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COPYRIGHTED IN 1940 Br WILLIAM B. DANA
VOL. 151.
COMPANY, NEW YORK.
lssuedW|it'oVps?eYtraGo|,y~
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK. NEW YORK,
NEW YORK, AUGUST 3,1940
THE
BANK
NO. 3919
"S^WN&vSfoBP
BROOKLYN TRUST
COMPANY
UNDER THE ACT OF MARCH 3, 1879.
CHASE
BANK
NATIONAL
OF THE CITY OF NEW YORK
Chartered 1866
OF
*
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
IE W
respondent bank service
is
traditional
a
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
Broaden your customer
with
service
Chase
cor¬
respondent facilities.
Hallgarten & Co,
Member Federal Deposit
Insurance
Corporation
1850
Established
STATE
AND
NEW YORK
London
Chicago
MUNICIPAL
City of
BONDS
Philadelphia
PUBLIC UTILITY
Bonds
INDUSTRIAL
The
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
BOSTON
NEW YORK
Moncure Biddle & Co.
CHICAGO
BONDS
AND OTHER
PHILADELPHIA
SAN FRANCISCO
PHILADELPHIA
PRINCIPAL CITIES
A.C.ALIXN"* COMPANY
INCORPORATED
CHICAGO
Boston
Detroit
Philadelphia
Milwaukee
New York
Omaha
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
(Drumhellor, EhrMman
Company
Capital Funds
.
Company
$37,500,000
Exchange Bldg.
Seattle
OTIS & CO*
(Incorporated)
Established
NewYork
IOO
1899
CLEVELAND
BROADWAY
We Deal in
Penna.
Chicago
Turnpike Rev. 3%s, 1968
Lehigh & New Engl. RR. 4s, 1965
Lehigh Coal & Nav. 4s, 1948
MADISON AVENUE
R. H. Johnson & Co.
AND40TH STREET
West Penn Power Co. Common
Penna.
Telephone
$2.50
Pfd.
Members
New York Stock Exchange
New York Curb Exchange
64 Wall
St.
Varnall & Co.
NewYork
ONE EAST
PHILADELPHIA
BOSTON
1528 Walnut Street,
Philadelphia
57TH STREET
DeHaven & Townsend
CarlM.Loeb,Rhoades&Co.
61
Established
BROADWAY
Member of
NEW YORK
London
Paris
Amsterdam
Geneva
the
Federal Deposit
h+surance Corporation
NEW YORK
30 Broad
187 If
PHILADELPHIA
1513
Walnut St.
Chronicle
The Commercial & Financial
II
Aug.
3,
1940
Notices
Communique
of the Cash
Office
of
Foreirn Credits, Budapest,
regarding:
State Loan of
Offer for interest payments on
Certain
Under
1.
Hungarian Long Term Dollar Bonds
date
of July 23,
offer with respect to the
Bonds.
vided
per
This
offer
was
1937,
the Cash
payment of interest
for
a
Office of
published an
Credits
Foreign
certain Hungarian Long Term Dollar
on
three year period
fpx interest payments at the rate of
annum on
The
which expires
and three
one
31,
July
and pro¬
1940
(13A%)
quarter
cent,
per
the following Dollar Bond Issues:
Kingdom of Hungary 1924
Dollar Tranche.
J.
Henry Schroder Banking Corporation,
46
William Street, New York, New York,
give notice that the coupons due August
1,1940, on the bonds of the above-mentioned
issue
of
which
CITY OF BUDAPEST External
Times
Sinking Fund 6% Gold Bonds of 1927.
CONSOLIDATED
MUNICIPAL
LOAN
twenty
be
7V2%
year
secured
7%
secured
Sinking Fund Gold Bonds of 1925.
HUNGARIAN
CONSOLIDATED
twenty
year
Sinking Fund Gold Bonds, External Loan of 1926.
AND
BRITISH
HUNGARIAN
BANK
LTD.
Fund
Sinking
year
Mortgage Gold Bonds, Dollar issue.
CITY
SAVINGS
BANK
1,
COMPANY
BUDAPEST
OF
7%
be
must
28th
for
1940,
September,
payment
at
percent,
made
set
out
in
the
the
per
after
four
and
Presentation
period
a
may
and
of
annum.
within
1937,
on
rate
of six
years
from the due date of the coupon irrespective of
the date of enfacement of the relative bond.
t
thirty-five
7V2%
the
on
enfaced in evidence
conditions
of
17th September,
published in the New York
was
presented
August
one-half
LOAN
MUNICIPAL
been
the
of
Memorandum
1937, which
HUNGARIAN
have
acceptance
the
twenty-five
July 30, 1940.
First
year
Mortgage Gold Bonds, Dollar issue.
FARMERS
NATIONAL
MORTGAGE
INSTITUTE
7%
Hungarian Land Mortgage
Dividends
Sinking Fund Gold Bonds of 1928, Dollar issue.
FARMERS
Dollar
NATIONAL
MORTGAGE
INSTITUTE
7%
Land
Bonds,
Mortgage
issue.
HUNGARIAN LAND MORTGAGE INSTITUTE 7V2% Sinking Fund Land Mortgage
C H R
Gold Bonds, Series "A" Dollar Bond.
DE SOTO
YS_L E R
PLYMOUTH
DODGE
HUNGARIAN LAND MORTGAGE INSTITUTE 7V2% Sinking Fund Land Mortgage
Gold Bonds, Series "B" Dollar Bond.
HUNGARIAN-ITALIAN
FROM CHRYSUR CORPORATIOW
YOU OH THE POOP THINGS RUST
BANK
LTD.
7»/a%
Mortgage
Bonds,
Dollar
issue,
BANK
LTD.
7V2%
Mortgage
Bonds,
Dollar
issue,
Series "A".
HUNGARIAN-ITALIAN
HUNGARIAN-ITALIAN BANK LTD. 7%%
Gold Bonds, Dollar issue, Series "A-C".
COMMON STOCK
thirty-five
year
HUNGARIAN
Fund
Sinking Fund Mortgage
The directors of
NATIONAL CENTRAL SAVINGS BANK OF HUNGARY
7*/2% Series "A" Sinking
DISCOUNT
AND
EXCHANGE
lar and
BANK
7%
thirty-five
Sinking
year
share
Communal Gold Bonds, Dollar issue.
CENTRAL
HUNGARIAN
MUTUAL
CREDIT
INSTITUTE
7%
Land
HUNGARIAN
INDUSTRIAL
one
dol¬
per
a
the
on
dividend of
outstanding
common
stock, payable September 12, 1940,
Mortgage
Sinking Fund Gold Bonds, Series "A", Dollar issue.
NATIONAL
Chrysler Corporation
twenty-five cents ($1.25)
have declared
Dollar issue.
Fund Gold Bonds,
ON
DIVIDEND
Series "A-B".
to
MORTGAGE
INSTITUTE
LTD.
stockholders of record at the close
of
First
business, August 12, 1940.
Mortgage Sinking Fund 7% Gold Bonds, Series "A", Dollar issue.
RIMA
In
First Mortgage
spite of the
Hungary has
2.
CORPORATION
STEEL
Closed
7%
international situation and of the acute
financial
almost complete
cessation
countries with freely convertible currencies,
of
the
export trade
between
offer of payment
effect during the past three years will be continued for the time
Cash Office
published notice thereof.
right of the
3.
The
problems
above
to
terminate
or
action has been taken
modify
after
the offer
at
consultation
Hungary
which has
Chairman, Finance Committee
which
faced over this period, the above offer has been faithfully carried out.
Despite the
B. E. HUTCHINSON
(Rimamurany-Salgotarjan Iron Works Co. Ltd.)
thirty-year Sinking Fund Gold Bonds, in Dollars.
MANUFACTURING
EATON
and
been
in
Dividend No. 62
being, subject to the
time
any
upon
COMPANY
CLEVELAND, OHIO
The* Board
giving
Directors
of
Eaton
of
Manufacturing
Company has de¬
a
dividend of Seventy-five
clared
with
the
Foreign
Bond¬
Cents
(75c.)
share on the out¬
per
holders Protective Council, Inc. and it is the intention of the Cash Office to enter into
further discussions with the Council with respect to the interest service on long term
standing common stock of the com¬
debts covered by this offer.
pany,
4.
As
mentioned
funds become
loans,
available
for
the
payment will be effected
to
payment of interest
as
in
the
on
past through
any
of the
above-
the
Central
Agent
of the Cash Office in New York, Schroder Trust Company, 46 William Street, New York,
New York, and notice thereof will be published by the Cash Office.
As long as the offer
remains open
payment will be effected
in the published offer of July 23,
on
payable on August 24th, 1940
shareholders
of record at the
the general
terms
and
conditions
close of business on August
5th, 1940.
July 26th, 1940
H. C. STUESSY, Secretary.
specified
ROCHESTER TRANSIT CORPORATION
1937.
meeting of the Board of Directors of the
Transit Corporation neld on July 23,
1940, interest at the rate of 2H% was declared
payable September 1, 1940, on both the Series A
and Series B Notes of the Corporation to holders
of record at the close of business August 21, 1940.
No transfers of Notes shall be made during the
At
a
Rochester
Dividends
August 21,
period from the close of business
1940, to September 1, 1940.
REICHART,
Secretary and Treasurer.
HOWARD
THE ATLANTIC REFINING CO.
L.
Rochester, N. Y., July 23, 1940
COMMON
NUMBER
DIVIDEND
At
140
meeting of the Board of Directors
73ord&nti
July S9»
a
held
Common Dividend
twenty-five cents
on
1940/ a dividend of
share was declared
the Common Stock of the
Company/
payable September 16/1940/ to stock¬
holders of record
at
the close of busi¬
August 21/ 1940. Checks will be
ness
'7TTS
per
An
W. M. O'CONNOR
July 29,1940
Secretary
dividend
122
of thirty cents
(30$) per share has been declared on
outstanding common stock of this
Company, payable September 3, 1940,
the
to
mailed.
No.
interim
stockholders of record
of business August 15,
will be mailed.
at
the close
Checks
1940.
The Borden Company
SUN
■
Cotton Facts
GASH
E. L.
OIL
[SUNOCOj
Philadelphia, Pa.f
■J3IULH
July 22, 1940.
Carry
your
message
io
these readers at
a
cost
advertising
moderate
The Board of Directors declared a divi¬
dend of $1.50 per share on the Preferred
Stock,
payable
September 3,
mon
our
1940, to
Stock, payable September 16,
August 24, 1940.
111 Fifth
Avenue(
fliiu
V
(f
New York City
1940,
140th
FRANK CROSS,
BUCKEYE
Common Dividend
A dividend of
Treasurer.
5% ($1.25
declared upon
the Common Stock and Com¬
mon
THE
Consecutive
close of business
.
columns.
INCORPORATED
holders of record August 10, 1940; And a
dividend of 25c. per share on the Com¬
to holders of record at the
through
NOETZEL, Treasurer
COMPANY
PIPE LINE COMPANY
26 Broadway,
July 20,1940.
A dividend of One ($1.00) Dollar per share has
been declared on the Capital Stock of this Com¬
pany, payable Sept. 14, 1940, to stockholders of
record at ]the close of business Aueust 23,1940.
j, R. FAST, Secretary
New York,
a
share) has been
Stock B of The American Tobacco
Company, payable in cash
on
September 3,
1940, to stockholders of record at the close
of
business August
10, 1940.
Checks will
be mailed.
Edmund A. Harvey, Treasurer
July 31, 1940
w
ommerria'f
CONTENTS
Editorials
The Financial Situation
591
Who Threatens and Why ?_
604
The Third Term Tradition
605
Comment and Review
The Business Man*s Bookshelf
Week
_
_
608
_
the
European Stock Exchanges.
Foreign Political and Economic Situation.;
.596
Foreign Exchange Rates and Comment...
.600 & 647
on
596
Course of the Bond Market..
607
Indications of Business Activity.
Week on the New York Stock Exchange
609
Week
645
on
the New York Curb
594
Exchange
News
Current Events and Discussions
622
Bank and Trust Company Items
643
General Corporation and Investment News
686
Dry Goods Trade
727
State and
728
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
...651 & 653
Sinking Fund Notices
647
Dividends Declared
647
Auction Sales
647
New York Stock
Exchange—Stock Quotations
♦New York Stock Exchange—Bond Quotations.
New York Curb
654
__
654 & 664
Exchange—Stock Quotations
670
♦New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations
674
676
Canadian Markets—Stock and Bond Quotations
679
Over-the-Counter Securities—Stock & Bond Quotations.
682
Reports
Foreign Bank Statements
600
Course of Bank
645
Clearings
Federal Reserve Bank Statements
General
622 & 651
Corporation and Investment News
686
Commodities
The Commercial Markets and the
Crops
Cotton
Breadstuffs
719
IP
721
—
725
*
on
Attention is directed to the new column incorporated in our tables
New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
Published Every
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business Manager.
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
London1 Drapers' Gardens. London, E.C.
Copyright 1940 by William B Dana Company
Entered as second-class mattw
June 23. 1879 at the post office at New York. N. Y., under the Act of March 3. 1879.
Subscriptions in United States and Possessions, $18.00
per year. $10.00 for 6 months: in Dominion of Canada, $19.50 per year. $10.75 for 6 months.
South and Central America. Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12 50 for 6 months.
Transient display advertising matter, 45 cents per agate fine.
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.
Herbeit D. Seibert, Chairman
Other offices:
Edwards &
Smith.
The Commercial <£ Financial
VI
This advertisement is neither
Chronicle
Aug. 3,
offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.
an
The
any
1940
of this stock.
August i, 1940
NEW ISSUE
180,000 Shares
The Narragansett
Electric Company
Cumulative Preferred
($50.00
par
Stock, 4W% Series
value
per
share)
Price $53.25 per
•>*
share
Plus dividends accrued from August 1, 1940
Copies of the Prospectus may be obtained in any State from such of the several underwriters, including the undersigned, as are qualified to offer such securities in such State:
Bodell & Co., Inc.
The First Boston Corporation
Bonbright&Company Blyth&Co.,Inc.
W.C.Langley&Co.
Smith, Barney & Co.
Lehman Brothers
Lee Higginson
Incorporate
Harris, Hall 8c Company
Corporation
(Incorporated)
Kidder, Peabody & Co.
Blair & Co., Inc.
Hornblower & Weeks
Paine, Webber & Co.
Stone & Webster and Blodget
White, Weld & Co.
Incorporated
The "EXPANDIT" Binder
A Practical and Serviceable Binder for
your
Cotton—
Magazines and Periodicals
In sizes up to
The
13x8 M inches
"Expandit"
Friendship-
Binder is
constructed that it will always
so
its
Advertising•
flat, whether it be filled to
open
capacity of six-inch expan¬
sion,
one
or
whether it contains only
issue.
Its back is
adjustable to the
A
size of the number of issues
it
all
waste
space
and
is
an
exclusive feature.
magazines
means
of
are
a
sona!
adding
greatly to its appearance.
This
sort
other issues.
punching holes, pulling
intervening issues may be inserted without the necessity
You handle only the particular copy that you desire to
the others remain in their proper
Whether an
ness.
issue be thick
or
per¬
same
of mutual faith which is
to
every
business.
holder, and can
be inserted in less time that it takes tojtell about it, without
or
cotton
through
friendship—the
necessary
strings, or multilating the copies in any way.
Successive
the
of
part
The
held in place by
wire
large
business is done
contains, thereby eliminating
of disturbing
insert or remove,
position.
BUT—did
you
ever
stop
to
think of the large part played
by
consistent
publicity
in
developing the initial intro¬
thin, the "Expandit" Binderjis
It embodies every feature that has proved of practical
adjustable to its thick¬
value and it avoid
duction?
a
that are objectionable.
An
form
Plus postage
the
Prices for larger sizes
on
application
new
"backbone"
25
Spruce St.,
"Expandit" Binder
New York City
will
the
you
friendships
people
Cotton
The
in
help
advertisement
"Chronicle"
Price $2.00 each
among
constituting the
of
the
Industry.
World's
The Financial Situation
TATE last week the
J—*
mittee
Senate
Military Affairs Com-
military training bill, which
the
text to
country
had not
measure
only in terms which do not reflect honor
presented in full
was
Sunday morning last.
on
then, and has not
A Different View
The
been for¬
now,
We, however,
mally approved by the Committee, and its publica¬
view of the
tion at that time may
long seemed to
have been dictated by
to obtain the reaction of the American
drastic,
indeed
legislation.
unprecedented,
If such
pose
well.
from
all
all
Not
been
If
President
The other system, the system
would
In
selective
with
us
have
ments
the
The
bill,
more
are
and in the press,
voluntary
on
for
the
nations
between
members
of
the
the
Commit¬
timidly yielding to
value.
and
approach of the present
of
to
Europe,
the
Low
war,
nation
the
two
that
methods; there
has
one
be
mittee, in defense
of
the
and
Countries
to
and
were
with
all this
do
about what
"spending" would
business
stimulate
to
no
proved
and restore prosperity
a
indifference
possibly
or
proval
Burke-Wadsworth
upon
defense
grandiose
tional
which in any event
public,
be
so
to
appears
in its
measure
origi¬
comes
making the sacrifices
to
sary
man
provided.
how
The
and
to
stood
when
he
issue,
was
any
or
on
grasp
to
of
thus to
imminent
be
invasion—
bombers
and
the
fate
of
small,
even
essential to the
outlined
implications.
pro¬
a
brought forward,
stupendous defense
logical and
program as
by the frightened Washington leaders, would
reach into
take many
most
of the
families
of
the
Nation
and
of the breadwinners from their precious
relatively defenseless nations geographically situated
jobs and place them in
cheek
disrupt the
by jowl with Germany and unfortunately in
gain
of the shifting
and its
which however
war
gen¬
able to
When, however,
neces¬
of
the
were
keep abreast of what
real
at
drasti¬
going
ap¬
gram was
instruments
spectre
Stuka
it
scene
by whom the deponent sayeth not—the
of
horrors
the
which
but the very grave question
whether any such
undertaking as is here
envisaged is warranted in the premises.
equipment, but
balking when it
in
public
here
to provide military
and naval
form
changed
so
few if any among
peared before the Committee, he has, none¬
theless, utterly failed to prove his case.
Not only the principle of "conscription" is
of
sums
the
programs,
rapidly and
eral
however, what he had to say was in¬
tended to justify the bill under consideration
in
ap¬
na¬
cally from day to day that
If,
form, for being willing
money
training
tary conflict.
enough to have Congress
appropriate huge
so
and service
against the voluntary enlistment method of
preparing for or engaging in any major mili¬
strenuously objecting
to the
nal
which
that
they looked with relative
With these and other arguments, Mr. Stim¬
son
has presented a strong case for compul¬
military
so ac¬
constantly fed
so
assurances
undertaking to lead public
selective
in
magnificent
Compulsory Military Service Bill.
sory
some
profligacy in Washington,
the only
can
may
in the so-called
customed
can organ¬
regularly
the
degree in this
This they
be, they had become
from peace-loving
States, the
a
of
France. However this may
totalitarian
as
file
popular clamor instead of
thought, and the general
At
appeared that
people shared in
weeks ago
Great
costly failure while the other is now univer¬
sally recognized as the only system which is
effective.—Henry L. Stimson, Secretary of
War, before the House Military Affairs Com¬
condemning the
in
to be
ing developments
and in favor of
military strength.
Thus, from the standpoint of the lessons of
human experience, there can be no question
question
case
are
the influence of the shock¬
been
has
ize its
some
wars
actually have done under
prejudice
same
both
In
system.
effective method by which
have been
engaged
in
a
national and
our
She had the
ours.
Switzerland
meas¬
busily
rank
American
delayed in instituting a compulsory sys¬
tem, with the result, in both cases, that there
was caused enormous loss and
confusion, and
now
possibly eventual disaster.
In all the
both in Washington
tee for
magnificent and with
was
compulsory system is recognized
Advocates of the
days
the
com¬
she
of
been made in
and
face
at
times it has
Government began
our
experience of Great Britain
War and
have
pending.
ure,
War,
did against conscription
we
the
ex¬
.
Great
similar to
men
tide
War,
hysteria.
other
the
taken
costly
a
the
as was
the World
wars
some
carefully devised selective and
a
the
or
European
substantial
use
Drastic amend¬
retreat.
in
as
in
abroad,
of volunteer¬
serious, it has proved
minimum of disturbance to
de¬
as
equipment,
stemmed
not
.
well
as
had
sending American troops
thusiasm which
as
without
.
the
war,
not
the
com¬
industrial life.
trained
as
were
of
pectation of becoming in¬
pulsory system, and the largest armies ever
used in our history were raised with an en¬
ser¬
to
men
leave
fenseless
serious
which
armament
without trained
it
been
ing, has been tried again and again, and in
every
warning by the
that
has
which
was
least of
one,
slightest intention
volved
case
military training and
lesson
any
no
member
no
Administration,
Only Conscription
is
conclusion
a
of the President and the others that
the
It has
hysteria existed
constantly reiterated assertions of
or
failure.
ably presenting the
a
at least that such
or
unavoidable if the
is by the timely creation of a selective,
pulsory system for raising our armies.
that
Secretary of War
vice, and
there
rather different
a
war
effective way to meet a great war emergency
ing water." The testimony
compulsory
Washington,
state of
a
life of
period consistently f'back¬
for
that
us
thoroughly proved by history throughout the
our Nation, it is that the
only safe and
uncertain terms
Committee has spent
the
obliged to take
all
week, and the Senate
of
in
proposed
purpose,
has
Congress
accounts
no
of
are
>
developments of the past week.
pur¬
hearing from the rank and
file in
desire
a
people to this
piece
indeed the
was
strategy has served its
the
upon
American people.
completed the draft of its compulsory
a
huge military establishment,
normal educational
program
of youth
the
way
of the German military machine, and all
throughout the land, and in
ways
bring
the
rest
have
the real meaning of the preparedness program
home
once
paraded before the
eyes
observable impression
and
none
all this
upon
seems
been
more
brought forth and
of the people.
has been made
upon
the Senate Committee.
inexplicable,
or,
Yet little
the public
To many,
if explicable at all,
to the rank and
pear
more
file, the situation
quite different.
or
many
Men and
less unconcerned
or
other
soon
women
began to
ap¬
who had been
bewildered
by the
ava¬
lanche of appropriations for defense, each and every
Financial Chronicle
one
comprehension,
serious questions of
running to figures beyond their
began, doubtless, to ask some
Against what
themselves and of the Government.
What evidence
is there that any such invasion is really imminent?
What would a trained army of a million or even more
invaders
preparing ourselves ?
are we
Is there, after
all, any solid warrant for all the proposed sacrifices?
Does not this defense program in some of its aspects
take on the appearance of another New Deal project
men
be put to
doing in peace time?
tainted with the
philosophy of totalitarianism and
heavy with risk of further infringement of individual
liberty?
Or
feel certain that the present
we
can
Administration, like that of President Wilson in the
of the World War, is not biding its time
earlier years
until
public sentiment is ready for full fledged par¬
indeed the explanation of the popular
If such is
uprising of the past week, and to the extent that it is,
we
an
the conclusion that the rebellion is
cannot escape
indication of
lic at
army
proaching it?
do with
in
an
Committee
was
for such
reason
reaction
a
by the sensible people of this country.
Section 2
Consider
(A):
or
its possessions,
of 18 and 64,
the day
on
who
between the
are
days fixed for regis¬
or
"quarantine" and other similar
policies of the Administration, which were to prevent
outbreak of
the
not such
European
part be much
on our
had aggressive designs of our own,
we
And
last, but by
Why undertake them
scale if they are not
a
The Young
But this is
by
Section 4 of the
least, such preparations
no means
immensely expensive.
such
and ill-feeling
official indiscretions have already created?
that past
are
Would
last year?
war
exaggerated militarism
likely to convince Germany, Japan, Italy, and
'more
and the Old
no means
Turn to
the whole story.
It reads:
under discussion.
measure
on
really needed?
.
"Every male citizen and every male alien residing
in the United States
its possessions who has
or
clared his intention to become
ages
"All male citizens and all male aliens residing in the
United States
this magnificent scale, such, for ex¬
on
"aggressors," but is not this argument distress¬
the
made public by the Senate
yields abundant
Apparently defenders of
the Secretary of War, are eager to "impress"
as
ingly akin to the
Certainly careful
scrutiny of the compulsory military training bill in
the form in which it
of that size if we are not to engage
foreign soil?
preparedness
ample,
of 2,000,000 men, or anything ap¬
Can any one explain what we should
army
on
war
a
1941, sufficient material to
by October,
an
large and is accordingly to be construed as most
encouraging in these trying times.
ages
hand
on
equip
surviving mental health in the pub¬
a
(presumably including the
men
and thus add to the needless friction
Proposed
1940
regulars and the National Guard)."
Is there any
one in his right mind who believes that we shall have
the others that
ticipation in war beyond the seas ?
What Was
2,000,000
least
at
Aug. 3,
of 18 and 21
the
or
ages
a
de¬
citizen, between the
of 45 and 64, except those
excepted herein from registration, shall be liable for
training and service in
areas
or
near
the community
or
in which he resides in such home-defense units
tration, shall present themselves for registration and
of the land and naval forces of the United States as
shall
are now
register at such times and places and in such
manner
and
by such
age groups as
shall be determined
already at
were
which
in May, 1917, when Con¬
measure
under
was
required only of
between the
men
of 21 and 30, both inclusive.
in his
not, is
What
"Every male citizen and
or
male alien residing
every
its
possessions who has de¬
clared his intention to become
a
citizen, between the
of 21 and 45, except those excepted herein from
what
it
be
amount
the
away
herein
training and
provided, and to induct
into the land and naval forces of the United
such number of
state of
war
men
exists
or
as
in his
.
No limit whatsoever upon
might be called for training,
when
we
to
sible
at
actually
get
the
number of
judgment, whether
were
."
.
men
at war, and straining every
the Atlantic
moment—save, of
falling within the
during the World War!
planned should such
1
York "Times"
on
who
provided in 1917
as was
a measure
as pos¬
course,
age group
which is much greater than the number
colors
men
The
citizens
thing
called to
be adopted, the New
Monday last reported from Wash¬
than
additional 400,000 to be called next
October, 1941,
an
April.
ducted to provide the United States with
Then in
additional 600,000 would be in¬
an
army
of
feeling that
defense" in the
military training
or
some¬
ordinary
as
usually
Nothing of this
Let
us
be
sure
parachute troops operating in
nearby countries in Europe have not "gone to
our
heads."
The Real
This
to
a
seems
to
bring
us
Question
to the milk in the cocoanut—
phase of the subject that is not altogether pleas¬
ant to
discuss but which must be in the minds of
a
great many citizens of this country today.
thing to raise
a
large
that
an
an uneasy
"home
that dramatic stories of
service Oct.
training, with
placed
power
President, must leave thoughtful
moment be considered so now.
the command of
of 400,000 men for
Or
organize
considered necesssry in 1917 and ought not
was
a
to
of such provisions
of discretionary
understood, is in contemplation.
ington that "Army plans call for the induction into
1
very vagueness
meaning of the term,
for
Merely
these words?
"parlor socialism" in order to
everywhere with
more
the
As to what is actually
use
national defense"
sweep
in the hands of the
indicated,
ever
What is meant
institutions for the inculcation of
to
this, and that
sort
the number of
as many men across
earliest
a
not, is required in the national
interest for such forces
nerve
States,
state of war exists or
from the "isms" of which the President recently
as
The President is authorized to select for
men
youth of the country—and perhaps others—
in the land and naval forces of the
United States.
the
why not
what used to be termed
woo
a
the national interest"?
If so,
"in
complained?
manner
number of
"home-defense units"?
are
registration, shall be liable for training and service
service in the
hereafter be authorized
in the national interest."
by "necessary in
would
in the United States
may
judgment, whether
necessary
home defense?
Or take Section 3:
ages
as
called to the colors 23 years ago, and
men were
registration
ages
war
passed the so-called conscription
gress
or as
The President is authorized to induct
into such home-defense units such
by regulations prescribed hereunder."
We
established
by Congress.
of
enemy
army
in times of
war
President whose single
purpose
is
beginning effective operations against the
at the earliest possible moment.
another to
in
a
It is one
to be under
raising
employ the
an army
same
when
It is quite
method of conscription
we are
not at war, have
no
Volume
enemy
The Commercial <Se Financial Chronicle
151
to attack with all possible dispatch, and when
the whole
procedure is to be under
chief who has given
inclined (whether
in which
disturbing evidence of being much
wittingly
not) to force
or
might be obliged to
we
commander-in-
a
situation
a
to war,
go
well known to harbor ideas of government not
unlike those of the dictators of
who is
wholly
Europe, vrho is sur-
rounded by
influential advisers deeply tainted with
totalitarian
notions, and who, incidentally, is at the
an effort to have himself reelected
moment
for
third term in the White House.
a
It
engaged in
by the gain of
to
in circulation by $29,000,000
currency
$7,883,000,000, and by the enlarged Treasury
and other deposits.
Excess
reserves were
estimated
to be down $60,000,000 for the weekly period, to
$6,510,000,000.
The
level
new
with the
compares
record of $6,880,000,000, established two weeks ago.
It would
appear, moreover,
day for
a
issue
new
of
that payment
on
Thurs-
Commodity
$289,000,000
Credit Corp. notes, floated by the Unied States
Treasury, will exercise a further depressing effect
upon
might be that enactment of the compulsory mili-
593
the total of
large,
tary training bill in the form published early this week
little
would lead to
on
The aggregate is so
excess reserves.
the other hand, that these variations
are
of
of
than,
nothing
than,
more
nothing
or
costly and disruptive of normal life than is
On the other
would
ure
such
are
worse
venture in military preparation much more
a
establish, and the
as
to
place in the hands of
of social
an
a meas-
it would grant,
powers
dent admirable instruments for
manner
necessary,
hand, the machinery which such
ambitious Presiof all
conduct
the
experiments for wrhich he has
well-
a
proved predisposition and for the further impairment
of
the
traditional
American
is essential if
cultural
noted.
of
a
we
which
for
To many of us,
sort to
lishment
give rise to
does
not
people and which
continue the economic and
to
are
progress
which is still
system,
close to the hearts of the American
our
history is
the risk of invasion
a
need of such
appear
warrant the hazard such
a
a
or
It is
greatly reducing its
to
that
scope,
it will appear
If
prove
about to be
all
reopen
the number of
call to the colors in
the whole
ques-
men
peace
which the
It
times.
wise to include other safeguards in the
only
management of
could somehow obtain
we
appropriated for armament
Not
in the House has
name
or
expense
of national defense.
however, that the fight is only
even
yet taken final action.
the Senate Committee has
as
The corresponding committee
yet to act, and both the House and
the Senate themselves
American
very
purposes are
substantial part of the
save a
remains,
just begun.
better
foreign policies, it might
our
being planned in the
The fact
a
possible, before funds appropriated
expended, to
now
and
seen
measure,
well be that before the Committee is through
measure.
well
have
we
drastically redraft its
of definite limits upon
may
banks in New York City for the week to July 31
reflects
are
yet to be heard from.
The
security
on
Open
ALTHOUGH
few
changes of lasting significance
to be noted this week in the official bank-
ing statistics, there
are some
temporary importance.
over
variations of at least
Excess
legal requirements
ward for the second
reserves
were
week, owing to
of member
marked downan
increase of
in circulation and to added Treasury and
non-member
Banks.
deposits with the 12 Federal Reserve
Gold continued to flowr into the monetary
holdings of the United States, the increase for the
wree,k to July 31 amounting to $95,000,000, raising
the total to
an
seasonal
phenomenon,
collateral
increased
$14,000,000
to
market
operations
were
resumed by the
Holdings of United States Treasury obliga-
decline taking place in Treasury bond holdings, which
reported at $1,321,196,000, while Treasury
now are
holdings
note
unchanged at $1,126,732,000.
were
with the regional institutions, raising their
fell slightly and total
up
reserves
of the 12 Banks moved
Federal Reserve
$72,052,000 to $18,579,165,000.
notes in actual circulation increased
advanced
banks
$24,319,000 to
deposits with
Total
$5,247,601,000.
holdings
Other cash
of such instruments to $18,188,977,000.
$39,658,000
the regional
$15,574,579,000,
to
with the account variations consisting of a decline
of member bank
reserve
$13,498,134,000;
an
account
an
were
advances
increase
increase of other deposits by $9,633,-
$594,991,000.
unchanged at
banks
an
bank deposits by $45,294,000 to $787,-
371,000, and
to
increase of the Treasury general
by $51,158,000 to $694,083,000;
0f foreign
000
balances by $66,427,000 to
up
89.2%.
The
reserve
ratio remained
Discounts by
the regional
$945,000 to $3,672,000.
declined
$219,000
to
Industrial
while
$8,884,000,
commitments to make such advances fell $1,000 to
$8,586,000.
Foreign Trade in June
TT'XPORT trade of the United States in June rose
Federal Reserve Bank Statement
currency
a
banks to brokers and dealers
tions fell $2,000,000, to $2,447,928,000, all of the
J-j
banks
being
same
$302,000,000.
representatives
concerning all these questions.
are
this
Loans by the
people would do well, therefore, to continue
to let their minds be known to their
A
drop in such loans by $15,000,000 to $1,-
a
698,000,000,
The Treasury deposited $75,001,000 gold certificates
give mature consideration to the introduction
President may
to have set in for business loans,
July 31.
program as
accordingly with satisfaction that
tion to
now appears
The condition statement of weekly reporting member
attack
military estab-
existing circumstances.
the Senate Committee
which
Federal Reserye Banks in the statement week to
evidently envisages inevitably carries in the
measure
tlie general upward trend of idle credit resources,
More important, in the long run, than the momentary
decline of credit availables is a downward tendency
justly
nearly great enough
grandiose
than technical interest, especially in view
more
$20,462,000,000.
expansion of credit
But this influence for
resources was more
than offset
considerably above the two preceding months
to about the same level as March,
while imports con-
tinned in about the same volume as the three months
Munitions and related products featured
1he exPort list> wllile notable amonS .th« largf lm'
P01'ts were items for which the United Sta es is
greatly dependent upon other countries. June s exports aggregated $350,4o8,000 and imports $
390,000, leaving an export balance of $139,068,000
f,n(* bringing the total export excess for the halfyear to $773,927,000; in the first half of 1939 exports
exceeded imports by $321,553,000. Exports in May
amounted to $325,306,000 and in June, 1939, $236,previous.
164,000; imports
in^May totaled $211,393,000, and
Li June last year $178,866,000.
The Commercial & Financial Chronicle
5Q4
amounted to $2,067,of 1939, and imports,
$1,293,807,000, or 18% above 1939.
The past six
months' exports were the greatest of any similar
period since 1930 and only slightly under that year,
half-year exports have
In the
734,000, 46% above that period
while substantially
of imports, however,
The level
start
after the
substantially
which have shown
greatest increases have been those which suggest
utility for carrying on warfare, viz.,
machinery, ferrous and non-ferrous metals, aircraft
and chemicals.
that
and paper shipments
Coal and coke,
also have increased
June's figures showed
greatly.
exports of all of these articles continued in
that month well in advance of a year
earlier.
There
significant additions to the list in June,
two
were
however, explosives, fuses, etc., and firearms and
Hitherto these items
ammunition.
shown
have not been
individually in the monthly reports of the
Department of Commerce, but were listed in June
for the first time when
explosive shipments
aggre-
gated $6,978,(MX) compared with $452,060 in June,
1939, and $9,310,000 in the first six months.
and ammunition exports
arms
of
in June had
a
Firevalue
$19,469,000 compared with $1,131,000 in June,
1939, and $25,231,000 in the half-year.
Cotton
in
May,
exports in June
were
in June amounted to
a
markedly lower than
year
Shipments
ago.
169,369 bales worth $8,295,000,
compared with 247,592 bales worth $13,526,000 in
May,
128,385
and
bales
valued
at
$6,157,448 in
June, 1939.
the
and both received
American
in
or
United
Kingdom received
third of all United States
a
22 years,
virtually motionless list.
a
again declined in later periods and the price trend
The gains were mostly retained,
again tinned dull.
however, so that closings yesterday were one to
three points above the levels prevalent a week
earlier, in prominent issues.
A few issues showed
Motor and steel stocks led
larger advances.
even
the movement, with other industrials participating
Railroad and utility stocks
to a lesser degree.
were
1
mostly better by fractions.
Domestic developments plainly accounted for the
slight turn of the market toward
improvement.
Half-year earnings reports of large corporations
rather
numbers,
considerable
in
peared
and
they
ap-
were
favorable than many members of the
more
Industrial
indices remained optimistic, with the steel barometer at its high for the year.
The immense
arma-
ment program of the United States Government impressed observers
more
and more,
stimulant for business.
as
a
potential
The added business to be
expected from vast Government outlays
may or may
not prove profitable, however, in accordance with
France and
than
ing
financial community had anticipated.
is their seasonal custom, but remained
as
considerably higher than
dealings for that
The faint signs of
life, last Monday and Tuesday, were especially welcome in these circumstances.
Stocks advanced in
both sessions and turnover on Tuesday increased
to 673,620 shares on the New York Stock Exchange,
From that most active session of the week, trading
Europe our export trade has been on a
considerable
day, the records showed that total
period were the smallest for any month in
of hostilities in
expanded scale, and the items
the
ment was short-lived and not especially emphatic,
but it did raise spirits in the financial district to a
degree. When the month of July closed, on Wednes-
Price variations were likewise exceedingly modest,
only the gains at the very end of the month prevent-
under 1937.
shortly
This general better-
activity.
panied by traces of
remains well
higher than the preceding two years,
Since
Aug. 3, 1940
more
exports in June,
substantially greater amounts of
products during the month than in May
June, 1939.
Since the latter part of June,
the
progress
under debate in Con-
now
has been made toward
a rea-
sonable Washington view of the amortization
quirements for
program,
sions
British blockade from American goods.
tion,
to Russia in June increased
Some
gress.
however, France has been virtually cut off by the
Shipments
profits levy
excess
new
plants to be built for the
and it is possible that necessary
soon
will be in
progress.
arms
expan-
The foreign situa-
the other hand, tended to keep
on
re-
markets
our
dull and motionless.
Great Britain and Germany
preceding and corresponding months, but neverthe-
seemed about to
to grips in the long-promised
less the
Battle of England, but the week again brought only
tremendously
over
the
$6,014,000 merchandise shipments to that
country represented only a small part of the total,
Import increases
by
such
vital
over
items
as
a
year ago were
rubber,
and chrome and nickel, which
tin,
featured
manganese
must obtain from
we
air and
sea
sive in
any
come
fighting, which is not apt to be conclushort period.
The Far Eastern. situa-
t;ion deteriorated rapidly and also added to the
spirit of caution in
our
market,
abroad.
Wool, whiskey, wine and
also
were
larger, while silk, flaxseed and meat prod-
speculative bonds somewhat stimulated in the early
ucts
were
somewhat reduced.
sessions of the week, quite as were equities.
Gold
cocoa
imports in June of $1,164,224,000
receipts
were
by
far the largest for any month on
Listed bond trading
cheaper railroad liens
quiet throughout, with
was
were
The
in fair demand, and
share-privilege bonds naturally advanced with their
record, practically
doubling the previous peak of $606,027,000 received
in April, 1939.
In May $438,695,000 gold was re-
marked upward
ceived, and in June, 1939, $240,450,000. Exports of
gold in the month of $1,249,000 went chiefly to Bo-
ties of that country of full service payments for
livia,
August.
as
did nearly all the $3,563,000 shipped in
May; in June, 1939, $19,000
tu
ivt
was
vie
lheJNew York Stock
early sessions out of the
ment in
more
than
a
Modest
prices occurred, and the flurry
The Latin American list
was
not stimu-
Bes* £rade investment issues held close to
previous
rut in which it had
month.
were
occasion, with Norwegian issues
strong on Thursday, after announcement by authori-
*er8,
Market
market, which moved
in the
Foreign dollar obligations
on
lated by the Havana conference of Foreign Minis-
shipped.
OME small signs of life were
apparent this week
in the New York stock
traveled for
related equities.
improve-
was accom-
levels,
under
the
leadership
of
States States Treasury securities, which
tually unchanged all week.
were
quiet and provided
equities,
one way or
no
United
were
vir-
The commodity markets
incentive for
the other.
a
stand
on
Wheat and other
staples closed slightly lower yesterday,
as
against
Volume
The Commercial & Financial Chronicle
IS 1
quotations prevalent
als
reflected
trading
inquiry.
levels.
United States
On
the
The
was
New
sharp discount from the
a
gold
Stock
new
high levels for the
new
low levels.
On
while 13 stocks
year
On the New York Curb Ex-
change 15 stocks touched
high levels and 25
new
low levels.
new
Exchange
re-
Exchange the sales
on
unchanged at 1%.
the New York
Saturday
shares;
Monday, 255,900
on
Tuesday, 673,620 shares;
555,360 shares;
on
on
Wednesday,
Thursday, 327,090 shares, and
the
New
York
Saturday
were
29,155 shares;
shares;
Curb
Exchange the sales
on
Monday, 49,500
on
Tuesday, 95,055 shares; on Wednesday,
81,750 shares; on Thursday, 85,795 shares, and on
Friday, 73,835 shares.
on
Lacking in color and dull in
trading in the stock market
week
an
extreme
managed to close irregularly higher.
in
as
profits tax schedule, not to mention
gainst
As in the
changing political
Europe and revision of
our
excess
while International Paper closed with
list
was
mixed at
numbered losses.
European
on
war
The gen-
closing, but advances out-
The
apparent stalemate in the
worked against
Thursday by inducing
ing.
%-point
a
gain, being the most heavily traded stock.
a
a more
active market
hesitant tone into trad-
Sales transactions suffered further paring, the
of
shares.
the
decline
running
Early dealings
gave
more
than 200,000
hope of better progress,
ket took
day's affairs mixed.
Friday's
tured
mar-
easier tone and finally wound up the
on an
Dulness and irregularity fea-
dealings,
which
were
smallest of the week.
International
as
a
the
second
Paper
once
favorite, while steel,
chemical, metal, motor and aircraft shares reflected
fractional improvement the better part of the
si on, with
some
losses evident at the finish.
ing time stocks ruled slow and irregular.
ses-
At closA
corn-
parison of final quotations for yesterday with those
en
Friday of last week reveal continued improve-
ment in the price trend.
General Electric closed yesterday at 33% against
32%
on
Friday of last week; Consolidated Edison
Co. of N. Y. at 29 against 27%; Columbia Gas &
polit-
Electric at 5% against 5%; Public Service of N. J.
at 36% against 36%; International Harvester at
our
own
whole-hearted participation in the
any
Chrysler
point of its former advances,
one
certainly worked adversely
ico-economic dilemma,
a
degree,
Saturday of last
on
past, the usuaJ restraints such
conditions
up
again established itself
on
Friday, 296,840 shares.
On
gave
but most gains were quickly obliterated as the
Stock
83,320 shares;
were
on
Corp.
extent
the New York Stock
on
reached their bottom levels of the session.
oral
Exchange four stocks
touched
Call loans
the
undiminished.
York
stocks touched
toward
movement
touched
mained
worst phase in the last half hour, when major stocks
effected in "free" ster-
were
ling, which remained at
official
early in the day, and the market experienced its
exchange
Foreign
almost all done at official rates, but
was
transactions still
some
The base met-
week earlier.
a
modest
595
mar-
44% against 43;
Sears,
Roebuck &
Co.
at
76%
ket at present.
On Monday trading got off to
a
against 73; Montgomery Ward & Co. at 41% against
poor start and
accomplished little in the morning
buyers entered the mar-
40; Woolworth at 33% against 32%, and American
period.
By
ket and
concentrated
and
noon seasoned
their efforts
on
motor, steel
shares and succeeded in lifting them
slightly above their former levels. While the
copper
Tel. & Tel. at 162% against 159%.
Western Union closed yesterday at 18 against
47%
on
Friday of last week; Allied Chemical & Dye
suf-
at 150% against 148%; E. I. du Pont de Nemours
at 165% against 157; National 'Cash Register at
previous losses and restore
prices to within their June closings. Near the finish
against 14%; National Biscuit at 19% against 19;
day's
rise in
the
price level appeared small, it
ficient in itself to
steel
shares
was
erase
showed
progress, while in the motor
Chrysler Corp. gathered unto itself gains
running to four points, but this figure was shaded
by one-half a point at closing. Fractional improvegroup
ment
characterized
electric
market
equipment, chemical
shares, with utilities, aircraft and rail
going unnoticed.
dustrial
rail
were not to be
at 101% against 93%; Canada Dry at 14%
in-
denied
by the
Tuesday, and stocks in this group furnincentive for the break
through to higher
prices.
The extent of the advance ranged from
points, with all
groups
total
dealings attaining
a
than
two
times
and
transactions.
one-half
one
participating and
volume greater by more
the
United States Steel
previous day's
common
enjoyed
unusual
attention, and Chrysler Corp. gathered in
four-point advance following up similar
progress
the day before.
Aircraft shares came into their own
a
after
a
spell of inattention, with Douglas Aircraft
adding 3% points to its price level, while others
enjoyed smaller gains.
Easiness made its
appear-
ance
at
various
ward trend
the finish.
vance
was
of the
on
Wednesday to extend
day before
an
transactions
trading, but the for-
persistent and reached its peak at
Efforts
taking induced
of
intervals of
brought
were
frustrated
easier trend in values.
on
a
technical
as
ard Brands at 6% against 6; Westinghouse Elec. &
against 14%; Schenley Distillers at 10% against
to
four
39%; Eastman Kodak at 124% against 119; Stand¬
issues
on
ished the
Texas Gulf Sulphur at 32% against 31%; Loft, Inc.,
at 22% against 22; Continental Can at 39 against
and
Growing reports of domestic
improvement
11% against 11%; National Dairy Products at 13%
the ad-
profit-
A dearth
reaction
9%, arid National Distillers at 21 against 20%.
In the rubber
group,
Goodyear Tire & Rubber
closed yesterday at 15% against 14% on Friday of
last week; B. F. Goodrich at 12 against 11%, and
United States Rubber at 19% against 18%.
the exception of Union Pacific RR., fractional advances were the rule this week among rail-
roacl shares. Pennsylvania RR. closed yesterday at
19% against 19% on Friday of last week; Atchison
Topeka & Santa Fe at 15% against 15%; New York
1 Central
at 12 against 11%; Union Pacific at 84%
against 81; Southern Pacific at 8% against 8%;
Southern Railway at 11% against 11, ahd Northern
Pacific at 6% against 6.
steel stocks made good progress the present week,
United States Steel closed yesterday at 54 against
$0%
on
Friday of last week; Crucible Steel at 30
against 29; Bethlehem Steel at 80 against 7634, and
Youngstown Sheet & Tube at 32% against 30%.
In the motor
group,
General Motors closed yester-
<lay at 45% against 43%
on
Friday of last week;
The Commercial & Financial Chronicle
fjgg
Aug. 3, 1940
Boeing Aircraft at 14% against 133%, and Douglas
the
The
tone was good in the Netherlands market , with
American stocks turned over briskly. Dealings at
London were quiet throughout, as traders and investors awaited fresh developments in the great war.
Small declines were noted on the London Stock Exchange early in the week, owing to the steady deterioration of British-Japanese relations. Sharp recessions developed in Japanese securities. But the tone
improved in the latter half of the week, when most
the early losses were regained. Trading on the
Berlin Boerse was extreme y lg > an
e sma
osses of one session were canceled by the gainS °f
Aircraft at
the next*
against 663%; Packard at 3%
at 73%
Chrysler
% against 9/16.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 33% against 33% on Friday of last
week; Shell Union Oil at 8% against 8%, and Atagainst 3%, and Hupp Motors at
Refining at 21% against 20%.
1 an tic
Copper closed
Among the copper stocks, Anaconda
yesterday at 20% against 18% on Friday of last
Smelting
American
week;
Refining
&
37%
at
Dodge at 28% against
against 35%, and Phelps
2tjyr
aviation
the
In
Curtiss-Wright
group,
closed
yesterday at 7 against 6% on Friday of last week;
71% against 69%.
and
Trade
industrial
maintenance of the rate of
tions for the week
American
Iron
indicate
reports
good
a
Institute
Steel
at
99.4%
and 59.3% at this time in 1939.
of electric
power
for the week ended July 27
by Edison
reported
Electric
Institute at
2,690,-
723,999 kwh., against 2,524,984,009 kwh. in the
ceding week, and 2,341,822,999 kwh. in the
sponding week of last
Car loadings of
year.
freight for the week to July 27
were
was
of
decline from the
a
but
a
cars,
62,958
As
gain
over
kets, the
718,489
cars.
previous week of 11,408
the similar week of last
year
September option
mar-
for wheat in Chicago
yesterday at 75%c. against 74%c. the close
September
corn
yesterday at 693^c. against 61%c. the close
day of last week.
closed
on
Fri-
September oats at Chicago closed
yesterday at 29% c. against 29%c. the close
on
Fri-
day of last week.
The
spot price for cotton here in New York closed
yesterday at 10.38c.
against 19.43c.
Friday of last week.
closed
The
In London the
the
silver in
close
close
on
$3.87
closed
closed
yesterday
against 22%
pence per
Friday of last week, and spot
yesterday at 34%c., the
Friday of last week.
on
London
on
ounce
copper
Friday of last week.
New York closed
In the matter of
fers
on
price of bar silver
5/16 pence per
ounce
on
spot price for rubber
Domestic
yesterday at ll%c., the close
at 22
close
yesterday at 19.87c. against 22.90c. the close
Friday of last week.
on
the
foreign exchanges, cable trans-
closed
Friday of last
on
yesterday at $3.88 against
&
week.
real bearing on the wars now in progress
IISTLESS
in
but it was possible to portray them
The decision last week
subject certain scrap iron exports to license re¬
Europe and Asiaj
^
^
distinctly defensive steps.
Wednesday, when exgasoline were embargoed to all
quirements was augmented,
ports
0f aviation
outside
countries
the Western Hemisphere.
State
asserted that the order has
no
political implications, but no claim was made
anywhere that our supplies of aviation gasoline are
Department spokesmen
This
message
ruling
from
followed by only
Foreign Trade Council meeting in San
and asserted that the adoption of
trol"
over
one
day
a
President Roosevelt to a National
which Mr. Roosevelt upheld liberal
Francisco, in
trade principles
"totalitarian
con-
foreign trade would be a step toward
economic dictatorship. Congress debated throughout the week the conscription bill which the Administration desires to see adopted.
President Roosevelt
asked
on
Monday for authority to call the National
The new Secretary of
War> Henry L. Stimson, disclosed on Thursday that
more than 80 alleged foreign agents were being
Guard into service for a year.
detained in the Panama Canal Zone, where they
said to have lodged illegally*
were
Havana Conference
T^OREIGN Ministers of some American Repu*
blics, and lesser dignitaries from others, coneluded at Havana, Tuesday, another in the series of
rapid conferences
on
affairs of the Americas occa-
sioned by the problems of the European war. Called
at
instance of the United States Government, the
Havana meeting was expected to perfect arrangements for
11 European Stock Markets
any
Some of the measures adopted possibly
affairs.
haye
r
;:
hardly
made in the vexed field of Euro-
ventures were
short.
of the commodity
course
Friday of last week.
on
revenue
cars.
indicating the
closed
pre-
corre-
reported by the
Association of American Railroads at
This
was
Defense
the Roosevelt Administration, for
of
Production
American
appeared this week to be a principal preoccupa¬
^
capacity, against 88.2% last week, 74.2% a month
ago,
*
RRANGEMENTS for the defense of the Americas
Steel opera-
business.
ending today were estimated by
and
in late sessions of the current week, owing to
addition of new securities to the trading list.
preventing the transfer of any European
possessions in the New World to totalitarian sover-
trading was the rule, this week, on stock
exchanges in the leading European financial
centers, all of which are now reopened.
The Paris
eignty.
Bourse appears to have resumed
tion, which saw little reason for rushing into untried
experiments and attempting to meet prematurely
1—*
day, in
a
somewhat halting
motored from
dealings last Tues-
manner.
Yichy to Paris
French brokers
This theme dominated the Havana con-
ference, but agreement on the question was not easy
to reach, owing to the view
of the Argentine delega-
Economic matters
debated at length in
Havana, with results that are not yet clear. President Roosevelt proposed to our own Congress, at the
Monday, in accordplan for reopening the Bourse, but no
actual reports of
trading reached New York until
yesterday.
It then appeared that a few scattered
problems that might never arise.
transactions in French securities
beginning of the Havana meeting, the appropriation
ance
with the
comprised the busiprincipal French market, with dealings
foreign issues forbidden.
The Amsterdam market,
ness
in
on
of the
which reopened some weeks
ago, became rather active
of various sorts
also
were
of $599,999,099 to increase the lending powers of the
Export-Import Bank of Washington for the special
benefit of Latin-America. The degree to which that
Volume
The Commercial & Financial Chronicle
151
implied promise of
fluenced the
The
apparent.
financial assistance in-,
enormous
Latin-American
conference
which
compromise,
representatives is not
ended,
in
however,
a
the existing
change
to
seems
political situation little, if at all.
In effect, the 21
American
action
Republics
taken if and when
arises, and
agreed
a
that
sould
be
Americas
direct threat to the
tentative plan of action was outlined.'
a
Secretary of State Cordell Hull led the impressive
United States delegation at Havana, and
explained the
results
optimistically,
in
statement issued after the close of the
remarked that three sets of
faced the
the
were
gathering
as
another
non-American
versive
the
certain
over
non-American State to
one
State,
the
of
threat
the
extremely
and dislocations
sub-
grave
for
action
whenever
necessary."
obtain,
and
usual
over
declaration
the
The
surprise.
final
standing apparently
be
some
by
declaration
on
convention
prove
is
countries
Mr.
under-
an
important, if the
"The
trol of
were a
other
into
come
problems speci-
convention and
a
questions.
The
force
only after
by the Parliaments and Congresses of the
It
contains,
region which it
American
may
Republics
A
war.
according
be found
to
to
necessary
administer.
resolution
He
by
grabbing territory.
Mr.
peace
Hull added.
problem, and consultation is to be increased through
expanded activities
of the existing Inter-American
Economic and Financial Advisory Committee.
Committee is to proceed at
once
with the
The
prepara-
tion of detailed plans for active temporary handling
and orderly marketing of existing and prospective
surpluses.
A
broader
of
system
inter-American
be elaborated by the Committee,
"Some
tion
proposed
measures
very
quickly,"
"Some will require
a
be put into
can
Hull said in
Mr.
opera-
conclusion,
certain amount of time for the
maturing and execution of appropriate plans.
in its entirety, the
program
Taken
of action which is
visaged is flexible enough to apply, to
en-
any emergency
and effective enough to make it possible for each of
the
American
Republics
meet
to
the
fully
more
difficulties resulting from war-disrupted trade and to
safeguard itself from possible dangers of economic
subordination from abroad.
It is
system of
a
econ-
under which the American Republics
will be prepared to trade with
any
nation willing to
meet them in good faith, in a spirit of friendly and
to
govern
on
themselves
protect
dealing."
a
plane of frank and fair
against
other
any
kind
of
Upon his return to the United States,
Wednesday,
over
Hull indicated that
Mr.
States Senate
taking
and
purpose
the
United
will receive the convention for
soon
European possessions in the
Western
Hemisphere that might be threatened with totalitarian seizure.
Washington dispatches,
and
Any
itself,
or
as
the region is in
is
restored to its former
Pending the ratification of this
coming into force,
an
a
cover
that may arise in the interim.
An emergency
coasisting of
a
posi-
convention
"Act of Havana"
adopted, which is designed to
21
was
the
on
same
000,000 additional lending power of the ExportImport Bank were being redrafted, owing to sharp
criticisms by both Republicans and Democrats,
only until such time
rnittee
cooperation
slightest thought of taking advantage
European possessions, accordingly,
would be provisional in character and would con-
and its
economic
on
adopted at Havana which is designed to meet this
day, said that bills submitted for the proposed $500,-
thought has been to protect the
status.
con-
time has any American
no
European situation
to
accumulating and that
European markets, at the end of the
many
.
administration of
tion
are
neces-
Hull mentioned that
dealing, and under which they will be fully equipped
safety of this continent,"
tinue
considered
were
Mr.
surpluses of commodities
omic defense
by far the most important of these
nation had the
the
also
peaceful
stoutly declared that at
of
the
Hull, "definite provisions" for the administrathe
defense
indicated.
the political matters, and a series of
represented.
tion of any
for
no
through
becomes acute.
measures ever
documents, but it will
ratification
of
was
economic and
on
resolutions
to
realized by all delegations,
was
Secretary of State
our
difficult
sort of
The Havana solutions for the three
fied
may
Cuban
occasioned
proceeded
possibly will
necessity for joint
the
the last week-end,
agreements
conference
action
from
would
"crisis," but the need for
and the results
such
Dispatches
capital had made it evident,
clear-cut
it
solid front against any
the possibility must be recognized of totalitarian
But he admitted that in the
they have merely "cleared the decks
a
mentalties
sary,
a
In the economic sphere, instru-
credit, foreign exchange and similar items also is to
comprehension of
actions taken
that
determination to maintain
incursions," he said.
cooperative organization in matters of trade, money,
problems involved.
effective
Resolutions adopted at
Havana "recognized the common interest of all the
American Republics in these matters and showed a
resulting from
all the American nations and their
become
ties and foreign propaganda.
praised the spirit manifested by
Mr. Hull
war.
and
continent,
economic difficulties
the
July 21 These
on
activity in American nations directed from
outside
the
He
problems and conditions
it assembled
from
lengthy
a
meeting.
possible transfer of sovereignty
islands and regions
Mr. Hull
597
was
situation
any
com-
representative from each of the
Republics would act under
a
two-thirds rule and
.
.
ritain an
t e
AV/EATHER permitting, the
VV
xis
war
between Great
Britain and the Berlin-Rome Axis Powers
steadily into fiercer and
more
week, with all attention still centered
and
sea
battles.
There
flying conditioas
were
developed,
move
destructive phases, this
on
the aerial
momentary lulls
especially
latter half of the current week.
But
as
bad
during the
every
sign
now
"all-out" warfare, in which a German inof England possibly will be attempted, pro-
points to
vasion
apply the relative provisions of the convention, under
vided the German air force
can
win and maintain
this
complete control of the air
over
the British Isles,
measure.
bility of
emergency
the American
proceed in
or
The
Act
also
recognizes the possi-
situations and the right of
Republics, acting jointly
any manner
the defense of
required for its
or
of
The great conflict today is in progress 11 months,
singly, to
and in view of the extraordinary developments which
own
any
defense,
tl^e continent, Mr. Hull explained,
Especially impressive, according to
our
Secretary
of State, was the spirit of unity and
solidarity displayed at Havana with respect to subversive activi-
have attended every successive stage of the war it
is
a
most serious
people.
prospect that faces
the British
In less than four months since the stalemate
ended, the Reich has conquered Denmark, Norway,
Luxemburg,
Holland,
Belgium and France,
while
The Commercial & Financial
598
Holding the entire
European coast from the North Cape to Spain, the
Nazis unquestionably possess great tactical advan¬
The
gaining Italy as an active ally.
England,
tages.
moreover, now
is forced to do battle
Mediterranean, while fighting alone against
the
in
But
the well-armed Germans.
toward
weeks
British
compromise,
or
offer made two
peace
Adolf
Chancellor
by
ago
the
of
examination
faintest disposition
no
toward
London
in
exist
to
seems
As
Hitler.
the
to defend their island citadel, the
prepare
Chronicle
problem of
Aug. 3,
German "blitzkrieg" invasion of
a
England was argued endlessly, but the Germans kept
their own counsel.
They resorted to familiar pro¬
paganda tactics, intended to confuse their adver¬
Although it has been confidently stated for
saries.
Reich that England would suffer a
months in the
from Berlin suggested in
terrible visitation, rumors
warfare
submarine
might
be
such
Conflicting with
Hitler.
attrition of aerial and
attempted by Herr
only the
days that
recent
rumors
to the bitter
and Switzerland had been
Germany
positive reports that the frontier between
end, in which
one
of the great antagonists
and the other
bidden
exhaustion.
near
Developments of the conflict this week doubtless
be regarded as preparation
can
for
intensified
a more
phase of warfare in the late summer or autumn.
Crops in all of Europe
short this
are
year,
which
makes it almost certain that Hitler and his aides will
battle before winter sets in.
try to end the
British
superbly confident, however, that they
are
will be able to beat off any
be
thus
in
position
a
famine conditions
Commons
henceforth will be
of
Warfare, that all of Europe
through the system of Navicerts
vessel bound for
any
plan in Spain and Portugal
European
any
The reaction to
not too favor¬
was
assault upon
man
Italian echoings
of the German propagandists.
German submarine campaign was
around Britain in great
submersibles
based upon
are
order
own
defense
requirements, issued
Wednesday prohibiting the exportation of
on
aviation
gasoline to
but American countries.
any
This will not embarrass the
but
will
"leaks"
have
the
But blockade is
British, it is believed,
incidental
through Spain
a
effect
on
Some
encounters
few echoes
any
There
offer to
were
discuss
still
fighters, and there is
lost the
of the
reason
England, late this week.
over
activities
peace,
aerial armadas which swarmed
and various
little
arms
Isle."
weather
At
attacked convoys
neutral
over
the
sea
end
over
last
groups
a
with the great
parts of England
surrounding the "tight
of
and sank
merchantmen.
when the
week,
of German airplanes
number of British and
These
raids
were
the last week-end to include the
the west
the
of the
clear, huge
was
But such German
modest in comparison
were
through the Irish Sea.
extended
approach from
Harbor works
were
special targets of the Germans in England, and
bombs
were
dropped also
to believe that England
destroyer Delight, of 1,375 tons, in one of
these battles.
The admiralty
destroyer, without
Rome declared that
any
admitted the sinking
indication of location.
air attack
an
The British base at Malta
daily
were
on many
fighting
made
over
reported also
was
over
the Libya-Egyptian
French Reconstruction
HARDLY any progressbeen made in France, al¬
toward reconstruction so
have
far
industrial plants.
though
to
seems
more
than
month
a
has
now
Petain
of his country to
the German Nazi invaders.
recriminations
many
the
French
human
announced the
for
a
scapegoat.
authorities this week
on
In addition to the
were
Vichy, Monday, for the
last
September.
not fortifications
of respects,
such
It
were
now appears
as poor
to
British
are
points and military concentrations
again
day after day,
light of the effect.
on
British
hit
war
carried to the South Atlantic Ocean, where
was
the British armed merchantman Alcantara
tered
The
Wednesday
a
encoun¬
German armed raider.
before
it
fled, after inflicting
the Alcantara.
some
acute
the
war.
were
number
court,
France.
list
of
for
are
Only
a
along
Food
certain
appeals
few weeks
being made for release by the
1,500,000 French soldiers captured
Germans
began to release large
captive Frenchmen this week, where¬
the complaint
was
a
new
France, and already some
The
numbers of the
upon
on
in
suggestions
inadequate
damage
a
concrete and poorly designed
being made for American aid.
The
Admiralty claimed that the German ship
of dis¬
state of
that the Magi-
problems of the coming winter
Germans of the
in
a
political responsibility for the conflict.
be
ago
was an¬
purpose
emplacements, and the "guilt" for such matters
and other
200,000 tons of shipping were sunk over the last
week-end, but London scoffed at these claims.
fliers, in turn, bombed German industrial
likely to be
seriously defective in
with
asserted
as
closing the "guilt" for placing France in
that
command
various military
reported
A high "court of justice"
trail.
nounced at
war
A good
defense, probably because of the quite
need
members of the Daladier Ministry,
placed
capitulation
heard about the collapse of
are
perhaps will be judged by the
was
by since
gone
Marshall Henri
gun
and the Germans made
re¬
Italian industrial centers, anp
rela¬
Reich
bombed
Occasional British airplane
Gibraltar.
upon
forays
authorities declared that actual destruction
The
was
peatedly by the Italians, and missiles were dropped
Although the Germans claimed heavy damage, British
tively slight.
warships in the
on
had resulted in the destruc¬
destroyer, and damage to the aircraft carrier
a
Eagle.
•
a
especially through the dropping of thousands of leaf¬
lets
intervals.
reported in the Mediter¬
were
between British warships and Italian aerial
ranean
best, and in the
methodically to their
Kingdom.
Herr Hitler's
of
halting
The pocket
border.
slow process, at
the United
of
Russia.
or
meanwhile the Germans added
attacks
an
numbers.
French ports, which the
British air force bombed at frequent
tion of
Washington, acting in accord¬
concern.
The
heightened stead¬
ily, during the week, with small vessels plying the
seas
to feel little
our
was
But Britain
the Low Countries.
Eastern Mediterranean
with
It
paid little attention to these artful devices and to
able, but the United States Government appeared
ance
German-
unhappy country.
of that
area
for¬
passage
the
and
pointed out that similar measures preceded the Ger¬
Tuesday by Hugh Dalton,
on
country with contraband on board.
this
from
The House of
subjected to the British blockade.
This is to be done
and seizure
gain strategically
to
informed
was
attack by the Reich, and
the Continent.
on
of Economic
Minister
The
occupied
sealed, and
France
"free"
between
quite
were
grim impression deepens that the conflict will go on
will be prostrate
1940
the
was
heard that food supplies are
fresh
arrivals
in
The French authorities issued
properties and
estates to
unoccupied
on
Thursday
be confiscated,
Volume
The
151
and it appears
and
others
that
bankers, industrialists
numerous
be
to
are
Commercial & Financial Chronicle
subjected to such treatment.
the exportation from this country of
steel
announced
Europe
preted in Tokio
and
which
gasoline in
totalitarian
States
of
Russia, Germany and Italy.
Most of the Baltic region
first World War
lost by Russia during the
has been
now
regimented by the
Finland,
reacquired.
on
any
might
United States.
being made by Russia
clarified
over
the
that
little
Russian base at
and
last
were
week-end, when it appeared
than transit
more
Finland
on
Hango
facilities
the
to
new
desired by the Russians
was
granted by the Finns. The position of Russia in
the Western
European
outlined
war was
on
Thursday
neutral.
remain
In
speech before the Supreme
a
Soviet, he asserted that Germany has been assured of
"calm
a
feeling of security" against hostile
Eastern
Europe.
The end of the
and the United States
it does
moves
in
is not in sight,
war
possibly will be involved before
end, according to Mr. Molotoff. He described
Russian relations with Britain and the United States
as
Japan, also,
poor.
little short of
In
the
appear
has
treated in the speech
was
active opponent
an
Balkan region
as
domain.
its
to
considered advisable
The
any
portion
a
Rome-Berlin
of
axis
territorial adjustments
by the masters of the European
But the actual
Continent.
changes
until after the end of the great
that
moderate
Balkans,
road
so
week
Washington and Tokio
by week, although nothing is clearer than the
fact that neither
country has anything to gain by
this sort of drift toward
Tokio tends to define
Asia
as
war.
an ever
larger
Yosuke
Matsuoka
Thursday, in which
issued
cardinal point of policy
a
of
prosperity."
common
would be based upon
Foreign
statement,
a
said to be the establishment of "a great
chain
of Eastern
area
sphere of Japanese dominance.
a
Minister
he
Relations
deteriorating
are
was
East Asian
This chain merely
Japan, Manchukuo and China,
indicated, and the obvious implication is that it
would stretch from the Arctic to
had her way.
Oceania, if Japan
The "great East Asian chain," Mr.
Seas, Indo-
for it
were
with
concert
nations, and the effort to win
"friendly''
"recalcitrant"
over
foreign governments v\ill be abandoned, he added.
That Britain and the United States
trants,"
from
emphasis.
the
Japanese
are
the "recalci¬
viewpoint,
needs
no
The close coordination of all Japanese
activities with respect/to
foreigners
demonstrated,
was
press
last
peace
have
appears to
plant
was
said
day to have fallen into German hands.
influence of the Reich likewise
was
on
Wednes¬
representatives in Japan
Sunday,
reflected through
copper
the largest in Europe.
espionage
on
representations
were
charges.
arrested,
Strenuous
made by the British Govern¬
were
ment, and some of those arrested subsequently were
But others
released.
James Melville
"suicide."
of Mr.
Cox,
were
was
held, and
one
of them,
reported by the Japanese
a
The circumstances surrounding the death
Cox, who
the
British
felt
The growing
reported arrangement for the acquisition of
are
in
and
Rumanian oil deliveries to the
which
undertaken
is to maintain
course,
told recently
reported under consideration in London.
from Serbian mines,
be
again, when nine prominent British businessmen
were
that supply lines will not be inter¬
over
would
The chief immediate
patient.
The chief Rumanian steel
a
war,
resigned to the loss of its former Rumanian
ally, for reprisals
Reich
by the British Government.
move
between
once
The British Government
rupted.
become
and
Axis, of
be delayed
may
European
Hungarians and others
interest of the
in the
Department in Washington
izing" force in the vast region. The Japanese mission
Bessarabia and added
have to submit to
be
The State
to have complete dominance, now that Russia
apparently has informed the Rumanians that they
to
shipments from the Far East to the
China and the East Indies, with Japan as the "stabil¬
regained
seems
rubber
Matsuoka explained, includes the South
of Russia.
will
the Germans and Italians
Bukovina
will
possibly
meanwhile, reiterated its disapproval of the Burma
by Premier and Foreign Commissar Vyacheslaff M.
Molotoff, who declared that Russia firmly intends to
"repercussions"
reports suggested that the reaction
take the form of Japanese interference
even
the Moscow authorities.
were
Japanese naval spokesmen said
that
some
with
demands
inter¬
unable to obtain American
now are
event.
Thursday
develop, and
however, appears to have the well-earned respect of
Vague reports that extensive
was
aimed primarily against Japan
as
secondarily against the European totalitarian
regimes, which
or
This action,
Wednesday in Washington,
RECENT events to Britain from that offer area,
prospect of aid in Eastern Europe vast little
rapidly is being absorbed
high grade scrap
augmented, this week, through the pro¬
were
hibition of aviation gasoline exports.
Many of those named had fled the country.
Eastern
599
that
was
the correspondent for Reuters,
service, were under inquiry by
British representatives.
American circles in China
news
the
prelude to
a
arrests of Britons were
merely the
"round-up" of Americans throughout
the Far East.
Far East
Discount Rates of Foreign Central Banks
the
have been changes during the week in
ENCOURAGED Burma British "appeasement"the THEREdiscount noof
of
of the foreign central
Japan
the by the road dispute and by
rates
on
military
successes
of Germany
on
the European Con¬
banks.
Present
rates
any
at
the
leading
centers
are
shown in the table which follows:
tinent, the Tokio authorities moved steadily, this
week, toward vast
expansions of their sphere of
Rate in
and
are
causing
misgivings
acquainted with the Far East.
already has
a
major
war on
in
circles
best
Although the country
its hands in the "China
Pre¬
Effect
Date
vious
Aug. 2
Country
The stirrings within Japan are all too evi¬
influence.
dent,
new
Effective
Argentina..
3X
Mar.
1 1980
Belgium...
2
Jan.
5 1940
Bulgaria...
6
Aug. 15 1935
with
any
Western Power that
fanatic militarists of the
opposes
Island Empire.
the
President
Roosevelt and his associates, moreover, seem deter¬
mined to
draw
down upon the
wrath of the Japanese.
United States the
The recent restrictions
upon
Effect.
Aug. 2
3
Pre¬
Date
vious
Effective
Rate
4H
Hungary...
7
4
Aug. 29 1939
Aug. 29 1935
India
3
Nov. 28 1935
...
Canada....
2X
Chile
Colombia..
3
Dec. 10 1930
4
Japan
4
July
5
Java......
3
Jan.
Lithuania..
0
July
Morocco...
6H
3
vakia
Mar. 11 1935
18 1933
Italy
Jan.
1 1930
2 1937
3X
4X
3.29
May 18 1930
7 1930
Apr.
14 1937
15 1939
May 28 1935
Sept. 22 1939
2
3H
5
3.65
4
'
7
4H
4
Jan.
Denmark..
4X
May 22 1940
Poland....
4H
Dec.
Eire
3
June 30 1932
3*
Portugal
4
Aug. 11 1937
4X
England...
2
Oct.
3
Rumania
3H
4X
Estonia
4H
Oct.
1 1935
5
South Africa
May
5 1938
May 15 1933
Finland
4
Deo.
3 1934
4X
Spain
2
Jan.
4 1939
Sweden
3H
Apr.
0 1940
2H
4
6
Jan.
4 1937
7
Danzig
ment
Country
Holland
Czechoslo¬
incident," the current tendency is toward involve¬
Rate in
Rale
France
...
....
Germany
Greece
♦Not
..
20 1939
officially confirmed.
5
Norway
...
..
4*
3H
♦4
17 1937
3H
5
4X
Mar. 29 1939
5
May 17 1940
3
Switzerland
3H
1H
Nov. 20 1930
2
Yugoslavia.
5
Feb.
6X
1 1935
-
The Commercial & Financial Chronicle
600
Ruling rates are y8@l% for all
supply.
the
of
Foreign Money Rates
Aug. 3, 1940
maturities.
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%, as rates 1 short
on
on
1-16% for
Friday of last week, and 1 1-32%@1
1-32%@1 1-16%
three-months' bills, as against 1
on
Money on call at London on
Friday of last week.
Friday
1%.
was
THE market improvement this week. The volume
for prime bankers' acceptances has
shown
no
of business is small and
rates
Bank of
1
£609,540,000.
Circulation outstanding as of July 10
stood at £610,377,749, the highest on record.
The
increase in
circulation, together with a loss of
£147,969 in gold holdings, resulted in a decline
of £2,096,000 in reserves.
Public deposits fell off
£7,586,000, while other deposits rose £3,609,412.
Other deposits comprise "bankers' accounts" and
"other accounts," which increased £2,305,926 and
£1,303,486, respectively. The proportion of reserve to
liabilities dropped to 11.9% from 12.7% a week
ago; last year it was 17.7%.
Government securities
decreased £1,245,000 and other securities £613,280.
circulation, which raised the total to
The latter consists of discounts and
prime bills are scarce. Dealers'
reported by the Federal Reserve Bank of
as
and including 90 days are
New York for bills up to
England Statement
THE statement of the Bank for the week ended
i July 31 showed an increase of £1,948,000 in
note
Bankers' Acceptances
were
advances, which
^id
II
U/^
7-M%^ TT8 f°r,,f0Ur
1 Lu/
Kt
d
I / v/
nr\/i
n o
\rr\ r\
•
ti tta
t At*
c% tt\
r\
CI V
months, 9-16% bid and 34% asked; for five and six
wm
months, %% bid and 9-16% asked. The bill-buying
York Reserve Bank is J4% for bills
rate of the New
running from 1 to 90 days.
Discount Rates of the Federal Reserve
Banks
THERE have rates of the Federal Reserve banks;
rediscount been no changes this week in the
Government obligations are shown
recent advances on
The following is the
the footnote to the table.
in
schedule of rates
now
in effect for the various classes
0f paper at the different Reserve banks:
BANKS
DISCOUNT RATES OF FEDERAL RESERVE
/
-
•
..
•
Rale in
Effect
Federal Reserve Bank
Date
Previous
Established
Rale
on
Aug. 2
•
1
Boston
Sept.
IX
1, 1939
New York
1
Aug. 27. 1937
declined
£742,090.
The discount rate remained unchanged
at 2%.'
Below we show the different items with
Philadelphia
IX
Sept.
4. 1937
2
Cleveland
IX
May 11, 1935
2
comparisons for previous years:
Minneapolis
Kansas City
Dallas
increased
BANK
which
and securities
£128,810
OF ENGLAND'S
COMPARATIVE 8TATEMENT
Aug.
Aug. 4,
Aug. 3,
1938
Aug. 2,
1939
1940
Aug. 27, 1937
+IX
Aug. 21, 1937
2
Chicago
*1X
Aug. 21. 1937
2
St. Louis
*IX
Sept.
2
IX
2, 1937
Aug. 24. 1937
*1X
Sept. 3, 1937
2
*IX
Aug. 31, 1937
2
3. 1937
2
Richmond
*
5,
1936
1937
609,540,000 520,569,938 497,783,123 503,877,456 454,406,397
17,605,824
9,809,864
9,490,153
22,681,000 23,279,442
158,534,081 125,759,766 148,164,961 132,485,284 131,185,924
^Bankers' accounts. 106,263,011 89,578,164 113,424,374 95,490,557 92,667,605
34,740,587 36,994,727 38,518,319
52,271,070 36,181,602
1 Other accounts
Govt, securities
152,857,838 112,611,164 114,671,164 110,204,887 89,943,310
31,387,373 26,591,393 27,410,074
Other securities
24,770,241 28,025,064
8,938,075
Disct. and advances.
6,445,380
9,606,572
6,857,037
3,272,621
20,146,013 18,471,999
Securities
21,497,620 21,168,027 21,780,801
Reserve notes & coin
29,728,518 23,643,889 49,597,631
21,569,000 26,489,566
Sept.
IX
2
bear a rate of 1%, effective Sept. 1, 1936,
Advances on Government obligations
Dallas; Sept. 21. 1939, 3t. Louts
Chicago; Sept. 16, 1939, Atlanta, Kansas City and
Course of Sterling
Circulation
Public
2
IX
Atlanta
San Francisco
July 31,
IX
Exchange
deposits
Other deposits
1,109,509 247,059,504 327,511,641 327,521,345 244,004,028
Coin and bullion..
