.40 preferred
------
May
»
Class B
5
May
4854 May
454 May
hi July
29
May
400
Savoy Oil Co
Feb
July
Feb
May
May
American shares
100
454 Jan
1554 Apr
4*4 Apr
81*4 May
May
2
13,000
------
2654 May
100
"56"
80~
3
6354
454
9
Corp com.l
100
514% 1st preferred...25
Pacific Lighting 55 pref..*
Pacific P A L 7% pre!.. 100
Pacific Public Service
1
*
28
100
1,500
2*4
6254
454
3
6254
..100
Sanford Mills
1*4
1354
100
1*4
1454
33
2954
1*4
1454
3254
2954
"~854"~Feb
100
Feb
2
*4 May
.154 Aug
......
11
High
Low
200
11
5
Salt Dome Oil Co
Overseas Securities
Penn Pr&Lt 57
St Regis Paper com
50
1
Shares
18,
pref..50
18
Omar Inc
Parker Pen Co
Apr
Week
Corp Ltd...*
conv
Range Since Jan. 1,1940
for
Range\
Ryerson A Haynes com__l
Mar
114
1854
Price
Par
15
Oliver United Filters B___*
51.30
of Prices
Low
High
11614
108 *4
554 July
1354 May
800
Week's
Sale
High
Low
Shares
Last
50
*
com.
Pacific G A E 6% 1st
Jan* 1,19 40
Week
5
preferred
5514
for
of Prices
|
Low
High
100
100
1st preferred
Ollstocks Ltd common
$3
Week's Range
Sale
STOCKS
(Continued)
Range Since
Last
nued)
Sales
Friday
Sales
Friday
STOCKS
CCon
1117
New York Curb Exchange—Continued—Page 4
151
Mar
Apr
1054
55
May
76
54
Jan
Apr
Apr
|
New York Curb Exchange—Continued—Page 5
1118
Sales
Friday
STOCKS
Last
Week's Range
for
{Concluded.)
Sale
of Prices
Low
High
Price
7% preferred—
100
Tonopah-Belmont Dev. 10c
111
133
20
1
1
23*
23*
.-*.1
Trans western Oil Co..-.10
300
Stores Inc—•
Frunz Fork
Tubize CbatUlon Corp...l
5
J
28
OiiLSN A
—
—
m"l H
Ddyllte Corp
700
28
50
2
2
Tung-Sol Lamp Works...1
80c conv preferred
*
6
28
1%
2
"ik "i'%
*
Unexcelled Mfg Co—..10
100
93*
UnStk Yds of Omaha. .100
1
Prod
11%
"16% "ii%
2,100
United Chemicals com...*
S3
cum
& Dart pref
♦
Sta._10c
Un Cigar-Whelan
3*
3*
3*
United Corp warrants
United
1,000
100
*
Elastic Corp
United Gas Corp com
1
1st 17 pref. non-voting.*
1%
13*
103
13*
1043*
2,700
200
Option warrants..
Common class B
May
Jan
*w
Apr
Jan
'u
♦63*s stamped
3*
May
May
Apr
Apr
3* May
x83*
Jan
43* May
20
May
13* May
3*
27%
Mar
15*
Feb
35*
5* June
*8 3*
Jan
103*
395*
33*
Jan
Feb
May
May
Feb
May
73*
23*
Mar
643*
53*
83*
Jan
Jan
May
593* May
3* May
3*
Jan
63*
Jan
lHe May
875* June
3*
May
May
3
4,000
1,400
3*
35*
135*
35*
Jan
Jan
Apr
16
Apr
13*
10
10% preferred
May
•11 June
593*
583*
61
45
25
Preferred
443*
45
975
40
United Specialties com—1
U 8 Foil Co class B
1
6%
63*
63*
100
43*
43*
1,200
U 8
6 3*
43*
63*
63*
50
Graphite com....—.6
S5 1st pref with warr.
5*
83*
Feb
8
2
1
20
Plywood
51 34 conv pref
24J*
1
com
243*
313*
23*
400
253*
313*
600
1
23*
U 8 Rubber Reclaiming..*
1
23*
350
2,000
200
2H
1133*
July
Universal Consol Oil
13*
200
43*
43*
100
33*
4
500
183*
20
200
*
Utah-Idaho Sugar
6
Utah Pow A Lt $7 pref
*
Utah Radio Products
1
67 3*
653*
1
703*
3,200
825
10c
1
Utility A Ind Corp com..6
1
1
1946
x
a
1
1st A ref 5s....
1951
x
a
1
lst&ref 58
1956
x
a
1
13*
Jan
1st A ref 5s
1968 y bbbl
1st & ref 4 3*8
39
27
Apr
Apr
263*
*26*
75
*
1
*
"27"
250
753*
30
"73* "83*
~2~66
4
4
8
May
May
5*
x
Feb
Associated Elec 43*8
1953 yb
J Associated Gas A El Co—
♦Conv deb 43*8
1948
♦Conv deb 4 3*s
1949
Feb
100
1 ~~
13*
13*
"266
13*
""
~"
13*
400
Debentures
4 3*8
1948
4
43*
"966
1,100
47
49
40
z
63*
63*
73*
1,800
109
104 3*
1023* 105 3*
5,000
99
10.000
107 3*
1063*
983* 1043*
1,000
104
1053*
1073* 1083*
1083* 110
43,000
1083*
5,000
1063* 1113*
105
105
------
105%
105
3,000
1033* 108
*125
128
3
493*
1053* 1053*
47
493*
903*
121
------
24.000
1053*
129
1023* 108
28,000
383*
11
623*
*143*
153*
143*
143*
7,660
10
263*
143*
143*
143*
24,000
10
283*
8,000
10
28 »*
15
663*
12,000
103*
343*
14,000
53
75
1083* 1083*
1073* 1073*
1,000
1043* 1083*
1,000
1033* HO
dddl
dddl
28 3*
Apr
♦Debenture 5s...
1968
z
dddl
353*
Apr
♦Conv deb 5 3*8
1977
z
dddl
15
143*
25*
Apr
A '55
y
b
3
663*
65
63*
May
Assoc TAT deb 5 3*8
Atlanta Gas Lt 4 3*8
1965
x
a
2
------
3*
Jan
Atlantic City Elec 33*8
'64
x
aa
3
Jan
30
Avery A Sons (B F)—
Jan
Aug
6
3*
July
5*
Apr
23* May
13* June
33*
Aug
May
2J* May
55*
Mar
2
Mar
65*
Mar
15
May
24
Mar
May
13
Mar
1
6s with
1947 y bb
------
143*
1073*
2
1947 y bb
warrants
6s without warrants
2
...I960
z
b
15
*1003* 102
*97
100
3
953* 105
923*
»
63*
63*
200
x
aa
3
1033*
1960
x
aa
3
103
Bethlehem Steel 6s
1998
x
aa
2
151
1 st 5s series B
6s
series
1957
C—....
Birmingham Elec 43*8
1968
x
bbb3
1959
y
bb
3
Broad River Pow 5s
1954 y bb
3
May
r485* May
1
Aug
3* May
72
Feb
Canada Northern Pr 5a
1953
x
Jan
Canadian Pao Ry 6s
Cent Power 5s ser D
1942
x
Jan
Cent States Elec 5s
43*
43*
700
53*
53*
100
»u
23*
Apr
15*
Mar
6
3*8
1964 y
29
Apr
21
May
May
May
May
July
30
Apr
Cincinnati St Ry 53*8 A
5*
63
63*
3
15*
84
12
83*
•i»
July
125* May
15* Aug
1
13*
May
May
May
33*
May
63*
Jan
May
Apr
Aug
99
May
13*
Feb
Apr
155* May
4
Jan
2
Jan
102
Feb
833*
953* 1033*
2534
41
33,000
263*
413*
27,000
643*
83
23,000
933*
1965 y bb
83
83
4,000
783*
953*
1966 y b
80
80
833*
80 3*
70
813*
Conv deb 5s
1950 yb
773*
773*
4,000
793* 146.000
6534
793*
Debenture 5s
1958 y b
773*
763*
773*
51,000
66
77 3*
763*
773*
8,000
66
783*
853*
843*
86 3*
88,000
763*
92 H
87
853*
87
17,000
753*
973*
20,000
6s series B
Cities Service 5s
Registered
683*
1969 y b
Debenture 5s
Cities Serv P A L 63*8
3
b
4
1952
y
4
1949 yb
Community Pr A Lt 58—1957 y bb 3
Conn Lt A Pr 7s A
1951 x aaa4
63*8
96
96
*125
110
76 3*
92 3*
81
983*
127
130
109
50
1353*
Consol Gas El Lt A Power—
1971
(Bait) 3 3*s ser N
1st ref mtge 3s
ser
P
x
aaa4
1969
x
aaa4
x
aaa4
y
b
31
May
693*
Jan
Cuban
6s
ser
Tobacco
1943
1073*
1063* 1073*
1958 y bb
2
173* May
963*
903*
4
1944 y b
5s
*127
4
1956
Delaware El Pow 53*s
Eastern Gas A Fuel 4s
1959
a
x
bbb4
Apr
Feb
Aug
Edison El 1U
Jan
75*
73*
2030
y
May
5* May
75* May
65* May
73*
Mar
Elmlra Wat Lt A RR 68-1956
x
El Paso Elec 5s A
1950
x
Empire Dlst El 6b
1952
x
973*
------
bbb3
115*
93*
bbb2
53*
May
33* May
2
112
Jan
Jan
Mar
Apr
53*
Aug
4 3*
May
73*
Jan
June
63*
Jan
1956 y bb
------
2
x
115*
(Boat) 33*8.-1965
Elec Power A Light 5s
x
b
4,000
38,000
105
1113*
1043* 109
a
4
1967 x a
Federal Wat Serv 53*8
1954 y b
Finland Residential Mtge
83 3*
893*
*46
903*
963*
97?*
106
513*
106
83
75
95,000
80
94
45
613*
28,000
93
993*
1,000
104
------
12,000
108
843* 109,000
70
------
*105
------
106
1033* 104
5,000
*46
------
4
1003*
*1073* 108
1003* 1003*
------
C
125*
Feb
Florida Power A Lt 5s
33* June
65*
Jan
107
8534
112
110
84 34
120
103
106
1013* 1053*
23
473*
1063* 1093*
89
9,000
1013*
•
1961
Banks 6s-5s stpd
743*
793* 110,000
1103* 1113*
97
108,000
*1193* 125
1
3
97
1243* 1293*
130
94
78
79
------
4
Erie Lighting 5s
ser
2
aaa4
Ercole Mare ill Eleo Mfg—
6 3*s series A
1953 yb
June
y cccl
1966
x
bbb3
103
1033*
26.000
1954
x
bbb3
1043*
104
1043*
55,000
1003*
1003* 1003*
*35
------
223*
48
67
983* 1043*
Gary Eleotrlc A Gas—
1944
y
bb
1969
x
a
1953 y b
Gen Pub UtU 6 3*8 A
♦General Rayon 6s A__
Gen Wat Wks A El 5s
1956
y
1948
z
♦Gesfruel
29
*17
24
20
Aug
283*
*11
20
2
Jan
*9
11
15
14
Feb
*11
20
123*
Aug
75* June
15
15
6s
Feb
Glen Alden Coal 4s
Feb
Gobel
Jane
Jan
20
May
49
Mar
Danzig Port A Waterways
*3
25
6
Mar
7
15
75* May
73* May
18
102
983*
993*
15,000
83
100H
------
993*
1
4
94
— — —
4
a
56
3,000
y
b
1953
z
b
1
1965
y
bb
3
-
-
-
—
-
*65
75
983*
993*
1053* 1063*
69
69
*13
73
73
70
6,000
75
89
------
27,000
873*
101
1033* 10734
59
1,000
75
------
733*
90
18,000
"653* "753*
y
ccc4
a
3
x
a
2
x
aa
2
*101
2
56
56
1,000
52
635*
39
40
2,000
39
53
283*
29
4,000
23
423*
153*
20
1945 y b
-----
Guantanamo A West 6s... 1958
Hamburg
1948 y c
1935 z dd
*70
70
------
91
------
63
5,000
58
78
1073* 109
62
4,000
106
109
57
*12
1023*
______
993* 1053*
50
El
Underground
A St Ry 53*s
1938
z
cccl
in
Jan
*12
ccc2
x
743*
99
54,000
983*
x
♦Hamburg Elec 7s
Jan
-
65
1941
Guardian Investors 5a
52
973* 102
1,000
743*
1950
(Adolf) 4 3*s
Grocery Store Prod 6s
May
105
Gr Nor Pow 5s stpd
1950
Green Mount Pow 33*8-..1963
Grand Trunk West 4s
153* May
16
Apr
18
100
99
bb
1943 y bb
Georgia Power ref 5s......1967
Georgia Pow A Lt 5s
1978
*12
For footnotes see page 1119.
1003*
63
------
77
A stamped..
Cont'l Gas A El 5s
Cent Bk of GermaD State A
♦Prov Banks 6s B..J 951
♦External 63*s
1952
♦German Con Munlo 7s '47
♦Secured 6s....
1947
65
20,000
683*
743*
*1023* 1023*
323*
313*
323*
31
32 3*
313*
763*
753*
76 3*
Consol Gas UtU Co—
July
....
40,000
81
74
3,000
Jan
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
1953
103 H
80
Apr
203*
3.000
96
------
80
Apr
27
30
1013*
80
y
Ga*<n»au Power 33*s A
293*
*19
99'-*
89
bb
-.1962
23*
*
—1955
90
56,000
37
73*
63*
for
-.1952
46,000
8,000
Jan
Week
1951
152
99
1003* 1013*
*1023* 103
72
138
7.000
43
Genera) Pub Serv 5s
J19
983*
883* 116
89J* 117
28,000
151
42
Consol Gas (Bait City)—
Gen mtge 4 3*8
...1954
Sales
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
Jan 1947
56,000
1303*
43
Apr
53*
13*
983* 1033*
993* 104
95
3,000
------
cc
July
5
2,300
793*
1957 y bb
Cent States PAL 53*8—1953 y b
}*Chlc Rys 5a otfs
1927 z bb
Florida Power 4s
5s
------
1948 y cc
Aug
May
May
43*
1
983*
a
Apr
13*
1143*
151
1013*
a
14
553*
5*
98
43*
113
Bell Telep of Canada—
Birmingham Gas 5s
Apr
2
June
♦Convertible 6s
Apr
233*
Aug
4
1
105
1023*
z
May
93* May
35* May
1
BONDS
58..
1,000
1,000
6,000
z
AND MUNICIPALITIES-
Ext
1
1,000
6,000
1950
GOVERNMENT
53*8
Since
Jan
100
dddl
6s ex-warr stemped
Danish
Range
1
1093* 1093*
♦Conv deb 5s....
14
20
Wright Hargreaves Ltd..*
♦6 series A..
—
Feb
Cudahy Packing 33*s
__..*
—
-
Mar
6
"l3* "l%
43*
100
♦Baden 7s
for
Week
1043* 1043*
1083* 1083*
6
92
Winnipeg Electrlo B com.*
Wisconsin P A L 7% pf 100
FOREIGN
1053* 100
1023* 1033*
71
200
Western Tablet A Statlon'y
Amer dep rets
Range
1063* 1063*
1063* 1063*
104 3* 104 3*
June
33* June
3* July
6
Petroleum
Woolworth (F W) Ltd—
Jan
Sales
13* May
193* June
26
May
1
May
23*
Feb
Apr
Woodley
Mar
108
bbb3
Aug
Wolverine Portl Cement. 10
Wolverine Tube com....2
—
102
bbb3
10
Co......
—
------
bbb3
x
Apr
3
Western Maryland Ry—
Wilson-Jones
3
x
75
Wilson Products Ino
4
a
1963
...
1956
Apr
Wichita River OH Corp. .10
bb
x
1st mtge 4s
2024
May
May
Williams (R C) A Co
•
Williams OU-O-Mat lit..*
y
1023*
2
...2016
------
2
aa
Arkansas Pr A Lt 5s_.
5
Weyenberg Shoe Mfg
aa
x
Appalac Power Deb 6s
Jan
74
..1
Common.....
Westmoreland Coal
x
1970
July
*
7% 1st preferred
1960
35*8 s f deba
*
2
Apr
73*
75*
.100
Western Air Express
1
Western Grocer com....20
aa
-
bbbl
x
45
7
83*
Watt A Bond olass A....*
Class B
•
Went worth Mfg
1.25
West Texas UtU S0 pref..*
West Va Coal & Coke
»
y
1950
833*
700
7% pref..100
Wayne Knitting Mills
Wellington Oil Co
1967
25*s s f debs.....
16
1
Wagner Baking v to
Feb
173*
Mar
American Gas & Elec Co.—
June
100
5
Van Norman Mach Tool.6
Waco Aircraft Co.
15
Price
1st 5s
3*
13*
..7
Vogt Manufacturing
Vultee Alrcrait Co...
5*
of Prices
Low
High
Jan
May
38
...1
Petroleum
•if
Jan
Weeks'
Jan
33* May
33* May
145* May
1
Utility .jqultles corn
S6.60 priority stock
preferred
Jan
3*
2,000
Sale
Jan
4
1
Universal Products Co
3*
143* June
9n
3*
Last
he
393*
H
1
8
com
Mar
Co—
54
*
Universal Corp v t o
Insurance
Mar
163*
105*
Baldwin Locorn Works—
Universal
Walker Mining Co
Power
Am Pow A Lt deb 6s.
10
Class B
46 3*
Jan
5
Appalachian Elec Pow—
3
13*
Universal Cooler class A..*
7% preferred
Alabama
Apr
400
2
Apr
June
93*
1,000
&
15*
89
He
pref....-..*
Paper
16
Apr
Jan
Feb
60c
United Stores common.60c
Mar
See A
BONDS
Feb
47
*
Mar
14 3*
Rating
Elig
13*
3*
U 8 Lines pref
265*
June
Friday
Bank
RAILROAD and INDUSTRIALS
73*
U 8 and Int'l Securities
Va Pub Serv
♦Santiago 78..—...—1949
6,000
Feb
11
75*
...
*4it
3*
tlO
3*
1921
Apr
73*
United Shoe Mach com.25
Venezuelan
t7
33*s 8 f debs
43*
United Profit sharing._25c
conv
rl33*
265*
26
15
35
rl33* rl3 3*
til
34J*
1958
♦53*8
Jan
Feb
54
♦Issue of Oct 1927
♦Mtge Bk of Chile 68.1931
Mar
53*
2435*
Conv preferred...
35
Jan
Jan
Apr
65
Apr
Valspar Corp com
fl8
Apr
15
Feb
239
Universal Pictures
26
June
75* June
Feb
Molasses Co—
Amdeprcts ord reg..
conv
Mar
8
Jan
643*
153* May
Feb
3*
J*
United NJRR& Canal 100
1st 17
July
105*
133*
65* May
28
Mtge Bk of Denmark 5s *72
Aug
United Wall
13
*18
May 1927
♦Rio de Janeiro 63*8.1959
♦Russian Govt 03*8.. 1919
745*
U 8 Stores common
♦Issue of
♦Parana (State) 7s
Feb
U 8 Radiator
Jan
Mtge Bk of Bogota 7s. 1947
Jan
May
U
12
123*
103*
Jan
163*
53 partlc pref
United
June
173*
tll3*
t9
Apr
700
29
20
1958
♦Maranhao 7s
05*
20
263*
Apr
til
♦Medellln 7a stamped-1951
8
70
Products
Milk
11
73*
May
*
United
preferred....—*
High
19
t85*
May
♦
1st
Low
*12
1958
33*
3*
3*
May
May
50
Range Since Jan. 1, 1940
$
Lima (City) Peru—
79
*
115
Apr
2
600
%
3*
»u
109
11
United G & E 7% pref. 100
United Lt & Pow com A..*
Price
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 83*8.1949
13*
Union Investment com...*
United Aircraft
Week
63*
Series B pref..
9%
for
of Prices
Low
High
*i«
100
"1,206
f.Ulen A Co ser A pre!..
Union Gas of Canada—
Week's Range
SaU
He
100
200
Trl-Contlnental warrants
Last
High
May
104
"966
Tonepah Mining of Nev.l
rraus Lux t'orp
Low
95
111
BONDS
(Continued)
Range Since Jan. 1,1940
Shares
Toledo Edison 6% pre! 100
Sales
Friday
Week
Par
Aug. 24, 1940
June
133*
133*
7,000
Attention is directed to the
new
173*
July
column in this tabulation pertaining to bank eligibility and rating
of bonds.
See a.
Volume
1119
New York Curb Exchange—Concluded—Page 6
151
Friday
Pank
Sales
Bank
Friday
EUg. &
Last
Week's Range
for
Range
Sale
of Prices
Low
High
Week,
Since
BONDS
Rating
Sale
Rating
Jan. 1
{Concluded)
See i
Price
BONDS
See
{Continued)
1943
Houston Gulf Gas 6s
Price
a
3
1966
Houston Lt 4 Pr 314s
3
x
aa
$
100
3,000
109% 109%
109 H
♦Hungarian Ital Bk 7%s,„1963
z
c
1
13 H
y
b
2
65
65
1949 y b
2
166
106% 111%
25
1949
103%
67
Hygrade Food 6s A
6s series B
3
1967
x
aa
1953
Idaho Power 3%s111 Pr 4 Lt 1st 6s ser A
x
bbb3
107 H
1st 4 ref 5 %s ser B
1st A ref 5s ser C
1954
x
bbb3
1956
x
bbb3
1957
y
bb
3
96 %
1958
y
1950
y
Indiana Hydro Elec
5s
Indiana Service 5s
81
79
105% 109%
101
107%
98% 107
104 H 104%
37"000
97%
18,000
87
96%
96% 105%
101%
b
bb
1
19,000
67
69%
70
2
z
1,000
73
70%
37,000
56
74%
73%
88 H
y
1952
99%
71 H
"72 H
93
88%
2,000
60
92%
International Power Sec—
21%
1955
y
b
1
♦7s series E._
1957
y
b
1
♦7s series F
1952
y
b
y
b
4
1952
y
ccc2
Interstate Power 5s
26%
25%
Debenture 6s
7.000
23
29
1
1957
21%
28
6%b series C
43%
19%
128
1966
x
a
4
106
1,000
104% 108
Puget Sound P A L 5%s... 1949
y
bb
2
99%
99%
99%
92,000
86
100%
—1950 ybb
1950 V bb
2
96%
96
97
20,000
83
100
93
94%
30,000
81
97
85
88%
4,000
80
99
*17
18
20%
til
14%
4s series A
1st A ref 5s ser C
1st A ref 4%s ser D
z
1951
z
cc
x
bbb2
7.000
103
Scullin Steel
1951 y b
6,000
103
1
35
36
"moo
29
52
cc
1
36
37%
26,000
30%
42
1942
z
b
3
46%
110
124
107
40
104%
106%
5,000
39
53%
"37%
107%
—
46%
1966
2022
x
aa
2
1103%
Kansas Gas 4 E ec 6s
x
a
2
1121%
Lake Sup Dlst Pow 3 Ha...
1966
x
a
4
1105
♦Leonard Tletz 7 Ha
1946
z
Long Island Ltg 6s
1945
x
Louisiana Pow 4 Lt 5s
1957
x
a
4
106%
1941
z
dd
1
119
1948
y
cccl
117
bbb3
104%
104% 108
6,000
8,000
103% 100""
103% 108
Minn P A L4%s
1st 4 rel 58
x
bbb2
99% 100
4,000
99
b
94
94
2,000
81
x
aa
x
aa
2
19
,
y
2
69
81
72%
83
2
83
73
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
1947
y
b
1957
y
2
bbb2
102
102
2025 ybb
bb
x
bbbl
x
bbb3
x
bbb3
104% 109%
107% 108
15,000
106
94
1.000
58
58%
18,000
104% 104%
9,000
"58"
104 H
103
765"
1955
x
bbb2
104 H
Miss Power 4
1957
1951
1960
x
bbb3
104%
x
aa
y
bb
4
1945
..2026
x
bb
y
bbb2
y
4,000
106
2,000
104% 104%
104% 104%
109% 109%
2
2030
103
106
bbb2
Lt 5s
Miss River Pow 1st 5s
Missouri Pub Serv 5s
Nassau 4 Suffolk Ltg 5s
Nat Pow 4 Lt 6s A
Deb 5s series B
1978
x
2022
1948
1950
New Amsterdam Gas 5s._ 1948
N E Gas 4 El Assn 5s
1947
58....
—.1948
Conv deb 5s
1950
S*Nat Pub Serv 5s ctfs..-
93
112""
Ref M 3%s
aa
x
Ref M 3%s B
bb
x
aaa2
3
70%
Debenture 5Hs
-
Standard
4
b
4
York
♦Ext
1949
y
bb
y
x
a
4
x
a
4
x
aaa3
1954
x
aa
3
1953
y
b
1
1956
Prop 3H8— .1947
y
b
3
x
aa
4
N Y State E 4 G 4Hs
1st mtge 3%s
N Y 4 Westch'r Ltg 4s
Debenture 5s
Nippon El Pow 8Ha
No Amer Lt 4 Power—
5Hs series A
No Boat Ltg
y
b
x
bbb4
y
bb
2
x
aa
4
1962
Okla Nat Gas 3%s B
1955
Okla Power 4 Water 5s—1948
Pacific Gas 4 Elec Co—
1st 6s series B
1941
Pacific Ltg 4 Pow 5s
1942
Pacific Pow 4 Ltg 5s
1955
Park Lexington 3s
—1964
Penn Cent L 4 P 4Hs
1977
1st 5s
1979
Penn Electric 4s F
1971
5s series H
1962
x
a
3
Nor Cont'l Utll 5Hs
N'western Pub Serv 5s
Ohio Public Serv
4s
x
x
bb
aaa2
755%
bbb3
x
1057a
aaa4
y
bbbl
z
ccc2
x
bbb2
x
aa
x
aa
-
—-
series B
Pub Serv 6s C—
Deb 5H8
Penn
6s series D
4s series B
4s series D
Phila Elec Pow 5Hs
99%
28,000
1.000
5s E
4H8 series F
Potrero Sug 7s stpd_.
1,000
5,000
7,000
56%
2,000
102% 102% 24,000
1104% 105
40% 40% "I'ooo
105
14,000
105%
6,000
110% 110 %|
3,000
108% 108%|
107% 108% 18,000
74%
49
74%
22%
5,000
14%
24%
2,000
27
40%
16,000
18
z
22%
22%
ccc2
z
z
39%
t41
45
....
1979
y
45
45
34
28%
30
.
bb
3
38
30
"io6%
"95%
*115% 117%
94% 95%
21%
101%
21,000
♦United Industrial
88%
93
110
99%
100%
100% 103%
97
88% 103%
61
17,000
50
1,000
1956 y bb
102% 105%
104% 109
102
106%
111% 114%
52
94
104
35
101
65
103%
106
49%
106%
107% 111%
103% 109%
103% 109%
I
28
31
cccl
*22
40
z
b
1
*13
30
1975
y
1974
1959
Un Lt A Rys (Del) 6%S. —1962
United Lt A Rys (Me)—
6s series A
.1952
y
b
b
x
bbb3
United
Debenture 6s
Debenture 0%s
1st lien A cons 5%s
85
3
y
bb
x
y
b
1944
x
2022
x
bb
y
bb
"90%
2
1946
2,000
1,000
3
3
3
*117% 118
81
84
19,000
84
Utah Power A Light Co—
1st lien A gen 4%a
Deb 0s series A
Va Pub Service 5% A
1st ref 5s series B
1950 ybb
Deh s f 6s
1940 yb
99%
1954
cc
x
aa
103% 103%
4
x
aa
x
bbb3
x
aa
2
Un 6s.-. 1944
y
bb
2
Wheeling Elec Co 5s.——.1941
x
1966
x
z
bb
West Newspaper
Wise Pow A Light 4s
"I'ooo
107
107
1,000
113% 113%
18,000
50
52
aaa2
103
103
bbb3
106% 106%
97%
*96
J*York Rys Co 5s_.
1937
♦Stamped 5s
——-1947 ybb
51
1
2
97%
72%
89
101%
99% 103%
95
103%
101%
4
10%
107
109%
108% 109%
*107% 108
2
Washington Water Pow 3%s'04
West Penn Elec 5s
2030
West Penn Traction 6s.- 1960
95
119
94
2,000
8,000
4%
108
108
91
78
85
17,000
7,000
*103% 103%
4%
74%
104% 110
8.000
98
103%
2
1951
Wash Ry A Elec 4s
z
89%
95% 100%
Waldorf-Astoria Hotel—
♦5s Income debt--
19%
73
4,000
99%
90%
103
21
110
42,000
91
90
bbb3
2
88
107% 107%
bbb3
1973
5,000
86%
87
88
45%
16
Light A Pow Co—
86%
12%
118%
24
10
Imoo
32
z
0%s...1941
f 6s
8
69
6%
114
*115% 116%
aaa4
104% 108%
119%
109
"moo
1945
103%
97
x
7
z
46
106%
7
59%
61
38
12,000
28,000
105% 105%
106
106%
3,000
11,000
104%
108
104% 117
43
60%
103
105
102% 107%
90
"moo
98
98
94
99
104% 109
108% 112
86
97%
39% 43%
1105
7oT
104
107
3,000
43.000
100
107%
31,000
104% 108%
104% 109%
101% 108%
16,000
99%
10,000
112%
13.000
101% 101%
33% 35
105%
14,000
6,000
83%
102%
48%
13
14
94
2mo6
78%
94
83%
1,000
15,000
75
90
21
109
1109% 111
46%
46%
46%
"
"57)66
106% 109%
107% 110%
45
53%
Bonds being
| Reported In
103%
90
a
Deferred delivery sales not Included In
year's range,
x Ex-divldend.
Under the rule sales not Included in
n
{ Friday's bid and asked price.
♦
106%
113
109
92
99
103
83%
98%
"moo
103
93%
91
24
1105
bb
No par value,
Interest,
95
100%
110% 115
103
bb
.
108%
♦
108%
year's range, d Ex
r Cash sales not In¬
cluded In year's range,
97%
34
106
105
15,000
97
bb
106
104%
II'ooo
99%
112
96% 104%
107%
101
107%
99%
4
1947
48
46,000
69%
106% 110%
97%
4
25.000
69%
b
United El Service 7s
24~000
aa
ccc2
74%
69%
68%
b
y
70
100% 10
bbb2
a
74%
69
y
1949
83
3,000
x
a
74%
48
48
1950
128%
106% 106%
1107% 109
93%
94%
94%
39%
39%
39%
103
103%
103%
x
1961
74%
49%
34,000
69%
11,000
Conv 6s 4th stp
110
81
xbbb2
1956
60
49
69%
Deb 6s series A
106% 106%
♦Stamped
Potomac Edison
40
19,000
11,COO
69%
68%
5%s.—1952 yb
62
105
25,000
1106% 107%
1
6s series A
120
1,000
95%
aa
bb
68%
69%
Tide Water Power 5s
102
71%
x
bb
68%
69%
68%
1946
Hydro El 6%s
♦1st
53
"69%
United Elec N J 4s
71%
1947
1964
b
b
2
♦Ctfs of dep
782d stamped 4s
108% 111%
1106% 110
1108
108%
b
y
1940
7s2d stamped 4s--
26
51
aa
6s ——1962
6H8—.1960
1949
Pittsburgh Steel 6s
.—1948
♦Pomeranian Elec 6s
—1953
Portland Gas 4 Coke 5S.-.1940
98
52
bb
Pittsburgh Coal 6s
b
2
1956 x a
2022 y bbb2
51
bb
Pledm't Hydro El
b
y
Texas Power A Lt 5s
8,000
y
Phlla Rapid Transit
z
105
2,000
x
1981
1961
1972
108%
*105% 108
*45% 50
104%
"moo
y
Peoples Gas L 4 Coke—
95
115
1959
1950
105
1950
4,000
Penn Ohio Edison—
6s series A
bbb4
1957 y b
♦Starrett Corp Inc 5s
Stlnnes (Hugo) Corp—
108% 110%
65
107
2
105%
x
bbb4
12,000
bbb2
x
90
b
107% 107%
104%
1103
4
x
1,000
{♦Ulen A Co—
1113
3
1948
1957
Ogden Gas 1st 5s
1945
Ohio Pow 1st mtge 3 Ha-,--1968
bb
100
1966
Deo 1
112%
195%
97
103% 103%
108% 108%
1104
105
102%
y
100
x
64
56%
37
100
1957
Debenture 6s
6s gold debs
107%
101% 101%
102% 102%
4
4,000
1951 y b
Standard Pow A Lt 6s
♦Ternl
105%
44
1948
-
20
107% 107%
bbb2
104
43
y
65
98%
106% 110%
2,000
44
1960
63
99%
9.000
105% 105%
aa
1953
65
1942 ybb 3
107% 107%
113
aa
Texas Elec Service 5s
122%
71%
95
100% 110%
Electric—
101
Penn 4 Ohio—
4%s stamped
Gas A
13,000
24
121
"95%
23,000
1948
6s
Twin City Rap Tr
liTioo
"64%
102
107% 107%
Tletz (L) see Leonard—
"I'ooo
4
b
32.000
107%
1989
Serv
6s (stamped)
Conv 6s (stamped)
70
64
b
y
1950
1980
1964
2004
♦Income 6s series A
97
111%
4
aa
bb
1945
Pub
101%
New Orleans Pub Serv—
6s stamped
96
97%
95%
96% 103
"moo
y
2022
98
104%
98% 103%
102% 107
64
87
102%
111% 112%
x
S'west
86
125
*65"
y
y
1961 x aaa3
1948 ybb 3
1954 y bb 3
3%s
5s
x
1968
1951
Sou Indiana Ry 4s
So'west Pow A Lt 6s
109
1118
.
New Eng Pow Assn
..July 1 *60
8ou Counties Gas 4 %s
5,000
3,000
107
1105
71
69%
125
bbb3
y
7,000
1110% 113
2
x
-
New Eng Power
x
11,000
106% 107%
aaa2
Nevada-Calif Elec 5s
6s series A
May 1 1960
93%
111% 112
24
Nelsner Bros Realty 6s
14,000
24,000
61%
13,000
93%
t92
31
Sou Calif Edison Ltd—
100%
"93H
z
Nebraska Power 4H8.---.198i
2
111
91% 100%
14,000
24,000
17
23
83
96
26,000
130
12
2
101%
105% 106%
bb
y
100% 104
67
72%
64
98%
.
~28~"
*27
101% 101%
66% 69%
a
71%
94
105 H
108
Mississippi Power 5s
New
58%
y
1955
Valley RR 5s
2
a
Debentures 6s
1945
1943
1967
1978
Middle States Pet 6%s
Midland
1,000
60
60
60
1965
Mtlw Gas Light 4%s
2,000
tl4
cccl
x
Inc 3s
Spalding (A G) 6s
19
1947
1971
4s series G.
127
x
McCord Rad 4 Mfg—
Metropolitan Ed 4s E
1,000
Shawlnlgan W A P 4%B—1967
1st 4 %s series D
1970
102% 107%
117
127%
Mln 4 Smelt—
Memphis Comml Appeal—
Deb 4 %s
1952
105% 109%
Southeast PAL 0s
1107
b
Mengel Co conv 4%s
Wks 6s
15
9,000
133% 133%
1943
y
158
106% 107
1937
y
4
85
1952 ybb 4
1
♦Ruhr Gas Corp 6%s
1953 z b
♦Ruhr Housing 0%s_
1958 z cccl
Safe Harbor Water 4Hs... 1979 x aa 3
San Joaquin L A P 6s B—1952 x aaa2
6%s series A
♦Schulte Real Est 6s
1952
1963
b
106
Queens Boro Gas & Elec—
Scripp (E W) Co 5%s
1958
6sstamped.
2
♦Saxon Pub
Isarco Hydro Elec 7s
104% 106%
Pub Serv of Oklahoma—
51
Iowa Pow 4 Lt 4%s.._
16
105% 106%
1,000
47%
71%
106%
106%
41,000
151% 151%
29
106% 109%
91%
3
104% 104%
103% 103%
103%
61
bbb4
26,000
3
♦7s mtgesf—
2,000
y aa
0% perpetual certificates
39%
37%
39
72
Public Service of N J—
49%
aa
Mansfeld
x
106%
61%
bbb4
Kansas Elec Pow 3 %s
1949
2
20%
bbb4
z
aa
21
x
68 stamped
x
Since
105% 106%
*105
106
1st mtge 3%8
s f debs 4s
5,000
16,000
y
Italian Superpower 6s
1964
Range
Jan. 1
I
*13%
23,000
y
Jacksonville Gas
b
61%
1957
5s series B
a
z
for
Week
14
67
x
26%
"61%
1961
Iowa-Neb L 4 P 5s
of Prices
High
Low
Public Service Co of Colo—
100
99 H
bbbl
b
2
—1963
1st lien 4 ref 5s
♦Indianapolis Gas 5s A
13~O66
64
66
109%
1109
107% 107%
106%
1106
104%
8f deb5%s_._May
"moo
Power Corp(Can)4%sB... 1959
♦Prussian Electric 6s
1954
Week's Range
Last
Rlig. &
100% 105
no2H 103%
1102 % 103%
bbb3
x
1943 ybb
deb 0%s
conv
Sales
1 Called for
No sales being transacted
during ourrent week
traded flat.
receivership,
redemption:
None.
e
Cash sales
transacted during the current week
and not Included In weekly or
yearly range:
No Sales.
v
Under the-rule sales
transacted during the current week
and not included In
weekly or yearly range:
No sales.
▼
Deferred delivery sales
transacted during the current week
and not Included Id
weekly or yearly range:
No sales.
Abbreviations
Used Above—•'cod." certificates
"cons," consolidated
"n-v." non-voting stock
with warrants: "x-v
of deposit:
"cum," cumulative; "conv," convertible; "M," mortgage;
v t c." voting trust
certificates; "w I," when Issued; "w w."
•
without warrants
k
Bank
y
Rating Column—x Indicates
bank Investment.
Eligibility and
believe eligible for
those bonds which we
bonds we believe are not bank eligible due either
provision In the bond tending to make lt speculative.
Indicates those
status or some
to rating
reorganization.
The rating symbols In this column are based on the ratings assigned to each
bond by the four rating agencies.
The letters Indicate the quality and the numeral
mmediately following shows the number of agencies so rating the bond.
In all
the symbols will represent the rating given by the majority.
Where all four
gencies rate a bond dlfferentlv, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are In default.
Al»
z
Indicates Issues
in default, In bankruptcy, or
In process of
ases
•sues
A
bearing ddd or lower are
in default.
I
Atteaftiea is directed to
the new column in this
tabulation pertaining to bank
eligibility and rating of bonds.
See note k above^
1120
The Commercial & Financial Chronicle
Aug.
1940
24,
-fM.
Other Stock Exchanges
Friday
Baltimore Stock
Exchange
Sales
Last
Week's Range
of Prices
Sale
Stocks—
Par
Price
Arundel Corp
*
Atlantic Coast L (Conn) .50
Halt Transit Co com v t c •
Low
High
14
for
Week
30c
Low
11
May
12
Aug
21*4
20*4
Apr
July
65c
Jan
115
1.60
322
103
155
Fidelity <fc Deposit...—.20
Fidelity & Gur Fire Crp.10
23c
1.35
69
26
114** 115
42
27*4
506
9**
15*4
9**
20
9
10
90
12
Merch & Miners Trans p..*
New Amsterdam Casualtyfi
9*4
15**
Penn Water & Power
3
Phillips Packing Co preflOO
U 8 Fidelity & Guar
2
Apr
Feb
9*4
Aug
16*4
536
61
448
85
100
84
16*4
19*4
063
27
14*4 May
"19H
Jan
32*4
10*4
19*4
May
59
Apr
130
June
84
Id"
*
com
9*4
2 50
91*4 May
26** June
27 J*
"~9X
5
com.
Jan
83*4
119*4
May
May
111*4 June
100
Finance Co of Am A
Houston Oil pref
Bastlan-Blesslng Co
585
78
78*4
113** 115
100
High
281
30c
12
May
54** May
Feb
Aug
Apr
May
33
31*4
37*4
38*4
33
$20,500
38*4
Boston Stock
23
Apr
Jan
90
Mar
23*4
Jan
35*4
6,000
May
May
30
Apr
Apr
Last
Sales
Veek's Range
Sale
Stocks—
Par
Low
for
Range Since Jan. 1,1940
Week
of Prices
Price
sales lists
High
Shares
Low
Common
Amer Tel & Tel
100
32c
160**
Boston A Albany
100
Boston Edison Co (new).25
Boston Elevated
100
Boston Herald Traveler..*
Boston
A
82
34**
42**
32c
100
157*4 160*4
81
82*4
34** 35
41?*
42 J*
1,381
18
18
30c
Common std
....100
Prior preferred
CIA 1st pref std
395
350
18
6*4
100
Copper Range
25
3**
9*4
6
9
Common
*
1*4
1*4
10
61?*
47
51**
153
..100
21**
18*4
22
452
Eastern Mass St Ry—
Common
100
60c
1st preferred
100
64*4
Preferred B
100
Employers Group
*
Preferred
v t c.
Inc
5*4
Apr
3**
Aug
*4
6**
1*4
4*4
Jan
2
30
5*4
5*4
1
19?*
*4
4*4
1
35c
15
9
he
35o
45
20*4
8*4
185*
1254
79?*
J*
Conv pref
Central A S W—
*
5*4
*
40
8**
7*4
9*4
250
25*4
27
351
30
30**
60
59
59
61*4
433
44*4
44
44*4
42
35c
40c
400
6**
65*
**
Aug
92o
10
25*4
,
10*4
24**
9**
Apr
12
Feb
12**
Jan
33**
Jan
65
Feb
Apr
Feb
May
Apr
7*4 Aug
7*4 May
5*4 May
22** May
220
8
Mar
Jan
Jan
31
May
Apr
Jan
84**
44*4
39*4 June
35c May
5*4 May
Aug
62o
Apr
7*4
Mar
Bonde—
Chicago Corp common
1
Convertible preferred..*
Chicago Towel com
*
Inc mtge A 4
67**
17*4
94
3,000
87
June
99
Eastern Mass St Ry—
Series A 4*4s
1948
Series B 5s
1948
72** $13,900
18*4
68,000
94
*4%—1970
99
1,000
86
June
67**
July
17*4
Aug
74?*
23*4
Aug
Aug
Capital
98
Apr
Mar
Listed and Unlisted
Bell System
com
10 S.
Aug. 17
to
La Salle
Elgin Natl Watch Co...15
Four-Wbeel Drive Auto. 10
Fuller Mfg Co com
1
Gardner Denver Co com..*
Last
Sale
Stocks—
Acme Steel Co
Par
com
Price
25
Advanced Alum Castings 5
Aetna Ball Bearing com__l
Allied Laboratories
*
Allied Products
Corp—
Common.
11**
10
Allls-Chalmers Mfg. Co..*
AmericanPub Serv preflOO
Amer Tel & Tel Co
cap. 100
Armour & Co common
6
Asbestos Mfg Co
Athey 1 russ Wheel cap
For footnotes
10
46*4
2**
9**
11*4
High
"89*4
107
2**
50
10
250
11**
100
11
30*4
32*4
88
90
158
"T*4
1
160*4
4
4**
1**
1*4
4
1122
Shares
4
High
34*4 May
2*4 May
May
10*4 May
50
8*4 May
145
22** May
140
73
579
146
2.060
4
300
150
3054
30*4
1254
2**
6*4
30*4
3,300
25*4
May
May
May
**
Jan
3*4 May
61*4
4
Jan
14
Feb
7 H
Apr
1*4
Apr
7
Jan
Jan
**
20
-
Jan
50
2
May
May
1*4
254
80
10
May
4**
19*4
Apr
61*4
62
15J*
249
13*4 June
24*4
20
51
72
May
12
19
Feb
10
50
15*4
10**
12*4
30
13*4
10**
12**
50
9*4
17
9
Mar
11*4 May
9
Apr
26
Apr
150
21
May
29**
Apr
5
25*4
900
4
4
4*4
**
16
16
45*4
2
3
Apr
18
Feb
35
35*4
May
57*4
Jan
1*4
May
2?*
Jan
100
39*4
4154
140
4454
47?*
1,510
36*4 May
454
71
312
3*4
3?*
May
4**
106
12 *4
Aug
May
25
9*4
10
Apr
500
9**
May
18
12*4
Feb
17*4
450
17**
May
27 H
Jan
125*
125*
50
9?*
65*
46
49*4 Apr
56**
Apr
7**
Apr
654
20
5**
May
June
Feb
20*4
9** May
854
500
4?*
"3**
3?*
14**
15
854
7**
75*
38
7is
he
June
9
50
300
2
754
125
6*4
26
150
142
May
May
18** May
66*4 May
38*4 June
9
May
.454
50
4
6*4
400
5*4
25*
300
2**
1
1
350
1
24
20
6
Lincoln Printing com
*
$3*4 preferred
*
Lindsay Lt A Chm com. 10
16
H
1**
654
95*
1154
5
4*4
*
Prior lien pref
100
7% pref
100
Okla Gas A Elec 7% prf 100
Omnibus Corp com
6
Penn Elec Switch conv A10
Penn Gas A Elec A com..*
150
4**
10
250
9
1254
5
354
4*4
554
4*4
5*4
50
1,500
150
1,250
20
4**
650
2,650
28
28
26*4
20*4
4*4
"9
27
150
654
5*4
5*4
39*4 4154
165*4 165*4
4
20
*
300
5
27
4*4
5*4
_*
5
9?*
10*4
9
4
28*4
26*4
4*4
9
650
10
355
Jan
17
Jan
50
150
20
51
190
14
15
70
2C
7**
Jan
3*4
Apr
4
Jan
24*4 June
3*4
Jan
5*4 May
30
8*4
1*4
Mar
Aug
Jan
5**
July
Jan
814
Apr
May
3*4
32
55*4
23
20*4
3
Feb
7*4
7**
Jan
June
12*4 May
45
June
8*4 May
107
June
May
May
Aug
15
25
May
May
1,400
5*4
6*4
169
36
5**
Jan
Apr
70
Jan
15
Aug
118*4 May
Jan
14*4
15*4 Mar
2*4
24*4
Jan
38*4
Feb
May
May
12*4
14**
Jan
May
Aug
June
1*4
123*4
90
141
June
155
12**
27
6**
26*4
6
Jan
Feb
July
20}* June
30*4
Apr
60c
62
May
88
Apr
10*4
June
15
Jan
20*4
1C 1
20f
Apr
5
May
May
30
9(
11
Jan
80
70**
1(
65
June
154
154
10(
1
May
5(
8
May
12
Jan
20C
70**
12
Apr
May
12
95
*4
Jan
20**
100
12**
Jan
15*4 May
410
24*4
785*
Jan
4*4
1*4
155
Feb
9*4
1015* 102**
24*4
75*4
12 J*
27
3*4 May
60
50
153
Jan
Apr
277
654
*
Apr
Apr
3*4
Apr
1
6*4
10
9
26
7*4
8*4
33*4
1*4
Mar
14*4
15**
13*4
20*4
9**
Jan
30
Jan
50
19*4
9*4
Jan
1*4
May
May
25
20C
325*
102
Apr
3*4
Aug
48
*
Feb
6*4
8**
29*4
550
1
Jan
62*4
May
May
100
Peoples G LtACoke cap 100
20
90*4
July
60
Stand Dredge—
Common (new)
Apr
4*4
500
954
Jan
Jan
28
July
854
13*4
Feb
13**
3*4
15**
1
Apr
100
854
9*4
13*4
Aug
Aug
Apr
Aug
14*4
13*4
May
Feb
Mar
165*4
854
11554 115*4
6
1*4
15*4
Apr
30
14*4
51
23** May
6*4
1**
16*4
654
35*
pf*
St Louis Natl
Stkyds cap.*
1
5*4
July
24
Quaker Oats Co common.*
Preferred
100
16**
May
June
*
cap
10
10**
42
May
6*4
254
5
com
6?*
7u May
3
8054
July
May
25*
com7
Preferred
May
7
34**
7
25*4
79*4
May
8
50
454
McCord Rad A Mfg A.. *
Merch A Mfrs Sec—
Claas A com
.1
$2 cum part pref
*
Aug
5
May
6*4
—
5
May
14*4
454
com
June
100
4554
2
3?*
650
1
*
Apr
4*4
Kellogg Switchboard com.*
Kerlyn OU Co com A
5
com
14
17**
Jan
195
com
Jan
Jan
14*4
3
3*4
200
Lion Oil Ref Co cap
19**
23?*
May
May
100
50
May
May
Jan
650
3*4
11*4
Sangamo Elec Co
May
May
17
.....
Feb
100
4454
Sou Bend Lathe Wks
cap.5
Spiegel Inc common
2
Jan
8
10*4
Sivyer Steel Castings com.*
Mar
May
41*4
Jan
100
Jan
6*4
1,102
Apr
Mar
1254
18*4
"3*4
*
Mar
175*4
3**
15
Sears Roebuck A Co
cap..*
11
41*4
16*4
10
10**
Feb
20*4
33
155*
01*4
*
conv
Mar
May
11*4
Field
May
3**
2*4
Illinois Brick Co cap
10
Illinois Central RR com 100
Cumul pref
Jan
6*4
May
12*4
com
91
Feb
May
1254
16*4
Hupp Motor Car com____l
Pressed Steel Car com
Process Corp (The) com.
Apr
63*4 May
650
La Salle Ext Unlv
Leath A Co—
Jan
Feb
May
11*4
Katz Drug Co com
1**
1
1154
International Harvest com*
Jarvis (W B) Co (new) capl
May
10
Houdallle-Hershey cl B__*
c
Jan
Aug
50
2**
6**
150
Tool v t
Inland Steel Co cap
Jan
*4
8*4
600
13
37
Indep^neu
77
Mar
May
37
4
1
Jan
Apr
75*4 May
2*4
1
*4
8**
June
150
"6*4
Jan
25?* June
250
13
Jan
64
431
36
Poor A Co cl B
Low
8
10
36
Penn RR capital
Range Since Jan. 1. 1940
46*4
11
4
see page
Low
for
100
254
1
Nor West Utll—
Week
4,850
Heln Werner Motor Parts-3
Hlbb Spncr Bartlett cm.25
Northwest Eng Co cap
Sales
Week's Range
of Prices
*4
27
7454
5*4
Goodyear T A Rub com..*
Gossard Co (H W) com..*
North Amer Car
Aug. 23, both inclusive,
compiled from official sales lists
*4
4*4
*4
Feb
July
38** June
5*4
General Finance Corp cm.l
General Foods com
*
Gen Motors Corp com.. 10
General Outdoor Adv com*
Gillette Safety Razor com *
**
4*4
100
08
May
254
General Amer Trans p cm 5
Northern Paper Mills com*
Northwest Bancorp com..*
Chicago Stock Exchange
19*4 Apr
88*4 May
71
254
*
*
Elec Household Utll Corp.6
Noblitt-Sparks Ind
St., CHICAGO
Friday
*4
25
National Pressure Cooker 2
National Standard com .10
Teletype
Municipal Dept. OGO. 521
Apr
"5*4
Cudahy Packg 7% cm pflOO
CunnlnghamDrug8tores2 *4
Class A
Members Principal
Exchanges
23*4
120
68
Container Corp of Amer_20
Crane Co
Miller A Hart Inc
Paul H.Davis &. (?<x
Mar
17** June
100
si«
Jan
11*4
4*4
7*4
400
27
Com part shs. A v t c. .50
V t c pref part shs
60
Montgomery Ward
Trading Dept. OGO. 405-400
%
"68~"
25
Mickelberry's Food com.l
Middle West Corp cap
5
Midland United conv pf A*
CHICAGO SECURITIES
Feb
June
4*4
170
8
Consmrs Co—
Marshall
101**
Apr
20
200
40
»16
7**
_,
Compressed Ind Gases cap5
Consolidated Biscuit com.l
Consolidated Oil Corp
•
LlbbyMcNelllALlbby
Boston A Maine RR—
1st Mtge A4%
1960
39*4
Common (new)
50c
Central States PowALt pf *
Heileman Brewing cap
May
Jan
150
**
554
Apr
5** June
2*4 July
May
35
79
Mar
25*4
22*4
9
135
11*4
.....1
36**
11**
23*4
1,050
Common.....
Apr
10*4 May
3
*
Jan
5*4
Aug
50
454
Capital
Apr
May
5*4
50
7
254
Hall Printing Co com...10
Hamilton Mfg cl A pt preflO
1**
137
7*4 May
14*4 May
458
9*4
4*4
Mar
0**
June
15
9*4
7
Great Lakes DAD com..*
Apr
130
18*4
Feb
2**
May
108
Feb
17
Jan
100
8u
19**
8*4
Utah Metal A Tunnel Co.l
Waldorf System
Aug
423
Jan
25
May
1
Apr
Mar
8**
May
12
220
,
July
115**
*i«
35c
*
25
26*4
180
9
cum pref
Jan
252
113
.....
Jan
Aug
17*4
1**
1
Stone A Webster
6%
May
May
554
115
2.50
Union Twist Drill Co
5
United Shoe Mach Corp.26
1.00
Mar
42
"9*4
12
Apr
Apr
Apr
13*4 May
14** June
1,350
454
Mar
300
17**
17
1854
24*4
*4
54
15**
16*4
10*4
June
18*4
11*4
18**
3*4 May
13*4 May
200
1
Mar
07
50
16**
10
Butler Brothers
3?*
56?*
15
16**
5
Dodge Mfg Corp com
Eddy Paper Co (The)
150
14*4
Pacific Mills Co.
Torrlngton Co (The)
Bruce Co (E L) com
Burd Piston Ring com
Feb
Mar
600
5
Borg Warner Corp—
Common
6
Brach A Sons (E J) cap.
*
Brown Fnc A Wr cl A pfd-*
6**
10*4
50
16**
May
900
5
Dayton Rubber Mfg com.l
Deere A Co com
*
May
12*4 May
125
8*4
350
30*4
8*4
2854
"8*4
1
Binks Mfg Co cap
1
Bliss A Laughiln Inc com.5
Dixie Vortex Co com....*
10
*4
N Y N H A H RR
Pennsylvania RR
50
Reece Button Hole MachlO
Shawmut Assn T C
*
5
Berghoff Brewing Corp
4**
8*4
4*4
May
May
May
May
May
24*4 May
100
Jan
26
2*4
15?*
8**
12*4
7*4
3*4
300
4**
High
Aug
8**
10
Feb
45c June
19
Mar
4
50
10
8*4
7
200
9
19**
May
54** May
14**
1
North Butte
Mar
4
54
Mergenthaler Linotype..*
Narragansett Racing Assn
National Tunnel A Mines.*
New England Tel A Tel 100
May
60
54
19
1
.
3
2*4
3*4
1J*
1**
100
Mass Utll Assocts
Jan
5*4
3**
100
com
Mar
126
*4
3**
Apr
8*4
9*4
20*4
20
Mar
10*4
65
9*4
Georgian Inc cl A pref...20
Gillette Safety Razor.
*
Isle Copper Co
15
Maine Central
65c
200
4
1J* May
300
100
.....
4*4% prior pref
0% preferred
60*4
20**
Apr
4**
East Gas A Fuel Asan—
2*4
15?*
9*4
9
16
3*4 May
336
4
July
1** May
1** June
9*4 Aug
10
9*4
Feb
May
1*4 June
25
5*4
3?*
5
Jan
Mar
30*4
5
69
2
3
Boston A Providence.. 100
Calumet A Hecla
*4
303
1H
Class C 1st pref std. .100
CI D 1st pref std
100
86
16*4 May
34
6*4
60c
175*4
May
July
34**
38** May
1
...100
Apr
144*4 May
Maine—
2*4
Commonwealth Edison—
285 j60*4
1,264
650
*
_
*
Low
4*4
10
Chrysler Corp common..6
Cities Service Co com
10
Club A1 um Utensil com
High
Amer Pneumatic Serv Co—
Range Since Jan. 1, 1940
Shares
15**
com.*
Belden Mfg Co com
Belmont Radio Corp
Bendlx Aviation com
Preferred
Exchange
Friday
4
4**
Cent 111 Pub Per $6 pref..*
Central 111 Secur—
40*4
Aug. 17 to Aug. 23, both inclusive, compiled from official
for
Price
5% cum conv pref
30
Campbell-W A Can Fdy—
17*4
Bonds—
Bait Transit 4s flat—1975
A 6s flat
1975
Par
Week
..
72*4
Aug
Stocks (ContinuedI)
of Prices
Low
High
Aviation Corp (Del)
3
Aviation A Transport cap.l
Barber Co (W H) com
1
Barlow A Seellg Mfg A cm5
Range Since Jan. 1, 1940
Shares
15**
12**
12
30c
1st pref v t c..
...100
Consoi Gas E L & Pow—*
4*4% pref B
lists
Week's Range
Sale
Aug. 17 to Aug. 23, both inclusive, compiled from official sales
Friday
Sales
Last
2**
14
Feb
Mar
Mar
Volume
Sales
Friday
Last
Stocks (Concluded)
Week's Range
Sale
of Prices
Low
Price
Par
25
Standard Oil of Ind
■
24
24
1,1940
Range Since Jan.
for
Week
24 54
High
Low
Shares
High
784
Apr
2854
2054 May
Sterling Brewers Inc com.l
1
1
100
1
Aug
2
Apr
Stewart Warner
6
654
280
254
Feb
9
Feb
Jan
6
Sunstrand Mach T'l com.5
2654
2554
2754
750
1534
Swift International
cap..15
1754
17
June
25
1854
668
17 54
May
2554
Mar
Texas Corp capital
25
17 54
1854
3554
300
Swift & Co
1754
1854
3454
2954 May
3254
Feb
200
33
May
4754
Apr
June
1654
Apr
2
1234
1254
100
10
Union Carb & Carbon cap *
6754
7154
133
6054 June
United Air Lines Tr cap..5
14 54
1654
149
1254
5054
5354
1,900
11554 11734
138
Trane Co (The) com
United States Steel com..*
7%
cum
5154
100
pref
"l
Utility & Indus pref..
7
Viking Pump Co com
*
1
154
6854
12454
Apr
22
1954
2054
Jan
2454
2354
Westrn Union Teleg cm 100
17
17
Westh'se El & Mfg com.50
9554 10054
2854
11754
Jan
523 W. 6th St.
Los Angeles
Jan
June
Chicago Board of Trade
San Francieco Stock Exchange
Angelee Stock Exchange
May
May
1454 June
Los
Apr
154
254
MEMBERS
New York Stock Exchange
Teletype L.A. 290
Apr
19
50
22
com......
2354
Wm.Cavalier & Co.
Jan
May
1654 May
200
88
4154 May
10354 May
54 May
154 May
50
1
154
Utah Radio Products coml
Walgreen Co
1121
The Commercial & Financial Chronicle
151
101
50
76 54
183
Jan
Los
Jan
Angeles Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official
Week's Range
Last
Sale
Range Since Jan. 1, 1940
for
WAAY
YV CPA
of Prices
Low
Price
Par
Stocks—
sales lists
Sales
Friday
High
Low
Shares
High
Wieboldt Stores Inc—
91
Wisconsin Bank shares cm*
4
Feb
13
354
May
554
6
434
7854
1154
400
7254
May
9354
Ap-
1,850
7854
Wrigley (Wm J) Co cap..*
Zenitb Radio Corp com.
Apr
95
8854 June
10
91
*
Cumul prior pref
854
Mav
17 V
AD
1
Bonds—
120 54
Comwlth Edison 3548-1958
11054 May
$ 1.000
12054 12054
Apr
131
Bolsa Chlca Oil A com
cial sales lists
Aug. 17 to Aug. 23, both inclusive, compiled from off
Sales
Far
Stocks—
for
of Prices
Low
High
Week
Price
2
*
High
Low
10
6
6
*
100
Burger Brewing
Cin Gas & Elec pref
106
254
20
Cin Street
50
254
8054
254
8034
254
Cin Telephone
50
9554
95
9554
Cin Union Stock Yds
*
Cin Union Term pref
100
10
14
12
254 June
10
12
CNO&TP
June
6
100
10654
254
354 June
25
7754 June
87
154 May
Feb
110
100
Jan
254
Mar
Mar
1154 May
10054
1454
85 54
10
May
Mar
*
o7054
Goodyear Tire & Rubber.*
Hancock Oil Co A com
*
a
1
55c
Hupp Motor Car Corp
1
Lincoln Petroleum Co.. 10c
6254c
Holly Development Co
21c
43c
Apr
Pacific Finance Corp comlO
al054
Jan
Pacific Gas & Elec com..25
10
29
June
43
Mar
3454
30
176
2354
May
9654
54
9654
5
9254
June
54
16
54
Jan
1H
6154
3254
6254
3254
308
5254 June
7154
2754
June
39
Apr
Aug
13
Mar
&
*
4654
40
14
8
84
1 054
45
554
954 May
150
4654
554
554
10
Columbia Gas
General Motors
1054
Mar
100
354
May
Aug
2,062
Jan
654
1254
Apr
July
8854
Apr
11
Jan
56
Apr
654
Apr
1454
2454
Aug
Feb
40
Apr
20
14
118
27
55c
55c
200
May
45c May
6254c 6254c
16c
25c
100
50e
July
8754c
Apr
29,975
7c
Jan
25c
2354 June
354 May
4154
Aug
Apr
287
26
June
Jan
9054
3054
al5
454
4
454
1,320
254
254
254
2,385
43c
Menasco Mfg Co
10
Apr
Pacific Lighting Coro com •
03854
10254 May
Pacific Western Oil Corp 10
a554
Apr
Puget Sd Pulp & Timber..
18
Apr
Republic Petroleum com.l
3454
Pacific Indemnity Co
554% Pref
80c
212
454 May
3754 May
.
154
754
Apr
Ryan Aeronautical Co
5654
Jan
454
May
40c
Apr
50c
Jan
30
954
May
110
2654
1554
3454
Mar
o3754 o37?4
100
30
May
May
3954
Apr
o3854 a3854
a554 o554
50
3754
6
18
o31
15
100
2
200
May
12
15c
8
8
8
1
1
Q
Q
4054
Feb
854
1054
Jan
154 June
Apr
17
1
454
*
15
04354
a754
Southern
30
132
354
2654
354
2654
30
30
30
2854
*
8
Pacific Co
2854
May
Mar
7
5254
May
May
254
May
454
Apr
512
23 54
May
May
3054
3054
Apr
2754
279
2454 May
.
31
Mar
-
30
May
2954
3454
Jan
20
8
380
7
May
1554
Jan
1754
June
2654
21
May
36
Jan
May
7
Mar
754
al754
al754 0I8
580
Superior Oil Co (The)—25
a24
a24
024
20
454
al654 01754
1,909
2
454
Trans & West Air Inc
5
01754
Union OU of Calif
25
1254
1254
May
1754
Universal Consol Oil
10
754
654
754
525
654
Aug
1554
154
854
854
854
1,185
4 54
Jan
1
754
754
754
213
654
July
5c
5c
5c
1,000
o654
a554
0654
43
o3454 a3754
03754
-.100 O16054 al6854al6054
1954
1954
1954
...60
234
148
403
Vega Airplane Co
Vultee Aircraft com.
Jan
Jan
27
1254
454
1,439
454
Transamerlca Corp
Cleveland
Jan
a33
2854
o33
Standard Oil Co of Calif..
j^j russell co.
Apr
854 May
854
2054
200
2354
a33
354
5054
'
Aug
Apr
369
2354
26
25
6% pfd A25
6% pref B
654% preferred C
Members Cleveland Stock Exchange
5
354
So Calif Edison Co Ltd..25
So Calif Gas Co
330
2654
Solar Aircraft Co
Ohio Listed and Unlisted Securities
454
a4354 04354
0754
a754
2354
Signal Oil & Gas A
Union Commerce Building,
Apr
17c May
May
6254c May
754
Jan
150
454
May
6
100
9
Jan
Jan
8
May
14c
2,920
49 54
Apr
2854 May
254
Jan
Jan
154
300
15c
June
30
8
a31
15c
Roberts Public Markets..2
454
200
1
Apr
Jan
43c
154
2
1
Safeway Stores Inc
Shell Union Oil Corp
gillis
Jan
al054 al054
2854
2854
18
031
60
Rice Ranch Oil Co
Warrants
10
25
3854
10
2854
03754
Unlisted—
Mill
Apr
754 May
647
1
Los Angeles Investment.
Richfield Oil Corp com—»
Am Rolling
8754
Mar
3054
26
26
Lockheed Aircraft Corp_.l
4654
554
1454
x5
al5
27
3454
8
May
10
150
9
15
3054
2954
29
8
7
1,343
O7054 a7054
5
Globe Grain & Milling..25
May
*
6154
354
554
Mt Diablo Oil Mng & Dev 1
*
6754
540
554
June
24
10
10
554
1254
554
4654
21
2554
24
10
26
07254 07254
May
May
May
4654
10
25
2554
Playing Card
1554
9
9
10
*
5
Wurlitzer
Jan
29
11
12
*
Douglas Aircraft Co
25
Gibson Art
US
May
554
Apr
Hilton-Davis pref
P & G
254
554
14>4
25
a7254
1954
281
2.50
354 June
1054 May
600
a4
6
Chrysler Corp
July
Jan
1654
Magnavox
Feb
Consolidated Steel Corp..*
Aug
1654
50
3
,10
1254
*
Kroger
Little Miami Gtd
May
Aug
016 54 01654
10554
120
Hobart A
154
154
154
June
754
Eagle-Picher
Apr
1,230
154
2
a4
654 May
Jan
1354
103
14
754
Formica Insulation
Jan
12c
ol654
General Motors com
Feb
1154
June
427
10554 10554
454
Apr
01154 all54
Gladding McBean & Co.
Aluminum Industries
15c
May
10c
all54
Emsco Derrick <fc Equip..6
Shares
Aug
254
50
*
Consolidated Steel pref
Range Since Jan. 1. 1940
Week's Range
Sale
lc
630
Calif Packing Corp com..*
Cincinnati Stock Exchange
Last
8,867
154
a4
Broadway Dept Store Inc.*
Byron Jackson Co
Friday
4c
254
alOc alOc
154
2
10
354 May
lc
254
alOc
Blue Diamond Corp
July
254
lc
Rights
Barnhart-Morrow Cons__l
Bandini Petroleum Co
2
220
2
2
2
50c
Aircraft Accessories
12
14
754
Jan
Jan
Apr
Aug
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
MiningCardinal Gold Mining Co. 1
Cleveland Stock
Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official
Last
Week's Range
Sale
Par
Stocks—
Price
sales lists
Sales
Friday
Amer Rad&Std San Corp *
Amer Smelting A Refining.
Amer Tel A Tel Co.
1,1940
Range Since Jan.
for
Week
of Prices
High
Anaconda Copper..
6
o4
Atchsn Topk A 8 Fe RylOO
al5
Armour A Co (HI)
High
Low
Shares
Low
Aviation Corp (The) (Del) 3
Amer Coach & Body
7
5
*
Apex Elec Mfg.
954
*
1
*
1554
*
c CI Graphite Bronze com 1
Cleve Railway
100
Cliffs Corp com
5
5654
CI Builders Realty
2
CI Cliffs Iron pref..
454
May
175
510
1554
100
200
2
154
Jan
Jan
May
1,003
1154
160
11454 11454
202
Mar
Jan
26
1454
7
1654
42
901
Apr
1454
May
28
Apr
Aug
46
22
854
15
May
954
12
25
5654
14
17 54
Jan
1254 May
1054 May
June
113
2
63 54
4354
36
Feb
Apr
Mar
May
454
01454
Baldwin Locomo Wka v t c
..*
Jan
4754
Jan
17454
Mar
Apr
19
July
50
4
June
3154
754
Apr
al454 al554
120
16
May
24^4
Apr
454
1,475
al454 al554
754
754
100
a4
454
a4
454
13
7 54
100
Aug
854
May
19 54
Aug
1254
Apr
May
Apr
Barnsdall Oil Co
6
754
Bendix Aviation Corp
6
*
a3054
a30
a3054
35
2554 June
3454
Apr
a79
68'4
June
84
Apr
01654
a7354 o79
al6
al654
138
Borg-Warner Corp......6
40
1554
Aug
2454
Apr
a354
50
3 54
Aug
Bethlehem Steel Corp
6
Apr
a354
a354
10
0554
o554
a554
3
554
July
654
Columbia Gas A Elec...-*
654
654
554
200
454
June
754
Apr
154
254
154
254
154
100
154
June
254
120
7
7
60C
654
8t
24H
Canadian Pacific Ry Co.25
Cities Service Co
1854
Apr
Commonwealth A Sou..
13
Apr
Continental Motors Corp.l
117
Apr
Curtlss-Wright Corp
Curtis-Wright Class A...1
Elec Power A Light Corp.*
02554
1
7
o2554 02554
8754 c May
254
July
454
Feb
Aug
1154
Mar
June
2954
Feb
May
105
22
May
37
Apr
a3354
130
2654
May
41
Jan
Genera) Electric Co
»
03354
o32J4 a3354
167
27
May
40
Jan
50
1054
May
*
O4054
03954 O4054
8C
41
May
4754
Feb
10
May
Jan
Apr
General Foods Corp
10
2354
2054
*
01154
all54 all54
5C
1654 May
2054
Apr
24
1254 May
Intl Nickel Co of Canada.*
02654
a23
c2654
4£
2054 June
3854
254
254
a454
a454
a3954 a4054
10C
Aug
454
Jan
454 May
754
Mar
47 54
May
Jan
all54
al454 al554
17
125
18
3854
11
45
3854
11
2454
18
Apr
3454
May
44
Apr
10
May
1354
Goodrich (B F) Co
*
McKee (A G) B
Miller Wholesale
1354
National Acme...
National Refining (new)
554
6
"254
.
Mar
50
May
New York Central RR...*
155
454
Jan
854
Apr
Nor American Avlatlon.10
40
13 54
Jan
2154
Apr
North American Co
Ohio Oil Co
al754 al854
254
254
May
26
35
137
2
July
354
Apr
66
30
June
4154
July
8% pref
2
55
Apr
May
55
Apr
a44
N Y Cent RR com
a44
54
all54 all54
40
54
167
54
*
*
*
11
1654
01854
Jan
*
Packard Motor Car Co..*
06
Reliance Electric-
254
cUS Steel com
*
Upson-Walton
1
Works
Youngstown Stl Door
"4
May
1254
Jan
*
1654
9
May
1154
Aug
Seaboard Oil Co of Del—*
May
1454
Apr
Sears Roebuck A Co
al254
07854
70
14
May
2354
Jan
659
31
May
4054
Mar
2554
May
3854
Apr
254
Aug
554
Feb
03254
27
254
254
a5054 05354
145
258
42
4
Aug
107
3
10
May
1254 May
Republic Steel Corp...
So cony-Vacuum
*
OU Co..16
For footnotes see page
1122,
page
1125.
08 54
a6
8f
06
a34
Aug
454 June
1454 May
31C
al254
2
1154
Mav
a7454
75
6854
754
June
May
Jan
1854
20
23 54
754
Jan
Apr
71
08 54
4
Apr
Apr
9
754
2354
1154
Mar
Jan
Apr
Apr
8754
May
Apr
12 54
Apr
a6
1C
5
May
754
Jan
a3354 a34
7f
30
June
4354
Feb
a6
1
a754
o754
Jan
Union Carbide A Carbon.*
a7154
a6754
July
United Air Lines Trans...5
al654
al654
2
2
al754
al754
053
o5154 o53
Btudebaker Corp
754
-
»
Standard Oil Co (N J)...25
Standard Brands Inc
554
5
2854
Jan
United Corp (The) (Del)_
10
U S Steel Corp
Exchange—See
8
1C
654
May
12 54
Feb
2C
63 54
June
21
1254
Jan
May
50
4
a6
2C
US Rubber Co
Detroit Stock
1654 June
554 May
254 May
10C
7
454
454
al654 al7
*
cm*
Aug
754
10
4
May
1554
5C
a454
1654
25
35
954
32C
a454
75
3454
34C
16
Radio Corp of America.__*
100
a32
June
1054
al854 al854
o354
1154
13 54 al4
al654 al754
*
Republic Steel com
Rich man Bros
Thompson Products Inc.
Troxel Mfg
39
6£
754
0354
a754
a
254
5C
*
Pure Oil Co
1154
*
5
Packer Corp
454 June
3£
It
a7>4
Otis Steel
a5
Jan
954 May
154
1854
36
36
*
100
Prior pref 6%
254
a454
O4054
6
•
National Tile
*
Intl Tel A Tel Corp
McKesson A Robbins
34
34
*
Drug—*
204
a5
Apr
Feb
a5
Montgomery Ward A Co.*
Interiake Steamship
Leland Electric
c
10
July
May
all
Goodyear Tire & Rubber.*
Great Lakes To wing... 100
Van Dorn Iron
May
all54 all54
25
Goodrich (B F)
c
554
3554
75
a2854 a3054
General Elec com
General T & R Co
c
754c May
a33
Eaton Mfg
c
May
1154
100
Dow Chemical pref
Jan
854
1054
a3254 a34
26
1
Colonial Finance
654
70
554
5
Brewing Corp of Amer—3
City Ice & Fuel
Clark Controller
150
7
O1054 all54
4c June
Unlisted—
40C
2C
171
Inc.6
a254
a254
6C
Westlnghouse El A Mfg.50
09754
09754
4C
Warner Bros Pictures
8254
Feb
May
2354
Feb
154 May
18
Aug
254
Jan
3854
Feb
45
65
Apr
254
May
May
454
Apr
The Commercial & Financial Chronicle
1122
Aug. 24, 1940
Sales
Friday
Last
compiled from official sales lists
Aug. 17 to Aug. 23, both inclusive,
Sales
Friday
Last
Par
Week's Range
Sale
Stocks—
Range Since Jan. 1,1940
for
(<Conducted)
—I
Low
High
100%
pref—100
*
Bell Tel Co of Pa
Budd (E G) Mfg Co
*
Budd Wheel Co..
69%
1 Vs.
28%
44?*
29%
71%
Chrysler Corp— -——5
Curtis Puh-Co.com--—-—*
Electric Storage Battery 100
"46"
General Motors.-———10
Horn & Hardart(N
Y)com*
70
757
400
25
1,297
38
May
10
27
June
1%
5%
1%
14%
Pennroad Corp v t C—1,
Pennsylvania RE—---60
Penna Salt Mfg———50
"19%
Phila Elec of Pa $5 pref—*
Phila Elec Power pref---25
115?*
30%
Tonopah Mining--;
—1
Transit Invest Corp pref—
%
May
June
Clorox Chemical Co
Coast CcsG&E 1st prf 100
mmmmrnm
Jan
Consol Chem Ind cl A—*
Crocker First Natl BanklOO
Crow
Zeilerbacb com
t
Jan
10
DI Giorgio Fruit com
Apr
12%
46%
8%
45%
8%
46%
8%
Apr
Hawaiian Pine Co Ltd—*
mmm+mm
120%
Jan
Holly Development.——!
Honolulu Oil Corp cap—*
503
112% June
28% June
31%
Jan
Hunt Brothers com.——10
1,000
«ie June
%
Feb
Langendorf Utd Bak A.-.*
1
Jan
Lockheed Aircraft Corp.. 1
41%
15%
117%
Feb
159
10
144
516
% May
170
20% June
3,880
10
May
107% June
9% May
9%
Jan
058
10%
12
12
22
12
Jan
Feb
Apr
12%
Apr
Low
.
1,1940
High
16
25
May
300
100
5
June
6%
Apr
5%
445
4% May
7%
Apr
74
Hoppers Co pref ------100
80
81
40
9
9
1% May
1,400
Lone Star Gas Co com—*
125
12%
1%
75
June
80c
300
29%
5%
50
4% May
6%
1%
19%
Shamrock Oil & Gas Co—1
"19%
10% May
75c May
28 ~ May
10
25
6%
1%
20%
6% May
104
1%
117
1%
50c
100
7
18
Meier & Frank Co Inc—10
10%
10%
158
Menasco Mfg Co com—1
N&tomas Co__-—.——-*
Occidental Insurance Co. 10
2.50
2.70
1,985
200
21%
8%
21%
4%
4%
70
4%
5
60
•
......
8
"21%
4%
*
Paauhau Sugar Plant.. .15
"l".20
Pacific Coast Aggregates.5
Pae G A E Co com
25
28%
32%
6% 1st preferred.—-.25
5%% 1st preferred...25
mmmmrnm
*
mmmmrnm
1st pref
*
Pacific Tel & Tel com-100
Preferred
17%
99
100
Rayonler inoorp com—1
Republic Petroleum com.l
Rheem Manufacturing Co 1
mm ah
Signal Oil & Gas Co cl A._*
Soundvlew Pulp Co com
mm
-
mm.*,
Jan
28%
Jan
SUper Mold Corp cap... 10
mm
24
So Cal Gas pref ser A
25
Southern Pacific Co... 100
Standard Oil Co of Caiif.. *
7%
17%
m
m
m
mmm
2%
Jan
2
.
St. Louis Stock Exchange
Last
Par
Week's Range
for
Sale,
Stocks—
of Prices
Low
High
Week
Price
Range Since Jan. 1,1940
Low
Shares
Western Pipe & Steel—.10
13
,—50
50
50
100
30%
25%
30%
25%
100
6% pref-
Brown Shoe com.-—-—*
Burkart
Mfg com .——1
"*25%
American Tel & Tel Co. 100
High
469
14
13
Aug
44
May
28
May
16%
Jan
160
50%
36%
29
Aug
Apr
Apr
May
Corp A
com... •
Atchison Topeka <fc 8 FelOO
Atlas Corp com..5
Aviation Corp of Del
3
Bendix Aviation Corp...5
Blair & Co inc cap..
Coca-Cola Bottling com .1
Collins-Morris Shoe com.l
Columbia Brew com
Dr. Pepper
....
-5
27%
%
mmmrnmm
~
«•
General Shoe com
-
—
—.
1
—
1
Grlesedleck-West Brw cm*
14
15%
27
224
25
535
0%
0%
A*
11
35
25
60
25
Hussmann-Ligonler com.*
9
9
25
International Shoe com—*
29
29
43
Lemp Brew com.—5
Mo Portland Cement cm 25
1%
12%
1%
13%
8%
Apr
2.00 Jan
19%
Mar
27
Jan
10%
15%
12%
Apr
Feb
Apr
Apr
36%
Jan
4%
13%
12%
Aug
Aug
Aug
Aug
Aug
11
25
11
......
34
Aug
40c Aug
13% June
13% July
235
14
i» mmmm
mmmm
%
15
M
com———*
Falstaff Brew, com
30
28
45
25% May
1% Aug
25
10
295
7
20
4
4
100
8%
8%
7
July
7
Aug
I
Feb
Mar
5
Scruggs-V-B inc com
Preferred
.
100
—100
2nd pref.——
—
Scullln Steel com..,——*
Warrants-...
5
35
July
41
95
16
87%
96
85
7
82
Jan
July
8%
»
*
8J*
100
50
25%
open
Pacific
Coast
Stock
a5%
rnmm mmm
7
30
100
16%
595
1.90
1.90
105
13%
150
8
2,723
100
20
26
5%
5%
1.50
100
16
5%
96
1%
May
Aug
July
Apr
11
July
14
May
Aug
1.75
12% May
5% May
7%
2.75
19%
22
May
21
May
28% May
6% May
17% May
30%
Mar
Mar
42
May
1,207
23
23
120
22
May
305
9
June
12
0%
7%
18
1,595
224
8
805
215
7%
18%
Jan
Jan
108%
18
2,571
Feb
Aug
100
34%
15%
26%
33%
7
Jan
Apr
8%
275
12%
Mar
Jan
8%
■<:
Jan
Jan
Jan
7%
17%
7
Jan
Feb
4
760
9%
4%
Jan
Apr
Apr
24% Mar
29% May
23%
24%
32%
30
Feb
Apr
Feb
100%
23%
23%
32%
3%
Aug
12
May
6% May
6% Aug
7% June
265
15
June
461
Inter Tel & Tel Co com—*
026%
o2%
149
June
NaskKelvlnator Corp....5
National Distillers Prod..*
No American Aviation..1
Apr
which
25
25
Standard Brands Inc..
mrnmrnmrn
mmmmrnm
Broadway, New York
Warner Bros Pictures
Cortlandt 7-4150
own offices In San Francisco and Los
1
25
United Aircraft Corp cap.5
U 8 Petroleum Co...
1
United States Steel com..*
Angeles
*
No par value,
trading privileges,
a
290
100
14
44
8%
25
4
20
mmmmrnm
20% May
9% May
60
4%
Jan
Jan
Jan
Feb
May
6%
17%
Mar
Jan
10
Apr
15%
Jau
7%
Aug
22% May
75c
June
Feb
174%
Apr
92c June
31%
12%
25%
Apr
July
9%
8%
35%
Mar
2
Jan
Apr
Apr
Jan
Jan
14%
6% May
10
24
June
0
6
126
6
June
32%
7%
Apr
6%
7%
656
6%
July
11%
Mar
31%
5%
215
25
May
36
100
a33%
175
5% Aug
28% June
41
Jan
20
Jan
25
Aug
5
June
7
30
a32
25
25
25
5%
025
026%
a2% a2%
27% 27%
96
50
150
5c
24%
24%
39
22
Jan
8%
Jan
60
50
Aug
2% May
4% June
19
250
14%
140
140
94
40
2.75
June
20
1.25
24%
May
100
July
July
1.00 Aug
16% June
2.75
Aug
18% June
100
7
May
401
8
24
May
Apr
38%
Jan
4%
35%
Apr
Feb
39
2,415
26% 26%
029% 030
o28% 028%
5c
25
320
3%
a4%
020
a20%
17%
17%
018% al9%
24%
20% June
2% May
24% July
900
2%
1.00
Apr
25
650
5%
8
mmmmrnm
Jan
Aug
60
2.75
""24%
Feb
May
495
019% 019%
mmmmrnm
5c
35
Mar
Feb
May
Jan
55%
4%
Apr
7%
Feb
26
Apr
26%
23%
Feb
1.50
Mar
23%
Apr
Jan
4% Apr
25% Mar
Jan
12%
30% May
'
75
26% May
30%
60
30%
Apr
7%
Apr
July
6%
mmmmrnm
*
Texas Corp com
Members New York Stock Exchange
mmmmrnm
0% pfd .100
Studebaker Corp com
Schwabacher & Co.
Aug
a4%
3%
*
0% preferred
5%% pref
are
Feb
18%
8%
1.00
1.00
6c
Riverside Cement Co A„*
*
52c
270
a5% a6%
a5%
c6%
a27% o27%
39
24%
Pennsylvania RR Co...60
30
29,800
91c
20
11%
11%
al4% al5%
a0% a6%
a4%
a4%
a29% a29%
.10
atson Navigation Co
*
Montgomery Ward & Co.*
Mountain City Copper...5
July
Exchanges,
85c
20
al.30 al .30
mmmmrnm
Kenn Copper Corp com..*
May
1.00
158% 158%
5%
mmmmrnm
_
S P Gold Gate
Private Wire to
a 5%
*
Idaho Mary Mines Corp. 1
Internatl Nick Co Canada*
101
May
July
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
111
mm mmmrn
..20
Hawaiian Sugar Co
So Calif Edison com..—26
on
mmmmrnm
mmmmrnm
.
S 'huma h Wall Bd pfd
Solicited
mmm
*
com.
Shasta Water Co com
Orders
mmm
Domtngues Oil Fields Co.*
Aug
70o
100
110
25%
a 15%
Electric Bond <& Share...6
General Electric Co
North American Co com. 10
Pacific Port Cement com 10
9%
5% May
4
100
15
85e
88
mmmmmm
1
21% May
25
85o
—
_
35
85
———
Jan
Apr
Apr
Apr
Apr
10
June
94
"94""
Securities Inv pref..,.100
Wagner Electric com
6
35
,-100
1st pref..
6%
3% May
5
88c
20
Cons Edison Co of N V—*
Consolidated Oil Corp
Curt las Wright Corp
Kleiber Motor Co.
Rice-Stix Dry Goods com *
mmmrnmm
Bunker Hill & Sulllvan.2%
Cities Service Co com..10
Holland Land Co----
Natl Candy com-».».-—*
18
Amer Toll Bridge (Del)—1
Anaconda Copper Mln..60
A nglo Nat
American Inv com—..... *
13%
278
May
3% May
Jan
Feb
Unlisted—
Sales
Friday
2.50
100
Apr
19% Apr
12% Apr
4% May
10% Mar
154
12
3%
Vultee Aircraft.———1
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
106
June
80
99
12%
7%
7%
Feb
June
11%
15%
mm
mm
rnmmmrnm
Jan
76o
113
180
5%
May
25% May
Feb
Apr
Mar
20%
142
624
150
12%
mm
11%
16
82
100
120
9%
Union Oil Co of Calif.„25
Union Sugar com-.-..—25
Universal Consol Oil..—10
66
20
693
29%
104% 105%
4%
4%
17%
17%
5%
22
34%
34%
31%
108%
5%
21%
138%
100
6
Mar
28 H
8
8
Roos Bros pref ser A...100
Jan
494
2,678
2,406
13%
m
Jan
1.20
32%
2.25
rnmrnrn'mm
1.75
7% May
19% June
28%
32%
29%
1.05
28
99
———
Richfield Oil Corp com—.*
Apr
50
3% June
4% June
95c May
25% June
120
mmmmrnm
R E & R Co Ltd com.—*
Preferred.
v
150
100
Pacific Western OH Corp 10
Parafflne Co.'s Pref.—100
9%
2%
1% May
Apr
9%
509
7%
312
Transamerlca Corp.
1
1 30
65c
7%
15
Jan
Unlisted—
Jan
July
100
Aug
12% May
9% May
402
65c
Tide Water Assd Oil eomlO
Pennroad Corp v 10
Feb
100
30%
8%
May
1% May
16% May
Feb
198
15
1.50
5
200
Apr
May
91
4% May
5%
Ruud Mfg Co——.——6
Westlnghouse Air Brake—*
768
76e
5%
0
Jan
1%
7% May
29%
Pittsburgh Brew Co pref-*
Pittsburgh Screw & Bolt.*
17%
Aug
Jan
5%
80c
26% May
2% Apr
Jau
1.15
16%
41%
240
100
100
Jan
11% May
23% June
75c
14%
25%
24
3.50
Jan
5%
20% Apr
44% Feb
45% May
99% Apr
17%
75c
65c
95
July
50c July
14%
25%
Apr
10%
164
52c
11
77
11
......
Feb
26
200
400
Marcbant Calcul Mach.. .5
.
30
"14%
Pac Light Corp $5 dlv——*
20%
7%
5%
520
109
200
651
17
17
mmmmrnm
Feb
July
May
17% May
38
May
7% May
14% May
50c May
90
Mmmmrnm
2%
*
Magnln (1) & Co com
Preferred
O'Connor Moffatt cl A A.
Range Since Jan
for
1%
Natl Flreprooflng Corp-.*
160
10
12%
Mt Fuel Supply Co— -—10
3% Aug
14% May
35
May
,.*
Week
of Prices
High Shares
■
1.00 June
160
Genl Mtrs Corp com
Low
12%
100
3%
17%
40%
Golden State Co Ltd
12%
1%
Devonian Oil Co-.——10
Fort Pitt Brewing
1
243
1.25
40%
Jan
Mar
Apr
3%
16%
40%
210
32c
4%
57
May
May
1.25
mmmmrnm
Jan
Mar
21
84%
m m m
Jan
Sales
""5%
m
20
%
20%
7%
6%
6%
m
19
52% Jan
26% July
300
12% May
75% May
1,455
15%
May
14%
86
20
Mar
May
May
19% May
285
13%
mmm+mm
*
Emporium Capwell Corp.*
Emp Cap Co pref (w w) .50
Fireman's Fund Indem.-lC
Pac Pub Service com
Allegheny Ludlum Steel—*
Arkansas Natl Gs Cp pflOO
Clark (D L) Candy Co—*
Col Gas & Elec Co.
.*
125
21%
285
19
1,822
Week's Range
Sale
70
105
21%
19
3,394
Friday
Price
105
285
Galland Merc Laundry—*
Aug. 17 to Aug. 23, both Inclusive, compiled from official sales lists
Par
2% May
43% Aug
103% June
Apr
Apr
Pittsburgh Stock Exchange
Stocks—
227
42
91
10
Last
15e June
43%
42
90
11%
Westmoreland Inc.—.*:
—*
Westmoreland Coal
200
2,050
Fireman's Fund Ins Co. .25
30
11%
12%
113% 113%
113 %
25c
3%
86
10
Magnavox Co Ltd
United Gas Impvmnt com*
Preferred
---—-—*
220
9% Aug
24% June
14%
Doernbecher Mfg Co
Apr
25%
Mar
150
34%
United Corp pref———*
285
10
43%
3%
43%
Pr«'erred.—----—*
Jan
Aug
235
25c
mmmmrnm
Feb
Apr
11
11
50
2%
8%
2%
24%
175%
178
115% 116%
30%
30%
%
hi
%
Jan
Jan
90%
4%
33%
55%
35%
May
3%
......
Central Eureka Mln com.l
6
June
9
25%
preflOO
Calif Water Service
Apr
High
100
11
6%
55% June
1% Aug
502
74%
2
30
47%
29%
2
8
1%
2
19% 20%
176% 175%
Lehigh Coal & Navigation*
3% May
570
90
1%
7%
Natl Power & Light-----*
14%
175%
125%
25
9% June
146% May
113% Apr
3
May
Low
11
50
20
Calamba Sugar com
Range Since Jan. 1, 1940
for
Week
Shares
High
11
—*
Carson Hill Gold Mln cap
American Tel A Tel--,100
Low
Calif Packing Corp pref.60
191
ii%
nVs
167H 101%
118% 119
3%
3%
4%
m
American Stores—
of Prices
Price
Pai
Byron Jackson Co
Week
of Prices
Low
High Shares
Price
Stocks
Week's Range
Sale
Philadelphia Stock Exchange
20c
......
mmmmrnm
mmmmrnm
m
051%
5
0%
100
26% May
5
May
20c
20c
36
20c May
1.10 Mar
a7% 07%
fl 35%
o35% 036%
105
5% May
69
38% July
135
12% Feb
46% May
51% Apr
035
39
June
80c
1,000
55c May
1.15
Jan
a50% a53%
190
42% May
o2%
70
66%
4%
Feb
80c
c2%
2
May
Jan
Odd lot sales, b Ex-stock dividend
c Admitted to unlisted
r Cash sale—Not Included
In range for
t Listed,
tin default.
J Title changed from
d Deferred delivery,
year.
xEx-dlvldend.
y Ex-rlghta.
The Whal Co.
o Everaharp. inc
San Francisco Stock
Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks—^
Par
Aircraft Accessories A. 60c
Price
8aies
Week's Range
High
Shares
Low
High
2
2
lc
4C
0,900
le
Aug
4%
110
7%
100
4%
4%
355
5
5
100
4%
5%
3%
3%
May
7%
4%
7%
Rights.-—.
Alaska-Juneau Gold..—10
Anglo Caiif Natl Bank..20
Assoc Insur Fund Ino
10
.
Atlas Imp Diesel Engine—5
Bank of Calif N A
80
Bishop OU Co..—
Week
of Prices
Low
Range Since Jan. 1.1940
for
...
2
2
200
108% 110
1.30
1.30
80
100
2
Aug
103
1.20
June
May
May
May
July
3% May
12c July
6% Feb
8% July
5% Mar
7% Feb
125
Jan
2 25 May
California Business Activity in July Above June Level,
Says Wells Fargo Bank, San Francisco
California
business activity in the'month of July rose
slightly above June levels and was substantially ahead of a
year ago, according to the current "Business Outlook" re¬
leased by Wells Fargo Bank & Union Trust Co., San Fran¬
cisco.
The Wells Fargo index, measuring California busi¬
ness in terms of the 1923-25 average equaling 100, stood at
113.1 in July, as compared with 113 in June and 97.7 in
July, last year.
Volume
1123
Chronicle
The Commercial & Financial
151
Canadian Markets
AND UNLISTED
LISTED
Provincial and Municipal
Montreal Stock
Issues
Closing bid and asked quotations, Friday, Aug. 23
Exchange
Sales
Friday
Range Since Jan. 1, 1940
Last
Bid
1 1948
38
.Oct
1 1956
37
July
4%s
76
12 1949
1 1953
95%
97
May
86%
88%
78
80
Ottawa Car Aircraft
Ottawa Electric Rys
15 1943
1 1959
June
1 1962
4 %s
Jan
...
Ogllvle Flour Mills
6s
20
140
July
8
100
76
82
84
73
78
4%s
Mar
2 1950
85
86
70
74
4s
Feb
1 1958
81
83
Penmans
*
"56"
70
74
4%b
May
1 1961
78
81
Power Corp of Canada
♦
7
Price Bros & Co Ltd
*
13
Dec
15 1965
of Saskatchewan—
Prov
Prov of New Brunswick
June
15 1943
53
15 1946
1 1951
53
57
55
59
5s
Apr
15 1960
72
76
5s
4%s
Apr
15 1961
70
73
5%s
Nov
4%s
OCt
Province of Nova Scotia
4%s
Sept
15 1952
75
78
6s
Mar
1 1960
77
...
A preferred
St
5
7%
170
90
June
50
50
25
50
7
430
6
Mar
Feb
16
July
May
6%
Mar
11%
Jan
5
Feb
13%
July
9%
98
Jan
33%
162
June
98
Jan
102%
72
Mar
Jan
11%
11%
13%
1,095
9
May
24
Jan
63
5% preferred
100
Quebec Power
*
Saguenay Power pref...l00
8t Lawrence Corp
*
80
9%
9%
...100
Preferred..
10%
10
10%
*
Ottawa L H & Power... 100
6%
Jan
78%
June
5
8
73
Province of Quebec—
23%
85
*
15 1954
June
High
July
142
23%
142"
2 1959
6s
Low
43
320
142
*
100
Preferred
1 1941
Oct
.Aug
Week
54%
50
54
*
Sept
4s
79
Province of Manitoba—
4%s
for
Shares
Price
Par
Noranda Mines Ltd
Oct
6s
39%
38%
I'rov of British Columbia—
6s..
96
95
1 1942
5s
5s
Jan
4%s
Stocks (Concludes)
of Prices
Low
High
Province of Ontario—
Province of Alberta—
6s
Ask
Bid
Ask
Week's Range
Sale
(American Dollar Prices)
65
75
60
May
80%
Feb
14
14
85
13
June
17%
Jan
100
100
20
100
May
2
May
107%
5%
Mar
1,060
"H"
100
2%
3
3%
Jan
15%
Lawrenc^, Flour Mills..*
16
587
10% May
21
17
50
17
100
17
Aug
30
Jan
34
18%
205
20
May
52%
Apr
730
16
May
24%
114
July
126
Mar
9% June
15
Jan
86%
Jan
St Lawrence Paper pref. 100
33%
30%
Shawinigari Wat & Power.*
18%
18
Apr
Jan
Railway Bonds
Sher Williams of Can prf 100
113
113
5
Closing bid and asked quotations, Friday, Aug. 23
Southern Canada Power..*
11
12
10
65
65
66
105
62
July
65%
65%
3%
25
63
May
83
Jan
May
17
25
Apr
Aug
6%
24%
2%
Steel
(American Doliar Prices)
Co of Canada
United Steel Corp
*
65%
3%
Wllslls Ltd
*
17
Winnipeg Electric A
*
25
Preferred
Bid
Ask
Bid
Ask
Canadian Pacific Ry—
Canadian Pacific Ry—
4s
perpetual debentures.
55
56
4%s
Sept
1 1946
70
6s
Sept
15 1942
72
75
5s
Dec
1 1954
70%
Dec
15 1944
60
63
4%s
July
1 1960
66
68
6s
July
1 1944
96
97%
16
May
90c
27
90c
90c
2%
Jan
Jan
72
4%s
45
72%
Banks—
Commerce
139
July
176%
Mar
100
184
184
184
92
171
July
212
Mar
100
273
270
275
33
280
July
311
Mar
150
150
98
150
June
190
Ma
Royal
Bonds
Government Guaranteed
Dominion
100
Montreal
Nova Scotia
100
33
147
147
Closing bid and asked quotations, Friday, Aug. 23
Montreal Curb Market
(American Dollar Prices)
Canadian National
Bid
Ask
Bid
Ask
Canadian Northern Ry—
Ry—
4%s
Sept
4%s
June
4%s
Feb
88
89%
Grand Trunk Pacific Ry—
July
1 1957
88
89%
4s
_Jan
1 1962
76
6s
July
90
92
3s
..Jan
1 1962
69%
71
90%
92
90%
92
.Oct
5s
Feb
1 1970
Abitlbt Pow & Paper Co..*
55o
100
100
4%
4
4%
8
8
8
105
103
107%
103
103
*
6%
Exchange
Sale
Price
Par
Stocks—
Range
of Prices
High
Low
Algoma Steel
Range Since Jan. 1, 1940
for
Week
Bathurst Pow &
Bell
15%
11%
Paper A.*
146%
100
Brazilian Tr Lt & Power.*
4%
24
British Col Power Corp A *
Vane..5
.
...........'..._6
4%
*
100
Canada Cement
Preferred
6%
23%
24
May
35
Jan
34%
34%
47
30
June
39
Feb
98
98
12
95
July
111
Feb
Can North
Preferred
Celanese
Canadian
3
Mar
3%
430
50
400
Alcohol'pref_5
5%
5%
40
June
Mar
7
Feb
158
13%
4%
410
10
'
215
10%
30
15
90
Apr
Aug
23
135
May
3%
May
Commercial
Cub Aircraft Corp
17%
Jan
Feb
Jan
80
June
99
Feb
5
13
July
22
562
2%
June
8%
Mar
455
9%
Apr
Falrchild Aircraft Ltd
6
185
6
June
May
21%
16%
Jan
Fleet Aircraft Ltd
15%
7%
15%
270
27%
*
*
*
12%
May
29%
415
20
May
100% 100%
6
100
July
6%
480
5
June
28%
37%
116
Jan
Feb
May
1.75
1.75
300
1.65 May
14%
3%
1.75
1.75
125
1.75 May
3%
Jan
6
July
19%
Feb
7
6%
7
7
5
9
Mar
Jan
Aug
19%
May
27%
Apr
40%
Jan
5%
24
105
19
19
75
16
June
May
22
Feb
120
30
113
June
125
Jan
135
135
4
135
July
155
Feb
24
19
100
"135
8
7%
8%
520
5%
80
*
_* ," 5%
1
8%
80
3
25
80
July
89
66
70
June
90%
5%
395
4
May
8%
80
7%
Jan
Ford Motor of Can
A
Fraser Co's Ltd
Fraser Co Ltd vot tr
.—.
*
Lake Sulphite Pulp Co—*
MacLaren Power & Paper *
Mass-Harris5%cum prf 100
McColl-Frontenac Oil—
6% cum pref
100
Melchers Distilleries Ltd
Melchers Dist Ltd pref.. 10
Mitchell (Robt) Co Ltd
"
Mtl Ref & Stor $3 cum pfd*
Page-Hershey Tubes
*
Power Corp of Canada—
Apr
Provincial Transport Co.. *
Jan
Sou Can Pr
Mar
11%
Jan
July
12
"
5%
Feb
$1
cum.
June
6
May
10
May
June
15%
16%
96%
Feb
Dome Mines Ltd..;
5%
5%
335
July
10%
Feb
96
Feb
Duparquet Mining
— 1
East Malartic Mines Ltd.l
Eldorado Gold
---1
Francoeur Gold
.*
3%
3%
Mar
2%
May
3
14%
15
98
98
23%
24
24
*
Imperial Tobacco of Can.5
10%
Industrial Accept Corp...*
18%
13
9%
12%
June
55%
15
*
77
10
Howard Smith Paper
100
4%
120
11
Imperial Oil Ltd....
45
80
250
11
*
25
4%
11
4%
20
3%
54
Gypsum Lime & Alabas
*
Hamilton Bridge
...*
Hollinger Gold
5
10%
13
10
June
17
Feb
30
Feb
30
Feb
5%
318
3% May
10
Jan
4%
180
3
May
8%
Jan
4
85
3
May
Apr
2%
2%
130
2
June
8%
6%
4%
210
5
May
9.60 July
200
11% May
Jan
"Too
55%
5%
Mar
8%
Apr
Jan
Jollette-Quebec
15
23%
Apr
Macassa
Mar
*
9%
100
6
May
20
Jan
11
11%
617
7%
June
21%
Jan
12
June
28
Jan
65c June
2.00
Jan
Jan
30
12
1.00
1.00
50
13%
100
9
May
22
32
32
45
25
June
59
93
93
52
82
June
101%
Jan
Apr
May
1.65
Apr
5
5
5
283
3% May
8
8%
125
5%
May
6%
15%
Mar
8%
1.40
1.40
25
1.00
Jan
9
9
6
6
June
9
100
100
10
91
July
111%
Jan
91
9
91
36
99 %
Jan
May
106%
Mar
4
5
5
25
96
97
32
93% June
18%
19%
150
16% June
4%c
5
7%
112
Aug
Feb
Feb
20%
Feb
295
11c
Feb
July
20c
Jan
June
6c
17
29%
Jan
Apr
2%C
Jan
1.300
%c Aug
1.95 June
4.10
Jan
300
25c June
1.25
Jan
lc
lc
lc
100
2.92
2.90
3.00
33c
33c
35c
30c
20c
May
68C
Jan
8%c
Feb
23 %c
2o
30c
1,000
2c
3,000
20%
20%
125
15%
July
31 %
3.30
3.30
3.30
130
2.28 June
4.80
Feb
90c
83c
90c
4,900
57c June
1.45
Mar
1.00
1.00
50
Mai Gold Fields
106
Apr
34
Jan
15%
16%
Jan
Feb
Preston East Dome
June
500
21
9c
100
5%c
20
2c
May
June
4%c
5%c
21
20%
19% June
12
July
Jan
Feb
1
M lnes ......... 1
85
485
13%
10
22%
Mines...1
Lake Shore Mines
160
8%
17
15%
3% June
13%
Big Missouri Mines Corp.l
Central Cadillac Gold Mini
210
1,971
Jan
'
300
12
19%
preferred
18
54
Goodyear T pref lnc '27.50
Feb
97
110
Mines—
120
88
Jan
3%
4%
12
9%
6% cum pf 100
145
88
Preferred
3.75
May
Walker-Good & Worts(H) •
11%
87%
20
Jan
June
75c
1 00
5
Feb
Jan
16%
"n%
100
6% cum 1st pref
10%
9%
6%
4%
2%
Lake St John P & P
24
11
*
Mines Ptd.l
Pandora-Cadillac Gold—1
Pato Cons Gold Dredging. 1
Pamour Porcu
Jan
1.00 May
2.35
Jan
6%c
500
2c June
2.00
2.25
1,000
1.55 June
10 %c
2 65
Apr
1.82
900
1.40 June
2.40
Jan
Aug
5%C
2.25
2c June
1.00
Jan
18%
75
29
50
14
23
Feb
Red Crest Gold
Mines 1
Mines
*
1.80
lc
lc
100
lc
Aug
14%
June
Aug
Feb
1%C
14%
International Bronze. ..—*
June
Feb
Sherritt-Gordon Mines... 1
50c
65c
341
53c
July
Jan
20
28%
1.15
25
Slscoe Gold Mines
Ltd—1
.......1
Teck Hughes Gold
-.1
Wood-Cadillac Mines
1
62c
63c
1,210
59c
Aug
95o
Apr
Sullivan Cons
55c
60c
4,500
47c June
1.00
Jan
3.00
3.00
100
2.48 June
4.15
Jan
8c June
31c
Jan
July
8.20
Jan
18%
18%
22
22
36
33
36
751
27% May
46%
Jan
14%
14
14%
446
12%
June
24
Feb
70
70
20
70
June
94
Feb
16
16
30
14
May
27
4
4
110
2
May
25
25
10
25
Aug
3
3
340
55
55
2
60
Jan
27%
28
1,604
25
May
40
6
40
Feb
"
Inti Nickel of Canada
25
Lindsay (C W) pref.—100
Massey-Harrls
*
Montreal Cottons
100
Leeare pref
28
Montreal L H A P Cons..*
•
*
Wire Weaving—*
May
15%
85
5%
8%
Mar
July
5
4
5%
EasternDairIes7%cm prDOO
85%
10%
*
Telegraph....40
June
81
20
"
Foundation Co of Can —*
-.25
*
International Petroleum..*
Intl Power pref
100
Lake of the Woods......*
6%
80
5%
100
Preferred
22%
85
..*
100
5%
120
"
Dominion Steel & Coal B 25
C Corp..*
4%
Apr
3.60
Mar
4%
6%
25c May
1.50
1.55 May
4
Dom Wollens pref
*
Donnacona Pap Co Ltd A *
B
..*
Apr
4%
5%
10
David & Frere Limitee A.*
23%
8%
195
1.50
1.50
Aug
Apr
50c June
.
100
75
75
Ltd—*
B
14%
15%
10c
100
10c
1.80
235
40
2% May
9%
35
6%
Jan
Mar
Jan
11%
2,700
5.80
50
1.43
4.80
OH—
400
1.10 June
2.35
1.58
1,100
1.30 May
3.10
Jan
60c
60c
500
1.34
Apr
..♦
22%
22%
50
Calgary & Edmont'n Corp*
Home OH Co Ltd—...—*
Jan
Okalta Oils Ltd
Mar
27
535
25
June
38%
Jan
39%
45%
2,270
34
June
69
Jan
23%
23%
5
20
Apr
RoyalIte Oil Co Ltd
*
No par value,
Jan
1.43
1.50
—*
Feb
32%
10%
5.80
11%
Mines *
45
26%
Wright Hargreaves
31%
81
44
May
—
Apr
"~27~~
Natl Steel Car Corp
Niagara
Mar
2.00
25%
Breweries
175
10c
25
National
Aug
1.80
25
Montreal
163
2.00
...»
Dominion Bridge.......*
Dominion Coal pref
25
Dominion Glass
100
Preferred
50
6%
"
Distillers Seagrams
Hudson Bay Mining...
163
Candn Pow & Paper Inv..*
Commercial Alcohols Ltd. *
Consol Mining A Smeltlng5
General Steel Wares...
163
7% cum pflOO
Canadn Inter Inv Trust. .*
Jan
preferred..
Mar
Jan
48%
6%
235
Apr
May
Gatineau
Aug
Mar
May
Famous Players
177
45
4
Textile
5
169
29
Dominion
178
Feb
5)0
Dryden Paper
178
310
July
14%
4
2b
Electrolux Corp
178
May
3,305
Preferred
31%
6%
25%
130
35
Dom Tar & Chem
May
Caudn Indus
33
Preferred
22
1.25
1.20
13%
*
Ry
130
Jan
35
Paclflo
25
26%
15%
*
Canadian
2%
25
May
*
Canadian Locomotive
June
25
14%
...
1.10
*
*
15
Cndn Foreign Investm't..*
Class B
Preferred
—
87%
29%
,_.*
Canadian Cottons pref. 100
Cndn Ind Alcohol
34%
7% cum pfd 100
15
7%
Jan
May
505
14
*
25
15
Jan
988
87
m mi
60
preferred
Cndn Car & Foundry
Jan
Feb
17
15
*
Canada Steamship (new).*
5
6%
5%
25%
87
Can Forgings class B
May
May
July
16%
Canadian Indus Ltd B.._*
144
"
1%
3%
4
25%
Apr
4% May
12
May
4%
May
16%
16%
175
4%
Jan
122
Apr
25%
May
770
24
4%
15
Building Products A (new)*
Bulolo.
4%
24
Jan
1.45
Co. *
Canada & Dom Sugar
7
756
146%
4%
115%
20
350
13%
*
Bruck Silk Mills
145
50
125
Aug
40
10%
40
100
(N) Grain
Telephone
80c June
500
117
1
15%
11%
15%
Jan
17%.
32
5
125
9
June
June
5
Canada Malting ©0 Ltd..*
High
Low
Shares
1.00
1.00
8
*
*
Asbestos Corp
bawlf
......
2
6
2%
Cndn Breweries Ltd..
Alberta Pacific Grain A..*
175
5
Brewers & Dlsts of
Apr
2%
5
-
5
2%
June
Brit Amer OH Co Ltd....*
Sales
Week's
Last
~~2H
0.50
1,900
Beauharnoi8 Power Corp.*
Bathurst P & P Co clB...*
compiled from official sales lists
Friday
100
pref
cum
High
Low
Shares
75c
Aluminium Ltd...
Montreal Stock
Week
55c
6% cum pref
7% cum pref
Aug. 17 to Aug. 23, both inclusive,
for
of Prices
Low
High
Price
Par
Stocks—
Week's Range
Sale
4%s
5s
Range Since Jan. 1, 1940
Last
79
1 1969
1 1969
Sales
Friday
101% 103
90
88
15 1955
1 1956
1 1946
July
6%s
89%
88%
1 1951
compiled from official sales lists
Aug. 17 to Aug. 23, both inclusive,
r
1.55
Canadian market.
60c
18
Aug
June
36
Jan
Chronicle
The Commercial & Financial
1124
Aug. 24, 1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Toronto Stock
Exchange
both inclusive, compiled from official sales list*
Aug. 17 to Aug. 23,
Exchange
Sales
Friday
Range Since Jan. 1, 1940
Last
Last
Sale
Par
Stocks—
Abltlbl
Pries
Week's Range
of Prices
High
Low
Range Since Jan. 1,1940
for
Week
0% preferred
100
AJaxOA G__
....—1
Aldermac Copper
Algoma Steel* • • • •
Amm Gold—
1
4%
70c
350
3%
4%
1,020
10c
2
lc
lc
lc
Aug
2.50
Apr
17%
22 He
Jan
Jan
380
Jan
Apr
lc
2,800
2,400
Aug
410 June
Jan
1.03
Jan
Anglo Hur......—
"Tio
1.30
1.50
720
1.40
Jan
0%c
5 He
6 Ho
19,200
4c
17c
Jan
1
3c
2%e
3c
7c
Apr
1
1
Bank of Nova Scotia..-100
Bank of Toronto.,...-100
1.36
1.18
1.42
3,500
13,000
Aug
July
2c Aug
3.00
Arntfleld..—— ......