Proportion of reserve
17.7%
2%
11.9%
2%
to liabilities
Bank rate
Gold val. per fine oz.
33.30%
2%
84s. 11 Hd.
mained slow this
in all
in
the
division.
lated
applications
any consequence
commercial
and
$3,185,000,000 for the
of
new
$250,000,000 Commodity Credit Corp. %%
notes due
May 1, 1943, which is perhaps
indication
The
market re
The Treasury in Washington tabu¬
paper
issue of
bill
as
any
of the state of the
on
business
York
Stock
tions.
to 90
an
average
Call loans
again
days, and 134%
were
narrower,
on
are
cial rate
the New
four to six months' datings.
Rates
constituting the bank's commission.
was
ruling quotation all through the week for both
continues
up
quiet.
to 90
maturities.
The
market for time
new
money
Rates continued nominal at 134%
days and 1J4% f°r lour to six months'
There
has
been
a
little
more
activity
this week in the market for prime commercial paper,
but
trading is still quiet with the demand in
The
for free sterling this week has been between
$3.81
and $3.89 for bankers'sight,
a
compared with
of between $3.75 and $3.91 last week.
range
range
The
for cable transfers has been between $3.8134 and
Official rates
tinue
as
no
New
of between $3.7534
Exchange
excess
on
the following countries
longer quoted in London:
slovakia,
Poland,
Norway,
Germany, Czecho¬
Denmark,
Belgium, Italy, France, and Rumania.
the
German
German
con¬
York, 4.0234-4.0334," Canada,
3.2150-3.2280; New Zealand,
Australia,
3.2280-3.2442.
is
a range
quoted by the Bank of England
follows:
4.43-4.47;
for
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
and renewals.
Local banks having
range
New York there is
loans
consequently
levels
toward
and $3.91 }/± a week ago.
1%% for maturities
New York Money
and
tending
buying at $4.02 and selling at $4.04, the
$3.8934, compared with
Exchange held at 1% for all transac¬
Time loans
demand
ready
no
are
market.
of 0.004% discount, computed
bank discount basis.
The
3^-cent difference between these rates and the offi-
Treasury also sold last Monday another issue
a
with
meets
good an
as
money
$.100,000,000 discount bills due in 91 days, with
awards at
not¬
registered sterling in London with which to transact
week, with rates unchanged
bankers'
a
offering.
relatively small volume of offerings in the free market
approximating the official rate.
Money Market
No supply of
departments.
available
developed
able diminution in both demand and
84s. llHd.
EALINGS in the New York money
D
of
16.60%
2%
84s. 11 Md.
while in the free market there has
fluctuations
New York
is
18.8%
2%
6d.
148s.
168s.
THE sterling sterling bought at the official rate,
exchange market shows a steady
increase in
an
Holland,
However, in
occasional nominal quotation
gold mark at around 40.10,
for
registered marks at 11.80, and for Italian
lire at 5.05.
The London authorities
now
have the sterling
ex¬
change market throughout the world under complete
control at the official rates set
land.
no
by the Bank of Eng¬
What remains of the free sterling market is
longer
a cause
Beginning
on
of anxiety to London.
Aug. 5 the free market will have
practically disappeared.
As noted here last week the
Volume
The
151
New York
Commercial & Financial Chronicle
Foreign Exchange Committee received the
following reply
classes of remittances
"You may rest
the United
certain
to the extension of time on
as
vision
He is
safekeeping of these securities.
his
in
work
by
of the
officers
Bank of
England.
covering exchange:
T.
assured that all effects remitted to
Kingdom dated prior to July 18 will be
settled without question.
and
assisted
601
Also for the next 14 days
J.
British investment trust
Carlyle Gifford,
executive,
of the British
special representative
is
Treasury in New York charged with the responsi¬
(Aug. 5) the Bank of England will not raise queries
bility of liquidating all British-owned United States
about any payments on
securities
a
free accounts unless there is
British
strong element of doubt."
The
organization
the
of
"registered
of
system
New
which
York
been
have
last
commandeered
by the
He established headquarters in
Treasury.
Sales have been made
February.
sterling" with the banks of London has brought about
privately through the New York Stock Exchange.
this
It is
complete
more
control
sterling
official
of
On
July
according
31,
Reserve Bank of
sterling from
be sold freely by
United States
a
Last
account.
the
cables,
and
A
said
sterling to residents of British
other
unless it
places
important
could be shown that the
sterling which
offered
was
rupees
had been acquired at
the official rate.
new
decree of the Indian bank is in effect
acknowledgment
the
of
sterling in the market.
dominance
For
some
time to
the financial
on
become
pressure
passing week and
for
can now
pressure
Indications
evident with
more
every
offsetting this strain commands the vital atten¬
tion of the
Sir
speech
on
the budget
May 23 estimated
on
that the deficit for the current year
covered
by savings
or
in
Sir
an
only
a
other
means
which must be
will amount to
few months earlier of £1,433,000,000.
Kingsley said that proposed, new taxes will yield
additional
current
£125,800,000 for the remainder of the
financial
year
and £239,150,000 for
a
full
careful to point out
was
deficit will be raised not
unknown
extent
securities which
and
by the
are
that the balance of the
only by savings but to
use
of
an
gold and foreign
available for purchases overseas
by the growth in England of
overseas
perial balances in short-term investments.
By far
the greater part
of such liquidation must take place
this side where the
is
resources
No
major part of British
though they
indirectly.
has mentioned such
may
re¬
have been allowed for
The Dominions and India
are
not spend¬
ing the whole of the proceeds of Britain's large ex¬
penditure
upon
their products, but
are
allowing
a
Toward the end of
in London
events
pleted to establish
a
July arrangements
were
com¬
United Kingdom security de¬
British
the
arrived in Canada in
cials who
are
to be
mid-July with five other offi¬
responsible for the general
super¬
cur¬
late
Nevertheless,
known
their
of
occur¬
compilation,
give
a
trade figures
overseas
for June published
considerable decline compared
a
May, due mainly to the cessation of trade with
temporary interruption of trade with the Far East
entailed
by
the
diversion
shipping
of
Mediterranean.
the
from
.
Preliminary figures supplied by the British Board
of Trade show
with
£52,564,114,
and
compared
£56,839,404 in May and with £37,972,000 in
Imports
1939.
June,
499,645
a
against
against
a
£36,211,458, against £45,-
were
while
£39,895,000,
and
£2,003,569,
£90,779,141,
were
month previous and £82,175,000
Exports
year ago.
the
balance of imports over exports
a
during June' of
re-exports
re-exports
£3,213,913 and
were
£4,308,000 in
respective periods.
However
strongly the import balance
against Great Britain,
may
work
and it has been mounting
steadily since before the beginning of the war in
September, due almost entirely to heavy imports of
or
necessities, the direction of trade currents for
Great Britain
against
the
affect
can
no
longer seriously
sterling exchange rate, since the firmer
establishment of the
official sterling-dollar rate
on
July 18 by methods fully concurred in by the United
States
Treasury authorities.
London open market money rates show no
those
money
prevailing for
many
change
weeks past.
against bills is in supply at %% to 1%.
rates continue
Call
Bill
unchanged, with two-months bills at
1-32%, three-months bills at 1 1-16%, four-months
The
Treasury.
by public authorities here
Italy and invaded European territories and to the
1
official of the Bank of England,
United
these
date
July 22 show
on
bills at 1
S. Craig, an
200
for liquidation
tional trade.
United States and Canadian securities sent to Canada
A.
some
over
relatively clear picture of the disruption of interna¬
posit in Montreal to hold in custody British-held
under instructions of the British
those
are
too remote in date to reflect
are
accurately.
since
rences
from
England.
of
figures, studied in connection with
part to accumulate in the form of balances and other
short-term investments in
list
taken
Trade figures given out
or
war
employed.
previous chancellor
sources,
overseas
the
were
private
by the Chancellor of the Exchequer.
and im¬
on
included
£105,552,962
year.
He
not
on
with the Bank of England
owners
States issues which
ban
The United States
this, comment
in
to
registered by their
£2,200,000,000, in contrast with Sir John Simon's
estimate
lifting of the
the
referred
securities
with
banking world.
Kingsley Wood, Chancellor of the Exchequer,
in his
despite
dealings by the British Treasury.
which London takes
every means
financial operations
by British holders is to be expected at present
levels,
rent
the attention of the bank¬
come
which Great Britain is bound to endure.
this
London
of
recently that little liquidation of United States
stocks
com¬
sterling-dollar exchange basis.
ing world will be focused
of
an
registered
of
Nothing short of the
plete defeat of Great Britain by Germany
alter the fixed
through private negotiation.
observer
close
but
against purchase of such
The
has been done
Swiss registered
or
ex¬
the New York Stock Ex¬
on
change, most of the British selling in recent weeks
banker against
any
April the Indian bank forbade the
sale of rupees against
Dominions
London
to
India, intimated to the market that
rupees may now
understood, however, that in view of the
tremely dull markets
throughout the world.
3-32%, and six-months bills at 1M%.
Canadian
dollar
under
the impetus of
sea¬
sonal tourist
buying continues to find support in the
free market.
Tourist currency quotations generally
represent a slightly cheaper rate than the official
I
The Commercial & Financial Chronicle
602
11% premium onlfUnited States dollars now being
was
amounts of
The
follow
Department of Commerce and cover
United States
the week ended
EXPORTS
GOLD
gold imports and exports which
taken from the weekly statement of the
are
IMPORTS, JULY
18 TO
24, INCLUSIVE
Imports
Exports
....*$2,710,748
102,598,227
Ore and base bullion.
Refined bullion and coin
$2,855
..... .
$105,308,975
Total
Detail of Refined Bullion and
Portugal
—-
—
.....
Mexico
$2,855
Coin Shipments—
United Kingdom
Canada.
......
54,288,512
2,009
Hongkong
Union of South Africa..
3,428,282
during the week ended July 24 by $36,154,048 to $1,779,103,638.
hardly
steady, little changed from
Bankers' sight was
variation in range
any
pre¬
$3.84@$3.87; cable
On Monday there
$3.84}^@$3.87H.
or
demand.
The
was
range
$3.83@$3.87J^ for bankers' sight and $3.83J^
was
On Tuesday the free
@$3.88 for cable transfers.
market continued
light.
The
range was
$3.81%@
@$3.85 for bankers' sight and $3.82@$3.86 for cable
On Wednesday
transfers.
The range was
active.
the market continued in¬
$3.81@$3.83J^ for bankers'
sight and $3.813^@$3.83M for cable transfers.
Thursday the
sight
was
featureless.
was
On
Bankers'
$3.823^@$3.88%; cable transfers, $3.83 K
On Friday trading continued light.
@$3.89.
range
market
was
.
$3.86@$3.89 for
bankers'
The
sight
and
$3.86^@$3.89M for cable transfers. Closing quo¬
on
Friday were $3.87J^ for demand and
tations
$3.88
for
cable transfers.
finished at $3.75.
not
and bonds, direct invest¬
Dutch investments
Commercial
ments, and short-term deposits.
for
accounted
ments for
and Belgian invest¬
$1,080,086,000
Dutch short-term deposits
$305,675,000.
Belgian short-term
accounted for $213,086,000 and
American investments and
deposits in these two countries aggregated about
British securities and deposits here
May 1 amounted to about $2,454,000,000.
daily press reports have shown for
Berlin comment
steadily been of
some
deprecatory character.
a
sight bills
60-day bills and 90-day bills
are
quoted.
The main
tion of
Reich
Europe under the leadership of the German
gold will lose all value.
However, Dr. Walther Funk, Reich Commissioner
General for Economy and President of the Reichs-
bank,
his
on
July 30 made
views
special effort to show that
a
the future
to
as
of
gold have been mis¬
construed.
He took occasion to point out that
multi-lateral
clearing system based
on
relations between various currencies and
the
eliminating
payment difficulties heretofore connected with
bi-lateral clearing would form
trade
and
suitable basis for
a
payments between
European countries,
especially since it would make it possible to relax
existing foreign exchange restrictions.
On the other hand Dr. Funk
explicitly admits the
possibility of free exchange payments to countries
taking
part in European clearings.
no
recognizes the expediency
settling
of the
balances in payments
Likewise he
of gold for
use
between individual
countries.
spired by German bankers and business
men
greatly interested in German-American
NOTHING new or informative can be said about
the Continental foreign exchanges.
Except for
Swiss franc and the Swedish krona these
rencies
are
entirely under the
Berlin authorities.
units with
with
mined
for
or
the dollar
or even
another cannot be rightly deter¬
one
time
some
domination of the
The real value of the Continental
respect to sterling
respect to
cur¬
to
come,
and certainly not
before the conflict between Great Britain and Ger¬
many
The Paris bourse
quotations
stocks.
reopened
on
Tuesday, July 30 for
Government securities and French
on
The stock exchange will be open daily from
12:30 p. m. to
2
p. m.
Transactions
preliminary in character.
foreign securities
and
the
are
are
limited and
It is understood that
no
remarks
in¬
were
formerly
commerce,
indicates
that
the
revival and extension of this form of trade would be
welcome in
ters
it
relations
more
Germany.
was
asserted
should
difficult
quoted
Berlin business
quar¬
German-American trade
stimulated
rather
than
made
not
are
quoted in New York, Berlin
occasionally
are
registered
some
by Dr. Funk's remarks.
French francs
marks
be
In
that
quoted nominally around
gold mark and around 11.80 for the
Italian
mark.
at
exchange
Exchange
5.05.
is
nominally
Poland,
on
Czecho¬
slovakia, Norway, Denmark, Holland, Belgium, and
Rumania
is
not
quoted.
The
Swedish
krona
nominally quoted at 23.90, against 23.90.
is
Swiss
exchange is nominally quoted at 22.74^, against
to be admitted.
Private advices from
his
of
tenor
40.10 for the
is decided.
a
fixed exchange
It is clear that Dr. Funk's revised views
Continental and Other Foreign Exchange
the
time,
United States gold holdings has
on
contention has been that in the economic reconstruc¬
Referring to day-to-day rates sterling exchange in
vious close.
Belgian investments in this country
May 1 which were subsequently frozen by Presi¬
dential decree amounted to $1,400,000,000.
These
on
As
Chiefly $168,045 Canada, $147,057 Mexico, $115,464 Peru, $2,065,475
Philippine Islands.
Gold held under earmark at the Federal Reserve banks was increased
transfers
total Dutch and
on
*
was
Figures published by the United States Treasury
and Commerce Departments on July 29 show that
$100,000,000.
2,433,513
309,040
.....—...
the free market
than 10 years ago.
more
deposits for $183,675,000.
$1,815,147
40,321,724
...
Brazil......
issued
figures included stocks
July 24, 1940.
AND
large old-style dollars, the last of which
of the
some
control. Montreal
funds ranged during the week between a discount of
12%% and a discount of 11^%.
quoted by the Canadian exchange
Aug. 3, 1940
Europe indicate that United
22.75.
Exchange
Finland closed at 2.05 (nominal),
Greek exchange closed at
on
States currency in limited supply is now circulating
against 2.05 (nominal).
freely in.Switzerland, the Balkans, and parts of the
unoccupied area of France. For a long time past
pesetas are nominally quoted at 9.25, against 9.25.
0.68
(nominal),
against
0.68
(nominal).
Spanish
several millions of dollars of United States currency
were
shipped to Europe monthly by Wall Street
banks and in recent months very
little
seems to
have
back.
EXCHANGE steady, Latin Americanfree markets
countries is
generally on the although the
European hoarders have long shown a
preference for United States dollars, which command
a
premium in Europe.
Included in the almost
ing wide fluctuations.
negligible return of
been
come
currency to
the United States
are
in whatever
capitals these units exist have been show¬
recent weeks of the
inclined
to
This
is
especially true in
Argentine free
softness.
peso,
Whatever
which has
steadiness
Volume
appears
The Commercial & Financial Chronicle
151
in the Latin American units must be attri¬
sales, and gold of domestic production.
buted to local foreign
exchange controls.
The Mexican peso has been
6 to the dollar.
dollars remains steady at 6.50 soles to
dollar.
Importers, however,
time
over
seemed to
indicate
the elections.
However, when difficulties
did not arise
score
national currency,
on
a
the
on
The
that
at the official rate of
exchange, which is 3.19 bolivars
to the dollar.
to the
to 5.05 pesos
rose
Venezuelan Exchange Office instructed the
exchange offices on June 26 to buy and sell only
free
A few
the past have been sold at the banks since the
gained strength.
At this rate it would be
19.8 cents per peso.
at that
scale sufficient to affect the
peso
days after June 10 the unit
dollar.
peso
the future.
public apprehension
some
equivalent to about
A few
dollars than customary in
more
Toward the middle of July and
Argentine unofficial
or
free market peso closed at
22.15@22.25, against 22.00@22.05.
York
reis closed at
with
20.50
cents, selling rate.
17.30 cents per peso
earlier.
The
This compares
nominally quoted
to have
seems
been caused
can
tions undertaken
by the United States
of
owners
certain
appear
Thus far the Bank of Mexico
Meantime it is
exceptionally efficient in holding the
steady.
In Buenos Aires the fluctuation in the free
not
seem
to
arouse
wide
peso
The
interest.
ex¬
change control exercised by the Central Bank of the
republic plays the dominating part.
It may
ment
be recalled that
June 26 the
on
announced the successful
a
Republic of Argentina, to be used for
was
transportation development
stated that the dollar
this operation will be turned
made available for sale
and other firms in
change.
exchange obtained by
a
over
to the
position to utilize the dollar
The banks will become the creditors
The
of the
regulations pertain¬
ing to the exchange rates to be applied, the credit
periods, &c., have not yet been announced.
gold and free exchange market in Chile
considerably easier
as a
seems
The Exchange
Control Commission is
approving
an
authorization for
increasing number of products from the United
States
on
a
basis of
50% export draft exchange and
50% "D. P." (gold and free exchange).
In effect
this gives an
average of 28 pesos to the dollar for
certain
motive
An
products,
among
which rubber tires, auto¬
parts and accessories
are
the most important.
early July dispatch from the American Con¬
sulate General at Lima states that
situation
an
easier
exchange
The volume of export
exchange available to the Central Reserve Bank and
The
sources
principally mineral and sugar-exports, cotton
be the result of
to
and
foreign
causes
exchange
on
yen
checks yesterday
Friday of last week.
were
Hong¬
kong closed at 23.30, against 23.80; Shanghai at 6.00,
against 6.20; Manila at 49.80, against 49.80; Singa¬
47%, against 47%; Bombay at 30.31, against.
30.31; and Calcutta at 30.31, against 30.31.
pore at
Gold Bullion in European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
the
84s. ll%d.
principal European banks
fine ounce)
per
as
of respective
dates of most recent
statements, reported to us by
special cable yesterday (Friday); comparisons are
shown for the
corresponding dates in the previous
four years:
1940
1939
1938
1937
£
Banks of—
£
£
£
*661,079
France y...
Germany
*141,642,742
311,709,184
242,461,946
3,867,600
63,667,000
17,440,000
97,714,000
132,867,000
86,730,000
41,994,000
6,606,000
6,667,000
z.
Spain
Italy
Netherlands
Nat. Belg'm
Switzerland
Sweden....
3,836,060
63,667,000
23,400,000
94,083,000
94,400,000
98,447,000
34,222,000
6,666,000
'
Denmark..
Norway
...
Total week.
327,611,641
1936
£
327,621,346
293,037.744
2.487,600
87,323,000
26,232,000
104,823,000
104,630,000
83,479,000
26,880,000
6,649,000
6,602,000
293,728.209
2,624,000
63,667,000
26,232,000
123,393,000
83,606,000
6,666,000
700,464,626
700,629,463
Prev. week.
111,440,000
29,226,000
6,639.000
7,442,000
244,004,028
439,633,666
2,370,050
88,092,000
42,575,000
53,608,000
106,862,000
49,723,000
24,077,000
6,663,000
6,604,000
878,627,976 1,074,207,860 1,067,464,689 1,063,901,734
878.363.432 1,074,170,776 1,070,084,046 1,058,333,210
Note—The war In Europe has made it Impossible to obtain up-to-date
reports
from
war.
many
of the countries shown in this tabulation.
Even
before the
France
of April 30.
1938. and Deo. 31, 1939. respectively.
received
was
June
7; Switzerland,
June
The last report from
14; Belgium,
May
24; Nether¬
lands. May 17; Sweden, May 24; Denmark, March 29; Norway, March
many,
*
present
regular reports were not obtainable from Spain and Italy, figures for which
as
are
1; Ger¬
July 12.
Pursuant to the
statements
Currency and Bank Notes Act, 1939, the Bank of England
for March
1,
1939, and since have carried the gold holdings of the
Bank at the market value current as of the statement date, instead of the
statutory
price which was formerly the basis of value.
per
On the
market
price basis
(168s.
fine ounce) the Bank reported holdings of £1,109,609, equivalent, however,
only about £661,079 at the statutory rate (84s. 11 J4d. per fine ounce), accord¬
to
ing to our calculations.
former
periods
as
In order to
make the
current
figure
comparable
with
well as with the figures for other countries in the tabulation,
show English holdings In the above in statutory pounds.
we
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
tuted
basis of latest valuation (23.34 mg. gold 0.9 fine equals
March
7, 1940, there are
prior to March 7,
as
are
tendency to reflect the
commercial
Closing quotations for
prevails in Peru.
to the commercial banks has increased.
a
sterling, and where disturbance
seems
23.45, against 23.45
result of certain extra¬
ordinary liquidations of dollar funds.
Quite generally the
steady.
have
which have
currents.
England
ex¬
Exchange Fund and will guarantee the payment of
The
to
by private banks to industrial
the credits to their clients.
to be
extraneous
purposes.
Exchange
by the Central Bank and will be
Fund administered
are
units
at all it
appears
in
Amortization is to be in three equal annual instal¬
ments and the interest rate
3.6%.
It
Eastern
yuan,
The Japanese and
ease.
3-
$20,000,000 credit extended by the ExportImport Bank of Washington, D. C. to the Central
Bank of the
Indian currencies
Far
Govern¬
negotiation of
year
industrial and
irregularly inclined to
steadiness in official
a new rate of
parity for the
but awaits the result of international events.
does
been
exchange control auth¬
has not decided to fix
peso
some
capital who had
European difficulties.
ority for the republic.
peso,
EXCHANGE on the irregularity, particularly the
Far Eastern countries has
been showing
Hongkong dollar and the Shanghai
money
The Bank of Mexico is the
Peru is;
The Mexi¬
*—
to have
into time drafts, which might
be subject to decrees should the United States become
involved in
against 5.17.
is quoted at 20.45, against 20.50.
peso
largely by the
importation into Mexico of capital which had been
kept in the United States. The huge defense prepara¬
changed their
Brazilian mil-
Chilean exchange is
nominally quoted at 15%, against 15%.
improvement in the Mexican currency since
frightened the
5.15, against 5.15.
nominally quoted at 5.17,
a year
,
mid-June
new
order went into effect.
subsequently Mexico City has been quoted in New
at
the
inclined to hold
were
back in the hope of
securing more favorable rates in
quoted at
peso was
The weakness in the
The selling
rate for
displaying considerable
strength since June 10, when the
603
per
British statutory
1940, there were about 296 francs
one
franc), insti-
.
pound about 349 francs;
per
pound, and
as
recently
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.
-
The Commercial & Financial Chronicle
gQ^
Who Threatens
More than seven years ago,
against accumulations of
feeding
upon
unreasoning fears,
themselves and increasing despite
grounds for apprehension. Boldly,
of undeniable stress, he asserted his
absence of solid
that hour
in
belief that
"firm
the only thing
advance."
into
treat
unjustified
needed efforts to convert reUnfortunately, the courage
which paralyzes
terror
have to fear
we
unreasoning,
itself—nameless,
fear
is
vaguely but so alarmingly
so
suggested through the
and uninstructed
daily press to the most uneasy
in his first inaugural
Roosevelt admonished his coun-
address, President
trymen
and Why?
Aug. 3, 1940
-
intelligences among our sometimes mercurially tempered people, as well as to the most intelligent and
those most soberly poised? Is it Italy? Is it Germany? Is it Japan? Is it Russia? Is it all of
them together?
This country is a democracy, its government much
vaunted as one of the people and by the people and
for the people. Often lias it been proclaimed that
here every citizen is a sovereign and all officers of
underlying these brave words seems to have evapo-
government, from the lowest to the highest, only
of the years and in its place
curiously imaginative group of
trusted servants bound to do the will of the citizenship. Surely, then, it cannot be too much, when
apprehensions, magnifying themselves in
citizens are loudly told that for a year they must
walk timidly and in fear of armed attack from beyond their borders, that they should respond with
a demand for full and detailed instruction as to the
precise nature and origin of the calamity alleged to
impend. Russia has been, throughout a long period
the traditional friend of America. It was in friendship that her Emperor parted with his nation's solitary possession in North America and transferred
it to the United States, for a satisfactory consideration. True it is, that the Czars have departed and
that the Russians are under subjection to an autocracy more universally domineering than under any
Romanoff, but even to that new autocracy President
Roosevelt, in the early days of his first Administration, was quick to extend the hand of international
fellowship. On the practical side, it is plain that
invasion of Alaska, even if it were undefended,
would be but a sterile gesture, costly and dangerous
to the invader. Unless Alaska can be conceived as a
gateway to the United States, which it could be
made only by traversing the frozen wastes of its
rated with the passage
there is exhibited a
timorous
to become a real
could such
have
an
hysteria.
expression as that about to be quoted
fallen, while the United States is at peace
ever
world, from Presidential lips?
with all the
W.
Charles
Hurd, special correspondent of the
"Times," reporting from Norfolk, Vir-
York
New
until they threaten
If it were otherwise, how
act of their repetition
the veiy
ginia, where the President had gone last Monday to
fortifications of
inspect work in progress upon the
harbor, recites the following question and an-
the
using direct quotation which, it is understood,
swer,
is
adopted in connection with a Presidential
never
interview without express
authorization.
the British invasion of
to
which the
Referring
Washington, in 1814, in
Capitol and the White House were par-
tially destroyed by fires intentionally started by the
invaders, the correspondent inquired of the President
"Do you
:
think Washington could be invaded
again?" To which the President's reply was:
"That
would
depend entirely on where it
from and who it
a
A year
was.
from
came
feel
now we can
interior and then crossing the almost completely
lot better."
These
as
dangerously disconcerting words, and
are
untimely
they
as
are
needless.
In 1814 the United States had
be
a
competent leadership had brought both countries to
a
state of
desired
activities
this
belligerency which the peoples of neither
in
and
which each
prosecuted its warlike
whole
8,000,000, with only
population
an
With
mit its expansion, is wholly employed at present,
and when that employment ceases or becomes materially less there are interests closely at home that
are both more alluring and more demanding.
To
think of Russia as in armed conflict with the United
States is to build out of nothing a spectre worthy of
improvised navy,* with
an
infinitestimal army for the most part
incompetently
led, with credit
small Federal
loan
so
depleted that
a
barely escaped failure, the wonder is that the
British
fleet, which met
no
resistance when it sailed
nearly to the head of Chesapeake Bay, wrought
more
as
with
the fears
1812-1814
are,
however,
as
sought to be engendered in exalted
The foe of that period is the friend of
quarters.
a
mind wholly closed to reality by its
present, bound in full and reliable amity not
own
defective
Qualities.
Germany, for
Comparisons
the
no
injury.
futile
Bay, through a hostile Canada.
would encounter difficulties surpassing
approximating
weakly and without enthusiasm.
country's
Such a project
those of
Napoleon's march to Moscow, without the false
allurements of any Moscow to support its hardship,
Moreover, Russia's military strength, as it exists
and to the full extent that available resources person
scarcely ceased to
of dependencies of Great Britain and in-
group
blank wilderness between the Yukon river and Hud-
seven
long and
weary
years,
has
sacrificed every liberty and every comfort that men
prize to military prowess and, in the hard and inescapable
way
prerequisite to such
an
achievement,
only by ties of blood and fellowship cemented dur-
has made itself into a tremendous instrument of destruction. It remains to be seen whether it can be
ing
an
and
century and a quarter of uninterrupted peace
mutually profitable commerce, but as well by
a
the urgent
flict with
Empire, is
compulsion of its
Great
as
Britain,
or
unlikely and
own
necessities.
as
preposterous
improbable concept of the imagination that
stated in words.
commen
whose
sense.
It is not within the
There
uncommenced
must be
so
unthreatened
fearsomelv built up in
as
any
can
be
rarily subjugated but unwanted
organization as friendly States.
areas
and their
re-
Germany, under
rigorous and despotic administration no more welcome to its people than deprivation of freedom of
enemy
opinion and action can be to intelligence and selfreliance anywhere, has swept Europe from Poland
activities
to the Pyrenees, from the Danube to the English
reckoning of
then, is the potential
and
Con-
with any part of its
equally effective instrument of permanent and
stable conquest or for the conciliation of tempo-
imagination and
Channel, leaving barely Italy and Spain.
Europe,
Volume
The Commercial & Financial Chronicle
151
iiappen what will
Great
arates
the
across
Britain
from
narrow
what
water that sep¬
and
France
was
605
ality without conjuring
to
hobgoblins with which
up
frighten ourselves out of
our
wits?
Belgium, has, for the time being, become Germany's
responsibility, with which that nation must deal
competently
and
successfully,
Germany.
And
Germany
area,
this great and unfamiliar
over
is
German
spread.
thinly
very
in the language of finance, is already dan¬
power,
gerously extended.
speaking,
And Germany has, practically
no navy.
of
Europe and Great Britain it would be long before
of this
ized.
suddenly acquired
and
co-ordinated,
variant munitions
could
be
the
longer
before
organ¬
widely
the
in
sufficient
use
quantities,
yet
could be trained in mastery of
men
place
to involve long delay and heavy
as
German
strike
the ships of other nations rebuilt
or
completely
costs.
planes might conceivably,
wantonly at
some
even now,
city of the United States,
murdering and destroying without
.
could be
strange and confusing mechanisms which must
be left in
so
power
necessarily consumed in its
produced
longer before
that
purpose or
cer¬
tain
disadvantage of lasting contempt and hatred
beyond
such
any
yet stimulated by her misdeeds. Against
senseless
brutality
form of defense and there
less assault is not
Germany, and
speak
and
to
now
even
there
to be
impregnable
110
Such fruit¬
be.
apprehended,
from
even
though President Roosevelt
the Atlantic in
across
is
never can
even
more
may
ill-advised
provocative terms than he has yet contrived
tures invited
ted
political ideas
putting
her
the United States by friendly
over¬
Japan into the family of nations, solici¬
into
appear
and power
to the advantages of western
way
same
achieved by the British Empire and the
States
during the nineteenth century, and
our par¬
type of democracy to peoples for whom they
not
really adapted.
These
peoples have lacked the necessary skill—or
luck—to find
and
led to the "overselling"
English parliamentary system and of
ticular
are
It is beginning to
grooves.
that the progress towards prosperity
the first decade of this one,
of the
compromise suitable for their needs
a
national
habits,
have discovered
or
that the
greatest service the democratic form of government
render
can
and
them
is
ideal
an
or
goal,
inspiring
attractive, but of remote factual attainment by
them.
Still
other
peoples
have
apparently
democracy's
apparent inherent
wastefulness, inef¬
ficiency and delays in reaching certain desirable
ising
results, and have followed leaders
tighter,
a
more
prom¬
highly organized national
The
of
trend
times
the
from democracv.
Much
seems
as
we
thus
are
be
to
away
entitled to look
with confidence to the time when the tide will
turn
of
the
In seizing the Philippines
Spanish-American
war
the
as a
United
prize
States
made itself
unnecessarily vulnerable and, in effect,
hostages to Japan under conditions almost di¬
gave
rectly inviting trouble.
need
But Japan
continues to
friendly relations with the United States
than the interests of the United States
more
with Japan.
peace
even
require
Immigration difficulties,
once
highly irritating although not sufficient in reality
to be
substantially dangerous, are no longer a gen¬
uine threat.
Only extreme
arrogance
favor
in
ciples which
for
that
their
in the
as
The
as a
any
manifestation
what
are
into
of
a
a
our
impetuous Presi¬
plausible
excuse
Japanese attack
for
war.
upon
In any event, fear
Washington would be
fantastic.
that
An
by
men
an
are
authoritative
made free
aphorism which asserts
by knowledge of the truth.
enlightened public intelligence, not undermined
hints of indescribable dangers hidden in
vague
the vast
invasion
unknown, would not walk in fear of
even
for
a
moment, let alone the long
of President Roosevelt's fearful
President
Can
we
seems
not go
to be
year
imagination.
Our
seeing things in the dark.
about
in readiness for any
hostile
our
task of getting ourselves
probable international
eventu¬
physically by military
economically, for it is
means
extremely
success
on us, or many
of us,
of their methods.
capitalism
seems
to many to have virtually
"campaign of preliminary education" for
essentially adaptations of that system of
government in Germany, Italy, and elsewhere.
turn, the startling
success
In
with which the German
adaptation has been used by the Nazis to synthesize
the
There is
autocratic forms of
publicity accorded the Russian experiment
acted
under
us
more
much in the possibility of
so
they could do either if they wished,
of the apparent
people,
even
should face realities and recognize
psychological effect
can
today, could magnify existing controversies
us
doubtful that
again
governmental prin¬
danger from those peoples, who have
overwhelming
crushing
or
of
have espoused and made effective
government, lies not
in State
dent of
the order
put into effect other and
in Washing¬
ineptitude in diplomacy exceeding
we
chief
our
of
we
ourselves,
ton, which could not be justified before the Ameri¬
or
gov¬
ernment.
civilization, opened to her government and people
justiv proud.
even
genuinely revolted, at least for the time being, with
the door to that immense
progress
of which she is
may
well qualified by politi¬
so
national attributes to force them¬
or
the
now
United
nmity and her trade and obtained both,
showed her the
peoples, not
experience
selves
The
.
particular country in
a
certain order of ideas into effect
a
are
Fun¬
be said to be affected
may
by the vagaries of fashion.
apparent, success of
or
induce other
cal
subject of spirited challenge.
extent
some
immediate
use.
Decades ago,
present time, and probably for many
in the future, the principles of democracy
damental
real,
to be an alarmist to realize
necessary
the
and will be the
ad-
vantage to the assailant, in fact, incurring the
not
at
years
to
Could it possess itself of all the naval power
use
It is
of extreme peril first of all
quences, consequences
to
The Third Term Tradition
the conse¬
take
or
power,
bound to
efficiency and skills of their people is
impress
many
throughout the world.
This
result is natural and
healthy, provided always, that
the
learned.
right lessons
est lessons lie
are
Probably the sound¬
only in the moral field—energy,
power
of
organization, thoroughness, spirit of cooperation,
willingness to sacrifice personal for national aims,
skill
made
in
the
practical adaptation
by science.
are more
than latent attributes of
However, just
as
of the advances
Most, if not all, of these qualities
"democracy"
our
own
people.
was oversold on the
nineteenth century, so many
contemporary success
during the
and elsewhere,
Europe,
of
continent
of us may allow the
of the Nazis—even
though it
field of militarism—to act
upon us with the impact of high pressure salesmanship and "sell us on" some part of the form and
structure of their regime, though fundamentally
alien to our national life habits and genius.
This
we must resist with quiet confidence and not with
is
only in the narrow
unsubstantiated
by
engendered
heat
emotional
fearg
Taken
and
DeoDle. we have
a
as
-
.:
have
Aug. 3, 1940-
The Commercial & Financial Chronicle
0Qg
x
....
.
ous limitations, but relied rather on their developing a sound and vigorous national character to meet
the vicissitudes of national life. In his letter toLafayette, dated Mount Vernon, April 28,1788, after
expressing his opposition to including in the Constitution a provision for the ineligibility of the
same man for President, he added:
There cannot in my judgment be the least danger that
practical intrigue ever be able-
conoe
(]1(! President will by any
safe
of the life of a great
modern nation with the aid of general democratic
principles au our iuuc out
pnnupjts as vui lode-star. To implement this steerf
through the complexities
of course, our Constitution and.,^ at
ing we have,
tal qualities designated as "character," he did not
believe in imposing on a free people too many rigor-
demonstrated that we
j
possessed a sufficient degr
clear perception of realities to steer a
course
the President. As a man eminent among world his>torical figures for that collection of moral and men-
rule—the third-term tradition.
Foreign observers have regarded the latter as a most
salutary safeguard against our Slipping into what
oaLutaij
b
rr
o
might otherwise, with certain limitations, under a
popular President or at critical times, be too close
an approximation to autocratic government.
least, one unwritten
b
_
contjDue himself one moment in office much less perpetuate himself in it, but in the last stage of corrupted:
morals and political depravity, and even then there is as
much .?anSf that an/ otller «**** <>« d,0mina"0„n wouU
prevail.
Though, when a people shall have become inmaster, it
jS 0f little consequence from what quarter he comes. Underan extended view of this part of the subject, I can see nocapable of governing themselves, and fit for a
Pr«f in precluding ourselves from the services univer-of any
man, who on some great emergency shall be deemed
most capable of serving the public.
Though this passage was written on a subject
and conse-
not now in question—proposed constitutional re-
quent prestige to the President. His, for instance,
in foreign affairs to the extent that
terms are broad enough to show that Washington
Constitution grants great power
The
is the initiative
it is
generally recognized that he can,
confront Congress
official recognition
elections
national
of
state of war is merely a
our quadrennial
a
To
form.
of
matter
if he wishes,
with such a situation that its
outsiders
are
mainly plebiscites for the
To them the views and
selection of the President.
personalities of the presidential candidates appear
to
play the paramount roles.
The concurrent con-
gressional elections are of comparatively minor importance, as are the party platforms.
We saw an
of the latter truth when President
illustration
Roosevelt within a few hours of the
adoption of the
well
which
as
were
plank in content and spirit, if not in
..
,
tional limitation,
dress clearly shows that the latter would under the
present circumstances have stood by the tradition,
In the acceptance speech President Roosevelt
of the presidential role
tradition, in the absence of a constitu-
makes the
have deemed the present emergency to be of a character to justify dropping the tradition for the timebeing. A comparison of President Roosevelt's acceptance speech with Washington's farewell ad-
justified the proposed break in the tradition and"
assimilated our interests to those in opposition toGermany by the following:
This pervasiveness
letter.
line with the opinion of others, and with the essential nature of a tradition. The inquiry seems, however, appropriate as to whether Washington would-
speech in
political foes, as repudiating the "stay-out-
of-the-war"
would have been in accord with the tradition only
if it allowed an exception in case of a great nationalemergency. This, as above indicated, is not out of'
widely regarded, by friends as
party platform delivered his acceptance
terms
striction of the reeligibility of our President—its
.
.
.
of great importance.
J5"ke these7?" timesof ferreat tension; of ^eat"
the compass of the world narrows to
crisis
The fact which dominates
our
a single fact.
world is the fact of armed
who believe that the tradition against
aggression, the fact of successful armed aggression, aimed'
third term is sound and that there is no valid
at #the form of government, the kind of society we in the
Those of
a
us
for
reason
disregarding it in the existing circum-j
1
j
j
v
ii
-
,,
-
stances, would, however, do well not to overplay the
The challenge a tradition may be
hand.
it
a
A tradition is not
service.
rather
dogma.
It is
TraliVH+rr nf cmnli
T-nPYnmi'nn
o
nnnfirni+tr
tary to reexamine the validity of such a continuity
device
once in
a
while to determine whether it
con-
Not only
Grant and others, but even Jefferson,
great protagonist of the tradition, felt that a
critical emergency
might arise when the tradition
should for the nonce be set aside.
letter to
a
friend, written while he
his first term,
There
ls
Is,
engage my
Jefferson, in
was
but
one
circumstance
which
a
successor
as
a
might bring in a Monarchist.
Washington opposed the inclusion in the Constitution of any
rigid restriction
any longer doubts—which no one-
Ignor(f
on
the reeligibility of
It „ not
It is a revolution imposed by force of
ens a11 men everywhere.
ordtaary
an
arms
war
which threat-
It is a revolution which proposes
to,,set men free» but t0 reduce them to slavery—to ret0 slaveiT In the interests Of a dictatorship which*
6
has already shown the nature and the exteat of theadvan_
tage
which
it
hopes
to
obtain.
A
.,
,
This
is
the
fact
which*,
us.
^
Aside from the fact that all great wars are in a
Se*Se ffned r€Volutlons and involve dras"
£C w°rld;^de changes, the position thus taken by
this quotation is diametrigiven
could
acquiescence in another election, to wit, such
division about
a
still serving
though after his reelection, wrote:
'
however,
longer able t0
any
dominates the lives of all of
forms to the realities.
the
It is a fact which no one
crystallized point of view, and it is salu-
a
■framr
a
rendering
^nited States have chosen and established for ourselves.
°VVT J? ^
us by
" C°UnSel ^
Washington in his farewell address.
The larger part of that famous State
devoted to
an
paper was
exposition of the importance of main-
tainjng the Union and avoiding the
errors
which
W0U1<1 endanger it. The latter part, however, dealt
our relations with foreign countries.
The
Volume
Less frequently
nations have often been mentioned.
referred
to
concerning mental and emo¬
those
are
with foreign
alliances
against
warning
passages
607
The Commercial & Financial Chronicle
151
lead
tional attitudes which he feared would
to
us
situation?
Why, by
interweaving our destiny with that of any part of Europe,
entagle our peace and prosperity in the toils of European
Why forego the advantages of so peculiar
Why quit our own to stand upon foreign
ambition, rivalship, interest, humor, or caprice?
Some of them read as
entanglement with Europe.
If these
follows:
parts of the address are well pondered by
all Americans there will be a
Observe good faith and
vate
of such
Culti¬
justice towards all nations.
and harmony with all.
peace
.
In the execution
.
.
plan nothing is more essential than that perma-
a
ment, inveterate antipathies against particular nations and
nation of the
President Roosevelt's
identity of
in
all
place of them just and amicable feelings towards
should
be
cultivated.
another
towards
hatred
is in some degree a slave.
ness,
or
astray from
in
one
to
offer
It is
habitual fond¬
an
slave to its ani¬
a
nation
injury, to lay hold of slight causes of
and to
dental
trifling occasions of dispute occur.
likewise
So
be haughty
passionate
a
produces
favorite
nation,
common
interest
exists,
and
of
infusing
the
fication.
of
where
cases
into
...
interests with those of the opponents
our
of Nazidom in the
for
ought
interest
other,
the
of
privileges
whom equal
themselves
the
to
favorite
with
even
nation)
par¬
( who devote
facility to
betray,
or
country, without odium,
own
popularity; gilding with the
appear¬
for public opinion, or a laudible zeal for public good,
foolish compliances of ambition, corruption
or
to believe me, fellow
The Course of the Bond Market
Bonds
republican government.
sidewise nature, with
minimum.
of the very
ment
excessive
actuate
influence,
I con¬
a
to
dislike
of
another
danger only
see
second
even
influence to be avoided, instead of
Excessive partiality for
the
arts
on
cause
one
those
side, and
of influence
on
a
While
liable to become suspected and
their
surrender
The
is,
with them
whom
to veil
serve
the
they
other.
Real
fluctuations in individual bonds at
a
a
volume
the
of
trading in high-grade rail
issues
fractionally higher. Atchison
Topeka & Santa Fe gen. 4s, 1995, advanced % to 106*4,
As
a
City Terminal 4s, 1960, at 107% were up %.
speculative rail bonds have been higher, but
group
trading in them
Maine
issues
has been comparatively dull.
again
wide
displayed
Boston &
price gains,
reaching
highs; the 5s, 1967, were up 3% points at 76, and the 5s,
new
1955, at 79 gained 2 ponts.
Tradng in utility bonds has been exceptionally sluggish
and
High grades eased off somewhat
price changes small.
Speculative issues commanded little interest.
on.
There were
public offerings and a complete absence of significant
no
developments.
Few changes of importance took place this week among
industrial
Steels have been generally steady
obligations.
in
tending our
have already
we
Europe has
none, or very
commercial
Here let
foreign
relations, to have
So far
us
have
us
Hence she must be engaged
the causes of which
are
essen¬
Hence, therefore, it must be
implicate ourselves, by artificial ties in the
to
ordinary vicissitudes of her politics, or the ordinary
binations and collisions of her
Our
to pursue a
under
when
and
detached
an
we
ance;
distant
friendships,
siutation
different course.
efficient
neutrality
we
If
and
we remain
is
take such an attitude
at
may
scrupulously respected.
nental
impossibility
of
hazard
giving
any
choose peace or war,
shall counsel.
as our
manner,
Oils acted in
with the exception of the Conti¬
2%s, 1948, which
were
down 1 at 106%.
Coal
grades) have been moderately higher, and
building materials company issues, the Certain-teed
among
rich
upon
provocation
5%s, 1948, gained 4% points at 78—others in the
4%s, 1956, gained 1 at 104, and the Liggett & Myers
7s, 1944, a high-grade issue, lost 1 at 123%.
are
The Good¬
have been steady to fractionally higher.
Negotiations
said to be proceeding for the private sale of new securi¬
ties
in
order
to
redeem
the Tidewater Associated
Oil Co.
com¬
3%s, 1952, but nothing definite has been announced
The debenture
and
people,
not far
off
annoy¬
will
cause
to
upon
us,
when
interest guided by
are
be
will
we
our
as
yet.
callable at 105 prior to Jan. 1, 1942,
levels thereafter.
at lower
There has
3%s
been
a
moderate
improvement in the foreign
list, but price changes for the most part have been within
narrow
limits.
and
Argentine
Chilean
issues
bonds
enables
one
as
time resolve
acquisitions
us
conv.
Products
traUan
bonds
advanced
about
issues closed little changed.
have
gained
one
beenj firm, while
fractionally.
point,
but
Aus-
Canadian
Among European issues, Nor¬
wegian bonds gave a good account of themselves by regis¬
tering advances of several points.
Italian bonds continued
weak, while German issues have been slightly better.
When belligerent nations, under the
making
the
same
bonds (the lower
nese
lightly
the
Brazilian
invites
government, the period
when we may
issues, which were down fractionally.
much
enmities.
or
defy material injury from external
may
town
with the exception of the Youngs-
stop.
set of primary interests, which, to
a
remote, relation.
frequent controversies,
us
to
formed engagements, let them be ful¬
tially foreign to our concerns.
unwise in
in regard
little political connection as possible.
as
fractionally higher,
group
interests.
filled with perfect good faith.
the
prices close to
odious; while its tools and
great rule of conduct for us,
nations,
us
firm
Lower-grade rail bonds made minor gains.
while Kansas
de¬
foreign nation
one
dupes usurp the applause and confidence of the people, to
in
maintain
continued dull, prices have been
of the most
one
But that jealousy,
patriots, who may resist the intrigues of the favorite, are
as
to
The week's trend has been largely of
high.
useful, must be impartial; else it becames the instru¬
fense against it.
and
continued
have
the year's
to
and
during the next four
A
early in the week but displayed a firming tendency later
citizens, the jealousy of
that foreign influence is
prove
baneful foes of
to be
us
that he is the
or
people ought to be constantly awake, since history and
experience
indispensable leader for
or
...
Against the insidious wiles of foreign
you
disregarded in his favor,
years.
virtuous sense of obligation a commendable def¬
a
infatuation.
free
exciting
by
withheld; and it gives
are
deluded citizens
or
sacrifice the interests of their
sometimes
and
disposition to retaliate, in the
ambitious, corrupted,
the base
custom
justi¬
or
by unnecessarily parting
have been retained,
to
ties for
jure
should be
one
imaginary
an
latter, without adequate inducement
a
erence
affects
so
or
the
participation in the quarrels and
a
jealousy, ill-will and
of
proving that this "great crisis"
that the old anti-third-term tradition
us
It also leads to concessions to the favorite nation
what
ances
speech has not borne the heavy
acci¬
privileges denied to others, which is apt doubly to injure
to
the author of the
burden of
nation for
common
enmities
the
one
real
no
the nation making the concessions;
with
This in turn will,
present war.
feel, result in the verdict of the polls being that
we
.
.
Sympathy
evils.
of
facilitating the illusion of
in
when
intractable,
and
attachment of one
variety
a
betrays the former into
wars
readily
more
umbrage,
another
Antipathy
its interest
its duty and
against another disposes each
insult and
or
acceptance speech, as to the
to its affection, either of which is sufficient to
mosity,
lead
it
or
indulges
which
nation
The
habitual
an
cool, searching exami¬
validity of the conclusions, implicit in
passionate attachments for others should be excluded; and
that
a
ground.?
not
bonds staged a smart
fresh weakness towards
rally/ but showed
some
Japa¬
signs of
the close.
may
justice
Moody's computed bond prices and bond yield
are
given in the following tables:
averages
The Commercial £ Financial Chronicle
608
MOODY'S BOND PRICES
All
Govt.
Daily
2136083
120 Domestic
Domes¬
tic
Corporate by Groups *
by Ratings
Baa
P.
95.29
U.
116.86
2- 115.68
108.27
123.10
119.25
108.27
115.67
108.27
122.03
119.25
108.27
88.07
95.46
114.72
108.27
122.63
119.25
108.08
88.07
95.46
114.51
116.64
108.08
87.78
95.46
114.51
108.08
87.49
95.29
114.30
114.43
87.49
95.13
114.51
Corp.
116.43
1—
30-
115.65
108.27
122.86
119.25
29-
115.61
108.08
122.63
119.25
27- 115.57
108.08
122.03
119.47
108.08
26
115.56
108.08
122.63
119.47
107.88
87.64
95.13
114.51
115.49
108.08
122.63
119.47
107.88
87.64
95.13
114.51
24
115.51
108.08
122.63
119.47
107.88
87.78
115.56
108.08
122.63
119.47
108.08
87.64
95.13
114.51
95.13
114.93
87.78
95.13
114.72
114.72
115.54
108.27
122.63
119.69
115.56
108.27
122.63
119.47
108.08
122.63
119.47
107.88
87.93
95.13
108.27
122.03
119.47
108.08
87.93
95.13
114.93
108.27
122.63
119.69
107.88
87.93
95.13
114.93
119.47
107.88
87.64
94.81
114.72
115 63
108.08
122.63
15- 115.61
108 08
122.03
119.47
107.88
87.64
94.81
114.93
107.88
122.40
119.47
107.69
87.49
94.65
114.93
107.88
122.40
119.47
107.69
114.93
116.43
115.64
107.88
122.40
119.47
107.69
87.35
94.49
114.93
116.43
94.33
114.93
116.21
94.17
114.72
116.43
11-
94.65
87.49
115.63
107.69
122.17
119.25
107.69
87.21
9- 115.49
107.69
122.40
119.25
107.69
86.92
10-
8- 115.46
107.69
122.40
119.25
107.69
86.92
94.01
114.93
107.69
122.40
119.25
107.69
86.64
93.85
114.72
21159274
16
3.23
4.27
3.24
4.77
4.27
3.24
3.50
2.87
3.02
3.56
4.79
4.28
3.56
2.87
3.01
3.56
4.79
4.29
3.24
3.56
2.87
3.01
3.57
4.78
4.29
3.24
3.56
2.87
3.01
3.57
4.78
4.29
3.24
3.56
2.87
3.01
3.57
4.77
4.29
3.24
3.56
2.87
3.01
3.56
4.78
4.29
3.55
2.87
3.00
3.57
4.76
4.29
3.22
3.55
2.87
3.01
3.56
4.77
4.29
3.23
3.55
2.87
3 01
3.57
4.76
3.55
2.87
3.01
3.50
4.76
4.29
3.22
3.55
2.87
3.00
3.57
4.76
4.29
3.22
3.56
2.87
3.01
3.57
4.78
4.31
3.23
3.56
2.87
3.01
3.57
3.78
4.31
3.22
3.57
2.88
3 01
3.58
4.79
4.32
3.22
4.79
4.32
—
-
-
15
3.58
3.01
2.88
3.57
12
4.29
106.92
122.17
118.81
106.73
85.52
92.75
114.09
115.78
106.17
122.17
118.38
106.36
84.28
91.81
113.48
2.88
3.01
3.58
4.80
4.33
3.22
2.89
3.02
3.58
4.81
4.34
3.22
3.58
2.88
3.02
3.58
4.83
4.35
3.23
8
3.58
2.88
3.02
3.58
4.83
4.36
3.22
6
3.58
2.88
3.02
3.58
4.85
4.37
3.23
82.66
90.44
112.45
3.26
3.62
2.89
3.04
3.63
4.93
4.44
3.60
2.89
3.06
3.65
5.02
4.50
3.72
2.93
3.10
3.70
5.14
4.59
3.34
7
3.78
3.01
3.15
3.75
5.20
4.66
3.39
May 31
3.80
3.05
3.10
3.78
5.22
4.67
3.41
3.80
3.04
3.19
3.77
5.20
4.64
3.41
3.68
2.97
3.09
3.68
4.97
4.47
3.33
115.57
105.41
114.72
14-
114.73
105.04
121.27
117.50
7-
113.15
103.93
119.47
116.43
104.48
81.87
89.40
111.43
May 31—
103.56
118.60
116.21
13.093
81.61
89.25
111.
3
112.66
24-
113.06
103.56
118.81
115.57
104.11
81.87
89.69
111.03
112.25
17-
113.73
105.79
120.37
117.72
105.79
84.96
92.28
112.66
114.72
10- 115.51
108.46
114.72
3— 116.36
June 28
113.27
113.14
119.25
107.88
88.36
94.97
123.79
120.37
108.b6
88.95
95.29
115.57
Apr. 26—
123.79
120.14
108.08
88.51
94.81
114.93
118.81
19-
115.94
108.46
123.56
119.92
107.30
88.07
94.33
114.51
108.27
123.56
119.69
107.11
87.93
94.33
114.30
118.38
114.51
3.54
3.02
3.57
4.30
3.23
3.50
2.82
2.97
3.53
4.59
4.28
3.19
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.54
2.83
2.99
3.60
4.75
4.34
3.24
3.55
2.83
3.00
3.61
4.76
4.34
3.25
4.31
3.24
Apr. 26——
118.38
12- 116.38
118.81
117.10
108.60
124.25
119.92
107.30
88.51
94.81
Mar.29-
116.87
107.88
123.56
119.25
106.92
87.49
93.85
113.89
118.38
116.36
107.69
123.50
119.03
106.36
87.49
93.85
113.68
117.94
—
21
113.68
5
117.50
15-
116.74
107.49
123.33
118.81
107.17
87.35
93.69
8-
110.03
107.49
123.10
118.38
106.17
87.21
93.69
113.07
1—
115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
117.07
Feb. 23„
116.32
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
16-
115.48
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.50
9-
115.44
107 30
122.86
118.81
105.98
86.92
94.01
112.66
117.29
2-
115.43
106.92
122.63
118.60
105.41
86.78
93.69
112.45
116.86
116.86
2.84
4.73
4.72
3.60
2.99
2.80
3.53
Mar. 29
21-
5-
3.29
3
118.81
108.85
a"
10
117.72
123.33
109.24
116.18
3.22
3.57
3.58
Weekly—
115.37
3.23
9
116.43
21—
3.24
11
Weekly—
June 28— 115.21
3.25
10
116.43
115.55
6-
4.27
4.75
3.56
17
116.43
12- 115.66
4.75
3.56
3.02
19
116.64
115.61
13-
3.55
3.02
2.86
21073
116.64
16-
3.02
2.87
24
116.64
115.63
2.87
3.55
22
116.64
115.73
U.
25
116.43
108.27
115.71
17-
19-
3.23
P.
3.55
26
116.43
18-
4.28
27
116.43
22
20
4.76
A
30
116.64
114.51
95.13
3.55
Aa
29
116.64
87.93
107.88
3.02
3.55
1
116.43
23
RR.
2.85
Aaa
31
July
116.43
25
Aug.
Baa
3.55
2
116.43
Aug.
Corporate by Groups
tic
116.64
July 31„ 115.66
120 Domestic
by Ratings
Domes¬
Averages
Indus.
114.72
RR.
87.93
Aa
Aaa
AVERAGES
120 Domestic Corporate
120
All
1940
Daily
Corp*
Averages
YIELD
(Based on Individual Closing Prices)
120
120
U. S.
Bonds
BOND
MOODY'S
t
(Based on Average Yields)
1940
Aug. 3, 1940
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.59
.
2.84
3.04
3.66
4.80
4.38
3.28
3.31
8
Feb.
3.59
2.85
3.06
4.81
4.38
1
3.61
2.87
3.06
3.68
4.82
4.39
23
117.72
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3 60
2.80
3 04
3.67
4.83
4.36
9
3.32
3.33
3.02
2.87
3 05
3.70
4.84
4.38
3.34
3.62
2.87
3 06
3.70
4.85
4.38
3.35
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.63
2
Jan.
3.66
27-
116.54
106.92
122.03
118.38
105.41
86.64
93.69
112.25
20-
115.65
106.54
122.40
117.94
105.41
86.21
93.21
112.25
116.43
13-
116.96
118.16
105.60
86 50
93.53
112.25
116.64
2.88
3.07
3.69
4.86
4.39
3.35
6—
116.03
106.92
122.86
117.72
105.60
87.07
93.86
112.45
116 64
3 62
2.86
3.09
3.69
4.82
4.37
3.34
High 1940 117.18
109.44
124.25
120.59
109.05
89.25
95.62
116.00
119.25
High 1940
3.81
3.05
3.19
3.78
5.24
4.68
3.49
2.80
2.96
3.51
4.67
4.26
3.17
Jan.
122.40
106.73
6
3.42
1940 113.02
103.38
118.00
115.57
103.93
81.35
89.10
110.83
112.05
Low
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116 43
High 1939
4.00
3.34
3.55
4.10
5.26
4 76
3.76
108.27
98.28
81.09
87.93
104.30
106.54
Low
3.62
2.88
3.05
3.71
4.77
4.34
3.36
103.93
87.78
94.17
111.64
116.21
Aug. 2. 1939
3.62
2.89
3.06
3.78
4.77
4.35
3.38
4.09
3.18
3.57
4.14
5.46
5.09
3.76
Low
Low
1939 108.77
100 00
112.45
106.92
122.17
1
1 Yr. Ago
Aug. 2 *39 117.39
2
2 Yrs.Ago
Aug. 2'38 112.16
♦
level
These Drices
107.88
115.78
98.45
110.83
104.30
1939
Year Ago—
Years Ago—
Aug. 2. 1938—
show either thege
the relative levels and the relative movement of
basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to
comDUted from average yields on the
are
the average movement of actual
or
83.33
78.58
97.61
1940
They merely serve to Illustrate In a more comprehensive way
price quotations.
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used in computing these indexes was published In the Issue of July
13, 1940, page 160.
"Esperanto invented for saying nothing in a variety of
ways."
As to the value of all advice, he points to the sad truth
an
Where
Yachts?
Customers'
the
are
By Fred Schwed Jr.
Simon &
215 Pages.
$1.75
that
Schuster.
"A
good
author,
is
about
all
offered by the
that this book
"kindergarten" which lies in Wall Street,
hard
look
the
midway between the river at
the
at
other.
is
He tells
us
the graveyard
end, and
one
Admitting that he is not
lie avers that he had lunched
who
Street"
Wall
at
alternative title.
an
as
"deep thinker,"
a
thousand times with those
a
and
the cabalistic drawings on the tablecloth are summarized
in this rather cheeky and somewhat cocky discussion of
what passes for Wall Street—specially in the minds of
and
are,
that the post-prandial chats
assume
we
those who knew customers
It
is
when
breezy analysis of
a
Economics"
"Board-Room
know them at all.
genuine
of
Wall
hearts
the
is
assumed,
or
Street
of Wall
hearts
of
probably
Street
Wall
In
he
the
assures
is
Street
the
in
us
not
are
the
depredations
are
or
less black than
sausage-cover
of
more
The
phenomenon.
more
percentage
same
cynicism,
that "the crookedness
overrated
an
men
men
ever
men
attitude of good-natured
an
...
by
investors' markets
long enough and well enough to realize that few
There
game.
but
malpractice,
spectacular.
They
the
in¬
volve
vastly greater sums, and they make more interesting
reading.
Best of all, they suggest to the public an excuse
for the public's own folly."
Mr.
Schwed
pictures
the
it, whenever it sets forth
easy
money
out
of
the
on
brands
the
of
"folly" which lie set
age-long pursuit of taking
market.
The
outstanding
deficiency of the speculator, small as well
"inability to grasp ultimate realities."
.
fast,
active,
shrewd.
resourceful, and in
That is, he is shrewd
is constantly, day by day,
bility
If
.
.
mental
great, is his
"His mind is
peculiarly limited
way,
in everything save that he
laying himself
open to
the possi¬
of being ruined."
he
does
confidence.
will
a
as
listen
so.
it
Likely
to
anyone,
not
always because of his overnot he has been misguided.
For he
and
believe
what
he
wants
to
see
happen, particularly if this is told him in the lingo of the
board-rooms, where they speak in no uncertain terms, in
what
.
securities—and
ever
known for two
happen to our class of
are
usually
spectacularly
have
experts
going
majority
to
was
the
in a much shorter time than that."
wrong
A child may be
expected to grow up so that in time he learns to distinguish
between
reality
lains
tinue
which
dream
to
selves
all
are
philanthropists.
or
business
this
hopes.
No so "the romantic Wall
romantics, whether they be vil¬
and
Streeter"—"they
for the
or
is
Else they would never have chosen
business of dreams.
They con¬
a
of conquests,
coups,
and power, for them¬
people they advise."
Living off propliehcy, Wall Street develops its seers and
are analysts of car loadings, bank
clearings, Government bond yields, and sunsports, there is
something lacking about them all.
The chart readers do
not impress him, for he has never penetrated the "technical
secrets of chart-reading."
All he sees in a graph is a "his¬
tory of past performances clearly and conveniently de¬
picted."
I suppose that is all a medical student sees in a
clinical chart which portrays months of observation.
Yet
the specialist may see therein the sure approaclih of con¬
valescence
The
dissolution.
or
author's
comments
on
puts,
calls and straddles are
likely to prove useful, and his views on investment
trusts—specially as to the distance which separates prom¬
more
from
ises
It
may
performances—are of
be
of
admiration
the
a
than passing value.
of the Street, or an
more
belief
characteristic
the
ironical quirk in
the author's make-up, but he seems short
for
wisdom which
financial
the
comes
from
academic cloisters-
"Endowed colleges and universities," he tells us, "have
large and continuous investment problem.
Do they avail
themselves of the advice of the
economics
even
is
as
.
.
financiers, whether they
they had yachts.
who has known the speculators' and
one
financial
"few
years
ask
the
to
for
it,
students?
so
happen if they did.
certain
The
hard-headed
years
go
hard-headed
some
more
no
one
knows
for
not.
sure
They
what
don't
would
The matter is put into the hands of
and alumni.
What happens?
trustees
by—plenty
trustees
professors who are teaching
Certainly
tell
endowments."
of
the
Prexy
bonds
to get
default—and
the
out and hustle up
Volume
As
said
cocky.
above,
this author
the
to
financial columns
himself
familiarize
with
in
interested
of
from that pursuit
profit
greater
Mr.
and at times
Wall Street
be cheeky,
can
sufficiently
But anyone
turn
to
& Financial Chronicle
The Commercial
151
will derive
if he will
paper
any
less loss)
(or
Schwed's
book
"phi¬
or
losophy."
Beneath
wisdom
609
levity lies more
facetiousness and
his
than
generally is interred in ponderous tomes.
which, if you disagree with what he says, you
Besides
laugh at the way he says it, or at Peter Arno's caustic
illustrations.
W. C. B.
can
Indications of Business Activity
THE
STATE
EPITOME
TRADE—COMMERCIAL
OF
prime
Friday Night, Aug. 2, 1940.
Business
activity
further gains
showed
past week,
the
reflecting the advance of steel operations and electric out¬
put
record
to
merce"
highs
for the
The "Journal of Com¬
year.
weekly index of business activity
compared with
to 103.0, as
rose
revised figure of 101.8 for a week ago and
a
136%
in the spurt, totals $417,084,000, and is
mover
higher than
a
Private construction, $567,182,000,
ago.
year
tops last year by 24%, but the total public figure, $1,259,888,000, is 6% below the 1939 volume. The current week's
awards, $89,602,000, are the fourth highest of the year and
top last week by 71% and last year by 89%.
This is the
fourth successive week that 1940 values have exceeded their
respective 1939 volumes.
week
a
Private awards
declined
but
ago,
from
17%
a
13% over
Public
respectively, than
are up
year
ago.
104.1 the 1940 high of the index reached in January.
Bitu¬
construction
minous coal production, automotive activity and
crude
runs-
last week and last year.
more
mod¬
Reporting nearly all plants closed for changeover opera¬
tions, Ward's Automotive Reports, Inc., today estimated
to-stills
erate
also
contributed
to
the
with
advance
gains.
this
However, the impending attack
a
on
Great Britain is still
great overshadowing influence;
so
much
As far
outcome.
there
cerned,
of
nation
from
is
highly encouraging
domestic
our
much
With
plant
steel
shortages
production
It
summary.
from
view
noted
that
Weirton—has
both at
than
wrested
pig
of
bright spots.
nearly
iron
states
steel
above
run
limit
that
of
coke
Age" in its
the
heat
wave
the country has prevented steel
over
one
top
Incidentally the
production
its
an
Detroit districts
New order tonnages
by the mills in July was calculated at slightly less
over shipments, so that
backlogs
industry continue to gain. The President's proclama¬
tion for
licensing of exports of No. 1
scrap went
into effect
midnight July 31.
Japan has been hurrying loadings of
ships here to get them away before the deadline.
Japan
within
the
week
is
said
to
have
200,000 tons of semi-finished
placed
steel.
orders
Defense
here
for
business has
but
barely begun to seep through to steel
mills, the "Iron
Age" reports.
The review mentioned an order for
$25,000,000 placed with National Tube Co.,
subsidiary of U. S.
Steel Corp., for airplane bombs and
projectiles.
Airplane
bombs
are
tubing.
common gas
pipe
or
oil well
The price of scrap, which has been in
decline for
several
weeks, has steadied, despite the
for
ture
made, generally, of
new
licensing fea¬
exports.
be
of
electrical devices to counteract the hot
resulted in electrical power
production
wave
use
723,000 kwh. in the
year and a gain
or
10%,
touching 2,600,-
week ended
July 27,
of 76,639,000 kwh.
according
to
the
figures
Electric Institute.
or
11.1%
in
were
Mountain
Smallest
Coast
over
the
central
areas,
The
the
in
were
widest
the previous
week,
released by the Edison
over
which
did
is
air
heat
not
used
to
wave
suffer
in
which
keep
power
showed
central
was
England
in
a
most
and
more
Rocky
intense.
the
Pacific
from
extensive
heat.
use
of
In hot weather,
also,
electric
output
an
and
much
as
cooling devices.
increase
area,
west
New
temperatures resulted
power
Mountain
where
advances
electric fans and
more
industrial,
refrigerators
was
increase
in
of
the
cold.
Rocky
18.4%
over
1939, while the central industrial region production
gained
17.6% and the west central State 11.7%.
Middle Atlantic
areas
rise
the
from
and the Southern States
were up
only 8.9% and 8.6%,
The New England and Pacific Coast
regions
advanced only 2.7% and
3.2%.
Loading of revenue freight for the week ended
July 27
totaled 718,489 cars, according to
reports filed by the rail¬
roads with the Association of American
Railroads and made
public today.
This was a decrease of 11,408 cars from the
year,
62,958
more
than the
correspond¬
ing week in 1939, and 129,792 above the
years ago.
This total was 105.38% of
same
average
the corresponding week of the 10
preceding
The continuation of defense construction
the 31-week 1940 volume to
$1,827,070,000,
the
total
reported
"Engineering
for
the
News-Record."
a
corresponding
Federal
period two
loadings for
years.
spending brings
level
com¬
year
a
found
traffic reduced
store
and
activity in seasonal
partially for the spottiness in other
lines of merchandise, Dun & Bradstreet, Inc., said today.
Wholesale markets, according to the credit agency's weekly
review, reported summer lines contra-seasonally busy, with
buying still marked by hesitation.
Industrial
forward
operations
unchanged
were
order flow not so heavy
of
ume
a
The
trade
retail
this
2% above
period
construction,
by
the
the
on
average,
with
the
new
On the basis
few weeks ago.
a
as
of reports received from
representative cities,the total vol¬
week was estimated 5% to 7%
ago.
year
terrific
heat
the
continued
outstanding feature of
Maximum temperatures
exceeded 100 degrees in many Atlantic Coast districts and
throughout the central Great Ihains and adjacent areas,
the
weather
eastward
the past
news
and
westward.
week.
At
Dodge City, Kan., the maxi¬
100 degrees on every day,
Peoria, 111., the maximum was over 100 degrees
days.
The highest temperature for the week, as
mum
temperatures
while
exceeded
at
six
on
reported
Government
from
sources,
was
115 degrees at
the 23d, while Columbia, 8. C., reported
103 degrees and ltaleigh, N. C., 105 degrees.
The portions
Pierre, S. Dak.,
of
on
central Great Plains which were reported dry last
experienced another unfavorably hot, dry period, and
the
week
addition
in
conditions
similar
tions of the central
crops
noted
were
over
many
valleys, the Rocky Mountain
por¬
area,
and
Considerable damage was reported to growing
Southwest.
in the central Great Plains,
where pastures are re¬
badly and locally not sufficient to support
livestock.
Maximum
temperatures throughout the area
were reported above 100 degrees every day in many locali¬
ties, with 116 degrees noted at two points in South Dakota
ported drying
the 24th.
cided
cool
In
the New
York
City
area
there
was
a
de¬
break in the intense heat during midweek, and fine,
weather has since prevailed.
Today
was
fair
tween 65 degrees
and
cool
temperatures
as
and 76 degrees.
hovered
Partial cloudiness
be¬
accom¬
panied by moderate temperatures and mild northeast to east
winds tonight and
Saturday.
Increasing cloudiness and
warmer
weather
is
the forecast
the thermometer
city
grees
for
Sunday.
Within
the
tonight is expected to touch 65 de¬
and five degrees lower for the suburbs.
Overnight at Boston it
62 to 83; Pittsburgh, 58
58 to 73 degrees; Baltimore,
Portland, Me., 52 to 73;
Chicago, 68 to 83; Cincinnati, 59 to 89; Cleveland, 61 to 81;
was
to
80;
Detroit, 65 to 81; Milwaukee, 63 to 73; Charleston, 74 to 90;
Savannah, 74 to 92; Dallas, 77 to 98; Kansas City, Mo., 78
to
101; Springfield, 111., 71 to 99; Salt Lake City, 67 to 97,
and
Seattle, 53 to 73.
Revenue
Freight
Car
Loadings
Ended
Loading of
revenue
Gain
9.6% in Week
July 27
freight for the week ended July 27
totaled 718,489 cars, the Association of American Railroads
announced
on Aug. 1.
This was an increase of 62,958 cars
9.6% above the corresponding week in 1939 and an in¬
crease of 129,792 cars or 22% above the same week in 1938.
Loading of revenue freight for the week of July 27 was a
decrease of 11,408 cars or 1.6% below the preceding week.
The Association further reported:
or
Miscellaneous freight loading totaled
cars
1939
17,373,
valley in the seasonal line will
narrow
respectively.
preceding week this
at
rapid and sustained, through the rest of August and all
September."
Handicapped by the extremely hot weather, retailers this
week
high for the
Power output was
up 258,901,000 kwh.,
the corresponding 1939 week.
Widest gains
regions,
The high
a new
trucks
'Thereafter," it added,
ably would be reached next week.
"the
on
Increased
and
cars
week and 33,550 this week
last
The survey said the bottom point for the year prob¬
above
capacity with
Buffalo and
100%, and Chicago is 97%.
re¬
district—Wheeling
theoretical
104%.
of
higher,
items compensating only
by-product
said "Iron
appear,
further
the
and
149%
and
week's assemblies
ago.
While
June, but still well
of the
at
be
can
Washington.
getting maximum output.
output now rated at
received
at
now
steel,
raw
beginning to
are
mills
at
number
any
that has been general
are
con¬
uncertainty concerning the future, the busi¬
capacity,
weekly
situation is
signs that the domi¬
affairs
Administration
present
picture presents
ness
political
the
on
90%
pared with 34,822
of
the
there
the domestic political
as
are
depends
is
Loading
cars,
277,022
cars,
a
decrease of 5.167
below the preceding week, but an increase of 22,135 cars above the
corresponding week in
1939.*
of merchandise less than carload lot freight totaled
an increase
148,076
of 143 cars above the preceding week, but a decrease of
4,353 cars below the corresponding week in 1939.
The Commercial & Financial Chronicle
610
Coal loading
W6clc
amounted to 122,138 cars, an increase of 1,118 cars above
week, and an increase of 8,867 cars
the preceding
ing week and 304,496 cars in the seven days ended July 29,
1939.
A comparative table follows:
1930*
yj
Grain and grain
products loading totaled 46,467 cars a decrease of 6,123
corresponding week in 1939.
LOADED AND RECEIVED FROM CONNECTIONS
REVENUE FREIGHT
(Number of Cars)
but an increase of 5,645 cars above the
below the preceding week,
cars
above the corresponding
Aug. 3, 1940
In the Western Districts alone, grain and grain
Loaded on Own lines
6,479 cars below the
1939.
loading amounted to 9,482 cars, a decrease of 1,086 cars below
Live stock
week, and a decrease of 2,109 cars below the corresponding
1939In the Western Districts alone, loading of live stock for the
week in
27 totaled 6,916 cars, a decrease of 737 cars below the preced¬
week of July
ing week, and a decrease
of 1,523 cars below the corresponding week in
1939.
Forest
of 1,756 cars
above the corres¬
products loading totaled 36,071 cars, an increase
above the preceding
week, and an increase of 3,620 cars
ponding week in 1939.
Ore loading
amounted to 68,562 cars a decrease of 2,304 cars below the
the corresponding
Gulf Coast Lines
International Great Northern RR
Miasouri-Kansaa-Texas
RR
New York Central Lines
N. Y. Chicago A St.
Louis Ry—
Norfolk A Western Ry—
week in 1939.
Coke loading amounted to
10,671 cars, an increase of 255 cars above the
preceding week, and an increase of 4,155 cars above the corresponding week
in
Chesapeake A Ohio Ry
Chicago Burlington A Quincy RR.
Chicago Milw. St. Paul A Pac.Ry.
Chicago A North Western Ry
1939.
All districts
reported increases compared with the corresponding weeks
Pennsylvania RR
Pere Marquette Ry
—
Pittsburgh A Lake Erie RR
Southern Pacific Lines
Wabash Ry
1939
1940
Four weeks of Feburary
Five
Four weeks of May
live
2,282,866
weeks of June
2,225,188
2,746,428
2,126,471
2,363,099
3,127,262
2,759,658
Week of July
6
636,901
555,152
500,981
13
740,465
669,888
Week of July
20
729,897
651,665
602,445
580,818
Week of July 27
718,489
655,531
17,796,036
19,732,147
16,503,573
The first 18
major railroads to report for the week ended
July 27,1940 loaded a total of 332,521 cars of revenue freight
on their own lines, compared with 338,697 cars in the precedREVENUE FREIGHT LOADED
Total Revenue
16,996
12,301
9,701
7,085
7,139
7,304
14,742
6,989
19,487
19,361
6,945
6,906
16,081
2,339
14,859
9,855
10,055
2,636
1,769
1.315
1,619
1,290
1,530
4,067
2,434
12,769
34,451
7,685
2,703
7,919
1,784
2,534
7,399
39,591
17,131
4,293
14,391
552
1,624
9,843
1,476
39,525
37,042
5,779
5,315
9,880
9,861
20,650
19,949
4,500
4,711
70,028
58,072
4,628
43,481
5,017
44,783
4,823
9,502
4,285
39,021
40,122
4,639
4,514
7,437
5,353
7,529
7,742
5,602
27,706
6,210
28,324
7,769
7,669
7,729
5,181
7,739
7,433
7,488
July 20, 1940
July 29, 1939
24,233
28,497
12,005
26,142
22,427
28,162
27,722
12,306
11,889
64,735
66,610
62,038
Chicago Rock Island A Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Total
—
-
In the
undertake to show also the loadings
ended July 20,
increases when
compared with the same week last year.
following
we
for separate roads and systems for the week
1940.
During this period 86 roads showed
from Connections
1939
1938
1940
1940
632
615
1,258
1,177
951
927
1,104
254
251
7,292
1,350
6,975
1,628
6,439
1,639
9,888
2,148
8,948
1.864
35
30
40
54
89
Central Vermont
1,375
1,222
Delaware A Hudson
5,695
4,374
1,212
3,404
1.865
6,704
Delaware Lackawanna A West.
9,133
9,283
7,905
2,043
7,861
6.556
450
439
458
163
138
1,576
2,052
1,715
1,031
2,484
11,954
6,452
Total Loads Received
Total Revenue
Freight Loaded
Railroads
1939
District—
Arbor
19,037
11,409
Week Ended—
Total Loads Received
1940
Ann
17,726
24,375
AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JULY 20
Freight Loaded
Railroads
Eastern
29,735
July 27, 1940
588.697
Total
5,460
33,412
23,344
2,185,822
Week of July
-
1939
5,269
2,155,536
2.976,655
2,494,369
2,712,628
3,534,564
2,486,863
1940
5,227
2,256,717
3,122,556
.
weeks of March
Four weeks of April
1940
18,910
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Care)
1938
2,288,730
2,555,415
1939
22,118
332,521 338,697 304,496 196,710 200,736 184,819
Total
Four weeks of January.