91o June
2.68
Jan
10c
10c
10c
3,000
28C
Jan
*
Anglo Canadian..
Ashley.
55c
Aunor Gold Mines......
Bank! leld
.
...
_
275
56c
200
90
9c
Bathurst Power class A...*
10H
100
—*
2%
10 H
2%
1.00
Aug
July
July
7
May
2% June
70o July
3,100
3,500
9c
ClassB.
95c
-1
Beattle Gold.....
Co_.--.100
Bldgood Kirkland
"
Big Missouri
1
Bell Telephone
140%
87c
13c
5
35
144
146
337
10%C
14c
5o
5Hc
7c
75
6
5
*
Beauharnols...
July
269
14
212
210
5c
6
272
269
212
Base Metals
2% May
130
lOo
5c
20,200
5,000
July
July
July
BUtmore.. ..........—♦
""9%
60
Bobjo.................1
9H
34H
9H
34H
25
4c
4c
5 He
1,300
3
...»
9.50
9.00
9.60
1,519
7.40 June
4%
4H
4H
16H
23 %
1,217
4H
16%
25
3% June
May
14% May
23% Aug
28o May
6%e June
Blue Ribbon pref
Bralorne.
...........
Brazilian Traction......
5
Brewers & Distillers
I
Brit Columbia Power A..*
British American Oil
"l 6%
24
5
10
50
2,186
115
.1
60c
46c
52C
Brown Oil..............*
She
7%c
8%c
26,750
2,400
Broulan-Porcuplne.
....
3.20
Building Products.......*
Burlington Steel.....,..*
Calgary & Edmonton....*
3.20
3.25
400
2c
.
1
Buffalo-Canadian—....*
Buffalo-Ankerlte.
2c
2c
600
14 H
67
13
13
1.36
1.40
1
22c
22c
22c
Canada Cement.........*
4%
4H
5
Calmont......
.........
9%
34
Aug
Aug
Ho June
3
10%
7%
*
Canadian Celanese......*
Preferred..
...100
"29%
118
June
8%
Jan
78
June
Canadian Malartlc... »__*
Canadian Oil........... *
O P R.....
25
Canadian Wine.
...
Castle-Trethewey
.
......
1
Central Patricia.........1
Chemical Research. .....1
Chesterville ............ 1
Chromium.............*
Cochenour .........—..1
Cocksbutt Plow........*.*
<
66c
1.80
'""91c
16c
49%c
*
Conlaurum.
Consolidated Bakeries...*
Cons Smelters....,.....5
Consumers Gas
Apr
31%
Aw
178
June
10%
Feb
22
Feb
14
Feb
16%
Jan
29
Jan
37%
Feb
183
55
655
12% May
29H
560
5
118
41c
16
3,133
40
4%
5%
5
3,406
50
18
117
130
30
56o
56c
100
1.60
1.80
4,250
24 He 24 He
74c
92c
20o
50c
20
<May
104
May
82c July
12
May
4
May
3% May
13% May
114
June
129
850
21
Feb
Mar
Jan
Apr
8%
6%
Mar
July
22
Aw
117
Mar
July
1.45 May
75c
Jan
2.55
Jan
910
15o June
64c
Jan
19,765
10,800
8,800
41o June
1.05
Jan
68c
Jan
56c
15c
Aug
31c
July,
3%
Mayi
78c
Jan
5%
60
9%
Jan
""25c
24c
250
6,600
15c May
33c
Apr
1.08
1.23
5,100
1.00 June
1.98
Jan
14H
60
35%
1,096
5%
14
"35%
32%
100
154
154
158
45
24
24
25
64
Davles Petroleum.......*
Denlson
-..-.1
13 He
10%C 13 He
30
-
Distillers Seagrams..
Dome.....,,..........*
Dominion Foundry......*
Dom Scottish Invest
—1
"2l"
"22"
.....
East Malartlc—.........1
2.95
Eldorado...............1
2.70
3 He
Ford
*
4%
16%
A
Ford Motors B
*
Francoeur Gold.........*
18% May
27% May
945
5
8%
620
4
117
1.25
17
4%
2.75
10
3.00
45
35c
25
8,185
2,900
10
17 Ho 17 He
2.50
2.80
600
3,555
20
20%
24H
920
3%c
3He
4%
17%
3,000
4H
15%
405
1,604
30
17
25c
5%
33c
8,900
Jan
Jan
May
19
May
1.00 Aug
22%
Feb
36 %
1.50
Apr
6% June
3
July
15%
5%
Jan
Jan
1.00 May
3
July
3 50
Feb
10
Aug
4.10
Jan
1 95
June
210 June
1.23
25
Aug
15c May
I 75 June
83
20% Aug
20% June
1% July
3% June
July
13%
Jan
Jan
Jan
26c
Feb
5.00
Apr
23%
Jan
80
6%c
10%
22%
Mar
Apr
Jan
Jan
Mar
July
21%
190 June
10
July
70c
Jan
16%
Feb
79
97
Feb
15
July
6%
4%o
30
4%
July
10%
AW
4o
5,500
3 Ho
July
28c
32c
9,310
10 Ho
69o
Jan
23c
Jan
22o
Jan
--..-1
31%c
...1
25c May
10c
12c
2,200
80 June
90
110
16,100
7%c June
lc
lc
500
He June
10 He
lc
68
68
69
54
64
3
"16
16
11
11
Gr Lake vot trust.......*
*
...1
Jan
1.00
20
......
8c
22 H
85
Greening Wire.......
Aug
1.00
85
t pr
3c
29
Preferred...
...100
General Steel Wares.....*
.........
AW
210
215
Goldale
35c
July
11
Golden Gate......
1
Goodflsh.,
1
Goodyear.
Goodyear pref
......50
Aug
June
11
Lake.,.........,.*
lOHc
16
Gatlneau Power.........*
Gillies Lake
Aw
16
17
*33c
Feb
31%
150
23 %
*24
1
*
.....
Jan
178
19% June
10
20%
Fleet Aircraft
49
July
141
20
35o
Extension Oil...........*
-
1,065
Feb
12% July
28% May
18%
25
..*
Fanny Farmer..........1
21
185
4
4%
Federal-Klrkland.
19
19
18%
21%
1.25
Dominion Woollens pref-20
Falconbrldge. • ... ...,..*
Famous Players.........*
145
7%
*
English Electric A
25
24%
Dominion Steel olass B..25
Dominion Stores........*
Dominion Woollens.-
4c
7,400
2,500
180
*
Dominion Bank.......100
Dominion Coal pref..,.25
Gunnar...
2.75
June
Cosmos................*
v
Apr
1.23
Commoll
God's
Apr
6
10%
41c
65
Jan
Mar
17
7%
15%
150
8%
21%
135
7
16
160
Feb
Apr
Apr
25
23
10
17
117
July
2% June
9% June
40% June
1.05 Aug
21% May
99
39%
104%
235
6%
117
*
Carnation pref--......100
775
719
5
5%
.....*
Canadian Wlrebound
1.25
June
July
7% May
5% June
40c
"10""
225
25
19
118
Mar
3
6
147
28%
30
Jan
195
25
14%
Jan
18c June
65
ClassB
23%
Jan
65
Can Car <fe Foundry.,...*
Preferred............25
Apr
Apr
47c
13
6H
10%
5%
2.39
117
18
11.00 May
1.00 June
5
145
Jan
1,000
1,700
481
18
Apr
Jan
4H
14%
*
42
HHc
14
125 H
Canadian Canners
Jan
Mar
6% May
65
Canadian Canners A....20
Apr
12
Jan
29% June
24
Jan
17%
June
50
Cnan Breweries pref...,.*
Cndn Bk of Commerce. 100
52 %c
140
Mar
Mar
12
40
1.05
6%
Feb
85
Breweries.....*
1.19
169
Jan
4%C
34
Canadian
5
2.75 July
July
l%c
87
Canada Steamships pref-50
Canadian Wire A
*
Apr
Jan
85
3H
15%
Jan
34
124
Jan
Jan
87
4%
Feb
330
8.60
*
Can Permanent Mtge._100
268
690
Preferred...........100
Canada Steamships......*
Feb
19 He
Canada Malting.........*
Canada Packers
315
10
9
9
*1~38
""36c
80
58
54
20
51%
3
120
16
60
13
100
II
360
36c
3
Gypsum...............*
for
of Prices
Week
100
June
July
2% June
June
Aug
31Ho June
2% May
Stocks (Concluded)
Price
Par
Jan
1%© May
87
20c
20c
100
l%c
3c
lc
l%c
14,610
1,000
22,433
8,000
1,673
1
Jelllcoe..
1
1
"T%c
.....1
""2.41
J M Consolidated
........1
Lamaque G
—.—.*
Laura Beoord (new)—3
Legare pref
—25
2.18
2.41
90c
81c
90c
20%
18%
6.05
5.00
20%
6.05
10%
10
10%
Kirk 1 and Lake.,....—1
Lake Shore..
48C
13
Aug
65
Little Long Lac
*
Loblaw A.—..—*
"24""
23%
24
22
22
1.20 June
13
Mar
880
Jan
/
175
50
3.45
1.71 May
3.40
Jan
28%
26%
Jan
May
34c
90c
77c
91c
9,360
12,700
12,000
2.25 June
4.75
Feb
1.00 May
2.55
20
2.231
1.80
31c
%c
Jan
54o June
1.45
Mar
%c July
Aug
l%c
Aw
7
Jan
6%
6%
Jan
11,000
25
4
5
2%
100
3
3%
625
1% May
2 %e May
155
25
June
10
80
June
101
July
58
31
33
92%
92%
40
Preferred...........100
Jan
62o
6
3%
Jan
July
20 He
2%
"2%
Jan
20% May
1,465
2.00
1.51
"
Jan
9%
3.30
f He
Jan
.
Aug
34c
Maple Leaf Gardens pref 10
Maple Leaf Milling...!
Maasey-Harrls......
»
Jan
7.25
4.75 June
June
1.70
Manitoba A Eastern-—-*
Jan
1.54
32
July
41c June
3"io
Gold—.1
2.75
70c June
4
1
Malartlc
Feb
9
.....1
Mines
Jan
Jan
4%C
15%
3,500
Madsen Red Lake.—..1
Macassa
MacLeod Cockshutt—
Feb
19c
l%c Aug
%c June
450
50c
♦
24
760
4
~"*48c
B-—
High
June
100
4
Lelteh....—1
1.95
Low
12%
3,977
42
Jan
Jan
69%
.
Preferred
100
......
Mclntyre-Forcupine.—6
475
37%
Apr
Jan
.1
98c
93c
99c
4,000
85c June
1.47
Jan
McWatters Gold-..—*
129c
25c
29c
4,000
20c June
58c
Jan
70c
1,900
7,590
MoKenzle...
.....—*
j70c
40c July
1.33
Moneta
-.1
44c
* P41
100 161
1
40
41
96
37%o July
34% June
93 %c
Moore Corp......
48
Apr
161
161
21
145
189
May
2%C
2%C
May
2c July
44
40
45
35
June
69
Mining Corp.
Moore Corp A
Morris Kirk...*
National Steel Car..
1
....—
Ni pissing
Nor an da
40c
45c
2,200
J.7Hc
13c
19c
1,405
30,500
95c
95c
95c
900
*
Naybob
68c
........5
Mines-.*......*
(
535
54
50
54
8c
Jan
Jan
Jan
Jan
July
37%C
Jan
85c June
1.40
Jan
July
78%
Jan
Aug
55c
12o
43
20c
Jan
Northern Canada. .——*
20c
20c
20c
80
O'Brien
80c
80c
80c
100
50c June
1.81
Jan
Okalta Oils*
62c
62c
700
60c June
1.35
Apr
Oro Plata...
240
24c
1,000
61c
Feb
1
Ottawa Car.
*
7%
...»
.....
Pacalta Oils.
*
.....—.
Page-Hersey
*
Pamour Porcupine
*
Paymaster Cons........1
Perron.................1
"""3c
7%
1.000
10
100
99c
1.00
23c
22C
24c
1.55
1.46
1.55
2.63
2.45
2.69
1
2.10
2.00
1
70c
63c
8%
8%
45
~"i~76
1.63
1.84
24,242
20c
20c
600
15c
15c
2,000
Pioneer Gold
Powell-Rouyn
Premier.
..........
760
1
...
•
Preston E Dome
1
Prospectors Airways-.—*
Reno Gold.......
.1
.........
.
"""isc 1
1
.1
Royal Bank of Canada. 100
Royallte Oil
*
St Anthony
1
San Antonio......—l
""22"
Jan
63c
Jan
1 01 June
2.12
4,275
2 12
July
4.25
Jan
2.10
425
145
2.35
70c
4,800
2,825
July
60c Jul)
75c July
6
May
Apr
Jan
1.42
Jan
12%
Feb
1 30 June
2.38
Jan
34 %c
Mar
81e
57c
Jan
2,500
145% July
17% May
7%c July
6 %c
190
Mar
80
9o
9c
1.84
2,500
9,260
1
Senator-Rouyn
Sbawlnigan Power,
5c
5c
5c
25c
25o
27c
18
50c
Sherritt-Gordon
..1
"~60c
Sigma........
1
5.55
Sliver woods
*
....
Preferred—
*
Sladen-Malartlc
Slave Lake
......
......
Jan
4.00 June
8.75
Jan
5.55
302
3%
5%
3%
75
250
5
Aug
July
6%
7%
Feb
5%
4
4
5
4
Aug
12%
Apr
92
30
79
July
61c
63c
4,350
34c
30o
34c
9,-100
6 He
500
1%C
50c X 50c
1,000
3%
60c May
20o June
95c
61c
Jan
2%c June
l%c Aug
7%c
Jan
7%c
Jan
2.00
Jan
80
121
61% June
28%
86%
Mar
66
66
190
63
1.25
1.40
5
40c July
June
22
4%c
Apr
July
8%c
Apr
July
2.05
Jan
3%c
5%c
17,000
1.12
600
85c
60c
2.800
1
~""2~. 20
2.10
2.25
900
Hughes—......1
Tohurn,...
„1
3.10
3.00
3.20
3,810
1 15
200
Toronto Elevator
*
Preferred—
1.10
Jan
3 10
3o
69o
....1
Jan
1.05
May
June
83
15,700
1.10
Teck
Apr
25
65%
Sylvanlte Gold
Feb
Mar
24
1.37
Sullivan...:
105
65
"26"
""ee""
1.02
Jan
1 90 June
3.45
Feb
2 40
June
4.15
Jan
1.00
July
50o June
1.90
Jan
—50
23
23
5
16
July
32
Jan
43
"2§"
43
25
43
Aug
49
May
.....1
Towagmao.....
12c
11 He
12c
1,500
10c
July
35c
Jan
l
25c
25c
34c
2,175
25c
Aug
1.12
Jan
14%
14%
260
12
35
35
70
30
4
71
.—
Gas—
14%
United Fuel A.—.,
ClassB pref
...
......
25
3%
3%
United Steel...—*
Upper Canada—......1
3%
78c
71c
78c
Ventures...............»
2.35
2.15
2.40
12c
12c
3.20
2.98
36
3.20
Vermllata
1
Walte Amulet......
.»
Walkere................*
Preferred.............*
Wendlgo...
Jan
1.18
5.20
.25
Union
1.24
50c
Steep Rock Iron Mines...*
*
Jan
July
July
80c
4,800
"""620
Canada.........*
Straw Lake....
Sud Basin
24
June
500
65c
1%C
*
16
86c
South End Petroleum,.._1
Standard Paving
*
Uchl Gold
Jan
Jan
59c
6%c
Preferred
15c
67o
86c
1
Stedman
Jan
July
6c
f
92 1
I
...
Feb
1
Sheep Creek—..
Simpsons class B.
*
Simpsons pref
100
Slsooe Gold—...1
10
18
Jan
21o
2.50
10c June
4,900
*
Jan
36%
1.25 June
600
..1
Sand River...
Steel of
J ily
33
3c
Aug
12c
1.75
l".80
2.18
20c
22%
""
I
Jan
2 He June
151
22
Jan
2.35
20o May
3c
150
13% Mar
6%0 Feb
111
June
80c June
■
Pressed Metals
Roche L L.
June
2%c June
90
1,025
10,300
4,630
..—1
Pickle-Crow
"""99c
July
7
25
3c
3c
100
17c
...
18%
8c
__l
Westons
3%
37%
3,318
* 301
*
233
19
10c
11
Winnipeg Electric pref.100
Wood-Cadillac.....
.1
Wright Hargreaves...
1,085
15,350
1,072
1,000
11%
7
~""l2c
8c
7
12c
5.85
5.60
.5.90
3%
3
17
May
May
Aug
May
Mar
10
Mar
6%
Jan
97c May
65o June
4.35
1.95 June
Jan
Mar
July
17%c
2 70 May
6.05
Jan
29% June
16% June
43%
20%
Feb
16C
Apr
7c
12,000
60 June
175
15
9% June
a
Feb
42
.
Jan
a or
15
11%
Feb
600
July
8c July
30o
Jan
4,560
4 .25 June
8.15
Jan
97
Feb
1
5
Bonds—
73
Uchl
War Loans..
Feb
—1952
73
73
3100
64
July
99%
99% 100
2,552
99
July
100%
Apr
Jan
57%
15
Shares
13%
Intl Utilities class B
Kerr-Addison,
High
Low
15
International Petroleum..
16%
6%c
10c July
7H June
2
9
June
10c
2,150
9
9
High
50c June
500
14c 14%c
10c
"l4%c
Low
Shares
65C
.....
Week's Range
Sale
Sales
Friday
8
Toronto Stock
Apr
27%
14%
Apr
64c
Jan
Jan
Exchange—Curb Section
Aug:. 17 to Aug. 23, both Inclusive, compiled from
3%
130
—.....1
lc
lc
1,500
Hamilton Bridge.,...*..*
Hard Rock.—...
3%
4%
340
72c
62c
75c
6,750
55c May
1.48
3c
4c
4,000
3c June
10c
Jan
9.50 June
15
Jan
Canada Vinegars
Consolidated Paper
1.57
1.30 May
3.10
Jan
Dalhousie
21H0 July
40 Ho
34
Jan
DeHavllland
..*
"""6%
19% May
Jan
Dominion Bridge
—*
25
74%
Jan
Feb
Mandy.
Montreal Pow
Week's Range
Range Since Jan. 1,1940
for
Week
Jan
4c
official sales lists
Sales
Friday
HalliweU...
Harker
1
Holllnger Consolidated
Home Oil Co
5
....*
11
100
Imperial Bank........100
Imperial Oil....
*
Imperial Tobacco ord-.-JS
Inspiration..
International Met A pf.100
International Nickel
11
185
10%
24d
2,126
7,400
4,433
22 H
58
Howey—....
.—...1
Hudson Bay Mln & Sm.
Huron & Erie—...
10%
22 Ho
1.55
23%
931
1.52
184
58
20
54
36
150
10%
12%
4,852
18c
1,000
92
92
92
35%
33
36%
200
5
2,284
Aug
May
186
9%
12%
18C
""l8c
lc
3
July
July
6% Mar
3%o • Feb
8%
Aw
220
Last
Sale
Stocks—
Par
15%
16 %
Jan
Apr
Apr
Thayers 1st pref
June
114
Aw
27% May
47
Jan
90
*
6%
4%
of Prices
High
Low
Shares
75
5
May
1,527
2,500
3
May
15%
8%
20o June
55c
6%
25
70
6%
23%
6
...
6c
7c
5,500
*
27%
28%
185
1.30
1,800
2.25
700
1
1.25
No par value.
--..*
1.25
1.90
*
-
20
High
Low
6%
4%
25c 25 He
6%
3%
*
Rog MaJ A
41c
...»
*
Pend-Orellle
June
June
17c June
8%
12
*
Price
20
21
20
Aug
17
June
6%
22
40
Jan
Apr
Jau
Apr
Jan
Aug
13 He
Jan
25 H June
31%
Feb
6c
99e May
1.75
20
July
Aug
2.35
Jan
3.25
Apr
36
Jan
The Commercial &
Volume 151
1125
Financial Chronicle
Canadian
Canadian Markets
Newsprint Operations in July Remained at
Level—Shipments
Exceed
Production
High
Unlisted
Operations in the Canadian newsprint industry remained
a very high level during July, with the month's shipments
of 337,508 tons, which represented 92.1% of capacity, ex¬
ceeding by nearly 5,000 tons an output that set a new high
record in the history of the industry at 332,689 tons, 46.2%
above a year ago, it was indicated in the Montreal "Gazette"
of Aug. 14.
The same percentage, gain was shown in ship¬
ments, which were slightly under June.
The month's oper¬
ating ratio was 90.8%, against 89.5% in June, 85.1% in
May and 65.3% in July of last year.
From the paper
quoted we also obtain the following information:
at
Industrial and Public Utility Bonds
Closing bid and asked quotations, Friday, Aug. 23
(American Dollar Prices)
Bid
Abltibl P A P ctfs 5e..1953
40%
Ask
Bid
Ask
41%
Federal Grain 6s
1949
65%
Alberta Pac Grain 6B..1946
63 %
66%
Gen Steel Wares 4^8.1952
65%
Algoma Steel 6s
09%
71%
Gt Lakes Pap Co 1st 5s
'55
59%
British Col Pow 4Jis_1960
66
68
70 %
Massey-Harrls 41is
Canada Cement 4^s_1951
Canada 88 Lines 5s...1957
69
71
McColl-Front Oil 4 lis
63 H
64 %
Canadian Canners 4s_1951
68
69
N Scotia Stl A Coal 3 Ms
Canadian Vlckers Co 6s *47
24%
26%
Power Corp of Can
67%
67%
61%
Lake St John Pr A Pap Co
Calgary Power Co 5e_.1960
1948
5^8
1961
1954
1949
59%
60 %
Donnacona
71
j68
Dom Tar & Chem 4Hs 1951
67 %
69%
'63
54%
4 %s '59
65%
56%
67%
64%
66%
67
68
Paper Co—
4s
1962
Quebec Power 4s
Saguenay Power—
1966
higher by
were
Production
70
72
1965
47%
48 %
rose
1965
34
35
44,716
4-5s series B
shipments
United States and Newfoundland mills
by
No
par
value.
price,
/Flat
n
Nominal.
by 16.4% to 30,019 tons, while shipments were more
of Newfoundland
Breakdown
tons.
markets
overseas
shipments
For
was
were
the
Si CO.
of
30,542 tons
than doubled at
shipment figures showed
5,765 tons
a year ago, a
14,454 tons a year ago.
vs.
a
total to
Overseas
the heaviest since last August.
months
seven
Canadian output at
ended July
higher by 25.9% and slightly in excess of shipments
which showed
W ATLING, LERCHEN
Newfoundland output
shipments at 86,229 tons were higher by 14.5%.
total to the United States of 14,126 tons vs.
♦
United States output
82,579 tons compared with 74,593 tons a year ago, a gain of 10.7%, while
1966
4-5s series A
domestic shipments
few hundred tons.
a
and
similarly maintained at a high level in July.
were
United States, as
exports to the
90,400 tons by
to
as
24,700 tons by exports to overseas markets, while
at
Winnipeg Electric—
65
53
06%
Canadian shipments over last year
of 115,800 tons in
expansion
accounted for
was
to
4lis series B
Famous Players 4>$b__1951
The
60
67%
69 H
Price Brothers 1st 5s__1957
Doip Steel A Coal 6 lis 1955
58%
countries for the 7-month
duction for the three
tons, mill stocks being reduced
1,974,676 tons
of 1,968,428 tons,
Aggregate excess of shipments over pro¬
gain of 28.8%.
a
period was some 21,310
accordingly.
Members
New
York
Stock
New York Curb Associate
Exchange
Ford
Bank of Montreal
Chicago Stock Exchange
Detroit Stock Exchange
Reports Canadian Industry Nearing
Highest Production Scale in History Due to War
DETROIT
Building
Effort
Telephone: Randolph 6530
The
Bank
Montreal
of
states
its
in
Aug. 22
"Business
Summary" that "under the stimulus of the progressive en¬
Detroit Stock
largement of the
Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Last
Sale
Par
Stocks—
Price
in
Sales
Friday
Week's Range
r\
f
jPr4/*J3
©
Vj JrTWsGo
Low
High
for
Range Since Jan. 1, 1940
its
Low
Not
Baldwin Rubber com__._l
Briggs Mfg com.
*
1
Apr
Mar
Jan
65c
70c
560
55c
July
1%
2%
3
300
2% May
4%
Feb
60c
63c
500
60c
1%
Apr
.
_
100
com
Detroit Gray Iron com
5
Det-Michlgan Stove com.l
60c
.
113%
1%
281
114
112
July
98% May
125
Jan
1%
1%
1%
100
1
May
1%
Apr
1%
500
1% May
2%
Mar
75c
1%
Detroit Paper Prod com__l
75c
200
75c
Mar
1%
Apr
July
13
15%
Mar
13%
13%
13H
575
90c
1.00
265
87c June
1%
Apr
12%
438
10% May
15%
Mar
1
2%
12%
2%
2%
800
3
Detroit Steel Corp com.
4%
4%
4%
545
46%
46%
47 %
791
2%
2%
204
50c
675
.5
1
_
Durham Mfg com
Federal Mogul com
*
Frankenmuth Brew com.
.
Gar Wood Ind com
General Finance com
10
1
Goebel Brewing com
Grand Valley Brew com__l
Hoskins Mfg com
"50c
2%
B
100
2
2
1
General Motors com
Houdaille-Herehey
785
20
7%
23%
10
com
Det & Cleve Nav com
Detroit Edison
4% June
13% May
1
Consumers Steel com
Continental Motors
770
5%
5%
19%
50c
2
2%
May
3% June
1% May
38% May
2
V
Jan
6%
Apr
2%
56
Apr
July
80c
Apr
May
50c
10
Jan
11
11
220
12%
11
Jan
Apr
3%
May
12%
453
9% June
14%
15%
Apr
Hurd Lock & Mfg com
*
1
38c
42c
1,300
33c May
52c
Jan
Kinsel Drug com.,
LaSalle Wines com
1
40c
40c
200
35c
Feb
60c
Mar
2
1%
1%
250
1%
Jan
Masco Screw Prod com
1
78c
83c
1% May
75c July
McClanahan Oil com
1
19c
19c
300
18c May
27c
Apr
7%
110
7
July
U%
Mar
12%
5%
600
9%
May
16
600
4% May
8%
Feb
635
2% May
4%
Mar
*
32
3%
32%
926
Zl%
July
44%
Jan
pom.2 %
19
19
125
18
July
21H
11
11
104
8%
Mar
42c
*
7%
11%
10
5%
1
Micromatic Hone com
Motor Products com
Murray Corp com
Parke Davis com
Parker Rust-Proof
Parker-Wolverine com
3%
3%
Packard Motor Car com..*
Peninsular Mtl Prod com.l
May
300
1
Mar
1%
May
100
2%
Apr
76c
76c
100
75c Jnue
1%
Mar
1%
1%
425
1
May
1%
26%
Apr
24
24
210
1%
1%
2,400
2%
Apr
40c
1%
1
40c
100
26c
Jan
55c
Apr
5%
Mar
..*
~4%
4%
4%
100
3% May
1
Universal Cooler A
1.25
1.25
1.25
300
90c May
1%
Jan
1%
1%
400
1
Feb
2%
Apr
11c
11c
100
Aug
25c
Apr
9%
9%
150
June
13%
Apr
Warner Aircraft com
Wayne Screw Prod com..4
Wolverine Brewing com__l
Young Spring & Wire
"ll'c
*
9c
7
No par value.
CURRENT
—George H.
Logan,
with
affiliated
become
NOTICE
senior partner of Lamborn, Hutchings & Co., will
Merrill Lynch, E. A. Pierce & Oassatt, as of
Havana, Cuba, office
Sept. 1 by Merrill
Lynch, E. A. Pierce & Cassatt, with the office remaining under the manage¬
Sept. 1, making his headquarters in New York.
The
of Lamborn, Hutchings & Co. will be occupied on
ment
of
total
of
H.
Harragin.
G.
40
offices.
Mr.
the Merrill Lynch system up to a
became connected with the Lamborn
This brings
Logan
1913 and has been a partner since 1915.
In 1939 Mr.
Benior partner of the firm.
Prior to his association
New York sugar marketing industry, Mr. Logan had 10 years'
organizations in
became the
Logan
with
the
experience in the London commodity markets.
When the war broke out,
in 1914, Mr. Logan was appointed, with the late Arthur H. Lamborn, as
American
He
was
sugar
are
fuli capacity
projected.
ments
required
gramme
The building of these plants and of the numerous establish¬
for the Commonwealth Air Training Scheme, whose pro¬
has been so speeded up that all these
projects are now to be com¬
has given a great impetus to the con¬
industry with the result that the value of the new contracts
placed in July was $29,305,600 as compared with a total of $22,129,700
in July, 1939.
The total value of new contracts placed in the first seven
months of 1940 was $154,741,100 as compared with $105,575,600 in the
pleted before the end of the year,
struction
parallel period of 1939.
In
some
lines
of manufacturing
has
there
been
the
usual
seasonal
steel industries remain very busy and
firms engaged
in the production of machinery, castings, forgings and
sheet metal products are all working almost at full capacity.
The textile
industries also continue busy, as
the demand for military clothing is
enormous, and the footwear industry has been benefiting from the same
cause.
There has been a great acceleration of the production of airplanes
and all the aircraft factories are working over-time.
The shipbuilding
recession, but the primary iron and
The mining industry continues to enjoy great
further enlargement of the output of the
was placed at 332,689 tons as compared with
315,343 tons in June and 227,630 tons in July, 1939, the gain over the
latter figure beng about 46%.
yards
equallv busy.
are
activity and in July there was a
industry, which
newsprint
+i
Progressing Rapidly in Canadian
Provinces, Says Bank of Montreal
Harvesting
Prairie
progressing rapidly in
Manitoba and
operations are well under way in South¬
Alberta, the Bank of Montreal states in its Aug. 22
is
Harvesting
Saskatchewan and
ern
generally good average wheat
threshed grain is grad¬
ing well. Crop conditions in Saskatchewan vary widely,
but on the whole prospective yields are fairly satisfactory.
Crops in Alberta continue promising. Light frosts have
occurred in some parts of Alberta and Saskatchewan, but
no damage has been reported. The hank's report continues:
report.
crop
In Manitoba,
yields are being obtained and early
In
the
tinue
which
for grain,
backward,
were
potatoes
be fair to good.
promises to
assured
maturing well and prospects con¬
other roots.
Tomatoes and corn,
have improved rapidly and the yield of tobacco
province of Quebec crops
good
and
corn
and
roots
are
and
In Ontario satisfactory grain yields appear
progressing favorably.
A comparatively
are
tomatoes is forecast; also a slightly below average yield
of apples, with other tree fruits and grapes only fair and tobacco below
average.
In the Maritime provinces grains, potatoes and other roots and
apples continue developing well under generally favorable conditions.
In
British Columbia yields of hay and the second alfalfa crop have been
above average.
The grain crop is below normal.
Most other crops have
light crop of
and
made good progress,
on
the whole give satisfactory promise.
representative of the Royal Commission on the Sugar Supply.
only with the purchase of enormous quantities of
entrusted not
but arranged for the transportation of all
the United States and Cuba to Great Britain and
Allied countries.
In 1921 Mr. Logan was a member of the Cuban Sugar
Finance Committee, which was an agency appointed by the Cuban Govern¬
ment to market the big surplus of Cuban sugar which was flooding the
world markets at that time.
Mr. Logan has been a member of the New
York Coffee and Sugar Exchange, Inc., since 1923.
He is also a member
of the New York Cocoa Exchange, Inc.
He is a director of the Commodity
Exchange Rubber Clearing Association.
Cuban
most plants that are capable of
are
but the number of new plants which are
being constructed for the manufacture of chemicals, explosives, shells
and other munitions have recently been augmented; the total sum allocated
for the construction of these new plants, which are jointly financed by the
Canadian and British Governments, now exceeds $150,000,000 and more
Apr
18% May
1% July
oi:ly
at virtually
ing
Jan
100
2% May
1% May
3
2
76c
1
*
Feb
14%
1%
2%
Tlmken-Det Axle com—10
Tivoll Brewing com
Apr
2
1
Tom M oore Dlst com
Jan
2%
1
StdTube B com....
1%
2
2
River Ralson Paper com..*
Simplicity Pattern com
200
1%
*
Rickel (H W) com
•
The review goes on to say:
making munitions operat¬
purchasing power."
and
High
production
general business is naturally profiting
consequent enlargement of the national income
history and
the
from
Week
Shares
country's war effort Canadian industry
rapidly being geared up to the highest scale of
is
sugar
shipped
for
C U R R E NT
the Allies,
from
—A
transfer
New
Chicago
to
York
Mercantile
NO TIC E S
membership has been posted for
of Nichols Bros., Inc.,
Exchange
Edward Heaton, President and Treasurer
City.
—Ray T.
Doyle, formerly with Lamborn,
Hutchings & Co., Chicago, has
E. A. Pierce & Cassatt in their Chicago office.
Co. is trustee for $868,000 City of Nebraska City,
Neb., 3%% bridge revenue bonds due July 1, 1960.
joined Merrill Lynch,
—Manufacturers Trust
Ctoe County,
v
The Commercial & Financial Chronicle
1126
Quotations
Bid
a 3a
a3s
1
Feb
1979
<z3 %s Mar
96
o4%8 Apr
o4%8 Apr
96%
100 % 102
a3%sjan
May
1
1957...
Nov
1
1958
a4s
May
May
1 1959
1 1977
112% 113%
112 % 113%
1
04^8 Sept
o4%s Marj
1980...—
113% 114%
114% 115%
1
Oct
1960
116
117
116% 117%
1 1962
117% 118%
121% 123%
1979
124% 126%
1
Ask
118
120
33
121%
120% 122%
121% 122%
285
295
Northern Trust Co
480
495
75
SAN
77
207
100
FRANCISCO—
216
34%
Par
Ask
Bid
Bank of Manhattan Co. 10
40
Bensonhurst National
85
Chase
50
13.55
29%
163
169
620
45
23%
25
10%
12%
Penn Exchange
100
Fifth Avenue
10
10
12
50
43
49
50
660
Peoples National
Public National
100
First National of N Y__ 100 1625
3s 1974
62 10
less 1
3s 1981
62 20
less 1
Canal A Highway—
62 25
1725
Merchants Bank
Highway Imp 4%s Sept '63
4%s April 1941 to 1949.
1958 to '67
New York Trust
140
Canal Imp 4s JAJ '60 to '67
134
Barge CT4%s Jan 1 1945.
Public
Bid
113%
Mar
1 '75
1*76
3s
6 25
100%
4th ser Dec
3%s5th
mmm
100
20
15
19
68%
73%
85%
3%s
15 *76
15 77
ser Aug
b
98
98%
1980
New York
12
13%
47%
48%
Title Guarantee A Tr. ..12
Trade Bank A Trust. „10
2%
11%
3%
13%
80
90
Empire
20
42%
new.
101% 102%
62 55
61.60
Par
to 97
1945-1952
U S Panama 3s June 1 1961
'1959
99
Am Dlst
Teleg (N J) com.*
Preferred
99
121
Bid
6%8 Aug
Par
94
New York Mutual Tel..25
100
1535
100
Bell
100
117% 120
Telep of Pa pref
40
Atl
A
44
Telegraph—100
129
15
»
30
32%
29%
31%
117
6s
108
111
Tnt Ocean
.
Franklin Telegraph
July 1948 opt 1943.
100
112%
103 %
U S conversion 3s 1946
110%
111%
Conversion 3s 1947
18
25
71
25
25
mmm
100
Telegraph
---
100
114
116
Ask
17
Peninsular Telep com
Preferred A
106
Emp A* Bay State Tel.
4%s July 1952
113
Bid
114% 117%
100
Rochester
101
102
1941
53
104
1485
Ask
89
Cuban Teleph 6 % pref. 100
Govt of Puerto Rico—
101% 104%
Hawaii 4%s Oct 1956
United States
45%
Mtn States Tel A Tel._ 100
101
1952
51
101
_
Pac
Ask
101
1952
Feb
Preferred
2.50
rev
Bid
Government—
4%s July
6s
34%
42%
35
Telephone and Telegraph Stocks
f revenue
Ask
99
32%
40%
30
102%
2%s serial
4%s Oct
1955
20
30
50
Bell Telep of Canada
Apr
Manufacturers
11%
1530
27
.
Underwriters
United States Insula?"Bonds
6s
10%
100 1480
.
Corn Exch Bk A Tr
105%
103%
3s serial rev 1953-1975..
106%
Philippine
210
261
Irving
Kings County
88%
Ask
190
256
...
6 25
Bid
Bid
100
Guaranty
Chemical Bank A Trust.10
Trlborough Bridge—
1941....
35
new
Fulton
Continental Bank A Tr.10
3%8 2ndeerMay
ser
50
Central Hanover
Ask
General A Refundlng-
1st
Par
320
48
Clinton Trust
Bid
4a
312
Lawyers. _l
Ask
108% 109%
100
.10
Bronx County
Brooklyn
Port of New York—
5
27
Companies
Ask
Bank of New York
Authority Bonds
California Toll Bridge—
4a.
Bid
Bankers
...
29%
25
Sterling Nat Bank A Tr 25
134
142
Can A High Imp 4%s 1965
110
61 10
Improvement—
4a Mar A Sept
...
142
28%
120
100
Par
Canal Imp 4%s Jan 1964..
17%
World War Bonus—
Highway
5s Jan A Mar 1964 to '71
Ask
Ask
40
City
12%
National Safety Bank.12%
National
-
28%
Bid
Par
National Bronx Bank
16
14%
Bank of Yorktown__66 2-3
Commercial National. .100
Bid
36%
New York Bank Stocks
121%
117% 119
119%
120
1-3
100
Bank A Trust
First National
118
Ask
Ask
Harris Trust A Savings. 100
199
182
.100
A Trust
119%
118% 119%
118% 120
119% 120%
New York State Bonds
Bid
Bid
Par
Continental Illinois Natl
1974
1976
1977
1978
1981
1957
1957
1963
1965..
1967
1971
o4%s Feb
Bid
Par
American National Bank
o4%s Dec
106% 107
107%
104% 106
111% 112%
a4fl
Ask
116% 118
117
118%
1
16
a4%s Jan
1
04%s Nov 15
o4%s Mar
1
o4%s May
1
a4%s Nov
1
o4%s Mar
1
a4%8 June
1
a4%8 July
1
o4%a Dec
15
o4%s June
107 %
106
a 4a
a 4a
97 %
106
1975
1954
1.1954
1 1960
15 1976
Chicago & San Francisco Banks
Bid
1 1964
1 1966..
15 1972
o4%8 Mar
1
1
a3%s July
a3%s May
a3%sNov
a 48
City Bonds
ASX
95 %
94%
96 %
1977.
1
Jan
Over-the-Counter Securities -Friday Aug. 23
on
New York
15 1969
a2^s July
Aug. 24, 1940
Telephone—
16.50 1st pref.
So A Atl
mmm
133
Telegraph..
25
Sou New Eng Telep
17
21
100
156% 160
Par
Bid
--
Chain Store Stocks
Federal Land Bank Bonds
Bid
1955 opt 1945
JAJ
3s 1956 opt 1946
3a 1966 opt 1946
JAJ
|
Ask
Par
|
105%« lOS'hr 3%a 1955 opt 1945..MAY
JAJ
105% 106
| 4s 1946 opt 1944
105%I106
I 48 1964 opt 1944
JAJ
AT AN
Bid
Atlanta
%s, l%s__.
l%s, 1 %s
Atlantic
Burlington
Denver
First
Ask
99
—
Bid
r7
9
3%
82
80
Carolina—
99
—
18
23
Diamond Shoe pref
100
FIshman (M H) Co Inc..*
105
109
99
.
Oregon-Washington
Bonds
99
r35
Pennsylvania l%s, l%s...
First New Orleans—
Phoenix
Is, 2s
99
IS, 1%8.
...
m
%8, 3%s
Fremont 4%s, 5%8
99
•
Illinois Midwest 4%s, 5s..
-
—
-
63
-
-
40
-
100
4%s, 4%s
mmm
98
Par
Bid
Atlanta
4%s
6a.
$5
preferred
*
99%
r21
San Antonio %s, 2s
...
16%
Southwest (Ark) 5s
Union Detroit 2 %s
.1951
16
f 14
Preferred
1
/42
45
Bid
Savannah
6
19
Haytlan Corp
»
com
Sugar
Refg
Ask
7
16
Punta Alegre Sugar Corp.*
40
1954
5s
m
80
Par
/37
17
%
5
1%
6
30
1
28%
1%
1%
3%
3%
1989
/is
19%
Vertlentes-Camaguey
1940-1942
3%s
rl2%
Stocks
Eastern Sugar Assoc com. 1
/18
22
Sugar Co
5
West Indies Sugar Corp..l
New Nlquero Sugar—
23
99
Southern Minnesota
Ask
Haytlan Corp 4s
103
«*
13%
99
85
99
l%s
Par
82
48
12%
99
Cigar-Whelan Stores
Bar aqua Sugar Estates—
6s
1947
102
t
Potomac 1 %s
Ask
78
Atlantic
8%
Bid
FHA Insured
Joint Stock Land Bank Stocks
-
United
Antllla Sugar Estates—
98%
Virginian Is.
99%
Indianapolis 5s
5s
Phoenix
St. Louis..
99
Fletcher
Iowa
mm
99
First Texas 2s, 2%s
First Trust Chicago—
7
Reeves (Daniel) pref... 100
Sugar Securities
82
First
Montgomery—
38, 3%s
Ask
82%
North Carolina %s, l%s..
1%8, 2s
11%
2%
100
85
Lincoln 5%s
York 5s
6% pref... 100
83
New
99
Kress (S H)
2%
99
80
Lincoln 5s
-
-
r3
1%8, 3s
Ask
Lafayette %s, 2s
Lincoln 4%s
m
99
Chicago
Bank Bonds
Ask
1%
1%
Bohack (HC) common...*
7% preferred
Joint Stock Land
Bid
B /G Foods Inc common..*
New York
100
Mortgages
Offerings Wanted—Circular
Bid
on
Request
Ask
4
7
52
North Carolina
100
Dallas
65
75
Pennsylvania
100
32
54
60
Potomac
100
100
110
Des Moines
52
58
San Antonio
100
102
107
First Carolinas
14
18
Virginia
WHITEHEAD &
FISCHER
38
Denver..
Fremont
1%
4
Lincoln
3%
5
91
96
2%
44 Wall Street, New York, N. Y.
Telephone: WHitehall 3-6850
3
6
Virginia-Carolina
100
110
125
FHA Insured
Federal Intermediate Credit Bank Debentures
Bid
Bid
%%
%%
%%
%%
due.....Sept 3 1940
due
Oct
due
due
Deo
6
1 1940 6
Ask
20%
.20%
25%
Bid
Alabama 4%s
Arkansas 4%s
1 1940 6
2
194116 30%
%% due
%% due
Jan
2
Feb
1 1941 6 .30%
%% due
%% due
1940|6 .25%
May 1 194l!6 40%
June 2 1941 6 .40%
5s
102
102
New Mexico 4%s
N Y (Metrop area)
101% 102%
103%
101% 102%
102
103%
101
4.
Delaware 4%s
Commodity Credit Corp—
%%
Aug
1 1941 100.12 100.14
1%
Nov
2s May 16 1943—
Call Nov 16 '40 at
100% 101.6
Ask
Call July 3 '40 at 10?
par value,
a
%s
Loan
May
Corp
15 1941 100.10 100.12
Reconstruction Finance
Corp—
101.6
z
♦
on
102
101
102%
102% 103%
...
Pennsylvania 4%s
Rhode Island 4%s
South Carolina 4%s
Tennessee 4%s
Texas 4%s
Insured Farm Mtges
4 %s
Virginia 4%s
West Virginia 4%s
101
102
102
4%s._
New York State 4%s
North Carolina 4%g
103
Michigan 4%s
103
101% 102%
102% 103%
102
103%
101% 102%
101% 103
101% 103
101
102%
101
102%
101% 102%
%% to %% must be deducted from interest rate.
SPECIALIZING
1H%
notes Feb 11944.. 102.5
F.H.A. INSURED MORTGAGES
102.7
The beat "Hedge" security
Interchangeable.
6 Basis price,
d Coupon,
a Ex Interest
price,
n Nominal Quotation,
r In
receivorship.
Quotation shown Is for all
maturities,
toi When Issued
w-s With stock.
Ex-dlvidend.
Now listed
Massachusetts 4%a
A servicing fee from
%% notes July 20 1941 100.21 100.23
%% —...Nov
1 1941 100.23 100.25
%%
Jan
15 1942 100.24 100.26
101.5
1%
July
1 1942 101.3
/Flat
y
103%
Minnesota 4%s
Home Owners'
U S Housing Authority—
101
102
103
104
101.12
l%s Jan 3 1944—
No
Louisiana 4%s
Georgia 4 %s
Illinois 4%s
Indiana 4%s
15 1941 100.30 101
3%s
May
1 1943 100 11 100.13
Federal Home Loan Banks
2s
Deo
1 1940 100.13 100.16
2s
Apr
1 1943 102.18 102.24
Federal Natl Mtge Asan—
*
Bid
102%
101% 102%
101% 102%
101% 102%
101% 102%
Maryland 4%s
Ask
Asked
New Jersey 4%s
5s
District of Columbia 4%s_
Obligations of Governmental Agencies
Bid
Bid
101% 102%
101% 102%
Florida 4%s
Nov
Mortgages
Asked
Ask
for Banks and Insurance Co's.
Circular
on
request
STORMS AND CO.
New York Stock Exchange.
Now
selling on New York Curb Exchange.
Quotation not furnished by sponsor or Issuer.
f Quotation based
Sept. 25.
on
S89.50 of principal amount.
Commonwealth Building
PITTSBURGH, PA.
Phone Atlantic 1170
5%
was paid on
July 2 and
*
Volume
The Commercial &
151
Quotations
on
1127
Financial Chronicle
Over-the-Counter Securities—Friday Aug 23-Continued
INSURANCE and INDUSTRIAL STOCKS
Guaranteed Railroad Stocks
BOUGHT—SOLD—QUOTED
Joseph Walkers Sons
Vermilye Brothers
Slock i
Mtmbtrt J^rw York Slock Excbomgo
ITS
Dealer*
120 Broadway
Tel. RE ctor
NEW YORK
BROAD
30
FEED
GUARANTEED
2-6600
STOCKS
ST.,
Y. CITY
N.
Teletype N. Y. 1-894
HAnover 2-7881.
Since 1855.
Guaranteed Railroad Stocks
Insurance
(Guarantor In Parentheses)
i
Bid
Par
Companies
Bid
Ask
29
Par
sk
Par in Dollars
100
48)4
27)4
28)4
Homestead Fire
10
17
67
Ins Co of North Amer
10
60)4
10
20
70)4
21)4
10.50
no
114
Jersey Insurance of N Y.20
6.00
69
72
38
41)4
5
17
18)4
Knickerbocker
5
7)4
8)4
Lincoln Fire
5
1)4
234
1)4
2)4
61 34
41
63 34
Aetna
American Equitable
2.00
31
Amer Fidel A Cas Co com 5
10 3-4
8.75
81
83
American Home
.10
5)4
7)4
100
8.50
11
14
American of Newark
3.00
35
38
American Re-Insurance. 10
—
Automobile
2.00
46
----
4434
47 34
5.50
57 34
9.00
National Union Fire
5
19)4
2134
27)4
29)4
New Hampshire
20
21)4
New York Fire
City Title
10
5
50
53
Connecticut Gen Life
10
24)4
26
Northern
8634
8934
Continental Casualty
5
32
34 34
North River
500
800
21
26
5.00
50
4.00
50
3.875
1
2)4
4.50
33
3634
Eagle Fire
50
1.50
42
45
50
3.00
80
Employers Re-Insurance 10
Excess
5
....
176
pref... .100
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
7.00
17134
7.00
151
A Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred
Tunne )RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
Utica Chenango A Susquehanna (D LA W)
6.64
52
.100
6.00
130
136
.100
10.00
241
.100
44
Valley (Delaware Lackawanna A Western)
Pittsburgh Fort Wayne A Chicago (Penna)
Rensselaer A Saratoga (Delaware
—
—
57
100
6.00
3.00
13734
133
1(H)
67
70
47
37
39)4
43
73)4
7734
5
13
15
32)4
5)4
3434
7)4
25)4
26)4
Fireman's Fd of San Fr.25
Reinsurance
Firemen's of Newark
5
8)4
Franklin Fire
6
27)4
29)4
General Reinsurance Corp 5
21)4
23)4
Seaboard Surety
3334
35)4
6
42)4
Security New Haven
29)4
31)4
5
15
15
8)4
60
65
Glens Falls Fire
23
26
Globe A Republio
3.00
64
57
Globe A Rutgers Fire...
2d preferred
Baltimore & Ohio 4 348
Bessemer & Lake Erie
62.50
1.75
62.40
1.50
Nash Chat A St Louis 234s
62.30
Indemnity.-.1
8)4
10)4
23)4
1.25
Nat Steel Car Lines 5s
62.25
1.50
New
——.10
Hartford Fire
10
Hartford Steam Boiler.. 10
Hanover
2.00
66 75
6 00
62.35
1 80
Canadian Pacific 434s
66.75
6 00
N Y
I
63.40
2.50
62 25
1.50
N YN HA Hartford 3s...
62.75
2.00
American Arch
Central of Georgia 4s
Chesapeake A Ohio 4348—/
(
Central RR of N J 4J4s—.
34
76
111
108
11
Travelers
2)4
12)4
U 8 Fire
79)4
U S Guarantee
240
396
406
19)4
45)4
64)4
30
2.50
21
62
Co..2
4
10
U S Fidelity A Guar
24)4
3)4
190
100
100
Sun Life Assuranoe
37)4
35)4
5
65)4
25)4
10
Standard Accident
Stuyvesant
2 34s
Chfc"A St"Louis
4s—
>
52
50
Westchester Fire
32
47)4
Industrial Stocks and Bonds
1.60
62 00
York Central 434s.—
63.00
Canadian National 434s-5s»
Boston A Maine 6s
9)4
1 75
61.75
\
23is
24
Halifax
Missouri Pacific 4 34s
60)4
;
10
10
Springlleld Fire A Mar..25
12
9
TO
Great Amer
0.75
8
22)4
3.50
61.25
J
4
5)4
40)4
10
Great American
Atlantic Coaat Line 4 34s.
2434
227
222
Gibraltar Fire A Marine. 10
5.00
Ask
40
2)4
25
50
Bid
38
22)4
5
St Paul Fire A Marine..25
Seaboard Fire A Marine—6
Rhode Island......
50
Ask
Corp (N Y).2
Republio (Texas)
10
Revere (Paul) Fire.
10
9)4
Georgia Home
Equipment Bonds
Preferred Accident
120
92
57
Bid
115
110
40 54
90
56
Railroad
111)4 119
National.25
...25
Providence-Washington. 10
5.00
(Penn-Readlng)
24
Pacific Indemnity Co.—10
Phoenix
10
62)4
5.00
(Del Lack A Western)
West Jersey A Seashore
94
22)4
Pacific Fire..
60)4
.100
Preferred
Warren RR of N J
3)4
90)4
10
115
(Ullnols Central). .100
61
1634
2)4
Fidelity A Dep of Md...20
Fire Assn of Phlla
10
1(H)
Vicksburg Shreveport A Pacific
48
14)4
5
12.50
2.50
50
24534
6.00
Northwestern
2)4
45)4
5
8)4
47
10
Federal
10
Fire
Northeastern
8
7
5434
6)4
734
134)4 140
15)4
16)4
32 34
34)4
10
New Brunswick
10
39
50.00
28
52)4
2
New Amsterdam Cas
734
25
10
10
2
20
National Liberty...
610
590
City of New York
36
1(H)
Preferred..
92)4
25
100
Carolina
4.00
Michigan Central (New York Central)
50
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)... .100
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
7)4
95)4
6)4
2)4
Camden Fire
150
145
.100
Northern Centra)
National Fire
45
6)4
Merch A Mfrs Fire N Y-5
National Casualty
36
Boston
100
15)4
49
34
Bankers A Shippers
53
13)4
Baltimore American
2.00
100
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
5
47
American Surety...
78
25
(Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
Merch Fire Assur com
25
American Reserve
6234
50
Betterment stock
Delaware
13)4
45)4
Maryland Casualty
10
90
58
76
5.00
Louis pref (N Y Central). .100
50
Cleveland A Pittsburgh (Pennsylvania)
Cleve Cln Chicago A St
1194
1
Mass Bonding A Ins..12)4
43)4
2)4
1)4
10
Security
—10
87
5.00
3.50
O L)_. .100
Carolina Cllnchfleld A Ohio com (L A N-A
5
Home
11)4
.100
Central)
28
100
Boston A Providence (New Haven)
Canada Southern (New York
46)4
10
25
30)4
2)4
1834
62)4
American Alliance
76
72
6.00
KM)
10
Agricultural
Asked
Bid
100
Central)
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)..
Alabama A Vicksburg (Illinois
Home Fire
Aetna Life
Dividend
113)4 117)4
10
Aetna Cas A Surety
Bid
Par
Alabama Mills Ino
134
*
Ask
Bid
Par
|
234
Nat Paper A Type
3.00
North Amer Car 4)48-6)48
64.25
3.25
Amer Bemberg
1.00
Northern Pacific
62.10
1.6)
1.25
No W Refr Line 3)4s-4s
63.60
2.25
Chic Mllw & St Paul 6s.—
63.50
2.50
Pennsylvania 434s series D
61.25
62.25
0.50
1.?5
62.15
1 65
New Britain Machine
*
12)4
Ohio Match Co
♦
934
12)4
Corp..25
*
12)4
preferred
5%
41
39
American Cyanamid—
61.75,
17)4
11)4
11 A
64.00
61 60
234s..
4)4
.2534
21)4
30
1534
*
Ask
,
2)4
oom...l
..60
27
Chic Burl A Qulncy
Chic A Northwestern 4 34a
62.50
.
4s series
1 75
Clluchfleld 2J4s
62.25
Del Lack A Western 4a
2.50
Denv A Rio Gr West
Fruit
62.25
—
Growers
2.00
Pere Marquette—
Grand Trunk Western 5s.
1.60
64.25
3.60
1 25
Kansas City
Amer
Malxe
Products...*
Petroleum
74)4
Petroleum Heat A Power. »
1)4
2)4
35
Pollak
Exploration.
1
Manufacturing...*
1)4
33)4
10)4
12)4
100
_*
21
Remington Arms com....*
4)4
Safety Car Htg A Ltg...50
45)4
234
Mills
62 00
1.50
Armstrong Rubber A
2.00
Art Metal Construction.
1 25
5934
10
10
13 34
15)4
1.75
Southern Ry 4s
6
6)4
1.60
Texas & Pacific 4s-4)4s
62.00
1.50
Union Pacific 234 s
61.90
1.40
Botany Worsted Mills cl A5
IN
2)4
Singer Manufacturing.. 100
62.?0
2.00
Western Maryland 2s
62.00
1.60
334
4)4
Skenandoa Rayon Corp..*
3 H
4)4
62.50
2.00
Western Pacific 6s
63.00
2.00
16)4
18)4
37)4
4)4s-4)4s.
62.00
20
25
34 34
1.6)
.10
Buckeye Steel Castings..*
Brown A Sharpe Mfg...50
44)4
4634
I
62 50
Wheeling A Lake Erie 2)4s
61.70
1.20
West Fruit Exp
1.75
Autocar Co com
Bid
Asked
—
—
secured notes
434s
A Maine 5s
—
-
-
Baltimore A Ohio 4s
Boston A Albany
—-—
4)48
Cambria A Clearfield 4s.
A Southern 4s
Louis A New Orleans 5s
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Connecting Railway of Philadelphia 4s
Cuba RR Improvement and equipment 5s
Chicago Indiana
Chicago St
1945
1945
1944
1943
—1940
/43
47
/43
47
—1944
Youngs town 5)48
85
53)4
79
1995
1951
1960
4s
—
1945
Hoboken Ferry 6s
1946
Illinois Central—Louisville Dlv A Terminal 334«
1953
Indiana Illinois A Iowa 4s.-———————1950
Kansas Oklahoma A Gulf 58———————————-..-.1978
Memphis Union Station 5s
.....—.—1959
New London Northern 4s
1940
New York A Harlem 334a
2000
New York Philadelphia A Norfolk 4s
—
1948
New Orleans Great Northern income 5s
2032
New York A Hoboken Ferry 5s
1946
Norwich A Worcester 4)4s
1947
Pennsylvania A New York Canat 6s extended to
1949
Philadelphia A Reading Terminal 5s
1941
32
10
3
59
Providence A
...—
Worcester 4s
A Georgia 4s—
Terre Haute A Peoria 5s....
Toledo Peoria A Western 4s...
—
Toledo Terminal 4)48
—
Toronto Hamilton A Buffalo 4s
United New Jersey Railroad A Canal 334s
Vermont Valley 434s
Vlcksburgh Bridge 1st 4-6s —
—
Washington County Ry 3)48
West Virginia A Pittsburgh 4s
Tennessee Alabama
64
80
102
52)4
21)4
5934
Thompson Auto
21
23)4
Time Inc
S3 conv pref
Crowell-Collier
Pub
8)4
5834
1434
Trtco Products Corp
2934
33)4
Dictaphone Corp
*
Dixon (Joe) Crucible... 100
Domestlo Finance cum pf. »
•
2)4
H)4
124
120
5
Common
*
12)4
30)4
31)4
United Piece Dye Works.*
H
)4
100
1)4
1)4
2)4
10)4
62)4
Preferred
3)4
13)4
33)4
*34
1)4
34
2)4
*54)4
Farnsworth Telev A Rad. 1
"l6~
Federal Bake Shops
•
30
8)4
24
Garlock Packings com...*
47)4
Gen Fire Extinguisher
*
Corp com ♦
12 34
4934
13)4
Gen Machinery
19)4
21)4
115
2
27 H
1
234
ioo"
Good Humor Corp
98)4
102)4
99)4
Graton A
334
*
Knight com
100
Preferred
12)4
Great Lakes SS Co com..*
40
Great Northern
Paper..25
5
29)4
4)4
5)4
43
47)4
3934
39
43
1134
1334
56""
Interstate Bakeries
com..*
1)4
*
King Seeley Corp com... 1
Landers Frary A Clark..25
2234
preferred
117
84
"89"
85
90
Lawrence Portl
1957
1942
..1967
1957
1946
.1951
....—1940
1968
1954
65
70
ioo"
66""
105
ioo"
74
76
45
59
Farms
preferred
3)4
4 34
28)4
31)4
Amer Writ
Paper 6s..1961
A
1948
Corp 4)4s_.—1948
Deep Rock Oil 7s
1950
1937
13
Stamped..
Minn A Ont Pap 8s
1945
8)4
1034
11)4
62
12)4
51)4
61
100
1334
52)4
63
115
Muskegon Piston Ring.2)4
...*
National Casket...
Preferred
For footnotes see page
7%
*
100
York Ice Machinery
Carrier
59
—
$6 preferred
Worcester Salt
26
7)4
•
100
Mallory (P R) A Co
*
Marlin Rockwell Corp.
l
47)4
58
8)4
changed to
Arden
24
Cement 100
Merck Co Ino common. .1
108
Name
Wlckwire Spencer
11
Long Bell Lumber
$5 preferred
107
434
7
4234
2134
Western Dairies-
Bonds—
24
$5
3)4
50
100
100
Brown Co 5)48 ser
2
103
Steel..*
2)4
preferred
4134
Harrisburg Steel Corp
95
60)4
*,
Welch Grape Juice com
Wilcox A Gibbs com
Glddlnga A Lewis
Machine Tool
90
5834
19)4
108
Veeder-Root Ino com
7%
30
62)4
97)4
—......—1947
1961
1947
1990
1)4
27
50
95
8)4
7
10)4
23)4
60
92
5734
3 34
2 34
28)4
5934
60
98)4
55
Triumph Explosives
2
United Artists Theatoom.*
57
•
20
Tokhelm Oil Tank A Pump
7)4
5534
12)4
40
50
•
Manganese_2
2)4
30
Arms...1
Supply com...10
Raynolds B com *
1)4
11
*
•
Steel common
Tennessee Products
Foundation Co Amer she •
98)4
1
56)4
72
94 34
5
Tampax ino com
Taylor Wharton Iron A
18)4
Consolidated Aircraft—
Preferred
66
Talon Inc com
6)4
preferred
5)4
18
Sylvania Indus Corp...
68)4
10)4
cum
25)4
100)4
4)4
Stromberg-Carlson
534
El
24)4
99
4)4
8)4
Draper Corp
110
14 34
234
35
63 34
Cuban-Amer
74
Stanley Works Ino
170
♦
Dentists
101
154
Qulncy...100
Standard Screw
City A Suburban Homes 10
Coca Cola Bottling (N Y)
Devoe A
Florida Southern
A Lake Erie 5s
80
101
1955
1956
1951
—.1961
55
166
1
Cessna Aircraft
Columbia Baking com
-
Manufacturing..25
Scovlll
J 1.2 5 preferred
Chilton Co common
Railroad Bonds
Portland Terminal 4s
5)4
49
2.00
Chio Burl A
Pittsburgh Bessemer
Pilgrim
62.75
.
Despatch
234a. 434a A 5s
Boston
2)4
23)4
61)4
2)4
!
Maine Central 5s
68
5)4
30c
10c
Conversion... 1
19
6934
62.10
62.25
Southern 3s__
Long Island 434s
Louisiana A Ark 3J4s
Akron Canton A
454
16
$3 partic preferred
Arlington
14
249
237
1
100
62 30
2)4s
Co
Pepel-Cola
10)4
61.75
Lehigh & New Engl 434s..
Merchants
Permutlt Co
Arden Farms com v t c
62 35
Ship pere Car Line 5s
Southern Pacific 4 34s—
2 00
22)4
Co 5% pflO
Corp....*
Hardware
2.00
62.50
St Louis S'western 4)4s
62 50
21
American Enka
American Mfg 5% pref
1.26
61.75
3)4
49)4
25
Amer Distilling
1.60
St Louis-San Fran 4s-4)4s_
.
2)4
4634
Pan Amer Match
1.75
5 50
Illinois Central 3s
series
62.00
66 50
Great Northern Ry 2s
2d
62.25
Reading Co 4 34s
62.00
Express
4s. 43is and 434s
A com...*
5% conv pref 1st ser._10
American
2)4s-2)48 and 4)4s
1.50
62 60
434s.
Erie 4348—
E
234s series G A H
1 75
63.50
234s-234s
1126
1234
8)4
84)4
14
13
90
li
Chic Dally News 3 34s.
1 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
62
37
8034 82)4
103)4 104)4
/59)4
/35
/39
/32 )4
7)4
38 34
41)4
35
9
40 )4
Pennsyl Glass Sand 3)4s'60
104
104)4
deb—1950
Superior Oil 3)4s
1950
Texas Corporation 3s. 1965
105
10534
10034
103)4
8covlll Mfg3J4s
100
103
Woodward Iron Co—
2d conv income
5s..1962
107)4 HI
The Commercial & Financial Chronicle
1128
Aug. 24t 1940
iS
=35f
Quotations
Public
Over-the-Counter Securities—Friday Aug. 23-Continued
on
Investing Companies
Utility Preferred Stocks'
Par
Adminls'd Fund lnc
Bought
Sold
.
Aeronautical
Quoted
.
ASi
1%
♦Amerex Holding Corp..*
8.62
2.34
2.57
9.17
Series B-l
26.00
28.44
22.04
12%
14
Series B-2
20.10
2.67
2.95
8erles B-3
12.59
6.01
6.63
Series B-4
6.32
6.95
Series K-l
13.15
14.46
4
3%
4%
19.66
13.87
1
18.09
Bankers Nat Investing—
7.87
8.70
Series S-2
11.14
12.28
Series 8-3
Aviation Capital lnc
7.23
8.02
2.87
3.24
Series K-2
•
Series S-4
♦Class A
5
6
Knickbocker Fund..
1
5.31
♦6% preferred
New York City
3%
4%
Manhattan Bond Fund lnc
6.44
7.11
Maryland Fund Inc.—10c
3.55
4.65
1
17.34
18.65
Basic Industry Shares..10
Boston Fund lnc
Teletype N.Y.I-J 600
7-1600
Ask
8.59
1
Keystone Custodian Funds
Amer Business Shares
Principal Stock and Commodity Exchanges
Tel. BArclay
Investors Fund C_.
Amer Foreign Invest Inc..
Am Insurance Stock Corp*
Assoc 8tand OU Shares
2
ESTABLISHED 1879
115 Broadway
Bid
Par
10.78
7.93
Affiliated Fund lnc
Jackson & Curtis
Members
Bid
10.13
Securities
British Type Invest A
3.23
12.94
13.91
Mass Investors Trust
5.85
1
.15
.30
Mass Investors 2d Fund-
8.31
8.94
Broad St Invest Co Inc..5
20.29
21.94
Mutual Invest Fund... 10
8.79
9.61
11%
12%
Bullock Fund Ltd
Public
Par
Nation .Wide Securities—
Utility Stocks
Canadian Inv Fund Ltd_.l
Par
Ask
Bid
1
Bid
Ask
2.50
3.30
Century Shares Trust...*
22.57
24.27
(Colo) ser B shares
*
(Md) voting shares. _25c
Alabama Power 37 pre!..*
Amer Utll Serv
0% pref.25
7% pf--*
Arkansas Pr A Lt
Associated
101
103 %
4%
5%
96
93%
27
National Gas & El Corp. 10
4
New Eng G A E
Electric
Gas A
Narrag El 4%% pref_._50
Nassau A Sul Ltg 7% pi 100
1%
%
30.60 preferred
*
Atlantic City El 8% prel.*
120
Birmingham Elec 37 prel.*
83
...
33.50 prior
preferred..50
47%
49%
107% 109%
77%
78%
Central Maine Power—
100
100
98% 101
106% 108%
Cent Pr A Lt 7% prel.. 100
Consol Elec A Gas 36 prel.*
110% 113
7%
9%
104% 100
36
7%
preferred
preferred...
68%
64%
11%
20 %
W
106
*
preferred
$0 cum preferred
23
108
*
Continental Gas A Elec—
100
91%
94
Derby Gas A El 37 prel..*
65%
67
30
38%
7%
preferred
Federal Water Serv Corp—
*
preferred...*
Lt 37 pref..*
36 cum preferred
36.50 cum
Florida Pr A
7% cum preferred... 100
N Y Water Serv 0% pl.100
114 % 116%
19%
21%
Northeastern El Wat A El
54 preferred..
(Del) 7%
...»
56
58%
83
.
85%
0%
7%
100
100
Okla G A E 7% prel—100
Pacific Pr A Lt 7% pi.. 100
Panhandle Eastern Pipe
115
80%
83
*
33
35%
preferred
105% 107%
preferred
112
Penna Edison 55 pre!
67%
22%
22%
Pub Serv Co
23
25
64%
Indlanap Pow A Lt com.. *
Interstate Natural Gas...*
1
3.06
3.33
New
♦Continental Shares pi 100
Corporate Trust Shares. .1
Jer Cent P A L
7% pi.. 100
Kansas Pow A Lt 4%
% 100
Kings Co Ltg 7% prel-100
31
33
104% 107%
101% 102%
83
85%
Long Island Lighting—
7%
preferred.
o1
114%
117%
63%
66%
110% 112%
19%
21
Accumulative series... 1
Series A A mod
1
1
34
36%
32
*
preferred
57 prior Hen prel
*
Queens Borough G A E—
0% preferred
.100
2
Republic Natural Gas
77%
91%
94%
26%
♦8% preferred..
100
100
Sierra Paclfio Pow com
*
4.8% preferred
100
Southern Nat Gas com.7 %
5% conv partlc prel..50
Mississippi Power 30 pref.*
37 preferred
*
32
33
S'western G A E 5% pl.100
Texas Pow A Lt 7% pl.100
80%
83
United
90%
93%
Mississippi P A L 30 pref.*
Missouri Kan Pipe Line..6
81%
3%
84
52.75 prel
*
53 prel
*
Utah Pow A Lt 57 prel...*
4%
Monongahela West Penn
Pub Serv
7% prel
15
16
Mountain States Power
*
6% preferred
28%
29%
17%
44%
47%
2.40
♦7% preferred
100
Cumulative Trust Shares. *
115
Deposited Bank Shs ser A 1
Deposited Insur Shs A
1
m -
+
mm~
4.20
4%
5%
101% 103%
20%
21%
Pub
99% 102
10%
17%
106
108
107% 109%
UtHltles Corp
16.27
1.27
7.48
8.10
4.74
5.14
7.91
8.56
Electrical equipmentInsurance stock....
6.62
7.17
8.87
9.59
Machinery
7.07
7.66
suppUes
5.70
Metals
-
-
1
3.15
D
2.50
5.05
6.24
2.32
2.52
Railroad equipment
4.84
5.25
5.61
No Amer Bond Trust ctfs.
45%
1.90
Series 1955
5.70
6.18
5.75
4
No Amer Tr Shares 1953.*
:m
6.65
Chemical
Steel
:
Diversified Trustee Shares
1
1
'immrnrn
'
mmmm
2.41
1
6.09
''
2.46
Series 1956..
1.98
25c
1.00
1.10
Eaton A Howard Manage¬
ment Fund series A-l__
16.18
17.38
Plymouth Fund lnc
Series 1958
.32
.37
9.95
10.64
Putnam (Geo) Fund
12.12
12.96
Equit Inv Corp (Mass).-5
23.22
24.97
Quarterly lnc Shares.. 10c
5.95
6.75
Equity Corp 33 conv pre! 1
Fidelity Fund Ino
*
18%
19%
101%
16.65
5.48
6.08
5% deb series A
Representative Tr Shs.. 10
RepubUc Invest Fund
98%
15.47
First Mutual Trust Fund..
Bank stock series..-10c
2.09
2.32
Scudder, Stevens and
Insurance stk series. 10c
2.84
3.15
Series
F
10c
8.64
9.14
2.89
3.25
Fiscal Fund Ino—
10
8.24
Foundation Trust Shs A.l
3.50
4.00
14.32
15.57
Fundament'l Tr Shares A 2
4.24
4.99
_•
3.87
General Capital Corp
*
General Investors Trust. 1
24.93
26.85
4.39
4.68
3.72
4.06
7.14
7.77
Building shares
Chemical shares
4.70
5.12
5.92
6.44
Electrical Equipment
Food shares
7.62
8.29
3.69
4.03
2.41
2.64
Merchandise
4.64
Clark Fund lnc
76.96
78.52
Selected Amer Shares..2%
Selected Income Shares.. 1
7.43
8.10
Sovereign
5.36
5.93
13.41
14.23
Investors... 10c
Spencer Trask Fund
*
3.67
4.78
4.29
5.00
Group Securities—
Agricultural shares
Automobile
Standard
Utilities Inc. 50c
.27
.33
♦State St Invest Corp
*
Super Corp of Amer AA—1
57%
60%
2.18
Trustee Stand Invest Shs—
shares
25%
27%
26%
67%
28%
Mining shares
4.59
4.99
70%
Petroleum
3.47
3.79
3.13
3.42
4.56
4.46
♦Series
C
♦Series
D
1
2.11
1
...
2.06
Trustee Stand OH Shs—
♦Series
A
1
4.63
♦Series
B
1
4.18
Trusteed Amer Bank Shs—
Class B
25c
.47
.52
Trusteed Industry Shs 25c
.69
.77
4.97
4.86
shares
shares
Washington Ry A Ltg Co—
Participating units.....
20%
21%
RR Equipment shares..
Steel shares
West Penn Power com...*
25%
26
Tobacco shares
West Texas Utll 50 pre!..*
4.59
10.16
Oils
Investing shares.......
20%
6.13
9.40
Bank stock
29%
111
2.55
5.55
10.92
4.24
Building
mm
27%
15.05
1.15
5.16
Automobile
Railroad
Delaware Fund
1.01
10.13
Agriculture
mmmm
♦Crum A Forster Insurance
♦Common B shares... 10
1
N Y Stocks Ino—
mrnmrn
28%
Aviation shares
18%
Rochester Gas A Eleo—
24%
23%
Mass Utilities Associates—
mmmm
Fundamental Invest Inc.2
75%
Southern Indiana G A E—
Mass Pow A Lt Associates
■
2.40
♦Crum A Forster com..10
England Fund
3.21
Aviation
2.04
Fixed Trust Shares A
Indiana—
0% preferred D
..—100
9%
mm mm
2.04
B
Jamaica Water Supply...*
8%
2.07
1
Series AA
Dividend Shares
Ohio Public Service—
*
Penn Pow A Lt 57 prel...*
Peoples Lt A Pr 53 prel.25
Philadelphia Co—
55 cum preferred
*
Hartford Electric Light.25
National Investors Corp.l
C
100
pre!
Line Co
37
39%
106% 109
9.93
104% 106%
Northern States Power—
Consumers Power 35 prel.*
9.18
Series ACC mod
New Orleans Pub Service.*
$7
*
Cent Indian Pow 7% pi 100
preferred
67
New York Power A Light—
Carolina Power A Light—
37
34
64
02%
50 cum preferred
Birmingham Gas—
33
♦
*
*
$0 prior lien pre!.
5
61%
6%% Pf-*
New Eng Pr Assn 6% pi 100
New Eng Pub Serv Co—
17 prior Hen pre!
85%
52%
29%
1
Commonwealth Invest
51 %
Chemical Fund
100% 102%
♦Huron Holding Corp
1
.10
.30
Incorporated Investors..5
Independence Trust Shs.*
12.94
13.91
1.93
2.16
U S El Lt A Pr Shares A...
B
15%
2.00
Wellington
1
Fund
12.72
13*78
Investment Banking
Corporations
Public
Bid
Utility Bonds
Institutional Securities Ltd
Ask
Bid
Amer Gas A Pow 3-5s. 1953
64%
56%
Kansas Power Co 4s.. 1904
Amer
88%
90%
Kan Pow A Lt 3%S
55
56
Kentucky UtU 4s
Utility Serv 6s__1964
Associated Electric 58.1961
Assoc Gas A Eleo Corp—
Income deb 3%s
1969
1970
1955
15
1973
1973
/26
Lehigh VaUey Tran 5s 1960
Lexington Water Pow 5s'68
Marlon Res Pow 3 %s. 1960
Conv deb 5%s
1973
8s without warrants 1940
/26
28
Income deb 4s
1978
Income deb 4%s
Conv deb 4s
1978
Conv deb 4%s
Conv deb 5s
1973
15%
15%
•
26%
Montana-Dakota
1.01
♦First Boston Corp
1.14
1.26
Investm't Co ol Amer.. 10
15.36
16.61
♦Schoellkopf Hutton A
Pomeroy lnc com... 10c
Eng G A E Assn 5s '62
61%
NY PA NJ Utilities 5s 1956
/H
%o
12%
N Y State Elec A Gas Corp
4s.
1905
13
Northern
Sink fund lnc 5s
1983
Sflnc4%a-5%s
1986
no
no
no
13
Public Service 3%s.l909
3%s
1964
Old Dominion Pow 58.1951
100
101%
Central Illinois Pub Serv—
1st mtge 3%s
1968
Central Pow A Lt 3%s 1969
Central Public Utility—
Income 5%s with stk '52
Cities Service deb 5s. .1963
Cleve Elec Ilium 3s
84%
1970
Consol E A G 0s A
6s series B
1962
86
3%s 1964
1970
1st Hen 3-6s
105% 106
103% 104%
2%
77%
78%
105
105%
1962
55
56
1962
54
56
61
"76%
78%
104
106
106
108%
110
73%
75%
Federated Utll 5%s...l957
87
89
105% 105%
Inland Gas Corp—
1st A rel 5s
1950
101%
1st consol 4s
1948
101
1948
Prior lien 5s
1948
106
100
100%
1957
105%
mmm
—
-
CoUateral 5s
1951
/17%
19%
104% 105
1958
Plalnfleld Union Wat 5s '01
Richmond W W Co 5s 1957
Community Water Service
Rochester A Lake
1940
82
87
0s series A
1940
85
90%
/57
105% 107%
4%s
1958
...
101
106
104
105%
Scranton-Spring Brook
105
Kankakee Water 4%s.l939
Kokomo W W Co 5s.. 1958
102
105
ShenangO Val 4s ser B_ 1961
South Bay Cons Water—
101
Springfield City Water—
Water Service 5s. 1961
1st A rel 5s A
-
--
Morgantown Water 5s 1905
105
S'western Gas A El 3%s '70
78%
83
104% 104%
106% 107%
1950
100
97% 101
102%
105
Muncle Water Works 5s '65
1967
97
101
104% 105%
Ry Lt Ht A Pow
1947
4s A
102%
49%
100%
107%
104%
100%
f
debs 3%s
i960
United Pub UtU 0s A. 1960
Utica Gas A Electric Co—
...1957
101
1951
108
New York Wat Serv 5s *51
98% 101%
100
103
101%
102%
129
105
102% 104
105% 107%
Western N Y Water Co—
5s series B
97% 101%
105%
1950
101
1st mtge 5s.
1st mtge 6%s
1951
1950
100
Ohio Cities Water 5%s *53
Ohio VaUey Water 5s. 1954
Ore-Wash Wat Serv 5s 1957
99%
108
■—
—
mm
—
~
104% 105%
97% 101
5s
1952
102%
1956
101
Wichita Water—
5s series B
100% 1100%
101
Western PubUc Service—
5%s
i960
105% 106%
106% 107%
102
1960
1949
W'msport Water 5s... 1952
For footnotes see page 1126.
101
5-< series C
6s series A
Gen Mtge 4%s
1950
Jersey Cent P A L 3 %s '65
103%
Westmoreland Water—
Ohio Water Service 4s. 1964
126
106
W Va Water Serv 4s.. 1961
1951
5%s
102%
s
104
Union Water Serv 5%s '51
New Rochelle Wa'er—
58 series B
75%
Toledo Edison 1st 3%sl968
1st mtge 3%s
1970
1956
Texarkana Wat 1st 5s. 1958
51%
73%
West Penn Power 3s._ 1970
West Texas UtU 3%s.l969
103%'103%
1938
St Joseph Wat 4s ser A1900
Scranton Gas A Water Co
.1966
Sioux City G A E 4s.. 1966
Sou Cities UtU 5s A
1958
Iowa Southern UtU 4s. 1970
1102
105
90
Monongahela Valley Water
5%S
1950
60
104% .105%
102%
107
Ontario
Water 5s
Indianapolis Water—
67%
St Joseph
65%
108
-
JopUn W W Co 5S....1957
88
:
-mmm
104
Monmouth Consol W 5s *50
1950
Ask
101
6s
1954
1st 5b series C
102%
RepubUc Service—
5s
City Water (Chattanooga)
1st mtge 3%s
Tel Bond A Share 5s..1958
Dallas Pow A Lt 3%s_1967
Dallas Ry A Term 6s. 1951
1952
Bid
Peoria Water Works Co—
Pinellas Water Co 5%s.'59
mmm
106%
105% 105%
Texas PubUc Serv 5s..1961
6%s stamped
105
100% 108
102%
63%
Crescent PubUc Service—
Iowa Pub Serv 3%s..l969
Butler Water Co 5s... 1957
5s series B__
109% 110%
1961
Pub UtU Cons 5%s...l948
4%s
89%
ndlanapolls P A L 3%s '70
"■mmm
Call! Water Service 4s 1961
S'western Lt A Pow 3%s'69
105% 105%
88%
CoU lnc 6s (w-s)
1954
Cumberl'd Co PAL 3%s'66
102
mmm
5s
/1%
1
Pittsburgh Sub Water—
Portland Electric Power—
Pub Serv ol Indiana 4a 1969
%
Phlla Suburb Wat 4s.. 1965
106% 106%
Peoples Light A Power—
6s
Cons Cities Lt Pow A Trac
5s
Penn Wat A Pow
3%s
Cent HI El A Gas 3%s.l964
105
5%s series B._
92%
94%
95%
97%
102
102%
V,:
1st consol 5s
108%
Central Gas A Eleo—
1st Hen coll tr 5%s..l946
1st Hen collt rust 6s. 1940
Ask
102% 103%
Ashtabula Wat Wks 5s *58
62
Nor States Power (Wise)—
Parr Shoals Power 53.1952
Cent Ark Pub Serv 5s. 1948
Bid
Alabama Wat Serv 5s. 1957
105% 106%
Northwest Pub Serv 4s '70
Biackstone Valley Gas
A Electric 3%s
1968
2
16%
82
Indiana—
13
13
10
1%
23
1
Water Bonds
58%
Atlantic County Wat 5s '58
New
1954
/60
Sink fund lnc 5-0S..1986
56%
79%
Utll—
4%s
Cons ref deb 4%s_._1958
Sink fund lnc 4%s..l983
Assoc Gas A Elec Co—
14%
.92
104% 105%
27%
1978
1978
20
Bank Group shares
Insurance Group shares.
14%
/14%
/14%
/14%
/23
/25
Income deb 3%s
%
♦Central Nat Corp cl A..*
♦Class B
*
101% 102%
101% 102%
4%s
/14
Ask
101% 102%
110% 111%
♦Blair A Co
105
103
102%
■■
-
—
Volume
1129
Commercial & Financial Chronicle
The
151
Aug. 23—Concluded
Quotations on Over-the-counter Securities—Friday
Certificates
Real Estate Bonds and Title Co. Mortgage
f You Don t Find the Securities
Quoted Here
Interest, you will probably
In which you have
Beacon Hotel lnc 4s__1958
B'way Barclay lnc 2a.. 1956
fiDd them in
/19
Record. In this publi¬
quotations are carried for all active over-the-counter
and bonds.
The classes of securities covered are:
monthly Bank and Quotation
our
cation
stocks
Banks and Trust
Domestic (New
Public
/H
52
18
35
52 m
54 m
42 m
44 h
1950
23
26
Dorset 1st A fixed 2s..1957
22
1948
lst3Ms..-
3
35
34m
36
Sec s f ctfs 4M 6 (w-
t)'58
17
15
1946
1st income 3s
Realty Assoc Sec Corp—
600 Fifth Avenue—
published monthly and
per year.
Your subscription should be sent to
B. Dana Co., 25 Spruce St., New York City.
5s
33
34
'49
40 Wall St Corp 6s... 1958
55
57 m
1957
59
64
37
Savoy Plaza Corp—
3s with stock
...1956
14
/12m
f25
1939
1st mtge 4s
8m
7
Sherneth Corp—
1400 Broadway Bldg—
1948
1944
let 2M -4a (w-s)
1949
Graybar Bldg 1st lshld 5a '46
14
Fuller Bldg debt 6s
18"
n
9
1947
28
31
1950
23
26
1957
1st 5Mb(w-s)
32
1st 4a stamped
1943
Income
Roxy Theatre—
31
Film Center Bldg 1st 4a
42 Bway 1st 6s
7X
/—
6M8 (stamped 48).. 1949
62d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Quotation Record is
56 m
1961
6Ms stamped
50 Broadway Bldg—
Securities
S. Territorial Bonds
U.
32
Prudence Seour Co—
U. S. Government
Mining Stocks
19
165 Broadway Building—
37 m
33
Deb 5b 1962 legended..
Stocks
Mill Stocks
53
1951
103 E 67th St 1st 0s...1941
5s 1952
Equit Off Bldg deb
Park Avenue—
2d mtge 6s
2
Hotel units
and Safe Deposit
a
Ollcrom Corp v to
Eastern Ambassador
and Land
Stocks
Title Guarantee
m
22
1st 4a (w-e)
Court A Remaen St Off Bid
Real Estate Trust
ties
47
33
6Ms series C-2
Colonade Construction—
Bonds
Insurance Stocks
Investing Company Securities
45m
5Ms series F-l
34
49
Railroad Stocks
Dept. B, Wm.
N Y Title A Mtge Co—
5Ms series Q
31m
Railroad Bonds
Industrial
$12.50
13
Cheseborough Bldg let 6a *48
Utility Bonds
Foreign Government Bonds
sells for
1957
5m
4
4s with stock stmp_.1956
59
5Mb series BK
Industrial Stocks
19
N Y Majestic Corp—
1948
3s
Public Utility Stocks
Joint Stock Land Bank Securi¬
16m
1955
2a
28
Chanln Bldg 1st mtge 4a '45
Real Estate
65k
Brooklyn Fox Corp—
Federal Land Bank Bonds
Boi^ds
Ask
N Y Athletic Club—
lBt leasehold 3M-5s 1944
Canadian
Canadian
63m
21
Broadway Motors Bldg—
4-6a
Metropol Playhouses Ino—
S f deb 5s...
1945
Domestic
York and
Out-of-Town)
The Bank and
5h
B'way A 41at Street—
Municipal Bonds-
Companies—
Bid
As*
Bid
f28
/4
Alden Apt 1st mtge 3s. 1957
20 m
1956
00 Park Place (Newark)—
1st 3Ms
30 m
76"
74
01 Broadway Bldg—
a4
Hotel St George 4s.
__
16
3Ms with stock
35
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 0a' 42
and Coupons
Foreign Stocks* Bonds
40
010 Madison Ave—
25m
1960
3s with stock
27
Syracuse Hote ) (Syracuse)
Inactive Exchanges
Textile Bldg—
Lefcourt State Bldg—
52 William
40
Lexington Hotel units
36
38
2 Park Ave Bldg IJ ;
61
63
Walbrldge Bldg (li iffalo)—
3s
...1950
30m
33
Wall A Beaver St
Lincoln
... _
Trinity Bldgs CcfJ
Due to the European
situation some of the quotations
1963
Bid
1946
Antloquia 8s
1946
:
mm m
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
'32
Hungarian Discount A Ex¬
change Bank 7s
1930
Hungarian Ital Bk 7Mb
7a
1947
/20
1948
Bank of Colombia 7%.
/20
Barranqullla 8a'35-40-46-48
1946
Bavaria 6Ms to
mm:
mm~
/24 M
/15
Bavarian Palatinate Cone
1945
Cltlea 7a to
Bogota (Colombia) 0 Mb
*47
1945
8a
(Republic)
7b
7s
8a. 1947
1958
1969
/14
/155*
/14 m
/3
Brandenburg
16
a3
'40
Leipzig Trade Fair 78.1953
/14
—
/12
...
3 M
4m
Leipzig O'land Pr 0Ms
Luneberg Power Light
Water 7s
Meridlonale Elec
Montevideo
78.1941
7s-.1957
-mm
Munich
Munlc Bk Hessen 7s to
1945
'45
/14
/14
Municipal Gas A Elec Corp
Recklinghausen 7s_.1947
/12
6 Ms '38
/25
...
B) 4s... 1940 1947
(C A D) 4s... 1948-1949
Nat Central Savings Bk of
/0 5
/60
...
1962
/4
/40
/9M
/4
/9M
/I
194<
194;
(Brazil) 8a
Central Agrlc Bank—
aee German Central Bk
...
...
...
Nat Bank Panama—
(A A
15
10 M
Hungary 7Mb
23
5M
10 m
...
1948
Mtge 7s
/4
1945
1940
/15
Panama
City Savings Bank
/4
...
70
5a
0Mb..
.11
/14
6Ms
/50
...
f7
9H
1946
6s *33
1930.
1941
6s
fl2
A9
a9
a5
22
and selling price.
CURRENT
6s.'47
a1
European
7s ctfs of
Mortgage & In-
deposit..1957
m — —
Stock Exchange, an
six years manager of their
Paris affiliate office Lcs
Correspondants de Fahnestock & Co., is now
associated with them in their Radio City office.
Mr. de Braux has just
returned to the United States by clipper from Lisbon after^ being de¬
mobilized from the French army, in which he served as liaison officer
with the Third British Division in Flanders and the Famous 51st Highland
Division in the Saar and on the Somme front.
Before leaving France Mr.
de Braux spent two weeks in Paris during the German occupation.
—Fahnestock
/18
/2m
/7m
f&X
Santa
8%
/14
35
1947
n
stamped 1942
Santander (Colom) 7s 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s.. 1945
760
Santa Fe 4s
/4
Natl Mtgc 7a.
/8
/8
8s ctfs of deposit
/3m
Farmers
50~~
0Mb
/25
1951
6S..1947
Slem A Halske deb 68.2930
State Mtge Bk Jugoslavia
6s
1956
2d series 5s
1956
8tettln Pub Utll 78—1946
Saxon State Mtge
/13
German
Central Bank
Agricultural 6s
/24
1
/41
/2
i
42
/15
fs
...
mmm
mmm
/13
a3
200
Tollma 7s
1955
1947
...
at
mmm
a5
20
20
/14M
6s.
7
fl2
60
i
/25
70"~
Vesten Elec Ry 7s
Wurtemberg 7s to
1947
1945
/35
a3
a2
/14
members
will
...
the
New York
of Lamborn, Hutchings & Co.
of the company's current part¬
Stock Exchange firm of Lamborn, Troup & Co.,
the coming dissolution
Aug. 31, 1940, five
the new
form
of
Braux, for the past
de
the close of business
ners
rnm»
a5
76
Co.,
with
—Coincident
....
231 South
will become
security and com¬
modity brokerage business, will be Arthur H. Lamborn, member of' New
York Stock
Exchange: Clarence G. Troup, Joseph A. Hofmann, Harry
retaining
the
same
offices at 39 Broadway, New York, and
The partners of the new firm, which
LaSalle Street, Chicago.
effective
/13
&
Georges
...
Sept.
1,
1940, and which
will conduct both a
Gordon Troup.
79
—Robert
—
ment
Uruguay conversion scrip..
Unterelbe Electric 6s..195.'
9
that
Troup, A.
Toho Electric 7s
35
mmm
a5
3M
/10
i
...
7
■
1948
1948
Catharlna (Brazil)—
8s
/18
7b.
mmm
fX
4s scrip
NOTICES
...
Salvador
7s 1957
Murphy that the stock was
dealer, and agreed to act as Mr
Murphy's agent arid for a commission of four cents a share.
Judge Hugh D. McLellan, dissenting from the majority opinion of
Judges Calvert Magruder and John C. Mahoney, said that "one who acts
solely as agent for the purchaser cannot be regarded as a seller."
Smith & Co., a New York
—
fl2
a2
8aarbruecken M Bk
/14
/14
/14
testified that he explained to Mr.
held by E. S.
nounce
6MB
of
contended that representations
22
/6m
1933
Rom Cath Church 6Ms '46
R C Church Welfare 7s *46
Rio de Janeiro 6%
—
...
(Ger¬
many) 7s_
Prov Bk Westphalia
6s
...
73
1968
& Co., Portland, Me., stock¬
stock purchased from an agent
New York brokers.
made by the agent, Frank
Lynch, led him to purchase 1,700 shares of South American Utilities Corp
stock at $4.50 a share, only to discover later than it was "without sub¬
stantial value." Mr. Murphy asked the difference between the purchasing
Mr. Lynch
—1950
Porto Alegre 7s
Clifford J. Murphy
upheld
suit to recover losses on
...
21
5% scrip
Poland 3s
Protestant Church
III
/14
/14
Duesseldorf 7a to
a
...
Panama City
/37
/14
/15m
/14
fSH
a4
/13
1952
7s to
Oberpfals Elec 7s
Central German Power
Court
brokers, in
Mr. Murphy
3
word "dealer" under the 1933
liable under the Act."
The
Oldenburg-Free State—
Cordoba 7a stamped-.
Securities Ex¬
change Act, the United States Circuit Court of Appeals ruled today that
"whether the seller of securities, being a broker himself, owns the securities
or whether he acts as ^igent for the owner or the purchaser is immaterial
if he attempts to dispose of the securities by making false statements, he is
decision defining the
a
Rhoades & Co., Boston and
,
Hungarian A Ind
National
securities who
the securities is
liable under the Securities Exchange Act of 1933, according
to a decision handed down Aug. 16 by the United States
Circuit Court of Appeals in Boston.
Associated Press,
Boston advices of Aug. 16 described the case as follows:
...
—
Nassau Land bank
/19
1126.
An agent for the owner or purchaser of
makes false statements in an attempt to sell
In
...
7s to
19
48
_
40
36
/35
/14
Buenos Aires scrip
Cundlnamarca
■
___
/4
19
Ceara
w
/18
19
Cauca Valley 7ms
—
/h,
scrip
Brown Coal Ind Corp—
6Ma
A
1948
—
/2 3
(Germany) 7a. 19
19
Hungarian Bank
7Ms
/3
Mannheim A Palat
32m
/45
6a
65
Agent of Owner of Securities Is Held Liable If He Seeks
to'
Sell
Them
Through False Representations,
Federal Circuit Court of Appeals Rules
Koholyt 6Ms
1943
Land M Bk Warsaw 8s *41
/13
British
n
20
3 X
/32
42
1951
For footnotes see page
20
15m
13
16m
...
15
3 h
5s__1931-51
funding acrlp
Bremen
1947
-
-
/3m
Elec 6a. 1953
Brazil funding
Brazil
m
11
Corp—
1951
Weetlnghouse Bldg—
1st mtge 4s
1948
...
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
16m
/3m
/3m
6a
r 12
/6
/4
m mm
mm-
43l~
Ask
Bid
Ask
a5
/50
39
1st 4Mb w-e
Ludwlg Baumann—
1st 5a (Bklyn)
1st 5b (L I)
Anhalt 7a to
Bollva
1952
1st A gen 3-4s
shown below are
/22
1939
4-6s'46
Building—
Income 5Mb w-s
uominal.
r
—
1st 6Mb
London Terrace Apts—
Bonds
Foreign Unlisted Dollar
24
21
.11)58
36
1st lease 4-6 Mb.
2-5422
Tel. HAnover
St., N. Y.
1st 3-6s
1948
Lewis Morris Apt Bldg—
1st 4a
1951
& CO., INC.
BRAUNL
72
46
1948
1st 4-5a
1955
1st 3s
Lefcourt Manhattan Bldg
mmm
R.
K.
B.
of Perrin,
Harkness, formerly manager
mmm
mmm
office
at
10 Post Office
Square.
bond depart
associated with
of the municipal
Inc., Boston, has become
and will make his headquarters
West & Winslow,
Webster & Co., Inc.,
in their Boston
The Commercial & Financial Chronicle
1130
General Corporation
Aug.
1940
24,
and Investment News
RAILROAD—PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical reasons
However, they
REGISTRATION STATEMENTS
SECURITIES ACT
OF
FILING
not always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
It is
are
The following
additional registration statements (Nos. 4477
to 4483, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The
involved is approximately
amount
Columbus
Electric
Ohio
Southern
&
Co.
(2-4478,
Forrn
A-2)
of
Columbus, Ohio, has filed a registration statement covering $29,000,000
1st mortgage bonds, due 1970.
Filed Aug. 15, 1940.
(See subse¬
quent page for further details).
$423,500 of principal amount of 6% 1st mortgage sinking fund gold
bonds, due 1940; $423,500 of 6% 1st mortgage and refunding income
sinking fund bonds, due 1955; 1,694 warrants for common stock, no par;
and 1,694 shares of common stock, no par, which are to be donated by
bonds may be sold.
Proceeds of the issue
Leslie L. LeVeque is President of the company.
will be used to refund debt.
Bitting, Jones & Co., et al,
Filed Aug. 16, 1910.
new
become underwriters.
may
Natural
Resources
Corp. (2-4480, Form 8-10) of Dallas, Texas, has
registration statement covering lease assignments conveying full
Vi oil and gas rights for five years on the five-acre minimum lots of the
filed
a
Eden
area
Texas.
1,000 at
of the Natural Resources Corp. tract,
located in Concho County,
500 assignments will be offered at a maximum of $50 per acre,
a maximum of $35, 1,000 at a maximum of $25, and 1,000 at a
maximum
of
per acre.
Proceeds of the issue will not lie used for
Paul H. Gunther is President of the company.
No under¬
$15
development.
writer named.
Filed
Aug. 16, 1940.
Co. (2-4481, Form A-2) of Cincinnati, Ohio,
registration statement covering 35,000 shares of $1 par common
stock.
25,000 shares will be offered by the issuer through the under¬
writer, and 10,000 shares will be offered for the account of A. B. Davis,
who
is
used
a
President
for
of the company.
buildings, machiery,
Issuer's part of the proceeds will be
warehouse facilities, and working capital.
Filed Aug. 21, 1940.
Distributors Group, Inc., will be the underwriter.
San Antonio Public Service Co.
Texas,
1st
for
has filed
mtge.
a
(2-4482, Form A-2) of San Antonio
$16,500,000 of 3Yi%
(See subsequent page
registration statement covering
Filed Aug. 21, 1940.
bonds, due 1970.
further details.)
Supply Co. (2-4483, Form A-2) of Kansas City, Mo.,
registration statement covering $6,000,000 of 15-year sinking
fund debentures, due Sept. 1, 1955.
Filed Aug. 21, 1940.
(See subse¬
quent page for further details.)
a
The last
in
our
6
Klos.
previous list of registration statements
Aug. 17, page 978.
♦
%
was
orders rose to $700,000.
End. June 30—
Abitibi
With
1940
1939
1938
$1,012,007
y$841,485
$865,335
755,196
$1.46
672,095
640,000
$1.24
640,000
$1.35
share.
Power
$1.43
1937
&
Paper Co.,
Ltd.— Sept.
14 Fixed
as
Receiving Deposits —
Air-Way Electric Appliance Corp. (& Subs.)—Earnings
24
with the plan of procedure promulgated by
ASwi^e af®en^only
to declare the plan
the com-
50% of the outstanding Abitibi
bonds was required
operative, the committee already has more than enough
bonds on deposit to
carry out its proposals.
Bondholders who have not
yet deposited their bonds are given the
opportunity of participating in the
plan by depositing their bonds on or prior to Sept. 14.
Under the conditions
of sale
recently outlined pursuant to an order of
the Supreme Gourt of
Ontario, the bondholders' protective committee may
use the deposited bonds and
matured cqiupons in lieu of cash in
part payment
^ Pf0iKer.-les" share
,Non-d?Positing bondholders would
distributive
of
Oimad?an fundsPenSeS a
the
purchase
price after
Pnor charges.
be entitled only to
allowance
...
___
The purchase price will be in
S pjan
mon
„
x
x
stock at the rate of 40 shares for each
$1,000 deposited bond.
H^ih.after expenses
°1~
Profit
July, 1940
June, 1940
y$941,390
$885,862
July, 1939
$191,633
Before depreciation and bond interest,
y Includes $136 73^ received
on United States exchange.—V. 151
,
p 834.
as
received as
premium
x
After taxes and charges,
income taxes are at the
$4Q7
918
$0.66
8/19Q
AOfl
$0.57
new rate established by the Revenue
of 1940 does not include the net
European subsidiaries which (based on cabled
reports covering the six months of
months for Paris) amounted to
1940
for London
and
Berlin and four
$57,537 after allowing for
exchange varia¬
During the six months' period of 1939 the net
profit of the three
European subsidiaries, amounted to $73,541.
tions.
to
$0.47
Nil
Alleghany Corp. (& Sub.)—Earnings—
[rncl. wholly owned subsidiary, Terminal Shares, Inc.]
Period Ended June 30, 1940—
Income:
Divs.
pledged
6 Mos.
3 Mos.
coll. or otherwise held in
trust, rec. or rec. in cash, which have been or
may be impounded by trustees as received
$1,118,303
Interest accruals on securities pledged as collateral
which have
been or may be impounded by
on sees,
as
_
trustee
as
$2,236,607
received:
notes
and accounts owned
by Terminal
Shares, Inc. (not being received currently)—
On U. S. Government securities under purchase
money debt (assumed)
On
Total income
on
Interest
on
24,119
collateral trust bonds
purchase money debt (assumed)
2,160
4,401
$1,120,464
933,337
3,287
____________
$2,265,126
1,872,102
6,717
110
275
6,315
10,396
13,720
3,382
69,721
14,140
65,098
16,961
6,788
114,414
14,140
131,552
$11,353
47,967
$91,782
60,774
Other interest.
Registrar & transfer agent fees & expenses
Trustees', trustees* counsel and interest paying
agent fees and expenses
Taxes—franchise, social security, &c
General expense (Note 1)
Expense re Terminal Shares, Inc. litigation
Amortization of bond discount and expense
Net profit, excl. of $11,017,584 prov. for possible
on sale of sees, owned by Terminal Shares,
Inc., charged to earned surplus (deficit) acct.
12, 1940.
Expense applicable to years prior to 1940
at March
Net
profit to earned surplus (deficit) account,
excl. of $11,017,584 provisions for possible loss
on sale of securities owned by Terminal Shares,
Inc., charged to earned surplus (deficit) acct.
at March 12, 1940
loss$36,614
$6,489,777
an? Canadian
and
current
77?S?SrJune*3^1939*—V® 15?6p8°97123
Surplus
(Deficit)
$31,008
Recount
6 Mos.
% Mos.
$79,278,267 $79,321,770
Less, provision of reserves (created March 12,1940)
for possible loss on securities and accounts of
Terminal
effect
was
Shares, Inc., to which retroactive
given on the Dec. 31, 1939 financial
statements.
10,993,466
_
$79,278,267 $68,328,304
Prov. of res. (created March 12, 1940) for possible
loss on sees, owned by Terminal Shares, Inc.
under agreement dated March 12, 1940 to sell to
Trustee in Bankruptcy of Missouri Pacific RR.
Co.
10,937,932
Prov. of res. (created March 12, 1940) for possible
company only, as of June 30,
liabilities
were
loss
accrued interest receivable
due to Terminal Shares, Inc.
on
on
amounts
Net loss from income account..
Total
36,614
79,652
prof.31,008
$79,314,881 $79,314,881
$34,700 U. S. Treasury bonds
(on basis of principal amount as cost)
:_
1,735
1,735
.___
Profit from sale of
Balance (deficit) June 30,
Paid-in
1940.1
$79,313,146
Surplus Account—
Balance at beginning of period
$41,116,875
Add, part of consideration received from the issu¬
ance
of
$79,313,146
V
$41,104,635
prior preferred convertible stock (335
period April 1 to June 30, 1940; 695
period Jan. 1 to June 30, 1940) for
shares in
shares
in
*
interest coupons from bonds due 1950
Balance, paid-in surplus, June 30, 1940.
23,630
11,390
41,128,265
41,128,265
Total, earned and paid-in surplus (deficit) June
30, 1940
$38,184,881
$38,184,881
Note-—On the basis of stating listed securities owned at indicated market
quotations on June 29, 1940, the (earned surplus) deficit balance at June
30, 1940 would be $153,102,300 and the total (earned and paid-in surplus)
deficit would be $111,974,035 instead of
$79,313,145
respectively, shown above.—Y. 151, p. 834.
$1 212 044
as
CUrreDt liabilitie8 of $1,266,-
and
$38,184,881,
Laboratories, Inc.—Earnings—
Earnings per share.
r,JK*~7Net profiti sfoA8ix ™onths* Period
profit of company
three
1
1940, amounted
$2.30
Exclusive of British subsidiary.—V. 150,
6 Months Ended June 30—
Net profit after all charges and taxes.
&5?T but «***« E^pean subs,
Net profit after depreciation, interest and
Fed¬
eral taxes, &C_
Earns, per. sh. on 753,813 shs.
cap. stock (par $10)
Act of 1940
y
3650.
p.
Allied
Addressograph-Multigraph Corp.—Earnings—
6
..
Earn, per sh. on 7^% pref. stock
tneir
for
of procedure contemplates the purchase of all Abitibi assets on
behalf'of depositing bondholders
by a new company which would issue com¬
,
yJune 15, '40 June 17, '39 June 18, '38
$38,161
$7,760 loss$31,728
Weeks Ended—
Net profit
x
—....
60% of bonds of the company on deposit, the bondholders'
protective committee on Aug. 21 announced that it has fixed
Sept. 14 as
the final date for receiving deposits of bonds
under the plan to terminate
the company s
receivership through a judicial sale of its assets.
The sale
of the property and assets is scheduled to take
place in Toronto on Oct. 16,
over
mitteo111 accor
Division has approved the issuance Of 9,093
5% preferred stock to be exchanged for 6,496 shares of old
7% preferred plus accrued dividends of $57.75 a share.
It is understood
that 96% of the preferred shareholders have consented to exchange.—
V. 151, p. 538.
____
x After
interest, depreciation and Federal taxes,
y After reserve for
undistributed profit tax.
For the quarter ended June 30, 1940 net
profit was $384,628, equal to
49 cents a common share, compared with
$394,172, or 55 cents a share, in
corresponding quarter of 1939.—V. 151, p. 978.
Final Date for
loss$94,959
new
Period Ended June 30, 1940—
Deficit at beginning of period.
$1,130,119
Net profit
per
1939_
^
.
State Securities
The Ohio
shares of
given
Laboratories—Earnings—
Shs. cap. stk. outstand'g
Earnings
1940
$82,633
national defense orders totaling
$.5,000,000, secured in July.
Unfilled machinery orders, exclusive of Gov¬
ernment business, were $398,942 at the end of June.
During July unfilled
Earned
x
Co.—Earnings—
Note-—'The 1940 earnings do not reflect
issue of
Abbott
$0.12
loss
Western Auto
has filed
$0.09
Aetna-Standard Engineering
Interest
Hilton-Davis Chemical
has filed
$0.66
151, p. 234.
President and reserved for warrantsinat no additional expense. receipts on
The new
onds and warrants will be offered
exchange for depository
basis of four warrants and $1,000 principal amount of new bond for
each $1,000 principal amount of old bond, and
any remaining unexchanged
$59,162
6 Months Ended June 30—•
Net profit after charges and taxes
for
the
1938
$48,233
class B stock-
of 3 % %
Penn-York Properties, Inc. (2-4479, Form A-2), of Columbus, Ohio,
has filed a registration statement covering $423,500 of depository receipts
1939
$281,142
1940
.
—V.
Inc.—Earnings—
Supply Manufacturing Co.,
6 Months Ended June 30—
Net profit after deprec., Federal income taxes, &c
:
Earns, per share on 412,461 shares of
$53,426,194.
& Richardson Arms Co. (2-4477, Form A-l), of Wor¬
filed a registration statement covering 160,000 shares of
$1 par, 25 cents cumulative class A stock.
110,000 shares will be offered
through underwriter at $3 per share.
25,000 shares are optioned to Joseph
P. Carney and 25,000 shares are optioned to Barrett Hernck & Co., Inc.
The shares are optioned at $3 and $3.25 per share.
Proceeds of the issue
will be used to redeem preferred stock, for bank loans, machinery, equip¬
ment and working capital.
Josepn P. Carney is President of the company.
Barrett Herrick & Co., Inc. and Seybolt & Seybolt may be underwriters.
Filed Aug. 15, 1940.
Harrington
cester, Mass., has
*
Aero
UNDER
1940
$37,264
$0.15
1939
$266,932
$1.07
—V. 150, p. 2562.
Allied Products
Corp. (Mich.)—Earnings—
6 Months Ended June 30—
Net profit after depreciat'n, taxes, &c_
Earnings
a
per
share
on common.
i940
$218,748
$2.19
1939
$47,970
a$0.75
On class A stock.—V. 151,
p. 236.
Aluminum Co. of America—Common'Dividend—
Directors
have declared a dividend of $1 on company's common
stock,
payable Sept. 10 to holders of record Aug. 28.
Similar amount was paid on
June 11 and on April 15, last.
Cash dividend of $6 and a stock dividend of
one share of Niagara Hudson Power
Corp. common for each three shares of
Aluminum Co. common held, were paid on Dec. 27, 1939, these latter
being
the first dividends paid on the
common
shares since 1928.—V. 151, p. 978.
>
Volume
The Commercial & Financial Chronicle
151
Allied Mills, Inc. (&
Subs.)—Earnings'—
Consolidated. Income Account for Years Ended June
1940
Net sales
151, p. 237.
1937
$28,068,043 $26,011,902 $26,068,113
22,587,739
20,978,390
22,204,203
Cost of sales,
30
1938
1939
1131
paid on June 1, last; $4 paid on Dec. 20,1939; $1 on Sept. 30,1939; 50 cents
on Sept. 1, 1939; and $1 paid on Nov. 1, 1938, and on Dec. 23, 1937.—V.
(& Subs.)—Earns.
American Chain & Cable Co., Inc.
$35,923,170
30,101,267
6 Mos. End. June 30—
less discoxizxt/S
1937
1938
1939
1940
Gross s&lcs
Gross profit from oper.
Selling
$5,480,304
2,706,790
595,407
$5,033,512
2,467,474
547,928
$3,863,910
2,167,919
543,987
$5,821,903
2,114,751
621,714
"$2,178,107
$2J)18,110
25,474
$1,152,004
59,226
$3,085,437
176,866
$2,043,584
407,147
15,500
309,915
$1,211,230
402,624
15,480
al75,201
$3,262,304
377,231
20,046
a508,606
9,444
11,155
1,466
$1,301,578
$606,771
$2,354,955
expenses
Administrative expenses
Net profit from oper
Miscellaneous income._
Total
19,443
profit
$2,197,550
Depreciation
419,682
Interest and exchange..
40,636
Provision for taxes
337,617
Loss on b'ld'gs & mach'y
abandoned.
5,676
Net profit.
$1,393,939
b On average
Includes $34,538 in 1938 and
undistributed earnings.
1940
$
1,214;381
1,587,267
1,178,386
Accounts payable.
98,098
aAccts.¬esrec 1,449,752
Notes payable..
6,181,549
Reserves
429,566
241,744
205,073
Accrued liabilities.
215,783
200,281
18,347
28,661
for taxes...
415,421
376,519
equipm't 4,728,822
4,420,723
4,935,251
6,412,534
5,748,131
Prov.
c
d
Capital stock
Surplus
227,968
a After reserve for bad debts of $275,996 in 1940 and $242,409 in
1939.
b After reserve for depreciation of $3,260,705 in 1940 and $2,947,309 in
1939.
c Represented by 812,220 (946,000 in 1939) no par shares,
d Initial
surplus, $662,250 in 1940 and 1939; discount on stock purchased for trea¬
sury, $167,323 in 1939; earned surplus, $5,750,284 in 1940 and $5,827,167
in 1939.
e Includes $106,667 due currently.—V. 150, p. 3345.
Amalgamated Leather Cos., Inc. (& Subs.)—Earnings
6 Mos. End. June 30—
after
p.
Chemical
(&
Co.
Subs )
$3,344,428
$2,549,830
$2,927,619
—
$948,888
142,189
$730,014
99,681
x
Net profit
$1,415,836
180,240
$1,091,077
47,469
$829,694
$1,596,076
135,000
753,573
65,000
868,620
$155,035 def$103,926 def$179,295
$1.45
$i.22
$2.23
Consolidated Balance Sheet June 30 (Incl. Subsidiaries)
1939
1940
Assets
$3,985,841
Land, buildings, machinery, and equipment
Phosphate rock deposits
Property not required for operating purposes
1,519,274
1,080,747
x
* 315,807
obligations, &c
$3,915,219
1,543,960
1,129,213
381,92.5
3,866,419
3,955,472
6,980,208
1
Inventories
Brands, patents and goodwill
Unexpired insurance, taxes, «Scc
4,903,621
3,460,022
5,962,579
179,357
Cash.
Accounts and notes receivable
207,804
1
$8,373,133
10,086,607
983,641
1,687,826
9,931,601
822,824
698,227
53,746
Deferred credits
a
share of preferred and $7.37 per share
666,845
22,715
1,687,226
$21,883,126 $21,504,345
Represented by 627,981 shares in 1940
and 627,985 shares in 1939, after deducting six shares in 1940 and two
shares in 1939 held in treasury for retirement.—V. 150, p. 2562.
x
After deducting reserves,
American
1940
-
7,342,067
American Ice Co.
1938
$4,962,883
$6,399,020
5,241,415
$4,962,883
$1,999,261
$1,157,605
580,080
81,428
56,610
234,500
Interest—
Estimated Federal income tax.
81,900
(& Subs.)—Earnings—
1939
$155,586
1938
$236,399
depreciation, interest, &c., but before Federal and
—V. 150, p. 3651.
State taxes.
1940
$371,931
Period End. June 30—
x
Net loss
x
After
American Investment Co. of
Earnings per share on capital
For the quarter
stock—
$687,406
$2.48
x
$0.37
Nil
108,886
:
$78,685
1937
$422,059
$0.10
$1.52
of reserve for unrealized profit on sales subject to
interest, depreciation, Federal income taxes, &c., but
preferred dividends,
y On 260,935 shares common stock.
3192.
After adjustment
65,569
real estate disposed
American Encaustic
Net profit after all ch'g's
but before Fed. taxes.
—V.
150, p.
Tiling Co., Inc.—Earnings■—
1940—3 Mos.—1939
$22,347
$20,414
1940—6 Mos.—1939
$32,819
$24,283
American Enka Corp .—To
Pay $2 Dividend
—
dividend of $2 per share on the common stock,
17 to holders of record Aug.
14.
1,392
y68,060
45,983
1,884
1,332
—
141,686
239,491
for Federal excess
Prov.
5,336
profits tax
income
State
for
Prov.
1,190
See y
taxes
income
(before
of develop¬
Cash cumul. preferred..
dividends
33,625
87,560
91,692
441,214
$300,666
29,765
3,586
19,417
$330,876
$614,444
45,205
$847,051
costs)—
ment
Cash preferred dividends
Cash conv. pref. divs...
22",542
91,682
313,221
_______
225,330
xl53,031
Does not include common
x
1,953,226 a3,734,251
stock
This compares with $1
272,788
—
of
—
75,571
53,099
58,718
282,640
stock 3,043,600
1,300,000
4,000,000
|
accruals)
j
and reserves
7,462
scriptions rec—
272,788
448,519
stock taxes
tax
35.973
value
stock.__
General & capital f
Inc.
68,445
payable
of pref.
51,067
61,143
sub¬
$
6,422,500
Redemption
redemp
1939
8,317,500
payable
83,897
— .
& accruals
loansl6,029,278 11,851,246
life Insurance
Com.
Pref. divs.
Accounts
& accrd. cur¬
Cash surr. value
$
Liabilities—
Thrift accounts—
Instalment loans
for
I
Notes payable
banks
rec.
1940
$
and
Cash on hand
in
1939
$
Assets—
c
Cum. pref.
17,668
24,223
z
$2
y
Common stock..
10,549
Paid-in surplus
Furn. and fixtures.
9,677
152,405
130,323
Deferred charges..
133,834
88,067
18,357,231
16,169,976
Real estate
owned
and equities
Misc. notes, accts.,
Total
x
3345.
Directors have declared a
$390,545
34,093
of.
(net)
normal
Income charges
After reserves for losses
by 337,264
payable Aug.
$443,912
38,690
Prov. for Federal
securities, &c—
Periyd End. June 30—
$816,919
60,790
$1,153,443
borrowed money.
of pref. stock
before subsidiary
150, p.
$376,530
14,015
6,286
Total income & credits
Dep.
deferred delivery,
—V.
5,406
$709,314
751,662
Subs.)—
1938
$438,506
5,281
Stock registration & list¬
ing expenses.
Sundry—Mainly loss on
rent int. on
1940
1939
$147,244 loss$37,597
profit.
Earns, per share
Net
$811,638
stock dividend, 999,447 %A shares (25H shares
of treasury
stock), $49,711.
y Includes
State income taxes,
z Net
deficits of newly opened loan offices deferred.
Consolidated Balance Sheet June 30
ended June 30, 1940, net profit was $583,352 equal to
$1.33 a share in the June quarter
6 Mos. End. June 30—
x
60,418
Cash common
$1.63 a share comparing with $390,396 or
of 1939—V. 151, p. 403.
y
37,194
4,253.569
$414,197 loss$l51,234
$1.41
Nil
American Commercial Alcohol Corp. (&
174,369
before int., incometaxes,&c
$1,151,416
Other income & credits..
z2,027
Income
1940
Net profit.
111. (& Subs.)—Earnings—
I?33
1937
$1,030,789
$874,741
555,089
437,792
1939
$1,882,604
896,596
1940
earned.- $2,593,766
Oper. exps. (before int.)
1,161,567
Provision for losses
280,783
6 Mos. End. June 30—
Int. or aiscount
amort,
1939
$6,399,020
820,745
Balance
^
stk outst'g
cap.
x
-
$0.03
1939
1938
1®37
$2,158,109
$2,009,181
$1,355,097 $1,552,661
806,465
80-*,509
741,060
741,060
Earnings per share
$2.68
$2.49
$1.83
$2.09
x After all charges, incl. depreciation and Federal taxes.—V. 150, p. 3192.
1940
6 Mos. End. June 30—
Net earnings.
Cash cumul. conv. pref.
$9,341,328
584,950
Nil
Corp. (& Subs.)—Earnings—
American Home Products
x
Net
110,025
.
$1.02
on
stock
—V. 150, p. 3192.
Airlines, Inc. (& Subs.)—Earnings—
$9,231,303
1937
$322,620
584,950
586,700
$0.23
share
per
common
Company]
1939
1938
$603,604 loss$615,516
$395,224
584,950
($1 par)
Earnings
y
6 Months Ended June 30—
Operating revenues.
Profit on sale of flying equipment
share for the three months
160,054 shares of common
Co.—Earnings—
1940
Years End. June 30—
income tax
Total liabilities
of common
194Qy—6 Mos.—1939
y$139,074
$87,779
1940—3 Mos.—1939
y$81,121
$38,184
Net profit
No. shs. com. stock out.
Int. on
$8,373,080
payable and accrued liabilities
with $111.82
After all charges,
y Equal to 13 cents per
12 cents per share for the six months on
'•
Reserve for contingencies
Reserve for insurance
American
March 31, last, and with
[Including United States Subsidiary
*$21,883,126 $21,504,345
Total assets
Capital stock.
Capital and earned surplus
y
Corp.-—Asset Value—
195,000
Balance, surplus
Earnings per share..:
x
thereon.
stock.—V. 150, p. 3192.
1,580,370
Dividends..
on
Net income
Shs.
Prov. for foreign exchange fluctuation
Provision for Federal income taxes—
and interest
taxes
of corporation and its wholly-owned subsidiary,
1938
$19,030,642 $17,581,507 $18,440,476
Cost of sales.
14,230,176
13,003,193
13,075,301
Selling, general & admin, expenses..
3,094,698
3,119,583
3,207,902
Prov. for loss on doubtful receivables90,850
75,173
67,616
Depreciation and depletion
632,305
621,135
642,702
Addition to reserve for insurance
33,723
32,410
31,119
Net profit
excise
Federal
years'
American Hair & Felt Co.—Earnings-
Net sales
Miscellaneous income (net)
prior
2407.
American Hide & Leather
1939
1940
Accounts
90,265
710,938
Period End. June 30—
$154,726
'$23,506,219 $22,034,737 $23,158,278
4,475,577
4,453,229
4,717,802
(less returns)
Freight out, discount, &c
Li nhi fa 11 p S'"" •
296,221
$94.15 a share*of preferred and $5.11 per
1940.
Capital stock consists of 7,503 shares of $3 dividend series convertible
preferred; 21,501 shares of $2.50 dividend series convertible preferred;
145,254 shares of $2 dividend series convertible preferred, all of $1 par
value, and 1,461,014 shares (par $10 cents) of common.—V. 150, p. 3037.
Consolidated Income Account, Years Ended June 30
Sales
Purchase money
$3,728,822
143,134
394,959
share of common stock on June 30,
2562.
Agricultural
of
report
compares
stock
and
x
$3,087,922
143,170
American General
The
x
American
$3,783,819
141,414
791,599
pref.
Securities Corp. for the six months ended June 30, 1940, states that, on
June 30, last, net assets were equal to approximately $88.53 per share of
convertible preferred stock and $4.57 per share of common stock.
This
1937
1938
$160,16g
($14,362 in 1939) for depreciation.—V-
After deduction of $16,016
150,
1939
1940
y$35,963lossy$19,933
Refund
a
-V. 150, p.
int.,
deprec. & taxes
y
2,932,729
Balance, earned surp-
6,656,739
14,106,651 13,601,659
Total
13,601,659
14,106,651
income
3,110,160
a8,384
$4,194,055
392",021
Net
345,266
$1,920,247
1,414,629
393,946
Refund.
1,600,000
6,453,605
Total
41,862
$155,193
Common stk. dividends-
Inventories.
b Plant &
143,151
$665,274
$
Liabilities—
e
251,330
$2,276,893
11,379
351,810
cum.
conv.
stock dividends
$
Prepaid insur., &c.
Investments, &c__
$200,117
3,062
$1,169,112
3,957,955
5%
1939
$
Cash.
$808,425
137,926
Interest expense (net)
Prov. for Fed. & foreign
.
1939
1940
$2,025,563
$62,191
$14,878 in 1937 provision for surtax on
Consolidated Balance Sheet June 30
Assets—
2,009,567
$5,127,068
number of shares (886,888 shares) earnings per share was
$2.66.
a
492,141
30,641
1,710,742
$1,520,922
942,879
b$2.50
946,000
$0.64
946,000
$1.37
812,220
$1.71
share
per
334,663
27,141
$630,805
177,620
$1,338,985
(net)
income tax.
ing (no par)
10,670,975
6,782,895
181,937
Profit
Other income
Shs. cap. stock outstand¬
Earnings
$8,917,632 $15,228,887
allowances..$12,365,502 $10,605,808
Cost of sales (incl. ship¬
ping exp. & freight &
cartage outward)
8,775,366
7,858,980
Deprec. of plants, mach.
and equipment.
356,626
349,922
Amortization of patents.
21,493
25,100
Sell., admin. & gen. exps
1,873,032
1,741,002
returns &
no
*D3ir
a
cum.
pref. stk
629,804
880,224
Earned surplus
Total
of $796,764 ($506,544 in
(313,295 in 1939)
no par
shares,
z
3,519,397
1,300,000
2,562,812
637,706
534,014
18,357,231 16,169,976
1939). y Represented
Represented by 91,727
shares
Includes
capital stock,
$2,439,387 from sale of 5% cumulative
c
Par $50.—V. 151, p. 539.
convertible preferred
The Commercial & Financial
1132
American
Subs.)
Laundry Machinery Co. (&
1939
1940
1940
6 Mos: End. June 30—
Fed.
$152,806
$421,001
578,840
$0.26
$122,507
a$304,104
584.001
stk. outstand¬
com.
x
demand)
565,540
$0.22
549,208
$0.55
ing (par $20)
Earnings per share
Southw. Pow. A
8 ,765.665
*
Light Co. 6%
9,485,969
388,738
securities
43,360,500
series 42,358,000
Am. 6%
2,038,802
Other short-term
$0.72
5
214,579,677 214,579.677
value)
Gold deb. bonds
6,556,167
6 ,801,873
2 .268,994
—
TJ. 8. Govt. sees.
1939
$
Cap. stock (no
par
Cash in bank (on
Ac
Shs.
253,495,514
Investments ...252 ,433,016
1940
Liabilities—
$
$
Assets—
I
1939
1940
1937
taxes,
Aug. 24, 1940
Only)
Balance Sheet June 30 (Company
-Earnings
1938
Net profits after deprec.,
royalties,
Chronicle
Based
4,142,000
Machinery
Sheet
Foundry Co.—Balance
&
June 30—
2,013,839
2,202,366
Machinery with
y
226,759
244,228
lessees, at cost..
zl939
Common stock—
G'dwlll, pats., Ac.
1
1
208,688
393,893
employees
cos..
Invest, in and ad vs.
Ind.
to
245,103
194,613
244,788
206,902
Acer.interest
983,145
997,820
Oth.
(non-cur¬
in 1940
321,525
8,455,734
9,660,533
$100 a share); pari passu with $6 pref.; authorized, 2,200,000 shares;
outstanding, 978,444
shares.
Common, authorized, 4,000,000 shares;
issued, 3,013,812 27-50 shares (less 5,301 shares reacquired by company);
16,589
41,004
47,440
Accumulated Dividend—
Company declared dividends of
American Public Service Co. (&
2,380
pi
$2,653,740
1,784,258
$2,615,039
1,673,707
$456,501
27,218
$504,230
21,018
$869,482
55.239
$941,332
43,357
$483,718
310,146
$525,248
362,355
$924,722
621,790
$984,689
737,073
$173,573
$162,893
$302,932
$247,616
16,367,842 17,612,717
Total
16,367,842 17,612.717
$1,358,588
854,358
Represented by 1,000,000 shares, no par value,
y
And in inventory,
Net oper.
income
Other income (net).....
Consolidated.
Income statement
for
6
months
ended June 30 was published in
Gross income
Int. & other deductions.
$260,756
Net profit
Earnings per share
$208,436
$0.69
$0.87
$164,069 Ioss$229.383
$0.54
After interest, depreciation, Federal taxes, &c.
of common stock (no par).—V .151, p. 403.
y
Statement of Income of
1937
1938
1939
income
Net
Co.—Earnings—
1940
x
Nil
On 300,000 shares
American News
6 Mos. End. June 30—
Net
sales
1939
1938
1937
$30,467,019 $30,323,072 $28,866,020
\31,678,595 (20,682,277 20,779,1681 28,195,367
9,127,736/
\ 9,468,580
j
1940
$32,190,521
Operating expenses
$511,926
77,975
Operating profit.....
x
$380,794
60,000
$488,490
96,000
$750,941
180,000
$463,901
$320,794
$392,490
$570,941
421,436
421,456
421,436
$0.76
$0.93
$2.71
1940
3,465
367
813
736
1,004
9,045
5,079
$157,283
$80,665
$282,241
$159,885
Net income
r
On sale of bonds of subsidiary company.
Dividend—
1938
taxes
$921,174
$940,746
$1,338,667
shs. com. stk.
—V. 149, p.
$1.74
(no par)
3708.
(& Subs.)—Earnings—
1940—3 Mos.—1939
revenues
25,949,156
1940—12 Mos—1939
Operating
expenses
10,191,589
3,975,737
24,197,287 105,333.835
9,630,595
41,022,052
3,491,269
15,455,351
98,056,719
38,760,972
13,801,815
deple
on
n res. approps—
2,574,214
2,433,890
10,304,427
9,207,616
25,170
8,641,533
2,931
38,552.005
153,721
35,577,290
116,828
Corp.—
Aug. 22 declared a dividend of 15 cents per share on
on
the
stock, payable Sept. 30 to holders of record Sept. 6.
This will be
dividend paid since Dec. 26, 1939 when 30 cents per share
dividend of 15 cents was
March 31, 1938.—V. 151, p. 539.
American
Rolling Mill Co.—Earnings—
1940—6 Mos.—1939
$2,084,599 y$l,669,150
2,869,560
2,869,560
$0.37
$0.23
x After
all charges including depreciation, depletion, amortization and
Federal taxes,
y Includes non-recurring profit of about $400,000.—V. 151,
x
1940—3 Mos.—1939
$1,079,405
$875,671
2,869,560
2,869,560
$0.20
$0.13
835.
.
American
Ship Building Corp.—New Vice-President—
Vice-President in Charge of Engineering
corporation.—V. 150, p. 3811.
James S. Dickie has been elected
9,916,642
Net oper. revenues...
Sanitary
common
Period End. June 30—
Net profit
of this
Property retirement and
Standard
distributed; prior thereto a regular quarterly
paid
page
Operating
Direct taxes
$2.29
&
15-Cent Common Dividend —
Common shs. outstand'g
Earned per share
American Power & Light Co.
Period End. .Pune 30—
Subsidiaries-
$1.78
$2.53
made on Dec. 16, 1937.—V. 150, p. 3962.
Radiator
American
$1,213,788
Earns, persh. on 528,390
on
payment was $1.75 per share
was
1937
'
dividend of $1.75 per share on account of ac¬
the 7% cumulative preferred stock, par $100, payable Sept.
20 to holders of record Aug. 31.
Like amount was paid on June 20 and
March 20, last; dividend of $2 was paid on Dec. 20,1939; $1.50 was paid on
June 20,1939; dividend of $2.50 was paid on Dec. 20,1938, and last previous
Directors
1939
.
Directors have declared a
cumulations
the first
Corp.- -Earnings-
Net profit after deprec.
& normal Federal in¬
come
340
446
5,566
common
§ Mos. End. June 30—
$171,300
5,600
7,205
-V. 150, p. 687.
Including depreciation
American Potash & Chemical
$302,002
9,902
$85,500
$170,501
Income taxes
210,718
$1.10
Net profit.
Sys of capital stock out¬
standing (no par)
Earnings per share on
shares capital stock
$168,196
2,765
Taxes
$670,653
80,288
$416,168
72,322
$316,162
64,632
$589,901
126,000
Pt
1
F
Prov. for Fed. inc. taxesi
$299,237
2,765
20
Other..
a
Other income
1940—6 Mos.—1939
1,382
1,382
Gen. and miscell. exps..
Co.—Earnings—
Cost of sales
Company Only
1940—3 Mos.—1939
$169,118
$84,098
Period End. June 30—
Income—Dividends
a Amort. of profit
Total
American
Other income met)
Gross income
9,232,786
8,644,464
38,705,726
35,694,118
4,000,442
07,096
1,792,936
4,016,860
03,216
1,792,931
15,862,973
020,054
7,171,739
16,052,611
0157,608
7,171,718
11,648
14,380
55,707
66,168
3,434,856
...
2,823,509
15,635,361
12,561,229
3,434,856
17,185
2,823,509
19,502
15,635,361
12,561,229
94,556
Interest to public and
other deductions
Int. charged to constr'n.
Pref. divs. to public
Portion applicable to
minority interests
a
Net equity...
Amer. Pow. & Lt. Co.—
Net equity.
Other income
„
1940—6 Mos.—1939
Operating revenues
$1,368,239
Oper. exps. and taxes.__
911,738
47,570
85,099
Subs.)1—Earnings—
1940—3 Mos.—1939
Period End. June 30—
insurance
American Maize Products
a
stock
ments.—V. 151, P. 238.
6 Mos. End. June 30—
x
$1.12J^ on the no par $6 preferred
and
considered
year
The
y
including 2,052 27-50 shares of scrip;
shares, including 2,200 27-50 shares of scrip in
and 93 % cents on no par $5 preferred stock, both payable Oct. 1 to holders
of record Sept. 3.
Similar payments were made on July 1, April 1
on
Jan. 2, last.
See also V. 149, p. 3544, for record of previous dividend pay¬
>. 151, p. 979.
x
3,008,511 27-50
issued,
1,939.
795,124
and royalties—
x
liquidation
$5 pref.. cumulative (entitled upon
(28 2-10 in 1939).
to
1,963,240
33,420
Total
shares of scrip
135,744
Accts. recelv. from
z
liquidation to $100
shares; issued
outstanding, 3,008,511 27-50 shares,
823,308
co
em
...274,264,599 275,568,799
Total
274,264,599 275,568,799
Represented by $6 pref., cumulative (entitled upon
60,730
468,021
2,189,233
rec.
officers and
36,026
10,948,090
239,634
collectible within
Prepaid
36,026
10,135,896
—.
Notes A accts. rec.
one
420
420
reserve—
rent)
Special
Accts. recelv. from
not
102,949
Capital surplus.
Earned surplus.
3,409^521
3,287,203
and expense..
Total
1,206,704
Other curr. liab.
disc't
Unamort.
share); pari passu with $5 pref.; authorized, 1,000,000
and outstanding, 793,581 2-10 shares, inclusive of 26 2-10
29,222
612,862
affiliated
curr.
x
Accounts, notes A
acceptances
Accrued taxes..
a
Mach,
Co., Ltd
Cash
Inventories
139
Earned surplus—
163,669
103,660
9,834,741 11,474,193
—
Inv. In affil.
assets
235
96,347
Other loans pay. to
bank
213,258
124,359
Prov.forliabs.accr,
Marketable securs.
Stock, officers and
3,903,000
1,810,075
Accts. payable..
7,000,000
398,568
7,000,000
290,665
Accounts payable.
196,721
Taxes pay,, accr'd
x
Dlvs. declared..
48,190
$
$
Liabilities—
$
S
Fixed assets
1940
Z1939
1940
Assets—
3,156
58,345
Accr'd int. rec_.
American
gold deb. bds.
15.741
Special deposits.
DIvB.rec.fr .subs.
1940 Revenue Act.—V. 151, p. 979.
on
324,438
A ccta. receivable
a
...
Total
Expenses, incl. taxes
74,613
Gross sales
2,843,011
129,214
111,692
15,709,974
483,844
710,199
727,302
2,858,267
12,655,785
426,270
2,905,803
2,612,628
2,004,017
12,367,863
9,323,712
10,656,083
603,892
Depreciation
1938
449,965
$3,195,177
26,854
5,087,111
413,200
Total income
Federal income taxes
$220,559 loss$791,063
90,000
60,500
$3,261,9.31
563,700
275,800
Miscellaneous
10~ 278
$114,342 loss$866,195
1,187,496
1,187,496
$0.09
Nil
$2,412,153
1,187,496
$1.87
6,425
Net profit
Shares com. stk. (no par)
Earns, per share—
p.
10,410
4,222
9,945
6,272
961
deduct'ns
Minority interest —■
150,
66,754
undistributed
profits
—V.
1937
56,316,255
6,758,365
436,669
$168,581 loss$878,779
51,978
87,716
$2,060,257
Operating profit
Other income (net)
on
1939
$8,149,574
7,531,028
1940
$13,320,232
Costs and expenses
Surtax
3,452,041
Int. & other deductions.
Foundries—Earnings-
Steel
6 Mos. End. June 30—
$1,666,525
1,187,496
$1.40
3192.
Bal. carried to consol.
earned
a
surplus.
American Stores Co. (& Subs.)—Earnings6 Mos. End. June 30—
Of American Power & Light Co. in income of subsidiaries.
Net
Statement of Income (Company Only)
Period End. June 30—
Income—From subs
Other
1940—3 Mos—1939
$2,653,749
17,185
1940—12 Mos—1939
$2,471,787 $12,018,046 $10,350,138
19,502
74,613
94,556
inc.
after
1939
1940
1938
1937
deprec.,
par)
$886,050
$190,823
$551,067
$0.68
taxes, &c_
Earns, per sh. on 1,301,320 shs. com. stk. (no
$431,255
$0.33
).14
$0.42
—V151, p. 404.
Total
L
Expenses, incl. taxes...
Int. & other deductions.
Net
income
$2,670,934
129,214
710,199
$2,491,289 $12,092,659 $10,444,694
111,692
483,844
426,270
727,302
2,858,267
2,905,803
$1,831,521
$1,652,295
$8,750,548
$7,112,621
Summary of Earned Surplus for 12 Months Ended June 30,1940
Earned surplus, July 1, 1939.
Net income for the 12 months ended June 30,1940
Other credits
$10,948,090
8,750,548
2,582
jig 701 221
declared—Preferred "stock"~C$6)111 IIIIIZ"IIII"I
4J01854
$5 preferred stock
4,831,141
Adjustment of unamortized debt discount and expense on re¬
acquired bonds, less net profit of $47,450 applicable thereto—
31,111
Dividends
Other debits
1,219
1940—
$10,135,896
Reduced—•
American Type
Founders, Inc.—Earnings—
Quar. End. June 30—
Net loss after deprec., int., taxes, &c
—V.
Total
Earned surplus, June 30,
American Tobacco Co.—Debt
Company has reported to the Securities and Exchange Commission that
$18,000,000 of 2% promissory notes was outstanding on July 31, reflecting
the payment of $6,000,000 of the notes on July 1 upon their maturity.—V.
151, p. 979.
150,
p.
1940
$46,175
1939
$10,476
3812.
American
Water Works
& Electric Co., Inc.—Weekly
Output—
Output of electric energy of the electric properties of
American Water
Works & Electric Co. for the week ended Aug. 17, 1940, totaled
kilowatt hours, an increase of 17.2% over the output
hours for the corresponding week of 1939.
54,092,000
of 46,143,000 kilowatt
Volume
The Commercial &
151
for the last five
Comparative table of weekly output of electric energy
1133
Financial Chronicle
years follows:
Associated Electric Co.
(& Subs.) —Earnings —
12 Months Ended June 30—
1940
1939
1938
1937
1936
54,682,000
53,390,000
54,457,000
54,092.000
47,019,000
46,210,000
45.413,000
46,143.000
40,463,000
41,210,000
41,250,000
41.555,000
50,318,000
50,291,000
50,767,000
50,626,000
47,181,000
46,795,000
56,707,000
47,032,000
Week Ended—
July 27
Aug.
3
Aug. 10
Aug. 17
Total
operating revenues..
Operating expenses...
Maintenance
Provision for retirements
Federal income tax
Other taxes..
r_
1940
1939
$26,705,143 $25,758,395
11,578,650 11,839,490
1,754,788
1,527,242
2,481,454
2,229,837
704,045
788,276
2,169,783
2,003,638
July Power Output—
of the electric subsidiaries of the American Water
Works & Electric Co. for the month of July totaled 230,289,974 kwh.,
as compared with 194,513,778 kwh. for the corresponding month of 1939,
an increase of 18%.
For the seven months ended July 31, 1940, power output totaled 1,579,535,682 kwh., as against 1,334,078,236 kwh. for the same period last year,
an increase of 18%.—V. 151, p. 979.
The
power
output
Gross
$8,016,423
151,861
income
Subsidiary Companies' Charges—
on long-term debt
$3,301,548
2,785,051
$538,877
268,735
$516,498
236,281
$272,370
$270,142
97,937
38,668
93,774
8,259
$280,217
$40,618
80,123
41,580
3,671
-T
from operations.
Operating profit.
y
$2,959,506
2,687.136
$3,350,238
2,811,361
.
Gross profit
1938
1939
1940
6 Months Ended June 30—
Inactive property expenses.
Interest
87.078
38,183
109,959
8.549
178,075
178,259
Cr27,692
50
Cr22,872
30
$6,098,696
$5,866,403
3,379,658
pref. stock.
Balance...
3,437,545
Associated Electric Co. Charges—
Interest
231,752
1,737,732
193,356
170,643
Other interest
Interest charged to construction
Prov. for divs. not being paid on cum.
Paper Cor p.—Earnings—
$7,937,628
—-
1,733,231
Interest
Amortization of debt discount and expense
American Writing
$7,369,911
567,717
$8,168,284
:
Operating income
Other income (net)
long-term debt-
on
373
231,709
Net income.......
—V.
150,
p.
15,034
236,003
$2,486,955
Other interest
Amortization of debt discount and expense
$2,177,820
3963.
Associated Gas & Electric
Co.—Weekly Output—•
Utility Management Corp. reports that for the week ended Aug. 16,
of the Associated Gas & Electric group was 100,085,270
units (kwh.).
This is an increase of 10,264,171 units, or 11.4% above
production of 89.821,099 units a year ago.—V. 151, p. 980.
The
net electric output
$36,447
z$31,505
.
loss$84,756
depreciation of $76,089 in 1940, $73,324 in 1939, and $70,951
in 1938.
y Includes depreciation of $29,128 in 1940, $29,070 in 1939,
and $29,616 in 1938.
z Does not include profit on geif. mtge. bonds
reacquired.
Includes
x
Comparative Balance Sheet June 30
746,823
Notes &acc'tsrec
Inventories
(cost).
y Fixed assets
Prepayments
Cash
on
$588,302
625,545
$263,548
hand
on
1,111,105
6,306,793
35,665
1,511,628
6,231,541
42,491
int.
on
$215,469
130,467
93,774
Accruals
Acer.
109,342
gen.
mtge. bonds
Acer. Fed. income
64,291
taxes—prior yr.
71,961
Reserves
dep. with
corporate trustee
Invest, at nom. val
Long-term debt
2,190,975
z Common stock._
2,080,341
4,359
1
Res
Goodwill, tr'marks
66,723
2,585,650
2,080.139
for supplem'g,
adapt'g & recon.
and patents
276,640
plant & mach'y.
3,431,674
Capital surplus...
425,976
Earned surplus
$8,800,391 $8,667,412
Total
x
1939
139,030
$302,371
payable.
Accounts
Cash in banks and
x
1940
Liabilities—
1939
1940
Assets—
Total
doubtful notes and accounts of
After reserve for
3.154,871
48,110
$8,800,391 $8,667,412
$78,182 in 1940 and
and
$66,388 in 1939.
y After reserve for depreciation of $668,392 in 1940
$459,550 in 1939.
z Represented by 416,068 (416,027 in 1939) no-par
shares.—V. 150, p. 2563.
Associated Gas & Electric
present condition
thereof, submitted
Co.—Accumulated Dividend —
dividend of 75 cents per share on account of
accumulations on the $3 preferred stock, payable Sept. 3 to holders of record
Aug. 23.—V. 151, p. 980.
Argonaut Mining Co.,
the trustees.
On a percentage basis, the total disbursements by the trustees of the
corporation for the period from March 2,1940 to July 31,1940 are accounted
for by staff salaries and wages and by travel expenses—46%; by interim
allowances to the trustees and counsel (from March 2 to June 15, 1940)—
$16,784
Net profit before deplet.
—V. 149, p. 3108.
1940—3 Mos.—1939
$310,420
239,433
$1,448,707
1,066,559
$1,329,816
978,082
$64,191
$70,986
495
352
$382,148
27,706
$351,734
27,366
$379,099
145,147
$233,953
income
Other income (net)
$64,687
35,439
Arkansas Power &
$268,058
Light Co.—Earnings-
1940—Month—1939
$882,159
$877,768
Operating revenues
Operating expenses
344,889
126,712
Direct taxes
serve
35,916
$35,423
539.
p.
Period End. July 31—
Property
$71,339
$409,854
141,796
$29,247
deduct'nsi
Net income
151,
retirement re¬
appropriations.
1940—12 Mos.—1939
$9,905,814
4,123,030
1,287,907
3,750,296
1,195,736
120,000
1,288,000
1,267,179
$286,338
$3,206,877
$3,245,539
604
589
11,855
13,759
$296,162
146,364
19,496
$286,927
146,385
7,561
$3,218,732
1,756,464
300,547
$3,259,298
1,756,624
bonds
deduct'ns
Cr3,491
Cr 4,742
$1,165,212
949,265
$1,398,364
949,265
Interest charged to con¬
Crl94
struction
$130,496
Net income..
Dividends applic. to pref.
Cr263i
$133,244
stocks for the period
$215,947
Balance
109,052
$449,099
540.
-V. 151, p.
Artloom
Corp.—Earnings—
—12
Weeks
En4ed—•
—24
Weeks Ended—
*39 June 15 '40 June 17 '39
$52,785
$75,233
$128,043
June 15 *40 June 17
Period—
x
$9,458,750
115,000
Other income (net)
Other int. and
351,860
119,570
$295,558
Net oper. revenues
Interest on mtge.
functions of the
$8,203,656, represents cash
represents transferred equipment.
mately 85%, or
&
Power
Light
and the balance,
for the
approxi¬
$1,447,716,
Corp.—During the reorganization of .
Utilities
in which the Associated System had a
approximately $520,000 was expended by Associated
Utilities Corp. and The Utility Management Corp., System companies,
for litigation, to solicit proxies, to formulate a reorganization plan more
favorable to the Associated System, and to oppose the plan which was
eventually confirmed.
As this reorganization was finally approved in
court, the System's contentions were entirely disregarded and the securities
owned by the Associated interests were entirely excluded from participation.
Light Corp., a company
substantial interest,
before the trustees were appointed. When they reviewed
question arose as to whether a petition should be filed
District Court in Chicago in the Utilities Power & Light
All this occurred
the situation, the
with the U.
S.
reorganization for an allowance to
Associated Utilities and Utility Manage¬
ment.
Gross income
-V.
1940—12 Mos.—1939
$331,874
267,683
Operating revenues
Oper. expenses & taxes..
Int. and other
$8,077
Power Corp.—Earnings—
Arkansas-Missouri
Period End. June 30—•
Net oper.
$5,182 loss$l0,055
items—11%; by costs of routine
debtor—10%; and by other administrative expenses—15%.
Construction—Gross construction expenditures for the system
six months to June 30, totaled $9,651,372.
Of the total amount
Power &
1940—6 Mos.—1939
the Court affords the following:
Earnings—The total consolidated operating revenues of the corporation
June 30, 1940 exceeded the revenues for the prior
12 months by $7,566,567.
This increase in revenues prevailed in all three
categories of income—electric, gas and miscellaneous.
In contrast to this
increase of approximately
5.7% in operating revenues, total operating
expenses increased by only 2.8%.
Receipts and Disbursements—During the two months, June and July,
the trustees of the corporation received $1,166,927, of which $819,687 was
received in July from NY PA NJ Utilities Co., the cash position of which
was improved between Jan. 1 and June 30, 1940 by $953,101.
These total
receipts, added to the balance of funds made $1,249,774 available for
payment of the Federal income tax instalment of $l,0O0,OOO plus interest
which is due in accordance with the terms of the offer in compromise ac¬
cepted July 5, 1939, and available for other necessary disbursements by
Utilities
Ltd.—Earnings—
1940—3 Mos.—1939
Period End. June 30—
to
Electric Co. and
operation of the
debtors and the
for the 12 months ended
18%; by non-recurring
Arden Farms
Directors have declared a
Corp.—Trustees' Report—
of the trustees of Associated Gas &
Associated Gas & Electric Corp., dated Aug. 15, on the
business and the administration of the estates of their
The third report
$33,164
Net profit
Earns, per share
$0.13
$0.22
x After depreciation,
Federal income taxes, &c.
—V. 150, p. 3346.
$0.30
y
y
$0.56
On common stock.
convinced that insufficient grounds existed, as a matter
of law, for the claiming of such an allowance, and that needless expense
would be involved in the prosecution of such a claim.
However, they
deemed it appropriate to submit the matter to this Court for instructions.
An order was thereupon entered directing the trustees to incur no further
expense, and to authorize the withdrawal of a pro forma application which
had been filed in the Utilities Power & Light proceedings.
Rate—The trustees of the corporation are reviewing pending rate cases
for the purpose of developing policies that will promote better relations with
the public and with regulatory bodies, and curtail litigation and expenses.
In reviewing rates generally, the trustees are giving particular attention
to the establishment of promotional rates and to the stimulation of sales
activities which will accelerate the recovery of revenues after rate changes.
New Jersey Power & Light Co. has filed revised electric rates with the
Board of Public Utility Commissioners of the State of New Jersey which
will result in an estimated annual reduction in rates of $375,000.
The Pennsylvania1 P. U. Commission has approved a rate reduction
negotiated by Pennsylvania Edison Co. The rate schedules approved were
promotional in character and involved a rate cut of $229,700 for residential
and commercial service, with approximately equivalent reductions, de¬
pendent on increased use, spread over the next three years. Instc ad
rates applicable to home users alone in four rate areas, there will ultimate¬
ly be only one residential rate schedule in each of two rate areas.
Two rate cuts were made in Staten Island Edison Corp. in June and July
totaling about $474,000 per annum.
^
Rate reductions also affected Jersey Central Power & Light Co. and
Rochester Gas & Electric Corp. On June 4, 1940 the Board of Public Utility
Commissioners of New Jersey settled its rate case against Jersey Central as
a result of a mutual agreement to an estimated annual electric rate reduction
of $472,000, effective July 1.
On July 1 Rochester Gas & Electric Corp.
The trustees were
of 132
reduced electric rates over its
annual amount of $400,000.
entire territory,
estimated equivalent to an
Simplification
The trustees of the corporation are able to report considerable progress
in the field of financing, with consequent reduction in financial cost to the
System and strengthening of capital structures at several points.
Such
Integration and
activities are
prerequisite to any
successful integration and
reorganization
dirix
Ended June 30—
1940
1939
deprec., &c., but before Fed. taxes.
$419,997
$677,418
profit for the month of June, 1940. before Federal income taxes
was $189,386 against $206,92z in June, 1939.
Current assets as of June 30, 1940, amounted to $2,308,408 and current
liabilities were $767,950 compared with $3,164,786 and $585,112, re¬
spectively, on June 30,1939.—V. 150, p. 3963.
6 Months
Net profit after
The net
Asbestos Corp.,
Directors have
Ltd.—Extra Dividend—
declared an extra dividend of 15 cents per
share in addition
dividend of 15 cents per share on the common
payable Sept. 30 to holders of record Sept. 14.
Similar pay¬
ments were made on June 30 and March 31, last.
Extra of 35 cents was
paid on Dec. 31, 1939, and an extra of 15 cents was paid on Sept. 30, 1939.
to the
regular quarterly
stock, both
—V. 150, p.
3346.
Asbestos Mfg.
6 Months
Net
Service Co., &c.—A series of transactions was completed
concurrently on July 26, 1940 which solved a number of problems for
several companies within the General Gas & Electric Corp. holding com¬
Florida Public
Arundel Corp.—Earnings—
pany group.
and
Co.
Pow6r Co *
which served no useful purpose in the
bank loan hanging over it. Florida Public Service
its capital structure, as well as maturities which
it would have had difficulty in meeting in the future.
On account of sub¬
normal water conditions, Lexington Water Power Co. had failed to meet its
July 1 interest payments, and tne 30-day grace period on Its dewntures was
to end on July 31.
Eastern Power Co. owed a bank loan of $3>350,000. In
the Southeastern Investing and Eastern Power cases the collateral behind
their bank loans had to be freed before any simplification program was to
Southeastern
Ended June 30—
profit after charges,
was the calling
Southeastern Investing
Mutual Life Insurance
these companies
obligations ano to
provide for essential construction by Florida Public Service Co. and, finally,
the adjustment of the capital structure as between the parent and the
subsidiaries in such a way as to eliminate certain excessive indebtedness.
but before
1940
fundamental pattern wnich the transaction followed
Florida Public Service debentures held by
selling of new debentures to John Hancock
Co
the distribution of the cash proceeds from this sale to
in such a way as to enable them to meet their various
of certain
1939
1938
$58,657
$31,076 loss$48,515
Current assets as of June 30, 1940, amounted to $309,908 and current
liabilities were $52,613.
This compared with current assets of $362,160
and current liabilities of $131,592 on Dec. 31. 1939.—V. 150, p. 830.
Federal taxes
Investing Corp.,
System, had a $1,100,000
Co. had excessive debt in
^The
Co.—Earnings—
The corporations included were Southeastern Electric & Gas
wholly owned subsidiaries:
Southeastern Investing
Public Service Co., Lexington Water Power Co. and Eastern
four of its
Corp., Florida
Corp., the
,
The Commercial & Financial Chronicle
1134
The
result
of this
the elimination of Southeastern
Investing Corp., the payment and reduction of bank loans and consequent
freeing of collateral, the strengthening of Florida Public Service Co. through
an improvement in its capital structure and the financing of new con¬
struction, and finally the meeting of the overdue interest payments and
sinking fundobligations of Lexington Water Power Co.
The specific transaction necessary to effect this cham of events was the
calling of $2,750,000 of 5% serial debentures of Florida Public Service Co.,
due 1940 to 1947, and tne sale of $2,750,000 of 4)£% serial debentures,
due 1943 to 1955, by the same company at 99)6.
The assets and liabilities of Southeastern Investing Corp., solely an
investment subsidiary, were received and assumed by Southeastern Electric
& Gas Co. upon the merger of the former corporation, placing the latter
company in possession of tne Florida Public Service debentures and 5,167,900 convertible income debentures due 1958 of Florida Public Service, as
well as open account indebtedness owing by Florida Public Service.
With the cash received in payment for the Florida Public Service 5%
serial debentures, Southeastern Electric & Gas made the following dis¬
net
program
was
tribution (exclusive of accrued interest);
Payment of short-term loans of Southeastern Electric & Gas Co.: Chase
National Bang, New York, 3)6 % collateral loan due June 28, 1941 (South¬
Investing note), $1,100,000; Chemical Bank & Trust Co., 3)6%
collateral loan due March 18, 1941, $425,000.
Additional Investment In subsidiary companies:
Eastern Power Co.,
eastern
capital contribution, $232,500; Lexington Water Power Co., capital con¬
tribution, $350,000; Florida Public Service Co. (capital contribution,
$715,000; less: repaid on open account, $72,500), $642,500; total, $2,750,000.
Accordingly, Southeastern Electric & Gas was freed of all direct indebted¬
ness, except intercorporate accounts and current payables.
Southeastern
Investing was merged into its parent. The contribution to Lexington Water
Power
was
applied
to
payment of interest due July 1 on its first mortgage
5% bonds due 1968 and 5)6% convertible sinking fund debentures due
1953; this contributiou being made necessary by lack of earnings as a result
of a water shortage for Lexington's hydro-electric plant.
Eastern Power
applied the $232,500 capital contribution to a reduction of its 5% secured
banu loan due Sept. 1, 1945.
The capital contribution of $715,000 in cash
to Florida Public Service was supplemented by a further capital con¬
tribution effected through the forgiveness of open accounts payable of
$285,000 to Southeastern Electric & Gas.
A further step to improve the capital structure of Florida Public Service
was made by its parent by transferring $5,167,900 convertible income
debentures due 1958 to investment in capital stock.
Cancellation of the
income debentures did not affect Southeastern Electric & Gas Co.'s interest
in this
subsidiary, as this security was already subordinated to all other
long-term debt of Florida Public Serfice, and all the latter's capital stock
wag owned by Southeastern Electric & Gas; at the same time, elimination
of this substantial item of debt presents a far more
satisfactory balance
sheet for the operating company. Florida Public Service now has outstand¬
ing, pro forma as of June 30, 1940, long-term debt consisting of $5,983,400
first xhortagge 4% bonds, series C, due 1955, $2,750,000 of 4)6% serial
debentures due 1943-55, and $37,479 notes of Rural Electrification Ad¬
ministration. The cash which was received by Florida Public Service will
be used for maintenance, renewals and replacements, additions to its
property and for other general corporate purposes.
^Southeastern Electric & Gas also contributed to the capital of Lexington
Water Power, to meet sinking fund requirements due July 1, a principal
amount of $125,000 5)6% convertible sinking fund debentures due 1953,
93.5% of which issue it carries in its investment portfolio.
Eastern Power Co,—On July 1, 1940 Chase National Bank New York
exercised
which it held to purchase $3,000,000 Broad River
Power Co. 1st & ref. 5% bonds series A due 1954. These were part of the
collateral pledged under an Eastern Power Co. 5% note of $3,350,0ti. to the
bank, due Sepo. 1, 1945. The bank paid 100%, less sundry expenses. The
proceeds, $2,994,000, were applied against the loan, bringing it down to
$356,000. Application of $232,500 contributed by Southeastern Electric &
Gas as part of the Florida Public Service transaction further reduced this
loan to $123,500.
New
an
option
York State Electric A Gas Corp.—New York State Electric & Gas
on July 31a 20-year loan oi $370,000 from the Rural Elec¬
Corp. obtained
trification Administration at 2.69%, to
be secured by $444,000 first mtge.
4% bonds due 1965, for rural line extensions.
Related Companies—In addition to furthering the financing of corporations
directly or indirectly controlled by the trustees, the trustees of the corpo¬
ration have given careful attention to financial operations of
companies in
which a substantial equity is owned within the Associated
System but as to
which control is lacking, despite some director
representation.
Two are
particularly important to the System: Rochester Gas & Electric Corp., all
or whose common stock in the form of
voting trust certificates, and 34.14%
o^whpse 6% series "G" preferred stock (voting) , are owned by NY PA NJ
Utilities Co. and subsidiaries; and Jersey Central Power &
Light Co., in the
common stock of which, companies in tne NY PA NJ
group hold an interest
of approximately 90
%, either directly or indirectly through ownership of
National Public Service Corp. debentures or certificates of deposit therefor.
2A-*940 a public offering was made by an underwriting syndicate
of $38,000,000 first
mortgage 3)6 % bonds due 1965 of Jersey Central
Power & Light Co. at a price of 102>6.
Concurrently with the delivery of
the new bonds, Jersey Central Power &
Light Co. borrowed $5,300,000
from certain banks upon notes,
bearing interest at 3% per annum and
maturing serially over a period of 10 years. The net proceeds from the sale
or the bonds of the 1965 series
and of the notes, together with other funds of
the company, were applied to the
redemption of $10,225,000 first mortgage
bonds, series B, due Aug. 1, 1947, at 101)6 and $32,000,000 first mtge.
4)6 %
bonds,, series O, due June 1, 1961 at 104; these figures exclude accrued
interest.
This refunding operation resulted in annual interest
savings of
more than $400,000.
On June 28, 1940 Rochester Gas & Electric
Corp. entered into an agree¬
ment with seven insurance
companies and certain other bondholders to
exchange, on Aug. 28, 1940, $14,733,000 of its $15,000,000 new series "K"
general mortgage 3)6 % bonds due 1970, par for par for series "F"
general
mortgage 4% bonds due 1960.
The remaining $267,000 were sold at 105
?n/nafcely- Th® series "F"4% bonds due 1960 are callable at 105 on Sept. 1,
^4«p, on 60 days notice. This refunding realized an annual interest saving
of
$93,750 and extended the maturity 10 years.
Short-Term Loans—With the approval of the trustees of the
corporation,
certain short-term loans were paid or reduced. On June
12, 1940, Keystone
Public Service Co. borrowed $300,000 on its
unsecured 5% three-year
note fromtheOil City Trust Co. of Oil
City, Pa.
From the
proceeds it paid $67,500 of existing bank loans and the balance of the funds
were reserved for construction. The note is
repayable at the rate of $8,333.33
payments which will amortize it completely over the three-year
period*
On June 18, 1940, Central U. S. Utilities Co.
paid its collateral 5% note
in the amount of
$100,000 to William T.
Burnett, maturing
on
that date.
1'. 194?' Virginia Public Service Co. paid $2,500 of its note to
Vksmia Engineering
months at
5% per
Co.,
Inc., renewing the balance of $25,000 for six
annum.
Contribution—Central U. S. Utilities Co.
«1
proposes to contribute
$i,5UiM)00 in cash to the capital of its
wholly owned subsidiary, Pennsyl¬
vania Electric Co.
These funds are to be
L,o.
used by Pennsylvania Electric
improvements and extensions to its
in
connection with additions,
plant and property currently in progress.
SEC.
On
The Pennsylvania Public Utility
the capital contribution and a declaration is
Aug. 12, a court order was signed by Judge Leibell
acquiescence by the trustees of the corporation in this contyfelr°Politan Edison Co.—On Dec.
proceeding
tdbutTon
■
/
1,1939 the SEC instituted a
to determine whether the declaration of
dividends by
Metropolitan Edison
prohibited on the ground that the
surpfus>
company had no earned
After review the trustees of the corporation
recommended to the board of
that an
^accounting reorganization" be authorized
as
of July 1,
organization's purchasing the two System properties in that
Carolina Electric & Gas Co. and Lexington Water Power
State, South
Co.
At the
of the corporation, Southeastern Electric & Gas
companies, retained the engineering firm, J. H.
Maiming & Co., to make appropriate studies of these two properties so that
the trustees of the corporation could be assured of adequate and independent
request of the trustees
Co., a parent of these
advice for their discussions.
Northeastern Water & Electric Corp. has furthered plans to add Union
Water Service Co. to its system by purchasing all the latter company's
payments of $125,000 in reduction of principal.
All the Union Water
Service Co. common and preferred is to be pledged as security for the loan.
The matter is pending before the SEC and will be submitted to the Court.
Subsidiaries of Union Water operate
concluded with the approval of the trustees of the
corporation, under which the ice manufacturing businesses of Florida
Public Service Co. and Georgia Power & Light Co. have been leased to
Atlantic Co., a non-System enterprise, for a period of 10 years. The agree¬
ments provide that Atlantic Co. will pay $2 per ton to the Georgia company
and $2.10 per ton to the Florida company for each ton of ice produced with
the leased equipment and plant.
Two leases have been
Mergers and Dissolutions—The trustees of the corporation have co¬
operated in the carrying out of certain mergers and dissolutions.
The
following have occurred during the two-month period: On July 6, Triple
Cities Coach Co., Inc. was merged into Triple Cities Traction Corp., which
operates in the Binghamton, N.-Y. area.
:
On July 16, Associated Investing Corp. was merged with Associated
Utilities Corp., which continues under that name.
Associated Investing
Corp. was a wholly owned subsidiary of Associated Utilities Corp.
Both
companies performed largely the function of holding investments in System
.
sale
u
Properties—The problems of the ultimate integration
being considered
acquMtion
in
connection
with
property
of the
transactions,
6 corpora^on have carefully reviewed each prospective
The physical assets formerly owned
by Hopkinsville Water Co. have been
sold by that company's parent, Central U. S.
Utilities Co., to the City of
Hopkinsville, Ky., at a price of $550,000.
Central U. S. Utilities Co.
absorbed the assets of its
subsidiary on June 26, and the sale was concluded
the
same
day.
.
,
,
companies.
On
July 26, Southeastern Investing Corp. was merged into Southeastern
as part of the program of financing of Florida Public
Electric & Gas Co.
,
Service Co.
Indenture
organization
institution of the re¬
Trustees for the Company—Before the
Bank & Trust Co. was
proceedings The Public National
indenture trustee of
number of the debenture issues of the company, and
a
Guaranty Trust Co. was indenture trustee of one issue.
The Public Na¬
resigned as such indenture trustee effective March 4, 1940; the
Guaranty resigned effective May 22, 1940. It therefore became necessary
to appoint substitute indenture trustees.
On July 30, 1940 the Court authorized the trustee of the company to
appoint Underwriters Trust Co. and Colonial Trust Co., New York, as
indenture trustees.
The mechanical details of these appointments are now
being worked out.
Underwriters Trust Co. is being appointed indenture
trustee of the following debenture issues of the company: Convertible 4)6 %
tional
§old debentures, due 1949; convertible 5% gold debentures, due 1958; gold
1950; gold
ebenture bonds, consolidated refunding 4H% series, due
consolidated
bonds
debenture
refunding 5%
series,
due
debentures, due 1983.
1968; 4% gold
'■
„
„
,
Colonial Trust Co. is being appointed indenture trustee of the following
debenture issues of the company:
Sinking fund income debentures, due
1983, series A 5)6 %, series B 5%, series C, 4)6 %, and series D 4%; sinking
1986, series A 5)6%, series B 5%, series C
fund income debentures, due
4)6%, and series D 4%.
Transfer Agent for the Company—In the past, Transfer & Paying Agency,
by the Hopson interests, acted as Transfer Agent of the
obligations and Registrar of the fully registered de¬
bentures of the company.
Because of tax difficulties with the Federal
Government and other reasons, it became impossible for Transfer & Paying
Agency to continue to act as such Transfer Agent and Registrar.
With the approval of the Court, the trustee of the company is appointing
a
firm formed
stock and convertible
Registrar & Transfer Co. as Transfer Agent of the stock and convertible
obligations and Registrar of the fully registered debentures of the company.
Earnings of Associated Gas & Electric Corp. (A Slibs.)
Period Ended June 30—
Operating revenue:
eiectric—-
Total
-
Total gas
Total miscellaneous
.
-
1940—12 Mos.—1939
6 Mos. 1940
$
$
$
111,685,387 105,070,615
56,298,814
14,918,000
14,433,610
8,070,244
13,143,496
12,676,090
6,672,277
Total operating revenues
139,746,883
57,221,273
9,298,228
14,589,657
5,175,799
14,754,778
Operation expenses
Maintenance
Provision for retirements (deprec.)
Federal income taxes.
All other taxes
-
_
._
__
Operating income
Non-operating income (net)
Gross income
.
.
____
132,180,316
56,536,134
8,158,351
13,108,719
3,827,095
13,966,760
71,041,335
28,594,860
4,671,323
7,350,298
2,978,923
7,486,678
38.707,146
Dr150,050
36,583,256
259,772
19,959,254
Z>r76,680
38,557,096
36,843,028
19,882,574
18,451,600
987,131
Cr117,968
1,283,140
18,874,608
1,047,564
CV95.961
1,293,322
9,026,636
484,029
Cr63,397
632,269
4,181,010
752,215
3,968,723
621,368
2,079,122
391,929
Fixed Chgs. A Other Deds. of Subs.—
Interest
on
long-term debt
Other interest-..Interest
charged to construction
Amort, of debt discount & expense.-Divs. on preferred stocks:
Paid
or
accrued
Accrued, but not being paid curr
Min. int. in net earns, (incl. Utilities
Balance
Expenses & taxes of Associated Gas &
Electric Corp
x
x
Before interest
debt
422,299
46,645
10,711,105
7,285,341
on
discount
329,496
204,046
57,016
12,284,791
Balance of income
ration's
405,680
12,614,287
Employees Securities Corp.)
10,507,059
7,228,324
the corporation's debt, amortization of the corpo¬
and administrative expenses of the corporation's
trustees.
Notes (1) This statement does not reflect a consolidation with Associated
Gas & Electric Co. (top parent), but all interest received by subsidiaries
from the company has been eliminated; and all interest paid by the corpo¬
ration to the company on income notes has been
eliminated.
s>
(2) The interest on long-term debt of subsidiaries includes interest on
bonds and notes of Utilities Employees Securities Corp. only to the extent
that such interest
was
earned by it.
(3) Extraordinary expense in connection with the required installation of
continuing property records Is included in each of the periods in approxi¬
mately the following amounts: 12 months ended June 30, 1940, $1,130,000;
12 months ended June 30, 1939, $1,375,000, and six months ended June 30,
1940, $400,000.
(4) No Federal income taxes for the corporation have been accrued for the
liability exists.
six months ended June 30* 1940 as it is believed no such
5)
The net disbursements by the trustees to June 30, 1940 incident to
the establishment of the trustees' office and the discharge of their duties
were
$59,683.—-V. 151, p. 980.
Associates Investment Co.*—Earnings'—
Operating
are
primarily in Pennsylvania and New
•Jprspv
intervened, and
a
•
outstanding stock.
The acquisition is to be financed by a three-year coll.
loan, at 2H% for no more than $1,250,000, providing for semi-annual
Gross income from
At this hearing, the Pennsylvania P. U. Commission
further hearing is scheduled for Aug. 20.
i
Progress also may be noted in the program of the trustees of the corpo¬
ration of disposing of miscellaneous small parcels of real estate held by the
various operating companies and by Associated Real Properties, Inc.
i Au ^ord5r £o eliminate the threatened prohibition. After proper action
PyAh®b?ard ^ directors, a declaration was filed with the SEC and a hearing
held on
Aug. 2, 1940.
Aug. 24, 1940
The trustees have been discussing with the Governor of South Carolina
and the South Carolina Power Authority the possibility of the latter
Income Account
for 6 Months Ended June 30,1940
.$5,090,255
operations
expenses
.
Net income from operations
Income charges (incl. prov. for Federal inc. taxes,
Net Income..
Earnings,
per
share
—
int., &c.)_
——
on
456,747 shares common stock
Note—The net income
as
2,772,180
2,318,075
858,384
$1,459,691
$2.76
shown above does not include the parent com¬
pany's equity in the undistributed earned surplus for the six months of nonconsolidated subsidiary companies, as follows:
Associates Building Co.,
$10,869; Emmco Insurance Co., Inc., $522,204.
Volume
The
151
Balance Sheet June 30,
Cash
on
Baltimore Transit
1940
hand and demand deposits,
able, $80,671,232; repossessed automobiles,
$11,939,457; notes receiv¬
$148,876; accounts receivable
TT^ndary, $3,555; investments in subsidiary companies not consolidated,
fho 2$0°i office furniture and equipment, $75,117; deferred charges,
$148,824; total, $93,987,061.
Liabilities—Notes payable, $54,140,000; reserves for taxes, accounts
payable, &c., $1,211,447; funds withheld from dealers, generally held until
collection of the related notes
receivable, $931,211; reserve for losses on
r^eivables and repossessed automobiles, $2,025,504; unearned income,
$3,857,670; 5-year 1%% notes payable, due Aug. 8, 1944, $6,000,000;
5%
cumulative preferred stock,
$10,000,000; common stock
(456,747
—V^IM ^O3'067*9041 earned surPlus' $12,753,327; total,
Atlanta Gas Light
$93,987,062.
Period End. July 31—
Operating
Operating
1
expenses and taxes
expenses
Net oper.
revs,
before prov. for retirements
$1,224,102
30,631
$1,070,147
38,111
$1,158,556
694,539
$963,564
628,240
$31,650
1,893
$14,644
1,865
$464,017
13,874
$335,324
15,289
$33,543
5,188
$16,509
6,414
$477,891
37,492
$350,613
45,161
$28,355
$10,095
$440,399
$305,452
_
Gross income.
Fixed charges.
declared
on
ser.
352,827
352,840
$87,572
4% & 5% debs
def$47,388
L
on series A debentures is at
M rates—1M % on the 4s
l%% on the 5s—declared payable July 1.
Interest for July, 1940 at
stipulated rates, for which no deduction is made above, is approxi¬
mately $78,400.—Y. 151, p. 540.
Note—Interest
and
the full
Gross income before prov. for retirements
Provision for retirements
$1,254,733
238,908
238,287
Gross income
Bond interest
Other interest
$1,015,825
»
280,877
7,791
22,874
$869,971
282,908
I
Amortization of debt discount and
$105,511
90,867
Operating income
Non-operating income.
Remainder.
Non-operating income
$133,831
102,182
Net oper. revenues
Taxes
Int.
1940—7 Mos—1939
$7,264,966
$6,796,823
6,106,410
5,833,258
1940—Month—1939
$993,977
$911,547
860,145
806,036
revenues
Net income
1940
1939
$5,950,601 v $4,836,827
4,726,499
3,766,680
revenues.
Co.—Earnings>—
[Including Baltimore Coach Co.]
Co.—Earnings—
12 Months Ended June 30—
Operating
Operating
1135
Commercial & Financial Chronicle
expense
Other deductions
$1,108,258
9,541
22,864
4,342
Preferred dividends
Common dividends.
$549,257
78,000
328,107
Net
rev.
304,649
279,779
x$38,835
13,602
x$69,021
12,700
$1,062,450
337,841
$1,110,847
327,127
x$52,437
28,513
x$81,721
22,015
$724,609
36,229
$783,720
26,196
x$23,924
61,576
x$59,706
62,782
8,782
$760,838
Cr659
$809,916
440,272
23,058
x$84,841
expenses
x$131,270
—
from oper___
accruals
Tax
1940—7 Mos.—1939
$3,345,417
$3,446,528
2,282,967
2,335,681
1940—Month—1939
$265,814
8210,758
July 31—
revenues—
revenues—
Operating
a
5,402
$699,942
78,000
539,034
Net income.
Bangor & Aroostook RR.—Earnings—
Period End.
Gross oper.
Operating income
Other income
Balance Sheet June 30, 1940
'
Assets—Property, plant and equipment $12,669,940; sinking fund and
special deposits, $194,272; cash, $238,372; accounts receivable, $747,849;
other receivables, $11,038; merchandise, $93,084; materials and supplies,
$125,546; prepaid insurance, taxes, interest, &c., $20,998; unamortized
debt discount and expense, $346,532; improvements to leased property,
$76,845; appliances on rental, $1,329; retirement work in progress, $31,296;
other deferred debits, $8,595; total, $14,565,697.
Liabilities—6% cum. pref. stock ($100 par), $1,300,000; common stock
($25 par), $2,343,625; bonds, $6,197,000; accounts payable, $348,538;
dividend on 6% pref. stock (payable July 1), $19,500; interest accrued,
$107,610; taxes accrued, $330,073; sundry accruals, $1,054; consumers'
deposits, $196,919; service extension deposits, $26,095; deferred credit
items, $5,749; retirements reserve, $1,574,006; uncollectible accounts re¬
serve, $201,460; cancellation of rental contracts assigned, $11,505; contribu¬
tions for extensions, $13,039; maintenance reserve, $55,465; capital surplus,
$178,591; donated surplus, $210,791; earned surplus, $1,444,677; total,
$14,565,697—V.
150, p. 3346.
President of this company, died suddenly on
Mr. Hull was 59 years old.—V. 151, p. 980.
Kingsley Hull,
an
heart attack.
on
funded debt-
Other deductions
Net
a
income
Including maintenance and depreciation,
Barnsdall Oil Corp.
a
its
23
incorporated operating companies.
The merger will result in
increasing the assets of the Automatic Instrument Co. from $1,447,329 to
$2,400,327, and the net worth from $1,224,330 to $1,484,568.
The Automatic Instrument Co. has approximately 2,000 stockholders
located throughout the United States.
The effect of the merger will sim¬
plify the corporate structure and there will be substantial economies result¬
ing therefrom.
This gives the Automatic Instrument Co. a national dis¬
tributing organization and to a great extent the operating companies will
become distributing companies and the Automatic Equipment Corp. will
be liquidated.
The Automatic Instrument Co. owns practically all the basic patents
covering coin-operated phonographs, and have licensed other large manufac¬
turers of coin-operated phonographs and remote-control wall boxes.
The
company has recently litigated these patents successfully and has a favorable
decision against the products of another large manufacturer of coin-operated
phonographs.
These organizations have recently installed in many cities of the United
States a wired music system known as "Automatic Hostess," using the tele¬
phone lines of the various Bell Telephone companies.
Their products are also licensed under the Electric Research Products,
Inc., Western Electric and American Telephone & Telegraph companies.—
V. 144, p. 4167.
Austin Silver Mining
Aviation
y
1940
Earnings per share
x
$289,825
Nil
After depreciation and
1939
1938
$l,000,207prof$388,993
$0.14
Nil
amortization, taxes, &c.
y
1937
$143,156
Nil
Consolidated income account for six months ended May 31,1940, follows:
sales, $1,795,671; costs and expenses, $2,138,266; loss, $342,595;
income, $183,707; loss, $158,888; depreciation and amortization,
$130,937; net loss, $289,825.
For the quarter ended May 31, 1940, net loss was $93,377, against a net
loss of $196,448 in the quarter ended Feb. 29, 1940.
Unfilled orders at May 31, 1940, amounted to $4,272,918, as compared
with $4,131,275 at close of preceding quarter.
The profit and loss account does not reflect the operations of Vultee Air¬
craft, Inc., an affiliate, which showed a net loss of $335,318 for six months
ended May 31, last.
Vultee's unfilled orders as of May 31 were $14,494,744,
against $14,878,020 at Feb. 29, 1940.—V. 151, p. 540
Net
other
Baldwin Locomotive
Works—Bookings—
The dollar value of orders taken in July by The
Baldwin Locomotive
subsidiary companies, including The Midvale Co. was an¬
nounced Aug. 21 as $6,171,084 as compared with $4,017,421 for July, 1939.
The month's bookings brought the total for the consolidated group for the
seven months of 1940 to $30,532,677 as compared with $32,486,522 in the
same period of 1939.
Consolidated shipments, including Midvale, in July aggregated $3,676,669
as compared with $3,291,313 in July, 1939.
Consolidated shipments for the
seven months of 1940 were $28,117,553 as compared with $15,675,945 for
the seven months of 1939.
On July 31,
1940, consolidated unfilled orders, including Midvale,
amounted to $46,415,120 as compared with $44,215,799 on Jan. 1,1940 and
with $30,388,781 on July 31, 1939.
All figures are without intercompany eliminations.
Company has received an order from the Duluth Missabe & Iron Range
Ry. Co. for eight heavy freight locomotives, among the largest ever con¬
structed, having a total value of approximately $2,000,000.—V. 151, p. 980.
and
Purchase
Co.—Earnings—
1940
1939
$402,167
$305,890
$24,740
316,754
$1.27
316,757
$0.96
316,757
$0.07
Net profit.
Shares capital stock
Earnings per share
y
Acquires Shares—
Corp.—Earnings —
1940
$783,419
1939
$206,146
$1.87
6 Months Ended June 30—
$0.49
Earnings.per share on 418,973 shs. (par $1)
a
After
For the
$3 01
ft
charges and Federal taxes.
12 months ended June 30, 1940, net profit
was
$1,260,862,
or
shftrc
Contracts
on
books
on
June 30, 1940, amounted to $90,346,700 of which
$68,896,690 represented the uncompleted portion.
The dollar volume of
Current assets
liabilities were
performed in first six months of 1940 was $7,897,989.
30, last, amounted to
$4,512,886 and current
$2,031,949.—V. 151, p. 3652.
work
June
on
Bathurst Power &
Paper Co., Ltd.—Earnings—
1940
6 Mos. Ended June 30—
Net profit after depreciation and depletion, but
before Federal and Provincial income taxes
—V. 149, p.
1939
def$90,525
.
(& Subs.)—Earnings—
1939
1938
1937
1940
$8,780,577 $10,751,581 $12,291,070 $13,260,510
10,513,975
11,556,064
11,515,850
8,573,908
186,330
163,580
184,357
185,255
Years End. June 30—
Net
$506,295
1906.
(Ludwig) Baumann & Co
sales
Cost of goods sold
Depreciation
a
Profit from red. & resale
of Elbeco Realty Corp.
bonds and notes
Crl0,223
Crl4,050
Crl8,421
Cr8,540
312,145
294,631
494,937
253,054
490,234
271,999
5,500
524,957
264,390
149,433
12,441
Crl8,397
Cr20,000
$535,067
$660,692
Bad accounts written off
and provided for
Interest
Prov. for Fed. income tax
Surtax
on
undist. profits
b Current adjustment.-
Over-accrual exp. in pre¬
ceding
Cr29,000
year
loss.
Earns, per sh. on 150,000
shares (no par) com__
a
$171,637prof$616,723
Nil
Nil
Including selling, operating, administrative and other
miscellaneous income,
Nil
$2.68
expenses, less
b Decrease of contingent and deferred tax liability.
Balance Sheet June 30, 1940
Assets—Demand deposits in banks and cash on hand, $606,762; accounts
(less allowance for doubtful accounts of $688,257), $6,581,625;
inventories, $956,316; cash surrender value of insurance on life of officer,
$48,569; prepaid insurance, interest, payroll, intercompany rent ($38,000),
taxes and supplies, $164,318; lease deposit, $2,500; due from Elbeco Realty
receivable
Corp., $55,000; net assets of Elbeco Realty Corp., $1,736,903; fixed assets
(at cost less depreciation), $330,799; goodwill, $1; total, $10,482,795.
Liabilities—Notes payable, $2,310,000; accounts payable, trade and sun¬
$30,810; accrued expenses and
for Federal income taxes, $60,000; contingent
$700,000; convertible 7% cumulative 1st pref.
stock ($100 par), $1,947,500; 0H% non-cum. 2d pref. stock ($100 par),
$1,189,800; common stock (150,000 no par shs.,), $178,000; surplus (result¬
ing from revaluations of fixed assets of Elbeco Realty Corp. ($1,413,174),
plus undistributed net earnings of such corporation) , $1,731,903; surplus
appropriated for pref. stock sinking fund, $300,000; earned surplus, $1,842,527; treasury stock (449 shs. of 1st pref. and 931 shs. of v. t. c. for 1st
pref. stock) at cost, Dr$73,815; total, $10,482,795.—V. 150, p. 1590.
dry creditors, $210,347; customers' credits,
taxes, $55,722; provision
and deferred tax liability,
Beech Aircraft
Corp.—Sales—
the month of July.
by this corporation.
Production was maintained at practically a
$3,000,000 yearly level, while extensive plant and equipment expansion
was proceeding, and a large amount of engineering and development work
was going gorward, in the interests of the National Defense program.
Received from the Philippine Army Air Corps was an order for a twinNet delivered sales of $244,861 were announced for
1940,
engine
U.
Beechcraft monoplane, similar to the airplanes delivered to the
405.
S. Army Air Corps.—V. 151, p.
Bendix Aviation Corp.
(& Subs.)—Earnings—
[Including Domestic and Canadian Subsidiaries]
y
1938
After interest, depreciation, Federal income taxes, &c.
fiscal year to end June 30, instead of Sept. 30.—
Company has changed its
V. 150, p. 2711.
Plan
Net income.
a
Period End. June 30—
Baldwin Rubber
9 Mos. End. June 30—
y
1938
1939
$1,090,128
$0.48
Stock
Employees'
On 2,771,750 shares
capital stock.
Works
541.
Company reported to the New York Stock Exchange that 1,838 shares of
capital stock were acquired during the month of July for the
account of an employees stock purchase plan making a total acquired under
such plan 59,038 shares.
The New York Stock Exchange has also been
advised that said plan has now been closed.—V. 151, p. 837.
Net
Corp.—Earnings—
x
$346,586
p.
$1,058,039
$1,690,039
$0.47
$0.75
x After interest,
Federal income taxes, depreciation, intangible develop¬
ment costs, &c.
y On capital stock.
Co .—Hearing Set by SEC—
The Securities and Exchange Commission ordered Aug. 19 a public
hearing on Sept. 9 at its regional office in New York to determine whether
the registration of the $1 par value common stock of the company should
not be withdrawn or suspended from registration on the New York Curb
Exchange.
The Commission stated in its order that the company had not filed an
annual report for 1939, and had asked for no extension of time within which
to file such report, even though the time for filing the report had elasped—
V. 149, p. 1169.
6 Mos. End. May 31—•
Net loss
$314,432
Loss —V. 151,
1940
6 Months Ended June 30—
profit
Earnings per share
Approve Merger
special meeting held Aug. 19 the stockholders approved the merging
of the Automatic Instrument Co. with the Automatic Equipment Corp.
and
14,594
(& Subs.)—Earnings—
Net
x
y
Bath Iron Works
Automatic Instrument Co.—Stockholders
At
x
431,812
common
Atlantic Gulf & West Indies SS. Lines—Obituary—
Vincent
Aug. 19 of
Gross income
Interest
Net profit
z
Earns per share
1940—3 Mos.—1939
1940—6 Mos—1939
$2,361,539
$1,144,214
$4,295,419
$2,168,210
$1.13
$0.54
$2.05
$1.03
After deprec., int., Federal income and undistributed profits taxes,
&c.
z On 2,097,663 shs. capital stock (par $5).—V. 151, p. 689.
y
Bethlehem Steel Corp.—■Minimum Wage Raised—
announced on Aug. 21 that it would guarantee minimum
all its steel plants effective
Company
earnings of 62 H cents an hour to employees in
The Commercial & Financial Chronicle
1136
Comparative Balance Sheet—
Belding Heminway Co.-
Accounts payable-
Cash la banks, on
band,
Accrued
in
and
transit..
a
$134,010
$153,781
46,706
73,292
37,869
106,615
4,008
1,579
3,530
expenses,
wages, Ac..
5160,021
$166,311
Accrued taxes
Accts., notes and
trade accept, rec.
•—trade
Accts.
rec.
768,047
41,114
d Common stock..
25,247
e
3,842
1,757,200
Shares in treas— £>rl47,lll
Miscellaneous 1 labs
Mise.accta,& notes
►•receivable.-.—Dep. with broker-
2,233,931
Merch, Inventories 2,334,994
Invest, in <fc adv.
to affiliated cos.
173,073
187,228
Capital surplus.
1,401,680
Earn. surp. since
Dec. 31, 1932.. 1,242,388
..
1,757,200
Drl35,397
1,415,833
March, 1938.—V. 150, p. 3812.
Boeing Airplane Co. (& Subs.)—Earnings—
6 Months Ended June 30—
Unfilled orders on hand
Gross sales...
Depreciation..——.——
73,640
75,160
$16,853
Cr30,612
82.932
$127,456
Cr28,244
84,339
,174
....
Other income..
Other deductions
.....
Net loss
5,000
74,263
738,078
709,885
115,301
108,803
185,972
187,872
1
——
—V. 150, p. 3502,
77,126
$183,550
1
--------
3347.
assets—
active mills, &c„
Bohn Aluminum & Brass Co.
Fixed assets—in-
paills
Deferred charges-
Goodwill—
x
y
Total—— .....$4,516,014 84,490,1201
Total—. ——54,516,014 $4,490,120
After reserve for doubtful accounts and notes, June 30,1940, $35,775,
Dec. 31, 1939, $37,552.
Reserve for discounts, June 30, 1940, $25,732,
Dec. 31, 1939, $29,194.
b After reserves for depreciation of $1,306,120 in
y
c After reserves for depreciation and obso$64,169 in 1940 and $67,447 in 1939.
d Represented by 465,032
1940 and $1,403,245 in 1939.
par shares,
e 38,932 shares in 1940 and 35,832 in 1939.
The income statement for 6 months ended June 30 was published in
V. 151, p. 980.
(& Subs.)—Earnings—
1940—6 Mos.—1939
1940—3 Mos—1939
Period End. June 30—
Net profit.—
$56,549
$728,165
$299,613
$0.16
$2.07
$0.85
x After depreciation, interest, Federal income taxes (at new rate in 1940)*
On 352,418 shares (par $5).—V. 151, p. 980.
Earnings
$349,897
$0.99
share...
per
Boston Woven Hose & Rubber
a
lesence of
—
^
Thread
Cos—-1-——-
►» active
......
————————
Operating loss
Other assets...—
Fixed
1940
1939
$52,932,702 $13,031,647
7,567,427
3,538,270
...
7,510,640
3,590,566
_
....
—
Cost of sales and operating expenses.
dep.
Summit
c
tive preferred stock, both payable on account of accumulations on Sept. 6
to holders of record Aug. 26.
These dividends will be the first paid since
1,149,111
under
agree, to purch.
cap. stk. of the
b
(E. W.) Bliss Co .—Accumulated Dividend—
Directors have declared a dividend of $1.50 per share on the 6% cumu¬
lative preferred stock and a dividend of $1.25 per share on the 5% cumula¬
credit
balances.
666,816
47,051
—
Cash
June 30 »40 Dec. 31 '39
Liabilities—
June 30 '40 Dec. 31 '39
Assets
Aug. 24, 1940
Co.—Special Dividend—
Directors have declared
a special dividend of $1 per share on the no par
stock, payable Aug. 23 to holders of record Aug. 22.
Directors
also declared a quarterly dividend of 50 cents per share on the common
shares payable Nov. 25 to holders of record Nov. 15.—V. 150, p. 1422.
common
no
1, 1940, in accordance with the requirements of the
Walsh-Healey Act, and that this would apply to all types of business handled
by the corporation, whether commercial or under government contracts.
The official announcement issued by the company follows;
"Bethlehem Steel Co. announced today (Aug. 21) that, in view of the
and after Sept,
on
requirement of the Walsh-Healey Act that any company producing products
of the iron and steel industry for the Government must comply with the
minimum wage determination for that industry made by the Secretary of
labor and in order to make its facilities fully available to help satisfy the
anticipated heavy demands of the Government for steel products for the
national defense program, the company will guarantee that the minimum
earnings of employees in Its steel plants will average 62H cents per hour.
"This guarantee will be effective from and after Sept. 1, 1940, and
will apply to employees in those plants receiving the common labor rates
or more, including those employed on commercial as well as on Government
work."—V. 151. p. 689.
Bower Roller Bearing
6 Mos. End. June 30—
x
Net profit.
Earnings
x
per
Co.—-Earnings'—
1939
$428,336
$1.42
1940
$669,310
$2.23
—
share.
1938
1937
$142,493
$0.47
$742,311
$2.47
After depreciation, Federal income taxes (in 1940 based on new Revenu®
Act), &c.—V. 150,
p.
3195.
(S. F.) Bowser & Co., Inc. (& Subs.) —Earnings —
Period End. June 30—
1940—6 Mos.—1939
1940—3 Mos.—1939
Net profit after all chgs.
& Federal taxes
$27,669
4
$40,988
$0.05
$0.08
$1,793
loss$35,678
Earns, per sh. on 437,610
com.
shares
-
Nil
Nil
—V. 147, p. 2385.
Bradley Knitting Co. (Wis.)—Reorganization—
Company, which is being reorganized under the Bankruptcy Act, has
creditors a letter signed by John O'Brien, trustee, that company
proposes to pay 100% on the dollar, payments beginning in January, 1941.
The company borrowed $165,000 from the Reconstruction Finance
Corporation in June with the understanding that it could borrow $35,000
more for new plant and machinery costs.
Later the decision was made
to sell the Milwaukee plant which, it is estimated, will bring $75,000.
At present there are orders on hand of $200,000.
Assets total $700,000 at book value, as against $150,000, secured, owing
to J. P. Maguire Sc Co., $85,000 owing to general creditors, and the $165,000
loan claim of the RFC.—V. 146, p. 1542.
sent
Birmingham £lectric Co.—EarningsPeriod End. July 31—
1940—Month—1939
$624,984
$641,389
423,181
407,475
Operating revenues..
Operating expenses
Direct taxes..
81,378
—...—.
Property retire,
1940—12 Mos.—1939
83,607
$7,831,069
5,072,779
989,807
$7,592,833
4,864,353
956,082
600,000
reserve
50,000
50,000
600,000
—
309
310
3,714
3,726
Net oper. revenues—.
Other income (net)—...
$70,116
403
$99,997
318
$1,164,769
4,603
$1,168,672
4,613
Gross income—...,—
Int. on mortgage bonds.
$70,519
45,750
Other int. and deduct'ns
4,314
$100,315
45,750
4,328
$1,169,372
549,000
53,400
$1,173,285
549,000
52,866
appropriations—.....
Amortiz. of limited-term
investments..
Brewing Corp. of America—Earnings—
9 Months Ended June 30—
Net profit after deprec. & estimated
Federal income taxes—
Earnings per share
common
Net income
$20,455
$50,237
Dividends appiic. to pref. stocks for the period..
$566,972
429,174
$571,419
429,174
Balance................................
—Y. 151, p. 541.
$137,798
$142,245
....
_
Period End. June 30—
$0.57
——
British Columbia
—V.
$88,530
Period—
Operating profitPro v. for depreciation..
—
1940—6 Mos.—1939
$57,762
$249,820
$190,668
149, p. 3710.
Period End. June 30—
Net profit-.
.
Shares com. stk. (no par)
1940—3 Mos.—1939
$329,349
377,179
$0.87
—
Packers, Ltd. (& Subs.) —Earnings—
Earnings per share.....
x
$704,351
377,179
$1.86
After Interest, depreciation, Federal income taxes, &c.
$371,380
372,845
$1.00
V. 150, p. 3195.
Year End.
16 Mos.End
259,996
a23,301
Year End.
263,628
13,315
272.034
34,392
263,813
b46,923
tive salaries.
Legal fees and
—
—
—
30,116
4.245
—
expenses-
24,900
3,207
10,031
Profita
—
--
—
369,935
1,500
4,020
I
$390,632
—
interest
$63,779
$100,047
_
remuneration
Includes
37,695
2,375
22,450
2,102
3,776
5,000
2,475
6,296
Deb. redem. expenses-_-
Bond disct. & expense--
1940—9 Mos.—1939
$179,063
372,845
$0.48
$0.77
Management and execu¬
Directors'
Mfg. Co. (& Subs.) —•Earnings—
$0.73
Apr, 30, '40 Apr. 30, '39 Dec. 31, '37 Dec. 31, '36
$1,111,184
$518,693
$414,020
$412,793
Prov. for Prov. taxes
Black & Decker
x
— -
Interest on debentures__
1940—3 Mos.—1939
Net profit after all ch'g's
but before Fed. taxes.
1938
$560,244
837.
Year End.
Birtman Electric Co .—Earnings—
1939
$527,610
725,000 shs.
on
stock
—V. 151, p.
1940
$417,515,
—
bonds,
on
57,881
2,350
1,675
$132,802
b Interest
on
bonds.
Consolidated Balance Sheet April 30,1940
Assets—Inventories, $2,594,847; unexpired insurance, &c., $9,030; bills
receivable, advances to fishermen and others, secured and
unsecured (less reserve), $572,741; cash on hand and in transit, $54,956;
freehold lands (at 1938 assessed value), $133,553; leasehold lands (at
nominal value), $1; buildings, plant, machinery, floating eouipment, &c.
(net, $2,473,124; licences, trade markes, goodwill, &c. (at book values),
$1,091,336; deferred charges, $56,593; total, $6,986,180.
Liabilities—Bank loan and overdraft (secured), $378,575; sundry creditors
(including accrued interest, &c.), $681,915; bill payable, $56,007; reserve
for income and other taxes, $356,312; deferred liability, $304,992; first
mortgage serial bonds, $250,000; convertible 5% 15-year first mortgage
(sinking fund) bonds, $700,000; common stock (136,279 no par shares),
$3,600,000; earned surplus, $658,377; total, $6,986,180.—V. 149, p. 1907.
and accounts
Black Hawk Consolidated Mines
6 Months Ended June 30—
Receipts gold-silver bullion shipments....
Receipts from milling ore for other..
Total Income from operations
Cost of custom ore purchased-
CoEarnings—
1940
$257,706
25,912
$70,386
8,519
$42,800
7,091
$49,891
12,205
14,638
$48,959
$23,048
.
.......
Total income
Income charges..........
$249,452
8,253
$78,905
14,481
15,465
.....
Net profits.
13,271
$310,604
41,023
186,792
12,403
......
Mining and milling expense....
General administrative expense.....
Income credits
1939
$297,333
—...
....
Depreciation and depletion...........
Net profit before income tax charges..
....
174,615
14.378
Brooklyn Edison Co., Inc.—Obituary—
Harry Ray Woodrow,
Balance Sheet June 30, 1940
inventories, $74,720; sundry assets, $3,387; fixed assets (less reserves for
depreciation, depletion and amortization of $435,481), $2,007,119; deferred
charges, $29,260; total, $2,152,981.
Liabilities—Notes payable (American Nat. Bank, Silver
City, N. M.),
$2,000; accounts payable, $20,103; accrued accounts, $23,180; notes pay¬
able (officers and stockholders), $7;184; deferred
liabilities, $13,856; longliabilities, $165,150; capital stock (par $1), $1,606,735; donated sur¬
plus, $83,720; paid-in surplus, $422,600; deficit from operations, $191,548,
total, $2,152,981.—V. 149, p. 1170.
term
Blaw-Knox Co. (&
Net
profit after int.,
capital stock.
...
Brown-Forman Distillery Co,—Name Changed—
$602,717
$211,086
$0.45
$0.16
loss$16,476
Nil
expenses, $7,359,067; depreciation,
$337,561; operating profit $731,569; other income, $107,148; total income,
$838,717; Interest and amortization, $54,426; provision for Federal and
State income taxes, $181,574; net profit, $602,717.
Regarding the unconsolidated subsidiaries, the company states that in
view of the foreign situation no change in the equity of Blax-Knox in its
foreign subsidiaries not consolidated can be reported at the present time.
The company's unconsolidated domestic
subsidiary incurred an operating
loss of $143,671 in the six months ended June 30, 1940, of which
$109,923
was attributable to the first quarter of the year.
A total of $250,000 was
provided as a reserve for contingencies.—V. 151, p. 689.
Corp .—New Name—
1938
Consolidated income account for six months ended June
30,1940, follows:
'EfeS. 52168' $8,428,197; costs and
being solicited from common stockholders of BrooklynManhattan Transit Corp. and Brooklyn & Queens Transit Corp. by a com¬
mon
stockholders' independent committee composed of Raymond S.
Fanning, Chairman, Harry C. Thompson and John N. Gordohn.
This committee is seeking to obtain from the proceeds of the sale of the
two companies to New York City an immediate partial liquidating payment
on each share of B.-M. T. common of at least $20 face value of New York
City corporate stock, and of $3 face value of corporate stock on each B. Q. T.
common share.
"After payment of this initial partial liquidating dividend,
sufficient assets will remain not only to pay all remaining obligations of the
companies but to make substantial additional liquidating payments from
time to time as rapidly as the remaining assets can be sold,"the committee
states.—V. 151, p. 981.
are
See Brown-Forman Distillery Co.
1939
deprec., Fed."
income taxes, &c..
Earns, per share on 1,334,458 shares
of
1940
-Liquidating Pay-
Sought—
Brown-Forman Distilleries
Subs.)—Earnings —
6 Months Ended June 30—
director of this company, died on Aug. 13.—V.
Brooklyn-Manhattan Transit Corp.
ments
Proxies
Assets—Cash on hand, in banks and due from U. S.
Mint, $24,309;
bullion ready for shipments, $13,319; accounts receivable, sundry, $867;
a
151, p. 838.
Stockholders have approved changing company's name to Brown-Forman
Distilleries Corp.
Step was tasen to facilitate handling of various sub¬
sidiaries.—V. 151, p. 240.
Brown Oil
Corp., Ltd.—Stock Reduction Approved—
Stockholders recently approved a proposal to reduce par value of preferred
shares from $100 to $92.50 per share and distributed $7.50 per share to
preferred shareholders.—Y. 151.
p.
406.
Bowman Biltmore Hotels Corp.—Earnings—
7 Months Ended July 31—
Net loss after ordinary taxes, rentals and interest
but before amortization
:
1940
$50,744
July, 1940, loss $40,086 before amortization against
July, 1939.—V. 151, p. 406.
a
1939
$5,628
loss of $22,223 in
Volume
Brown Fence &
1939
1940
Federal income
dprec., interest,
taxes, &c
Earns, per sh. on
99,064 shs. cl. A stock (no
thereafter
$162,906
$1.64
$118,735
$1.20
par)..
981.
151, p.
Co.-—Participating Dividend—
Budd Wheel
participating dividend of 25 cents per share in
quarterly dividend of $1.75 per share on the 7% pref.
stock, both payable Sept. 30 to holders of record Sept. 16.
Like amounts
were paid in two preceding quarters.—V. 151, p. 542.
lease
Directors have declared a
addition to regular
Co.—Earnings—
Bulova Watch
$1,750,945
820,252
$1,147,688
664,340
$930,693
15,205
$483,348
15,800
$265,766
13,324
$800,187
7,495
$945,898
$499,148
$279,090
$807,682
147,738
profit
Expenses.
104,589
20,914
130,648
104,128
operations
Profit from
Other income
Gross income.
x
Other charges
—
$552,085
Net profit
324,881
outst'g-
Shs. ofcom.stk.
$1.70
provision for doubtful
Earnings per share
Includes
RR.
Earnings for Years Ended
69,795
/Revenues
19301931--
1932-_
1933
1935—
1936—.
1937—
1938—
1939—
1939
1940
30—
Net profit after all charges and Federal taxes
Earns, per sh. on 100,000 shs. common stock
—V. 146, p. 3947.
6 Months Ended June
$25,160
$0.25
loss$l 1,384
Nil
1939a-
1940—a
[Excluding Bush House,
6 Months Ended June
30—
Fed. inc. taxes,
Profit after depreciation,
Before Federal income taxes,
company's bonds.—V. 151, p.
Bush Terminal
Quarter Ended June
Gross
&c
b Includes
xl939
644,717
62,631
1940
Depreciation
684,530
62,558
Net loss
$27,110
Net loss for the six
with
a
net
Copper & Zinc Co.—Earnings —
End. June 30—
1940—3 Mos.—1939
1940—6
and/consolidated mortgage, to be
which the bonds
counsel, will be first lien
and collateral
The lien will
appurtenant
equipment title to
be issued in
than $50,000,000 of bonds may be outstanding at any one time under the mortgage.
The lien of the mortgage, sinking fund provisions and, with certain ex¬
ceptions, other provisions thereof may be modified by vote of holders of
comparing
p.
3348.
Butte
Period
loss after
Net
—V.
Mos.—1939
expenses,
$9,371
$10,344
$3,996
$4,418
&c
150, p.
taxes,
66 2-3% of
3196.
x
stock.—V. 151, p. 99.
Junction to
{
Insurance—Extra Div
Directors have declared an extra dividend of 50 cents per share on the
stock, par $5, payable Sept. 16 to holders of record Aug. 31*
Regular semi-annual dividend of 50 cents previously declared also bears
California Western
States Life
common
dates.—V. 148, p. 574.
Zinc-Lead Co.—Earnings—
June 30,'40 June 30,'39 June 30,'38 Afar.
Callahan
3 Months
Ended—
Net loss after
expenses,
Including
31,'38
x$67,056
$13,766
$29,996
and expenses incurred in settlement of Goldstone
prof$2,442
taxes,deprec'n, &c
x
$53,505 cost
3814.
suit.—V. 150, p.
Net income
Earns,
per
Ltd.—Earnings—
Ended June 30—
after deprec., income taxes,
share on 150,662 shares
1940
$380,000
&c
of class B
National Ry.—Earnings of
End. July 31—*
1940—Month—1939
Canadian
22,395,032
18,222,446
Operating revenues
Operating expenses
4,172,586
Net revenue-
Earnings of the System
—V. 151, p.
1940
$4,656,772
20,372,668
Aug. 14
1939
$3,496,774
103,245,178
103,535,668
def290,490
Increase.
$1,159,998
Co
BancOhio Securities Co
A. G. Becker & Co., Inc
Baker, Watts &
Blair & Co
Increase
1939
Blyth & Co., Inc
Alex, Brown & SonsCentral Republic Co
Courts & Co
$3,426,000
$2,624,000
$802,000
-
...
Merle-Smith
& Co., Inc.-—.
Dillon, Read & Co
R. S. Dickson
Drexel & Co
stock,
paid
1939 —V. 151, P. 100.
Clinchfield & Ohio Ry .—Bonds Offered—
syndicate headed by Morgan Stanley & Co., Inc., offered
4% bonds, series A, due
Principal, interest
redemption of these
bonds.
Mellon
Merrill
1.50,000
150.000
Securities Corp
—
Lynch, E. A. Pierce
Cassatt
<fc
—
Merrill, Turben& Co
F. S. Moseley & Co
Pressprich & Co
Robinson-Humphrey Co
Smith, Barney & Co
Stone & Webster and Blodget,
R. W.
250,000
100,000
300,000
300,000
100,000
1,100,000
300,000
Inc
Spencer Trask &
Union Securities
White. Weld &
300,000
Co
400,000
400,000
Corp
Co
300,00
Giving Effect to Present
4% bonds,
Stockholders Approve
Financing
$22,150,000
25,000,000
New Mortgage—
meeting Aug. 22, approved the
exceeding $50,000,000 and of a
creation of a new
at a special
bonded indebtedness, not
mortgage on
ness.—V. 151, p.
the company's
838.
Stockholders of the company
new
guaranteed
endorsement, jointly and severally, by the Atlantic
RR. and the Louisville & Nashville RR., lessees
of
the
Clinchfield.
Other bankers offering the bonds
included Harriman Ripley & Co., Inc.; Smith, Barney &
Co.; The First Boston Corp.; Blair & Co., Inc.; Mellon
Securities Corp.; Drexel & Co.; W. E. Hutton & Co.;
J. J. B. Hilliard & Son, and Equitable Securities Corp.
Dated Sept. 1, 1940; due Sept. 1, 1965.
Interest payable M-S. Semi¬
annual non-cumulative sinking fund of $110,750 to be applied to the pur¬
Co.-
Mason-Hagan, Inc
600,000
100,000
600,000
600,000
600,000
100,000
100,000
700,000
series A, due Sept. 1, 1965
Capital stock (par $100)
—Company carried on its books, as of Dec. 31, 1939, as a liability, $1,573,000 Clinchfield RR. 2t£% equipment trust certificates, dated March 1,
1937, due $121,000 on March 1 of each year from 1940 to 1952, inclusive,
which certificates are the joint and several obligation of the lessees and are
not an obligation of the C. C. & O.
Carrier
by
Coast Line
W.L. Lyons &
1,100,000
300,000
-
Higginson Corp
Brothers
Lehman
300,000
Co—600,000
& Co
& Son
E. Hutton & Co
1st mtge.
Carolina
Aug. 23 $22,150,000 1st mtge.
1965, at. 102^ and accrued interest.
and sinking fund payments are unconditionally
Lee
Co
Capitalization of C. C. & O.
Ltd.—Extra Div.—
hazard Freres &
300,000
J. J. B. Hilliard
& Co
Co
W. W. ban ah an
1,100.000
200,000
Hay den. M iller
& Co—
Ladenburg, Thalmann
150,000
& Co , Inc.(Inc.)
Amount
Name—
[
$100,0001 Johnson,Lane,Space & Co.,Inc. 100,000
150,000 I Kidder, Peabody & Co
600,000
Kuhn, Loeb & Co
1,350,000
100,000
250.000
1,000,000
600,000
300,000
250,000
100,000
250,000
100,000
1,200,000
600,000
Equitable Securities Corp
Estabrook & Co
—
The First Boston Corp
First of Michigan Corp
W.
Cariboo Gold Quarts Mining Co.,
have declared an extra dividend of two cents per share in addi¬
tion to a quarterly dividend of four cents per share on the common
both payable Oct. 1 to holders of record Sept. 4.
Like amounts were
on July 2, April 1 and on Jan. 2, last.
Extras of one cent were paid on Oct.
3 ana April 1,
—-
Dick &
981.
Directors
chase or
Inc
Harriman Ripley
1940
-
Harris, Hall & Co.
Week Ended Aug. 14
Traffic earnings
A
,
Goldman, Sachs &
Ry.—Earnings—
Earnings for the
2, July
Amount
Almstedt Brothers
Glore, Forgan &
981.
Canadian Pacific
—V. 150, p.
System—
1940—7 Mos.—1939
for the Week Ended
Gross revenues
1939
$154,838
$0.21
15,563,648 136,076,583
15,348,721 115,703,915
214,927
of the bonds.
Name—
$1.51
stock
—V. 150, p. 684.
common
Period
or,
the offering
Cable Co.,
Canada Wire &
6 Months
and the
have agreed
purchase
FortyStanley
& Co., Inc. to sub-underwrite $18,650,000 principal amount of bonds.
Sinking Fund—The company covenants that so long as any bonds are out¬
standing it will pay or cause to be paid to the trustee on March 1, 1941,
and
each Sept. 1 and March 1 thereafter as and for a sinking fund for
such bonds the sum of $110,750. The said amounts are to be applied by the
trustee, up to a date 60 days prior to the next interest payment date, to the
purchase for cancellation of bonds, if the same can be purchased at not
exceeding the redemption price on the next ensuing interest payment date,
if such purchases cannot be made within such time limit, then if the
amount in the sinking fund is $25,000 or more, the same shall be applied to
the redemption on the next interest pqyment date of bonds to be drawn by
lot, accrued interest in either case to be paid out of moneys other than
sinking fund moneys. Such purchases may be made by the trustee from the
C. C. & O. or the lessees at the fair market value of the bonds (exclusive
of accrued interest) but in no event at a price in excess of the redemption
price on the next ensuing interest payment date.
Sinking fund payments
may, at the option of the C. C. & O. be made in cash, or in bonds at the
prevailing redemption price or at the cost thereof to the C. O. & O. or the
lessees, whichever is less, or partly in cash and partly in bonds.
Sub-Underwriters—By separate agreements dated Aug. 22, 1940 with
Morgan Stanley & Co., Inc., the investment banking houses named below
have severally agreed to sub-underwrite, to the extent indicated, a part of
on
RR.—Abandonment—
Cairo Truman & Southern
The Interstate Commerce Commission on Aug. 2 issued a certificate per¬
mitting abandonment as to interstate and foreign commerce, by the company
of its entire line of railroad extending northward from Weona
Weona, 3.83 miles, in Poinsett County, Ark.—V. 135, p. 1326.
similar
affected.
and conditions, the railway
the sale, acting for and on behalf of the railway)
to sell to Morgan Stanley & Co., Inc. and the latter has agreed to
the bonds at 100H% plus accrued interest to the date of delivery.
five investment banking houses have agreed severally with Morgan
x
On common
outstanding bonds
Purchase—Subject to certain terms
lessees (as to
(& Subs.)—Earnings—
Period End. June 30—
1940—3 Mos.—1939
1940—12 Mos.—1939
Net profit$59,820
$173,372
$653,362
$200,308
Earnings per share
y$1.05
z$0.28
z$0.97
y$3.53
After taxes, depreciation, Federal taxes, &c.
y On 7% pref. stock,
(A. M.) Byers & Co.
z
the
of
from the sale
with
be used;
1940/^3,000,000
& consolidated
later
3%),
principal
Tirst,.^consolidated mortgage 5% bonds, series B, due
April 1, 1956, now pledged as collateral for the note.
Security—Upon release of the first
obtained on delivery of these bonds, theynortgage under
are to be issued, in the opinion of the railway's
a
on 265 miles of railroad now owned in fee by the railway,
a
first lien on the 18 miles of railroad of its railroad subsidiary.
also attach to all physical property now owned by the railway
to or used as a part of any of its lines of railroad and to
which is now vested in the railway.
Additional bonds may
series ranking pari passu with the series A bonds but not more
$18,024
effect to settlement of claim in dispute.
months ended June 30, 1940, was $57,426,
loss of $41,495 in the first six months of i939.—V. 150,
Revised to give
x
amount
$689,324
$719,978
-
the $22,150,000 new bonds amount to $886,Clinchfield RR. 2fi% equipment trust certificates
$37,958 during 1940.
Purpose—The net proceeds to be received by the railway
of the bonds ($22,260,750 exclusive-jrf accrued interest), together
funds to be provided by the lessees tb-tlje extent required, will
(1) to retire on or before Deer 15,
first
mortgage 6% bonds, series. A, due Dec. 15/1952 and (2) to pay not
than Jan. 15, 1941, a $14450,000 5% promissory note (current rate
due May 27,1943, and in connection therewith to retire a like
99.
&c
Charges
$2,300,401
1,693,842
1,060,039
1,913,093
2,058,346
2,058,999
2,587,908
3,227,518
2,261,432
3,295,577
1,392,313
2,103,896
$2,138,821
1,621,378
1,026,720
1,894,874
2,043,294
2,047,003
2,575,949
3,207,138
2,237,387
3,286,120
1,385,066
2,097,990
will amount to
Co.—Earnings —
Expenses, taxes, insurance,
Inc. Avail.
for Fixed
Net Railway
Operating
Income
June 30.
Fixed charges on
000.
1940
1939
b$69,985
a$ll,060
$118,227 profit on purchase
30—
earnings
Six months ended
a
Ratio
66.46%
65.26
65.79
55.36
57.62
58.08
55.35
52.89
55.47
48.23
51.61
45.32
$3,998,345
3,530,509
2,670,470
2,680,682
2,998,826
3,087,169
3,500,532
3,638,982
3,273,385
3,509,476
1,703,219
2,004,894
$6,015,814
5,410,060
4,058,976
4,842,179
5,204,314
5,314,958
6,324,863
6,880,009
5.900,718
7.276,464
3,300,198
4,423,548
Dec. 31
Operating
Annual interest charges on
Co.—Earnings—
Ltd., Wholly-owned Subsidiary]
Bush Terminal Buildings
a
—
1934..
Co.-—Earnings—
Burd Piston Ring
Railway
Operating
Expenses
Over.
151, p. 99.
of
Co.
Railway
171,536
$263,911
$154,048
$566,351
324,881
324,881
324,881
$0.81
$0.47
$1.74
notes and accounts receivable.—V.
246,075
Deprec. and taxes
x
1938
1937
$692,451 $1,448,172
426,685
647,985
1939
1940
3 Mos. End. June 30—
Gross
1,
thereafter
upon
Year Ended July 31—
—V.
Redeemable at option of road, as a whole or in part, on any int. date
45 days' notice at following prices and accrued int.: to and incl. Sept.
1945, at 107H%', thereafter to and incl. Sept. 1, 1950, at 106%;
to and incl. Sept. 1, 1955, at 104H%; thereafter to and incl. Sept. 1, 1960,
at 103%; thereafter to and incl. Sept. 1, 1963, at 101H%; and
at any time upon 45 days' notice at 100%.
In the opinion of counsel these
bonds upon issuance will be legal investment for savings banks in the States
of New York, New Hampshire and California.
Issuance, guaranty and sale of these bonds are subject to authorization
by the Interstate Commerce Commission.
Comvany—The Coast Line and the L. & N. jointly and severally
all the property of the railway and its wholly owned railroad subsidiary.
The railway and this subsidiary own 283 miles of railroad. The lines extend
from Elkhorn City, Ky., to Spartanburg, S. C., and are separately operated
under the name "Clinchfield RR. Co." (unincorporated lessee organiza¬
tion) by the lessees. The railway's lines form a direct trans-mountain route
connecting the central west and the Ohio Valley with the Piedmont section
of the Carolinas and with the Southeast, serving Kentucky and Virginia
coal fields.
During 1939, coal and coke provided about 52% of the freight
revenues and about 66 % of the revenue freight tonnage of the Clinchfield
Wire Co.-—Earnings—
Net profit after
1137
Commercial & Financial Chronicle
The
151
6 Months
Net
share on
2085.
(A. M.) Castle
Period End. June
Net profit
& Federal income taxes
390,808 shares of com. stock
_
& Co.—Earnings—
1940—3 Mos.—1939
30—
$92,319
Earnings per share.
$0.38
x After depreciation, Federal income
capital stock.—V. 151, p. 543.
y
bonded indebted¬
Corp.—Earnings—
Ended June 30—
profit after charges
Earnings per
—V. 150, p.
x
properties to secure the
$0.19
taxes, &c.
A9£0 —
$278,698
$0.71
1939
$147,642
$0.38
1940—6 Afos.—1939
$192,518
$80,964
$0.80
y
$0.34
On 240,000 shares
of
1138
The Commercial & Financial
Chronicle
Caterpillar Tractor Co.— Earning s-
Aug. 24, 1940
-
12 Mos. End. July 31—
Net sales
w
Cost of sales, o per. exps.,
&c., less misc. income.
1940
1939
1938
of the company's plant and
property during the period from
to Dec. 31, 1941, which is estimated
at $14,754,000.—V.
Profit
45_,821,105
39,975,758
$8,152,560
2.485,759
$9,667,686
222,227
101,040
$5,666,801
303,599
15,614
$4,792,173 $14,017,963
458,251
513,889
2,317,905
1,300,321
$4,654,465
—
Interest earned
Interest paid
—
Prov. for Federal taxes_
Central Indiana Gas
$7,106,949 $16,081,119
2,314,776
2,063,156
$7,470,968
Depreciation
52,988,135
-$12,203,787
2,536,101
Gross profit
-
Net profit..
9,851
5,162,074
8,993,998
Accounts payable.
1,871.914
Notes payable
7,110,206
4,500,000
8,943,680
Accrued
Liabilities—
Cash
Notes,
warrants
<fc accts. receiv..
Inventories
(est.).18,322,869 14,883,256
Pats., trade marks
and
1
1
chinary & equip.19,935,824 19,847,399
Prepaid
expenses
&c......
Total
59,732
$13,034,047
b After
in
reserve
1939.
5% preferred
d Common
Period End. July 31—
expenses
Direct taxes
Amort,
of
res. appro p.
limited-term
investments.
Gross income
on mtge. bonds.
Other interest
Int. chgd. to construc'n.
1,882.240
no
shares.
par
$4,205,725
2,065,147
875,613
425,000
2,004,320
715,061
447,300
2,913
34.960
$1,108,867
227,500
18,958
1,014
Net operating income-
9,385
$873,145
108,054
At
$702,011
Co.—Listing —
a
resolution
declaring the plan and
a
$184,934
$175,910
Oper.
$7,962,481
5,415,329
expenses and taxes
Net
$2,250,856
Dr6,791
$2,133,640
Drl0,063
$2,244,065
$2,123,577
520,605
Provision for retirements
$4,840,639
2,706,999
$2,745,395
5,987
$5,140,963
12,708
$5,368,223
$2,552,004
862,964
$2 ,751,383
1 ,107,183
$5,153,670
1,742,329
$5,380,546
188,144
40,859
125,647
23,978
372,892
68,866
29,020
12,247
702,356
23,675
746,103
1,440,432
739
20,679
1,479
175,560
$715,673
$704,117
$1,468,662
$1,274,738
_
and expense
General interest (net)__
Amortiz. of pref. stock
refunding
expense
Other income deductions
Divs. paid or declared.
Bai. of div. requirem'ts
not paid or declared.
-
Note—Consolidated
462,429
and
41,653
17,357
$308,000
656,975
7,638
$1,661,148
831,729
4,477
6,502
6,013
12,445
3,286
$987,156
$801,173
64,451
2,764
Net income..
net
1940
1939
Liabilities—
$
Prop., plant & eq. 28,669,020
S
27,768,618 a Common stock.
6 310,570
Miscell. investm'ts
6.310,570
407
2,486 Long-term debt
17 ,500,000
Special deposits...
17,750,000
332
4,512 Accounts payableCash
318,064
271,117
187,753
457,740 Interest accrued
Acc'ts receivable..
79,487
76,681
377,159
336,104 Taxes accrued
Other receivables.
219,576
218,937
96,478
82,248 Sundry accruals
Appll'ces on rental
6,422
11,054
45,805
60.027 Consumers*
depos.
153,538
Mdse.,
mat'ls
&
142,336
Serviceext. deps_.
supplies
6,868
9,086
380,403
395,786 Def'd credit ItemsPrepaid Ins., taxes,
13,253
18,999
246,192
47,281
43,036
1,358,821
preferred stocks
amounting to approixmately $435,000
the respective six months
periods is not
in
Statement oj Income oj
Company Only
1940—3 Mos:—1939—
Period End. June 30—
From sub. cos.
Income:
1940—6 Mos.—1939
consolidated:
on com.
stock..
$390,596
on
.
Net income
a
$623,519
184
1
3,738
60
6,755
7,420
$393,922
25,179
2,645
$315,651
8,320
8,566
$752,632
47,675
4,812
21,126
$631,183
12,979
11,197
18,742
$679,020
16,178
$588,265
11,710
funded debt—
Other interest
9,135
$354,389
16,178
2,723
$289,629
$335,488
Including $10,111 paid
—V.
184
30
Income taxes
Int.
$745,692
123
3,265
Total
Gen. & admin, expenses_
Taxes
a
$311,759
61
Divs. on pref. stocks
Interest on bonds
Other income
Gross income
S
2,234,917
income
Balance Sheet June 30
1939
on
12,324
available for
distribution to Central & South
West Utilities Co.
because of prior years'
dividend arrearages on the
preferred stocks of certain
subsidiary companies.
Divs.
$1,723,460
Subs.)—Earns.
4,853
Gross income
Int. on long-term debt.
Amortiz. of bond disc.
Income
Long-term debt interest
Other interest
Amort, of debt discount and
expense
Federal and State tax on
long-term debt interest..
Other deductions
$1.16 2-3
operating income. $2,547,151
Other income (net)
1939
$5,322,035
3,071,179
of
1940—6 Mos.—1939
$7,783,701 $15,937,930 $15,293,575
5,038,306
10,796,967
9,925,352
Provision for dividend
requirements for the period
of
subsidiary companies held by the public.
Co.—Earnings—
Gross income before
prov. for retirements
dividend
1940—3 Mos.—1939
revenues
a
1940
a
Central & South West Utilities
Co. (&
Net income
s
$45,454
Sept. 3, 1940.—V. 151,
a
1940
$426,169
250,259
the
a
Assets—
$427,551
242,616
$41,268
Period End. June 30—
agreement
Gross
60,620
meeting held Aug. 20, directors declared
Operating
1940, the corporation called its
5-year first mortgage 6% con¬
vertible bonds, due
Sept. 1, 1941, for payment on
Sept. 1, 1940.—Y. 151,
p. 982.
12 Months Ended June
30—
$106,074
59,656
691.
page
On Aug. 2.
Central Illinois Electric &
Gas
250
$100,924
$425,919
7% cumulative preferred stock and
$1 per snare on the
6 % cumulative preferred stock of
the
company as payment on the dividend
accumulations in arrears.
These dividends will be
payable Sept. 16, 1940
to stockholders of record
at the close of business on
The New York Stock
Exchange has authorized the listing of
8,622 addi¬
tional shares of common stock
upon official notice of issuance in
conversion
of extended general
mortgage bonds and extended convertible
notes, and
125,514 shares of common stock
previously authorized for listing,
the total amount of
making
common stock applied for
829,893 shares.