20 July 29 July 27 July 20 July 29
1940
1940
19,508
32,141
24,780
16,124
19,360
15,053
2,428
1,742
4,053
13,483
41,261
5,958
21,173
68,983
4,755
7,261
28,611
5,847
Santa Fe Ry.
Baitixnore A Ohio RR—
Atchison Topeka A
Missouri Pacific RR
preceding week, but an increase of 24,998 cars above
Weeks Ended—
Juki 27 July
corresponding week in
the preceding
Received from Connections
Weeks Ended—
July 27 totaled 27,662 cars, a decrease of
preceding week, but an increase of 2,796 cars above the
products loading for the week of
Southern District—(Concl.)
Mobile A Ohio
1939
from Connections
1938
1940
1939
1,571
2,704
1,679
1,716
1,796
2,099
2,566
2,238
2,876
2,374
1,158
992
1,178
971
888
3,647
13,874
1,174
Bangor A Aroostook
Boston A Maine
Chicago Indianapolis A Louis v.
Central Indiana
Detroit A Mackinac
Detroit Toledo A Ironton
178
10,755
3,486
205
2,172
Lehigh A Hudson River
Lehigh A New England
Lehigh
238
3,233
168
Grand Trunk Western
11,716
3,265
Erie
195
13,682
Detroit A Toledo Shore Line—.
1,847
7,634
2,472
3,659
8,684
2,645
Valley
Maine Central
Monongahela
Montour
New York Central Lines
4,593
2,246
40,460
9,078
1,277
5,948
1,407
1,286
7,181
6,850
2,427
1,925
1,645
1,933
2,710
248
180
2,076
35,611
1,307
31,624
39
65
9,405
7,898
1,169
4,894
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
5,779
5,428
438
412
Pittsburgh A Lake Erie
7,431
4,639
5,269
4~304
4,695
4,240
4,823
4,499
786
243
200
54
34
New York Ontario A Western..
...
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North-.
938
398
358
391
354
283
Seaboard Air Line
8,107
7,844
7,678
1,077
4,097
4,269
Southern System
Tennessee Central
20,139
20,036
17,599
14,539
453
397
368
579
540
139
148
145
605
684
94,744
91,604
84,156
63,065
60,181
Chicago A North Western
20,368
17,985
15,070
Chicago Great Western
Chicago Milw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
2,502
2,606
2,503
18,788
2,626
18,046
10,055
2,682
18,800
36,173
10,773
1,700
9,185
1,275
5,840
323
312
249
237
173
Pittsburgh A West Virginia
886
859
842
611
622
521
1,965
1,031
1,691
Rutland.
6,210
4,928
5,846
3,838
5,889
3,180
7,435
3,178
Winston-Salem
148,905
134,120
119,228
156,005
Northwestern
510
442
451
832
727
33,412
29,441
23,751
4,966
2,861
19,037
2,031
16,925
6,034
Total.
843
Bessemer A Lake Erie
J
Buffalo Creek A Gauley
Cambria A Indiana
302
916
873
977
605
451
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South.
8,990
6,064
4,213
5,549
3,960
581
491
499
159
186
22,232
17,457
12,942
3,247
3,175
473
529
511
577
577
Great Northern
Green Bay A Western
Lake Superior A Ishpeming
Minneapolis A St. Louis
Minn. St. Paul A S. 8. M
Northern
Spokane
Pacific
Chicago Rock Island A Pacific.
1,083
11
13
5,032
11,752
10,326
70
569
36
38
207
205
45
45
Denver A Salt Lake
84
65
28
27
573
553
2,232
1,125
70,028
14,363
19,248
1,016
812
2,534
1,410
Fort Worth A Denver City
Illinois Terminal
57,152
11,910
10,438
44,783
39,042
Nevada
16,538
5,717
15,444
4,065
North Western Pacific
3,007
3,318
51,289
10,500
5,257
2,556
6,559
5.336
Chicago A Eastern Illinois.Colorado A Southern
Denver A Rio Grande Western.
157,583
127,122
105,184
111,319
97.438
23,344
23,433
Norfolk A Western
20,650
19,292
4,140
4,034
Virginian
"
19,375
17,864
3,853
12,301
4,711
Southern Pacific
48,134
46,759
18,161
15,249
234
168
148
134
710
762
629
Atlanta Birmingham A Coast—
Atlantic Coast Line
1,378
1.293
894
773
485
636
598
7,448
4,121
7,752
4,000
6,449
3,213
4,663
4,191
2,637
Central of Georgia
272
1,347
102,185
82,285
43,257
41,204
22,118
3,533
19,823
21,178
3,441
5,269
3,207
5,445
2,349
312
145
70
74
17,131
15,795
17,631
7,085
7,051
1,886
13,066
1,653
11,480
1,738
731
557
13,023
7,64£
7,370
2,536
2,332
2,165
2,510
758
634
1,309
2.486
2,066
1,817
2.757
2,869
1,284
2,617
2,291
213
276
23
1,111
1,078
843
907
1,716
1,789
1,127
1,853
1,451
1,195
1,448
1,584
312
402
296
769
120
90
781
826
469
550
39
40
0
0
23,755
23,521
20,825
4,312
4,010
439
329
422
1,205
1,128
13,996
13,039
7,750
7,900
229
142
170
5
4
1,617
1,572
2,159
1,970
110,803
Total.
103,963
103,003
48,406
47,696
District—
136
166
132
201
581
2_, 339
2,487
2,675
1,290
f,504
International-Great Northern
Kansas Oklahoma A Gull
1,530
1,616
1,851
1,624
1,771
202
409
176
731
778
Kansas
1,781
1,621
1,597
1,819
1,779
1,734
Louisiana A Arkansas
1,875
1,675
1,269
1,286
Litchfield A Madison
238
289
349
1,199
860
Midland
503
471
512
241
174
174
145
256
218
4,293
4,549
4,118
2,703
3,012
14,412
13,567
13.420
7,919
7,651
Burlington-Rock Island
_x
City Southern
480
462
2,942
1,123
1,259
Columbus A Greenville
1,031
1,854
1,717
170
388
240
281
331
Missouri-Kansas Texas
Durham A Southern
183
156
142
385
293
Missouri Pacific
Florida East Coast
331
401
351
_
988
623
484
26
28
37
80
66
936
891
726
1,295
1,593
Valley
Missouri A Arkansas
Lines..
Quanah Acme A Pacific
74
81
84
125
97
7,088
6.689
6,772
4,082
Louis Southwestern
2,026
2,185
2,206
1,982
3,946
2,067
2,652
2,902
3,283
3,413
306
247
269
374
Texas A New Orleans
5,549
1,415
18,530
1,587
1,008
1.226
Texas A Pacific
3,392
5,827
3,814
3,921
9,519
9,360
Wichita Falls A Southern
137
169
223
5,276
5,073
Weatherford M.W.AN.W...
33
41
18
Macon Dublin A Savannah
19,605
18,931
17,587
152
125
150
457
498
Mississippi Central
107
214
341
45,676
45,912
45,866
Note
Previous
year's figures revised.
144
• Previous
136
figures,
x
418
Discontinued
245
St. Louis-San Francisco
St.
1,244
19,251
21,792
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
30
1,736
545
Georgia A Florida
3,688
255
1,594
14,187
1,294
Georgia
3,675
338
1,575
26
(Pacific)
Fort Smith A Western
212
Galnsvllle Midland
7,975
303
1,907
Gulf Coast Lines
41,096
Southern District—
Charleston A Western Carolina
9,089
1,662
979
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala-
Clinchfield
1,724
2,306
814
Union Pacific System
Utah
Southwestern
Total.
102
1,680
2,504
899
Northern
Peoria A Pekln Union
9,976
4,294
1,149
63
1,801
4,790
1,809
Missouri-Illinois
Western Pacific
Chesapeake A Ohio
1,005
1,770
275
Toledo Peoria A Western
Pocahontas District—
1,883
5,882
512
6
1,323
5,868
525
Maryland
212
539
Bingham A Garfield
48
Total.
241
Central Western District—
235
(Pittsburgh)
3,465
124,052
Total.
Chicago Burlington A Quincy..
Chieago A Illinois Midland
1,398
3,881.
1,834
7,366
9,305
3,272
6,645
327
International
Spokane Portland A Seattle
1,814
6
7,782
3,353
3,369
13,189
584
Co..
Western
195
9,566
3,555
1,373
Cumberland A Pennsylvania
Llgonier Valley
Long Island
Penn-Readlng Seashore Lines
Pennsylvania System
Union
314
6,906
21,260
6,789
Central RR. of New Jersey
Cornwall
Reading
District—
Atch. Top. A Santa Fe System.
Alton
Allegheny District—
Akron Canton A Youngstown..
Baltimore A Ohio
967
3,867
Duluth Missabe A Iron Range
Duluth South Shore A Atlantic.
141,311
Wheeling A Lake Erie
Southbound
Total.
7,887
2,973
Wabash
Northern
Richmond Fred. A Potomac
.
39,187
12,363
1,996
9,861
1,700
7,748
N. Y.N. H. A Hartford
360
Piedmont
2,111
10,793
5,757
1,841
1,262
6,453
182
Nashville Chattanooga A St. L.
Norfolk Southern
t
Jan. 24.
Total
1939.
5,526
48
84
21 ■
42
■
/
31,360
32,078
Volume
June Truck
truck
freight transported by motor
revenue
June represented a very slight decrease under
record
tonnage hauled
in May,
and
the nearsubstantial increase
a
the volume moved during June of last year,
according
to loading reports compiled and released on July 29 by the
American Trucking Associations.
The reports further dis¬
over
closed
:
District
that of
tons
from
showed
254
that
June
aggregate of
an
May, and
A.
T.
for
it
tons
of
June
in
volume
was
June,
1,354,615
against
as
last year.
1936 monthly
carriers as representing 100, stood at
the index figure was 139.99; in June, 1939,
reporting
118.84.
was
June.
In
May
71%
of
month
reported
by carriers of
"general merchandise."
The volume of
general merchandise carried decreased 2.1% under May, but represented
15.1%
a
increase
Transporters
all
freight
the
transported
June,
over
of
the
during
products,
compared with May, and
accounting
Movement
total
31.8%
The
and
steel
volume
June,
over
A
little
of
and
under
of June of
trucks,
last
commodities
slightly
increase
over
than
in June
more
2.9%
of
June of last year.
7.4%
constituting
but represented
May,
products represented
these
and
Quotations
increased
tobacco,
Prices
and peanuts.
13.3%
textile
15.3%
products,
goods.
of
the
increase
an
oats,
corn,
wheat,
rye,
apples,
eggs,
flour, oatmeal,
beans,
cocoa
cottonseed oil.
Prices
were
(Chicago),
milk
result
as a
meal, fruits, vegetables, beef, lamb,
corn
lard,
cows,
potatoes
oranges,
Average wholesale prices of foods dropped 1.1%
of lower prices for
pepper,
raw
and
tallow
edible
sugar,
higher for butter, cheese, ham, dressed poultry,
glucose and olive oil.
Sharp declines in prices for hides, skins and leather caused the
and leather products
group index to decrease
burlap and
also
for
prices
hides
0.9%.
particularly duck, print cloth, tire fabric,
worsted yarn, averaged lower during the week.
reported in
Decreases were
steel, quicksilver, pig tin, yellow pine
timbers, prepared roofing, palm oil, inedible tallow, boxboard, cylinder
Raw silk
scrap
wax.
advanced
linseed oil.
fractionally
Marked increases
turpentine and
did also anthracite,
as
reported in prices for cottonseed meal,
were
bran, middlings and crude rubber.
modities for
the
past three weeks,
and the percentage
important
changes from
changes
percentage
for June 29,
1940 and July 29,
1939,
week ago, a month ago, and a year ago;
a
in
subgroup
indexes
from
July
20
to
July 27, 1940.
(1926=100)
of
'
'
July
July
20,
13,
1940
All commodities
77.3
over
Farm products
Foods
building
from
29,
1940
1940
1939 July
1940
1940
1939
77.6
77.9
77.1
74.8
—0.4
+0.3
+ 3.3
66.0
67.3
68.0
65.7
61.4
—1.9
+ 0.5
+ 7.5
+ 4.3
20 June 29 July 29
com¬
1939.
Moody's Commodity Index Declines
69.6
70.4
71.0
69.7
66.7
—1.1
—0.1
Hides and leather products.
99.0
99.9
99.9
99.9
93.7
—0.9
—0.9
Textile products
F'uel and lighting materials
Metals and metal products..
71.8
71.9
72.0
72.0
67.5
—0.1
—0.3
71.8
71.9
71.9
73.3
0.0
—0.1
Moody's Daily Commodity Index declined from 153.3 a
week ago to 151.1 this Friday, making a new low for the
current year.
The principal individual changes were the
rise in wheat and copper, and the decline in
hogs and rubber.
—2.0
94.9
94.9
94.9
94.8
93.4
0.0
+ 0.1
+ 1.6
Building materials
92.7
92.8
92.7
92.4
89.4
—0.1
+ 0.3
Chemicals & allied products
76.8
76.9
77.0
76.0
—0.1
+ 1.1
*
Housefurnishing goods
90.0
90.0
90.0
89.9
87.0
0.0
+ 0.1
Fri.,
July 26
July 27.
was
+ 3.4
—0.5
153.3
..
151.4
-
-151.2
Year ago, Aug. 2___
1939 High—Sept. 22
151.6
155.1
—155.2
-142.0
172.8
138.4
166.8
151.1
-
Low—Aug. 15
1940 High—May 13
Low—Aug. 2
151.5
—
151.1
*
+ 5.7
+ 3.7
Miscellaneous commodities.
77.7
77.3
77.2
76.9
72.9
+ 1.0
+ 6.6
Raw materials
70.0
70.8
71.4
70.2
66.9
1.1
—0.3
+ 4.6
Semi-manufactured articles-
follows:
Two weeks ago, July 19
Month ago, July 2
153.3
Sat.,
Mon.,
July2d.
Tues.,
July 30
Wed.,
July 31
Thurs,,Aug.
1
Fri.,
Aug.
2-
as
•
+ 6.4
71.8
-
_
The movement of the index
„
ma¬
these
of
July 27, 1940
July
29,
miscellaneous
was
June,
June
July
27,
1940
bottles,
Changes to
PercerUage
54%
and
May
over
Transportation
17.1%
May and
over
for
higher for calves, lemons, fresh
were
3.4% of the total reported tonnage.
increased
household
and
of
year.
5% of the total tonnage reported
including
cement
lower
were
hogs, sheep, live poultry, cotton,
wool.
Commodity Groups
than
more
coal,
modities
poultry.
steers,
1939.
commodities,
terials,
automobiles
new
decreased 9.9%
movements
over
Iron
*
of
tonnage,
an
for
22.3%
increase of
an
taken:
result of decreases
The following tables show index numbers for the main groups of com¬
1939.
petroleum
12% of the total tonnage reported, showed
as
and
oil, soap and paraffin
Approximately
wa6
a
3.3% for grains, 2% for "other farm products," and 1.4% for livestock
Prices for industrial textiles,
the basis of the
on
States and
0.9% under
The reporting carriers
1939.
in
tons
figure, computed
the
of
tonnage
137.79
1,166,529
index
A.
1,343,013
40
in
carriers
motor
the
May, but 15.1% above that of June,
in
The
received
Columbia
of
transported
average
The decline in the farm products group index was
mutton, pork,
Comparable reports
the
611
F'rom the Bureau's announcement the following is
Loadings Continue Near 1940 Peak
The volume of
in
Commercial & Financial Chronicle
The
151
77,5
77.8
77.8
77.8
74.5
—0.4
—0.4
+ 4.0
Manufactured commoditiesAll commodities other than
81.0
81.1
81.2
80.6
79.1
—0.1
+0.5
+ 2.4
79.8
79.9
80.1
79.6
77.8
—0.1
+ 0.3
+ 2.6
82.4
82.4
82.4
82.3
80.4
0.0
+ 0.1
+ 2.5
farm products..
All
commodities
farm proucts
*
other
—
than
and foods.
.
No comparable data.
IMPORTANT PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
JULY 20
TO
Reports
Further
Decline in
Wholesale
Commodity Prices During Week Ended July 27—
July Average Slightly Above June
Cattle feed
11.0
Crude rubber..
"Annalist"
settled down
'Annalist'
Because of
ers
do
only
not
week."
that
of
latest
the
prices
were
index
lowest
Prices
for
to
that
and
for
since
however,
for
the
1934
consecutive
of
a
month
minor
Wholesale
weekly
periods,
with
the
1926
during
single exception
two-tenths of
a
July,
of
last
WEEKLY
AND
MONTHLY
INDEXES
OF
WHOLESALE
(1926=100)
July 20,
July 29,
July,
June,
July.
1940
1939
1940
1940
1939
1940
Farm products
73.2
.
Other textile products
3.3
Cereal products
2.8
Other foods
...
74.5
69.6
74.5
Cotton goods
1.9
Woolen and worsted
Livestock and poultry
1.4
Non-ferrous metals
0.1
Leather
0.7
Other building materials
0.1
Lumber
0.5
Wholesale
74.2
Commodity Prices Again Declined During
July 27, According to National Fer¬
tilizer Association
70.6
Wholesale
commodity
July 27 this index
preceding week, 75.0
Continued
weakness
65.1
68.3
68.1
65.7
63.0
65 8
65.9
62.6
of the downturn
Fuel
86.1
86.1
83.1
86.1
86.0
83.1
with
declines
Metals
97.1
97.1
95.4
97.1
97.5
95.3
stock
prices
71.6
71.6
71.0
71.6
72.0
71.0
Chemicals
86.7
86.7
85.2
86.7
86.7
85.2
Miscellaneous
81.7
81.9
68.9
81.3
81.3
68.9
textile
Index
79.2
79.6
76.3
79.7
79.5
76 7
metal
four
price
Index
prices for farm products and foods were mainly
responsible for a decline of 0.4% in the Bureau of Labor
Statistics' index of wholesale commodity prices
during the
week ended July 27, Commissioner Lubin announced on
Aug. 1.
"This represents the second consecutive weekly
decrease of 0.4% in the general index caused
by weakening
prices for farm products and foods," Mr. Lubin said.
"Al¬
though the all-commodity index dropped to 77.3% of the
1926 average, it is above the low point of the
year recorded
late in June."
In
compared
over
1%
the
product and food groups was the cause
group
15
items
declined
while
only
quotations for tire fabric, wool and burlap took the
down slightly
average
moved
Grain quotations "were mixed,
Cotton remained unchanged and live¬
food
downward
as
for
the
The1
fourth consecutive week.
result of
a
also
were
materials
in
prices
by 31 to
advances;
in
registered
and
lower
the
steel
scrap
and
copper
of
individual
indexes
representing
second
preceding
the
of
prices
commodities.
commodities
in the preceding week there
15;
the
by
miscellaneous
week
there
again
outnumbered
ad¬
35 declines and 20
were
were
30
declines
and
20
advances.
WEEKLY
WHOLESALE COMMODITY
PRICE
Compiled by the National Fertilizer Association.
Latest
Percent
Total Index
Month
Year
Week
Ago
Agg
July 20,
June 29,
July 29,
1940
1940
1939
67.9
Foods
Fats and oils
23.0
Preced'g
July 27,
1940
Group
Bears to the
25.3
INDEX
(1926-28=100)
Week
Each Group
Cottonseed oil
for farm products and
74.8 in
with
Increases in anthracite coal prices caused an upturn in the fuel
The
building material price average rose fractionally.
Minor
The Commissioner added:
addition to decreases of nearly 2%
farm
In the
J/ower
fertilizer
vances
the
outweighing advances.
advances
Declines
Lower
in
decreased.
index
index.
Prices Again Declined 0.4%
During Week Ended July 27, According to Bureau
74.2
was
a
in the all-commodity index.
advanced.
prices.
Commodity
last
further
still
month ago, and 71.2 a year ago, based
on the 1926-28 average as 100.
The Association's announce¬
ment, under date of July 29, further said:
67.7
65.9
receded
prices
week, according to the price index compiled by the National
Fertilizer Association, which is now at tlie lowest point
recorded since the outbreak of the Avar.
In the week ended
67.5
of Labor Statistics'
0.1
0.1
goods
Ended
65.7
Wholesale
0.3
2.0
Textile
materials.
0.4
0.3
-
Meats
Food products
Building
0.5
Other farm products
the
COMMODITY PRICES
July 27,
Other miscellaneous
3.9
year.
point above the preceding
period.
"ANNALIST"
5.1
Fruits and vegetables-.-
Grains
Livestock
ago.
commodities—notably
base
0.1
Hides and skins.
Week
the
0.2
Decreases
year.
of
0.5
—
-
Silk
Paint and paint materials
0.7
Oils and fats
point out the trend.
four
several
79.7%
were
79.6 in
with
most
below that
point
week
lows
averaged
month
last month,
full
a
last
new
prices
prices
compared
as
1940
1.0
;
weather
markets, however, many observ¬
reflect the actual state of affairs and
declined
now
"hot
further reported:
was
in
that
markets last week and the
79.2
active dealings will
have
heavy
cocoa—declined
Commodity
current
more
commodity prices
with
It
the extreme dulness
feci
return
a
declined to
20
July
the commodity
on
index
the preceding
announced
27,
Anthracite
4.6
Fertilizer materials
Dairy products
The
JULY
Increases
"Annalist"
Farm products
68.7
69.3
68.8
46.7
47.3
47.8
45.7
56.3
57.3
57.8
56.4
60.6
61.5
61.0
57.6
for foods, hides and leather products fell 0.9% and textile
products, building
Cotton
56.5
56.5
£8.6
52.3
Grai ns
58.5
58.8
61.4
48.3
materials,
Livestock
60.3
61.8
59.4
vances
and chemicals and allied products declined 0.1%.
Sharp ad¬
in prices for cattle feed and crude rubber caused the miscellaneous
commodities group index to rise 0.5%.
The indexes for fuel and lighting
materials, metals and metal products, and housefurnishing goods remained
Principally because of lower prices for agricultural commodities,
1.1%.
scrap
steel, the
raw
cocoa
materials group index dropped
Semi-manufactured commodities fell 0.4% and manufactured
modities declined 0.1 %.
Fuels
82.1
82.0
82.4
77.4
Miscellaneous commodities
87.8
87.6
87.4
77.1
Textiles
69.7
70.0
70.7
63.5
8.2
com¬
7.1
Metals
91.3
91.5
92.0
88.2
6.1
unchanged at last week's level.
beans, hides, skins and
59.8
17.3
10.8
Building materials
84.5
84.4
84.8
83.0
13
Chemicals and drugs
97.9
97.9
95.0
91.9
0.3
Fertilizer materials.i.
69.7
69.6
69.1
68.6
0.3
Fertilizers
77.3
77.3
77.3
77.2
0.3
Farm
93.9
93.9
94.0
94.9
74.2
74.8
75.0
71.2
machinery
Non-agricultural commodity prices also decreased
0-1% according to the index for "all commodities other than farm products."
100.0
All groups combined
The Commercial & Financial
612
Reports 7% Increase in June
Over Year Ago—Six Months'
New York Reserve Bank
sales of the reporting chain store systems in
Total June
last
than
New York
Sales of the grocery and
31.
July
nounced
the
than
a
was
in
stores
9.6
5.2
4.5
16.8
12.1
12.1
Rocky Mountain
Pacific Coast
18.4
6.5
2.6
9.3
18.1
21.6
32.6
3.2
4.4
5.3
9.9
11.1
10.0
6.8
9.0
8.6
Total United States .
RECENT
FOR
DATA
compares
chains
to
of
months
six
7%
higher
with
!
1939.
but
fewer
operate
number
of
Percent
of
sales
corresponding
the
reporting
period
of
chain
last
year.
units,
sales
of
store
per
all
chains
approximately 11%% for the first six months of 1940.
1939
2,386,210
2,387,566
2,422,212
Percentage Change June, 1940,
January-June, 1940,
June
Compared with
January-June, 1939
Sales per
Total
Sales per
Stores
Sales
Store
Sales
Store
—12.2
+0.4
+ 7.7
+6.7
+ 22.7
Ten-cent and variety
+ 6.2
+ 5.8
Shoe
+0.6
+ 3.7
+ 3.0
—5.1
June 29
—8.9
+ 0.4
—10.7
—2.1
—4.3
+ 6.8
+ 11.5
+ 7.0
6
13
July 20
July 27
Aug.
3
July
+ 11.4
1,709,331
1,454,505
+ 10.3
2,176,363
1,599,822
1.688,434
2,170,750
+ 10.0
2,194,620
2,170,496
2,204,858
+ 11.6
2,198,646
+ 11.1
2,113,887
2,256,823
+ 10.3
+ 8.7
2,206,718
2.131,092
1,429,032
1,436,928
1,435.731
1,425.151
2,264,719
+ 11.1
2,285,083
+ 9.8
2,300,268
+ 9.3
2,214,166
2,213,783
2,238,332
2,238.268
2,077,956
2,324,181
+ 9.0
2,096,266
1,441,532
1,440,541
1,456,961
1,341,730
+ 6.8
2,298,005
1,415,704
—
+ 10.0
2,258,776
2,256,335
1,433,993
1,440,386
1,426,986
2,294,588
2,341,822
+ 11.1
2,261,725
2,325,085
1,598,492
1,704,426
1,705,460
1,615,085
1,381,452
1.435,471
1.689,925
1,699.227
1,702,501
1,723,428
1,692,075
1,711,625
1,727,225
1,723,031
1,724,728
—6.3
—9.3
...
June 22
July
Total
1,469,810
+ 9.8
2,188,124
2,193,779
2,608,825
2,514,461
2,264.953
2,483.342
2,524,084
2,600,723
15
Compared with June, 1939
1,696,543
2,173,223
+ 10.1
2,448,865
1
8
1.663,291
1,465,076
1.480,738
+ 11.4
2,332,216
2.452.995
2,516,208
May
4
May 11.......
May 18--.—-.
May 25
June
2,176,368
+ 9.6
2,173.510
2,170,671
2,199,002
2,182,727
2,163,538
2,381,456
2.417.994
2,421,576
2,397,626
6
Apr.
Apr. 13
Apr. 20.
Apr. 27..
June
No. of
1929
from
Percentage Change
Type of Chain
1932
1937
1940
1939
1940
Week Ended
chain
of approximately 6% between the first
Owing mainly to the tendency of grocery
larger
KILOWATT-HOURS)
Change
total
the
in
total
die
OF
(THOUSANDS
WEEKS
1939, and June,
1940
in
increase
an
1938 and
combined increased
of
than
3.6
0.6
3.9
11.7
1940, and as a result
store of all chains combined showed an increase of 11%%.
first
were
months
six
per
the
4*£%
about
of
between June,
operation
total sales
For
reduction
a
1.8
3.1
8.9
and sales
decline in
a
1940
17.6
Middle Atlantic.
The Bank added:
year ago.
There
This
advanced following
stores
July 6. 1940
5.4
2.7
New England-..—...
Week Ended
13,
1940 July
20,
Central Industrial
Candy chain stores continued to report smaller sales
May.
stores
chain
shoe
an¬
ten cent and
variety chains continued larger than a year ago,
of
higher
1940
3,
Week Ended
Week Ended
July
July 27. 1940
advance
year-to-year
larger
somewhat
a
year,
May, the Federal Reserve Bank of
in
than
about 7%
District were
York)
(New
Second
Aug.
Week Ended
Major Geographic
Regions
7% Above Last Year
Sales also
the
Sales
Store
Chain
Chronicle
PERCENTAGE INCREASE FROM PREVIOUS YEAR
Grocery
Candy
All types
+ 13.1
+ 26.5
+ 5.4
Declined 12% from May
Perkins—Due to
Building Construction
Total
June, Says Secretary of Labor
Loss in Residential Construction
to
Total
building
construction,
permits
by
measured
as
12% from May to June, Secre¬
tary of Labor Frances Perkins reported on July 27.
"This
decrease," says Miss Perkins, "was caused wholly by a
issued, showed a decline of
May Statistics of the Electric Light and Power Industry
The
following statistics for the month of May, covering
100% of the electric light and
power
industry,
released
were
July 25 by the Edison Electric Institute:
on
SOURCE AND
DISPOSAL OF ENERGY DURING MONTH OF MAY
Data undergoing revision as to classification of Industry generating plants and form
of presentation.
The generation for the United States power supply
as a
whole
for the month of May was as follows:
1939
1940
Fuel
Percent
1938
+ 13.5
5,062,098
5,987,505
1937
6,795,790
4,510,637
4,079,455
+ 10.6
3,812,137
5,421,658
4,331,466
11,306,427
10,066,960
+ 13-3
8,874,235
9,753,124
Hydro
Total..
CLASSIFICATION OF
(REVISED SERIES)
SALES
OF
DURING
MONTH
MAY'
Percent
1940
Number of Customers as of May
Resldentlal or domestic
1939
Change
3124,326,728
660,707
23,533,393
+3.4
585,298
+ 12.9
Small light and power
4,219,031
4,173,673
+ 1.1
Large light and power
179,668
184,728
24,940
—2.7
24,036
87,767
77,969
Rural (distinct rural rates)
Commercial or Industrial:
Street and highway lighting
Other public authorities
Railways and railroads:
Street and lnterurban railways..
Electrified Steam railroads
208
225
29
29,499,424
additions, alterations, and repairs showed a gain of 11%."
Miss Perkins added:
As compared with June, 1939, the indicated
volume of total building
construction in June, 1940, showed a decline of 11%.
New residential
construction, comparing the same months, showed a decrease of 7%, while
the volume of new non-residential building showed a decrease of 26%.
In contrast, there was an increase of 9% in the additions, alterations,
and repairs to existing structures.
These data are based on reports received
by the Bureau of Labor Statistics from 2,096 cities having an aggregate
population of 60,100,000.
During the first six months of 1940 permits were issued in reporting
cities for buildings valued at $999,982,000, a decline of approximately 3%
as compared
with the corresponding period of the preceding year.
Permits
issued for new residential buildings for the first half of the current year
amounted to $577,807,000, an increase of 6% over the like period of 1939.
28,581,381
Small light and power
Large light and power
Street and highway lighting
Other public authorities
Department's announcement the follow¬
changes occurring between May and June, 1940, in the permit valua¬
the various classes of building construction are indicated in the
+3.2
of
tions
for 2,096 cities having
following table
1,787,076,000
152,933,000
1,599,374,000
—12.8
1,600,830,000
3,952,735,000
+ 21.4
139,246,000
+ 2.5
+3.4
population of 1,000 or over:
+ 8.8
208,013,000
a
+ 11.7
175,335,000
1,742,140,000
4,798,616,000
142,786,000
215,168,000
Rural (distinct rural rates)
Commercial or Industrial:
Labor
the
ing is also taken:
The
Total ultimate customers.
Kilowatt-hour Sales During Month of May
Residential or domestic
two-month
period since 1929.
Increases over May were shown in indi¬
cated expenditures for both new non-residential construc¬
tion and additions, alterations, and repairs.
The increase
in new non-residential construction amounted to 1%, while
From
1,124
Interdepartmental
construction,"
residential
in
April and May, was higher than for any other
31
1,250
she said.
"Permit
showed a decrease of
23%.
However, in interpreting these figures it should be
borne in mind that the dollar volume of residential con¬
struction for which permits were issued in the two months,
decline
valuations for this type of structure
from
Change
May
1940
June,
to
Class of Construction
Railways and railroads:
Street and lnterurban railways
315,003,000
314,929,000
+0.0
Electrified steam railroads
152,603,000
149,468,000
+ 2.1
62,402,000
57,732,000
All Cities
—22.7%
+ 1.2%
+ 11.4%
New residential
New non-residential
Additions, alterations and repairs
Excl. New
York
—21.3%
—9.3%
+ 6.0%
+8.1
Interdepartmental
—11.7%
Total
Permits
Total ultimate customers
9,368,727,000
8,197,662,000
+ 14.3
$193,287,500
Revenue from ultimate customers
$180,341,500
+7.2
Of
these,
States
issued
during
2,067
Housing
were
June,
1940,
projects
in
Authority.
provided
the
under
permits
May
in
for
25,159
—14.4%
dwelling units.
jurisdiction of the United
these cities provided for
31,810 dwelling units, of which 4,444 were in USHA-aided projects.
RESIDENTIAL OR DOMESTIC SERVICE (REVISED SERIES)
of
Average Customer Data for the 12 Months
Ended May 31
were
awarded
The
1940,
1940
Kilowatt-hours per customer
1939
921
Revenue per kilowatt-hour
872
in permit valuations from June,
+ 1.5
Class of Construction
All Cities
Additions, alterations and repairs
Electric
11.1%
1940,
Total
The
Institute, in its current weekly
re¬
changes
occurring
sponding period of
1939 are
Class of
ended
July 27, 1940,
was
2,600,723,000 kwh.
The
ing week of 1939, when the production totaled 2,341,822,000
kwh.
The
estimated
over
output for the week ended July
to
be
2,524,084,000 kwli.,
the like week
a
year
ago.
an
20, 1940,
increase
of
was
10.0%
—9.7%
the
Change from First 6 Months of 1939
to First 6 Months of 1940
Construction
AU Cities
current
week's output is 11.1% above the output of the
correspond¬
—35.2%
+ 5.2%
Excl. New
York
+ 5.8%
Additions, alterations and repairs
Total
—3.6%
Labor Statistics includes
by Federal and State governments in addition to private
information
contracts awarded
collected
—24.1%
—6.8%
—2.7%
New non-resldentlal
+ 10.1%
—15.8%
—6.3%
New residential
The
+ 4.1%
first half of 1940 and the corre¬
indicated below, by class of construction:
between
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
York
—10.7%
New non-residential
Edison
New
—7.1%
—25.6%
+ 9.3%
New residential
The
Excl.
—3.9
4.08c
Electric Output for Week Ended July 27,
Above a Year Ago
1939, to June,
Change from June, 1939 to June, 1940
+5.6
$35.58
3.92c
during June, 1939, provided for 4,408 dwelling units.
percentage change
by class of construction, is given below for the same 2,096 cities:
% Change
$26.10
Average annual bill
Com¬
with June, 1939, there was a decrease of 7% in the total number
family-dwelling units provided.
USHA projects for which contracts
pared
by
the
Bureau
of
Volume
and
municipal
struction
June,
In
to
issued
Boston,
in
Albany, N.
York
V.,
in
and
Federal
1940,
June
for
$750,000,
apartment
for
office
houses
the Borough of
for
the
for
important building
in
following
building to cost $500,000;
hospital
a
public utilities building to cost nearly $1,000,000 ;
the Borough of
nearly
an
during
a
for
City—in
$1,500,000;
June,
ties
imported in June
pulpwood
and
recorded
Mass.,
Burlington, N. J., for
New
For
$39,532,000.
to
were
projects:
State con¬
$14,192,000; for May, 1940, to $20,288,000, and for
construction.
amounted
1939,
Permits
Commercial & Financial Chronicle
The
151
factory
buildings
building to cost
to
cost
for
cost
dwellings to cost
$600,000, ana
in the Borough
than
more
$3,500,000;
approximately
in
institution to cost
an
for one-family
to
$600,000;
than
more
the Bronx,
Brooklyn,
of
In
in
the
rough
in
May to $26,400,000
000,000
to
the Allied
to
than
more
$500,000;
in
Minneapolis,
dwellings
one-family
to
in
the
cost
nearly
$1,400,000,
store
in
for
Baltimore, Md.,
for
and
for
one-family
dwellings
for
one-family
dwellings
Minn.,
to
Western
mercantile
one-family
building
dwellings to
cost
than
in
$900,000
;
and
Miami, Fla., for
Fla.,
Beach,
for
$600,000 and for hotels to cost nearly
$800,000; in Nashville, Tenn., for school buildings to cost
in
nearly
$500,000
over
nearly
factory buildings to cost approximately $375,000; in
one-family dwellings to cost nearly $700,000; in Miami
more
cost
to
buildings to cost
for
apartment houses to cost
$600,000;
over
Dallas, Tex., for store and mercantile buildings to cost over $600,000 ;
Houston, Tex., for one-family dwellings to cost nearly $700,000; in
Denver,
Colo.,
in
Alameda,
in
Berkeley,
for
one-family
Calif., for
Calif.,
dwellings
to
cost
approximately
$650,000;
plane hangar to cost approximately $1,200,000;
a
for
administration
an
building at
University
the
of
California to cost
over $650,000;
in Burbank, Calif., for one-family dwell¬
ings to cost nearly $700,000; in Los Angeles, Calif., for one-family dwell¬
ings to cost approximately $3,000,000 and for apartment houses to cost
than
more
$750,000; in Oakland, Calif., for storehouses at the Naval
.Supply Depot to cost over $1,000,000 and for a wharf to cost over $600,000;
in San Francisco, Calif.,
for one-family dwellings to cost approximately
$1,300,000, and in Seattle,
Wash.,
for one-family dwellings to cost
nearly
awarded
were
during June for the following USIIA-aided
projects:
In Jersey City, N. J., to cost over $1,700,000 (490 d.u.) ; in
Dayton, Ohio, to cost more than $1,600,000 (604 d.u.); in Brunswick, Ga.,
for two projects to cost
$668,440 (272 d.u.) ; in Houston, Tex., to cost
nearly $900,000 (333 d.u.) in San Antonio, Tex., to cost nearly $550,000
(236
d.u.),
and
in
Phoenix,
Ariz.,
to
cost approximately
$250,000
(132 cLu.).
PERMIT VALUATION OF BUILDING
CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW
DWELLINGS,
I£L2,09£ IDENTICAL CITIES IN NINE REGIONS
OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, JUNE,
1940
New Residential Buildings
Percentage
No.
^Division
No. of
Percentage
Change from—
Permit
of
Families
Change from—
Valuation,
June, 1940
Geographic
Cities
Provided
May,
2,096 594,036,592
New England
Middle Atlantic
133
462
West North Central
196
South Atlantic.
246
1939
for
June
May,
June,
1940
1939
'40
—22.7
—7.1
25,159
—20.9
—6.6
—21.7
+ 38.9
+ 36.2
—39.2
1,287
4,282
—23.4
—32.6
$5,558,214
17,335,265
25,062,156
6,283,089
12,300,540
531
...
East North Central
June,
1940
All divisions
—26.7
—41.5
5,654
1,678
—17.5
+ 25.0
—5.9
+27.3
—17.0
+ 17.0
—7.1
+ 28.9
—10.9
—0.7
3,370
—11.2
—5.6
East South Central.
89
1,657,346
—74.2
—67.7
716
—68.7
—59.3
West South Central
124
6,376,304
—2.5
+ 7.2
2,223
—1.6
+ 16.4
....
in
Mountain
105
2,715,439
—46.4
+ 20.7
935
—34.3
+ 34.7
Pacific
210
16,748,239
—16.2
+ 1.6
5,014
—14.8
+ 2.7
with
in
their
increased
also
Despite
purchases.
the
the total value for the month
Germany and Italy,
United
States
ports
France
for
marked
a
decline
in
$8,000,000
was
in that
countries
to
exports
larger
area,
par¬
ticularly to Italy.
Materials
War
The statistics
Factor
a
in
the
Trade During 1940
Export
showing the heaviest shipments of war materials
for June,
for any month of
period,
war
serve
to emphasize the important influ¬
of total export trade this
this year six leading commodities—
aircraft, non-ferrous metals, steel manufactures, metal-working machinery,
munitions and industrial chemicals—comprised 32% of the total exports
these
ence
have
For
year.
the
of
1939.
to
the
first
States
of
half
months of
six
first
compared with 20% in the corresponding period
as
The value of
increased from the first half of 1939
Aircraft from $49,000,000 to $138,-
these exports
1940
follows:
as
$58,400,000 to $114,600,000;. iron and steel-
non-ferrous metals,
400,000;
mill
in sustaining the value
exerted
from the United
products, including scrap, $96,400,000 to $220,000,000;
metal-working
$109,100,000; explosives, firearms and ammu¬
nition, $4,900,000 to $34,500,000, and industrial chemicals, from $13,100,000 to $26,400,000.
The totals of these six products, $277,000,000
in the first half of 1939 and $643,000,00 from January through June, 1940,
$55,700,000
machinery,
showed
export
of
rise
a
of
influenced
the
last
the
of
Exports
of
States export trade
smaller cotton shipments of
whereas the
1940,
lumber 20%
$173,700,000 in the first half of 1940.
to
have
adversely affected by the war have,
been
moderately
declined
exceptions,
value
1939
which
with a
in value as compared with the first
off by 6%, gasoline 25%, and
The value of automobiles was
half of 1939.
group
shipments.
comprised 8%% of total United
half
first
the first half of
in
in
increase
assumed that the entire
supplies, the war has greatly
it cannot be
represented war
represented 5% of the total for the corresponding period.
The
unmanufactured cotton exports increased from $68,500,000 in
year
value
Although
132%.
Exports of cotton
during
to
products
these
in the first half of 1940.
those
and
of
31%.
tobacco
Exports of foodstuffs dropped 10%
These five leading exports as a
totaled $405,000,000, or 29% of total United States exports in the
1939, and $352,000,000, or 17% of total United States exports
first half of
in
the first half of 1940.
Strategic Materials
a
of Import Trade
Larger Proportion
imports of strategic materials advanced
substantially in value over a year ago.
The value of five leading itemscrude rubber, tin, ferro-mangartese, nickel and wool—increased from $146,000,000 in the first half of 1939 to $264,000,000 in the first half of 1940,
and these as a group accounted for 21% of our total imports, compared
with
14% a year ago.
Total imports of crude materials and semimanufaetures represented 59% of our imports so far this year, an increase
from $560,000,000
to $738,000,000.
About half of the increase in the
value was due to expansion in the volume of imports; approximately half
resulted from higher commodity prices.
Foodstuffs imports so far this year have increased only slightly in 'both
volume and value from the total
in the first half of 1939.
Valued at
first half of 1940
During the
United States imports, 3% smaller
half of last year.
have been lower in both value and
volume in the first half of 1940 than in the first half of 1939, principally
as a result of a
decrease in entries of manufactured products from Europe.
This economic class comprised 16% of total imports in the first half of
1940, as compared with 20% a year ago.
$301,000,000, they represented 24% of
in
proportion to total imports than in the first
Imports
Exports,
manufactured articles
of
Including Re-Exports,
and General Imports of Merchandise
Comparative Summary, June, 1939-1940
and Repairs)
Percentage
Change from—
Permit
Percentage
Valuation.
{Census
Change from—
Permit
6 Months Ended June
June
Population
Geographic
Increased)
Decrease(—)
Exports and Imports
of 1930)
1939
1940
1940
1939
Valuation,
May,
June,
1940
June, 1940
1939
June, 1940
May,
1,000
June,
1940
1939
$
$
divisions.. 49,361,128
+ 1.2
Imports
—25.6 177,776,483
—11.7
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
350,458
211,390
1,416,011
1,094,458
2,067,734
1,293,807
+ 651,723
178,866
-
Dollars
236,134
Exports
All
from
(Including Alterations
Buildings
from $22,-
increased
products advanced
steel-mill
The extension of the war to the Mediterranean during June
Total Building Construction
New Non-Residential
Division
and
steel
$2,400,000
Exports of these commodities increased mainly
Hemisphere
leaving
May.
resulted
few
$650,000.
Contracts
goods
than
cost
to cost
dwellings to
for one-family
municipal
a
iron
and
iron
and
Exports of explosives,
aircraft shipments
June,
and
aircraft
increases.
were
and cut diamonds.
copper
value from approximately
in
one-family dwellings to cost more
nearly $600,000; in St. Paul, Minn., for one-family dwellings to cost
approximately $600,000; in Washington, D. C., for one-family dwellings
to
in
however,
reductions,
falling off in exports to France during the latter part of June, after the
cost
cost
$1,200,000, and for
dollar
tin, rubber,
belligerents, although in the case of iron and steel, countries
of
for
munitions,
June,
heaviest
$27,600,000,
ment houses
$550,000; in Dearborn,
Mich.,
nearly $700,000; in Detroit, Mich., for
than
$3,800,000; in Cleveland, Ohio,
nearly $600,000; in Columbus, Ohio,
in
the
$35,900,000 to $43,100,000.
French armistice
cost
Substantial
firearms and ammunition increased
May include
in
silk, oilseed, cattle,
raw
trade
manufactures showed
Manhattan, for an institution to cost $700,000; in the Borough of
Queens, for one-family dwellings to cost nearly $2,000,000 and for apart¬
to cost approximately $600,000; in Philadelphia, Pa., for onefamily dwellings to cost more than $900,000; in Chicago, 111., for onefamily dwellings to cost nearly $1,500,000; in Indianapolis, Ind., for
one-family dwellings to cost over $500,000 and for factory buildings to
larger volume than
diamonds.
imports of
export
613
in
57,268
139,068
321,553
773,927
+ 199,349
—10.7 60,105,824
Merchandise export bal.
3,631,698
+ 93.2
—16.5
12,246,145
+ 2.5
MlddleAtlantic 14,690,421
+ 39.2
+ 38.4
—2.0
—9.2 18,579,297
E. No. Central
—18.4
+ 11.5 14,810,191
New England.
+ 10.3
5,460,883
—35.1
—14.2
W. No.Central
6,926,368
2,430,027
44,157,386
38,607,739
—38.6
—53.1
11,037,048
—14.2
South
Atlantic
6,181,550
—41.7
—73.9
21,891,033
Central
1,748,459
+62.8
—'A3.2
4,344,180
2,112,441
—22.4
—32.5
9,977,771
1,155,782
10,484,382
—21.9
—7.8
4,591,428
—36.9
—3.3
3,227,126
1,247,885
+ 79.0
+ 50.0
30,923,753
+ 4.9
+ 13.0
5,205,041
E.
So.
W. So. Central
Mountain
—9.5
4,452,323
—21.9
—46.0
—48.5
—52.8
5,085,241
2,037,837
—8.2
—6.1
MERCHANDISE TRADE BY MONTHS AND BY
CUMULATIVE PERIODS
Month or Period
1935
1930
1937
1938
1939
1940
Exports Including
1,000
1,000
1,000
1,000
1,000
1,000
Re-exports—-
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
The Bureau of Statistics of the
at
Washington
July
on
of
foreign trade
months ended with
to
1935.
Imports
to
the
into
the
same
$350,000,000,
preceding
issued
its
statement
on
the
States
for
June
the
six
United
months.
amounted
States
in both
as
June
customarily
comparatively
$211,000,000
to
April and
May.
recorded
witnesses
in
each
6light
some
in
June,
Exports advanced
of
the
two
recession
high level was maintained this
in
year
The increase in total exports
balance to a figure of $139,000,000
owing to large movements of war materials.
brought
the
This
was
The
an
merchandise
net
the
highest figure for
outstanding
in
increase
$9,176,000.
accounts
of
the
changes
value
among
the
for
effective
of
the
date
import
the
somewhat greater
commodities
spirits
beverages
of
new
from
in
June
from $4,230,000
customs
by heavy
defense
218,716
185,026
195,113
192,795
256,566
275,308
267,781
268,945
200,772
289,922
265,341
274,472
267,276
232,726
227,535
increase recorded
in
This
the
were
purchases
fact
324,018
325,306
350.458
August
September
198,803
October
November
221,296
269,838
226,364
332,710
314,697
252,381
288,956
331,978
292,453
December
223,469
229,800
323,403
268,943
368,046
12 mos. ended June.
12 mos. ended Dec.
185,693
178,975
268,184
277,031
220,539
296,579
180,390
264,949
236,164
229,631
230,790
260,102
246,335
277,668
1,024,111 1,154,961 1,536,563 1,590,788 1,416,011 2,067,734
2,120,858 2,413,724 2,837,579 3,403,392 2,919,663 3,828,899
2,282,874 2,455,978 3,349,167 3,094,440 3,177,176
General Imports—
March
166,832
152,491
177.356
April
170,500
January
February
May
170,633
June
156,754
176,631
187,482
192,774
198,701
202,779
191,697
191,077
240,444
277,709
307,474
286,837
284,735
162,951
173,372
178,246
158,072
190,481
216,765
159,827
180.300
212,352
148,248
170,689
241,992
199,925
202,493
211,393
286,224
145,869
178,866
211,390
140,809
168,910
165,516
176,623
169,030
193,073
265,214
245,668
September..
161,647
189.357
215,701
212,692
233,142
167,692
181,536
224,299
196,400
178,024
176,187
215,289
169,385
186,968
October—
November
......
December.
195.056
245,161
223,090
208,833
171,347
235,458
246,807
in
mainly
"imports
351,301
230,974
August
included
369,679
346,972
249,466
164,151
165,459
170,244
173,230
172,126
July
in May to
warehouses
consumer
tax.
consumption" total in June than for "general imports."
$774,000,000.
corresponding period since 1921.
wines and
of
Withdrawals
any
this increase was influenced
large, since
advance
export
the cumulative total for the first half of 1940 to
in June and
212,911
261,935
6 mos. ended June
8% above the value
about
trade, but the
foreign
29
June, with comparisons by months back
value
289,071
233,125
July
The report follows:
practically
222,665
182,024
June
Department of Commerce
and
198,564
163,007
May
United
the
176.223
February
April
Country's Foreign Trade in June—Imports and
Exports
January
March
Pacific
for
Other commodi¬
6 mos. ended June.
12 mos. ended June.
12 mos. ended Dec..
960,955 1,094,458 1,293,807
994,466 1,164,509 1,683,421
1,785,679 2,217,527 2,941,504 2,361,201 2,093,931 2,517,430
2,047,485 2,422,592 3,083,668 1,960,428 2,318,081
The Commercial <6 Financial Chronicle
614
States Merchandise and Imports for Consumption
Exports of United
Aug. 3, 1940
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
FOR THE MONTH OF JUNE AND SIX
Comparative Summary, June, 1939-1940
MONTHS ENDED JUNE, 1940
AND 1939
Analysis by Economic Groups
6 Months Ended June
June
Increase^)
Deerease{—)
Exports and Imports
(Value in 1.000 Dollars)
1940
1939
1940
1939
6 Months Ended June
Month of June
1,000
1,000
1,000
1,000
Dollars
Dollars
DoUars
DoUars
233,465
178,373
Exports (U. 8. md8e.)..
Imports tor consumption
1,000
DoUars
344,444
1,397,654
1,071,673
2,021,628
1,243,440
+ 623,974
205,397
Value
1,000
Merchandise—
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
160,312
March..
April..
May
June
July
August...........
September
October..—
.....
December........
252,443
285,772
259,160
270,429
264.627
271.508
285,081
256,481
264,613
273,561
293,374
329,373
311,212
319,431
253,713
229,554
219,063
195,689
179,381
181,667
160,511
159,791
167,278
167,865
169,683
196,040
218,184
267,268
220,931
192,405
189,574
197,020
181,386
177,006
175,825
217,925
262,173
223,920
226,666
173,560
....
February...
November
1940
Dollars
Exports—U. 8.
January...
1939
1938
1937
1936
229,671
1,000
Dollars
210,260
216,191
360,181
338,833
343,589
316,530
318,051
344,444
263,995
227,624
246,119
233,465
226,740
224,866
228.312
Cent
Per
Cent
Value
Cent
Value
11.0
33,589
9.8
194,201
13.9
304,971
15.1
10,483
4.5
12,838
20,751
3.7
114,927
8.2
213,602
10.6
6.5
6.0
79,274
5.7
91,369
4.5
Crude foodstuffs....
6,026
2.6
6,480
1.9
4.8
40,835
2.0
Agricultural
Non-agricultural..
Mid. foodstuffs & bev.
5,975
2.6
6,459
1.9
66,826
66,153
4.7
40,492
2.0
50
«.
—
22
-
342
673
.»«**»•»
88,857
6.4
98,739
12,775
5.5
3.0
0.3
0.5
89,752
•8,987
Semi-manufactures...
48,566
20.8
76.310
22.2
81,881
6,976
253,850
5.9
721
11,278
10,210
1,068
3.3
Agricultural
Non-agricultural...
Agricultural
Non-agricultural...
208
0.1
344
48,358
20.7
13,496
5.8
0.3
18.2
0.1
438,376
2,347
436,029
4.9
4.4
0.4
21.7
0.1
0.1
1,252
75,965
22.1
252,598
18.1
59.8 216,787
0.3
1,006
62.9
56.8 1,138,707
0.3
6,470
138,971
59.5 215,781
62.7
793,920
3,967
789,953
56.3
693
284,392
56.5 1,132,237
56.0
Agricultural
323, 77
286,761
357,307
Non- agricultural..
0.3
21.6
0.3
U. S.
233,465 100.0 344,444 100.0 1,397,654 100.0 2,021,628 100.0
merchandise
17.4
19.2
9.0
352.664
268,179
30,134 12.9 30,857
Agricultural
82.6
80.8 1,668,964
91.0 1,129,475
Non-agricultural... 203,331 87.1 313,587
Total exports of
6
mos.
ended June.. 1,003,120 1,135,454 1,607,365 1,570,136 1,397,654 2,021,628
12
mos.
ended June.. 2,085,092 2,375,415 2,790,879 3,361,699 2,884,687
12 mos. ended Dec..
Value
15,230
25.713
materials.
Agricultural
Non-agricultural
Finished manufactures 139,664
247,412
243,595
274,059
249,844
266,358
Cent
1940
Per
Per
Domestic Exports
Crude
1935
1939
1940
Per
+ 171,767
MERCHANDISE TRADE BY MONTHS AND BY CUMULATIVE PERIODS
Month or Period
1939
Class
3,747,316
2,243,081 2,418,969 3,298,929 3,057,169 3,123,343
Imports for
Consumption—
Imports for
Consumption—
January...........
February.....
54,739
186,377
168,482
162,246
175,485
166,070
166,766
155,313
173,096
180,381
168,683
189,806
162,828
March........
April.
May...
June
July
August
September.
October—
November
December..
228,680
173,196
218,425
213,419
234,621
189,933
206,698
203,077
203,713
205,397
191,269
155,118
185,916
194,185
178,373
170,430
180,225
199,404
207,131
214,502
232,736
147,123
147,779
147,767
171,023
172,909
178,447
171,668
165,359
262,919
248,730
233,959
226,470
212,382
203,644
200,304
240,230
169,353
152,677
155.923
260,047
295,705
280,899
278,118
278,300
189,690
194,296
199,776
189,008
194,311
197,458
200,783
179,760
163,312
Non-agricultural.
70,511
34.3
333,514
31.1
463,617
37.3
21.9
47,160
23.0
239,737
22.4
8.8
11.4
22,401
10.9
149,060
142,787
12.0
11.9
93,778
150,382
144,173
8.7
12.6
23,351
23,642
343,947
119,670
27.7
15,618
22,518
21.304
Agricultural
30.7
39,121
Crude materials
..
Crude foodstuffs
Agricultural..
0.7
1,241
0.6
6,208
0.6
6.273
0.5
31,275
15.2
11.1
152,261
120,324
12.3
22,850
140,360
111,360
29,001
13.1
12,9
226,402
21,411
204,991
221,014
2,981
218,034
21.1
Non-agricultural...
4,667
2.6
8,425
4.1
38,625
21.7
45,146
22.0
3,963
2.2
6,347
3.1
34,662
19.4
38,799
18.9
34,799
19.5
34,823
17.0
Agricultural
Non-agricultural...
Finished manufactures
478
Non-agricultural...
0.3
930
0.5
34,321
19.2
33,894
16.5
June
Non-aerlculturai...
6 Months Ended June
Deereasel—)
1939
and
Iron
1940
Steel,
Chief Export
1,000
Gold—
1,000
Dollars
DoUars
Exports
19
1,000
1,000
DoUars
DoUars
1,000
DoUars
1,249
1164,224
435
4,939
+ 4,503
240,450
2,021,077
2,750,537
+ 729,460
240,430
1162,975
2,020,642
2,745,598
...i
Imports
Import balance
SUver—
Exports
303
884
Imports
14,770
4,673
8,614
55,527
3,063
30,026
14,467
3,789
46,912
26,963
Import balance. 1
GOLD
AND
TRADE
BY
MONTHS AND
BY
2.0
30,407
2.5
19.1
243,800
204,294
3,794
200,501
19.6
20.6
0.3
20.3
16.4
0.3
16.1
—5,552
—25,501
Industrial Machinery and Aircraft
Items in June—Crude Rubber Leads
Imports
groups:
DOMESTIC EXPORTS FROM AND
FOR THE MONTH OF
IMPORTS INTO THE UNITED STATES
JUNE AND SIX MONTHS ENDED JUNE, 1940
1939
CUMULATIVE
Analysis
PERIODS
Gold
9.7
2.6
22.1
Supplementing other data on the Nation's foreign trade
in June, given in today's issue, we present here an arrange¬
ment of the figures given out by the Department of Com¬
merce showing the value of each of the chief items of the
export and import trade arranged according to economic
AND
SILVER
31,937
274,207
Increase(+)
Exports and Imports
1940
2.7
178,373 100.0 205,397 100.0 1,071,673 100.0 1,243,440 100.0
48.5
641,258 51.6
519,662 48.5
99,687
87,892 49.3
51.5
51.5
602,181 48.4
552,011
90,482 50 71105,710
sumption
1939
10.4
Total imports for con¬
Agricultural
Exports and Imports of Gold and Silver
9.6
11.5
15.5
Agricultural
12 mos.
13.5
1,214
Semi-manufactures...
984,351 1,153,359 1,621,749
942,451 1,071,673 1,243,440
ended June.. 1,789,153 2,207,913 2,892,368 2,330,554 2,078,846 2,447,866
ended Dec... 2,038,90512,423,977 3,009,852 1,949,624 2,276,099
14.0
27,693
23,026
Non-agricultural...
Mfd. foodstuffs & be v
Agricultural
6 mos. ended June..
12 mos.
11.5
by
Leading
'n F.a^h Economic
(Value in 1,000 Dollars)
Group
6 Months Ended June
Month of
June
1939
sum
1940
1939
8,295
Month or
Period
1937
1939
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Exports—
January....
1938
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
DoUars
355
233
191
11
1940
1937
5,067
81
22
174
15
53
2,112
1,811
20
53
18
1,546
1938
1939
April
May.......
13
145
231
33
1,668
250
1,671
2,054
1,923
2,054
4
212
36
3,663
611
81
131
19
1,249
1,841
1,144
317
June
254
303
February
""§9
March
1940
Crude Materials—
298
Cotton, unmanufactured
Tobacco, unmanufactured..
3,107
3,494
68,464
39,655
657
Coal
5,613
11,225
19,560
173,658
27,284
39,383
452
6,167
...
7,544
7,458
45,198
35,138
177
Undressed furs
653
105
7,134
8,898
271
1
950
884
Soy beans
538
224
2,970
1,031
1,830
2,787.
10,270
16,656
2,257
450
27,486
7,215
136
2,728
13,495
1,165
1,336
594
Crude petroleum
July
206
65
9
214
193
640
Phosphate rock
August
169
17
13
278
401
937
All other crude materials
129
11
15
285
1,463
232
16
15
380
1,259
1,292
1,773
30,084
14
10
527
823
487
September
.
October....
November.
December.
Crude Foodstuffs—
Wheat...
mos.
15,052
16
11
148
5,750
435
1,259
_
51,622
574
453
442
10.346
5,439
7,405
7,905
3,946
4,299
3,343
925
16,013
15,238
Lard, Including neutral lard..
Dairy products, except fresh milk
Fish, canned, prepared, &c
1,555
719
10,418
7,859
566
993
3,153
4,313
471
894
5,606
Wheat flour.
1,823
1,086
11.666
7,681
11,048
64
Corn.
...
Vegetables, fresh and dried
236
1,344
887'
4,939
10,122
1,600
8,614
3,063
5,011
15,722
3,520
14,097
9,078
end.
June
12
mos.
end.
June
12
mos.
end.
December
46,020
5,889
608
12,042
7,082
14,630
Imports—
January
121,336
February
120,326
154,371
215,825
155,366
262,103
175,624
March
April..
May
June
July
August
105,013
145,623
90,709
September
October....
November
.
62,194
December..
116
33,033
7,155
8,211
62,947
156,427
223,296
365,436
236,413
2,846
201,476
14,080
459 845
71,236
606.027
249.885
5,589
2,821
3,165
6,025
4,476
4,964
62,987
65,438
63,880
165,990
520,907
562,382
177,782
240,542
429,440 438,695
240,450 1164,224
278.645
259,934
326,089
69,740
167,991
451,183
8,427
5,701
10,633
23,151
28.708
15,488
14,440
16,757
17,952
19,186
18,326
4,985
24,098
25,072
24,987
21,533
10,328
9,927
7,207
7,143
6,152
14,770
5,799
4,070
5,724
5,170
4,589
4,673
6,531
4,365
4,639
7,268
4,183
3,795
All other crude foodstuffs
mos.
12
mos.
mos.
247,974 2021,077 2750,537
34,525 111,531
55,527
30,026
850,171 3752,560 4304,119
99,748 168,883 174,526
59,806
1631,523 1979,458 3574,659
91,877 230,531
4,467
4,345
620
567
2,866
738
228
8,024
4,603
4,591
741
435
9,224
8,469
747
*
160
457
937
839
2,682
4,567
3,966
12,753
1,893
2,228
11,916
13,873
928
797
1,184
1,037
5,647
6,063
985
Vegetable oils, and fats, edible
Sugar and related products
—
1,402
5,182
2,951
16,235
1,746
27,965
3,759
4,365
69.347
26,364
10,482
569
440
Boards, planks, &c
Wood pulp
3,374
2,345
497
2,726
Gas and fuel oil
4,620
3,961
85,307
Paraffin
807
wax
984
13,784
31,687
5,261
5,793
.
in June and Six Months Ended June
The
Department of Commerce's report of the character
of the country's foreign trade reduced the
export and import
figures into five separate groups, ranging from crude materials
312
1,218
1,145
1,388
6,318
884
1,841
4,303
1,130
13,053
6,287
8,034
14,986
26.450
8,257
7,267
10,407
40,233
60,294
812
569
2,771
2,522
1.203
4,499
16,954
7,284
7,275
31,528
20,?42
795
Copper (Ingots, plates, rods)
Brass and bronze semi-manufactures
Coal-tar products
Industrial chemicals
2,401
Pigments
All other semi-manufactures
Finished Manufactures—
Leather manufactures
tural
Rubber manufactures...
manufactures, in each of which the agricul¬
non-agricultural totals are shown separately.
This tabulation which reveals that in the first six months
of 1940, 17.4% of domestic
exports and 51.6% of imports
for consumption were agricultural
products, we present below
in the usual manner:
2,878
12,578
12,034
20,189
7,284
6,266
159,015
25,129
30,945
9,402
13.449
7,287
538
Aluminum semi-manufactures
to the finished
7,213
7,532
10,455
3,778
1,826
3,159
6,448
2,681
Tlnplate and taggers' tin
Ferro-alloys
Analysis of Imports and Exports of the United States
599
946
Crude sulphur
Iron and steel semi-manufactures
Iron and steel scrap.b
and
3.817
Dried and evaporated fruits
Canned fruits
Naval stores, gums and resins.a
Cotton semi-manufactures
s
December
1,134
4,612
2,746
SemirM anufactures—
1636,752
end.
end.
723
Vegetables, canned and prepared
Oilcake and oilcake meal
Leather
1029,327
June
12
749
7.816
Manufactured Foodstuffs—
All other manufactured foodstuffs..
end.
June
52
821
1,078
Oranges
Other fresh fruit
Sawed timber
6
2,923
Meat products
_
Apples, fresh
6
1940
Domestic Exports
4,640
4.338
34,576
52.060
1,301
1.204
5,009
15,462
7,008
7.339
4,615
4,295
25,894
2,675
1,098
16,635
Rayon manufactures
2,777
1,183
7,396
8:858
Paper and manufactures..
2,462
6,554
13,221
31,346
Automobile casings...
Tobacco manufactures.
...
1,136
I
Cotton manufactures.
Cotton clotb, duck and tire fabric
Volume
The Commercial & Financial Chronicle
151
The
6 Months
Month of June
1939
Ended June
1940
1939
1940
durable goods
important
metal,
from
Finished Manufactures—Concluded—
Gasoline and other motor fuel
9,207
6,238
46,266
Lubricating oil
7,094
8,611
1,190
36.398
Glass and glass products.
724
Steel-mill manufactures
34,599
60,481
offset
11,399
27,102
3,950
5,087
21,915
30,306
Electrical machinery and apparatus
Household refrigerators
8,716
9,607
49,270
58,020
4,587
848
1,092
5,209
The
9,792
11,058
141,267
208,312
bringing
3,530
2,120
20,864
19,161
55,685
13,220
109,123
Board
7,064
2,518
1,594
15,065
420
5,201
7,335
20,387
7,179
34,916
Automobiles, incl. parts and accessories...
17,661
144,257
3,022
43,449
135,133
6,573
6,538
39,725
55,186
49,004
for
Passengers
cars
6,390
27,591
1,795
Medicinal and pharmaceutical preparations
Paints and varnishes
3,934
10,620
(new)
Aircraft, Including parts, Ac
47,733
35,617
138,388
14,726
4,435
9,310
2,617
9,809
749
759
4,264
452
6,978
1,863
886
Explosives, fuses, &c
Soap and toilet preparations...
Photographic and projection goods
701
1,202
1,293
4,533
9,799
5,995
3,073
All other finished manufactures
105,294
h35,254
in
shipments
have
these
have
in
been
and
usual
rubber,
132
increased
(1936 equals
in
inventory
occurred
233,465
344,444
large
noted
measure
slightly during June,
100)
1,397,654
in the
holdings,
Conference
after
allowance
in
and automobile equipment industries.
Conference
the
Board's
indexes
of the
value
inventories,
new orders, and shipments for June,
1940,
preceding month, and for the corresponding month of 1939, together
percentage changes.
These indexes (1936 equals 100) are adjusted
for the
with
for
seasonal
variation.
Percentage Change from
8,186
June,
May, 1940
June,
1940
(revised)
1939
May, 1940
June, 1939 6 Mos. 1939
to
to
to
JUne, 1940 6 Mos. 1940
2,021,628
Inventories
Undressed furs
3,822
23,693
4,077
Flaxseed
5,693
23,559
78,600
19,218
21,794
2,029
702
12,046
10,353
3,091
17,984
17,854
614
914
+ 22
+ 17
0
+ 18
+ 21
588
Bank Debits for Week Ended July 24,
a
Year Ago
5,807
323
3,778
2,632
175
176
1,510
Wool, unmanufactured
811k, raw.
2,809
4,536
22,546
8,582
6,228
Other textile fibers.c
1,267
1,858
43,126
6,795
Jute and Jute butts
Flax and hemp, unmanufactured
Pulpwood
+ 20
+6
94
4,993
1,733
43,875
50,127
11,208
1,087
1,653
2,592
2,740
2,775
Diamonds, rough, uncut.."..............
398
1,618
11,072
3,247
3,540
13,488
3,531
Diamonds for industrial
514
1,191
6,154
897
3,220
5,317
16,787
9,235
10,356
61,691
856
11,688
650
410
3,010
to
deposit accounts
Total debits during the
24 amounted to $108,144,000,000, or
4% above the total reported for the corresponding period a
13
weeks
ended
July
year ago.
These
239
3,376
14,366
14,556
728
3,167
13,258
Boston
New York
1,329
2,503
3,808
15,530
10,557
71,586
Tea
1,562
1,560
10,521
70,072
11,893
All other crude foodstuffs
2,887
4,024
16,497
19,206
1,525
15,162
10,405
2,601
809
RESERVE DISTRICTS
Week Ended
13 Weeks Ended
Federal Reserve District
July 24,
July 26,
July 24,
July 26,
1940
1939
1940
1939
$473
$457
$5,920
$5,578
45,980
5,634
830
3,645
3,555
45,618
414
372
Cleveland
536
500
5,769
7,355
6,398
888
5,528
5,300
Richmond
304
268
925
4,062
9,012
9,401
3,613
Atlanta..
230
212
1,068
1,292
1,244
1,021
Ac.).
Fodders and feeds, except hay
Vegetable oils, edible
July 29, 1940, by the
on
Philadelphia
*
Manufactured Foodstuffs—
Fish and shellfish (canned, prepared,
FEDERAL
4,848
2,765
12,143
Meat products
Cheese
reported
as
(In Millions of Dollars)
144
beans
are
SUMMARY BY
651
Nuts
Coffee
figures
Board of Governors of the Federal Reserve System.
2,841
Vegetables, fresh and dried
Bananas
(except interbank accounts),
July 24, aggregated $8,275,000,000.
8,854
3,206
Crude Foodstuffs—
Cattle, except for breeding..............
Wheat for milling and export...
1940, 5.2% Above
reported by banks in leading cities for the week ended
69,142
411
Debits
as
3,515
use
Manganese, chrome, and other ferro-alloying ores
All other crude materials
+ 17
136,416
2,033
3,315
Crude petroleum
+1
96
111
33,782
21,024
2,941
Tobacco, unmanufactured
Cotton, unmanufactured
110
110
111
26,025
12,098
Crude rubber
Oilseeds
131
117
Shipments
3,402
132
New orders
Hides and skins
or cacao
which
been
4,641
Imports for Consumption
Crude Materials—
Cocoa
advance
the clothing, iron and steel,
Stocks declined in the non-ferrous
industries.
following table gives
manufacturers'
inventories
to
gains
changes,
equipment
paper,
The
of
point
largest
seasonal
railroad
metal,
one
The
June, 1940
Total domestic exports
not
For those industries in
hl72,296
18,987
non-ferrous
did
a
manufacturers'
of
25,231
1,007
1,131
equipment,
shipments
8,173
19,469
1,641
Scientific and professional Instruments....
Firearms and ammunition
increases
months, but
four
or
on
rise of
a
index.
the
12,119
1,049
(new)
manufacturers'
of
rapidly,
most
June, with
industries.
reported in April and May.
three
value
1,602
35,695
._
Motor trucks and buses
electrical
in
seasonally adjusted basis, in the automobile equip¬
building material, railroad equipment, shoe, and clothing industries.
Shipments remain about 18% higher, however, than a year ago.
1,833
Metal-working machinery
Office appliances
Printing and bookbinding machinery
Agricultural machinery and implements
machinery,
value
by declines,
22,573
Well and refinery machinery
to lead the advance
ment,
6,699
Iron and steel advanced manufactures
Industrial machinery
continued
the
steel
the
rising
past
in
and
of
level
are
the
6,450
60,970
Radio apparatus
the
4,308
iron
index
orders
for
increases
and
The
615
industries
4,742
6,124
Chicago
1.069
3,235
15,773
14,747
1,169
,
2,928
6,308
5,287
fit. Emits
236
223
Cane sugar—From Philippine Islands
From foreign countries
3,382
7,417
5,615
4,356
30,006
23,069
3,163
Minneapolis.
149
142
7,340
2,259
22,309
2,006
41,912
208
271
Whisky and other spirits
3,380
3,472
19,632
3,422
22,361
203
188
547
7,472
1,704
Kansas City...
Dallas
2,661
3,788
4,802
2,471
San Francisco..
648
610
4,171
8,638
4,763
23,873
23,594
7,950
$8,275
$7,865
$108,144
$103,889
Wines
All other manufactured foodstuffs
Semi-M anufacturcs—
772
Leather..
472
5,139
3,206
3,731
5,397
19,939
Wool semi-manufactures
461
598
3,490
29,174
2,882
Rayon filaments, short and tops
813
126
4,078
Total, 274 reporting centers..__
New York City*
140 Other leading centers*
2,305
Expressed oils, Inedible.d
*
Sawed boards, sidings and lumber (except
railroad ties)
1,398
1,757
7,599
6,262
4,476
32,322
1,153
1,801
1,976
5,856
12,842
41,402
42,161
3,977
57,588
592
9,154
53,417
8,311
Centers for which bank debit figures are available back to 1919.
33,949
13,703
1,063
3,296
673
9,106
Woodpulp
3,347
4,255
133 Other centers
Gas oil and fuel oil
g
_
Diamonds, cut but not set
14,638
311
61
1,663
4,159
1,415
3,039
Tin (bars, blocks,
6,412
52,099
Employment and Payrolls Increase from May
31,069
Nickel and alloys
19,520
10,288
Illinois
1,081
4,026
Iron and steel semi-manufactures
Copper .e
11,541
29,671
Coal-tar products „d
Industrial chemicals.d
819
542
10,742
1,449
696
9,900
6,486
Fertilizer, d
2,262
2,006
19,067
All other semi-manufactures
5,540
7,237
34,286
18,194
36,884
pigs)
Finished Manufactures—
Leather manufactures
4,635
293
257
3,354
2,174
2,858
2,281
566
469
18,485
4,340
16,032
3,576
Burlaps..
2,172
14,344
22,216
Manufactures of flax, hemp and ramie
Wool manufactures
1,464
10,869
8,253
9,507
9,237
Cotton manufactures.
Cotton cloth.......
....
to
14,796
1,532
3,281
1,227
1,354
811k manufactures
545
339
3,645
3,025
Shingles
987
622
4,018
3,638
Increases
0.7% in employment and 1.5% in payrolls
May to June, 1940, were indicated for wage earners
from
in
the 6,633
reporting Illinois manufacturing and nonmanufacturing establishments for June, it was announced
July 22 by the Illinois Department of Labor.
Further de¬
tails were given as follows:
The
May to June increases in both employment and payrolls exceed the
17-year average percentage May to June increases which were
in employment and 0.6% in payrolls.
It is evident that some of
previous
0.1%
the improvement in employment from May to June was due to non-seasonal
factors.
9,710
11,675
52,747
58,461
Other paper and manufactures
873
797
Pottery-
544
569
5,765
3,095
4,422
3,147
contra-seasonal
increases
Steel-mill manufactures
840
238
6,954
2,129
and
group
1,081
771
7,759
5,109
increases
Newsprint
...
Machinery
Works of art
a..;
817
1,192
10,631
5,943
8,623
7,732
2,488
56,411
14,684
47,253
2,460
178,373
205,397
1,071,673
1,243,440
...........
All other finished manufactures
Non-commercial Imports f
..........
Includes
a
a
small
Item which Is not
a
semi-manufacture,
Includes sisal, manila, kapok, New Zealand fiber, crln vegetal,
e Chiefly
unrefined copper
t Chiefly merchandise returned.
A Partly oil used for
refueling vessles and for refining and export,
h Includes merchant vessels valued
at $7,673,000 In June and $24,932,000 In six months ended June.
scrap and waste,
c
d Includes a few items not semi-manufactures,
Ac.
refining and export,
for
improvement from May to June
both
in
products
Nine
from
the
machinery
textile
12,001
b Includes tin plate
of
Much
groups
Total Imports for consumption
June
of
of
the
in
employment and
may
payrolls
of manufacturing industries,
items
for
the smaller
wood
and
be attributed to the
for the
and
large metals
the contra-seasonal
allied products
and the
industries.
12
groups
of manufacturing industries and five of the six
of non-manufacturing industries reported
May to June,
1940.
increases
in
employment
"
and
payrolls in all reporting industries in June, 1940,
7.2% and 10.7% higher, respectively, than in June, 1939, and
14.0% and 24.1% higher, respectively, than in June, 1938.
Reports from 2,406 manufacturing establishments covering 425,561 wage
earners
in
June show increases of 0.9%
in employment and 2.2% in
Employment
were
were
payrolls from May to June.
These changes are both more favorable than
previous 17-year average changes for manufacturing industries, which
the
Conference
Board
Reports
Manufacturers'
Orders
Continued Upward
Trend in June—Inventories and
Shipments Show Little Change
Orders placed with manufacturers advanced during June
for
the
third
ventories
consecutive
showed
little
month, while
change
from
shipments and
the
level
of
in¬
we
*'
rose
an
July 29
also quote:
The
to
Board's
seasonally adjusted index of
117 in June
increase
compares
of
with
26%
an
from
from
revised
a
the
1940
low
of
93
increase in production of 15%
orders
(1936 equals 100)
figure of 110 in May.
This represents
new
registered
an
decline of
average
0.1%
in
0.4% in payrolls from May to June.
Reports
from
wage
earners
than
0.1%
employment
and
average
increase
...
4,227 non-manufacturing establishments covering 210,204
in employment and less
in June show an increase of 0.5%
in payrolls.
These changes
increase
may
be
compared
with
cent increases of 0.4% and 0.5% in employment and pay¬
rolls for non-manufafcturing industries during the previous 11-year period.
the average per
com¬
piled by the Division of Industrial Economics of the Con¬
From the Board's announcement of
of
recent
months, according to the preliminary indexes for June
ference Board.
were
in March, and
from the 1940 low level.
Unemployment
Declined 7% in
June,
According to
Conference Board—Jobless Placed at 8,199,000
Six
hundred
and
thirty thousand formerly unemployed
found jobs between May and June, according to the
preliminary estimate of employment and unemployment pre¬
pared monthly by the Division of Industrial Economics of
the Conference Board.