Directors at a meeting held June
25 adopted resolutions
plan and agreement dated
promulgating a
July 1, 1940, for the extension and
modification
of the corporation's
general mortgage bonds due
Sept. 1, 1941, and its 4%
convertible notes due
Sept. 1, 1941.
The plan and agreement
that the general
provides
mortgage bonds and 4 % convertible notes be
extended to
Sept. 1, 1946, and in consideration of such
extension the corporation
10% of the principal amount
prepay
of the bonds and notes in
cash on
Sept. 1,
1940; increase the conversion
rights so that the general
and 4% convertible notes
mortgage bonds
will be convertible at the
option of the holders
thereof after Sept.
1, 1940, and on or prior to
Aug. 17. 1946, into common
stock at the rate of
$5 per share; and increase the interest
rate on the notes
to
Aug. 1 adopted
279
150, p. 3968.
per share on
on
$427,271
7
Central Power & Light
Co.—Dividends—
Balance
-V. 151. P. 543.
1940—12 Mos.—1939
$1,630,702
$1,601,783
1,203,430
1,175,864
$106,067
Net income
—V.
surplus,
3349.
31
Gross income
Interest & other deduct.
$810,065
108,054
$765,091
common stock
$100,893
Other income,
$1,046,401
227,500
8,836
p.
1940—3 Mos.—1939
$382,214
$379,828
281,322
273,761
revenues
Oper. expenses & taxes._
42,317
$98,648
pref. stock ($100 par), $500,000;
Co.—Earnings—
Period End. June 30—
Operating
$1,004,084
19,001
Central Power
34,960
$1,089,866
15-
cum.
$197,019; total, $11,867,553.—V. 150.
1940—12 Mos.—1939
$4,490,586
$78,676
Dividends applicable to pref. stocks for
period
5%.
Directors
effective.
$110,240
sundry ac¬
cruals, $900; consumers' deposits,
$149,131; service extension
deposits,
$17,150; retirements reserves, $1,229,215;
uncollectible accounts,
$56,983;
contributions for extensions,
$3,994; other reserves, $103; earned
Co.—Earnings—
$64,745
Central Foundry
541
1,172
$80,256
Liabilities—6Yi%
by
669
570
1,300
(54,000 no par shares), $4,648,970; first
mtge bonds, $2,956,000;
property
purchase obligation, $82,521; notes
payable, $1,625,000; accounts
payable,
$176,162; interest accrued, $54,783; taxes
accrued, $169,621;
$14,319,378 in 1940
Cr 1,163
income
669
and equipment, $11,205,021;
special deposits,
$604; cash, $81,978; accounts receivable,
$386,265; other receivables,
$10,903; appliances on rental, $4,735;
merchandise, $68,313; materials and
supplies, $52,549;fuel, $17,776; prepaid insurance,
&c., $3,821; unamortized
debt discount and expense,
$11,313; retirement work in
progress, $20,713;
other deferred debits,
$3,562; total, $11,867,553.
50,560,799 52,728,066
$98,633
$84,782
18,958
1,079
81,250
5,386
expense
bond interest—
Balance Sheet June 30, 1940
11,515,200
2,913
Interest
Net
...
Total
15
$338,683
139.425
81,250
7,578
Assets—Property, plant
$84,767
Net oper. revenues
Other income (net)
on
1,246,675
54,979
stock
1940—Month—1939
$440,842
$377,075
221,468
167,039
81,694
68,490
50,000
40,000
revenues
Prop, retire,
1,944,302
stock-
for depreciation of
Central Arizona Light & Power
Operating
Operating
$311,048
139,425
Net income.
9,411,200
9,411,200
Capital surplus...13,733,577 13,733,577
Earned surplus
18,349,331 14,927,820
d Represented
—V. 151, p.407.
Federal and State tax
Other deductions
236,654
not yet
presented lor red
50,560,799 52,728,066
Less reserves,
a
and
695,496
($100 par)
29,825
$445,481
106,798
———-——
Amortization of debt discount and
$
1,656,940
Pref. stk.
insur-
taxes,
116,568
payroll &
Res. lor Fed. taxes
goodwill...
b Land, bldgs.,ma-
1939
$
$500,205
Dr54,724
$427,616
Gross income
Bond interest
Note interest
Other interest
Balance Sheet July 31
a
$413,677
13,939
—
Provision for retirements.
$4,052,694 $11,907,525
1940
1939
$2,423,256
1,923,050
Net operating revenues before
prov. for retire'ts_
Non-operating income
8,929
1939
1940
$2,641,432
2,227,755
2,615,398
1940
Co.—Earnings—
12 Months Ended June 30—
49.586,130
1,187,880
May 31, 1940
151, p. 691.
1937
$65,191,922 $53,973,665 $47,082,707
$65,667,248
to
151, p. 839.
parent
—
—
—
$289,629
company
$660,119
on
$588,265
temporary financing.
__
&c
34,964
36,368
957,453
933,818
Unamort. debt dis¬
count & exp
Impts.
to
leased
property
Street lighting
tem
38,650
105,000
103,407
2,066
Other reserves
Capital surplus
Earned surplus
4,000,040
194,523
180,720
67,575
413,083
22,740
589*,430
work
In progress
Other def'd debits.
Total
a
,456,251
68,019
183,870
64,014
413,082
,205,884
105,000
sys¬
agreement.
Retirement
42,218
Retirement res've.
Uncollec. accounts
Contrlbs. for ext's
current
S.
Utilities Co. and its
subsidiary, Pennsylvania
mortgage bonds and other
own all of the first
liabilities, and all
panies.
30,998,898 30,254,151
New
Privately—Stock
no par
shares.—Y.
York Power
to Parent
Total
30,998,898 30,254,151
150, p. 3349.
Corp.—Plans
to
Sell
Bonds
Company—
The company
Aug. 19 filed an application
with the
change Commission under the
Securities and Ex¬
Public Utility
Holding Company Act of 1935
regarding the issuance and sale of
$6,000,000 of 3H % general
bonds, due 1965, and 105,263
mortgage
shares of common
stock.
sold privately to the
The bonds will be
Equitable Life Assurance
at 101 and accrued
Society of the United States
interest, while
the common will
be sold to the
parent
Niagara Hudson Power
Corp.,
According to the application,
company,
Dallas Rupe & Son,
syndicate managers, of
Dallas, Texas, for $3,340,000.
The companies to be
sold are Louisiana
Public Utilities Co., Inc.; Texas
General Utilities Co.,
Panhandle Public
Service Co.; Arizona General
Utilities Co., and Arkansas
General Utilities
Co.
Corp.,
6,487
common stock will be
at $28.50 a share
proceeds from the sale
of the bonds
and
applied to the cost of the
extension
and
improvement
Operating
The Securities and
Exchange Commission announced Aug. 16 the
of a declaration or
filing
application (File 70-136) under the
Holding Company
Act regarding the
proposed sale by Central U. S.
Utilities Co. of five of
its operating subsidiaries to
Central U.
Represented by 74,242
Central
Central U. S. Utilities
Co.—To Sell Five of Its
Companies—
of the
To carry out the
sale, Central U. S. Utilities Co.
subsidiary, Southland Public Service Co.
The new
the assets of the
Investing
indebtedness, except
capital stock of these five
operating
com¬
has organized
another
company is to acquire
five operating
companies and will have
outstanding $2,250,000 of 4fi% first
mortgage bonds, due 1965, $500,000 of
4% deben¬
tures, series A, due 1944. and
150,000 shares of
common stock
All of these securities will
($5 par).
be held by Central U. S.
Utilities Co. and will
be delivered to the
syndicate managers.
The bonds of Southland
Public Service Co. are to be
sold to various life
insurance companies, and the
new company will
borrow $500,000
the
from
National City Bank, New York on
its 3H% five-year
unsecured note
paying and discharging its
debentures, series A.
offering of not less than 50% of the common
stock of Southland
Public Service Co. will be made
by Strauss Securities Co.,
Dallas Rupe & Son, at a
Chicago, and
price of approximately $9 a share.
The remaining
50% of the common stock will be
distributed to the members of
the Dallas
Rupe & Son syndicate.—V. 151,
p. 839.
for the purpose of
A public
Volume
Central Vermont Ry.,
Net
2,896,888
2,729,506
$106,617
$77,939
24,138
$834,667
169,896
$450,770
$81,148
37,054
$53,801
$664,771
273,765
$44,094
3,109
$18,613
2,523
$391,005
13,062
$20,559
15,495
$47,203
100,746
income-
Net ry. oper. income.
Other income (net)
available
$21,136
99,894
$404,067
722,551
$36,055
731,752
$78,758
$318,484
35,188
186,239
243,972
Net deficit
Gross
New York and
from
on
After
x
City Ice & Fuel Co.—Earnings—
1940
1939
1938
1937
$12,394,998 $12,316,138 $12,241,470 $13,956,044
6 Mos. End. June 30—
Gross sales
x
Costs,
since
they were built.
The lease on the Garden City property calls for an annual
of $49,600 and will expire on Oct. 31, 1940; the Chicago property
rents at $40,000 a year and the lease will expire on Aug. 31, 1940: the lease,
at $18,000 a year, on the Milwaukee property was to expire on April 30,
1940.
deficient In not disclosing
and the status of negotiations for their
The SEC found the statement and prospectus
renewal.
Among other things it found that the description of the bonds as "gold
bonds" was "materially misleading," for the extension agreement specifically
provided that the assenting bondholder agree to waive payment in gold
coin.—Y. 150, p. 1424.
Chicago Pneumatic Tool Co. (&
Subs.)—Earnings—
b$203,020
$0.07
a$411,092
$0.70
Chicago Rock Island & Pacific Ry.—Equipment Trusts
Offered—Salomon Bros. & Hutzler, Dick & Merle-Smith
and Stroud & Co. were awarded Aug. 20 an issue of $2,-
472,000 2% equip, trust certifs Series T, on a bid of 100.179.
The certificates mature $123,600 semi-annually
May 1,
1, 1950.
The first 10 maturities were reprices to yield from 0.30% to 1.50%, according
maturity, and the last 10 maturities have been placed
to Nov.
57,045
$879,195
$768,691
$1,162,284
67,708
159,362
101,617
163,037
7,283
53,324
142,409
5,410
y
$265,365
Net profit
x
Includes
$678,052
Federal and State beverage taxes,
approval of the Interstate Commerce Commission.
Proceeds from the sale of the certificates will be used by the Rock Island
in the purchase of 800 box c&rs, 200 automobile cars, and 100 drop-end
gondola cars, at an estimated cost of $3,090,000. of which the railroad
will pay about 20% in cash.
The Chicago Title & Trust Co. of Chicago
is named as trustee.—V. 151, p. 692
Net
profit after deprec.,
$6,826
$52,872
$0.03
$23,509
Federal taxes, &c
Earns, per sh. on
$100,912
$0.34
$0.18
300,000
no-par shs. cap. stock.
—V. 150, p. 3655.
$0.08
Christiana Securities Co.—To Pay $33.25 Dividend—
declared a dividend of $33.25 per share on the common
The directors have
stock, payable Sept. 16 to holders of record Aug. 26.
Similar payment was
made on June 15 and on March 15, last, and compares with $66.10 paid on
June 15 and on March
1938; $13.50 paid on Sept. 15, 1938;
15, 1938; $39.30 paid Dec. 15, 1937;
$28.50 paid on Sept. 16, 1937; $38.50 in June, 1937; $13.50 paid March 15,
1937; $39.10 paid on Dec. 16, 1936, and $30.50 paid on Sept. 16, 1936.—
Dec. 15, 1939,
dividends of $23.50 paid on Sept. 15,
15, 1939; $27.50 paid on Dec. 15,
$8.25 paid on June 15 and March
V. 150, p.
3350.
Chrysler Corp.—Walter P. Chrysler
Dies■—
Chairman of the Board of Directors,
Walter P. Chrysler,
He was 65 years
dies on Aug. 18.
old.
Clark Controller Co.—50-Cent
for United States Government—
$54,500.000 contract to build a Governmentmanufacture medium tanks on a mass production
Before subsidiary pre¬
Dividend —
dividend of 25 cents per share on the common
holders of record Sept. 6.
This compares with
25 cents paid on June 14 and March 26, last; 50 cents paid on Dec. 22,
last; 25 cents paid on Aug. 12, 1939, and Dec. 1, 1938; a dividend of $1
paid on Dec. 15, 1937: 50 cents paid on Sept. 29, June 30 and March 18,
1937, and an initial dividend of $1 paid on Dec. 28,1936.—V. 150, p. 1759.
Directors have
declared
a
Cleveland Electric Illuminating
""The
first mortgage
x
1940—6 Mos.—1939
$229,673
$86,948
1940—3 Mos.—1939
$110,800
$41,420
Net profit
y
Earnings per share
After
$50,000,000
151, p. 983.
Corp.—Earnings—
Cliffs
Period End. June 30—
x
Co.—Listing —
has authorized the listing of
bonds, 3% series due 1970, due July 1,1970.—V.
New York Stock Exchange
$0.11
$0.29
$0.05
$0.14
y
On 805,734
1940
1939
1938
$18,217,406 $16,614,341 $14,247,446
expenses,
1937
$13,648,837
Federal income taxes,
par.—V. 150, p. 4122.
interest,
shares capital stock, no
&c.
Coca-Cola Co.—Earnings—
3 Mos. End. June 30—
Gross earnings
5,662,060
344,843
Selling, adm. expense, &c
Other deductions (net)
.
4.057,879
378,049
$9,212,909
$9,400,720
1,724,000
1,590,000
$8,704,421
$7,676,720
$7,622,909
$9,034,503
Net profit
450,000
450,000
450,000
450,000
Surplus for common.. $8,584,503
$2.15
Earnings per share—
$8,254,421
$7,226,720
$2.07
$1.81
$7,172,909
$1.80
Class A dividends
x
-V. 151, p. 983.
On 3,991,900 no par shares of common stock .-
Coleman Lamp & Stove
x
300,274
$12,210,503 $10,770,421
2,066,000
3,176,000
Profit
Federal income taxes
x
4,611,362
235,364
5,543,646
$113,667
Net profit
Earns, per
sh. on 100,000
stock.-
shares capital
x
Co. (& Subs.)—Earnings—
1940
June 30—
After all charges,
$155,511
$185,749
loss$63,281
^Construction of the
Colgate-Palmolive-Peet Co. (& Subs.)—Earnings*—
[Excluding English and Continental
6 Months Ended
June 30—
Net sales.
European Subsidiaries]
1940
al939
$45,093,118 $43,746,335
25,790,655 25,438,536
Gross profit
!
..$19,302,464
Operating expenses
17,030,621
x Net loss from operations of the Palmolive Bldg_.
11,838
Foreign exchange losses
1,209
Net profits of certain foreign subs. & branches defd.
Cr56,612
Min. int. in net profit of a foreign sub
37,970
Other items (net)
—
5,514
Prov. for U.S.& foreign income taxes
993,695
$18,307,799
$1,278,230
$0.45
$1,981,038
$0.65
Net
profit
share on common stock
Earns, per
a
x
15,473,405
9,228
73,951
54,867
Cr7,466
722,776
English and Continental European subsidiaries,
Includes depreciation of $90,330 in 1939, $89,499 in 1940.
After deducting
Consolidated Earned
Surplus Account for 6 Months Ended June
[Excluding English and
Net profit
30, 1940
Continental European Subsidiaries]
1,1940
Red. due to excl. from the consol. statements as of Jan. 1,
of the English & those Continental European subs,
previously excluded
$12,668,825
Balance, Jan.
1940
not
566,052
$12,102,773
-
for the six months
1,278,230
ended June 30,1940
army
®20,000,000, all of which will
The first production contract is for
built at a fixed unit price according to
specifications.
The Chrysler tame
on
113-acre site in Detroit
The plant will have about
plant will be constructed on a
which the company holds an
option.
800,000 square feet of floor space.
It will oe finished and equipped within
13 months and will employ between 4,000 and 5,000.
After completion of the factory, the company will turn the title over to
the Government and lease it for $1 per year for life on the contract.
The
plant
can
$13,381,003
Total
Dividends paid—
factory will cost about
furnished by the Government.
334,500,000 worth of tanks, to be
be
area
$1.86
$1.55
Nil
interest and Federal taxes.—V. 150, p. 3618.
$1.13
Corporation has received a
owned factory and to
/
1937
1938
1939
Balance
To Build Tanks
$897,630
$493,797
y
stock, payable Sept. 12 to
Cost of sales
Chicago Yellow Cab Co., Inc. (& Subs.)—Earnings
1940—6 Mos.—1939
Period End. June 30—
1940—3 Mos.—1939
47,824
2089.
ferred dividends.—V. 150, p.
6 Mos. End.
This was made by
£90,424
86,335
Federal income taxes
privately.
submitted, a tender of 99.8165.
$1,034,054
128,230
$687,909
80,782
$429,833
44,196
112,989
Interest
offered at
Halsey, Stuart & Co., Inc.; Ladenburg, Thalmann & Co.; Blair & Co., Inc.;
Otis & Co.; Central Republic Co. and Gregory & Son.
The Federal Court has approved the issue which is now subject to the
12,031,566
$822,150
oper'n..
Total income
1940—3 Mos.—1939
a
was
866,650
$343,498
10,647,578
905,983
10,627,338
895,244
Income from
share on the common
1940—6 Mos.—1939
a$767,926
b$388,239
$1.23
$0.09
All foreign subsidiaries excluded.b Exclusive of profits earned in foreign
countries having exchange restrictions.—V. 150, p. 3350.
bid
11,156,256
ordinary taxes
Chesapeake & Ohio Ry.—Common Dividend—
Directors have declared a dividend of 75 cents per
stock, payable Oct. 1 to holders of record Sept. 6.
Dividends of 02)4 cents
were paid in each of the three preceding quarters, and previously regular
quarterly dividends of 50 cents per share were distributed.
In addition,
extra dividend of 50 cents was paid on Dec. 27, 1939.—V. 151, p. 982.
One other
and
expenses
Depreciation
rental
Net profit after all chgs.
Earns, per sh.ofcom.stk_
1940—6 Mos.—1939
$162,365
$156,375
$128,953
$0.43
$0.42
$0.34
depreciation and Federal taxes,
y On 375,000 shares common
1940—3 Mos.—1939
Minority interest
the expiration date of the leases
amortization of discount.—
and
$143,922
$0.38
Other income
sites selected by the Great Atlantic & Pacific Tea Co.
& P. has leased these properties from registrant's subsidiaries
debt
stock.—V. 150, p. 3197.
The New York company owns warehouses in Garden City, L. I., and
Milwaukee, and the Illinois company owns one in Chicago.
These ware¬
were constructed in 1928 and 1929 according to general plans sub¬
Period End. June 30—■
funded
on
Earnings per share
y
houses
to
charges
544.
Period End. June 30—
common
company owns
of Illinois and obtains all of its income
1,589,144
$3,387,260
City Auto Stamping Co. (& Subs.)—Earnings—
issued for deposited bonds before the issuance of the new bonds.
The registrant has an authorized capital of 16,667 shares of
the Warehouse Building-Corp.
these two companies.
$4,976,404
1,559,308
$3,584,097
Net profit
x
to
1940,
$5,143,405
Interest
a
Corp .—Registration Suspended —
stock without par value, all of which is outstanding.
The
all of the capital stock of the Warehouse Building Corp. of
4,086,376
1,541,956
305,072
Cities Service Power & Light Co
a
Sold bonds, series B, dated Sept. 1, $461,400 ofMarch 1, 1940, maturity be
extended
March 1, 1955"; (c)
1929, due "depository receipts" to to
A.
288,871
Earnings applicable to minority interests
$695,698
plan to extend the maturity of bonds now outstanding.
The securities
covered were: (a) $349,000 of "first mortgage collateral gold bonds, 12-year
6% series of 1940, dated March 1,1928, due March 1, 1940, maturity to be
extended to March 1,1955"; (b) $112,400 of "first mortgage collateral 6%
mitted and
$10,749,409 $10,909,808
income
Net income
The Securities and Exchange Commission issued Aug. 19 a stop order
suspending the effectiveness of the registration (2-4329) of certain securities
proposed to be issued by the corporation, a holding company for the Ware¬
house Building Corp. of New York and a similarly named corporation in
Chicago.
The registrant was found to have included untrue and misleading state¬
ments in, as well as to have omitted certain material information from, its
registration statement and prospectus.
The statement covered securities to have been issued in connection with a
e
2,632,014
Charges of Subsidiaries—
Interest charges and amortization of discount3,763,310
Preferred dividends paid and accrued
1,553,823
V. 151, p.
Chain Stores Depot
$31,182,345
18,073,141
$10,349,778 $10,477,189
399,631
432,619
Net operating revenue
Other income.
Balance
—V. 151, p. 407.
1939
1940
(after deducting allowances)..$32,811,049
Operating expenses, maintenance and all taxes
19,650,282
Provision for retirements
2,810,989
for
fixed charges
Total fixed charges
(& Subs.)—Earnings
6 Months Ended June 30—
■
Gross oper. revenue
$264,531
25,469
Hire of eqpt., rents, &c_
Income
401,880
from ry.
_.
oper.
$479,818
$53,543
revenues
_
operations
Railway tax accruals
Railway
1940—7 Mos.—1939
$3,180,276
$3,731,555
$538,105
431,487
oper. revenues.
oper. expense.
/139
Cities Service Power & Light Co.
Inc.—Earnings—
1940—Month—1939
Period End. July 31—
Railway
Railway
Chronicle
The Commercial & Financial
151
be expanded easily if defense
PrUnx^ffidal
requirements dictate increased
estimate* place the number of tanks involved at about 1.000
and rate of production in the finished factory at four or five emits per day.
—V. 151, P. 692.
6% pref. stock
from Jan. 1,1940 to May
329,490
57,552
736,090
375,635
21,1940
$4.25 pref. stock from May 22,1940 to June 30,1940
Common stock
Premium on 6% pref. stock redeemed & retired
Underwriting fees and other expenses in connection with
demption of 6 % pref. stock & issuance of $4.25 pref. stock
re¬
396,225
$11,486,011
Note—Consolidated surplus at June 30,1940 is stated after the deduction,
for statement purposes, of $2,719,279, representing goodwill arising mainly
from the acquisition in prior years of capital stock of subsidiary companies,
including those not consolidated herein.
Of this amount, $1,772,942 has
been offset against capital surplus, thereby eliminating this account; the
remainder of $946,336 has been deducted from earned surplus.
Balance, June
30,1940
The Commercial & Financial Chronicle
1140
Consolidated Balance Sheet June 30
1940
1939
$
a
S
Assets—
Land,
x
mach. &
equip..19,032,934 20,001.903
Cash
10,730,948
Marketable securs.
17,812,878
130,000
250,000
11,137,397
Invest. & advances
Palmolive building
p.
patents,
2,477*900
3,760,206
Amount
1
1
owing
3,651,005
Compo Shoe Machinery Corp.—New President—
At the August meeting of the Board of Directors William
H. Bresnahan
elected President to succeed the late Mr. Barnard S.
Solar.—V. 149,
was
p. 1471.
to
subs, not consol.
335,907
Consolidated Cigar Corp. (&
notes
2,175,000
2,2.50.000
Defd. llabil. &res. 4,686,305
4,169,0.50
Minority interests. 1,057,480
1,099,961
Earned surplus...11,486,011 10.720,146
68,296,343 73,534,528
x
68,296,343 73,534,528
Consolidated
1940
1939
$
S
x
4,297,345
2,938,306
Federal
1,735,171
1,980,591
1,401,524
1,730,521
Minority Interest-
Marketable securs.
1,004,248 yl,054,948
Other assets
Goodwill,
196,161
188,278
1
Fed.
Deferred charges..
532,959
1,074,953
Consolidated Film
243,096
1,027,425
Period End. June 30—
income
tax
b405,000
6,874,117
6,892,950
496,940
—V.
151,
p.
31,428,962 31,145,736)
Total
31,428,962 31,145,736
Represented by 537,406 no par shares,
y Market value $936,244.
reserve for depreciation and depletion of
$23,090,809 in 1940 and
$21,245,354 in 1939.
a Includes $300,000 reserve for Federal income
taxes,
prior years (in dispute),
b Includes $60,000 reserve for Federal income
Columbus
&
Southern
Ohio
Electric
was
published
Company on Aug. 15 filed with the Securities and Exchange Commission
a
registration statement (No
2-4478, Form A-2) under the Securities
Act of 1933, covering $29,000,000 of 334% 1st
mtge. bonds, due 1970.
The
proceeds from the sale of the bonds will be applied as follows:
(a) To the redemption on Nov. 2, 1940, at 105% and accrued
interest, of
$26,000,000 of 4% 1st mtge. & coll. trust bonds, due
1965; (b) to the
redemption on or before Oct. 1, 1940, at 104% and accrued
interest, of
$1,836,000 of 314% 1st mtge & coll. trust bonds, due 1968;
(c) anv proceeds
remaining are initially to become part of the company's general funds.
The price at which the bonds are to be
offered to the public, the names
of the underwriters, the
underwriting discounts or commissions, and the
redemption provisions are to be furnished by amendment to the
registration
statement.
Gas
Electric
$374,768
$356,117
Light
&
Power
Co.
of
prospectus states that to facilitate the offering it is intended to
stabilize the price of the bonds.
This is not an assurance, it
states, that
the price will be stabilized or that the
stabilizing, if commenced, may not
be discontinued at any time.
The
company previously filed an application under the
Holding Company
Act regarding the issuance and sale of the
bonds.—V. 151, p. 840.
Commonwealth Edison
The Cnase National Bank of the City of New York has
been appointed
registrar in New York for the 4% preferred stock, series
C, of this com¬
pany.—V. 151,p. 983.
Consolidated Investment Trust—To
Pay
Kilowatt-hour
Week Ended—
p.
Output
% Increase
1940
1939
159,049,000
156,806,000
160,649,000
160,927,000
•
143,016,000
140,409,000
140,688,000
139,175,000
983,840.
11.2
Consolidated Retail Stores, Inc.
6 Months Ended June 30—
Net earnings after charges and prov.
for Fed. & State income taxes
—V.
151,
Consolidated Steel Corp.,
6 Mos. End. June 30—
Net profit
x
Earnings
y
x
After
per
11.7
14.2
depreciation,
(no par)
(Chade) —To Vote
on
Americana
de
Electricidad
Stock Increase—
meeting on Aug. 13, 1940, decided to call
at Madrid on Sept. 28 next.
balance sheet and the statement of
profit and
loss
for
an
the fiscal
1939-40, which ended April 30,
1940, pursuant to the decision of the
extraordinary general meeting of June 15, 1939, shall be
submitted for the
approval
of this meeting.
The net profit for the fiscal
year
1939-40,
which includes only the dividend
of the SODEC for the 12 months of
1939,
will amount to 25,109,721.18
gold pesetas, as against 29,252,958.73
gold
pesetas in 1938 and 22,713,827.51
gold pesetas in 1937.
As an instalment
on the profits
realized, the board has decided to distribute
to the stock¬
holders of record last
December, a dividend of 22.50 N .C. pesos on shares of
series A, B, and C, and of
4.50 N.C. pesos on shares of series D
and E.
The world situation has
obliged the members of the CHADE group to
accumulate
extraordinary stocks of combustibles and materials and to
develop their installations
so
as
to
the
continuity of their services
and their development.
Taking this necessity into account, the board of
directors will propose to the
ordinary general meeting that a sum of 13,000,000 gold pesetas be deducted from the
profits and entered in a special
reserve for
capitalization, and that the balance carried forward be raised
to 12,294,355.5o
gold pesetas.
The greater part of the
profits realized
during the past fiscal year will thus be reserved for
the needs of the operating
members.
assure
1938
$75,145
Nil
Nil
1937
$153,165
$0.12
Subs.)—Earnings—
x$262,739
15,259
$940,507
59,323
x$46,294
25,639
$393,620
124,954
243,734
45,792
2,202
x$247,480
132,104
243,276
23,897
Crl0,882
$999,830
254,615
487,704
89,548
31,706
x$20,655
269,214
488,782
63,023
5,699
$23,062
Loss,
x
y
$635,875
y$136,257
$847,373
Profit.—V. 150,
p.
3657.
Consolidated Ttile Corp.—Bonds Called—
A total of $14,000 collateral trust
sinking fund 6%
1 at 100.
bonds due 1951, has
been called for redemption on
Sept.
Cooper-Bessemer Corp.—Earnings—
6 Months Ended June 30—
Net profit after depreciation,
Equivalent to $0.58
a
151,
p.
1940
taxes, &c
per share on
a$271,105
263,385 shares of
common
694.
1939
$13,533
stock.—V*
Cornucopia Gold Mines—Earnings—
6 Months Ended June 30—
Net income after all
charges
—V.
151,
p.
1940
1939
$10,292
$71,579
101.
6 Mos. End. June 30—
1940
Gross profit
$1,987,257
$1,602,830
1,397,490
$155,035
20,352
$156,491
35,278
$205,340
28,611
$175,387
$233,951
12,405
34,917
34,449
83,444
Depreciation.
Interest, &c
Shs.cap.stk.out. (no par)
Earnings per share
Before surtax
28,035
$191,769
13,135
1,959
45,251
$311,026
1,437,435
$132,472
1,537,435
x$131,424
1,537,435
x$152,180
1,537,435
$0.20
$0.08
$0.09
$0.10
10,537
4.343
Net income
x
1937
$1,593,526
1,437,035
$407,768
13,298
Total income.
1938
$1,597,678
1,442,643
$384,573
23,195
Operating profit
Other income.
1939
1,602,684
Expenses
Federal tax
board of directors,
ordinary general meeting
1939
$62,071
Coty, Inc. (& Domestic Subs.)—Earnings—
of electrical energy of subsidiaries of
Corp., adjusted to show general business
conditions of territory
served, for the week ended Aug. 15, 1940, amounted
to 155,678,374 as
compared with 141,659,211 for the
corresponding week in
1939, an increase of 14,019,163 or 9.90%.
The 1939 figure does not include
the output of The Tennessee
Electric Power Co., the electric
properties of
which were sold on Aug.
15, 1939 to the Tennessee Valley
Authority and
other governmental
agencies.—V. 151, p. £83.
Hispano
Ltd.—Earnings—
$349,035
44,585
Net loss
Weekly Output—
The weekly kilowatt-hour
output
The Commonwealth & Southern
Compania
1938
$112,466
Federal income tases, &c.
y On 241,617 shares
after preferred dividend requirements.—V.
150,
Profit
Corp.—Monthly Output—
The above excludes the
output of the Tennessee Electric Power Co. the
electric properties of which were sold in
August, 1939.
Gas output of the Commonwealth &
Southern Corp. system for the month
of July was 953,307,900 cubic feet
as
compared with 877,955,400 cu. ft.
for July, 1939, an increase of
8.58%. For the seven months ended July 31,
1940, the output was 11,033,828,000 cu. ft. as
compared with 9,285,914,900
cu. ft. for the
corresponding period in 1939, an increase of
18.82%. Total
output for the year ended July 31, 1940 was
17.733,669,400 cu. ft. as com¬
pared with 15,413,123,700 cu. ft. for the
year ended July 31, 1939, an
increase of 15.06%.
$156,077
$85,619
Other income
Depreciation
Depletion-
Electric output of the Commonwealth &
Southern Corp. system for the
month of July was 718,517,227
kwh. as compared with 613,465,962 kwh.
for July, 1939, an increase of
17.12%. For the seven months ended July 31,
1940. the output was 4.943.093,974 kwh. as
compared with 4,324,537,648
kilowatt hours for the
corresponding period in 1939, an increase of
14.30%.
Total output for the year ended
July 31, 1940 was 8,463,726,686 kwh. as
compared with 7,377,161,827 kwh. for the
year ended July 31, 1939, an
increase of 14.73%.
1939
$169,212
Period End. June 30—
1940—3 Mos.—1939
1940—6 Mos.—1939
Sales, royalties, &c
$6,414,777
$4,031,276 $14,826,048 $12,669,816
Operating expense, taxes
insurance and royalties
6,065,742
4,294,015
13,885,541
12,716,110
Federal income tax, &c_
Commonwealth & Southern
Subs.)—Earnings
Nil
3198.
p.
1940
share
stock
common
(&
1940
841.
p.
Gross income.
Interest
15.6
Special Div.—
Trustees have declared a special dividend of 10 cents in
addition to a
regular quarterly dividend of 30 cents per share on the
capital stock, both
payable Sept. 16 to holders of record Sept. 3.
Like amounts were paid on
June 15 and March 15, last.
Special dividend of 20 cents was paid on Dec.
15, 1939, and a special 15 cents was paid on June 15,1938.—V.
150, p. 3353.
Consolidation Coal Co., Inc. (&
Co.—Weekly Output —
The electricity output of the Commonwealth
Edison Co. group (inter¬
company sales deducted) for the week ended Aug. 17,1940, was
159,049,000
kwh., compared with 143,016,000 kwh. in the
corresponding period last
year, an increase of 11.2%.
The following are the output and
percentage
comparisons for the last four weeks and the
corresponding periods last year:
that
Registrar—
The
The
1940—6 Mos—1939
$138,384
that the agreement among underwriters has been
terminated and
price restrictions have been removed.
See also V. 151, p. 983.
Co.—Registers
with SEC—
year
$195,469
White, Weld & Co., as manager of the underwriting
group which re¬
cently offered 68,928 shares series C 4% preferred stock, has announced
prior years.
The income statement for the six months ended June
30
V. 151, p. 983.
The
Industries, Inc. (& Subs.)—Earns.
983.
Consolidated
x
Aug. 17
Aug. 10
Aug.
3
July 27
—V. 151,
3816.
York, Inc.—Weekly
1940—3 Mos.—1939
Net profit after deprec.
Federal taxes, &c
a535,000
Surplus
After
n
New
Baltimore—Underwriting Agreement Terminated—
Total
taxes
of
p.
cur¬
trade¬
marks, Ac
Co.
$0.15
150,
Harry Ray Woodrow, Vice-President in Charge of Design,
Planning and
Inventory for this company and a director of the Brooklyn Edison
Co.,
Inc., died on Aug. 13.
He was 53 years old.—V. 151, p. 983.
1
458,088
taxes
rent
Est.
at cost
*
21,849,3.54 21,849,354
Accts, payable, &c
692,579
597,910
Cash
$0.11
Obituary—
1939
$
•
Edison
Output—
Capital stock
Notes &accts.rec.
Inventories
1940
\
Liabilities—
Prop'ty account. 17,813,597 19,027.717
Invest.lnassoc. cos 3,943,760
4,307,501
z
$0.27
Consolidated Edison Co. of New York announced
production of the
electric plants of its system for the week ended
Aug. 18, 1940, amounting to
137,800,000 kwh., compared with 140,700,000 kwh. for the
corresponding
week of 1939, a decrease of 2.1%.
Columbian Carbon Co.—Consol. Bal. Sheet June 30—
Assets—
$0.21
1940—6 Mos.—1939
$327,442
$343,360
After interest, depreciation and Federal
taxes, &c.—V.
x
Total
Subs.)—Earnings—
1940—3 Mos.—1939
$203,214
$218,895
Earns, per share on 250,000 common shares..
depreciation,
y Represented
by 1,962,807 no par shares ex¬
cluding 37,163 in treasury,
z After
reserve
for doubtful accounts of
$776,508 in 1940 and $1,028,637 in 1939.
a
Excluding English and Con¬
tinental European subsidiaries,
b Represented by 125,000 no par shares.
—V.151, p.408.
z
Period End. JuneZQ—
Net profit..
After
x
E.—V. 148,
3059.
2,609,227
Palmolive bldg.4%
Total
1940
1,820.653
24,535",087
Pro v. for taxes
2,562,165
626,212
4,359.651* 4,539,449
trademarks, <fcc_
1,320.668
Prov.for coup.red. 2,199,815
Accounts payable. 2,274,564
Dividend payable.
245,363
Mlscell. accrd., <kc 1,829,137
19,655,567 17,961,397
939,653
1,325,290
Deferred charges..
Goodwill,
subsidiaries
10,765.424
K receivable
Inventories
S
18,038.150
34.25 pref. stock. bl2,500.000
y Common stock. .24,535,087
Bank loans foreign
Notes & accounts
z
1939
$
6% cum. pref.stk.
24,
2,0.54,147
al940
Liabilities—
buildings,
Aug.
The board has also decided to call an
extraordinary general meeting on
the same date, at which it will propose that the
capital stock be increased
and that the by-laws be amended for the
purpose of distributing as an
additional net dividend, to the debit of the
capitalization account, the
sum of 13,000,000 gold pesetas in shares of the
company at 100 pesetas
par value and with the same characteristics as the K shares now in
cir¬
culation, at the rate of 25 pesetas par value to the shares of series A,
B,
and C, and of 5 pesetas par value to the shares of series D
and
on
undistributed profits.—V. 151, p. 410.
(Wm.) Cramp & Sons Ship & Engine Building Co.—
for Successor—
New Name
In
a
further
step towards reopening of the shipyards, counsel for the
on
Aug
19 filed with the Department of State at
amendment to change the name of the
proposed new
company to operate the yards from Shipyards, Inc., to
Cramp Ship¬
building Co. and to change the authorized capital stock of the
company
to 750,000 shares (par $5) from
25,000 shares (par $5).
Shipyards, Inc.,
was formed last month with a
nominal capitalization.
Details of financing
the reorganized
project have not yet been announced.—V. 151, p. 984.
Harriman
interests
Harrisburg,
an
Craddock-Terry Co.—Acquisition—•
The non-profit Prince Edward Industrial
Development Co., Inc., has
deeded to this company, shoe
manufacturers, a $30,000 factory at Farmville, Va., as a result of the shoemakers' $759,983 local
payroll during the
past five years and five months.
Volume
The
151
? ,19,34 a group of
citizens acquired the building for
Farmville.
tnan
a
year
and
a
tion, &c
$9,022,361
1938
$6,659,336
8,099,479
8,414,764
6,497,527
Costs, royalties, &c
1939
74,950
130,590
314,699
85,775
Other deductions
Federal income tax.
Sale in Massachusetts—
preferred stock (par $10) and class A stock (par $1) have
qualified for sale in Massachusetts with the Division of
of Securities, Department of Public Utilities.
The company operates a
large retail specialty store in New York and branch store in New Haven,
Magnolia, Mass., and Miami Beach.
The company's
1940
$8,596,614
Sales
351,390 common shares
(A.) De Pinna Co.—Qualified for
Crosley Corp. (& Subs.)—Earnings—■
$2,260
$0.01
$131,387
$0.37
_
Earns, per share on
—V. 151, p. 844.
reached,
half ahead of the agreed deadline.—V. 149, p. 106.
6 Months Ended June 30—
depletion, deprecia¬
profit after taxes, interest,
Net
1939
1940
6 Months Ended June 30—
to make
Craddock-Terry if the company
and to deed it to
paid out as much as $750,000 in payrolls within seven years.
■ ,
A recent audit snowed the prescribed figure already to have been
more
Corp.—Earnings—
Darby Petroleum
$10,000 and re¬
modeled it for $20,000 to bring the Craddock-Terry plant to
Organized as the Industrial Development Co., the group agreed
the plant available rent-free
1141
Commercial & Financial Chronicle
Investigation
been
122,240
41,077
1940
Months Ended July 31,
Earnings for Six
$1,319,779
Sales
$96,661
$402,057 loss$l,508
Earnings per share on common stock.
$0.18
$0.73
Nil
Earnings for the quarter ended June 30, net income $53,854, equal to
10 cents a share on 545,800 common shares, compared with $193,141, equal
Net profit-—.
of 1939.
1940, including $246,597 cash, amounted to
$7,116,681 and current liabiliites were $1,919,994.
This compares with
cash of $701,422, current assets of $5,839,340 and current
$1,235,749 on June 30, 1939.—V. 151, p. 695.
to
35 cents
a
Detroit Edison Co.
share in June quarter
Current assets
on
June 30,
Inc. (&
1940
1939
_$15,968,483 $13,088,229
6 Months Ended June 30—
sales
—V. 151, p.
Interest, amortization, &c
Federal income tax, &c
Net
$1,647,495
366,437
367,452
.
$795,895
253,134
$1,318,188
profit
253,134
Preferred dividends
Surplus...
Earnings per share of common
—V.
150, p. 2721.
Cuban-American Manganese
stepped
of which
steel,
first
recently
Curtis Publishing
Co.—Recapitalization Plan Operative—
adopted by stockholders on July 2,
of the board of directors held Aug. 16,
Company's recapitalization plan,
declared operative at a meeting
was
announcement
after
that a
substantial amount of consents to exchange
for the new prior
present preferred
stock¬
preferred had been received from
holders.
unit
securities
for the exchange of the present preferred for the new
was set as Sept. 30, and the company announced that the new
will be mailed or delivered Oct. 1, or as soon thereafter as possible.
The
first dividend date for the new prior preferred will be next Jan. 1, and
first interest date for the debentures will be April 1, 1941.
The deadline
the
is proceeding with arrangements
The company
for listing the new stock
New York and Philadelphia Stock Exchanges.
The plan provides for the exchange of each share of present preferred
stock for a 15-year $10 principal amount 3% debenture, 2)4 shares of
common and a share of new prior preferred stock, with a cumulative divi¬
and the debentures on the
and an additional
cumulative to the extent earned.
dend of $3 per annum
and
Registrar —
payable
New York has been appointed
stock of this company.—V. 151,
National Bank of the City of
The Chase
registrar for the
p.
dividend of $1 per annum
prior preferred no par
843.
loss$4,147
$400,168
$1.27
$0.99
Nil
$1.69
214,250
shares
Co.—Earnings—
1940—3 Mos.—1939
Net profit
$88,440
$61,020
Earnings per share
$0.80
$0.49
After depreciation, Federal Income taxes, &c.
Driver-Harris
Period End. June'SO—
-
x
common
Sulphur Co.—Earnings■—
30,1940—
property retirement and
Federal income taxes, &c
Earnings per share on 500,000 shares capital
—V. 150, p. 3356.
profit
after
Corp. to place
worth of machine tool
authorized Wright Aeronautical
immediately for over $8,000,000
will be started at
equipment for this project.
Construction of the plant
the earliest possible moment, and it is anticipated that it will be completed
and placed in full scale production in record time.
The site selected for the new plant, Mr. Vaughan revealed for the first
time, is a tract of 200 acres located north of Cincinnati and adjacent to
suburban town of Lockland, Ohio.
The actual plant, he said, will be of
the
single-story
feet or over
construction and will comprise more
25 acres of floor space.
than 1,000,000 square
Terryville, Conn.—Committee Reports—
stockholders appointed at the special meeting
conduct of the company's business,
board of directors at the annual meet¬
ing to be held Aug. 29.
Nominees for the board consist of Charles W.
Deeds, Hartford, President of Chandler-Evans Corp.; Eliot Farley, Presi¬
dent of Eagle Lock Co.; Dudley S. Ingraham, Bristol, Vice-President of
E. Ingraham Co.; Royal S. Little, Providence, President of Atlantic Rayon
Corp.; Charles E. Rolfe, New Haven, Asst. to President of Southern New
England Telephone Co.; R. B. Plumb, Vice-President of Eagle Lock Co.;
Lester
E.
Shippee, Hartford, Executive Vice-President of HartfordConnecticut Trust Co.; Sinclair Weeks, Boston, President of United-Carr
Fastener Corp., and Roy C. Wilcox, Vice-President of International Silver
Co.
Tnis slate leaves off Charles J. Thornton and Andrew N. Winslow Jr. of
Boston; Allan K. Smith, Attorney for Mr. Thornton, and C. Dennison
special committee of
January, 1940 to look into the
recommends the election of a strong
Talcott.
should
special committee unanimously concludes that the company
liquidated; that it is reasonable to anticipate that the operations of
be put upon a profitable basis, and that no
assets should be made until the company has completed its rehabilita¬
The
not be
distribution
the company can
of
tion program.
Thornton and
East Missouri
Period End. June
of the
It will employ
between 12,000 and
Cutler-Hammer,
60% of
workers trained in the local voca¬
15,000 persons, approximately
Inc.—To Pay 50-Cent Dividend—
declared a dividend of 50 cents per share on the common
stock, payable Sept. 14 to holders of record Sept. 3.
This compares with
25 cents paid on June 15 and March 15, last; 50 cents paid on Dec. 15,
Dallas Ry. &
Period End.
15, 1939, this latter being the first dividend
25 cents per share was also distributed.—
Operating revenues
Operating expenses.
1940—Month—1939
$251,281
$247,043
184,863
$3,117,622
2,184,980
$3,097,910
210,531
2,160,424
196,364
retire, reserve
appropriations
2,207
3,464
217,595
246,214
Net oper. revenues—
$42,410
15,505
$41,609
15,505
$504,516
186,063
$494,908
186,063
Rent for
lease or plant--
$26,905
Operating income
Other income
708
a
bonds.deductions
Net income
Dividends applic. to
Balance,
a
stock
—V.
Taxes (incl.
$308,845
19,181
35,578
95,511
35,760
104,891
$ 194.076
-
Dr3,287
(net).
4,375,979
419,057
1,337,934
$190,789
Retirement res.
accruals
$196,794
66,490
Balance-
63,708
$2,927,689 $2,966,243
782,589
764,658
$2,145,100 $2,201,585
436,544
483,331
12,286
10,299
....
$124~299
Int. & amort
Miscell. deductions—__
36,919
1,692
$133,087
36,830
1,335
$85,688
$94,921
Balance...
...
div.deductions:
Balance
-
B.V.G.&E.Co
——
—-
Applicable to minority
23,515
282,180
24,721
$24,719
103,901
$20,864
103,901
Expenses, taxes
$83,037
Amount not
July 31, 1940, amounted to
dividend amounting to $1.75 a share on 7% preferred
Nov. 1, 1933. Dividends on this stock are cumulative.
4,222,984
363,881
1,184,984
$199,622 $2,903,594 $2,987,647
Dr2,827
24,095 Dr21,404
353,874
376,564
inc. taxes)-.
$328,026
282,180
24,982
$1,892
$1,670
pref. stock for the period. .
.
Associates (& Subs.)—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$711,292
$684,585 $9,036,564 $8,759,503
Maintenance
interest
Applicable to Eastern
Utilities Associates
Non-subsidiary income
Total
—-
and interest—
Balance
available for divs. &
accumulated and unpaid to
Latest
was paid on
151, p. 547.
$701,332.
Period End. July 31—
Operating revenues
Operation
$331,620
2,210
_ -
151, p. 697.
$27,395
deficit
Dividends
—V.
$79,182
Gross income
Int. on mortge.
Other
& Fuel Associates
Ended July 31—
consolidated income- . .
Pref.
$318,453
13,167
—
$27,613
23,515
2,206
$58\950
152
$59,102
11,993
$47,108
5,950
$41,158
(& Subs.)—Earnings—
»0 !^90i0
Total
,---—-$11,798,463 $8,480,818
Federal income taxes (estimated)..
$03,322
412,325
Depreciation and depletion.,—
— — -—4,329,9/4 4,091,809
Interest..
2,783,604 2,918,586
Debt discount and expense.
t
612,297
633,098
Net income available for dividends
$3,169,266
$425,010
Earned per share of 4^% prior preferred stock...
$12-86
$1.73
Eastern Gas
Gross income
$26,104
1,291
$212,896
153,946*
12 Months
Non-oper. income
17,107
Direct taxes
—
1940—12 Mos.—1939
188,673
17,991
Property
3,310
>
151, p. 243.
Net oper. revenues -
Terminal Co.—Earnings—
July 31—*
$67,098
150
$67,248
12,306
$54,941
5,950
$48,991
$11,729
1,487
$10,241
dividends
Eastern Utilities
Directors have
1939, and 25 cents paid on Sept.
paid since Dec. 15, 1937, when
V. 151, P. 547.
$13,806
29
$13,836
3,013
$10,822
1,487
$9,335
deductions.
income
Balance
—V.
$225,463
158,365
$15,039
Gross income.
Net
$51,790
37,984
$15,009
30
income
for
on
Mos.—1939_
$53,666
38,658
and taxes
Preferred stock
,,
Power Co.'—Earnings—
1940—3 Mos.—1939
1940—12
30—
Operating revenues
Net oper.
, ,
.
letter to stockholders asking
that a $10 per share distribution be made
Winslow have sent a
proxies and recommending
the stock.—V. 150, p. 838.
-
Ohio factory will produce 1,000 Cyclone engines monthly, he
augmenting the present large scale aircraft engine production
Wright plants in the Paterson, N. J. area for the National Defense.
The new
said, thus
,whom will be comparatively unskilled
tional schools.—V. 151, p. 984.
$652,270
$1.30
Eagle Lock Co.,
The
Int. & other
initial contracts
stock.
12 Months
$113,938
$0.23
in
ment for the
the
for
deple¬
tion reserve,
Other income
erection of a mammonth plant near Cincinnati, Ohio for
of Wright Cyclone 9 and 14 Cylinder aircraft engines
3 Months
Period Ended June
Net
1940—6 Mos.—1939
$231,476
$95,669
$2.22
$0.69
y On 89,170 shares of
stock.—V. 150, p. 3356.
Duval Texas
Curtiss-Wright Corp.—To Build Huge Engine Plant —
Guy W. Vaughan, President of the corporation on Aug. 21 announced
that final arrangements have been concluded with the United States Govern¬
National Defense.
He stated that he had
1937
.
$241,103
149, p. 4027.
Oper. exps.
manufacture
1938
1939
$299,788
Earns, per sh. on
common
$9,791,683
Co.—Earnings—
1940
and taxes
x
Corp.—To Increase Plant
would
Mfg.
30—
profit after deprec.
—V.
$16,690,526 $15,709,018
5,813,170
5,803,042
Cr74,594
Crl51,554
415,642
265.847
$10,536,307
Detroit Gasket &
y
Corporation announced on Aug. 16 that the capacity of its plant
be increased one-third by Jan. 1, 1941, as a National defense measure.
Capacity of the plant at Cristo, near Santiago, Cuba, will be
up
from 100,000 tons of ferro grade ore annuahy to 130,000 tons, according to
Langbourne M. Williams Jr., President of Freeport Sulphur Co.,
the manganese corporation is a subsidiary.
Manganese is important to the National defense program, the announce¬
ment pointed out, because it is essential in the manufacture of
in¬
cluding that for ships, guns, tanks, and armor plate.
During the
World War, the United States faced near disaster in 1918 because of the
lack of manganese, and nearly all of the nation's manganese until
has had to be imported from such distant sources as Russia, India, the
African Gold Coast and Brazil.—V. 151, p. 547.
—
985.
6 Mos. End. June
Net
$542,761
$1.05
$1,065,054
$2.06
stock
debt
construction
of debt discount and expense
Net income
168,486
208,606
363,209
279,785
income
funded and unfunded
$1,479,009
125,851
Total income.
on
on
Amortization
income
$16,540,387 $15,685,906
150,138
23,111
operations.--
Interest charged to
$2,301,667
249,590
&c
Operating profit
Discounts
Gross corporate
Int.
10,857,179
635,200
116,841
$2,175,816
Depreciation
Amortization of operating expenses,
Other
Income from utility
1939
$63,056,451 $58,078,724
46,516,064 42,392,817
Utility expenses
a
12,938,891
701,309
152,467
Costs and expenses
(& Subs.)—Earnings—
1940
utility operations
Other miscellaneous income
Subs.)—Earnings—
Net sales.
31—
12 Months Ended July
Gross earnings from
liabilities of
Crown Cork & Seal Co.,
42,234
Net prof it before taxes
—V. 149, p. 4027.
Balance available
—V. 151, p. 697.
surplus
for dividends and
surplus
$1,707,955
77,652
$1,618,618 $1,630,303
24,298
25,481
$1,594,320 $1,604,822
309,824
309,824
$1,904,144 $1,914,646
145,423
130,710
$1,758,722 $1,783,936
$1,696,270
77,652
403
$1,758,318
$1,783,936
1142
The Commercial & Financial
Chronicle
Ebasco Services
For
the week ended
Inc.—Weekly Input—
Aug.
1940 the kilowatt-hour
system input of
the operating companies which
are subsidiaries of
American Power &
Light
Co., Electric Power & Light Corp. and
National Power &
Light Co., as
compared with the corresponding week
during 1939, was as follows:
7 n f*Yt>n
Oper. Subs, oj:
1940
American Power & Light
Electric Power & Light
_
1939
Col33,023,000
Corp 70,910,000
x
Earnings
x
Pet.
9,448,000
3,242,000
7.6%
Electric Auto-Lite Co.
(&
6 Months Ended, June 30—
Net profit
x
Earnings
y
1940
Fall River Gas Works
Operating
Taxes
1938
$2,830,936 loss$183,657
$3.24
$2.36
Nil
x After
Federal income taxes, interest
and minority
interest, &c.
y On
of capital stock.
The consolidated income
account for the six months
ended June 30,
follows:
1940,
Manufacturing
Retirement
Net
Subs.)—Earnings—
1940
from
a
are
Selling, administrative
6 Mos. End. June 30—
Net profit
Fashion
expense
Interest, discounts and
sundry other deductions..
Provision for Federal income tax
on common
-
per
share
on
262,00z shares capital stock
(par $4)
Note—Provision
190,715
6,984
6,984
127,834
16,283
113,963
15,068
100
100
a
_
34,934
31,967
7,073
326,343
93,064
$608,590
$0.62
prepd.
1940
Cust's'
$591,959
231,562
252,354
rent
138,660
808,672
153,194
747,727
income (est.)
Reserves
433,707
Deferred income..
Neon sign contr's.
mkt._
or
Inv. & other assets
Inv. in rental
eqpt.
xProp.,
plant
&
& eqpt. (at
cost)
413,955
Patents
2,671
Total
x
2,953
1,596,705
153,751
Neon sign contr'ts
Deferred charges.-
1,523,626
155,960
$4,220,403 $4,093,0421
Total
Federal Bake
33,000
224,358
233,777
57,772
1,596,705
1,048,008
385,173
Earns, per share
1,523,626
1,048,008
385,173
660,180
608,590
1940
1939
$206,877
$223,805
$134,395
$1.70
68,024
$0.95
on com.
stock
x
$1.58
After
charges, including depreciation
Elk Horn Coal
Period End. June 30—
Federal Screw
150,
First Boston
(&
operating
and taxes
retirements
Net operating
revenue.
Other income,
including dividends
1939
$40,740,536
Gross
income.
—
from affiliated
$6,009,412
$3,681,970
1,316,283
—
Subsidiary interest charges
and amort, of
discount
Empire Gas & Fuel Co. interest
charges
$7,240,500
3,264,909
1,684,099
Net income
a
6 Mos. End. June
30—
1940
Net loss—
Earns,
per
sh.
on
com.
1939
1938
$70,656
$149,019
1937
prf$103,703
Nil
Nil
Nil
After taxes,
$0.43
depreciation and
charges.
For quarter
ended June 30,
1940, net loss was
net loss of
$51,641 comparing with
$43,570 in June quarter of
previous year.—V.
x
Evans Products
151,
Gross profit
1940
^
$553,528
511,391
Expenses..
profit.
-
__
Federal and foreign income
tax.
1939
$400,044
447,293
1938
$177,335
525,948
$80,690
82,108
al3,971
loss$27,309 loss$314,850
71,960
3,300
52,224
2,740
$15,389
subsidiaries.—V. 150,
p.
3358.
$102,569
$369,814
1939
$231,000
$0.46
$0.89
July 2, '38 June 26, '37
$1,211,502
$664,566
$713,794
818,566
$647,977
818.066
$806,835
$0.81
817,565
$0.79
817.065
$0.87
re venues
Balance
468,048
!
$0.93
Co.—Earnings —
$1,080,338
expenses
Direct taxes.
262,285
142,382
1940—Month—1939
$1,080,338
rate reduct. res.
Operating
1940
$444,000
par stk.
July 1,'39
3821.
Period End. July 31—
Operating
Deduct
$31,475
$1,092,227
1940—12 Mos—1939
$996,083 $15,369,645
$14,050,483
197,449
$996,083 $15,369,645
$13,853,034
499,680
6,235,346
6,073,213
79,302
1,647,574
1,199,000
116,666
1,516,668
1,400,000
approp.
100,452
133,334
Net oper. revenues.
Rent from lease of
plant-
$378,504
$300,435
Dr 10,806
221
$5,970,057
2,650
$5,180,821
2,650
$367,698
$300,656
11,281
$5,972,707
424,715
$5,183,471
551,729
$311,937
216,667
110,000
19,908
$6,397,422
2,600,000
1,320,000
192,179
Cr7,621
$5,735,200
2.600,000
1,320,000
246,884
$41,632
def$34,638
Dividends applic. to pref.
stocks for the period.
$2,292,864
1,153,008
$1,568,316
1,153,008
Prop, retire,
res.
Operating income
Gross income
Int. on mortgage bonds.
Int. on debenture bonds.
Other int. & deductions.
Int. chgd. to
construct._
13,352
$381,050
216,667
110,000
14,897
Cr2,146
Net income
a
Balance
loss$47,249 loss$348,613
19,940
33,763
Net loss
On income of
846.
$42,137
38,553
Other income
Total income
Interest, &c
p.
Co.—Earnings —
6 Months Ended
June 30—
a
p.
Other income (net)
Co.—Earnings—
$83,788
stock
Operating
150,
__
$2,291,492 def$375,715
Includes provision for
Federal income
tax.—V. 150, p. 3819.
Eureka Vacuum Cleaner
x
$4,998,253
3,513,322
1,860,646
Mar. 31,'40
237,300
141,133
Florida Power &
Light
29,383,093
1,231,088
pipeline companies-
Net profit after depre.
and Federal taxes..
Shs .com.stk .out. (no
par)
Earned per share.
—V.
7,675,474
$89,914
$0.77
232,412
176,074
Federal taxes
equity, &c.—
-$46,057,311
32,430,540
7,617,359
1939
$0.92
$1,015,477
239,206
128,294
$619,970
1940
revenue
Operating expenses, maintenance
Depletion, depreciation and
1940
$105,560
Stores, Inc.:—Earnings—
Quarter Ended—
June 29,'40
Net profit before deprec.
and Federal taxes
$1,073,051
432.
Subs.)—Earnings —
a
6 Mos.
$200,705
$0.86
$12,118
Corp.—Earnings—
First National
$1.95
p.
1940—6 Mos.—1939
amortization of leasehold
6 Months Ended
June 30—
Gross
Month
Works—Earnings—
6 Months Ended June 30—
Estimated net income after
depreciation
Earnings per share on 500,000 shares of
$10
—V. 151, p. 244.
$254,797
$423,204
Empire Gas
& Fuel Co.
Inc.—Earnings —
*
1937
X150tepd3972iOn' t*epreciatIon'
V
$928,416
Shops, Inc.—Earnings-
Depreciation
1940—3 Mos.—1939
$193,994
$283,479
$946,475
3 Months Ended—
June30, '40
Net profit after
interest, &c., but before Federal
income taxes
$22,386
—V. 150, p. 3821.
Corp.—Earnings—
Net loss
x
1938
and taxes.—V.
Total
—V. 150, p. 3821.
Electrographic Corp.—Earnings —
x
8,386
$928,416
6 Months Ended June
30—
Net profit after
charges and Federal income taxes.
Earns, per share on
106,770 shares common stock.
reserve for
depreciation of $286,877 in
1940 and $278,069 in
150. p. 2095.
1939.
6 Mos. End. June
30—
Net income
22,467
Fedders Mfg. Co.,
$4,220,403 $4,093,042
After
—V.
334,948
1
Period Ended June
30, 1940—
Net profit after charges and
Federal income taxes.
Earns, per share on 233,800
shares of capital stock.
—V. 150, p. 3821.
65,459
42,592
Earned surplus
346,443
Surplus
shares.—V. 150, p. 3820.
par
41,973
on
Cap. stk. (par $4).
Capital surplus
100,000
398,150
2,500
Common stock..
$94,832
61,659
100,000
398,150
398
a After
reserve for
depreciation of $46,733 in 1940 and
$42,617 in 1939.
b After reserve for
depreciation of $141,903 in 1940 and
$137,581 in 1939.
c 34,015 no
1939
$69,079
65,458
Dividends payable
Accrued taxes
20,414
Accrued taxes
Notes payable
Preferred stock...
and
$946,475
$0.60
1940
Prov.forFed. taxes
at lower
of cost
Liabilities—
Accounts payable.
310,968
obligations
Inventory,
1939
$574,879
220,142
1939
§70,778
2,213
19,827
prem.,
Total
Consolidated Balance Sheet June
30
Cash
1940
$81,071
furniture
Unexp. ins.
depreciation of the plant and
period amounted to
equipment for the
$18,211; amortization of rental
to $181,227.
equipment amounted
Assets—
$8,902
101,338
1
1938
330,459
Impts. to lease¬
holds,
1939
$19,005
July 31
5,088
and fixtures
$739,591
131,001
$660,180
$295,870
Li/xbilities—
Accts. pay. for pur¬
chases exps., &c.
Due leased depts..
c
stamps on hand.
Leasehold at cost
b
$157,402
582,188
for
1939
5124,348
surr.
value
life insurance...
Ohio sales tax
Balance June 30-
Earnings
1937
$254,978
1940
Cash
$204,424
4,660
9,362
33,000
$791,181
131,001
stock.
1938
$245,467
$10,033
Melee, inventories.
14,438
$163,219
627,962
95,962
1939
201,442
supply invent'y.
Dividends paid
1940
5109,951
Goodwill
Earned surplus balance
Dec. 31.
10,917
Corp.—Earnings —
b$186,530
1940
Mdse. in transit..
4,601
42,592
$118,713
60,000
Co.—Earnings—
Cash
$185,385
7,565
(estimated)
$136,807
119,126
Balance Sheet
279,393
$213,375
$6,261
declared
6 Months Ended June 30—
Net profit before E'ed. income
tax
Total income
Development
$6,009
income
Securities owned.
comm'ns, disct. & other inc.
$129,630
&c., but before
150, p. 3820.
$464,779
$190,551
4,576
18,249
$144,386
7,579
After depreciation, Federal and
State income
taxes,
surtax on undistributed
profits,
b Tentative figure.—V.
1939
$473,418
282,867
Operating profit
Dividends received.Bad debt
recoveries,
686
Accts.,rec. (net)..
Notes receivable..
1940
and general expenses
$6,948
569
$189,566
a
Subs.)—Earnings—
6 Months Endea June
30—
$189,630
charges
Assets—
Electrical Products
Corp. (&
r
63
$204,386
60.000
$6,578
accruals
res.
Falstaff Brewing
$388,223
shares,
$0.43
foreign investments amounting to
$136,000 were re¬
included in the consolidated
earnings reported for the six
months ended June
30, 1939.
Dividends declared and
presently payable
ontforeign investments aggregating
approximately $100,000 because of
exchange restrictions, have not been included in
the consolidated
reported for the six months ended June
earnings
30, 1940.
The
earnings of Canadian subsidiaries included in
the consolidated
earnings for the six months ended June
30, 1940, converted at the
free rate of
average
exchange during that period amounted to
—V. 150, p. 3819.
approximately $67,000.
Dividends
ceived and
12
$11,948
5,000
$204,374
-V. 151, P. 549.
1939
$744,528
$0.85
$11,948
$11,578
5,000
Gross income
Dividends
(&
15,803
oer. revenues
Interest
1940—12 Mos .—1939
$946,003
$901,862
500,209
488,106
68,129
62.366
173,290
161.824
$67,507
38,064
4,886
12.609
$11,578
...
Balance
150, p. 4125.
6 Months Ended June 30—
Net profit after Federal
taxes (est.) &c
Earns, per sh. on combined
pref. and com.
Co.-—Earnings—
$71,670
39,701
4,588
Non-oper. inc. (net)
profit, $8,729,586;
depreciation, $623,719; net
manufacturing profit, $8,105,867; other
income, $231,721; total
income,
$8,337,588; administrative, selling and
advertising expenses, debenture
interest, &c., $3,398,648; Federal
taxes, $1,057,000;
minority interest,
$3,274; net profit, $3,878,666 —V.
1937
$1,341,410
85,059
$0.47
$0.25
undistributed profits tax.
1940—Month--1939
•,
Net
1,197,192 shares
Electric Storage
Battery Co.
July 31—
revenues
Operation
Maintenance
1939
141.122
$0.41
151, p. 986.
Period End.
Subs.)—Earnings—
$3,878,666
per share
1938
$1,530,014
159,508
1939
_
$1,507,475
318,946
$0.95
share
per
Corp.—Earnings1940
$3,111,096
After provision for Federal
taxes, but before
-V.
4.8%
& Light Co.
88,482,000
11,818,000
15.4%
Note—The above figures do not include
the system
inputs of any companies
not appearing in both
periods.—V. 151, p. 985.
National Power
6 Mos. End. June 30—
orders
Net profits
Unfilled
<10
Amount
123,575,000
67,668,000
76,664,000
Aug. 24, 1940
Fairchild Aviation
15,
1
$1,139,856
$415,308
Dividends accumulated and
unpaid to July 31, 1940,
amounted to
Latest dividends
amounting to $2.19 a share on $7
preferred
a share on
$6 preferred stock, were
paid on July 1, 1940.
Dividends on these stocks are
cumulative.—V. 151, p. 846.
a
$6,005,931.
stock and $1.87
Ford Motor Co.—To Build
4,000
Engines for United
States
This company, which has
been
experimenting for several months with
aviation engines, plans to
build 4,000 air-cooled
airplane engines for the
U.S. Government, it was
learned
authoritatively on Aug. 16.
The engines
will be of the type
made by the Pratt &
Whitney Co.
At the Ford offices in
Detroit it was said that
arrangements for the
contract had been
conducted with William S.
Knudsen of the
Defense
Commission.
National
Volume
The Commercial & Financial Chronicle
151
Construction of the 4,000 motors, it was added, would not
Henry Ford's plans to produce
an aviation engine
several weeks of preliminary work already has been
interfere with
of his own, upon which
disposed of.
The Ford
reveals the assets consist
p.
Cigar Co., Inc. (& Subs.)—Earnings1940
1939
1938
1937
$2,069,698
1,288,434
192,570
$1,786,321
1,262,372
200,013
59,748
$2,211,954
1,598,700
214,731
71,483
$2,510,829
1,780,668
246,471
75,237
6 Mos. End. June 30—
Fohs Oil
Co.—Earnings—
Gross earnings
6 Months Ended June 30—
73,897
$938,716
102,585
$1,367,505
89,209
2,922
Total gross operating income.
9,943
54,169
81,205
29,216
26,451
75,387
90,472
taxes
Expenses
Deprec. & amortiza'n__
3,022
98,852
$668,064
-
Operating expenses
Selling expenses..':
Production
1938
1939
1940
Federal income taxes
~~
76,163
86,191
23,375
82,632
62,977
Preferred
14,279
26,492
20,548
115,888
18,706
12,298
Lease rentals
Leaseholds abandoned and dry hole
dividends
shs. com.stk.
—V.
$510,980
9,514
13,863
$223,236
191,490
Other income-
150,
$520,494
342,818
$988,455
432,789
$177,677
115,291
$522,666
$30,246
1
230,582
have
$0.68
$0.23
$0.04
$906,289
871,467
849,407
Notes
pay—bank
500,000
500,000
96,438
127,617
36,550
funds.__
2,544
2,112
Accrd. royalties rec
Accts receivable..
2,638
52,091
2,965
Prov.
93,989
State inc. taxes.
6,123
141,743
148,237
Long-term debt
Com. stk. ($1 par)
768", 607
768,607
226
120
2,320,433
2,124,111
730,830
716,050
1,863,891
3,524
1,709,779
7,309
117,477
23,443
Inventories
Due from officers &
employees
Investments
x
General Finance
for
Total
$3,763,068 $3,610,293
&
Fed.
4,000
amortization of $658,869
All other revenues.
Railway
Net
oper.
rev.
1940—7 Mos.—1939
$120,009
149,439
20,546
$119,405
156,433
20,610
33,026
$289,994
235,535
$296,448
231,020
$1,412
1.600
$54,458
21,255
$6,257
2,899
expenses.
$34,438
from ry. oper.
Railway tax accruals
18,031
2,53^^
$33,203
3,605
$44,951
2,688
$42,263
7,327
$29,598
6,095
$6,744
3,390
$35,693
15,270
$51,256
13,772
x$188
income
$3,357
545
395
Net ry. oper. income.
Other income
$2,812
7,784
x$583
$10,596
3,649
Railway
oper.
income tax
Other taxes
Operating income
Other income (net)
Net rents
Total income
Miscell. deduc. from inc.
avail,
Inc.
for
Interest
Other
paid
493
493
$5,799
$9,427
x
Loss.—Y.
151,
11,708
Formica Insulation
Earnings per share
capital stock..
p.
Co.—Earnings—
1940/
$101,403
x$l,229
on
$1.43
$0.56
$0.01
$691,271
—V. 150, p.
Frankenmuth Brewery Co.—Extra
dividend
Fraser
declared
cents
Cos., Ltd. (& Subs.)—Earnings—
Net profit
xProfit
After depreciation, depletion and interest,
x After depreciation,
Federal income taxes, &c., but before surtax on
undistributed profits,
y Equal to 25 cents per share on common stock for
three months and 53 cents per share for the six months.—V. 150, p. 3360.
General Shoe Corp.—Earnings—
Period End. July 31—
Net profit
Earnings per share—
x
$109,307
...—
—V.
$1.42
On common stock.
$504,528, equal
to 76 cents a share on common, comparing with $596,721 or 90 cents a
common share for nine months ended July 31, 1939.
Net sales for nine
months amounted to $11,946,154 against $11,700,188.
Company's fiscal year ends Oct. 31.
Unfilled orders on company's books are about 20% higher than at this
period a year ago, according to W. Maxey Jarman, President, and operations
are currently at a higher rate than 12 months ago.—V. 151, p. 245.
General Water Gas & Electric Co. (& Subs.)—Earnings
Consolidated Earnings for the 12 Months Ended June 30,1940
of California
accounts
Service
Water
Co.,
a
subsidiary, are not
consolidated)
Total
operating revenue
$2,352,512
.
380,954
income
2,733,466
Operation
j
843,915
—
„
Maintenance
128,875
238,659
6,784
—
-
-
Taxes,
„
Total net earnings
Provision for
June 12 '40 June 17 '39
$239,346
$195,190
$1.16
$1,515,233
233,684
____
depreciation.
Gross income
$1,281,549
*
Prior Charge of
Subsidiaries—
Interest on funded
234,433
debt
4,179
29,006
Other interest
Amortization of debt discount and expense
Provision for Federal income tax
Dividends
24 Weeks Ended—
y
$1.27
$0.33
$0.06
After all charges and taxes,
For the nine months ended July 31, 1940, net profit was
but before Federal income
Earnings per share on common stock
.....
Provision for bad debts
1937
$537,113
Co.—Earnings—
Net income after all charges
1940—3 Mos.—1939
1940—12 Mos.—1939
$4,160,075 $16,827,503 $16,040,872
47,666
216,944
835,001
930,045
$3,763,827
Net sales-
Total income
per
For the quarter ended June 30, 1940, profit before income taxes was
$376,349, comparing with net loss of $184,536 in the June quarter of 1939,
and profit before income taxes of $96,986 for the quarter ended March 31,
1940.—V. 150, p. 3823.
Fuller Brush
1940—6 Mos.—1939
y$237,919 loss$36,288
,
1938
1939
$473,245 loss$447,539
1940
6 Mos. End. June 30—
x
extra
an
Co.—Earnings—
1940—3 Mos.—1939
y$115,882
$35,579
Period End. June SO—
Dividend—
of 7J^
share in
addition to regular quarterly dividend of 2lA cents per share on the com¬
mon stock, both payable Sept. 16 to holders of record Sept. 5.
have
299,919
$1,066,735
3974.
General Railway Signal
x
$1,366,654
299,928
$391,343
Balance
Other
Directors
40,368
Net income
(The
3201.
39,972
147,917
Corp. Charges—•
$0.72
Federal surtax on undistributed profits.—V. 150,
591,417
665,477
$1,407,022
Dividends on $5 prior pref. stock
x$129,277.
on
440,001
816,233
$879,160
int.-bearing scrip, notes, &c
Federal income tax settlement.
on
1937
1938
1939
$235,326
Before provision for
223,146
410,714
Crl 1,967
.
General Gas & Electric
Interest
profit after charges
and Federal taxes
x
3,905
82,653
3,450
550.
P.
6 Mos. End. June 30—
Net
$52,525
$68,870
580
11,670
Net deficit
4,729,352
211,261
424,645
Cr49,400
pref. stock--
on cum.
_
y
$3,354
583
deductions
4,658,668
Dividends paid or accrued on preferred stocks
$37,483
$20,422
4,158
81,685
3,450
$6,947
deductions
184,496
$8,015,161
Interest charged to construction
Interest
552,675
2,839,009
Dr22,770
Amortization of debt discount and expense
8,993
fixed
charges..
$7,830,665
$7,380,569
income
x
Rent for leased roads—
1,416,612
3,389,018
$7,403,339
Provision for retirements
$65,428
20,478
$38,999
32,742
_.
$13,874
1939
1,654,023
3,885,106
806,325
2,925,386
Maintenance
RR.—Earnings—
$18,855
17,568
2,575
Total ry. oper. revs..
1940
$27,849,492 $26,046,951
11,175,313
10,018,971
operating revenues
Operating expenses
Balance
$1.05
Subs.)—Earnings —
12 Months Ended June 30—
Federal
1939
$153,832
$0.17
stock
Total
Prov. for divs. not being
1940—Month—1939
Freight revenue
Passenger revenue..
1940
$169,301
on common
Other interest
$3,763,068 $3,610,293
Total
Fonda Johnstown & Gloversville
July 31—
share
3508.
Subsidiary Companies Charges—
Interest on long-term debt.
x After reserve for depreciation,
depletion and
in 1940 and $656,287 in 1939.—V. 150, p. 382,3.
Period End.
per
—V. 150, P.
Gross
Deferred charges..
Other assets
Corp. —Earnings —
6 Months Ended May 31—
Properties, plant
& equipment
of 45 1-5 cents per share on the
21 to holders of record June 16.—V. 149,
General Gas & Electric Corp. (&
Accts. pay.—trade
Accrd. liabilities._
Working
$0.63
dividend
a
Net income after all charges
1939
1940
LiaMtities—
1939
$848,106
).46
Co., Ltd. (England)—Dividend—
declared
stock, payable Aug.
Earnings
shares
Cash in banks—on
demand
4J2.982
727.
page
Balance Sheet June 30
1940
$0.31
(no par)
General Electric
common
33,000
1,500
Net income
Assets—
$473,419
in¬
taxes—estimated
Dividends paid in cash
Earns, per share on 768,607
common stock (par $1)
$395,865
2576.
p.
Directors
State
$323,357
175,000
common
preferred stock,
of net income applicable
151, p. 847.
.....
.—
to minority interest
on
—;.
stock
Balance
Electric Co. Charaes—
lien and collateral trust bonds
purchase price from date of acquisition to date of settlement
note payable to bank
_
note payable to International Utilities Corp
General Water Gas &
Directors have declared a dividend of
50 cents
per
a
On
share on the common
a
On
This compares with
a
On
stock, payable Sept. 16 to holders of record Sept. 6.
75 cents paid on June 15, last; 50 cents paid on March
15, last; and 25 cents
Jan. 2, last, and on Sept. 15, 1939, this latter being the first divi¬
dend paid on the common shares since May 25, 1938, when a similar amount
was distributed.
Prior to then no dividends had been paid for six years.—
on
V. 151,p. 847.
Provision for Federal income tax
1940
before prov. for taxes,
$52,016
1938
$1,849,869
8,317
$0.70
$0.04
Earnings per share on class A common
and common stock
Interest
(The
$547,978
Water
incurred re acquisition of common stock of California
Co.
accounts
A 8SCt 8'
Fixed
3824.
of California
x
After
1940—3 Mos.—1939
$1,039,502
$732,122
1940—6 Mos.—1939
$2,281,164
$1,267,668
on
$0.71
$2.21
$1.23
depreciation, interest and Federal income taxes, but without
mention of undistributed
$1.01
profits taxes.—V. 150, p. 3201.
consolidated)
$14,476,120
capital..
4,383,828
Investments
(net)..
receivable..
Accounts & notes rec.
Accrued interest
Inventories
—
(due
subsequent to June 30, '41)
Prepaid exp. & deferred chgs.
accts.
rec.
382,685
Consumers' and other refund¬
95,406
of obsolete property
274,063
13,270 Contributions for extensions.
92,632 Minority int. in subsidiaries.
b $3 cumulative pref. stock..
21,742 Common stock (81 par)
708,397 Paid-in and capital surplus..
26,070
Earned surplus...
a
General Bank Note Corp.—Bankrupt—
and printer and maker of domestic stock and
bond certificates and currency and stamps for South American governments,
filed a petition in bankruptcy Aug. 21 at Rochester, N. Y., listing liabilities
at $29,062, assets at $15o,549, and secured claims at $1,501.
The petition
The corporation, engraver
$20,857,643
Total
a
1,114 shares
76,288 no par
812,012,218
596,279
Funded debt
Current liabilities
able deposits
408,176
96,729 Deferred credit in respect of
Marketable securities
Instalment
Liabilities—
I
O&sh
Period End. June 30—
Service Co., a subsidiary, are not
Water
""
Special deposits—....—.....
General American Transportation Corp.—Earnings—
x Net profit
Earnings per share
capital stock
15
11,100
__
Consolidated Balance Sheet June 30, 1940
1939
$2,309,357
29,771
$0.83
30—
(est.)
Net income
Service
General Acceptance Corp.—Earnings—
6 Months Ended June
236,032
64,280
24,424
43,325
Other interest
a
Total volume of business done
—V. 150, p.
873
$92/,155
-
—
Interest on 1st
net earns,
65,603
20,300
(est.)
on
Proportion
$0.95
Gamewell Co.'—50-Cent Common Dividend—
paid
■
64.967
$974,592
$211,833
11,403
and
$408,452
Earn, per sh. on 472,982
contributions
come
$327,040
68,825
$0.84
Net income
$264,188
59,169
$574,068
175,000
236,491
Common dividends
General and administrative expenses.
Depreciation and depletion
Income deductions
Provision for Federal
129,646
$459,048
115,020
Profit
Other income
Other taxes except Federal and State
income taxes
-Y. 150,
wholly of machinery, tools and fixtures
2254.
General
engine is to be liquid cooled.—V. 150, p. 3973.
1143
Treasury stock
Total
of $3 cumulative preferred stock,
shares.—V. 150, p. 3509.
55,170
301,764
3,814,400
217,622
3,237,739
556,675
£>r55,700
$20,857,643
b Represented by
The Commercial & Financial Chronicle
1144
George Washington Hotel Corp. (Winchester, Va.)—
Aug. 24, 1940
The 50,000 shares authorized to be listed on official notice of issuance and
sale to A. W. Porter, Inc., pursuant to the terms of an
underwriting agree¬
ment dated March 18, 1940, with authority to add to the
Bonds Called—
listing,
A totql of $17,900 first mortgage 5% bonds due 1945 have been
called
for redemption on Sept. 1 at 100.—V. 135, p. 4391.
were
purchased by A. W. Porter, Inc., pursuant to their commitment therefor
in the underwriting agreement, the company receiving in
payment for said
sum of $125,000.
As respects the 225,000 shares authorized to be listed on official notice
shares the
Georgia & Florida RR.—Earnings—
—
Week
End. Aug. 14—
1939
Operating
(est.)--987.
$41,200
revs,
—V. 151, p.
1
1940
$51,450
Gillette Safety Razor Co.
of issuance and sale
-Jan.
1940
to
Aug.
$675,492
$706,799
(& Subs.)—Earnings—
6 Mos. End. June 30—
1940
Profit from operation
$3,009,895
1939
1938
1937
Income taxes,
$2,596,627
243,169
736,551
$2,300,615
234,862
635,328
$2,922,711
179,742
1,496,701
Netincome
$1,333,452
$1,616,907
$1,430,425
$2,085,333
$0.29
$0.43
$0.34
$0.67
Depreciation
Earns,
230,854
606,524
per share on com.
stock.
Note—The above net income for 1940 includes earnings of
foreign subs,
only to the extent that they were realized in U. 8. dollars or otherwise made
available during the period.
Earnings of such subsidiaries excluded from
consolidated net income because not realized in U. 8. dollars
during the
period, amounted to $90,335 at the rates of exchange used.
Figures for
certain foreign subsidiaries are for periods ended May
31, 1940.
No Common Dividend—
Directors
their
at
meeting
by A. W. Porter, Inc., exclusive selling agent, on or
before July 19,1940, sale was effected by A. W. Porter, Inc., for the account
14-
1939
of the company, of 24,811 shares prior to the close of business
July 19,1940,
leaving 200,189 shares of this block of 225,000 shares unsold as of that date.
In respect of the 24,811 shares sold by A. W. Porter, Inc., for the
account of
the company, the company received net proceeds aggregating
$78,947.'""■'s;
Of the 25,000 shares authorized to be listed upon official notice of
issu¬
ance, upon purchase by John W. Young, pursuant to the terms of an option
agreement dated Dec. 26. 1939, 12,500 thereof are no longer subject to the
terms of said option due to the fact that consequent
upon the acceptance
by the board of directors of the company effective July 8. 1940, of the resig¬
nation of John W. Young as president and as a director of the
coihpany, the
company by 90 days written notice given to John W. Young in accordance
with the terms of his contract of employment terminated said
contract of
employment effective as of Sept. 30, 1940.
By virtue of such termination
by the company of the employment contract of John W. Young the stock
purchase rights of John W. Young under the stock purchase option
granted
by the company to him as an incident of said employment contract were
automatically, in accordance with the terms of said stock purchase option
limited only to a right to purchase all or any part of 12,500 shares at a
price
of $4 per share exercisable only within the period of two
years from and
after the
22
took
action
no
on
Hecla
Glidden Co.—To Pay 30-Cent Common Dividend—
Directors have declared a dividend of 30 cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 12.
Like amount was paid
on July 1,
last, and compares with 50 cents paid on Dec. 23, 1939, and a
regular quarterly payment of 50 cents made on Jan. 3, 1938.—V.
150,
p. 3509.
1940—3 Mos.—1939
$607,959
310,353
72,553
36,616
$440,615
325,000
27,170
37,106
66,526
$1,196,706
$188,438
loss$15,186
$363,631
Depreciation
Depletion
Net profit
lative
participating
Paper Co., Ltd.—Accumulated Dividend—
y
dividend of 25 cents per share on the $2 cumu¬
preferred stock, class A and class B both payable
Oct. 1 to holders of record Sept. 10.
Dividends
stock..
on
both issues
are
in
Greenfield Tap & Die
1940
*$214,261
per share
on
x
1938
loss$3,668
common
stock.
as
on
chief of the Hartford, Conn.,
elected President and General Manager of the
company to succeed Mr. Millar, effective on Sept. 3.
Francis A. Smith,
for several years Vice-President and
General Manager of the company,
with which he has been associated for more
than 20 years, resigned.—
V.
150, p. 2728.
was
Grocery Store Products Co. (& Subs.) —Earnings —
Period End. June 30—
Net loss after all charges
1940—3 Mos.—1939
$32,710
$38,171
Engineering Coe.—Earnings
Net income before prov. for Fed. income &
excass
151, p. 416.
Hinde & Dauch
—
$329,711
_
1940
expenses and
1939
$161,771
121,135
$156,776
$40,636
Dr2,811
taxes
114,942
$37,865
13,427
$22,936
14,550
$24,438
14,550
650
645
261
.286
$7,475
11,000
Netincome-.
capital stock
Before provision for
retirements—V. 150, p. 3360.
Hamilton Watch
ac¬
Co.—Earnings—
Period End. June 30—
Net profit
1940—3 Mos—1939
$205,070
$0.27
$80,479
$0.08
income
taxes,
3203.
y
On
$92,729
Nil
common
stock.—
a
dividend of 25 cents per share on the
to holders of record Aug. 20.
See list given
on
per
& Richardson Arms
first page of this
6 Months Ended June 30—
Ne,r pn£it before Federal
150, p. 3976.
taxes
share
Period End. June 30—
Net income
common
Earnings
Coal Co.
1940
$24,843
p.
1940—6 Mos. -1939
$262,384
$132,944
$291,538
450,442
450,442
450,442
$0.61
$0.58
per
share__
$0.85
interest ^depreciation, but
,
450,442
$0.21
***"'
before surtax.
Net profit for 12 months ended June 30, 1940 was
$1,582,625, equal after
preferred dividends to date of retirement, to $3.48 a share on common,
comparing with $1,245,960 or $2.58
June 30, 1939—V. 150, p. 3203.
a common share for the 12
months ended
(A.) Hollander & Sons, Inc.—Earnings—
6 Mos. End. June 30—
Net profit
1940
1939
y$170,463
ry$106,595
1938
loss$34.952
1937 *"
$393,393
After depreciation, Federal income taxes and other
charges,
y Equal
to 81 cents per share on common stock in
1940 and 51 cents per share in 1939.
—V. 151, p. 104.
Homestake
Mining Co. (& Subs.)—Earnings—
6 Mos. End. June 30—
1940
a Net profit
$3,623,245
Earns,
per
share
on
1939
$4,231,035
1938
$3,301,505
1937
$3,384,438
2,009,280 shs.
of cap.
stock outstanding
$1.81
$2.11
$1.64
$1.68
a After
depreciation, depletion and normal Federal income taxes, but
before surtax on undistributed profits.—V. 150, p. 2100.
Honey Dew, Ltd.—Earnings•—
8 Months Ended June 30—
Sales
1940
$820,709
33,949
$1.98
1939
$697,042
loss6,496
Nil
Horden Collieries Ltd.—Debentures Called—
Various bonds of this company's
for redemption on Sept. 30 at 100.
5H% debenture issue have been called
Houdaille-Hershey Corp. (& Subs.)—Earnings—
988.
(& Subs.)—Earns.
1939
loss$59,242
Period Ended June 30, 1940
Gross profit from sales
1938
$3,506
3 Months
Other deductions
Provision for Federal income taxes.
Provision for minority interest
Net profit
Earns, per share on class B stock
—V. 150, p. 3361.
/
$2,836,771
1,957,337
1,971,266
8,608
437,857
52,090
$711,055
$0.77
Total income
6 Months
$1,367,214
918,901
924,181
Cr28,558
250,947
Cr9,263
Operating profit after depreciation
represents the present status of the three
blocks of shares
aggregating 300,000 shares which were authorized to be
listed on the New
York Stock Exchange pursuant to the
company's application dated March
18. 1940:
1940—3 Mos.—1939
$381,625
stock.
Co.—Registers with SEC
Hayes Mfg. Corp.—Disposition of Stock—
The
following
Co.—Earnings —
—V. 150, p. 4128.
were distributed.—V.
department.—V. 151,
Hatfield-Campbell Creek
—V.
1940—9 Afos.—1939
common
Previously
dividends of 50 cents
Harrington
1937
*$809,006
$0.64
1940—3 Mos.—1939
Net income before income taxes
Earns, per share on common stock
(Jas.) Hanley Co .—To Pay 25-Cent Dividend—
Directors have declared
stock, par $5, payable Aug. 31
14^ p* 1243rte
1983
x$320,940
1940—6 Mos.—1939
$127,039
$0.20
share—
■4^er charges and Federal
p.
1939
$323,933
$0.65
$1.09
x
$36,502;
receivable, $24,560; other receivables, $244;
appliances on rental,
12; merchandise, $10,249; materials and
supplies, $7,904; fuel, $1,722;
residuals, $753; prepaid insurance and
taxes, $3,101; improvements to
leased property, $404; other
deferred debits, $1,243; total,
$947,601.
Liabilities—^Capital stock ($100 par), $200,000; bonds, $291,000; accounts
payable, $6,932; interest accrued,
$10,458; taxes accrued, $4,006; sundry
accruals, $300; consumers' deposits,
$13,642; retirement reserves, $193,852;
uncollectible accounts, $5,203; contributions for
extensions, $10,247; other
reserves, $2,762; earned surplus,
$209,198; total, $947,601.—V. 150, p. 3360.
150,
1940
$482,319
Net profit
Shares of
x
I
Balance Sheet June 30, 1940
Assets—3>roperty, plant and equipment, $859,407; cash,
counts
*
Paper Co. (& Subs.)—Earnings—
Holland Furnace
$8,956
9,500
__
Sundary deductions
V.
Co.—Registers with SEC—
$1.97
After deducting surtax on undistributed
profits.—Y. 150, p. 3203.
x~After
Bond interest
Other interest
per
$0.54
Federal income taxes,
and
$104,847 lossz$74,377
$69,214 loss$281,427
After taxes, depreciation, interest, &c.
z Does
not include a non¬
recurring profit of $209,846 on long-term debt retirement.—V. 141, p. 246*
$41,834
Dr3,969
$37,825
14,888
Gross income
Earnings
expense
y
x
Gross income
Provision for retirements.
x
After
See also list given on first page of this
department.—V. 151, p. 416.
a
y
311,100
$0.70
311,100
$0.14
(R.) Hoe & Co., Inc.—Earnings—
revenues
on
$167,633
$0.10
share
Period End. June 30—
Non-operating income
a
$218,875
Company has filed with the Securities and Exchange Commission a regis¬
($1 par) common stock.
Of the shares
registered, the underwriter. Distributors Group, Inc., of N. Y. City, will
purchase 25,000 shares directly from the company and 10,000 shares from
A. B. Davis, President, at $20 a share.
The offering price of the stock to
the public is to be filed by amendment to the
registration statement.
The net proceeds to be received
by the company will be used for enlarg¬
ing its manufacturing facilities and increasing working capital.
The com¬
pany manufactures chemical products, including pigments, colored
printing
inks and dyes tuffs.
y
Net operating revenues
Dividends
$43,609
311,100
tration statement for 35.000 shares
x
profits taxes.
12 Months Ended June 30—
a
per
1940—6 Mos.—1939
$31,122
311,100
6 Mos. End. June 30.
Net prof, after all chges.
Earns, per sh. on com__
Hagerstown Gas Co.—Earnings—
Operating
Operating
1640—3 Mos.—1939
stk. oustand'g
depreciation, development
but before surtax.—V. 150, p. 3203.
x
$21,475
Earnings for 6 Months Ended June 30, 1940
—V.
com.
Earnings
1940—6 Mos.—1939
$19,732
3827.
Aircraft
Corp.—Earnings —
Hilton-Davis Chemical
elected Chairman
was
Payne, who resigned to devote
entire time to national defense work
ordnance district.
15,416
$75,524
3.33
,
Period End. June 30—
Net profit
Shs.
$57,702
143,855 shares of
his
Grumman
Nil
Earnings for Second Quarter Ended June 30, 1940
milled
ore
Hercules Motors
$1.43
New Chairman—•
p.
$0.36
$1,426,155
1939
Donald G. Millar, President of the
corporation,
Aug. 20 to succeed Colonel Frederick H.
150,
Nil
848.
p.
Earnings per share before depreciation and depletion
—V. 150, p. 3511.
Corp.-—Earnings—
6 Months Ended June 30—
Net profit after charges and taxes
—V.
loss$37,020
Net income after prov. for all taxes, develop. & exploration..
Earnings for 6 Months Ended June 30, 1940
Howard M. Hubbard
73,745
Hedley Mascot Gold Mines, Ltd.-—Earnings-
arrears
(& Subs.)— Earnings'—
Net profit after depletion, deprec., Federal income
taxes, &c
Earnings per share on 997,480 shares of capital stock
—V. 150, p. 3360.
cents
$0.18
Includes other income.—V. 151,
Dry tons of
Great Northern Paper Co.
Equal to 93
$878,860
655,825
53,186
73,940
132,930
630,367
128,963
a
$8 per share.—V. 150. p. 3509.
x
1940—6 Mos.—1939
Earns, per sh. on 1,000,000 shs. of (par 25c.)
capital
Great Lakes
employment contract,
Mining Co.—Earnings—
expenses
Taxes accrued
Directors have declared
of the
848.
Gross income
y
Operating
2578.
p.
p.
Period End. June 30—
company's
continuous dividend payment record since
company was organized in 1917.
150,
date of the termination
dividend
ordinarily due at this time on the common stock.
Kegular
quarterly div.
of 15 cents per share was paid on June 29, last. This failure of
the directors
to declare a common dividend constitutes the first break in
—V.
effective
namely, Sept. 30, 1940.—V. 151,
held Aug.
$1,472,711
$1.60
Volume
Houston
1145
The Commercial & Financial Chronicle
151
Meeting Again Adjourned—
Lighting & Power Co.-—Earnings—
1940—Month—1939
1940—12 Mos —1939
$1,158,911
$1,104,686 $12,574,996 $11,956,449
465,730
453,957
5,653,951
4,729,372
Period End. July 31—
Operating revenues
Operating expenses
178,467
142,087
178,043
148,871
1,691,585
1,239,395
1,585,972
res. approp.
Net oper. revenues.__
Other income
$336,671
$359,771
4,381
$3,989,765
24,785
$3,966,504
17,648
Annual meeting of stockholders, several times previously adjourned to
Aug. 21 in Richmond, was further adjourned to Aug. 28 because of lack
of a quorum.—V. 151, p. 703.
Direct
taxes.
Prop, retire,
3,529
Huyler's of Delaware, Inc. (& Subs.)—Earnings —
1,674,601
Period End. June 30—
x
$364,152
80,208
15,669
$4,014,550
962,500
172,305
$3,984,152
962,500
162,312
income
$246,402
$268,275
Dividends applicable to pref. stocks for period
$2,879,745
315,078
$2,859,340
315,078
$2,564,667
$2,544,262
Gross income.
$340,200
80.208
Interest
on mtge. bonds.
Other int. & deductions.
13,590
Net
Balance
—V.
___
151. p.
expenses
depreciation and amortization,
of 77-B administration and other deductions.—V. 150, p. 4128.
Hygrade Sylvania Corp.—Earnings—
Earnings per share on
—V. 150, p. 3361.
common
Period End.
Net income after all charges
Earnings per share on 160,000 shares
$151,296
$0.95
$291,486
$1.82
1438.
July 31—
Operating revenues
Operating expenses
Period End. July 31—
Gross oper. revenue
expenses & taxes.
1940—7 Mos.—1939
$4,362,253
$4,354,162
3,073,882
38055,255
$146,716
10,618
$1,288,370
72,204
$1,298,907
75,743
Gross income
$158,007
$157,334
$1,360,574
Income charges
a Interest
154,301
154,599
120,650
119,271
1,081,924
844,550
1,092,489
874,271
$116,944
$116,537
$565,900
$592,110
_____________
5%.—V. 151,
x
1940—3 Mos.—1939
$965,954
$876,891
Net loss
x
bondsi
After depreciation, taxes and other
1940—6 Mos.—1939
$1,820,208
$1,751,675
454,200
$2,460,971
304
4,398
14,086
$202,939
:$2,276,170
56,250
21,007
675,000
107,644
$2,475,057
675,000
124,224
$125,682
$1,496,051
for the period._
414,342
$1,675,833
414,342
$1,261,491
con¬
Dividends applic. to pref. stocks
Balance
—V.
151,
553.
p.
Corp. (& Subs.)—Earnings$521,442
51,108
$204,502
68,725
$552,244
122,850
$2,195,043
Other income
charges, but before provision for
$572,550
283,972
159,750
37.675
$273,227
$675,094
325,679
33,164
3,222
17,941
28,778
Humble Oil & Refining
The directors have
Depreciation, &c
profits.—V. 151, p. 246.
declared
a
Co.—-6234-Cent Dividend—
dividend of 62 H
cents
per
share on the
stock, no par value, payable Oct. 1 to holders of record Aug. 31.
paid in two preceding quarters; 62 M cents
paid on Dec. 19, and on Oct. 2, 1939; 37K cents on July 2 and April 1,
1939; 523^ cents paid on Dec. 27 and Oct. 1, 1938; and 37K cents on July
1937
1938
1939
1940
$2,087,082
107,961
Operating pre
567,162
Interest
surtax on undistributed
02,525
Crl ,158
$152,124
Net income
Industrial Rayon
Period End. June 30—
514,600
1$2,271,772
$1,081,709
mtge.
on
charged to
6 Mos. End. JuneiSO
(& Subs.)—Earnings—
Hudson Motor Car Co.
41,700
$202,635
$216,740
56,250
9,524
struction
553.
p.
43,800
Other interest and deduc.
outstanding in the hands of the public
On adjustment income bonds
1,799,951
1,249,467
$217,932
Drl ,192
Gross income
Interest
$5,964,589
$6,284,577
1,920,162
1,578,043
re¬
appropriations.
Interest
1940—12 Mos.—1939
$526,027
154,692
127,000
$569,577
166,845
141,000
Other incomd (net)
$1,374,650
at
1.68
'
-
1940—Month- ■1939
Net oper. revenues
$148,051
9,955
Deficit
retirement
Property
RR.—Earnings—
1940—Month—1939
$585,944
$575,924
437,893
429,208
Operating income
Non-oper. income.
a
$343,856
$1.35
$416,378
stock
—Earnings-
Direct taxes
serve
Hudson & Manhattan
Oper.
1939
1940
6 Months Ended June 30—
p.
1939
1940
6 Months Ended June 30—
Net profit after charges and Federal taxes
Idaho Power Co.
150,
$74,161
$51,742
After operating and general expenses,
553.
(Harvey) Hubbell, Inc.—Earnings—
—V.
1940—6 Mos.—1939
1940-r-Mcmfh—1939
$17,445
$25,324
Loss
x
159,750
41,242
89,608
288,923
Experiment expense, &c
Sundry charges
Federal income
taxes
283,174
-
.
66,879
45,165
63,784
56,000
common
This compares with 37H cents
1 and
on
April 1, 1938.—V. 150. p. 3512.
Net profit
Hupp Motor Car Corp. (& Subs.)—Earnings—
$673,631
1,795,157
Sales
Cost of sales
$1,008,693
2,015,380
Interest paid
906
$728,845
36,597
196,438
Net oper. revenues
$64,290
$60,524
$470,214
$452,155
Rent for lease of operat¬
50
50
728
387
17,248
20,201
145,665
140,633
$40,273
27,916
$323 ,821
241,585
$311,135
225,971
14,134
a
Uncollectible oper. rev__
ing property
Operating taxes
$46,992
35,723
Net oper. income
b
Seed
Net
respect
85,000
gl 1,884
115,000
el33,273
12,082
$2,090,742
$1,817,486
$1,079,143
income
—V. 151. P. 703.
32,263
$1,224,407
84,382
Included in cost of sales,
b Included in depreciation and amortization,
factory expenses prior to commencement of manufacturing
operations of $235,348.
d Including depreciation of plant and equipment
of $145,287 and amortization of dies, jigs, &c., $175,483.
e Includes loss
on sale of fixed assets of $1,994, provision for loss on liquidation of inven¬
tories as estimated by the management of $105,000, and loss on sale of raw
materials and supplies of $26,279.
f Provision for depreciation of fixed
assets amounted to $108,687 and amortization of tools, dies, jigs and
c
986
$931,273
479,118
8.735
Miscell. deductions
a
131
$1,012,271
542,057
103,502
of loans & commitm'ts
Net loss
142
$133,973
73,449
tools, jigs & patents._
m
$932,179
$145,769
Operating revenues
$1,013,257
$145,627
81,337
Idle plant expense
Red .of carry .val.of dies,
Prov. for loss
1940—7 Mos.—1939
$134,104
Operating revenues
Operating expenses
;$1,782,535
40.059
Earnings-
Telephone Corp.-
1940—Month—1939
$776,214
47,369
38,500
See f
3204.
$416,403
1,192,617
$968,186
30,388
843,895
.
share,
$1,521,079
c3,407,116
33,445
Res. for deprec. & amort.
a
Period End. July 31—
1936
$1,088,081
Other income.
cents
Indiana Associated
Years
1937
1938
1939
1940, net profit was $511,811, equal to
comparing with $44,171, or six cents a share, in June
For the quarter ended June 30,
67
quarter of previous year.—V. 150, p.
Consolidated Income Account for Calendar
$181,371
$54,767 loss$120,450
$1,048,358
Includes
patterns amounted to $193,162.
g Includes loss on sales of raw materials
and supplies of $4,658, expenses of non-operating subsidiary of $6,859 and
miscellaneous deduction of $367.
Earnings for 3 and 6 Months Ended June
1940—3 Mos.—1939
$56,083
$357,398
71,494
284,978
Period End. June 30—
Indianapolis Water Co.— -Earnings
1937
$2,593,897
$2,62-* ,648
815,041
598,000
819,655
587,427
806,847
517,711
$1,248,117
483,945
124,563
$1,186,814
$1.300,090
4>3,945
625.604
99,701
124,433
126,417
$676,621
$639,609
$578,436
$548,069
855,095
All Fed. and local taxes.
642,646
1,261,604
Net income
Other
485,282
charges
deductions
Bal. avail, for divs.
—V. 151, p. 417.
30
1940—6 Mos.—1939
$92,548
$530,617
144,495
479.207
1938
$2,661,158
—
Oper.,maint. &retirem't
or depreciation
Interest
-
1939
12 Mos. End. July 31—
1940
Gross revenue
$2,759,345
Intercontinental Rubber Co. (& Subs.)—Earnings-
x
Net loss
x
.__
After depreciation, amortization,
b Capital stoc
aLand, bldgs., ma¬
$2,672,889 $3,129,742
chinery, &c
cl
consolidated
1
1
21,715
48,353
&c
Cash
&
—
Claims
579,892
77,640
—
72,044
_
el2,000
35,000
for
purch.
loss
b Par $1.
c
13,533
16,497
22,911
35,483
before taxes
depreciation—
$300,959
$189,18.3
loss$9,184
$233,289
Drl.227
03,608
Net
inc.
and
87,347
34,960
3,855
33,000
$212,385
54,794
$157,831
60,865
loss$13,039
64,737
$200,289
45,851
$157,591
Net inc. before deprec.
Depreciation
Net income to surplus.
2,582
_
$96,967
loss$77,776
$154,437
Comparative Consolidated Balance Sheet
115.000
1,295,863
4,272,597
Cash
on
demand deposits? 1,068,600
Total
$3,086,873 $4,012,276
ownership of the entire outstanding capital stock of the Common¬
wealth Alcorn Co. The only assets of this company as at Dec. 31, 1937 were
a small bank balance and a minor amount owing by the parent corporation.
Land and a building thereon previously owned by the Commonwealth
Alcorn Co., subject to a mortgage in the principal amount of $210,000
which matured on Jan. 30, 1935, were written off on the books of such
company in
1937 following foreclosure proceedings by the mortgagee.
Hupp Motor Car Corp. and its other subsidiary companies disclaimed lia¬
bility on the mortgage. Hupp Motor Car Corp. was lessee of the property
under a 20-year lease dated Aug. 1, 1930, the rental payable being $32,000
per annum plus property taxes.
As of Jan. 28, 1935 the lease was canceled
byTHtitual agreement between Hupp Motor Car Corp. and The Common¬
wealth Alcorn Co.
The mortgagee, however, instituted suit, claiming
Hupp Motor Car Corp. liable for a deficiency under the mortgage and for
continued payment of rent under the lease.
With respect to the proceed¬
ings, it may be noted that prior to Dec. 31. 1938 a settlement agreement
had been made with the mortgagees and subsequently a cash settlement was
made in the amount of $100,000, thereby terminating the proceedings,
d Includes $164,703 balance of instalments on loan from Reconstruction
Finance Corporation payable within one year,
e Claims arising from reinancing plan abandoned.
$861,617
136,751
142,038
receiv.,
hand & in transit
x
85,699
3,019,975
1
&c
Advs.,
Prepaid
1
740
740
44,590
and
61,467
860
5,907
6.396
2,980,020
Capital surplus.__ 1,003,313
2,980,020
1,003,313
Capital stock
Earned surp. since
56,562
Jan. 1,1935
207,019
62,426
def.
charges
Treasury stock—
Total
1,390
Dr2,945
10,475
_
claims and
deposits
116,125
reserves*.
int. in sub__
Sundry
Min.
y
Pat., trade names,
Securities owned.
126,343
taxes.
44,044
2,974,205
Fixed assets
34,804
States and foreign
88,414
40.962
cost less reserve .
520,253
36,012
incl
accruals
suppl. at
Mater. &
pay.
Reserve for United
Shrub & rubber on
represents
Accts.
Dec. 31 '39
558,207
Drafts payable
hand and
Accounts
June 30 '40
Liabilities—
June 30 '40 Dec. 31 '39
Assets—
5,489,502
1,324,343
__
depreciation of $5,557,092 in 1939 and $6,241,454 in
Investment in a subsidiary company not consolidated
9,327
Sundry credits to income
(net)
Prov. for U. S. normal
income tax also foreign
income & other taxes.
After reserve for
1938.
28,180
exps.
plants
t
on
commit's[
Capital surplus
27,919
can
of
Def. credit to inc.
88". 278
$3,086,873 $4,012,276
Total
a
79,310
2,807
Other assets
20.572
30.681
30,928
(Mexi¬
and Cali¬
fornia properties)
Shut-down
702,810
Prov.
.
cost
86,700
171,289
Deferred charges
for
proposed finan'g
21,017
_
against
closed banks
14*133
35,997
1937
$298y100
_
and
f
Mtge. loan pay. to\
4,604
-
Inventories
1,537
...
dep., &c.
1938
$41,906
Gen. and sales exps.
398,852
Owing to sub. not
Prov.
of
certain litigation
<tc
102,251
204,147
1939
$233,599
Profit from operations.
316,273
vendors
Accrued wages
Funds with others
Accts. receivable.
149,273
/
Dealers'
42,867
—
for settlement
for
1938
1940
6 Mos. End. June 30—
$1,648,285 $1,648,285
229,172
d243,875
claims, &c
consolidated
escrow
deps
:
Taxes payable
Prov.
Goodwill, trade
Surety
Notes payable.
Accounts payable
Invest, in subs, not
names,
1939
Liabilities—
1938
1939
Assets—
interest, idle plant expense, &c.
$345,420
miscellaneous taxes—
Net sales
860
$4,413,874 $4,224,726
Total
$4,413,874 54,224,726
depreciation and amortization of $2,099,655 in 1940
$2,042,830 in 1939.
y Authorized 604,000 shares; issued to June 30,
1940, 595,591 shares; remaining to be issued to complete exchanges under
1926 reorganization plan, 413 shares; total. 596,004 shares stated at $5
x
After reserves for
and
Dor
sh&r6*
Note—There are included in the foregoing balance sheet
located in Mexico and Sumatra aggregating $2,028,103
of which $40,917 represents cash.—V. 150, p. 3513.
assets
amounts for
after reserves
The Commercial & Financial Chronicle
1146
International Cigar
$1,390,762
$1,383,857
196
735
Total incomeCost of sales & expense.
$1,390,958
Deprec. & amortization.
98,171
$1,384,592
488,170
100,266
Royalties and sales
—
Interest earned
......
$1,315,582
2,098
$1,576,245
$1,317,780
$1,576,245
616,385
82,618
126,709
24,784
taxes..........
179,880
Other corporate taxes...
26,390
135,112
22,437
Net profit...........
Dividends paid....
$682,049
600,000
$638,607
600,000
$621,701
600,000
$725,748
600,000
Balance, surplus
Prev. surplus (adjust)..
$82,049
1,015,220
$38,607
1,791,263
$21,701
1,619,431
$125,749
1,545,728
Profit & loss surplus..
$1,641,132
600,000
$1.04
$1,671,478
600,000
$1.21
Federal
*
Shs.
com.
Earnings
$1,997,269
$1,829,871
stk. outstand.
600,000
600,000
share..—
$1.14
$1.06
per
Balance Sheet June 30
Fixed
93,952
1,152,731
Cash...
Accounts and notes
deferred...
283,177
Accts. receivable..
494,910
43,687
rec.,
Notes receivable..
43,957
Inventory..
Patents, licenses,
x
10,366,151
Deferred charges..
80,855
Ac
x
in
After
1939.
$
130,217 y Capital stock... 10,000,000 10,000,000
118,468
114,744
672,227 Accounts payable.
Taxes pay., accr._
300,189
345,983
345,782 Accounts payable
(affil. company)
33,354
16,589
522,001
39,397 Reserve for special
contingencies...
64,347
64,346
51,085
Surplus
1,997,269
1,829,871
10,463,211
101,821
.....12,599,420 12,325,740
Total
1939
$
Liabilities—
$
$
assets
1940
1939
1940
Assets—
Total
-12,559,420 12,325,740
—
for amortization of $4,033,389 in 1940 and $3,904,224
Represented by 600,000 no-par shares.—V. 149, p. 1329.
reserve
y
International
System
Hydro-Electric
(&
Subs.)—
Earnings—
Period End. June QO—1940—3 Mos.—1939
1940—12 Mos.—1939
Operating revenue—.$16,410,943 $15,741,679 $67,162,889 $63,350,205
Other income—net.....
956,633
773,088
3,009,633
2,910,546
Total revenue——$17,367,577 $16,514,768 $70,172,522 $66,260,752
perating expenses, incl.
5,024,217
23,965,338
purchased power.
5,424,686
20,484,546
Maintenance--929,764
3,687,907
945,028
4,029,118
Taxes (other than income
taxes).
2,177,691
2,089,045
8,450,489
8,206,065
O
_
—
...
.....
.....
Int.
on
funded debt and
other debt of subs
2,555,310
2,625,782
10,334,839
11,115,228
398,520
200,739
398,520
209,028
1,594,080
1,001,983
1,594,080
984,139
on debs, of Internat.
Hydro-Klec. System..
Int.
Amort .of dt.disc. & exp.
Prov. for deprec. chgd.
against operations...
_
1,616,722
1,626,977
x6,588,678
x5,923,259
1.516,934
695,001
3,963,347
2,694,684
2,084,590
2,085,256
8,408,407
7,271,402
72,153
72,153
219,214
1,213,594
1,406,172
.Prov. for income & exc.
•
profits taxes.
Divs. being curr. paid on
pref. & class A stocks
of subsidiaries—.—..
Divs. not being curr pd.
on pref. stks. of subs
Minority int. in net earns.
_
of subsidiaries
Other charges against
287,975
327,810
1,332,141
Income of subs
16,105
30,554
Crl5,030
36,536
Netprofit—
$175,035
$296,750
$641,130
$1,301,928
x Additional provisions for depreciation were
charged directly to surplus
by subsidiary in the amount of $468,724 for the year ended June 30, 1940,
and $1,750,000 for the year ended June 30, 1939.—V. 151, p. 417.
International Silver Co. (& Subs.)
Period End. June 30—
x
y
Netprofit......—
Earns, per share—...
—
1940—3 Mos.—1939
-Earnings—•
1940—6 Mos.—1939
$137,216
$125,545
$0.49
$0.28
After depreciation, taxes & other charges,
stock (par $100).—V. 150. p. 3514.
x
y
$230,191
$0.49
On 91,198 shares
International
Control of
Telephone & Telegraph
Spanish Properties—
American direction and control of the
$242,985
$0.48
common
Co.—Regains
Spanish telephone system
was
restored
on Aug. 19 when the board of directors elected four nominees of
this corporation to fill board vacancies and in addition chose Americans
to fill several key executive positions.
The way was paved for this action when an agreement was reached
between the Spanish Government and Colonel Sosthenes Behn. President
of I. T. & T.
It is understood that on several occasions the United States
requested fair treatment for the telephone corporation which owns four/fifths of the common stock of the Spanish $100,000,000 telephone system.
At the meeting held Aug. 19 the board reinstated F. T. Caldwell, both
as
a
director and Executive Vice-President.
It is understood he will
have complete authority just as before the Civil War.
The Spanish
general manager, who has been in charge since the Franco forces occupied
Madrid, retains his post.
The three
new
American directors
M.
A.
Sustrum, Controller of
V T. & T., who came to Madrid from New York several months ago;
A. F. Clement of the corporation's legal staff and E. N.
Wendell, who
was appointed chief
engineer.
George Dennis, who had been a director,
was named Controller; other Americans were
appointed as heads of depart¬
ments or assistant department heads.
The task of restoring conditions as they were before the civil war will
be complete when the meeting of
stockholders, the first since 1936, is
held on Sept. 14.—V. 151, p. 703.
Interstate Hosiery Mills,
_
x
are:
1940
1939
interest.
A sinking fund is to be provided for the series A bonds, under which the
applicant will pay to the trustee on July 31, 1941, and on July 31 of each
thereafter to and including July 31, 1964, the sum of $126,000.
The
applicant is to have the right, at its option, to satisfy any sinking fund
obligation in whole or in part by delivering to the trustee for the sinking
fund at least 40 days prior to any sinking fund payment date any series A
bonds theretofore authenticated and delivered and not previously canceled
or called for redemption, together with unmatured coupons, and the trustee
is to credit such sinking fund obligation with an amount equal to the prin¬
cipal amount of the series A bonds so delivered.
Tne redemption price
of the series A bonds for the purposes of tne sinking fund is to be their
principal amount without premium.
The proposed notes will be dated June 1, 1940, City Bank Farmers Trust
Co., trustee.
The notes are to be designated as general mortgage serial
notes, and in the case of fully registered notes without coupons issued prior
to Dec. 1, 1940, and all coupon notes, are to be dated June 1, 1940, and
in case of fully registered notes without coupons issued on or after Dec. 1,
1940, are to be dated as of the interest-payment date next preceding their
issue, unless issued on an interest-payment date, in which event they are to
be dated as of the date of issue.
Interest payable June 1 and Dec. 1.
They will mature serially in 11 semi-annual instalments in the amount of
year
$180,000 each on Dec. 1, 1942, and on each June 1 and Dec. 1 thereafter to
and including Dec. 1,1947.
Both principal and the interest will be payable
in such coin or currency of the United States as at the time of payment
may be legal tender for the payment of public or private debts.
The notes
in coupon form, in the denom. of $1,000, and in registered form
coupons, in the denoms. of $1,000 and any
The notes are to be redeemable in whole or in part at the
without
multiple thereof.
applicant's optionfrom time to time in the inverse order of their respective
maturities at redemption prices plus accrued interest, which will constitute
percentages of the principal amounts of the notes to be redeemed, the per¬
centages to be computed on the basis of the number of six-months' periods
to elapse from the particular redemption date to the respective maturity
dates of such notes as follows: 15 six-months' periods to maturity, at 103;
14 periods, at 102%; 13 periods at 102 M; 12 periods at 102%; 11 periods
at 102%; 10 periods at 102%; 9 periods at 102; 8 periods at 101 %; 7 periods
at 101 %; 6 periods at 101 %; 5 periods at 101 %; 4 periods at 100 %; 3 periods
at 100%; 2 periods at 100%; and 1 period at 100%.
The $12,600,000 of proposed bonds will be sold, pursuant to a written
contract with each, to nine insurance companies and the Armour & Co.
Employees' Pension Fund of Chicago, in the following amounts: Equitable
Life Assurance Society of the United States, $6,000,000; Northwestern
Mutual Life Insurance Co., $1,950,000; Metropolitan Life Insurance Co.,"
$1,500,000; Massachusetts Mutual Life Insurance Co., $1,000,000; John
Hancock Mutual Life Insurance Co., $750,000; Teachers Insurance &
Annuity Association of Amqrica, $400,000; New England Mutual Life
Insurance Co., $400,000, Equitable Life Insurance Co. of Iowa, $450,000;
Lincoln National Life Insurance Co., $100,000; and Armour & Co. Em¬
ployees' Pension Fund of Chicago, $50,000.
The $1,980,000 of general mortgage serial notes will be sold pursuant
to written agreement to the Equitable Life Assurance Society of the United
States.—V. 151, p. 418.
at
any
time
or
Island Creek Coal Co. (&
Period End. June 30—
Net profit...
x
y
Earnings per share
x
Subs.)—Earnings —
1940—3 Mos.—1939
1940—6 Mos.—1939
$425,626
$0.65
.___
$950,776
$1.47
After depreciation, depletion, Federal income taxes, &c.
common
stock
(SI par).—V.
150,
p.
Islands Gas & Electric Co.
Period End. June 30—
(&
On 593,865
Subs.)—Earnings—
1940—12 Mos.—1939
$1,024,715
530.790
$955,551
501,875
$2,039,979
1,066,796
$1,927,294
1,021,835
$493,925
Net oper. revenues.
Non-operating income.
y
$432,011
$0.60
3979.
1940—6 Mos.—1939
Operating revenues
Oper. exps. and taxes.
a
$132,568
$0.16
$453,676
9,832
$973,183
$905,459
19,207
22,440
$992,390
250,675
$927,899
220,640
5,709
_
Gross income...
Prov. for retirements
a
$499,634
122,982
$463,508
109,783
Gross income.
$376,652
$353,725
$741,715
$707,259
27,155
32,337
65,817
50,152
334,061
313,017
670,843
637,460
$15,436
$8,372
$5,055
$19,647
Interest and other income
1938
charges of Islands Gas
deprec.,
$156,499
& Electric Co.
$113,798 lossx$94,121
$1.59
$1.15
Net income
Nil
mtge. serial notes; such bonds and notes to be sold at
par and accrued interest and the proceeds used to redeem
$12,600,000 of outstanding mortgage bonds, to make
additions and improvements to its electric
utility
gen.
properties,
its treasury for expenditures made for
The new securities will be sold privately
principally to insurance companies.
The report of the
Commission states inpart:
to reimburse
purposes.
The report of the Commission states in part:
J^„of 0ec* 31 • 1939, the applicant had outstanding $6,000,000 of series C
7% first mortgage gold bonds, due Aug. 1, 1942, $3,000,000 of series D
4%% first mortgage gold bonds, due May 1, 1955, and $3,600,000 of
® 4% first mortgage gold bonds, due Dec.
1, 1955, a total of $12,600,000.
The applicant considers it desirable to redeem its entire funded
debt and also to make certain improvements to its electric
utility properties.
To effect such redemption and to reimburse it for
expenditures made for
«
1.
or currency
k
Iowa Electric Light & Power Co.—To Sell
$14,580,000
Bonds Privately — The Interstate Commerce Commission on
Aug. 16 authorized the company to issue not exceeding
$12,600,000 1st mtge. bonds, series A, 3^%, and $1,980,000
capital
and Aug.
charges of subs
Of which $39,645 represented net loss from
operations.—V. 150. p. 2101
and
Interest payable Feb. 1
Both principal and interest is to be payable in such coin
of the United States as at the time of payment may be legal
tender for public and private debts.
Red. at option of the company at any
time and from time to time in whole or in part at 106 if red. on or before
Aug. 1, 1943: at 105 if red. thereafter and on or before Aug. 1, 1946; at 104
if red. thereafter and on or before Aug. 1, 1949; and thereafter at a reduc¬
tion of % of 1% in premium for each year until Aug. 1,1964; and thereafter
to maturity at par; in each case with accrued interest.
In case the appli¬
cant's property is taken by eminent domain or purchased by public author¬
ity and tne proceeds therefrom exceed $2,000,000, such funds are to be
applicable to the redemption of bonds at their principal amount and accrued
the denom. of $1,000 and any multiple thereof.
98,291 shs. cap. stk.
——
dated Aug. 1, 1940 and mature Aug. 1, 1965.
Interest and other income
Federal income, taxes, &c-.on
^ThTproposed bonds will be
First National Bank, Chicago, trustee.
Series A bonds will be coupon
bonds of the denom. of $1,000, and registered bonds without coupons of
Inc.*—Earnings—
6 Months Ended June 30—
Net profit from opers. after
Earns, per sh.
(no par)
properties, and to pay the cost of im¬
properties hereafter to be made, it proposes to issue
$12,600,000 first mortgage bonds, series A, 314% and $1,980,000 general
mortgage serial notes.
The purpose of retiring the outstanding funded
debt at this time is to .take advantage of the prevailing low interest rates
on securities, ad to effect an extension of the maturity of the indebtedness
evidenced by the bonds of series C, D and E so as to avoid the hazards
of a forced refunding of the series C bonds during a period of prevailing
high interest rates, and of being unable to sell securities in order to effect
such refunding.
Funds required to effect the retirement of bonds in
addition to the proceeds from the saie of the proposed bonds will be supplied
from funds now held by the applicant and from the proceeds of the proposed
notes.
The latter will also be used to reimburse the applicant for moneys
heretofore expended, and to secure funds to be expended in the acquisition
and construction of a high-pressure steam turbine at Cedar Rapids, costing
approximately $1,800,000, the acquisition and installation of two diesel
engines at Marshall town, Iowa, costing approximately $750,000, and cer¬
tain other electric utility acquisitions and construction.
While the con¬
templated improvement will be made for use in connection with the opera¬
tion of the electric utility properties of the applicant, it is stated that they
will not be detrimental to or adversely affect the operation of its railway
may be
.
.
1940
provements to such
455,381
90,297
125,087
25,315
404,468
24,
improvements to its electric utility
Machinery Co.—Earnings—
1940
6 Mos. End. June 30—
Aug.
xf
,
a
...
Before provision for retirements.
Consolidated Balance Sheet June 30,1940
Assets—Fixed capital, $10,359,483;
investments, $4,624,886; sinking
funds and special deposits, $60,313; cash, $136,808; accounts receivable,
$441,300; due from foreign governments and municipalities, $120,023; other
receivables. $19,973; merchandise, $106,702; materials and supplies, $183,428; fuel, $150,409; residuals, $3,844; prepaid insurance, taxes, &c., $20,811;
engineering survey, $52,939; retirement work in progress, $2,710; other
deferred debits, $10,957; total, $16,294,585.
Liabilities—$7 cumulative preferred stock ($1 par), $50,000; common
$3,915,000; property purchase obligation,
$2,500,000; notes payable, $6,829,811; accounts payable, $107,350: interest
accrued, $959,919; taxes accrued, $48,319; consumers' deposits, $110,070;
deferred credit items, $1,647; uncollectible accounts, $105,385; contribu¬
tions for extensions, $26,104; other reserves, $49,459; equity of minority
stockholders in common capital stock and surplus of subsidiary company,
$1,21^; capital surplus, $2,440,866; deficit, $950,559; total, $16,294,585.
stock ($1 par), $100,000; bonds,
—V. 149, p. 1766.
(Byron) Jackson Co. (& Subs.)—Earnings—
Period End. June 30—
Net
profit
after
x
Before surtax
1940—3 Mos.—1939
1940—6 Mos.- -1939
taxes,
deprec., int., &c__.._
Shares cap. stk. outst'd'g
Earnings per share.
on
$94,185
378,680
$0.25
$100,156
378,680
$241,318
378,680
$0.26
$0.64
undistributed profit.—V. 150, p. 3204.
$219,227
378,680
$0.57
Volume
The Commercial & Financial Chronicle
151
Jewel Tea Co., Inc.
$
Goodwill
z
1
2,556,154
507,434
stock
Diva,
75 347
560,000
Net
15,338
586,455
18,004
$172,444
$698,400
63,619
252,885
$714,592
224,757
$90,712
44,682
$108,826
44,682
$445,515
178,729
$489,835
178,729
$64,144
$266,786
$311,106
.
Preferred stock dividends
i
Balance
Liabils. for real est.
Res. for conting..
33,698
45,140
285,000
285,000
186,908
214,261
296,084
296,590
525,099
507,434
2,469,507
2,349,808
purchases
10, ggg
-V.
995,112
dents & fire loss.
Res. for alter., im-
pts, & devel'ts—
Jewel
em
Surplus
1940
After
and $1,607,686 in 1939.
z After deducting reserve
depreciation of $1,791,532 in 1940
Represented by 280,000 shares no par value,
accounts.
The income statement for the 28 weeks ended July 13 was
on
hand
Notes
4,564,829
Invest.
In
bonds,
3,942,026
75,139
$42,984
—V. 149, p. 4032.
103,410
637,579
536,113
131,798
tax reserves
Reemploy Men Called to Service
7b-Cent Common Dividend—
Directors have declared
a
2,674,855
319,411
2,674,855
5% cum. pref. stk.
(par $100)
5,584,105
5,840,757
BIdgs. at cost, less
res.for deprec.. 4,031,962
Com. stk. (par $1)
Paid-in surplus, re¬
552,662
566,462
4,209,951
less
303,649
on
on
Sept. 25, 1939, and 50 cents paid on Dec. 23, 1938.—V. 151, p. 849.
in V.
1937
151,
profit after charges
and taxes
$762,193
$736,187
$4.20
$904,576
$5.12
$816,240
$4.59
990.
p.
Directors at their meeting held Aug. 22 took no action toward resumption
of dividend payments on class A stock on which accumulations at June 30,
totaled $3.75 per share.
This is the last directors' meeting in the
present fiscal year which ends Aug.
31.
Kendall Co.
(& Subs.)—Earnings—
a
$243,671
Net profit
After
18, '38 June 12. '37
$254,950 loss$211.634
$885,709
June 15, '40 June 17, '39 June
24 Weeks Ended—
interest,
depreciation,
Federal and Canadian taxes, including
on undistributed profits.
amounted to $10,750,445 and current
$2,637,480 comparing with $9,615,668 and $2,549,084,
June 17, 1939.—V. 151, p. 704.
Current assets as of June 15, last,
were
respectively, on
Kentucky Power & Light Co.—Earnings—
1940
1939
1940—3 Mos.—1939
Warehouse and selling expense
Administrative ana general expense.
$7,755,279
6,417,628
412,312
316,718
$6,040,496
4,847,912
376,316
252,767
$608,622
75,927
$563,501
66,636
$684,548
6,566
$630,137
190
18,642
81,341
98,436
169,930
$173,686
131,419
$773,636
597,607
$710,132
539,000
$38,204
$42,267
$176,028
1
$171,132
Dr2,206
Net operating income-
(net)
Other income
Other income.
Net profit
Interest paid
Miscellaneous deductions
110,103
101,889
109,320
sharing & bonuses..
Provision for Federal income taxes
Minority interests in profits of sub. companies
$356,481
$2.08
share..
5,997
48,867
$376,853
$2.21
$38,204
35,939
$42,267
36,570
$176,030
145,430
$168,925
146,812
$2,265
Gross income
Int. & other deductions.
Net
1940—12 Mos.—1939
$188,158
149,954
Operating revenues
Oper. exps. & taxes
$6,210,426
Returns, allowances, discount & freight "out"
$7,927,581
172,301
6 Months Ended June 30—
per
There had been some expectation
clearing up the arrearage
that the company would make a start toward
before the fiscal period ended.—V. 151, p. 418.
Period End. June 30—
Earnings
and
published
$4.10
,)—Earnings—
Provision for employees' profit
21,983,633 21,971,179
last,
liabilities
Net
Earnings per com. share.
—V. 150, p. 3829.
Total
estimated surtax
—
1938
1939
1940
21,971,1791
for bad and doubtful accounts of $122,000 in 1940
Kelsey Hayes Wheel Co.—No Class A Dividend—
a
(Mead) Johnson & Co. (& Subs.)—Earnings
reserve
853,989
11,121,726
The income statement for the six months ended June 30 was
stock, payable Sept. 24
6 Mos. End. June 30—
21,983,633
After
x
833,289
in cap. structure
1
5,500,000
$127,000 in 1939.
to holders of record Sept. 10.
Like amount was
June 24, last, and compares with $2 paid on Dec. 22, 1939; 75 cents
paid
1
change
Earned surplus...11,549,506
1
1
5,500,000
reserve
Goodwill
Total
fr.
sult.
reserve
Autos., less
dividend of 75 cents per share on the common
paid
123,919
con¬
tingencies
Land at cost
to service.
To assist in the rearmament program, Mr. Brown stated, Johns-Manville
supervisors will be loaned for vocational training where their services as
instructors may be required.
At the same time, the company will en¬
courage its own employees to take training in skilled work.
73,640
131,366
Res. for ins. &
Macli'y & fixtures,
Johns-Manville Corp.—To
71,846
payable in July.
res've
<
Company announced that all employees who may be called to serve
under the proposed selective service or National Guard acts will be re¬
employed when released from training.
The announcement, made by Lewis H. Brown, President, is being dis¬
tributed to all the company's employees.
Employees who are called for such service, Mr. Brown stated, will be
reemployed without loss of continuity of service or other service benefits.
Moreover, Johns-Manville will keep up premium payments on such insur¬
ance as the employees may be carrying through the company when called
incl.
Divs. on com. stk.
at
props,
less
transit
Fed. & State inc.
at
for depreciation.
1939
1940
123,779
In
Acer, liabils.,
stocks,
cost or less
Bros.—Earnings—
751,164
133,497
141,473
749,501
Accts. pay., mdse.
accts.
&c.,
$
2,000,000
4,103,730
3,988,547
&
1939
S
1,750,000
Accounts payable.
955,911
Prepaid Ins., &c_.
cost,
$92,671
Liabilities—
703,179
receivable
Outside
6 Mos. Ended June 30—
Net income after all charges
1940
$
Notes pay. to bks.
Inventories
published in
V. 151. p. 990.
-Comparative Bal-
1939
$
Cash in banks and
10,700,390 10,744,04s
Total
Stores, Inc.
ance
x
10,744,0481
556.
p.
Assets—
pi. surety
deposits
& savs.
10,700,390
151,
Kaufmann Department
Sheet June 30—
Res. for auto acci¬
6,319
1,026,222
_^
income
40,246
46,356
Jenkins
$712,338
2,254
$153,785
63,073
Gross income
Int. & other deductions.
131,151
111,164
doubtful
$697,195
1,206
$46,029
482,893
637,228
Sundry
90,857
y
324
Other income (net)
accruals._
Federal
30,
,941
for
$172,121
300
297,959
336.000
deposits
Loans to empl's
x
$153,485
127,461
336,443
payable
for employees..
MLscell. invest. &
Total
$640,326
468,205
and
employees dep..
taxes, &c.
68,018
1,446,718
held
Deferred charges..
1940—12 Mos.—1939
$2,682,987
$2,577,741
1,985,792
1,865,403
$652,707
499,222
Net oper. income
86,400
423,407
acceptances
bonuses
1,079, 902
Com.
Co.—Earnings—
1940—3 Mos.—1939
Operating revenues
Oper. exps. and taxes...
Retirement Estates,
life ins. policies.
Cash
4,935,462
Accounts payable.
of
val.
4,935,462
Common stock-
Accrued wages
employees'
trust fund assets
Cash surr.
$
Letters of credit &
1
232,272
525,099
y
2,175,793
2,552 742
Investments
Jewel
2,598,708
246 767
Accts. receivable
5
Liabilities
2,400 595
Inventories
Period End. June 30—
July 13 '40 July 15 '39
39
S
Capital assets.— 2,661 ,083
x
Kansas Electric Power
Balance Sheet
July 13 ■40 July 15
Assets—
1147
$5,698
$30,600
$22,113
income
—V. 150, p. 3364.
...
Keystone Steel & Wire
Co.—20-Cent Dividend —
share on the
16 to holders of record Aug. 31.
with 25 cents paid on June 15 and on March 15, last; 20
cents paid on Dec. 15, 1939; 15 cents on Sept. 15 and on June 15, 1939;
20 cents on April 15, 1939, dividends of 10 cents paid on Feb. 1, 1939,
and on Nov. 1, 1938; 40 cents on June 27, 1938; and 15 cents paid on April
15, 1938.—V. 151, p. 704.
Directors
common
on
Aug. 20 declared a dividend of 20 cents per
stock, no par value, payable Sept.
This compares
Kimberly-Clark Corp.—$2,000,000 Bonds Placed
$10,000,000 from Banks —
Privately
—Borrows
Consolidated Balance Sheet June 30, 1940
Assets—Cash, $924,092; accounts and notes receivable (less reserves),
$1,853,092; inventories, $2,883,504; investments and advances, &c., $991,847; prepaid insurance, taxes, rent, &c., $100,532; plant and equipment
(net). $2,617,962; total, $9,371.029!
Liabilities—Accounts
payable.
$732,937;
accrued
expenses,
$569,904;
mortgage and other note payable of sub. cos., $11,000; long-term debt.
$800,000; minority interest in sub. cos., $896,724; cumulative preferred stock
ipar $100), earned surplus, $2,761,775: total,$5), $750,000; paid-in p. 3515]
1,348,689; $1,500,000; common stock (par
$9,371,029 —V. 150, surplus
corporation has reported to the Securities and Exchange Com¬
mission that on July 1 It sold privately to the Northwestern Mutual Life
Insurance Co., at par, $2,000,000 first mortgage serial 3H% bonds, due
in equal amounts in Jan. 1 and July 1 in 1951 and 1952; and had borrowed
$10,000,000 from banks, due $500,000 on Jan. 1, 1941, and in equal semi¬
annual instalments thereafter until July 1, 1950.
The bank loans are
secured by serial first mortgage bonds of the same amounts and maturities.
Stockholders on April 11, 1940 authorized new first mortgage bonds up to
The
It is proposed to issue $12,000,000 of such
serial bonds, series of 1940 of which $10,be pledged with First National Bank, Chicago, Chase
National Bank and First Wisconsin National Bank, Milwaukee, as colla¬
teral security for $10,000,000of loans, and $2,000,000 of the last maturities
would be sold to Northwestern Mutual Life Insurance Co.
Interest on the bank loans ranges from 1 Yi % on the first maturity to
1H% on the second, 2J^% on the third and fourth, 2%% on the fifth, and
3% on the sixth to tenth inclusive, and 3U% on all remaining maturities.
Net proceeds from the $12,000,000 financing have been or are to be used
to retire $9,000,000 outstanding notes payable and $3,000,000 for expan¬
sion of manufacturing facilities.
'
So long as any of the bonds are outstanding, the company agrees that it
will not without prior written consent of holders of 75% of the outstanding
bonds, reduce or retire any of its captial stock or make any liquidating dis¬
tribution to stockholders or declare or pay any dividend, other than stock
dividends, if the effect shall be to reduce capital and surplus below
$35,000,000.
,
Also, the company will not reduce or retire any capital stock, make any
liquidating distribution or pay or declare any dividends other than stock
dividends, or make any advances to subsidiaries or affiliates, or purchase or
invest in any stock of any company other than a company in which the
corporation owns all or virtually all the outstanding shares, or make any
capital expenditures other than those for maintenance of the property in
good and efficient working order, if the consolidated net current assets are
or would be reduced thereby below $4,500,000.
not
exceeding
000,000
Kalamazoo Stove & Furnace
Co.—Earnings—
1940
xprof$65,484
6 Months Ended June 30—
Net loss after deprec.
and taxes
yl9391
$129,922
1938
$112,767
Equal to 22 cents a share on 300,000 shares of capital stock,
y In¬
cludes subsidiary, from date of acquisition Jan. 16, 1939.—V. 150, p. 3205.
x
Kansas
City Public Service Co.—Earnings—
1940—Month—1939
Period End. July 31—*
Total oper.
$479,399
$478,213
440,906
19,420
10,581
revenue
x$36,772
$9,263
x$37,578
52
73
2,321
3,270
x$57,549
x$36,699
40,146
x$34,307
482,183
7,329
$11,585
207,502
105,529
318,609
$84,174
$620,056
$602,031
Depreciation
Gross income
.
3,915
16,644
4,293
bonds
RFC obligationOther fixed charges
Int. on
$82,402
loss
Loss.—V.
151,
Kansas City
p.
85,541
Period End. July 31—
1940—Month—1939
$1,140,657
$1,080,780
724,842
675,617
1940—7 Mos.—1939
$8,038,307 $7,362,611
5,024,669
4,682,614
$3,013,638
103.000
$405,164
99,000
711,000
$2,679,997
693,000
Railway oper. income
Equip, rents (net)
Joint facil. rents (net)..
$.312,814
$306,164
$2,302,638
$1,986,997
54,365
10,820
31,911
343,409
70,222
237,054
13,505
inc.
$247,629
$260,747
$1,889,008
from ry. oper.
$415,814
Railway tax accruals—
rev.
Net railway oner.
—V.
,
.
Extra Dividend—
declared an extra dividend of 25 cents per share in
quarterly dividend of like amount on the common
both payable Oct. 1 to holders of record Sept. 12.
Like amounts
paid on July 1, last.—V. 151, p. 556.
tion to the regular
Southern Ry.—Earnings —
Railway oper. expenses-
,
Directors have
556.
Railway oper.revenues-
Net
would
.
Operating income
Non-oper.
income
x
$6,333,854
5,155,927
252,582
122,042
840,881
66,093
Social security taxes
Net
212,961
124,164
797,780
x$57,602
General taxes
Interest on
1940—12 Mos.—1939
$6,287,992
5,143,824
414,311
22,095
9,875
68,705
Operating expenses
$20,000,000.
bonds to be known as first mortgage
151, P. 418.
73,343
$1,676,600
Kingston Products
6 Months
Corp. (& Subs.)—Earnings—
Ended June 30—
Earns, per
—V. 150, p.
_
1938"
$165,691
Nil
2730.
Koppers Co.
(& Subs.)—Earnings—
Ended June 30—
Net profit after deprec., int.. amort.
1940
12 Months
Federal income taxes
—Y. 150, p.
1940
1939
$53,836 prof$46,230
Nil
$0.03
_
deprec., taxes, &c
share on common stock—
Net loss after
addi¬
stock
were
3516.
&
—
$2,150,831
1939
$1,270,139
1938
$2,481,076
Chronicle
The Commercial & Financial
1148
Lessings, Inc.—Earnings—
Ready —
Kresge Foundation—Definitive hotes
announced that definitive 10-year
3% collateral trust notes and serial collateral trust notes are now ready
for exchange for temporary notes at its Detroit office.
At the option of
the holder, exchanges may be made at the office of Bankers Trust Co.,
New York, agent of National Bank of Detroit.—V. 150, p. 3205.
National Bank of Detroit, as trustee,
1940
$180,792
$168,985
$177,626
$196,156
operation
general expenses
yl70,079
yl65,826
1,224
925
170,994
1,227
1,498
180,474
1,168
2,927
$8,954
39,289
$3,458
45,378
$6,362
55,826
$14,010
55,180
$48,242
8,617
1,300
$48,836
$62,188
9,000
$69,189
$44,199
$53,188
$60,189
90,000
90,000
$0.07
90,000
$0.15
of sales,
Cost
and
.
Other income
Co,—Sales —
increase in sales of the eighth four-week period over sales for the
period last year was announced on Aug. 20 by this company.
Bales for the period, ended Aug. 10, were $18,855,438, compared with
sales of $17,226,148 for the corresponding four weeks in 1939.
Cumulative
sales for the first eight periods were $156,770,923, an 8% increase over sales
of $145,366,700 for the same eight periods last year.
Average number of stores in operation during the period was 3,835,
compared with an average of 3,912 for the eighth period a year ago.—
Y. 151, p. 556.
Net inc. for surplus—
A 9%
same
Balance Jan. 1
Total surplus.....
Dividends paid
debits—
Miscellaneous
Due to
a
Lane Bryant,
Years Ended May 31—
1940
Sales (net of returns). __$14,088,839
published in last week's
It properxy
share..
per
626
811
'
Sundry debtors
"328
13,692,800
13,218,748
14,028,226
14,128,938
12,575
$396,039
65,033
$136,980
59,587
$83,215
$485,066
55,335
Inventories
Total
before
income
$461,072
$196,567
$136,483
44,200
120,518
64,522
128,033
74,612
154,346
71,377
Crl .408
Cr3,718
Crl,218
Interest
Discount
on
debs,
pur¬
chased and cancelled..
950
Excess
of
e'q't
80,146
1
ture & auto
Total
x
(7%)
19,880
6,223
x47,800
$218,228
61,292
loss$33,156
64,059
loss$84,824
65,532
$259,734
69,806
63,042
$156,936
126,679
Burplus
Bhs.com.stk.out.(no par)
Earnings per share
def$30,903 def$150,356
126.379
126,079
$126,886
126,079
$1.24
Nil
Nil
$1.51
on undistributed profits.
$1,047,000 of the company's 19-year 6%
sinking fund debentures were outstanding.
These have been redeemed,
partly out of cash resources and partly with the aid of a loan of $500,000
secured from the State Bank of Albany.
This loan is in the form of 20 notes
of $25,000 each, bearing 3M % interest, and maturing quarterly over a
period of five years.
As of May 31 the first of these notes had already
become due and been redeemed.
y
$505,218
8599,792
903,221
equipment, &c._
1,051,638
1,016,767
2.150.580
1,035
Cash
y
Accts. receivable 1,041,536
1,882,07 5
InventoriesDef'd cash
.....
on
dep.
a
Notes
payable..
Accounts
payable.
and
475,000
67,246
78,277
Accrued expenses.
128,398
Prov.
Capital surplus
52,763
47,135
26.821
45,587
66,371
68,119
Earned surplus
908,110
747,474
pat's,
no par
Income
1,000
875
deferred
for
1,275
Federal
taxes
42,047
$4,720,902 $5,234,945
Total
depreciation and amortization,
y After
deducting
Represented by 126,679 (126,379 in 1939) shares
Includes $100,000 due within one year,—V. 151, p. 849.
deducting
a
z
Lake Superior District
Per. End. June 30—
Operating
Operation
$2,738,750
532,880
410,228
410,300
423,826
306,715
217,269
206,432
$2,695,843
530,440
403,822
403,318
296,199
231,286
234,855
$631,521
306,000
$607,415
$641,328
109,290
$595,923
54,729
$937,521
275,072
$686,106
8,051
$750,618
156,348
45,100
162,066
$650,652
1,776
158,833
55,449
8,834
163,126
67,743
$461,001
$460,541
$510,916
$490,042
444,581
462,223
462,032
444,002
Commercial
General & miscell—
Taxes
404,712
291,412
208,033
216,868
Other income.
Total income
_
Misc. deducts, from inc_
P'ixed charges
Federal inc. tax prov
78,691
Divs. pd. or provided for
Balance Sheet Dec. 31, 1939
Assets—Plant, property, rights, franchises, &c., $12,865,414; investments
other telephone companies and miscellaneous investments, $392,782;
cash, $846,693; accounts receivable (Jess reserve), $163,307; material and
in
supply inventories, $295,215; officers, employees' & other notes &
receivable, $124,833; deferred charges & prepd. expenses, $306,024;
$14,994,268.
Liabilities—5% cumulative preferred stock ($100 par),
accounts,
value,
$2,666,315
527,647
Traffic
A
I
..$4,720,902 $5,234,945
After
doubtful
1,642,387
499,763
404,860
395,501
286,567
210,419
213,756
Net operating revs
Depreciation
tr.-
goodwill
Total
instaPs pay.
Income
terns
marks,
Mfg.
within 1 year...
Closed factory
$2,752,512
13,762
Maintenance
129,869
15,700
300
-
revenues.....
Maintenance..
....
Depreciation
Taxes
Power Co.- -Earnings-
1940—3 Mos.—1939
$567,841
$537,304
172,347
149,116
30,059
21,865
75,000
74,718
105,434
110,805
1940—6 Mos.-
-1939
$1,134,048
$1,071,707
385,401
309,934
57.370
57,527
148,042
211,722
150,000
204,620
(cumulative and participating)
common
$331,356
11,613
$349,783
5,193
$177,694
7,880
$193,299
58.919
$185,574
58,820
$342,969
117,344
$366,081
118,416
$134,380
59,179
$126,755
59,179
$225,625
118,358
$247,666
118,358
$75,200
$67,575
$107,267
$129,367
$188,106
,
Gross income
....
Int. & other deductions.
Net income
Pref. stock dividends
Bal. avail, to
com.
stk."
16,298
—V. 150, p. 3980.
Federal Trade Commission
company,
'
has issued a cease-and-desist order against
alleging violation of the Robinson-Patman Act, in the sale of its
Listerine antiseptic" and allied products.
The Commission asserts the
company had violated the Act by allowing to certain customers compensa¬
tion for sales services or facilities furnished by them without making such
payments available on equal terms to all other competing buyers of the
Lambert products.—V". 130,
Lincoln Water Co.—Bonds Called—The entire issue of first and refunding mortgage
p.
2222.
Liquid Carbonic Corp.—Debentures Called —
6 Months Ended June 30-
1940
1939
$756,905
545,295
14.654
$691,176
497,260
16,990
$196,956
1,462
$176,926
2,235
Interest.
$198,418
Estimated State franchise tax
2,207
4,292
$179,160
1,583
3,657
Estimated Federal income tax
17,247
15,797
Estimated Federal capital stock tax.
Net profit
$174,671
$158,122
Balance Sheet June 30, 1940
Assets—Cash, $172,076; accounts receivable, smelter, $49,223; accounts
receivable, miscellaneous, $670; concentrates in transit and on hand (net
proceeds), $29,150; ore in process (at cost), $4,244; inventory, stores and
supplies (at cost), $45,004; fixed assets (less depreciation of $149,360),
$1,906,144; discounts, commissions and other promotional expenses, paid
by issuance of donated treasury stock, $475,929; prepaid insurance pre¬
miums, $1,385; other assets, $30,000; total, $2,713,828.
Liabilities—Payroll accrued, $24,742; accounts payable, $30,742; taxes
accrued payable, $34,701; compensation payable, $4,627; reserves, $172,487;
capital stock (par $1), $2,445,756; paid-in
total, $2,713,828.—V. 150. p. 3052.
on
treasury stock sold, $770;
104 and accrued
Co. of New York.
Loft, Inc.—Settlement of Pepsi-Cola Claim—
See Pepsi-Cola Co.
below.—V. 151, p. 849.
Lone Star Gas Corp.
(& Subs.)—Earnings—•
5,787,811
maint.& taxes
__
$7,433,810
a Gross income-_____
b Income charges
$7,694,206
550,247
a
Operating income
Other income
Min.
int,
in
net
inc.
a
10,549,810
$9,940,193
1,151 156
947,858
5,739,724
320,480
1,633,914
536,437
$6,615,210 $11,654 ,958 $10,888,050
1,177,975
5*9,078
1.099 ,565
3,083,336
2,056,779
2,836 ,863
603,384
529,417
781 ,620
of
376
$3,439,694
501
243
$4,973,231
Net income
on
11,131,258
$6,294,730 $10,503 802
260,396
sub. companies
Divs.
1940—12 Mos.—1939
$12,034,455 $21,635X60 $20,490,003
1940—6 Mos.—1939
Gross oper. revenue
$13,221,620
Gas purch., oper. exps.,
2,297
$6,936,409
$6X21,057
129,187
pref. stock
$4,973,231
Balance
Miscellaneous income.
debentures, due June 15.
have been called for redemption on Oct. 10 at
Payment will be made at the Guaranty Trust
—V. 151, P. 990.
1947,
Prov. for Fed. inc. tax._
Gold Mining Corp.—Earnings—
5J^% bonds due 1951
has been called for redemption on Oct. 1 at 103.
Depreciation & depletion
Lava Cap
$4,500,000; class
stock (28,479 no par shares),
$182,611; advance billing and payments, $86,914; accrued taxes, interest,
&c.f $166,421; depreciation reserve, $3,045,885: suspense, $21,577; con¬
tingent reserves, $85,155; surplus, $298,119; total, $14,994,268.—V. 149,
p. 3876.
Per. End. June 30—
Lambert Pharmacal Co.—Cease a^d Desist Order —
accts.
total,
$949,300; class B common stock (63,074 no par shares), $1,051,233; funded
debt, $3,500,000; demand notes, $540,000 ; 6% cumulative preferred stock
called for redemption (including premium), $567,052; accounts payable,
All of the outstanding 10-year 4% conv. s. f.
Net operating income.
Other income (net)
_
$2,678,625
12,310
Net income
4,000
depts..
1936
$2,715,420
19,577
_
$2,654,065
-11,678
Uncollectible oper. revs.
884", 446
815,543
13,919
investments
Co.—Earnings-
1937
1938
1939
Years End. Dec. 31—
Operating revenues.
sales
13,580
Lasts, dies & pat¬
of
1,000,000
47,000
fund requlr.
271,505
advances
to leased
x
Sink,
25,084
Loans &
"
(The) Lincoln Telephone & Telegraph
1,388,634
6% debentures
279,815
Ac
Loans & advances.
Pat'ns,
1,391,931
z
cred. to custom's
prepaid rents,
Other
Common stock..
income taxes,
$888,100
Prepaid
Adv. to manufac's,
taxes.
1939
$833,900
Liabilities—
1939
1940
buildings,
depreciation and Federal
stock.—V. 151, p. 419.
Net oper. income
1940
Preferred stock—
Assets—
196,887
$0.44
After
x
$5,474,944
$769,605
194,439
$0.43
Earnings per share
common
1940—7 Mos.—1939
$4,373,867
1.346,482
1,095.858
$2.99
$2.44
y On 450,000 shares
1940—Month—1939
Net profit..
Consolidated Balance Sheet May 31
xLand,
$147,595
$149,425 in 1940 and $140,830 in 1939.
$955,067
x
Includes $3,290 for surtax
At the beginning of the year,
"
for depreciation of
Net sales.
22,400
26,000
Common dividends.....
x
reserve
(R. G.) Le Tourneau, Inc.—Earnings—
21,155
50,000
Net income
Preferred divs.
After
1
,
$147,595
$142,870
...
Per. End. July 31—
except
deprec., over income of
props, not used in oper
Federal taxes
2,870
85,858
Goodwill & leases.
Land, b'Id'g's, fix¬
10,125
exps.,
Total
925
25,500
Reduction
Fair bonds
44,199
—V. 150, p. 2730.
4,762
sale of equip
of
World's
on
2,398
24,180
920
bldgs., equip,, &c
88,173
38,325
2,189
taxes, &c
Notes rec., not cur.
$540,400
114,010
of
1,628
85,909
Surplus
tax reserve..--.
Prep'dinsur.,rent,
x
Federal taxes..,
Provision for deprec.
Doss
53,268
3,463
Capital stock
10,421
Marketable securs.
Operating profit.
Miscellaneous income—
.
State
and
Federal
76
Acc'd it. receivable
CTdm0in.'ftllSSn"?
acc'd expenses.
530
'
^^
—
1939
$13,595
payable and
Accts
650
650
Notes rec., secured
1940
$15,172
Liabilities—
1939
$20,633
receivable.
Accts.
,,
,
$0.04
Balance Sheet June 30
1940
$21,016
Assets—
Cash___.
1939
1938
1937 '
$13,355,728 $14,111,441 $14,614,004
;
85,909
$0.11
Includes depreciation of $3,819 ($4,832 in 1939) on fixed assets.
y
Landis Machine Tool Co.
990; V. 150, p. 694.
Inc.—Annual Report—
9,000
229
$38,325
Balance, June 30
Earnings
typographical error the dividend item
"Chronicle," page 090, was headed
company.—V. 151, p.
refers to this
4,409
1.327
3,000
Shares capital stock out¬
standing (par $1)
Landis Machine Co.—Correction—
1937
1938
1939
6 Mos. End. June 30—
Sales
Prov. for inc. taxes
Kroger Grocery & Baking
24, 1940
Aug.
Before
depreciation
and
$3,439,694
depletion.
Louisiana Power & Light
Operating revenues
Operating expenses
81,749
Direct taxes
Prop, retire,
67,272
res. approp.
of
$5,891,871
interest
-V.
and
151, P. 850.
Corp.—Earnings—
1940— Month—1939
$620,015
$611,722
326,366
321,755
Period End. July 31—
$6,936 ,409
b Consisting
deductions.
amortization charges and other nonoperating
74,983
64,031
1940—12 Mos
$8,154,855
4,316,124
1,000,625
—1939
.335,576
,769,086
899,120
806,666
728.031
$1 939,339
Other income (net)
$140,946
1,839
$154,635
1,046
$2,031,440
12,352
12,863
Gross income
$142,785
$155,681
$2,043,792
72.928
6,367
72,947
4,558
875,328
92,264
$1 952,202
875,499
$63,490
$78,176
$1,080,397
Net oper. revenues
Int.
mortgage bonds_ *
Other int. & deductions,
on
'
Cr4,197
Int. chgd. to constr'n
Net
income
Dividends applicable to
Balance
-V.
151, p. 557.
pref. stock for period
57,840
08,881
356,532
$1 027,744
356,532
$723,865
$671,212
Volume
The Commercial & Financial Chronicle
151
Louisiana Ice & Electric Co., Inc. (& Subs.)Calendar Years—
Operating
1939
-Earnings
The merger of this company and
1936
1937
1938
$527,064
$674,795
63,012
338,207
72,267
$700,275
60,454
367,004
87,910
229,787
55,679
$602,332
58,436
288,303
55,747
(excl. of Federal
income taxes)..
72,104
69,382
68,488
61,651
Income from operation
Non-oper.rev. (net)
$169,493
37,928
$130,463
32,152
$132,820
26,232
$123,255
35,409
Gross income
Provision for renewals &
$207,421
$162,616
$159,052
$158,663
replacements
Interest, long-term debt
99,000
84,000
1,770
75,000
4,500
1,526
1,342
82,000
5,962
1,118
30
41
$69,210
69,098
on
$69,583
69,098
revenue.
....
Power purchased
Operation
Maintenance
Taxes
...
Int.
on
18,300
unfunded debt--
Miscellaneous deduction
Amort,
of
debt
disc.
4.500
&
2,725
expense
Fed. & State inc.
taxes
(est.)
450
Sept. 1,
was
approved
$81,549
69,098
$94,146
69,098
Consolidated Balance Sheet Dec. 31, 1939
Assets—Capital assets, $1,805,107; investments and other assets, $19,909;
cash, $173,463; notes receivable, $400; accounts receivable, $85,122; ma¬
terials and supplies, $22,898; prepayments, $12,499; deferred debits, $15,283; total. $2,134,681.
Liabilities—Long-term debt, $282,000; serial collateral note (due curr.),
$69,000; accounts payable, $15,813; consumers' deposits, $32,226; interest
accrued, $977; taxes accrued, $24,848; other accruals, $4,862; deferred
credits, $8,659; reserves, $475,258; common stock (par $1), $69,071; capital
surplus, $1,096,545; earned surplus, $55,421; total, $2,134,681.—V. 151,
P.
corporations several weeks.
Announcement was made that $150,000 of stock in the Vance Hosiery
Mill, Kernersville, will be transferred to the new corporation, as will the
entire assets of the Dothan Silk Hosiery Mill, Dothan, Ala.
Also affected
by the merger are the Pickett Hosiery Mill and the Grabur Silk Mills, both
of Burlington.
The former becomes a partially-owned subsidiary and the
latter a wholly-owned subsidiary, under the new set-up.—V. 150, p. 4131.
Merchants Refrigerating Co .—New Vice-President
Macon Gas
Operating
Operating
Directors have declared a dividend of 25 cents per share on the common
stock, payable Sept. 10 to holders of record Aug. 30.
Dividend of 15 cents
paid on June 10, and March 11, last; 25 cents on Dec. 9, 1939; 15 cents
paid in three preceding quarters, and 50 cents on Dec. 10 and Sept. 10,
1937.—V. 149, p. 3119.
was
Micromatic Hone
1940
$714,061
expenses
3 Months
per
Net operating revenues before pro v. for retire'ts.
$122,383
23,426
$136,739
19,987
Non-operating income
Middle West Corp.—Earnings of
451,463
19,514
Divs. from other
Int. from other
Gross
Bond
income
$124,257
32,377
7,000
1,331
5,031
997
$77,521
1,000
80.835
interest
Note interest
;
Other interest
Amortization of debt discount and expense
Other deductions
Net income
Preferred dividends
Common dividends
Balance Sheet June 30,
$126,295
32,832
7,000
536
335
Liabilities— 5% non-cumulative 2nd preferred stock ($100 par), $20,000;
stock ($100 par), $475,500; bonds,
$710,000; notes payable,
$140,000; accounts payable, $62,068; interest accrued,
$3,633; taxes
accrued, $47,795; sundry
accruals, $350; consumers' deposits, $23,461;
service extension deposits, $1,055; retirement reserves, $140,876; uncollect¬
ible accounts, $60,557; contributions for extensions, $1,892; maintenance
reserve,
$6,558; earned sruplus, $144,660; total, $1,838,406.—V. 150,
p. 3363.
common
Mahoning Coal RR.—Earnings—
1940—3 Mos.—1939
$343,156
$216,549
Period End. June 30—
Net income-...
Earnings
x
per
After taxes, interest and other charges,
stock,
par
1940—6 Mos.—1939
$542,661
$351,921
$6.94
$11.16
share
y
$17 54
$11.18
On 30,000 shares of
$289,004
Gen. & admin, expenses.
$659,577
$551,435
Income taxes
Net
income
Consolidated earnings for the corresponding
the "Chronicle" of Aug. 17, page 992.
Total operating revenues
periods
—
*—
-
1939
$6,447,155
$6,063,759
2,429,709
2,660,735
Operating expenses
Maintenance
531,041
Provision for retirements
794,664
Provision for taxes-
223,926
—
$2,236,788
—
462,093
690,000
174,272
Minnesota & Ontario Paper
8,159
$2,257,740
76,265
990,626
-
....
$2,315,844
87,353
1,012,296
104,100
Cr2,952
Amortization of debt discount and expense.
104,100
Interest charged to construction.
Cr2,292
signed
an
Court
Judge
Co.-—Court Approves Plan—
Dunnar
for the company.
The plan has been approved
mittee and principal creditors and conformed
by the bondholders'
$1,089,040
Net income
Chandler Act and the National
Bankruptcy Act.
Under the plan series A, B, and C bondholders will receive $500 of new
5% bonds and 40 shares of new common stock for each $1,000 of old bonds
held.
Series A holders will also receive $7.50 per bond in cash and series C
holders will get $5 in cash.
Bondholders of the old company will hold approximately 72.59% of
the
stock
All unsecured creditors will receive 30
stock for each $1,000 of claims.
of the new company.
shares of new common
Judge Nordbye directed that full information be mailed to creditors
and stockholders not later than Sept. 10, and that acceptance should be
filed on or before Oct.
15.
He granted the bondholders' committee
authority to accept the Plan in behalf of all deposited
bonds as may dissent before Oct. 2.—V. 151, p. 993.
1940—12 Mos,.—1939
$6 ,344,256
1 ,807,257
1 ,048,803
182,082
115,799
57,143
$538,774
149,167
93,414
41,667
$7,186,549
2,168,639
1,233,729
672,619
574
572
6,878
6,847
$274,981
$253,954
$3,104,684
8
419
972
$2 ,931,349
1,038
$274,989
133,850
5,710
$254,373
134,642
5,603
$3,105,656
1,612,111
Other int. & deductions.
constr'n—
Cr588
Cr261
$136,017
$114,389
$630,579
Direct taxes
Prop, retire, res. approp.
Amortization of limitedterm
investments
550,000
__
Net oper. revenues.
Other income.....—
Gross income
Int.
on
mortgage bonds.
Int. chgd. to
-V.
151,
$1,423,932'
$2 ,932,387
1 ,622,368
69,074
01,560
p.
990,825
$1 ,242,505
990,834
$433,107
Net income
Dividends applicable to
$1,115,047
72,059
Cr2,446
$251,671
pref. stocks for period...
852.
Mississippi Power & Light Co.—Earnings
Marlin-Rockwell Corp. (&
Subs.)—Earnings—
1940—3 Mos.—1939
1940—6 Mos.
1939
profit after deprec.,
$576,514
$261,719
$1,296,249
$481,707
'
$1.70
Federal taxes, &c
$0.77
$3.82
Period End. July 31—
1940-—Month—1939
$511,355
Operating revenues.$551,421
315,499
Operating expenses
345,732
52,817
Direct taxes
56,279
63,333
Prop, retire, res. approp.
65.000
$1.42
Earns, per sh. on 339,245
common shares
—V. 150, p. 3831.
Marion-Reserve Power
1940—12 Mos.—1939
1,807
Gross revenues
1,560
$3,225,528
21,135
$3,002,107
28,375
$265,314
Total oper. revenues—
Non-oper. income...---
$79,706
37
5 088
$1,449,211
1,577
$1,400 100
$1,450,788
66.667
$79,743
68,142
11,380
9,312
807 375
126 415
817,700
81,557
$2,289
$6,710
applicable to pref. stock for the period...
$*66 610
403 608
$551,513
403,608
$252,883
116,031
17,170
7,303
14,924
22,619
$3,246,662
1,428,894
221,735
122,334
183,294
299,905
$3,030,482
1,338,581
209,745
72,398
200,346
249,507
$74,835
31,354
2,125
$990,500
329,000
30,197
$959,905
120,009
Operation.
20,745
10,221
14,853
24,534
General taxes
$63,002
$147,923
Federal income taxes—
Maintenance
Provision for ret. reserve
Net earnings
on mtge. debt--
.
$74,952
Interest
Interest on serial notes.
_
22,604
2,995
_
._
Net income
Divs.
-_
Balance.
a
Dividends accumulated and
Period End. July 31—
Operating revenues
Direct taxes.
„
_
3,995
3,158
45,586
$45,358
$38,199
$585,717
14,128
164,865
$31,897
$24,071
unpaid to July 31,
1940, amounted to
$2 a share on $6
$454,059, after giving effect to dividends amounting to
preferred stock, declared for payment on Aug. 1, 1940.
stock are cumulative.—V. 151, P. 559.
Operating expenses
13,461
...
.
Montana Power Co.
Amort, of debt disc, and
and other de-
.
Interest on mtge. bonds.
Other int. & deductions.
a
$1,395 012
$84,410
347
Gross income...
to.—Earnings-
1940—Month—1939
$263,507
$251,323
12 Mos.—1939
1940
$7,619 818
$7,426,693
4,533 743
4,305,545
919 396
928,604
771 667
743,333
$84,757
Net oper. revenues ...
Other income net)
Period End. July 31—
ductions (net)
bonds except such
Co.—Earnings-
1940—Month—1939
Operating revenues
Operating expenses
991.
Period End. June 30—
expense
com¬
to the conclusion of the
and Exchange Commission.
Judge Nordbye found the plan,
which eliminates the equities of stockholders, to be in compliance with the
Securities
Balance
Net
above appeared
H. Nordbye at Minneapolis
order approving the trustee's amended plan of reorganization
District
Federal
has
$2,307,684
20,951
(net).
Gross income.
—V. 151, p.
as
common
1940
Interest on long-term debt
Other interest
$254,789
$388,307
84,051
8,859
Minnesota Power & Light
Co.—Earnings
Operating income
$695,857
79,922
10,652
53,848
61
Period End. July 31—
12 Months Ended June 301—
Other income
$806,528
113,366
14,376
19,209
2,589
Taxes
$50.—V. 150, p. 3519.
Manila Electric
$346,838
55,020
5,454
31,575
61,666
.
1940
Assets—Property, plant and equipment, $1,557,758; sinking funds,
cash,
$41,156; notes receivable,
$2,321; accounts receivable,
$128,795; other receivables, $617; merchandise, $16,071; materials and
supplies, $21,406; prepaid insurance and taxes, $1,409; unamortized debt
discount and expense, $59,095; retirement work in progress, $4,539; other
deferred debits, $52; total, $1,838,406.
y
163
$422,174
103,688
25,176
43,690
70,339
16,566
14,225
cos
Total income
$5,187:
x
$504,338
143,339
21,189
25,611
105,872
6,017
Other income.
$80,511
1,000
61,815
5,080
cos...
$219,704
45,000
12,588
20,613
35,399
6,663
6,872
$256,633
39,801
9,695
17,861
stocks.
Interest on notes
$145,809
$156,726
32,469
_.
1940—6 Mos.—1939
6,392
on com.
Interest on bonds
Gross income before provision for retirements.
Provision for retirements
$29,800
$0.29
Company Only—
1940—3 Mos.—1939
Sub. cos. consolidated:
Divs. on pref. stocks.
Divs.
$102,120
$0.80
$45,133
$0.35
share on common.
3831.
Period End. June 30—
Income—
-6 Months1940
1939
1940
Net income after all charges
1939
$573,846
577,322
and taxes
Corp.—Earnings-
Period Ended June 3 0—
Co.—Earnings—
revenues
736.
p.
Michigan Steel Tube Products Co.1—25-Cent Dividend—
—V. 150, p
12 Months Ended June 30—
—
Directors have eiected Arthur N. Otis, who has been Vice-President and
Treasurer since the first of the y9ar, President, which position has been
vacant since the death of Frank A. Home, last year,
wiiliam Fellowes
Morgan remains Chairman of the Board. George A. Home, Vice-President
in Charge of the Engineering and Technical Department, was elected
Treasurer, and Richard R. Klinck was elected Assistant Treasurer.
Paul
B. Christensen has joined the company as Manager of the Engineering
Earnings
850,
the McEwen Hosiery Mills, effective
Aug. 15 by stockholders of both corporations.
on
It is estimated; that close to $5,000,000 in industrial assets is involved in
the merger* Which affects the two plants and four subsidiary concerns.
Details of The proposed merger were approved by directors of the two
Department.—V. 149,
Net income
Common dividends
1149
May Hosiery Mills—Merger Voted—
Property retirement
Dividends on this
(& Subs.)—Earnings—
.1940r^Mon%-1939
$1,400,783
493,249
255,389
and
1940—12 Mos.—1939
$1,118,363 $16,512,196 $14,035,324
361,699
5,114,051
$4,338,783
2,377,936
199,279
2,905,109
depletion res. approp.
Net income
Div. accrued on $5 pref.
stock
Bal. avail, for common
stock
—V. 151, p.
131.727
1,713,760
1,566.254
$505,969
$425,658
$6,779,276
$5,752,351
1,987
5,600
2,064
7>r27,238
chgd. to construct'n
CV267
$-131,258
158,801
44,125
35.775
Cr2,541
$6,781,340
1,896,150
529,495
464,263
Cr3,555
$5,725,113
Interest on debentures _ Other int. & deductions.
$507,956
157,366
44,125
40,279
$266,453
$195,098
applicable to pref. stocx for the period
$3,894,987
957,531
$2,947,976
957,525
$2,937,456
$1,990,451
Gross income..
Interest on mtge.
$420,851
557.
Massachusetts Investors Second Fund, Inc.—Div.—
Directors have declared a dividend of 10 cents a share from Investment
income, payable Sept. 20 to shareholders of record Aug. 30, 1940.
This dividend is at the same rate as the previous payment in June and
compares with nine cents a share distributed a year ago.—V. 151, p. 851.
146,176
Net oper. revenues—
Other income (net)
Int.
....
bonds.
Net income
Divs.
Balance—V. 151, P. 559.
>
1,914,860
529,495
417,614
Cr84,832
The Commercial & Financial Chronicle
1150
National Power & Light
-Earnings-
Mobile Gas Service Corp.-
1940
12 Months Ended June 30—
1940—3 Mos.—1939
1940
12 Mos.—1939
$19,077,530 $19,631,239 $76,131,339 .$82,968,097
36.693,515
38,741,591
9,543,126
9,108,167
" er"° 10/50
A C01
Period End. June 30—
733.204
$160,268
32,023
Direct taxes
1,886,770
Prop, retire, res. approp.
1,655,364
$209,211
46,866
Gross income
Provision for retirements
$768,449
608,180
$181,836
27,374
a Net operating revenues
Non-operating income
$192,291
53,362
Net oper. revenues—
Rent from lease of plants
$6,427,229
Operating revenues
Operating expenses
$162,344
45,825
1,256
Remainder
963
$114,537
Other interest
Sundry Income charges
$138,929
45,825
1,139
726
Gross income
$91,002
5,305
b Partial return.
a
to
Before
$114,537
$96,307
b Of premiums paid in prior years
Net earnings
a
provision for retirements,
c Reserved for interest on income bonds.
self-insurance fund.
Balance Sheet June 30,
1940
$5,795,132 $26,910,151 $26,593,221
and
public
2.677,385
1.501,004
10,861,764
Ci 16,372
5,623,206
100
applicable to mi¬
nority interests
Assets—Property, plant and equipment, $2,889,663; cash, $117,918;
receivable, $490; accounts receivable, $130,546; other receivables,
$1,114; appliances on rental, $4,028; merchandise, $25,699; materials and
supplies, $22,511; prepaid insurance and taxes, $11,521; retirement work
$2,564; other deferred debits, $1,674; total, $3,207,728.
Liabilities—Common stock (5,000 no par shares), $430,701; 1st mortgage
bonds, $1,833,000; accounts payable, $72,662; interest accrued, $12,445;
taxes
accrued,
$30,875;
sundry accruals, $643; consumers' deposits,
$26,052; service extension deposits, $39,383; retirement reserves, $543,849;
uncollectible accounts,
$42,435; contributions for extensions, $13,081;
interest on income
bonds reserve, $129,753; capital surplus, $32,848;
total, $3,207,728—V. 150, p. 3365.
_
11,691,136
Cr6,827
6,036,356
224
724
$1,300,075 $10,441,329
$8,871,832
10,441.329
75,939
8,871,832
99,227
$1,353,479 $10,517,268
$8,971,059
23
_ _ —
$2,386,833
Net equity
a
Nat. Power & Lt. Co.—
2,386.833
1,300,075
31,236
Net equity
Other income
a
53.404
progress,
Total
125,608
113,595
421,235
366,940
Int. & other deductions.
254.736
253.831
1,020,993
1,190,823
Beam51surp?us™?Earns.per sh.of com. stk.
Inc. (& Subs.)-—Earnings—
Mutual System,
Of National Power &
1939.
$20,859
$0.15
$0.11
Earnings per share on common-,--
and conseauently
of Income (Company Only)
Statement
Period End. June 30—
Apr. 30, '40 July 31, '40 July 31, '40
$1,177,397
$642,773
$1,820,170
689,448
470,708
218,740
66,243
44,091
22,152
Period—
$401,882
2,195
$662,598
5,763
Interest earned and other income (net)
$1,064,480
7,958
130,000
$404,077
80,000
$1,072,438
210,000
$538,361
$324,077
$862,438
3,244,907
3,006,546
$3,568,984
$3,868,984
150,000
450,000
$668,361
Prov. for Federal tax on income (est.)
Other
9 Months
Gross profit.,..
—
Selling, admin. & general expenses—
Prov. for deprec. on plant & equipm't
x
From sub., consol-
Inc.:
3 Months
6 Months
subsidiaries were sold during 1938 and 1939,
consolidated income of National Power &
the operations of these properties only
the statement of
Light Co. and subsidiaries includes
to dates of sale.
—V. 150, p. 3366.
(F. E.) Myers & Bro. Co.- —Earnings—
—
$3,544,907
300,000
Total
Dividends
paid
Balance at end of period
$3,244,907
$3,418,984
$3,418,984
Earns, per sh. on 200,000shs. cap. stk.
$2.69
$1.62
$4.31
x After deducting cost of
goods sold, Including materials, labor and manu¬
facturing
Int.
$1,661,841
125,608
$1,426,538
113,595
$6,538,609
421,235
$6,044,910
366,940
$1,536,233
$1,312,943
$6,117,374
$5,677,970
254,736
253,831
1.020,993
1.190,823
$1,281,497
Total income..
Expenses, incl. taxes...
$1,059,112
$0.15
$0.11
$5,096,381
$0.62
$4,487,147
$0.51
other deductions
&
from income-
Netincome-.-
Earns.per sh.of com.stk.
A qqptu—
1Q40
1C13Q
Cash & ctfs.of dep.$1,609,427
U. 8. Govt, and
204,719
1,098,118
1,036,558
893,032
Real est., mach'y
and equipment.
881,816
securs.
Mis cell, assets
9,477
Deferred assets...
Liabilities—
1940
1939
$154,617
$186,319
302,178
1,000,000
Net income fer the 12 months ended June 30, 1940___
6.681
48,311
$11,483,724
3,150,669
a
Earned surplus, June 30, 1940
Including $5,155,589 restricted as to dividends.
$4,875,779 $4,594,653
against National Gypsum Co. and five other gypsum companies, Melvin H.
Baker, President of National Gyspum, states:
"Patent licenses of the kind questioned have been in existence for the
past 100 years, and the legality of contracts similar to those in the gypsum
industry was upheld in a decision rendered by Chief Justice Taft for the
Supreme Court in the General Electric case.
The specific patent con¬
approved in 1929 by three United States district
courts, including the District Court at Buffalo, N. Y.
indicate that management has used every precaution for
"oer interpretation of the law.
The Department of Justice apparently has developed a new interpre¬
tation of the anti-trust laws and expects to give the Supreme Court an
opportunity to reverse the decision handed down by Chief Justice Taft.
If it does we shall, of course, abide by the decision.
In making decisions
for our business we can only be guided by what the Court has said the
law was, and not by a guess for how these interpretations
might later be
changed by some particular Administration.
may
^"The
use of gypsum is essential to modern building methods.
Because
of the important part the building industry must play in our national
defense program, this means of harassing a great industry is indeed un¬
fortunate at this time."—V. 151, p. 852.
The Nbw
shares of
York
Stock
common stock
.-^Listing—-
Exchange has authorized the listing of 179,829
are issued and outstanding.
($4 par) all of which
June 30 '40 Dec. 31 '39
16,246,409
Cash..
$341,161
$287,323
Accts. & notes rec.
(net)
515,879
Inventories......
499,928
2,237,208
2,305,439
Accts. receivable
28
286.840
Accrued int. rec.
13,476
3,604
;»
284,580
279,406
Other curr assets
1,546
1,698
1,696,960
1,732,320
receiv
Divs
disc. <fc exp
Sundry debits
securities
35,848
Sundry receivables
13,887
from
officers
Notes pay
45,282
5,417
4,034
220,000
300,000
accr.
41.799
35,329
to bks.
Sundry taxes
& employees....
$179,779
credit
balances
5,557
5166.524
148,128
payable.,
rec.
7,598
__
~14~246
Prepayments
z
23,836
2,298
1,533
Expenses accrued.
45,870
51,515
purch.,&c.
32,507
28,583
Interest accrued..
2,315
3,611
rec.
(net)..
11,500
1,565
with
sinking
42,500
76,608
169,119
13,449
receivables.
Securities
4,547
2,375
25,284
1,082,999
1,225,874
14,908
17.850
25.284
Min.
1,600
Prepaid expenses &
deferred charges
Patents, tr. mks.,
2,350
1,384,585
42,669
48,681
cost
a
79,199
int.
in
sub.
company......
Res.
Total
719,316
501,976
501,976
1,543,721
1,419,841
50.320
Co.
18,547
y
Total
419,574
17,364
17,044
462,043
455,966
372,373
payable-
Accrued accts
__
324,779
Liquid'n acct-
b Other reserve-
18,900
281,378
281*378
6,531.758
1,243,061
151.999,391
Total.
146,600,491
.
Ry. & Light Co. 5% coll. trust mtge. gold bonds,
z
Memphis Power & Light Co.—V. 151, p. 421.
Directors have declared
common
stock, payable
an
initial dividend of 20 cents per share on the
Sept. 20 to holders of record Aug. 30.—V.
151 •
p. 994.
National Tea Co.—Sales—
Period End. Aug. 10—
—
-.
1940—±Weeks—1939
1940—32 Weeks—1939
$4,376,245
$4,072,988 $37,260,361 $33,353,113
1,060
1,082
—V. 151, p. 560.
Natural Resources
Corp.'—Registers ivith SEC—
of this department.
Nebraska Power
Co.—Earnings —
Period End. July 31—
Operating revenues
Operating expenses, excl.
1940—Month—1939
direct
taxes
Direct taxes
Prop, retire't
res. approp
$4,810,720 $4,740,411
1940—12 Mos.—1939
$722,909
$695,485
$8,462,135
$8,373,241
324,934
120,922
52,500
301.509
106,954
3,790,030
1,325,468
52,500
630,000
3,476,816
1.304,207
609,167
23,388
800
1,945
19,325
$223,753
$232,577
156
$2,697,312
1,563
$2,959,663
101
$223,854
Amort, of lim.-term inv_
Net oper. revenues
Other income
$232,733
61,875
$2,698,875
Int.
on
Int.
on
17,500
8.765
Cr303
17,500
8,796
Cr70
$144,632
Dividends applicable to pref. stocks for the period
Netincome
151,
2,723
$136,017
p.
Company
CrA5
$2,962,386
742,500
210,000
109,589
Cr2,014
$1,633,815
499,100
$1,902,311
499,100
$1,134,715
61,875
mtge. bonds
deb. bonds
$1,403,211
742,500
210,000
112.605
853.
New Bedford Gas & Edison
2
-V. 151, p. 994.
419.574
National Radiator Co.—Initial Dividend—
—V.
$4,810,720 $4,740,411
370.500
co.
x Represented by 279,716 shares $6 pref. stock (value In liquidation $100
ashare) and 5,456.117 shares of common stock,
y Tennessee Public Service
Boston Bank
Total
8,971,000
bds.
Assoc.
Balance
of
over net book val
9,001,000
Divs. declared--
a
146,600.491
151,999,391
Lancaster County
a
Int. charged to construc.
100,000
719,316
sub.
Goodwill
8,775,000
8,959,000
debs.,
b Reserve for retiring minority interest in subsidiary liquidated.
Other int. & deductions_
6,127
for conting..
Com. stk. ($4 par)
Paid-in surplus
Earned surplus
&c
of
tax
Fixed liabilities.__
1,479,103
Net fixed assets
invest, in
incentive plan..
Res. for Fed. inc.
Deferred credits..
& memberships.
Notes rec. secured
gold
series B
for executive
52,919
Inv. in real estate
5%
Earned surplus
159,395
fund trustee
Misc.
Res.
debs.,
Reserve
75,417
Liquid. acct._
125,839,095 125,839,095
value)
gold
series A
Accts
Unamortized dt.
1939
$
June 30 *40 Dec. 31 '39
Vouchers payable.
Letters
of
credit
Accts.
$6,531,758
Cap. stock (no
par
250*666
See list given on first page
Liabilities—
x
6%
1,238
Temp, cash inv_
Stores in operation.
Consolidated Balance Sheet
Assets—
Liabilities—
Spec, cash depos
Sales-.-
National Oil Products Co
§
130,473,318
13,541,869
3,513,507
Investments —.130,151,982
Total
..
1940
1939
S
*\.33Ct3
42,961
—
Balance Sheet June 30 (Company Only)
1940
936,774
11,961
$4,875,779 $4,594,653
tracts now in effect were
1,678,296
3,273,670
$6 preferred stock dividends
Common stock dividends
a
National Gypsum Co .—Comment on Government Suit—
Commenting on the anti-trust suit brought by the Department of Justice
Excess
5.416,041
liquidation—Lehigh Power Securities Corp
Dividend in
Miscellaneous credits
local
and
Common stock..
Represented by 200,000 no par shares,
y Less allowance for deprecia¬
tion of $1,061,386 in 1940 and $986,585 in 1939.—V. 150, p. 3366.
Cash
22,179
$964,621
5,096,381
Balance
257,665
1,000,000
State
taxes & contlng.
x
x
on
44,843
Miscellaneous debits
Cash
Total
Adv.
211,417
Total
Accounts payable.
409,281
1,023,913
Notes
$1,243,061
unamortized debt
Res. tor Fed. inc.,
rec.
mktable.
Due
-----—-—
Memphis Power & Lt. Co__
Net premium on reacquired bonds including
discount and expense applicable thereto
July 31
Profit,& 1088 surP- 3,418,984
$1,264,086
Mdse. Inventory..
Notes & accts.
Market,
for the 12 Months Ended June 30,1940
Earned surplus, July 1, 1939
Additional loss from liquidation of
expenses.
Balance Sheet
"This
1940—12 Mos.—1939
$6,462,670
$5,945,683
75,939
99,227
1940—3 Mos.—1939
$1,630,605
$1,373,134
31.236
53.404
Summary of Earned Surplus
3.006.546'
$7,413,296
$1.05
$2,037,725
$986,053
$9,075,040
$0.29
$0.10
$1.35
Light Co. in income of subsidiaries.
N0te—Certain properties of
1940
$27,838
6 Months Ended June 30—
Net income after all charges
$2,418,069
—
Expenses, Incl. taxes
a
y
CJ 2.953
.
notes
in
2,996,906
Cr5.794
1,405,801
Int. chgd. to construct'n
Pref. divs. to public---Portion
171
7.137
1,991
$6,464,248
Gross income
other deductions
c
$5,764,972 $26,791,580 $26,611,842
46,232
10,723
Other income
Other inc. deductions—
to
10,168,869
7,445,795
6,056,722
$5,766,963 $26,798,717 $26,612,013
96.650
138,718
280.596
68.481
27.284
299,388
$6,428,739
Operating income
Interest
6,589,522
2.369,121
1.954,020
1.510
(net)__
1st mtge. 5% bond interest.
Co. (& Subs.)— Earnings-
Subsidiaries—
1939
$915,040
Operating revenues
Operating expenses and taxes
a
Aug. 24, 1940
Light Co .—To Borrow from
—
has
filed
an
application with
the
Commission regarding a proposal to borrow from
Securities and Exchange
the First National Bank,
Volume
Boston
funds
an
are
The Commercial & Financial Chronicle
151
aggregate of $1,750,000 in sucn amounts and at such times as
required by the company for the payment of bills incurred for
construction during the period from June 1, 1940, to Dec. 31, 1941.
The
loans are to be evidenced by the company's notes bearing interest at the
rate of 2M%, which will mature on June 30, 1943.—V. 150, p. 1446.
Neisner Brothers, Inc. (& Subs.)—Earnings—
6 Mos. End. June 30—
„
1937
1940
1939
$9,798,153
Sales.
$9,727,505
1938
$8,221,706
$9,563,570
9,624,551
9,494,541
8,116,538
9,152,985
Cost of sales, selling &
general expenses...
Gross income..
$262,037
93,768
164,667
15,628
10,000
$572,821
100,197
137.975
9,681
z65,000
$76,993
55,517
102,446
$122,585
58,860
102,446
loss$22,027
59,376
153,698
$259,968
83,613
a204,931
$80,970
204,891
Interest
Deprec. & amortization.
Miscell. deductions
Reserve for Fed. taxes..
Net profit
Preferred dividends
Common dividends
Deficit
stk. outst'g
com.
$438,718
90,882
181,461
7,809
35,981
$38,721
204,891
$0.31
$235,101
204,891
Nil
$28,576
204,932
$0.89
$385,715
80,913
189,070
11,339
27,400
Total income
Shs.
410,585
162,236
$232,964
Other income
Earnings
205,754
$105,168
156,869
$173,602
212,113
per share
$0.10
z Before
provision for surtax
Nov. 1, 1936 to June 14, 1937.
on
undistributed profits,
a
For the period
;i
The transaction will reduce the New Orleans & Northeastern's funded debt
by $371,000, resulting in annual interest savings of $18,550.
Furthermore,
on the $1,000,000 of bonds to be refunded will be reduced 1 %, sav¬
ing another $10,000 annually, or a total of $28,550.
The road also asked permission to draw down $1,839,000 of its 4M%
refunding and improvement bonds to pledge as collateral for the new notes.
—V. 151, p. 708.
interest
Newport News Shipbuilding & Dry Dock Co.—Selling
Agreement Terminated—
Union
Securities Corp.,
as
managers,
that the selling group
has been
announce
agreement for company's $5 preferred stock and common stock
terminated as of 3 p. m. (EDT) Aug. 19.
The Uniform Practice Committee of the National Association of
Dealers,
Inc.,
cumulative
District
13,
No.
convertible
announces
stock - (no
Aug. 19, 1940, should be "and dividend."
after Aug. 20, 1940, should be "flat."
preferred
Securities
that transactions in the $5
par), up to and including
Transactions made on and
Transfer Agent, cfee.—
Guaranty Trust Co. of New York has been appointed Transfer Agent
preferred stock, without par value, and
common stock $1 par value, of this company.
The Marine Midland Trust Co. of New York has been appointed New
York registrar for 800,000 shares of the common stock and 80,000 shares
of the $5 cumulative convertible preferred stock.—V. 151, p. 995.
of the $5 cumulative convertible
New York Fire Protection Co.—Bonds Called—
A total of $1,000 first mortgage
redemption
4% bonds due 1954 has been called for
Aug. 23 at 100.—V. 151, p. 560.
on
Consolidated Balance Sheet June 30
1940
1940
$
Cash
$
LiaMllties—
Property,
plant
<fe equipment
5,992,446
1939
S
1939
$
Assets—
b
1,000,000
1,994,000
6,118,473 Notes payable
1.114.827 Funded debt
569,562
321,532
payable.'
Accounts
1,000,000
Advs. to landlords
Accrued expenses.
23,889
2,202,000
24,514
& agts. collected
Deferred income..
10,559
12,279
1,249,587
by deducts' from
497,819
129,353
Other assets
133,131
93,770
2,309,500
2,393,800
State Inc. tax...
476,303
78,408
.
69,959
43,190 Serial
pref.
($100
stock
par)
108,646
3,584,451
c
Common stock..
161,841
cost
164,187
of property
100,000
100,000
5,157,954
4,903,701
at Flint
Surplus
11.364,100
11,613,164
11,364,100 11,613,164
Total
b After depreciation and amortization of $3,007,007 in
p.
c
204,891
Llabll. for pin-chase
& ether Items
Total
108,646
204,891
41,774 Reserve
41,519
3,213,128
Prepaid rents, ins.
457 in 1939.
1940 and $2,707,"
England
Gas
Electric
&
Association—System
Output—
For the week ended Aug. 16, New England Gas & Electric Association
electric output of 9,420,076 kwn.
This is an increase of 541,597
or
Period End. June 30—
1940—6 Mos.—1939
1940—3 Mos.—1939
Profit
6.10% above production of 8,878,479 kwh. for the corresponding
Gas output
is reported at 78,613,000 cu. ft., an increase of 5,827,000 cu. ft.
or 8.01% above
production of 72,786,000 cu. ft. in the corresponding week
a
year ago.—V. 151, p. 995.
(& Subs.)—Earnings—
North Penn Gas Co.
1940
revenues
Non-operating
revenues
Co.—To Pay
Directors have declared a dividend of $1.50 per share on the common
stock, payable Sept. 28 to stockholders of record at the close of business
Sept. 10.
Like amount was paid on June 29, last; dividend of $1.75 was
paid on March 30, last; $2 on Dec. 23, 1939; and previously regular quar¬
terly dividends of $1.50 per share were distributed.—V. 151, p. 853.
$2,558,848
21,850
31,329
$2,379,800
1,330,943
$2,590,177
1,417,431
(net)
Total gross earnings
.
Operation.
England Telephone & Telegraph
Dividend—
1939
$2,357,950
12 Months Ended June 30—
Operating
year ago
New
70,724
Provision for
depreciation and depletion
drilling exp.
Amortization of non-productive well
General taxes
Net earnings
Idea, Inc.—Earnings—■
$1,904,691
1,570,925
2,158,485
$333,766
10,235
Profit
Interest, discount and miscellaneous income
Total income
Provision for depreciation
Prov. for normal Federal income tax
-
Net profit
x
1940
$2,779,155
$620,670
12,839
$344,002
31,661
73,700
$633,509
33,487
xl24,500
1939
Cost of sales and oper. exps., incl. selling, general
and adminis. exps. and sundry charges
$238,640
Based upon present
$475,522
Revenue Act of 1940 but does not include provision
accrued
on
44,156
92,120
$100,199
$214,696
912
11,298
preferred stocks:
$7 cumulative prior preferred
$7 cumulative preferred
-
..."
Balance
—V.
$350,972
43,437
92,120
Net income
Dividends
$552,932
189,750
$235,756
Amortization of bond discount and expense
6 Months Ended June 30—
Net sales
79,903
133,130
$437,877
189,750
1,073
11,298
long-term debt
on
301,500
1,984
83,938
68,117
94,531
_
Federal and State income taxes
Interest
103,297
293,670
Maintenance
Interest on unfunded debt
New
$12,800
$7,332
$5,807
$2,123
—V. 150, p. 2891.
reports
a
Norfolk Southern RR.-—Abandonment—
The Interstate Commerce Commission on Aug. 2 issued a certificate per¬
mitting abandonment by Morris S. Hawkins and L. H. Windholz, receivers
of the old company's Suffolk & Carolina division extending (a) southward
from near Suffolk, Va., through Beckford Junction, to near Edenton, N. C.,
47.408 miles, in Nansemond County, Va., and Gates and Chowan Counties,
N. C., and (b) southeast from Beckford Junction to near Elizabeth City,
20.257 miles, in Gates, Perquimans, and Pasquotank Counties, N. C.; and
(2) to abandon operation of the remaining portion of line (a) extending
northward from near Suffolk, Va., to the terminus of the line in Suffolk,
2.26 miles, together with appurtenant terminal facilities in and near that
city, all in Nansemond County, Va.—V. 151, p. 996.
Northampton Street Ry.—Earnings—
New
week
Vice-President, at that time will assume post of Vice-President and General
Manager of the Long Island area, which comprises all Long Island and
Staten Island.—V. 151, p. 996.
Represented by 204,891 shares of $1 par value.—V. 151-
852.
kwh.,
Telephone Co.—Change in Officials—
Prov. for Fed. and
rent
Accts. receivable.
Life Ins. cash value
Inventory
New York
Carl Whitmore, at present Vice-President of this company and General
Manager of the Long Island area, effective Sept. 1, will assume duties of
Personnel Vice-President of the utility.
A. G. Wright, now Personnel
150, p. 3983.
Northern States Power Co.
(Del.) (& Subs.)—Earnings
1939
1940
Year Ended June 30—
$38,861,016 $36,585,400
14,109,747
13,756,822
Operating revenues
Operation
Assets—Cash, $498,570; United States Treasury bills, at cost, $399,978;
and notes receivable (less, reserve for doubtful accounts, dis¬
&c. of $274,352), $2,070,647; inventories, $1,518,722; deferred
charges, $62,094; plant and equipment, less depreciation, $620,495; patents
and designs, $1; total, $5,170,510.
1,767,131
3,604,490
3,351,491
Taxes..
Balance Sheet June 30, 1940
1,622,757
Appropriations for retirement reserve and deprec..
for probable additional defense taxes.
4,853,669
2,355,746
5,008,095
1,402,249
Maintenance
;
Provision for Federal and State income taxes
accounts
counts,
Liabilities—Accounts payable, $33,810; accrued liabilities, $195,691;
Federal taxes on income, $190,107; reserve for price decline and contingen¬
cies, $300,000; capital stock (272,000 common shares of no par value),
$2,252,000; surplus, $2,198,902; total, $5,170,510.—V. 151, p. 853.
Newmont
outstanding, payable Sept. 16 to stockholders of recqrd Aug. 31.
The corporation on June 27, last, paid a 100% stock dividend, while on
June 17 and March 15, last, cash dividends of 50 cents each were dis¬
bursed on the old stock.—V. 151, p. 422.
Period End. July 31—
Operating revenues
Operating expenses
Direct taxes
Prop, retire, res. approp.
Net oper. revenues
Inc.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$1,536,633
$1,446,579 $20,212,198 $18,617,427
726,070
687,247
9,007,819
8,864,289
299,541
262.115
3,586,174
3,317,450
196,493
196,171
2,468.410
2,143,171
$314,529
T
Gross income
Interest on funded debt
—
123,383
137,682
Amortization of debt discount and expense.
693,970
39,023
41,843
670.374
101,298
Interest
126,153
Gross income
on
1,375,000
Applicable to current period
Applicable to prior period
Common stock of Chippewa &
ment Co
27,135
2,225,590
Int. chgd. to construct'n
20,220
20,560
-
254,027
'
$4,297,470
2,344,250
253,090
Cr23,491
Cr 17,088
$6,529,014
Net Income
$5,151,871
29,070
29.070
in undistributed net income of
subsidiary company
.£
Dividends on
188,401
33,466
199,442
-J
Flambeau Improve¬
Minority interest
4,953
$301,046
1,375,000
cumulative pref. stock, $5 series of
Northern States Power Co. (Minn.)
$4,292,517
183,950
$6,680,167
Dividends on cumul. pref. stock of Northern States
Power Co. (Wis.):
$5,149,795
$314,536
128,000
$7,960,219
Balance
Dividends
41,843
067,277
Cr50,552
charged to construction
Miscellaneous deductions
capital stock—cash:
„
$5,060,276
_
2,045,613
1,756.534
2,386,441
2,049.053
7% preferred
Interest on mtge. bonds.
Other int. & deductions.
$12,421,489 $11,358,204
3,487,450
3,666,117
Interest on bank loans
2,076
$301,046
7
Other income (net)
.
Amortization of sundry fixed assets
Mining Corp.—Extra Dividend—
New Orleans Public Service
$12,314,607 $11,299,612
106,882
58,592
income
Other interest
Directors have declared a dividend of 37H cents per share, and an extra
dividend of 12 H cents per share, on the 1,063,292 shares of capital stock
now
Net operating
Other income
6% preferred
Weekly Output—
Electric output of the Northern
States Power Co. system for the week
17, 1940, totaled 29,347,286 kilowatt hours, as compared with
27,580,044 kilowatt hours for the corresponding week last year, an increase
of 6.4%.—V. 151, p. 997.
ended Aug.
Net income..
$2,672,254
544,586
$1,723,621
544,586
Balance
$2,127,668
$1,179,035
$110,366
$92,085
Divs. applicable to pref. stock for the period
-V. 151, P. 560.
New Orleans & Northeastern RR.—To Issue
Northwestern Bell
$1,000,000
Telephone Co.—Earnings—
Uncollectible oper. rev
1940—Month—1939
1940—7 Mos.—1939
$3,068,912 $2,936,641 $20,776,527 $20,214,234
8,568
7.819
54,274
52,223
Operating re venues...
Operating expenses
$3,060,344
2,064,501
Period End. July 31—
Operating revenues
Notes—
has filed an application with the Interstate Commerce
Commission for permission to issue $1,000,000 of 4% serial collateral notes,
The
company
proceeds from sale of which would be applied toward refunding $1,371,000
of prior lien 5% bonds falling due Nov. 1.
The road would use $371,000 of
treasury cash to pay off that amount of the maturity.
Subject to ICC approval, the notes have been sold at par to the Southern
Ry. and two subsidiaries.
Southern has agreed to take $350,000 of the
notes, the Alabama Great Southern $325,000 and the Cincinnati New Orlean
& Texas Pacific $325,000.
Net operating revenues
Operating taxes
Net oper. income
Net
income
—V. 151, P. 709.
$2,928,822 $20,722,253 $20,162,011
1,958,873 14,082,570 13,664,499
$6,497,512
$995,843
423,004
$969,949
$6,639,683
360,084
2.949,924
2,664,539
$572,839
510,527
$609,86.5
500.368
$3,689,759
3,342,778
$3,832,973
3,108,247
(Minn.) (& Subs.)—Earns.
Northern States Power Co.
*—$38,861,016 $36,585,400
Operating revenues
Operation
.
Maintenance
1,622,757
....
Appropriations for retire, reserve
Taxes
.
.
,
.
.
.
_
.
3,604,490
& depreciation. _
4,815,669
2,193,746
.......
*
.
State income taxes
Provision for Federal and
Net
1939
1940
30—
Years Ended June
tySSS'fZf
1,767,131
3,351,491
4,967,162
1,308,249
$12,643,963 $11,590,693
106,882
58,592
operating income
Other income
.....$12,750,845 $11,649,285
3,487,450
3,666,117
123,383
137,682
Amortization of debt discount and expense
693,970
670,374
Other interest
38,987
101,175
Amortization of sundary fixed assets.
41,843
41,843
Interest charged to construction
Cr50,552
Cr67,277
Miscellaneous deductions
.....
126,153
128,000
Gross income..
Interest on funded
-
debt..
Interest on bank loans
Balance
— -
-
-
cumulative preferred stock of
States Power Co. (Wis.):
Divs.
on
$8,289,611
$6,971,371
33,466
199,442
27,135
Applicable to current period
—
Applicable to prior period
dividends on stock of Chippewa Flam¬
beau Improvement Co.
Minority interest in undistributed net income of
subsidiary company
Common
—
29,070
29,070
preferred, $5 series
$8,233,406
$6,726,481
1,375,000
1,375,000
4,920,000
-
5,520,000
Common
—V.
151,
561.
p.
North West Utilities Co.
1940—6 Mos.—1939
$3,206,543
2,246,591
$3,140,982
2,156,804
$6,606,957
4,651,043
$6,387,713
4,372,469
""$959^952
$984,177
$1,955,914
$2,015,244
20,428
25,704
97,663
$1,009,881
455,181
$2,053,578
904,529
$2,043,168
911,958
74,002
income
75,081
148,381
2,817
1,821
8,267
6,8.50
302,701
697,578
582.040
long-term debt..
Amort, of bond discount
Int.
on
and expense.
interest
General
Outstanding
Authorized
1st mtge. bonds, series A, 4%, s-a due Aug.
2lA% serial notes, due $50,000 1941-45
1,1970
$6,000,000
500,000
a
$500,000
Shares
Shares
1
stock (par $100) 7% series
6% series
Common stock (no par value)
Cum. pref.
f
1
50,000
/
deduct'ns
income
Other
Divids. paid or declared
a
Balance of div. require¬
ments not paid or de¬
a
Earnings Summary for Stated Periods
Year Ende d
a
1,647
4,568
5,444
$97,474
Net income
$124,117
$283,404
Light
Co.
available
for
distribution
to North
West
$154,042 and $183,595, not
Utilities
Co.
in
the respective
months' periods, because of prior years' dividend arrearages on the
preferred stocks of that subsidiary.
The statement does not include the
operations of Lake Superior District Power Co., an operating company
which is not consolidated due to regular voting rights of its preferred stocks,
but does include common stock dividends of $68,848 and $22,949 received
six
from the company
in the respective six months' periods.
Statement of Income
Period End. June 30—
Divs.
on
common
.
Income taxes.
Gross income...
Int. on notes pay. on sub¬
sidiary companies
150,
p.
$22,949
2,341
1,868
$68,848
3,642
2,205
$4,087
$18,740
$61,256
$4,087
$17,014,"
$22,949
4,293
2,664
1,745
$15,992
630
3,543
$60,626
$12,449
1,726
Northwestern Electric
Co.—Earnings—
1940—Month—1939
$329,254
176,790
$378,953
196,268
Direct taxes..
59,665
Prop, retire't
25,000
61,248
25,000
re venues.....
expenses
res. approp
154,892
342,160
272,786
48,058
284,507
82,848
278,687
91,129
269,991
100,475
$768,474
$818,020
$827,524
8,606
8,629
20,616
$810,756
44,389
$777,080
$826,649
$848,140
$855,145
84,000
75,000
64,000
43,000
13,051
39,052
$771,089
$773,093
b Since
°
Fed. & State inc. taxes.
Net oper.
income....
(net)
Other income
Gross income
of
properties.
b Lease rental for Co¬
lumbus properties.
a
Earns,
from oper'n
Columbus
Bal. avail, for int.,
a
Prior
to
lease
&c._*"~
Oct.
15,
^
$693,080
~~ $751,649
1939,
estimated by the company,
as
The
the $6,000,000 of series A bonds will
interest requirement for the first year on the 2A%
History—Company was incorp. Nov. 27, 1923, Delaware, and as
$7,650
2,872
515
176
3669.
Period End. July 31—
Operating
Operating
1,287,358
140,264
333,790
serial notes will be $11,875.
solidated...
—V.
1,261,567
173,643
331,000
depreciation..
Taxes other than income
be $240,000.
1940—6 Mos.—1939
con¬
Net income.
1,242,276
$2,941,783
-1,267,264
158,586
334,710
The annual interest requirement on
(Company Only)
1940—3 Mos.—1939
of Lake Superior Dis¬
General and admin, exps.
Taxes
8,982
$2,981,752
418,997
Oct. 15, 1939.
stock
trict Power Co.......
9,208
held by the public.
subsidiaries amounting to
and
412,057
9,076
Operation
Note—Consolidated net income includes net income of Wisconsin Power
&
$2,560,486
399,194
"$2,836,238 "$2,920,998
Total.
$260,216
Provision for dividend requirements for the period on preferred stocks
of subsidiary companies
$2,512,726
10,125
taxes..........
1,921
$2,513,803
$2,440,640
Heating.
Pro v. for
in net income
Mny 31.'40
1939
385,473
Oper. revenues— Electric
Minority com. stock int.
1938
1937
Particulars—
Maintenance
116,288
46,515
clared..
24,199
18,254
60,000
.
52,150
a Indenture will
provide that, bonds may be issued thereunder from
time to time in any number of different series, as the board of directors may
determine. Indenture will fix $50,000,000 as the aggregate principal amount
of bonds of all series which may at any one time be outstanding and will fix
$15,000,000 as the aggregate principal amount of series A bonds which may
at any one time be outstanding under the indenture.
Gas.
(net)
,
bonds for redemption on Jan. 1, 1941.
Years Ended Dec. 31—
Gross income
x
Capitalization Giving Effect to Present Financing
Northwestern P. S. Co.—
7,069
9,608
348,457
to call all said
necessary
150,545
4,007
2,872
Other income
,
with the delivery of the series A bonds, (a) there
trust, funds sufficient for the redemption on Jan. 1,
1941, of all outstanding first mortgage 5% gold bonds, series A, due Jan. 1,
1957. (b) the trust indenture securing all said bonds will be duly released,
and (c) powers irrevocable by the company will be delivered to the corporate
trustee under the trust indenture securing said bonds to take all steps
27,923
$980,381
451,648
Operating revenues.....
Oper. exps. and taxes...
Net oper.
(& Subs.)—Earnings—
1940—3 Mos.—1939
Period End. June 30—
interest, $8,068,840.
Prior to or concurrently
CV17.088
Dividends on capital stock—cash:
Cumulative
calendar year 1946 and each calendar year thereafter (so
long as any series A bonds shall be outstanding) in a principal amount equal
to not less than 1% of the greatest principal amount of series A bonds out¬
standing under the indenture at any time between Aug. 1, 1940 and the end
of such calendar year.
In lieu of retiring bonds, the company may certify
"net expenditures" for "bondable property"
(as defined) at the rate of
$1,428 of such expenditures for each $1,000 of series A bonds otherwise
required to be retired pursuant to the debt retirement provision.
Issuance—Authorized by the Nebraska State Railway Commission.
Purpose of Issue—Prior to or concurrently with the delivery of the series
A bonds, the company will borrow $500,000 against a like principal amount
of its 2K% serial notes under a loan agreement dated July 31. 1940. The
sum so borrowed by the company, together with
(1) other funds of the
company including $1,209,000 received by the company in July, 1940, from
the sale of the property comprising its Columbus, Nebraska, Division, and
(2) the net proceeds from the sale of the series A bonds to be received by
the company in the amount of $6,000,000 (exclusive of accrued interest and
after deducting estimated expenses of the company of $30,000) will be
applied to the redemption or retirement in lawful money of the United States
at 104 and accrued int. of $7,758,500 of first mortgage 5% gold bonds,
series A, due Jan. 1, 1957, of the company requiring, exclusive of accrued
tion, during the
will be deposited, in
Northern
Net income
Aug. 241 1940
Chronicle
The Commercial & Financial
1152
1, 1923, acquired from the Union Power
now
operates.
Company is a public utility engaged principally in generating, trans¬
mitting, distributing and selling electric energy in the east-central portion
of South Dakota and in North Platte, Neb., and territory adjacent thereto.
It also
1940—12 Mos.—1939
$4,708,960
$4,575,101
2.367,739
2,205,838
763,705
300,000
300,000
24
23
Amort, of lim.-term inv.
755,940
of Dec.
& Light Co. of Omaha, Neb., the
serving the cities of Aberdeen, S. Dak.; North Platte,
Neb.; and Columbus, Neb., and also the North Platte gas property.
In
1924, company acquired the electric property at Yankton, S. Dak., the
electric and gas properties at Mitchell and Huron, S. Dak., and the prop¬
erties of Consumers Utility Co. located in 13 towns in southern South Da¬
kota.
Thereafter, through the acquisition of numerous small properties
from municipalities, corporations and individuals and by the construction
of plants, transmission lines and distribution systems, the company ex¬
panded its lines and facilities to serve the territory in which the company
electric property
produces and sells manufactured gas, distributes
and sells natural
gas and, to a minor extent, supplies steam heating service.
As a part of its
load-building program, the company sells appliances.
On July 5, 1940,
the company sold to Consumers' Public Power District the electric property
comprising the Columbus, Neb., Division of the company.
For the 12 months ended May 31, 1940, company derived
approximately
of its operating revenues, exclusive of said Columbus Division,
14.8% from the sale of gas and 0.3% from steam
heating.
At May 31, 1940, the company supplied electric service at retail
to 29,192 customers in 99 cities, villages and unincorporated communities,
exclusive of said Columbus Division.
At the same date, the company sup¬
84.9%
from the sale of electricity,
Net oper. revenues...
Rent for lease of plant..
Operating income
Other income (net)
Gross income..
Int.
on
Int.
on
mtge. bonds
debentures
Other int. & deductions-
$67,799
18,537
$96,437
$49,262
$78,719
Dr77
186
$49,185
$78,905
22,333
10,500
3,347
Int. charged to construe
Net
income
$13,005
Divs. applicable to preferred stocks for
17,718
26,860
......
$1,277,492
217,0851
$1,313,300
211,089
$1,060,407
4,452
$1,102,211
578
$1,064,859
330,114
$1,102,789
326,432
96 250
17,168
Cr26
110,760
Crl28
236,081
Cr260
$34,903
$527,863
334,198
$540,536
334,185
"iMMM
$206,351
the period
"
-
Northwestern
Public
Service
Co.—Bonds
Offered—
made Aug. 22 of $6,000,000 1st mtge. bonds,
series A 4%, at 102^ and int., by a banking group headed
by Halsey, Stuart & Co., Inc., and A. C. Allyn & Co., Inc.
Other leading members of the group are:
Central Republic
Co.; Harriman Ripley & Co., Inc.; Harris, Hall & Co.
(Inc.); Lee Higginson Corp.; E. H. Rollins & Sons, Inc.,
and A. G. Becker & Co., Inc.
The issue has been over¬
Offering
was
subscribed.
Aug. 1, 1940; due Aug. 1, 1970. Coupon bonds in the denom. of
$1,000, registerable as to principal. Int. (F-A), payable at office or agency
of company in Chicago or New York.
Red., in whole or in part, at any
time and from time to time, at option of company, upon not less than 30
days notice, by payment of the principal amount, accrued int. and, if red.
on or before July 31,1967, a premium equal to a percentage of the principal
amount thereof determined as follows:
a premium of 7H% reduced suc¬
cessively by K of 1% effective on Aug. 1 in each of the years 1941, 1942
and 1943 and by M of 1 % effective on Aug. 1 in each of the years 1944 to
and incl. the year 1967, and if red. on or after Aug. 1, 1967, without prem.
Series A bonds also red. at special redemption prices, out of proceeds of
released property aggregating, in any 12 months period, $500,000 or more,
or
out of debt retirement moneys.
The indenture will contain a debt retirement provision
(operative
so
long
outstanding bonds are more than 50% of net tangible property) under
which series A bonds will be retired, through purchase, payment or redemp¬
as
plied at retail manufactured gas to 6,995 customers in three communities,
natural gas to 2,690 customers in one community and supplied central steam
heating service in one community.
The population, as estimated by the company, of the territory in which
the company renders retail electric service is 98,000.
**
Sale of Columbus, Neb., Properties—In 1939, a new district known as the
Consumers' Public Power District was organized for the purpose of leasing
the Columbus properties of the company.
Effective Oct. 15, 1939. the
company turned over its Columbus properties to this district under a lease
executed as of Aug. 12, 1939.
Under this lease the district had the option
to purchase the properties for $1,259,000, $1,209,000 being the original
purchase price previously agreed upon and $50,000 being working capital
advanced by the company at the time the properties were turned over to
the district.
The district operated the properties under the lease during
the period Oct. 15, 1939, to July 5, 1940.
In July. 1940, the district issued
and sold its revenue bonds for the purpose of obtaining funds to complete
properties and on July 5, 1940, the Columbus properties
sold to the Consumers' Public Power District for $1,209,000 cash,
$50,000 less than the purchase price specified in the lease.
Underwriters—The names of the several underwriters and the principal
amounts of series A bonds agreed to be purchased by them, respectively,
payment for the
were
or
are as
follows:
Halsey, Stuart & Co., Inc., $1,200,000; A. C. Allyn & Co., Inc., $1,200,000; Central Republic Co., $400,000; Harriman Ripley & Co., Inc., $400,000: Harris, Hall & Co. (Inc.), $400,000; Lee Higginson Corp., $400,000;
E. H. Rollins & Sons, Inc., $400,000; A. G. Becker & Co., Inc., $300,000;
Glore, Forgan & Co., $300,000; Piper, Jaffray & Hopwood, $200,000;
Stern, Wampler & Co., Inc., $200,000: Thrall West Co., $200,000; WellsDickey Co., $200,000; Wisconsin Co., $200,000—V. 151, p. 997.
Nu-Enamel Corp.
(& Subs.)—Earnings—
1940
1939
$55,658
6 Months Ended June 30—
Net profit after all charges
$54,231
^
1938
_
$58,909
stock.
$0.17
$0.17
$0.20
Note—This statement includes the Nu-Enamel Pacific Corp., for the year
ended June 29, 1940, in the 1940 statement and for the four months ended
June 30, 1939, in the 1939 statement.—V. 151, p. 709.
Earnings per share on common
Nugold Mines (1939), Ltd.—Registration
Statement With¬
drawn—
The
Securities
and
Exchange
Commission on Aug. 17 issued an order
consenting to the withdrawal of the
company.—Y. 149, p. 2983.
registration statement (2-4218) of the
Volume
The Commercial &
151
Securities and Exchange Commission on
Pacific Mills—Consolidated
Suspended—
Nugold Mining Corp., Ltd.—Registration
The
suspending the
5,545, 156
7,377,357
Accounts payable-
1,695,992
6,500,000
1,487,831
11,007,870
Accrued liabilities.
527,064
483,681
1,117, ,761
1,040,592
Fed. & State taxes,
138,778
244,895
19,806,150
2,085,350
Accts. receivable
Supplies
(& Subs.)—Earnings—
Provision for retirements
Federal income tax
8,354,381
8,879,183
Other taxes
.
Long-t'm notes
.$22,551,767 $19,495,926
366,603
1,279,346
Operating income
Gross income
$22,918,370 $20,775,272
_
Subsidiary Companies' Charges—
Interest on long-term
8,673,195
427,249
485,005
Cr60,847
3,042,480
8,583,002
debt
442,321
481,813
Cr39,453
Other interest
and expense
Interest charged to construction
Dividends paid or accrued on preferred stocks
Amortization of debt discount
3,368,452
27,877
ajProvision for dividends
9,998
$10,054,357
$8,198,191
799,015
1,986,276
623,521
92,985
Balance
800,427
2,050,000
659,195
93,263
NY PA NJ Utilities Co. Charges—
debt
convertible obligations
Interest on long-term
Other interest
Amortization of debt discount
Net income..—...
Not
paid
being
on
and expense
$6,552,560 $4,595,305
cumulative preferred stocks, and provision for
in
securities representing an interest in approximately 90% of the outstand¬
ing common stock of Jersey Central Power & Light Co.
Earnings of the
latter company, applicable to that percentage of common stock amounted
$839,200 for the current
217, 775
Period End. July 31—
Operating revenues.
Uncollectible oper rev..
+
plant
&
After
x
146,609
reserve
159
Net oper.
—V.
151
1,107
for doubtful accounts
in V. 151, p. 998.
$64,511
44,691
$473,461
314,629
1940—3 Mos.—1939
8,136
7,510
$158,832
56,572
$11,025
income
$12,310
$102,260
$19,820
$146,026
$97,439
48,587
151, p. 709.
Maintenance & repairs—
46,510
Deprec. & amortization-
169,835
Taxes
withdrawn.
Oklahoma Natural Gas
Ended July 31—
Operating revenues
Operation
Co.—Earnings—
1940
$9,363,717
3,264,062
255,470
764,352
313,161
$4,766,671
Dr77
$4,118,940
3,002
$4,766,595
1,233,099
$4,121,942
1,080,636
$3,533,496
900,384
47,630
(net)
7,150
12,452
$3,041,306
1,286.873
52,590
111,484
14,060
$2,565,880
$1,576,299
22,940
261,445
273,159
104,909
taxes
*
Net operating revenues
Non-operating income (net)
Balance
—....
-
-
Retirement accruals.......
—
Gross income
funded debt
Other interest-
disct. and exp.
securities
Amortization of debt prem.,
free covenant
Net income—
dividend requirements:
preference
$5.50 convertible prior preferred
Preferred stock
Convertible 6% prior
Preferred
Balance for common
$2,008,336
stock and surplus
Statement for the 12
Pro Forma
[Giving effect to present capitalization resulting
securities in Aug., 1939 showing current level
operations for the 12 months ended July 31, 1940.]
Estimated additional
Federal and State income taxes
due to
decreased interest charges
Balance
series B 3Ms, 1955
bank loans
Bond interest,
—
—
Other interest-.
.....—-—...
Amortization of premium on debt
Taxes on tax free covenant securities—
Net income
.151,105,343
$553,086
60,050
61,660
$935,676
121,350
$51,119,550
125,210
2,669
3,229
1,678
5,338
1,117
2,178
6,457
2,019
92,000
90,000
181,400
183,100
53,296
on
53,296
106,593
106,593
$221,096
$0.47
$343,223
$518,816
$696,171
$0.73
$1.11
$1.49
funded debt-
requirements:
$3,533,496
8,576
$3,524,919
633,750
203,500
47,630
Cr5,000
12,452
319,000
273,165
prior preferred
Prov. for Federal income
(estd.)
on
pref.
tax
of
stock
Net profit
a
Consol. earns, per sh—
preferred stock held by
On 1st
a
Old Dominion
Power Co. (& Sub.)—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
$208,413
$165,179
$849,474
$771,203
30—
Operating revenues
Oper. expenses & taxes.
Telephone & Telegraph
Pacific
Pacific Coast territory, and "other interstate"
originating or
It added that the "Interstate Pacific"
tolls are the same as the "other interstate" schedules for distances up to
42 miles, but are generally higher for greater distances.
Company has 20 days in which to file exceptions to the Commission's
proposed report and to request oral argument on it.
The proceeding grew out of a complaint filed with the FCC by the Depart¬
ment or Public Utilities of Washington State in June, 1939. Following this,
the Commission instituted an investigation of the interstate rates of the
entire Pacific territory. Commissioner Paul A. Walker conducted hearings
business
with outside territory either
communication
as
terminating in Pacific territory.
in Seattle and San
Territory served
Francisco.
by this company directly or indirectly
Oregon, California, Nevada, and that
States of Washington,
involved
phone Co.—V. 151, p.
Park &
Tilford, Inc.—Earnings—
Paraffine
1940
30—
6 Months Ended June
Net profit after charges
—V. 150, p. 3523.
and Fed. inc. taxes
Companies,
Company announced on
(est.)—
Pathe Film
Inc.—Dividends—
Aug. 20 that the regular
1940
1939
1938
$53,722
$35,310
$51,679
30—
interest, taxes, &c.
Film Manufacturing Corp. (the common stock of
35%) had a net profit after all charges, of
$909,210 in first half of 1940, as compared with $826,413 in corresponding
period of 1939.
The portion of these earnings which accrued to the Pathe
After amortization,
x
amounted to $318,223 in first
first half of 1939. Of these
undistributed in 1940 and $219,244 in 1939, which
undistributed amounts are not reflected in the profit of the Pathe company.
For the quarter ended March 31, 1940, net profit of Pathe Film Corp.
Film
Corp.'s 35% common stock interest
1940, as compared with $289,244 in
half of
earnings,
was
$248,223 were
$29,633.—V. 150, p.
3671.
Corp.—Earnings—
Peerless Cement
Period End. June
x
Net profit
x
1940—3 Mos.—1939
30—
$114,339
$153,640
-
3369.
—V. 150, p.
(David) Pender Grocery
have declared a
Co.—Class B Dividend—
Pennsylvania Gas & Electric
12 Months
Co. (& Subs.)-
Ended June 30—
$192,184
Drll5
$196,229
135
40,876
$28,308
41,795
$192,069
164,675
$196,364
167,771
Provision for depreciation
General taxes
def$13,486
$27,393
$28,592
Federal and State
$1,107,395
49,025
Operating revenues
Non-operating revenues—net
Total gross
$1,156,420
553,234
46.656
124,130
50,650
25,657
earnings
Operation
Maintenance
Int. &
Amott, Baker & Co., Inc.,
,
,
---
income taxes
other deductions
of subsidiary companies—
$356,094
v 12,469
$343,625
Balance
Pennsylvania Gas & Electric
Interest on long-term debt
Co. Charges—
—
unfunded debt
—
Amortization of bond discount and expense
Interest on
Net income
Dividends
the class B
This compares with
and 50 cents paid on
dividend of 25 cents per share on
payable Sept. 3 to holders of record Aug. 28.
50 cents paid on June 1, last; $1 paid on Dec. 18,1939,
Dec. 29, 1938 and on Dec. 22, 1936.—V. 151, p. 998.
stock
$28,289
19
Corp.—Earnings—
1940—6 Mos.—1939
$132,629
$97,627
Federal taxes.
and other charges, but before
After operating expenses
$46,711
ended Feb. 29, 1940, during
which time the average occupancy was approximately 95%.
Gross income
of $237,832 was off from $251,895 reported for the year ended Feb. 28,1939.
Pacific Indemnity Co.—Extra Dividend—
Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 40 cents per share on the common
stock, par $10, both payable Oct. 1 to holders of record Sept. 14.
Similar
amounts were paid on July 1, last.
Extra of 25 cents was paid on April 1,
last* one of 20 cents was paid on Jan. 3, last; and extras of 10 cents were
paid in each of the 11 preceding quarters.—V. 150, p. 3369.
1937
$104,549
which Pathe Film Corp. owns
574,974
a
$1 quarterly dividend
Corp.-—Earnings—
6 Mos. End. June
Net profit
657,291
statistical report released by
1939
$170,097
the
136,890
currently about 98% rented.
operations for the year
Tne report covers
$410,711
preferred stock will be paid Oct. 15 instead of Sept. 15, to holders of
record of Oct. 1 instead of Sept. 1.
The common oividend of 50 cents per
share will be paid on Sept. 27 to holders of record of Sept. 10.
See also
V. 150, p. 3369.
on
Net earnings
According to a
Tele¬
998.
150, p. 3670.
1088 Park Avenue
embraces the
part of Idaho
generally north of the Salmon River. Wholly owned subsidiaries
are the Bell Telephone Co. of Nevada and the Southern California
$5,835
deductions.
income
corporation is
14 to require
the territory
by it on a parity with interstate rates in other parts of the American
Telephone & Telegraph System. It said the so-called "Interstate Pacific"
scale of rates was "unjust, unreasonable and discriminatory."
The Commission described "Interstate Pacific" business as traffic both
served
$46,711
Income
Gross income.
—V.
Co.—Phones Rates Hit—
Communications Commission proposed on Aug.
its subsidiaries to establish interstate rates Tn
The Federal
161,703
Other income
Net
$2,040,423
stock and surplus
997.
Period End. June
Int. & other
public.—V. 150, p. 3834.
this company and
Directors
Balance for common
Net oper.
14,208
Note—The du Pont
$2,632,588
....
stock dividend
$5.50 convertible
Preferred
$1,169,949
from refinancing by
of earnings based on
Gross income
—V. 151, P.
80,052
346,309
201,219
$920,355
15,321
Other interest
133,200
Months Ended July 31, 1940
sale of
Annual preferred
552,965,738
1,232,814
90,260
339,986
208,046
$545,453
7,633
and expense
x
Interest on
Jos. —1939
$430,229
Gross income
Interest
1940—6
$2,880,729
1,322,082
9,110
$421,119
Profit
Other income
273,150
General taxes
Federal and State income
Taxes on tax
1939
$8,227,392
2,973,624
231,509
720,515
182,803
Maintenance
Interest on
625,349
38,923
172,853
101,103
originating and terminating in
Ohio Oil & Gas Co.—To Study Registration—
The Securities and Exchange Commission ordered Aug. 21 an investiga¬
tion to determine whether the registration of the $5 capital stock of the
company on the Pittsburgh Stock Exchange should
be suspended or
12 Months
$1,483,682
$1,403,609
661,206
revenues
Operation
$450,723
304,697
$19,161
(& Subs.)—Earnings—
Pacific Public Service Co.