The unemployed totaled 8,199,000
persons
The Commercial & Financial Chronicle
616
of 7J%.
the jobless in June, and the construction
industry 210,000.
Lesser, but sizable, gains occurred in the service indus¬
tries, which provided 87,000 additional persons with work; manufacturing,
which called back
70,000, and transportation, 49,000.
Other industries
showed
which
8,000;
utilities,
finance
and
Mining
in
May were;
Public
forestry and fishing, 2,000, and the trade, distribution
19,000.
group,
which showed a drop in employment
less than 1%, but contra-seasonal.
was the only industry with a contra-seasonal employment
the other employment gains were equal to or greater than
All
increase.
the
of
each
June, 1940, than in June, 1939, in
industries, with gains ranging from 1,000 persons in public
were
persons
utilities
to
The
employed in
labor
emergency
the unemployment
the month, 32,000
the Work Projects
is included in
which
force,
had 276,000 persons lopped from its rolls during
the Civilian Conservation Corps and 244,000 from
total,
from
the distribution of employment by industries
1940, as well as those for June, 1939, March,
and the 1929 averages are shown in the following table:
Unemployment totals and
April, May and June of
1933,
Cumidatire
Current
65
87,746
104,945
196,174
Jan.
13
110,169
74
20.-
111,332
120,791
115,419
187,002
Jan.
183,699
72
Jan.
27
111,954
121,596
75
71
Feb.
3
106,954
115.988
176,308
167,240
72
71
106,292
114,463
159,216
71
71
Jan.
6
--
10-.
69
70
145,706
70
71
108,784
114,156
142,554
69
71
104,466
113,710
137,631
69
71
111,714
112,855
138,446
69
71
107,024
114,958
132,455
70
108,134
113,555
70
102,462
107,853
130,871
129,466
70
Mar. 30
67
70
Apr.
6
105,140
111,431
123,255
68
70
Apr.
13
101,097
Feb.
17
Feb.
24
Mar.
Mar.
-
2
9
Mar. 16
-
115,189
71
129,869
105,929
147,254
66
70
146,057
117,388
175,162
72
70
Apr. 27
139,841
122,194
193,411
75
May
4
May 11.
136,203
125,823
204,612
77
71
130,202
122,868
210,488
74
71
70
157,023
242,787
76
71
143,505
129,536
254,638
79
72
June
121,378
247,644
75
72
72
May
123,579
1
115,557
June
8
137,283
124,679
257,836
77
June
15
119,998
127,346
245,818
79
72
June 22
125,377
128,914
241,099
79
73
June 29
EMPLOYMENT
UNEMPLOYMENT AND
18
May 24
Administration.
for
Tons
Activity
Orders
Tons
Apr. 20
in manufacturing.
603,000
Production
Mar. 23
time of year.
at this
usual increases
Week Ended
Feb.
industry
only
the
was
Manufacturing
'More
over
this was small, amounting to
June;
the
June
in
increases
employment
Received
Tons
Agyeulture absorbed 234,000 of
ACTIVITY
Percent of
Unfilled
Orders
1940
3,
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL
June, having dropped from 8,829,000 in May, a decline
Under date of July 29 the Board further said:
in
Aug.
125,347
128,842
236,693
80
73
73
July
June,
April,
*May,
*June,
1933
1939
1940
1940
1940
Avge.
429
14,762
8,933
9,017
8,829
47,925
35,884
45,431
45,926
46,172
10,539
9,961
11,661
11,431
11,567
267
214
211
216
10,966
15,565
15,956
15,983
16.316
72
72
20
77
73
July
27
114,756
123,141
208,721
201,436
74
73
♦
218
19,097
60
222,096
127,246
11,801
136
232,315
115,099
113,750
46,860
Agriculture
Forestry and fishing._,
99,821
104,942
8,199
Employment total
96,939
13
July
March,
1929
6
July
(In Thousands)
Unemployment total
Total Industry
1,067
711
744
746
741
6,966
9,888
10,421
10,491
3,340
—
1,969
2,179
1,859
1,859
1,905
1,954
949
936
942
950
7,436
7,455
6,407
7,388
7,711
9,688
10,004
10,033
10,120
1,012
and services—
Miseell. industries
7,390
9,003
Service industries
*
2,159
865
8,007
distribution and finance..
Trade,
941
1,549
1,167
Construction
Transportation.
Public utilities
10,476
1,940
2,465
[ Manufacturing
^
645
11,059
minerals
1 Extraction of
703
915
934
937
950
Preliminary.
Automobile Output in
complete units or
vehicles, of
which 286,010 were passenger cars, and 58,596 were com¬
mercial cars, trucks, or road tractors, as compared with
391,215 vehicles in May, 1940; 309,738 vehicles in June, 1939,
and 174,670 vehicles in June, 1938.
These statistics, com¬
prising data for the entire industry, were released today
by Director William L. Austin, Bureau of Census, Depart¬
the
States
United
and
the
20, 1940,
greater than in the previous week; shipments
greater; new business, 11% greater, according
to the National Lumber Manufacturers Associa¬
11%
was
14%
were
to
reports
during the week ended July
0.4% below production; new orders,
1939,
Compared with the corresponding week of
duction.
production
3%
was
business 10%
new
Shipments
11% above pro¬
and softwood mills.
hardwood
representative
were
operations of
regional associations covering the
from
tion
1940
Movement Week Ended July 20,
2%
shipments
greater,
the
seasonal
average
1929
Year-to-Date
production
weeks
corresponding
and
orders
new
of
were
making
passen¬
taxicabs.
for
The
for commercial
figures
those for ambulances,
station
fune-Tal
trucks, and road tractors
cars,
fire apparatus, street sweepers,
cars,
and buses, but the number of such special purpose vehicles
wagons,
small and hence a negligible factor in any analysis for which the
very
figures
be
may
used.
Dominion Bureau of
production
Canadian
figures
are
supplied by the
Statistics.
Figures for previous month appeared in the June 29, 1940,
issue of the
"Chronicle,"
4043.
page
CHASSIS)
NUMBER OF VEHICLES (INCLUDING
United States (Factory
Canada (Production)
Sales)
Year and
Reported
ments
manufacturers
It should be
trucks,
car
tractors).
and commercial cars,
tractors have been included in the number shown as
include
reported;
weeks
passenger
road
ears
cars
read
further
Association
The
shipments.
22
or
and in the number shown as making commercial cars, trucks, or
tractors, respectively.
The figures for passenger cars include those
ger
is
trucks,
passenger
and 61 making commercial
cars
(11 of the
cars,
making both
72 manufacturers in
data received from
on
making passenger
commercial
those
weekly average of 1929 production and 79%
of
that
22
as
The Bureau's announcement also said:
based
are
road tractors
or
making
road
or
States,
trucks,
cars,
also
noted
and
greater,
The industry stood at 73% of
greater.
United
1940
reported
1940, consisted of 344,636
for June,
vehicles)
Statistics for
Lumber production
United
from parts made in
(including foreign assemblies
States
ment of Commerce.
Report of Lumber
June
Factory sales of automobiles manufactured in the
1940
were
to
the
for
Comparisons
IAll
weeks of 1940 to date
29
Pas¬
Passenger
Cars &
Cars
Trucks
Trucks,
Vehicles)
7% above
was
Comm'L
senger
Total
Total
Month
Cars
&c.
of 1939 ; shipments were 6% above the shipments,
6% above the orders of the 1939 period.
For the 29
May..
391,215
325,676
65,539
21,277
12,677
and ship¬
June..
344,636
286,040
58,596
17,930
8,739
9,191
2,428,528
2,027,430
401.098
110,912
72,286
38,626-
date,
business
new
4% above production
was
4% above production.
1940—
Tot. 6 mos. end. June
8,600
Supply and Demand Comparisons
1939—
unfilled
ratio of
The
compared with 19%
year
a
orders
year
stocks
ago; gross
to
gross
stocks
20%
was
Unfilled orders
ago.
were
1940,
July 20,
on
2% greater than a
May.
297,542
237,870
59,672
15,706
309,738
246,704
63,034
14,515
11,585
10,585
4,121
June
1,961,989
1,582,151
379,838
93,759
69,968
23,791
May
192,059
154,958
37,101
4,474
174,670
136,531
38,139
18,115
14,732
13,641
June..
11,014
3,718-
1,203,343
936,517
266,826
102,158
76,102
26,050
3% less.
were
Tot. 6 mos. end. June
3,930
Softwoods and Hardwoods
During the week ended July 20,
feet
of
booked
softwoods
of
orders
Mills,
were:
orders,
feet;
wood
mills
production,
;
105
hardwood
above production.
feet,
or
251,271,000
feet;
226,852,000
feet;
219,955,000
shipments,
as
reported
mills
give
Shipments
10% above the production
or
for the
Production
as
63% above production.
new
same
was
business
as
reported for the
Production
was
week
10,412,000
week
feet,
were
or
were,
orders
received,
hardwoods,
264,364,000
identical
86
5,878,000
ago
233,744.000
respectively,
feet
8,440,000 feet,
and
feet
mills
and
and
production
feet;
to
Re¬
Department of Agriculture
supplies of the bread grains-
Total continental European
and
wheat
rye—this
appear
year
to
5%
to
10%
under
peace-time consumption requirements, the Office of Foreign
7,180,000 feet.
238,573,000
reported
6,977,000
and orders,
feet
ports to
45%
11,688,000
Agricultural Relations reported on July 29 on the basis of
during week ended July 20, 1940, of 394 identical softwood
240,764,000 feet, and a year ago it was 231,435,000 feet; ship¬
ments
Reduced, According
Food Supplies
European
Reports
245,069,000 feet.
same
of the
239,583,000
were
Identical Mill Comparisons
was
Tot. 6 mos. end. June
1940, by 427 soft¬
Production
mills
1938—
Revised figures for the preceding week
270,774,00® feet,
Shipments
feet, or 2% below production.
from
252,249,000
produced
shipped
reported for the week ended July 20,
totaled
mills.
combined;
281,186,000 feet.
502
514 mills
1940,
hardwoods
253,977,000 feet.
Lumber orders
same
and
feet.
this
shipments,
In
year
and
feet,
230,155,000
the
case
and
8,677,000
a
feet
of
year
and
8,120,000 feet and 9,446,000 feet.
feed
appearing
report;
in
the
weekly
Crops and Markets," says also
"Foreign
supplies
Feed
but
The
information.
latest
publication,
be deficient by
will
probably
that
10% to 15%.
grain production, it is stated, will be about normal,
shortage of food concentrates in Denmark, The
the
Netherlands and parts of
Germany, countries which depend
imports, will be particularly acute.
From the
announcement in the matter we also quote the following:
heavily
Current
Weekly Statistics of Paperboard Industry
We give
herewith latest figures received by
National Paperboard Association,
to
us
from the
Chicago, HI., in relation
The members
of
this Association represent 93 %
and its
program
includes
exist,
than
a
of the
statement each
figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
a
the
to
especially
the
normal
in
usual
corn
1940
as
there
widespread
reporta.
ized,
and
a
crops
distributed,
no
Fairly
the
Axis
central
large
countries,
levels.
peace-time
in
Fruit
crop.
If
apparently will be about 15% below normal,
crops
report.
The
bread-grain
Europe
northern
and
however, are believed to
they probably are larger
stocks,
where
by
a
shortage
potato
may
crop
be
about
better, and in the south and southeast by a better than normal
or
the continent
week from each member of the orders and production, and
also
bread-grain
according
partially offset
activity in the paperboard industry.
total industry,
on
But
prospects
are
and
stocks
would
be
starvation,
already
no
the
communications
people
bright, but the vegetable supply for
be normal or better.
not
whole probably will
in
great
on
hand
abnormal
Office
have
numbers
of
been
were
to
be
food
proportionately
and
shortage
of
Foreign
Agricultural
disrupted,
have left
certainly
Relations
distribution disorgan¬
their homes.
In
the
larger
Volume
cities
of
the
to
recently invaded countries and in other
gathered,
are
supplies
of
food
for
are
buy.
supplies
occupation
soon
sale economic
The situation
invaded
is
further
subsist
will
be
may
inadequate.
dislocation
leaves
if
not
wholly
food
where
Even
without the money
many
aggravated by the
largely
where refugees
areas
and
were
hog numbers
continental
in
7%
by
greater
and
14%,
Europe at the beginning of the
In
countries
where
livestock
farmers
depend on imported feeds—Denmark,
The Netherlands, Belgium and part of
Germany—there is serious need for
concentrated
will
have
the
winter
Short
be
but
will
have
now
summarized
by
with
the
Wheat
000,000
10%
and
of
of
usual
Foreign
by
is
have
through
safely
Great
to
Britain.
Agricultural
Economics
Relations
in
about
follows:
is
and
consumption.
as
small
Even
imports.
100,-
probably
supplies
are
no
grain shortages may be partly offset in central
by
of
use
and
potatoes
grain flour, and in south by substituting
mixing
of
It is possible a
greater use may be made of German stocks than assumed in this estimate.
Although
indicated
the
feed
total
in
crops
supplies
Continental
will
10%
be
Europe
15%
to
may
low,
be about normal}
largely because of
drop in imports of concentrates.
Also, surplus feed of southeastern Europe
will
not
be
deficit
use
for
food
readily available
of
to
the northwest
countries of
than
potatoes
more
usual
will
The
feed
livestock
shortage
and
be
In
feed
winter
and
reduced,
normal
supplies
Europe consumption
production.
Information
likely
it is
that
be able to
may
and
heavily
cut
slaughter
will
poultry
of
supplies
egg
will
Increased
temporarily
slaughter
fill
give
of
increased
northwestern
in
cessation
of
exports
to
But
the continent.
for
and
stocks
restrict world
in July from
Average
United
States
Absorbing
Guatemalan
Incresing
Proportion
Exports
of
Coffee
The
following was made available July 31 by the Bureau
Foreign and Domestic Commerce, U. S. Department of
Commerce, based on a report from the office of the American
Commercial Attache, Guatemala City:
of
The heightened importance of the United States
mala's coffee exports since the outbreak of
as
outlet for Guate¬
an
is indicated in export statis¬
war
fat
normally is about
oils
of
fats
above
oils
and
is
not
Germany
average.
deficit from
Danube basin
the
but the aggregate fat supply for Continental Europe this
probably will be about 25% short.
sugar
available
in Continental Europe this year probably will
provide for normal consumption.
Stocks were low at the beginning of
Denmark,
The
but
large
a
crop
that
produced
was
During that period, aggregate Guatemlan coffee shipments abroad amounted
510,663 bags (of 132 pounds each), a total slightly under that of the
to
corresponding 1939 period.
the American
and
year
During the January-June period of this
absorbed
market
404,949 bags, or 79.3%
compared with 272,858 bags, or 53.1%, in
Sweden and The Netherlands followed the
year
of total exports,
the first six months of 1939.
United States
purchasers of
as
Guatemalan coffee in the period under review, accounting for
8.5%
winter
1939,
blockade and govern¬
greatly
may
The average spot price of raw sugar
during July declined
approximately 2 lA points from the June average of 2.700c.
to 2.677c. duty
paid basis, according to B. W. Dyer & Co.,
New York, sugar economists and brokers.
During the latter
part of July a price of 2.63c. was established, which
repre¬
sented the lowest price since
December, 1934. The average
for the period January through
July is computed as 2.784c.,
compared with 2.802c. for January through June.
The Dyer firm reports the refined
sugar average price for
July as 4.316c. net, a decline of about 53^ points from the
June average of 4.373c.
The January-July average is given
as
4.396c., against 4.409c. for January-June.
6.3%,
rationing
respectively.
Germany,
which
shipments in the first half of 1939
took
Republic
underway and in the first half of the
19%
of
Guatemalan
and
coffee
of the market in 1940.
was out
The 1939-40 coffee season in the
been accumulated before the
not
are
her
of
part
fats
have
may
supplies
present
some
of
current
on
available, but despite supplies that
war,
Netherlands
winter.
comes
almost
leave
The
butter, meat and fats will be toward scarcity.
Continental
twice
and
coming
Although
heavy
may
of
the
as
supplies.
Britain
trend
Denmark
in
poultry
fat
will
Europe
in
production
and
Great
the
The
years.
tics for the first half of the current year which have
just been published.
dairy
meat
recent
June
The
the
aggravate
situation.
into
in
countries, however,
Average Spot Price of Raw Sugar Declined
with
potatoes
for wheat.
corn
trade
world
in surplus
movement.
shortage of about 5% to
a
Rye
as
coopera¬
1941, a net deficit of between
indicated,
the
Although
situation
the
peace-time,
crop
made up by
presumably
been
blockade
On the other hand,
year.
in
short
a
June,
in
bushels
Bread
Europe
herds
and
Flocks
carried
British
went
as
Agricultural
wheat
the
once
as
of
reduced
wheat.
northern
normally
of
accurate
carryover
150,000,000
the
than
worse
be
can
imports this
food
as
Office
Bureau
supplies
minimum
a
and
Europe
continuation
not
the
feed-grains.
that
policies
wheat
617
1914.
in
supplies.
such
is
and
numbers
to
drastically reduce such
information
with
oil-cake
as
feed
Continental
in
imports,
Continent
tion
such
reduced
local
on
crops
overseas
would
feeds
to
than
respectively,
mental
double
the
of
supplies
the
on
about
are
the armies
that
fact
countries.
Cattle
war
The Commercial & Financial Chronicle
151
crop
was somewhat late in
getting
(July to December, 1939)
year
total exports were
only 201,879 bags, compared with 268,375 bags during
the similar period of 1938.
After Jan. i, 1940 and up to the time of the
of
extension
European hostilities to the Scandinavian countries and the
Netherlands,
June
of coffee
exports
were
more
distinct lull in shipments abroad
a
was
active,
but
during
May
and
registered.
reduced
consumption.
Although the
harvest of
invaded
the
to
in
fruit
1940
1939,
25%
ing
is
crop
alone.
and
areas
much
as
seen
large vegetable
a
Germany
there
Farm Products Prices Hold to Mid-June
Level, Reports
Agricultural Marketing Service
the acreage increas¬
be
may
local
shortages
in
The July
elsewhtre, it is impossible under present conditions
supplies of either perishable fruits
move
the heavy
smaller than
is indicated;
crop
Although
vegetables
or
15 level of prices received by farmers for prod¬
in
sold
ucts
distance.
any
local
markets held unchanged from the midthe Agricultural Marketing Service reported
Prices of fruits, grains, and cottonseed declined
June average,
July 29.
on
Wheat
Domestic
Prices
Continue
Well
Above
World
Levels, Says Bureau of Agricultural Economics
A
prospective United States wheat crop
than
annual
disappearance,
the
maintained
little larger
very
current
of
movement
during the month,
a
six
of
continuance
into storage, and the announcement
the
month
point
tended
to
keep domestic wheat prices well above world levels, it was
indicated
by
Bureau
the
Agricultural
of
Economics
on
July 29 in its monthly analysis of the wheat situation.
Bureau
that
states
although domestic wheat prices during
the past month have
a
new
continued to
downward toward
move
basis, they are still above prices of
crop
The
year ago.
a
Prices in other surplus-producing countries are depressed by
large
supplies
world
Bureau goes on to
The
domestic
be
to
about
cates
probable
a
bushels
about
of
about
indicated
a
supplies
of
280,000,000 bushels.
With
3,000,000
bushels
required
000,000
bushels,
1940-41
are
for
very
the
uncertain.
and
domestic
as
a
1939-40
a
the
year
in
be
States,
wheat
World
a
the
supply
largest
1940-41,
but
from
this
stocks
about
330,-
prospects for
exports totaled about 46,000,000
about
is
1939.
to
partly
is
by
wheat
basis
and
China)
for
200,000,000
bushels
of
less
estimated
an
the
Northern
12%
below
about
The
Hemisphere
that
1,170,000,000
European
1938
or
other
hand,
production
the
bushels
unofficial
than
a
increase
reports,
year
in
ago,
carryover
of
the
military
3,400,000,000
The indicated
total'
for
bushels,
total,
harvest.
In
the
harvest
a
year
in
Southern
may
earlier.
than
Australia
and
countries,
June
15,
poor
wheat
crop
be
Hemisphere, where
between
25,000,000
Production
in
Argen-..
the small crop of last year.
have been too dry and a
political
in
at
Europe,
world
any recent year if
conditions.
estimated
about
15
Exportable
result
point during the
one
largely
the
because
ratio
index
The
ago.
of
of
three-
a
received
paid,
led
the
above
the
July
declines
point
15,
and
15 points.
declined
Meat
animals
averaged
eggs
were
with
up
year
a
Lint
to
a
including
higher than
as
a
held
sharply
point
was
on
but
with
down four
unchanged
from the
eight points above
to
a
higher, than
year
on
Prices
ago.
June
15,
while
points.
seven
earlier,
the index of
and meat animal prices,
products, up 9;
month,
Compared
group
averaged higher than
one
the
level.
1939,
cotton
advanced
during
prices received for grains
13 points; cotton and cottonseed, up 7; chickens and
up
of
prices
prices
127—one
point to
one
fruit
figure and again
products
Compared
nine
and
average.
dairy
dairy
year
declined
grains
substantially
June
was
declined
average,
a
the index of prices received for grains
mid-June
of
a
As
78% of the 1910-14 level compared with 77
was
74
taxes,
of
Fruit
points.
the
and
1910-14
prices.
1939.
remained
points higher, and commercial vegetables
3.
up
were
eggs,
down 1;
Fruit prices
were
three points lower.
Cash Farm Income in June Was Below
May But Above
June, 1939—Six Months' Total 8% Above 1939
Cash farm income from marketings and Government pay¬
in June amounted to $587,000,000, compared with
$583,000,000 in June, 1939, and the revised estimate of $620,000,000 in May, 1940, the Bureau of Agricultural Economics
ments
reports.
The decline in income from farm marketings
May to June was due partly to the lateness of the
from
season
this year, which greatly reduced marketings of early
wheat, apples, and peaches, and partly to the decline from
May to June in prices of livestock and livestock products.
Income from all groups of livestock and livestock products
it
trade
were
supplies
1,000,000,000
in
not
in
bushels,
after
seasonal
adjustment,
the
occurring in income from meat animals.
farm
marketings
was
greatest
decline
Cash income from
somewhat higher in June than
a year
$562,000,000, compared with $531,000,000
and $592,000,000 in May, 1940.:- Govern¬
ment payments in June totaled $25,000,000, less than half
the $52/XX),000 in June last year.
The Bureau further
totaling
earlier,
in
June last year
reports:
For
ment
the
of
first
payments,
totaling
probably would be well above that of
European
surplus-producing
about
result.
indicated
and
Prices
declined
be
which is about 7% below
excluding Soviet Russia, may be
about 20% less than in 1939, and almost
conditions
may
may
last year.
of
expected to be materially larger
Because
the
on
450,000,000
offset
is
decline in
for
is
largely
year
nearing completion, the
75,000,000 bushels larger than
the
On
this
1,360,000,000 bushels,
seeding
Russia
100,000,000 to
earlier, when they totaled about 5,460,000,000 bushels—
on
record.
Prospective world wheat production in
below1 the record
25%
tina
in
America
about
and
or
for
that
Soviet
be
may
July 1, 1940, of about 250,000,000 bushels.
Production
bushels,
1940,
350,000,000
decrease
on
North
year
estimated
be
may
(excluding
supplies
beginning July 1,
smaller than
interest
July 15,
the
bushels.
year
their
of
feed
in
earlier
month
and
Export
ago.
The announcement
to
the
bushels,
United
will
as
of other products
on June 15, but
as
carryover
wheat
675,000,000
of
data
probable
utilization of
probably
carryover
same
July 1 indi¬
(about 1,000,000
122%
prices paid in mid-July
likely
marketing
on
available
indicate
for possessions
In
bushels
approximate
to
and
export
about
or
The
seems
the
for
as
wheat crop
earlier),
wheat
still
season
same
the
729,000,000
old
expected
supply "available
of
month
season
with
1940-41
about the
condition
marketing
new
the
for
bushels,
The
outturn
and
trade.
same
by farmers for commodities
paid
to
decline
chickens
supply
30.
than
more
utilization
the
of
wheat
June
world
say:
1,000,000,000
ended
season
restricted
and
prices
95, the
points higher than a year earlier.
export-aid program have
crop
of
at
continued:
Prices
large part of this
but advancing
index
the
1939.
higher
six
months
was
of
1940
$292,000,000
(9%)
than
in
the
first
dairy products continued to show
year
cash
farm
higher
income, including Govern¬
(8%)
than
a
year
earlier,
compared with $3,532,000,000 in the first half
Income from farm marketings of $3,414,000,000 was $296,000,000
$3,824,000,000,
half
of
1939.
Income
from
grains
and
the greatest increases compared with
a
earlier, although in recent months income from fruits and vegetables
The Commercial <£ Financial
618
higher than in 1939.
Government payments in
amounted to $410,000,000,. compared with
been substantially
has
also
the
first
of
months
six
1940
in the corresponding period last year.
seasonally adjusted index of income from farm
of the 1924-29 average in May to 69.5
$414,000,000
The
80.0%
from
marketings declined
in June.
In June
the index of income from farm marketings was 63.5% of the
1924-29 average.
Income from wheat continued to decline in June instead
of making the usual seasonal increase, and income from corn, rye, and
rice declined more tlian seasonally from May to June.
Income from fruits
increased more than usual from May to June, as the increase in income
from strawberries more than offset the relatively low income from apples
last
year
declined slightly more than sea¬
in income from potatoes, as lower
the large volume of marketings.
A
marketings of meat animals was
accompanied by a reduction of about 6% in prioes, so that income from
all meat animals declined much more than seasonally from May to June.
The decline in prices of butterfat more than offset the increase in sales,
and
vegetables
from
Income
peaches.
sonally in spite of the marked increase
for truck crops more than offset
greater-than-seasonal decline in the
prices
with
result that
the
from
income
dairy products increased less than
sea¬
decline in local market prices of eggs from
May to June largely accounted for the decline in the seasonally adjusted
The contra-seasonal
sonally.
income
June
to
much
poultry and
from
Prices
of
eggs.
particularly hogs, increased considerably from
animals,
meat
July, and marketings of wheat and fruits are expected to show a
than seasonal increase in this period.
These factors indicate
more
greater-than-usual seasonal increase in farm income from June to July.
However, because of the importance of wheat in the total farm income
a
in
July and
somewhat
farm
the fact that wheat prices during the month have averaged
than the loan price on wheat, the level of income from
lower
July
in
marketings
large extent by the
placed under loan. Govern¬
expected! to total about the same as in June,
will
be
influenced to a
promptness with which the new wheat crop is
ment
payments in July are
which
means
that they are likely to be lower than
the $36,000,000 received
by farmers last year.
Chronicle
Aug. 3,
1940
and would not be sought in
that did not apnear to affect national defense."
Dispatches from the West Coast at week-end indicated a
possible settlement of the suit filed by the Government
against 41 oil companies and associations in Los Angeles
charging violation of the Sherman anti-trust act on the basis
of widely-circulated reports that negotiations are under way
whereby the companies involved will enternolo-contendre
pleas.
Under this plea, the companies would be open to
$5,000 fines but they would deny their intent to do wrongful
acts.
The Government is not adverse to such a move, it was
case.
Its opinion has not been
any case
reported, since this would eliminate the costs of court action.
Harry F. Sinclair, Chairman of the executive committee
of the Consolidated Oil Corp., speaking Thursday before
the
Texas
Railroad Commission as a specially-invited
"guest" in view of the recent price cuts in North Texas
crude, said "as between the present situation—under the
dominance of those who now determine the prices at which
products shall be sold—and Government control, fairly and
intelligently exercised, I am ready to advocate Government
control".
"I share with most Texans their strong
aversion to further
continued, "but I say
to you in all earnestness that we cannot continue to exist
under a system which is half free and half slave; or under a
compact which holds certain States in rigid check and permits
other States to do as they please.
If there is to be no uni¬
formity with respect to regulation of production, the logic
of the situation, whether we like it or not, will bring about
extension of Government control," he
Federal control."
Mr. Sinclair
Petroleum
Its
and
"Delays"
Products—Department
Anti-Trust
Suits—Awaits
of Justice
Advice
of
National Defense Committee—Sinclair "Advocates"
Government
Operation of Industry—Daily Average
Output Rises—Crude Stocks Show Gain—
Thompson
Removed from Oil Compact—Great
Crude
Britain
Starts
Rumanian
"Reprisals" Following
After having indicated that it planned to file a "compre¬
hensive" civil suit against the oil industry charging anti-trust
violations,
Monday (July 29) the Department of
was "delaying" such action pend¬
ing the answer of the National Defense Advisory Commission
to the request of Attorney-General R. H. Jackson as to just
what effect a suit of this nature might have upon the defense
on
Justice announced that it
needs of the nation.
The Defense
Advisory Commission asked for time in order
fully acquaint itself of the situation before giving approval
to the contemplated action a move that was characterized by
Attorney-General Jackson as "entirely reasonable." It had
previously been the recommendation of Assistant AttorneyGeneral Thurman Arnold, in charge of the anti-trust di¬
vision, that the matter of the commencement of the suit be
taken up with the defense commission to ascertain its reaction
as to any possible effect of the suit
upon the national defense
picture.
"The Anti-Trust division of the Department of Justice on
July 24 recommended that I authorize the commencement
of a comprehensive civil suit against 22 major oil
companies
and their subsidiaries and affiliated companies comprising a
large part of the oil industry of the United States," Attorneyto
General Jackson said in a statement.
"This suit seeks to
force these companies to divest themselves of certain types of
properties, such
as
pipe lines and tankers and marketing
facilities and to
so
inform itself
to the effect of this action
disintegrate companies so as to separate
transportation and marketing from the production of oil.
"It is obvious," he continued, "that the supply and trans¬
portation of oil now have relation to the national defense.
Assistant Attorney-General Arnold recommended that the
matter of commencement of the action be taken up with the
National Defense Advisory Commission to ascertain its
opinion as to the effect on the national defense program.
I
directed that this be done before determining whether to
authorize the commencement of the action, and on July 26,
the matter was presented to the Commission.
"The action has been the result of a long
history of litiga¬
tion, the relief demanded is extensive, and the bill of com¬
plaint is lengthy.
The Commission has requested time to
as
defense interest before
its
on
the national
furnishing the Department of Justice
views.
"This request of the Commission for time to inform them¬
selves before giving their approval to this action was ob¬
viously reasonable and has been granted," he continued.
"In addition to the
informed that there
complex^ nature of the action itself,
lam
specific problems relating to pipe line
transportation, the manufacture of synthetic rubbe • and
are
other matters in which the Commission
may
fense requirements can be met
find that d°
only by the investment of
additional
sums
in
properties
as
to which this action seeks
divestiture.
N "The Commission did not want to render a
snap judgment,
nor did I want a snap
judgment from the Commission. I
have conferred for
an
hour this morning
to
me
time to consult another doctoi."
Hurley, former Secretary of War and attorney
Consolidated, also appeared before the Commission,
stating that "Government agencies should administer the
laws as they are written and not attempt to make laws for
their own administration that violate the laws enacted by the
Legislature." Mr. Hurley accused the Commissions of the
various States and also the Interstate Oil Compact Com¬
mission of using the power to conserve and prevent waste as
a weapon with which to conduct reprisals and to punish those
who meet competition by reducing the price of crude oil.
A sharp expansion in production in Texas lifted the daily
average crude for the country by 110,050 barrels to 3,690,000
barrels, according to the mid-week report of the American
for
Petroleum
questions
this department has asked of it.
It has not sought nor
suggested abandonment of the action in this or any other
Institute.
This
month that daily average
market demand estimate
is
the
first
time
around
in
a
production has exceeded the July
of
3,628,400 barrels
set in
the
market forecast of the U. S. Bureau of Mines.
A
"temporary" gain of nearly 190,000 barrels lifted the
average figure for Texas to 1,354,200 barrels with all of
the other major oil-producing States showing lower daily
average output figures.
Most significant report was that for
Illinois which showed a drop of 42,050 barrels to a daily
figure of 418,450 barrels since this brought the slump since
the first of July to around 100,000 barrels, or nearly 20%.
A drop of 11,600 barrels for California pared the total to
606,000 while a loss of approximately the same figure carried
Oklahoma's daily average off to 405,800 barrels.
Small
reductions in output were shown by Louisiana and Kansas.
Inventories of domestic and foreign crude oil were up more
than 100,000 barrels during the July 20 week, rising to
261,596,000 barrels * according to the United States Bureau
of Mines.
Holdings of American crude were off 88,000
barrels, but stocks of foreign crude showed a gain of 188,000
barrels.
Heavy crude oil stocks in California, not included
in the "refutable" stocks, were off 135,000 barrels to 12,997,000 barrels on July 20.
Ernest Thompson, former Chairman of the Texas Railroad
Commission and member of the Interstate Oil Compact
Commission since its organization was removed from the
latter organization "forthe
public interest" by Governor
Lee O'Daniel on Tuesday.
Mr. Thompson was a candidate
for Governor against Gov. O'Daniel in the recent Demo¬
cratic primary which sstw Gov. O'Daniel defeat six other
candidates. Mr. Thompson said that he would attend future
meetings of the Compact group as a representative of the
daily
Texas Railroad Commission of which he is still
In
a
member.
the
foreign field, interest was divided between the
reprisals started by Great Britain against Rumania for its
recent seizure of properties owned by Royal-Dutch Shell
interests which
already has resulted in increased movements
of crude and refined oil
products to Germany and the stilloverhanging strike threat in Mexico where the oil workers'
unions are furiously fighting economies introduced by the
Cardenas Administration.
There were no crude oil price changes
Prices of Typical Crude per
(July 31) with the
members of the Defense Commission,
I have received no
other request from the Commission than for
adequate and
reasonable time to give an intelligent answer to the
seems
Patrick J.
Seizure—Mexican Situation Unsettled
law
urged an effort to "see if our joint wisdom is
equal to providing some better cure for our ills than a
mere computation of how we can cut off a few thousand
barrels here and there, and comfort ourselves with the delusion
that we have cured our trouble.
If, after 10 years of taking a
certain medicine out of the same bottle, we find that we have
the same pain in the neck that we had when we started, it
not
(All gravities where A. P. I. degrees
Bradford, Pa
Corning, Pa
Illinois
Western Kentucky
$2.00
1.02
95-1.05
.90
Mld-Conft, Okla.. 40 and above— 1.03
Rodessa, Ark., 40 and above
1.25
Smackover, Ark., 24 and over
.73
posted.
Barrel at Wells
are
not shown)
Eldorado, Ark., 40
$1.03
Rusk, Texas, 40 and over
1.10
.75
Darst Creek
Michigan crude
/
Sunburst, Mont
Huntington, Calif., 30 and over
Kettleman Hills. 39 and over
.76-1.03
.90
1.15
1.3
Volume
REFINED
The Commercial & Financial Chronicle
151
PRODUCTS—ROOSEVELT
OF
EXPORT
BARS
TION "GASOLINE"—COMPANIES UNDECIDED ON
BAN—MOTOR
OF
BUNKER
FUEL
FUEL
OIL
INVENTORIES
PRICES
OFF
AVIA¬
EFFECTS
SHARPLY—
CUT
The export-
of aviation gasoline out of the Western Hemi¬
forbidden by President Roosevelt in an an¬
July 31 under the authority granted him
under the export license system.
Only one minor exception
was permitted to
the order which bars not only the Axis
Powers and Japan but also Great Britain from access to
supplies of aviation gasoline in this country.
"In the interests of the national defense, the export of
aviation gasoline is being /limited to nations of the Western
Hemisphere, except where such gasoline is required else¬
where for the operations of American-owned companies,"
the President's announcement said.
The single exception
will permit such companies as Pan-American Aviation to
transport United States aviation gasoline to such terminals
outside this Hemisphere as required for the trans-Atlantic
sphere
was
nouncement issued
and trans-Pacific service.
The President's order
than
1,000,000
a
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,555,000 barrels of crude oil daily during the week, and that all
had in storage at refineries, bulk terminals,
in transit and
in pipe lines as of the end of the week 90,173,000 barrels of finished
and unfinished gasoline.
The total amount of gasoline produced by all
companies is estimated to have been 11,474,000 barrels during the week.
companies
DAILY AVERAGE
CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
B.
o/Af.
Four
Calcu¬
Week
Change
Weeks
lated
State
Ended
from
Ended
Ended
Require¬
Allow¬
July 27,
Previous
July 27,
July 29,
ments
ables
1940
Week
1940
1939
barrels
of
the
Oklahoma
403,900
159,400
408,100 6405,800
159,400 bl86,200
—11,450
—3,750
415,200
b200
—50
200
70,000
Kansas
+4,000
+10,350
63,750
86,600
30,250
187,450
Nebraska
Panhandle Texas
embargo" against both Japan and Russia by the Depart¬
ment of State ended these formerly important markets when
instituted last year.
Germany and Italy have received no
American aviation gasoline this year to date, according to
Department of Commerce figures.
^ The defeat of France by the Axis Powers ended this
market for United States' refiners and as far as England is
concerned, it is hoped that it will be possible to ship aviation
gasoline to Canada which is in this Hemisphere for trans¬
shipment to England.
Canada itself refines its own aviation
gasoline from South American crude oil and does not im¬
port any from the United States.
Great Britain has been
importing a good deal of its aviation gasoline from South
America, in recent months.
K A decline of nearly 1,650,000
94,750
32,750
210,950
78,700
449,050
205,900
212,100
West Central Texas..
West Texas
East Central Texas
..
East Texas
Southwest Texas
Coastal Texas
Total Texas.
"moral
A
total.
Week
(July)
North Texas
will
virtually eliminate the export
of aviation gasoline from this country, a check with the
Commerce Department disclosed.
During the first half of
1940, Europe took 1,076,238 barrels of the 1,164,343 barrels
moved off-shore with France and England accounting for
more
619
Reports received from refining companies owning 85.3% of the 4,533,000barrel estimated daily potential refining capacity of the United States
Total Louisiana
181,600
224,500
227,450
187,300
+,300
-1,900
66,300
217,600
69,000
206,600
280,371
279,750
3,200
283,900
275,600
73,000
72,600
bl0,450
418,450
bl4,850
+ 150
—42,050
+900
72,200
8,550
467,100
13,050
276~30<)
87,300
53,600
73,950
18,650
3,300
—2,800
89,200
—500
54,450
—1,350
73,250
—50
19,000
—550
105,100
+750
3,700
104,900
402,300
__vr
Indiana-
9,000
....
94,100
Michigan
Wyoming
61,600
80,600
;
18,100
4,800
Colorado
New Mexico
106,100
Total east of Calif
+ 2,450
62,950
97,650
Montana
106,100
3.034,500
_
California..
593,900 d587,000
Total United States 3,628,400
These
71,150
392,900
+32,700
+ 24,750
67,400
9,700
Eastern (not Including
Illinois & Indiana).
a
68,700
93,900
32,400
242,150
97,600
373,000
278,100
Mississippi
barrels in inventories of
+28,950
+ 7,000
+ 74,150
63,550
216,200
Louisiana
Arkansas
Illinois
+4,250
1,339,400 cl236,740 1,354,200 + 186,150 1,201,000 1,359,700
North Louisiana.
Coastal
420,400
179,400
184,200
68,150
66,150
16,200
3,850
109,150
3,084,400 + 121,650 2,989,900 2,935,500
606,000 —11,600
603,600
618,600
3,090,400 +110,050 3,608,500 3,539,100
Bureau of Mines' calculations of the requirements of domestic crude
are
finished and unfinished stocks of motor fuel, reflecting nor¬
mal seasonal expansion in demand, pared stocks to 90,173,000
oil based upon certain
As requirements may
barrels
templated withdrawals from crude oil inventories must be deducted from the Bureau's
during the final week of July, according to the Ameri¬
can
Petroleum
Institute.
Refinery operations were off
0.5 points to 82.1% of capacity, with daily average runs
of crude to stills gaining 15,000 barrels to 3,555,000 barrels.
Gasoline production during the July 27 week was up nearly
premises outlined in its detailed forecast for the month of July.
be supplied either from stocks, or from new production, con¬
estimated requirements to
b
7
determine the amount of new crude to be produced.
Oklahoma, Kansas, Nebraska, Mississippi, Indiana figures are for week ended
July 24.
a. m.
c
This is the net basic 31-day allowable as of July
it will Increase
as
new
100,000 barrels.
tion for shutdowns.
Sharply lower tanker rates from the Gulf Port markets,
plus cut-price Mexican oil, brought a reduction of 10 cents
a barrel in the price of grade C bunker fuel oil
by the Standard
Oil Co. of New Jersey on July 29 from $1.35 to $1.25 a
barrel.
The reduction was met by other leading operators.
Past experience indicates
1.
wells are completed and If any upward revisions are made.
It Includes a net figure of approximately
namely, July 4, 7, 10,
404,129 barrels for East Texas after deduc¬
AU fields in the State were ordered shutdown for seven days,
14, 18, 21 and 28.
d Recommendation of Central Committee of California Oil Producers.
above do not Include any estimate of any oil which
might have been surreptitiously produced.
Note—The figures indicated
CRUDE
RUNS
TO
STILLS
AND
PRODUCTION
ENDED JULY 27,
Representative price changes follow:
OF
GASOLINE,
WEEK
1940
(Figures Are in Thousands of Barrels of 42 Gallons Each)
July 29—Standard of New Jersey cut grade C bunker fuel oil 10 cents a
z
New York
$.17
Brooklyn
.17
Not including
z
U. S.
Newark
$.166
Boston
Gasoline
Texas
Shell East'n
Chicago
S.07K-.08
Gulf
New
08K-.08K
-.05K
$.05
Orleans.
.05 K
.04K-.05 K
_.
Kerosene, 41-13 Water White, Tank Car, F.O.B. Refinery
i
North Texas
$.041 New Orleans.$.05K-.05K
$.061 Los Angeles
(Bayonne)
Inc. Natural
Blended
563
87.6
.03K-.051
Tulsa.
643
100.0
156
91.0
121
85.2
437
743
90.2
561
83.7
2,381
Oklahoma, Kansas, Missouri
420
76.9
257
79.6
-.04K
.04
,
z963
1,496
59.6
111
66.5
507
1,071
85.3
859
94.0
2,438
164
97.6
111
69.4
300
North Louisiana <fc Arkansas
101
51.5
47
90.4
Rocky Mountain
California
.06 K-.07
Gulf ports—
Tulsa
.07 K-.08
RichOil(Cal) .08K -.08K
Warner-Qu. .07 K-.08
New York—
Percent
Operated
Appalachian
Indiana, Illinois, Kentucky.
Other Cities—
Std.Oil N.J.S.06H-.07
Socony-Vac. .06K-.07
Reporting
East Coast
New York—
T. Wat. Oil-.08K-.08K
Rate
Refineries
Daily
Average
Percent
Potential
.17
Chicago-
'
(Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
at
$.17
Buffalo
.185
2% city sales tax.
Production
to Stills
District
Gasoline, Service Station, Tax Included
z
Gasoline
Crude Runs
Daily Refining
Capacity
barrel to $1.25.
119
55.5
45
68.2
156
830
87.3
498
68.2
1,235
85.3
3,173
82.1
10,040
1,434
280
Inland Texas
Texas Gulf
Louisiana Gulf
—
Reported.
—
127
382
Estimated unreported
>
Fuel Oil, F.O.B. Refinery or Terminal
*
N. Y. (Harbor)—
Bunker C
California 24 plus D
$1.00-1.25
$1.50
New Orleans C
$1.00
Phila., Bunker C
July 20, 1940
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
iChicago—
$.041
7 plus.
i Tulsa..
28.30 D
$.053
FINISHED
STOCKS OF
Petroleum
Institute
L
production based on the U. S. Bureau of Mines July, 1939, daily average,
12% reporting capacity did not report gasoline production.
week's
Daily Average Crude Oil Production for Week Ended
July 27, 1940, Gains 110,050 Barrels
American
.
S.02K-.03
|
z
The
estimates
that
FUEL
AND UNFINISHED
was
3,690,400 barrels.
This
was
a
be
the
total
of
the
restrictions
oil-producing States during July.
for the four weeks ended July
(Figures Are in Thousands of Barrels of 42 Gallons Each)
ended
United
a
States ports,
daily
average
of
use
imposed by the various
Daily average production
27, 1940, is estimated at
and receipts in bond at principal
for the week ended July 27, totaled 1,519,000 barrels,
217,000
barrels,
Unfinished Gasoline
compared
with a daily average of
20, and 241,643 barrels daily for
These figures include all oil imported,
use, but it is impossible
to make the
Stocks of Gas Oil
and Distillates
Stocks of Residual
Fuel Oil
District
gain of
3,608,500 barrels.
The daily average output for the week
ended July 29, 1939, totaled 3,539,100 barrels.
Further de¬
tails, as reported by the Institute, follow:
Imports of petroleum for domestic
GAS AND
1940
the
110,050 barrels from the output of the previous week, and
the current week's figures were above the 3,628,400 barrels
calculated by the United States Department of the Interior
to
GASOLINE AND
OIL, WEEK ENDED JULY 27,
Stocks of Finished &
daily average gross crude production for the week
July 27, 1940,
11,378
yll.390 '
x3,448
.
*U.S.B.ofM. July 27,1939
11,474
3,555
3,540
4,533
4,533 1
July 27, 1940
1.50
2.10-2.20
Diesel
Estimated total U. S.:
Total
Finished
At
in Transit
Finished
and
Refineries
and in
.—
Appalachian—...
Ind., HI., Ky
Okla., Kan., Mo—
Inland Texas
Texas Gulf
Louisiana Gulf
No.
La./& Akransas
Rock Mountain
At
Refineries
7,068
in Transit
and in
Pipe Lines
Pipe Lines
Unfin'd
East Coast
At Terms,
At Terms,
Total
4,743
5,717
20,972
2,900
14,787
6,267
1,386
11,564
2,305
21,846
3,500
6,347
244
101
499
15,542
0,686
1,718
13,258
2,673
3,910
696
3,175
1,375
58
2,043
1,367
4,982
1,073
873
29
5,871
1,145
506
530
238
18
485
1,009
1,100
16,295
7,793
2,042
55,198
22,272
351
170
210
282
537
112
California
14,592
ReportedEst. unreported
76,288
6,915
83,148
26,431
10,885
75,063
28,651
7,025
960
705
2,015
195
83,203
84,639
90,173
91,789
27,391
26,555
11,590
10,949
.77,078
77,363
28,846
28,501
72,156
78,158
25,463
9.430
86.824
28.33R
191,143 barrels for the week ended July
the
weeks
four
whether
bonded
ended
or
for
July
27.
domestic
in 'weekly statistics.
Receipts of California oil at
*
Est. total. U. S,:
July 27, 1940
July 20, 1940....
separation
Atlantic
Coast
ports
during
the
week
S.
U.
July 27, 1940, amounted to 34,000 barrels, a daily average of 4,857
barrels.
All of which was crude oil received at the port of Savannah, Ga.
B. of
Mines
*
July 27, 1939..
*
Estimated Bureau of Mines' basis.
ended
The Commercial & Financial Chronicle
620
RATIO
Statistics
U. S. Bureau of
Weekly Coal Production
Coal Division of the
Bituminous
The
reported that total production of bituminous coal in
week ended July 20 is estimated at 7,800,000 net tons,
5.9% from the preceding week.
decrease of 490,000 tons or
a
corresponding week of 1939 amounted to
Production in the
7,130,000
ended—
SHIPMENTS AND
PRODUCTION,
x
of Mines reported that the production
The U. S. Bureau
Stocks at End
Pennsylvania anthracite in the week ended July 20 is
estimated to have been 1,101,000 net tons, a slight decrease
before—4.8%.
The rate of output
much greater than in 1939; that for the correspond¬
difference of 333,000
ing week last year was 768,000 tons, a
tons, or 43.4%.
PRODUCTION OF SOFT COAL, WITH
DATA ON PRODUCTION OF CRUDE PETROLEUM
(In Thousands of Net Tons)
Calendar Year to Date
Week Ended
c
927
800
883
1,643
2,003
1,261
1,685
2,536
2,691
953
898
1,185
1,122
917
1,686
1,947
Wis., 111., Ind., and Ky
1,258
1,242
1,250
2,624
Va., Tenn., Ala., Ga., Fla., & La.
Eastern Mo., Ia., Minn. <fc S. Dak
1,273
1,212
1,415
1,211
2,630
1,094
1,866
1,030
3,020
1,978
Ohio, Western Pa. and W. Va.._
1939 d
1940
1939
1929
7,800
average
Crude
8,290
1,300
Daily
822
722
1,992
644
594
688
353
317
319
310
426
420
1,023
1,201
992
1,174
1,305
1,592
552
563
700
480
564
596
21,489
24,076
Colo., Mont., Utah. Wyo. & Ida.
Coal equivalent
1,382
7,130 243,878 183,025 286,098
1,072
1,430
1,669
1,188
5,704
5,740 173,836 158,970 125,102
of lignite,
b Total barrels produced during the
coal, assuming 6,000,000 B.t.u. per barrel of oil
Stocks at End
week converted to
and 13,100 Btu.
PRODUCTION
PENNSYLVANIA ANTHRACITE AND
OF
BEEHIVE
COKE
5.301
6,205
5,605
a5,041
5,044
March
8,171
9,674
7,917
10,043
8,467
9,654
12,748
22,715
May
July 20
1940
1939
1940
Dally average
Commercial produc¬
9,488
121,819
Total
a
a25,894
23,780
a26,118
23,837
25,348
22,251
13,216
a24,778
24,076
a21,489
22,361
21,326
20,160
19,870
20,779
10,147
6,785
122,291
December
1.
24,092
7,715
13,401
13,104
12,829
11,937
November..
1,101,000 1,156,000 768,000 27,944,000 28,984,000 38,559,000
164,900
171,000
227,500
192,700 128,000
183,500
4,905
10,829
13,241
11,757
12,539
11,053
c
colliery
incl.
12,644
12,369
October
1929
c
Pa. Anthracite—
fuel, a
12,514
September
July 22
1939
July 13
1940
12,668
11,953
July
August
Calendar Year to Date
Week Ended
11,185
June
(In Net Tons)
1940
a25,757
23,611
3,889
5,640
January
February
April.
Revised.
1939
1940
1939
1940
1939
of Month
Shipments
Production
Month
pound of coal.
Note that most of the supply of petroleum products Is not
directly competitive with coal.
(Minerals Yearbook, 1938, page 702.)
c Sum of
29 full weeks ended July 20, 1940, and corresponding 29 weeks In 1939 and 1929.
ESTIMATED
1939 AND 1940
(In Thousands of Barrels)
historical comparison and statistical convenience the
Includes for purposes of
Total,
2
13,216
STOCKS OF FINISHED PORTLAND
BY MONTHS, IN
CEMENT,
5,735
of weekly output.
SHIPMENTS AND
PRODUCTION,
per
d
12,715
12,514
11,953
898
34
33
Puerto Rico
Petroleum—b
a
1,170
791
672
Coal—a
Bituminous
Total, Including mine fuel
production
1,142
781
537
Okla. & Ark
W. Mo., Neb., Kan.,
Texas
—
Total
eaulvalent
1,116
1,499
2,631
Oregon and Washington...
13 My 22
1940
1940
4,439
810
California
July 20 July
3.889
2,621
1,172
New York and Maine
Michigan
ESTIMATED UNITED STATES
1940
1939
1940
2,527
2,220
2,390
and Md
Eastern Pa., N. J.
1939
1940
1939
of Month
Shipments
Production
District
from that of the week
COMPARABLE
STOCKS OF FINISHED PORTLAND
IN JUNE. 1939 AND 1940
CEMENT. BY DISTRICTS.
(In Thousands of Barrels)
tons.
of
continues
36.3%
47.5%
47.5%
47.5%
58.0%
48.1%
58.9%
48.2%
56.4%
44.3%
The month..
The 12 months
1940
1940 Apr., 1940 Mar., 1940
1940 May,
June, 1939 June,
Mines
the
Aug. 3,
PRODUCTION TO CAPACITY
OF
23,449
Revised.
1,046,000 1,098,000 730,000 26,549,000 27,535,000 35,783,000
tion b
Beehive Coke—
55,500
11,100
1,850
49,000
9,250
United States total..
8,167
Dally average
1,034,700
348,600
3,804.000
6,981
2,015
21.988
1134c.
b Excludes colliery fuel,
operations,
c
of working days In the three years.
(In Thousands of Net Tons)
(The current weekly estimates are based on railroad carloadings and river ship¬
ments and are
subject to revision on receipt of monthly tonnage reports from dis¬
issue of Aug.
Markets," in its
Mineral
and
1
reported that consumers who have been holding off from
purchasing copper because of the recent weakness in the
export division decided to cover early in the last week when
the market stood at
trict and State sources or of final annual returns from the operators.)
to
Demand
Buying—Steady
Good
on
for Zinc
"Metal
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
Basis
Advances
Copper
Metals—Domestic
Non-Ferrous
coal shipped by truck from authorized
Adjusted to make comparable the number
Includes washery and dredge coal and
a
The demand
10>^c.
was
such
to
as
dry up offerings at that level.
As prices firmed up,
buying expanded, and before the week ended the quotation
was fully three-quarters of a cent above the low of July 25.
Zinc was in good demand and the call for lead improved.
Tin
advanced on
moderate offerings
of nearby metal.
soon
Week Ended
July 13
July 6
1940
State
1940
July
15 July
July
1939
16 July
1938
13
1923
e
1929
2
2
2
2
272
276
226
152
296
Arkansas and Oklahoma
35
21
12
26
70
74
Colorado
67
55
56
106
165
Alaska
Alabama
56
*
*
f
f
389
1
1
Illinois
653
675
533
622
870
1,268
Indiana
299
451
Georgia and North Carolina
f
Quicksilver
The publication further reports:
lower.
was
Copper
f
Demand for copper at
10 He., Valley, was quite brisk last Thursday,
234
218
212
231
Iowa
44
43
35
42
56
87
Kansas and Missouri
92
73
76
81
103
134
789
666
752
606
889
735
prices
114
110
96
105
191
202
tonnages, and the upward trend
18
Kentucky—Eastern
Western
24
23
45
42
Michigan
2
2
2
4
13
17
Montana
22
43
40
41
Maryland
New Mexico
19
North and South Dakota
Ohio
18
47
17
18
44
50
41
52
18
Pennsylvania bituminous
19
14
16
flO
f 14
462
.
385
350
301
447
854
July 25, and before the end of that day nearly aU cheap offerings were
absorbed and
was
booked at
was
little sold at
a
Domestic sales
tons in the
the
for
1,857
1,773
1,270
2,798
3.680
97
83
112
59
99
113
15
14
16
18
19
23
the buying was the steady
Utah
30
25
31
28
55
87
ness
267
245
279
204
225
239
28
21
27
26
35
37
_
1,994
Northern.b
1,732
1,744
1,376
2,029
1,519
617
536
546
439
754
866
77
100
115
f2
f4
.
Wyoming..
110
•*
Other Western States.c
77
86
*
*
*
Total bituminous coal...
8,290
7,212
7,062
5,829
9,605
11,208
Pennsylvania anthraclte.d.
1,156
676
773
557
1,029
1,950
9,446
7,888
7,835
6,386
10,634
last
week
totaled 23,319
tons,
against
10,187
Sales for the month to July 30 totaled 52,005
preceding week.
2,263
Virginia
Throughout the week the
tons.
Texas
West Virginia—Southern.a
continued until yesterday, when business
The market was firm.
11 He.
large mine operators held to 11 He., Valley.
Tennessee
Washington.
On the following day the range in
10He.
The advance brought in orders for substantial
10H to 10He.
Most of the demand for copper came
also
from the brass mills.
A feature in
call for nearby metal, though last-quarter busi¬
figured in the transactions for the week.
The export market was easier, but seemed to exert no
domestic situation.
influence
on
the
Japan was the principal buyer, and prices for export
ranged from 9-90c. to 9.95c., f.a.s. United States ports.
Exports of refined
copper
from the United States (foreign metal refined
in bond and domestic copper)
during June totaled 25,474 tons, against 29,-
13,158
Total, all coal
.....
Exports for the first half of 1940 totaled 201,563 tons,
943 tons in May.
which
compares
with
161,080 tons
export figures for May and June
Includes operations on the N. & W.; C. &
O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. In Kanawha, Mason, and
Clay counties,
b Rest of State iucludlng the Panhandle District and Grant, Mineral and Tucker counties,
c Inclndes
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
in
the same
period last
follow;
The
year.
>
a
month,
f Alaska, Georgia, North Carolina and South Dakota
Included wltb "other
Western States."
* Less than 1,000 tons.
3,780
Production
Portland
and
Shipments of Portland Cement
China and Hongkong
in
stock at the end of the month
of Portland cement in
24,076,000 barrels,
Production and ship¬
June, 1940, showed increases
of 4.7 and 3.9%, respectively, as
compared with June, 1939.
Portland cement stocks at mills were
12.0% higher than a
year ago.
The statistics given below are
compiled from reports for
June, received by the Bureau of Mines, from all manufac¬
turing plants.
In the following statement of relation of
production to
capacity
■
67
2,916
1,899
29,943
Totals
3,955
1,762
_
25,474
cement
according to the Bureau of Mines.
ments
112
-
industry in June, 1940 produced
12,514,000 barrels, shipped 13,216,000 barrels from the mills,
and had
15,886
1,351
Switzerland
Japan
The
3,555
5,432
14,702
Great Britain
Italy
Other countries
June
June
May
To—
France
the^ total output of finished
cement is
compared
with the estimated capacity of 160
plants at the close of
June, 1940 and 161 plants at the close of June, 1939.
Lead
Sales of lead
tons,
during the last week were in good volume, totaling 6,942
against 4,508 tons in the previous week.
demand for immediate shipment of
was
that certain
consumers
In some directions there
fairly large tonnages, indicating
have been in need of metal but have pursued cau¬
tious buying policies in view of the uncertain
foreign lead situation.
Quotations held at 5c., New York, which was also the contract settling
basis of the American Smelting &
Refining Co., and at 4.85c., St. Louis.
During June, 12,338 tons of lead were imported in ore and matte, 1,011
tons
in base bullion,
and 51,643 tons in pigs and bars.
last-named figure were 50,076 tons of lead
Included in the
imported from Mexico.
Zinc
Sales of the
common
grades of zinc for the week ended July 27 totaled
ll,614 tons, against 9,086 tons in the preceding week.
has
Most? of the buying
been for last-quarter delivery metal, indicating that consumers believe
Volume
that
The Commercial & Financial Chronicle
151
high rate of activity in zinc products will continue throughout the
a
Shipments to galvanizers have been above the
year.
weeks.
The
undelivered
60,997 tons.
in
for several
average
alone
brands
common
now
total
The quotation for Prime Western held at 6^c., St. Louis.
Imports of zinc in
tons
in
contracts
June
ore
during June amounted
last year.
Imports dining
1940 came to
half of
60,996 tons, against 8,950 tons in the Jan.-June period of last year.
There
imports of slab zinc during June.
were no
being pressed back
in operation
about
against 4,456
to 13,156 tons,
the first
621
Beehive ovens, seldom used to
as
6,000 in
large extent except in
a
into service.
In western
1937.
Independent
an emergency, are
Pennsylvania about 3,300
against 1,850 in mid-June.
of
owners
ovens
getting maximum output; nevertheless, the rate for the industry has risen
a
point and
a
half
and within
a
few points of the peak of last November.
brings
Straits
sold at
was
higher prices.
At the close of the week Straits was
52.875c., against 51.375c. last Wednesday.
The trade believes a shortage
of nearby metal exists here and in the Far East.
Tin-plate mills
estimated to be operating at around 7c % of capacity,
are
against 75% recently.
district, Wheeling-Weirton,
one
while
two
other
last week to 90
over
districts,
Chicago has made
a
%,
a new
to
Buffalo and
104%
further gain to 97%, a new
However, three districts, Birmingham, St.
have shown losses.
off for
quoted
was
follows:
as
September
October
November
July 25
51.250
50.875
50.500
50.375
July 26
51.250
50.875
50..00
July 27
51.375
50.875
50.500
50.500
July 29
51.750
51.250
50.750
50.625
July 30
52.125
51.500
51.250
50.125
July 31
52.500
62.000
51.625
51.500
Louis
a
reduction of sheet and strip
In
some
products July tonnage was better than that of June.
domestic business
the whole has perhaps stopped increasing for
on
being, it has not declined from the level of the second week of July.
Ex¬
buying has gained and the total of all business is generally running
ahead of shipments.
British, Japanese and South American buying is more
Japan has
come to
leveling off in
this market for
steel, wire rods, &c., which may be
New York
New York
St. Louis
St. Louis
While
the time
port
Zinc
Lead
Sheet and strip business
shortly by orders from the automobile industry, which
have already begun to appear in a small
way.
In the heavier products,
than making up for any
Dom.,Refy. Exp., Refy.
Ohio,
At Birmingham one open-hearth furnace has been taken
enlargement, the drop at St. Louis reflects declining demand for tin
Aggregate tonnage received by the mills in July was in most cases below
that of June, yet July was easily the second best month of the
year thus
("E. & M. J." QUOTATIONS)
Tin
southern
particularly semi-finished steel, wire rods, structural shapes, plates, sheet
piling, the trend of orders is upward.
50.500
Chinese tin, 99%, spot, was nominally as follows:
July 25, 50.500c.;
July 26, 50.625c.; July 27, 50.625c.; July 29, 51.000c.; July 30, 51.500c.;
July 31, 51.875c.
Straits
and
will be augmented
far.
Electrolytic Copper
100%, and
at
backlogs.
August
PRICES OF METALS
This week's rise
of theoretical capacity,
11-year peak there.
The decline in tin plate is a seasonal trend.
DAILY
high for the year to date
Detroit, continue
plate, while in southern Ohio the loss is due to
Straits tin for future arrival
inclined to
not
are
recondition them for operation unless higher prices are to be had for coke.
A heat wave
throughout the country has prevented steel plants from
Tin
Demand for nearby tin increased dining the week and a fair volume of
placing No. 1 heavy melting steel
domestic lines.
some
more
than 200,000 tons of semi-finished
result of the President's proclamation
a
under the licensing provision of the
scrap
July 25
10.275
9.900
51.500
5.00
4.85
6.25
May-Sheppard Act.
July 26
July 27
July 29
10.400
9.875
51.625
5.00
4.85
6.25
if she is unable to obtain sufficient
scrap.
10.425
9.875
51.625
5.00
4.85
6.25
10.575
9.850
52.000
5.00
4.85
6.25
exports of No. 2 steel scrap, of which there is an abundant supply.
July 30
10.775
9.850
52.500
5.00
4.85
6.25
July 31
11.025
9.850
62.875
5.00
4.85
6.25
10.579
9.867
52.021
r.oo
4.85
6.25
Average
1
.
_
scrap
prices for calendar week ended July 27 are: Domestic copper, f.o.b.
10.331c.; export copper, f.o.b. refinery, 9.929c.; Straits tin, 51.396c.;
York lead, 5.000c.; St. Louis lead,
4.850c.; St. Louis zinc, 6.250c.; and silver,
34.750c.
The above quotations are "M. & M. M
s" appraisal of the major United States
reported by producers and agencies. They are reduced
to the basis of cash. New York or St. Louis, as noted. All prices are In cents per
pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are
quoted on a delivered basis; that is, de¬
livered
based
at
sales
on
consumers'
figures shown above
plants.
As delivery charges vary with the destination, the
prices at refineries on the Atlantic seaboard.
Delivered
are net
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, &c.) to arrive at the f.o.b. refinery quotation.
daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: July 25, spot, £266%,
three months, £266%; July 26,
spot, £266%, three months,
£266; July 29, spot, £267%, three months, £267;. July 30,
spot, £268%, three months, £268; and July 31, spot, £269,
three months, £268%.
World
Tin Production in June Estimated at
19,600
Tons—Six Months Output Far Above Year Ago
production
of
19,600 tons, against
tin
in
June,
decree takes effect at midnight July 31.
The scrap
prices.
1940, is
Boats which
no
ban on
The
being loaded
are
licensing proclamation has had
no
adverse effect
on
scrap
On the contrary, the decline in prices has apparently been checked,
for the time
being at least.
The
"Iron Age" scrap composite price,
an
average of No.
1 heavy melting steel at Pittsburgh, Chicago and Phila¬
delphia is unchanged for the first time in six weeks. It stands at $18-17. At
,
St.
Louis, No. 1 steel is
$1, chiefly
up
as a
result of
shortage caused by
a
the heat.
National
books.
defense requirements
This
week
they
are
piling and reinforcing bars.
of 49,000 tons and include a
of
beginning to get
are
noted
on
steel mill order
principally in structural
steel,
Fabricated structural steel contracts
good
are
sheet
upward
defense projects, while 15,000 tons
many
reinforcing bar awards include 10,000 tons for Navy airplane hangars at
Quonset Point, R. I.
Most of the construction work results from $200,-
000,000 worth of shore facilities for which fixed-fee
placed by the Navy Department.
Due to the European war the usual table of
World
However, there is
becomes effective.
Average
markets,
It is also believed that Japan may buy pig iron here
with scrap for Japan may complete their cargoes, for which
permits have
been assured even though clearance is not obtained until after the decree
refinery,
New
are
The peak of recent years was
these
have
been
Navy bases have also been provided for.
The largest munitions contract is
the
contracts
Housing projects totaling $6,000,000 for
National
projectiles.
Tube
Co.,
U. S.
one
of about $25,000,000 placed with
Steel subsidiary, for airplane
bombs
and
Seamless tubing will be used for making the bombs and de¬
liveries will start in about
a
month.
Other War Department contracts just
placed total about $10,000,000.
THE
"IRON
AGE"
COMPOSITE PRICES
/
Finished Steel
July 30, 1940, 2.261c.
Lb.
fBased
One week ago
2.261c.il
One month ago
2.261c. I
steel bars, beams, tank plates.
wire, rails, black pipe, sheets, and hot
rolledstrips.
These products represent
One year ago
2.236c.\
85% of the United States output.
a
estimated at
on
High
Low
previous month, it
recently made known by the International Tin Research
and
Development Council.
The total production in the
1940.
2.261c.
Jan.
2
2.211c.
1939
2.286c.
Jan.
3
2.236c.
May 16
1938
2.512c.
May
17
2.211c.
Oct.
1937
2.512c.
Mar.
9
2.249c.
Jan.
first
1936---
2.249c.
Dec. 28
2.016c.
Mar. 10
17,500 tons
the
in
was
half
of
the
current
year
approximately
was
102,900
tons, compared with 63,200 tons in the corresponding period
of 1939.
exports
from
the
countries
national Tin Agreement and the
the end of June
signatory
and
over-
to
Inter¬
the
under-exports at
given below in tons of tin:
are
16
18
4
Pig Iron
July 30, 1940, $22.61
a
Gross Ton
One week ago
The
Apr.
Based
$22.61
on
average for
furnace
basic Iron at Valley
at Chicago,
and foundry iron
One month ago
22.61
Philadelphia,
One year ago
20.61
Southern Iron at Cincinnati,
Buffalo,
Valley,
High
,i
1940.
.$22.61
and
Low
May
June
*
*
#
Belgian Congo.
Bolivia
2,705
French Indo-Chlna
3,098
*
*
3,261
*
6,809
Netherland East Indies
7,928
2,215
2,721
3,162
+658
929
947
861
+ 1.474
1,232
1,322
1,786
—867
*
_
_
Sept. 12
1938
23.25
June 21
19.61
July
23.25
Mar.
9
20.25
Feb.
19.73
Nov. 24
18.73
Aug. 11
—293
July 30, 1940, $18.17
a
Gross Ton
One week ago.
Based
$18.17
One month ago..
18.92
One year ago
Tin
first
consumption
six
1939,
months
showing
increased
tons
in
by
the
World
of
an
in
1940,
United
against
increase
of
Kingdom
10,341
tons
than
more
totaled
in
52%.
1939
the
15,740
first
United
68%% from 30,000 tons in the first half of
in
tons
six
the
months
States
of
tin,
41,211
tons
at
May
and 39,368
the
including
end
of
June,
tons at
smelters'
1940,
the end
stocks
compared
of
June,
and
1939
to
1936
50,609
to
carryover,
40,783
tons
were
at
the
1939.
Steel Production Being Pushed to Limit
The "Iron
Age" in its issue of Aug. 1 reports that conditions
industry resembling those of the spring of 1937
and the fall of 1939 are becoming apparent as steel
companies
push operations up to the limit of productive capacity. Short¬
ages of raw steel, pig iron and by-product coke are
bottle¬
necks, as they have been before during periocts of-high pro¬
duction
The ''Iron Age'' further states:
in the steel
American
and
1939—
July
1939—
38.5%
Oct.
49.7%
17
56.4%
24
60.6%
31
59.3%
7
60.1%
14
62.1%
21..—62.2%
28
63.0%
Oct.
3
10
Mar. 30
12.92
Nov. 16
12.67
June
21
Institute
1
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Oct.
2
Oct.
9
83.8%
87.5%
88.6%
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
1940—
Feb.
5
12
68.8%
1940—
Jan.
on
82.2%
77.3%
71.7%
25
With many furnaces still idle, the question of coke
supplies
6
Dec.
22
Dec.
consideration.
June
29
79.3%
is becoming more serious.
May 12
11.00
1940—
70.2%
a
2
14.08
Jan.
Sept. 18
Sept. 25
that have been idle for
Apr.
3
Nov. 22
Jan.
Sept. 11
some
$16.04
Oct.
16
long period
being made ready for operation,
are
Low
23
wiU be reconditioned, and projects for new furnace construction
are under
blast furnaces
steel
July 29 an¬
nounced that telegraphic reports which it had received indi¬
cated that operating rate of steel companies having 97%
of the steel capacity of the industry will be 90.4% of capacity
for the week beginning July 29, compared with 88.2% one
week ago, 74.2% one month ago, and 59.3% one year ago.
This represents an increase of 2.2 points, or 2.5%, from the
estimate for the week ended July 22, 1940.
Weekly indi¬
cated rates of steel operations since July 3, 1939, follow:
Dec.
plant to
melting
„
Steel
58.6%
another to give finishing mills enough steel, additional
one
heavy
17.75
Iron
4
Some large companies have been forced to move
ingots from
1
21.92
—-
The
90.3%
90.2%
30.. —.91.0%
6
92.5%
13
93.5%
20
93.9%
27
94.4%
4
92.8%
11
91.2%
18
90.0%
.
No.
15.00
—
1937
of
deliveries
on
22.50
1938-
first half of the current year.
stocks
end
of
the
:
6
16
quotations at Pittsburgh, Philadelphia,
and Chicago.
;
High
$19.92
June 18
1940
following
2
Jan.
15.17
Not yet available.
The Council also reported the
Jan.
Steel Scrap
*
3,830
Thailand
20.61
—10,000
*
Malaya
Nigeria
Sept. 19
1936
End June
$22.61
22.61
1937
A pril
2
1939
1
Feb.
19
Feb.
26
67.1%
65.9%
6
65.8%
13..—70.0%
73.0%
May 27
76.9%
June
3
80.3%
June 10
84.6%
4
64.6%
Feb.
May
May
May 20
June
17
Mar. 11.—.64.7%
June
24
86.5%
Mar. 18
62.4%
July
74.2%
Mar. 25
60.7%
July
July
July
July
1
8
15
Mar.
73.7% Apr.
1
Apr.
8
61.7%
61.3%
Jan.
8
85.7% Apr. 15
86.1% Apr. 22
60.9%
60.0%
Jan.
15
84.8% Apr. 29
61.8%
87.7%
86.4%
22
86.8%
88.2%
29
90.4%
The Commercial & Financial Chronicle
622
of the iron and steel
of^Cleveland, in itslsummary
markets, on July 29, stated:
"Steel"
slackening is noted in the steel market as
backlogs are sufficient to carry over the
effect of midsummer
Some
various factors
limit buying, but mill
relatively dull period.
been to allow
One effect has
steelmakers to make progress against back¬
deliveries have been improved slightly.
In
is still heavy, particularly in semi¬
finished steel, large tonnages for export to Great Britain, some going by
way of Canada for partial fabrication, presenting a problem to producers.
Recent British order involved two lots of 70,000 tons and 40,000 tons of
logs and in some instances
the case of
products
some
pressure
material for 1941 models and some car builders will be
orders for
taking
models in a few weeks.
Placing of scrap iron, steel and other metals under the export license rule
creates a virtual embargo on scrap movement except under special per¬
mission and will halt shipments for the present, throwing back on the
domestic market such tonnages as have been collected for export.
Just
how broadly this regulation will be applied remains to be seen.
Scrap is a factor of weakness in "Steel's" composite prices, causing the
iron and steel composite to decline four cents to $37 53 and the steelworks
tonnages for new
The finished steel figure is
$18.17.
composite is down 25 cents to
scrap
at $56.60.
steel-producing areas increased their rate last
unchanged
week, led by a 5)4The national rate advanced 1 )4 points to .8914 %
capacity, the highest since mid-December, when it was above 90%, and
half a point above the level preceding July 4.
Pittsburgh advanced 514
points to 86.5%, Chicago 114 to 9614%. Birmingham 4 to 92, Detroit 4 to
99, Youngstown 1 to 85, Cleveland 2 to 65 and Cincinnati 1 to 85%.
Rates
were unchanged in the following districts:
St. Louis 65%, Eastern Penn¬
sylvania 86, "Wheeling 94, Buffalo 9014. New England 75.
Most
Pittsburgh.
point rise at
semifinished steel.
Aug. 3, 1940
of
Pressure
for
steel is becoming so great
raw
large independent
in some instances that a
producer is said to have contracted
its immediate supplies.
with another producer
for steel to augment
of the slight
In spite
high rate most mills
their
previous
rate.
recession in buying steel production continues at a
making some increase in activity and others holding to
Practically all available blast furnace capacity is
active and repair work
tion of
Structural and reinforcing
past
few
for relining.
period and with resump¬
is being expedited on such as are out
slightly affected by the summer
automobile production will be at high rate.
Foundry melt is only
weeks, defense work being
coming out.
Southern
construction
prominent, with increasing private
California Edison Co. has placed
and 5,500 tons has been awarded for an
appraisers' store and immigration station at San Francisco, this project also
taking 4,500 tons of reinforcing bars.
Aluminum Co. of America has
awarded 1,850 tons for its Los Angeles plant and 1,450 tons for its works at
Alcoa, Tenn.
To date 12,500 tons has been booked for the naval air station
at Corpus Christi, Tex.
Pending tonnages are heavy in the aggregate and
promise continued large buying for the next few weeks.
Some of this is for
expansions in view of expected demand for products for defense purposes,
7,543 tons for transmission towers,
heat
motive each has been
Atlantic Coast Line will open bids
RR. in Brazil.
miscellaneous
ordered by the Alaska RR. and the Sao Paulo-Parana
early in August for 1,565
with the result that instead of an
production, indicated by the schedules, the
Dow, Jones & Co., Inc., compilation shows that actual output
went down a point.
The "Journal" further stated:
tions
to
some
extent,
increase in ingot
For the industry as a
and 87% two weeks ago. U. S. Steel is
against 9114% in the week before and 90% two weeks
estimated at 90%,
credited with 84%, compared with 8414 %
weeks ago.
of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
Leading independents are
ago.
preceding week and 85% two
The following
table gives a comparison of the percentage
The Week with the Federal
decreased
bank
reserves arose
$67,000,000.
+1)4
+1
31)4 + 2)4
+3
83)4 + 5)4
43)4+ )4
86
+2
67
76
+1
40)4+ )4
24
—1
50)4 + 1)4
51
+1
58
13
—1
1935
46
1934
26
—
)4
14)4-
)4
55
1933
1932
-
1931
58
1930
1929..
in
and $56,000,000 in nonmember deposits and other Federal Reserve
accounts, and a decrease of $7,000,000 in Reserve bank
credit, offset in part by increases of $95,000,000 in gold stock
and $4,000,000 in Treasury currency.
Excess reserves of
member banks
on
July 31 were estimated to be approxi¬
mately $6,510,000,000, a decrease of $60,000,000 for
the
week.
guaranteed, decreased $2,000,000 for the week.
The statement in full for the week ended July 31 will be
on
pages
Increase
(+)
or Decrease
Since
July 31. 1940
5
S
4,000,000
Bills discounted
Aug. 2,
July 24. 1940
S.
)4
—3)4
63
—2
BANK
New York
1940
City
investments—total..
Loans and
Loans—total.
Chicago
July 24
1940
Aug. 2
1939
$$$$$$
9,489
9,458
8,309
2,301
2,298
2,111
2,788
2,786
2,806
605
607
540
1,698
86
1,713
87
1,438
117
433
20
433
19
351
19
302
288
501
25
28
36
167
123
169
186
60
60
70
123
29
377
116
64
384
194
818
2,189
purchasing or
carrying securities
Real estate loans
31
381
389
Loans to banks
Other loans
321
159
728
134
351
41
253
45
135
348
1,165
42
248
43
150
325
893
33
231
48
7,715
646
1,983
507
1,979
507
55
94
94
1,680
495
63
3,685
2,987
623
545
923
7
940
7
788
12
2,608
1,289
1,353
6,549
79
79
359
1,288
1,336
6,635
9,753
687
9,776
685
35
guaranteed
by
14
320
159
389
1,051
2,618
....
18
.—
732
1,052
United States bonds
Treasury bills
18
—..
50
206
240
650
Treasury notes..
49
49
the
United States Government
Other securities
Reserve with
Aug. 2 July 31
1939
1940
and
Industrial
agricultural loans
Commercial,
Open market paper
Loans to brokers and dealers..
Other loans for
1940
Fed. Res. banks..
Cash In vault
Balances with domestic banks..
80
83
322
1,127
1,175
4,953
62
73
378
1,144
Liabilities—
Demand
deposits—adjusted
Time deposits
35
United States Govt, deposits
Inter-bank deposits:
3,684
620
banks
Foreign banks
-—
283
285
346
16
16
12
1,493
1,489
1,481
254
253
266
Other liabilities
Capital accounts
Government securities, direct
-2,000,000
—5,000,000
23,000,000
—6,000,000
+ 17,000,000
2,484,000,000
-7,000,000
+ 95,000,000
+ 8,000,000
2,448,000,000
and guaranteed
Industrial
advances
(not
including
Other reserve bank credit
Total Reserve bank credit..
20,462,000,000
Gold stock
Treasury currency
—3,000,000
9,000,000
$9,000,000 commitments—July 31)
3,024,000,000
—
13,498,000,000
Member bank reserve balances
Money in circulation.
7,883,000,000
Treasury cash
2,249,000,000
Treasury deposits with F. R. banks__
694,000,000
+4,214,000,000
+129,000,000
+3,085,000,000
+29,000,000
+ 829,000,000
+20,000,000
—121,000,000
+ 51,000,000
—169,000,000
+4,000,000
—67,000,000
Nonmember deposits and other Fed¬
1,644,000,000
eral Reserve accounts
+56,000,000
+ 725,000,000
Complete Returns
Reserve
City and
Chicago—Brokers' Loans
Federal
Reserve
System for the New York City member
banks and also for the
New York and
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
be compiled.
In the following
of
Chicago member banks for the
of business
July
ment
cities
24:
statement
shows
the
of
weekly
following
reporting
banks in 101
for the week ended
member
principal changes
$188,000,000 in holdings of United States Govern¬
$102,000,000 in Government deposits, and $52,000,000 in
Increases of
bonds,
week ended with the close
July 24:
condition
cur¬
Monday.
body of reporting member banks of the
Federal Reserve System for that
leading
banks which will not be available until the coming
will be found the comments of the Board
Reserve System respecting the
Governors of the Federal
The
week, issued in advance of full statements of the member
Banks of the Federal
Week
explained above, the statements of the
As
returns of the entire
Below is the statement of the Board of Governors of the
of Member
System for the Preceding
Chicago member banks are given out on
cannot
Returns of Member Banks in New York
rent
—1
68
Borrowings
—1,000,000
—1,000,000
+1,000,000
69
—
July 31 July 24
Domestic
S
Bills bought..
U.
(—)
1939
)4
76
OF WEEKLY REPORTING MEMBER
652 and 653.
Changes in member bank reserve balances and related
items during the week and year ended July 31, 1940 follows:
—1
CENTRAL RESERVE CITIES
Other assets—net
found
+1
91
(In Millions of Dollars))
Obligations
Holdings of United States Government bonds, direct and
—4
53
—2
65)4—3
1927
from increases of $29,000,000 in money
circulation, $20,000,000 in Treasury cash, $51,000,000
—1
15)4
M
98
—
72
1938
IN
Treasury deposits with Federal Reserve banks,
—1
26)4—1
29
64)4+
)4
)4
—
-
Assets—
in
+
+1
—2
94
84
66)4+4
33
—2
31
member
in
Reductions
55
72
During the week ended July 31 member bank reserve
balances
—1)4
85
1938
U. S. Steel
90
38
1939
ASSETS AND LIABILITIES
Reserve Banks
Independents
Industry"
86)4—1
61)4 + 3
1940
1936
^ Tin plate demand fails to hold up to expectations and production last
week slipped 2 points further, to 73% of capacity.
Indications of a large
vegetable and fruit pack promise a heavier demand within a few weeks.
Stocks in hands of producers and consumers appear to be increasing at the
moment, to which is attributed the present recession in production.
Automotive output continues its seasonal decline, dropping 19,000 units
last week, to 34,822, compared with 53,020 the preceding week and 40,595
in the comparable week a year ago.
Partsmakers are receiving increasing
compared
whole the average is placed at 8614 %,
in the previous week
with 8714%
1937
cars.
The
throughout the producing districts affected opera¬
wave
in the
ft Railroads continue to place heavy orders for cars and locomotives and
the steel involved is reaching large proportions.
In the past week the
Illinois Central has placed 2,000 freight cars in addition to the 1,000 ordered
a few days previous.
Norfolk & Western has ordered 50 box cars in addi¬
tion to the 1,000 hoppers just placed and figures are being taken on 500
more box cars.
Atchison, Topeka & Santa Fe has awarded 10 steam loco¬
motives and the Reading Co. 13 Diesel-electric switchers.
One steam loco¬
in the week ended July 29, in getting up
which had been planned for the period.
to the schedules
level of the
steel placements hold to the high
Journal" of Aug. 1 reported that steel
The "Wall Street
mills had difficulty
Volume
The
151
demand
deposits—adjusted,
credited
to
and
banks
domestic
in deposits
balances with
$203,000,000
in
reserve
Commercial,
Mr.
change
for
industrial,
agricultural
and
loans
showed relatively little
week.
the
$36,000,000
in the Chicago district and $13,000,000 each in the Cleveland and San
Francisco districts.
The aggregate increase was $188,000,000.
Holdings of
United States Treasury bills increased $35,000,000 in the Chicago district
and $25,000,000 at all reporting member banks, and declined $14,000,000
in New York City.
Holdings of Treasury notes increased $17,000,000 in
New York City and $10,000,000 at all reporting member banks.
Holdings
"other
of
000,000
securities"
$17,000,000
decreased
New
in
$66,000,000 in
$18,000,000 in the Chicago district, and $52,000,000
member banks, and declined $27,000,000 in the Boston
States Government depot-its increased $33,000,000 in the
member
to
being
decreases
cipal
domestic banks
$50,000,000
Chicago district.
A
The total
the intensified British blockade,
on
the situation
had
not
long
City and $45,000,000
$220,000,000.
York
United
the
the
ended July 24, 1940, follows:
year
July 17,
July 24, 1940
withheld comment, but it was generally be¬
co-operate with the British to avoid any
will
States
With the exception
combat zones.
is
impossible
zones
in
the
in
.In
American
so
"blacked out" to American ships,
the Black
in
Mediterranean.
laxed restrictions
ports
operate
to
Portugal, and in
of a few ports in Spain, those in
Sea without violating combat;
few instances
a
Mr.
Roosevelt has re¬
refugee ships could bring repatriates from
Ireland.
<
July 26, 1939
1940
+1,812,000,000
+ 320,000,000
411,000,000
loans
for
+ 3,000,000
+270,000,000
476,000,000
purchasing
+2,000,000
+ 1,000,000
+ 1,000,000
—52,000,000
—22,000,000
Real estate loans
of
36,000,000
Other loans
to
as
so
and itjis
the volume of subscriptions has
The preamble to the new law
refers to the desirability
have been
developed during the period of the civil war when no such public loans were
|H
undertaken.
Although
the
after
circulation
the maturity date, against payment of their face value
authorized
time prior to
and earned interest.
+ 329,000,000
+ 25,000,000
794,000,000
__1
at any
may
Treasury notes
2,093,000,000
+ 10,000,000
—44,000,000
6,565,000,000
+ 188,000,000
treasury
notes
will mature five
years
of their value.
an
The notes are excepted from the tax on
profits and
equal to 90%
refunding operation for
be hypothecated with the Bank of Spain for an amount
+ 653.000,000
Also they may
be included in any
equal to their value plus earned interest.
amount
guaranteed by United
+ 251,000,000
2,419,000,000
+ 4,000,000
3,562,000,000
—20,000,000
+ 303,000,000
11,526,000,000
498,000,000
-203,000,000
+ 2,776,000,000
+ 7,000,000
+ 50,000,000
-81,000,000
+ 436.000,000
States Government
Other securities
Reserve with Fed. Res. banks
Cash in vault
3,181,000,000
Balances with domestic banks
Liabilities—
Demand deposits—adjusted.
Time deposits
+ 3,383,000,000
5,314,000,000
Domestic banks
—2,000,000
+77,000,000
530,000,000
+ 102,000,000
—18,000,000
8,308,000,000
—220,000,000
+1,512,000,000
676,000,000
...
Foreign banks
+ 52,000,000
20,984,000,000
+ 3,000,000
United States Government deposits
Inter-bank deposits:
.........
Borrowings
+49,000,000
—12,000,000
1,000,000
Stock
Exchange
Chinese
The
Blockade
to
Include
All
Stock
Exchange Co., Ltd., capitalized
formed by several prominent Chinese leaders in this
metropolis, will offer facilities for trading in stocks and
debentures of Chinese banks, industries, and business enter¬
The report made available July 29, continued:
While transactions thus far have been
the company represents a
Britain's
Great
Minister
Economic
of
Warfare announced in the House of Commons
on
July 30
order to become effective at midnight July 31 for a block¬
ade, extending from
extends
Arctic to Northern Africa.
the
the contraband
Banks have hitherto acted as the principal investors,
enterprises.
The
new
company
obtain capital at cheaper
States, South America and the Far East, said United Press
ruling
new
means
on
represents an attempt to
creased public interest
ing burdens.
advices from London
interest rates and to relieve them of direct financ¬
The Shanghai General Stock Exchange is a
to Europe
British enterprise
of foreign companies in Shangh ai
The Chinese Manufacturers' Stock
dealing exclusively in stocks and debentures
well
as
as
rubber
company
Chinese Government
that all ships carrying cargoes
build a foundation for in¬
in direct investments and to enable enterprises to
shares.
Exchange prior to the outbreak of hostilities
July 30 which added:
using
depsotiors' funds in most cases.
and
control to the imports
capital market has been one of the out¬
in industry, mining and other
standing causes of China's slow development
The
exports of all Europe, including shipments from the United
limited in extent, the formation of
significant development in the Chinese financial
system, because lack of a modern
Dalton,
Hugh
at
pany,
of
Europe—Washington Not to Act
Securities
for Dealings in Chinese
Opened in Shanghai
600,000 yuan, was recently opened at Shanghai, it is learned
from a report to the Bureau of Foreign and Domestic Com¬
merce, U. S. Department of Commerce, from the office of
the American Commercial Attache at Shanghai.
The com¬
prises.
Extends
Britain
order
Commercialj^Attache
absorb such public purchasing power as may
+ 41,000,000
—35,000,000
.1,633,000,000
United States bonds
Great
to the Departmentjof
at
report
offering another public loan prior to the enactment of necessary tax
+ 95,000,000
1,206,000,000
Loans to banks
Obligations
a
American
issuance, the Treasury reserves the right to withdraw them from
or
carrying securities
Treasury bills
the
Subsequent legislation will fix the total amount of the loan,
dealers in
and
securities
Other
+ 563,000,000
290,000,000
-2,000,000
-8,000,000
4,462,000,000
Open market paper
from
assumed that this will be enacted as soon as
reforms
cultural loans
to brokers
law, according to
Commerce
been ascertained.
—3,000,000
8,514,000,000
Commercial, Industrial, and agri¬
Loans
decree
(—)
Decrease
or
+ 204,000,000
Loans and investments—total....23,947,000,000
Loans—total
Spain Authorizes Five-Year Treasury Loan
The issuance by the Spanish Treasury of an undetermined
amount of 3% five-year notes was authorized by a recent
Madrid, which also stated:
(+)
$
Assets—
The
At that time he
changed since last Friday.
incident that might force extension of
in
of the principal assets and liabilities of re¬
summary
Increase
an
such,
possible.
as
The State Department also
lieved
It
as
He said in this connection, however,
Portuguese and Spanish ports would be kept open for American ships
aid
as
declined in all districts, the prin¬
New
in
decrease was
porting member banks, together with changes for the week
and
comment
banks.
Deposits credited
the
increased
deposits—adjusted
f
cautious
extremely
banned areas because they are this country's
with all of Europe.
the Black Sea, all European waters are
New York Oity,
at all reporting
district.
United
Chicago district,
$24,000,000 in the San Francisco district, and $102,000,000 at all reporting
Demand
declined to
that
be
would
States
United
the
until actual results become apparent.
$20,-
City and
York
banks.
reporting member
all
at
$70,000,000 in New York City,
said
of commercial intercourse
means
He
increased in all districts,
States Government bonds
increases being
principal
Roosevelt
about including these in the
last
Holdings of United
alllEuropean*ports_except those in
include
now
Portugal and Northern Spain.
Reserve banks.
Federal
the
The proscribed zones
$220,000,000
of
decreases
and
623
Commercial & Financial Chronicle
dealt almost exclusively in
bonds.
from
North and South America and the Far East must carry navicerts—certifi¬
cates issued
The
by British officials at the port of departure asserting that the
contraband—or be liable to seizure on the high
contain no
cargoes
same
will
system
Included in the intensified blockade will be the Atlantic islands of Cape
Verde, the Azores and the Canaries.
The
according
move,
British
to
authorities,
vessels
the
which
British
hitherto
have
will release small
taken
maintained, will "intimidate
advantage of British
tolerance,"
The two-way
Balkan
and
Navy will not be required to run down as many suspected
blockade-runners.
the
naval
fewer ships will cross the Atlantic.
The intensified blockade, these authorities
States
in
effort
Britain's
to
prevent
advices to the New
Lazaro Cardenas's
plan for the reorganization of the oil industry will go into
effect on Aug. 1, according to his wishes, under the provi¬
sional agreement reached between the management and the
workers in the negotiations conducted under the aegis of the
Labor Department.
The "Times" advices went on to say in
Under date of July 31 Mexico City's
"Times" reported that President
Spain, Portugal
and
The
these nations from
im¬
abeyance
The
Germany
tion
or
Italy.
manner
same
ucts from
the blockade will seek to thwart the export of prod¬
Germany and Italy to neutral countries.
"Ships from
European
ports,
neutral ports in North America must have
for all items in their
certificates of
or
certain
non-enemy origin
cargoes," Mr. Dalton said.
"Any ships whose
cargoes
are
not fully certificated
A
agreement,
however,
be liable to
was
controversial points
in
There is a movement afoot to convoke an extra¬
ordinary assembly of petroleum
the
most
which will be held next month.
unsettled points include the payment to workers of house rent, reduc¬
of the vacation period and payment of savings deposits.
considerable section of the workers appears to be dissatisfied with this
workers to discuss the situation created by
reorganization of the industry and several sections of the
cate have
will
leaves all the
pending further negotiations,
provisional agreement.
from certain Atlantic islands
Industry
York
porting supplies which might ultimately find their way into the hands of
In the
Oil
part:
.
blockade will affect such nations as
Reorganization of
Reported Effective
for
Plan
Mr.
Dalton told the House of Commons.
units from patrol duties because
Mexico's
seas.
apply to all outgoing trade from Europe,
not
workers' syndi¬
that
already declared their intention not to accept any agreement
previously sanctioned by the assembly.
seizure with all their uncertificated cargo."
He
denied, however, that the blockade was being extended to neutral
nations.
"Where supplies can reach neutrals without
the risk of falling into
enemy
hands, navicerts will be granted on a scale to allow imports adequate for
domestic consumption but
"The
not
Government's policy
for re-export," he explained.
will be to assist neutral countries to obtain
them."
All of continental France, Algeria, Tunisia
treated
as
and French Morocco will be
enemy-controlled territory for purposes of tightening the block¬
ade, Mr. Dalton said, and goods destined for these territories may be seized
as
contraband and goods originating in or owned by persons in such terri¬
tories may be
seized as prizes.
United Press
advices
City of Rio de Janeiro (Federal District of the United
has remitted to White, Weld, & Co. and
Brown Bros. Harriman & Co., New York, special agents
States of Brazil)
61/2% external sinking fund bonds due Feb. 1, 1953,
of the Feb. 1, 1938 interest coupons at
the rate of 13 cents of their dollar face amount.
The pay¬
for its
funds for payment
ment
is being
made in accordance with the provisions
on
July 30 from Washington said
from which American ships are
banned, President Roosevelt
indicated; these advices further stated:
of
Feb. 5, 1934, of the
United States of Brazil, as re-enacted and modified March 8,
1940, by Decree Law No. 2085.
Bondholders have been
notified that such coupons will be paid upon presentation,
on and after Aug. 1, at the special agents'New York offices
on the basis of $4,225 per $32.50 coupon, in full satisfaction
Presidential Decree No. 23829 dated
that great Britain's "strangulation" blockade of ail Europe
will not cause an immediate redefinition of combat zones
Payment to be Made on Feb. 1, 1938 Interest Coupon
of City of Rio de Janeiro 6^% External Bonds
The Commercial & Financial Chronicle
624
and that
unpaid
coupons
maturing Aug. 1, 1931 to Feb. 1,
1934 must remain attached to the bonds for future adjust¬
ment under the decree.
ing fund instalments on the same loans which aggregate
$2,179,000 have been covered by the surrender of bonds to
the National City Bank of New York as fiscal agent.
Such
► The agreement made early this year was referred to in
our issue of March 16, page 1683.
bonds
Hungary to Continue Paying Interest on 17 Long Term
Dollar Bonds Under 1937 Agreement, which Was
standing at present.
The
Expire July 31—Protective Council Approves
Action
Despite the almost complete cessation of export trade between Hungary
and
countries
which
with
freely
convertible
currencies,
the offer
has been in effect during the past three years
the time
being, subject to the right of the Cash
or
modify the offer at any time upon giving published notice thereof.
funds become
for
available
these 17 loans, payment will
City of Budapest external sinking fund 6% gold bonds of 1927.
in
the
sum
at par
issued in August,
was
1923 in the
issued in August, 1924
$29,000,000 of the 4% bonds was originally issued of which
which
was
sold in 1937,
were
The' proceeds of
used for the purpose of redeeming
$28,334,000 of 5% bonds issued in 1928-
Apparently Norway, which enjoys
tremely
an
enviable reputation in meeting its
intends to continue to pay such obligations despite the ex¬
difficult
conditions
under
which
the
Boyal
Government
is
functioning.
Romanian Legation Issues Statement Regarding Shares
of
Oil
Companies
Operating
in
Romania
The Romanian
Legation, Washington, D. C., has issued
the following statement
in regard to shares of oil companies
operating in Romania:
Romanian
The
Government
has
decreed
that
all
shares
of Petroleum
Companies operating in Romania must be registered and stamped before
Aug.
1940.
12,
The holders of such securities
tional
Economy, Bucarest,
or at
are,
therefore,
invited to
Romania, at the Ministry of Na¬
the office of the Romanian Commercial
Counselor, 10 Rockefeller Plaza, New York.
Romanian Legation, Washington,
Tenders
Invited
30-Year
5%
for
Sale
Gold
of
South
Bonds
Wales
Exhaust
to
D. C.
(Australia)
$192,666
in
Sinking Fund
Hungarian Consolidated Municipal
Loan
20-year 7%
secured sinking
bonds, external loan of 1926.
British and Hungarian Bank Ltd.
llA% 35-year sinking fund mortgage
Chase National Bank,
successor
fiscal agent, is inviting
tenders for the sale to it at prices not
exceeding
par
and
ac¬
crued
•
►City Savings Bank Co. of Budapest 7% 25-year first
mortgage gold
bonds, dollar issue.
^Farmers National Mortgage Institute 7% Hungarian land mortgage
sinking fund gold bonds of 1928, dollar issue.
Farmers National
was
of $25,000,000 of which $8,953,000 principal amount remains
obligations,
fund gold bonds of 1925.
gold bonds, dollar issue.
in
announcement
$27,215,000 principal amount is presently outstanding.
Hungarian Consolidated Municipal Loan 20-year 7Yi% secured sinking
fund gold
The
The 6% loan due 1944
present their share certificates either in
the payment of interest
be effected as in the past
through the central agency of the Cash Office, in New York,
Schroder Trust Co., 46 William St.
The dollar bond issues
to which the offer applies are as follows:
As
on
retired.
$20,000,000, of which $5,529,000 principal amount remains out¬
outstanding.
of payment
will be continued for
Office to terminate
and
loan due 1943
Norwegian 6%
the 4% loan,
Pointing out that in spite of the international situation
and of the acute financial problems which Hungary has faced
during the last three years, the offer made by the Cash Office
of Foreign Credits is 1937 covering interest payments on
long term dollar bonds has been faithfully carried out, a
communique of the Cash Office published July 31 gives notice
of the continuation for the time being of this offer, which
was for three years and due to expire July 31,
1940.
The
terms of the offer provide for interest payments at the rate
of 1%% annually on 17 specified issues of bonds. The
communique stated:
cancelled
were
the matter further stated:
amount of
Due to
Aug. 3, 1940
Mortgage Institute 7% land mortgage bonds, dollar
issue.
interest, of State of New South Wales, Australia,
external 30-year 5% sinking fund gold bonds, due Feb. 1,
1957, in an amount sufficient to exhaust the sum of $192,666.08 now in the sinking fund.
Tenders will be received
to 12 noon, Aug. 7, 1940, at the corporate trust department
of the bank, 11 Broad St., New York.
Hungarian Land Mortgage Institute 7 Yi % sinking fund land mortgage
gold bonds, series "A" dollar bond.
Hungarian Land Mortgage Institute 7Y% sinking fund land mortgage
Holders of
Hungarian-Italian
series
Bank
Ltd.
7Y%
mortgage
bonds,
dollar
issue,
"A".
Hungarian-Italian Bank Ltd. 7Yt% mortgage bonds, dollar issue, series
"A-B".
Hungarian-Italian Bank Ltd. 7Y% 35-year sinking fund mortgage gold
bonds, dollar issue, series "A-C".
National
Central
Savings Bank of Hungary 7Yt%
series
"A"
sinking
fund gold bonds, dollar issue.
Hungarian Discount and Exchange Bank 7% 35-year sinking fund
munal gold bonds, dollar issue.
com¬
Hungarian Central Mutual Credit Institute 7% land mortgage sinking
fund gold bond, series "A", dollar issue.
National
Hungarian Industrial Mortgage Institute Ltd. first mortgage
sinking fund 7% gold bonds, series "A", dollar issue.
Rima Steel corporation 7%
City of Porto Alegre (Brazil) 7% Gold Bonds
Payment on Feb. 1, 1938 Coupon
of 1928 to Receive
gold bonds, series "B" dollar bond.
closed first mortgage 30-year sinking fund
gold bonds, in dollars.
The
Foreign Bondholders Protective Council issued a
on July 31
commenting on this extension and re¬
commending it to the sympathetic consideration of the bond¬
Ladenburg, Thalmann & Co.,
special agent, is notifying
(United States of Brazil)
40-year 7% sinking fund gold bonds, external loan of 1928,
that funds have been deposited with it sufficient to make
a payment in lawful currencv of the United States of America,
of 13% of the face amount of the coupons due Feb. 1, 1938,
amounting to $4.55 for each $35 coupon and $2,273^ for each
$17.50 coupon.
Pursuant to the provisions of the Presiden¬
tial Decree of the United States of Brazil, such payment, if
accepted by the holders of the bonds and coupons, must be
accepted in full payment of such coupons and of the claims for
interest represented thereby.
No present provision, the notice states, has been made for
the coupons due Feb. 1, 1932 to Feb. 1, 1934 inclusive, but
they should be retained for future adjustment.
as
holders of City of Porto Alegre
statement
holders.
The statement said in part:
Member
The Council continues to feel that the extension for
a
period of the present offer is the best that could be expected at this time
and that it is in line with the present
exchange position of Hungary, and the
Council, therefore, recommends this offer
sideration of the bondholders
as
to
indicating
a
the further sympathetic con¬
genuine effort
on
the part of
the Cash Office to continue dollar remittances to the holders of their
foreign
dollar bonds.
The agreement was referred
1937,
page
to in
our
issue of
July 24,
525.
+
Aug. 1.
Coupons of Kingdom of Hungary 1924 State
Loan to be Paid
at
Rate of
4^2%
J.
Henry Schroder Banking Corp., New York, announced
on July 30 that coupons due
Aug. 1, 1940 on bonds of the
State Loan of the Kingdom of
Hungary 1924 Dollar Tranche
which have been enfaced in evidence of
acceptance of the
conditions set out in the memorandum of
Sept. 17, 1937,
may be presented for payment on and after Aug. 1 1940,
at the rate of 4J^% per annum.
Presentation must be made
within a period of six years from the due date of the
coupon
irrespective of the date of enfacement of the relative bond.
Norway Deposits $1,040,420 to Meet Its August Sinking
Fund and Interest Payments on Dollar Loans
Wilhelm
Morgenstierne,
Minister
of
Norway
to
during the month of
the Norwegian dollar loans outstanding in this
country.
The sum of $1,040,420 has been deposited with the
National City Bank of New York for the
payment on Aug. 1
and Aug. 15 of the interest on the Kingdom of
Norway 6%
oans of 1943 and 1944 and the
4% loan of 1963.
The sink¬
on
The
Securities
and
Exchange Commission made public
figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended July 13, continuing
a
series of current figures being published weekly by the
Commission.
Short sales are shown separately from other
sales in these figures.
Trading on the Stock Exchange for the account of members
during the week ended July 13 (in round-lot transactions)
totaled 265,170 shares, which amount was 16.48% of total
transactions on the Exchange of 1,601,180 shares.
This
compares with member trading during the previous week
ended July 6 of 255,740 shares, or 17.38% of total trading
yesterday
of
(Aug.
2)
1,482,650 shares.
On the New York Curb Exchange
trading during the week ended July 13 amounted
81,280 shares, or 15.98% of the total volume on that
Exchange of 464,530 shares; during the preceding week
trading for the account of Curb members of 54,685 shares
was 15.18% of total trading of 333,050 shares.
The Commission made available the following data for
the week ended July 13:
member
to
The data published are based upon weekly reports
York
Stock
Exchange and the New
spective members.
York
Curb
filed with the New
Exchange
by their re¬
These reports are classified as follows:
the
United States, announced on Aug. 1 that
arrangements have
been completed for the payment of the
large amounts due
for sinking fund and interest payments
August
Trading on New York Stock and New York
Exchanges During Week Ended July 13
Curb
further transitory
New York
New York
Stock
Total number of reports received
2.
Reports showing transactions as specialists
Reports showing other transactions initiated on the
floor,
3.
.
1.
Curb
Exchange
Exchange
1,065
180
830
103
Reports showing other transactions initiated off the
floor
4.
Reports showing no transactions
Note—On the New York Curb Exchange, odd-lot
162
36
167
64
645
640
transactions are handled solely
by specialists in the stocks in which they are registered and the round-lot transactions
of specialists
resulting from such odd-lot
625
Commercial & Financial Chronicle
The
151
Volume
transactions are not
segregated from the
specialists' other round-lot trades.
On the New York Stock
other hand, all but a fraction of the odd-lot transactions are
Exchange, on the
effected by dealers
THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
STOCK
FOR
TRANSACTIONS
Week Ended July 27, 1940
Total
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly comparable on the
engaged solely In the odd-lot business.
two exchanges.
The
entries in
total more
various classifications may
in the
of reports
number
the number
than
of reports received
because a single report may carry
than one classification.
more
TOTAL ROUND-LOT
STOCK
NEW YORK
(SHARES)
OF MEMBERS *
7,869,378
Dollar value
Odd-lot purchases by dealers (customers' sales):
Number of orders:
Customers' short sales
^
Cent
279
8,836
-
Customers' other sales.a
Per
Total for
Week
A.
8,451
208,636
Number of shares
1940
Week Ended July 13,
'
purchases):
^
STOCK EX¬
TRANSACTIONS FOR ACCOUNT
8TOCK SALES ON THE
CHANGE AND ROUND-LOT
for Week
Odd-lot sales by dealers (customers'
Number of orders
a
Customers' total sales
9,115
-
Total round-lot sales:
Short sales
;
—
Other sales-b-_
—
-
63,750
1,537,430
Number of shares:
7,596
207,485
Customers'short sales
Customers' other sales.a
Total sales
1,601,180
...
Customers' total sales
Round-lot transactions for account
B.
the odd-lot accounts of
Transactions of specialists in
1.
Dollar value
stocks In which they are
registered—Total purchases
—-
Other sales.b
2. Other transactions initiated on
Other sales.b
Other sales.b
„
45,520
Round-lot purchases by dealers*
Number of shares
11,400
62,350
—
—
Total sales
8.84
67,550
the floor—Total purchases
Short sales
a
3. Other transactions initiated off the
4,550
41,610
Other sales.b
odd-lot orders, and sales to liquidate a long
reported with "other sales."
BERS »
AND
ON
SALES
STOCK
16.48
NEW YORK CURB EX.
ACCOUNT OF MEM¬
THE
STOCK TRANSACTIONS FOR
Per
Week
Cera a
Total round-lot sales:
5,010
459,520
Short sales
Other sales.b
464,530
Total sales
Round-lot transactions for the account
1. Transactions of specialists
31 were above June 29
while time loans were under both
a month
and a year ago.
The demand loans on July 31
totaled $329,833,543, as compared with $317,187,505 June
29 and $526,691,740 July 31, 1939.
Time loans at the latest
date were reported at $12,451,000, against $14,666,000 and
$27,075,500, respectively, on the two earlier dates.
The following is the report for Julv 31, 1940, as made
available by the Stock Exchange:
Demand loans outstanding on July
1940
Total for
B.
of members:
in stocks In which they are
41,290
registered—Total purchases
Other sales_b
contracted for and carried in
1940, aggregated
10.73
58,445
Total sales.
but below July 31, 1939,
member total net borrowings on collateral,
New York Stock Exchange
2,500
55,945
Short sales
New York as of the close of business July 31,
$342,284,543.
The detailed tabulation
follows:
Demand
from New York banks
$298,267,843
collateral from private bankers,
bank agencies or others in the
10,450
(1)
Net borrowings on collateral
or trust companies
600
floor—Total purchases
2. Other transactions Initiated on the
(2)
Net borrowings on
brokers, foreign
Short sales
7,700
Other sales.b
3. Other transactions initiated off the
Combined total of time and
15,460
floor—Total purchases
215,000
$12,451,000
$342,284,543
demand borrowings
"Government securities" pledged as
Included In items (1) and (2) above
Total face amount of
for the borrowings
1,260
13,275
Short sales
Other sales.b
Total sales..
The scope of the above
3.23
14,535
-
report issued by the
Below
67,200
Total—Total purchases
we
a
two-year
compilation of the figures:
Odd-lot transactions for the account of
C.
15.98
specialists:
Customers' short sales
35,899
Total purchases
$
$
431,926,400
37,961,000
469,887,400
30
Aug. 31
Sept. 30
459,217,933
508.992,407
484,019,538
34,398.000
32,498,000
40.183,000
493,615,933
641,490,407
524,202,538
31
540,439,140
577,441,170
681,885,192
40,302,497
42,514,100
35,199,137
680.741,637
619,955,270
717,084,329
666,496,877
683.432.399
654,855.671
Aug. 31
632,513,340
646,178,362
617,191,932
515,173.525
515,483,090
509,021,637
526,691,740
478,060,007
July
Oct.
0
35,899
«.
Customers'other sales.c
Total Loans
Time Loans
$
June 30
81,280
Total sales
$24,423,20o
Exchange a month ago.
furnish
1938
76,920
Other sales.b
collateral
compilation is exactly the same as in the loan
Demand. Loam
4,360
Short sales
$12,236,000
31,565,700
—
2.02
8,300
-
-
Time
$329,833,543
City of New York
Total sales
4.
the New York
Exchange,
$211,482,697.
(SHARES
Week Ended July 13,
A.
is $211,-
issued yesterday (Aug. 2), outstanding
brokers' loans on the Exchange increased $10,431,038 during
July to $342,284,543.
As compared with July 31, 1939,
when the loans outstanding amounted to $553,767,240, the
figure for the end of July, 1940, represents a decrease of
Stock
265,170
-
ROUND-LOT
CHANGE
July 31 Reported at $342,284,543—Amount
482,697 Below Year Ago
According to the monthly compilation of
45,000
220,170
Short sales
Other sales.b
TOTAL
3.23
$10,431,038 in Outstanding Brokers' Loans
Exchange During July—Total
New York Stock
on
262,530
Total sales
position
which Is less than a round lot are
Increase of
46,160
Total sales
Total—Total purchases
reported with "other sales."
57,200
floor—'Total purchases
Short sales
4.
59,340
Sales marked "short exempt" are
b Sales to offset customers'
4.41
73,750
Total sales
40
45,480
Short sales
145,260
Total sales
6,887,670
-
Round-lot sales by dealers:
Number of shares:
137,780
29,050
116,210
Short sales
215,081
...
of members, except for
odd-lot dealers and specialists:
Nov. 30
Dec.
31
1939—
with twice the total round-lot volume on the
Sept
30
433,556.992
of
Oct.
31
502,025,629
543.875,683
564,642.938
33.983.537
37,254,037
37.663.739
32.269,650
30.492,889
28.240.322
27.075,500
30,517,547
33,502,875
32,202.875
30.996,000
29.646.000
June 29
533,004,900
629.478.347
549,692,430
559,505,870
391,388.100
317,187,505
27.046.000
25,996,000
20,121,000
19,981,000
17.621.000
14.666.000
560.050.900
565.474.347
669.813,430
679.486,870
408,909 100
331,863,506
July 31
329,833,543
12,451.000
342,284,543
_
term
Includes all Exchange members,
"members"
their firms and their
a
In
31
Apr.
The
28
Mar
partners, Including special partners.
31
Feb.
18,372
Total sales.
*
Jan
29
May 31-,June 30
Shares in members' transactions as per cent
of twice total round-lot volume.
calculating these percentages, the total of members'
transactions is compared
Exchange for the reason that the total
members' transactions Includes both purchases and sales, while the Exchange
July
31
Nov. 30
volume Includes only sale6.
b Round-lot short sales which are
exempted from restriction by the Commission
rules are included with "other sales."
Dec. 30
1940—
Jan
r
— .
Sales marked "short exempt" are
31
Feb'.
Included with "other sales."
29
Mar. 30
Apr. 30
May 31
Odd-Lot Trading on New York Stock Exchange
Week Ended July 27
On
During
Aug. 2 the Securities and Exchange Commission made
public
a summary
for the week ended July 27 of complete
handled odd lots
ing
a
are
who
the New York Stock Exchange, continu¬
series of current figures being published by the Com¬
mission.
were
on
odd-lot dealers and specialists
Figures for
reported in
the previous
based upon reports
odd-lot dealers and
week ended
Growth
20
voted on July
never
been
Betts,
filed with the Commission by the
by
the
<
,
the Chicago Stock Exchange
25 to waive until Dec. 31 the
usual fees for
original listing of securities on the Exchange, except issues
now listed on the New York
Stock Exchange, which have
M.
specialists.
July
Board of Governors of
The
The figures
issue of July 27, page 481.
our
—
Chicago Stock Exchange Waives Fees for New Listings
Until End of Year—Designed to Stimulate Its
figures showing the volume of stock transactions for the
odd-lot account of all
547,443,175
545,975,979
537.261,959
553,767,240
508.577,554
467,059,867
534,228.504
573,871,683
594.288.938
listed in Chicago, it was
Chairman.
announced by Arthur
This action, it is stated, was taken
Governors on the recommendation of the special
appointed to study plans for stimulating
committee recently
The Commercial & Financial Chronicle
626
volume
the
on
Chicago
Its
Exchange.
mentioned in these columns July
appointment
said
the
Chicago
bility of listing
on
for Sale by Issuers
Percent
Percent
Amount
Amount
June,
June,
June,
June,
1940
1939
1940
1939
$58,144,242
75.6
53.3
develop¬
"will enhance the desira¬
Exchange."
Securities Proposed
Substitution
or
Type of Security
both the corporation and its stock¬
He said completion of further plans for
of
1940
Total, Less Securities
Reserved for Conversion
listings, Mr.
place affords im¬
new
market
exchange
advantages to
portant
holders."
ment
"an
that
3,
was
27,^ page ASi.
Urging members to assist in obtaining
Betts
Aug.
Exchange
our
Secured bonds
$38,950,000
69.3
57.3
27.3
Unsecured bonds
29.3
The special committee's report to the
Governors follows:
Preferred stock
2,253", 956
2.9
4.7
1,373" 356
2.4
3.1
The
first
Common stock--.--,
6,799,300
8.9
10.8
6,256,180
11.1
6.1
Certificates of participation,
beneficial interest, &c
9,660,000
12.6
3.9
9,660,000
17.2
4.2
25,000
0.0
S56,239,536 100.0
100.0
of
special committee
stimulating
tions
the
In
fur
listing applications.
its
study
the
problem
The number of original applica¬
In recent years
being received by our Exchange is negligible.
now
character
„investment
of
new
undertaken
has
the
of
exchange
with
transactions
light of
markets
has
cliangcd
minimum
a
listing fees charged by our Exchange.
and
its stockholders,
particularly
tion
predominantly
speculative turnover.
of
the above conditions,
to
have considered
we
the
I he value of listing to
the
smaller
& ctfs. of deposit)
made.
were
reductions
desired.
should
would
be
Moreover,
be
We
It
would
be
equitable
with
the
impossible
and
today to
produce
yet
present
stagnation,
the
half-way
no
results
The resolution adopted July 25 follows:
Resolved, That
July 25, 1940, listing fees shall be waived in
listing applications which may be filed with this
Companies whose stocks are listed on
the New York Stock
Exchange, and which at no time have been listed on
the Chicago Stock
Exchange, will not be eligible for said waiver of
fees,
but companies
filing substantially simultaneous
original listing applica¬
tions with the two
Exchanges shall be eligible.
In cases
involving consolidation, exchanges of capital stock and all
other
Instances requiring
interpretation, the Executive Committee shall
in
all
to
respect
Exchange
original
priofr to Dec. 31, 1940.
its discretion
determine
whether
or
not the
waiver sliall be
Tlie
total
tered,
the
on
of 28
during June.
amount
Of the total securities
regis¬
for sale by issuers was
proposed
$56,-
240,000, which compared with
$102,761,000 in May, 1940,
and $252,311,000 in
June, 1939. During the first six months
of
1940 effective registrations
totaled 218
ties
issues of
aggregating $898,471,000, of which
$667,191,000
posed for sale by issuers, as
compared with
the first
six
months
the
was pro¬
June, the following is taken from
the Research and
Statistics
Sec¬
single utility issue, the first
mortgage bonds of Jersey Central Power
& Light Co.,
registered in the amount of
$38,950,000,
accounted
for
the
entirety of the electric and gas
utility group, which led all others with
69.3% of the total proposed for sale
by issuers.
Financial and investment
companies
ranked
second
with
facturing with $5,158,000,
Fixed
interest-bearing
$38,950,000,
of
or
$9,835,000,
in
the
17.5%,
or
followed
by
9.2%.
securities
displayed their
69.3% of the total.
participation
totaled
or
amount
of
$6,256,000,
Next
in
importance
$9,060,000,
or
manu¬
usual predominance
were
17.2%.
with
certificates
Common
securities
of
which
account
or 11.1%, and
preferred stock, $1,374,000, or
2.4%.
20 statements became effective
covering 28 issues in the
$82,577,000.
Included in this total were
$5,694,000 of substitute
and $418,000 of
securities registered for the
account of others,
$318,000 was proposed for sale.
Securities
of
registered
for
There
remained
which
amount
Net
Of
proposed
proceeds
this
for sale
of
securities
An
indicated
by issuers,
through
offered
was
purposes
was
74.7%,
or
retirement
of bonds and notes and
money
4.1% of the
of
was
to
stock.
be
This
applied
expected
combined
to
absorb
accounted
for
to
the
repayment
of
included
4.0% for retirement
of
70.7% for repayment
preferred stock.
Purchase
$9,309,000,
$4,293,000,
or
or
17.3%.
All
new
8.0% of the total.
$40,536,000, or 72.1% of the amount
proposed for sale
to be offered through underwriters.
Securities to be offered
agents amounted to $12,935,000, or
23.0%, and securities
directly by issuers equaled $2,769,000, or
4.9%.
Securities
offered to the general public
accounted for 94.1% of
with 5.9%
representing issues to be offered to
the total,
as
A
to
be
to
Total Securities
4
Unsecured bonds.
the
Certificates of participation, beneficial
interest, &c_
Warrants or rights
Substitute securities (v. t. c. & ctfs. of
deposit)
with
92.8%
total
A
Grand total
for
of
of
quarter
stocks and
common
201
firms
had
52.3%
or
New
Issues
of bonds,
man¬
compared
as
33
the
12
was
in
aggregate
issues
The
five
managed.
firms
having the largest amount of underwriting participations
all New York
during the quarter
were
Boston
$17,144,465;
Corp.
505,794;
Read
Dillon,
$12,245,216
firms
with
Morgan
;
accounted
Similarly,
lor
the
firms
quarter
City firms,
Harriman Ripley
$12,273,069;
with
Co.
Co.,
&
23.1% of
five
the
during
&
Stanley
The First
Kulm,
Loeb
with
$12,-
Co.
with
These
five
&
participations.
total
leading
the
in
City
underwritten
of
management
York
New
all
were
follows':
$11,900,000.
with
Inc.,
as
& Co., Inc.,
firms,
follows:
as
Stanley & Co., Inc., with $75,000,000; The First Boston Corp.
$63,742,551 ; Kuhn, Loeb & Co. with $37,774,544; Dillon, Read & Co.
Morgan
with
with
$17,167,203
firms accounted
Separate
New
York
Goldman,
;
for
totals
Sachs
&
$12,718,680.
with
Co.
five
These
72.3% of tlxe total amount of issues managed.
are
in the tables for each of the
presented
50 firms in
City and outside of New York City having the largest amount
of
participations
of
participations for any
the 16 additional New
York City firms the largest amount of participations for any one firm
was
$255,440, the smallest $55,440, and the average per firm $115,865.
For the 85 additional firms outside of New York City the largest amount
the average per
during
the second
one
For
quarter.
firm was $495,640, the smallest $15,000, and
firm, $186,172.
FDIC
Amount
Paid,
1940—Bank
Rate
of
Rehabilitation
Program^Near
Com¬
In its report for
the six months ended June 30, 1940, the
Deposit Insurance Corporation states that it now
appears that the capital and surplus
of the Corporation
will have increased to about $500,000,000 by the end of 1940,
Federal
and therefore it might be appropriate
"to give consideration
reasonable reduction in the rate of assesment paid by
banks."
In issuing the report for the Board of Directors of
a
the
that
Corporation Leo T. Crowley, Chairman, also indicated
with the outlay of about $80,000,000 during the first
six
months
of
1940—largest
disbursements
for
any
six-
month
period since the beginning of deposit insurance—the
Corporation "brought near completion its program for the
rehabilitation of banks in the system that have constituted
a substantial hazard."
A
therein
the
June
30,
more
than
the report
of
summary
contained
beginuing
also
000,000.
the
refers to other features
follows:
as
deposit
of
insurance
Jan.
on
1,
1934,
through
1940,
the Corporation cleaned up 342 banks having deposits of
$431,000,000 and 1,111,535 depositors.
The Corporation's gross
outlay for protection of depositors in these
Of
this
eventual
amount
about
cases
$46,000,000,
or
amounted to about $220,about
21%,
is estimated
loss.
Despite unprecedented expenditures during the first 6ix months of 1940,
the surplus of the Corporation increased by about $15,676,000, amounting
$180,265,000
Protection
of
in
$82,576,740
in
Banks—In
by
pletion
to
25,000
5,694,242
Reduction
Report for First
Six Months of 1940 Believes This Appropriate Since
Capital is Likely to Reach $500,000,000 at End of
$58,144,242
9,660,000
Reasonable
Consider
to
Assessment
of
of
as
all
June
but
through June 30, 1940.
28
case
for preferred stocks.
City,
6,799,300
3
92^9% of the total.
or
74.0%
participations.
For the 21 managing firms in
40.7% of participations was ipvisfiues managed.
For
managing firms outside of New York City, 51.0% of participations
of
York
in
a5
Commission
The
undenvriting participations during the second
of these firms acted as managers.
These
but only
1940,
2,253" 956
1
issues.
City firms participated to the extent of $195,-
$265,083,000 in all issues,
11
.
prepared by the
Trading and Ex¬
underwritten issues, 21 New York City firms ac¬
management of
for
4
Common stock
stock
common
York
aged by these firms amounted to 99.0% in the
0
Preferred stock
the
of
in all issues, or 68.6% of the total.
Participations of these
represented 72.6% of total participations in bonds, 72.3% in common
stocks, and 54.2% in preferred stocks.
as
Secured bonds
13
New
total of 66
From
SECURITIES ACT OF 1933
JUNE, 1940
No. of
Issues
analysis
an
Section
737,000
be
compared
Effectively Registered
Type of Security
during the three months ended
to
firms
security holders.
EFFECTIVE REGISTRATIONS
UNDER THE
BY TYPES OF
SECURITIES,
Statistics
and
$34,071,000 in
to
by issuers.
remaining after these deduction items totaled
$53,923,000.
$40,302,000,
indebtedness and
sale
according
further explained:
not
$56,240,000 of securities proposed for sale
by issuers,
$1,395,000, or 2.5%, represented the issues of new
ventures.
Compensation to be paid underwriters and
agents
was
$1,959,000, or
3.5%, and other issuing and
distributing expenses, $358,000, or 0.6%.
All
issuing and distributing expenses combined were
equal to
of
for
offered
1940,
Participations aggregated $189,850,000 in*
issues, $61,543,000 in 10 preferred stock issues, and
14 bond
the
issuers, excluding substitute
securities, aggregated $76,464,000.
proposed for sale by issuers amounted
to $20,225,000, con¬
sisting mainly of $20,075,000 of securities to
be issued in
exchange for
other securities.
Securities
announced
stock
During June,
amount of
Commission
change Division.
issues
Trading and Exchange Division:
A
30,
for
1939.
Regarding the sales in
the analysis
prepared by
tion of
securi¬
$734,362,000
of
Exchange
relatively few managing firms secured participations totaling $149,415,000,
issues of
securities, aggregating
$82,577,000, became effectively registered under the
Securi¬
ties Act of 1033
and
In
Securities and Exchange Commission
announced
a
1933
counted
Registration of 28 New Issues,
Aggregating $82,577,000*
Under
Securities
Act
Became
Fully
Effective
During June
and
464,000 for 37 issues registered under the Securities Act of
applicable.
+.
July 31 that
Securities
The
Research
effective
Second
Aug. 2 that underwriting participations amounted to $285,-
June
existing.
Underwriting in
on
Quarter—Participations Amounted to $285,464,000
for 37 Issues—New York City Firms Participated
in 68.6% of Issues and Managed 92.9%
measures
recommend adoption of the attached resolution and
recommend further that in December a
completely revised schedule of list¬
ing fees be adopted after a thoiough study of conditions then
Publishes Statistics
SEC
risked.
accordingly
100.0
Includes the guaranty of two issues of securities by other than the issuer.
be
what further
gauge
promptly
$76,882,498 100.0
Grand total..
corpora¬
must
freshly and critically appraised.
Furthermore, the Exchange has a public
duty to do all in its power to facilitate the flow of capital into
industry.
The last revision of the listing fees schedule of the
Chicago Stock Ex¬
change was made in August, 1938, at which time reductions then considered
liberal
Warrants or rights
Substitute securities (v. t. c.
schedule
a
companies,
cash
the
342
insured
banks
30,
1,651
1940.
of
closed
Total
the
or
1,111,535
merged
with
depositors
the aid
deposits of these banks
was
of
were
extended
FDIC
loans
$431,000,000,
which
97.8% was made promptly available.
There occurred during the first six months of 1940 a net reduction of 55
the
number of
only 27 banks
were
insured
banks,
82
banks having been eliminated,
admitted to insurance.
while
Volume
The Commercial & Financial Chronicle
151
We
The
is
Corporation
report of the Board of Directors of the
presented
follows:
as
of
months ended
the
amounted
Corporation
to
earned, after
deducting provision for amortization of premiums, and profits on securities
sold.
Expenses and losses during this period amounted to $11,706,213,
including deposit insurance losses and expenses of $9,973,971 and adminis¬
by
paid
trative
insured
banks
the
represented
interest
$52,821,659,
including assessments paid by insured banks of $43,271,826 and $9,549,832
representing interest earned, less provision for amortization of premiums,
and profits on securities sold.
Total losses and expenses for the year
amounted
to
$14,343,570, represented by deposit insurance losses and
expenses
of $10,863,370 and administrative expenses and other charges
Income
of
ended
year
30,
June
amounted
1940,
of
success
present
in
the
banks
than it
powers
would
We
assessment.
stabilize
to
for
the
of
part
the demands
development
supervision,
and
resulting
from
period
total
of June 30,
as
of
income
operations.
From
excess
an
of
has
income
amounted
to
$180,264,574,
and losses during the
1940,
over
expenses
the
beginning
$245,985,466,
was
insuranc?
deposit
of
of
assessments
including
$187,313,360 paid by insured banks and $58,672,106 derived from interest
and
earned
720,891.
of
Net
525,604,
of
actually
banks
closed
incident
Charges
made
loans
and
tion
as
the
six
of
June
30,
six
aid
months
claims.
55
the
During
aid
had
tlhe
extent
of
depositors
of
the
closed
loans
from
the
of
loss
that
on
of the Corpora¬
analysis of surplus for
date is furnished by the
follows:
as
AND
ASSETS
OF
LIABILITIES,
30,
JUNE
$367,858,398.40
gers
of
fully
insured
pledge of security,
or
depositors
of
closed
against
$38,650,536.93
pending settlement or not claimed, to be subro¬
805,955.39
gated when paid—contra
Loans to merging insured banks to avert
deposit
deposit insurance losses and recoverable liquida¬
tion expenses
-
63,843,041.79
—
Assets purchased from merging insured banks, to
25,759,605.82
Assets purchased from merging insured banks and
receivers
of
closed
Insured banks to avert
1,097,370.73
deposit Insurance losses
in
$130,156,510.66
Less:
39,209,069.65
Reserve for losses.
$90,947,441.01
Funds
deposited for consummation of commitment to purchase
assets from an insured bank upon its fulfilment of certain con¬
or
these
loss
There were
banks have
Of these three subsequently
ditions (see footnote)
Furniture, fixtures and equipment
Deferred charges and miscellaneous
16,690,481.49
100
69,596.68
.•
receivables—
Total assets...-....-----------------------
$475,565,918.58
-
Liabilities
insured
banks,
and
342,
merged
with
deposits
having
Current liabilities:
had
fully protected
of the
by
less
offset,
and unapplied collections
insured benks
applicable to loans to merging
and assets
505,025.43
purchased
Net balances of depositors in closed insured banks,
805,955.39
pending settlement or not claimed—contra..
or
insurance,
1,579,952.02
Unused credits for assessments paid to temporary
Federal Deposit
Insurance funds and prepaid assessments
agreements.
merger
Earnest money deposits
aid of
of $431,-
made available promptly
were
$268,971.20
Accounts and assessment rebates payable..
the
total
were
banks
terms
or
claims
insured banks
Net balances of depositors in closed insured banks,
pro¬
closed
banks
depositors
345
insured
97.8%,
not
were
their
protected against
Only 1,651 of the *1,111,535 depositors,
1%,
of
other
or
(less collections):
Subrogated
these
in
"
■;
were
insurance
These
348,489,672.87
protected.
liquidated
were
amortization of premiums) and accrued
insurance
not
were
The" 268,351
fully
by
over
depositors.
42
banks closed
99.9%
about
or
difficulties.*
financial
hand, in transit, and on deposit
$19,368,725.53
Government securities (cost less re¬
deposit insurance losses, under an agree¬
ment to return any excess recovery to selling
depositors
'
1940,
deposit
$421,592,000,
one-quarter
6,302.30
265.07
140,267.91
—
Deferred credits
Reserve for loss on
of June
30, 1940, there
decrease of
FDIC.
The
the
months
six
June
banks
of
elimination
few
ended
56
by
banks
There
to
chartering
certain conditions
eliminated, 12 by suspension,
14
opened
continues
the
4,275,000.00
TotaUlablllties
were
or
liquidation.
voluntary
banks
for
There
were
during
close
a
the
business
for
which
at
Jan.
30
the
on
be
of
part
admitted
one
bank
all
1,177,543.98
Additions:
bank
Deposit lnsur.
first
assessments.-.$22,415,429.30
of
provision for
Int. earned & profit on sales
securities (less
deposit
organized
to
Int. received on loans & sub¬
the
to
of
banks
20
pleted its
Deductions:-
hazard.
has about
com¬
the system
con¬
consistently pursued
and
of
All
$11,706,212.72
of
the
program
a
of singling out weak
larger
and
cases,
these banks
of
many
of
the
smaller,
were
banks
in
of such nature that their recovery in
were
with
pace
deposit?
involving
been
the
general
and
recovery,
it
would
have
value did
been
poor
of
cleaned
can
now
accumulated
are
with
say,
losses
in
be
will
there
assume
anticipated
an
and
loss
1,111,535
to
the
Corporation
the
reasonable
a
degree
banking system
in
greater
share
any
failures
from
losses
other business.
of
the risk of
of
have been
few small scattered cases.
a
bank
failures
a
prevent
an
subsidy
cf
It
increased
An
contribute
now
about
to
of that
estimated loss of
corporation has been reduced by this amount by the Inclusion
loss with other deposit Insurance losses and expenses.
The annual
assurance,
*
*
the
financial
interest
development
by
$500,000,000
However, it is inevitable
arising, just as
business by
owners
of
more
on
sooner
than
the
was
end
of
expected,
the
part
effective
1940.
since
Stock of Money in the
of
more
will
in
will
ing the moneys held in the
amount
been
will
in
have
one
bank
$35,239,000 which
note, Statement
with
43,850
jlepoeitors
holding deposits
had not been closed by June 30,
of Assets and Liabilities.)
1940.
Federal Reserve
are
Banks~and
for June 30, 1940,
tion at that date
(See foot¬
jhe
vaults
United States Treasury and by
agents.
of member
course,
as
$5,698,214,612
on
money
in
circula¬
what is held in bank
banks of the Federal
$7,847,500,588,
Reserve System)
against $7,710,030,437 on'May 31,
1940, and $7,046,742,702 on June 30,
with
The figures this time
and show that the
(including, of
excess
amounting
Country
in Washington has issued
monthly statement showing the stock of money
the country and the amount in circulation after deduct¬
and
income has
3571.
customary
stockholders
management
This
The Treasury Department
should
investing
31,
report of the FDIC for the year ended Dec.
the
contemplated at the time of the passage of the Banking Act of 1935.
Includes
of a provision for this
the
currently
Henceforth bank
their
that
eliminated with
was
to
Insured bank, if and when an
consummated. A reserve has been provided for the
$4,275,000 in the liquidation of these assets and the surplus of the
existing purchase commitment Is
of
accumulation of losses, decreasing the need for governmental
inefficiently operated banks.
appears that the capital of the Corporation will have increased
accumulated
1940 the Corporation *had deposited $16,690,481.49 In a
Note—As of June 30,
special account for the purchase of assets from an
depositors,
private capital, particularly in the case of weak or inadequately capitalized
banks.
$475,565,918.58
1939, was referred to in our issue of June 8, page
possible exception of
that
with
up
$431,000,000
than
more
$46,000,000.
We
$469,564,131.28
Total liabilities and capital
an
policy to permit them to continue to operate with an increasing accumula¬
tion of loss.
However, these problem cases, together with all other cases,
about
$180,264,574.29
Total capital
unsound banks
or
following the banking holiday that were admitted to
in order to avoid further banking difficulty.
Unfortunately the
keep
there
$15,675,865.28
the Corporation
condition
insurance
assets
avert a threatened loss,
or
cooperating in the consummation of the necessary corrective action.
impaired
have
59,304.56
purchased & chgd. off-
During the existence of deposit insurance,
where such action would reduce
not
1,672,937.08
equip¬
to make leans to or purchase assets from banks to facilitate mergers
power
to
ment
<k
fixtures
Furniture,
particularly since 1935, when the Congress granted to the Corporation
has
$9,973,971.08
Depos. insur. losses & expenses
Administrative expenses
$65,000,000 to facilitate the merger
for the reliabilitation of the banks in
stituting a substantial
and
than
during the past six months, the Corporation
program
$27,382,078.00
Banking System
more
39,370.68
rogated claims of depositors
Completion of the Program for the Elimination of Concentrated Hazards
the disbursement of
4,927,278.02
amortization of premiums).
not insured.
was
prior to
1, 1940
Dec. 31, 1939
.$164,588,709.01
Surplus for the six months ending June 30,1940:
in
June
..$163,411,165.03
Balance, Dec. 31, 1939
Add adjustments applicable to periods
Balance as adjusted
year.
cooperation
authorities
supervisory
$289,299,556.99
Surplus:
operation at the beginning of the year
business
be
to
in
organized banks sufficiently strong to
insurance.
During the period there was only
With
$6,001,787.30
-
Capital stock
eliminating unsound banks
banking system and in permitting the chartering of only those
and
opened
its fulfilment of
(see footnote)
of
newly
and
the
insurance, of which nine were in operation or were
non-insured
to
chartering
from
from
purchase assets from an insured bank upon
to
continued
from
purchases of assets by the Corporation,
or
consolidation,
merger,
first
18
principally
and
banks during
insured
Capital
admitted
successors
and
resulted
condition
82 banks
with the aid of loans
merger
27
number of
the
1940,
30,
unsound
in
During the six montlis
and
in
banks.
new
by
13,534 operating banks insured by the
were
banks
55
Deposit Insurance expenses—
assets to be acquired under terms of commitment
Reserve for administrative and
Membership
As
1940
avert
about 99.8% of their claims.
or
Corporation.
to
preferment,
bank
Assets acquired through bank suspensions and mer¬
expenses
Administrative
protected by
banks
•
30,
not
of
taken
or
which
098,000,
than
receivers
including
234,400
$148,179,000 and
were
because of
without
and uniform
an
Interest receivable
of
or
on
serve for
insured
closed
of
banks
insured
30
were
suspended
the
June
$147,907,000,
depositors,
1,111,535
will
system
Federal deposit insur¬
as an instrumentality
adequate
an
banks
1940,
The
Corporation.*
existence
reopened
were
the
deposits of
depositors who
During
been
disbursements
total
assets,
$136,224,000,
in
ended
year
from
total
extent
82
serve
banking
United States
Banks
Corporation.*
/
received
to
of
30,
June
tected.
only
to
merging
deposits of $136,391,000,
the
to
Only
banks
to
Insured
ended
the
from
having total
otherwise
or
the
bank management.
1940, and
ended
months
STATEMENT
Cash
for
$65,$45,-
to
amounted
depositors
to
purchases
Closed
the
received
and to
of>
supervisory agencies and
Corporation
and other charges have amounted to $20,195,288.
During
or
have amounted
expenses
between
and
claims
provision
making
thereto, and estimated recoveries of $174,405,187.
expenses
banks,
and
pending
or
their
after
surplus
to
losses
difference
the
of
for
securities,
of
insurance
from
settlement
in
sales
premiums.
deposit
resulting
$219,930,790
banks
from
profits
amortization
that
existence of
banks
on
Inadequate
annual revenue.
on
Assets
surplus of the Corporation
entire
the
maintenance
$3,480,201.
The
is
however,
A statement of the assets and liabilities
to
The
paid by banks.
there continues to be reasonable cooperation on the
provided
other
assessment
charge considerably greater than the
require a
believe,
become increasingly stronger with
ance
of
rate
the Corporation is more dependent upon its possession
adequate supervisory
supervision of
of $1,732,242.
and other charges
expenses
for
$4,966,649
and
reduction
reasonable
a
of
$27,382,078 for the six
June 30, 1940, of which $22,415,429 represented assessments
income
The
to
continued
Operations
627
believe, therefore, that it would be appropriate to give consideration
Oct. 31, 1920.
1939, and comparing
Just before the out-
The Commercial & Financial Chronicle
628
break of
total
World War, that is, on June 30, 1914, the
only $3,459,434,174.
The following is the full
the
was
statement:
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into these institutions, the United States Savings and Loan
League estimated on July 27.
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the
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of
then
started
increased
was
month of
22
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because of the Treasury's needs at
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it
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has
all the
changes
for
paid
several
out
investments.
in
The ratio
been
cash
in
was
The
amount
slightly for the next two, and
rose
funds invested
in
the
year
associa¬
this time.
Records Attained by Mutual Savings Banks in
Deposits, Assets and Number of Depositors During
©" CO*
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which
capital
by the United States Treasury since 1934, and now rapidly being
paid back because of the steady inflow of new funds from the public and
s
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the
type of investment.
by several million dollars of
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capital retired during the first six months of the
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decline again.
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much
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a
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in
to
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in this
normal
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said.
customary
about
cut
was
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Mr.
January,
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turnover
years,
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that
out
so
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some
withdrew from their savings and loan associations represented only
portion of the money they had invested there, demonstrating the com¬
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that
systematic saving programs.
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people
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loan
and
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the
of
dividends
represented
$40,000,000
The
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President
of the total which savings and investing members received
through June represented money actually paid in, while
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or
lump-sum investments.
Some $10,000,000 is estimated
to
represent cash loans obtained on security of share accounts, which
device is frequently used instead of withdrawal to prevent interruptions
CM
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January
savings
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$407,000,000
from
Atlanta,
West,
W.
George
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to
about
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these funds to meet their emergencies,
ment continued:
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being
$1 withdrawn,
money was
every
capital to take advantage of business opportunities and
make down payments on homes.
The League's announce¬
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for
millions of shareholders were reaping the rewards of their
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While new
the rate of about $2
thrift by having
as
I
Building and Loan Associations
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O O IN « O H N
1940
During the first six mouths of the year approximately
$457,000,000 flowed from savings, building and loan associa¬
invested at
if
3,
Have Withdrawn $457,000,000 in Six Months of 1940
tions
r-c
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Aug.
h-
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Six Months Ended June 30
r-i
New peak figures in point of deposits, assets and number
i*
of
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were
last June 30.
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the
Massachusetts,
upward
swing in
the six months,
if
leading States
cut,^ 41,772.
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distributed
represented
of
period
of
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surplus
under
deposits,
surplus
©
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one
of
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added
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>» 2
in
308,357
15,756,823.
Massachusetts,
;
49,887; Connecti¬
1,919,915
among
represented
by
passbooks.
1,351,064
School
passbooks.
"regular accounts" came to
by 12,485,844 accounts, an
the
5*
in
the
of
mutual
institutions
standing at
the
total
decreased
of
reserve
111
o
months,
for
thereby
dollar
each
difficulties
of
of
amounts are
not Included in the
total, since the gold
©
a
cent
little
a
money
deposited
as
a reserve
deposits.
silver held
as
for Postal
balance
Saving*
f The amount of gold and sliver certificates and
Treasury notes of 1890 should be
deducted from this amount before combining with total
money held In the Treasury
to arrive at the total amount of money In the United States.
ft The money In circulation Includes any
tinental limits of the United States.
paper currency
held outside the
Note—There Is maintained In the Treasury—(1) as a reserve for
United States
1890—$156,039,431 in gold buUion, (11) as security for
Treasury notes of 1890—an equal dollar amount In standard sliver dollars
(these
notes are being canceled and retired on
receipt), (111) as security for outstanding
sliver certificates—silver in bullion and standard silver dollars of a
monetary value
equal to the face amount of such silver certificates, and (Iv) as
security for gold
certificates—gold bullion of a value at the legal standard
equal to the face amount
of such gold certificates.
Federal Reserve notes are obligations of the
United States
first lien
12c.
deposits.
capital
all
were
mutual
shown
by the
institutions,
a
lowered
decline of
of
A total of
$237,621,000 was tendered to the offering last
$100,000,000 or thereabouts of 91-day Treasury
bills dated July 31 and maturing Oct. 30,
1940, Secretary
Morgenthau announced July 29.
Of this amount $100,424,000 was accepted at an average rate or 0.004%.
The tenders to the offering were received at the Federal
week
of
Reserve banks and the branches thereof up to 2 p.m.
July 29.
July 27,
bids to
Reference to the offering appeared in
our
(EST)
issue of
The following regarding the accepted
the offering is from the Secretary's announcement;
page
483.
Total applied
for, $237,621,000
Total accepted $100,424,000
Range of accepted bids:
High
100.
Low..
99.998 Equivalent rate approximately 0.008%
Average price
99.999 Equivalent rate approximately 0.004%
Ittftil (57% of the
amount bid for at the low price was accepted)
on all
the assets of the Issuing Federal Reserve Bank.
Federal Reserve
notes are secured by the deposit with Federal
Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or
purchased paper as Is
eligible under the terms of the Federal Reserve Act,
or, until June 30, 1941, of
direct obligations of the United States If so authorized
by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve In gold certificates of at least
40%, including the redemption fund
which must be deposited with the Treasurer of the United
States, against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used Includes
credits with the Treasurer of the United States payable In
gold certificates.
Federal
Reserve bank notee and National bank notes are in process of
retirement.
a
than
con¬
notes and Treasury notes of
and
accu¬
dollar of
per
more
Offering of $100,91-Day
Treasury
Bills—$100,424,000
Accepted at Average Rate of 0.004%.
000,000
or
d Includes $1,800,000,000 Exchange Stabilization Fund and
$142,778,972
Of Increment resulting from reduction in weight of the gold doUar.
$59,300,000 lawful
12.2%
or
Tenders of $237,621,000 Received to
c This total Includes credits with the Treasurer
of the United States payable In
gold certificates In (1) the Gold Certificates Fund—Board of
Governors, Federal
Reserve 8ystem, in the amount of $14,928,032,391, and
(2) the redemption fund for
Federal Reserve notes in the amount of $10,862,551.
Includes
a
the
•-?
security against gold and silver certificates and Treasury notes of 1890 Is Included
under gold, standard silver dollars, and silver bullion,
respectively.
•
for
in
"S
OS
Does not Include gold other than that held by the Treasury.
b These
$843.07,
$11,708,466
$1,288,095,796,
maintaining
investing
dividend rate to 2.20%
6/100ths of 1% in the period.
average
o
•
these
$10,526,-
afforded any similar
This ratio dropped two-tenths of
six
protection
Continued
H
of
of
average
savings
After
total
V
a
a
•->
accounts
The three
accounts, largely opened at the
Special purpose accounts amounted
included.
the highest ratios of
©
f
©
©
CO
total of
$2.73 in six months.
mulation of capital.
©
high
$8,-
The Association
depositors brought
new
York, 186,242
were
$15,223,236,
Combined
©*
©
8^
New
year,
deductions, remaining
CO
point of
reaching the
were
$48,229,095,
aggregated
SO^ © CO © © rf
©* ©* ©* © ©* f*
.
■
to
co
if
£ S 2. i °„w. o- eo_
CO* iH
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h.©r^3©o©^ © ©
o. ri. £ 2
2.
h.* to*
• OS* CO* ©* -s* ci f-*
^©SSCiC^mOO OS ©
eo. ©.
Connecticut,
Christmas and vacation club
beginning of the
-hoo©.;^© — ©©
M»ONhhhf1<
$22,958,570;
The total reached $11,914,803,877.
further reported:
oo
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eo* >-h* os*
followed
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22
699,560.
00
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$103,939,137
$44,032,333:
©
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Assets
slightly rising trend, showing an increase of
in the six months, of which New York had
H
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For the six months'
save.
by $109,153,501 to
rose
Massachusetts, $14,177,542; Connecticut, $9,363,537.
f,
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tiii
deposit, plus the
by savings bank officials
average
a total of $10,589,837,827, the record for almost 125 years of mutual savings
banking. New York led in gains reported with $71,245,719;
£2 3; N N N ©
qo os ©
if CO
0S* rf*
slightly declining
emphasize the public will to
period deposits
eo
reported on Aug. 2 by the National Asso¬
Savings Banks, for the six months ended
sizable gain in depositors, was said
©^ ©_ © ©
OS* OS* ©* ©*
©
depositors
ciation of Mutual
5 5
©©*©©*
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New
Offering of $100,000,000
or Thereabouts of 91-Day
Treasury Bills—To Be Dated Aug. 7, 1940
Secretary of the Treasury Morgenthau announced Aug. 2
are invited to a new offering of 91-day
Treasury
$100,000,000, or thereabouts, to be
sold on a discount basis to the highest bidders.
Tenders
that tenders
hills to the amount of
will
be
received
at
the
Federal
Reserve
banks
and
the
Volume
The Commercial & Financial Chronicle
151
branches thereof up to 2 p. m. (EST) Aug. 5, but will
be received at the Treasury Department, Washington.
not
The
Treasury bills will be dated Aug. 7, 1940, and will mature
Nov. 6, 1940, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on Aug. 7, in
amount of $100,011,000.
In his announcement of the offer¬
ing Secretary Morgenthau also said:
on
They (the bills) will be issued in bearer form only,
denominations
of
$1,000,
$10,000,
$100,000,
and in amounts or
$1,000,000
and
$500,000
(maturity value).
tender
No
for
than
tender must be in multiples of $1,000.
Each
considered.
$1,000 will be
The price offered must be
expressed
the basis of 100, with not more than three decimal places, e.g.,
on
99.125.
Fractions must not be used.
incorporated banks
and trust companies and from responsible and recognized dealers in
Tenders from others must be accompanied by a
securities.
of 10%
invest¬
deposit
of the face amount of Treasury bills applied for, unless the tenders
accompanied by
are
to
of
$44,491,000.
their
Of
express guaranty
an
of payment by
incorporated
an
Chile and
balances
the
in
Far
the
withdrew
Mexico each
approximately $1,200,000
period.
Eastern
countries,
China,
short-term
funds
here
rose
$4,870,000 to $180,728,000, and Hongkong's balances increased $5,924,600
$81,118,000.
Japan withdrew $4,410,000 in the period, her balances
dropping to $54,711,000 on May 1.
to
Gross
purchases
$63,787,000 in
investors
the
of
weeks
between
April
reduced
were
in
American
balances
3
and
in
'by
foreign investors totaled
$61,561,000.
Swiss
sales
were
This
$5,104,000 by the United Kingdom.
decreased
$11,833,000 to $516,662,000
American
Canada,
in
$10,359,000.
balances
gross
abroad
May 1.
$2,946,000;
Japan,
and
buying side with net purchases of $6,848,000.
than offset net 6ales of
States
securities
American
four
featured the
United
and
Tenders will be accepted without cash deposit from
ment
Balances of Argentina recorded the sharpest increase during the period,
rising $17,081,000 to $80,585,000.
Cuban funds here rose $3,219,000 to
$46,438,000 and balances of Panama and the Canal Zone increased $4,257,000
more
less
amount
an
629
An
Minor
France.
balances
in
$5,100,000;
increase
of
changes
the United Kingdom
in
China,
$3,504,000
were
was
$2,181,000;
recorded
in
reported elsewhere.
Canada repatriated $3,939,000 of its securities held in
the United Kingdom $1,090,000 of its securities.
the United States
and
Foreign
brokerage
balances
in
period.
this
declined
country
$473,000
in
the
•
bank or trust company.
Immediately after the closing hour for receipt of tenders on Aug.
1940, all tenders received at the Federal Reserve banks
up
or
acceptable prices will follow
following morning.
of the
the amount applied for,
Those
The following tabulation has been prepared from figures
appearing in the July issue of the Treasury "Bulletin":
NEW
CAPITAL
possible thereafter, probably on the
as soon as
MOVEMENT
FOREIGN
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders
BETWEEN
COUNTRIES, JAN. 2,
+ Indicates Inflow.
—
THE
made at the Federal Reserve banks in cash
Jan, 2, 1935,
or
other immediately available
principal and interest, and any
as to
gain from the sale or other disposition thereof will also
and
estate
inheritance taxes.
gift tax.)
No loss from the sale
deduction,
a
as
or
or
be exempt, from all
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills
shall be allowed
are not
April 4 to
May 1, 1940
Movement in Short-term, Banking Funds-
other disposition of the Treasury bills
by the United
+ 509,802,000
—31,743,000
France
+ 10,299,000
Germany
+324,950,000
+ 214,382,000
+ 160,649,000
All other
+ 1,883,058,000
+ 63,368,000
Canada
exempt from the
otherwise recognized, for the purposes
of any tax now or hereafter imposed
States or any of its
possessions.
*
Total
Department Circular No. 418,
as
and this notice
amended,
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
—7,470,000
+742,000
+3,092,841,000
+35,196,000
United Kingdom
+ 18,546,000
—372,000
France
+ 17,651,000
+266,000
—833,000
Germany
+9,207,000
—20,000
All other
+42,227,000
+ 460,000
Movement to Brokerage Balance-
Canada
Treasury
Of Which from
to
May 1, 1940
United. Kingdom
bills will be exempt,
except
AND
1940
Indicates Outflow
rejection
or
unds on Aug. 7,1940.
taxation,
STATES
of tenders, and to allot less than
or parts
Payment, at the price offered for Treasury bills allotted must be
The Treasury
"UNITED
1935, TO MAY 1,
and his action in any such respect shall be final.
submitting tenders will be advised of the acceptance
thereof.
5,
branches thereof
the closing hour will be opened and public announcement
to
+ 6,000
+ 87,611,000
—473,000
+ 286,099,000
Total
—5,104,000
+297,000
Movement in Transactions in Domestic SecuritiesUnited Kingdom
France
Subscriptions to Offering of %% CCC Notes Totaled
$3,186,206,000—Total Allotted $289,458,000
+ 76,155,000
Canada
—8,488,000
Secretary of the Treasury Morgenthau announced on
Aug. 1 the final subscription and allotment figures with
respect to the current offering of %% notes of series F of
the Commodity Credit Corporation. Subscriptions amounted
to $3,185,206,000, of which $289,458,000 was allotted.
Subscriptions and allotments were divided among the
several Federal Reserve Districts
follows:
as
+ 2,226,000
+ 131,994,000
Total
+ 7,207,000
+ 1,097,016,000
All other
—141,000
—28,729,000
+771,979,000
Germany
+ 1,090,000
—33,000
Movement in Transactions in Foreign Securities-
United Kingdom
+ 42,773,000
+36,199,000
.
Germany..
All other..
Total
+3,939,000
—90,000
+ 549,873,000
Canada-
+ 125,000
+ 10,308,000
France
+4,460,000
+ 771,147,000
+ 9,524,000
+ 946,441,000
—36,129,000
Net Capital MovementUnited
Total Subscriptions
Total Subscriptions
Received
Allotted
Federal Reserve District
Boston
$198,303,000
New York
Cleveland
130,218,000
216,021.000
Richmond
88,199,000
Atlanta
77,325,000
37,368,000
Minneapolis
Treasury
239,071,000
$3,185,206,000
$289,458,000
51,421,000
_
+ 168,099,000
+3,247,137,000
+ 13,264,000
+ 625,000
+ 75,495,000
+ 5,048,615,000
+46,473,000
_®
Roosevelt
President
7,237,000
3,444,000
4,352,000
4,698,000
21,547,000
47,457,000
San Francisco
—6,782,000
+225,409,000
Total.
7,622,000
39,523,000
434,250,000
Kansas City
Dallas
+ 461,529,000
Canada
Germany
All other
19,616,000
8,204,000
75,166,000
Chicago
St. Louis
France.
$17,960,000
143,436,000
11,819,000
1,590,407,000
Philadelphia
Kingdom.......
Inspects Defenses in Chesepeake
Bay Area—May Leave for Stay at Hyde Park, N. Y.,
Today
President Roosevelt
on
July 29 made
an
inspection of
sea,
__
Total
....
The offering of these notes
July 27, page 484.
was
reported in
land and air defense facilities in the Chesepeake Bay area.
The President's tour included:
the Norfolk Navy Yard,
issue of
our
fleet
base
and
training station; the fortifications at Fort
Monroe, Old Point Comfort; the air base at Langley Field,
and the naval construction now under way at the plant of
the Newport
Net
Capital
States
in
Movement Continues Towards
Spite of Large Reduction in
United
British
Balances
Net
States amounted to
capital inflow into the United
only $46,473,000 in the four weeks ended May 1, the period
just
"total"
preceding
"Bulletin" disclosed
inflow
The
belligerents have
July Treasury
Europe, the
in
July 30, 1940.
on
indicated,
ment announcement
hostilities.
war
according
of the
expected
to
a
figures, that
an
Treasury
none
Depart¬
of the major
early beginning of lightning
$9,524,000 in foreign securities held in the United
States.
The Treasury's announcement went on to say :
In
the preceding
for
the
$3,079,681,000
This compared
Short-term
on
balances
April
balances
in
but
24,
1, $185,310,000.
this
declined
since
a
high
new
$3,075,613,000
to
of
the
28
the
United
the
On
Kingdom
days
to
other
balances
dropped
continued
Since Aug.
hand,
$255,334,000
months, Canadian short-term balances declined
French
reached
country
in the four weeks.
$267,907,000.
$5,199,000
in
on
of
May
1.
with the previous high of $3,052,250,000 established April 3.
dropping $34,689,000
decreased
$3,966,000 in the
30,
Canadian
to
decline
May 1.
For
$100,861,000.
on
month
here,
1939, they have
funds increased
the
eight
to $286,740,000,
and
Aug. 30 have declined $29,113,000.