Period End. June 30—
Operating
1,048
$67,259
48,098
operating revs—
Operating taxes
-.30,747,294_30,607,908
of"$200,000. y After reserve for
Total
30,747,294 30,607,9081
depreciation of $18,237,086 ($22,972,339 in 1939) and reserve for future
disposal of $1,612,039 in 1940 and $3,190,000 in 1939.
as Represented by
396,123 no par shares.
The income statement for the six months ended June 29 was published
Divs.
Telephone Co.—Earnings—
1940—Month—1939
1940—7 Afos.—1939
$67,418
$64,662
$474,568
$451,771
Net
2,079,310
9,753,126
investments
Prop.,
income from investments
period.—V. 151, p. 423.
Operating revenues
Operating expenses
Capital stock.-.19,806,150
17,888
equipment
10,659, 007
Prepd. & del. items
115, 103
and
y
sub.co
Ohio Associated
z
Surplus
<
Amort, of debt discount
minority interest of $2,033 in 1939.
Note—This statement does not include any
to
266,655
260, 488
rec.
Total
Other income (net)
6,500,000
estimated
with mutual cos.
$78,880,954 $74,263,424
31,289,837 32,875.132
5,171,221
4,568,901
7,632,381
6,896,750
3,356,565
2,072,334
Operating expenses
Maintenance
—
Notes pay., banks
Ins. prem. on dep.
1939
1940
12 Months Ended June 30—
Total operating revenues
997,812
1,146, 316
Cash
x
NY PA NJ Utilities Co.
a
$
Mdse. inventory,.11,685 689
the corporation.
—V. 149, p. 2983.
Interest on
30 '39
$
June 29 '40 Dec.
Liabilities—
S
s
Assets—
Balance Sheet-
Dec. 30 *39
June 29 •40
Aug. 17 issued an order
pursuant to Section 8 (d) of the Securities Act of 1933,
effectiveness of tne resistration statement (2-1644) filed by
1153
Financial Chronicle
-
accrued
—
on"preferred stock—
^18'oio
£*8
12,037
$113,004
105,000
$8,004
Balance
—V. 151, P.
425.
-Earnings
1Q3Q
$1,069,209
47,022
$1,116,231
534,268
47,395
125,039
49,181
27,507
$332,841
13,025
$319,816
218,360
198
12,039
$89,219
105,000
def$15,781
The Commercial & Financial Chronicle
1154
Pennsylvania Gas & Electric Corp. (& Subs.)—Earns.
$2,301,273
8,220
$2,476,432
5,570
$2,309,493
2,162,847
Operating revenues
Non-oper. revs, (net)
1940—-12 Mos.—1939
$4,519,242
$4,903,024
1940—6 Mos.—1939
Period. End. June 30—
Aug.
Pillsbury Flour Mills Co.—Earnings—
Years End. May 31—
1940
1939
Net sales...
..$47,235,669 $48,928,238
Cost of goods sold, sell.,
16,148
31,794
$2,482,002
1,917,738
$4,535,390
4,120,211
$4,934,818
3,934,046
$146,646
296,696
$564,264
299,802
$415,179
592.586
$1,000,772
605,105
x$150,050
$264,462
x$ 177,408
$395,667
Deprec. & maintenance.
100,274
115,140
206,615
239,268
Extraordinary charges..
x$250,324
&
other
$149,322
x$384,022
$156,399
61,926,776
65,545,954
Operating profit.....
$2,488,140
$4,051,121
$1,514,353
$3,583,753
123,537
14,804
Loss.—V.
x
151, p. 425.
Penn-York Properties,
$3,986,599
260,377
$1,642,323
421,876
1,157,636
1,163,474
1,131,660
department.—V. 131,
p.
Independent stockholders of the company at a special meeting July 20
approved settlement of a claim asserted on behalf of Pepsi-Cola relative
to 137,500 shares of the company's stock held by Loft, Inc.
The settlement, as amended, provides that Loft, Inc., pay $250,000 to
Pepsi-Cola and assume the payment of all allowances to Bartus Trew and
associates and counsel in asserting this claim.
Chancellor "W, W. Har¬
rington of Delaware, who ordered the special meeting, will conduct a final
hearing on the claim in the Chancery Court in Wilmington, Del., on Sept. 4.
A total of 49,448 independent shares of Pepsi-Cola stock were cast in
favor of the settlement, with only 221 shares voted against it.
Jacob
Shulman, counsel for Loft, Inc., said that the attorneys who had received
Pepsi-Cola shares from Loft, Inc., in the recovery of the Pepsi-Cola stock
from Charles G. Guth and the Grace Co., had voted 18,563 Pepsi-Cola
shares in favor of the settlement.
Sfa-ElPOS
259,277 shares of Pepsi-Cola stock now outstanding, of which
Loft, Inc., owned 205,437 shares on Dec. 31, 1939, and of which counsel
in the recovery proceedings owned 32,063 shares.
Of the Loft holdings
147,749 shares are in escrow pending the outcome of the Delaware pro¬
ceedings.
It is anticipated that the managements of Pepsi-Cola and Loft will take
up actively the proposition of merging the two companies as soon as the
legal proceedings have been settled, leaving a single company with the
name Pepsi-Cola in the field.
The assets of Loft, Inc., currently consist
principally of its Pepsi-Cola holdings.
Loft, Inc., recently sold its stock in Loft Candy Stores, Inc., to a Phila¬
delphia syndicate, involving the elimination of virtually all Loft, Inc.,
liabilities except unsettled leases of a number of the
candy stores, against
which a reserve of $3,000,000 was established, and of which many have
been settled through cash payments so far this year.—V. 151, p. 999.
are
(& Subs.)—Earnings—
Year Ended March 31—
Net sales
$1,692,318
6,167,999
loss$52,605
$7,882,471
878,758
$7,860,317
878,758
$7,046,757
878,758
$1,517,899
6,460,222
7,099,362
$7,978,121
878,758
Balance, surplus
$8,816,823
$6,981,558
$6,167,999
$7,099,362
8hs. com. stk. (par $25).
549,225
549,225
549,225
549,225
Earnings per share
$1.64
$3.08
Nil
$2.76
a
No provision required for taxes on incoma or undistributed profits,
b Includes $83,000 Federal surtax on undistributed profits,
x Consoli¬
dated income account.
Comparative Balance Sheet May 31
1940
1940
193 9
$2,784,066
2,174,196
145,835
$1,420,352
1,210,050
269,011
1939
§
$
AsSCtS"***
1940
1939
$
$
Liabilities—
Fixed plant
12,191,973 12,398,092
b Movable plant..
435,666
466,176
Cash
2,443,190
1,331,079
Accts.
TJ.S.Treas.bills—
Reserve for Fed. &
a
c
Trade accts,
rec.
1,100,000
3,700,000
2,260,983
under collection.
461,312
11,658,403
&
1,450,405
1,007,605
647,051
State taxes
500,000
5,600,000
1,114,043
6,000,000
Res. for undeterm.
d Other cur. funds
199,183
expenses.
invalidation
7,076,198
1,114,043
173,212
279,047
llab. arising from
93,613
605,263
235,895
Dividend payable.
for coating's
123,532
102,651
1
219,690
Res.
and
sundry stks.,&c_
Hydraulic rights..
Goodwill, tr.-mks.,
tradenames, &c.
of
processing tax..
f Funded debt
Trade memb'shlps,
Total
payable
13,730,625 13,730,625
accr'd liabilities.
439,952
Advs.on grain pur.
Misc. accts. receiv.
Prepaid
Capital stock
1,708,954
Bill of lading drafts
Inventories
against the voting of shares by counsel.
30,885
the vote in favor of the settlement as amended would be reduced to
Pettibone Mulliken Corp.
$3,707,290
404,266
1,127,015
b520,000
138,111
a30,000
111,393
•
$900,913
6,981,558
Common dividends
Pepsi-Cola Co.—Approves Cash Payment hy Loft, Inc.—
Merger—
rule
505,321
365,109
Net income
Previous surplus
127,970
.
Transferred to surplus..Crl,813,110
125.
Settlement Advances Plan for Their
Should the Delaware court
215,000
Total surplus
Inc.—Registers with SEC—
See list given on first page of this
There
Dr64,522
$2,502,944
229,394
Total income
Federal taxes, &c
charges of
Pa. Gas & El. Corp..
_
44,877,117
Interest, discount, See
Int.
„
44,747,529
& admin,
Other income
Net earnings
xl938
xl937
$63,441,129 $69,129,707
exps—
gen.
Charges of sub. cos
1940
24,
Insurance..
Earned surplus...
800,000
...
1
8,816,824
6,981,558
1
30,244,905 30,353,521
Total
30,244,905 30,353,521
After deducting depreciation and maintenance of $8,999,087 in 1940
$8,210,986 in 1939,
b At depreciation value,
c Less reserve for bad
debts of $100,000.
d Set aside pending settlement of undetermined lia¬
a
and
bilities, per contra,
f Includes payments due within
one year
($200,000
in 1940 and $400,000 in 1939).—V. 151, p. 564.
Pitney-Bowes Postage Meter Co. (& Subs.)— -Earnings
3 Months Ended June 30—
Sales and rental income, less discounts, returns and
allowances
1940
1939
563,047
127,726
41,788
512,383
104,578
42.107
$167,717
14,133
$146,228
$181,850
47,000
$162,681
Earnings
deprec.)
$805,296
Provision for Federal, State and foreign taxes
Cost of sales (Incl.
Unabsorbed burden
$900,278
$134,850
$0.15
$133,731
$0.15
—
Cost
of product sold and expenses for
servicing and general administration
selling,
Provision for depreciation and amortization
Expenditures for development and research
Gross profit
Selling and administrative
$464,035
288,922
expenses
ioss$58,710
214,337
Dividend from British affiliate.
Net profit from operation
Other
$175,112 loss$273,047
7,173
6,310
income
Total profit
$182,285 loss$266,737
59,255
67,491
-
Other deductions
Net profit
$123,030 loss$334,228
1940
1939
Liabilities—
$186,200
Notes & accts. rec.
$22,970
247,698
Inventories
570,871
374,108
—
232,201
Notes receivable
Res.
—
2,125
1.167
U. 8. Treas. bills-
28,537
150.000
a
48,371
136,334
157,465
10,000
10,000
Acer, local taxes..
a
482
current)
Common stock._
2,213
16,521
19,103
567,912
2,710.625
2,710,625
Represented by 108,425
no par
550,000
295,994
153,798
Deficit
$3,735,772 $3,646,9201
Total
296,019
296,876
$3,735,772 $3,646,920
shares.—V. 150, p. 2435.
Philadelphia & Reading Coal & Iron Co.—Gets Tax
Refund—
Under
agreement reached by this company and the Schuylkill County
was approved by Judge C. M. Palmer at Pottsville, the
will receive a reduction in assessments for the years 1937 to
1940, inclusive.
Reduction for 1937 to 1939, inclusive, is 15% and for
an
Commission which
coal company
1940 20%.
it is expected company will
1937 which will be almost
sufficient to pay the balance due on 1938 taxes.
somewhat less than $500,000.
The credit is expected to be
The company paid 1937 and 1939 taxes in full and about
55% of taxes
for 1938 and is paying 1938 taxes under tax abatement act of 1939 under
which taxes may be paid in instalments.
Three more instalments remain
to be
paid.—V. 149,
p.
3984.
Philadelphia Suburban Water Co.- —Earnings—
12 Mos. End. July 31—
1940
Gross revenues_
$2,472,283
Operation (incl. maint.).
Taxes
693,033
131,297
Netearnings
$1,647,952
676,000
11,723
Federal income tax
112,115
Retire, exps. (or deprec.)
246,051
Interest charges
Amort. & other deducts.
1939
1938
1937
$2,417,837
672,130
128.941
$2,514,182
678,711
133,115
$2,479,053
$1,616,766
676,000
$1,702,356
661,662
144,547
240,758
235,988
$1,672,843
676,450
22,467
105,352
231,686
$596,943
-
stock
Directors have declared
tions
a
dividend of $1 per share on account of accumula¬
the $3.50 cum, pref. stock, no par value, payable
Sept. 14 to holders
of record Aug. 31.
Similar payments were made on June 15, last, Dec. 21.
Oct. 10, Aug. 5 and June 3,1939.—V. 150, p. 3370.
on
Pittsburgh & West Virginia Ry.—Notes Authorized
—Existing Loan to Be Refunded —
—
The Interstate Commerce Commission on July 23 authorized the
company
(1) to issue not exceeding $7,400,000 of 5-year 4% secured notes, $4,070,000 thereof to be delivered to the Reconstruction Finance Corporation in
respect of a loan in a like amount and the remaining $3,330,000 to be sold
at not less than par and accrued interest in connection with the
retirement
of outstanding loans; (2) to pledge as a part of the collateral
security for
the notes not exceeding $3,576,000 of first mortgage gold
bonds, series D,
$8,047,000 of general mortgage 6% gold bonds, an<f, when and as
acquired,
not exceeding a total of $2,000,000 of first
mortgage 4H% bonds, con¬
sisting either in whole or in part of series A, series B, and series C, and not
exceeding $2,564,000 of first mortgage 5% bonds of the Pittsburgh Terminal
RR. & Coal Co. (now the Pittsburgh Terminal Coal
Corp.; and (3) to con¬
tinue the assumption of obligation and liability, as
guarantor, in respect of
the payment of the principal and interest of not
exceeding $2,564,000 of
the first mortgage 5% bonds of the
Pittsburgh Terminal RR. & Coal Co.
(now the Pittsburgh Terminal Coal Corp.), upon the extension of the ef¬
fective date of the guaranty thereof from July 1, 1942, to
July 1, 1952.
The Commission also approved a loan to the road of
$4,070,000 from the
RFC.
As a result of this reduction in assessments,
on taxes paid
beginning with
receive credits
on common
RFC Loan
payable
(not current)...
Capital surplus
tization
16,067
Notes payable (not
Patents, less amor¬
Total
$150,000
Accounts
2,824,207
share
28,950
vacation
expense
Prepaid Items and
def'd charges—
21,736
Property, plant &
equip, (net)
2,719,890
for
1939
$136,119
Accounts payable.
Accrued liabilities.
500
(not current)
Sundry accts. rec.
1940
Notes payable
per
—V. 150. p. 4136.
16,453
Pittsburgh Brewing Co.—Accumulated Dividend—
Consolidated Balance Sheet March 31,1939
Assets—
Cash
Total
$650,266
$636,887
676,312
23,040
116,749
10,882
92,182
The report of the Commission states, in part:
On March 31, 1940, the applicant owed $4,186,607 to the
RFC, $2768,354 to certain banks, and $500,000 to the Pennroad Corp., a total of
$7,454,961.
The Finance Corporation and the bank loans are secured
by
collateral, the former bearing interest at the rate of 4% per annum and the
latter at the rate of 3 Yz %, and the Pennroad loans are unsecured
and bear
interest at the rate of 4%.
All the loans have been extended to Dec. 31
1940, with the right in the applicant to prepay them at any time.
The existing situation with respect to the applicant's loans
is unsatis¬
factory because of their complicated and disproportionate collateral struc¬
and their constantly recurring maturities.
The applicant therefore
proposes to pay all the loans by issuing $7,400,000 of 5-year
4% secured
notes.
It is the applicant's view that its plan for the
consolidation and
funding of its current loans will materially improve its general financial
outlook.
It will enter Into a proposed indenture to be dated
July l, 1940
with the First National Bank at Pittsburgh, as
trustee, providing for the
issue thereunder of not exceeding $7,400,000 of notes.
Upon the execu¬
tion and delivery of the indenture and the delivery to the trustee
of the
collateral to be pledged as
security for the notes, the trustee will authenti¬
cate and deliver to the
applicant, or upon its written order, $7,400,000 of
ture
notes.
Balance avail, for divs.
-V. 151, p. 425.
$602,063
Phillips Packing Co., Inc.—Consol. Bal. Sheet June 30—
Assets—
1940
Cash
Marketable
a
Inventory
Other assets
b Prop., pl't & eq.
Deferred charges..
Total
$219,535
754,816
3,839,798
523.836
2,951,068
293,918
304,034
2,250,490
2,213,308
10,846
rec
1,900
Liabilities—
1940
Notes payable
$1,450,000
Accounts payable.
506,680
Accr'd
accounts..
5H%
cum.
1939
$700,000
297,502
102,256
87.265
stk. ($100 par).
c Common stock..
849,700
1,930,100
5,481
Surplus
2,605,002
899,600
1,930,100
2,304,695
$7,443,737 $6,219,162
Total
pref.
-...-$7,443,737 $6,219,162
a After reserve of $18,500 in 1939 and
$29,750 in 1940.
b After allowance
for depreciation of $1,836,532 in 1940 and
$1,650,546 in 1939.
c Rep¬
resented by 475.000 no par shares.
The income statement tor the six months ended June 30 was
published
in V. 151, p. 999.
year,
the applicant states that such an increase is more
apparent than real be¬
the attitude of certain of the banks with respect to interest
rates has
been to attempt to bring them in conformity with the
4% rate paid the /
Finance Corporation, and the applicant is of the opinion that if
cause
1939
$291,970
1,900
securs,
Notes & accts.
While the present rate of interest on the
applicant's bank loans is 3Y%
per annum, and the increase to 4% as an incident to the funding thereof
will result In increasing interest charges by
approximately $13,500 a
the bank
loans
were
continued
beyond Dec. 31, 1940, it would be required
as
an
incident to such extension to agree to an interest rate of not less than
4%.
The carrying out of the plan will improve the financial
outlook of the
applicant and should insure its continued solvency and ability to meet
Sunctually all its obligations, including the interest charges
on its
onds and the coal company bonds because (a) the
own
constantly maturing
loans with their complicated and disproportionate collateral
structure will
be eliminated; (b) the threat of the July 1, 1942, maturity of the coal
com¬
pany bonds will also be obviated, and the effective date of the
guaranty
thereof extended to July 1, 1952; (c) the applicant's
floating debt will be
funded to mature July 1, 1945. and, it is stated, the notes issued in
con¬
nection therewith will be adequately secured; and (d) there are no
maturities of the applicant prior to 1958.
bond
It is expected that the cash
con-
Volume
The Commercial
151
depreciation charges on equipment will be sufficient to meet
equipment-trust maturities without resorting to net income.
Between
Feb. 1,1939, and April 1, 1940. the principal of the applicant's outstanding
equipment-trust certificates has been reduced by approximately $800,000
with resultant future reduction in interest and serial maturities aggregating
approximately $68,000 a year.
The applicant proposes to dispose of the notes as follows: $4,070,000 will
be issued to the Finance Corporation to evidence a loan to the applicant in
will be sold to the Chemical Bank & Trust Co. of
accrued interest, and the remaining $3,000,000 will
be sold under competitive bidding.
The Chemical Bank & Trust Co.
and the Pennroad Corp. have given the applicant commitments to purchase
$330,000 and $3,000,000, respectively, of the notes at par and accrued
interest in each case.
The proceeds of the loan and of the notes, together
with such additional cash as may be required, will be used for the retirement
of the outstanding loans, as stated above.—Y. 151, p. 711.
like amount, $330,000
New York at par and
Assets—Cash, $222,253; instalment notes receivable (less, reserves for
notes of $65,250), $2,476,153; cash value life insurance, $710;
doubtful
deferred charges,
1940
1939
$342,576
186,536
$315,999
169,031
$156,040
2,604
$146,969
2,628
$158,643
37,991
Other interest
$120,652
30,599
314
551
495
$106,341
31,228
521
296
456
Net income
$88,694
$73,840
44,505
54,395
Net oper. revenues before prov.
for retirements.
Non-operating income
Gross income before prov.
for retirements
Provision for retirements
Gross
Bond
Radio-Keith-Orpheum Corp.—Court Reduces Fees—
cash and 120,000
Federal Judge William Bondy has awarded $638,073 in
common shares of stock as the final allowance and
interest
Other interest
Government tax on interest
preferred stock
on
Balance Sheet June
disbursements in
Attorneys and others
of new common stock
new
reorganization proceedings of the corporation.
in cash and 100,000 shares
had requested $2,025,214
for their services.
The Atlas Corp., sponsor of the plan, received 120,000 new common
shares for its services; $170,000 for legal fees, and $20,517 for disbursements.
This was the largest award made.
The Irving Trust Co., as receiver and
received $87,500 in that capacity and an
and trustee,
as
receiver
additional $653)00
William J. Donovan, attorney for the
trustee, received $80,000;
in an anti-trust litigation.—V. 150, p.
attorney for the trustee
4137.
Raybestos-Manhattan, Inc. (& Subs.)—Earnings—
43,256
1940
1939
$11,411,467 $10,003,386
328,792
287,319
1938
1937
$7,348,750 $13,916,575
208,326
388,025
$11,082,675
$9,716,068
$7,140,424 $13,528,549
7,906,923
6,884,786
5,628,760
9,437,361
Gross profit
Sell. & admin, expenses.
$3,175,752
2,025,931
$2,831,282
1,929,090
$1,511,665
1,735,191
$4,091,189
2,149,404
Profit from operations
income
Dividends
and fixtures, at cost less depreciation,
amortization of $15,552), $39,850
(less, reserves for
Liabilities—Notes payable $1,150,000; dividends, payable July 20, 1940,
$40,968; sundry expenses accrued, $7,531; miscellaneous taxes accrued,
$6,464; reserves for Federal income taxes, $57,388; preferred stock (par
$12.50), $871,463; common class A stock (par $1), $134,125; common
class B stock (par $1), $5,000; capital surplus (paid-in), $364,548; earned
surplus, $148,741; total, $2,786,228.—V. 151, p. 426.
$149,597
12 Months Ended June 30—
Operating revenues
Operating expenses and taxes
$20,797; furniture
$26,465; intangibles
total. $2,786,228.
the
Co.—Earnings—
30, 1940
Consolidated Balance Sheet June
served from
Porto Rico Gas & Coke
1155
& Financial Chronicle
$1,149,821
$902,191
93,617
y$223,526
94,899
$1,941,784
101,196
$1,251,017
$995,808
y$128,627
$2,083,072
73,098
126,524
161,713
102,032
258,760
160,153
12,011
320,397
xl50,000
$919,159
$709,130
y$302,351
$1,510,642
7,641,810
7,578,923
7,842,536
7,029.284
$8,560,969
314,835
$8,288,053
315,984
$7,540,184
332,538
"$87539,926
$8,246,134
628,100
$1.46
$7,972,069
$7,207,646
632,000
Nil
$8,063,316
6 Mos. End. June 30—
Net sales
Discounts & allowances.
Income from sales
Mfg. cost of sales
30, 1940
plant and equipment, $1,806,063; miscellaneous in¬
sinking fund and special deposits, $10,623; cash, $45,115;
accounts
receivable, $36,168; other receivables,
$1,648; merchandise,
$7,661; materials and supplies, $16,663; Fuel, $18,394; residuals, $3,058;
prepaid insurance, taxes, &c., $2,250; improvements to leased property,
$347; other deferred debits, $411; total, $1,948,901.
Liabilities—6% cumulative preferred stock ($100 par), $494,500; common stock ($25 par), $250,000;bonds, $504,200; accounts payable, $15,538;
taxes accrued, $15,788; sundry accruals, $537; consumers' deposits, $29,811;
service extension deposits, $5,176; retirement reserve, $414,407; uncollectible
accounts, $22,269; contributions for extensions, $895; other reserves, $875;
earned surplus, $194*902; total, $1,948,901.—V. 150, p. 3371.
Assets—Property,
Other income
141,288
vestments, $500;
Co.—Hearing on Sale of Bonds—
Commission has ordered that a hearing be
Potomac Electric Power
The Securities and Exchange
reconvened, before the Commission, on Aug. 28.
in regard to a proposal by the company seeking
The matter concerned is
exemption from the
provisions of Section 6 (a) of the Public Utility Holding Company Act of
1935 of the issuance and private sale to the Metropolitan Lire Insurance
Co. and Mutual Life Insurance Co. of $10,000,000 first mortgage bonds,
3H% series, due 1975 under company's mortgage and deed of trust dated,
an
before
other deduct'ns, de¬
income
Total
preciation & taxes
Prov.
Fed.
for
State
&
income taxes.
Add'ns to res. for conting
Surp. at begin, of period.
Total surplus
Dividends paid
Surp. at end of period.
Shs.com.stk.out.(no par)
Earnings per share
For
x
the
surtax
Loss.
y
Public Service Corp.
Period End. July
31—
maint., de¬
preciation and taxes..
Oper.
of N. J. (& Subs.)—Earnings—
1940—12 Mos—1939
$137777,182 $130735,988
1940— Month—1939
$10,858,957 $10,426,103
exp.,
Bal. avail, for divs. & sur
—V.
151,
7,234,428
8,376,655
$2,482,302
1,197,389
Net income from oper.
990,992
Other accts. receiv
74,984
59,868
Mdse. inventories.
5,142,183
1,010,298
4,035,728
361,387
wages
Public Service Co. of
Oklahoma—Earnings—
1940—3 Mos.—1939
Period End. June 30—
$1,598,577
$628,970
33,525
$578,415
17,984
$2,688,141
121,623
$2,481,935
66,184
$662,495
203,029
$596,400
$2,809,764
204,369
825,785
$2,.548,120
808,969
Other income (net)
Gross income...
deductions.
1,020,162
$459,467
133,395
Balance
$392,030
133,424
$1,983,979
533,581
$1,739,151
534,397
$326,071
income
Prior lien stock divs
—Y.
1940—12 Mos.—1939
$7,001,068 $6,511,286
4,312,927
4,029,351
$1,688,059
& taxes..
1,059,089
Net oper. income...'.
Net
$258,606
$1,450,398
$1,204,754
3984.
150, p.
Pyrene Mfg.
declared a dividend of 20 cents per share on
payable Sept. 16 to holders of record Aug. 30.
the common
Like amount
Dec. 15,1939;
1938; 30 cents
Sept. 15 and on June 15, 1937.
paid on June 15, last, and compares with 50 cents paid on
20 cents on Sept. 15 and on June 15, 1939, and on Dec. 23,
23. 1937 and 20 cents
3062.
paid on
Quaker State Oil Refining
after
expenses
Other income
Corp.—Earnings—
$12,810
$559,513
$575,617
$1,111,018
169,578
Total income
Depreciation
200,129
363,086
395,678
$277,584
$159,245
$554,790
$0.30
$0.17
$0.60
Cr24,896
81,800
loss$131,872
Fed. income tax, &c
Net
profit
Earnings per share on
927,305 shs. cap. stk.
—V. 151, p. 564.
Nil
fc.
Railroad Employees' Corp.
Earnings for the
53,286
1940
x$386,626
181,431
Operating expenses .. —
$205,195
12,859
Net earnings
paid
27,900
3,200
37,259
doubtful notes
Amortization of intangibles
Provision for
Federal income taxes
$123,977
106,801
Dr 100
Net income
Earned surplus as at Jan. 1,1940
Transfer to class A common stock
Total-.------
-
paid—On preferred stock
common stocks
Dividends
On
Earned surplus, as at
160,550
(& Subs.)—Earnings—
Six Months Ended June 30,
Gross earnings
Interest
Fed,
&
258,760
160,153
conting.300,000
250,000
9,721,800
7,972,069
State inc. taxes.
Res. for
Capital stock.
_.
Surplus
9,721,800
8,246,134
Dr973,576 Dr913,936
b Treas. stock
Trade-name, good¬
595,157
1
will, &c
19,018,834
Total
18,064,3231
19,018,834 18,064,323
Total
1940 and $1,028,932 in 1939.
y After depre¬
1940 and $10,605,978 in 1939.
z Represented by
676,012 shares (no par) value,
b Represented by 47,912 shares, at cost in
1940 and 44,412 shares, at cost in 1939.—V. 150 p. 3985.
Market value $391,065 in
Raymond Concrete Pile Co,-r-Eamings—
Net
June 30, 1940
— _.
$230,678
27,887
54,050
$148,741
stock
$0.71
x Gross earnings include only interest actually received; accrued interest
yarned but not collected is not included.
Earnings per share on common
1940
Earnings for 6 Months Ended June 30,
profit after all charges and taxes (estimated)
Earnings per share on common
—V. 150, p. 2114.
$250,000
$1.17
stock
Mills, Inc. (& Subs.)—Earnings—
1940
1939
Net loss after all charges
x$482,329 prof$63,557
Earns, per share on 178,044 shares common stock.
Nil
$0.08
x Includes inventory write-down of $289,475.—V.
150, p. 2267.
Real Silk Hosiery
6 Months
Ended June 30—
Corp.—Accumulated Dividend—
declared a dividend of $5 per share on account of accumu¬
preferred stock, payable Aug. 30 to holders of record Aug. 21.
Similar payment was made on Aug. 1, last; $4.25 paid on June 12, last;
$4 on May 1, last, and $1.75 paid on March 13, last.
Arrears after the
current payment will amount to $16.35 per share.—V. 151, p. 426.
lations on the
Co.—Earnings—
Reed Roller Bit
Period Ended June 30—
1940—3 Mos.—1939
1940—6 Mos.—~ 1939
$5,975,271
$5,569,769 $13,458,056 $10,927,036
loss31,423
526,395
482,455
1,038,850
44,233
33,118
93,162
72,168
Period End. June 30—
Net sales
Profit
350,447
7,332,948
97,410
91,440
Reed Prentice
was
paid on Dec.
—V. 150, p.
Fixed assets
for
Directors have
Co.—20-Cent Dividend—
Directors have
stock, par $10,
333,043
7,161,490
current)
y
496,259
Prov. for taxes
Prov.
z
(non-
Deferred charges..
144,558
278,238
Accrued salaries &
2,232,435
rec
$
451,440
ciation of $10,667,604 in
Operating revenues
Oper. expenses
Accounts payable-
372,502
receivable
1939
793,931
175,525
2,007,952
Notes, accts., &c.,
Sund..
S
Liabilities—
2,426,764
secure..
30
1940
$
2,406,130
Market
x
631,600
635,500
$1.12
$2.37
and other contingencies,
1939
$
476,611
profits
Consolidated Balance Sheet June
Cash.
x
426.
p.
Int. & other
92,770,278
98,685,857
$3,191,675 $39,091,595 $37,965,710
2,074,088 24,686,524 25,409,214
undistributed
on
1940
Assets—
Investments
Gross earnings
_
Net income
July 1, 1936 and indentures supplemental thereto.
It is stated that the proceeds of the financing, together
with other funds
of the company, will be used to maintain its normal working capital require¬
ments and to meet its normal construction expenditures during the re¬
mainder of 1940 and duriDg 1941 and those incident to the instalation of
two 50,000 kilowatt turbo-generator units and related equipment and
facilities; one to be completed in the latter part of 1940 and estimated to
cost approximately $4,075,000 and the other to be begun in 1941 and esti¬
mated to cost approximately $8,985,000.—V. 151, p. 858.
__
Other decuctions
Net prof, after
and taxes
—V.
1940—6 Mos.—1939
1940—3 Mos.—1939
all chgs.
$455,851
$433,115
$763,039
$839,566
151, P. 426.
Reliance Grain
Co.—Accumulated Dividend—
Directors have declared a dividend of $1.62K per share on account of
accumulations on the
% cumul. pref. stock, payable Sept. 16 to holders
of record Aug .31.
Like amount was paid on June 15, last.—V. 151, p. 427.
Reliance
Mfg. Co. of
Period End. June 30—
Net profit after deprec.
Illinois—Earnings—
1940—6 Mos.—1939
1940—3 Mos.—1939
&c__
Earns, per sh. on 222,855
shares common stockFed. inc., taxes,
$39,087
$135,461
$119,845
$175,449
$0.09
$0.51
$0.36
$0.59
■tf0te—Net income for the 1940 six months' period does not take into
consideration $128,912 recovery from the Government in adjustment of
stock taxes during the first quarter of the year.—V. 150, p. 3371.
Remington
Arms Co., Inc.—Earnings—
30—
1940
ali charges
$1,219,000
Months Ended June
Estimated net profit after
—V. 150. P.
Republic Aviation
'""Alexander, P. de
Corp.—Sued by Seversky—
Seversky, airplane designer
and former president filed
against the corpora¬
$2,497,069 in Brooklyn Federal Court Aug. 21
tion, alleging that sum was due him for work, labor
corporation between June 1, 1938 and May 28, 1940.
Earnings for 6 Months Ended June 30,
suit for
Net sales
_
-
1939
$144,000
1947.
-- -- -- --
and services for the
1940
---------------------------$3,783,673
—
842,161
stock
$0.75
its profits had been wasted as charged by
--------- - -
after charges and taxes.
Earnings per share on 982,408 shares common
Net profit
The
corporation has denied
MW^W^dface7Kellett,
had shown a net
President, said in a statement that the corporation
profit of $842,161 for the first six months of 1940. He
The Commercial & Financial Chronicle
1156
added:
Our
"No period in our history has been so successful as the present one.
deliveries are on schedule and we plan an expansion to fill United
States army
Group Sues Republic—
A $20,000 suit was filed Aug. 22 in the New York Supreme Court by
Alexander deSeversky, aircraft designer, and other stockholders against offi¬
cers and directors of the corporation.
The action alleges mismanagement
on the part of the defendants, including W.
W. Kellett, who succeeded
Rochester Gas & Electric
Total operating expenses
Seversky as President: Paul Moore, Livingston Piatt, Horace N.
Taylor, John J. Daly, Joseph W. Powell and Joseph L. McClane.—V. 151,
255.
Gross
a dividend of $1.50 per share on account of ac¬
cumulative convertible preferred stock, payable
Sept. 12.
Like amount was paid on July 1,
last; dividend of $6 was paid on May 1, last; $1.50 on April 1, last; and a
dividend of .$7.50 per share was paid on Dec. 21, 1939.
the
on
States
Balance
Inc.—Formed
chandising for Various Retail Outlets—
Announcement
Engage
to
in
There
Total income
Non-operating charges..
Depreciation
Interest
on
bonds.
$3,026,329
271,300
690,913
170,818
Amort, of bond prem. &
other expenses
1939
1938
574,667
Net profit for period..
Earns, per sh. on com¬
$1,287,895
$1,169,168loss$790.678
209,813
148,116
693,258
670,391
175,388
180,472
stock
29,099
47,000
30,052
$14,610 loss$1819,709
$0.95
Nil
Nil
per
are
St.
$3,869,698
323,598
652,091
189,195
33,976
548,000
The
a
tion statement.
San
Diego Consolidated Gas & Electric Co.—To Sell
Privately—
The company has applied to the California Railroad Commission for au¬
thority to issue and sell privately $16,000,000 3%% bonds of 1970 at not
less than 106%.
Proceeds would be used to retire
1939
$114,388
$15,500,000 outstanding
$0.39
4% bonds of 1965.—V. 151,
713.
p.
Savage Arms Corp. (& Subs.)—Earnings—
Per, End. June 30—
Net profit after deprec.,
shs.
$459,865
278,183
$181,682
Dr21,014
a Gross income
Provisions for retirements
are to be offered to the public, the names
underwriting discounts or commissions and the
be furnished by amendment to the registra¬
are to
The company previously filed a declaration under the
Holding Company
Act concerning the issuance and sale of the bonds.—V.
151, p. 1004,
$2.56
$175,478
Dr23,894
Net operating revenues
Ry.—Abandonment—
price at which the bonds
redemption provisions
$2,122,838
1940
$487,652
312,174
Non-operating income....
Francisco
of other underwriters, the
Co.—Earnings—
and taxes
$65,757
;v,
taxes, &c
Earns, per sh.
revenues
expenses
1939
stabilize the price of the bonds.
This is not an assurance, it states, that
the price of the bonds will be stabilized or that the
stabilizing, if commenced,
may not be discontinued at any time.
♦
Richmond Terminal Ry.—Bonds Called—
Operating
Operating
1940
$144,863
Company on Aug. 21 filed with the Securities and Exchange Commission
registration statement (No. 2-4482, Form A-2) under the Securities Act
of 1933 covering $16,500,000 of 3%% first mortgage bonds, due 1970.
The proceeds from the sale of the bonds, together with
treasury funds,
will be applied to the redemption, at
105%, of $16,500,000 principal amount
of 4% first mortgage bonds, due 1963.
Mellon Securities Corp. of Pittsburgh, will be the
principal underwriter.
The prospectus states that to facilitate the
offering, it is intended to
The entire issue of 30-year 1st mortgage guaranteed 5% bonds due 1952
has been called for redemption on Jan. 1, 1941 at 100.—V. 151, p. 859.
Roanoke Gas
1004.
a
—V. 150, p. 3214.
12 Months Ended June 30—
p.
Mfg. Co.—Earnings—
San Antonio Public Service Co.—Bonds Registered with
$3,756,434
113,264
1940
151,
sec—
1937
$591,895
$2.04
cum. conv. pref. stock and 11,512 shares of
stock, second series, outstanding.
The two
convertible pref.
Louis-San
Bonds
share on capital stock...........—
25,000 shares of $2.50
identical.—V.
The Interstate Commerce Commission on July 31 issued a certificate
per¬
mitting abandonment by J. M. Kurn and John G. Lonsdale, trustees of the
company, of a portion of the so-called Bentonville branch, extending from a
point west of Bentonville, Ark., to Grove, Okla., approximately 41.01 miles,
in Benton County, Ark., McDonald
County, Mo., and Delaware County,
Okla.—V. 115, p. 860.
Reynolds Spring Co.—Earnings—
Earnings
common stock upon official notice
of $2.50 cumulative convertible preferred stock.
6 Months Ended June 30—
Net income before Federal taxes---...-..
x After deducting net loss on metal contents of sales of $132,259.
y In¬
cludes net profit on metal contents of sales of $66,033.—V. 150, p. 2741.
6 Months Ended June 30—
Net profit after charges and taxes.............—
Corp.—Listing—
—V. 150, p. 3985.
(& Subs.)—Earnings—
30,736
Pro v. for Fed. inc. taxes.
mon
cum.
Ruud
have specialized for many years in chain store securities.
The officers of the company are as follows:
M. R. Van Benschoten,
President; Paul Dudley Childs, Luigi Criscuolo and Leon F. Morand,
Vice-Presidents; J. West Rulon Cooper, Secretary and Treasurer.
The
directors: Are the above, and Leondard M. Wright.
Offices of the corpora¬
tion are at 50 Broadway, New York.
1940
are
$2.50
executives of Childs, Jeffries & Thorndike, Inc., investment bankers, who
6 Mos. End. June 30—
$1,331,566
authority to add 73,024 shares of
series
Mer¬
ghases of merchandising the corporation include a number ofand advertislg.
The executives of including selling, packaging, pricing
officers and
Oper. profit before de¬
preciation
y$2,976,455 x$l,103,5751oss$838,559
Non-operating income..
49,874
65,594
47,881
$729,877
outstanding,
with
made
Revere Copper & Brass, Inc.
$1,463,163
_
of issue upon conversion
Aug. 20 of the incorporation, under the laws
of New York State, of Retail Products, Inc. which will engage in the
merchandising of various products sold by chain stores, supermarkets,
department stores and other retail and wholesale outlets.
The corporation
will render advice to manufacturers of products in connection with all
was
1,819,258
$2,724,792
1,393,226
The New York Stock Exchange has authorized the listing of 36,512 shares
of $2.50 cumulative convertible preferred stock (no par) and 926,547 shares
of common stock (par $1), all of which are shares issued and
Government.
Products,
1,822,423
$2,123,103
1,393,226
151, p. 860.
Rustless Iron & Steel
Company officials said the new rate would apply to "employees in those
plants receiving the common labor rates or more, including those employed
on commercial as well as government work."—V. 151, p. 427.
Retail
1,868,613
$2,856,389
1,393,226
-
Net income
Preferred stock dividends
—V.
$4,525,402
18,648
$4,544,050
debt,
miscel¬
charges and Fed¬
interest
eral income taxes
Adopts b2l/2-Cent Basic Waqe—
$3,934,488
11,037
$3,945,526
funded
on
laneous
6%
holders of record
Corporation will establish basic wage of 623^ cents an hour on or about
Sept. 1, it was announced on Aug. 22.
The wage standard is in compliance with the minimum wage rate set up
under the Walsh-Healey Act for companies producing iron and steel for the
United
income
Interest
Directors have declared
to
$4,710,460
14,542
$4,725,002
Other income—
Republic Steel Corp.—Accumulated Dividend—
1
1940
1939
1938
$16,876,093 $16,009,001 $15,970,536
and taxes— 12,165,633
12,074,513. 11,445,134
Operating income
p.
Oct.
Corp.—Earnings—
12 Months Ended June 30—
Total operating revenue
Mr. de
cumulations
1940
24,
stock, $3,675; preferred stock ($20) par, $196,000; common stock ($1 par),
$131,025; capital surplus, $672,331; earned surplus, $362,889; total, $1,447,966 —V. 150. P. 3526.
orders."
Stockholder
Aug.
for Federal taxes and contingencies, $45,434; dividends payable on preferred
$151,584
54,632
1939
$160,668
46,811
com.
1940—3 Mos.—1939
1940—6 Mos.—1939
$202,789
on
$118,061
$226,206
$74,193
$1.21
$0.70
$1.35
$0.44
167,715
stock
—V. 151, p. 712.
Schulte Retail Stores Corp. (&
Period End. June 30—
loss after 77-B ad-
Subs.)—Earnings—
1940—Month—1939
1940—6 Mos.—1939
Net
minis. exp. & deprec.,
but before spl. chgs. &
credits
*
$7,454
$16,992
$185,911
$304,331
—V. 151, p. 565.
Gross income
Bonds
$96,952
79,585
22,410
2,289
Other interest
Federal and State tax
Other interest
on
bond interest
prof$7,855
:
Net loss—
a
412
$8,617
Note interest
1,383
2,212
354
—...
$113,857
931
...
—
Scudder, Stevens & Clark Fund, Inc.—Earnings—
79,585
22,410
Income Statement for the 6 Months Ended June 30,1940
Income—Interest
Dividends
-
$61,684
-
170,976
Total
„
$232,660
____
Expenses
45,182
Before provision for retirements.
Net income for period
Balance Sheet June 30, 1940
Assets—Property, plant and equipment, $2,870,012;rmiscellaneous invest¬
ments, $701; cash. $54,486; accounts receivable, $136,511; other receivables,
$8,566; appliances on rental, $1,510; merchandise, $26,653; materials and
supplies, $14,422: fuel, $20,142; residuals, $11,181; prepaid insurance, taxes
and interest, $2,962; improvements to leased property. $4,542; retirement
work in progress, $2,029; appliances on rental, $1,241; other deferred
debits,
$4 438; total, $3,159,394.
Liabilities—Common
stock
(10,000 no par shares), $100,000; bonds;
$1,447,000; notes payable, $379,908; accounts payable, $42,320; Interest
accrued. $48,918; taxes accrued, $19,499; sundry accruals. $824; consumers'
deposits, $14,678; service extension deposits, $7,277; retirement reserves,
$453,737; uncollectible accounts, $18,164; contributions for extensions,
$50,156; cancellation of rental contracts assitmed, $4,204; other reserves,
$27,452; earned surplus, $545,256; total, $3,159,394.—V. 151, p. 859.
Rochester Button
Co.—Earnings—
$384,684
Cost of sales at standard
221,549
Standard gross profit
-
Actual gross profit
Selling, administrative and general expenses
....
Operating profit
$163,135
18,329
$144,806
79,114
$65,692
Other income
as
at June
30, 1940
Assets—Cash, $665,020; U. S. Government securities, at market quota¬
(cost $1,101,328), $1,115,250; other investments, at market
quota¬
tions, $8,836,818; income accrued, $76,092; total, $10,693,180.
tions
Liabilities—Account
payable,
$681; taxes.
Federal and State,
$21,136;
for registration expense, Dr$890; reserve for other
expenses, $15,397;
class A stocu (no par, stated value
$25), $3,491,525; class B stock (no par,
stated value $25), $750; net surplus,
reserve
$7,164,580; total,
V.
$10,693,180.—
150, p. 4140.
Sears, Roebuck & Co.—Earnings—24 Weeks Ended—
July 16, '40
Net profit after depreci¬
.
& prov.
Shs.
com.
Earnings
Operating variances
-
Balance Sheet
July 15, '39 July 16, '38 July 16, *37
ation,
int.,
contrib.
to
employers
profitsharing pension fund
Earnings for Quarter Ended July 31, 1940
Net sales
Dividends paid
$187,478
208,341
641
for Fed. taxes$15,120,763
stk. outstand,
5,667,000
share
—V. 151, p. 860.
per
$2.67
$13,577,327
5,603,809
$2.42
$7,118,888 $15,190,441
5,555,260
5,502,320
$1.28
$2.76
Servel, Inc. (& Subs.)—Earnings—
Period End. July 31—
Net profit after deprec.,
int. and Fed. taxes—
Shs .com.stk .out. (par $1)
1940—3 Mos.—1939
1940—9 Mos.—1939
$1,241,417
1,781.426
$2,285,554
1.781,426
$0.69
Earnings per share
150. p. 3373.
$1,238,498
1,781,426
$0.69
$1.28
$2,356,127
1,781,426
J
$1.30
—V.
Total Income
Other expense
Provision for Federal income tax
Net profit
$66,333
3,008
10,750
3,675
32,756
Balance Sheet July 31, 1940
Assets—Cash, $183,681; trade notes and accounts receivable (less reserve
for doubtful accounts of $35,567), $180,164; inventories, $513,376:
land,
buildings and equipment (less reserve for depreciation of $354,000), $557,912
prepaidTexpenses, $12,832; total, $1,447,966.
Liabilities—Accounts
payable, $22,691; accrued payrolls, $9,682; cus¬
$800; Federal and State payroll taxes, $3,438; reserv
Expenses.
Charges, net
Depreciation
Federal inc. tax, &c
Netprofit
Earns,
stock
per
sh.
1940—3 Mos.—1939
$1,417,407
$1,377,895
1,152,770
1,101,546
1940—12 Mos.—1939
on
36,006
35,208
17,093
40,137
36,208
11,602
$6,011,460
4,598,967
156,671
142,812
101,151
$176,330
______
$52,576
Dividend on preferred stock
Dividend on common stock
tomers prepayments,
Sharps & Dohme, Inc.—Earnings—
Period End. JuneSO—
Gross profit.
$188,402
$1,011,859
$5,552,480
$837,064
4,317,824
207,079
149,090
41,423
com.
Nil
For six months ended June 30,
from company's quarterly reports)
Nil
$0.27
$0.04
1940, indicated net profit (as compiled
was $480,017 equal after dividend re-
Volume
1157
Commercial & Financial Chronicle
The
151
stock,
half
quirements on preference stock, to 10 cents a share on common
comparing with $370,428 or $1.61 a share on preference stock in first
of 1939—V. 150. P. 3528.
Southland Royalty
The
Co.—Five-Cent Dividend—
have declared a
directors
dividend of five cents per share on the
14 to holders of record Aug. 30.
This
stock, par $5, payable Sept.
common
with 10 cents paid on June 20, last; dividends of five cents paid in
three preceding quarters; 10 cents paid on June 15 and on March 15 1939;
20 cents paid on Dec. 15, 1938, and 10 cents paid on Sept. 15, June 15, and
March 15, 1938.—V. 150, p. 3837.
compares
Subs.)—Earnings—
(Frank G.) Shattuck Co. (&
Weeks
24 Weeks
$68,605
$75,229
ended June 30, 1939, company reported net profit of $81,818,
cents a share on 1,257,500 shares of capital stock.
For 12
12
Period Ended June 16, 1940—
&c
Net loss after depreciation, Federal taxes,
For quarter
equal to six
weeks ended March 24, 1940, net loss was $6,624.
For six months ended June 30, 1939, indicated
net profit was
$117,837
equal to nine cents a share.
Company on Jan. 1, 1940, changed its accounting basis from a calendar
month to a 13 period yearly basis.
Consolidated results this year, therefore,
reflect its operations for period ended June 16, 1940 and operation of sub¬
sidiaries for period ended June 30, 1940.—V. 150, p. 3372.
Ltd.—Earnings—
Sherritt Gordon Mines,
Earnings for 3 Months Ended June
$643,261
459,551
$619,392
433,349
$2,858,590
1.963,322
$2,706,317
1,881,908
Net operating income.
$183,710
$186,043
1,195
$895,268
4,297
$824,410
918
$184,629
$899,565
$829,301
74,778
$187,239
97,757
349,898
388,494
$109,851
$89,482
$549,666
$440,807
Other income (net)
Gross income
Net income
$886,525
675,577
Net return from metal sales
Development, operating and administrative costs
$210,948
1,866
Operating profit
Non-operating revenue
Realized
-V.
profit before
p. 3373.
150,
$204,914
write-offs.
4,892
Accumulated Dividend—
of $1.25 applicable to accumu¬
$6 cumulative preferred stock,
holders of record Sept. 20.—V. 150.
Directors on Aug. 15 declared a dividend
lations in addition to a dividend of $1.50 on
no
p.
$212,814
7,900
Total
Provision for taxes
1940—12 Mos.—1939
1940—3 Mos.—1939
Int. & other deductions.
30, 1940
Sub.)—Earns.—
Light & Power Co. (&
Southwestern
Period End. June 30—
Operating revenues
Oper. expenses & taxes..
value, both payable Oct. 1 to
par
3528.
Spear & Co.—Earnings—
1937
1940
$4,247,816
6 Mos. End. June 30—
sales
Net
1939
1938
$3,482,481
$3,089,751
1,692,217
676
loss242,889
loss448,728
430,152
profit after taxes,
deprec., amort. & int.
—V. 150, p. 3528.
Net
Sherwin-Williams Co.—To Expand Plant—
spending $4,500,000 in a five-year plant-expansion program
were announced by George A. Martin, President of this company.
Con¬
struction of the first unit In the program, a $500,000 chemical manufactur¬
ing building, is under way on the company's Chicago site. Other buildings
to be constructed in Chicago, where one-third of Sherwin-Williams paints
and chemicals are produced, include a new paint plant, power plant, ware¬
house, and offices and employee relation centers.
Decision to expand plant facilities came after a survey by officials which
indicated good business in prospect for domestic consumption of the many
types of paint, varnish, and lacquers produced by this largest American
paint manufacturer.—V. 150, p. 3064.
Plans for
Signal Oil & Gas Co.—Earnings—
1940—3 Mos.—1939
$262,104
$213,097
Period End. June 30—
Net inc. after charges
Earns, per sh. on 188,281
shs. class A & B stock.
1940—6 Mos—1939
$494,404
$370,876
$2.63
$1.13
$1.39
$1.97
150, p. 4140.
—V.
Simmons-Boardman Publishing
Corp.—Accum. Div.—
dividend of $1 per share on account of accumu¬
lations on the $3 convertible preferred stock, payable Sept. 14 to holders
of record Sept. 3.
Like amount was paid on June 1 and on March 1, last;
dividend of 75 cents was paid on Dec. 12, 1939; one of 50 cents was paid
on Sept. 1, June
10 and March 10, 1939; dividend of $1.50 was paid in
Dec. 15, 1938, and a regular quarterly dividend of 75 cents per share was
paid on March 1, 1938.—V. 150, p. 3988.
Spencer Shoe Corp.—Earnings—
26 Wks.End. 27 Wks.End.
June 1, '40 June 3, '39
Period—
$3,135,683
87,117
Net sales
Net loss after
—V. 150, p.
charges
$3,238,410
85,736
445.
Springfield (Mass.) Street Rv.—Deposits of
H. Li. Bollum,
President, states that $2,257,000 or
Bonds—-
78% of the 1st & ref,
the agreement dated Oct. 31,
1939.
The minimum percentage required to permit the company to
declare effective the proposed plan for extension of the bonds is 90%.
He states that the company has insufficient funds to meet the principal
and interest maturing on this issue on Sept. 1, 1940.
"The directors of the company, therefore, feel that unless there is an
immediate and substantial response to this appeal for additional deposits
the only alternative is a bankruptcy or a similar proceeding," he states.
date been deposited under
have to
bonds
—V. 151, p. 567.
Standard Cap &
Directors have declared a
Seal Corp.'—Earnings—
30—
profit after deprec., Fed. Inc. taxes,
Shares common stock outstanding
Earnings per share
—V. 151, p. 1006.
1940
$169,750
216,503
$0.39
6 Months Ended June
Oonsol. net
&c_
1939
$352,109
215,972
$1.23
*
Ltd.—Earnings-
Siscoe Gold Mines,
1940—3 Mos.—1939
$111,300
$156,483
Period End. June 30—
Net inc. after charges—
Earns, per sh. on
4,640,-
$255,209
$351,471
$0.06
$0.07
„
$0.03
$0.02
063 shares com. stock.
151, p. 257.
—V.
1940—6 Mos.—1939
,
(L. C.) Smith & Corona
Typewriters, Inc.—Earnings—
Month of June 30—
Consolidated net profit after all charges
preciation and income taxes
1940
1939
$76,609
Standard Gas & Electric Co.—Weekly Output—
public utility operating companies in the Standard
& Electric Co. system for the week ended Aug. 17, 1940, totaled
130,129,352 kwh., as compared with 114,499,419 kwh. for the corre¬
sponding week last year, an increase of 13.7%.—V. 151, p. 1006.
Electric output of the
Gas
Standard Oil Co. of Calif.—New Vice-President—
H. Tuttle as a Vice-President was announced on Aug. 14.
H. D. Collier, who has Just been elected President of the
company.—V. 151, p. 1006.
The election of J.
He succeeds
$29,531
incl. de¬
President, announces that unfilled orders on July 17 were
at the highest level reached since 1918.
The new model L. C. Smith
typewriter, which was introduced to the public last October, has met
favorable public response as evidenced by the large number of unfilled
orders, Mr. Smith stated.—V. 150, p. 3217.
Standard Oil Co. of
with
Soundview Pulp
Co.—Earnings—
1940
$1,345,053
$2.59
7 Months Ended July 31—
Net income after all charges
Earnings per share
—V.
151, p. 429.
South American Gold
6 Mos.
& Platinum Co. (&
Subs.) —
1940
1939
1938
$125,085
z$226,126
$0.22
Co., Ltd.—Earnings—
1940—Month—1939
1940—10 Mos.—1939
$227,905
$199,502 $2,225,230 $1,996,625
116,072
90,772
1,096,324
869,991
Southern Canada Power
Period End. July 31—
Gross earnings
Operating expenses
--
$111,833
$108,730
$1,128,906
$1,126,634
Int.,
deprec., amortiz.
and dividends
...
111,044
109,578
1,124,963
1,103,039
$789
def$848
$3,943
$23,595
Net earnings
Surplus
151,
—V.
p.
share
Southern Pacific
accruals
Netry. oper. income..
$4,972,146 $29,102,552 $28,559,114
1,568,728 10,767,270 10,480,249
$4,658,124
1,584,770
1,034,420
62,676
6,722,830
1,010,883
38,672
463,335
6,185,609
443,799
the New York
been disconat the Jersey
Security Transfer & Registrar Co.,
City, N. J.—V. 151, p. 258.
910 Bergen Ave., Journal
Square. Jersey
Consolidated Mines, Ltd.—Earnings•— "
Sullivan
150,
profit
1940
June 30—
before
development.
taxes,
depreciation of
_
2d Week
of Aug.
1940
$2,600,291
p.
1939
$273,497
$256,670
3374.
Superior Water, Light &
Period End. July 31—
$1,074,813
658,885
13,083
12,649
$1,099,622
688,371
appropriations..
4,000
4,000
48,000
48,000
Net oper. revenues—
$13,297
$14,930
107
$15,037
$201,871
$210,565
Direct taxes
Property retirement
serve
re¬
161.380
157,363
22
325
$201,893
$210,890
454
7,090
5,450
83.886
5,450
89,084
Cr85
Cr67
$112,642
35,000
$116,423
35,000
$77,642
$81,423
Other income
Gross income
bonds.
and deduc.
Interest on mtge.
Other interest
Int.
$13,297
454
7,089
charged to construe.
1940
1939
Balance
—V.
151, p. 863.
Sweets Co. of America,
Co.—To Acquire Five Com¬
panies from Central U. S. Utilities Co.—To
—See Central U. S. Utilities Co. above.
1940—12 Mos.—1939
$84,237
52,658
—Jan. 1 to Aug. 14
1939
$2,499,606 $82,717,007 $77,839,510
151, p. 1005.
Public Service
Power Co.—Earnings—
1940—Month—1939
$86,102
55,722
Operating revenues
Operating expenses
Net income
Southern Ry.—Earnings—
earnings (est.)
Curb Exchange has been notified that
$5,754
$7,493
Dividends applic. to pref. stocks for the period..
$2,353,864 $11,149,117 $11,449,457
$1,976,259
Seeks Bids on Equipment Trusts—
The company has invited tenders on $11,820,000 of 15-year serial equip¬
ment trust certificates bearing interest at 2 M %.
Bids will be considered
on Aug. 28 at the company's office in N. Y. City.—V. 151, p. 567
Southland
New York
Sunset Oils, Ltd.—One-Cent Dividend—
Directors have declared a dividend of one cent per share on the common
stock, payable Sept. 16 to holders of record Sept. 5.
Dividend of 1M
cents was paid on June 15, last; one of 2 H cents paid on March 15, last and
on Dec.
15, 1939: four cents on Sept. 15, 1939, and 2H cents per share
distributed on June 15, 1939.—V. 149, p. 3422.
Co,—Earnings—
Equipment rents (net)..
Joint facil. rents (net)._
—V.
The
transfer facilities for the capital stock of this company have
tinued-and that all future transfers of said stock will be made
—V.
System
1940—Month—1939
1940—7 Mos.—1P39
revenues.$19,093,286 $18,394,418$125,385,295$118,445,090
expenses. 14,435,162
13,422.272 96,282,743 89,885,976
Net rev. from ry. oper.
Gross
Transfer Facilities
Silver-Lead Mining Co.
Standard
$14,400
$9,271,350
143,935
$1.50
9m
Period End. July 31—
Railway tax
$21,137
Discontinued—
deferred
Earnings for the Transportation
Railway oper.
—V.
1939
1940
June 30—
after all charges
149, p. 1773.
Net income
July 1, '39
3837.
Railway oper.
Standard Silica Corp.—Earnings—
6 Months Ended
$10,952,282
198,582
$2.23
after charges
Earnings per common
p.
is
June 29 '40
26 Weeks Ended—
150,
New Vice-President—
Aug. 20 elected a Vice-President of this company .
Hall has been a director of the company since 1934 and at present
its senior counsel.—V. 150, p. 3837.
Edwin S. Hall was on
Mr.
Operating
Inc.-—Earnings—
Sales
—V.
notes consist
new
6 Months Ended
Southern Grocery Stores,
Net income
of two 1H% notes of $7,000,000 each due on
1944, sold privately to two purchasers; and three 1H%
promissory notes due $7,000,001 on July 1, 1945, $7,000,000 on July 1,
1946, and $6,999,999 on July 1, 1947 borrowed from two banks.
The
July 1, 1943 and
City office of
430.
inclusive.
1943 to 1947,
from
z$395,369
$0.13
Earnings per share—_
$0.14
$0.07
x
After depreciation, depletion, United States and Colombian income
taxes, minority interest, &c.
y On 1,760,000 shares capital stock (par
$1).
x Before provision for surtax on undistributed profits.
During the six months ended June 30, 1939, the subsidiaries of the
company produced 30,991 ounces of crude gold and 11,901 ounces of crude
platinum; both of these products require refining.—V. 150, p. 3989.
y
150, p.
Standard Oil Co. (N. J.)—Places $35,000,000 Notes—
The company has reported to the Securities and Exchange Commission
that it sold $35,000,000 of promissory notes privately on July 1, to retire a
like face amount of outstanding serial notes, due $7,000,000 each on July 1,
1937
$239,691
End. June 30—
Net profit
x
1939
$164,987
$0.19
all charges
3374.
Net loss after
—V.
Kansas—Earnings—
1940—3 Mos.—1939
1940—6 Mos.—1939
$17,713
$37,054 prof$42,150
$22,379
Period End. June 30—
H. W. Smith,
Sell Bonds Privately
Ended June 30—after taxes, depreciation,
6 Months
x
Inc.—Earnings—
1940
1939
&c_
x$45,801 prof$41,500
Includes non-recurring loss of $85,421.—V. 150, p. 3838
Net loss
1 938
prof$56,43
The Commercial & Financial Chronicle
1158
The
Tacony Palmyra Bridge Co.—Extra Dividend—
Directors have declared
an extra
distributions
were
made
on
June 29 and March 30, last;
Dec. 30, Sept.
30 and June 30, 1939.—V. 151. P. 431.
(G.) Tamblyn, Ltd.—Earnings—
6 Months Ended June 30—
1940
Net income after all charges
1939
$54,988
$43,691
$0.42
$0.32
Earns, per sh. on 112,000 she. common stock
—V.150,p. 1951.
Tastyeast, Inc.—Trustee Appointed—
Federal District Judge Thomas Glynn Walker at Trenton, N. J.. Aug. 16
appointed H. Arthur Smith of Trenton, a banker, as independent trustee
to operate the company, which is reorganizing under the National Bank¬
ruptcy Act.—V. 151, p. 115.
Telautograph Corp.—Transfer Agent —
Corporation—Change in Personnel—Chairmanship
Abolished—
At the regular monthly meeting of Texas Corp. and Texas Co., held
Aug. 23, Captain T.Kieber, formerly Chairman of the Board, resigned as a
director of the Texas Corp. and the Texas Co.
This marks the complete
retirement of Captain Itieber from the affairs of the organization.
The post of Chairman of the Board has been abolished and the duties
have been assumed by W. S. S. Rodgers, in addition to his duties as Presi¬
dent Of the company. Charles A. McCulloch, a director of the Texas Corp.
and the Texas Co., was elected a member of the Executive Committee to
fill the vacancy of Captain T. Rieber.
Mr. McCulloch is also a director
of the First National Bank of Chicago, the Commonwealth Edison Co.,
Trustee of the Field Museum of Natural History and Trustee of North¬
University.
western
E. Olmsted, Vice-President, was elected a director to fill the vacancy
of Captain T. Rieber. Mr. Olmsted first joined the Texas Co. in 1919 and
has spent 17 of the last 21 years, especially since 1928, with the Texas Co.—
V.a151,
p.
1006.
Texas Electric Service
Period End. July 31Operating revenues
Operating expenses
Gross income
on
a Net
$3,258,430
$296,884
$3,270,858
140,542
1,686,500
32,284
$2,842,940
1,686,500
31,389
$1,552,074
375,678
$1,125,051
375,678
$1,176,396
$749,373
39
-
mtge. bonds
Other interest
$295,870
1,014
140,542
2,734
Net oper. revenues
288,298
96,860
83,333
$273,541
res. approp.
$764,361
285,868
116,171
83,333
-
Other income (net)
Int.
-
$8,785,233
3,328,246
1,198.557
1,000,000
12,428
2,638
income,........
$130,265
$153,704
Divs.applic. to pref. stock for the period
..
1,000,000
$2,829,908
13,032
1940
$335,347
$2.02
Tide Water Associated Oil Co.—Sells
and Debentures
small
1939
$340,747
$2.05
1940—7 Mos.—1939
$558,995
399,600
$526,101
417,977
$3,813,232
2,709,809
$3,503,144
2,755,524
Net oper. revenues—
$159,395
45,578
$108,124
42,088
$1,103,423
334.759
$747,620
283,820
$66,036
57,438
$768,664
288,237
$463,800
396,376
Operating taxes
Net oper. income
income
$113,817
43,825
Net
—V.
151,
.
714.
p.
Union Investment Co.
(& Subs.)—Earnings—
6 Months Ended June 30—
Net profit after charges & prov. for Fed. income tax
Earns, per sh. on 167,594 shs. common stock
Union Pacific
RR.—Earnings—
Ry.
oper.
revenues.—$14,542.873 $14,026,076 $87,697,786 $86,033,778
1,913,932
2,123,675
9,124,656
9,909,676
2,983,916
2,466,221
18,031,063
17,377,121
Traffic expenses.
4.30,741
447,011
3,039,378
3,050,375
Transportation exps
4,828,759
4,684,829
30,962,129
30,555,442
Miscell. operations
355,635
404,254
1,894,098
2,083,720
General expenses
443,001
435,153
3,194,007
3,207,039
Transp. for invest.—Cr.
667
Maint. of way & struc—
Maint.
Net
of equipment—
fr. ry. oper—
rev.
$3,586,889
1,243,120
$3,464,933 $21,452,455 $19,851,072
1,345,528
9,078,142
9,119,806
Ry. oper. income
$2,343,769
Equipment rents*(net)__
771,401
$2,119,405 $12,374,313 $10,731,266
849,114
4,274,528
4,676,211
52,955
346,812
260,936
Railway tax accruals...
Joint facility rents (net).
30,039
$1,542,329
Union Premier Food
$93,369
$0.42
Period End.
Aug. 10—
Sales-.-
$1,217,336
$7,838,849
$2,029,622
Stores in operation
—V. 151, p. 1008.
1940—32 Weeks—1939
$1,726,135 $17,918,679 $13,996,382
69
United Aircraft
1940
Net income after charges & Federal income tax.-
average
interest of
approximately 2% per annum and $16,500,000
15-year 2%% sinking fund debentures.
The serial notes will bear Interest of ^ of 1% on the first year serial and
gradually increase on each succeeding serial to the maximum of 2^%
for the 10-year notes.
The interest on the notes and on the debentures
will be payable semi-annually in February and August of each
year
.
Proceeds will
be used to
refund the company's present funded debt of
$34,750,000 of 15-year 3lA% debentures remaining outstanding of the
$40,000,000 issue of 1937.
The present debenture issue requires semi-annual payments
through the
sinking fund of $750,000 each plus a premium of 2 A % and may be called as
a whole on payment of a premium of 5%.
The new debenture issue may be
called as a whole on the payment of a premium of 2 A % and their
redemption
through the sinking fund is without premium.
The new debenture issue
does not call for payment of any part or the principal until 10
years after date
of issuance and then $1,800,000 will be retired
annually without premium.
At the maturity of the present issue there would be
outstanding $17,500,
000 of the 3A% debentures, while at the maturity of the new issue there will
be outstanding only $8,400,000 of the new 2%% debentures.
As a result of this refunding operation
company will save $3,328,050 in
interest during the next 11A years, the unexpired term of the
present
debenture issue.
The total anunual cash outlay for the next six
years will
be lower than would be required under its 3 A % debenture
issue, and the
retirement of principal will be greater under the new
capital structure.
After the sixth year of operation under the new capital structure the drafts
on cash will be higher than at
present, but during the next 10 years the
company will have retired $21,700,000 of its funded debt
through annual
maturities under the new structure as compared with
$17,250,000 under
its present 3A% debenture sinking fund retirements.
This increase of
$4,450,000 in retirement of funded debt over the next 10 years will be
accomplished at an increase in actual cash outlay of only $896,950.
Debentures Called—
All of the outstanding
Corp.—Earnings—
Earnings for 6 Months Ended June 30, 1940
Net profit after charges, prov. for estimated taxes &
minority ints$2,870,000
Earns, per share on 10,682.050 shares com. stock
outstanding
$0.27
Comparative figures for corresponding period of last year are not available
as
this is the first time Transamerica has published a
statement for
a
$339,452
249,997
45,282
$1.84
$0.33
136,112 shs. capital stock..
Period End. June 30—
Subs.)—Earnings—
1940—3 Mos.—1939
$185,506
$0.37
profits
x939
$1,344,363
1940—6 Mos.—1939
$224,512
$434,842
$475,401
$0.87
$0.95
interest, depreciation and provision for Federal taxes, but before
provision for Federal surtax on undistributed profits,
y On 459,054 shares
Earnings
y
x
share
$0.45
After
common
To
to
per
stock.
Recapitalize—
A special meeting of stockholders will be held in
Dover, Del., on Sept. 13
authorize 25.OO0 shares of $100 par
5% cumulative preferred stock,
the provision that the outstanding 9,798 shares of convertible
with
7%
preferred stock shall have been called and redeemed prior to the meeting.
It is expected that the new 5%
preferred shares will be sold for cash
through an underwriting group of which Goldman, Sachs & Co. will be a
member; that $1,077,780 of the net proceeds will be used in retiring the
7% preferred stock and that $800,000 will be used for construction and
equipment of a new plant.—V. 150, p. 1008.
United
Chemicals, Inc. (& Subs.)—Earnings—
6 Mos. End. June 30—
•"*
Net profit after taxes, deprec., &c__.
—V.
151,
p.
United
1940
1939
$84,065
1938
$60,333
$3,141
864.
Drug, Inc. (& Subs.)—Earnings—
Period End. June 30—
Net loss after int., cepr.,
Federal taxes. &c
—V. 150, p. 3376.
1940—3 Mos.—1939
$246,997
United Gas Improvement
1940—6 Mos.—1939
$239,681
$26,141
$182,302
Co.—Weekly Output—
The electric output for the U. G. I.
system companies for the week just
closed and the figures for the same week last
year are as follows:
Week
ended Aug. 17, 1940, 106,466,015 kwh.
Same week last year, 98,314,823
kwh. an increase of 8,151,192 kwh. or
8.3%.—V. 151, p. 1008.
United Milk Products
Co.—Earnings—
6 —Months Ended June 30—
Net profit after deprec.. Fed. income taxes, &c
Earns, per sh. on 34.899 shs. com. stk. (no par)
1940
1939
$127,124
$96,456
$0.79
$1.29
—V. 151, p. 116.
semi¬
Above net profit Is exclusive of $1,954,000 profit realized on sale of
Bank of America N. T. & S. A. common stock.
This amount, it was
stated, was used to reduce carrying value of shares of common stock of the
bank's stock purchased by Transamerica Corp. during the six months'
period
carrying value described as sub¬
stantially below current quoted market value.
Had this amount, the
corporation's statement continued, been retained in income the estimated
consolidated net profit of Transamerica Corp. would be
$4,824,000 or 45
cents a shares.—V. 150, p. 2272.
and not sold by the end of the period to a
Trinity Mining Co.—Promoters Indicted—
The Securities and Exchange Commission and the Department of Justice
Aug. 17 reported the indictment of Charles R. Topping, mining promoter,
of Los Angeles and Denver, of William L. Barnard of Los
Angeles and Reno,
and of Frank R. Wicks, mining engineer, of Los Angeles, on
charges of vio¬
lating the fraud sections of the Securities Act of 1933 and the Mail Fraud
statutes in the sale of $1 par value shares of beneficial interest in
Trinity
Mining Co., a trust organized in Nevada.
The nine-count indictment was
returned by the Federal grand jury in the U. S. District Court at San Fran¬
on
Net
x
annual period.
cisco.
per share
151, p. 433.
United Biscuit Co. of America (&
15-year 3J^% sinking fund debentures due Jan. 1,
1952 have been called for redemption on Oct. 21 at 105 and accrued int.
Payment will be made at the First National Bank of the City of New
York.—V. 151, p. 863.
Transamerica
Earnings
—V.
44
Products, Inc.—Earnings—
6 Months Ended June 30—
$19,030,000
an
$5,708,243
Stores, Inc.—Sales—
1940—4 Weeks—1939
Sales.
ten-year semi notes with
$66,725
$0.23
$0.47
Period End. July 31—
1940—Month—1939
1940—7 Mos.—1939
Freight revenues
$11,428,304 $10,717,203 $70,366,895 $68,198,047
Passenger revenues
1,946,743
2,044,305
9,621,163
10,028,837
Mail revenues
411,232
418,611
3,057,720
2,991,681
Express revenues
136,572
135,306
1,140.411
1,174,614
All other transp. revs—_
415,426
516,297
2,348.313
2,579,414
Incidental revenues
204,596
194,354
1,163,284
1,061,185
through Kuhn, Loeb & Co. and Lehman Bros, fas agents)
to
1939
1940
$107,714
-—V. 150, p. 1299.
Privately—The company has placed privately,
group
of banks a ad insurance companies
one
$3,505,645
2.501
Operating revenues—
Operating expenses
1938
$35,500,000 Notes
the
$3,824,581
11,349
—V. 151, p. 569,
(& Subs.)—Earnings—
6 Months Ended June 30—
Net inc. after deprec., taxes, &c
Earns, per sh. on 151,982 shs.com. stk.
—V. 151, p. 569.
a
$8,325,695
3,463,208
1,032,579
that
Telegraph Co.—Earnings—
1940—Month—1939
$526,639
1,165
538
$560,160
revenues
Uncollectible oper. rev—
569.
Thew Shovel Co.
with
Tri-State Telephone &
Period End. July 31—
Net ry. oper. income-
Balance—
—V. 151, p.
1940—12 Mos.—1939
$758,952
$273,580
Direct taxes
Prop, retire,
Co.—Earnings
1940—Month—193 9
charged that the defendants misrepresented
per yard; that the property was a virgin property because a so-called debris
law that had prohibited tne working of the property had recently been re¬
pealed; and that the company would mine 4,000 cubic yards of gravel every
eight hours which would yield an average of $1 of gold or better per cubic
yard.
It also was alleged in the indictment that the defendants misrepresented
that the property was located in the Mother Lode District and in the Sierra
Nevada Mountains; that sensational assays, unbelievable to the layman, had
been obtained from the property; that a tremendous amount of black sand,
having a value of $210 per ton in gold and additional values in platinum,
had been found on the property; and that strikes were made which showed
the gravel to have a value of $1,200 per ton in gold and platinum.
Operating
Corporation has notified the New York Stock Exchange of the appoint¬
ment of the Manufacturers Trust Co. as Transfer Agent of the common
stock of the corporation in lieu of the Irving Trust Co. effective at the
close of business on Aug. 31, 1940.—V. 151, p. 432.
Texas
indictment
company's placer mining property contained 4,000,000 cubic yards of gravel
that would yield an average of $1 in gold or better per cubic yard; that
assays showed that the gravel had a mineral content of from $0.39 to $15.93
dividend of 26 cents per share in addition
to the regular quarterly dividend of 50 cents per share on the common and
class A stocks, all payable Sept. 30 to holders of record Sept. 16.
Similar
Aug. 24, 1940
United States
Freight Co. (& Subs.)—Earnings—
Period End. June 30—
Gross earnings
Expenses
Interest
Depreciation
Federal income tax, &c_-
Netprofit
Earns, per sh. on 299,566
shs. cap. stk. (no par)-
1940—3 Mos.—1939
1940—6 Mos.—1939
$9,910,070
$9,239,048 $19,074,754 $18,215,195
9,737,457
9,174,171
18,724,354
18,131,896
2,041
5,350
507
40,234
48,950
82,604
98,594
74,515
73.085
150,241
145,374
$55,823
$0.18
loss$57.158
Nil
$112,205 loss$161,176
$0.37
Nil
—V. 151, p. 715.
U. S. Plywood Corp.—To File Common Stock Issue—
Eastman, Dillon & Co. Will Head Underwriting Group—
Lawrence
Ottinger, President of the corporation, Aug. 21, stated that
Exchange Commission
Washington, a registration statement covering the sale to the public of
50,000 shares of common stock.
Mr. Ottinger said the underwriting
his company expects to file with the Securities and
in
would be headed by Eastman, Dillon & Co.
group
Volume
The Commercial
151
include 30,000 shares from the company
holdings of certain large stockholders.
Mr.
Ottinger stated that these large stockholders, including himself, would still
hold over 120,000 shares after this sale.
The net proceeds received by the company will be applied to the repay¬
ment of bank loans, the expansion of production facilities at the company's
plant at Seattle, Wash., which were completed in January, 1940, advances
for plant extensions to the Algoma Plywood & Veneer Co. whose entire
production is controled by the U. S. Plywood Corp., and the balance
initially to become a part of the general funds of the company.
These
general funds will be used in part to defray expenses incurred in developing
and marketing of new products particularly aircraft, aircraft parts and
floats, boats, skis and other articles which the company is licensed to
The 50,000 shares to be registered
and
20,000 shares from the
manufacture under
the Vidal process.
Corporation is engaged in the manufacture, purchase
and hardwood, and maintains a country-wide
softwood
and sale of both
warehousing and
distributing organization of plywood and related sheets and laminated
products.
The company maintains warehouse and sales rooms in 14 cities,
owns a manufacturing plant at Seattle, Wash., and controls the production
of the Algoma Plywood & Veneer Co. with plants in Wisconsin and South
Carolina.
the use of plywood is
One of the serious limitations on
that it has been
commercially practicable to manufacture resin bonded plywood only in
flat sheets.
Recently the Aircraft Research Corp., whose plant is at
Bendix, N. J., has developed the Vidal process which permits the manu¬
facture of plywood in moulded shapes without expensive forms or press
equipment.
The work required by the Vidal process can be largely done
unskilled labor, and has been successfully used in the experimental manu¬
facture of airplane wings and fuselages, pontoons for seaplanes, skis, boats
and frames for tennis rackets.lt is expected that many uses for plywood m
by
be developed in the future.
Corporation holds au exclusive license from the Aircraft
for the manufacture and sale of marine structures, aircraft
1159
& Financial Chronicle
to the extent that such interest was not previously payable;
(e) Eliminating the conversion option given to the income mortgage
bonds, series A and series B, of the new company;
(f) Requiring the assumption by the new company of equipment trust
obligations which are to remain undisturbed in reorganization;
(g) Requiring that certain action specified in the plan shall not be taken
by the new company without the approval of two-thirds of the preferred
year
voting as a class;
(h) Making mandatory the provision for cumulative voting for both the
preferred stock and common stock of the new company;
(i) Providing for the nomination of six reorganization managers Instead of
five and fixing the method of appointment of such reorganization managers;
(j) Including a provision covering constitution of the initial board of
directors upon the commencement of operations of the new company; and
(k) Modifying the provisions for securing the collateral 2% notes.
The foregoing modifications were submitted to the court following
negotiations with certain of the principal parties in interest, resulting in
assurances of approval
in substances and active support of the plan of
reorganization in the Interstate Commerce Commission and the court by
Reconstruction Finance Corporation, the institutional group of holders of
stock of the new company
underlying and divisional mortgage bonds and the institutional group of
holders of refunding and general mortgage bonds; provided, that the pending
litigations relating to the development of a formula for the segregation of
earnings of the property by mortgage sections and to conflicting liens and
other claims asserted on behalf of certain creditors be put aside and the
dispatch.
plan consummated with
existing securities will receive the
Under the terms of the plan
OF EXCHANGE OF
TABLE
OLD FOR NEW SECURITIES
Will Receive
Research Corp.
field, caskets, beer barrels and helmets, under
this license the construction of small boats,
such as yacht dingys and outboard motor boats, has been commenced at the
Algoma plant.
The company also holds a non-exclusive license for the
manufacture and sale of aircraft and aircraft parts.
Sales of the corporation have increased each year since 1932 and in the
fiscal year ended April 30, 1940 amounted to $6,587,014, the highest in the
company *8 history and represented an increase of $1,543,434 or 30.6% over
the prior fiscal year.
Company's net income after taxes for the fiscal year
ended April 30, 1940 was $544,168 as compared with $308,010 for the
previous year.
After the payment of dividends on the preferred stock there
remained $2.46 per share for common stockholders as against $1.27 the
the company's sales and
earnings recently
that net sales for the first quarter ended July 31, 1940
were $1,892,833, which compared with $1,393,888
for the similar period of
1939, an increase of 35.8%.
,
.
„
*
Net income calculated on estimated inventory amounted to $124,101 for
the two months of May and June, 1940, as compared with $59,424 for the
two months of 1939 and compared with $111,459 for the entire three months
ended July 31, 1939.—V. 150, p. 2443.
S
Wabash RR.:
1st mtge.
bCash
$
Outstanding
Securities
100%
3,671,525 847,275
23%
2,824.250
77%
1,844,000
100%
1,844,000
Det .& Ch .ext. 1st 5s
46,100
Tol.& Ch.Div.lst 4s 3,000,000
138.300
25%
184,400
Interest
75%
3,000.000
-
100%
60,000
160.000
27%
73%
2,133,000
1,422,000
99.540
60%
127,980
85,320
32%
220,000
Interest
41%
3,555,000
1st Hen term 4s
'
312,840
Interest
,
(& Sub.)—Earnings—
Mos.—1939
1940—6 Mos.—1939
1940—3
Period End. June 30—
Oper. profit bef. deprec.,
depf. intang. drilling
costs and prov. for tax
Net profit after prov. for
deprec., depl., intang¬
$204,612
$339,399
$439,851
84,490
173,681
161,710
370,927
$0.42
$0.87
$0.81
40%
27%
1,600,000
1,600,000
Des M. Dlv. 1st 4s.
12,800
100%
128.000
9%
140,800
Interest
91%
790.125
25%
Interest.
—
$1.85
13,993,000
13,993,000
5s
100%
Interest
2,040,646
2,040,646
—
100%
earns, per share on
200,000 shs. outstand'g
Current Assets and Liabilities as
of June 30, 1940
$56,478
111,923
37,553
assets—Cash
Receivables
Inventories
Total.
$205,954
$170,510
-
„
Current liabilities
3530.
—V. 150. p.
200.326
200,326
6% deb. ser. B
35,820
100%
35,820
200,000
200,000
Interest
100%
Col. & St. Louis 1st 4s
$247,736
$0.50
$1.26
$0.15
$0.47
1940
Vanadium Corp.
Series A 4%
(RFC)
1939
$30,045
Serial 4s
$380,095
loss$5,794
150,
p.
Victor
334,177
on
Directors have declared a
stock, no par value, payable
dividend of like amount was
100%
100%
paid on Sept. 15, June 15
eCommon
Stock
Shares
$12,500,000
5,729,167
15,500,000
6,522,916
17,867,000
6,633,124
15,000,000
6,187,500
$1,875,000
$6,250,000
859.375
2,864,584
2,325,000
978,437
7,750,000
int.).-$85,939,707
Wabash Ry.:
Refunding <fe gen. mtge
Series A 534s
40-Cent Dividend—
-----
Interest
Series D 5s
150, p. 3531.
..nterest
All series (and
Commission on Aug. 2 approved the purchase
RR.'s Suffolk terminals, in Nanse-
New money.a
Net income after all
charges
_
150, p. 2130.
Vultee Aircraft,
Each share
a
Net
sales
and charges
1009.
Net loss after taxes
—V.
151,
p.
$14,494,744
—
738,520
335,318
Reorganization
Plan—As an¬
nounced last week pursuant to an order of the U. S. Dis¬
trict Court at St. Louis, Mo., the receivers of the company
were authorized to modify the revised plan of reorganization
previously filed with the Court.
The principal modifications
Wabash
are as
Ry.—Modified
follows:
Increasing from 3% to 334% the interest rate on the first mortgage
bonds of the new company to be allocated to Reconstruction Finance
Corporation and increasing the term of said bonds from 25 to 30 years;
(b) Increasing from 3 34 % to 3 % % the interest rate on the first mortgage
bonds of the new company to be allocated to the holders of underlying and
divisional mortgage bonds;
(c) Making mandatory the fund for improvements and or retirement of
debt in the amount of $1,000,000 per annum;
(d) Inserting a clause providing that the application of available net
income shall include payment of interest on income bonds, series A and
(a)
$42,969,854
60%
300,789
35%
a87,968
34 share
aTreated as converted as of effective
date of plan.
Each share
Ended May 31, 1940
1,501,742
Pref'.stk.B 5% conv & scrip—
Inc.—Earnings—
Earnings for 6 Months
$12,890,956
7,500,000
—
a84,683
66,995,175
Common stock and scrip
orders
3,093,750
$69,623,800
ing and scrip
1939
$87,905
2,250,000
928,125
proflt-shar-
'
1940
$19,217
30—
3,261,458
8,933,500
3,316,562
2,680,050
43,750
20,052
54,250
22,830
62,535
23,216
52,500
21,656
C$4,742,227
-
Pref. stock A 5%
Corp.—Earnings—
6 Months Ended June
994,969
15%
Interest--.-.---
Series C 434s
Dec. 15, 1939, and specials of 25 cents were
by the company of the Norfolk Southern
mond County, Va.—V. 151, p. 717.
-
Series B 5s
dividend of 40 cents per share on the common
Sept. 15 to holders of record Sept. 1.
Special
paid on June 15, and March 15, last: specials
and March 15, 1939.—V.
bonds:
Interest
Virginian Ry.—Purchase—
The Interstate Commerce
5% Pref.
Outstanding
Inc. B 4s
Existing Securities
dividend of 25 cents per share on account
totaling 75 cents were paid on
Unfilled
d$4,491.411
90.525
90,525
50-Year
the $1 cumulative
Viking Pump Co.-—To Pay
—V.
78%
4,491.411
(banks)
Interest
—Accumulated Dividend—
of
convertible preferred stock payable
holders of record Sept. 5.—V. 151, p. 570.
Vulcan
22%
334,177
$1.62
Nil
100%
663,000
$185,000
-Will Receive-
Directors have declared a
14 to
848,000
2276.
Equipment Co.
accumulations
Sept.
$1.01
$2.43
100%
4,575,000
4,575,000
—
(RFC)
Series B 4M%
$612,400
Earns, per share on com¬
stock
100%
906,583
906,583
-
100%
1937
1938
1939
1940
-
All series (RFC) interest...
profit after charges
$916,690
$10,250,000
10,250,000
(RFC)
of America (& Subs.)—Earnings—
6 Mos. End. June 30—
and taxes
Will remain undisturbed.
$9,150,000
(RFC)
2d series 4 %
$43,502
2% Notes
334«
Receivers' certificates:
(& Subs.)—Earnings—
Fed. taxes
1st
Wabash Ry.:
1st series 4%
after deprec., &c., but before
p.
434.
Serial Coll.
30-Year
b Cash
Outstanding
Equipment trust ctfs. 2%
6 Months Ended June 30—
—V.
Will remain undisturbed
150,000
-Will Receive
$628,101
$76,213
$236,301
Vadsco Sales Corp.
mon
2,085,000
1st series 4s.
1940—6 Mos.—1939
Earns, per sh. on
Net
Will remain undisturbed.
Wab.-Hannibal Bdge.
Net
500,000
shs.cap.stk. (par$l)_
—V. 150, p. 3681.
92%
Wab.-St. Chas Bdge.
Existing Securities
profit after all chgs.,
Fed. inc. taxes, &c...
100%
17.333
8%
Corp.—Earnings—
1940—3 Mos.—1939
Period End. June 30—
1,600
18,933
Interest
1st ser. 3 34 % notes
Universal-Cyclops Steel
Net profit
—V.
151.
72%
4%
2d mtge
Net
Current
186,667
24%
11,062
259,951
.
2,370.375
75%
62.222
3,160,500
Om. Dlv. 1st 3 34s.
$691,007
ibles and all taxes....
lnc.B 4.1
$
33,891.000
5s__—33,891,000
Interest
Mr. Ottinger stated
Universal Consolidated Oil Co.
5% Pref.
Stock
$
60-Year
40-Year
Inc. A 4s
$
30-Year
ls/3%8
$
Existing
floats, any and
all products in the automotive
the Vidal procfss, and under
Commenting on the increase in
following
treatment:
moulded shapes will
previous year.
preceding calendar
third as well as the second
series B, at the close of the
34 share
-
For the purpose
treated as converted
of the plan the present convertible preferred stock B shall be
into the profit sharing preferred stock A and common stock
with its terms.
The common stock is to be assessed $7 per share
and the holders thereof paying the assessment are to receive $7 principal amount
of new income mortgage series B bonds and 34 of a share of new common stock.
In accordance
If holders of the common
ferred stock A
new
common
holders
stock pay the assessment in full, the profit sharing pre¬
of any assessment 34 of a share of
is to receive without payment
sharing preferred stock A; but if the
assessment only in part the profit sharing pre¬
stock for each share of profit
of common stock pay the
without payment of any assessment such proportion of 34 of
a share of new common stock as that part of the assessment paid by such holder
of common stock bears to the total assessment.
To the extent that said assessment
of $7 per share is not paid by the holders of the common stock, the unpaid balance
shall be assessed ratably against the profit sharing preferred stock A and the holders
of each share thereof paying such assessment shall receive 1-28 part of a share of
new common stock for each $1 of assessment so paid plus new income mortgage
series B bonds equal to the sum so paid.
ferred A is to receive
b Cash
payments on account of
Interest—authorized by Court order Jan. 30,
1940—appeal pending,
c
Based on
full payment of $7 assessment on common
d Part of an issue
by
a
of collateral 2% notes
stock,
aggregating $9,066,411, all to be secured
first lien on the following collateral: 258,929 shares of Lehigh Valley RR.
stock; 1,217 shares of American Refrigerator Transit Co. capital stock;
common
8,250 shares of New
Jersey Indiana & Illinois RR.
Co. capital stock.
The balance
The Commercial & Financial Chronicle
1160
ot the Issue aggregating $4,575,000 Is to be pledged under the new first mortgage.
e
New common stock
mortgage
(no par) is to be Issued as follows: Refunding and general
to receive 35% of their principal and unpaid interest in
stock in the ratio of 1 share for each $100, 300,789 shares: maximum
bondholders
new common
to be allotted to stockholders,
172,651 shares.
Eristina
Contingent interest debt-_
Proposed
$76,389,524
'ZZIZZI'"
38,207,975
$187,149,144
$114,597,499
$71,125,592
66,995,175
Total debt
$45,526,896
y473,440
Preferred stock
-
Total stock.
$138,120,767
"$46,000,336
$160,597,835
Includes $32,382,324 of interest accrued and unpaid,
No par—stated at $1 per share; book value to be established at time
reorganization.
Comparison of Annual Requirements
x
y
Existinq
Jan. 1, *40
Proposed
$291,074
7,142,369
$300,000
2,635,483
$7,433,443
"$27935^48i
$7,433,443
$3,935^483
36,880
1,528,319
191,040
Fixed rentals
Fixed interest
..
Total.
—
-
Improvement fund (maximum)...
1,000,000
Total
Contingent Interest
Sinking fund..
$7,470,323
3,556,280
"$5,654,842
....$11,026,603
$7,931,187
Total..
Dividends—Preferred stock..
Total annual requirements.*
2,276,345
Cash Requirements
Reorganization expenses and taxes—
(down payment).....
$2,000,000
2,000,000
New equipment
Total cash requirements
—V. 151, p. 1009
Wailea
at
$4,000,000
Milling Co., Ltd.—Bonds Called—
A total of $15,000
102.
7% bonds has been called for redemption
Warner & Swasey
on
Sept. 1
Co.—Recapitalization Voted—
Stockholders on Aug. 20 approved a recapitalization plan designed to
place some of the company's closely held stock in public hands.
The plan increases authorized common stock from 300,000 shares of
$5 par value to 1,000,000 no-par shares and changes each present share
of common into three new no-par shares.
A registration statement recently
filed by the company said 276,580 shares of the new common would be
offered to the public through underwriters.—V. 151, p. 1009.
and Federal taxes.
on common
stock.
1939
$199,454
$1.97
$139,885
$1.38
1938
$88,115
$0.87
and refunding mortgage
on Oct. 1 at 103.
of first
5%
bonds due 1957
redemption
Washington Gas & Electric Co.—To Buy Own Bonds—
r
The Securities and Exchange Commission approved Aug. 20 an applica¬
tion by company to make open market purchases for the remainder of 1940
of up to $100,000 of its first mortgage 5M % bonds due 1947; first
mortgage
% bonds due 1953, and first mortgage 5% bonds due 1955.
The Com¬
mission denied the company's application in so far as it related to the
acqui¬
sition of 1st lien & gen. mtge. 6% bonds due 1960.—V. 151, p. 865.
Webster
Eisenlohr, Inc.—Earnings —
Period End. June 30—
1940—3 Mos.—1939
Grosi>
profit
Expenses, deprec., &c__
1940—6 Mos.—1939
$248,530
231,687
$195,390
227,584
$420,130
392,731
$297,799
38*.860
$16,843
$0.02
loss$32.194
$27,399
$0.02
loss$91,061
Net profit
Earns, per sh. oncom.stk.
—V. 150, p. 3377.
Nil
Nil
common
a
Company incorporated in Missouri in 1914, is essentially a merchandising
concern, selling at retail and wholesale automobile accessories, tires, batter¬
ies, replacement parts, oils and greases, radios, paints, bicycles, sporting
goods, electrical appliances, hardware and other merchandise.
Retail sales, which
in the first six months of 1940 constituted approxi¬
of total net sales, are made through a chain of retail stores
on June 30, 1940, and which are located in 147 cities in
31 States.
Wholesale sales of the company's general line of merchandise
are made through the
company's "associated store plan" to independent
stores.
As of June 30, 1940, the company was selling at wholesale to
1,570 associate stores located in .35 States.
About 82% of wnolesale sales
and 61% of retail sales were for cash in the first half of 1940.
Company is an operating company having no subsidiaries, and all its
operations are conducted on leased premises.
Had effect been given to the
sale of these debentures and the payment of presently
outstanding bank
loans to be effected by this financing, funded debt and capitalization of
the
company at June 30, 1940 would have been composed of $6,000,000 of 15year sinking fund debentures due Sept. 1, 1955 and an authorized issue of
1,335,000 shares of ($10 par) common stock, of which 751,368 shares were
then otstanding.—V. 151, p. 1010.
mately 61%
which numbered 249
Western Pacific RR.—Court
Approves Plan—
The reorganization plan for the company, approved by the
Interstate
Commerce
Commission
and
opnosed
by the Reconstruction Finance
Corporation, the Arthur Curtiss James interests and others, was approved
Aug. 16 by Federal Judge A. F. St. Sure at San Francisco.
Before becoming effective it must be approved
by two-thirds of the
creditors.
Should this approval be forthcoming, the road will
pass into
the hands of its new owners and the
trusteeship will be dissolved.
As approved by the Court, common and
preferred stockholders will
not participate.
This means that the Western Pacific RR. Corp.,
holding
company headed by Dr. James and those associated with him in the
building of the road, loses any equity, as the corporation held all of the
stock.
The opinion of Judge St. Sure said the capital stock was
without
equity value.
In so ruling he quoted from a previous case and
incorporated
this reference in this opinion:
"When a person buys stock, common or preferred, he knows
that he
is buying an interest in the
corporation which is subordinate to claims
of corporate creditors.
He runs the risk of having an interest in
something
are
outstanding against the road $49,290,100 In 6% bonds of
an
authorized Issue of $50,000,000.
To satisfy holders of these bonds and of
secured creditors the plan provides for issuance of 1st
mtge. bonds, income
bonds and preferred stock in total amount of
$65,819,000, which will be
the total capital structure of the
reorganized
company.—V. 151, p. 717.
Company will pay its employees a wage adjustment bonus of 11
% this
month, compared with a similar bonus of 8% in August of last year.—
V. 151, p. 717.
White Sewing Machine
Period End. June30—
lrtVr!epreoo\fc
—V.
$88,197
150, p.3841.
of 25 cents per share on the
stock, payable Aug. 31 to holders of record Aug. 17.
Stock divi¬
dend of 5% was paid on July 1, last; regular
quarterly cash dividend of
40 cents was paid on June 14, last.—V. 150, p. 3378.
Westchester Service Corp.—Tenders—
Holders of first mortgage 4 % cumulative income bonds are
being advised
that as a result of the sale of a parcel of unused
property, the company has
available the sum of $20,000 dollars to be applied to the
purchase of its
first mortgage bonds for retirement and cancelation.
Sealed tenders addressed to the company will be received until
Sept. 16,
1940, for acceptance on or before Sept. 23, 1940.
Company reserves the right to reject any and all tenders and to proceed
to the purchase of bonds at the lowest prices obtainable
as provided by the
first mortgage trust indenture until the fund available is
exhausted.—
V. 148, p. 3248.
1940—12 Mos.—1939
$40,258
$573,527
$348,472
Worthington Pump & Machinery Corp. (& Subs.) —
Earnings—
6 Months Ended June 30—
Net profit after charges & Federal Inc. taxes
Earnings per share
—V. 150, p. 3380.
on common
1940
1939
$1,078,922
loss$95,164
stock
$2.95
Nil
(Rudolph) Wurlitzer Co. (& Subs.)-—Earnings—
normal
cash dividend
Corp.—Earnings—
1940—3 Mos.—1939
Net profit after all chgs.,
3 Mos. End. June 30—
Net profit after all res. &
Welch Grape Juice Co.—25-Cent Dividend—
Directors have declared
The price at which the debentures are to be offered to the public, the
of other underwriters, the underwrting discounts or commissions and
the redemption provisions are to be furnished by amendment to the regis¬
tration statement.
Westinghouse Electric & Mfg. Co.—Employees Bonus—
Washburn Water Co.—Bonds Called—
The entire issue
The prospectus states that to facilitate the offering it is
intended to stablize the price of the debentures.
This is not an assurance,
states, that the price of the debentures will be stabilized, or that the
stabilizing, if commenced, may not be discontinued at any time.
it
There
1940
—V. 150, P. 2277.
has been called for
future growth of the business, including provision for increased inventory
and opening new stores.
Merriil Lynch, E. A. Pierce & Cassatt of N. Y. City, will be the principal
that is valueless."
(S. D.) Warren Co.—Earnings—
6 Months Ended June 30—
Net profit after interest, depreciation
Earnings per share
According to the registration statement, $3,000,000 of the proceeds will
be applied to the payment of bank loans.
The company intends to use
the remainder of the proceeds for additional working capital and for the
names
Total capitalization..
of
Company on Aug. 21 filed with the Securities and Exchange Commission
registration statement (No. 2-4483, Form A-2) under the Securities Act
underwriter.
....$325,269,911
—
...
Co.—Debentures Registered with
Supply
of 1933, covering $6,000,000 of 15-year sinking fund debentures, due Sept. 1,
1955.
The interest rate is to be furnished by amendment.
Jan. 1,1940
x$187,149,144
Fixed interest debt....;.
Auto
1940
24.
SEC—
a
Comparison of Capitalization
Common stock
Western
Aug.
Fed.
&
1940
1939
1938
income taxes
x$73,107
x$156.870
$3,107
x Equal to $0.13
($0.33 in 1939) per share on common stock
June 30.—V. 151, p. 1010.
Zonite Products
Period End. June30—
Operating loss
Depreciation..
Fed. income tax, &c
Loss
Extraordinary income
Recov.
res.
1937
State
future adv..
Net profit
-V. 150, p. 3380.
$633,868
outstanding
Corp. (& Subs.)—Earnings—
1940—3 Mos.—1939
1940—§ Mos.—1939
prof$3,727
$28,989
9,234
11,825
$64,238prof$119,960
28,695
7,610
$50,048
2u,524
46,500
$77,243 prof$61,988
26,524
33,000
5,000
$26,906
$22,976
11,975
1,030
loss$44,243
19,277
$93,512
23,023
DrS'OOO
loss$31,906
A
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Aug. 23, 1940
Coffee—On the 19th inst. futures closed 9 to 10 points net
higher for the Santos contract, with sales
totaling 56 lots.
.
m!?erj was
The demand
against
offered
old
buying in the Santos coffee
was
crop
contracts today.
mostly by trade selling said to be
Brazilian coffees, which are still being
satisfied
on a "futures" basis.
In Rio de Janeiro
No. 7 price was 100 reis lower.
Actuals were
the spot
steady, but
Registered spot sales in Santos last week were
51,000
for the United States,
against 208,000 the previous week and
10,000 for Europe, compared with none.
The better tone
quiet.
to
the market reflected
reports that
of coffee interests were
Washington meetings
being held under the Inter-American
Economic Coffee Committee formed at the recent Havana
It was said a coffee "sub-committee" would
conference.
soon
be
points
announced.
On
the
20th
inst.
futures
closed
5
with sales totaling only 12 contracts, all in the
December delivery.
Santos coffee futures were neglected
today.
Bids were entered at the final prices of yesterday,
which represented gains of 9 to 10
points over Friday.
Members of the coffee trade, who had been in
Washington,
up,
returned home with
no news.
The meeting in Washington
auspices of the Inter-American Economic
Committee.
Quotas for the United States market and loans
against coffee surpluses to be made from the Export-Import
Bank were believed to be the major
topics under considera¬
tion.
On the 21st inst. futures closed 1 to 2
points net lower
for the Santos contract, with sales
totaling 14 lots.
Santos
was
under
the
Volume
1161
The Commercial & Financial Chronicle
151
futures sold at unchanged prices in quiet trading.
price paid for December contracts was 5.44, exactly last
night's final bid value.
This was 14 points above the
season's low for December contracts recorded on Aug. 16.
coffee
The
at 4.04c. a pound on a turnover to that time of 300 lots.
Warehouse stocks stood unchanged at 1,171,046 bags, com¬
pared with 1,373,928 bags a year ago. Local closing: Sept.
4.04; Dec. 4.20; Mar. 4.32; May 4.42; July 4.51.
The
waiting attitude of the trade has not been relieved by
information regarding the recent conferences in
Washington.
It is said that trade interests here have been
asking Washington for assurances that any plans for aiding
Latin American countries in their coffee dilemma would not
official
interfere
Roasters
"normal"
the
with
lately
have
been
marketing
in
this
country.
lukewarm toward spot
interest in offers for forward
only
coffees while showing a great
shipment.
points net higher for
only 14 lots. Trad¬
ing was extremely dull pending more concrete information
on the action this country may take to help producers.
The
September price of 5.32c. is 22 points above the all-time low
touched by Saptember contracts last Friday.
Actuals are
steady despite a lack of interest on the part of roasters. The
passage of the Export-Import Bank half billion dollar capital
increase by the House and the relaxation of loan terms en¬
couraged the trade. The Green Coffee Association of New
York announced that Under-Secretary of State Welles had
On the 22d. inst. futures closed 7 to 8
the Santos contract, with sales totaling
appreciation to a group representing United
Monday and had said that every effort
would be directed toward a solution of the present coffee
expressed
States coffee interests
problem which would provide fully for the needs of the
States while offering maximum aid to producers.
Today futures closed 3 to 4/'/points net lower, with sales
totaling 18 lots.
Santos coffee futures hesitated at the
higher prices resulting from buying earlier this week.
The
market stood unchanged to 1 point lower in early afternoon
with December unchanged from last night at 5.50c., Mild
coffees were reported in a bit better demand and slightly
higher prices were being paid.
It is said that American
coffee interests are still meeting with Washington officials
United
regard to plans for helping carry
countries in this hemisphere with the
the surplus coffees of
in
least interference with
normal trade here.
Rio coffee
prices closed
September
as follows:
3.721 March
3.85
3.89
3.801 May
December
Santos coffee
prices closed
as follows:
5.28 May.
September
December
.5.73
.5.81
5.47 July.
March, 1941
5.66
Cocoa—On the 19th inft. futures closed
unchanged to 1
point net higher. Transactions totaled 219 lots. The cocoa
market was subjected to further liquidation in Sept., which
depressed that position 2 points to 4c. flat. Other months
about unchanged.
Liquidation was well absorbed. The
open position in Sept. continues large although Aug. 27 will
be first notice day.
It totals 1,221 contracts. Trading today
were
was
little
a
more
active than heretofore with 120 lots done
Warehouse stocks today were unchanged
A year ago they totaled 1,382,549 bags.
Arrivals of cocoa are creeping up this month and maintaining
stocks at relatively high figures.
Local closing: Sept., 4.02;
Dec., 4.19; Mar., 4.32; July, 4.50. On the 20th inst. futures
closed unchanged compared with previous finals.
Transac¬
tions totaled 335 lots.
Cocoa futures had a steady tone in
to
early afternoon.
at
1,168,700 bags.
quiet trading. The bulk of the dealings consisted of switches
out of Sept. into later positions.
The open position in Sept.
today was still 1,108 lots, with first notice day due Aug. 27.
During early afternoon Sept. was 1 point net lower at 4.01c.,
but later months were unchanged.
Sales to that time totaM
160 lots.
Warehouse stocks decreased 220 bags overnight.
They now total 1,168,557 bags against 1,382,549 bags a year
Local closing: Sept., 4.02; Dec., 4.19; Mar., 4.32;
ago.
July, 4.50. On the 21st inst. futures closed 2 to 3 points net
lower.
Transactions totaled 196 lots. Although moderately
active, the cocoa futures market stood unchanged during
early afternoon, with Sept. trading at 4.02c. Switches out of
Sept. into deferred positions accounted for the bulk of the
80 lots traded to that time.
The open position in Sept. is
down to 1,005 lots.
At one time it was in excess of 3,000
lots.
Aug. 27 will be first notice day. The decline has met
stiff resistance around the 4c. level, chiefly because primary
countries are refusing to sell for less.
Warehouse stocks in¬
creased 2,700 bags overnight.
They total 1,171,224 bags
against 1,382,549 bags a year ago.
Local closing: Sept.,
4.00; Dec., 4.16; Mar., 4
29; May, 4.38.
On the 22d inst. futures closed 4 to 5 points net higher.
Transactions totaled 312 lots. Cocoa futures were stronger
due to a renewal of commission interest. Prices during early
afternoon were 3 to 4 points higher with September selling at
4.03c. a pound.
Otherwise the market was of the same
routine character with manufacturers taking little interest
proceedings.
Primary offerings were light.
The
early afternoon was 160 lots. The open interest
in September is gradually being whittled down.
It de¬
creased 80 lots yesterday, standing at 925 lots this morning.
Warehouse stocks decreased 1,200 bags. They total 1,170,046
in
the
turnover to
bags
against
1,382,120 bags
a
year
ago.
Local closing:
Sept. 4.04; Dec. 4.21; Jan. 4.25; May 4.43. Today futures
closed unchanged to 2 points off, with sales totaling 435 lots.
Trading in cocoa futures was fairly active, but transactions
consisted chiefly of switches in position. September was sold
against purchases of distant deliveries, as there was little out¬
right liquidation. This afternoon September stood unchanged
Sugar—On the 19th inst. futures closed 2 points off to 1
point up for the domestic contract, with sales totaling 151
lots.
The world sugar contract closed 1^ points up to un¬
changed, with sales totaling 265 lots. Domestic sugar futures
were heavy, but the world market staged a moderate rally
on news that Cuba would extend the time limit for shipment
of world sugar quotas.
The world contract opened 2)^ points
higher, although later it lost a point. The recession doubtless
was
due to announcement that 220 notices of delivery on
Sept. contracts would be issued tomorrow, first notice day.
That represents 11,000 tons.
In the domestic market prices
during early afternoon were unchanged to 2 points lower,
with
liquidation of Sept. contracts the feature. Sept. then
points. The weakness in the market was
stood at 1.64c., off 2
ascribed to lack of
In the
news
from Washington on sugar quotas.
market refiners refused to bid more than 2.62. a
raw
the last sale price, while 2 lots of Sept. arrival
Philippines were held for 2.65c.
On the 20th inst. futures
closed unchanged to 1 point off for the domestic contract,
with sales totaling 376 lots.
The world sugar contract closed
1^ to 4 points net higher, with sales totaling 362 lots. Sugar
markets were firmer today.
Apparently Cuba's action per¬
mitting exporters to hold back half of the 270,000 tons
formerly earmarked for shipment between Sept. 1 and Dec.
31 had a bullish effect on sentiment.
After opening at 0.63
pound,
duplicating its low of the season, Sept. ad¬
points to 0.71 H after which it dropped back to
0.70, a net gain of 5 points over-night.
Switching from
Sept. into forward months was done. While the number of
Dotices issued totaled 220, they were eventually stopped. The
domestic sugar futures market stood unchanged to 2 points
higher during early afternoon.
On the 21st inst. futures
closed unchanged to 1 point higher for the domestic contract,
with sales totaling 142 lots.
The world sugar contract closed
\l/2 points net higher, with sales totaling 50 lots.
Sugar
futures were firm today.
An important factor in the market,
according to trade interests, will be the quantity of Cuban
sugar Great Britain will require during the last 4 months of
this year.
Great Britain's ability to transport those supplies
safely to England is another vital point.
In the domestic
sugar market prices were about 1 point higher in quiet
trading, with Sept. at 1.65c. There was activity in the raw
market, where the Americans bought 8,300 tons of Philip¬
pines due in Sept. at 2.63c. a pound, an advance of 1 point.
Additional Philippines were offered at 2.65c.
of
a
cent
and
vanced S}4
futures"closed 2 points up to unchanged
with sales totaling 359 lots. The
world sugar contract closed ]/2 point up to y2 point off, with
sales totaling 59 lots.
The feature of the raw market was
the lack of sales following yesterday's activity.
It was re¬
On the 22d inst.
for the domestic contract,
ported that 9,000 tons of Philippines, due the end of August,
were available at 2.65c. a pound.
Another lot of 2,250 tons,
due late in September, was available at the same price.
The
trade was surprised to learn jthat late yesterday 11,650 bags
of prompt Puerto Ricos were sold at 2.61c a pound following
sales of Philippines earlier in the day at 2.63c.
The price
paid was the lowest since the quota system was established
in 1934.
London cabled that the International Sugar Coun¬
cil would meet there tomorrow.
Today futures closed 3 to
4
points net
164
changed to 1
improvement
higher for the domestic contract with sales
lots.
The world sugar contract closed un¬
point higher, with sales totaling 23 lots. The
in the. sugar market continued.
Domestic
futures were bid up sharply in response to news that Secre¬
tary Wallace may order a cut in the quota to aid depressed
sugar prices.
The market this afternoon stood 4 to 5 points
higher with September selling at 1.71c. a pound. Raw sugar
also was firmer.
A price of 2.65c. a pound was paid for 7,000
bags of Puerto Ricos clearing September 5th following sale
of 1,500 tons of Philippines due September 18th to an
operator late yesterday at that price.
Previously prompt
sugars had sold at 2.61c.
Holders of sugar were firmer in
their ideas.