Reductions
nounced,
in
short-term
withdrawals
Sweden in April
of
balances
$5,715,000
of
Denmark
by
and
Denmark
Sweden
and
were
$9,771,000
pro¬
by
bringing their funds here to $23,020,000 and $158,865,000,
respectively.
Short-term funds of Finland
Italy
to
to
Chairman Vinson of the House Naval Affairs
and
Committee.
Mr. Roosevelt announced in
Washington yesterday that
leave today on a trip to Hyde Park, N. Y., for an
indefinite stay.
He said he had no plans to visit any defense
areas during the trip but may do so later on.
he may
$71,317,000;
during the 28 days increased to $27,195,000;
The Netherlands to
$447,569,000.
President
Roosevelt Tightens Control Over Wealth in
States of
Invaded Countries—Securities
United
Bearing
Foreign
Stamps
Subject
To
Treasury
Department Control—N. Y. Stock Exchange Ruling
five-week period net capital inflow totaled $72,089,000,
eight months ended May
short-term
Foreign
mittee
During the period there were increases of $35,-
196,000 in short-term banking funds, net foreign purchases
of $2,226,000 in American securities, and repatriation of
and
News Shipbuilding & Dry Dock Co.
Accompanying him on the trip, which followed a week-end
cruise on the yacht Potomac, were Secretary of the Navy
Frank Knox, Secretary of Commerce Harry L. Hopkins,
Chairman Sheppard of the Senate Military Affairs Com¬
$213,086,000, and Switzerland
regulations governing frozen funds in the United
invaded by Germany and Russia were
drawn tighter on July 25, when President Roosevelt issued
an executive order, subjecting to regulation by the Treasury
Department transactions in securities bearing stamps of a
foreign country, or transfers of securities which circumstances
indicate are physically located outside the United States.
Calling attention to the President's order the New York
Stock Exchange on Julv 27, advised its members that the
Committee on Floor Procedure had ruled that any security
on which there is stamped, or to which
there is attached a
stamp or seal, as referred to in the Executive Order shall not
be a delivery unless Treasury Department Form TFEL—2 is
attached to such security.
Following is the text of President Roosevelt's Executive
The
States of countries
order:
The Commercial <£
630
financial Chronicle
EXECUTIVE ORDER NO. 8493
OF
APRIL
suggested
that
weeks
trade
1940, AS AMENDED
10.
been
has
recent
ORDER NO. 8389
OP EXECUTIVE
AMENDMENT
It
Oct. 6,1917 (40 Stat.
amended, and by virtue of all other authority
I, Franklin D. Roosevelt, President of the United States of
vested in me,
411),
as
America, do hereby amend Executive Order No. 8389 of April 10, 1940.
as
and
of
the
tion
The following are prohibited except as specifically author¬
ized by the Secretary of the Treasury
by means of rulings, regulations, In¬
structions, licenses, or otherwise:
"(1) The acquisition, disposition or transfer of, or other dealing in,
imprinted,
or
other stamp of a foreign country
or
similar seal
printed,
which
affixed
designated in this Order,
attendant circumstances disclose
indicate that such
or
"(2) The acquisition by,
of
course
could adopt
we
a
totalitarian
escape
time
same
totalitarian
I, therefore, reject
any
efforts
our
liberal
to maintain
Very sincerely
implica¬
trade
yours,
FRANKLIN D.
James
Foreign Trade Council,
National
Chairman
Inc.,
Street, New York, N. Y.
Beaver
26
ROOSEVELT.
Farrell,
A.
where the
seal may,
a stamp or
transfer to, any person within the United
or
States of any interest in any security or
circumstances disclose
National
indicate that the security or evidence thereof is
or
The Secretary of the Treasury may
under such
rulings, regulations, or instructions as he
of licenses
means
investigate, regulate,
prohibit
prescribe, by
may
otherwise, the sending, mailing, importing
or
bringing, directly or indirectly, into the
or
otherwise
or
United States, from
foreign
any
country, of any securities or evidences thereof or the receiving or holding
in the United States of any.
the United States.!
securities or evidences thereof
brought into
so
The provisions of General Ruling No. 5 of June 6,1940,
and all instructions issued pursuant thereto, are
hereby continued in full
force and effect, subject to amendment, modification or revocation pursuant
Roosevelt Asks Congress for Power to Call
Guard Into Active Training Service
President
evidence thereof if the attendant
sive training as may be necessary to raise its
ment."
the
In
manner
indicated in the regulations of April 10,
hereby modified in
are
far
so
as
The Secretary of the Treasury may require any person to
under
oath, complete information relative to
transaction
any
re¬
"the
that
component of
be
ice
inclosed
President
security of
Army be
our
With the
joint
proposed
a
resolution
give him the authority he requested.
the resolution the
inconsistent with the provisions of this section.
are
"Section 14.
furnish
Nov. 12, 1934,
this
rapidly than its present program permits."
would
filed in the
The regulations of
convinced
now
that
brought to the highest possible state of training efficiency
which
"D.
is
he
demands
Nation
the
1940, as amended, issued pursuant to this Order.
a
letter to the President of the Senate the Presi¬
a
that
said
dent
more
for license may be
efficiency to
point comparable with that of our small regular establish¬
letter
of any transactions covered by this section, an application
case
to order the
power
National Guard to active service "for such period of inten¬
In the
"C.
July 29 to enact
on
him the
legislation which would give
provisions of this Order.
to the
asked Congress
Roosevelt
President
physically situated within the United States,
"B.
they
in
a
time, have been stamped, imprinted, affixed or attached thereto.
at any
not
defeated
upon
to the end that our continued efforts to maintain those
principles may be crowned with lasting success, I pledge you the whole¬
hearted cooperation of your Government.
or a notarial
or
consumers,
to imagine that
trade and at the
been
have
we
The logic of such
and
foreign traders,
the regimentation of a totalitarian
to
internal economy.
our
in
foreign
our
principles and,
by its contents indicates that it was stamped, im¬
attached within such foreign country,
or
of
defeatists
conduct
to
to embark
us
or
which there is affixed or otherwise attached, a tax stamp
or to
that
Nation,
or with
which there is stamped
respect to, any security or evidence thereof on
faint-hearted
efforts
our
is naive
foreign
our
regimentation
following sections after 8ection 12 thereof:
the entire
it
For
system.
amended, amending Executive Order No. 6560 of Jan. 15, 1934, by adding
"Section 13 A.
few
a
they be true, would lead
our producers,
ultimately
control
should abandon
we
would subject
which
action
by
the basis of liberal .and democratic principles.
on
implications, if
By virtue of the authority vested in me by Section 5 (b) of the Act of
Aug. 3, 1940
implied
or
Under
period within which the President would
empowered to order the National Guard into active serv¬
would be limited to one year.
The resolution would
also
restrict the service of those called for
the
Western
active duty
to
country designated in this Order, or any national thereof, has any interest,
for the territories and
possessions of the United States, including the Philippine
including the production of any books of account,
Islands.
ferred to in this Order, or with respect to any property in which any foreign
other papers,
in connection therewith,
either before
person,
letters,
contracts,
in the custody
or
control of such
or
after such transaction is completed."
or
FRANKLIN
D.
President
Sir:
that
July 25, 1940.
The
Roosevelt
Says Government
Will
Continue
Conduct Foreign Trade on Basis of Liberal and
Democratic Principles—Sends Message to Foreign
to
Trade Convention
In
and
Army,
has
Roosevelt
has
in
assembled
rejected
been
San
in
Francisco
this
week,
President
implication that the United
any
defeated
its
efforts
maintain
to
States
liberal
trade
The President wrote that it had been "suggested
implied by
or
that
few faint-hearted defeatists in recent weeks
a
should abandon our efforts to conduct foreign trade
the basis of liberal and democratic principles."
He said
on
the
we
logic of
such
implications, if true, would "lead us to
course of action which would subject our
pro¬
embark
on
ducers,
consumers
entire
a
and foreign
traders, and ultimately the
to the regimentation of a totalitarian sys¬
Nation,
For it is naive to imagine that we could
adopt a totali¬
tarian control of our foreign trade and at the same time
tem.
escape totalitarian regimentation of our internal
Mr.
Roosevelt
other
called
countries,
of
United
the
body
a
of
for
close
particularly
economy."
cooperation with
economic
with
those
in
the
Western
in
training
officers
the
States,
situation
as
well
attain
crisis.
any
and
have
of
men
and I
voluntarily
the
National
Guard
have
pre¬
assured that today the Guard
am
the
Even
the
soldiers
professional
our
tragedy that
only
required
months
weeks
National
action
into
inadequately trained
I
am
men
assailed
are
authority
an
to
the
order
this
require
emergency
Army be brought to the highest possible state
our
efficiency
for
should
not in session.. That proposal is no longer
convinced that the security of the Nation demands
was
now
component of
training
Congress
the
service
active
body
your
as
this
asked
I
ago
Guard
when
sufficient,
when
ensues
intensive
of
We know too
skillful adversary.
more
that
an
and
Some
of
assumed
To the extent possible under
training to bring them to their present satisfactory state.
a
equip¬
highly trained troops can hope for success in combat.
Our
soldiery, no matter how willing and earnest, can not possibly
the necessary degree of efficiency through their normal
training
citizen
well
pos¬
as
in
as
highest state of efficiency in its peace-time history.
developments of modern warfare are such, however, that
seasoned
by
demands
rapidly
as
integral and vital part of
an
who
men
the Nation in
serve
conditions,
activities.
principles.
Guard
comprises
reached
The
tion,
highest state of efficiency,
obligation to
normal
the international
defense structure be brought
our
material.
National
The
the
the
pared themselves for this service,
27th National Foreign Trade Conven¬
message to the
a
to
of the Senate:
increasing seriousness of
element of
every
sible
ment
President
except
The text of the President's letter follows:
The
ROOSEVELT,
The White House,
Hemisphere,
than
rapidly
more
its
present
permits.
program
Moreover, this group of men who of necessity must be among the first to
fight
in
the
time
and
for
have
right
a
of
the best
to
that
preparation
permit.
I do the personal sacrifice that
as
demands
request
defense
circumstance
Realizing
duty
Nation's
National
the
immediate
action
Guard,
this
in
a
have
I
period of extended active
deferred
I
respect.
until
not,
can
now
any
clear
with
Hemisphere, and pledged the Government's cooperation to
conscience, longer postpone this vitally essential step in our progress toward
maintain
adequate preparedness, and I
dent's
liberal
letter,
Chairman
under
which
of
date
trade
principles.
The
addressed
was
to
the
National Foreign
July 25, follows:
of
The
White
text
of the
James
Trade
A.
Presi¬
Farrell,
Council,
Inc.,
It
is
a
assembled
our
I
the
of
to
concern
the
Producers
vital
a
and
the
You
are
result
entire
If
your
deliberations, which
contribute
armed
have
our
export
imported
to
are
foreign
problems
delegates
San
the
Fran¬
of
grave
other
disrupted,
suffered
parts
of
the
exports
our
traders;
of
in
banks,
the
this
world.
seriousness
field
foreign
our
in¬
meople who
our
realize
us
by
agricultural and
today.
trade
Established
as
its
former
has
structure
drastic
volume,
Nevertheless,
in
the
our
program
has
progress
made
security,
we
means,
the
particularly
conviction
essential
democratic
not
by
thus
weakening of the international economic
imposition by many countries of even more
than
substantial
maintain
to
and
any
far,
existed
before
made
progress
trade
between
the
been
lost.
any
war.
during the
free
nations
principles which underlie
means
and to meet
must redouble
In
to
external threat
six
the
trade
our
order
past
on
years
basis
part of
such
our
intensive training
be
may
as
with that of our
our
a
program
national defense
officers
maximum
of
program.
economic
Each
increment will,
efficiency.
importance is the Officers Reserve Corps.
has
had
extent
period
little
possible
active
of
for
officers
in
their
training should
ordered
If
service.
expanded regular Army.
our
questing is therefore drawn
I
ask
favorable
so as
now
to
action
the
letter
by
they
an
can
supply the increased
The authority I
re¬
am
of this program and your prompt and
yours,
Franklin
text
duty,
thereon.
Very sincerely
The
and to the
be perfected
active
to include the Officers Reserve Corps.
earnest consideration
your
be
course,
This splendid body
for service with troops,
opportunity
acquire the desired efficiency and at the same time
need
of
of the
D.
Roosevelt.
proposed legislation which accompanied
follows:
Resolved by the Senate and House of
Representatives of the United States
of America in Congress assembled, That during the period ending June 30,
1942, the President be, and is hereby, authorized to order into the active
military
year,
service
any
or
of
the
United
States
all members and units
for
of
a
any
period of not to exceed
or
one
all reserve components of
the Army of the
United States, and retired personnel of the regular Army,
the
with
their
may
our
vigorous
available.
it attains the desired state of
economic
agreement
safeguard
to
of
efforts to bring about by every practicable
closest possible economic cooperation with other countries,
with those in the Western Hemisphere.
It is my profound
that
period of
to a point comparable
trade
of
the
the
measures
the
efforts
liberal
and
necessitated
trade-control
efficiency
immediately
Of equal
of
a
many important products,
particularly agricultural, have been severely curtailed, our trade with
virtually the entire European continent has dwindled to a small fraction
of
equipment
released when
of
successful
today
both
trade,
confronting
dislocations
in
industries,
products; foreign
all of the millions
Nation's
the
the
conflict
been
to order the National Guard of the United
such
authority is granted, I propose to order the Guard to duty in
to permit the effective use of training facilities and
adequate
in
the
of
of
aware
which
the
at
characteristic
are
substantially
problems—problems
of
in
difficulty
channels
my warm greetings to
Foreign Trade Convention
shipping companies;
all
of
offer
will
workers
stake
its
therefore transmitting herewith legislation
am
me
for
establishment.
regular
this
service
raise
to
necessary
small
Nation.
consumers
and
have
that
common
and
surance
to
National
work,
at
your
industrial;
27th
confident
democracy
solution
active
to
successive increments
pleasure
great
for
am
States
House, Washington, July 25, 1940.
My dear Mr. Farrell:
cisco.
that, if enacted, will enable
defense
is
an
or
without
deem
consent,
to
such extent and in
such
manner as
he
for the strengthening of the national defense: Pro¬
vided, that the members and units of the reserve components of the Army
of the United States ordered into active Federal service under this authority
necessary
shall not be
employed beyond the limits of the Western Hemisphere except
in the territories and
pine Islands.
possessions of the United States, including the Philip¬
Volume
Section
into
the
special
The Commercial &
l$l
2.
All
active
National
Guard,
and
reserve
inancial Chronicle
ordered
personnel
retired
.
violation of the Johnson Act, prohibiting credits to nations that defaulted
military service of the United States under the foregoing
authority,
shall,
from
the
on
which
they
on
war
debts, or the Neutrality Act, prohibiting loans to belligerents.
The fund would be used, the legislation
said, "to assist in the development
of the
resources, the stabilization of the economies, and the
respectively
required by such order to report for duty in such service, be subject to
the respective laws and regulations
relating to enlistments, reenlistments,
employment, conduct, rights and privileges, and discharge of such per¬
sonnel in such service to the same extent in all
particulars as if they had
been ordered into such service under existing
general statutory authorisa¬
dates
631
are
orderly market¬
ing of products of the countries of the Western Hemisphere."
The President's request for the funds was mentioned in our
issue of July 27, page 485.
tions.
Section
3.
All
laws
and
suspended to the extent
of laws
parts
that they may
in conflict
herewith
hereby
are
Congress Completes Action on Bill Increasing Capital
of CCC by $500,000,000
be in conflict with any provision
hereof.
The
President's
earlier
asking it to confer
Guard into active
action
was
President
service
given in
A bill
authorizing an increase of $500,000,000 in the lending
of the Commodity Credit Corporation was passed by
on Aug. 1 and sent to the White House for the
President's signature.
The bill which was approved by the
House by a vote of 248 to 105, had
passed the Senate on
June 21, as was reported in our issue of
July 20, page 332.
to Congress
(May 31)
message
power
him authority to order the National
on
an
emergency
require the
issue of June 1, page 3440.
our
Roosevelt
should
the House
Orders
Embargo
on
The increase in
borrowing power from $900,000,0(X) to $1,was said to be needed by the Corporation to
finance the 1940 loan program on
cotton, corn, wheat and
Shipment of
400,000,000
Aviation Gasoline to Countries Outside of Western
Hemisphere
/
President Roosevelt
other products.
July 31 ordered that the export of
on
aviation gasoline be limited to nations of the Western Hemi¬
President
sphere, except the amount that American-owned aviation
companies need for their operations. The President is said
to have taken this action in the interest of National defense,
following advices by Col. R. L. Maxwell, Administrator of
Export Control, it was explained by Stephen Early, White
House Secretary.
The announcement made with the ap¬
proval of the President follows:
of National
In the interests
being limited to
A bill
appropriating $25,000,000 to begin expanding the
facilities of the Tennessee Valley Authority was signed
by President Roosevelt on July 31.
This measure was
recommended by the Defense Advisory Council as necessary
for the production of aluminum for the manufacture of air¬
planes and for other
in the national defense program.
approved by the Senate on July 30 by a
voice vote and by the House on the same
day by a vote of
265 to 93.
The TVA expansion program calls for an ultimate
expenditure of $65,800,000 broken down as follows: A new
hydroelectric dam for the TVA system on the Holsten River,
The
com¬
panies.
This latest action
after the issuance of
came
an
Executive
order by
President Roosevelt last week adding oil, petroleum
products, scrap iron and other scrap metals to the list of
commodities for which export licenses are required; reference
to which effect appeared in our issue of July 27, page 485.
1938—Minority Report Filed
bill, sponsored by Senator Wagner (Dem.) of New
York, liberalizing unemployment benefits for railroad work¬
ers, was passed by the United States Senate on July 29.
The bill amends the Railroad Unemployment Insurance Act
of 1938, establishing a Federal system of unemployment
compensation for railroad workers.
In reporting the action
of the Senate on July 29, Associated Press advices in the
Washington "Post" of July 30, said:
amendments, which will affect nearly 1,000,000 railroad workers,
approved after the chamber rejected
were
(Republican),
Gurney
of
South
a
Dakota,
substitute sponsored by Senator
and
other
Republicans.
sought to increase unemployment benefits slightly while reducing
ployment taxes
railroads when the insurance
upon
reserve
Jefferson City, Tenn., $36,000,000; new generating
equipment at the Wilson and Pickwick Dams, $5,300,000;
a new steam
generating plant, $10,500,000, and additional
transmission facilities, $14,000,000.
In signing the bill Mr. Roosevelt said:
This
unem¬
$150,000,000
a
Senator Wagner
reserve
fund already had been
Wagner contended that average weekly payments of $7 to
ployed railroad
an
workers
under
the
Federal
Act
were
unem¬
"inadequate"
and
of $10 weekly for State unemployment programs.
average
"These additional benefits
taxes on the
can
be provided without one cent of additional
railroads," he added.
The present 3%
payroll tax
on
carriers, he said, provided about $60,-
000,000 annuaUy and he added that only $16,000,000 had been spent last
year for unemployment benefits.
Senator
taxes
Gurney asked
railroads
on
the
Senate
reserve
was
approve
a
reduction
in
payroll
reserve
tax should be reduced to 2%
between $100,000,000 and $125,000,000 and to
funds.
when
1% if the
$125,000,000.
was over
reserve
to
graduated according to the size of the
Senator Gurney said the present 3%
the
Accompanying the bill was a minority report, signed by
five Republicans, as to which Washington advices,
July 29,
to the New York "Journal of Commerce," said:
The
whole scheme
of unemployment
insurance,
of which
system is but a part, is still in an experimental stage.
bill) proposes to
the
Advisory Council will help augment the
already available
of the country.
present
more
Act,
than double the
although
factual data from which
amount
of total
ascertained.
In
admittedly,
there
The
railroad
(Wagner
is
neither
experience
nor
reasonable accurate estimate of the
average
benefit payments over a period of
years
judgment such
a
may
be
radical change is wholly unwarranted.
particularly in view of the uncertainties attendant
of world
the
S. 3920
of benefits payable under
even a
annual
our
amount
upon the present
period
upheaval.
adoption by Congress of the 1938 Act
these columns June
18, 1938,
page
was
noted in
3886.
Group Approves $500,000,000 Fund for Loans
to
Aid Latin-American Trade
Banking and Currency Committee on Aug. 1
approved by a vote of 8 to 6 President Roosevelt's request
a
$500,000,000 increase in the capital and lending and
power of the Export-Import Bank with which to make loans to
Latin American countries to help meet their trade
problems.
Voting for the legislation were eight Democrats while the
opposition was made up of five Republicans and one Demo¬
crat.
In reporting approval of the measure
Washington
Associated Press advices Aug. 1 said:
for
Before approving the legislation, the Banking Committee inserted
a
pro¬
vision specifically prohibiting use of any of the $500,000,000 for loans in
This tremendous amount of low-cost
Group
Delays
Bill—President
31—Secretary
House
Compulsory
Roosevelt
Vital to National
of the
substantial blocks
energy
is strategically
Military
Favors
Training
Conscription
as
Defense—Age Limit Set at 21 to
War Stimpson Appears Before
of
Committee in
Support of Measure
The Senate
Military Affairs Committee this week made
several major changes in the proposed Burke-Wadsworth
compulsory military training bill but on Aug. 1 postponed a
vote
on
the bill until next week in order to hear further testi¬
by War Department officials.
At
his
press
conference
yesterday
(Aug 2),
President
Roosevelt declared that conscription is "essential to adequate
national defense." Stating that he was "distinctly in favor
of
a
selective
howeverthst
service
he
training bill".
intends
leave
to
Mr.
Roosevelt
said
to
Congress the job of
determining what kind of conscription bill should be passed.
The most important change made
by the Senate group
(July 31) was to require only the resignation of men between
the ages of 21 and 31, instead of those between 18 and 64,
previously proposed.
The Committee also wrote in a
provision that men from 18 to 35 years old could voluntarily
enlists in the Army for a one-year period, instead of the
three-year term now required in all sections except in New
York City.
Further strengthening of an amendment designed to retain
jobs for those drafted was also made by the Senate group.
a3
It is estimated that the age alteration would reduce from
42,000,000 to about 12,000,000 the number of men to be
registered.
On Aug. 1 a proposal was made to limit com¬
pulsory service to 1,000,000 men between the ages of 21
and 31, but the Senate group voted 6 to 4 against this
Aug. 2.
July 31 Secretary of War Henry L. Stimson appeared
before the House Military Affairs Committee in support of
the training bill.
Mr. Stimson said that the compulsory
training system was the "only effective method by which a
nation can organize its military strength."
The following regarding Mr. Stimson's
testimony is taken
from Washington Associated Press advices of July 31:
plan
on
On
way
Stimson told the House Military Affairs Committee that the only
for the Nation
service.
The Senate
very
in prospect not only at TVA but in other parts
*
Senate
Mr.
Senate
or
located for the manufacture of material essential to national defense.
accumu¬
(Democratic), of New York, urged the increased
benefits.
below
Defense
mony
Asserting that
Mr.
The funds made available by Congress on the recommendation
•
reached specified
levels.
lated,
purposes
was
of power
Unemployment Insurance Act of
A
The
legislation
near
Wagner Bill Passed by United States Senate Liberalizes
Unemployment Benefits for Railroad Workers—
Amends Railroad
Signs Bill Appropriating $25,Expand TVA Facilities for National
power
Hemisphere, except where such
gasoline is required elsewhere for the operation of American-owned
to
Defense
defense, the export of aviation gasoline is
nations of the Western
Roosevelt
000,000
to
"meet
a
war
He described the system
failure."
situation"
is by compulsory
of voluntary enlistments
as
military
"a costly
...
Mr. Stimson said of the relative merits of the
voluntary and compulsory
systems of forming armies:
"It would be just as fair to leave to the whim of the individual the ques¬
tion of whether he would render service in time of war, as to leave to the
whim
of the individual the question whether he would pay taxes—and it
would be
a
great deal more dangerous.
"The voluntary system not
only is inadequate, but disruptive of industry
and agriculture and the sciences and specialties on which the Nation must
depend in time of war."
Previous action
page
486.
on
the bill
was
noted in
our
issue of
July 27,
The Commercial & Financial Chronicle
632
House Votes
The
$4,963,151,967 Defense Appropriation Bill
House
July 31 passed a $4,963,151,957 supple¬
on
mental National defense
appropriation bill. This bill makes
$10,040,225,543 voted by the House for defense
total of
a
in the current session of Congress. The measure,
reported earlier in the day ( July 31) by the
House Appropriations Committee, provides $2,234,191,957
in direct appropriations and $2,728,960,000 in contract au¬
thorizations for the army and navy.
Funds are provided in
the legislation to carry out the objectives of the President's
special defense message of July 10, which was given in these
columns of July 13, page 182.
The following concerning the bill is from Washington
advices of July 31 to the New York "Journal of Commerce":
purposes
which had been
The
carries direct appropriations of $1,662,265,417 for the
measure
and $574,926,540
to enter into contracts
Army
the
The bill Carries funds to begin the Navy's 70% increase in ships to provide
equipment for an Army of
stocks of tanks, guns, artillery,
1,200,000
and to
men
force should become
necessary;
procure an
for
earlier date
and the protection
with
materials
the
Government
manufacture
of
Excess Profits Proposals to be Brought
Way Next Week—Three Plans Considered
on
on
proposed
been indicated.
Advisory
essential
Commission,
national
to
pective purchasers.
Representative Cole (Dem.) of Maryland, who had charge
of the bill on the floor, stated on Aug. 1 that it was designed
not only for the protection of investors but to encourage the
flow of new capital into business enterprises.
Regarding the
bill, advices from Washington Aug. 1 to the New York
aircraft contracts
*
<• ■
measure
are
engaged primarily in the business of investing, reinvesting
and trading in securities; and issuers which invest in or hold securities
having
value exceeding 40% of the value of their total assets; a third group of
companies covered by the bill are companies which engage in the business of
issuing so-called face amount instalment certificates.
provides that such companies shall register with the Commission,
now required to be filed
by other com¬
panies under the Securities Act and the Securities and Exchange Act, and
also to state its investment policies, business affiliations and experience of
the officers and directors.
not
a
regular brokers for the company
securities,
or
an
are
Yesterday the subcommittee of the
or
persons
the
White
investment bankers; after the effective date the
majority of
bank, except that an investment company which,
March 15, 1940, had
majority of its directors consisting of such persons
on
directors of any one
*
approval of the Commission.
effect
short
sales
on
on
margin,
portfolio
securities in contravention of rules and regulations which
may be issued by
the Commission.
It provides that an open-end
company cannot be its own
distributor except in accordance with the Commission's rules.
It
also
we
The
of its total assets.
preferred stocks unless such securities have
an
of at least 300% and 200%, respectively. Dividends
may not
be paid on the common stock unless the securities
representing indebtedness
200%.
Voting rights
contingencies
for
300% and preferred stock
an
asset coverage
of
also provided for preferred stocks and in certain
are
senior
securities
representing
indebtedness
other
than
loans.
a
to
as
that
of July 10, 1940, the date
on
a
five-year amortization plan
a
on
ship and
part of the excess profits tax bill.
plans are those advanced by the Treasury,
the basis
combination of average earnings over a period of years and
(Dem., Mass.) reviving the principle of the undistributed profits
No details of the three plans were made public
tax.
Agree
on
by the committee.
Many Phases
According to Chairman Doughton the experts and committee members
were
in substantial agreement on many phases
differences
which
proposed legislation appeared in
issues of June 22, page 3902, and July 13,
page 184.
exist
the
full
not
of the tax plan and those
believe
our
endeavor
to
were
irreconcilable.
He
work
out
a
plan
for submission
1. Whether all profits made by a business concern above its normal
profits over a specified period of years are to be considered as excess profits
and subject to the tax.
2. Whether all profits above some definite percentage figure are to be
considered excess profits.
3. Whether those profits of a business concern resulting only from the
preparedness program are to be considered excess profits.
Different Opinions Arise
There
are some
a
experts, he said, who believe that earnings above
norma
certain period of years should be made subject to the tax
while others believe that above
a
certain percentage of the invested
capital
of the concern should be made subject to the tax.
Mr.
to
Doughton said he could not state at this time whether the hearings
begin next week wiU be on a bill per pa red by the committee or recom¬
mendations made
by the subcommittee
or
whether the hearings will
held merely upon the general subject of excess profits taxation.
be
He hoped
that the latter would not be the case, because in fairness to the witnesses
some
definite information upon the probable form the
will take.
Meanwhile, Chairman Pat Harrison of the Senate Finance Committee
conferred with the President at the White House today presumably upon
and expressed hope that the
be written into law at
to
did
committee.
the tax problem,
Bill Introduced in House Would Enable SEC
or
Reduce 20-Day Waiting
Period
he
He indicated that among those things in disagreement are these:
tax
the
do
itself would
they should have
References
announced
capital investment; the plan of the joint committee,-which is based solely
upon average earnings, and a plan put forth by Representative McCor-
asset coverage
have an asset coverage of
as
quote:
earnings over
Section 18 makes it unlawful for closed-end companies to issue
securities
or
become effective
House
as
alternative
of which is
permits a
diversified company to engage in underwritings provided the commitments
representing indebtedness
plants, plant
Department
profits tax legislation
experts of the joint
Committee on Internal Revenue Taxation and the Treasury
but no conclusion was reached upon any of the proposals.
The Cooper subcommittee it was said would continue with
the problem.
From the "Journal of Commerce" account
to
The bill makes it unlawful for investment companies to trade
do not exceed 25%
Navy
added, however, that if the experts fail to reach complete agreement the
may continue to do so.
11 provides that exchange offers of open-end
companies made
other basis than respective asset values of the securities involved
or
years on new
the
or
date three alternative plans of excess
were
discussed pro and con by the
Section
joint-trading accounts,
Department,
a
Section 11 Outlined
in
period of five
a
York "Journal of Commerce" reported that at two extended
sessions of the House Ways and Means Committee on that
subcommittee
participate
War
who
or
any
pro¬
principal underwriters of its
the Board may not consist of persons who are officers
must be submitted for the
a
five-year amortization plan it is stated would apply
to income and excess profits taxes.
In advices from its Washington bureau Aug. 1 the New
mack
the following:
investment company shall be
majority of the Board must be composed of
are
The
and file information similar to that
Among the requirements of the proposed law
tax legislation
week by the House
would be coupled with suspension of the profits restrictions
"Journal of Commerce" said:
At least 40% of the board of directors of
way next
defense.
This provision would
which
Companies which are brought within the purview of the
profits
excess
the amortization be allowed for
the Securities and Exchange Commission and to file
with the latter literature intended for distribution to pros¬
"independent";
part of the registration state¬
expansions and equipment that is certified by either the National Defense
with
The bill
as a
Chairman Cooper of the subcommittee announced that an agreement
had been reached to recommend to the full Ways and Means Committee
regulation of investment trusts and investment companies.
The bill would require investment trust companies to register
are
such statement
posal establishing a five-year amortization period for defense
plant expansions. From Washington, the Brooklyn "Daily
Eagle" reporting this said:
defense
Aug. 1 the House passed the Wagner-Lea bill for the
those which
any
Ways and Means Committee tentatively approved
Investment Trusts
/
amendment to
Ways and Means Committee, although the exact date has
not
House Passes Bill for Regulation of
On
any
expected to be brought under
repealed.
was
If
by Treasury—Action by House Sub-Committee
left unchanged.
for
be understood, and to the public interest
registration statement, or filed pursuant to an
Provisions of the Vinson ship-building speed-up bill which empowered
agreements
can
be deemed to have been filed when such amendment is filed;
Under
The profit limitation-on aircraft contractors was rasied from 8 to 12%.
factory
on
thereof
of investors.
prior to the effective date of such statement, the registration state¬
shall
Hearings
the President to commandeer private industries failing to enter into satis¬
are
relationship to the capital structure of the issuer and
an
if mobilization of such
changes made by the House in the defense program
was
a
having due regard to the
ment."
these;
shipbuilders' profits
hereinafter provided effective date of
as
to the facility with which and the nature of the securities to
be registered, their
Hearings
The 8% limitation on
a
Except
the commission may determine,
the rights of holders
additional 15,000 planes for the Army and 4,000 planes for the
The two fundamental
2
(A).
as
adequacy of the information respecting the issuer theretofore available to
the public,
Navy.
1
8
"Section
Army of 2,000,000, and ot
an
as
registration statement shall be the 20th day after the filing thereof or such
order of the commission shall be treated
to provide manufacturing facilities for
the critical items of equipment necessary
of the Securities Act, reads
procure reserve
ammunition and other equipment for
additional 800,000 men, or a total of 2,000,000 men
were
present Section 8 (A)
follows:
to the effective date of the
adequate defense in both the Atlantic and Pacific Oceans, to complete the
a
July 9 on the
principles of an amendment to the provision governing the
waiting period.
According to the New York "Journal of
Commerce" advices from Washington Aug. 1 the bill in¬
troduced by Representative Lea, which is a substitute for
except that an amendment filed with the consent of the commission prior
230,000.
total
1940
tional Association of Securities Dealers and the Investment
ment
amounting to $2,249,730,000, and the Navy $483,-
3,
Bankers' Association of America agreed on
is filed
In addition the Army is given authority
for the Navy.
Aug.
Waive
Required for
New Issues Under Securities Act of 1933
Chairman Lea of the House Interstate and
Foreign
Committee introduced in the House on
Chairman
a
excess
profits tax plan will
"reasonable date."
Doughton indicated,
according to the same
that the bill which Congress will be asked
to enact will contain provisions suspending
the VinsonTrammell profits limitation during the period in which the
excess
profits tax is in operation.
The suspension and
effective date of the excess profits tax will be simultaneous,
newspaper account
Com¬
Aug. 1 a bill
empowering the Securities and Exchange Commission to
waive or reduce, at its discretion, the
20-day period re¬
quired under the Securities Act of 1933 between the time of
registration of new securities and the date where they are
offered to the public.
In these columns July 13, page 177,
he said.
it
487.
merce
was
noted that the SEC and representatives of the
Na^
A reference to the study
of the excess profits tax whixh
by the Congressional tax experts and
Treasury officials was made in these columns July 27, page
has been under way
Volume
Publishers
action
"News"
Dallas
of
Application
Employees
An
Commercial & Financial Chronicle
The
151
to Test
Newspaper
Action
Law
to
Conceding that this might be considered a harsh rule of construction to
impose
the transaction, especially in view of the impairment of the
upon
claimant's status
the law
under
it existed prior to
as
enactment of the
section, the referee states that it nevertheless follows the rule of construc¬
the
test
to
Brings
Wage-Hour
of
633
of
applicability
Fair
the
Labor
tion to abide
by the intention of the Legislature, if it clearly appears, and
Standards Act
that words and phrases must
was
notwithstanding the hardship, inconvenience or injustice that may follow.
(the wage-hour law) to newspaper employees
brought in the Federal District Court at Dallas, Tex.,
July 26 by the A. H. Belo Corp., publishers
on
of the Dallas
The corporation claims to
have been paying its employees at a rate in excess of the
minimum scale, says the Dallas "News" of July 27, from
"News" and allied publications.
which
also
we
approximately
of
200
William H.
Corp. and
Standards Act
employees under the Fair Labor
its
of
defendants
Division
Hour
of
United
the
of the Wages
Labor, and J.
Street Jr., regional director
Q. 0.
were
Department
States
of
the
all
the
Finklea and Ruth Buckner, employees of
A. H. Belo Corp., the last three named being members of the class of
employees whom Mr. Street claims are subject to the provisions of
Wilmer
Truly,
W.
Robert
claims
Street
Defendant
represent
to
some
unnamed
employee of the
a
as
to its
1939,
Line
when
claimant,
its
claims
salaries,
weekly
to compel the
due therefor
sum
even
mittedly far in excess of the claimed legal minimum
for regular time and
the petition said.
H. Belo Corp. had been paying its employees as
overtime,
A.
Oct.
on
1938, the petition said.
2,
Provisions Met
Overtime
The
with
corporation has complied
basic work periods of 44 hours and 42
regard to the
and
respectively,
of the Act
hours a week,
week basis, the
with the overtime provisions
October
in
will
go
to
44-hour
the
explained.
In no case was the basic rate of pay below the
minimum, and under the agreements, employees were to be paid not less
than time and one-half the basic rate for overtime, the aggregate com¬
petition
pensation
to
be
less
not
than
a
definite fixed amount
per
week, the
petition stated.
The plaintiff contended that the Act, if it is
applicable to its employees,
merely fixes a minimum hourly compensation for regular time and a
relative hourly compensation for overtime, leaving the employer free to
make greater payments without violating the Act and without liability
on
the employer for additional sums not contemplated or promised.
Mr.
Street
indicated
that
legal
proceedings would be instituted against
plaintiff for additional wages claimed due
the
employee,
allegations
the unknown and unnamed
joining in the suit, the
and the possibility of other employees
stated.
that its business is principally intrastate,
of the wages and hours of its employees
is not within the power of the Labor Act or Congress, under the commerce
or any other clause of the
Constitution.
It was explained that the A. H. Belo Corp. published the Dallas "Morn¬
ing News" with a daily circulation in excess of 100,000 copies, of which
97% are delivered within the State; of the semi-weekly "Farm News,"
with a similar circulation of which 90% of the copies remain in Texas,
and the "Texas Almanac and Industrial Guide."
plaintiff also contended
The
and
that
control
regulation
and
Nashville, Tenn., "Times" Suspends Publication
"Times," afternoon daily newspaper, an¬
The Nashville
July 28 that it was suspending publication.
Further details were given in an Associated Press Nashville
nounced
dispatch
on
follows:
as
Headed "30" and signed "The
Nashville Times, Inc.," the announcement
"With this issue 'The Nashville Times'
said:
suspends publication.
All
and unpaid will be honored."
publisher, declined to give reasons for the action.
His
obligations of the corporation now owing
James H. Sachs,
the paper in January, 1939, it
that circulation at one time reached
only comment was that since he took over
had
gained 13,000 in circulation and
33,000.
through the bankrput subscribed to
V
of the balance due on Oct. 19.
The cash and warrants
the
were
and in accordance with its discretion
bankrupt in its street
stock certificate
and the
in
new
was
name on
was
envelope,
certificate
was
was
issued to
marked on the
delivered to the bankrupt on Nov. 15 and placed
where
it
remained
to
the
date
of
bankruptcy,
opinion "The precise legal question to be answered
Can reclamation lie in favor of
cash customer for securities acquired
a
allocated to him within the 4 months' period—when the bankrupts
or
were
a
This stock
1940.
In the language of the
is:
Oct. 26.
"a/c Leaver (claimant)." On Nov. 11, the
forwarded by the bankrupt for transfer to claimant,
certificate
claimant's
for
forwarded by the bankrput to the issuing
admittedly
insolvent—which
were
paid
for
prior
thereto?
The
is no."
I. L. Stone is trustee in
bankruptcy.
Appraisal of Assets of CCC Shows Net Worth in Ekcess
of Capital by $43,756,731—Excess Turned Over to
Treasury
Appraisal of the Commodity Credit Corporations' assets
of March 31, 1940, showed that its net worth as of that
date exceeded its capital by $43,756,731.01, and on June 29
last the Corporation deposited that amount in the United
States Treasury as required by law
(Public 442, 75th
Congress).
The law requires an appraisal be made each
year as of March 31 and if there is shown an excess, such
excess is turned over to the Treasury.
On the other hand,
if a deficiency is shown, the Treasury gives to the Corpora¬
tion an amount equal to such deficiency.
The first such appraisal made, as of March 31, 1938,
showed the Corporation's capital to have been impaired
to the extent of $94,285,405 as of that date; the appraisal
of March 31, 1939, showed an impairment of $119,599,918.
A report of the last appraisal has been submitted by the
Secretary of the Treasury to the President, and copies have
been transmitted to Congress.
as
Chandler
Act, Aid to Weak Railroads, Expired July 31
The Chandler Act of 1939,
which was designed to permit
financially weak railroads to make voluntary readjustments
of their capital structures without resorting to judicial
reorganizations, expired at midnight July 31.
Six railroads, including the Baltimore & Ohio, took ad¬
vantage of the Act's provisions to work out readjustment
plans which, in the case of the B. & O., were credited with
preventing bankruptcy.
All but
one
of the 3ix
instituted under the Act have
cases
been
completed, but the courts, under provisions of the law,
may continue their jurisdiction until all proceedings started
before the act expired have been ended.
Roads other than the B. & 0. which filed plans under the
Act included: Lehigh Valley; Peoria & Eastern; Chicago,
Memphis & Gulf; Montana, Wyoming & Southern, and
Wichita Falls & Southern.
Of the six
plans filed all have been approved by the Inter¬
Commission and only the Lehigh Valley is
state Commerce
Brokerage
Failure
Procedure Redefined in
Claim
Growing Out of Bankruptcy of McMillan, Rapp &
Philadelphia, Former Dealers in Investment
Co. of
Securities
Regarding an opinion holding that the reclamation of
securities cannot lie in favor of a cash customer where they
were
Pipe
He purchased for
76 shares of Panhandle Eastern Pipe Line common stock, making a payment
answer
much or more
than the minimum wages prescribed in the Act prior to its effective date,
Oct. 24, 1938, the petition said.
Irrespective of the question of applica¬
bility of the Act to the corporation, and with a view of cooperating,
agreements establishing the basic rate of pay were entered with employees
The
of Missouri-Kansas
(above his previous credit balance) on Oct. 19.
On Oct. 17 he exercised his rights and
corporation to alter
with its employees and to cease payment of
though they represent a compensation ad¬
agreements
employment
uniform
he has the authority
shares
additional rights through the bankrupt and made payment
some
in cash of the
petition said.
also
the litigation commenced Sept. 12,
of 400
owner
as
Co., received warrants for subscription rights.
^
He
be fully
meaning and validity."
Feb. 20,
a
revolutionary basis for the administration
The transactions which gave rise to
transit sheet of the bankrupt
filed
has
who
Corp.
meaning,
that he assumed its constitutionality "in order that the case may
complaint that the publishers have
violated the wages and hours law in the matter of the amount of wages
paid for regular time worked and for overtime, the petition stated.
So
far as is known, no other employee has filed a complaint, the plaintiff's
Belo
H.
A.
plain
question of the constitutionality of the section, the referee said
company
Act.
1938
of their
effect
brokerage failures."
the
$1,200
1938.
Named
and
On
given
mind," the referee pointed out, "that the whole
(Section 60) lays down
of stock
tested both
quote:
plaintiff corporation also requested a ruling from Judge
fixing the rights and obligations of the A. H. Belo
The
Atwell
"It must be borne in
section
be
in
the
of the bankrupt at the time of bank¬
hands
before the insolvency
for the customer, we
quote the following from the Philadelphia "News Bureau"
of July 27.
1
ruptcy, unless more than four months
the property was physically set aside
awaiting final court approval.
Court action in this case,
has been held up because of tax litigation in New
Jersey, is expected by August 7.
The Chandler Act, in effect only one year,
passed from
the statute books without any effort being made to extend
it so that other roads might work out voluntary plans of
financial readjustment.
An alternative method, however, such as that being em¬
which
ployed by the Boston & Maine with help of the Reconstruc¬
tion Finance Corp., is available to other so-called borderline
roads.
The Chandler Act
claim of a customer growing out of the bankruptcy
McMillan, Rapp & Co., former security dealers, although members of
provided that a road might file a volun¬
with the court on approval of two-thirds of its
security holders including a majority of each class of holders
affected by such a plan, and that court approval, binding
dissenting minorities, could be obtained with approval of
three-fourths of the security holders, including-three-fifths
exchanges.
of each class of holders.
What
Court
is described
under
the first opinion and order in the U.
as
Section 60
S. District
of the Chandler Act covering administration of
stock brokerage failures was
handed down here this week by Special Master
Henry W. Braude in the
of
no
Referee Braude in his
cash customer,
the
of the bankrupt at the time of
subject to reclamation by the customer but were in
than 4 months before the
time when the stockbroker was solvent, the property
physically set aside for the customer and remained so
general fund for distribution, unless more
bankruptcy or at a
was
opinion held that securities issued in the name of a
but still in the possession
bankruptcy, were not
allocated to, or
allocated or set aside at the date
The referee
out in his
in its
tary elan
of bankruptcy.
in his interpretation
of the language of Section 60 points
decision that the right to reclaim
"identical form."
is definitely limited to property
♦
RFC Has Authorized 7,873
Loans Aggregating $1,878,-
684,319 from Feb. 19, 1938 to July 22, 1946—Loans
to Business
Numbered
6,615
and Totaled $342,443,516
Emil
Schram,
Chairman
of the Reconstruction Finance
Corporation, announced on July 23 that since the RFC re¬
sumed lending during February, 1938, it has authorized
The Commercial & Financial Chronicle
634
7,873
$1,878,084,318.58;
aggregating
loans
6,615
of
these
taken
business
loans
to
and
Mortgage Association
National
Federal
The
has bought
1938 TO JULY 22,
19.
RFC Transactions with Railroads Itemized
Authorizations
Finance
Amount,
Authorized
10
120
2
27.094.237.20
14,617,705.25
1,432,891.91
10
4,721,786.46
4
140,000,000.00
326,706,692.30
342.443,616.23
181,069,590.00
88
Loans to building and loan associations
Loans to insurance companies..
Loans to Joint Stock Land Banks
Association—
Loans to railroads
66
—
6,616
Loans to business
11
Loans to national defense
4
31
1
125,000.00
amended
167
Commitments to Commodity Credit Corporation...
6
47,284,290.46
7
49.647.473.21
250
5,920,308.16
6
mitments
24
companies
Loans for mining, milling or smelting of ores
Loan to self-liquidating project, under
Section 201-a,
Emergency Relief and Construction Act of 1932—
Loans to public bodies under Section 5d, as
titles or livestock
Loans to drainage, levee and Irrigation districts.....
Loans to
public school districts
1
Loan to Rural Electrification Administration
Loan
on
Loans
on
100,000.00
146,796,200.00
1,698,900.00
16
Purchases of debentures of banks
322
17,607.465 34
7,873
$1,878,684,318.58
Purchases of securities from PWA
total of
a
ization
Schram
Commission
Defense
In his
"progress report"
of the National
Announces
July 26 for eight week's action
on
Advisory Defense Commission, William S.
Knudsen, member of the Commission in charge of produc¬
weeks ago,
the
was
appointed by
this department has sought to lay
a
President
solid foundation
of industry would be coordinated.
resources
the
At the
which
time
every
same
effort has been made to expedite current contracts for defense material.
Progress in connection with the first objective has been substantial and,
with the continuing cooperation of
agencies,
we can
the definite goal
be confident of
can
be
production machine capable of attaining
a
specifically stated in the request
for funds to equip
This
industry and the interested government
completely
a
modern
accomplished just
as
fast
army
as
now
before the Copgress
of 2,000,000
men.
the best production facilities and
techniques in the world can gain momentum through favorable Congres¬
sional action upon this augmented program.
Our
the second
toward
progress
tracts—can be measured in dollars
as
objective—clearance
of
current
con¬
follows:
of
trust
$315,288,152.08
Navy (from June 6 through July 25)
June, Mr.
withdrawals
banks
to
in
the
purchase
of
preferred
-
disbursed for loans and in¬
was
$144,212.
$396,000
have
in
been
authorized
receivership)
586,994
has
to
7,541 banks and trust companies (including
$2,556,367,143.
Of this amount $512,-
aggregating
been
withdrawn,
$2,030,364,546 has been
and
021,557,
and
approximately
by
owing
$13,415,603
remains available
disbursed.
Of
95.1%,
banks,
open
trust
and
has
that
been
this
June
bank
in
have
been
the
to
borrowers,
amount
$1,934,$7,285,666
is
Only
$6,512,256
includes
debentures
authorization
an
amount
made
loans
by
capital
notes
of
for
of 6,792
1,124
secured
from
$30,000.
the
made
was
Through
purchase
of
to
banks and trust companies
authorized
were
preferred
and
stock,
in
the
total
a
debentures
available
purchase
June 30,
preferred
mortgage
one
of
to
the
banks
when
of
a
authorizations
capital
notes
and
aggregating $1,387,918,663
of
authorization
6,866
debentures
1940,
stock,
amount
banks
$1,441,155,189; $173,672,807 of this has been
$53,236,526
for
and
withdrawn
conditions
of
to
preferred
trust
companies
and
be
stock,
of
$31,105,000
authorizations
have
met.
During
of
latter
repaid.
company.
During
and
authorized to banks in liquidation in the
and withdrawals of loans
to banks
were
Cancellations
companies (including those in liquidation) amounted to $14,463 ;
disbursed and $1,703,333 was repaid.
Through June 30, 1940,
Joans
June,
four
banks
closed
amounted
to
in
loans
the
$2,863
of
$396,000
;
authorized
were
amount
for
distribution
to
depositors
$144,212; cancellations and withdrawals
disbursed
was
and
repayments amounted
have been authorized for
to $2,218,558.
Through June 30, 1940, loans
distribution to depositors of 2,776 closed banks
aggregating $1,343,962,706 ;
$335,091,859 of this amount has been withdrawn and $13,216,178 remains
available
to the borrowers;
$995,654,669 has been disbursed and $953,427,956, approximately 96%, has been repaid.
During June the authorizations to finance drainage, levee and irrigation
districts
increased
were
were
withdrawn
loans
have
districts
has
$13,000,
$43,282
authorized
to
authorizations
of
which
available
remains
in
disbursed.
was
refinance 652
$141,856,508,
$20,098,984
been
of
amount
June
$17,943
1940,
30,
drainage, levee and irrigation
$32,144,729 has been with¬
the
to
the
Through
borrowers,
and
$89,612,795
disbursed.
Under
1,412,907,677.87
and
been
aggregating
drawn ;
Army (from June 6 through July 25)
Authorizations aggregating
Chairman's report went on to state;
eight
upon
gov¬
organ¬
$46,733,529 was repaid, making total dis¬
through June 30, 1940, of $7,752,550,360 and
repayments of $5,970,621,633 (approximately 77%).
The
been
Commission
This latter amount
bursements
said in part:
Defense
$13,-
and
vestments
remains
the
com¬
of
month
withdrawn during
or
During June $67,027,910
tion, stated that orders for defense equipment of all types
placed by the Army between June 6 and July 25 totaled
$315,288,152, while Navy contracts cleared in the same
period totaled $1,412,907,678.
A report for the first six weeks of operation of the Commis¬
sion was summarized in these columns of July 20, page 332.
The statement issued on July 26 by Mr. Knudsen, as
given in Associated Press accounts from Washington, July 26,
Since
the
$1,800,000,000 for relief from
stock, capital notes and debentures.
those
$1,728,195,830
and tentative
of
A total of $756,998,028 remains available
and
During June, four loans
Advisory
end
said, making total cancellations and
borrowers
amount
Clearance of Contracts Amounting to
in Eight Weeks
$1,701,230, making total
1940,
$1,399,798,638 authorized for other
canceled
were
$2,327,606,878.
to
and
National
the
at
through June 30, 1940.
$11,690,199
100,000,000 00
1
106
preferred stock of an insurance company...
and subscriptions for pref. stock of banks..
outstanding
ernmental agencies and
of
Other loans for financing of agricultural commodi-
Loans to the RFC Mortgage Co
June 30,
through
July 23 in issuing his monthly report.
includes
790,250.00
—_
Reconstruction
the
057,979,903, Emil Schram, Chairman of the RFC, announced
226,663,202.81
212,250,000.00
7
authorizations
10,000,000.00
17,448,201.83
3,872,600.00
Loans to mortgage loan
of
$392,703,502,. rescissions of previous authoriza¬
tions and commitments amounted to
Loans to aid in the reorganization or liquidation of
closed banks
commitments
and
Corporation in the recovery program during June
amounted to
$594,007.43
Loans to open banks
Purchases of stock—National defense
making their
are
and
Loans
1940, INCLUSIVE
Number of
Loans
Loans to Federal National Mortgage
builders
Canceled—$7,752,550,360
Disbursed
for
Investments—$5,970,621,633 Repaid—
606,878
aggregating $5,386,559.14.
It has authorized 14 large-scale
housing loans aggregating $5,650,500.
FEB.
machine tool
Report of Operations of RFC Feb. 2f 1932 to June 301940—Loans of $13,957,979,903 Authorized—$2,327,,
mortgages aggregating $178,965,342.49
commitments to buy 1,274 additional mortgages
AUTHORIZATIONS FROM
that the
effectively as though war-time priorities were in effect.
and
FHA-insured
has
be said
also
can
business.
total of $392,636,910.90 loans to
44,353
It
facilities available to the defense program on a voluntary basis as completely
Banks participated in these
the extent of $73,898,680.32, making a
banks.
by
up
1940
3,
construction.
loans, aggregating $342,443,516.23, were to business (exclu¬
sive of National Defense loans), including $23,705,285.65
later
Aug.
This should prevent what might have been a serious delay in naval
week.
the provisions
of Section
5
(d), which
was
added
to the Recon¬
struction
$1,728,195,829.95
There
are
naturally,
What
problems and responsibil t'es in mechanical production which,
thoroughly comprehended by the general public.
are not
may
seem
to
some
as
unnecessary
delay
is
almost
always,
in
reality, a period of basic preparation necessary to sound achievement.
For
example, much has been said in the press and on the a r about tanks and
tank construction.
I
am sure,
however, that few people realize that before
actual production can start months of effort must be
expended upon design
alone.
Our tank designs are well-advanced.
for the lighter type.
Contracts have already been placed
The heavier tanks
are
being redesigned to take ad¬
vantage of vital information gleaned from experience in the European war.
To give some idea of the
engineering preparation involved in
tank
con¬
struction, for instance, it shouid be noted that approximately 2,400 indivi¬
dual drawings are required in the
complete design of the light tanks.
The
155
an
mm.
gun
carriage requires approximately 1,000 separate drawings and
additional 500 for the recoil mechanism.
Even the tank guns of 75 mm.
require 300 drawings and their panoramic sight, 160.
This is merely to
suggest the energy and time necessary before these instruments
to roll off a
can
begin
production line.
The problem of machine tools, which is fundamental
to the entire defense
program, is another point where basic design must be carried on and to
those unacquainted with requirements in this
respect it may seem that little
or
nothing is being done.
specially designed.
headlines.
Tools for turning out ordnance supplies must be
The kind of work involved does not, of course, attract
Very definite
progress is
being made, however, and
no
actual
delay exists.
There is
production
scarcely
upon
a
defense instrument
which
the machine tool industry.
Finance Corporation Act June 19, 1934, and amended April 13,
1938, 58 loans to industry, aggregating $1,628,784 were authorized during
June.
Authorizations
drawn
during
fishing
business
and
istration
In
not
depend for its
This industry was the first
out
a
prompt
Through the unlimited cooperation of the industry, which set up its own
I am able to report that the huge planers and millers
on
plate, particularly for the expanded naval
time, according to reports to
to
$504,534
30,
1940,
mortgage
industry in cooperation
withdrawn
addition, the
with
the
canceled
were
including
loan
companies
National
or
loans
with¬
to
to
the
assist
Admin¬
Recovery
and
$73,607,938 remains available to the borrowers.
Corporation
agreed to purchase participations amounting
$329,700 in loans to 22 businesses during June, and similar authoriza¬
to
tions
aggregating $6,615,653 were withdrawn.
Through June 30, 1940,
Corporation has authorized or has agreed to the purchase of participa¬
aggregating $116,835,749 of 1,795 businesses, $46,688,974 of which
the
tions
been
has
withdrawn
During
public
June,
agencies
loans
for
$6,961,118
and
1940,
loans
356
disbursed
Works
at
a
in
have
;
been
the
of
$239,000
projects.
amounted
to
authorized
available
to
has
were
Disbursements
$20,110,000.
authorized
amounted
Through
June
to
to
30,
but
$840.
borrowers;
$440,093,402
has been
repaid.
securities
purchased
no
securities
having par value of $102,650
also collected maturing PWA
sold
The
on
the
been
Corporation
Administration,
premium
of
amount
self-liquidating projects aggre¬
$44,825,213 of this amount has been withdrawn and
$384,994,618
June
the
self-liquidating
remains
and
During
$50,785,110 remains available.
repayments
gating $626,676,190
$141,757,575
and
10
Corporation
from the
Public
securities
having par value of $206,027.
Through June 30, 1940, the
Corporation has purchased from the PWA, Federal Works Agency (formerly
Federal
Emergency Administration of Public Works) 4,168 blocks (3,106
of securities having par value of $661,007,249.
Of this amount
securities having par value of $494,664,171 were sold at a premium of
$13,919,677.
Securities having
a
par
value of $135,612,568 are still
held.
In
collected
gate
par
deliver
addition, the Corporation has agreed to purchase, to be held and
sold at a later date, such part of securities
having an aggre¬
or
value
from
of
time
defense committee,
armor
June
the Corporation has authorized 7,307 loans for the
industry aggregating $377,612,830.
Of this amount $95,126,113
been
solution.
needed to work
of
amount
and
issues)
does
and most important potential bottleneck which this
department confronted.
It was considered immediately and steps taken to work
will be available
the
Through
banks
to
program,
benefit of
has
in
June.
industry,
me
program,
from the industry this
The
report
$18,441,000
to
as
the
Administration
is
in
a
position
to
time.
listed
as
ments for all purposes
follows
disbursements
and
repay¬
from Feb. 2, 1932, to June 30, 1940:
Volume
The
151
Commercial & Financial Chronicle
Banks and trust companies (incl.
Railroads
(including receivers)
Mortgage loan companies
Authorizations
Repayments
Disbursements
Loans under Section 5:
635
Canceled or
$
*
receivers)-..1,983,102.099.01 1,889,975,929.52
731,561,064.26 *265,704,868.06
Authorized
Withdrawn
$
$
.......
588,468,202.44
426,123,356.46
387,236,000.00 ^387.236,000.00
173,243,640.72
173.243.640.72
121,982.030.20
117.634,811.93
..........
Federal Land banks
Regional Agricultural Credit corporations.....
Building and loan associations (incl. receivers).
90,693,209.81
87,264,909.41
24,666,880.20
20,952,134.98
.....
13,064,631.18
12,971,598.69
13,064,631.18
12,971,598.69
...
9,250,000.00
9,250,000.00
Cincinnati Union Terminal Co..
5,643,618.22
719,675.00
5,599,703.83
629,345.82
Colorado A Southern Ry. Co
Columbus A Greenville Ry. Co-
600,095.79
585,434.21
Agricultural Credit corporations......
Fishing industry
.....
Credit unions
Processors
distributors for payment
or
of pro-
_
14,718.06
14,718.06
cessing tax
_
$
4.338,000
160,000
150,000
500,000
8.920,000
1,150,000
13,718,700
2,680,000
10,398,925
30,123,900
(trustee)
Chic. No. Shore & Mllw. RR. Co.
public
moneys.
Livestock Credit corporations
Federal Intermediate Credit banks
Repaid
$
46,588.133
1,289,000
11,500,000
537
8,412,000
1,150,000
13,718,700
2,680.000
8,300,000
3,840,000
838
Chlo. Milw. St.P. A Pac. RR. Co.
Insurance companies
Joint Stock Land banks
State funds for Insurance of deposits of
Disbursed
1,000
Chicago A North Western RR. Co 46,589,133
Chicago Great Western RR. Co—
1,289,000
Chic. Gt. West. RR. Co. (trustee)
150,000
Chic. Mllw. St.P. A Pac. RR. Co. 12,000,000
Chicago R. I. A Pac. Ry. Co.—
Chlo.R.I.A Pac.Ry.Co. (trustees)
2,098,925
63,600
60,000
60,000
53,500
Copper Range RR. Co...
Del. Lackawanna A Western Ry.
Denver A Rio Grande W.RR.Co.
29,812,102
2,680,000
8,300.000
1.561,308
53,500
5,100,000
53,500
560I660
1,800,000
71,300
582,000
3,100,000
1,8*6*7*675
6*8*9*,075
227,434
8,537,302
219,000
8,300,000
8,081,000
1,800,000
3,182,150
16,582,000
10,000,000
5,100,000
10,000
Denver A Rio Grande W.RR.Co.
4 ,143,217,463.58 3,400,251,072.87
Total loans under Section 5
Loans
to
Secretary
3,300,000.00
3,300,000.00
89,612,795.29
Loans for refinancing drainage, levee and
6,016,735.76
Irriga¬
tion districts
Loans to
of
authorities for payment
and for refinancing out¬
public school
teachers'
salaries
22,865,175.00
22,308,000.00
440,093,401.69
standing indebtedness
Loans to aid in financing self-liquidating construc¬
tion projects
384,994,618.09
damaged
by earthquake,
fire, tornado,
flood
4,880,636.93
12,003,055.32
and other catastrophes
agricultural
47,298,877.12
221,704,270.91
47,262,446.64
5,971,409.40
surpluses in foreign markets
Loans to business enterprises
Loans on and purchases of assets of
Loans to mining businesses
closed banks.
47,251,981.13
86,360,692.38
44,045,627.85
2,473,696.95
Loans to finance the carrying and orderly
market¬
ing of agricultural commodities and livestock:
Commodity Credit Corporation..
Ft.Smith A W.Ry.Co.(receivers)
Ft. Worth A Den. City Ry. Co-
8,795,500
"is.ooo
15,000
78,000
10.539
Gflinsville Midland RR Co
Gainsvllle Midi'd Ry. (receivers)
Galv. Houston A Hend. RR. Co.
781666
Georgia A Fla.RR.Co. (receivers)
13,915
8,020,000
43.112,667
Illinois Central RR. Co
767,716,962.21
19,644,491.78
767,716,962.21
18,984,119.00
22,667
Louisiana &
Louisiana A
pref.stock.5,820,690,348.94 4,788,584,143.17
354,721
26,000,000
13,915
8,020,000
41,790.000
6,000,000
13,915
520,000
390,000
112,000
Kansas City Southern Ry. Co
Litchfield A
l.iei'ooo
546,000
99,422,400
125,422,400
Gulf Mobile A Northern RR. Co.
12,000
3,1831666
10*539
3.183,000
646,000
354,721
Galveston Terminal Ry. Co
Great Northern Ry. Co
Green County RR. Co
3,000
90,000
227,434
1,112,000
10,278.000
Madison Ry. Co
800.000
Arkansas Ry. Co
*360,000
Arkansas Ry. Co.—
1,500,000
1,060*666
Lehigh Valley RR. Co
Other
Total loans,excl.of loans secured by
Erie RR. Co
Frederlcksburg A North. Ry. Co.
Loans for repair and reconstruction of property
Loans to aid in financing the sale of
1,800,000
3,182,150
16,682.000
Erie RR. Co. (trustees)....—.. 10,000,000
Eureka Nevada Ry. Co
3,000
Fla. E. Coast Ry. Co. (receivers)
1,967,075
(trustees)
Denver & Salt Lake West.RR.Co.
purchase
Agriculture to
of
cotton
0,278,000
800,000
8,517,500
800,000
1,500,000
200,000
3,000
197,000
2,650,000
60,000
1,729,252
744,252
985,000
6,843,082
a6,843,082
2,550,000
2,650,000
Maine Central RR. Co
Maryland A Penna. RR. Co
Meridian A Bigbee River Ry. Co.
Purchase
of
preferred
capital
stock,
debentures of banks
and
notes
(trustee)
(in¬
and trust companies
Purchase of stock of the RFC Mortgage Co.—Purchase of stock of the Fed. Nat. Mtge. Assn—
Loans
6,843,082
100,000
Missouri-Kansas-Texas RR. Co.
6,124.000
Missouri Pacific RR. Co
23,134,800
Minn. St. P.& S.S.Marie Ry. Co.
cluding $45,449,300.76 disbursed and $12,753,907.46 repaid on loans secured by pref. stock)—1,236,377,381.56
659,680,191.68
25,000,000.00
11,000,000 00
—
'
secured
by preferred stock of Insurance
(Including $100,000 disbursed for
the purchase of preferred stock)
99,200
Mobile A Ohio RR. Co. (receivers)
34,475,000.00
8,424,982.78
1,306,852,381.56
668,105,174.46
—
Murfreesboro-Nashville Ry. Co—
Works
Works
Federal
Administration,
Agency, security transactions.—
N. Y.N.H.& Hartford RR. Co.
625,007,629.49
--
513,932,315.18
7,752,550,359.99 5,970,621,632.81
Total
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp—
Capital stock of Federal Home Loan banks.Loan
200,000,000.00
124,741,000.00
Commissioner
(now Land Bank)
for loans to:
145,000,000.00
2,600,000.00
Farmers
Joint Stock Land banks...
farmers.
55,000,000.00
Insurance fund..
10,000,000.00
71,186,380.80
115,000,000.00
Federal Farm Mtge. Corp. for loans to
Federal Housing Administrator:
To create mutual mortgage
Sec. of Agricul. for crop loans to farmers (net)..
Governor of the Farm Credit Administration for
Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of caDlta Istock (lnc ) $39,500,000
neid in
revolving fund
...
-
....
Administrative expense—1932
40,500,000.00
97,000,000.00
24,000,000.00
Texas-South-Eastern RR.
Wabash Ry. Co. (receivers)
Western Pacific RR. Co
Western Pac. RR. Co. (trustees).
Wichita Falls A Southern RR.Co.
....
126,871.85
146,500,000.00
2,425.46
*
States
certification
on
Corporation
Federal Relief
-
Act—1935...
Appropriation Act,
Under Emergency Appropriation
Emergency
Relief
al7,159,232.30
499,999,065.72
500,000,000.00
500,000,000.00
1935
Represents a guarantee; In
was
/
33,177,419.82
44,000,000
24,200,000
50,906,000
100,000
30,085,134
100,000
5,332,700
154,794
2,035*666
766*666
30,000
30,000
39,000
108,740
6,000
39,000
8,266
25,973*383
1,0*91*866
4,366,000
13,502,922
3,600,000
1,403,000
400,000
22.525
750,000
22,525
which was guaranteed by the Canadian
$5,000,000 guarantee; In addition the
the corporation of securities sold by it. Since
the sale, $64,000 of the $320,000 has been repaid by the railroad, thus reducing the
Corporation's liability under the guaranty.
d Includes
an
which the Corporation may be required, or may
time prior to maturity, $4,150,000 securities sold by It.
agreement by
17,161,657.76
In addition to the above
.10679,267,165.32 6,987,783,290.57
represented by notes of the Canadian Pacific Ry.
Corporation also guaranteed
of Interest.
Includes $320,000 guarantee by
elect, to repurchase at any
.2,926,716,805.33
loans authorized the Corporation
approved, in principle, loans in the amount of
525,075 upon the performance of specified conditions.
has
accepted in payment of the balance due on loan made to the
were
1,200,000
500,000
26*666
162,600
c320,000
Paul & Sault Ste. Marie Ry. Co. (The Soo Line)
secured by its bonds, the interest on
b Includes a
17,159,232.30
3
Co., which
64~6oo
1,235,000
162,600
5,200,000
"Soo Line" went into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.60 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, matur'ng over a period of 10 years, $700,000
of which matured and has been paid.
c
Does not Include $4,800,000
200,000
400,000
65,000
addition the Corporation also guaranteed the pay¬
The loan to Minneapolis St.
the payment
.1,799,984.064.72
*
300,000
2,805,175
18.672,250
200,000
117,750
Pacific Ry. Co. and when the
of
Administrator
Under
299,984,999.00
3,000,000
12,500
798,600
4,975,207
300,000
7,996,175
18,672.250
ment of interest.
a
To
28,906*666
8,853,024,217 107,030,756 731,561,064 260,504,858
Totals
2,425,46
5,000,000
28.900,000
17,000
22,525
Wrightsvllle A Tennllle RR
116,186.58
governmental agencies..1,093,555,320.79
For relief—To States directly by
Co...
The Utah Idaho Cent. RR. Corp.
35,5*9*91666
18,200,000
919,360
21,000
3,000,000
2,035,000
30,000
45.000
452,000
25,981,583
4,366,000
13,502,922
760.000
Tuckerton RR. Co
44,500,000-00
3,108,278.64
14,176,602.92
....-
relief
Rural Electrification Administration...
Total allocations to
600,000
108,740
Texas A Pacific Ry. Co
-
Expenses—Prior to May 27, 1933
1933
Since May 26,
Administrative
5,000,000
29,500,000
3,000,000
17,000
Pittsburgh A W. Va. RR. Co.—
4,975,207
Puget Sound <fc Cascade Ry. Co—
300,000
St. Louis-San Fran. Ry. Co
7,995,175
St. Louis-Southwestern Ry. Co.. 18,790.000
Salt Lake A Utah RR. Co (rec'rs)
200,000
Salt Lake A Utah RR. Corp
400,000
8avannah A Atlanta Ry. Co....
1,300,000
Sand Springs Ry. Co
162,600
Seaboard Air L. Ry. Co. (rec'rs).
5,520,000
Southern Pacific Co
46,200,000
Southern Ry. Co.
51,405,000
Sumpter Valley Ry. Co
—..
100,000
Tennessee Central Ry. Co
5,332,700
Pennsylvania RR. Co
Texas Okla. A Eastern RR. Co—
capital for pro¬
*9*9",200
785,000
1,070,599
607,000
607,000
—
For other purposes
revolving fund to provide
duction credit corporations
Norf. South. RR. Co. (receivers).
Northern Pacific RR. Co
222
7,700,000
Pere Marquette Ry. Co
Pioneer A Fayette RR
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Farm
N. Y. Chic. A St. L. RR. Co
100,000
2,309,760
99,200
785,000
1,070,599
25,000
35,599,000
18,200,000
7,699,778
b41,499,000
18,200.000
New York Central RR. Co
Public
5,124,000
23,134,800
785,000
1,070,599
25,000
M lS80Uri Southern RR .Co
Mobile A Ohio RR. Co
companies
Total
100,000
Mississippi Export RR. Co
«
«»
1
IMI1HI
$134,-
1 1
Minneapolis St. Paul A Sault Ste. Marie Ry. Co.
a
In addition to the repayments of funds
disbursed for relief under the Emergency
Relief and Construction Act of 1932, the Corporation's notes have been canceled
$2,726,057,573.03 on account of amounts disbursed for alloca¬
tions to other governmental agencies and for relief by direction of Congress and
the Interest paid thereon, pursuant to provisions of an Act (Public No. 432)
approved Feb. 24, 1938.
in the
amount of
Currency Function of Federal Reserve Banks Discussed
in Bulletin of Board of Governors Declares Demand
for Currency is
for Gold Held in United
The loans authorized and authorizations canceled or with¬
drawn
for
bursed
to and
table
each
railroad,
together
with
the
amount
dis¬
repaid by each, are shown in the following
(as of June 30, 1940), contained in the report:
Determined by Various Conditions
are Virtually Substitutes
—Federal Reserve Notes
In
the
July
States Treasury
"Bulletin" the Board of Governors of the
Federal Reserve System, in
tion of the Federal
discussing "The Currency Func¬
Reserve Banks," undertakes to
explain
Authorizations
"the functions of the
Canceled or
Authorized
Ala. Tenn. A Northern RR. Corp.
Withdrawn
$
Aberdeen <fc Rockflsh RR. Co
$
11,069,437
12,228,220
41,300
137,909
535,800
141,697
14,150,000
3,124,319
14,150,000
220,692
464,299
464,299
the
140,000
140,000
5,916,500
5,916.500
52,000
155.632
article, "about two-thirds of the
634,757
400,000
Ashley Drew & Northern Ry. Co.
Baltimore A Ohio RR. Co. (note) 95,358,000
Birmingham A So'eastern RR.Co.
14,600
41,300
11,069,437
53,960
549,000
53,960
13,200
(Atlantic Coast Line and Louis¬
ville A Nashville, lessees)
dl8,300,000
Central of Georgia Ry. Co
3,124,319
Central RR. Co. of N. J
500,000
35,701
Boston A Maine RR
Buffalo Union-Carolina RR
Carlton A Coast RR. Co
Repaid
Among other things, it
in circulation is deter¬
mined by the needs of the public and not by the Federal
Reserve banks."
The article points out that "the demand
for
currency
is determined by various conditions," and
states that "in additional to seasonal movements in demand,
the amount of currency also responds to increases and de¬
creases in trade and payrolls."
It is also noted that "in
all cases Federal Reserve notes are issued only for an
adequate consideration," and it is likewise stated that such
notes "at present are virtually substitutes for gold held in
127,000
275,000
2,500,000
Alton RR. Co
Ann Arbor RR. Co. (receivers)..
Disbursed
$
127,000
275,000
2,500.000
634,757
400,000
95,343,400
41,300
127,000
90,000
1,000,000
634,757
400,000
Carolina Clinchfleld A Ohio Ry.
Charles City Western
Ry.Co
Chicago A Eastern 111. RR. Co..
Federal Reserve banks in relation to
the
country's supply of currency."
is stated that "the amount of money
United
States Treasury."
"They constitute," says the
total of $7,780,000,000 of
The Commercial & Financial Chronicle
636
It is also observed that in the
notes,
which are to be
in circulation."
money
As
case
bank
Reserve
Federal
of
dis¬
tinguished from Federal Reserve notes, "there are about
$22,000,000 of these notes in circulation, but the Federal
Reserve banks have deposited a sufficient amount of law¬
ful money with the Treasury to provide for their redemp¬
tion.
No such notes are now being issued."
Reference is
the article to National bank notes, of which,
stated, about $106,000,000 are still in circulation," and
"are also no longer being issued."
Prefacing its comments
the
on
subject discussed, the Board says:
Inquiries
frequently
are
Federal Reserve
the
concerning
received
bunks.
To
the
function
currency
of
explain in detail how the Federal Reserve
furnish an elastic currency in response to the needs of the public,
following statement has been prepared and is printed in this month's
the
issue
of the "Bulletin"
The
discussion
Three
fundamental
the
functions
supply of
(1)
Federal
representation
the
general
the
Board
body
supervision
of
the
of
(2) The
kept in mind in
in
of
Federal
the
order
relation
in
understand
to
the
to
country's
semi-public
Directors;
of
vital
some
Federal
institutions
the
System,
Gov¬
operate
under
matters
Reserve
they
with
under
control
of
governmental
a
by the President with the advice
and
banks
operated
not
are
for
the
of
purpose
of serving the public interest in ways
purpose
prescribed by the law.
(3) The amount
of
the public and
The Federal
in
the
"To furnish
mercial
the
of
banks
determined
is
influence
for
to afford
by
the
stated
purposes
the
follows
as
supervision
of
The
the
assertion
business,
them
to
hold
to
are
exert an
the
of
reserves
matter
of
The
the
currency,
them
sometimes
of
amount
Federal
made
that
the
Government
the
when
demand
the
as
has
turned
such
uses
to
given
a
it
for
This
is
time
always
banks
in
the
turn
banks
Reserve
direct
the
public
increases
wliat
is
is
returned.
circulation
current
required
certain minimum
expenditures
rise,
as
have
their
is
rise,
for
and
meant
and
to
of
the
local
cur¬
not
currency
banks
of
have
the
no
public
Certain
expenditures
A certain
individuals;
a
There
and
are
times when personal
there
are
times
individuals,
more
shows
purposes
of
when
payrolls
businesses, and communities
less
need
or
is that
cash than ordi¬
the
amount
rather regularly
a
After the first of January,
of
cur¬
repeated
when retail trade falls
following the holidays, currency is redeposited in banks, and there is a
tendency for the amount in circulation to decline.
During the succeeding
spring months, when outdoor industries become active and payrolls in¬
is drawn out of the banks and the amount in circulation
currency
This
to increase.
early winter to
a
tendency is apt to be resumed during the autumn
regularly recurring peak of demand for currency in
December.
In
also
to
responds
seasonal
when
production
needs
may
be
in
currency
movements
increases
to
business
of
amount
and
done by
is rising,
of
in
demand, the amount of
decreases
in
trade
the country increases
this
considerable
circulation.
sensitive response
importance
Hoarding
may
in
also
and
payrolls
or
decreases.
of
currency
determining
be
currency
an
times
amount
of
factor
in
important
increasing the demand for currency.
For
more
In the course of a few weeks in the
the banking holiday in 1933, the Federal Reserve banks
public with as much as $2,000,000,000 of additional currency.
than 25 years the Federal Reserve banks have
fully met the
normal
demands of the country for
currency; they have also fully met
peak demands both in times of prosperity and in times of depression, and
they have made it possible for the volume of money to decline auto¬
matically
when
i6
currency
the
public
longer
no
a
demand
for
declined.
it
Inelasticity
must
Federal
a
deposit
known
sist
only
Reserve
Federal
be
of the
in
the
open
of
the
Bank
Reserve
issued.
certificates
In
all
market.
must
can
agent,
This
Federal
Federal
obtain
collateral
collateral,
The
direct
about
are
Reserve
Federal
Reserve
as
the Government,
least
at
it
notes
equal
in
provided by law,
amount
may
con¬
an
notes
are
a
first
lien
and
Bank,
a
40%
reserve
all
on
in
the
gold
against them.
Reserve
currency
Treasury
under
provide
to
bank
tion,
also
are
authorized
of the United
the
the
States
authority
provisions of
the
of
or
bankers' acceptances
or
their
for
of which
notes,
longer
no
to
serve
kinds
other
coin—are
issued
redemption.
about
being
promissory
acquired
Federal
No
such
$166,000,000
issued.
security
as
notes
by the
Reserve
Act.
notes
are
now
still
are
There
are
notes,
these
for
and
now
in
circula¬
obligations
no
the
National
banks
only
for
individual receives
from
his
books.
silver certificates,
by the United States Treasury.