Duty free sugars were held today for prices
ranging from 2.68c. to 2.69c. a pound. London cabled that
the British Ministry of Food had raised the price of sugar.
totaling
Prices closed
as
follows:
March
September
1.69
November
1.74 May
January ,1941
1.78
July
1.81
1.85
1.89
Lard—On the 19th inst. futures closed 2 points lower to
Trading was light and without special
Export shipments of lard from the Port of New
York over the weekend were 212,640 pounds; destination,
2
points higher.
feature.
Europe.
Hog prices at Chicago were easier, finishing 10
to 15c. lower.
Sales ranged from $5.75 to $7.05.
Western
hog marketings were
quite heavy and totaled 71,500 head,
against 53,600 head for the same day a year ago.
On the
20th inst. futures closed 2 points lower to 10 points higher,
compared with previous finals. A few large American
packers were reported to have sold lard to Finland today
and it was reported in the local area that the entire order was
not filled.
Lard exports from New York today were very
heavy and totaled 330,000 pounds, with destination Europe.
Sales of hogs at Chicago ranged from $5.70 to $6.95.
Western receipts totaled 67,000 head, compared with 54,900
The Commercial & Financial Chronicle
1162
head for the
day last year.
same
On the 21st inst. futures
closed 5 to 7 points net higher.
Early in the session scat¬
tered covering for speculative account, found offerings
rather limited and prices advanced 15 to 17 points on the
active deliveries.
On the bulge considerable profit-taking
developed and a substantial portion of the early gains were
wiped out. Hog prices at Chicago were 10c. higher.
Hog
sales ranged from $5.85 to $7.
Receipts for the Western run
were 49,200 head, against 47,400 head for the same day a
On the 22d inst. futures
closed 2 to 7 points net higher.
relatively light and contained nothing of special
interest.
Lard exports from the Port of New York today,
totaled 501,000 pounds, with destination given as "Europe."
The hog market at Chicago was up 10c to 20c.
Sales ranged
from $6 to $7.25. Western hog marketings were 48,600 head,
against 47,590 for the same day a year ago. Today futures
closed 10 to JL3 points net lower.
The lard market appeared
to be influenced by the weakness of wheat and corn markets,
was
DAILY CLOSING PRICES
Sat.
September—
October----————
December—-—
January, 1941May
—
4.75
4.85
5.05
5.15
6.07
OF LARDFUTURES IN CHICAGO
4.72
4.82
5.02
5.12
6.10
Wed.
4.75
4.87
Tues.
4.70
4.82
5.02
5.10
Mon.
Thurs.
6.17
6.30
4.70
4.85
5.02
5.15
6.32
6.07
6.17
Fri.
4.82
4.95
5.15
5.25
6.20
Pork—(Export), mess, $20.75 (8-10 pieces to barrel);
fdmily (50-60 pieces to barrel), $16.75 (200 pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
Meats: Pickled Hams: Picnic, Loose: c.a.f.—-4 to 6 lbs.,
1214c.; 6 to 8 lbs., 12c.; 8 to 10 lbs., 10Mc. Skinned, Loose,
c.a.f.—14 to 15 lbs., 17%c.; 18 to 20 lbs., 16c.
Bellies:
Clear, f.o.b. New York-—6 to 8 lbsi., ll^c.; 8 to 10 lbs.,
113^ic.; 12 to 14 lbs., 11 ^c.
Belljes: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 8^c.; 18 to 20 lbs., 8%c.; 20
to 25 lbs., 8c.; 25 to 30 lbs., 7%e. Butter: Firsts to Higher
than Extra and Premium Marks: 26c. to 27Mc.
CheeseState, Held '39, 21c. to 22Yic. Eggs: Mixed Colors, Checks
to Special Packs: 13%c. to 21 lie.
Oils—Linseed oil activity in the local market was not very
marked the past week, with
7.9c. Quotations: Chinawood:
the bottom tank car price at
tanks, spot—25c. bid; arums'—
Coconut: crude, tanks—.02% bid; Pacific Coast
—.02M bid.
Corn: crude, West, tanks, nearby—.05 bid.
Olive: denatured: drums, spot—$1.60 bid,
Soy bean: tanks,
26c. bid.
West—.04^ bid; Oct.-Mar.—.03% to .04; New York, 1. c. 1.,
Edible: coconut, 76 degrees— .08 bid. Lard:
prime—71i offer.
Cod: crude—not quoted.
Turpentine: 35*4 to 37Ji» all bids. Rosins: $1.80 to $3.07.
raw— .065
ex.
bid.
winter
Cottonseed Oil
sales, yesterday, including switches, 101
Crude, S. E., val. 4%.
Prices closed as follows:
contracts.
September-—-—
6.62® 5.54 January, 1941—
5.57 February-
October--—
5.55®
November---—---—- 5.55®
December----—----- 5.65®
—
-
March--.
April--
—————
5.67® 5.69
5.70®
n
5.76® 5.77
5.80®
n
Rubber—On the 19th inst. futures closed 2 to 18 points
net lower.
Transactions totaled 39 lots. A firmer tone was
in evidence in the crude rubber futures market
on news
that
the American Government would buy additional rubber for
its reserve next year. During early afternoon on the market
stood 2 to 8 points net higher, with Sept. at 19.56c.
Sales
totaled 7 lots, indicating limited interest. The
London market was dull and unchanged.
Singapore closed
to that time
l-32d. higher to 1-16d. lower.
Local closing: No. 1 stand¬
ard: Sept., 19.52; Dec., 19.15; Mar., 18.85.
On the 20th
inst. futures closed 2 to 5 points net higher.
Transactions
totaled 62 lots.
rubber futures
would be
Trade interests
on
were
credited with buying
the theory that the Rubber Reserve Co.
persistent purchaser in the eastern market to
1940 quota of 150,000 tons by the end of
Dec.
During early afternoon Sept. stood 3 points higher at
19.55. Sales to early afternoon totaled 17 lots. The London
and Singapore markets closed dull, prices standing l-16d. to
3-16d, lower.
Local closing: No. 1 standard: Sept., 19.54;
Dec., 19.20. Oh the 21st inst. futures closed 5 points off to
unchanged compared with previous finals. Sales totaled 64
lots, all in the No. 1 standard contract. After opening un¬
changed, rubber futures eased off a little under liquidation by
commission houses.
Trade interests were the best buyers.
During early afternoon prices were 2 to 5 points lower, with
Aug. relatively easy at 19.50c., off 5 points. Sales to that
a
accumulate its
time totaled 54 lots on the old contract and 12 lots on the
new.
One hundred tons were switched between Sept. old and
Sept. new. The London market closed quiet
lower, Singapore was 1-16d. to 3-32d. higher.
1-16(1. to Kd,
Local closing:
19.50; Dec., 19.15;
No. 1 standard: Aug., 19.50; Sept.,
Mar., 18.93.
There were 12 contracts traded in the new
standard, all in the Dec. delivery, which closed 2 points off.
On the 22d inst. futures closed 6 points off to 1
point up
for No. 1 Standard Contract.
Sales totaled 83 lots.
Switch¬
feature of the dealings in rubber futures. The tone
of the market was easier following the recent rise in prices as
there was less disposition to follow the market up.
By early
afternoon the market was as much as 10 points lower with
September selling at 19.40c. A British dealer interest was a
.buyer of September offerings. The turnover to that time
was 75 lots.
Thirty tons were tendered on contract. The
London market was I.16d. to l/%&. lower, but
Singapore
was firm 1-32 to 3-32d. higher.
Local closing: No. 1 Stand¬
ard,: Sept., 19.44; Dec., 19.16; Mar., 18.93. Today futures
closed 2 points off to 5 points net higher
Sales totaled 233
lots.
Trading in rubber futures was more active and prices
ing
than
heretofore,
due
to
increasing
liquidation of
September contracts. In addition to outright liquidation a
certain amount of switching to later months was done.
Up
to early afternoon sales had totaled 106 lots.
At that time
the market was 4 to 8 points lower with September selling
at 19.40c. a pound.
The London market was unchanged to
l-16d. higher, but Singapore closed unchanged to l-32d.
lower.
Local closing: No. 1 Standard: Sept., 19.42; Dec.,
19.20; Mar.. 18.98.
Hides-—On the 19th inst. futures closed 34 to 35 points net
year ago.
Trading
easier
Aug. 24, 1940
was a
.
Transactions totaled 259 lots.
The opening range
points net lower.Prices receded further during the
morning ana at one time were as much as 38 points below the
previous close and at new lows for the year.
During early
afternoon September stood at 7.69 cents, off 38 points.
By
early afternoon prices were about 2 to 3 points above the lows
of the morning and transactions had totaled 128 lots.
Spot
hides were inactive.
Local closing:" Sept., 7.70; Dec., 7.88;
March, 8.08; June, 8.27.
On the 20th inst. futures closed 28
to 30 points net higher.
Transactions totaled 245 lots.
The opening range was 6 to 7 points net higher.
By early
afternoon prices had advanced further and were about 20
points above yesterday's close.
Transactions to 12.30 p. m.
amounted to 153 lots, of which 9 were exchanged for physical.
The improvement was due to sharp covering and speculative
buying in sympathy with the rally in the stock market.
Local closing: Sept., 7.98; Dec., 8.16; March, 8.38.
On the
21st inst. futures closed 7 to 10 points net higher.
Trans¬
actions totaled 118 lots.
Raw hide futures opened about
9 to 12 points higher.
Prices advanced additionally during
the morning, to as much as 19 points Above the previous
close.
By early afternoon, however, prices eased off some¬
what and were about 14 points higher.
Transactions to
early afternoon totaled 77 lots.
Sales in the domestic spot
markets totaled about 45,000 hides, including July-August.
Light native cows (river points) at 9%c. and July-August
heavy native steers at 9%c.
Prices paid average H-cent
decline.
Local closing: Sept., 8.07; Dec., 8.23; March, 8.48.
On the 22d inst* futures closed 12 to 15 points net higher,
with sales totaling 160 lots. The opening of the market was
unchanged from previous finals.
Later, however, prices
advanced to as much as 10 po nts above the previous close
during early trading. Subsequently a reaction set in, which
was again followed by a rally.
Trading consisted largely of
hedge lifting and switching. Transactions during the morn¬
ing totaled 86 lots. Certificated stocks of hides decreased by
2,277 hides to 681,960 hides. In the domestic spot markets
sales totaled about 30,000 hides, including July-August
light native cows (river points) at 9 K and heavy native
steers at 9%.
Local closing: Sept. 8.21; Dec. 8.36; Mar.
8.60; June 8.80.
Today futures closed 4 to 9 points net
higher, with sales totaling 249 lots.
Raw hide futures
opened 5 to 10 points decline and firmed slightly during the
morning.
By early afternoon prices were virtually un¬
changed from previous closing levels. Transactions during the
morning totaled 74 lots.
Certificated stocks decreased to
672,520 hides. Switching and commission house liquidation
accounted for the activity.
Local closing: Sept. 8.25; Dec.
8.45; Mar. 8,66; June 8.88.
lower.
was
9 to 15
Ocean
Freights—Although chartering has been very
light, freight values for tonnage in general have been holding
fairly steady.
Charters included: Grain: Plate to North
Atlantic, $5.50 per ton (heavy grain), basis Buenos Aires.
Plate to St. Lawrence, $7 per ton asked nominal (corn).
South Africa to St. Lawrence, $11.75 per ton (corn). Scrap
Iron: Atlantic range to Japan, $13.50 per ton. Gulf to Japan,
$13,75-14, nominal. Pacific Coast to Japan, $13.50 per ton.
Atlantic range to Japan, $14 per ton. Gulf to Japan, $14.25,
nominal; Pacific Coast to Japan, $13.50 per ton.
Time
charter: West Indies trade, $2 per ton, nominal.
North of
Hatteras-South African trade, $3 to $3.50 per ton nominal.
North
of
Hatteras-South American trade,
$3.50
per
ton.
Round
trip Pacific trade, $4 per ton.
Round trip South
African trade, Aug., $3 per ton. Round trip Canadian trade,
delivery and redelivery north of Hatteras, promptly, $2.25
per
ton.
Coal—According to figures furnished by the Association of
American Railroads, the shipments of anthracite into eastern
New York and New England for the week ended August 3d
have amounted to 1,460 cars, as compared with 1,360 cars
during the same week in 1939, showing an increase of 100 cars,
or approximately 5,000 tons.
Shipments of anthracite for
the current calendar year up to and including the week ended
August 3d, have amounted to 54,380 cars, as compared with
53,525 cars during the same period in 1939, showing an in¬
crease of close to 42,750 tons.
Following the increase of 10c.
per ton on egg, stove, nut and pea coal, the wholesale de¬
mand for these sizes are rather slow at present, anthracite
operators here report.
They do not expect the activity to
show an improvement until late in August or early in Septem¬
ber.
The Pennsylvania Anthracite Emergency Committee
has notified operators that production for the week ended
August 24th has been fixed at 720,000 tons, equal to three
days' working time. This is the same allocation as in the
preceding week.
Wool
Tops—On the 19th inst. futures closed 4 to 9 points
Transaction totaled 70 lots.
The spot price
at 97c. was unchanged.
Liquidation and hedging in the
early trading had depressed the market 9 to 12 points, but
net
lower.
Volume
The Commercial & Financial Chronicle
151
at the lows
Oct., 2.4434;
tered
closed
some new buying attracted
by "price" was en¬
through wire houses and trade interests and the market
rallied moderately.
Local closing: Oct., 89.2; Dec., 86.8;
Mar., 84.7; May, 83.0.
On the 20th inst. futures closed
124to 8 points net higher.
Wool top futures turned sharply
upward today and more than offset the losses recorded
yesterday.
There was a good demand for contracts in the
face of limited offerings.
Total transactions on the New
York Exchange to noon were estimated in the trade at ap¬
proximately 200,000 pounds of tops.
Shortly after the
opening, the market was 3 to 8 points above yesterday's
closing levels.
In
subsequent trading prices recorded
advances of 10 to 17 points over the last quotations of the
previous day.
Local closing: Oct., 90.4; Dec., 87.6; Mar.,
85.6; May, 83.9.
On the 21st inst. futures closed 7 to 11
points net higher, with sales estimated at 45 contracts.
At 98c. the spot price remained unchanged.
The steadier
tone reflected limited offerings.
The Boston wool market
continued quiet.
Occasional sales of fine territory wools
were
reported at around 80c., scoured basis, for Oriental
bag wools of average French combing length.
The short
French combing and clothing wools, in original bags, brought
mostly 75 to 77c., scoured basis.
Graded fine French comb¬
ing territory wools were being offered at 82 to 85c. scoured
basis.
Local closing for wool tops: Oct., 91.1; Dec., 88.7;
Mar., 86.5; May, 84.6.
On the 22d. inst. futures closed 16 to 23 points net higher.
The opening range was 8 to 10 points higher, with later
maximum net gains registered as 19 to 23 points over pre¬
vious finals.
Total sales were 185 contracts, heaviest in
recent sessions.
Trade interests were on both sides of the
speculative buying was attracted along with
short covering.
Advices from Boston report business as very
slow in the wool market there.
There was a little demand
market and
1163
Nov.,
Today futures
2.4234-
Dec.,
2.44;
up for the November delivery, with sales of 18
lots, all in the aforesaid delivery.
Raw silk futures were
34?.
steady but quiet.
During early afternoon prices stood un¬
changed from last night's close. The price of crack double
extra silk in the uptown spot market also remained un¬
changed at $2.53 a pound. The Yokohama Bourse was 1 to
3 yen lower.
In the spot market Grade D silk was quoted
unchanged at the minimum price of 1,350 yen a bale. Local
closing: Nov., 2.4434.
COTTON
Friday Night, Aug. 23, 1940.
The Movement
of the
Crop,
indicated by
as
tele¬
our
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 91,740
bales, against 78,606 bales last week and 60,375 bales the
previous week, making the total receipts since Aug. 1, 1940,
239,847 bales, against 350,310 bales for the same period
grams
of
1939, showing
decrease since Aug. 1, 1940, of 110,463
a
bales.
Sat.
Receipts at—
Galveston
Fri.
Thurs.
898
Total
2,565
1,176
561
5", 201
Brownsville
Houston
Corpus
Wed.
Tues.
Mon.
350
2",289
3",755
3",526
4,119
2,560
4,467
3,195
998
2,499
7,186
7,960
24
58
2
85
42
6
19
122
__
Christi.
.
Mobile
1
""21
Savannah
8,712
7,318
12", 573
7,318
3,616
2,330
2,891
_____
New Orleans
3,162
30,960
2,970
17,383
2,876
26,668
""45
Charleston
45
"447
Norfolk
447
new
for average to good
fine French combing territory wools in
original bags at 80 to 83c. scoured basis. Sales of moderate
quantities of graded M blood combing bright fleece wools
were reported at 39 to 40c. in the grease.
Local closing for
wool tops.
Oct., 92.8; Dec., 90.3; Mar., 88.4; May, 86.7.
Today futures closed 1 to 4 points net higher. After a steady
opening prices of wool top futures turned downward in early
dealings this morning on selling attributed largely to profit
taking.
The announcement that Great Britain plans to
purchase the entire South African wool clip caused an active
demand for futures contracts. Under the impetus of general
buying the market more than regained its early losses.
Trading was in comparatively good volume, with total sales
to midday estimated in the trade aK&pproximately 625,000
pounds of tops. Prices on the opening showed no change to
an advance of 2 points over the closing levels of the previous
day, but shortly after were 4 to 10 points below yesterday's
last quotations.
By noon prices recorded gains of 7 to 8
points over their previous closing range.
Local closing:
Oct., 93.2; Dec., 90.4; Mar., 88.8; May, 87.1; July, 85.5.
Silk—On the 19th inst. futures closed unchanged to 2
points net lower.
Transactions were only 13 lots.
Silk
futures were slightly lower on the bids this morning, held
virtually unchanged up to early afternoon, by which time
two lots had been sold.
The price of crack double extra silk
in the New York spot market stood unchanged at $2.53 a
pound.
Steadiness of the market was due to news that the
Japanese Industrial Bank will lend members of the Silk Reel
Association 30,000,000 yen to prevent a recurrence of the
slump of last spring. " On the Yokohama Bourse the market
closed 3 yen lower to 5 yen higher.
The price of grade D
silk in the spot market was unchanged at 1,350 yen a bale.
Local closing:
No. 1 Contracts: Sept., 2.4634; Oct., 2.47;
Dec., 2.43.
On the 20th inst. futures closed lc. off to 2c. up.
Transactions
totaled
3
lots.
While
the
market
was
ex¬
ceedingly quiet during the day, the undertone was steady.
The price of crack double extra silk in the New York spot
silk market was unchanged at $2.53 a pound.
In Yokohama
the Bourse closed unchanged to 5 yen lower.
The price of
Grade D silk in the Japanese spot market, was unchanged at
1,350 yen a bale, the minimum.
Local closing: No. 1 Con¬
tracts:
Oct., 2.46; March, 2.40.
On the 21st inst. futures
closed lc. off to 34-c- up for the No. 1 contract.
Sales
totaled 41 lots.
Interest in raw silk futures was moderate
indicated by a turnover of 30 lots to early afternoon.
A
total of 110 bales was tendered for delivery on August con¬
Totals this week.
12,276
12.537
91,740
21.602
17,534
14.610
13,181
The
following table shows the week's total receipts, the
total since Aug. 1, 1940, and the stocks tonight, compared
with last year:
This
Since Aug
Week
1, 1940
Houston
1,1939
Corpus Christi
24", 664
51",855
139
17,383
45,238
26,610
99,060
108,296
1,257
2,617
37,633
7,318
88,614
50,880
Beaumont
677,674
4,518
629,224
65,205
97,217
530,894
59,224
52,957
1,360
445
26",668
New Orleans
Mobile
85
Pensacola &
133
122
"""669
45
193
144
504
G'p't
Jacksonville
187
•
45
"6.711
593
1,012
2,158
433
Lake Charles
4,102
3
Charleston
1,468
5",928
Savannah
447
681
113,628
21,658
3,131
6,663
31,780
1,000
1,112
New York
Boston
Baltimore
239,847 140,844
91,740
Totals
493,218
582',774
140,973
30,386
357,882
48,402
54,112
1,484
143,504
28,081
12,047
8,081
25,609
2,271
Wilmington
Norfolk
1939
1940
25,039
4,409
50,593
26,224
52,919
8,712
7,318
30,960
Brownsville
This
Since Aug
Week
Galveston
Stock
1939
1940
Receipts to
Aug. 23
100
1,033
825
350,310 2,297,245 1,928,511
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
8,712
30,960
Houston-
26.668
Orleans.
New
1939
1940
Receipts at—
Galveston
85
Mobile.
122
Savannah
10,487
27.579
6,905
1,403
1,204
93
45
Charleston
Wilmington.
9,066
4,847
41,882
56,722
24,511
4,433
9,663
5,400
43,603
16,757
27,684
3,007
19,608
3,348
"""972
14,928
17,051
33,039
4,473
8
3
_
1935
1936
1937
1938
25,039
50,593
24,661
1,257
1,468
Norfolk
"""447
549
"""158
226
""""10
All others
24,701
37,271
30,273
78,725
57,951
44,159
Total this wk_
91,740
140,844
18,102
221,570
141,365
159,138
239,847
350,310
230,568
506,602
304,770
384,248
Since Aug.
1__
The exports
for the week ending this evening reach a total
of 3,019 bales, of which 2,812 were to Great Britain and 207
to Japan.
In the corresponding week last year total exports
were 54,245 bales.
For the season to date aggregate exports
have been 38,586 bales, against 174,928 bales in the same
Below
period of the previous season.
are
the exports for
the week:
Exported to—
Week Ended
23.
Aug.
1940
Ger¬
Great
Exports from,—
France
Britain
Italy
many
Japan
China
Total
Other
as
far.
Prices of futures were about
lc.
lower
during early afternoon.
However, the spot
market was unchanged at $2.53 a pound for crack double
tracts, making 460 bales so
extra
silk.
the sidelines in the raw silk market today.
Only
hands to early afternoon.
At that
time prices were 34c. a pound net higher in the futures mar¬
ket, but in the uptown spot market the price of crack double
extra silk was unchanged at $2.53 a pound.
Tender of 130
bales on contract was reported.
The Yokohama Bourse
closed 6 yen lower to 2 yen higher.
In the spot market
Grade D silk remained unchanged at 1,350 yen a bale, the
minimum price.
Local closing: Aug., 2.45; Sept., 2.45;
to stay on
lots had changed
1,292
41
41
—
14,890
7,300
1939
Total
1938
3,019
207
2,812
Total
Total
125
125
1,292
New Orleans.___
Norfolk
1,561
82
mrn-mm
mmmm
Houston
On the Yokohama Bourse prices closed 3 yen
higher to 7 yen lower.
The price of Grade D silk in the spot
market remained unchanged at 1,350 yen a bale.
Reports
from Japan state that the Government is buying the better
grades of silk only.
Local closing: No. 1 Contracts: Aug.
2.45; Sept., 2.45; Jan., 2.41; March, 2.4034On the 22d inst. futures closed 34c. higher to 134c. lower.
Transactions totaled only 30 bales.
Traders were inclined
two
1,479
Galveston
8,144
8,372
164
7,132
9,468
6,229
11,003
54,245
9.142
677
12,235
14,221
64.732
Exported to—
From
Aug. 1,1940fo
Aug. 23, 1940
Exports from—
Britain
Ger¬
Great
Galveston
Houston
New
Orleans.
Italy
many
Japan
China
Total
Other
"440
1,561
25,631
2,253
""15
9,049
82
982
"268
961
92
92
Norfolk
Los Angeles.
"8J34
300
_
10,759
27,104
Total
Total 1939...
Total 1938--J TI
France
1,479
23,941
1,292
43,112
29,190
daivUuiv/H
tv
27,416
20,044
CtfUv V"
27,373
44,336
15,830
15,766
vA|/Ul Uw
give us the following amounts
cleared, at the ports named:
j
vUA
268
455
38,586
23,527
1,772
35,898
174,928
29,711
193,622
54,575
CD' i
vvui^-u. v
(ViOv
of cotton on shipboard, not
Chronicle
The Commercial & Financial
1164
range was
On
Shipboard Not Cleared for—
Aug. 23 at—
Ger¬
Other
Foreign
wise
5,000
Orleans-Savannah
3,500
3*666
1,067
8,000
"538
529
Houston
New
Total
3,000
500
Galveston
Stock
Coast¬
many
Great
Britain France
----
Charleston
Mobile
Norfolk
Other
ports..
Speculation
14,527
6,000
3,809
18.984
5.804
538
6,029
15,824
7.042
3~ 218
1,371
2,841
1,765
12,567 2,284,678
38,749 1,889,762
36,436 2,264,880
cotton for future delivery showed no
in
the past week. There was very
hedge selling, and it is believed the market will con¬
to rule dull and within a narrow range until hedges
appreciable change during
little
tinue
appear
in
volume.
increased
steadiness to the
One influence imparting
market is a prevalent belief that
present
levels at which cotton can be re¬
from the 1940 cotton
estimated that by the end of August, 1940, a
prices are lower than
possessed next spring and summer
It is
loan.
price level of about
release
10.25c. would be needed to obtain the
of cotton from the
loan.
contracts.
The
prices closed 3 to 4 points net lower.
offerings
originated
from
southwestern
Trade price fixing was modest, but these accounts
moved slowly as the offerings gained volume.
Spot houses
were noted as modest buyers at times.
Local professionals
points.
were
in and out
on
both sides of the market.
today were unchanged to
25 points lower.
from 8.77c. at Dallas to 10.79c. at
Augusta.
Spot markets
average
price of the 10 designated spot markets was 9.70c. for middl¬
ing
inch. On the 19th inst. prices closed 3 to 5 points net
higher.
Trade price fixing and relatively light volume of
hedge accounted for steadiness in the cotton future market
today. Absence of pressure also aided the market. Outside
interest was relatively small, as the disposition continued to
await European developments.
Opening prices were at the
low levels for the day, unchanged to 3 points lower.
The
market gradually steadied as early selling orders soon were
absorbed by trade and spot house sources. Interest centered
chiefly in the Oct. position, which rose from 9.16 to 9.24.
Foreign markets at Liverpool and Bombay were steady.
Liverpool advices said Indian selling there had been absorbed
by trade calling. Cotton men at Liverpool are awaiting for
announcement of cotton freight allotments for the month of
Although no official information is available, opinions
that there would be no increase in quotas, as Britain
Sept.
were
thus far has not taken 400,000 bales
of American cotton on
closed 3 to 9 points
to 3 points under the
On the 20th inst. prices
barter basis.
net
higher.
Initial prices were 1
previous close, but there was fair demand for contracts at
the lower levels.
It originated witn trade houses and local
operators.
The demand was supplied by hedge sales and
Southern offerings.
Trading was only moderately active.
After the opening the market firmed up under persistent
buying of Oct. and Dec. contracts by trade and spot firms,
with the result that initial declines were erased.
Thereafter
the market was a rather mixed affair, but the undertone was
decidedly steady. It is noted that hedge selling is gradually
increasing in volume.
It is expected to reach much larger
proportions as the season advances and more cotton comes
to market.
Sales in Southern spot markets yesterday totaled
11,703 bales, only about one-third of the volume a year ago
when 31,151 bales were sold.
The average basis middling
15-16 inch cotton was 9.87c. a pound.
On the 21st inst.
prices closed 2 to 7 points net higher.
Orders to buy and
orders to sell cotton futures were so evenly balanced that the
market held within about a 3 point range, prices standing 1
point lower to 3 points higher during early afternoon. The
tone of the market on the opening was firm.
Initial prices
were unchanged to 2 points higher in
spite of the fact that
Liverpool cables came lower than were due on last night's
close here.
Spot firms, the trade and foreign interests were
reported as buyers, while the South was the principal seller,
chiefly of hedges. Most of the hedge selling was done in
Oct., which eased a bit after the opening under the weight of
offerings, most of which appear to have come from Texas
where early cotton is moving.
The weekly weather report
from Washington revealed satisfactory progress by the
cotton crop over the greater portion of the belt.
After it had
been posted, the tone of the market weakened a trifle, but no
important changes in quotations were registered.
On
the 2i2d
inst.
prices closed 4 to 6 points net lower.
Trading conditions in the cotton market showed little
change.
Prices were 1 to 5 points easier during early after¬
noon, but the undertone continued steady under price-fix¬
ing,
which
absorbed
Commission houses were sellers of the later
It was surmised that hedge sales may have been
against Texas cotton now coming on the market.
Later
in the forenoon the market was somewhat easier when sell¬
ing of both October and December against purchases of
March contracts was quite active.
On the other hand, a
certain amount of buying to fix prices for mill account
was
reported in progress.
The undertone of the market
continued steady, with declines limited to about 5 points
during early afternoon. A favorable influence was informa¬
tion from Washington that the Government may raise the
export subsidy rates on cotton
increased hedge
sales.
The
opening
textiles.
closed 7 to 8 points net lower.
Foreign
offerings and hedge sales had a depressing effect on cotton
futures, offsetting news of an increase in the subsidy rate
Today prices
of
exports
on
During early afternoon
products.
cotton
prices were 5 to 7 points net lower.
Prices were irregular
on the opening, although the undertone was steady, initial
quotations being 2 points higher to 2 points lower. Buying
by spot houses and trade firms was an early
feature of the trading.
It held near months steady, while
of December
positions, especially May, were under foreign selling
distant
widened
differences
York
Aside
As a result the Bombay-
Bombay was a seller.
pressure.
from
much
85c.
as
bale.
a
offerings, most of the selling ap¬
foreign
the
as
peared to be hedges, although local traders sold December
Mill interests and com¬
Hedge selling was
It caused both October and
against purchases of later months.
mission houses
gave
scattered support.
persistent during the forenoon.
December to sell off.
However, the market rallied at mid¬
when
day
announcement was made in Washington that
had increased the rate of export subsidy
Government
the
payments on cotton products to 3c. a pound.
for middling upland cotton in the
The official quotation
New York market each
day for the last week has been:
Aug. 17 to Aug. 23—
Sat,
Middling upland H (nominal)__ 9.71
Middling upland 15-16 (nom'l)_ 9.91
Mon. Tuea.
Wed. Thurg.
9.78
9.98
9.78
9.98
9.74
9.94
Fri.
9.66
9.86
9.74
9.94
Premiums and Discounts for Grade and Staple—The
Prices ranged
The
1 point higher to 2 points lower. Early trading
active than heretofore, with hedge selling in
the feature.
Trade and outside buying absorbed
positions.
New
The
market was dominated largely by the news from foreign
sources.
Official German announcement of a blockade of the
British Isles, while not influencing American boats which
have been barred from the belligerent areas, did raise fears
that movement of cotton on other neutral vessels might be
more difficult.
Hedging proved to be the main source of
On the 17th inst.
December
1940
24,
offerings.
674,174
628,157
522,894
113,628
21,658
59,224
31,780
233,163
-
Total 1940-,.
Total 1939-Total 1938--
more
was
Leaving
Aug.
following table gives premiums and discounts for grade and
staple in relation to the grade, basis middling 15-16 inch,
established for deliveries
Premiums
contract on
on
and discounts for grades and staples are
tions of 10 markets, designated by the
the average quota¬
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
Aug. 22.
on
14
29-32
15-16
Inch
Inch
1 Inch
31-32
Inch
Inch
and
Up
While—
.36
on
.45
on
.54
on
.60
on
.66
on
Strict Good Middling
.31
on
.39
on
.49 on
.55
on
.61
on
Good Middling
.25 on
.33
on
.43
on
.49
on
.55
on
Strict
.12
.20
on
.29
on
.36
on
.43
on
on
.14
on
Middling Fair
Middling
on
Middling
.19 off
.10 off
Basis
.06
Strict Low Middling
.70 off
.63 off
.55 off
.50 off
.43 off
1.26 off
1.19 off
1.11 off
1.07 off
1.03 off
Low
Middling
Extra While—
1,49
on
.29 on
.36
on
.43
on
Even
.06
on
.14
on
.43
.55
Good Middling
.25 on
.33
on
Strict Middling
.12
.20
on
Middling
.19 off
.10 off
Strict Low Middling
.70 off
.63 off
.55 off
.50 off
.43 off
1.07 off
1.03 off
on
on
1.26 off
1.19 off
1.11 off
Good Middling
.12 off
.03 off
.05 on
Strict Middling
.26 off
.17 off
//Middling
.83 off
.75 off
Low
Middling
on
Spotted—
a
11
on
.18 on
.08 off
02 off
.04 on
.67 off
.62 off
.56 off
Middling spotted shall be tenderable only when and if the Secretary of Agri¬
culture establishes
a
type for such grade
I
;
'
Futures—The
highest, lowest and closing prices at New
York for the past week have been as follows;
Saturday
Monday
Tuesday
Aug. 17
Aug. 19
Aug. 20
Wednesday
Aug. 21
Thursday
Aug. 22
Friday
Aug. 23
£epl.(1940)
Range.9.19//
9.22 n
9.26 n
9.28 n
9.24/2
9.16n
Range..
9.16- 9.24
9.16- 9.24
9.20- 9.27
9.23- 9.29
9.24- 9.29
9.16- 9.25
Closing
9.19-
9.22 n
9.26
9.28
9.24
9.16
9.24 n
9.28 n
9.23/2
9.16- 9.24
9.22- 9.29
9.21- 9.26
9.15- 9.24
9.22- 9.24
9.28
9.22-
9.24
9.15
9.19-
9.19
9.12-
9.14//
9.19//
9.14/2
Closing
.
Oct.—
.
9.20
—
Nov.—
Range..
9.17/1
9.20 n
Range..
9.13- 9.20
9.13-
Closing
9.15
9.19
Closing
.
9.15/2
Dec.—
.
9.20
Jan. (1941)
Range..
9.05- 9.05
9
Closing.
9.05/1
9.10//
9-
9.09
9.12
9.06/2
Feb.—
Range..
9.04/1
9.09n
9.13/1
9.18//
9.13/2
9.05/2
Range..
9.03- 9.09
9.02- 9.08
9.05- 9.13
9.11- 9.18
9.13- 9.18
9.05- 9.13
Closing
9.03- 9.04
9.08
9.12
9.18
9.13
9.05
Closing
.
Mar.—
.
April—
Range..
8.94//
8.99//
9.03//
9.09/2
9.04/2
8.96/2
Range..
8.83- 8.89
8.85- 8.92
8.87- 8.95
8.93- 9.01
8.95- 9.00
8.88- 8.94
Closing
8.85
8.90
8.94
9.01
8.95
8.87/2
Closing.
Map—
.
June—
Range..
8.75 n
8.78 n
8,83//
8.91n
8.85n
8.77/2
Range..
8.64- 8.67
8.65- 8.69
8.65- 8.75
8.74- 8.81
8.76- 8.80
8.68- 8.75
Closing.
8.65
8.66- 8.67
8.73
8.81
8.75 n
8.67/2
Closing.
July—
Aug.—
Range..
Closing
n
_
Nominal.
Volume
The Commercial & Financial Chronicle
151
Range for future prices at New York for the week ended
The
foregoing shows the week's net overland movement
has been 3,074 bales, against 3,581 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
this
Option for—
Range Since Beginning of Option
Range for Week
year
of 19,904 bales.
1940—
8.08
August
September
1165
October
9.16 Aug. 17
9.29 Aug. 21
June
12 1940
14 1940
1 1939 10.29 Apr.
17 1940
9.85 June
Aug. 31 1939
9.00
14 1940
8.98 June
.
8.25 Nov.
November..
Aug. 21
8.33 June
6 1940 10.18
Apr.
17 1940
17
9.19 Aug. 22
8.26 June
6 1940 10.14 Apr.
Aug. 19
9.18 Aug. 21
8.10 May
18 1940 10.08 Apr.
9.01
Aug. 21
8.00 May
18 1940
8.64
8.81
Aug. 21
8.59
Since
3,074
23.110,000
204,814
*17,380
614,984
*65,215
91,740
Net overland to Aug. 23
Southern consumption to Aug.
Week
Aug. 1
239,847
11,137
364,000
Week
Takings
Receipts at ports to Aug. 23
17 1940
8.83 Aug. 17
1939
Since
Sight and Spinners'
120,000
Aug. 1
350,310
31,041
440,000
264,425
*8,549
821,351
*21,076
140,844
3,581
17 1940
December..
9.13
Aug. 17
9.29
1941—
January
1940
In
9.05 Aug.
February
March
9.02
April
May
9.04 June 20 1940
255,876
187,434
Total in sight Aug. 23.
July
Aug. 17
New York
Quotations for 32 Years
1932
9.10c.
1931
8.36c.
1930
8.45c.
7.00c.
11.45c.
1922
1937
9.73c.
1929
18.70c.
1921
1936
11.88c.
1928
1920
l
1923
1935
11.05c.
1934
13.2.5c.
1926
1933
9.30c.
1925
1914
1919
1918
23.25c.
1927
1915
22.25c.
15.00c.
33.50c.
32.1,5c.
35.1.5c.
1910
1917
19.10c.
21.5.5c.
19.05c.
15.85c
9.30c.
1916
26.45c.
25.35c.
1924
9.66c.
1940
23.20c.
800,275
1909
12.45c.
11.70c.
13.15c.
16.40c.
12.85c.
1913
1912
1911
76,872
17,538
Movement into sight in previous years:
on
The quotations for middling upland at New York
Aug. 23 for each of the past 32 years have been as follows:
1939
1938
118,766
Aug. 12 1941
8.89
7 1940
Aug.
549,769
North, spinn's* takings to Aug. 23 38,706
June
Week—
Since
Bales
Aug. 1—
Bales
611,632
-.1,048,145
752,541
.205,474 1938
376,592 1937
277,129 1936
1938—Aug. 25
1937—Aug. 27
1936—Aug. 28
At the Interior Towns, the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Market and Sales at New York
each day during the
The total sales of cotton on the spot
market for spot
are
Week
Season
SALES
Futures
51
Saturday.
__
Closed
Monday
Nominal
Tuesday
Wednesday.
Thursday
Friday
Nominal.
__
Nominal.
Nominal.
600
600
Barely steady.
Steady
Steady
Steady
Steady
Steady
Nominal
152
"~44
6,288
77
81
313
78,075
324
1,529
803
132
14
1,031
847
65,574
47
318
1,314
47,696
94,789
29
153
154,133
40
316
46,350
940
46,438
m
9
mm mm.
45
mmmm
51
51
39
43
37
37
98
56
5,694
434
1
7
53
10
863
641
12
158
22,611
115,608
20,181
48
75
184
59,261
17
18
668
153
28,703
10,279
28,436
92,217
110,839
300
300
Little
Rock
Newport
Bluff.
Pine
Walnut Rge
•
~
-
-
'mm
mm
Ga., Albany..
Athens....
388
388
227
998
1,900
2,368
5,223
4,778
300
1,300
200
1,960
434
United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
Columbus-
Exchange Administration of the
which
from
we
figures are given in bales of 500 lb. gross
Rome
1
741
Miss., Clarksd
253
955
54
140
768
827
362
389
8
8
25
Contracts
Aug. 16 Aug. 17 Aug. 19 Aug. 20 Aug. 21 Aug. 22
Aug. 22
1940—
11,100
9,000
9,900
4,800
7,000
10,200
313,000
December
16,900
11,500
13,500
11,300
9,900
16,200
393,300
5,800
March
7~ 500
8,400
3,300
6~800
May
6,300
5,900
5,700
1,600
8,800
3,300
2,800
1,400
2,200
1,900
2,600
2,400
235
25,355
967
2,449
1,400
200
71,355
116,850
31,900
23,854
300
350
216
1,101
100
32,415
3,801
4,580
3,085
607
3,816
1,001
74,108
47,244
30,152
„
mmmmmm
m
„
3
380
818
1,428
2,436
594
29
408
22
46
50
46
58,627
16,915
15,375
11,800
158
15,029
320
382
747
37,682
Mo., St. Louis
3,303
11,165
3,313
2,052
N.C., Gr'boro
226
289
122
758
101
201
273
1,193
13
146,679
254
777
249,722
56,126
548,541
-
*+
mm
m
„
m
Oklahoma—
72,023
1,969
Tenn., Mem's
Texas, Abilene
23,915
71,383
1,275
1,602
26,303
1
1
84
773
22,945
"15
436
90,654
94
74
9,161
18,090
2
94
3,936
1,186
3,541
462,186
Gr'ville
2,084
7,577
1,848
towns *.
S. C„
..
Dallas
36,800
2,700
106
2,984
7,677
27,102
4,455
125,000
171,400
July
27
594
2,851
208
9,800
100
39,069
11,674
1,171
Brenham
100
396
3,215
1941—
January
94,201
4
585
23
200
26
-
Austin
100
1,787
49
9,398
15
October
305
33,936
146,065
36,785
3,193
Vicksburg..
Yazoo City.
.
New York
12
263
Jackson
weight.
412
905
m
127
54,310
29,348
22,575
44,863
11,553
11,935
mm m m
431
Columbus..
Greenwood
Natchez
Open
300
mmmm
La., Shrevep't
The
compiled the following table.
have
Macon
1,845
m
46,579
rnmrnm
mmmmmm
m
265
27,582
35,226
Augusta
Delivery—The Commodity
Volume of Sales for Future
mmrn
mm
30,200
806
3,500
3,500
Aug. 1
34
Atlanta
Since
3
29,068
mmmm
4
Jonesboro..
500
mmmm
657
24,579
31,356
4
200
1,600
19,043
8,716
49,774
344
Ark., Blytbev.
Forest City
200
500
25
970
1,429
4,547
Hope
1,600
Nominal.
Aug.
81
Selma
Helena
week.
Total
176
13,285
Stocks
Week
Season
"34
Montgom'y
Total
Contract
Spot
Receipts
Week
1,394
Eufaula
Market
Aug.
23
Ship¬
ments
Slocks
Week
Receipts
Ala., Btrm'am
Closed
Ship¬
ments
Towns
and futures closed on the same days:
Spot Market
Movement to Aug. 25, 1939
Movement to Aug. 23, 1940
indicated in the following statement.
For the convenience of the reader we also show how the
week at New York
8,812
1,169
1,102
27,221
16,636
m
m
-
16
-
m
290
1,978
1,794
2,029
1,167
2,230
874
687
745
231
657
99
989
1,122
4,197
San
306
554
18
1,301
171
200
7
240
35
18,820
11,478
51
61
2,063
2,531
47,119 1893,294
45,666
161,669
Paris
mm
Marcos
Texarkana
m
.
15
-
233
1,488
1,177
38.205
118,089
Waco
mm
mm
12,510
m
879
Robstown..
Inactive months—
mrn
591
3,934
3,277
38,964
38,930
_
3,358
1,697
mm
m
2,125
m
3
34,895
578
18,148
200
September, 1940
Total,66 towns
44,600
Total all futures.
34,100
36,300
22.900
54.21512408,978
38,000 1,049,500
35,100
♦
Includes the combined totals of 15 towns in Oklahoma.
Open
New Orleans
Contracts
Aug. 14 Aug. 15 Aug. 16 Aug. 17 Aug. 19 Aug. 20
Aug. 20
1940—
2,350
2,700
1,650
3,900
2,350
1,150
48,800
750
October
3,750
3,500
950
3,000
2,450
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
47,450
December
Closing Quotations for Middling Cotton on—
1941—
January,...
"566
May
1~900
"§50
~650
"150
2",250
3,050
1,300
1,200
1,750
650
150
200
200
50
750
200
25,750
7,000
-
Monday
Saturday
Wednesday
Tuesday
Thursday
Friday
Aug. 23
30,050
1,650
March
July
Week Ended
950
%
15-16
K
15-16
Vi
15-16
Vs
15-16
Vi
15-16
V%
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
5,400
7,000
11,600
6.750
8.000'
6,700:
160,000
9.26
Supply of Cotton—Due to war conditions
cotton statistics are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
The Visible
visible supply of cotton and can give only
Alexandria and the spot prices at Liverpool:
1939
the stock at
243,000
5.52d.
4.74d.
14.54d.
8.38d.
6.25d.
5.17d.
4.49d.
3.88d.
4.95d
3.85d.
Week
3,215
o2,000
199
Via Louisville
----
-1939-
Aug. 1
9,546
9,000
426
91
3,090
17,432
11,504
overland
Deduct Shipments—
Overland to N. Y., Boston, &<
Total gross
12,466
3,000
Virginia points
Via other routes, &c
New Orleans.
9.60
9.80
9.60
9.8"
9.60
9.80
9.60
9.70
9.69
9.82
9.56
9.66
9.58
9.68
9.54
9.56
Savannah...
9.80
9.97
9.61
9.76
9.63
9.78
9.69
Norfolk
9.7 5
9.90
9.80
9.95
9.85 10.00
9.80
9.85
Montgomery.
9.90
9.75
9.65
9.75
9.65
9.75
9.65
9.65
10.97 10.86 10.01 10.88 11.03 10.49
9.90
10.35 10.15 10.35 10.15 10.35
10.56
Augusta
Memphis
48,961
a
Including movement by
Estimated.
8.77
.691 8.89
8.95
8.79
9.40
8.99
9.22
8.81
9.42
9.01
New Orleans Contract Market—The
11,448
10,475
3,313
2,100
"250
302
533
3,485
5,639
14,886
16,816
14,787
54,460
Aug. 17
433
215
2,275
20,436
37,824
11,206
3,074
3,074
11,137
3,581
708
■
23,419
31,041
Monday
Aug. 19
Tuesday
Aug. 20
Wednesday
Auq. 21
Thursday
Friday
Aug. 22
Aug. 23
1940—
9.23
—
9.23
9.186-9.19a 9.196-9.20a
9.31
9.27
9.20- 9.21
9.29
9.30-
9.27n
9.30
9.26
9.19
9.146
9.196
9.176
9.096
1941—
January
_.
9.066
9.096
March
9.066-9.08a 9.086-9.10a 9.136-9.15a 9.176-9.18a
May
8.876-8.88a
8.92
8.97
July
8.676-8.68a
8.70
8.77 n
9.10
9.016-9.02a 8.976-8.98a
8.79-
9.086-9.09a
8.91
8.81 8.766-8.78a 8.696-8.70a
Tone—
Spot
10,558
closing quotations
leading contracts in the New Orleans Cotton market for
the past week have been as follows:
-
661
rail to Canada.
9.30
.7510.05
9.20
for
December.
8,430
8,430
.
♦
10.10
9.15
9.35
8.77
October
8,256
Leaving total net overland *_«—
9.66
10.35 10.05 10.35 10.05 10.35 10.05
9.10
Aug. 1
34,878
2,285
.
10.15
DaUas
Futures...
Quiet
Quiet
Quiet
Quiet
Quiet.
Quiet.
Steady
Steady
Steady
Steady
Steady.
Steady.
Activity in the Cotton Spinning Industry for July,
Bureau of the Census announced on Aug. 20
1940—The
according to preliminary figures 24,747,636 cotton
spinning spindles were in place in the United States on
July 31, 1940, of which 21,916,700 were operated at some
time during the
month, compared with 21,942,748 for
June, 22,217,302 for May, 22,301,218 for April, 22,555,036
that,
Total to be deducted
10.79
Houston
Since
Week
174
.
9.14
Saturday
Since
Via Rock Island
9.38
and Since Aug. 1
1940
Via Mounds, &c
9.18
4.98d.
Aug. 23—
Via
5.83d.
4.63d.
Overland Movement for the Week
Via St. Louis
9.36
5.63d.
5.59d.
8.83d.
'
9.16
89,000
•
6.43d.
fine, Liverpool
Shipped—
1937
1938
151,000
Egypt, good Giza, Liverpool
Peruvian Tanguis, g'd fair, L'pool
Broach, fine, Liverpool
C. P. Oomra, No. 1 staple, super¬
9.32
Little Rock.. 10.05
1940
197.000
8.l8d.
Aug. 23—
Stock in Alexandria, Egypt
Middling upland, Liverpool
9.08
Mobile
Total all futures
Galveston
The Commercial & Financial Chronicle
1166
March, 22,803,796 for February, and 21,939,404 for
July, 1939.
The aggregate number of active spindle hours
reported for the month was 7,535,391,527.
Based on an
activity of 80 hours per week, the cotton spindles in the
United States were operated during July ,1940, at 86.5%
capacity.
This percentage compares, on the same basis,
with 87.1 for June, 89.4 for May, 92.1 for April, 94.4 for
March, 99.6 for February, and 81.9 for July, 1939.
The
average number of active spindle hours per spindle in place
for the month was 304.
The total number of cotton spinning
for
spindles in place, 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
Aug. 24, 1940
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Aug. 25, 1939
Aug. 23, 1940
Feet
Feet
2.1
10.4
Above zero of gauge.
Above zero of gauge.
1.6
7.9
9.2
7.5
Above zero of gauge.
—0.8
of gauge.
New Orleans
Above
Memphis
Above zero of gauge.
Nashville
Shreveport
Vicksburg
Receipts
from
zero
9.3
3.7
4.9
Plantations—The following table
the
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:
for July
Spinning Spindles
Stale
Week
Average Per
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantation
In Place
Active Dur¬
July 31
ing July
Total
Spindle in Place
United States
24,747,636
21,916,700
7,535,391,527
304
Cotton growing States
18,134,482
5,884,114
729,040
16.730,456
5,995,461.101
1,394,155,348
237
145,774,078
200
7.
27,624
16,177
20,069 2220,186 2600,639 2138,496
Nil
Nil
Nil
14.
32,919
23,331
Nil
7,966
1,686,260
582,111,259
324
21.
25,190
36.239
27,019 2190,925 2570,117 2119 305
24.113 2152,669 2541,961 2100,775
3,658
Nil
8,083
5,532
Connecticut
1,799,058
517,836
452,462
3,282
3,210,466
2,911,848
505,442
114,531,885
1,037,010,139
28.
Georgia
323
135,208,983
198
End.
1939
1940
1939
1940
1938
1939
1940
1938
1938
May
24.
New England States.
All other States
'..
Alabama
Maine
4,581,762
604,482
684,572
42,308
16,953
14.112 2288,087 2867,674 2194,843
9.324
Nil
Nil
31.
331
30,472
17,870
17,425 2255,647 2635,929 2167,585
Nil
Nil
Nil
June
221
40.690
26,909
22,893 2100,527 2512,919 2081,164
Nil
Nil
5.
27,653
26,363
17,684 2061,441 2490,599 2053,520
Nil
July
3,331,000
2,544,118
791,745,863
12.
19,555
33.685
32.676 2034,995 2462,476 2024,282
Nil
150,704
89,952
31,359,578
208
19.
19.881
58,075
43,924 2013,138 2444,446 1997,556
Nil
229,874
80,666,518
263
26.
21,723
73,527
53,593 1980,272 2434,289 1978,400
Nil
63,370
Aug.
64,962
60.375
73,404
49,379 19*4,131 2441,606 1951,616
72,192
61,885 1925/0
Mississippi
New Hampshire
330,616
271,092
65,912,596
199
5,842,780
5,425,222
815,594
1,839,204,009
258,841,6,51
315
274
9.
5,515,604
554,770
5,268,426
371
16.
78,606 101,982
404
23.
91,740 140,844
Texas
237,024
221,932
Virginia
639,706
681,306
440,090
2,046,062,201
224,025,543
76,015,094
118,347,158
134,349,050
New York
North Carolina
945,400
Rhode Island
South Carolina
Tennessee
All other States
539,334
515,054
2.
185
Bushels
Warehouse
Storage
Stale—
Storage
Amount
1,819,927
620,242
Indiana
....
......
671
Kansas..,..
Kentucky
Maryland..,
Michigan
...
Minnesota............
2,830.64
22,654.36
7,543.18
2,085,583.22
107,113.17
2,885,390
Montana
Nebraska
610
New Mexico.....
004
North Dakota
192,868
2,504,932
13,651
1,782,370.76
11,329.59
21,556
Ohio
Oklahoma
303, 092
Oregon
12, 723
Pennsylvania
472,491.27
8,852,138.88
225,757.26
4,874.13
6,611
326,994
Tennessee........
_
.......
16,595
.....
Utah
239.976.58
158.322.59
10,507,164
7,623,509.81
23,229.58
46,924
Virginia
38,597
Washington
29,028.55
360,457
....
33 753
85,433
67,385
74,360 132,295
83,722
(1) That the total receipts
from the plantations since Aug. 1, 1940, are 174,632 bales;
in 1939 they were 229,234 bales and in 1938 were 198,661
bales.
(2) That although the receipts at the outports the
past week were 91,740 bales, the actual movement from
plantations was 74,360 bales, stock at interior towns having
decreased 17,380 bales during the week.
Alexandria Receipts and
Shipments—The following
the receipts and stock shipments, for the past week
the corresponding week of the previous two years:
1940
Alexandria, Egypt,
Aug. 22
are
and for
1938
1939
Receipts (cantars)—
This week
Since Aug.
1
3,000
9,000
...
2,500
11,269
1,200
49,200
This
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
Exports (bales)—
To Liverpool
2,300
To Manchester, &c
To Continent & India
2"66O
~2~,666
4,200
12,100
To America
7,000
7,000
300
9,000
9,000 18,900
2,800
7,400 3~400
33,600 13,000
Total exports
3,194
6,942
33,339
535
1,500
45,300 16,400
,
44,010
16,002.25
621,563
12,040,928
374,541
201,876
South Dakota
22,595
64,657
212,232.20
11,342,081.49
145,003.73
15,984,417
194,581
3,884
33,173
10,425
....
80,721
31.84 i
63,675
448,074.94
.....
Missouri
Texas
1,419,502.44
296,588
....
Iowa..
$40,795.39
308,177.91
214,218.99
912
i—,
....
Illinois
57,881
483,931
404,383
California
Colorado
38,821
2434,071 1933,484
73,033 1910,674 2417,522 1927,836
78,102 1893,294 2408,973 1922,216
The above statement shows:
197
Wheat Loans—The Commodity
Credit Corporation announced Aug. 21 that through Aug. 8,
1940, 70,955 producers had secured loans totaling $36,019,761.58 on 50,081,261 bushels of wheat stored in local
warehouses and farm storage in 29 States.
The average
amount of wheat per loan was 710 bushels valued at $507.64.
The outstanding loans by States were:
Farm
3,438
17,198
44,437
321
CCC Reports on 1940
Idaho.......
Nil
40,045
306,794
Massachusetts
238
4,043
5,562
205,558.66
West Virginia
2,981
2,581.69
24,784
Manchester Market-—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Production is being curtailed slowly.
We give prices today below and leave those for previous weeks
of this and last year for comparison.
16,778.32
50,081,261
This statement shows that the receipts for the week ended Aug. 22 were
3,000 cantars and the foreign shipments 9,000 bales.
$36,019,761.58
Wisconsin.....
Wyoming
Total
336,608
1949
8X
32s Cop
ings,
by Telegraph—Telegraphic advices to us this
evening denote that cotton has improved in the western por¬
d.
tions of the belt but the excessive moisture in the east has
been detrimental.
In Texas the condition of cotton is fairly
s.
d,
Cotton
SH
Middl'g
32s Cop
Upl'ds
Common
Twist
d.
d.
d.
8.
Lbs.
ings.
Shirt¬
Common
to Finest
s.
d.
Cotton
Middl'g
Upl'ds
d.
s.
d.
May
good.
1939
Shirt¬
to Finest
Twist
Returns
IM.
June
Rain
Days
Inches
2
1.92
1
1
2.03
0.34
3
0.61
Brownsville
1
El
Paso
1
Fort Worth
Huntsville,
High
Low
Mean
88
56
72
90
55
73
98
63
81
0.01
97
95
68
60
83
0.01
0.29
90
58
74
0.28
99
58
79
1
Houston
81
1
,
69
1
Amarillo
Abilene
Nominal
31„
Nominal
Closed
78
79
0.55
98
60
2
1.71
96
55
76
3
1.83
98
54
76
64
Luling
Nacogdoches
0.23
103
2
1.83
94
58
2
0.44
92
55
Taylor
1
99
60
Weatherford
1
0.87
0.75
74
80
89
59
74
0.86
86
37
1110^@12
IX
14.04
IX
IX
7X
8X®
8H@
Closed
9H
9
@93
5.48
5.49
9H
9
@93
9M@10H
9
9J4@10
9
@10
9
7.82
9
7.60
9
@10
9
@93
@93
@93
@93
9
14-
14.04
11 10«@12
11 10H@12
21-
14.22
12
28-
14.06
12
4^@12
6
@12
5-
14.13
12
6
@12
9
7.82
9
@10
12-
14.25
12
6
@12
9
7.98
9
@10
19..
14.19
12
6
@12
9
7.83
8H@
m
26-
14.05
12
4^@12
9
7.95
8H®
9X
@93
9
@93
8 10X@ 9
3
8 10X® 9
IX
2„
7X
7X
7.82
8%®
9%
8 10X®
9
IX
7.84
8H@
9*4
8
10X@
9
IX
5.22
9
8.19
8 \QX©
9
IX
5.14
9
8.18
8H© 9H
9
@10
Closed
7.25
9
5.77
5.76
6.66
6.62
July
6.61
6.52
5.23
5.40
Aug.
14.00
12
4**@12
9—
14.04
12
16„
14.26
12
4X@12
6
@12
23„
14.37
12
6
@12
9
5.28
5.52
@93
76
Paris
14 04
7..
Rainfall
Texas—Galveston
24-
1
Oklahoma—Oklahoma City
Arkansas—Fort Smith
1
dry
Orleans
89
58
67
73
dry
Little Hock
Louisiana—New
84
93
55
74
1
1.88
94
71
96
60
78
96
59
78
News—As
made up
Bales
83
1
Shreveport
shown on a previous page, the
United States the past week
The shipments in detail, as
from mail and telegraphic reports, are as follows:
Shipping
exports of cotton from the
have reached 3,019 bales.
Mississippi—Meridian
2
0.90
0.21
Alabama—Mobile
3
0.55
94
62
81
1
0.20
96
55
76
2
0.19
96
62
79
4
2.99
97
69
Galveston—
Bales
New Orleans—
83
Birmingham
Florida—Jacksonville
3
1
1.27
93
73
83
0.15
83
0.04
93
98
72
4
Tampa
Georgia—Savannah
71
84
93
62
78
79
Atlanta
dry
Augusta
94
65
2
0.58
98
67
South Carolina—Charleston
3
3.22
96
68
83
82
North Carolina—Asheville__„
1
0.01
89
54
72
74
dry
Raleigh
Nashville
1
_.
0.04
91
57
2
Tennessee—Memphis
Chattanooga
0.35
92
61
77
1
0.48
91
61
75
1
0.06
94
56
75
1
0.42
99
57
78
To Great Britain
To
Japan
—
1,479
82
Houston—
To Great Britain
To Great Britain
To Japan
1,292
Norfolk—
*
Total.
Cotton
York
41
125
3,019
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
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.
Liverpool Imports, Stocks, &c.
Volume
The Commercial & Financial Chronicle
151
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
Spot
Saturday
Monday
Tuesday
Quiet
Moderate
demand
Thursday
Friday
Moderate
Moderate
demand
doing
A fair
12:15
P. M.
Mid. upl'ds
Futures
Market
CLOSED
8.26d.
|
Quiet, 1 pt.
1
opened
dec.
I
pt.
8.31d.
Steady,
1
3 points
dec.
advance
pt.
to
1
On
bushel
Quiet,
1 to 2 pts.
4 to 5 pts.
decline
decline
4
P. M.
pts.
dec.
pt.
adv.
decline
pt.
dec.
22d
of
to
grain.
fill
to
Aug. 17
decline
Sat.
Tues.
Mon.
given below:
Frl.
Thur..
Wed.
than 4c.
more
above
the
1940 lows reached
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
a.
7.57
7.53
d.
7.54
Oct., 1940
*
December
*
7.40
Jan., 1941
*
7.28
7.30
7.28
7.23
7.23
7.25
7.23
7.19
7.19
March
*
7.13
7.16
7.14
7.09
7.08
7.10
7.08
7.04
7.05
May
*
7.00
7.03
7.01
6.98
6.96
6.98
6.96
6.92
belt attracted trade attention.
Damage to Canadian crops,
July...
*
6.87
6.90
6.88
6.86
6.84
6.86
6.83
6.80
6.80
*
7.65
7.60
7.53
7.56
7.59
7.30
7.34
7.33
7.39
Closed.
harvesting is well
as
advanced in the affected
areas.
The upturn induced some
short covering, and further gains in securities also encour¬
grain
buying.
Pit
brokers
said
yesterday's
recovering prices had done much to
strengthen the market's technical position.
There were re¬
ports that consuming interests were having difficulty in
picking
up
that
much
sufficient supplies at terminals due to the fact
new wheat is going into storage.
Today prices closed % to IV2C. net lower.
Profit-takers
so
who
sought
wheat
to
price
realize
modest
since
advance
gains
1940
as
lows
quotations lc.
sales
to
the
local
jobbing
trade
have
4c.
a
established
a
today to lower
bushel before the market steadied.
There
evidence, however, that milling interests again took
advantage of the setback to take wheat futures, probably
was
»
Friday Night, Aug. 23, 1940
Flour
a
of
result
a
were
week ago, brought enough selling into the pit
BREADSTUFFS
setback
after three sessions of
6.93
7.63
last
Strength in securities and reports of below freez¬
ing temperatures last night in parts of the Canadian wheat
aged
to
Aug. 23
coming flour re¬
helped to lift wheat prices more than lc. a
Chicago Board today, carrying the market
however, was not expected to be great,
Prices of futures at Liverpool for each day are
A
% to %c. net higher.
prices closed
buying of wheat
the
on
level
a
inst.
mill
for
demand
Friday.
Quiet, st'y. Quiet 3 pts. Quiet, st'y, Quiet 1 pt. Quiet, st'v,
3 to 4 pts.
adv. to 1
4 to 6 pts.
unch.to 3
dec. to 1
Market,
the
quirements
Steady,
adv.
international
renewal
8.18d.
8.25d.
8.18d.
Quiet, 2 pts
adv.
to
necessity because of
A recognized
Canadian expert, after an extensive survey of the wheat belt,
predicted the Dominion's winter and spring wheat crop would
total 514,000,000 bushels, which, with carryover, will give
Canada a total supply of 815,000,000 bushels.
lagging
business
demand
Wednesday
Market,
1167
fact that this procedure is virtually a
shown
a
A. general im¬
anticipated, however,
particularly in regard to deliveries.
Shipping instructions
within the past week have shown a modest expansion, but a
seasonal spurt of a substantial nature is anticipated within
in lifting hedges against flour business as well as accumu¬
lating for possible future delivery.
This method of buying
slight increase, according to mill interests.
is
provement in activity from now on is
There
a
week to 10
days.
Wheat—On the
17th inst. prices
closed
to lc. net
higher. Wheat prices pushed upward another cent a bushel
today, extending the rally from seasonal low levels reached at
the bottom of Friday's 5c. break.
Although war news con¬
tinued to disturb the trade, greatly enlarged consumer de¬
mand for flour as well as some speculative short covering
helped to bolster market support.
After an opening dip,
prices scored net gains of as much as
to lc. higher than
previous finals. Lifting of hedges by mills in connection with
improved flour business stimulated by yesterday's price
decline accounted for much of the buying support.
Kansas
City millers reported a substantial expansion in demand for
flour, business having been one of the heaviest in a single
day since the season began.
Resting bids were put into
execution and there was also an active run of new orders.
off 20c. a barrel at the low point yesterday.
prices closed %c. to %g. net lower. Wheat
prices dipped l^c. at one time today to within about a cent
of the year's lowest level, but then rallied.
Hedging sales in
connection with the .largest receipts of the season at spring
wheat terminals, liquidation of Sept. contracts which become
deliverable in 2 weeks, and trade nervousness over the war.
accounted for the selling.
Buying attributed mostly to mills
helped the rally. Traders who considered that Chicago wheat
prices were about 12c. under the Government loan rate while
Minneapolis prices were 20c. lower than the value of wheat
stored as collateral there, were not inclined to press the
market. Minneapolis and Duluth, the principal spring wheat
terminals, received 2,499 cars, compared with 1,159 a week
ago and 1,650 a year ago, but not much of this grain was
put up for sale. Government statistics indicated that at midAug. 60,000,000 bushels of new wheat were under loan,
22,000,000 more than on Aug. 6.
As of Aug. 26 last year,
the total was only 57,000,000 bushels.
On the 20th inst,
prices closed 13^ to l%c. net higher. Wheat futures dis¬
played a firm tone today and the advances continued through¬
out the session.
Mill buying, short covering and the strength
displayed at Minneapolis were factors contributing to the
rise.
The May delivery advanced as much as 2c. a bushel.
News of the war on England failed to act as a market factor.
Reports of renewed air raids attracted little attention. The
spring wheat movement has about reached its peak, with the
receipts of 2,500 cars at Minneapolis and Duluth yesterday.
Traders estimated, however, that only about 10% of it went
into the open market.
This meant that 90% went direct
into storage, presumably to be sealed under the Government
Flour prices were
On the 19th inst.
loan program.
Uncertainties regarding the progress of the
long-heralded blitzkrieg on England acted as a brake also
on anything like normal trading in wheat.
On the 21st inst.
prices closed 1Ag. to Mc. net lower. A letup in flour business,
which was stimulated by last week's sharp price slump,
permitted wheat prices to slip about a cent a bushel at one
stage .today, but the market recovered partially before the
close.
Profit taking and placing of hedges against limited
quantities of new wheat offered for sale, accounted ror much
of the moderately active selling.
Strength in securities
helped to support the market here. Prices developed an easy
tone at times, largely by way of reaction from Tuesday's
bulge, most dealers regarding the British statements that
exporting countries would be encouraged to build up re¬
serves.
Stocks of foodstuffs for shipment to Continental
Europe when war is over, is
slightly ironical in view of the
apparently the most economical just now, brokers said.
was little lifting of hedges by elevator
interests, but
placing of hedges
likewise
only minor quantities of
sale.
for
Traders
said
was
new
on
a
small
scale
because
wheat coming to market
storing apparently
is
on
a
are
larger
scale than a year ago, although there is no way of deter¬
mining how much of the grain being held off the market
will
come
under
that
loan
rates
not
the Government
well
are
above
loan program.
market
The fact
prices stimulates
only acceptance of loans, but also encourages a holding
on the part of producers not eligible for the
loan,
Open interest in wheat tonight was 79,114,000
attitude
traders said.
bushels.
DAILY
_
CLOSING
PRICES
DAILY
OF WHEAT
Sat.
.
No. 2 red
Mon.
87%
CLOSING
PRICES
OF
WHEAT
Sat.
Mon.
69^
December.
71
68^
70%
71%
71%
-
Season's High and
September —111 %
December
85%
May
78
DAILY CLOSING
Wed.
88%
Tues.
Thurs.
88%
FUTURES
September
May
NEW YORK
IN
Tues.
86%
IN
Wed.
70%
72%
73%
88%
Thurs.
70%
71%
73
Fri.
87%
CHICAGO
70%
72%
73%
Fri.
69
71!
73
When Made
I
Season's Low and When Made
Apr. 18, 1940 September
Aug. 16, 1940
66},
68 %
May 27, 1940 December
Aug. 16, 1940
July 24, 1940 May
70
Aug. 16, 1940
PRICES
OF WHEAT FUTURES IN WINNIPEG
Sat.
73%
October
December
Mon.
73%
Wed.
Tues.
73%
Thurs.
73%
73%
Fri.
73%
May
Corn—On the 17th inst. prices closed unchanged to }/io.
Corn prices held to a narrow range.
Handlers booked
140,000 bushels to arrive and sold 56,000 bushels for ship¬
ment.
On the 19th inst. prices closed unchanged to %<s.
down.
Corn declined almost a cent at one stage, reflecting
up.
good rains in the Ohio Valley and Illinois.
Receipts of 186
and bookings of 68,000 bushels attracted attention,
although the latter was smaller than country sales several
days last week.
On the 20th inst. prices closed % to lc.
net higher.
Recent ample showers over most of the corn
belt have had a favorable effect, but traders said that at
this date weather would not be much of a price factor except
in the event of an early frost which might damage late corn.
Recent advances in livestock and the drop in new corn
futures to around the 55c. level has improved the corn-hog
ratio.
On the 21st inst. prices closed unchanged to l/io.
off.
Corn prices were off about a cent at times, reflecting
increased country selling, with 160,000 bushels booked to
arrive early today on top of 183,000 bushels yesterday.
Traders said expanding marketings may reflect clearing of
crib space for new crop.
cars
On the 22d inst.
prices closed %c. off to %c. up. Corn was
setady, due to the fact that spot market prices are several
cents over future quotations due to the loan program.
Re¬
totaled 200 cars, the largest in some time.
net lower. The corn market,
price changes, ruled steady.
Country sales of corn were on a fairly liberal scale, but
receipts at Chicago which did not go directly into com¬
mercial hands were well taken.
Open interest in corn
tonight was 22,795,000 bushels.
ceipts, however,
Today prices closed % to %c.
while showing no spectacular
DAILY CLOSING PRICES
OF CORN IN NEW YORK
Sat.
No. 2 yellow
T>AILY CLOSING PRICES
May™-..-
Mon.
80%
-
80
Wed.
Tues.
80%
55
85
56 X
December
and When Made
]
Season's Low and
70
May 15, 1940 (September — 52%
60%
June 12, 19401 December
53%
May
61%
July
81
Fri.
80%
O^ORNJUTCRES m CHICAGO
828 828 818 8L
888
Season's High
September
Thurs.
81
24, 19401 May
54%
56 X
65
When Made
May 18,1940
July 15.1940
Aug. 16,1940
The Commercial & Financial Chronicle
1168
the 17th inst. prices closed 3^c. off to y<$.
Handlers sold 27,000 bushels of oats.
Fluctuations
in oats were narrow.
On the 19th inst. prices closed un¬
changed to V%<3. off.
Truckers in down-State Illinois were
reported paying 29c. for No. 2 white oats, about equal to the
Chicago price.
On the 20th inst. prices closed I ye. net
higher.
The oats futures market was firm during most of
the session, though trading was light.
There was scattered
hedge selling in evidence, but offerings appeared to be
quickly taken.
On the 21st inst. prices closed unchanged to
ye. lower.
Trading was very light, with price range narrow.
On the 22d inst. prices closed % to %c. net higher.
Trad¬
ing was light and without particular interest.
Today prices
Oats—On
Flour
Wheal
Corn
bush 60 lbs
bush 56 lbs
The oats market ruled heavy
sympathy with the sharp declines reg¬
New
bush 32 lbs
15,000
24,000
Baltimore-
10,000
36,000
New Orl'ns*
istered in wheat values.
OF OATS FUTURES IN CHICAGO
DAILY CLOSING PRICES
27%
27%
29
May
September
...
December
May
27
27%
29
Season's
/
When Made
I
Apr. 19, 1940 September
June 12, 1940 December
July 30, 1940 May
Season's High and
36
34%
32
28%
Thurs.
28%
28%
28%
22,000
Fri.
29%
28%
26%
Thurs.
December
-
28
26
86,000
1,182,000
309,000
32.000
4,000
82,790,000
22,213,000
2,797,000
1.702,000
282,000
3,223,000
509,000
326,000
33,000
230,000
9,492,000
1940
64,872,000
13,497,000
3,250,000
506,000
4,026.000
1939.
Week
1939
*
Receipts do not Include grain
28%
26%
28%
26%
28%
26%
28%
The exports from the several seaboard ports for the week
ending Saturday, Aug. 17, and since July 1, are shown in
the annexed statement:
%c. net lower.
The rye market ruled heavy in sympathy
with the reactionary trend of the wheat market.
On the
20th inst. prices closed iyc. to l%c. net higher.
Rye
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
264,000
Philadelphia
Baltimore.....
..
New
with other grains and
Demand was general
and offerings were scant.
On the 21st inst; prices closed
ye. to ye. net lower.
The rye market ruled heavy in sym¬
pathy with the declines in wheat values.
The lows of the
day in rye prices were one cent under previous finals.
prices closed unchanged to %c. lower.
inst.
relatively quiet, with prices moving within
range.
Today prices closed Vs to %c. net lower.
futures market was relatively steady and failed
respond to the weakness displayed in the wheat market.
narrow
a
The
to
rye
DAILY
CLOSING
OF RYE FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
PRICES
September
37%
37%
38%
December
40%
40%
41%
May
43%
43%
44%
Season's High and
38
40%
43%
September... 76%
50%
May
50%
OF RYE
Tues.
October
Mon.
41%
41
41%
December
Wed.
41%
42%
42
42%
45%
44%
May
DAILY CLOSING PRICES OF BARLEY FUTURES
Sat.
Mon.
33%
32%
May
Closing quotations
Made
19, 1940
19, 1940
19,1940
Thurs.
42%
43%
Fri.
42%
IN WINNIPEG
Wed.
32%
31%
32%
32
30%
_/.
December
Tues.
37%
40%
43%
WINNIPEG
FUTURES IN
Sat.
DAILY CLOSING PRICES
October
37%
40%
43%
When Made
I
Season's Low and When
Aug.
36%
Apr. 22, 1940 September
38 %
May 29 1940 December
Aug.
42%
Aug.
July 24, 1940 May
December
Thurs.
Fri.
33%
33%
35%
33%
33%
35%
follows:
were as
FLOUR
Rye flour patents
.3.55@3.65
Seminola,
bl., bulk basis.
@5.55
2.45
Spring pat. high protein..4.75@4.90
Spring patents
4.45@4.65
Clears, first spring
4.15 @ 4.35
Hard winter straights.
@
Hard winter patents
410@4.25
Hard winter clears
.
Oats good
Corn flour
2.40
_
100,000
112,000
687.000
86",000
5,000
Orleans..
Montreal
Total week 1940.
1,256,000
198,000
a48,070
Since July 1, 1940
15,146,000
5,684,000
a314,100
9,000
155,000
55,000
1939.
3,341,000
16,103,000
169,000
89,785
27,000
519,000
700,098
235,000
674,000
205,000
1.567,000
Since July 1, 1939,
a
comprising the stocks in
points of accumulation at lake and
ports Saturday, Aug. 17, were as follows:
visible
The
supply of grain,
at principal
granary
seaboard
Prices Withdrawn
Coarse
Fancy pearl (new) Nos.
1.2-0.3-0.2
,
87% 1
83%
,
No. 2 yellow,
80%
Oats
Bushels
.■
afloat
Baltimore
Bushels
126.000
2,000
7,000
3,000
3,000
2,000
125,000
22,000
660,000
Philadelphia....
Barley
Rye
Bushels
15,000
New Orleans
1,010,000
112,000
Galveston
•
3,000
21,000
7,000
83,000
249,000
1,000
38~666
i7i"o6o
9,000
1,941,000
Fort Worth
11,420,000
Wichita
13,000
5,175,000
Hutchinson
9,380,000
2,000
6,648,000
42,522,000
679,000
120,000
14,000
Kansas City
927,000
4,000
356,000
1,000
Omaha
10,957,000
8,239,000
31,000
222,000
10,000
Sioux City
St. Louis
1,169,000
1,159,000
228,000
4,000
8,666,000
423,000
128,000
15,000
16,000
Indianapolis
2,701,000
1,178,000
305,000
469,000
204,000
173,000
130,000
16,233,000
5,882,000
1,080,000
1,114,000
St
Joseph
Peoria
Chicago...
«•
-.*.«■.*
-
4,000
113,000
330,000
199,000
On Lakes
891.000
623.000
65,000
686,000
1,082,000
Minneapolis
1,405,000
14,777,000
3,158,000
677,000
2,538,000
Duluth
15,952,000
1,594,000
245,000
3,380,000
560,000
Milwaukee
Detroit
180,000
2,000
5,000
1,966,000
2,000
Buffalo
4,438,000
690,000
79,000
540,000
1,186,000
135,000
69,000
269,000
"
afloat
On Canal
Total Aug. 17, 1940..157,343,000 24,905,000
Total Aug. 10, 1940.-156,571,000 25,026,000
Total Aug. 19, 1939..146.520.000 14,892,000
♦
Baltimore also
130,000
445,000
128,000
4,185,000
8,792,000
3.094,000
8,762,000
10,197,000
8.162,000
has 107,000 bushels Australian wheat in store.
6,081,000
4,765,000
9,606,000
Note—Bonded grain not included above:
Oats—Buffalo, 261,000 bushels; Buffalo
afloat, 125,000; total, 386,000 bushels, against 48,000 bushels in J.939.
Barley—
New York, 162,000 bushels; Buffalo, 840,000; Baltimore, 156,000; total, 1,158,000
bushels, against 72,000 In 1939.
Wheat—New York, 1,112,000 bushels; New York
afloat, 452,000; Boston, 2,311,000; Philadelphia, 1,018,000; Baltimore, 1,084,000;
Portland, 1,211,000; Chicago, 45,000; Buffalo, 5.380,000; Buffalo afloat, 918,000;
Duluth, 2,732,000; Erie. 1,956,000; Albany. 7,401,000; on Canal, 1,353,000; in transit
—rail (U.
8.), 3,638.000; total, 30,611,000 bushels, against 6,582,000 bushels in 1939.
Corn
Oats
Rye
Barley
Bushels
Wheat
Bushels
Bushels
Bushels
Bushels
551,000
990,000
310,000
442,000
571,000
707,000
3,156,000
Lake, bay. river & seab'd 61,992,000
Ft. William & Pt. Arthur 79,487,000
Other Can. & other elev. 109,474,000
768,000
3,027,000
Total Aug.
Chicago,
4,697,000
1,520,000
4,305,000
4,772,000
1,432,000
6,738,000
1.456,000
42
56%
3,876,000
5,860,000
4,185,000
4,697,000
8,792,000
1,520,000
6,081,000
4,305,000
Summary—
American
40 lbs. feeding
I
17, 1940.-250,953,000
10, 1940.-249,045,000
19, 1939— 85,297,000
Total Aug.
No. 2 white
Rye, United States, c.i.f
■
all rail
"
96,000
60,000
New York
Total Aug.
Oats, New York—
Barley, New York—
Corn, New York—
Corn
Bushels
4.75@6.75
GRAIN
Wheat, New York—
No. 2 red, c.i.f.. domestic
Manitoba No. 1, f.o.b. N. Y
STOCKS
GRAIN
Wheal
Bushels
United States
*
36,000
Export data not available from Canadian ports.
Canadian—
Barley goods—
Nominal
43,070
205,000
New York
a strong tone in sympathy
closed at net gains of iye. to iye.
was
■;
Corn
developed
the 22(1
-■
Wheat
Exports from-
28
Rye—On the 17th inst. prices closed ye. to %e. net
higher.
The rye market was firm in sympathy with the
firmness of wheat.
On the 19th inst. prices closed ye. to
On
passing through New Orleans for foreign ports
through bills of lading.
on
Total week
This market
1,165,000
Since Jan. 1
Fri.
27%
27%
25%
October
May
687",000
199,000
,
Since Jan. 1
28%
Aug. 16, 1940
Aug. 19, 1940
Aug. 16, 1940
Wed.
14,000
2,000
Tot. wk. '40
30
30%
29%
Low and When Made
Tues.
Mon.
2,000
8,000
60,000
7,841,000
Montreal.
30%
26%
27 %
28%
36,000
Galveston..
27%
28%
FUTURES IN WINNIPEG
DAILY CLOSING PRICES OF OATS
Sat.
Wed.
Tues.
Mon.
Sat.
September
December
2.000
6,000
50,000
30.000
Barley
bush 56 lbs bush 48 lbs
4,000
125,000
385,000
122.000
York.
Boston
Philadelphia
% to %c. net lower.
towards the close, in
Rye
Oats
bbls 196 lbs
Receipts at—
higher.
closed
Aug. 24, 1940
57%
157,343,000 24,905,000
Canadian
250,953,000
48-57N
cash
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 last Saturday and since Aug. 1 for each
Total Aug. 17, 1940.-408,296,000 24,905,000
Total Aug. 10, 1940-405,616,000 25,026,000
Total Aug.
10,312,000 10,386,000
7.866,000 10,194,000
8,641,000
8,882,000
19, 1939-231,817,000 14,892,000 16,935.000
The world's
shipments of wheat and
9.618,000 15,466,000
corn, as
furnished by
Broomhall to the New York Produce Exchange for the week
ended
Aug. 16 and since July 1, 1940, and July 1, 1939, are
of the last three years:
Flour
Chicago
Minneapolis
Wheat
bbls 196 lbs
Receipts at-
bush 60 lbs
200,000
612,000
6,368,000
1,234,000
Corn
bush 56 lbs
Oats
bush 32 lbs
Rye
bush 56 lbs bush 48 lbs
1,418,000
166,000
560,000
32,000
Week
Exports
Aug.
304,000
2,274,000
444,000
14,000
205,000
59,000
219,000
4,000
2,000
Toledo....
30,000
Buffalo....
3,465,000
490,000
128"000
Indianapolis
173,000
257,000
195,000
381,000
552,000
240,000
1,237.000
16,000
104,000
Since
July
16,
1,
Since
July
1,
Week
Aug.
16,
Since
Since
July 1,
July 1,
1940
1940
1939
1940
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
160.000
27,000
1,607,000
Corn
Wheat
Barley
Duluth
Milwaukee
St.
.
Louis..
Peoria
Kansas City
Omaha
St.
15,000
104,000
34,000
16,000
45,000
575,000
216,000
Joseph.
42,000
166,000
Wichita
Sioux City.
2,947,000
3,000
7,000
110,000
42,000
13,000
244,000
113,000
98,000
24,000
9,000
5,000
104,000
353,000
41,000
37,000
No. Amer.
3,598,000
23,367,000
29.541,000
0,656,000
512,000
5,578,000
509.000
560,000
2,906,000
21,029,000
21,785,000
2,295,000
8,099,000
574,000
25,634,000
Black Sea.
Argentina.
Australia
9,329,000
.
India
Other
countries
94,000
Total
68,000
41,000
95,000
27,000
369,000
14,855,000
4,950,000
407,000
10,798,000
4,806,000
4,324,000
717.000
Same wk '39
815,000
4,486,000
Same wk '38
401,000
14,302,000
3,434,000
2,651,000
3,890,000
6,619,000
1,680,000
4,038,000
1,362,000
9,321,000
192,000
2,376,000
4,816,000
146,000
1,766,000
10,276,000
6,696.000
47,332,000
72,127,000
2,953,000
15,443,000
36,993.000
66,000
Tot. wk. '40
—
Weather
Since Aug
1940
I
1939
1,233,000
1,249,000
1938
1,214,000
40,176,000
33,323,000
44,797,000
11,972,000
8,145,000
13,566,000
9,876,000
12,901,000
19,749,000
2,372,000 13,429,000
4,203,000 11,539,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Aug. 17, 1940 follows:
Report for the Week Ended Aug. 21—The
of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
weather for the week ended Aug. 21, follows:
general
summary
A low-pressure area was central most of the week over the Carolinas,
producing heavy rains along the Appalachian Mountains and adjacent sec¬
tions.
Unsettled weather, attended by widespread showers, prevailed over
Central Valley areas until the 18th when a high-pressure area moved in
over the northern Great Plains.
At the close of the week, the central parts
of the country were dominated by high pressure, accompanied by lower
temperatures and fair weather.
The
151
Volume
central
temperatures were somewhat sub-normal in the
as well as locally in the Middle Atlantic States
and the interior of California.
Elsewhere temperatures were slightly in
excess of normal, the departures being largely 2 degrees to 3 degrees, except
in the Lake region and the western Great Basin where they were 4 degrees
The weekly mean
Great Plains,
and lower
to 7
degrees.
Maximum temperatures were
again high in the northern
City: Temperatures mostly favorable; rainfall
needed in much of western third; excessive rains
northwest and east-central.
Progress of cotton
good except deteriorated in southwest; condition poor in dry southwest but
good elsewhere.
Much upland corn burnt beyond recovery previously,
but progress otherwise good; condition spotted, but mostly good.
Pastures
and minor crops improved, except in dry western areas.
Livestock good
Oklahoma—Oklahoma
adequate,
Great Plains,
maxima
reported at
generally in the
condition.
in most
sections from central Texas northward and northeastward to the Dakotas
and Wisconsin.
Substantial amounts were also reported from parts of the
Ohio Valley and the Lake region, while excessive falls occurred in portions
of the Carolinas and Virginia.
Most of the country west of the Great
Plains had no
with
sufficient to greatly improve
and meadows and
The more
of minor crops.
continued unfavorably dry,
the moisture situation
and
sec¬
and, as a
sections from
of the
the moisture situation,
general improvement
western portion of the Great Plains, however,
with no rain of importance in many localities
becoming particularly critical on the eastern
marked revival of pastures
a
Arkansas—Little Rock: Progress of
but crop
sections due to recent rains,
90's, except in the Lake region and along the Pacific coast.
The total precipitation for the week was moderate to heavy
measurable rain for the week.
The moderate to heavy rains reported from many Central Valley
tions were accompanied by generally favorable temperatures,
result, all late crops were considerably benefited.
In many
the eastern third of Kansas and Nebraska eastward over portions
except more
occurred in some parts of
locally in the Northwest, and in the Southwest.
In the latter area
were 108 degrees to 109 degrees, with the latter temperature
two stations.
Elsewhere the highest temperatures were
Ohio Valley rains were
ing.
fited by
was
favorable in conditioning the
very
soil for fall plowing.
operations prevailed in most
Kentucky—Louisville: Good rains in west and central,
moderate.
Condition of corn fairly good and progress
southern districts east of lower Cumberland River;
to fairly good, with progress mostly good in northwest and
most
where
drought damage estimated
in part of northeast, most of
for early in north.
Tobacco
Generally
of the West,
more
restricted.
and
delayed in parts of Minnesota and Wis
grain in shock, while this work made generally
good progress in the Dakotas and Montana, with only slight interruption.
Spring grain harvesting was also well advanced in the Pacific Northwest,
but oat threshing was delayed by almost daily rains in Iowa where grain
in shock is sprouting and some rotting.
Plowing has begun more exten¬
sively in the western Ohio Valley, but it was generally too wet for this
work in Missouri; seeding winter wheat is expected to begin in western
Small Grains—Threshing was
consin, with some damage to
Kansas within two
weeks.
rather generally, except
Rice is doing well
injury from this source
for some flood damage, but
to the mature crop was less than anticipated in
Louisiana.
burned beyond recovery in Oklahoma,
damaged to yield grain in Kansas;
survived the drought shows material im¬
provement in these States.
In the Ohio Valley progress and condition of
corn vary widely, depending on local moisture conditions.
In some valley
localities progress was good to excellent where there was adequate moisture,
but in many sections the crop deteriorated, with 50% estimated damaged
beyond recovery in some localities.
In Missouri, although some corn was beyond recovery, the crop made
Corn—Much upland corn was
and the bulk of the crop
is too badly
of the crop that
the remainder
favorable to excellent
ana adequate rainfall
fenerally good temperatures progress and conditionresulted in good to
was fairly good.
owa
cellent progress
In
ex¬
and late
and condition of corn, although some late planted
not produce grain satisfactorily before the
developing ears may
normal
date.
frost
improved in the western portions of the belt, but the
east was detrimental.
In Texas, while progress
locally poor, generally good advance was made and con¬
dition is now fairly good to good, with particular improvement noted in
the northwest following the recent rainfall.
The crop was opening rapidly
throughout the State, with picking advancing rapidly in the south and
extending to local areas in the north.
In Oklahoma progress of cotton was
mostly good; although some deterioration was noted in the southwest and
condition ranges from poor in the dry area to good elsewhere.
In the central States of the belt considerable improvement was noted over
last week, with progress now fair to good and condition ranging from rather
poor to fairly good.
Heavy rains in the Carolinas resulted in rather poor
progress and quite heavy shedding, but elsewhere in eastern
Cotton—Cotton
excessive moisture in the
of the crop was
mostly good and condition
South Carolina.
the belt progress was
begun in southern
fair to good.
portions of
Picking has
bulletin furnished the following resume of
States:
North Carolina—Raleigh: Flooding rains in mountains first part and
in northern Piedmont and some coastal sections middle of week.
Ex¬
ceptionally heavy crop damage in flooded areas.
Progress of cotton
poor on account of high humidity, inadequate sunshine and excessive rains;
heavy shedding; very favorable for weevil activity; progress good except in
The weather
conditions in different
flooded areas.
Carolina—Columbia: Heavy to locally flooding rains with strong
considerable damage to standing crops, severe in extreme
flooding damaged much corn.
Progress of cotton rather
poor; heavy shedding, but generally fair weather latter part
picking begun in south.
Georgia—Atlanta: Temperatures mostly favorable, but some very warm
days.
Soil too wet at beginning; still ample moisture all sections, except
South
winds first part;
south, also lowland
favorable;
of consequence in
where not mature.
in some west-central counties.
No rain
places during week.
Progress of corn mostly good
badly depleted
many
apples and corn from
Extensive losses to pecans,
last
week.
gales but not
reported
south
Progress of cotton good; picking becoming general in
rapidly; weevil activity favored at beginning, but
where now opening
much injury.
not
J
with Adequate rains. Progress and
condition of cotton fairly good; picking fair progress; moderately favorable
for weevil activity.
Harvesting corn in north; £OOd crop.
Tobacco being
marketed; crop good.
Citrus groves good condition; fruit holding and sizing
Florida—Jacksonville. Very warm
well.
Alabama—Montgomery:
good;
middle
Soil moisture now
ample.
Progress of cotton
condition fair to good in north and mostly fair but locally poor
and south; picking begun, slow progress; weather favorable for
Other crops fair.
checking weevil.
Mississippi—Vicksburg: Too cool last two days, otherwise generally
considerable cloudiness; rains mostly adequate.
Progress of
generally fair, fruiting improved; condition mostly poor;
opening in central; favorable for checking weevil.
Progress of late corn
on lowlands poor, on uplands good to locally very good.
Much hay saved,
favorable;
occasional
cotton
condition excellent.
Orleans: Warm and dry first part, very favorable;
lowlands rapidly, some areas in south still flooded.
of cotton good in north and on well-drained lowlands in
Louisiana—New
drained off
water
Progress
south;
fair to good in
mostly
flooded;
damage to matured rice less than anticipated; cutting under way.
Progress
of cane good; condition poor to locally good; very grassy.
Much hay saved
beginning to open; first bale ginned on 16th; condition
north, poor in south.
Late corn improving in northwest, elsewhere
deteriorated.
Growing rice doing well, except some fields still
in north.
rainfall adequate
of southwest, else¬
Late corn, which
matured generally in fair condition, being gathered rapidly.
Progress of
cotton poor in some local areas in middle and southern coastal plains, but
good in most of that area, and the remainder of the east and southwest.
Progress of cotton is fair to very good in northwest following rains, and
condition rather poor to fairly good, but improving; elsewhere condition is
mostly good, except in southeast where some only fair; opening rapidly;
picking making rapid progress in south, and beginning locally in north.
Truck, ranges and livestock improved, except lower Rio Grande Valley
where good rains needed.
Harvesting and threshing early rice under way;
flooded fields in Jefferson County area showed comparatively light storm
damage, but damage where grain not supported by water rather heavy.
in
Texas—Houston: Temperatures generally favorable;
northwest, north-central, extreme east and parts
where more
rain needed for all crops,
other than cotton.
condition fair; bolls form¬
to
extensive reports of insufficient soil moisture, with
ranges becoming quite dry and irrigation water supplies seriously
In Wyoming the water shortage is extending to the mountain areas
the forest fires are reported the worst in the State's history.
but there were
of cotton good;
excellent; condition good,
and condition of tobacco
Pastures and truck fair,
of
favorable weather for harvesting
warmth first
Early rice head¬
minor crops bene¬
favorable weather.
Tennessee—Nashville: Progress
in
at half of crop.
otherwise light
fair to good in
condition poor
most of central
Late corn
improving
west-central and locally in east: rain too late
improving in some districts; cutting increased
burley area.
and flooding in the
many lowland crops
In some portions of this
apples, and corn from the
there were further
shedding in some
responded favorably to
Progress of late corn
ing in west; crop late.
Progress of corn good to
except in dry areas where deteriorated.
Progress
mostly good; cutting continues in some localities.
but benefited by recent rains.
considerable damage to others.
losses reported to pecans,
gales of last week.
Although showers caused some delay to outside operations in parts
the Mississippi Valley, particularly to harvesting and threshing operations,
the weather generally favored outside work and the increased moisture
area
cotton good; slight
good; condition excellent.
Weather favorable for pastures and meadows.
All
of week.
slopes of the Rockies.
Heavy to excessive rains caused much washing
Piedmont sections of the Carolinas and Virginia, with
destroyed and
1169
Commercial & Financial Chronicle
THE DRY
GOODS TRADE
New York,
Friday Night, Aug.
23, 1940.
had a stimulating effect on the sale
of fall goods and also served to create a better response to
special promotions.
Conversely, activity in summer lines
showed a decline, but this factor was offset by initial pur¬
chases of back-to-school needs, and as a result the total dollar
volume of retail business registered another perceptible gain.
Cooler temperatures
ended
increased
York
Department store sales the country over for the week
Aug. 10, according to the Federal Reserve Board,
8% over the corresponding week of 1939.
In New
and Brooklyn establishments a gain of 6.9% was registered,
while in Newark stores
the increase
reached 13.9%.
markets reflected in
sales, and
moreover, profited from seasonal covering purchases of fall
goods.
Generally, however, no radical change in the cau¬
tious buying policy, notably on the part of wholesale mer¬
chants, was observed.
As heretofore, the inclination pre¬
Trading in the wholesale dry goods
some
measure
the sustained volume
vailed
to
keep inventories
of retail
down to moderate
proportions,
although some quarters persisted in the view that the
tinued heavy buying for defense purposes will before
lead to a buying rush on the part of distributors whose
plies of merchandise have for some
to rather low levels.
Business in
time been allowed to
silk goods was quiet,
con¬
long
sup¬
sink
but
prices ruled steady because of expectations that a fair volume
of spring orders will have to be placed at an early date.
Trading in rayon yarns remained active with available sup¬
plies entering promptly into consumptive channels.
ing plants in particular continued to display lively interest
Weav¬
in yarn
offerings, reflecting the
mounting rate of operations
in that industry.
Goods—Trading in the gray cloths
early lull in dealings, grew very active
and on Thursday total sales came close to 30,000,000 yards,
or virtually
134 times the current weekly output.
As on
several previous occasions, the latest buying wave was in¬
spired by the steady stream of Government orders for defense
Domestic
Cotton
markets, following an
purposes,
which induced heavy
covering purchases by large
corporation printers and many converters.
More confident
war news and a steadier trend in security prices also had their
share in creating a better feeling.
Buying operations were
almost wholly for nearby deliveries and prices of most con¬
structions scored moderate increases.
Business in fine goods,
after initial sluggishness, also benefited by the revival in the
print cloths markets
and the announcement
of considerable
Combed goods displayed increased activ¬
ity and interest in piques and fancy shirtings expanded mod¬
erately.
Closing prices in print cloths were as follows:
39-inch 80's, 6J?c.; 39-inch 72-76's, 634 to
39-inch
Army purchases.
68-72's, 5ys to 534c.;
60-48's, 4 to 434c.
Woolen
38K-inch 64-60's, 4%c.;
Goods—Trading in men's wear
3834-inch
fabrics expanded
reflected
moderately as the approach of the fall season was
in increased interest in available spot offerings.
Army pur¬
chases for the national defense program continued as a
nant factor but on the other hand clothing manufacturers,
domi¬
in
anticipation of a certain dislocation in private consumption
demands due to the impending draft measure, adhered to
their previous cautious buying policies.
Satisfactory inter¬
continued to be shown in the new lines of lightwear ma¬
for next spring and summer. Mill operations re¬
mained at high levels although predicated in growing meas¬
ure on the large amount of recent Government orders.
est
terials
Re¬
fairly satisfactory
counteracting the
ports from retail clothing centers made a
showing, with initial purchases of fall suits
retarding considerations of the expected military
measure.
Business in women's wear materials remained
draft
sea¬
purchases to
business out¬
<
Foreign Dry Goods—Trading in linens broadened slightly
with
moderate amount of fall purchases of household items
reaching the market.
Business in burlap remained fairly
active but prices suffered a reaction reflecting the weaker
trend developing in the Calcutta market because of the
absence of definite confirmation of the curtailment proposal.
Domestically lightweights were quoted at 4.85c., heavies
cutters restricted their fabric
immediate needs, pending a clarification of the
look for the initial fall period.
sonally quiet as
a
at 6.90c.
The Commercial & Financial Chronicle
1170
a
News Items
Arkansas—Governor Retires as Sponsor of
Refunding Act —
Governor Carl E. Bailey, who was defeated for a third term
nomination
sponsor
in the Aug.
13 primary, has withdrawn as
of the Refunding Act of 1939 which will be submitted
at the November general election, and its defeat is
antici¬
pated,
It represented his plan for adjustment of $136,000,000 highway debt to secure an interest rate lower than
the current 4% average.
Connecticut—Changes in List of Legal Investments—The
following bulletin (No. 2) was issued by the State Bank
Commissioner on Aug. 20, showing the latest
changes in the
list of investments considered
legal for savings banks:
CALIFORNIA, State of —WARRANTS SOLD—A $2,426,281 issue of
registered general revolving fund warrants was offered for sale on
Aug. 21
and was awarded to Kaiser & Co. of San
Francisco, at 1 M %, plus a premium
of $485.
Dated Aug. 26, 1940.
Due on or about Aug. 27, 1941.
Second best bid was an offering of $4,025
premium on lMs, tendered by
R. H. Moulton A Co. of Los Angeles.
FRESNO COUNTY (P. O.
Fresno), Calif.—SCHOOL DISTRICT
SALE-—The $27,000 Washington Union High School District
bonds offered
on Aug. 16—V. 151,
p. 880—were awarded to Stone &
Yeungberg
for sale
of San
basis
The study, dated July 1,1940, is a concise and
comparative statement of
debt conditions of municipalities and school
districts in Cuyahoga County
and statistics of certain subdivisions
in nearby counties.
Included In the
study is a preliminary tabulation of the 1940 census of these
municipalities;
1939-40 assessed valuations; debt as of Jan.
1, 1940; ratio of debt to assessed
valuation; 1938-39 tax collections, and building permits.
Louisiana—Sales Tax Repealed—Louisiana will be the
eighth State to abandon the sales tax as a revenue source
IMPERIAL
#
New York State allowed its sales tax law
to expire in 1934, Vermont and
New Jersey repealed such taxes in
1935, and Idaho, Kentucky, Maryland
and Oregon did away with their sales
authority granted
levy a municipal sales tax.
Remaining on the municipal
sales tax list are six
cities, of which New York City is the only
large one.
(P. O. El Centro), Calif.—SCHOOL BOND
informed by W. J. McClelland,
County Clerk, that
bids until 2 p. m. on Sept. 3, for the
purchase of
$14,000 building bonds.
Interest rate is not to exceed 5%, payable F-A.
Dated Aug. 20, 1938.
Denom. $1,000.
Due Aug. 20 as follows: $2,000
in 1941 and 1942 and $5,000 in 1943 and 1944.
The bonds will be sold
at not less than par and accrued interest.
Principal and interest payable
in lawful money at the
County Treasurer's office.
Enclose a certified
of Legal Investments—
Aug. 21 the follow-"
ing bulletin (No. 2), showing the latest revisions in the list
of investments considered
legal for Massachusetts savings
banks:
List of July 1, 1940
Municipal Bonds
As or Aug. 12, 1940
City of Roanoke, Virginia
The
Railroad Equipment Trusts
As of Aug. 20, 1940
Chesapeake & Ohio Ry.
Co.
Equip. Trust, Series of 1940
(Serially) lMs, 1950
As of Aug. 20, 1940
TheTPennsylvania Railroad Co.
Equip. Trust, Series K, (Serially)
2Hs, 1955
Public Utilities
As of
Aug. 12, 1940
The Cleveland Elec.
Illuminating Co.
First Mortgage 3s, 1970
check
for
5% of the bonds bid for, payable to the Chairman Board of
Bakersfield), Calif .—SCHOOL BOND SALE—
Elementary School District bonds offered for
Aug. 19—V. 151, p. 1023—was awarded to Redfield A Co. of Los
Angeles, as 3s, paying a premium of $285, equal to 100.712, a basis of about
2.86%.
Dated July 29,1940.
Due $4,000 on July 29 in 1941 to 1950, incl.
The $40,000 issue of Arvin
sale
Removed from the List
on
SACRAMENTO COUNTY (P.
O.
Sacramento), Calif.—SCHOOL
BOND SALE—The $26,000 issue of South Sacramento
School District
bonds offered for sale on Aug. 19—V.
151, p. 880—was awarded to Lawson
Levy & Williams of San Francisco, as 3s, paying a premium of
to
100.407,
basis of about 2.95%.
a
SACRAMENTO
(Philadelphia,
Baltimore
A
Wash¬
ington System)
Columbia & Port Deposit Railway
First, 4s, 1940
Matured Aug. 1, 1940
Public
Jersey
Called Aug. 21, 1940
Central Power & Light
Co.
First Mtge. Gold (Series B) 5s, 1947
Called Aug. 1, 1940
First Mtge. Gold (Ser. C) 4 Ms, 1961
Called July 29, 1940
Ala.—BOND OFFERING—It
the City
Commission, that
he
stated
will
by
receive
Cooper
sealed
the lowest rate of interest
at which ne will
pay par or more for the
bonds,
in multiples of M of
1%.
The bonds will not be sold for less
plus accrued interest to date of
delivery of the bonds and payment
4Prin. and int. payable in lawful
money at the Chemical Bank
'
New York, or at the First National Bank, Birmingham.
The bonds are secured
by the full faith and credit of the
city, and by the
expressed
than par,
therefor.
u
4
ii taxing powers of the city heretofore, now or hereafter conferred
upon
by law.
The bonds are also secured
by assessments against the property
benefited by the improvements to
pay for which the bonds are issued,
and the funds arising from the
assessments are pledged for the
payment of
the principal and interest of the
bonds.
The bonds and the interest thereon
are exempt from
State, county and municipal taxation, and after
maturity
are receivable in
payment of all taxes and dues of the
city.
The Commission will furnish to the
purchaser the opinion of
Thompson, Wood A
Hoffman, of New York, approving the
legality and validity of the bonds,
and a certified
copy of all proceedings will be furnished
showing the au¬
thority to issue the bonds.
Enclose a certified check for
$2,250, payable
to the city.
■
it
CLARKE COUNTY (P. O. Grove
Hill), Ala.—BONDS SOLD—It is
reported that $45,000 school bonds have been
purchased by J. Mills Thorn¬
ton, of Montgomery.
Sacramento),
Calif.—SCHOOL
COLORADO
COSTILLA COUNTY (P. O. San Luia), Colo.—BOA®
ELECTION—
It is reported that an election is scheduled for
Sept. 10 in order to vote
issuance of $190,000 funding bonds.
DACONO,
Colo.—BOND
SALE
DETAILS—The
Town
Clerk
on
the
states
that the $7,500 4M % semi-annual water extension bonds
sold to Brown,
Schlessman, Owen & Co. of Denver, as noted here—V. 151, p. 1024—were
purchased at par.
Due on July 1 as follows: $500 in 1942 to 1951; $1,000 in
1952 and $1,500 in 1953; bonds maturing on and after
July 1,
callableion
LA
1951, being
any
interest-paying date.
JUNTA, Colo.—BONDS OFFERED
FOR INVESTMENT—We
are
informed that the $50,000 2.60%
funding bonds purchased by the J.
K.
Mullen Investment Co. of Denver, subject to the election on
Aug. 20, as
noted here—V. 151, p. 880—are being offered
by the above firm for public
subscription at prices to yield from 1.25% to 2.40%, according to
maturity.
Denom. $1,000.
Dated July 1, 1940.
1954, inclusive.
Due $5,000 on July 1 in 1945 to
LITTLETON, Colo.—BONDS SOLD—It
is reported that $10,000 gen¬
eral street improvement bonds,
part of a total authorized issue of
were
purchased by the United States National Bank of Denver at
100.15.
$34,500,
price of
a
CONNECTICUT
CONNECTICUT (State of)—BOND SALE—The $4,400,000 Hartford
Bridge bonds offered Aug. 20—V. 151, p. 447—were awarded to a syndicate
composed of the First National Bank of New York, Northern Trust Co. of
Chicago. R. W. Pressprich A Co., Union Securities Corp., Roosevelt &
Weigold, Inc., Equitable Securities Corp., Gregory A Son,
Inc., all of New
York, and F. W. Horne A Co. of Hartford, on a bid of
par for $2,690,000 2s,
due $80,OCO in 1944; $160,000 from 1945 to 1960 incl. and
$50,000 in 1961.
and $1,710,000 1 Ms, due $11(5,000 in 1961 and
$160,000 from 1962 to 1971
incl. Bid figured a net interest cost to the State of about
1.71%. Bonds due
will
be
callable
in
inverse
order of their
maturities at
par
and
on Aug. 1, 1965. or on any
subsequent interest date. The
banking group reoffered the bonds to yield from 0.70% to 1.85%, according
to maturity.
Other bids:
Bank of the Manhattan Co., Ladenburg, Thalmann & Co.
and C. J.
Devine & Co., 100.528 for $4,400,000 1Mb, or a net cost of
1.7202%.
First Boston
is
bids until noon on
Sept. 13, for the purchase of a $225,000 issue of
public
improvement bonds.
Dated Oct ' 1, 1940.
Denom. $1,000.
Due Oct.
1 as follows: $22,000 in 1941
to 1945, and $23,000 in 1946
to 1950.
Bid¬
der shall specify the rate of
interest which the bonds are to
bear, not
exceeding the legal rate of interest in the State.
Tne bidder shall use
mu
O.
SOLD—It is reported that $309,000 Sacramento
City Unified
District tax anticipation notes were purchased on
Aug. 12 by the American
Trust Co. of San Francisco, at 0.23%.
Dated Aug. 13, 1940
Due on
Dec. 30, 1940.
Utilities
The Cleveland Elec.
Illuminating Co.
First Mtge. 3 Ms, 1965
ALABAMA
of
(P.
$106, equal
Due on Sept. 1
Railroad Bonds
Bond Proposals and Negotiations
President
COUNTY
NOTES
1968-71
BIRMINGHAM,
Dated Sept. 1,1940.
in 1941 to 1955, incl.
accrued interest
Green,
are
he will receive sealed
on
to the
COUNTY
OFFERING—We
when purchasers cease
paying out tax tokens on Dec. 31,
this year, as a result of recent
repeal legislation, the Federa¬
tion of Tax Administrators states.
Massachusetts—Changes in List
The Commissioner of Banks issued
2Ms. paying a premium of $127, equal to 100.47, a
Dated Aug. 1, 1940.
Due on Aug. 1 in 1942 to
as
KERN COUNTY (P. O.
Cuyahoga County, Ohio—Financial Data on Munici¬
palities Compiled—The 1940 edition of "Comparative Sta¬
tistics of Subdivisions in
Cuyahoga County, Ohio," is now
being distributed by Siler, Roose & Co. of Toledo.
taxes in 1936.
The Act repealing Louisiana's tax also
rescinded the
New Orleans to
Francisco,
of about 2.19%.
1951, incl.
Supervisors.
Additions—Chicago, 111.; Columbus, Ohio; Oklahoma City, Okla.
Deduction—Woonsocket, R. I.
Added
Aug. 24, 1940
*
Corp., Harriman Ripley & Co., Inc., Smith, Barney & Co.,
Estabrook & Co., Putnam & Co., Kidder, Peabody &
Co., R. L. Day &
Lee-Higginson Corp., 100.1399 for $4,400,000 1Mb, or a net cost
Co. and
of
1.742%.
Halsey, Stuart A Co., Phelps, Fenn & Co., Inc.. Blair & Co., Inc., Dick &
Merle-Smith, Adams, McEntee & Co., Inc., Graham, Parsons & Co.,
Eldredge & Co.. Otis & Co. and Jackson A Curtis, 100.035 for $560,000 2s
and $3,840,000 1 Ms, or a net cost of 1.758%.
BIyth & Co., Inc., Salomon Bros. & Hutzler, F. S. Moseley A Co., Charles
W. Scranton & Co., Minsch, Monell & Co.,
Inc., Edward Lowber Stokes
& Co. and F. W. Reichard &
Co., 100.0045 for $800,000 2s and $3,520,000
lMs,
or a net cost of 1.768%.
National City Bank of New York, Harris Trust & Savings
Bank, Stone
Blodget, Inc., B. J. Van Ingen & Co., Inc., Hallgarten A
Co., Darby A Co., Inc., Bacon, Stevenson A Co., G. M.-P. Murphy A
Co., C. F. Childs A Co., First of Michigan Corp. and Weeden A Co.,
100.0499 for $2,320,000 2s and $2,080,000 lMs, or a net cost of
1.8306%.
Bankers Trust Co. of New York, Lazard Freres A Co.,
Paine, Webber
A Co., Cooley A Co., Mercantile-Commerce Bank A Trust
& Webster and
Co., Hannahs,
A Lee, George B. Gibbons A Co., Inc. and
Chace, Whiteside A
Symonds, 100.089 for $2,480,000 2s and $1,920,000,1 Ms, or a net cost of
1.838%.
Lehman Bros., Chemical Bank A Trust Co.,
Hemphill, Noyes A Co.,
E. H. Rollins A Sons, Inc., Tucker, Anthony A Co.,
Schoellkopf. Hutton
A Pomeroy, Schlater, Noyes A
Gardner, Inc., Charles Clark A Co. and
R; D. White A Co., 100.039 for $2,480,000 2s and
$1,920,000 lMs, or a
net cost of 1.872%.
Ballin
NEW CANAAN
(P. O. New Canaan), Conn .—BONDS VOTED—
W. C. Rover, Clerk of the Board of Selectmen,
reports that an issue of
$40,000 incinerator plant bonds was approved at an election on
Aug. 13.