June 22,
discussions in
3895,
page
the
referred
we
and
to
two
"Reserve Bulletins"—one
on
"Ownership of Monetary Gold Stock," appearing in the May
"Bulletin," and the other on the "Utilization of the Mone¬
tary Gold
Stock," in the June "Bulletin."
M. S.
Szymczak, in Address in Washington,[Says That
Federal Reserve System Banking Is Drawn
into One Interrelated Organization—Declares Ex¬
cessive Reserves of $7,000,000,000 Is Result of Flow
of Gold to Country
Under
tions
give it
said M. S.
the
over
volume
of
member
bank
reserves,"
Szymczak, member of the Board of Governors
the Federal Reserve
System, in
address
an
it
already has
to
its
of
"The Federal
on
Reserve System," delivered in Washington on
July 24 before
the
Principles of Economics Class, School of Social Science,
University of America.
The
speaker went on
Catholic
to say:
The volume
of
extend
credit.
policy
have
Federal
indicated,
initiated
by
their
the
Fedex*al
ties,
banks,
for
banks
has
funds
bills
sell
member
bank
securities
Since
banks,
the
effect
for
the
effect
in
abundant
or
counterbalance
reserves
when
are
feel
paid
banks'
made
a
has
the
to
the
influencing
sometimes
the
Reserve
their
find
Federal
effect
securi¬
of member
of
Reserve
decreasing
banks
the
for
accounts.
reserve
in
of
purchased
the
I
the
transactions
are
them,
reserves
When
accounts.
as
for
buy bills and
are
to
open
loans,
open
market, their effect is
given transaction less directly than other
is to make reserves in» the aggregate
event
any
les6
abundant.
those conditions
Their
effect
when banks
is
as
and they
general,
a
whole
have insuf¬
to enable them to meet the requirements of their customers,
their
credit
securities
funds
member
Some banks will
but
banks
the
to
banks
purpose
augmenting the
the
reserve
the
the
operations
the
increasing
securities, the transaction
of
out
individual
for
Reserve
of
which
with
reserves,
come
more
ficient
and
by
market
System
Federal
purchases and sales
general.
either
for
the
into the member banks'
way
or
the
initiated
subject
Discounts and
general—sometimes
When
the transaction
itself
System.
Open
Reserve
in
ability of member banks
is
reserves
Reserve
reserves.
reserves
decreasing them.
of
transactions
are
of
bank
determines the
reserves
volume
of the
replenishment
member
these
This
reserves
large
are
and
tendency
a
to
speculative
demand
develops.
He explained that the
primary function of the Federal
Reserve banks "is to hold bank reserves and to make addi¬
tional
funds available,
reserve
when necessary, by the ex¬
tension
of Federal Reserve Bank credit."
Mr. Szymczak
also made the statement that "the basic fact in the relation
between the individual member bank and the Federal Re¬
Rank is that the member bank is
required by law to
serve
maintain its legal
The
member
bank
with it."
reserves
this
uses
account
as
a
He went
of
means
to say:
on
procuring
currency
clearing and collecting checks, but the real importance of the
in
the
an
adequate
local
bank
is
fact
credit.
that
When
credit
on
the
determines
it
the member
ments, the tendency is for his
lie
make
can
the
required
banks,
or
they
extensions
mature,
his
means,
I
there
or
only
is
makes
so
long
gaining
in
his
be
maintained
But if he cannot maintain
is
always
the
member
or
Federal
his
as
selling investments,
may
the
of
loans
Consequently
reserves
are
while he
Bank
up
with
letting them
or
to
purchases invest¬
clearings
adequate
Reserve
account
bank
off
run
continues
new
by these
reserves
from
to
other
which
he
borrow.
emphasize
Reserve
tural
then
he
ability
to be reduced thereby.
reserve
reserves
extensions of credit.
may
If
the
banker
credit
of
minimum.
collecting loans,
Act,
and
the
word
Federal
a
"always."
Reserve
industrial paper
for
a
Under
Bank
may
Section
discount
member bank
or
the
Federal
commercial,
agricul¬
13
lend to
of
a
member bank
the security of such paper or on the
security of Government obligations.
extensions of credit by the Federal Reserve Bank are not limited to
But
this
class
of
"eligible paper," so-called; for under Section 10
bank
amount
out¬
money—United States notes,
issue of
our
other recent
on
issued
are
already has to his credit on the bank's
the local bank receives from the Federal Reserve
the
of
exclusively
Reserve
against
at
are
deposited with the Treasury sufficient funds to redeem all their
standing notes, which are being retired from circulation.
Federal
latter's
have
$22,000,000 of these notes in circulation, but the Federal
deposited a sufficient amount of lawful money with
member
currency
charged
also
have
banks
books, and the
is
obligations
exchange,
banks
charged against the amount he
Bank
banks
Reserve
being issued.
as
Reserve
be maintained
Federal
cases
consideration.
gold held in the
circulation.
in
Federal
bills of
Reserve
Reserve
the
of
either
extend
following assets:
issuing
Federal Reserve
for
lies
(1) Promissory notes, drafts, bills of exchange, or acceptances, usually
referred to as "eligible paper."
(2) Gold certificates on hand or due from the United States
Treasury.
(3) Until June 30, 1941, United States Government securities
bought
assets
substitutes
They constitute about two-thirds of the total of
money
the
virtually
are
and
security with the local representative of
as
the
as
the notes to
to
There
the
of
problem.
Machinery of Note Issue
Before
of
Reserve
As indicated,
$5,558,000,000 of these certificates
business
to
the
the
as
At
period preceding
furnished the
Treasury.
drafts,
tend to
addition
Federal
out these gold certificates.
pay
have pledged
present
the
distinguished from Federal Reserve notes.
These notes, when issued,
secured by at least an equal amount of collateral, which may
market
The net effect of all of these factors
crease,
at
law
the
Federal
than
currency
that
it
Federal
The
Reserve
currency
local
additional
which
to
off
tends
The
by
Treasury's
"The real importance of the Federal Reserve
System lies
When
is determined by various conditions.
during holidays,
cycle during the year.
and
Reserve banks.
banks
the
to
in the power which its discounts and its
open market opera¬
operations.
which is used for these
rency
Reserve
credit
be
consist
a
elastic
an
and
banks.
which
larger amount
a
periods when they need
own
it
from
The Federal
required for payrolls.
as
Federal
to
Federal
deposit
the
returns
by
banks,
Reserve
the amount
day-to-day cash
during autumn.
narily.
requires
reducing
local
reservoirs
in
its
the
in
Federal
is
or
The demand for currency
minimum
as
public
finance
to
the
when
public requires,
needs
the
in
be regarded
it
keeping
of
way
deposits
redeposit' it
required by the
for
what
of
out
is needed, the public obtains it from its
public
may
is drawn
rency
be
must
for
as
represents
moves
banks, and the latter obtain it from the Federal Reserve banks.
needed,
States
$7,780,000,000
over
power
matter of law and
a
currency
demand
subsides.
When currency
currency.
since
wants,
banks
Reserve
circulation at
in
money
collectively
when
not
United
practical operation.
public
the
to
return
member
they are in need of additional
to facilitate the collection of checks
profit is contrary to the facts both
own
$5,558,000,000
when
to issue money to a private agency which
power
authorized
not
therefore,
notes,
as fiscal agents and depositaries
Treasury and other governmental agencies.
United States
Reserve
follows:
as
against $5,145,000,000 of their own notes in circulation.
In
interregional transfers of credit, to act
the
its
elastic
an
in
books of the
the
on
are
issuable
are
Treasury
com¬
banking in
supply and cost of credit with the view
and
commerce
funds, to supply
is
needs
of rediscounting
means
effective
more
banks and to make advances to
and
held against these notes was
Federal Reserve banks
All
functions of the Federal Reserve System
changes in
on
balance
banks.
United States."
accommodating
of
created
were
and to establish
The principal
States
banks
the Federal Reserve Act:
elastic currency,
an
paper,
circulation
in
money
not by the Federal Reserve
to
$5,453,-
Federal
have
Reserve
preamble
the
of
1,000,000
certificates
Gold
National
Reserve
vaults
$5,559,000,000
United
Senate.
making profits, but for the
the
Total
notes,
are
appointed
are
banks
Boards
and
Governors
whose members
consent
the
Reserve banks had obtained
in
Gold certificates on hand and due from U. S. Treasury
Under
are:
banks
on
held
were
Eligible paper
to
be
Reserve
facts
Reserve
the Federal
1940.
present to issue what are known as Federal Reserve bank notes, which
must
These
currency.
The
ernment
facts
Federal
26,
$308,000,000
The collateral
banks.
information.
matter of general
a
follows:
the
of
as
and
the
bonks
June
000,000 of Federal Reserve notes, of which $5,145,000,000 were in circula¬
tion
also made in
it is
of
Aug. 3, 1940
member bank
only
on
can
Act,
any
the
Federal
satisfactory
Reserve
security.
Bank
These
may
also
terms
(b)
lend
mean
of the
to
a
that
a
alwayB borrow from the Federal Reserve Bank, provided
it has good assets to offer as security.
Volume
The Commercial & Financial Chronicle
151
Stating
in
conclusion
"under
that
System, hanking is drawn into
in which
Mr.
measures
be
can
taken
Reserve
Federal
the
interrelated organization
one
banking as a whole,"
for
Czymczak added:
The
System gives nation-wide unity to the banking and monetary func¬
It makes possible the application of broad, regulatory, and corrective
tion.
In
measures.
doing
this
the
Federal
the importance of the individual
ships.
On
the
improved, for,
able
and
But
to
aside
vidual
the
this
from
banks
position
I have said,
as
meet
the addition
come
the
contrary,
general
a
has
there
relationships,
individual
in
interrelationship which knits indi¬
over-all
essential
unified system.
I have given you an account of the Federal Reserve System based upon
general experience in the past.
In many respects that past is essentially
unlike the present and unlike what the future may be.
As a result, some
of
the
been
of
powers
of utmost
tunity
to
be
which
are
so
exercised.
Reserve
Moreover,
from
different
those
future.
near
considerable
of
System.
The
importance
Reserve
Federal
was
originally intended.
the
Reserve
excessive
What
in
that
who
we
ditions
and
effects
the country's
study
of
Federal
the
future which
can
one
no
have
the
not
occasion
to
flow
of
Reserve
foretell.
exercised
be
$7,000,000,000.
the
This
as
condition
System
but I can assure
you,
deeply
are
of these
aware
is
recent years.
gold to this country in
be I cannot tell
constantly studying to adapt the System
are
and
it has worked in the past, but
as
a
exist
now
must find this a stumbling
you
your
practically
may
working in
are
which
in the past show no signs of
The member banks of the Federal Reserve System
of
enormous
eventual
its
authorities
reserves
the
of
result
past have
the
of
the
have
in
outstanding importance is that member banks
System have such large reserves that the powers of
condition
the Federal
which
conditions
the
obtaining
As students,
You have to study the System
present
one
System,
have to consider it in the light of
you
of
Federal
into
purposes
importance, have not in recent years had the same oppor¬
changing in the
block
the
July 29 at the National Foreign Trade Convention,
San
Francisco, stated that "in
you
con¬
the needs of
to
future.
which
course
south
into
Tax
Estate
It
Conference
announced
is
that
movement
is
What
know
is
Washington,
C.,
D.
tax conference held
months
three
manent
States
body
formed
benefit
the
the
ago,
such
first
This is the report from these States
the National Conference of
to
at
of
Real Estate Taxpayers, per¬
individual
experience of the
meeting
that
the
to
accumulated
give
last 10 years in
real estate tax readjustment.
The confer¬
brought together public officials, national, State and
ence
local, concerned with the tax problem, tax economists, own¬
ers of homes, farms and other real estate, mortgage lending
and other groups directly concerned with real estate
two-day discussion.
Sponsored by the National Asso¬
groups,
for
a
Real Estate Boards,
ciation of
the
what
tarian
the National Association of
Building Owners and Managers, the Mortgage Bankers Asso¬
of
America, the National Grange, the National
bring
alternative?
we
of the
(1) Limitation
of
parcel
real
must
be
after
the
which
rate
real
than
(4) More
that
war
of
from
One
ethical
be
even
monetary
the
were
would still
on
equitable assessing
processes.
Dietrich,
late
in
is
gold.
trustee
States
custodian
or
to
dispense
of
the
German
appeal
on
of
the
National
Association
In
Real
Estate
which
the
of
80%
gold
to
the
We
commercial
retain
can
1939
we
to
of
hold
can
total
our
results
share
our
40%
Latin
our
external
of
other
and
sections
of
the
Congress
ers,
United
governments,
study the
to
commission,
of the
State
local and
with
ways,
representatives
from
States, Federal departments,
and urban and farm taxpay¬
whole matter of our taxation
land
and
policies and make recommendation for action needed to
meet today's economic conditions and outlook.
This con¬
ference was referred to in our issue of April 27, page 2654.
Myers Y. Cooper, Cincinnati, former Governor of Ohio,
is Chairman of the new national conference, and Lawrence
G. Holmes, Chicago, is Secretary.
maintain
the
and
its
cooperation
the
status
Vice-chairmen
Graham
Aldis,
Fred Brenokman,
Byron T.
Association
John
Chicago,
Association
C.
of
Chairman
economic
of
the
Tax
of
Mo.,
the
Managers.
of
Pacific
and
in
to
Mr.
to
James
McD.
Owners
Herbert
versity, is
D.
still
and
of
the
National
Association
of
Real
D.
many
Professor
Estate
C., President of the National Apart¬
an
feel
us
the
National
July 29
Foreign
that
to
accepted by the 21 American republics."
He asserted that there
ated
to
by President
be taking
said
He
United
was
sharp difference between the policy enunci¬
the direction which the movement seemed
a
Monroe and
in Europe and Asia.
President
Monroe
was
thinking
States, and that this country made
of the security of the
claim to hegemony over the
only
no
other American countries.
Farrell
Mr.
said
Federation
nomic
might yet
survive the
the Orient is
the
that
had laid
founded
Foreign
the
Trade
foundation
Council and
for
the
Japan
of military domination provided that
era
Eco¬
trade understanding which
a
peace
in
the principles of "Our Monroe Doctrine."
on
Joseph C. Rovensky, at National Foreign" Trade Con¬
vention While
Conceding Necessity of Trade with
Parts of World
icas in
Stimulating Mutual Development
Stresses
Solidarity^of Amer¬
Joseph C. Rovensky, Vice-President of the Chase National
Future for Our
address
the National Foreign Trade
on
July 29
"What is in the
on
Foreign Trade."
the
at
Bankers
Session
of
National
the
North and South American hemispheric solidarity.
us
Trade
the subject of
and, I think, to all of the nations
I thoroughly understand that
trade with other parts of the world.
policy between us that,
But if
we were to
"I will be number
one
with
carry on some
adopt
you
determined
a
if
you
will be
number one with me," we could be of great assistance to each other and
could
we
no matter how strong
might be, it is impossible for the countries of these two continents
entirely to themselves, since they must of necessity
to live
Foreign
the fact that it is absolutely a question of "United
stand; divided we fall."
the desire
brought to
on
Among the lessons the
tremendously
development.
increase our trade and materially
we
stimulate mutual
It would require great energy, patience, and studies of
our
respective problems, but the results would certainly be worth it.
There is a job to be
is
done
on
tin: first, to increase the production of tin
in South America and, second, to create refining facilities in this country
make the Western Hemisphere self-sufficient in this essential metal. There
a
job to be done on rubber, to develop production of crude rubber in South
so
that
our
two
continents
will
become independent
a
job to be done in the production of handicraft articles by
America which
can
readily find markets in
our
And there is an even greater job to be done in developing the
country.
in
of outside
for this vital product.
There is
many
of our neighboring countries.
which exist
Individually and collectively
we
should bend our every effort toward the attainment of these objectives and
of
Public
Finance,
Northwestern
Uni¬
economic consultant to the conference.
I sincerely hope
that we shall all embrace this great opportunity for further
cooperation within the Americas.
In part
Mr. Rovensky also said:
American Shipping Is Dependent on TwoWay Trade James A. Farrell Jr. at National Foreign
Trade Convention
Proposes Economic Power of
stimulate their dwindling business.
United States Be United with British and American
to
Nations
became the advocate
Asserting that "the future of American shipping obviously
more dependent upon the continuity, expansion and
pros¬
perity of our two-way trade than upon advance in ship
design, skill in ship operation, or the policies of the United
States Maritime Commission," James A. Farrell Jr. stated
with
itself
of
themselves, "but it has challenged, and rightly so, the intention of either
totalitarian Europe or a totalitarian Orient to adopt a Monroe Doctrine
sources
Association.
Simpson,
In
rests.
natural resources and agricultural and industrial possibilities
Shea, Washington,
be
can
Rome.
introducing Tokio to
said that the American Government had raised no
objections
of Europe and the Orient to proclaim "Monroe Doctrines" for
nations in Central and South
Chicago,
of
restored
Farrell
the right
similar
Declaring
is
the
we
front
a
President of the Mortgage Bankers
Boards.
ment
and
realign
which
upon
to
Berlin
succeed
victory.
15%
1939
France
Farrell, who is Chairman of the
Trade Council, was quoted as saying:
America
America.
Bowers,
must
us—amounting in
In Associated Press accounts from Washington on
ores
Committee
world
British
a
dominions,
dictation
may
front
know
we
return
Mr.
are:
Washington, D. C., of the National Grange.
Schutz, Kansas City,
of
of
Guilding Owners and
use,
inter-American
an
amounting in
overseas
or
we
the
in
quo
Anglo-Inter-American
to
National
the
with
With
trade,
the
from
trade
trade.
With
trading concessions
expected
Britain's
American
business.
be
may
Great
overseas
Holland
without
exchange for
that
of
total
our
of the Americas, is
a
world's
internal
words, we are told to prepare for barter, to abandon the
trade treaties, to forget most-favored-nation multilateral trad¬
ing, and to destroy or dissipate our gold reserves.
Although the moral issues in this war are paramount, let us look again
past year has so gruesomely
of
for
reciprocal
of Federal taxation
creation
the
of
however, to know that
us,
with
at Mexico City, said:
"Germany
bilateral trade after the collapse of Great
Americas
Boards, the platform of principles includes also adjustment
affecting real estate in important
is
other
This
of
Europe
conditions
This in fact of the fact
Convention affords me the opportunity to speak again
and
whole
a
proposed
participate."
by taxpayers could review tax levies and bond issues.
to
Funck,
Legation
world system of
a
Convention at San Francisco
of real estate.
(6) A central expenditure control agency in each State which
we
authori¬
Germany's terms
on
commerce
of
the
Walther
"The United States
Germany
It is comforting for
totalitarian
institute
Britain,
from sources
,
productivity
Mr.
involved,
of
Dr.
said:
ago,
the
Bank of New York addressing
(5) The relating of tax levies directly to
and
be necessary to use the metal to settle
foreign trade balances
basis but barter.
In Los Angeles, on Tuesday last, Herr
other
any
will
States
issues
the side
on
Economics,
victorious
a
lockout
a
economies."
United
recorded
it
suffer
or
Nazi
to
the
administration of government, and unrelent¬
estate.
According
north
action."
Other
drawing of educational costs in considerable part
(3) The
the
Germany's
undermining of the monetary prestige of gold.
the
elimination of unnecessary costs.
other
from
Minister
be levied against
may
the
cooperative
should victory
Germany's
prepared to trade with
geared
estate.
(2) Increased efficiency in
ing
tax
aggregate
to
States with
and chart a
a
platform of general principles which includes the following
suggested lines of action for every State:
any
of
Aside
expect
may
States.
ciation
Apartment Owners Association, it adopted unanimously
neighbors
our
sphere
same
speaking officially in Berlin just 10 days
already active in 19
proposed by a joint national real estate
in
the
security of the world
States for real estate tax readjustment on the general plan
gathering ever held.
will
Farrell continued:
hopeful
Action Going Forward in 19 States for Real Estate Tax
Relief Under Program Adopted at National Real
my
and unite the economic power of the United
that of the British Commonwealth of Nations,
independence
♦
in
humble opinion we should
recognize and act in accord with our natural orientation,
banker's
improvement
of
individual
the
of
Federal Reserve Bank is always ready
needs.
That is
its business.
the
individual
for certain
diminished
relation¬
bank has been
System has not
Reserve
bank's position nor of individual
on
637
During recent years, since world conditions became greatly disturbed and
foreign
commerce
suffered,
many
nations
At the
adopted various methods to
same
time,
as we
also were eager
develop our commerce and trade relations with others, Secretary Hull
of the reciprocal trade agreement policy founded on
the basis of multilateral trade.
This policy is sound in conception under
normal conditions, and it has been ably administered despite the extreme
difficulties which have arisen to impede its practical operation.
Secretary Hull hoped to bring
and to lay the
out the
world.
merchandise trade back to its normal
course
groundwork for a gradual return to multilateral trade through¬
Once the conflicts throughout the world have subsided. It is
The Commercial & Financial Chronicle
638
hoped that
will receive broader recognition and more general
his policy
It is entirely probable, however, that before
application by other countries.
this happens a period will intervene when, in
order to keep
and purpose
going, we, for our part, shall also adopt trading practices born of expediency
trade principles and that we
national welfare is also greatly involved, lend
our own
To
degree therefore,
some
trade,
we
also embrace a policy of barter
may
insofar
maintaining
to
who
cross-section
consistent
with
the
spirit
familiar
were
Washington
of
testify.
to
with
the
Other
problem
bankers
asked
and
invited
were
to
confer
with our committee.
The result was that nine
bankers were selected to testify in support of the proposal submitted.
One
banker was the executive officer of a bank having capital stock of $36,000.
or
Another
reciprocal trade agreements where the position of the other countries permits
to
from
was
institution
an
Another
dollars.
billion
free interchange of goods on a multilateral basis.
a
fair
a
bankers
come
Washington
possible the continuance of
as
to
secure
of
number
a
them
our
assistance and cooperation to those countries which play the game squarely
with us.
compensation
time
same
of the Fair Labor Standards Act,
to
order
In
and necessity and outside the realm of free
shall, because
Aug. 3, 1940
the
at
were
we asked for the hearing.
banking both by geographic
distribution and according to size and nature of institutions, we selected
foreign trade
our
and
relief
reasonable
having
from
was
trust business.
marily in
in
resources
large
a
trust
a
of
one
engaged
pri¬
excess
company
Still another represented
of banks hav¬
group
~~
ing problems of seasonal activities.
In~anotherTmrt~"of fiiTadclresinMrTRovensky stated!
and conditions under which they can be obtained here compare
only price and credit terms but also
I realize that this is not all
President,
Security
Commercial
Bank,
Shenandoah
Valley
Brown,
simple
II.
E.
Cook, President, Second National
H.
A.
Foster,
oughly understand the fundamentals, I think
ground and face
keep
we can
feet
our
on
the
always been happy, as the result of pursuing
policies with respect to tariffs, investments and exports which worked at
cross
When normal conditions again prevail, if
purposes.
surplus crops and the goods of
be willing to open the channels of import trade to the
must
can
recognize that there
for the American exports
pay us
financial obligations to us.
travel) and in gold.
as
created
only three
are
United
States.
We
certainly
That
practical
leaves
of settling international payments.
means
of
gent coordination
and
national
our
policies
universally
Explains Its Position
Respect to Wage-Hour Act—Seeks Reasonable
Interpretation of Law
under
of
date
Committee
July 24,
posals looking
brief
a
its
to
sent
toward
the
Standards Act of 1938.
amendment
At
of
the
Fair
pro-
July 9, before the Administrator of the Wage and Hour
on
Division,
representatives
of
the
Association
presented
the
issue
of
July 29,
Association
333.
page
to
as
the
In
advising
its
of
program
members of
Federal
Committee, A. L. M. Wiggins, Chairman of
'
trative
on
a
bunk
not
or
courts
employees
whether
to
as
by the courts
law.
is
or
banks
not
hold
that bank employees
sistently advised the banks
to
a
commerce.
There
within
definition
the
Act.
operate in
the
is
We
of the
Whole, along with
amendments
attempt to
session
of
numerous
defeated
were
in
the
amendments
secure
was
to
vote
Act
have
we
con¬
of
is
to
the
as
contemplated
No
in
further
the
present
Congress.
the
Act
was
first
the
Andrews,
first
passed
have
we
held
conferences
many
with
Administrator, and with Colonel Philip
Fleming, the present Administrator.
The purpose of these conferences
to
show
the
Administrator
the
difficulties confronting the
banks in
B.
was
their
efforts to
comply with the law and to show also that the technical
requirements of the Act should not apply to salaried
employees in the
upper brackets.
The
original regulation defining executive and administrative
employees
treated
the
two
comparatively
The
groups
few
definition
bank
of
is
included
Our
tion
first
of
banks
adoption
of
under
the
was
and
were
able
employee
is
trust
so
conditions
many
to
qualify
also
exemption.
restrictive.
very
cover
for
that
every
The
kind of business
Act.
to
ask
the Administrator
applying
in
companies.
regulations
method of
contained
general in nature and
to
particular
Our
second
redefining
professional
to
consider
banks
request
separately the
employees" of banks.
seemed
to
us
proper and
the
of
employees
would
exempt,
and
the
terms
adop¬
nature
During the months preceding the hearing
5.
of
to
suggest
Many
changes
we
had
any
advise
us
in
these
a
professional
defi¬
include many employees
definitions
separate
definition
new
with
the
who
of
executive
and
adminis¬
of professional employees, based
of the functions they perform.
functional
used to
basis,
or,
as
alternative,
an
determine the exemption
proposed redefinitions
professional employees"
to
the
of
which
we
bank
of
executive
a
and
terms "executive,^adminis¬
believe will accomplish:
employees in the
equip themselves for
upper
(who
groups
advancement.
disadvantage to employees who will
to
Association
employees in the lower
will
supplement its oral
summarizing the testimony.
prior to Oct. 24, when the
It
be exempt and
levels.
presentation
with
is anticipated that
40-hour
lessening
no
wage
limitation
a
memoran¬
ruling will
a
of
the
law
be
becomes
Further Exemptions from
for
Newspaper Men
Wage and Hour Law Sought
by Elisha Hanson, Repre¬
senting American
Newspaper Publishers' Asso¬
ciation, at Hearing in Washington—Dean AckerViews Inclusion of News Workers in Law
First Step in Government Control of Press
man
Tlie
of
(1)
to
appropriate and regula¬
the
work
studies
done
by such
we
and
a
number
exemption
writing
writing,
and
of
suggested
of
all
workers
"in
engaged
as
gathering,
editing of news" and all engaged "in soliciting,
or
preparing
and
laying
provisions of the Fair Labor
advertising"
out
Standards Act
from
the
(the so-called
Wage-Hour law) was urged on July 26 by Elisha Hanson,
attorney for the American Newspaper Publishers Associa¬
tion, at a hearing in Washington, called to receive sugges¬
tions
for
redefinition
of
"professional,"
other terms referring to exempt workers.
that the present interpretation of the Act
Administrator
excludes
"executive"
and
It is pointed out
by the Wage-Hour
"executives and administra¬
only
tive" employees in newspaper work from the minimum
wage
and maximum hour provisions.
Mr. Hanson, in
urging fur¬
ther
exemptions
visions,
of
challenged
newspaper
the
men
from
Administration
to
the
a
law's
court
pro¬
test
on
the
constitutionality of the application of the Act to news¬
paper men, according to United Press advices from Wash¬
ington, July 26, from which we also quote:
He
charged that the Wage-Hour Administrator's definition of
administrative
Mr.
it
would
Hanson
mination"
was
made in the tentative regulations under consideration.
When
finally satisfied ourselves with definitions that seemed to offer
were
do not
of
effective.
"executive,
just how they would affect their situation
their opinion should be made.
cooperated
be
also
exempt)
No
given
such
a
employees
not
said
of the
Administrator
be
"ignored
sustained
that
"there
on
has
a
the
command
test
of
been
of
executive
Congress."
He
constitutionality.
necessity for a judicial deter¬
legality of the definitions, but that "until the Wage-Hour
proceeds in court against a particular newspaper
a
himself
determination
be
cannot
The Associated
had."
Press
reports that Mr. Hanson proposed
two new definitions for
employees in executive and admin¬
istrative capacities, the weekly pay for the former to be not
less than $30 and for the latter not less than $25.
Associated Press,
Said the
in further indicating Mr. Hanson's testi¬
mony :
changes which in
bankers
should
the protection
asserted
prepared tentative regula¬
tions and submitted them to a number of
representative bankers through¬
out the country and asked them to
apply these regulations in their own
and
they
and
capacities.
opportunities for
be
and
the
employees.
institutions
administrative
lessening of the difficulties of management.
4. An interpretation of the law that is reasonable.
(2) to show by witnesses just how
these definitions would affect
banking operations, what
be
many
A
deposit,
containing these definitions; and
the application of
prevents
to
Greater
2.
for
was
presenting the matter to the Administrator
submit definitions which
tions
employees
regulations
and
new
administrative
Our
are
approach
separate
savings
and
one
professional
a
present regulations
that
as
hours
to
as
learning other operations
qualify for advancement.
and practical consideration
combined
and
3.
the Act, but all
House.
relief that banks may hope to secure at the present time is
by
regulation.
Such relief must come by way of an
interpretation by the Administrator of the meaning of
"executive, admin¬
istrative and professional
employees."
Since
that
time
flexibility in serving public needs.
would
Committee
a
of administrative
Elmer
there
requirement
to
of
The only
way
such
the
them
also
that the courts might
Therefore
other amendments
the
restrictive
in
in
Greater
1.
strict
approved by the House
final
annual salary system used by banks
employees and more in the interest
or
executive,
present
submitted
trative
averaging of hours
period of several months
a
so
work
7. That
compliance with the law.
During the present session of Congress a number of amendments were
offered to the present Act, some of which
would have provided considerable
flexibility to the law.
An amendment to permit the
over
the
salary basis should be
the
with certainty that
question of whether
hourly
determination of these matters
a
the assumption
on
under
are
say
solely
come
In the absence of
have proceeded
we
It
engaged in interstate
are
establishments.
the
to show:
were
an
administrative employees.
dum
spoken it is impossible to
under
employees
question
service
have
come
for
additional
enable
employees,
The
Until, the
guaranteed monthly
devoting
realistic
a
says:
bank
testimony
our
designed
limitation
That
6.
Legislative
the committee,
&
wage system,
and if
break down the guaranteed monthly salary system
the
are
actually
practical
operating problems of tlieir banks and the diffi¬
culties of complying with the Act under the
present regula¬
tions, and a press account of the hearing appeared in our
Bank,
Bank
banks.
from
6. That
Labor
hearing held in Washington
a
National
banking operations and the service requirements of the public.
employees
of the work of its
resume
National
Planters
N. C.
was
by
banks which would
members,
Legislation with regard to its
Vice-President,
Cashier, Ames Trust & Savings Bank, Ames, Iowa.
would
the
That
nitions
Bankers Association
Federal
on
of
nature
Association
with
The American
Columbus
employees than an hourly system of compensation.
That, although the hours generally worked by bank employees aver¬
40 or less per week, there is a variation from week to week due to the
4.
Bankers
First
Bank,
3.
age
_
»
American
State
satisfactory to employers and
more
of
Junction
Vice-President,
Assistant
Executive
law
used
That
2.
is
primary objective in
developing plans for the restoration of international trade so that our own
^
this
strictly applied
a
country may benefit broadly thereby.
Jones,
major objectives of
That
I.
only truly
Columbus
M. Wiggins, Chairman of the Committee on Federal Legislation,
A., and President of the Bank of Hartsville, Hartsville, S. C.
The
export subsidies
on
Bucyrus, Ohio.
Provident Trust Co., Phila¬
L.
B.
years has
Therefore the intelli¬
tariffs,
on
capital investments abroad must become
on
F.
Clay W. Stafford,
we cannot
payment in goods and in services as the
Bank,
Officer,
111.
Co., Bocky Mount,
A.
A.
expect that the movement of gold will continue indefinitely on a one-way
street.
Johnson,
Edgar
Trust
Cashier,
Huston,
Millard
in goods, in services (such
The tremendous inflow of gold in recent
Trust
Iowa.
Chicago,
we must
sell them and also service their
ways are:
problem of immense difficulty in itself and
a
C.
in which foreign countries
ways
we
These three
Junction,
wish to sell
we
production industries,
our mass
Lee
H.
Our past experience has not
our
Secretary and
delphia, Pa.
foreign trade problems realistically.
our
Savings
&
G.
H.
and that many important factors enter into the picture, but once we thor¬
so
list of the individuals
a
Washington, D.
willingness to accept the products
our
buyers in reasonable quantities.
our
Addison,
C.
Executive Vice-President and Cashier,
National Bank, Winchester, Va.
mean not
of
G.
Francis
favorably
with those offered by our competitors.
By terms and conditions I
Following is
who testified:
We must not expect other countries to take our products unless the terms
Advertising artists, layout
as
professional
men."
The
circulation
men,
latter
salesmen,
he
men
said,
and
copy
Mr.
writers also should be exempted
as
"outside sales¬
and advertising solicitors
classification—and
Hanson
said.
exemption—should
apply
also
to
Volume
Confusion
the
establishments
"service"
refused
to
side salesman
solicitor
ing
regular operation of newspapers, he said.
The Wage-Hour
had refused to grant exemption to newspapers as
he said,
Administrator,
also
engaged chiefly
sell
must
in
Journalism,
contract for service."
a
Ackerman of Columbia
W.
and had
commerce,
the ground that "an out¬
on
tangible physical object whereas an advertis¬
some
merely selling
was
in intrastate
advertising solicitors
exempt
Dean Carl
of
Financial Chronicle
his
expressing
School
University
views
at
hearing,
the
charged (said the United Pressi) that the inclusion of news¬
paper men under the Act was the "first step" toward Gov¬
ernment control of the press.
From the United Press we
also quote:
was
one
of three journalism
"A
to
strict
the
of
to
the
of
be
would
workers
liberty,"
newspaper
Fair
"It
said.
men
Standards
Labor
Act
as
the
said
control
Federal
obstruct the
would
applied
the
in
press
Wage-Hour
the
of
Act
"the
was
first
the direction of
field that might result
step
press" and that it "enters
a
in
corruption."
over by Harold Stein
of the Wage-Hour Administration, that the scores of schools of journalism
were
"established and largely supported by State governments to train
hindering
Dean
the
the
exposing
from
press
told
Olson
Government
hearing, which
was
presided
and women in the profession of journalism."
training given by the schools was comparable to that received
young men
He said the
be
should
Newspaper men
workers because their training was
professions of law and medicine.
those studying the
by
recognized
as
professional
"predominantly intellectual," he said.
that
said
Martin
Dean
"the
carefully in connection with the
Great
"In
fession,"
journalism."
defining
of
accepted
dispute,
journalism
He said
beyond
Britain,
Dean
that journalism schools were gen¬
Martin added.
is
The
work
only
L.
the hearing
additional
"executives
the minimum
from
William
said it had been negotiating with
Organizing Committee of the C. I. 0.
and discussions had been
agreeable until the wage demand was made.
The increase was refused, the statement said on grounds
the concern now paid wages equal to or in excess of those
paid by competitors.
the
pro¬
offered was
E. J.
Daley,
and
wage
administrative"
employees in
and maximum hour provisions.
ley
representing the National
were
Editorial Association, told
from the Act.
exempted
ington advices
on
that date further said:
House conference
a
of existing regu¬
and power
a
of organized
group
chosen to
become
a
White
Mr. Flynn, who has long been
Aug. 1.
Democratic leader in New York, will assume the new post
Aug. 17, when Postmaster General James A. Farley
resigns the Chairmanship to enter private business.
A friend and adviser of President Roosevelt, Mr. Flynn is
at
present United States Commissioner^General to the New
York World's Fair, and
prior to that had been New York
Secretary of State.
Those present at
the White House conference, presided
by President Roosevelt, were Secretary Wallace, VicePresidential nominee, Mr. Farley and the subcommittee
named at the Chicago convention to name a new Chairman,
which was headed by Mr. Flynn.
Upon his election as Chairman, Mr. Flynn issued the
following statement:
be chosen to lead the
Presidential campaign is an
Fortunately for
me as
Democratic national Organization through a
honor, a privilege and a duty most welcome.
the new Chairman, James Farley was willing to
the time of the convention in Chicago to
continue the Chairmanship from
Aug. 17 and because of that I find a splendid organization virtually set up
and ready.
Our opponents are hardened by defeats.
Witha candidate with such Nation-wide endorsements as have come to
since the country first voted
there
Hollywood
screen
can
has
he
writers,
and
made
him
Franklin D. Roosevelt into the Presidency
of the election of four years ago.
be only a repetition in 1940
record
the
that
made
With
by Secretary Wallace reversals
become impossibilities.
However,
should not permit our confidence to abate our efforts to
we
No political battle
To the extent of my
is won until the votes are counted.
ability and with the support of a tried and experienced
body of captains and lieutenants, I intend that this campaign
thorough
1
-
"clarifying" the definition of administrative and executive employes,
from
on
as
though the results were doubtful.
record of my predecessor
/
...
2|Proposals by the motion picture producers and distributors of America
opposition
was
on
win.
declared his union was opposed to "any and all" revision
drew
Flynn of New York
Our forces are trained to victory.
lations which define an executive as one with managerial duties
hire and fire.
J.
Chairman of the Democratic National Committee at
Secretary-Treasurer of the American Newspaper Guild,
Victor Pasche,
Aug. 17
on
Edward
newspaper
yesterday that hundreds of small newspapers faced ruin unless
employees
Flynn Elected ChairmaiCof Democratic National
Committee—Will Succeed Postmaster General Far¬
To
of the Act by the Wage-Hour Administrator
July 29 labor unions in the newspaper and motion
picture industries opposed before the Wage-Hour Adminis¬
tration employer proposals for redefinition of "executive,"
"professional" and other terms designating workers exempt
from the labor standards law.
The Associated Press Wash¬
to
Steel Workers
since July 10 on a new contract
On
for
Employees Strike
Co.
increased wages.
A company statement
character."
in
present interpretation
excludes
a
as
erally recognized as "professional schools," and the instruction
"professional
Fitting
of
over
journalism in the older English-
of
status
speaking countries should be considered
problem
Iron
approximately 600 workers was called in
July 30 at the Malleable Iron Fitting Co. plant at Branford,
Conn., when the company refused to meet a demand for
into
Government
of
intrusion
an
Ackerman
Mr.
that
request
performance of its public duty."
He
in
hearing
interpretation
newspaper
field
strike
school deans who appeared
be classified as
professional workers and exempted.
The others were Kenneth E. Olsen
of Northwestern University, and Frank Martin of the Missouri University.
wage-hour
a
A
639
+
Ackerman
Dean
at
Malleable
hampered
administrative definitions of the exemptions has
over
and
normal
The Commercial &
151
j
■
shall be as
I do not hope to equal the
and friend, Jim Farley, but—I will do my best.
'
The
resignation of Mr. Farley
columns of July 27, page 493.
was
reported m these
publicists, decorators and set designers, and from the Internati onal Alliance
of Theatrical and Stage Employes.
of
Seamens
Strike
Ends
Nantucket
Wendell
Ship
members of the A. F. of L's
L.
dacy
steamboat service from the mainland to Marthas Vineyard
forthcoming campaign.
settled
on
July 30.
About
200 unlicensed crew members struck on July 27 to enforce
wage
increase demands on the New Bedford, Marthas Vine¬
yard and Nantucket Steamship Company.
The
strike coming at
the peak of the vacation season,
island tradespeople seek to
make a 12-month livelihood prevented hundreds of persons
from reaching both resorts, and brought increasing concern
merchants
to
As
and hotel
the strike ended
one
Steamship Companies'vessels affected sailed on July 30, but
all vessels were on schedule on July 31 after a night of getting
A special board of one union member, one
and Chairman Charles H. Cole of the State
Arbitration Board was to begin work within 15 days and to
report proposed contract terms by the end of August.
up
steam.
company man
Eberhand
Manufacturing
Workers
Employees of the
Age
Co. Employees
Limit is Set
Eberhand Mfg. Co. went
Strike
on
a
strike
Aug. 1, after the adoption of a new policy calling for the
discharge
400
of all employees 65 years old or over.
About
of the American Federation of Labor Ma¬
members
chinists'
and Moulders' Unions walked out. after the dis¬
charge of 26 members of the
Machinists' Union who had
worked at the plant from 20 to 46 years, according to
de More, business agent of the organization.
Matt
personnel director of the company, con¬
firmed Mr. de More's statement but declined further com¬
ment.
The concern produces metal castings, many of which
are
used in the production of motor cars.
Mr. de More
Robert Hamburg,
said
that the company
had
no
pension plan and that the
discharged workers received two week's dismissal pay.
candi¬
Republican nominee in the
Willkie,
During the last presidential cam¬
New York)
who urged
the Democratic Convention to repudiate Presi¬
delegates to
dent Roosevelt and to
"nominate
otherwise
that
many
a
genuine Democrat."
He
leave the
Democrats would
In his statement of this week, indicating that he
party.
would at the forthcoming election "march under the banner
L.
Wendell
of
Willkie,
a
life-long Democrat,"
Mr.
Smith
said, in part:
Twice
of the four New England
of
President
paign, in 1936, Mr. Smith (former Governor of
headed a group of five prominent Democrats
owners.
only
L.
Wendell
of
warned
six-week period in wnich
the
Candidacy
Support
1928, announced on July 30 that he would support the
Seafarers' International Union of America that halted the
and Nantucket since July 27 was
to
Willkie for
Smith, the Democratic presidential nominee in
E.
Alfred
Tie-Up
A strike of two-hundred seamen,
Smith
Governor
Former
Settlement
by
New
within
recent
minority bloc.
a
Dealers.
the
When
.
.
years
the
Democratic party lias been
First, it was
taken over
the prohibitionists; later it was the
.
convention
met
in
Chicago,
in
1932,
it adopted
the best
of the country.
supported it and the nominees chosen to put it into effect because these
platform ever written by any political party in the history
I
nominees
indorsed
six
Within
it
100%.
months after
And
the
then
New
Dealers came along.
Roosevelt they had
the first inauguration of Mr.
Instead of the
promised by the platform, we
had a program of huge expenditures and waste of the taxpayers' money.
Instead of the abolition of bureaus and boards as promised by the platform
we
had a gigantic expansion of governmental bureaucracy and centraliza¬
tion.
Instead of promised free enterprise we had restriction and compul¬
sion of every kind.
No class was spared—farmers, laborers, industrialists
were
subjected to restrictions and rules directly contrary to the kind of
government which the American people had created and which they
taken
over
Democratic party,
the
lock, stock and barrel.
25% reduction of Government expenditures
desired.
The
fundamental principles upon which
beyond
direct
the Democratic party was founded
Jefferson became the Demo¬
appeared at Washington
the wildest dreams of Alexander Hamilton and his followers, in
contradiction of the Democratic principles of the rights of the
by Thomas Jefferson were torn into
cratic forgotten man.
Centralized
ribbons.
government
States.
In
the
march
away
from Jefferson, the
Democratic convention of 1940
piled the last straw on the camel's back by the nomination
velt for a third term for President of the United States.
"The example
of four Presidents voluntarily
of Mr. Roose¬
Jefferson said:
retiring at the end of their eighth
and the progress of public opinion that the principle Is salutary, have given
practice the force of precedent and usage: insomuch, that should a President
be a candidate for a third election, I trust he would be rejected, on
this demonstration of ambitious views."
year
It in
consent to
•
In
I
The Commercial A Financial Chronicle
640
opinion
my
sounded the
hiss
and
best
years
the
death knell of
Democratic
eo-called
recent
the Democratic
convention
in
Chicago
We heard the convention
party.
Senator Glass, the 82-year-old Democrat who has given the
of his life to the service of his country and to the Democratic
The
occasion
Senator
Glass
for
called
the
attention
the
to
booing
the
hissing and
that
fact
the
was
Thomas
fact
Jefferson,
father
third term
a
Old-line
for any President.
Democrats
who
followed
have
the
techings of Jefferson, who
have respected and not scrapped the platforms of the party adopted from
time to time, naturally feel that they are not leaving the party when
they refuse to support the New Deal bloc.
Consequently, I and millions
of
other
genuine Democrats throughout the United States will continue to
protect aiid defend true Democratic principles and will in no way, willingly
or Bilentlj%
tolerate any foreign bloc, call them New Dealers or what not,
that
attempt
isms
of their
banner
last
of
to
prostitute
In
own.
Wendell
Monday
the
L.
these
principles
and
forthcoming election
Willkie,
lifelong
a
substitute
therefor
who
later
no
than
said:
"I do not know of any reason why any Democrat who subscribed to and believed
In the 1932 Democratic platform or believes In the historic principles of the Demo¬
me
Willkie's
democratic
controlled
cratic
and
New
four
1036,
American
Deal
in
way
bloc
who
at
Philadelphia
contrast
the
had
to
nerve
to
brought about in
was
the
subservient
and
style themselves
a
a
boss-
Demo¬
convention.
Former
velt
nomination
Smith's opposition
ap:o
years
in our
noted
was
to President Roose¬
issue
of
June
27,
minister.
It has a twofold purpose of protecting the peace and
safety of
the American republics and safeguarding and
advancing the Interests and
welfare of the inhabitants of the region.
The administration, which will be under the "Inter-American Commis¬
sion of Territorial
The conclusion of the Inter-American Conference of For¬
American Republics at Havana
occurred at 8 p. m. July 30, after the delegates had
eign Ministers of the 21
signed
the final Act
embodying all the declarations and resolutions
approved by them. The Conference was adjourned by
Miguel Angel de La Campa, Cuban Secretary of State and
Chairman of the Conference, said the United Press Havana
advices which reported that some of the
delegates, like Leo-
the region is in a position to govern
is restored to its former status—whenever the latter is
compatible
or
with the security
The projects included a resolution and
quest, of stipulations imposed by belligerants in treaties
and states that
process,
accompanying convention,
lands and Great Britain from falling into the hands of
Germany and
an economic agreement to make the
American republics
Italy:
self-sufficient, and
cooperation against fifth column activities.
United States Secretary of State Cordell Hull issued
a
lengthy statement
no
one
as
es¬
system of economic defense, fearing no one and favoring
and consecrated to the purpose of frank and fair
a
dealing in friendly,
peaceful purpose.
any
~
are
to cover situations
the
July 29 in
Among the subjects given approval by delegates of all the 21 American
a private plenary session
lasting three hours and twenty-five
minutes was one regarding the establishment of a
collective Pan-American
republics at
over
American possessions of conquered European nations and
plan for disposal of
crop
by the United States, it
the Western Hemisphere and to
prevent Latin America from
being forced into the Nazi-Fascist economic orbit.
Both the trusteeship and the economic
cooperation plans were approved
to
any
If action is taken
placed before the committee
appropriate
convention, or treaty, and a resolution known as the "Act of
The Act provides for interim
application of the principles of
the convention pending the latter's
ratification by the several republics.
The official text of the plan revealed
that the United States or any
other American nation would be
given a free hand in
taking
over
European
necessary to prevent a threat to the peace of the
New World.
The Act and the
convention, which upon ratification will become law in
the Western Hemisphere and is
expected to bar Germany and Italy from
ever obtaining control of
orphaned American colonies of France, the Nether¬
the United
Britain, represents
a
compromise between the views
people and
on July 30
regarding the results of
Secretary Hull had the following to say re¬
At the beginning of the
meeting of Havana there
as to the modus
operandi for
In certain quarters the
or control had
to have no more than a
feeling
was
actuaUy taken place,
difference of
end in relation to
that until transfer
it would be sufficient
general declaration reasserting the
principle of soli¬
upon at previous conferences.
darity and consultation agreed
On the other hand, there
was
gations, including the United
now
a strong
feeling on the part of other dele¬
States, that having in mind the situation
obtaining in Europe, the fact
made overnight,
with
or
regions detrimental to the
momentarily, it
without
that
transfer
of
sovereignty might be
formality, and that
peace and
was necessary to
activities
in
beguiling and misleading
by
express
or
implied
ments.
From
our
Secretary Hull's statement
Nations
Surpluses
faced today
are
also quote:
we
with distressing
of
consequences
war-
of world trade.
of commodities
of
exportation
which
are
essential
for
the
economic life of the American republics have accumulated and continue to
accumulate because Europe at war is unable to absorb them.
ence
is
Their exist¬
matter of serious concern
a
throughout the Continent.
In addition,
envisage the possibility that after the termination of hostilities,
many important European markets for these commodities may be directed
must
and controlled by governments which
regard international commerce
instrument of domination rather than
share fully
on
as a means
as an
of enabling all nations to
basis of equality mutually beneficial exchange of their
a
The resolution
economic cooperation adopted by the Havana meeting
designed to create and set in operation machinery of action to deal with
on
and meet both these situations.
In that resolution the 21 American republics reaffirmed their adherence
to
liberal principles of international trade—those of equal
treatment, fair
practices
and
peaceful
motives.
They
declared
cumstances
permit
and
readiness
a
to
their
determination
fully
as
conduct trade
in
as present
to
cir¬
accordance with
these principles with any non-American
country prepared to do likewise.
At the same time they announced their
purpose to devise and apply
appropriate
means
advantages
and
of effective
dangers
action
arising
from
to
cope
with the difficulties,
present
disturbed
and
dis¬
dislocated
It
the unanimous opinion of the Havana
meeting that continuing
was
consultation among the American republics is essential for attainment of
these pressing objectives.
Accordingly, it was decided to strengthen and
expand the activities of the existing Inter-American Economic and Financial
Advisory Committee
as an agency
as
to
of such consultation.
1
Surplus Products
The Havana meeting specifically instructed the committee to
proceed at
with the preparation of detailed plans to cope with active
once
temporary
handling and orderly marketing of existing and prospective surpluses; for
development, where feasible, of commodity production and marketing
agreements and arrangements; for promotion among the American nations
of mutually beneficial trade.
The committee also was instructed to devise
methods
for
increasing
consumption
in
the
American republics
through
relief and other ways which would aid in dispelling
surplus commodities
Trade, Credit, Foreign Exchange
Finally, the committee
cooperative
was
instructed to consider, while these
organization
in
matters
of
measure
trade,
credit,
money*
foreign exchange, &c.
Some measures
proposed
can
be put into operation very quickly.
Taken in its entirety, the program of action which is
envisaged is flexible enough to apply to any
to make it
the difficulties resulting from
It is
a
emergency
and effective enough
possible for each of the American republics to meet
from possible
Some
of time for the maturing and execution of
more
fully
war-disrupted trade and to safeguard itself
dangers of economic subordiantion from abroad.
system of economic defense under which the American republics
will be prepared to trade with any nation,
willing to meet them in good
faith,
in
a spirit of
friendly and peaceful purpose and on a plane of frank and fair
dealing and under which they will be fully equipped to protect themselves
against any other kind of dealing.
these
safety of the Americas might be begun
formulate at this meeting definite methods
for procedure to cope with
any situation that might thus arise.
in defense of the
practicable in order that it may adopt
the other hand to intimidate them
on
appropriate plans.
was some
achieving the desired
sovereignty
or
measures.
will require a certain amount
specting the Act of Havana:
of
defense
and plans are being developed, the possibility of a broader system of inter"
In his statement issuetl
island possessions.
own
emergency measure, the matter is to be
threats of what may happen if the American republics fail to
recognize and
take into account the foreign purposes and
policies of certain foreign govern¬
American
view
as an
as soon as
refer especially to the attitude toward propaganda
designed on one hand to
of
States and Argentina.
the Conference
The
region before the effective date of the
any
stir up dissension in the Western Hemisphere
by
a
Great
repre¬
appointed.
The spirit of unity and solidarity has been likewise
strengthened by the
action of the conference on projects
relating to subversive activities.
I
The trusteeship plan, which, in
effect, Implements the Monroe Doctrine,
Havana."
lands and
be
Should the committee be under
proceed in any manner required in its
continent.
Plans
were
a
is to be regarded as
shall
recognizes the possibility of emergency situations and the
of the American republics, acting singly or jointly with others,
unanimously.
possessions if such
composed of
which
members
to be made promptly.
necessity of administering
right of
Roosevelt's so-called cartel
Sponsored
designed to offset German and Italian trade
inroads In
comprises
the
con¬
They
world conditions.
surpluses of the American countries.
was
emergency committee
American republics,
of
designed primarily
into force of the
by the various governments.
apply these principles in relations with each other
Havana, said in part:
another related with enconomic cooperation.
The latter embodies the Ideas of President
an
two-thirds
are
were
that may arise prior to coming
The Act also
was
Regarding the approval by the Conference of political and
measures designed to insulate the Americas
against
trusteeship
acquire
convention, it will utilize the applicable provisions of the convention.
economic
its account from
to
or
*
of the
when
appointments
"fully
other kind of dealing."
the effects of war, the United Press under date of
attempt to transfer
con¬
of any other
surplus products.
Mr. Hull emphasized, however, that the American
repurblics
equipped to protect themselves against
or
American republic regardless of the form that mey be employed to
vention which will require ratification
we
summarizing the Conference achievements which he characterized
or
The temporary provisions in the Act of Havana
or
treaty, intended to prevent American possiessons of France, the Nether¬
transfer
no
any interest or right in any such region shall be recognized or accepted by
any
created disruption
an
practicable and just.
more
The convention condemns all violence, whether under the form of
All
United Press (July 30) also stated:
as
of the American republics—whichever of these alterna¬
tives shall be found to be
Sold Melo, representing Argentine with reservations. Jose
laria Cantilo, signed the final act
Foreign Minister The
tablishment of
Administration," is to be provisional in character and
will continue only until such time
constituted
Surplus Products—Act of Havana
of any situation
convention and (2) a
a
the Act of Havana.
as
The convention contains definite provision for the administration of
any
sentative of each
Proposal for Trusteeship of European Colonies in This
Hemisphere Approved at Pan-American Confer¬
ence at Havana—Statement
By Secretary Hull Re¬
ports
Agreement
for
Continuing Consultation
Among American Republics for Attainment of Ob¬
jectives—Meeting Acts to Deal with Marketing of
care
recon¬
unani¬
region which it may be found necessary for the American republics to ad¬
authorize the creation of
4275.
page
These documents consist (1) of
were
Ministers has
mously agreed upon two documents designed to take
that might arise.
attain such purposes.
Governor
first appeared to exist
as
declaration and resolution referred to
In
preference to the President—not at all on the basis of personality, but on the basis
of what he and I respectively believe and advocate."
Wendell
Happily, such differences of view
ciled, with the result that the meeting of Foreign
itself
cratic Party, or who was a Woodrow Wilson Democrat, should not vote for
Hemi¬
sphere.
any
will march under the
we
Democrat,
situation and that delay pending later consultation might be
disastrous to the maintenance of peace and order in the Western
that
of the Democratic party, warned this land against dictatorship and advised
Aug. 3, 1940
realized that provision should be made for prompt action in
any
was
emergency
boo
party.
against
It
In his statement
Secretary Hull declared:
I cannot too strongly emphasize at this point that at no time has
any
American nation had the slightest thought of taking
advantage of the
Volume
The Commercial & Financial Chronicle
151
European situation for the
The
trary.
thought
has
purpose of
been
to
grabbing territory—quite the con¬
the peace
protect
of this
and safety
Continent.
An earlier
reference
July 27 issue,
mention
was
page
Conference
the
to
491, and in the
appeared in
made of President'Roosevelt's
materials. By what methods, this exchange of goods is to be affected
is, however, a matter of grave concern to us.
Shall it be conducted on a
liberal most-favored-nation or multilaterial basis, or on a preferential and
restricted basis of bilateral trade-balancing?"
request to Con¬
Bank to
British
Child Refugees from
Ships if Made Avail¬
able—Congress Asked for $125,000 for Children's
Bureau—Drive for $5,000,000 Starts
♦
Approved
Convention
by
San
at
National
Ambassador
Lord
Trade
Foreign
of
Francisco—Modification
Lothian,
States, declared
of Neutrality Act Affecting Shipping
Urged—Havana
Pan-American
Conference
Ap¬
proved—Also Administration's
statement in
Trade Agreements
and National Defense Policies
July 31 the National Foreign Trade Convention at
San Francisco indorsed the Administration's trade agreement
and its national defense policies, and approved the
program
action of the Pan-American Conference at Havana, details of
which are given in another item in this issue.
The Foreign
Trade Convention was in session from July 29 to July 31,
inclusive, during which it heard speeches by Joseph C.
Rovensky, Vice-President of the Chase National Bank of
New York, Wilbert Ward, Assistant Vice-President of the
National City Bank of New York and Edward J. Noble,
Under-secretary of Commerce, among others.
In a keynote address, at the opening of the convention,
James A. Farrell, Chairman of the National Foreign Trade
Council, proposed that the United States and Great Britain
organize an "economic bloc" in order to compete with a
possible totalitarian controlled economic union of Europe.
A message from President Roosevelt was read at the
convention, and that appears elsewhere in this issue, likewise,
under separate heads we quote from the addresses of Mr.
Farrell and Mr. Rovensky.
Mr. Ward, in his remarks proposed that the Neutrality
Act be amended to eliminate provisions relating to title
transfer and barring of American ships from combat areas.
He said the burden thus imposed on American merchant
marine and trade did not insure our peace and security.
According to the New York "Sun" of July 30, he also said:
So far
Act
as
belligerent
our
foreign trade is concerned the net effect of the Neutrality
exporters is that, provided no element of extension of credit to
on our
or to any person
acting for
or on
a
its behalf, or in connection with
sent to
were
British Ambassador
the
July 31 that
on
children would
Provisions
On
Says Many
War Zone Would Use American
assist in the financing of Latin-American products.
Resolutions
world markets and access to world supplies Of
on
raw
issue (page 485)
same
to increase the capital of the Export-Import
gress
our
prosperity is dependent
641
The Ambassador made this
Representative Hennings of Missouri,
whose bill to permit the sending of ships to Great Britain
to remove the children is now before Comgressional com¬
mittees.
The measure was approved by the House Foreign
Affairs Committee on July 26, as was reported in our issue
of July 27, page 487.
Lord Lothian also said that the
majority of applications for evacuation were from homes
transport them.
letter to
a
other than those of rich parents.
The Ambassador's letter follows:
British Embassy,
Mr.
Washington, D. O., July 30, 1940.
Dear Congressman,
Mr. Eric Biddle, the Secretary of the United States Committee for the
Care
of
European
Children,
has suggested that
it has been stated that the attitude of His
as
wards
the
I should write to you
Majesty's Government to¬
proposal to send American ships to the United Kingdom to
fetch children needs clarification.
In the circumstances
sent to the United
are
I
glad to inform you that if American ships
am
Kingdom to fetch children there is a large number
of children available for these
has
ment
decided
it
that
ships to take back.
cannot
the
assume
His Majesty's Govern¬
responsibilty for sending
children to the North American Continent in British ships unless they are
As there is
convoyed.
United States.
It is,
British ships at present the
lack of convoyed
a
board is unable itself to take the
responsibility for sending children to the
however, estimated that about 1,200 children are
coming to this continentat their
own
risk,
or
rather that of their parents in
the next six weeks.
Applications to the Children's Overseas Reception Board for evacuation
the United
to
States already
exceed
minated homes; it is estimated
of 50,000.
those of rich parents; 98%
from
I
32,000 of which 10,000 are for no¬
thqt the applications would reach a figure
The great majority of these children are from homes other than
of the applications are in respect of children
grant-aided schools.
would
like
thank
to
Believe me, my
for your generous interest in the matter.
you
dear Mr. Congressman, very sincerely yours,
the sale of arms, ammunition or implements of war is involved, they can
deal
as
formerly, except that where transfer of title is necessary, the bills of
lading will not control the merchandise and must be offered
in effect clean bills without collateral value.
as
concerned,
our
we are
customers'
similarly affected, in that
foreign bills that
we
So far
as
we must now
to their bankers
the bankers
consider
formerly bought with the
as
As
the action
to
Press accounts
on
on
that date from San Francisco to the New
York "Journal of Commerce" said in part:
In the
closing business session of the Conference,
C.
jr.,
Hennings
House
Representatives,
of
!
President Roosevelt asked Congress on Aug. 1
to be used
ment
July 31, United
delegates approved 23
resolutions drawn up in committee to help the President and Congress map
the future of American foreign trade and readjust trade relations for a
Thomas
Washington, D. C.
clean
1
of the convention
Lothian.
Honourable
The
are
assurance
that they were secured by merchandise.
United
continent if American ships
this
to
come
the
to
large number of British
a
new
post-war economy expected to result from European hostilities.
standards for the
establish and maintain
to
for $125,000
by the Children's Bureau of the Labor Depart¬
care
of
refugee children while in the United States.
The United States Committee for the Care of European
Children, Inc., is seeking $5,000,000 in a nation-wide
campaign to expedite the transportation of refugee children
and to care for them after their arrival and placement in
this country.
Plans for the drive were made at a luncheon
at the Bankers' Club, New York City, on Aug. 1.
Reaffirm Stand
In
indorsing Secretary of State Cordell Hull's reciprocal trade policy,
delegates reaffirmed declarations taken at previous conferences.
American
War
"The convention continues to give its full support to the unconditional
principle of the reciprocal trade agreements program,"
William S. Swingle, Vice-President of the National Foreign Trade Council,
"As
to this
soon
as
principle of foreign trade policy and practice," he continued.
trade with all the world
to
on
our
national defense requirements,
we
was
voted long after 22 original declarations had been drafted for
"The convention commends
Government is making to
further the ends of national defense and urges the National Foreign Trade
Council to respond in full measure to any demands the Commission may
make upon it for assistance in the accomplishment of these ends."
to Americans
at this time any
conclusion which might
war scene
"renders impossible
serve as a permanent
guide for the
United States in the formulation of fixed commercial policies."
declared,
"governmental steps should be taken,
export
outlets
for
our
products and
to
In the meantime, to
increase
essential
Congressional
or
repeal
"of
those
of
the
shipping and finance."
2.
3.
w ho
defaulted payments of the World War.
political and economic cooperation."
Taking stock of the position of the United States in foreign trade, Henry
F.
Grady, Assistant Secretary of State, in addressing the closing session of
the convention, said that it was important for all to realize that, from the
national point of view, foreign trade is not an independent field of economic
activity nor an end in itself "but a integral part of our national economy
and of
our
international relations."
...
Exchange of Goods
"The sooner we recognize that trade is
of
essentially barter,
an
exchange
goods for goods, the better position we shall be in to safeguard our inter¬
national commerce and protect American agriculture and industry whose
contributions
and
supplies
In addition, $1,996,274 worth of
lows
for repatriation of American
surgical dressings, and the like,
to $492,797.
Cross
broke
down
its
relief
made by volunteer workers so
distribution
by countries
as
fol¬
:
France—$1,712,484 in cash expenditures and commitments and $117,199
chapter-produced
#
goods.
The latter
includes
110,602 garments and
dressings.
Britain—$904,779 in expenditures and commitments and
surgical
Great
$62,474
made by volunteers.
These goods included 73,241 pieces
398,627 surgical dressings.
Ten amublances also have been
worth of supplies
sent
to
England.
Poland—$606,427 in expenditures and $196,524 worth of chapter
Implicit approval of the Havana Pan-American Conference and placing
of "emphasis on inter-American
cash
for chapters producing supplies to be sent to the war zones.
of clothing and
Immediate repeal of the Johnson Act prohibiting loans to foreign
in
areas
amounted
Red
626,406
provisions
Neutrality Act which constitute unnecessary restraints on American trade,
nations
have
The
in
modification
stricken
to
$5,388,604, the report said.
which locates Americans in Europe,
Clothing,
far
and
Other resolutions approved by the conference were:
service
In report¬
supplies have been purchased but not allocated because of uncertainties in
the present situation in Europe.
Amounts sent abroad include $1,204,665 for the inquiry and information
However,
desirable imports."
1.
relief
citizens and
fast-changing
abroad, and administration costs.
ing this, United Press Washington advices of July 16 stated:
service,
Would Maintain Outlets
The conference admitted the
In its report
July 16, the Red Cross
said that $7,384,878 had been spent for refugee aid,
amounted to
the efforts the
$19,823,510.
relief activities, announced
war
Actual
The national defense resolution said:
it
$20,000,000
week, since
Cross for
Red
of
presentation.
maintain
a
drive of the American
contributions up to July 16 totaled
came as a sur¬
Order
Signs
Fund
$50,000,000
desire
obstructive and discriminatory regulations."
prise and
Roosevelt
"Sub¬
mutuaUy acceptable bases, with freedom from
Support of the Administration's national defense policies
Goal of $20,000,000 for
Nearing
relief fund practically reached its goal last
The
war
possible this country and the entire world should return
ject to restrictions essential to
Cross
Establishing
most-favored nation
told delegates presenting the resolutions.
Red
Relief—President
including about 180,000 garments and 41,187 dressings.
Finland—$367,452 in cash outlay and $116,600 worth
supplies,
cal
including 112,292
goods,
of home-made
clothing items and 422,247 pieces for medi¬
aid.
Norway—$45,000
in
British Red Cross and
cash, of which $25,000 was administered
$20,000 by the Swedish organization.
by the
On July 27 President Roosevelt signed an executive order
setting up the machinery for employing the $50,000,000 fund
voted by Congress for relief of European war refugees.
The
of Agriculture Wallace
Morgenthau to assist the Red
President appointed Secretary
and Secretary of the Treasury
The Commercial & Financial Chronicle
642
Cross in
other
the
purchase and distribution of food-stuffs and
comed
supplies.
July 0,
page
New York by Mayor LaGuardia and
in
45.
Aug. 10.
launching of the
on
The
Roosevelt as sponsor,
Relief Fund
Allied
and
Has Received $695,000 for Civilian
Aid Abroad
these columns of
liner, with
new
Aug. 31, 1939,
on
Mrs.
Franklin D.
referred to in
was
Sept. 9, page 1558.
Medical
In response to emergency requests
for specific items, the
Allied Relief Fund, New York City, has forwarded to Great
Britain in the four
official
an
reception committee.
The America, designed for transat¬
lantic trade, will begin a series of cruises to the West Indies
Previous reference to Red Cross contributions was made
in our issue of
Aug. 3, 1940
days to July 30 $54,000 in
money
and
goods.
Winthrop W. Aldrich, president of the Fund,
reported on that date that the money subscriptions received
for civilian and medical aid abroad amount thus far to $695,000, most of which has already been transferred abroad.
In addition the Fund, as principal and agent for other relief
organizations, has shipped food, clothing, medical and surgi¬
cal supplies and various other materials to a value of $.500,000.
Another $375,000 has been secured under its State Depart¬
ment license for the purchase and maintenance of ambulances
in England.
♦
Gaston Henry-Haye Appointed French Ambassador to
United States
Gaston Henry-Haye, Mayor of Versailles, has
appointed French Ambassador to the United States
to succeed Count Rene Doynel de Saint-Quentin, it was an¬
nounced on July 30 in Vichy, seat of the new French Govern¬
ment.
Count de Saint-Quentin, it is stated, has been re¬
called by the Petain government.
The appointment of his successor has been approved by
the United States.
Count de Saint-Quentin has represented
the French Government in Washington since March 1938
when he replaced Georges Bonnet who was recalled to Paris
Senator
been
to become Finance Minister; this
was
reported in
our
issue
of March 26, 1938, page 1977.
New York World's Fair Shows Good Profit for First 79
Days' Operation—Special Events Observed—Some
Buildings to Remain on Grounds After Fair Closes
Confirms
Senate
earnings amounting to
$955,952 for the first 79 days (May 11 to July 28) of operation
of the 1940 season, it was announced
July 31 by Harvey D.
Gibson, Chairman of the Fair Corporation.
Mr. Gibson also
revealed that, due to the small attendance during July, the
planned payment to bondholders has been indefinitely post¬
poned.
Regarding his remarks the following is taken from
the New York "Herald Tribune" of July 31:
Mr. Gibson revealed that
though there
even
were
2,495,036 fewer paid
visitors in the first 79 days this year than in the same period of 1939, the
Fair's finances have been improving steadily through measures of
economy.
From May 11, when the Fair opened this year, to July 28, the net
The
Senate
Nomination
Assistant
as
The New York World's Fair had net
Robert
of
Secretary of
P.
Patterson
War
July 30 confirmed the appointment of
a Judge in the Federal Circuit
Secretary of
unanimously
approved the nomination on July 26.
Judge Patterson, a
Republican, was selected by Secretary of War Henry L.
Stimson, to replace Louis J. Johnson, who resigned last week
in accordance with the custom of permitting Cabinet mem¬
bers to choose their own assistants; this was noted in our
issue of July 27, page 493.
Robert
on
Porter
Patterson,
Court of Appeals in New York, as Assistant
War.
The Senate Military Affairs Committee
♦
earnings
have amounted to $955,952, Mr. Gibson said, while $213,458 has been
paid
as interest on the debentures.
The financial
report,
the second Mr. Gibson has discussed with
paper men this month, served again to indicate that the Fair
financial position and would continue to make large profits
attendance continues below expectations.
possible, Mr. Gibson added,
by
was
even
in
a
news¬
sound
if the paid
These earnings have been made
concentrated program to decrease the
a
W.
R.
Johnson
Appointed Commissioner of
appointment of W. R. Johnson as Commissioner of
Customs succeeding Basil Harris, who resigned to return to
private business, was announced by Secretary of the Treasury
Morgenthau on July 19.
Mr. Johnson, who has been chief
Counsel of the Bureau of Customs since Oct., 1936, entered
operating costs each month by retrenchments and the merging of depart¬
the Government service in 1920
ments.
Custom
The financial report
for the first 58 days of the Fair this
year was given in our issue of July 13, page 188.
The buildings which will remain as permanent features of
the park which will be set up on the Fair
grounds after the
exposition closes on Oct. 27 were-announced on July 22.
They include, according to the New York "Times":
The
New
York
City
Building,
the
New
York
State
Marine
Amphi¬
theatre, the B. F. Goodrich Co. building and its Daredevil Drivers' Arena;
the House of Jewels, the outdoor fountain of the Turkish
Pavilion, Gardens
on
Parade, the magnificent grilled tower outside the Polish Pavilion with the
adjoining statue of King Ladislas Jagiello, the Masterpieces of Art building
and the Japanese pavilion.
Other
buildings, it is said,
be added later. Some of the
special events held at the Fair recently were the observance
of Belgian Day on July 21; the 110th
anniversary of the
country's independence, at which Count Robert van der
Straten-Ponthoz, the Belgian Ambassador to the United
States, spoke; ceremonies on July 25 commemorating the
42nd anniversary of the annexation of Puerto Rico
by the
United States; Czechoslovakia Day, on
July 28, at which.
Colonel Vladimir S. Hurban, Czechoslovak Minister to the
United States, and Dr. Jan
Masaryk, Foreign Minister of
the Government in exile, were the
principal speakers; a pro¬
gram celebrating Swiss National Day on
Aug. 1, the 649th
anniversary of Switzerland's independence, the guest of
honor being Dr. Charles
Bruggmann, Swiss Minister to the
may
United States.
as
a
clerk in the New York
House.
The resignation of Mr. Harris
tioned in these columns July 20, page 342.
was
men¬
Representative Warren Named by President Roosevelt
to be
Comptroller-General
President Roosevelt sent to the Senate
on Aug. 1 the no¬
Representative Lindsay Warren of North
Carolina to be Comptroller-General of the United States.
Representative Warren, who has served in the House for
16 years, was named to succeed Fred H. Brown, a former
Senator from New Hampshire, who recently resigned from
mination
of
the post and was later named a member of the United States
Tariff Commission; this was
reported in our issue of
July 13,
The Senate confirmed the appointment of Rep¬
Warren on the same day the nomination was
189.
page
resentative
submitted.
G. D. Porter Resigns as Assistant General Counsel
of FCC
:
Assistant General Counsel George D. Porter is resigning
from the Fenderal Communications Commission to enter
private law practice, it
announced by the FCC on July 31.
charge of the legal matters affecting
the Commission was created in 1934.
was
Mr. Porter has been in
broadcasting since
Before
Federal
was
♦
Customs
The
that
time
he was Acting General Counsel of the
Commission, which he joined in 1931, and
years an attorney with the Interstate Commerce
Radio
for two
Commission..
Conference
Board
Publishes
"The Economic Almanac
for 1940"
The
the
Conference Board, New York,
recently announced
publication of "The Economic Almanac for 1940," a
A. B. A. Announces
Completion of Program for Annual
Meetings of Four Divisions to Be Held at Atlantic
City,
Sept.
23—Round
Table
Conferences
at
handbook of useful facts about
business, labor and govern¬
ment in the United States and other areas. This
publication
contains the practical economic information about
the state
of business and the state of the nation
that the Conference
Board believes from its
long and varies
experiences, to be
commonly wanted and used in connection with discus¬
sion of current economic and
management questions.
The
Board's own data and estimates form a
considerable part
of "The Economic Almanac."
The book consists of 400
most
pages
General Convention
Completion of the programs for the annual meetings of
the four divisions of the American Bankers Association, to
be held during the A. B. A. convention at Atlantic
City,
N. J., Sept. 23-26, was announced by the Association on
Aug. 1.
All four meetings "will be held on Sept. 23 at
Haddon Hall, which is the convention headquarters hotel.
The programs for these divisions follow:
and sells for $5.00.
National
Dr.
W.
City Bank of New York,
New
The
Lines
Liner America Arrives in New York After
Initial Trip
new
and
liner
America,
flagship of
the
United
the subject of
Professor
of the
of
$17,500,000 liner
were over
Representatives.
at
new
35,000-ton
will
New
address
York
the
National
Bank
Division
meeting
Dr. Marcus Nadler,
University, and Melvin Rouff, President
National Bank Division, will also deliver addresses.
States
800 guests,
including 15 Senators
The
Division
"Financing the Defense Program."
Finance
State Bank Division
the
largest and most expensive passenger ship
ever built in this
country, arrived in New York on July 29
after her first voyage from
Newport News, Va. Aboard the
and 87
on
Bank
Randolph Burgess, Vice-Chairman of the Board of the National
vessel was wel¬
The
State
President
of
the
past
of
Bank
the
Commercial
President of
Irwin,
National
Division
division ;
the
will
hear
William A.
National
Bank,
Arkansas
Educational
its
at
Bankers
Director
meeting
McDonnell,
Little
of
Rock,
Association,
the
William S.
Elliott,
Executive Vice-President
Ark.,
who
and
American
Dr.
immediate
is
William
Institute
of
A.
Bank-
Volume
who
ing,
Its
will
& Financial Chronicle
The Commercial
151
speak
"The
on
System
Answer to
Enterprise—An
Free
of
in
Savings Division
Savings
President
B.
A.
the
of
A.
United
Division
The
States
division,
and
will
meeting
Chamber of
The
also
meeting of the
"The
on
division's
past
of
Research
Trust
Presidents.
produced by the
Executive
the
of
Vice-President
Neb., and Merrel
New
Maryland
School
will be featured by a sym¬
participated in by the
of
and
Stephenson, Director
Leon M. Little,
T.
Banking;
Boston; Robertson Griswold,
Baltimore; Samuel C. Waugh,
Officer, The First Trust Co., Lincoln,
Trust
Trust
the
the following Chairmen
that
convention
had
York.
National Newark &
General Convention Chairman—Miss Katherine Moore,
Bauking Co., Newark, N. J.
Headquarters and Reservations—Miss
Trust
Co.,
Philadelphia,
Printing and Badges—Miss
Allen town,
Haines,
R.
division meetings there
of the
will be reports ^of
committees and other business and the election and installa¬
Marjorie Allison, Lehigh Valley Trust Co.,
Manhattan
Co.,
Publicity—Co-Chairmen—Mrs. Mary Berkeley Finke, Morris Plan
New York, and Miss Hilda M. Hoffman, Bowery Savings Bank,
Bank
New
New
York
York
Anne
Bank
Sadler,
Houstoun
the
of
City.
City.
ton,
Bank of Prince¬
Princeton, N. J.
Entertainment
Co.,
tion of
officers.
new
The
announced
was
month ago,
a
July 6, page 40.
a
Los
to honor
ceremony
It.
Hoey
President
of
Louisville
the
E.
Carolina;
of North
Trust
S.
Vice-
Woosley,
Co., Louisville, Ky., and
Robert M. Ilanes, President of the A. B. A.
On
Sept. 24, 25 and 26 there will be
table conferences
on
operating problems, and
series of round
a
business development, real estate,
new
credit.
consumer
Regarding these
conferences the following announcement is made:
Table
Round
At
the
William
tabic
round
Powers,
C.
Bailey,
ville, Tenn., will lead
C.
and
C.
Neumann,
President
of
will
a
lead
round
the
Business
be
leaders,
conducted
the First National
Merchants
National
Clarke
Brown,
Deputy
all
three
round
featured
be
by
asked
real
Babcock,
Manager of the A.
Please"
B.
A.
in
will
be
Assistant
will
in mortgage and
A.
Vice-President,
Marcus,
Wash¬
Housing Administration,
Federal
Administrator,
William
C.;
Questions
discussion.
Research
24,
Questions will be answered by Frederick M.
A.