Volume
1171
& Financial Chronicle
The Commercial
151
IOWA
FLORIDA
PINELLAS COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 6 (P. O. Clearwater) Fla.—BOND OFFERING—Sealed bids will be
received until 10 a. m. on Aug. 28, by Ray E. Greed, Clerk of the Board
of County Commissioners, for the purchase of $322,000 4% semi-ann.
„
refunding road and bridge, issue of 1940 bonds.
Dated April 1, 1940.
Denom. $1,000. Due April 1, as follows: $1,000 in 1943, $30,000 in 1947,
$40,000 in 1948 and 1949, $45,000 in 1950, $50,000 in 1951, $45,000 in
1952, $10,000 in 1953, $20,000 in 1954 and 1955, $10,000 in 1956, and
$11,000 in 1958. Prin. and int. payable at the Chemical Bank & Trust Co.,
New York, or at the Florida National Bank, Jacksonville.
The bonds are
payable from an unlimited tax to be levied upon all taxable property (in¬
cluding homesteads) within the district.
Delivery of the bonds will be
made on or about Sept. 3, at the Florida National Bank, Jacksonville. The
approving opinions of Giles J. Patterson, of Jacksonville, and of Masslich
& Mitchell, of New York, will be furnished the purchaser.
Enclose a cer¬
tified check for 2% of the amount of bonds bid for, payable to the Board.
SCHOOL DISTRICT NO. 3
(P. O. Clearwater), Fla.—BONDS OFFERED TO PUBLIC—A general
offering of $1,200,000 refunding bonds was made on Aug. 12 by Stranahan,
Harris & Co., Inc., and associates, following a release of the issue during
the day by the district authorities.
Bids had been submitted on Aug. 9.
The bonds mature at the rate of $75,000 each April 1, 1941 to 1956 incl.
The 1941-46 maturities bear 4% interest and the subsequent maturities
carry 4M % coupons.
Public offering prices were on a scale to yield from
1.75% for the 1941 maturity to 4.25% for the final four maturities, 1953-56,
COUNTY SPECIAL TAX
PINELLAS
inclusive.
Chicago houses associated with
Stranahan, Harris & Co. in
Welsh,
Davis
&
Co.
banking group,
them for
that only $1,200,000 was awarded to the
because the remainder was reserved for the purpose of exchanging
understood
accepted for the issue was not
understood to be ' 'at a slight discount."
The amount of the bid
outstanding bonds.
but was
disclosed officially,
COON
TAMPA, Fla.—BOND SALE—The following coupon or registered semi¬
annual refunding of 1940 bonds offered for sale on Aug. 20—V. 151, p.
1024—were awarded to a snydicate composed of John Nuveen & Co. of
Chicago, the First of Michigan Corp. of Detroit, the Robinson-Humphrey
Co. or Atlanta, and F. Brittain Kennedy & Co. of Boston, as 3Ms, paying
a premium of $2,344.95, equal to 100.579, a basis of about 3.70%:
1949;
$66,000 series A-C bonds.
Due on July 1 as follows: $21,000 in
$30,000 in 1950 and $15,000 in 1951.
339,000 series A-D bonds.
Due July 1 as follows: $25,000 in 1951,
in 1952, $41,000 in 1953, &37.000 in 1954, $45,000 in 1955
1956, $55,000 in 1957 and 1958, and $27,000 in 1959.
Dated July 1, 1940.
Denom. $1,000.
$9,000
and
Iowa—BOND SALE— The $25,000
RAPIDS,
(P.
DUNKERTON, Iowa—MATURITY—The Town
SOLD—An $82,000 issue of revenue
hased
by the J. B. McCrary Co. of
Atlanta.
ELM GROVE RURAL
Dated
Sept.
1,
1940.
PETERSON, Iowa—BOND SALE—The $11,000 coupon sewage bonds
on Aug. 15—V. 151, p. 881—were awarded at public auction
to W. D. Hanna & Co. of Burlington, as 3s, paying a premium of $137,
equal to 101.245, a basis of about 2.75%.
Denom. $500. Dated Aug. 15,
1940.
Due on Nov. 1, 1953; optional on and after Nov. 1, 1946.
Interest
payable M-N.
WALNUT, Iowa—BOND SALE DETAILS—The Town Clerk states that
grading fund bonds sold to the Walnut State Bank, at
the $3,000 coupon
price of 106.666, as noted here—V. 151, p. 1024—were purchased as 4s,
and mature $500 on Nov. 1 in 1943, 1945, 1947, 1949 and 1951, and 1952;
callable on and after Nov. 1, 1944.
Interest payable M-N.
a
KANSAS
CITY, Kan.—BOND OFFERING—We are informed by
James F. Clough, City Clerk, that he will receive sealed bids until 10 a. m.
on Aug. 26, for the purchase of $9,000 1 h% coupon semi-ann. street and
alley improvement bonds.
Dated Aug. 15, 1940. Denom. $1,000. Due
$1,000 Aug. 15, 1941 to 1949. These bonds are issued to pay for improve¬
ments made on the streets and alleys in the city.
The city will prepare
transcript and print bonds which will be ready for delivery on or about
Sept. 2.
Bids will be subject to purchase by the State School Fund Com¬
mission. Enclose a certified check for 2 % of the bid.
ARKANSAS
Kan.—BONDS SOLD—An issue of $159,500 semi-annual
for sale on Aug. 19 and was awarded to the
of Wichita as 1M8, for a premium of $368.50, equal
to 100.231, a basis of about 1.21%, according to E. S. Worrell, Director
of Finance.
Dated Sept. 1, 1940.
Due on Sept, 1 as follows: $15,500 in
1941 and $16,000 in 1942 to 1950, inclusive.
WICHITA,
refunding bonds was offered
Baum, Bernheimer Co.
Ky.—
Almstedt
FAYETTE HIGH SCHOOL COMPANY (P. O. Lexington),
BONDS SOLD—A syndicate composed of Stein Bros. & Boyce
BUCKLEY, HI.—BONDS SOLD—The Buckley State Bank pin-chased
issue of $2,500 4% water tank bonds at a price of par.
Dated July 1,
1940 and due July 1, 1945.
Interest J-J.
Registered bonds.
an
SANITARY DISTRICT (P. O. East
St.
Louis), III.—BOND ISSUE DETAILS—The $100,000 3M% refunding
bonds purchased by Henderson & Co. of Chicago—V. 151, p. 1024—were
soid at par, are dated June 1, 1940 and mature June I, 1960.
INDIANA
SCHOOL TOWNSHIP (P. O. R. R. No. 4,
Greensburg), Ind.—BOND SALE—The $7,000 3% building improve¬
ment bonds offered Aug. 10—V. 151, p. 584—were awarded to Raffensperger, Hughes & Co. of Indianapolis, at a price of 104.111, a basis o
about 1.70%.
Dated Aug. 7, 1940 and due as follows: $700 on July If
1941; $700, Jan. 1 and July 1 from 1942 to 1945 incl. and $700, Jan. 1, 1946
Second high bid of 103.671 was made by Kenneth S. Johnson of Indianapolis.
CLAY TOWNSHIP
HAMLET-DAVIS TOWNSHIP CONSOLIDATED SCHOOL COR¬
(P. O. Knox), Ind.—BOND SALE—The $15,000 school
building bonds offered Aug. 6—V. 151, p. 584—were awarded to the
Fletcher Trust Co. of Indianapolis, as 2Ms, at par plus a premium of $126,
equal to 100.83, a basis of about 2.12%.
Sale consisted of:
PORATION
Due
$12,205.50 bonds to be general obligations of Davis School Township.
serially from Dec. 15, 1942.
Interest payable semi-annually.
2,794.50 bondsto be general obligations of the Incorporated School Town
of Hamlet.
Due serially from Dec. 15, 1942.
Interest payable
semi-annually.
SALE—The $10,000 3% town bonds offered
730—were awarded to Raffensperger. Hughes & Co. of
KENTLAND, Ind.—BOND
1. 1941; $500, Jan. 1 and July 1
1951.
COUNTY (P. O. Crown Point), Ind.—BOND SALE—The
$21,500 bridge bonds offered Aug. 19—V. 151, p. 1024—were awarded to
the Union National Bank of Indiana Harbor, of East Chicago, as 2s, at par
plus a premium of $596, equal to 102.272, a basis of about 1.48%.
Dated
Sept. 1, 1940, and due as follows: $3,000 Jan. 1 and July 1 from 1944 to
1946, incl., and $3,500 Jan. 1, 1947.
Second high bid of 100.262 for lMs
was made by John Nuveen & Co. of Chicago.
LAKE
TOWNSHIP SCHOOL TOWNSHIP (P. O. Burns
City), Ind.—BOND OFFERING—Elza Waggoner, trustee, will receive
sealed bids until 2 p. m. on Sept. 9, for the purchase of $4,250 not to ex¬
ceed 4% interest school bonds.
Dated Sept. 1, 1940. One bond for $250,
McCAMERON
30 and Dec 31 from 1941 to
1944, incl. and $250 June 30, 1945.
Interest J-D. The bonds will be
direct obligations of the school township and will be payable out of taxes
to be levied and collected within the limits prescribed by law.
A certified
check for 2% of the issue, payable to order of the trustee, must accompany
others $500
each
each.
Due as follows: $500 June
SPRINGFIELD TOWNSHIP
SCHOOL DISTRICT (P. O. R. R. 1,
Laporte), Ind.—BOND SALE—The $22,000 school bonds offered Aug. 12
448—were awarded to the Fletcher Trust Co. of Indianapolis,
equal to 101.369, a basis of about 1.78 %.
Jan. 1 and $825, July 1, 1942; $825,
1954 incl., and $825, Jan. 1, 1955. Other
2s, at par plus a premium of $301,
Dated July 10, 1940.
Due $550,
as
1 and July
1 from 1943 to
bids:
Bidder—
Laporte Savings Bank
Bliss Bowman & Co
National Bank & Trust Co
Int. Rate
2%
214%
2M%
Premium
$25.00
125.00
25.00
Ind.—BOND SALE—The Indiana National Bank of
Indianapolis purchased an issue of $38,000 3% electric utility revenue
bonds. Dated Aug. 1, 1940.
Legality approved by Matson, Ross, McCord
& Ice of Indianapolis.
WILLI AMSPORT,
semi-ann.
in 1944 and
1st mtge. refunding bonds. Due March 15, as
1942, $18,000 in 1943, $20,000
in 1941, $19,000 in
$15,000 in 1945.
follows: $3,000
March 15,
125,000 2M% semi-ann. 1st mtge. refunding bonds.
Due
as
follows:
$3,000 in 1945, $19,000 in 1946, $25,000 in 1947, $24,000
in 1948, $25,000 in 1949, $24,000 in 1950 and $5,000 in 1951.
1st mtge. refunding bonds.
Due March 15, as
$17,000 in 1952, $23,000 in 1953 and 1954,
in 1956 and $7,000 in 1957.
Dated Sept. 15, 1940.
Denom. $1,000.
The bonds are subject to re¬
demption on 30 days' published notice on any interest payment date as a
119,000 3%
semi-ann.
follows:
$4,000 in 1951,
$22,000 in 1955, $23,000
whole or in part
in inverse
including Sept.
to and
numerical order at 104 and
15,1945; 103 and accrued
accrued interest up
interest up to and including
including Sept. 15, 1955,
at the
payable
solely from rentals payable to the company by the County Board of Educa¬
tion.
Legality approved by Grafton & Grafton of Louisville.
McLEAN COUNTY (P. O. Calhoun), Ky.—BOND EXCHANGE TO
BE EFFECTED—The following is the text of a letter sent to us by SeasonSept. 15, 1950; 102 and accrued interest up to and
and 100 and accrued interest thereafter.
Prin. and int. payable
Union Bank & Trust Co., Lexington, trustee.
These bonds are
good & Mayer of Cincinnati, on Aug. 21:
_ ,
_
In Re: $185,000 McLean County, Ky. 5% Road and Bridge Bonds
It occurred to us that possibly it would be of interest to some of your
readers to know that the Bankers Bond Co., Louisville, Ky., and Season-
Cincinnati, have entered into an
of $185,000 4%
with the holders of the
Dec. 1, 1936 and
all subsequent coupons.
In addition, $45,000 bonds maturing Sept. 1,
1935 to Sept. 1, 1939, incl. are also unpaid.
The plan, in effect, proposes,
after payment of fees to cover expenses covering three years' negotiations,
cash payment at the rate of 4% per annum for all past due interest.
The
4% bonds are to mature Sept. 1, 1968 and are redeemable serially from 1940
to 1952 in amounts such that the optional period of redemption will match
the present maturity date of the outstanding bonds.
The $45,000 past due
bonds are to receive bonds optional on any interest payment date.
There is an additional feature of the plan which should appeal to all
bondholders, in that if at anytime the income available for the road and
bridge bonds renewal retirement in any one year amounts to over $12,000
good
& Mayer,
204 Ingalls Building,
arrangement with McLean County whereby issuance
renewal bonds will shortly be available for exchange
outstanding 5% bonds on which interest is in default on
during the next succeeding
declared operative after holders of 75% of
in writing to the exchange, and as assents
for over 75% of the outstanding bonds have already been received, it is
expected that the plan will be declared effective within a very short time.
The renewal bonds are to be approved by Thomson, Wood & Hoffman,
New York, and the Court of Appeals of Kentucky have affirmed the
the bonds are to
automatically pay 5% interest
fiscal year.
The plan may be
the bonds have been committed
legality of the bonds.
Bondholders may
above
.
obtain copies of the plan
^
and assents by applying to the
mentioned houses.
LOUISIANA
SCHOOL DISTRICT NO. 26 (P. O. Benton), La.
—BOND SALE—The $30,000 issue of school bonds offered for sale on
Aug. 16—V. 1,51, p. 585—was awarded to Scharff & Jones of New Orleans,
paying a premium of $38.12, equal to 100.127, for bonds maturing on Aug. 1
in 1941 to 1955, as 3 Ms, and bonds maturing on Aug. 1 in 1956 to 1960, as 3s.
BOSSIER PARISH
GRANT
—V. 151, p.
First
$75,000 2%
proposal.
PRINCETON, Ind.—BOND SALE—An issue of $500,000 water revenue
bonds was recently sold to the City Securities Corp. of Indianapolis, as
3 Ms, at a price of 100.57.
Due from 1943 to 1980 incl. Lewis, Pickett &
Co. of Chicago, and Halsey, Stuart & Co., Inc., bid 100.36 and 100.28,
respectively, for the same coupon rate.
Jan.
Bond Co.; J. J. B. Hilliard & Son; W. L. Lyons & Co., all
Louisville; Security & Bond Co.
of Lexington, and J. D. Van Hooser
Co., also of Lexington, has purchased the following bonds aggregating
$319,000:
ILLINOIS
Indianapolis. Due as follows: $500, July
from 1942 to 1950 incl.; and $500, Jan. 1,
(P. O-
offered for sale
&
HAILEY, Idaho—BOND OFFERING—It is stated that bids"will be re¬
ceived until Aug. 29 at 8 p. m. by Margaret Walker, City Clerk, for the
purchase of $27,000 5% street improvement bonds.
Aug. 19—V. 151, p.
INDEPENDENT SCHOOL DISTRICT
Iowa—BOND OFFERING—It is stated by Mrs. J. W. Davitt,
will receive bids until Sept. 3 at 8 p. m. for the
purchase of $6,000 building bonds approved by the voters on Aug. 15.
Des Moines),
District Secretary, that she
of
SIDE LEVEE AND
Clerk states that the
$15,000 water system bonds sold to the National Bank of Waterloo as 2Ms,
price of 100.70, as noted here—V. 151, p. 1024—are due $1,000 on Nov.
1 in 1943 and 1944 and in 1946 and 1958, giving a basis of about 2.18%.
at a
Bros.; Bankers
IDAHO
EAST
1, 1940.
to 1956;
KENTUCKY
Fayette). Ga.—CERTIFICATES
certificates is said to have been pur-
La
O.
880
$757, equal to 103.028, a basis of about 1.81%.
Dated Sept.
Due on Sept. 1 as follows: $1,500 in 1942 to 1946; $1,000 in 1947
$2,000, 1957 to 1959, and $1,500 in 1960.
of
GEORGIA
COUNTY
WALKER
issue of genera
obligation disposal plant bonds offered for sale on Aug. 15—V. 151, p.
was awarded to Paine, Webber & Co. of Chicago, as 2 Ms, paying a premium
the offering
Kindred & Co.; Fenner & Beane,
Other members of the group were B. J. Van
Ingen & Co., New York; Sullivan, Nelson & Goss, Inc., West Palm Beach,
Fla., and Clyde C. Pierce Corp., Jacksonville, Fla.
The Pinellas County bonds are part of total issues of $2,120,000 special
tax school districts Nos. 2, 3, 7, and 12, for refunding purposes.
It was
included John Nuveen & Co.; Barcus,
and
Iowa—BOND SALE— The $122,000 issue of electric
light and power plant distribution system revenue bonds offered for sale on
Aug. 20—V. 151, p. 1024—was awarded to the Carleton D. Beh Co. of
Des Moines, according to the Town Clerk.
BROOKLYN,
PARISH
CONSOLIDATED SCHOOL
DISTRICT NO. 9
La .—BOND OFFERING DETAILS—It is stated by S. C.
of the Parish School Board, that the $50,000 school bonds
scheduled for sale on Sept. 6 as noted here—V. 151, p. 1025—are in the
denomination of $1,000 and $1,500 and mature on Feb. 15 as follows:
$1,500 in 1941 to 1944; $2,000, 1945 to 1948; $2,500, 1949 to 1953; $3,000,
1954 to 1957; $3,500, 1958, and $4,000 in 1959 and 1960.
(P. O. Colfax),
Shaw, Secretary
SIMMESPORT, La.—BOND OFFERING— Sealed bids will be received
Sept. 10, by W. D. Merrick, Village Clerk, for the purchase
$19,500 public improvement bonds.
Interest rate is not to exceed
payable M-S. Dated Sept. 1, 1940. Denom. $500. Due Sept.
1960.
The approving opinion of B. A. Campbell, of New Orleans,
transcript of record as passed upon will be furnished the purchaser
additional cost to him. Enclose a certified check for at least $400,
until 11 a. m. on
6%,
1, 1943 to
and the
without
payable
of
to
the village.
,
MAINE
City Treas¬
28 for the purchase
Dated Sept. 1,1940. Denom.
PORTLAND, Me.—BOND OFFERING—John R. Gilmartin,
urer, will receive sealed bids until 11a.m. (EST) on Aug.
of $85,000 coupon refunding bonds of 1940.
The Commercial & Financial Chronicle
1172
$1,000.
in
a
Due Sept. 1,1950.
multiple of
of
Bidder to
1%.
name one rate
of interest, expressed
These bonds will be valid general obligations
of the city, and all taxable property in the city will be subject to the levy
of umlimfted ad valorem taxes to pay both principal and interest.
They
will be engraved under the supervision of and authenticated as to genuineness
$16,000 water works bonds.
Due $1,000 on Aug. 1 in 1943 to 1958, incl.
4,500 (approximately) sewer warrants.
Denom. $300.
Due serially,
commencing on Aug. 1,1942, but shall be subject to redemption and
prior payment at the option of the village on any interest payment
date prior to maturity.
The warrants shall pledge the full faith
and credit of the village.
Dated Aug. 1, 1940.
Interest payable Feb. 1 and Aug. 1.
MASSACHUSETTS
ST. PAUL, Minn.—BOND SALE—The $275,000 issue of coupon semi¬
Mass.—NOTE SALE—Perrin, West & Winslow of
on Aug. 15 an issue of $23,000 school building notes
annual public welfare bonds offered for sale on Aug. 20—V. 151, p. 882—
was awarded to a syndicate composed of the First National Bank, the North¬
Boston were awarded
as
2>£s, at
price of 100.73.
a
Aug. 1 from 1941 to 1960 incl.
LAWRENCE, Mass.—BOND SALE—The $26,000
Dated Aug. 1, 1940.
coupon
Due
Aug. 15—V. 151,
on
State Bank of Wadena
as
WRIGHT COUNTY INDEPENDENT SCHOOL DISTRICT NO. 71
(P. O. Annandale), Minn.—BOND OFFERING—It is stated that bids will
H. Thayer, District Clerk, for
Dated Aug. 1, 1940.
These
bonds are to be issued to refund an equal amount of refunding bonds which
are subject to redemption on Feb.
1,1941, and delivery will be made on that
date or at any time prior thereto when the bonds are surrendered for
pay¬
ment.
A certified check for $1,000 is required.
Mass.—NOTE SALE— The Second National Bank of
awarded on Aug. 22 an issue of $75,000 revenue anticipation
0.148% discount.
Dated Aug, 23. 1940, and due Aug., 22, 1941.
Other bids:
R. L. Day & Co., 0.17%; Lexington Trust Co., 0.19%.
was
MISSISSIPPI
MICHIGAN
DISTRICT, Mich.—BONDS DEFEATED—At
Aug. 14 the voters defeated
construction
CLINTON, Miss.—BOND SALE DETAILS—The Town Clerk reports
that the $13,400 5% semi-annual refunding bonds purchased by the Bank
of Clinton, as noted here—-V. 151,
p. 882—were sold at par, and mature
an
proposed issue of $360,000 school
a
bonds.
on
FERNDALE
SCHOOL
p. 882—were purchased by the Wadena County
2j^s at par.
No other bid was received, accord¬
be received until Aug. 29 at 8 p. m. by B.
the purchase of $70,000 refunding bonds.
LEXINGTON,
on
100.124, a basis of about 1.48%.
Aug. 1 in 1941 to 1950, inclusive.
ing to the District Clerk.
notes at
ALPENA SCHOOL
on
WADENA COUNTY JOINT SCHOOL DISTRICT NO. 3 (P. O.
Wadena), Minn.—BOND SALE—The $3,000 building bonds offered for
sale
ton.
election
Minneapolis,
1 Hs, paying a premium of $341, equal to
as
Duck Bridge
bonds offered Aug. 22 were awarded to Tyler & Co. of Boston as 2s, at a
price of 100.399, a basis of about 1.95%.
Dated Sept. 1, 1940.
Denom.
§1,000. Due Sept. 1 as follows: $2,000 from 1941 to 1946. incl., and $1,000
from 1947 to 1960, incl.
Prin. and int. (M-S) payable at the Second Na¬
tional Bank of Boston, or at the City Treasurer's office, at holder's option.
Bonds may be registered upon presentation at the Treasurer's office for
cancellation of coupons and for appropriate endorsement.
Legality ap¬
proved by Ropes, Gray, Best, Coolidge & Rugg of Boston.
The only
other bid was an offer of 100.15 for 2s by the Second National Bank of Bos¬
Boston
Trust Co., both of Chicago, and the Thrall, West Co. of
ern
The issue matures $1,150 annually on
1940
24,
A certified
ST. MICHAEL, Minn.—BOND AND WARRANT SALE—The follow¬
ing bonds and warrants aggregating $20,500, offered for sale on Aug. 19—
V. 151, p. 1026—were purchased by Mairs-Shaughnessy & Co. of St. Paul,
the only bidder, according to the Village Clerk:
by the First National Bank, Boston.
The proceeds from these bonds will
be used to pay $10,000 school bonds due Sept. 1, 1940; $35,000 Deering
High School building bonds due Nov. 1, 1940; $20,000 North School bonds
due Dec. 1, 1940, and $20,000 school
building bonds due Dec. 15, 1940.
The approving opinion of Hopes, Gray, Best, Coolidge & Rugg, of Boston,
will be furnished.
HUNTINGTON,
Aug.
Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis.
check for $200, payable to the village, is required.
DISTRICT,
Mich.—BOND
OFFERING—
Elizabeth Beasley, Secretary of the Board of Education, will receive sealed
bids until 8 p. m. (EST) on
Aug. 25 for the purchase of .$500,000 coupon
refunding bonds of 1940. Dated wept. 5, 1940. Denom. $1,000. Due Oct. 1
as follows:
$25,000 from 1942 to 1945 incl.; $30,000 from 1946 to 1957 incl.
and $40,000 in 1958.
Non-callable.
Bonds will bear interest at a rate or
rates, expressed in multiples of
of 1%, not exceeding 3H% per annum
to Oct. 1, 1945, 4% per annum thereafter to Oct. 1, 1948 and
4>£%, per
annum thereafter, payable on April 1, 1941 and
semi-annually thereafter on
the first days of April and October of each
year. Both principal and interest
will be payable at the Detroit Trust Co. in the
City of Detroit, Mich., or
at its successor paying agent named by said school district, which shall be a
responsible bank or trust company in the City of Detroit, Mich.
These
bonds will be the general obligation of said school district which is
auth¬
orized and required by law to levy upon all the taxable
property therein such
ad valorem taxes as may be
necessary to pay the bonds and the interest
thereon without limitation as to rate or amount.
Bonds will be awarded
the bidder whose proposal produces the lowest interest cost to the
school
district after deducting the premium offered, if
any.
Interest on premium
will not be considered as deductible in
determining the net interest cost.
The right is reserved to reject any or all bids.
Bids shall be conditioned
upon the legal opinion of Claude H. Stevens of Berry & Stevens,
Attorneys,
to
July 1 as follows: $1,000 in 1941 to 1948; $1,100 in 1949; $1,000 in 1950
1952, and $1,300 in 1953.
LELAND COLORED SCHOOL DISTRICT (P. O.
Leland), Miss.—
BOND SALE DETAILS—The District Secretary states that the $6,000
314% semi-annual building bonds sold to the Bank of Leland as noted here
151, p. 1026—were purchased at par, are dated April 1, 1940, and
mature on April 1 in 1941 to 1949.
—V.
MERIDIAN,
Miss.—MATURITY—The
City
Clerk-Treasurer
state8
that the $274,000 .3% semi-annual bonds sold to the First National Bank
and associates, at 100.50, as noted here—V. 151, p. 1026—
mature as follows:
of Meridian,
$72,000 street intersection bonds.
Due on Sept. 1 as follows:
$7,000 in
1941 to 1949, and $9,000 in 1950.
102,000 special street improvement bonds.
Due on Sept. 1 as follows:
$10,000 in 1941 to 1949, and $12,000 in 1950.
100,000 water works improvement bonds.
Due $4,000 on Sept. 1 in 1941
to
Denom.
1965, incl.
$1,000.
Net interest
cost
of about 2.92%.
PELUCIA DRAINAGE DISTRICT
(P. O. Greenwood), Miss.—
MATURITY—The Secretary of the Board of Commissioners states that
the $331,000 4% semi-annual refunding bonds sold to the Reconstruction
Detroit, Mich., approving the legality of the bonds. The cost of said
legal
opinion and of the printing of the bonds will be paid by the school district.
A certified check in the amount of
$1,000.00, drawn upon an incorporated
April 1
or trust
company and payable to the order of the School District of
the City of Ferndale, must
accompany each proposal as a guarantee of good
on the part of the bidder.
No interest will be allowed on good faith
checks.
$20,000 4% semi-annual armory bonds sold recently, as noted here—V.
151, p. 58o—were purchased at par by the Security State Bank of Starkville.
Finance Corporation, at par, as noted here—V. 151, p. 1026—are due
as follows:
$1,000 in 1941 to 1959, and $1,500 in 1960 to 1967.
STARKVILLE, Miss.—BOND
bank
faith
GENESSEE
TOWNSHIP
FRACTIONAL
SCHOOL
DISTRICT
NO. 14 (P. O. Route No.
3, Flint), Mich.—BOND SALE—The $35,000
school addition bonds offered
July 29—V. 151, p. 586—were awarded to
Grouse <fe Co. of Detroit, as.4s.
Dated
folllows:
$5,000 from 1941
Aug. 1, 1940 and due Aug. 1
$10,000 in 1944 and 1945.
as
to 1943 incl. and
LAKE TOWNSHIP SCHOOL DISTRICT NO.
2, Mich.—CERTIFI¬
CATES PURCHASED—Tn connection with the call for
tenders on Aug. 15
of certificates of
indebtedness, Matthew Carey & Co., of Detroit, advise
that of tenders received the district
purchased $6,226.80 certificates for
$4,354.79, an average price of 69.94.
MICHIGAN STATE COLLEGE OF AGRICULTURE AND APPLIED
SCIENCE (P. O. Lansing), Mich.—BONDS SOLD—The First of
Michigan
Corp. of Detroit purchased $270,000 3 % series B power plant bonds. Dated
Dec. 1, 1939.
Due on June 1, 1941 to Dec. 1. 1954.
Part of an authorized
issue of $340,000, the balance
having been taken by the College for its own
investment account.
NORTHVILLE, Mich.—BOND OFFERING—Mary Alexander, Village
Clerk, will receive sealed bids until 7:30 p. m. (EST) on
Aug. 26 for the
purchase of $113,550 coupon refunding bonds.
Dated Sept. 1, 1940, and
payable, without option of prior redemption: $12,550 April 1,
1943; $11,000 April 1, 1944; and $10,000
April 1 of each year from 1945 to 1953, incl.,
WAYLAND
TOWNSHIP SCHOOL DISTRICT (P. O.
Wayland),
Mich.—BOND SALE—The $30,000 coupon school bonds offered
Aug. 19—
V. 151, p. 1025—were awarded to
Paine, Webber & Co. of Chicago, as
1 Mb, at par plus a premium of
$40.40, equal to 100.134, a basis of about
1.45%. Dated Aug. 1, 1940 and due $6,000 on
April 1 from 1941 to 1945
SALE DETAILS—It is reported that the
MONTANA
CUT BANK, Mont.—BOND OFFERING—Sealed bids will be
received
until 8 p. m. on Sept. 3, by Alice Rush,
City Clerk, for the purchase of
$18,000 jail bonds.
Interest rate is not to exceed 4%, payable F-A.
Dated Sept. 1. 1940.
Amortization bonds will be the first choice and
serial bonds will be the second choice of the City Council.
If amortization
bonds are sold and issued the entire issue
may be put into one single bond
or divided into several
bonds, as the Council may determine upon at the
time of sale, both principal and interest to be
payable in semi-annual instal¬
ments during a period of 10 years from the date of issue.
If serial bonds are
issued and sold they will be in the amount of
$500 each; the sum or $1,500
of the serial bonds will become due and
payable on Feb. 1, 1942, and a
like amount on the same day each
year thereafter until all such bonds are
paid, except the last instalment will be in the amount of $3,000.
The
bonds, whether amortization or serial bonds, will be redeemable on any
interest payment date before the
maturity thereof.
Principal and interest
payable at the Bank of Glacier County, Cut Bank.
The bonds will be sold
for not less than their par
value, with accrued interest to date of
delivery
bidders must state the lowest rate of interest at which
they will
at par.
These bonds are part of the issue of $18,000
authorized at the election held on
July 16.
Enclose a certified check
and
all
purchase the bonds
for
~
),
with interest
to be fixed by bids, not to exceed
2Yi% to and including
April 1, 1943; 3% thereafter to and including April 1,
1946; 3M% there¬
after to and
including April 1, 1948; and 3 %% thereafter until paid, payable
semi-annually on April 1 and Oct. 1.
The cost of printing the bonds and
the approving opinion of
Miller, Canfield, Paddock & Stone of Detroit,
shall be borne by the
purchaser.
A certified check for
2% of the issue, payable to order of the village,
must accompany each
proposal.
on
payable
to the
City Clerk.
MINERAL COUNTY (P. O.
Superior), Mont.—BOND OFFERING—
Sealed bids will be received until 10 a. m. on
Sept. 5 by John McMillan,
Clerk of the Board of County
Commissioners, for the purchase of a $30,000
issue of hospital bonds.
Interest rate is not to exceed 6%, payable J-J.
Dated July 1, 1940.
Amortization bonds will be the first choice and serial
bonds will be the second choice of the Board.
If amortization bonds
sold and issued, the entire issue
may be put into one single bond or
divided into several bonds, as the Board
may determine upon at the time
of sale, both principal and interest to be
payable in semi-annual instal¬
are
ments during a period of 20
years from the date of issue.
If serial bonds
issued and sold, they will be in the amount of $1,000
each; the sum
of $2,000 of the serial bonds will become
payable on July 1, 1945, and a
like amount each year thereafter until all of
such bonds are
are
any
less
bonds, whether amortization
MINNESOTA
,»C£SS,.£.OU,NT.Y.
CONSOLIDATED SCHOOL DISTRICT NO. 14
(P. O. Mildred), Minn.—BOND SALE—We are informed
by the District
Clerk that $10,000
refunding bonds have been purchased jointly by the
State Board of Investment and Roderick
Perk of Minneapolis, paying
par
on 3 ^s and 4s.
Dated July 1,1940.
Due serially in 1941 to 1955.
DODGE
COUNTY
INDEPENDFNT
SCHOOL
DISTRICT
(P. O. Mantorville), Minn.—BONDS OFFERED—Sealed bids
ceived until 7:30 p. m. on Aug. 23,
by Mrs. C. C. Cumberland,
Clerk, for the purchase of $5,000 not to exceed
3% annual
Denom.
paid.
The
or serial bonds, will be redeemable in full at
time after 5 years from the date of issue.
The bonds will be sold for
not
incl.
$1,000.
Dated
Aug.
15,
1940.
Due
NO.
28
were
re¬
District
refunding bonds.
$1,000 Aug. 15, 1941 to
1945.
Prin. and int. (Aug. 15) payable at the Kasson
State Bank.
The
bonds will be awarded to the bidder who will
pay their face amount, plus
accrued interest, or better, for bonds
bearing the lowest rate of interest.
The full faith and credit of the district are
pledged for the payment of the
principal and interest of the bonds.
funding bonds.
Interest rate is not to exceed 3%,
payable F-A.
Aug. 1, 1940.
Denom. $500.
Due Feb. 1 as follows:
$500 in
1943 to 1945, and $1,000 in 1946 to 1956.
The bonds are issued for the
purpose of funding the outstanding valid
floating indebtedness of the
village as represented by its legally issued orders or warrants and
the
bonds shall be issued pursuant to the
provisions of Chapter 331, Laws of
Minnesota, 1927, and Acts amendatory thereof and
supplemental thereto.
A certified check for 2% of the face value of
the bonds bid for is required.
coupon
Dated
RUSH
CITY,
Minn.—BONDS OFFERED—Sealed and auction bids
were received until Aug. 23, at 7:30
p. m., by Harry L. Sherman,
Village
Clerk, for the purchase of $10,000 refunding bonds.
Dated Sept. ], 1940.
Denom.
$1,000.
Due $1,000 Jan.
1, 1942 to 1951.
Prin. and int. (J-J)
payable at any suitable bank or trust company designated
by the purchaser.
The village will furnish the printed bonds and the
approving legal opinion of
their
the Clerk.
MONTANA, State of—BOND SALE—The $225,000 issue of semi-ann.
building bonds offered for sale on Aug. 15—V. 151. P. 882—was
purchased by a group composed of the Allison-Williams Co.,
Piper, Jaffray
armory
& Hopwood, and the
Wells-Dickey Co., all of Minneapolis, as 3%s, ac¬
cording to the Secretary of the State Armory Board.
Dated July 1, 1940.
Due $3,000 July 1,
1942, and Jan. and July 1, 1943 and 1944; $4,000 Jan.
and July 11. 1945 to
1951; $4,000 Jan. and $5,000 July 1, 1951; $5,000 Jan.
and July 1, 1952 to
1957; $5,000 Jan. and $6,000 July 1, 1958; $6,000 Jan.
and July 1, 1959; $6,000 Jan. and
$7,000 July 1, 1960; $7,000 Jan. and
July 1 1961 to 1963; and $7,000 Jan. and $8,000 July 1, 1964.
The bonds
are to be optional on
any interest date at 104 until July 1, 1945; at 103 until
July 1, 1950; at 102 until July 1, 1955; at 101 until
July 1, 1960; and 100
thereafter.
ana
LANESBORO, Minn.—BOND OFFERING—Bids will be received until
Sept. 6 at 8 p. m. by J. C. Austin, Village Clerk, for the
purchase of $12,500
than
par value with accrued interest to date of delivery,
and all bidders must state the lowest rate of
interest at which they will
purchase the bonds at par.
Enclose a Certified check for $500, payable to
for)
Prin. and int.
some
other bank
STILLWATER
payable at the Union Bank & Trust Co., Helena,
to be
COUNTY
mutually agreed upon.
SCHOOL
DISTRICT
NO.
32
(P.
O.
Rapelje), Mont.—BOND SALE—The $26,686.76 refunding bonds offered
for sale on Aug. 16—V. 150,
p. 3861—were purchased by the State Board
of Land Commissioners at
par, according to the District Clerk.
TOWNSEND, Mont.—BOND OFFERING—Sealed bids
until 2 p. m. on
of $75,000
not
Sent.
1, 1940.
will be received
Aug. 30, by Frank T. Hooks, Town Clerk, for the purchase
to
exceed
6% semi-ann. sewage system bonds.
Dated
Amortization bonds will be the first choice and serial bonds
will be the second choice of the Town Council.
If amortization bonds are
sold and issued, the entire issue may be put into one
single bond or divided
into several bonds, as the council
may determine upon at the time of sale,
both principal and interest to be payable in semi-annual
instalments
during a period of 20 years from the date of issue.
If serial bonds are
issued and sold, they will be in the amount, of $750 each; the sum of
$3,750
of the serial bonds will become due and payable on
Sept. 1, 1941, and a
Volume
like amount
The
151
on
the same day each year thereafter
until all such bonds are
The bonds will be sold for not less than their par value with accrued
interest to date of delivery and all bidders must state the lowest rate of
interest at which they will purchase the bonds at par.
These bonds were
authorized at the election held on July 26, by a vote of
167 to 46. Enclose
a certified checs for $3,750, payable to the Town Clerk.
(This notice supplements the offering report given in our issue of Aug.
10—V. 151, p. 882.)
paid.
PASSAIC
nebraska
1026—are dated Aug. 1, 1940,
time after five years.
purchased as
at par—V. 151,
and mature on Aug. 1, 1960, callable at
any
GURLEY, Neb.—BOArD
be held
ELECTION—It is stated that an election will
proposed issuance of $372,000 various
Sept. 3 to vote on the
on
civic improvement
bonds.
PURCHASE CONTRACT—It is reported that
and Greenway & Co.
LINDSAY, Neb.—BOND
a contract
between the village
purchase $7,000 refunding bonds.
has been entered into
of Omaha to
NEBRASKA
BE
F. E. Ziegenbein is said to have recently delivered $868,000 in
State Auditor Johnson in Lincoln for registration.
These bonds
issued for the purchase
City.
of a bridge across
The bonds will have a
SIOUX
maturity period of 20 years.
PRECINCT (P. O. Harrison),
CITY, TOWNSEND
BOND OFFERING—Sealed bids
will be received until 11 a.m. on
Neb.—
Sept. 3,
to
1955,'
by Mary C. Coffey, County Clerk, for the purchase of $20,000 not
exceed 4H% semi-annual road improvement bonds.
Due Dec. 1,
optional after Dec. 1, 1945.
Alternate bids will be received based on a
sale of the bonds as of Oct. 1, 1940, and in the alternative a sale of the
bonds as of Jan. 1, 1941.
These bonds were voted at the election held
July 16.
on
plus
about 3.19%.
1941 to 1951,
No Bonds
J.
109
'
Van Ingen & Co., Inc.,
Rate Bid
Int Rate
3M%
Bid For
"
Bidder—
M. M. Freeman & Co
and C. A.
100.417
101.39
100.077
100.40
3M%
100.118
H.B. Boland & Co
109
4M%
100.605
WALDWICK, N. J.—REPORT ON PROJECTED REFINANCING—'The
following is taken from the minutes of the Municipal Finance Commission
meeting of Aug. 19: "The Borough of Waldwick contemplates a refunding
of
$359,000 of permanent bonds and the funding of $20,0' 0 of floating
debt, or a total of $379,000.00. Discounts and issuing expense will call for a
refunding issue of some $402,000.00. Mayor Reilly, Councilman Rafferty,
3M%
3 ]4Vo
3M%
108
109
and Buckley Bros
Co., and H.L.Allen &Co__ 109
Campbell & Co
109
J. S. Rippel &
some
Auditor
McBride and Wilder
Rich, appeared before
the Commission to
proposal. Mr. McBride speaking for the borough pointed out
had extended some $5,000.00 of 1940 maturities in order
to relieve the 1940 budget ana there seemed to be a real need for refunding.
The funding of $20,000.00 floating debt with certain improvements in
procedure, particularly in the water department, should place
in a good financial position, otherwise an excessive tax rate would result.
Mr. Rich speaking for Campbell, Phelps & Co., Inc., outlined in a general
way the plan which had been submitted to the borough based on a reso¬
lution of the Borough Council dated Aug. 16, 1940, designating the firm
of Campbell, Phelps & Co., Inc., as refunding agents.
Mr. Rich also sup¬
discuss the
the borough
Commission took under
the
ported his outline by a written proposal which the
advisement.
The Commission advised that the required financial infor¬
mation when submitted be reviewed by Mr. Gary and considered by
Commission at a subsequent date."
SUPERVISION—An
instructed the
of the borough
WILDWOOD, N. J.—UNDER STATE
of the New Jersey Supreme Court entered Aug. 16
Municipal Finance Commission to "perform the duties
as imposed upon it by the statutes in such case made and
borough petitioned for such supervision, stating it was in
than 60 days in payment of principal and interest on its
WEST
order
new
19—V. 151, p. 1026
Newark, as 3Ms at
a
that the borough
REGISTERED—Mayor
bonds to
are being
the Missouri River at Nebraska
TO
Neb.—BONDS
CITY,
J .—BOND SALE— The
premium of $761.96, equal to 100.699, a basis of
Dated Sept. 1, 1940 and due Sept. 1 as follows: $3,000 from
incl., and $4,000 from 1952 to 1970, incl.
Other bids:
par
J. B. Hanauer & Co.,
1026—were
151, p.
noted here—V.
O. Stirling), N.
Preim & Co
BANCROFT, Neb.—BOND SALE DETAILS—It is now reported that
the $10,000 water works bonds sold to the First National Bank of Bancroft,
P.
(P.
TOWNSHIP
$109,000 coupon or registered sewer bonds offered Aug.
awarded to Colyer, Robinson & Co., Tnc., of
—were
B.
as
1173
Commercial & Financial Chronicle
hampshire
State
BERLIN, N. H.—BOND SALE—Harriman Ripley & Co., Inc. of New
were awarded on Aug. 19 an issue of $35,000 water bonds as l%s,
at a price of 100.41, a basis of about 1.64%.
Dated Sept. 1, 1940. Due
$5,000 on Sept. 1 from 1941 to 1947 incl.
Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston.
Second high bid of 100.25 for
lMs was made by the National Shawmut Bank of Boston. Final offer of
100.656 for 2s came from F. W. Horne & Co. of Hartford.
York
provided." The
default for more
obligations.
WESTWOOD, N. J.—PROPOSED REFUNDING—The Municipal Fi¬
Commission announced Aug. 19 that as the borough's proposal to
refund $137,000 bonds involves an exchange with the State Sinking Fund
and does not involve any outside holders, it would appear that the plan
nance
formal consideration.
is now in form for
jersey
new
PATERSON, N. J.—MUNICIPAL COMMISSION TO CON¬
PROPOSAL—We quote in part as follows from the
minutes of the Municipal Finance Commission meeting of Aug. 19:
"The
proposal of the Borough of East Paterson loosing towarddshe issuance of
$851,000.00 general refunding bonds and $226,000.00 water refunding
bonds was considered.
The proposal now before the Commission involves
the modifications which have been previously reviewed by the Commission
and it therefore appears that the plan is now subject to formal consideration
with the understanding that the proposal of Campbell, Phelrs & Co., New
York, will be accepted by the borough and carried out by the company in
strict accordance with the statements and information previously sub¬
mitted and based on a refunding which will be 95% complete as a minimum
Municipal Bonds
EAST
SIDER REFUNDING
-
Government Bonds
Housing Authority Bonds
Tilney & Company
NEW YORK, N. Y.
76 BEAVER STREET
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
condition."
ENGLEWOOD, N. J.—WOULD ISSUE $800;000 SEWER BONDS
—Application by the city for authority to issue $800,000 bonds to purchase
the Englewood Sewerage Co., one of the last of the private sewerage com¬
panies in the State, was before Public Utilities Commission on Aug.
The application was to show the plant operation would be self-liquidating
as required by law.
Under city ownership, rates would be reduced 10%
and there would be a net annual return in excess of $120,000 on the basis
15.
testified.
operations last year, Malcolm Pirnie, consulting engineer,
This, he said, would be ample to cover bond requirements and other costs.
F. Hamilton Reeve, city attorney, said the bonds would be sold at not less
of
than par and bear not more than
the bond issue was scheduled for
3% interest.
An ordinance authorizing
Edmund W.
final reading on Aug. 20.
being
Wakelee, Vice-President of the sewerage company, said the sale was
made because of belief of present owners that the sewerage function should
by the city.
Sale of the plant for $1,000,000 was
down in 1930, he said, because of a general assessment involved.
missioner Hanson took the application to conference.
be carried
out
HILLSDALE, N. J .—BOND
Clerk, will receive sealed
purchase of $36,000 not to
divided as
voted
Com¬
OFFERING— Garrett A. Storms, Borough
bids until 9 p. m. (DST) on Sent. 10 for tne
exceed 4% interest coupon or registered bonds,
follows:
$7,000 public improvement assessment funding bonds.
Due
Sept. 1 from 1941 to 1947, incl.
Interest M-S.
17,000 public improvement funding bonds.
Due Sept. 1 as
in 1941; $3,000, 1942 and 1943; and $1,000 from 1944 to
$1,000 on
follows: $4,000
Interest
1950, incl.
Dec. 1 as follows: $1,000 in 1945
1948; $2,000, 1949 and 1950; and
dated Sept. 1, 1940.
Bidder to name a single
expressed in a multiple of M of 1%.
Princiral and semi¬
payable at the Hillsdale National Bank.
The price for
which the bonds may be sold cannot exceed $37,000, or be less than $36,000.
In bidding for the bonds, bidders must consider the offering as constituting
a single issue.
A certified check for $720, payable to order of the borough,
is required.
Legal opinion of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder.
All of the bonds will be
rate of interest,
interest
HOBOKEN,
N.
J.—BOND SALE— H. F. Shinn, City
$634,000 refunding bonds to B.
announced sale on Aug. 22 of
Comptroller,
J. Van Ingen
New York, as 3 Ms. at a price of 94.637, a basis of about 4.18%.
Dated May 1, 1940.
Denom. $1,000. Due July 1 as follows: $200,000 in
1957: $234,000 in 1958 and $200,000 in 1959.
Principal and interest (J-J)
payable at the Bank of New York, in New York City, or at the City Treas¬
urer's office.
Legality approved by Hawkins, Delafield & Longfellow of
New York City. Other bids:
No. Bonds
Int.
Rate
& Co., Inc.,
Rale
Bid
634
4%
94.788
632
4%
94.961
NEW BRUNSWICK, N. J.—BOND SALE— The $255,000 coupon or
registered bonds offered Aug. 20—V. 151, p. 1026—wereawarded asfollows:
$225,000 school bonds sold to B. J. Van Ingen & Co., Inc., New York, and
J. S. Rippel & Co. of Newark, jointly, as 2.40s, at par plus a
Bid For
Bidder—
Stranahan. Harris & Co.,
Vieth, Duncan &
Inc
Wood
)ue Jan.
follows: $10,000
1946 incl. and 2.36%.
Sremium 1of $668.25, equal tofrom 1941 atobasis of about $15,000
100.29,
as
from 1947 to
1957 incl.
N.
SCHOOL ISSUE—National Bank of New Jersey, of New Brunswick,
100.083 for $225,000 2.4Cs; H. B. Boland & Co., 100.082 for $225,000 2Hs;
Stroud & Co., Schlater, Noyes & Gardner, Inc., and MacBride, Miller &
Co., 100.54 for
$224,000 2.60s; Blyth &
Co. and H. L. Allen & Co., 100.45
& Co., Inc., 100.343 for $225,000 2.60s.
ISSUE—B. J. Van Ingen & Co., Inc. and J. S.
Rippel & Co., 100.07 for 1.60s; Blyth & Co. and H. L. Allen & Co., 100.14
for 1.70s; Stroud & Co., Schlater, Noyes & Gardner, Inc., and MacBridge,
2.60s; Halsey. Stuart
MUNICIPAL STADIUM
Miller & Co.,
100.073 for
NORTH BERGEN
Hudson
County
township,
SCHOOL DISTRICT NO.
Y —BOND
will receive sealed
bids until 3:30 p. m.
bonds are unlimited tax obligations
opinion of Dillon, Vandewater &
ville, with New York exchange.
The
of the village and the approving legal
A certified
York City will be furnished the successful bidder.
check for $500, payable to order of the village, must accompany
Moore of New
each
SCHOOL DIS¬
OFFERING—-James H.
(EST) on Aug. 29
BETHLEHEM AND NEW SCOTLAND CENTRAL
TRICT NO. 6 (P. O. Delmar), N. Y.—BOND
Coates, District Clerk, will receive sealed bids until 3 p. m.
for the purchase of $120,000 not to exceed 6% interest coupon
building bonds.
Dated Sept. 1, 1940. Denom.
follows: $3,000 from 1941 to 1944, incl.; $3,500, 1945 to
1951 to 1956, incl., and $4,500 from 1957 to 1970, incl.
a single rate of interest, expressed
in a multiple of
or
Principal and interest (M-S) payable at the
Trust Co., Albany.
The bonds are unlimited tax obligations
and the approving legal opinion of Reed, Hoyt, Washburn
York City will be furnished the successful bidder.
A
$2,400, payable to order of the Board of Education, must
Halsey, Stuart & Co., Inc., 100.042 for 1.90s.
TOWNSHIP, N. J.—TENDERS
WANTED—'The
agent for the
retirement of
National Bank of Jersey City, as fiscal
that $125,000 is available for the
announces
Dec.
principal of 4-4H% refunding bonds, dated Dec. 1, 1936, due
1,
1975, and will receive sealed tenders of bonds until 11 a. m. on Sept. 3,
Tenders must by their terms permit acceptance by the fiscal agent by
registered mail on or before 6 p. m. on Sept. 3.
Purchase price must not
exceed par and accrued interest.
or
registered
$500. Due Sept. 1 as
1950, incl.; $4,000,
Bidder to name
M
l-10th of 1%.
National Commercial Bank &
of the district
& Clay of New
certified check for
accompany each
proposal.
N. Y.—BOND SALE—The $9,000 coupon or registered
bonds offered Aug. 19 were awarded to R. D. White &
1.40s, at a price of 100.023, a basis of about 1.39%.
Sept. 1, 1940.
Denom. $1,000.
Due $3,000 on Sept. 1 from
to
incl.
Prin. and int. (M.S), payable at the Dobbs Ferry Bank.
bonds are general obligations of the village, payable from unlimited taxes.
Legality approved by Thomson. Wood & Hoffman of N. Y.
Dobbs Ferry Bank, only other bidder, named an offer of par for 2.90s.
DOBBS FERRY,
fire apparatus
New York, as
1941
Co. of
Dated
1943
The
City. The
FREEPORT, N. Y.—BOND OFFERING—Howard
will receive sealed bids until 2 p. m. (DST)
purchase of $143,000 not to exceed 6% interest coupon
divided as follows:
Clerk,
95,000
E. Pearsall, Village
on Aug. 29 for the
or
registered bonds,
$3,000 from 1941 to
series A general improvement bonds.
Due Sept. 1 as follows:
$13,000 in 1941 and 1942; $18,000 from 1943 to 1945 incl. and $3,000
$48,000 series E sewer bonds.
Due Sept. 1
1952 incl. and $4,000 from 1953 to
New York,
30,000 municipal stadium bonds sold to H. B. Boland & Co. of
as 1 l^s, at par plus a premium of $10.90, equal to 100.034, a basis
of about 1.49%.
Due $5,000 on Jan. 1 from 1941 to 1946 incl.
All of the bonds will be dated July 1, 1940.
Other bids were as follows:
for $224,000
york
7 (P. O. Deer
OFFERING—Josephine Trabona, District Clerk,
(DST) on Aug. 28 for the purchase
of $44,000 not to exceed 6% interest coupon or registered school bonds of
1940.
Dated Sept. 1, 1940.
Denom. $1,000.
Due March 1 as follows:
$2,000 in 1941 and $3,000 from 1942 to 1955, incl.
Bidder to name a single
rate of interest, expressed in a multiple of M or 1-10th of 1%.
Principal
and interest (M-S) payable at the Bank of Babylon, Babylon, witu New
York exchange.
The bonds are payable from unlimited ad valorem taxes
and the approving legal opinion of Dillon, Vandewater & Moore of New
York City will be furnished the successful bidder.
A certified check for
$880, payable to order of the district, must accompany each proposal.
BALDWINSVILLE,
N.
Y .—BOND OFFERING—Frank Halligan,
Village Clerk, will receive sealed bids until 3 p.m. (EST) on Sept. 5 for the
purchase of $25,000 not to exceed 4% interest coupon or registered sewer
bonds.
Dated Sept. 1, 1940.
Denom. $1,000. Due Sept. 1 as follows:
$2,000 from 1941 to 1952 incl. and $1,000 in 1953. Bidder to name a single
rate of interest, expressed in a multiple of M or l-10th of 1 %. Principal and
interest (M-S) payable at the First National Bank & Trust Co., BaldwinsPark),
COMMON
proposal.
M-S.
12,000 general refunding bonds.
Due
and 1946; $2,000, 1947: $3,000,
1,000 in 1951.
Interest J-D.
annual
new
BABYLON
from 1946 to
as follows:
1955 incl.
1950 incl.
$1,000.
bonds will be dated Sept. 1, 1940.
Denom.
single rate of interest, expressed in a multiple of M
1%.
Prin. and int. (M-S). payable at the Freeport
exchange.
The bonds are general obligations of the village,
unlimited taxes.
A certified check for $2,860, payable to order
All of the
to name a
Bidder
or l-10t.h
of
Bank, with New York
pavable from
of the village
must accompany each proposal.
The approving legal opinion of Dillon,
Vandewater & Moore of N. Y. City will be furnished the successful bidder.
HERKIMER, N. Y.—BOND OFFERING—Helen F. Gillette, Village
Treasurer, will receive sealed bids until noon (DST) on Aug. 27 for the
purchase of
$232,000 not to exceed 6%
interest coupon or registered
electric
Aug. 1
and
of interest,
(F-A), payable
bonds
A
&
bonds.
Dated Aug. 1, 1940. Denom. $1,000. Due
as
$12,000 from 1941 to 1945 incl.; $15,000, 1946 to 1949 incl.
$16,000 from 1950 to 1956 incl.
Bidder to name a single rate
expressed in a multiple of
or l-10tb of 1 %.
Prin. and int.
at the First National Bank, Herkimer, with New York exchange.
The
are general obligations of the village, payable from unlimited taxes.
certified check for $4,640, payable to order of the village, must accompany
each proposal.
The approving legal opinion of Dillon. Vandewater
Moore of N. Y. City will be furnished the successful bidder.
system
follows:
1174
The Commercial & Financial Chronicle
HAMBURG COMMON SCHOOL DISTRICT
NO. 6 (P. O.
Hamburg),
N. Y.—BOND
SALE—The $45,000 coupon or registered school
bonds of¬
fered Aug. 20—V. 151,
p. 1027—were awarded to the
Peoples Bank of
Hamburg as 2s, at par plus a premium of $51,
equal to 100.113, a basis of
about 1.99%,
Dated Sept, 1, 1940 and due Sept. 1 as follows:
$2,500 from
1941 to 1947, incl., $3,000 in
1948 and $3,500 from 1949 to
1955, incl. Other
bids:
Bidder—
Marine Trust Co. of Buffalo
Blair & Co., Inc
R.D.White A Co
Roosevelt & Weigold, Inc
Int Rate
George B. Gibbons & Co., Inc
E.H. Rollins & Sons, Inc
HOOSICK
FALLS,
N.
Rate Bid
2%
2.20%
2^%
—2H%
2M%
2M%
100.16
100.26
100.46
100.277
100.14
Y.—PROPOSED
BOND ISSUE— Board
of
Issue of $12,500 not to exceed
6% interest
street bonds. One bond for
$500, others $1,000 each. Due Sept. 1 as follows:
$2,500 in 1941; $2,000 in 1942 and 1943, and
$3,000 in 1944 and 1945.
Trustees recently authorized
LAKE
an
GEORGE, N. Y.—BOND OFFERING—J.
H.
Bowen,
Village
Clerk, will receive sealed bids until 3 p. m.
(DST) on Aug. 29 for the pur¬
chase of $105,000 not to exceed
6% interest coupon or registered waterworks
bonds.
Dated Sept. 1, 1940.
Denom. $1,000.
Due Sept. 1 as follows:
$3,000 from 1941 to 1955 incl. and $4,000 from 1956
to 1970 incl. Bidder to
name a single rate of
interest, expressed in a multiple of K or l-10th of
1%.
Principal and Interest (M-S) payable at the First
National Bank, Lake
George, with New York exchange, or at the New York Trust
Co., New
York.
The bonds are general
obligations of the village, payable from un¬
limited taxes. A certified check for
$2,100, payable to order of the
village,
must
accompany each proposal.
Legal opinion of Dillon, Vandewater &
Moore of New York City will be
furnished the successful bidder.
NEW YORK, N. Y.—SELLS
$45,000,000 REVENUE
BILLS—Comp¬
troller Joseph D. McGoldrick
announced Aug. 20 that he had sold
an issue
of $45,000,000 in revenue
bills at an interest rate of
0.35%.
They were
sold by allotment to 25 banks and
trust companies.
Dated Aug. 21, 1940
and are payable
$20,000,000 on Oct. 29, 1940 and $25,000,000 on
Nov. 4,
1940.
The Institutions and their
allotments
Bank—
$3,625,000
1,755,000
Hanover
Trust Co
Chase National
Kings County Trust Co
Manufacturers Trust Co....
135,000
3,375,000
Bank
National City Bank of N.Y..
New York Trust Co
Public National Bank & Trust
Trust Co. of New York
90,000
225,000
Bank
Trust
Co
1,260,000
Empire Trust Co
of
Co
315,000
6,479,000
1,260,000
450,000
Title Guarantee A Trust Co..
United Rtates Trust Co. of
New York
J. P. Morgan &
90,000
360,000
Co., Inc
1,710,000
315,000
the
City of New York
2,265,000
$45,000,000
ONONDAGA COUNTY
(P. O. Syracuse), N.
Y.—CERTIFICATES
SOLD—Local banks purchased
$1,450,000 certificates of indebtedness at
0.40% interest.
Dated Aug. 15, 1940 and due
in six months.
SAUGERTIES, N. Y .—BOND OFFERING—William F. Keenan,
Village Clerk, will receive sealed bids until
2 p. m. (DST) on
Aug. 30 for
the purchase of
$60,000 not to exceed
6% interest coupon or registered
municipal building bonds.
Dated July 1, 1940.
Denom. $1,000.
Due
$4,000 on July 1 from 1941 to 1955
incl.
Bidder to name a
single rate of
interest, expressed in a multiple of
X or l-10th of 1%.
Principal and
interest (J-J) payable at the
Saugerties National Bank & Trust Co., Saugerties, with New York exchange, or at the Chase
National Bank, New
York
City. The bonds are general obligations of the village, payable from
unlimited taxes and the
approving legal opinion of Dillon, Vandewater
&
Moore of New York
City will be furnished the successful bidder. A
certified
check for $1,200,
payable to order of the
village, must accompany each
proposal.
SCHUYLER COUNTY (P. O.
Watkins Glen). N. Y.—BOND
SALE
funding bonds offered Aug. 22—V.
151,
Hopkins of Rochester, as 1.20s, at
par
plus a premium of $89.92, equal to
100.281, a basis of about 1.15%.
Dated
May 15, 1940.
Due as follows: $3,000
May 15 from 1941 to 1948 incl.
and $4,000,
May 15 and Nov. 15,1949.
Other bids:
—The $32,000
coupon or registered
p. 1027—were awarded to Little &
Bidder—
Int. Rote
R. D. White & Co
Marine Trust Co. of Buffalo
Roosevelt &
„
100.118
100.089
1
Weigold, Inc
1.60%
1.60%
2H%
F. W. Reichard & Co
Glen National Bank of
Watkins Glen
SENECA FALLS,
Rote Bid
1.30%
1.30%
1)41%
1H%
\y2%
Brown, Bennett & Johnson
Manufacturers & Traders Trust Co
W. H. Rollins &
Sons, Inc
George B. Gibbons & Co., Inc
100.37
100.275
100.255
100.22
100.28
100.15
100.031
N. Y.—BOND SALE—The
$130,000 coupon water
works improvement bonds
offered Aug. 21 were
awarded to the Marine
Trust Co. of Buffalo and
R. D. White & Co. of New
York, jointly, as 2}4s,
at a price of
100.579, a basis of about
2.21%,
Dated Sept. 1, 1940.
De¬
nom. $1,000.
Due Sept. 1 as
follows: $3,000 from 1941 to
1970 incl. and
$4,000 from 1971 to 1980 incl.
Principal and interest (M-S) payable at
the Central
Hanover Bank & Trust
Co., New York City.
Legality ap¬
proved by Dillon, Vandewater &
Moore of New York
City.
Other bids:
™
BJrdd£r~T,
Int- Rate
E. II. Rollins & Sons, Inc. and
R"te Bid
A. C.Allyn &
Co., lnc__ 2kt%
C. F. Childs & Co. and
100.54
Sherwood & Co_>:
2.30%
100 60
George B. Gibbons & Co. and Roosevelt &
Weigold, Inc. 2.30%
100.188
Manufacturers & Traders Trust Co.
and Sage,
Rutty
& Co
2.40%
WEBSTER,
GRANITE
an
offer
?oV?he1lM0^lianS w7~0a206VrTS Y°rk' rUnDer UPcoml>etlti°D
NORTH
CAROLINA
COUNTY (P. O.
LouUburg), N. C.—BOND OFFERING—
Sealed bids will be received
until 11 a. m.
(EST), on Aug. 27, by W. E.
Easterling, Secretary of the Local
Government Commission, at his
in Raleigh, for the
office
purchase of the
following bonds dated Aug. 1, 1940, and
maturing on Feb. 1 in the years
hereinafter stated, without
option of prior
payment:
$16,000 school building
bonds, maturing annually
$2,000,1943 to 1950, incl.
10,000 refunding road and
bridge bonds, maturing
to
annually $1,000, 1943
1952, incl.
Denom. $1,000, prin. and int.
(F-A), payable in N. Y.
City in legal
tender; general obligations,
unlimited tax, coupon
bonds registerable as to
principal only,
delivery on or about Sept. 13, at place of purchaser's
There will be no
choice.
auction.
A separate bid for each
issue
Bidders
are
(not less than par and
accrued interest) is
requested to name the
interest rate or rates, not
of 1 %; each bid
may name one rate for
part
exceeding 6 % in multiples of
of the bonds of any issue
(having the earliest
maturities) and another rate
for the balance, but no bid.
may name more than two
rates for any
each bidder must specify in his
issue, and
bid the amount of
the bonds of each
rate.
Mitchell, N. Y. City,
FALLS,
N. C.—BOND OFFERING—Sealed bids will
be
received by W. E. Easterling,
Secretary of the Local Government Com¬
mission, until 11 a. m. (EST), on Aug. 27, at his office in
Raleigh, for the
purchase of $4,000 street and
water
bonds dated July 1,
1940, maturing
July 1, $500, 1941 to 1948, incl., without
option of prior pay¬
be no auction.
Denom. $500; principal and
interest
(J-J) payable in lawful money in New York
City; coupon bonds not regis¬
terable; general obligations; unlimited tax;
delivery at place of purchaser's
choice.
annually
ment.
on
There will
Bidders
are
requested to name the interest rate or
rates, not exceeding
6% per annum in multiples of one-fourth of 1 %.
Each bid may name one
rate for part of the bonds
(having the earliest maturities) and another rate
for the balance, but no bid
may name more than two rates, and each
bidder
must specify in his bid the amount of
bonds of each rate.
No bid of less
than par and accrued interest will be
entertained.
Bids must
bank
or
be accompanied
by a certified check upon an
incorporated
payable unconditionally to the order of the
State
The approving opinion of
Storey, Thorndike, Palmer &
trust company,
Treasurer for $80.
Dodge, of Boston, will be furnished
NEW
the purchaser.
BERN, N. C.—BOND OFFERING— Sealed
bids will be received
until 11 a. m. (EST), on
Aug. 27, by W. E. Easterling,
Secretary of the
Local Government
Commission, at his office in Raleigh, for the
purchase
of $100,000
street improvement
refunding bonds dated Sept. 1,
1940,
maturing annually on March 1, $20,000 1956 to
1960, incl., without option
of prior
payment.
There will be no auction.
Denom. Si,000; prin. and
int. (M-S) payable in lawful
money in New York City;
coupon bonds
registerable as to principal only; general
obligations; unlimited tax; delivery
at place of purchaser's
choice.
Bidders are requested to name the interest
rate or rates, not
exceeding
6% per annum, in multiples of one-fourth of
1%.
Each bid may name one
rate for part of tne bonds
(having the earliest maturities) and another
rate
for the
balance, but no bid may name more than two
rates, and each bidder
specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder
offering to purchase the bonds at the lowest interest
cost to the city, such cost to be
determined by deducting the total
amount
of the premium bid form the
aggregate amount of interest
upon all of the
bonds until their
respective maturities.
No bid of less than
par and ac¬
crued interest will be
must
entertained.
bank
be
accompanied
by
certified check upon
a
trust company,
payable
Treasurer for $2,000. The right to
or
unconditionally to the
reject all bids
is
an incorporated
order of the State
The approving
reserved.
opinion of Reed, Hoyt, Washburn &
Clay, New York City, will be furnished
the purchaser.
STATESVILLE, N. C.—BOND OFFERING—Sealed bids will be
received
until 11 a. m.
(EST), on Aug. 27,
by W. E. Eastening, Secretary of the
Locai Government
Commission, at his office in Raleigh, for the
purchase
of $114,000
refunding bonds dated Sept. 1, 1940. and
maturing annually on
March 1, $10,000 1942 to
1948, and $11,000 1949 to 1952, all
inci., without
option of prior payment.
There win be no auction.
Denom. $1,000;
Srin. and int. (M-S) payable in lawful money in
onds registerable
to principal omy; general
New York City: coupon
obligations; unlimited tax;
as
delivery at place of purchaser's choice.
Bidders
6%
are
requested to
per annum in
name
the interest rate
or rates, not
exceeding
Each bid may name one rate for
multiples of M. of 1%.
Eart of the bonds (havingname earliest maturities)
the more than
alance, but
bid may
two
and another rate for the
no
rates, and each bidder must
specify in his bid the amount of bonds of
each rate.
The bonds will be
awarded to the bidder
offering to purchase the bonds at the lowest
interest
cost to the city, 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.
No bid of less than
par and accrued
interest will be
entertained.
Bids must be
accompanied by a certified check
upon an incorporated
bank or trust
company, payable unconditionally to the order of
the State
Treasurer for $2,280.
The right to reject all bids is
ing opinion of Storey,
the purchaser.
reserved.
The approv¬
Thorndike, Palmer & Dodge, Boston, will be
furnished
NORTH
DAKOTA
ABERCROMBIE COMMON SCHOOL
DISTRICT
crombie) N. Dak.—BOND SALE—We are now
informed
(P.
O.
Aber-
by the President
of the School Board that
the $19,000 (not
$20,000) coupon school building
bonds offered for sale on June
14—V. i50, p. 3862—were
purchased by the
Charles A. Fuller Co. of
equal to 100.10.
Minneapolis,
Dated July 1, 1940.
as
34£s, paying
Denom. $1,000.
a
premium'of $190,
ROLETTE COUNTY (P. O.
Rolla), N. Dak.—CERTIFICATES NOT
SOLD—The County Auditor states
that the $45,000 not to
exceed 7%
semi-annual certificates of
indebtedness offered on Aug. 13—V.
151, p. 588
—were not sold as no
bids were received.
He goes on to
report that tne
county officials contemplate
advertising for the sale of bonds in the near
future.
WHEATLAND SCHOOL DISTRICT
NO. 3 (P. O. Devils
N. Dak.—PRICE PAID—The
Lake),
District Clerk states that the
$24,000 fund¬
ing and refunding bonds sold to the
First National Bank & Trust Co.
of
Minneapolis,
par.
as noted here—Y.
151, p. 1028—were purchased
Dated July 1, 1940.
Due on July 1 in 1943 to 1959.
as
3Ms at
WILLIAMS
COUNTY
(P. O. Hamlet), N. Dak
SPECIAL
SCHOOL
DISTRICT
NO.
95
.—CERTIFICATES OFFERED—It is
reported
that sealed bids were
received until Aug. 23
by C. Olson, District Clerk,
for the purchase of
$4,000 certificates of indebtedness.
Due 18 months
from
date of issue.
OHIO
N. Y.—BOND SALE—The
issue, made
required.
The approving opinion of Masslicb &
100.429
$53,000 bonds offered Aug. 20
—V. 151, p. 1027—were
awarded as follows:
$38,000 Union Hill Water
District bonds sold to Sherwood
& Co. of New
York, as 2.20s, at par plus a
premium of $126, equal to
basis of about
100.331, a
2.16%.
Due Sept. 1 as follows:
$1,500 from 1941
to 1944 incl. and
$2,000 from 1945 to 1960 incl.
15,000 West Water District bonds
sold to Sage,
Rutty & Co. of Rochester,
as 2.40s, at
par plus a premium of
$31.50, equal to 100.21, a basis
of about
2.38%.
Due $750, on
Sept. 1 from 1941 to 1960 incl.
Ail of the bonds will
be dated
Sept. 1, 1940.
Roosevelt & Weigold,
■fnc.. New York, second
high bidder for the $38,000
«
for $520.
will be furnished the
purchaser.
Bids must
of New York
90,000
Fifth Ave. Bank of New York
Bank
1,935,000
Marine Midland Trust Co of
New York
8,201,000
1,755,000
of the
Continental Bank & Trust Co.
of New York
Corn Exchange
90,000
5,935,000
2,250,000
Irving Trust Co
<fc
Chemical Bank & Trust Co..
Commercial National Bank &
National
Amount
495,000
Bank
City of New York
First
follows:
Bank—
FultonTrust Co. of New York
Guaranty Trust Co. of N. Y_
540,000
Brooklyn Trust Co
Central
are as
Amount
Bankers Trust Co
Bank of the Manhattan Co..
Bank of New York
be determined
by de¬
ducting the total amount of the premium bid from the
aggregate amount
of interest upon all of the bonds
until their respective maturities.
Bids must be on a form to be
furnished with additional
information,
and must be accompanied
by a certified check upon an incorporated
bank
or trust
company, payable unconditionally to the order of the
State Treas¬
urer
100.079
Aug. 24, 1940
The bonds will be awarded to the
bidder offering to purchase the bonds
at
the lowest interest cost to the
county, such cost to
ASHLAND, Ohio—BOND OFFERING—Lotta
Westover, Director of
Finance, will receive sealed bids until noon on
Sept. 4, for the purchase of
$12,000 4% coupon road
improvement bonds.
Dated Aug.
1, 1940.
Denom. $1,000.
Due
$2,000 on Oct. 1 from 1942 to
1947, incl.
Bidder
may name a different rate of
interest provided that fractional rates
are
expressed in a multiple of M or
1%.
Interest A-O.
City will pay for the
approving legal opinion of
Squire, Sanders & Dempsey of Cleveland.
A
certified check for
$200, payable to order of the city, is
required.
ASHTABULA COUNTY
(P. O. Jefferson), Ohio— BOND SALE—
The $5,000 bonds offered
Aug. 19—-V. 151, p. 1028—were awarded to the
Jefferson Banking Co., of
Ashtabula, as 3s, at par plus a premium of
$25,
equal to 100.50, a basis of about
2.90%.
Sale consisted of:
$2,800 county road bonds.
Due $280 on Oct. 1 from 1941 to
1950 incl.
2,200 improvement No. 9 Sewer
District No. 1 bonds.
Due $220 on
Oct. 1 from
1941 to 1950 inclusive.
All of the bonds will be
dated Sept. 15,
1940.
BELLAIRE, Ohio—BOND SALE—The $50,000
Aug. 19—V. 151, p. 884—were awarded to
Ryan,
Toledo, as lhs.
Sale consisted of:
bonds offered
Sutherland & Co. of
coupon
$15,000
water works intake bonds.
Dated Oct. 1, 1940.
Denom. $1,500.
Due $1,500 on Oct. 1 from
1941 to 1950, incl.
Interest A-O.
20,000 Rose Hill water line extension
bonds.
Dated Oct. 1, 1940.
Denom.
$2,000.
Due $2,000 on Oct. 1 from 1941 to
1950, incl.
Interest
A-O.
15,000
poor relief
bonds.
Dated Sept. 15, 1940.
Denom. $1,000.
Due
Sept. 15 as follows: $1,000 in 1941 and
$2,000 from 1942 to 1948,
Interest M-S 15.
incl.
BUTLER COUNTY (P.
O.
Hamilton), Ohio—BOND OFFERING—
Commissioners, will receive
P. G. Banker, Clerk of
the Board of County
sealed bids until noon on
Sept. 6 for the
purchase of $31,000 not to exceed
Dated Aug. 1, 1940.
Denom. $1,000.
$4,000 in 1941; $5,000, 1942;
$4,000, 1943; $5,000,
1944; $4,000, 1945; $5,000 in 1946 and $4,000 in
1947.
Rate of interest to
be expressed in a
multiple of % of 1%.
Prin. and int.
3}4% interest refunding bonds.
Due Oct.
1
as
follows:
(A-O), payable
at
The Commercial &
151
Volume
office.
The bonds are to be sold at not less than
accrued interest, are issued under authority of the General Laws of
the State, particularly Section 2293-5 and pursuant to the Uniform Bond
Act and by Resolution adopted by the Board of County Commissioners on
the County Treasurers'
par and
funds to pay
The bonds are issued for the purpose of providing
certain bonded indebtedness of the county coming due during the
Aug. 9.
year
1940,
payable from taxes levied within tax limitations and are full and
general obligations of the county.
The proceedings looking to the issuance
of these bonds have been taken under the supervision of Taft, Stettinius &
Hollister of Cincinnati, whose approving opinion will be furnished by the
county if the purchaser so desires.
Enclose a certified check for #310,
payable to the County Treasurer.
and
are
CAMPBELL, Ohio—BOND OFFERING—John B. Ross, City Auditor,
Sept. 5 for the purchase of $10,063.54
coupon street improvement bonds.
Dated Aug. 1, 1940. One bond for
$1,063.54, others $1,000 each. Due Oct. 1 as follows: $1,063.54 in 1941 and
$1,000 from 1942 to 1950 incl. Bidder may name a different rate of interest
provided that fractional rates are expressed in a multiple of M of 1%.
These are voted bonds and are payable outside of the 10 mills. Interest A-0.
A certified check for $250, payable to order of the city, must accompany
will receive sealed bids until noon on
4%
each proposal.
'
TOLEDO, Ohio—BOND SALE—The $385,000 coupon indebtedness
liquidating bonds offered Aug. 20—V. 151, p. 885—were awarded to
Richards & Co., Hawley, Huller & Co. and Hayden, Miller & Co.. all of
Field,
2Ms, at a price of 100.87, a basis of about 2.16%.
Sept. 1, 1940 and due $177,000 on Sept. 1 from 1946 to 1950, incl.
Cleveland,
as
Dated
Other
bids:
Rate Bid
Int. Rate
Bidder—
Sutherland & Co.,
Stranahan, Harris & Co.; Ryan,
and Braun, Bosworth & Co
Otis & Co.; BancOhio
& Co_
2M %
100.44
2M%
100.40
Securities Co., and Fullerton
WATERVILLE, Ohio—BOND ISSUE DETAILS—The $4,000 fire
equipment bonds awarded Aug. 7 to the Waterville State Savings Bank at
par plus a premium of $1—V. 151, p. 885—bear 4% interest.
The Whitehouse State Savings Bank bid par.
OKLAHOMA
CYRIL SCHOOL DISTRICT (P. O.
Cyril), Okla.—BONDS SOLD—
that $9,000 building repair
Clerk of the Board of Education states
The
12, by C. Edgar Honnold of Oklahoma City,
paying a premium of $2.80, equal to 100.031, a net interest cost of about
2.23%, on the bonds divided as follows:
$5,000 as 2Mb, due $2,000 in
1943 and 1944, and $1,000 in 1945; the remaining $4,000 as 2s, due $1,000
in 1945, $2,000 in 1946, and $1,000 in 1947.
bonds were purchased on Aug.
COUNTY
CLARK
1175
Financial Chronicle
(P.
Springfiled),
O.
Ohio—MATURITY—The
$33,736.85 1M % Poor relief bonds awarded to the BancOhio Securities Co.
of Columbus, at a price of 100.453—V. 151, p. 1028—mature as follows:
$3,735.85 April 1 and $3,000 Oct. 1, 1945 $3,000 April 1 and Oct. 1, 1946
and 1947; $2,000 April 1 and $3,000 Oct. 1 from 1948 to 1950 incl.
CUYAHOGA COUNTY (P. O.
OFFERING
Cleveland), Ohio—BOND
Stahler, Clerk of the Board of County Commissioners, will
receive sealed bids until 11 a. m. (EST) on Sept. 6 for the purchase of
$1,600,000 3M % coupon or registered bonds, divided as follows:
—George H.
$100,000 refunding bonds.
Due $5,000 on April 1 and Oct.
to 1951 incl.
issued to refund certain general bonds
from taxes levied outside limitations.
1 from 1942
and payable
1 and Oct. 1 from 1942
of providing funds for
refunding certain refunding special assessment roads, sewerage
and water supply improvement bonds, originally issued within a
then existing 15-mill limitation, but issued prior to Jan. 1, 1931,
or the indebtedness represented by the bonds was
incurred by
1,500,000 refunding bonds.
Due $75,000 on April
to
1951 incl.
Issued for the purpose
sale of notes to the
public prior to Jan. 1,
GARVIN COUNTY JOINT
DISTRICT
CONSOLIDATED SCHOOL
Pernell), Okla.—BONDS SOLD—It is reported that
Aug. 5 by the County Treasurer.
Aug. 10, 1940.
NO. 4 (P. O.
school bonds were purchased on
SAPULPA,
$10,000
Dated
Okla.—MATURITY— In connection with the refunding
which are being exchanged with the holders
bonds, aggregating $695,800,
of the original bonds, as noted here on June
Treasurer that the bonds mature as follows:
29, it is stated by the City
$421,800 5% semi-annual series A bonds.
Dated
May 6, 1960, optional at any time.
274,000 6% semi-annual series B bonds.
Dated
May 6, 1960, optional at any time.
May 6, 1940.
Due on
May 6, 1940.
Due on
OREGON
1931.
Oct. 1, 1940.
Denom. $1,000. but may be
issued in different units if requested by the successful bidder.
Bidders may
bid for a different rate of interest in multiples of M of 1%.
Bids may be
made separately for each issue, or for "All or None,"
Split rate bids will
not be considered on any single issue, but different interest rates may be
bid for each issue.
Prin. and int. payable at the County Treasurer's office.
The proceedings incident to the proper uathorization of these bonds have
been taken under the direction of Squire, Sanders & Dempsey of Cleveland,
whose approving opinion will be furnished.
Bids must be made on a blank
form furnished on application to the Clerk.
Delivery of these bonds must
be accepted at Cleveland, before 10 a. m., on Oct. 1.
Enclose a certified
check for 1 % of the amount of bonds bid for, payable to the County Treas¬
urer.
These are the bonds mentioned in —V. 151, p. 1028.
Ore.—BOND OFFERING—It is reported that sealed
bids will be received until Aug. 30 by the City Clerk, for the purchase of
$55,000 sewer system bonds, approved by the voters at an election held on
DEFIANCE, Ohio—BOND OFFERING—D. E. Schultz, City Auditor,
will receive sealed bids until noon on Aug. 31 for the purchase of $34,000
chase of $30,000 water,
All of the bonds will be dated
6% coupon street pavement bonds of 1938 and 1939.
Dated Sept. 1, 1940.
Denom. $1,000.
Due Sept. 1 as follows: $3,000 in 1942 and 1943 and $4,000
1944 to 1950 incl.
Bidder may name a different rate of interest
expressed in a multiple of (4 of 1 % and payable M-S.
The bonds are issued
for the purpose of raising money in anticipation of the collection of special
assessments for the improvement of various streets in the city, and under
from
the authority of the laws of Ohio and of the Uniform Bond Act
and in accordance with various ordinances of the city.
Enclose
check for $340, payable to
DEFIANCE
and under
certified
a
the city.
CITY SCHOOL DISTRICT,
Ohio—BOND SALE—The
$246,500 school improvement bonds offered Aug. 22—-V. 151,
awarded to Harriman Ripley & Co., Inc., and Fahey, Clark &
p.
Co
732—were
.
of Cleve¬
land, jointly, as 2Ms, at a price of 101.67, a basis of about 2.07%.
Bid
was made subject to approval of bonds as to legality by Squire, Sanders &
Dempsey of Cleveland.
Bonds mature as follows:
Oct. 1 from 1942 to 1954, incl.; $6,000 Apr. 1 and
incl.
Other bids, also for 2Ms, were as follows:
Huller &
Co., Hayden, Miller & Co.
and Hawley,
101.22
101.18
101.01
Co
Harris & Co., Inc
Trust Co.. Weil, Roth & Irving
Provident Savings Bank &
101.56
101.33
E. Kline, Inc
Braun, Bosworth & Co. and Stranahan,
State Teachers' Retirement System
Co.,
Inc., Pohl & Co., Inc.,
and
Lahr, Doll & Isphording,
Seasongood & Mayer
State Bank, Defiance
Van
-
CITY
HUBBARD, Ohio—BOND SALE—The $14,571.50 coupon special assess¬
street improvement bonds offered Aug. 19—V. 151, p. 1028—were
Seasongood & Mayer of Cincinnati, as 2Ms, at par plus a
premium of $58.85, equal to 100.403, a basis of about 2.18%.
Dated
Aug. 1, 1940 and due as follows: $796.50 May 1 and $725 Nov. 1, 1942,
and $725 on May 1 and Nov. 1 from 1943 to 1951 incl.
Second high
bid of 100.58 for 2Mb was made by Ryan, Sutherland & Co. of Toledo.
ment
awarded to
IRONTON, Ohio—BOND SALE—The
$185,000 flood prevention bonds
offered Aug. 22 were awarded to an account headed by Fox, Einhorn &
Co., Inc. of Cincinnati, as 2Mb, at a price of 100.47, a basis of about
2.46%.
Dated Sept. 1, 1940.
Denoms. $1,000 and $500.
Due Sept. 1
as follows:
$6,000 from 1942 to 1961 incl. and $6,500 from 1962 to 1971
incl.
They
are
unlimited tax bonds, the issuance and
approved by the voters of the city.
therefor having been
(M-S) payable at the First National
bidder to furnish legal opinion.
Other bids:
interest
required levies
Principal and
Successful
Bank, lronton.
Int. Rate
Ginther
2M%
Sutherland & Co.; Hawley, Huller & Co., and
Bidder—
Harriman Ripley
& Co
Ryan,
& Co., Inc. and Fangboner,
2M%
► Fahey, Clark & Co_
Stranahan, Harris & Co., Inc
3%
Rate Bid
101.83
100.28
McConnellsville), Ohio—BOND SALE—
offered Aug. 9—V. 151, p. 732—were
of Chesterhill, as 3s, at a price of 101.812
a basis of about 2.78%.
Dated Oct. 1, 1940 and due $1,000 on Oct. 1 in
1942, 1944, 1946, 1948, and from 1950 to 1955 incl.
The Citizens National
MORGAN COUNTY (P. O.
The
$10,000
courthouse
McConnellsville bid par for 3s.
NEW PHILADELPHIA CITY SCHOOL DISTRICT,
ELECTION—An issue of $100,000 construction bonds will
by the voters at the
Ohio—BOND
be considered
November general election.
RIPLEY, Ohio—BONDS SOLD—It is reported that an issue of $75,000
waterworks system
bonds was sold to the Second National Bank of
Cincinnati.
OFFERING— Marjorie R. Con-
CLEARFIELD COUNTY (P. O. Clearfield), Pa.—OTHER BIDS—
refunding bonds awarded to Charles Clark & Co. and E. W.
Co., both of Philadelphia, jointly, as 0.75s, at a price of
100.099, a basis of about 0.71%—V. 151, p. 1029—were also bid for as fol¬
& R. C. Miller &
lows:
Int. Rate
1M%
E.
H.
Rollins &
Sons, Inc., and Singer,
100.289
100.175
100.09
100.051
Deane &
Scribner
S. K. Cunningham
Rate Bid
100.295
1M%
1 M%
1M%
1 M%
Bidder—
Blair & Co., Inc
& Co
Phillips, Schmertz & Co
Salomon Bros. & Hutzler
1M %
Philip J. Davidson
Clearfield Trust Co
M. M. Freeman & Co
CREEKSIDE, Pa.—BOND
100.013
100.01
100.217
OFFERING—H. R. Vensel, Borough Trea¬
until 1 p. m. (EST) on Aug. 29, for the
1
1 M%
,
will receive sealed bids
purchase of $2,500 6% series A street improvement bonds.
1940.
Denom. $100. Due July 1,5 as follows: $400 from 1941 to 1945, incl.
and $500 in 1946.
Principal and interest (J-J) payable at the First Na¬
tional Bank, Indiana, Pa.
Issue was approved by the Pennsylvania
surer,
Dated July 15,
Department of Internal
Affairs on Aug. 5.
CITY SCHOOL DISTRICT, Pa.—BOND OFFERING—
John J. Turock, Secretary of the Board of Directors, will receive sealed bids
until 7 p. m. on Sept. 4 for the purchase of $60,000 not to exceed 4% interest
coupon operating revenue bonds.
Dated Sept. 1, 1940. Denom.
Due $6,000 on Sept. 1 from 1941 to 1950, incl.
Registerable as to princi¬
pal only.
Bonds will be sold subject to approval of the
partment of Internal Affairs and the purchaser will be furnished with
approving legal opinion of Frank J. McDonnell, Solicitor of the
A certified check for $1,000, payable to order of the Treasurer of the Board
of School Directors, is required.
DICKSON
$1,000.
Pennsylvania De¬
the
district.
SCHOOL DISTRICT (P. O.
LOGAN TOWNSHIP
BOND OFFERING—C.
C. Schandelmeier, Secretary
Altoona), Pa.—
of the Board of Direc¬
receive sealed bids until 4 p. m. (EST) on Sept. 5 for the purchase
of $10,000 3, 3M or 4% coupon tax anticipation bonds.
Dated Oct.
1940.
Denom. $1,000.
Due $2,000 on Oct. 1 from 1941 to 1945,
Bidder to name a single rate of interest, payable semi-annually (A-O).
Bonds may be registered as to principal only and cannot be sold for less
tors, will
1,
incl.
par
and accrued interest.
A certified check for $500,
each proposal.
than
payable to order of
the district, must accompany
SOLD—No bids
and equipment
1940 and due
incl. Callable
on any interest date after Oct. 1, 1943, at par and accrued interest.
RINGTOWN SCHOOL DISTRICT, Pa .—BOND OFFERING—O. H,
Boyer, Secretary of the School Board, will receive sealed bids until 8 p. m.
on Aug. 31 for the purchase of $16,000 4% coupon bonds, including $11,500
auditorium and $4,500 refunding.
Dated Sept. 1, 1940.
Denom. $500.
Due serially from 1945 to 1965, incl.
Optional at any time. Prin. and int.
MOSCOW SCHOOL
DISTRICT. Pa.—BONDS NOT
submitted for the $9,000 coupon nigh school enlargement
offered Aug. 14—V. 151, p. 733.
Dated Oct. 1,
Oct. 1 as follows: $200 in 1943 and $400 from 1944 to 1965
were
SPRINGFIELD, Ohio—BONDS
SOLD—J. M. Stritch, City Auditor,
of $56,000 sewer refunding bonds
reports the sale to the City Sinking Fund
and $44,000 general refunding bonds.
TOLEDO, Ohio—BOND
OFFERING—Rudy Klein, City Auditor, will
purchase of $37,000 3%
1, 1940. Denom. $1,000.
1948, incl. and $3,000 from
1949 to 1951, incl.
Bidder may name a different rate of interest, expressed
in a multiple of M of 1%.
Principal and interest (M-S) payable at the
Chemical Bank & Trust Co., New York City.
All proceedings incident to
the proper authorization of these bonds will be taken under direction of a
bond attorney whose opinion as to the legality of the bonds may be procured
by the purchaser at his own expense.
Coupon bonds may be exchanged
for instruments registered as to principal and interest, at the request of
the owner.
A certified check for 1% of the bonds bid for, payable to order
of the Commissioner of the Treasury, must accompany each proposal.
receive sealed bids
PENNSYLVANIA
Borough Secretary, will receive sealed bids until 4 p. m. on Aug. 30
(to be considered at Borough Council meeting at 7:30 p. m. on Sept. 3)
for the purchase of $12,000 2M % coupon water works improvement bonds.
Dated Sept. 1, 1940.
Denom. $500.
Due $2,000 on Sept. 1 from 1941 to
1946, incl.
Prin. and int. (M-S) payable at the
Borough Treasurer's
office.
A certified check for $5 per bond must accompany each proposal.
roe,
bonds
awarded to the First National Bank
Bank of
Ore.—BOND OFFERING—Sealed bids will be received
28 by H. C. Johnson, City Recorder, for the pur¬
second series, bonds.
Interest rate is not to exceed
6%, payable J-J.
Dated July 1, 1940.
Denom. $500. Due July 1 as
follows: $500 in 1944 to 1946, $1,000 in 1947 to 1950, $1,500 in 1951 and
1952, $2,000 in 1953 and 1954, $2,500 in 1955 and 1956, $3,000 in 1957 to
1959, and $3,500 in 1960.
The right will be reserved to redeem any of the
bonds, or any part, in the sum of $500 or multiples thereof at any Jan. 1
interest-paying date on or after Jan. 1, 1944, at the par value thereof and
accrued interest.
Prin. and int. payable at the City Treasurer's office.
The bonds will not be sold for less than par and accrued interest, and were
authorized at the election held on May 25.
All bidders shall satisfy them¬
selves as to the legality of the bonds, for which purpose a transcript of pro¬
ceedings of the city in connection with the bond issue will be furnished by the
City Recorder to all prospective bonafide bidders, upon application therefor.
Enclose a certified check for not less than 2 % of the par value of the bonds
bid for, payable to the city.
These are the bonds originally offered for sale on July 8.
YONCALLA,
until 7:30 p. m. on Aug.
The $100,000
100.82
100.50
SCHOOL DISTRICT, Ohio—BOND ELECTION—
An issue of $250,000 school construction bonds will be considered by the
voters at the November general election.
GIRARD
Ore.—BOND OFFERING—Sealed bids will be received
26 by George R. Duncan, Town Recorder, for the
not to exceed 6% semi-annual refunding bonds.
Oct. 1, 1940.
Due $1,500 on Oct. 1 in 1941 to 1947,
(A-O) payable at the Town Treasurer's office.
A
less than $210 must accompany the bid.
purchase of $10,500
Denom. $500.
Dated
incl.
Prin. and int.
certified check for not
CAMBRIDGE SPRINGS, Pa .—BOND
Co
Fox, Einhorn & Co., Inc., and P.
BancOhio Securities Co. and Otis &
STAYTON,
until 8 p. m. on Aug.
$6,500 April 1 and $6,000
Rate Bid
Sutherland &
June 20.
Oct. 1 from 1955 to 1961,
Bidder—
Ryan,
PRINEVILLE,
until noon on Sent. 10, for the
coupon park improvement bonds.
Dated Sept.
Due Sept. 1, as follows:
$4,000 from 1942 to
bonds
(M-S) payable at the First National Bank, Ringtown.
(Reference to this offering was previously made in
V. 151, p. 1029.)
TOWNSHIP SCHOOL DISTRICT (P. O.
Valley), Pa .—BONDS DEFEATED—At an election on Aug.
voters rejected a proposed issue of $20,000 building bonds.
SOUTHWEST
SPRING
Grand
15 the
TOWNSHIP SCHOOL DISTRICT (P. O. Bellefonte,
Pa .—BOND OFFERING— R. E. Malone, Secretary of the
R. F. D. No. 1),
The Commercial & Financial Chronicle
1176
Board of Directors, will receive sealed bids until 7 p. m. (EST) on Aug, 30
for the purchase of $16,500 2, 2H. 3,
Dated Sept. 1, 1940.
Denom. $500.
VIRGINIA
4, or 4M% coupon school bonds.
Due Sept. 1 as follows: $500 in
1941 and 1942; $1,000 in 1943 to 1945. incl.; $500 in 1946 and 1947; $1,000,
1948 to 1950, incl.; $500, 1951 and 1952; $1,000, 1953 to 1955, Inci.; $500
in 1956 and $1,000 from 1957 to 1960, incl.
Bonds maturing on or after
Aug. 24, 1940
FORGE, Va.—BONDS AUTHORIZED—'The City Council
recently the issuance of $20,500 2H% armory
building bonds.
CLIFTON
is said to have authorized
Sept. 1, 1951, are callable at par and accrued interest on any interest-pay¬
ing date on or after Sept, 1, 1950.
Bidder to name a single rate of interest,
WASHINGTON
Eayable M-S. to thebonds may legal opplnionas to principal only andof BellThe favorable be registered of R. Paul Campbell will be
sued subject
GOLDENDALE, Wash.—BONDS SOLD—The City Clerk states that
$75,000 3H% semi-annual water system and sewage revenue bonds ap¬
proved by the voters on Aug. 13. nave been sold. ■
.
.
■
The City Clerk reported subsequently that the above bonds were sold at
par, are dated Aug. 15, 1940, mature in 15 years and are optional after 10
A certified check for 2% of
fonte.
order of the District Treasurer,
the amount of bonds bid for, payable to
is required,
PUERTO
PUERTO
years.
RICO
(Government)—BOND SALE—The $500,000 issue
of coupon semi-annual Puerto Rico, series A to E, Rio Blanco hydro¬
electric plant bonds offered for sale on Aug. 22—v. 151, p. 1029—was
award edto the National City Bank of New York as 2 He, paying a premium
of $700, equal to 100.14, a basis of about 2.48%,
Dated Jan. 1, 1940.
Due $100,000 on July 1 in 1946 to 1950 incl.
RICO
DAKOTA
SOUTH
LABOLT INDEPENDENT SCHOOL DISTRICT NO.
1
La-
bolt), S. Dak.—BOND SALE DETAILS—The District Secretary states
$8,000 4M% semi-annual building bonds sold to the Dakota
State Bank of Mllbank, as noted here—V, 151, P. 1029—were purchased
at a price of 100.312, ana mature on March 15 as follows: $400 in 1942
and 1943, and $450 in 1944 to 1959, giving a basis of about 4.21%.
that the
MCLAUGHLIN, S. Dak.—BOND SALE—The $6,000 5% coupon semi¬
annual auditorium completion bonds offered for sale on July 8—V. 151,
p. 138—were purchased by the County Treasurer of Corson County , S. Dak.
at par.
Dated July 1, 1940.
Due from June 1, 1943 to Dec. 1, 1952,
optional on any Interest payment date.
TENNESSEE
CLINTON, Tenn.—BOND SALE—The $25,000 water works and sewer
system extension revenue, first series bonds, offered for sale on Aug. 16,
—V. 151, p. 885—were awarded to Nichols & Co. of Nashville as 3Ms,
paying
a
premium of $233.50, equal to 100.934, a basis of about 3.10%.
Due on May 1 in 1946 to 1949.
Dated May 1, 1940.
TEXAS
AGRICULTURAL
AND
MECHANICAL COLLEGE
OF TEXAS
(P. O. College Station), Texas—MATURITY—It is stated that the
$180,000 4% semi-annual building revenue bonds, series of 1940, sold to the
Reconstruction Finance Corporation at par, as noted here—Y. 151, p. 8«6—
are due on April 1 as follows: $4,000 in 1943 to 194^,; $5,000, 1949 to 1953;
$6,000, 1954 to 1957; $7,000, 1958 to 1961; $8,000, 1962 to 1964; $9,000,
1965 to 1969, and $10,000 in 1970.
BEEV1LLE, Texas—BONDS SOLD—It is reported that $20,000
sewer
bonds have been purchased by Dewar, Robertson & Pancoast.
BERTRAM, Texaa—BONDS SOLD—A. $45,000 issue of water system
bonds approved by the voters in April, is said to have been purchased by
Crummer & Co. of Dallas.
CARMINE SCHOOL DISTRICT
(P.
O.
Carmine), Texas—BONDS
SOLD—'The President of the School Board reports that $3,000 construction
bonds have been purchased by a local bank.
CHILDRESS INDEPENDENT SCHOOL DISTRICT (P. O. Chil¬
dress). Texas—BONDS SOLD—An issue of $135,000 3%% semi-annual
refunding bonds is said to have been purchased at par by R. A. Under¬
wood & Co. of Dallas.
■
Treasurer, that he will receive selaed bids until 10 a. m. on Aug. 31 for the
purchase of $10,000 coupon school bonds.
Interest rate is not to exceed 6 %,
payable M-S.
Dated Sept. 1, 1940.
Denom. $100 or any multiple thereof,
and no bond to exceed the amount of $500.
The bonds are to run for a
period of 10 years, being less than the estimated life of the improvements,
payable serially, in their numerical order, lowest numbers first, the various
annual maturities of the bonds to commence with the second year after the
date of the issuance of the bonds, to be in such amounts (as nearly as prac¬
ticable) as will, together with the interest on the outstanding bonds, be met
by an equal annual tax levy for the payment of the bonds and interest.
Principal and Interest payable at the County Treasurer's office.
WEST VIRGINIA
OHIO
COUNTY
ELYSIAN FIELDS COUNTY LINE RURAL HIGH SCHOOL DIS¬
TRICT (P. O. Elysian Fields), Texas—BONDS EXCHANGED—The
Superintendent of Schools states that $15,000 4% semi-annual refunding
bonds have been exchanged with the holders of the original bonds.
JEFFERSON COUNTY (P. O. Beaumont), Texas—BOND ELEC¬
TION—A special election will be held on Aug. 31 in order to vote on the
Issuance of $800,000 airport bonds, according to report.
NACOGDOCHES. Texas—-BONDS SOLD—A $15,000 issue of airport
by the voters at an election held on July 9, has been pur¬
Dunbar & Co, of Austin, as 3s, according to report.
bonds approved
chased by R, K.
PICKTON INDEPENDENT SCHOOL DISTRICT (P. O. Pick ton).
Texas—BOND OFFERING DETAILS—The following additional informa¬
tion is furnished in connection with the offering scheduled for
Aug. 30,
$700 in 1959 to 1962, and $800 in 1963 to 1968.
If the above schedule is
unattractive, the bidder may submit an alternate proposal based on a
schedule of his own construction.
It is the intention of the district to sell
the bonds at the lowest interest cost that will
bring a price of approximately,
but not less than, par and accrued interest.
Bidders are
name
the rate or combination of two rates with their bid which is
closest to par
and accrued interest.
Any rate or rates named must be in
multiples of
i£,°f 1 %, and bids calling for
Jmncloal
a rate
O.
higher than 5% will not be considered.
and interest (F-A)
payable at place preferred by purchaser.
These bonds were authorized at the election held on June
25, by a vote of
113 to 69.
The State Board of Education has waived them.
The district
will furnish the printed bonds, a copy of the legal proceedings, the
aoproving
opinion of Gibson & Gibson of Austin, and will deliver the bonds to tbe
TEXAS, State of—LOCAL BOND
tion:
ISSUES SOLD—Tbe following issues
reported to have been purchased by tbe State Board of Educa¬
$8,500 4% Peaster Rural High School District No. 23 bonds
in
at par.
Due
25 years.
8,0003M%
Richardson Indep.
School District bonds at
par.
Due in
par.
Due in
11 years.
10,5003M% Rockwood Indep.
School District
bonds
at
20 years.
8,000 3 M % Salada Indep. School District bonds at par.
Due in 20 years.
1,500 4% Tarrant Co. Common School District No. 100 bonds at par.
Due in 20 years.
F
3,0003%% Trinity Co.
common
School District No. 42 bonds at
Due In 20 years.
WEST COLUMBIA
r»T
that
and
par.
SCHOOL DISTRICT
(P. O. West Colmubia),
SALE DETAILS—The District Secretary now reoorts
gymnasium bonds sold to the San Jacinto Bank & Trust
2Mb and 2 Ms. as noted here—V. 151, p. 886—were purchased at par,
are
callabe after 10 years.
WHEELING, W. Va .—BOND SALE—The $1,200,000 2H% semi-ann.
general Improvement bonds offered for sale on Aug. 17—V. 151, p. 886—
awarded to a syndicate composed of Stranahan, Harris & Co., Inc. of
Toledo; Shields & Co. of New York; Equitable Securities Corp.; Young,
Moore & Co. of Charleston: F, W. Craigie & Co. of Richmond; Hayden,
Miller & Co. of Cleveland, and Widmann & Holzman of Cincinnati, paying
a premium of $17,398.80. equal to 101.449, a basis of about 2.42%, to ma¬
turity.
Dated July 1, 1940.
Denom. $1,000.
Due July 1 as follows:
$22,000 in 1941, $23,000 in 1942 and 1943, $24,000 in 1944, $25,000 in 1945
and* 1946. $26,000 in 1947. $27,COO in 1948 and 1949, $28,000 in 1950,
$29,000 in 1951, $30,000 in 1952 and 1953, $31,000 in 1954, $32,000 in 1955,
$33,000 in 1956, $34,000 In 1957, $35,000 in 1958, $36,000 in 1959, $37,000
in 1960, $38,000 in 1961, $39,000 in 1962, $40,000 Id 1963, $41,000 iD 1964,
$42,000 in 1965, $43,000 in 1966, $44,000 in 1967, $45,000 in 1968, $46,000
in 1969, $47,0C0 in 1970, $48,000 in 1971, $49,000 in 1972, $50,000 in 1973.
and $51,000 in 1974.
Bonds maturing from and after July 1, 1946, are
redeemable on July 1,1945 or on any interest payment date thereafter prior
to maturity, at the option of the city, upon the payment of the principal
sum plus any unpaid interest thereon, upon terms of par of the principal
sum after notice as provided in a resolution of tbe city dated June 18.
OFFERED
FOR
of Dallas.
successful
bidders
re-
the above bonds for public subscription at prices to yield from
0.40% to 2.50%, according to maturity.
*
WISCONSIN
COUNTY
DOUGLAS
(P. O. Superior), Win.—BOND SALE—The
poor relief bonds offered for sale
Aug. 21—V. 151, p. 734—was awarded to a group composed of Doyle,
O'Connor & Co., Morris Mather & Co., and Ballman & Main, all of Chi¬
cago, as 2Mb, paying a premium of $1,313, eaual to 100.656, a basis of
about 2.62%.
Dated Sept. 1, 1940.
Due $20,000 on Sept. 1 in 1941
$200,000 issue of coupon semi-annual
on
to 1950 incl.
OCONTO COUNTY (P. O. Oconto), Wis.—BOND SALE—The follow¬
ing 3 % semi-annual non-taxable highway improvement bonds aggregating
$100,000, offered for sale on Aug. 21—v. 151, p. 590—were awarded at
public auction to the Milwaukee Co. of Milwaukee, for a price of 107.52,
a basis of about 1.30%; $70,000 series H-A, and $30,000 series H-B bonds.
Dated Aug. 1, 1940.
Due on Feb. 1. 1945.
WYOMING
CARBON COUNTY SCHOOL DISTRICT NO.
38
(P. O. Lamont).
Wyo.—BONu OFFERING— It is reported that sealed bids will be received
until 5 p.m. on Sept. 16, by W. J. Davidson, District Clerk, fer the pur¬
chase of $11,000 not to exceed 5% semi-annual general bonds.
Dated
A certified check for $150 must
Sept. 1, 1940.
accompany
UPTON, Wyo.—BOND OFFERING DETAILS—In
the bid.
connexion
with the
offering scheduled for Aug. 29. of tbe $10,000 not to exceed 5% semi-annual
water system bonds, noted here on Aug. 17—V. 151, p. 1030—it is stated by
Raymond Caddocic, Town Clerk, that bids will be received until 6 p. m. on
the date of sale and that tbe purchaser will be furnished with a complete
certified transcrirt of proceedings, blank bonds and final approving opinion
as to legality by Myles P. Tallmadge of Denver.
Enclose a certified checic
for 5% of the par value of the bonds authorized.
CANADA
ANTIGONISH, N. S.—BOND SALE—Cornell, MacGillivray. Ltd. of
Halifax purchased an issue of $11,000 4% improvement bonds at a price
of 99.29, a basis of about 4.13%.
Due serially from 1941 to 1951 incl.
KITCHENER, Ont.—BQND SALE—The Dominion Bank of Canada,
of Toronto, was the successful bidder for the $241,611 3% bonds offered
Aug. 19, paying a price of 99.78, a basis of about 3.03%.
Sale consisted of:
$16,611 local improvement bonds.
Due from 1941 to 1955, incl.
225,000 hydro-electric power plant construction, improvement and exten¬
sion bonds.
Due in 1950.
Second high bid of 99.76 was made by A. E. Ames & Co. of Montreal.
MANITOBA
Toronto
(Province of)—BOND SALE—Wood, Gundy & Co. of
purchased, at par, $1,000,000 3% bonds, due Aug. 1, 1942.
of $40,000 4% improvement bonds, due serially from 1941
Rate Bid
......
—The Societe General de
—...
100 70
100.50
COMMISSION, Que.—BOND SALE
Finance, Inc. of Quebec purchased $143,000 5%
price of 101, a basis of about 4.88%.
Dated Aug. 1,
1940 and due as follows: $2,000 in 1941 and 1942 $2,500,1943 to 1945 incl.:
$3,000, 1946 to 1949 incl. and $119,500 in 1950.
funding bonds at
a
N.
Halifax, purchased
Bidder—
E. H. Rollins & Sons. Inc
National Shawmut Bank..
NELSON, B. C,—BOND SALE—A. E. Ames & Co. of Toronto purchased
at par, an issue
to 1950 incl.
WINDSOR,
VERMONT
HIGHGATE SCHOOL DISTRICT (P. O. Highest. Center), Vt.—
OTHER BIDS—The $28,000 2M % school bonds awarded
Aug. 15 to R. K.
Webster & Co. of New York, at 100.939, a basis of about 2.36%—V.
151,
p. 1030—were also bid for as follows:
INVESTMENT—'The
offered
VERDUN CATHOLIC SCHOOL
WHITNEY- Texa»—BONDS SOLD—A $36,000 issue of 4
% semi-annual
refunding bonds is reported to have been purchased by James, Stay art &
Davis
SALE—The
Interest F- A.
the $35,000
Co. as
Va .—BOND
W.
were
bank designated, all without cost to the
purchaser.
Enclose a certified
check for 2% of the amount of the issue,
payable to the district.
of bonds are
Wheeling),
of
the $16,000 school bonds, reported in our issue of
Aug. 17—V. 151-, p. 1030:
Dated Aug. 15, 1940.
Bidders are to submit their proposals on the basis
of this schedule of maturities
suggested by the district: $300 in 1941 to
1943, $400 in 1944 to 1948, $500 in 1949 to 1953, $600 in 1954 to 1958,
required to
(P.
$500,000 issue of 2H% semi-annual court house bonds offered for sale
Aug. 20—V. 151, p. 886—was awarded jointly to McGregor, Irvine &
Co., and H. K. Hastings & Co., both of Wheeling, paying a premium of
$12,794.25, equal to 102.558, a net interest cost of about 2.35%, to ma¬
turity.
Due on July 1 as follows: $8,000 in 1942 and 1943; $9,000 in
1944 and 1945; $10,000 in 1946 and 1947; $11,000 in 1948 to 1950; $12,000
in 1951 and 1952; $13,000 In 1953 to 1955; $14,000 in 1956 and 1957; $15,000
in 1958 and 1959; $16,000 in I960 and 1961; $17,000 In 1962 and 1963:
$18,000 in 1964 and 1965: $19,000 in 1966 and 1967; $20,000 in 1968 and
1969; $21,000 in 1970: $22,000 In 1971 and 1972; $23,000 in 1973, and
*24,000 in 1974.
Bonds maturing on or after July 1, 1953, are redeemable
subsequent to July 1, 1952 or on any interest payment date thereafter prior
to maturity at the option of the Board of County Commissioners, upon the
payment of the principal sum plus any other unpaid interest thereon,
upon terms of par of the principal sum, after notice as provided in a resolu¬
tion of the Board, dated June 12.
on
BONDS
CORPUS CHRISTl, Texas—BONDS SOLD—It is stated by T. R.
Bring. City Secretary, that an issue of $425,000 3% semi-annual water
main bonds approved by tbe voters at tbe election held on Aug. 13, were
purchased by local banks at par, on Aug. 16.
Dated Aug. 15, 1940.
Due as follows: $10,000 in 1941; $35,000, 1942; $40,000, 1943 and 1944,
and $50,000 in 1945 to 1950.
,
YAKIMA COUNTY SCHOOL DISTRICT NO. 10 (P. O. Yakima),
OFFERIJSG—It is stated by C. D.
Stephens, County
Wash.—BOND
S.—BOND
an
SALE—Cornell, MacGillivray, Ltd. of
issue of $40,000 4% improvement bonds, due serially
from 1941 to 1950 incl.
WOLFVILLE, N. S.—BOND SALE—Cornell, MacGillivray, Ltd. of
Halifax, purchased $53,000 bonds, as follows:
$35,000 4% improvement bonds at a price of 98.59, a basis of about 4.17%.
Due serially from 1941 to 1960 Incl.
18,000 3 M-4% improvement bonds at a price of 98.05.
Due serially from
*941
to
1958 Incl.
@FedFRASER