New
Trust
American
Co.,
of
Bank
Detroit.
the
At
Siociim, President, The United Savings
York, and William W.
bank
Woolley,
Kansas
operating problems, Wednesday, Sept. 25, Ernest
on
will
analyst,
Maurice
Planning."
announcing the conclave, which marks a quarter
In
lead
on
"Productive Work
Security National Bank,
discussion
a
Bx-eidenthal,
L.
President,
day,
pared and displayed by members receives not only program
but is studied by the many financial advertising
men and women who attend; "round table" sessions on spe¬
attention
merchandising
Convention
1940
The
the
credit
consumer
Finance,"
and
and
question
a
Sept.
Thursday,
table,
round
Kenton
26,
R.
will speak on "Automobile
panel discussion will be conducted
Cleveland Trust
Vice-President,
answer
Co.,
by Walter B. French, Deputy Manager in charge of the A. B. A. Consumer
Credit Department.
Mr. French, will ask the questions and the answers
will
be
by Mr. Cravens; John H. Lucas, Vice-President, PeoplesCo., Pittsburgh, and George A. MacLachlan, Vice-Presi¬
given
Pittsburgh
Trust
dent, National Bank of LaCrosse,
Committee
appointments are com¬
Izant, Vice-President, Central Na¬
tional Bank of Cleveland, serving as General Chairman.
Some of the committees include the following:General
Program Chairman is Lewis F. Gordon, Assistant
&
Citizens
Southern
Trust
quist,
National
Bank,
Mr.
Atlanta.
Vice-President,
Gordon's
committee
is
Trust—John M. Zuber, Vice-President and
Officer, Ohio Citizens Trust Co., Toledo; Commercial—Robert Lindas
follows:
Relations
Public
Director,
Bank
National
American
& Trust
Co.,
Savings—John Bodfish, Secretary, First Federal Savings & Loan
Chicago;
Vice-President,
At
are
Robert J.
with
pleted,
plification of Bank Operating Forms."
Cravens,
problems
relations
public
and
scheduled each afternoon.
Association,
will
Kan.,
the first hour of each
short, never more than four days;
lead a discussion on "Research, Analysis and
Budgetary Control as an Aid to Bank Management"; Louis W. Bishop,
Cashier, State-Pianters Bank & Trust Co., Richmond, Va., will lead a
discussion
on
"Greater Efficiency and Increased Earnings Through Sim¬
City,
Association's activity, Mr. Fifield listed four
qualities which he says characterize all Financial Advertis¬
ers
Association conventions.
The annual conferences are
departmentalized,
table
round
Hot
at
organization meets for
cific
of
type
Sept.
Tuesday,
estate,
Francisco; Earl B. Schwulst, First Vice-President, The Bowery Savings
Bank,
S.
B
real
on
Fisher, Director of
Dr. Ernest M.
finance, A.
D.
ington,
conference
"Information
an
by
estate
San
table
Springs, Va., Oct. 28, 29 and 30, when that
its twenty-fifth annual conference,
according to Stephen H. Fifield, President.
Mr. Fifield is
Vice-President of the Barnett National Bank, Jacksonville,
tion
comprehensive exhibit of current financial advertising pre¬
charge of the Agricultural Credit Department.
The
Oct. 28-30
Interpreting financial facilities to the public will absorb
the attention of more than 500 members of the Financial
Advertisers Association for a three-and-a-half-day conven¬
This
"New
on
discussion
the
Hold 25th Annual
Hot Springs, Va.,
Neb.,
Oakland,
of
at
beginning at 9 a. in., is devoted to a school session
attended by ail delegates and led by a national authority
touching upon advertising, sales, or public relations; a
to Farmers."
panel discussion
a
by
in
Bank,
Made
of Loans
participated
G.
Bank Staff
Bank,
Survey Your Trade Area,"
the Nebraska Bankers Association and
"Liquidity
by A.
24,
"How to
immediately followed by
Development,"
Sept.
Tuesday,
American Bankers Asso¬
Relations,
on
of
and
on
development,
of
Convention
century of the
"The Influence and Value of
on
President
Farmers
will
Customer
President
discussion
a
discussion
table
of
discussion
a
W.
& S. A.,
Calif.
Financial Advertisers Association to
Fla.
Conferences
business
new
Director
ciation, will lead
Contacts."
on
Stoermer, Bank of America N. T.
Sen¬
banking, scheduled for Sept. 26, and addresses by Governor
Clyde
/
J.
N.
Angeles,
Roebling, Trenton Trust
noted in our issue of
as was
It will include
Carter Glass of Virginia for his services to American
ator
Trenton,
Hospitality—Mrs. Mary G.
and
Nominating—Miss Grace S.
for the general sessions of the convention
program
Provident
Pa.
Program—Miss
of
Rebecca
Pa.
Registration—Mrs. Elizabeth Van Sciver, First National
In each
of
by the
approved
been
Board of Directors of the Association:
Co.,
Callaway, Vice-President of the Guaranty Trust Co.,
P.
Miss Roberts announced
Service,"
Vice-President of the New England Trust Co.,
Vice-President
experience in order that practical benefits
interests of all women
furthermore promotes the
It
Essex
include Gilbert
Graduate
therefrom.
profession and upholds their dignity and integrity.
Committees for
Make a Nation."
Division
Trust
for
These
the
of
entitled
Trust Division
Ahead
Job
picture
"Free Men
moving
a
see
Trust
i
annual
posium
Paul
Dr.
Commerce
■
,
be addressed by A. George Gilman,
F. Cadman, Economist of the
meeting will
this
643
exchange of ideas and
be derived
Critics."
The
mutual
Investment—James
Raseovar
II,
Vice-President,
Albert Frank-Guenthcr Law, Inc., New York; Consumer Credit—I. I. Sper¬
ling,
Chicago;
Assistant
of
Chairmen
Vice-President,
the
Cleveland
Entertainment
Trust
Co.,
Committee are
R.
Cleveland.
D.
Cameron,
Second
Bank, Chicago, and Chester
L. Price, City National Bank & Trust Co., Chicago.
The
Reception Committee Chairman is Robert L. Flather, Assistant
Secretary, American Security & Trust Co., Washington, D. C.
The Attendance Committee is comprised of:
Advertising—J. M. Easton,
The
Northern
Trust
Co., Chicago; i Transportation—Eliot H.
Thomson,
Washington Loan & Trust Co., Washington, D. C.; Publicity—Harry B.
Winsor, Second Federal Savings & Loan Association, Cleveland.
Continental
Illinois
National
LaCrosse, Wis.
»
of
anniversary
fortieth
The
Institute
American
the
Banking will be celebrated at the first general
the convention
Wednesday, Sept. 25.
At this
of
session of
President of the A. I. B., will
introduce the past national Presidents and will conduct the
installation of Dr. William A. Irwin, who is National Edu¬
Smith, I retiring
R.
Harry
election
The
John
of
new
A.
be held
their inauguration
and
on
will
inaugural ceremony Thursday evening, at which
Charles Thomas, noted American baritone, and the
at
an
University of Pennsylvania Chorus, will sing.
Bank
of
Association
Women
vention in Atlantic
The
Hold
to
Annual
Con¬
City, N. J., Sept. 19-21
eighteenth annual convention
of the Association of
Bank Women will be held in Atlantic
to
Association
Convention
City, N. J., Sept. 19
Hold Golden Jubilee
to
Chicago,
in
May 26-28,
1941
Charles
Ii.
Reardon,
President
of the Illinois Bankers
National Bank, Joliet,
Association and Vice-President, First
announced
will
officers
A.
B.
26,
Sept.
morning,
Thursday
ensue
Institute.
of the
Director
cational
Bankers
Anniversary
Illinois
ceremony
Association
the
on
July 26 that the Executive Committee of the
the dates of May 26, 27 and 28, 1941, for
set
Golden Jubilee Anniversary Convention
of the Associa¬
fiftieth year of organized banking
cooperation in Illinois, and the place to be the Palmer
House, Chicago.
The committee also set Jan. 30, 1941, at
the Palmer House, Chicago, for the annual Midwinter Con¬
ference and Dinner, and the ten group meetings will be held
throughout the State beginning with Oct. 7, 1940.
Plans are being made by the Executive Committee for
tion, commemorating its
many
of
special features commemorating this fiftieth
birthday
the Association.
21, inclusive, it is announced by Miss Mildred Roberts,
of the Association and Assistant Cashier of the
President
Citizens National Trust & Savings Bank, Los Angeles, Calif.
The
headquarters
will
he
at
the Hotel
Dennis.
In
dis¬
cussing the convention Miss Roberts stated:
Never
in
the
attached
to
our
members'
attendance.
reflected
in
the
economic
reactions
meet
its
unusual
year
basic
women
in
executive
our
organization
of
has greater significance been
Chaotic
the
conditions
whole
world.
in
Europe
Women
in
are
our
ABOUT
BANKS,
situations.
is serving, in the truest sense of the word,
was organized in 1921 by a small group of bank
Its primary object is to bring together women in
the Association
purpose.
New
It
York.
positions
in
banking
institutions
throughout
the
country
for
TRUST
COMPANIES,
&o
completed July 24 for the sale of a
membership in The Chicago Stock Exchange at $1,500,
unchanged from the last previous sale.
Arrangements were
♦
are
intelligent
This
of
faced with the necessity of being better equipped to offer
counsel and timely advice to our bank's customers, to help
profession
them
history
ITEMS
The
Citizens Savings Bank, New
York City, announces
C. Hollyday to its Board of Trustees.
Mr. Hollyday is President of the real estate firm of Culver,
Hollyday & Co., Inc.
the election of Richard
•
The Commercial &
g44
Bankameriea Co., San Francisco, Calif., has announced the
of
establishment
office at 52 Wall Street New York,
an
Resident Manager.
It has also announced that J. Austin Kimball has become
associated with its municipal bond department, and George
Kranz with its corporate bond department.
under the direction of Louis J. Perazzo as
financial Chronicle
The checks
Texas.
earliest
on
been
having
Aug. 3, 1940
display cover a span of 171 years, the
drawn in
Edison in 1916.
«
II. L. Buchanan, a charter member
Frederic J.
York
New
Vice-President of the Bank of the
a
Co., New York, died on July 2f) at his home
Manhattan
in
Fuller,
City. He was graduated from the
College of St. Francis Xavier in 1901 and from the Columbia
Law School in 1904.
In 1928 Villanova College made him
a Doctor of Laws.
For several years Mr. Fuller was asso¬
ciated with the law firm of Davies, Auerbach & Cornell and
in 1916 he became a Vice-President of the Central Trust
the Central Hanover Bank & Trust Co. During
was
a
member of the finance com¬
mittee of the American Red Cross.
In December, 1932, Mr.
Co.,
now
World War he
the
Title &
Mortgage Co. in the hope of effecting an adjustment of
its affairs, but it was taken over by the State
Insurance
Department in 1934. Mr Fuller had been a Vice-President
accepted the presidency of the New York
Fuller
of the Bank of the Manhattan Co. for several years.
In
Trustee of the Emigrant
Industrial Savings
Bank, New York City, and a Director of the Brady Security
& Realty Corn., the Hat Corporation of America,
the
Lexington Hotel, the Manhattan Fire and Marine Insurance
Co., the Third Avenue Railway, the Thompson Hill Land
and Improvement Corp. and the Kentucky Fuel Gas Co.
addition he
was a
member
■
■'
-
Bank
Trade
Co., New York City, has been
& Trust
change the location of its principal place of busi¬
from 225 West 34th Street, New York City, to 481-489
to
Seventh
Avenue,
it
learned
is
.The
New
.
From
"Money & Commerce" of July 27 it is learned that
Campbell Trust Officers of the Oil City National Bank
of Oil City, Pa., for a number of years, has been named a
Vice-President of the institution.
Mr. Campbell has been
engaged in the banking business since 1912, having started
with the Lamberton Bank in that year.
When
his career
Bank and
Lamberton
the
solidated in
Oil City
the
National
were
con¬
1919, he continued with the institution.
♦
The Central-Penn National Bank of
Philadelphia, Pa., has
announced the election of J. L. Eastwick
as a
Director.
Eastwick is Treasurer of the James Lees & Sons
of
Mr.
Company
Bridgeport, Pa.
♦
Ray J. Hillenbrand, President of the William Hillenbrand
Co., plumbing contractors, has been elected a Vice-President
of the Cincinnati Bank & Trust Co. of Cincinnati, Ohio,
this,
reporting
"Enquirer"
Cincinnati
the
of
July
28
also said:
Mr.
Hillenbrand, who has beeil
succeeds the late J.
D.
Leary.
a
member of the Board for many years,
He also is
a
Director of the Security Sav¬
ings & Luan Co.
♦
On July 26 the
Second National Bank of Cincinnati, Ohio,
Healthy,
Ohio, ratified a proposal for absorption of the latter institu¬
tion by the Cincinnati bank, it is learned from the Cincinnati
"Enquirer" of Julv 27, which added in part:
and the Mount Healthy National Bank of Mount
♦
Banking
State
York
■'
Department's
the
from
"Weekly Bulletin" of July 19.
•
•
L. M.
given permission by the New York State Banking Depart¬
ness
-i
.
♦
In
ment
'■.
•
was
according to an announcement by the directors on July 27.
♦
The
Lake, Den-
61 years old and a regular
of the -Exchange since March 16, 1911.
Mr. Buchanan
ville, N. J.
native of New York
was a
of the New York Curb
Exchange, died on July 29 at his home at Cedar
Fuller, who was 57 years old,
Mr.
City.
by Sir William Pep-
1745
perrell, colonial merchant and soldier, and the first Ameri¬
can
born English lord.
The latest was drawn by Thomas
Department
17
July
on
approved a certificate of the Empire Trust Co,, New York
City, to increase its par value of shares from $10 each to
$50 each and to decrease its number of shares from 350,000
to 70,(XX).
Plans to make this change were discussed in our
issue of June 22, page 3911.
In
May the Second National acquired the Mount
Healthy Savings &
Commercial Bank, which is now being operated as a branch.
the two Mount
the Mount
After Aug. 1
Healthy units will be consolidated, occupying quarters of
Healthy National.
♦
«
The Continental Bank & Trust Co. of New York observed
its 70th anniversary on
Aug. 1.
Today, with $64,475,000 in
deposits, the bank is in the unusual position of having only
3,500 depositors, in comparison with 6,000 stockholders—
the result of its policy of developing a selective, specialized
commercial banking business.
Frederick II. Hornby, President of The Continental, said
on
Aug. 1:
The
bank's original
homes
have passenger elevators.
seven
In
later, and
years
time.
was
the prevailing
gas was
founded;
was
source
until
appearance
work
cavation for New York
The
Continental,
Friday"
nomic
Civil
War
the Brooklyn
on
subway
was
Bridge;
and the ex¬
started under Broadway between
founded
(Sept.
and
has
the
with
following
year
1869),
26,
has passed
the
the
market
through
secondary
many
depression
always proved its ability to withstand
collapse
stormy
of
eco¬
following
the
successfully the
buffetings of these recurring upheavals.
Among the founders of the Continental
Claflin,
H.
Robert
Schiff,
the
head
a
leading
Hartley,
of the mortgage
•
L.
later the
of
Cutting,
senior partner .of
the largest
financier
one
and
The
organized; the Metropolitan Museum of
was
begun
was
first's
commencing
cycles,
Jacob
Dodge, President of the institution, it is learned from the
July 31; Roland A. Benge, in charge
department, and formerly an Assistant VicePresident, advanced to a Vice-President; Wendell C. Goddard and William K. Muir, of the business development de¬
partment,
promoted to Assistant Vice-Presidents, and
William B. Hall, Manager of the monthly payment loan de¬
partment, advanced to an Assistant Cashier.
Detroit "lYee Press" of
of illumination at that
Murray Street and Park Place.
"Black
M.
1870, New York's population had just passed the million mark;
the New York Bar Association
Art
the first office building in New YoTk to
Telephones did not make their
The following promotions in the personnel of the Detroit
Bank, Detroit, Mich., were announced on July 30 by Joseph
dry goods
one
of
first
accounts 'as
£554,459,989, as against total assets of £542,718,184 on Dec.
31, 1939, of which the chief items are: Coin bank notes and
balances with the Bank of England, £55,280,478 (contrast¬
on Dec. 31 last) ; money at call and
£19,751,498 (down from £26,328,499) ; invest¬
ments, £122,571,081 (up from £114,455,271) ; bills discounted,
£91,484,054
(compared with £65,947,653), and advances,
£207,541,848 (against £220,689,155).
Capital paid up and
reserve
fund remain unchanged at £15,158,621 and £12,410,609, respectively, while current deposit and other ac¬
counts advanced to £509,810,769 from £497,701,601 at the
ing with £57,741,467
short
notice,
.
were:
Kuhn, Loeb & Co.;
house in
the
Bank, Ltd., of London, in its statement of
of June 30, 1940, reports total resources of
Midland
America;
captains
of
H.
B.
Marcellus
industry;
of the most prominent citizens of New York; and
Joseph Seligman, the founder of the banking house of J. and W. Seligman
close of 1939.
& Co.
♦
The bank has had its
principal office at several different
"decades; it opened for busi¬
Building at 120 Broadway
situated at 50 Wall Street, an his¬
locations during the past seven
ness
in the original Equitable
and
at one time it
was
toric building facing what wras then the New York Customs
House.
Today, it occupies seven floors of the Continental
Bank Building at 30 Broad Street
The bank also has two
midtown
The
ended June 30
of
whose
on
erick H.
of
Fred¬
Hornby, President; Frederick E. Hasler, Chairman
Committee; and Allen K. Brehm, First Vice-
Executive
President.
*
An
exhibit
of checks
of famous Americans belonging to
Co., New York City, which recently has
display at banks throughout the country from the
the Colonial Trust
been
on
on
Westminster
Bank,
Ltd.,
London,
the £4 shares, and the
maximum dividend
the £1 shares for the same period.
on
names
re¬
interim dividend of 9% for the half-year
were
tax)
were
The divi¬
payable Aug. 1 to shareholders
registered in the books of the company
June 30 last.
In
Avenue.
are:
6*4%
of
an
dends (less income
offices, at 512 Seventh Avenue and 345 Madison
The chief executive officers of the institution
directors
cently declared
its
statement
of conditions
as
of June 30 the
West¬
minster Bank,
Ltd., showed total resources of £407,846,388
(as compared with total assets of £379,802,501 on the same
date last
year), of which the principal items are: Advances
and other accounts, £131,456.564
(against
£136,757,541 a year ago) ; investments £102,878,447 (com¬
pared
with
£104,288,017);
bills
discounted,
£53,771,109
(against £40,836,816) ; coin, Bank of England notes, and
balances wnth the Bank of England, £39,078,128 (contrast¬
to
customers,
ing w7ith £34,669,214), and money at call and short notice,
Canadian border to the Gulf of Mexico, is again at the com¬
pany's Fifth Avenue and 30th Street branch where it will
other
remain until Aug.
£341,717,335)
Arthur S.
etc., as per contra, as £20,412,105 (against £19,431,981 on the
3. The exhibit will be open to the public.
Kleeman, President of Colonial Trust Co., states
that after this date the exhibit will again be loaned to outof-town banks, going as far as the Pacific Coast
through
£36,274,215
(against
accounts
previous
are
and liabilities for acceptances,
date).
remain the
£23,333,795).
Current deposit and
£368,776,720 (comparing with
shown at
same
The
as a
bank's
paid-up
year ago,
endorsements,
capital
and
both at £9,320,157.
reserve
Volume
The Commercial
151
THE
Curb
DAILY
MARKET
CURB
moved
stocks
& Financial Chronicle
within
narrow
a
number of advances registered among the
were a
Aluminum
substantial
recorded
stocks
advances
in
Oil
issues.
aircraft
the
and
gains
there
shares
small
were
displayed
a
rising tendency and there was some activity in the paper
There
was
Week Ended
a
the short session
Shipbuilding issues
Saturday...
Monday
Tuesday
Wednesday.
Thursday
Friday
or more
and
stocks
There were occasional advances
of
side
without
were
special
49,500
640,000
11,000
651.000
95,055
1,039,000
"Tooo
732,000
1,000
11,000
19,000
1,051,000
81,750
85,795
73,835
551,000
1,000
46,000
598,000
605,000
3,000
608,000
415,090
$3,815,000
$104,000
$3,930,000
the
of
$11,000
significance.
Public
advance
were
in
net
415,090
896,635
28,592,192
22,941,112
$3,815,000
$9,801,000
$193,252,000
$277,232,000
1,408,000
4,356,000
2,871,000
3,475,000
$199,016,000
$283,578,000
Bonds
Domestic
11,000
70.000
104,000
52,000
$3,930,000
$9,923,000
Foreign government...
Foreign corporate
Total.
tionally higher and
and cardboard stocks
so were a
COMPARATIVE PUBLIC
DEBT STATEMENT
(On the basis of daily Treasury statements)
of the market
were
Monday but there
were some
exceptions,
was
down 7% points to 26.
Air¬
Lowest Post-War
Was at Its Peak
Debt
$
$
Mar.
31, 1917,
1,282,044,346.28 26.596,701,648.01 16,026,087,087.07
Gross
particularly Mead Johnson which dropped 5 points to 40
and New Process which
31, 1930,
When War Debt
Pre-War Debt
$
4% points to 155.
changes and light trading were the features
on
Dec.
Aug. 31, 1919,
frac¬
number of the aircraft issues.
Aluminum Co. of America advanced
Narrow price
.
a
quiet, and while there was some ac¬
Paper
change.
1939
1940
1939
1940
tivity in Bath Iron Works during the first hour, there was
no
752.000
Jan. 1 to Aug. 2
2
Week Ended Aug.
Sales at
Exchange
few minor changes on the
the industrial specialties.
Ship¬
gains and there were
building shares
$270,000
$14,000
New York Curb
a
but these were largely among the slow moving
utility preferred issues were active and registered a number
of modest
Total
Corporate
$8,000
1248,000
29,155
Total.
were
Foreign
Forelon
Government
Domestic
Saturday but the changes were narrow
on
uninteresting.
point
EXCHANGE
CURB
YORK
Bonds (Par Value)
Shares)
Stocks—No. of shares.
and
NEW
of
Aug. 2. 1940
quiet.
slight increase in the volume of sales during
and cardboard stocks.
THE
CNumber
of the week but the market gradually strengthened,
and while the volume of transfers continued comparatively
public utility shares and industrial specialties.
AT
Stocks
earlv part
light, there
TRANSACTIONS
during the
range
645
public debt
public debt per capita
Computed rate of Interest
per
annum
on
Interestbearing public debt (%)
Obligations of governmental
agencies guaranteed by
12.36
250.18
129.66
2.395
4.196
3.750
74*216,460~05
1,118 To9,534.76
Gross
-
_
tbe United States:
craft stocks
were
irregular with most of the changes in small
Oil issues
fractions.
were
Unmatured principal.a.
posited with or held by
board shares moved backward and forward without definite
trend.
Prominent among the
day's advances were Cellu¬
loid pref., 1% points to 23%; Great Atlantic & Pacific Tea
Co. nv stock, 1% points to 92%; Long Island Lighting
pref., 1% points to 35%; Standard Steel Spring, 1 point to
23%; and West Texas Utility Co. $6 pref., 1 point to 98.
Advancing prices and an increasing volume of sales were
the features of the curb market dealings on Tuesday.
The
at times, fairly substantial, advances up to 6
points being in evidence in a number of active
groups.
Aluminum Co. of America was one of the strong
stocks and climbed briskly upward 7% points to 162%.
Aluminium, Ltd., was also active and moved ahead 2%
points to 62%.
Aircraft shares showed the best advances
in a week as most of the active shares registered gains of
fractions to a point.
Outstanding among the advances
were Colt's Patent Fire Arms, 3 points to 79; Lane Bryant
pref., 6% points to 96; National Steel Car, 3% points to
29%; and Pittsburgh & Lake Erie, 2% points to 59.
gains
or
were,
more
While
extent
the
the
volume of,transfers
market
continued
simmered down to
its
moderate
some
advance
on
There was considerable activity apparent in
stocks, although the changes, which were
generally on the side of the advance, were largely in minor
fractions.
Shipbuilding shares were quiet except Bath Iron
Works which did a lot of moving around and finally closed
unchanged.
Public utility preferred issues moved ahead
but the gains were small.
In the industrial group, stocks
_
Matured prln. & Int. for
which cash has been de¬
mixed and the paper and card¬
Treasurer of the U. S.b
General fund balance.c
A
of
324.18
325.19
2.600
2.598
2.583
5,450,012,898.67
5,497,235,905.28
5,497,556,555.28
4,637.972.53
2,838,225,532.52
42,514,852.40
2,029,671,449.19
34,847,591.07
1,890,743.141.34
308.29
capita
>
Interest
Interestbearing public debt (%)..
Obligations of governmental
agencies guaranteed by
annum
$
$
40,439,532,411.11 42,807,765,653.85 42,967,531,037.68
Gross public debt
Gross public debt per
per
"803,319.55
June 30, 1940
ifonth
Last
Year Ago
$
Computed rate
306
May 31, 1940,
June 30, 1939,
on
the Un'ted States:
Unmatured princlpaLa-Matured prln. & int. for
which
cash
has
been
deposited with or held
by Treasurer of U. S.b
General fund balance.c
a
Does not Include obligations
b Amounts are included in
June 30, 1939
30. 1940, $104,272,500.
and after
owned by the Treasury as follows:
$273,320,127.43; May 31, 1940, $110,272,500; June
the general fund balances shown herein, on
Sept. 30.1939.
c
Includes amounts held by the Treasurer
for the payment of the
of the United States, as shown above,
principal of and Interest on
by the United States, on
matured obligations guaranteed
and after Sept. 30, 1939.
Wednesday.
the
aircraft
were
mixed and showed both advances and declines at the
close.
The best gains were American Potash & Chemical,
points to 78; General Outdoor Advertising pref., 5 points
to 70; and Midvale Co., 3% points to 109.
Price movements were again toward higher levels on Thurs¬
day but changes were narrow in the general list with only a
limited number of selcted stocks showing gains of a point or
more.
The transfers were slightly higher and totaled 85,945
shares against 81,950 on Wednesday.
Oil stocks moved
slowly upward but the advances were not particularly note¬
worthy.
Public utilities were unusually quiet, and while
there were occasional gains noted, most of these were in
minor fractions.
Paper and cardboard issues were stronger
and the shipbuilding stocks moved within a narrow range.
Fractional advances and declines were registered in the air¬
craft group and the industrial specialties recorded gains up to
4;or more points.
These included among others Brown Co.
pref. 2 points to 19, Pittsburgh Plate Glass 4% points to
82%, Hormel & Co. 2 points to 34 and Consolidated Gas &
Electric of Baltimore 3% points to 80.
Irregular price movements were in evidence during most of
the session on Friday.
Trading was light and changes were
generally fractional.
Aircraft shares were quiet and several
active issues failed to appear on the tape. Shipbuilding stocks
were fractionally higher and the aluminum shares were down.
In the public utility preferred group price movements were
irregular the advances and declines being about equally
divided.
Industrial specialties moved back and forth with¬
out definite trend and paper and cardboard issues dispalyed
little activity except in St. Regis Paper pref. which improved
3% points to 63%.
As compared with Friday of last week
prices were moderately higher, Aluminium, Ltd. closing last
night at 65% against 60 on Friday of last week, American
Cyanamid B at 33% against 32%, American Gas & Electric
at 33% against 33, Babcock & Wilcox at 25% against 24%,
International Petroleum at 10% against 9%, and Lake Shore
3
Mines at 12 %
against 11%.
COURSE
OF BANK CLEARINGS
this week show a decrease compared with
Preliminary figures compiled by us, based upon
Bank clearings
a
year ago.
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Aug. 3)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 10.2% below those
for the corresponding week last year.
Our preliminary
total stands at $5,545,278,496, against $6,175,453,356 for
the same week in 1939.
At this center there is a loss for
the week ended Friday of 33.3%.
Our comparative sum¬
mary for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending Aug. 3
1940
$2,419,639,221
New York
1939
$3,627,640,275
Cent
—33.3
Chicago
Philadelphia
253,341,236
240,991,923
+ 5.1
334,000.000
382.000.000
—12.6
181,501.063
—4.1
City
174,027,716
82.346,088
77,948.363
74,500,000
+ 5.6
78,400,000
San Francisco
151.275,000
124,657,000
Pittsburgh
117,289,143
+21.4
+ 14.8
Detroit
Kansas
St
Louis
+ 5,2
117,530,493
102,191,077
96.428,310
Cleveland
91,919,397
82.217.965
Baltimore.
74,859,249
62,004,801
+20.7
$3,894,627,543
$5,051,980,777
726,049,125
—22 9
$4,621,065,413
924,213,083
$5,778,029,902
—20.0
39^,423,454
+ 132.6
$5,545,278,496
$6,175,453,356
—10.2
.
_
__
Eleven cities, five days
726,437,870
Other cities, five days
Total all cities, five days
All cities, one day.
Total all cities for week
—
Complete and exact details for the week covered
foregoing will appear in our issue of next week. We
furnish them today, inasmuch as the week ends
+ 21.9
+ 11.8
+0.1
by the
cannot
today
(Saturday), and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day of
the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
present further below, we are able to give final and complete
for the week previous-—the week ended July 27.
For that week there was an increase of 4.0%, the aggregate
of clearings for the whole country having amounted to
$5,609,617,902, against $5,393,357,104 in the same week in
1939.
Outside of this city there was an increase of 8.0%,
results
The Commercial & Financial Chronicle
646
this center naving recorded a gain of
the cities according to the Federal Re¬
districts in which they are located, and from this it
Aug. 3, 1940
the bank clearings at
0.9%.
serve
We
group
that in the New York Reserve District (including
this city) the totals record a gain of 0.9%, in the Boston
Reserve District of 9.5% and in the Philadelphia Reserve
District of 10.1%.
In the Cleveland Reserve District the
totals are larger by 11.3%, in the Richmond Reserve Dis¬
trict by 17.0% and in the Atlanta Reserve District by 10.9%.
In the Chicago Reserve District the totals show an improve¬
ment of 6.1 %, in the St. Louis Reserve District of 5.0% and
in the Minneapolis Reserve District of 5.9%.
In the Kansas
City Reserve District the totals register a decrease of 2.8%
Week Ended July 27
Clearings at—
Inc.
1940
or
Dec.
1939
1938
1937
appears
but in
Dallas Reserve District the totals show
the
an
in¬
%
245,965
266,727
Chi cago
—7.8
274,929
313,026
112,008,673
102,379,617
+ 9.4
83,881,957
132,935,073
2,885,103
1,214,434
1,572,917
18,548,000
2,495.972
+ 15.6
2,487.592
1,541,898
—21.2
2,105,433
1,036,001
933,011
+ 68.6
711.805
1,004,250
17,881,000
+3.7
15,903,000
16,547.000
Seventh Feder al Reserve D istrict
Mich .-Ann Arbor
Detroit
—
Grand Rapids.
Lansing
Ind.—IT.
Wayne
Indianapolis.-.
South Bend—
—
1,939.976
926.473
+ 61.9
1,278,042
Terre Haute—
4,766,857
Wis.—Milwaukee
18,563,120
1,086,331
1,113,449
4,902,540
21,384,792
1,339,610
8,230,935
3.066.180
7,476,917
+ 10.1
7,781,105
8,750.098
3,013,042
+ 1.8
3,057,581
3,177,122
—20.3
320,510
339.719
+6.1
261,457,118
785,279
318,445,711
906,258
3,233,348
3,457,152
1.802,900
la.—Ced. Rapids
Moines--.
Des
Sioux
City
—2.8
4,282,791
4,865.612
—13.2
17,0.50,845
19,311.939
—18.9
w
1,031,759
792,521
253.063
317,644
274.948,420
848,085
939,791
3,770.787
1,127,401
2.864,226
+31.7
Rock ford
986,208
1,160.735
+ 14.3
894,044
1,185.139
1,411,911
+21 6
1,442,157
1,795,365
Total (18 cities)
and in the San Francisco Reserve District of
291,675.671
Springfield—-
of 8.0%
crease
8.8%.
473,078,333
445,945,599
+ 6.1
406,176,135
519,711.595
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
+ 5.1
80,100,000
84,200,000
+3.9
30,515,666
31,703,381
_
76.900,000
89.300,000
28,287,011
30,686.618
15,529.047
+ 6.7
13,285,904
14,299,027
516,000
461,000
+ U.9
585,000
557,000
132,986,397
126,605,713
+ 5.0
119,057,915
134,842,645
111.—Bloomlngton
ChicagoDecatur
In the
following
we
furnish
by Federal Reserve
a summary
districts:
SUMMARY
Peoria
—9.
CLEARINGS
OF BANK
lnc.crr
Week End. July 27,
Federal
Reserve
1940
Dists.
12 cities
1st
Boston
2d
New York—13
3d
4th
1940
1939
Dec.
1938
%
$
%
$
1937
S
Mo.—St. Louis..
+ 9.5
218,913,073
241,668,407
2,841,126,224
3,430,077.352
403,127,661
+0.9
365.9S1.065 + 10.1
Ky.—Louisville.
Tenn.—Memphis
326,700,523
357.838,181
111.—Jacksonville
308,514,507
277,211,547
+ 11.3
233,544,484
318.993.603
146,075,146
112,044,069
125,984,922
127.261,294
473,078,333
+17.0
142.269,561 + 10.9
445,945,599
+6.1
406,176,135
519.711.595
"
132,986,397
126,605,713
+5.0
119,057,915
134,842,645
261,212,770
238,495,606
"
3,172,854,772
3,144,144,268
PbiladelphialO
"
Cleveland-.
7
"
6th
Richmond.-
6
"
6th
Atlanta
10
"
157,736,428
7th
Chicago
18
"
8th
St. Louis
4
9th
Minneapolis
124,361,838
16,567,016
x
x
Qulncy
134,744,797
Total (4 cities).
7
"
101,799,573
96,107,891
+5.9
89,304,647
105.230.596
10th Kansas City 10
6
"
142,173,737
146,223,272
—2.8
134,859,206
167,146,679
Ninth Federal
11th Dallas
"
64,227,608
59,485,315
+ 8.0
62,574,237
60,584,545
Minn.—Duluth..
12thSan Fran.-.10
"
245,830,970
226,025,429
+3.8
210,468,920
236,730,846
Minneapolis—
Reserve Dis trict—Minne ar»olis-
3,158 733
69,087 399
22,523 ,414
2,807,006
+ 12.5
2,705,460
3,625,879
62,059,902
+ 11.3
59,850,852
71,077,696
24,820,035
—9.3
21,064,782
24,548,050
N. D.—Fargo—
S.D.—Aberdeen-
2,250 ,529
755 ,581
2,011,732
714,067
+ 11.9
1,968,679
752,645
2,015,271
+ 5.8
Mont.— Billings-
765 ,669
+ 9.0
764,490
652,000
3,258 ,248
702,689
2.992,460
+ 8.9
2,197,739
2.588,946
101,799,573
5,107,891
+ 5.9
89,304,647
105,230,596
St. Paul.
113 cities
Total
Canada
32 cities
We how add
our
5,609,617,902
5,393,357,104
+4.0
4,880.754,365
5,834,830,540
2,533,974,893
Outside N. Y. City
2,345,656,300
+8.0
2,132,207,164
2,519,666,327
294,127,973
+2.4
287,187,462
detailed statement
296,632,309
296,292,151
showing last week's
figures for each city separately for the four
Helena.-.
Total (7 cities).
years:
Tenth Federal
1939
Dec.
1938
1937
159,812
170,606
2.482.909
—10.3
2,300,792
2,781,134
30.757.406
28,323,351
+ 8.6
28,470.598
31,180.406
2,084,766
2,518,451
—17.2
2,778.688
2,734.931
2,786,426
1.8
99,768,861
105,514,190
—5.4
3,308 540
3,246,807
+ 1.9
481.624
470,491
+ 2.4
642,421
679,018
—5.4
2,914,100
93,802,677
3,234,516
597,368
513,805
142,173,737
146,223,272
-2.8
134,859,206
Omaha
Reserve Dist rict— Boston
Me.—Bangor
604,232
_%
Mo.—Kan. City.
563,437
+ 7.2
1,830,299
2 ,064,999
—11.4
226,355,693
204 ,289,509
+ 10.8
648,811
520,154
+24.7
466,382
1,712,107
187,248,704
540,280
290,348
Portland
Mass.—Boston..
292,954
—0.9
255,523
River
Lowell
New Bedford..
632,444
2,062,008
207,132,000
280,984
Conn. — Hartford
New Haven
708,215
646,616
+ 9.5
486,167
Colo.—Col.Spgs.
Pueblo
+9.8
+ 25.2
2,785,787
1,531,594
9,925,401
,653,550
—6.8
,419,447
—7.3
10,669,041
3.964,540
10,563,412
3,913,724
168,988
2,770.232
3,577,768
121,741.102
3,612.203
621,938
522.302
167,146,679
2,880,438
,530,270
Total (10 cities)
86,850
749,930
,797,726
4,096,065
Wor center
St. Joseph
—
532,124
3,071,210
1,916,625
Springfield
.
Wichita
$
Fall
—20.3
—13.7
2,226.610
Kan.—To'peka.
Federal
City
81,673
119,956
Llncoln
or
as
65,100
.
Hastings
1940
First
Reserve Dis trict—Kans
103,478
Neb.—Fremont.
Week Ended July 27
Clearings at—
Inc.
722,754
1.971,571
R.I.—Providence
11,291,300
8,877,300
474,571
,277,000
439,944
+ 9.9
N.H.—Manches'r
+ 7.9
375,648
10,475.600
474,172
Total (12 cities)
261,212,770
238,495,606
+ 9.5
218,913,073
241,668.407
Eleventh Fede ral
Reserve
District—Da lias—
1,197,103
._
Dallas
Fort Worth...
1,285,398
—6.9
1,413,841
1,190,995
51,606.000
Texas—Austin.
47,159,005
+ 9.4
49,480,675
45,326,310
5,960,716
6,482,671
—8.1
6,330,162
8,299,281
Second
Feder al Reserve D istrict—New
N. Y.—Albany..
4,458,283
—52.9
30,300,000
+ 7.3
476,043
451,632
+ 5.4
,344,776
984,307
,800,000
405,988
855.096
618,475
+38.3
556,619
593,026
+0.9 2,748 ,547,191
6 ,453,377
+ 1.5
,315,164,213
7,948,383
4,351,415
Elinlra
Jamestown
New York
3,075.643,009 3,047,700,804
6,498,474
6,400,478
Rochester
+ 10.1
Syracuse
4.278,461
4,122,178
+3.8
Westchester Co
3.087.224
3,366,919
—8.3
Conn.—Stamford
4,949,608
3,599,848
+37.5
N. J.—Montclalr
352.209
249,101
+ 41.4
Newark
18,064,236
15,439,661
+ 17.0
Northern N. J.
20.667,014
21.496,306
—3.9
Total (13 cities) 3,172,854,772
Third Federal
3,144,144,268
Reserve Dist rict
Philad
+ 11.9
1,967,000
897,324
1,978,000
804,167
+ 21.2
2,485.235
2,985.792
Total (6 cities).
64,227,608
59,485,315
62,574,237
60,584,545
,680,040
36,073,304
519,829
2 ,681,484
2,599,268
3
3,442,239
314,653
265,028
,783,547
,309,214
+ 63.6
579,406
380,149
+ 8.0
1,200,042
301,714
19,917,719
31,734,339
elphia
324.985
531.632
Bethlehem
3
6,231,861
+0.9 2,841,126,224 3,430,077,352
382,172
Pa—Altoona
794,099
2,403,142
1,663,000
*
9,468,182
930,684
32,500,000
Buffalo
+ 22.2
888,721
2,912,068
Galveston
York-
1,025,115
Blnghamton
1,361,000
Wichita Falls..
La.—Sbreveport.
590,235
496,051
+ 16.8
351,550
435,894
300,666
1,198,347
+ 27.1
1,167,417
390,000,000
—2.6
401,047
1,149,530
1,492,142
354,000,000
+ 10.2
312,000,000
Reading
1,351,959
1.343,972
+0.6
Scranton
1,594,082
2,238,739
1,915,090
+ 16.9
2,031.044
1,047,435
—5.1
1,138,042
1,364,099
1,105,519
+ 20.2
1,506.179
4,552,900
4,249.000
+ 7.2
6,148,900
365,981,065
+ 10.1
326,700,523
357,838.181
30,467,626
898,515
—0.8
713,181
37,803,417
833,972
Ore.—Portland..
36,594,512
+ 29.0
26,058,587
29,814,834
Utah—8. L. City
14,727,868
+ 17.8
11,022,414
16,558,973
Calif.—L'g Beach
3,589,320
2,646,172
142,480,000
28,376,638
12,499,885
3,940,069
—8.9
2,986,149
—11.4
3,812,406
3,800,160
3,382.435
137,214,000
+3.8
128,960.000
137,914,000
2,368,862
3,118.748
Pasadena
San
Francisco.
San Jose
3.713,642
2,612,070
1,064,291
2,572,398
+ 1.5
Santa Barbara.
1,280,821
—16.9
1,166,824
1,312,463
Stockton
2,243,159
1,949,478
+ 15.1
2,098,860
2,278.362
245,830,970
226,025,429
+ 8.8
210.468.920
236,730.846
Total (10
Grand
cities)
total
(113
5,609,617,902 5,393,357,104
+ 4.0 4.880,754,355 5,834,830,540
Outside New York 2,533,974,893 2,345,656,300
+ 8.0 2,132,207,164 2,519,666,327
cities)
1,654,986
4,275,400
403.127,661
+ 13.6
34,307,476
891,755
2,240,859
994,181
1,329,255
Franc isco—
38,981,823
Yakima...
344,000,000
1,468,711
Wllkes-Barre.
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
Chester
Lancaster
Philadelphia..
.
York
N. J.—Trenton.
Total (10 cities)
Fourth
325,855
2,024,291
1,675,978
+ 20.8
Inc. or
1940
1939
Dec.
1938
S
Canada—
Toronto..:
$
%
S
1937
S
88,093,764
86,182,213
85,895,725
+ 2.6
98,713,599
97,163,830
Montreal
Feder al Reserve D istrict—Clev
eland-
Ohio—Canton
Week Ended July 25
Clearings al—
95,250.843
—9.5
104.236.287
92,905,384
Winnipeg
—1.4
23,728.823
33,820,285
56,451,410
35.180.090
+ 6.6
1,356,240
47,273.186
34,703,363
52.966,746
59,625,131
Vancouver
100,670,520
9,371,100
17,643,246
16,142.475
+ 9.3
88,154.772
15,849,404
17.238,692
+ 14.2
Columbus
77,328,104
101,402,473
Ottawa
13,904,867
+ 55.1
13,586,918
8,486.100
21,568,350
13,654,699
+ 10.4
Mansfield
9,248,000
1,663,650
4,613,640
4.215.441
+ 9.4
3,912,881
4.318,382
+ 17.7
1,419,399
11,154,500
1,840,332
Quebec
1,413,921
Halifax
2,639,723
135,693,813
2,829,604
2.293,447
+ 23.4
2,407,695
2.401,482
2,236,178
122,277,852
+ 18.0
+ 11.0
1,753,361
95,166,194
Hamilton
5,882,360
4,804,228
+ 22.4
Calgary
4,313,628
4,317,344
—0.1
5,3.50.590
4,042.810
4,723,991
139,607,215
St. John
308,514,507
1,959,362
1,755,444
+ 11.6
1,564,709
277,211,547
+ 11.3
233,544,484
318,993,603
Victoria
1.784,862
1,663,519
+ 7.3
1,623,531
1.647.319
London
2,207,712
1,984.821
+ 11.2
2,515.063
2,201,194
Edmonton
3,773,986
3,524,447
+ 7.1
3,222,064
3,341,807
Regina
4,066,271
2,966,311
Cincinnati
Cleveland
Youngstown...
Pa.—Pittsburgh
_
Total (7 cities).
Fifth Federal
Reserve Dist rict
W.Va.—Hunt* ton
Va.—Norfolk
.
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
+ 44.8
265,528
392,122
3,336,791
297,511
+ 21.9
2,942,797
305,855
+ 2.8
298,394
409,941
452,988
—9.5
395,747
439,490
1,224,282
+ 25.2
1,064,560
1,225,836
480,826
978,153
564,993
—14.9
492,446
Brantford
879,549
733,227
+ 20.0
765,530
841,809
Fort William...
835,239
+ 40.3
693,470
692,600
New Westminster
723,508
595,523
688,238
+ 5.1
664,659
643,433
200,960
222,720
1,900,000
2,329,000
—2.2
33,036,655
+20.0
869,643
36,418.066
921,544
Saskatoon
79,396,217
62.688,601
18,711,113
+ 26.7
57,538,456
73,404,442
Moose Jaw
+25.5
18,433,787
21,279,623
23,485,528
146,075,146
124,861,838
+ 17.0
112,044,069
134,744,797
3,493,030
Medicine Hat
Macon
219,987
—8.6
156,837
549,075
511,319
+ 7.4
529,127
545,905
733,135
723.460
+ 1.3
642,108
637,543
15,259,958
Kitchener
991,832
903,049
+ 9.8
972,840
976,809
43,900,000
45,000,000
Windsor
3,373,973
2,074.360
+ 62.7
2.592,832
2,709,589
748,546
950,000
316,085
306,204
+3.2
286,308
301,023
+ 8.1
3,098,191
3,365,047
+ 6.0
14,984,263
50,300.000
+ 15.1
1,075,145
—3.3
801,187
16,141,000
Ala.—Birm'ham
21,334,853
_
Mobile
2,131,459
Miss.—Jackson..
Vicksburg
La.—N e w Orleans
cities)
x
530,461
Peterborough
3,230,787
16,672,857
Fla.—J acks' n vllle
233,788
Sherbrooke..
Reserve Dist rict—Atlant
1,039,430
Augusta
1,995,442
Lethbridge
+ 11.9
908,117
57,900,000
Ga.—Atlanta
4.707,465
Brandon
2,243,000
39,991,189
1,089,695
17,499,491
Nashville
Total (10
Richm ond—
319,818
2,511,000
D.C.—Washlng'n
-
2,722,068
39,129,673
Richmond
S. C.—Charleston
Md.-rBaltlmore
463,033
2,641,884
._
Prince Albert
854,509
—6.2
600,411
795,318
Moncton
890,903
+ 6.3
720,816
15,523,000
18,319,648
1,526,490
+ 4.0
13,310,000
13,609.000
Kingston
628,006
547,243
+ 14.8
558,302
557,881
+ 16.5
16,921,766
1.281,544
16,164,628
Chatham
486.556
427,620
+ 16.1
482,755
473,543
Samia
406.715
423,952
—4.1
477,302
405,809
1,013,286
1,579,250
—35.8
1,151,105
294,127,973
287,187.462
+ 2.4
296,632,309
+39.6
x
x
1.367,353
x
112,236
37,283,742
77,164
+ 45.5
88,110
+ 7.5
31,052,091
30,643,898
157,736,428
142,269,561
+ 10.9
125,984,922
Sudbury
127,261,294
753,538
>
1,014,094
106,092
34,689.961
946,789
Total (32 cities)
•Estimated.
xNo figures available.
296,292,154
Volume
The Commercial
151
FOREIGN
EXCHANGE
& Financial Chronicle
Company and
RATES
647
Issue-
Date
.Dec.
Pursuant to the requirements of Section 522
Act
of
1930, the Federal
Reserve Bank is
now
a
BANK
113
113
1
114
.Aug. 15
-Sept. 16
429
31
RATES
CERTIFIED
UNDER
TO TREASURY
JULY 27,
715
716
.Aug.
-Aug.
259
716
FEDERAL
BY
TARIFF
ACT
x3376
265
*
Announcements this week,
x
150.
V.
in New York
Untied States Money
NATIONAL
Unit
July 27
July 29
July 31
July 30
Aug. 1
$
S
,.
$
$
Belgium, belga
a
a
a
a
a
a
a
a
a
a
a
Czecboslov'ia, koruna
a
a
a
a
a
a
Denmark, krone
Engl'd, pound sterl'g
a
a
a
a
a
following information regarding National banks
is
from the office of the Comptroller of the
Currency, Treasury
a
Bulgaria,
a
I
Europe—
$
lev
BANKS
Aug. 2
The
$
Department:
CHANGE
Official
4.035000
.035000
.035000
.035000
:
.035000
.035000
Free
3.856562
.865937
.843437
.812500
1.866875
.019666
.019666
.019666
.019666
.019666
.019666
.399750*
.400000*
.399916*
.399916*
.006671*
.006587*
.006687*
.006587*
.193700*
.193700*
.193700*
.193700*
.193700*
.050265*
.050350*
.050312*
.050350*
.050300*
OF
TITLE
Bank of Superior,
Superior, Wis., to "Nationa
.399840*
.006611*
July 20—The Union National
.871250
Finland, markka
France, franc
a
a
Germany, relchsmark
Greece, drachma
Hungary, pengo
Italy, lira
.399700*
.006611*
.193700*
.050300*
a
a
a
a
a
a
a
a
a
a
.038575
.038380
.038250
.038075
.038100
Sweden, krona
Switzerland, franc
Yugoslavia, dinar
b
b
b
24—The
First
National
Bank
b
b
Seguin,
Seguin,
Of IhCV6(IS6
Texas.
$7,500
STOCK PAID
IN
July 26—City National Bank of Fairmont, Fairmont, W. Va
$10,000
b
.091300*
.091300*
.091300*
.091300*
.238300
.238425
.238371
.238283
.238300
.227220
.227330
.227241
.227260
.227225
.022440*
.022420*
.022420*
.022420*
.022420*
Aaia—
AUCTION
The
following securities
were
SALES
sold at auction
on
Wednesday
of the current week:
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
a
a
a
a
a
a
a
.061225*
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar.
India (British) rupee.
Japan, yen
.061225*
.238943
.301666
.234330
.237375
Straits Settlem'ts, dol
.471156
.06C562*
.059950*
.060450*
a
a
.237212
.235150
By R. L. Day & Co., Boston:
a
.060475*
a
.236268
Shares
2
Stocks
$ per Share
International Match
Kealization
X-D
.301500
.301685
.301666
.301500
.234330
.234310
.234291
.234330
.234310
4 Toledo Edison Co.
.471156
.471156
.471156
.471156
.471156
Co.
common
1 South Carolina Power Co.
$6 preferred-
3.228000
3.228000
3 228000
3.228000
228000
4 United States Envelope Co.
3.079791
3.062708
3 036875
3.081666
084583
2 Draper Corp
3.091875
3.074791
3 048958
3.094166
097083
1
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
.909090
.909090
.909090
.909090
I
.
South Africa, pound. 3.980000
Canada, dollar—
.909090
Official
.876953
.877232
.881875
.882265
.880937
.877767
.200250*
.200250*
.200375*
.200500*
.200625*
.200625*
.909090
Free....
95 M
;
Manufacturing
01
Associates
83
2,500 Idaho Maryland Development Co.: 7,000 Russian Government rubles 4s,
.909090
.909090
.909090
.909090
v
per Cen
$1,000 American Securities Investment Trust 6s, series A, ctfs. of dep., coupon
.909090
.875000
.297733*
$85 lot
Bonds—
Oct. 1930 and sub. on, 6%
paid in liquidation
2% fla
dollar-
Official
.874218
.874687
.879375
.880156
.297733*
...
.878750
.297733*
.295733*
.297733*
.299733*
DIVIDENDS
South America—
Argentina,
86M
preferred, par $100
and 50 Eastern Gas & Fuel Associates common
North America—
Mexico, peso
Newfoundl'd,
$443 lot
-
3 071875
083958
New Zealand, pound-
Ludlow
51c.
7% pref., par $100, and 4 Cape Ann Anchor & Forge
3 228000
Free
Africa—
12
.301666
20 Underwritings & Participations, Inc., common A, par $50
Australasia—
Official
(par £)
.236112
Australia, pound—
Free
of
From $60,000 to $67,500
Amount
.091300*
.091300*
.238475
.227210
.022440*
peseta
STOCK INCREASED
•
July
CAPITAL
a
Rumania, leu
CAPITAL
a
.038480
Portugal, eacudo
COMMON
a
a
Norway, krone
Poland, zloty
Bank of Commerce in Superior."
a
a
Netherlands, guilder.
114
5
12
1930
OF
Noon Buying Rate for Cable Transfers
Value in
RESERVE
1940, INCLUSIVE
1940, TO AUG. 2,
Country and Monetary
Spain,
429
-Aug. 31
record for the week just passed:
EXCHANGE
FOREIGN
1
-Oct.
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
Pag
.Sept.
of the Tariff
peso
Brazil, mllrels—
Dividends
are
grouped in two separate tables.
In the
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050280*
.050280*
.050280*
.050300*
.050380*
.050200*
Official
.051680*
.051680*
.051680*
.051680*
.051680*
Export..........
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
we
.570162*
.5698:0*
.569850*
.569850*
.569850*
.569850*
have not yet
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.35.333*
.35042 j*
.349375*
.348300*
.349425*
.348800*
dividend payments in many cases are given under the com¬
Chile,
we
bring together
current week.
peso—
Colombia, peso
Uruguay, peso—
Controlled
first
.......
Non-controlled
.051680*
show
the
Then
we
dividends
all
follow with
a
No rates available,
CALLS
AND
SINKING
Department" in the week when declared.
are:
FUND
NOTICES
Per
Name of Company
Below will be found
stocks of
a
last date for
The date indicates the redemption
making tenders, and the
location in which the details
were
page
Alabama
Power
number gives the
Co., 5s 1956
Sept.
Page
1
688
Aug. 20
538
Nov.
1946
mtge. 5s
1st mtge. 5s
1
235
Sept
1
x2406
Sept. 16
Sept.
1
Aug. 22
Aug.
8
-Aug.
5
402
1st mtge. bonds
688
bonds
539
bonds
405
♦Bayuk Cigars, Inc., 1st preferred stock
690
♦Carmelite
Sisters of the
Divine Heart of Jesus
(of
Missouri) 1st mtge. 4s
Aug. 15
692
♦Central Foundry Co. 1st mtge. 6s___
Sept.
1
693
♦Central Warehouse Corp. (Albany, N. Y.) 2d mtge. 6s__Aug. 15
693
♦Chicago Milwaukee St. Paul & Pacific RR. equipment
trust certificates
Aug. 10
694
Chicago Union Station 3 M % bonds
Sept. 1
122
♦Cleveland Electric Illuminating Co. 1st mtge. 3Ms
Aug. 21
694
Colon Development Co., Ltd., 6% pref. stock
Aug. 26
545
♦Connecticut Light & Power Co. 3M% debentures
Sept.
1
696
General Motors Acceptance Corp. 3M% debentures
Aug.
6
x3661
♦Green Bay & Mississippi Canal Co. 1st mtge. 4Ms
Sept.
1
704
Walter E. Heller Co. 7% pref. stock
Sept. 16
417
Huntington Water Corp. 1st mtge. 6s, series A
Aug. 26
553
1st mtge. 5s, series B
Aug. 26
553
1st mtge. 5s, series C
Aug. 26
553
ndianapolis Power & Light Co. serial notes
Aug.
6
417
Indianapolis Power & Light Co. 1st mtge. 3Ms.
-__Sept. 16
554
Indianapolis Power & Light Co., 1st mtge. 3Ms
_.^.Sept. 16
554
Iowa Power & Light Co. 1st mtge. bonds
Sept.
1
107
Iowa Southern Utilities Co. 5M% bonds, series 1925
Jan. 1 '41
555
5M% bonds, series 1935
Nov. 2
555
Kendall Co. 4M% bonds
Aug. 19
556
Lebanon Valley Gas Co. 1st mtge. 5s
Sept.
1
107
Loew's, Inc., 3M% bonds.
Aug. 15
419
♦Luzerne County Gas & Electric Corp. 1st mtge. bonds..Sept.
1
707
Men gel Co. 1st mtge. 4Mb
Sept. 1
558
Morristown & Erie RR. 1st mtge. 6s
Sept. 3
249
Mortbon Corp. of New York 5% bonds
Sept. 1
420
New York Fire Protection Co. 1st mtge. 4s.
..Aug.
7
560
N. Y. Lake Erie & West. Docks & Impt. Co. 1st mtge. 5s_.Sept.
9
251
North Central Gas Co. 1st mtge. 5Ms
Aug. 20
423
♦Northern Illinois Coal Corp. 1st mtge. 5s
.Sept. 1
711
♦Ohio Connecting Ry. Co. 1st mtge. 4s_
Aug. 31
711
Ontario Power Co. of Niagara Falls 5% bonds
Aug. 15
252
♦Allentown-Bethlehem Gas Co.
Arkansas Missouri Power Corp. 5%
Babbitt Bros.
Lands, Inc., 8%
♦Pennsylvania Glass Sand Corp. 1st mtge. bonds
Philip Morris & Co., Ltd., 5% pref. stock.
Aug. 31
Aug. 30
712
559
When
Holders
Payable of Record
20c
Aug. 15 Aug. 10
Allied Laboratories, Inc. (quar.)
15c
Oct.
1 Sept. 16
Allied Products (quar.)
Class A (quar.)
American Arch Co
25c
Oct.
1 Sept.
43 Mc
25c
Oct,
1 Sept.
A.lied. Kid Co. (quar.)
American Indemnity Co
American News Co. (bi-monthly)
$1.20
25c
American Oak & Leather Co
Date
•Alabama Gas Co. 1st mtge. bonds...
Alabama Power Co. 1st mtge. 5s 1946
Alabama Water Service Co. 1st
or
given in the "Chronicle":
Company and Issue—
Alabama Power Co
Share
list of bonds, notes and preferred
corporation called for redemption, together with
sinking fund notices.
which
"General Corporation and Investment
name
The dividends announced this week
REDEMPTION
but
Further details and record of past
pany
b Temporarily omitted.
the
second table in which
a
News
•Nominal rate,
our
announced
previously announced,
been paid.
in
the dividends
$1
5% cumulative preferred (quar.)
5% cumulative preferred (quar.)
5% cumulative preferred (quar.)__
American Tobacco Co. com. & com. B (quar.).Anchor Hocking Glass Corp
Applied Arts
SIM
SIM
$1M
$1,&
10c
15c
Apponaug Co
Preferred (quar.)
Armour & Co. of Delaware, 7% pref. (quar,)...
SIM
$1*4
11M
Artloom Corp., 7% preferred (quar.)
Atlantic Refining Co. (quar.)
25c
Badger Paper Mills.
Baltimore Radio Show, Inc. (quar.)
50c
6% Preferred (quar.)
Barns da 11 Oil Co
Beattie Gold Mines (interim).
Beaunit Mills, $1M preferred (quar.)
15c
5c
15c
44c
37Mc
t75c
$1M preferred
75c
Bendix Aviation Corp
9
9
1 Aug. 19
Oct.
1 Aug. 26
Sept.14 Sept. 4
Aug. 26 Aug. 18
Sept.
Oct.
1
Dec. 31
4-1-41
Sept. 3 Aug. 10
8
Aug. 15 Aug.
Sept. 16 Aug. 31
Aug. 15 Aug.
5
Sept. 3 Aug. 15
Oct.
1 Sept. 10
Sept. 3 Aug. 15
Sept.16 Aug. 21
Aug. 26 Aug. 15
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 9 Aug. 16
Sept. 20 Sept. 9
Sept. 1 Aug. 15
Sept.
1 Aug. 15
Sept. 3 Aug. 10
Berkshire Fine Spinning Associates—
SIM
$7 preferred
$5 preferred..
Birmingham Water Works, 6% pref. (quar.)
Blaw-Knox Co. (interim)
Borden Co. (interim)
Boss Mfg. Co
$1M
1230C
—
Bridgeport Gas Light Co. (quar.)
Brooklyn Edison Co. (quar.)
Buuker Hill & Sullivan Mining & Concentrating
Butler Water, 7% preferred (quar.)..
Callite Tungsten Corp. (semi-annual)
Canadian Oii Cos., 8% pref (quar.)
Carolina Telep. & Teleg. Co. (quar.)
Carter (Wm.) Co., preferred (quar.)
Central Railway Signal Co., pref. cl. A (ouar.)_
Central Surety & Insurance Corp. (Mo.) (qu.)__
Char is Corp
Citizens Utilities
1 Sept. 24
SIM
$1
40c
SI M
SIM
87 Mc
5UC
25c
Special guaranteed (quar.)
Community Power & Light
'
1
1 Sept. 20
Oct.
15c
Co
Aug.
Oct.
$2
10c
-
City Baking Co. 7% preferred (quar.)........
City of New Castle Water Co., 6% pref. (qu.)_.
Cleveland & Pittsburgh RR. gtd. (qu.)
Common
10c
Aug. 26
Aug. 26
Sept. 3
Aug. 10
Aug. 15
Aug. 13
Sept. 13
Aug.
9
Aug. 15
Sept. 3
4$2
t50c
-
$2
25c
SI %
15c
-
Chicago Corp. $8 preferred
Chilton Co. (special)
$2
50c
Sept. 2
Sept. 2
Sept.16
Aug. 31
Sept. 3
Aug. 26
Sept. 30
Aug. 31
Sept.
1
Sept.16
Aug. 15
25c
Sept.16 Sept. 10
25
31
5
15
29
1*
26
12
10
10
15
Dec.
2 Nov. 15
Aug.
1 July
Aug. 15 July
Aug. 15 Aug.
Sept.
1 Aug.
Aug.
7 July
Aug. 10 Aug.
Aug.
1 July
Sept. 3 Aug.
Sept. 3 Aug.
Sept.* 3 Aug.
Aug. 26 Aug.
The Commercial & Financial
648
Per
Share
Name of Company
10c
Commercial Alcohols, pref. (quar.)
Compania Swift Internacional (quar.)
Coniaurum Mines
50c
4c
-
- -—,
Consolidated Amusement Co. (quar.)
Consolidated Edison (N. Y.) (quar.)
Cook Paint & Varnish Co. (quar.)
Preferred (quar.). _
-------Courtaulds Ltd. Am. dep. rec. (interim)
Crane Co., preferred. (quar.) —
Crown Cork & Seal Ltd- ——
Crown Cork & Seal Co., Inc.-—
$25* cumulative preferred (quar.)
Curtis Publishing Co.,
$7 preferred—
40c
—
50c
---
15c
$1
m
50c
75c
— .
SI H
Dayton Power & Light, 45* % preferred (quar.)
Deere & Co., preferred (quar
Detroit Gasket & Mfg., preferred (quar.).
35c
30c
20c
Dexter Co-..-----—-----------------
Dodge Mfg. Corp
Dun & Bradstreet, Inc.
$6 preferred
25c
50c
(quar.)
$15*
(quar.)
$15*
$l7&
20c
15*c
45c
25c
15c
25c
12
Royalties Co., Ltd. A—.
Co—_
Geliman Mfg.
-
- —
375*c
$15* preferred (quar.)—
General Bottlers, Inc
—-———--■
10c
5c
Extra
Gen. Electric Co,,
Ltd. (G. B.) ord. reg.
(int.) —
'.-a.)
Georgia Home Insurance (s
Extra...
fc
35c
7% conv. pref
General Acceptance Corp.,
'88
15c
— —
Golden Cycle
$15*
50c
---
Goodall Securities Corp.
$1
(quar.)
Co
50c
- - -
$1
Grand Union, arrears certificates
Great Lakes Engineering Works
Great Northern Paper
40c
50c
(quar.) —-------
Guelph Carpet & Worsted Spinning Mills
Preferred (quar.)
Hall (C. M.) Lamp Co
Hazel-Atlas Glass Co
--Hancock Oil of Calif., A and B (quar.) —
Class A and B (extra)
—Hart-Carter Co. $2 conv. pref. (quar.) —
Hawaiian Pineapple Co. (extra)
Hobart Mfg. Co. class A (quar.)
Hooven & Allison 5% preferred (quar.) — .
Hotel Barbizon v. t. c.
$15*
20c
$15*
50c
25c
50c
50c
375*c
$15*
$2
(quar.)
Huntington Water Co., 7% preferred (quar.).—
6% preferred (quar.)
Imperial Tobacco Co., Ltd. (G. B.). (interim)__
Ingle wood Gasoline
Inland Steel Co
—
Cumulative participating
Kerr Lakes Mines Ltd
Keystone Custodian
$15*
Fund B-3 (semi-annual)
—
(semi-annual)
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
Series 8-4
5c
—
v
7% pref. (quar.)
25c
$15*
25c
185*c
$1
15c
(Calif.)—
25c
preference (quar.)
Michigan Sugar 6% pref
5%
30c
$25*
Life Insurance (quar.)
Minneapolis-Honeywell Regulator (quar.)
Midland Mutual
50c
25c
Extra
(quar.)
Minnesota Valley Canning
Mohawk Carpet Mills--
---
Co. 7% pref. (qu.)
Montreal Loan & Mortgage Co.
Morse Twist Drill & Machine
Motor
$15*
—
Mfg. Co
Preferred
2c
30c
Mercantile Co. (quar.)
McGraw-Hill Publishing
Mercantile Acceptance Corp.
Wheel
—
$2
25c
15c
(quar.)
National Automotive Fibres, pref.
National Lead
—
Preferred A (quar.)
Preferred B (quar.)
M
-
Neisner Bros., Inc. (quar.)
New Britain Gas Light Co. (quar.)
New Jersey Zinc Co
125*c
$15*
$15*
25c
National Malleable & Steel Castings Co
National Union Fire Insurance (Pittsburgh)
New York & Queens Electric
25c
40c
preferred (quar.)
Nashawena Mills
Extra
$1
$15*
315*c
$15*
(quar.)
Corp
Muncie Water Works Co., 8%
25c
375*c
—
50c
$2
Light & Power
(quar.)
$15*
1900 Corp., class B
125*c
Preferred
Nonquitt Mills (quar.)_
Noranda Mines, Ltd. (interim)
Nu-Enamel Corp
Oahu Sugar (monthly)
Ohio Edison $5 pref. (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20preferred (quar.)
Ohio River Sand Co., 7% preferred
Ohio State Life Insurance Co. (quar.)
Ohio Seamless Tube, 7% preferred
Ontario Steel Products (interim)
Preferred (quar.)_
Oxford Paper Co., $5 preference
Parker Rust Proof (quar.)
50c
$1
5c
5c
$ 15*
$15*
$1.65
$15*
$1.80
t$l
13c
t$56
—_
$15*
25c
25c
1,
Mfg. Co
7% preferred (quar.)
Peck, Stow & Wilcox Co
50c
$15*
10c
Penn Electric Switch class A
(quar.)
Pennsylvania State Water Corp. $7 pref. (qu.)__
Pepperell Mfg
Philadelphia Co. v /g pref. \o.*"d
illld/UUipiildi V>v# 5% piult (s.-a.)
Phillips Petroleum Co. (quar.).
Phoenix Hosiery 7 % 1st pref
Photo Engravers & Electrotypers (s.-a.).
Piper Aircraft Corp. pref. (quar.)
— -
Plymouth Rubber, preferred (quar.)
Portland & Ogdensburg Ry. (quar.)
75c
t$15*
Extra
Paton
Jl
Sept
2 Aug. 12
Sept. 3 Aug. 12
Aug. 24 Aug.
5
Aug. 15 Aug.
5
Aug. 31 Aug. 15
Aug.
July 26
Oct.
1 Sept. 12
Aug. 31 Aug. 15
Aug.
July 27
Aug.
July 25
Aug. 15 July 31
Aug. 15 Aug.
5
Aug. 15 Aug.
5
Aug. 15 Aug.
1
Aug. 15 Aug.
1
Aug. 15 July 15
Aug.
1 July 22
Aug.
1 July 22
_
Sept. 1
Sept.10
Aug.
1
Sept. 16
Sept. 7
Aug.
1
Sept. 3
$15*
Sept.
$15*
8eot.
$15*
Sept.
10c
30c
$15*
$3
25c
50c
875*c
50c
15c
$15*
39c
25c
Aug.
1 July
Aug. 26 Aug.
31
Aug. 15 Aug.
Sept.
1 Aug.
Sept.
1 Aug.
Sept.16 Sept.
25c
Dec.
2.5c
Aug. 20 Aug. 13
Aug. 15
Sept. 3
Aug. 19 Aug.
9
5
Aug. 15
Sept.16 Sept. 3*
50c
685*c
$15*
$15*
—
Saco-Lowell Shops (quar.)
25c
Preferred (quar.)
-
tlM
Savage Arms Corp
Schumacher Wall Board, preferred
t50c
40c
Co. (quar.)
$45* cum. preferred (quar.)
$4 cum. preferred (quar.)
Security Co. (Los Angeles), ben. int
Scott Paper
$15*
$1
80c
80c
75c
Sherwin-Williams Co
$15*
(quar.)
40c
6505 Grand Building (Los Angeles)
Southern California Edison Co., Ltd.—
375*c
16 Dec.
Nov.
20
15
5
14
14
6
6
1
Nov.
1
Aug. 15
Aug. 15
Aug. 15 July
Sept. 3
Sept. 1
25c
Oct.
31
Sept.15
Sept. 3
Aug.
1
10c
6% preferred series B (quar )_.
Southern Pipe Line Co
Southington Hardware
Standard Brands, Inc. (quar.)
Preferred (quar.)
Standard Cap & Seal, preferred (quar.).
Standard-Coosa-Thatcher Co
Standard Dredging preferred (quar.)
Standard Oil Co. (Calif.)
25c
$15*
40c
Dec.
Sept.
1
16
3
37 5* c
40c
Aug. 10
Sept.
1
25c
Sept. 16
Sept. 14
Sept. 3
40c
Sterling Products, Inc. (quar.)
95c
Sylvania Industrial (quar.)
25c
Talon, Inc. (quar.)
60c
Aug. 21
Sept. 16
Teck-Hughes Gold Mines (quar.)
10c
Oct.
1 i
5c
Oct.
1
Sept.
Union Gas of Canada (quar.)
J 20c
United Chemicals $3 part, preferred
United Fuel Investments, 8% class A pref.
United Specialties Co
+7 5c
3
July"l2~
Aug. 20
1 Oct.
18
Sept. 13 Sept. 3
8
Aug. 15 Aug.
Sept. 3 Aug. 15
Sept. 3 Aug. 15
5
Aug. 15 Aug.
5
Aug. 15 Aug.
Sept. 3 Aug. 12
Sept. 3 Aug. 10
July 31 July 27
Aug. 3 July 23
Sept. 3 Aug. 15
1 July
Aug.
Aug. 12 Aug.
1 July
Aug.
Sept. 10 Aug.
Sept. 10 Aug.
Aug. 31 Aug.
1 July
Aug.
29
1
29
24
24
20
26
Sept. 15 Sept. 2
Sept. 16 Aug. 31
Aug. 15 July 25
Sept. 10 Aug. 16
Sept. 16 Sept. 3
3
Aug. 15 Aug.
Aug. 31 Aug. 10
Sept. 30 Sept. 13
Sept. 14 Aug. 30
1 Oct.
18
7 Aug.
16*
Sept.
6
Aug. 19 Aug.
6
Aug. 19 Aug.
Sept. 16 Aug. 31
1 July 25
Aug.
Sept. 10 Aug. 20
Sept. 14 Aug. 23
9
Sept. 3 Aug.
5
Aug. 15 Aug.
Aug. 14 July 30
Sept. 16 Aug. 17
Aug. 10 July 31
6
Aug. 15 Aug.
1 Sept.14
Oct.
1 Sept. 14
Oct.
1 Sept.14
Oct.
1 Sept.14
Oct.
1 Sept.14
Oct.
1 Aug. 15
Sept.
1 July 25
Aug.
1 July 20
Aug.
6
Aug. 15 Aug.
6
Aug. 15 Aug.
1 Aug. 15
Sept.
Aug. 31 Aug. 10
Aug. 31 Aug. 10
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 25 July 31
Sept. 16 Sept. 3
Sept. 3 Aug. 12
7
Aug. 15 Aug.
Sept. 3 Aug. 10
9
Aug. 31 Aug.
Sept. 1 Aug. 19
Sept. 3 Aug. 15
Sept. 3 Aug. 20
Oct.
3 Aug. 15
3 Aug. 15
3 Aug. 20
23.775c Tuly
Representative Trust Shares.
Republic Petroleum, preferred (quar.) —.
Rochester Gas & Electric 5% pref. E (quar.)
6% preferred C & D (quar.)
Ruud Manufacturing Co. (quar .)
Preferred
Holders
Terre Haute Water Works Corp.—
1 July 20
Sept. 10 Sept. 3
Oct.
1 Sept. 13*
Sept. 1 Aug. 16
Sept. 1 Aug. 16
Sept.
1 Aug. 15
Aug. 30 Aug. 20
Sept.
l'Aug. 15
Aug. 31 Aug. 15
July 25
Aug.
Aug. 12
Sept.
Aug. 12
Sept.
Aug.
2
Sept.
July 20
Aug.
Aug. 16
Sept.
July 22
Aug.
Aug. 20 Aug. 6
July 31 July 26
Aug. 10
Sept.
Sept. 4 Aug. 20
Aug. 15 July 31
Aug. 15 July 31
9
Sept. 3 Aug.
Oct.
1 Sept. 20
Nov.
When
Electric Power, 6% Pref. (quar.).
Public Electric Light Co.
1940
Payable of Record
55* %_ Preferred (quar.)
6% pref. (quar.)..
Quinte Milk Products, Ltd
Rayonier, Inc.. $2 preferred
Potomac
Aug. 20
Aug. 31
July 25
Aug.
Nov.
Lexington Water Co., 7% preferred (quar.)
Loblaw Groceterias A and B (quar.) - — -— —
Manufacturers Trading Corp. preferred (qu.) _ _
Marion
5c
66c
50c
Landis Machine
Lee (H. D.)
$1
25c
----7
preferred A (quar.)
7% preferred (quar.)
Kresge (S. S.) Co
K W Battery Co., Inc. (quar.)
Lake Superior District Power,
6% preferred (quar.)—.
7¥s
87
$3 5* pr. pref. (qu.)
(N. Y.) (s.-a.)
Kendall Co
$15*
$15*
-.— r
•----
—
International Utilities Corp.
Jersey Insurance Co.
Sept. 16 Aug. 30*
Oct.
Aug. 30
Sept. 2 Aug. 20
Sept. 3 Aug. 15
Sept. 2 Aug. 15
Sept. 2 Aug. 10
Aug. 15 Aug.
5
Sept.10 Aug. 20
Oct.
Sept. 20
Share
of Company
Extra
Publishing Co.
7% preferred (quar.)
Globe-Democrat
Gorham Mfg.
15 Sept. 3
Sept. 1 Aug. 15
Sept. 25 Sept. 14
Aug.
1 July 20
Sept.16 Aug.
9
Sept. 1 Aug. 19
Sept. 1 Aug. 19
Sept.
Aug.
2
Sept.14 Aug. 31
Aug. 15 Aug. 10
Name
Special
Louis & Interburban Water Co.—
7% preferred (quar.)
6% preferred (quar.)
Eaton Mfg. Co
Ewa Plantation Co
Extension Oil Ltd
—
Eall River Gas Works (quar.)
Faultless Rubber Co. (quar.)
Fishman (M. H.) Co. (quar.)
Fort Worth Stockyards Co.
East St.
Garner
Oct.
Aug. 3,
Per
When
Holders
Payable of Record
Quarterly
565*c
Chronicle
15 Oct.
1
Aug. 31 Aug. 30
7% preferred
$15*
(quar.)
15c
Tide Water Associated Oil (quar.)
Oct.
50c
25c
)
75c
Aug. 20
Aug. 15
Sept. 5
50c
United States Electric Light & Power
United States Freight Co. (interim)
United States Playing Card
United States Rubber Co.—
Sept. 3
Sept. 3
Sept.14
Sept. 2
Oct.
3c
Shares—.
.
8% non-cum. 1st preferred
United States Steel
$1
_
$15*
1
i
.
1
Sept. 27
Sept. 20
Utica & Mohawk Cotton Mills, Inc
50c
Vanadium-Alloys Steel
75c
Aug. 20
Aug.
8
Sept. 3
40c
Sept. 20
50c
Sept.
Sept.
Sept.
Sept.
7% preferred (quar.)
.
Van Norman Machine Tool
Van Raalte Co., Inc
1st
$15*
preferred (quar.)
20c
Vogt Manufacturing Corp
Warren (Northam) Corp. $3 preferred
Washington Railway & Electric Co
Participating units
Wentworth Mfg. Co. pref. (quar.)
Wesson Oil & Snowdrift (extra)
Preferred (quar.)
Westinghouse Electric & Mfg
75c
$10
25c
25c
50c
$1
$1
$1
$15*
Preferred
West Virginia Water Service, pref.
(quar.)...
Winter & Cramp
Corp
Whitman (Wm.) & Co., pref. (quar.)
Williams (J. B.) Co. (quar.)
75c cum. preferred (quar.)
Williamsport Water Co. $6 pref. (quar.)
York Knitting Mills
Young (L. A.) Spring & Wire
Youngstown Steel Door
Below
we
15c
...
$15*
25c
25c
$15*
10c
...
50c
50c
Share
of Company
Aug. 15
Aug. 15
Sept. 3
Aug. 15
Aug. 29
Sept.16l
Oct.
35c
(quar.)
—
Allegheny Ludlum Steel pref. (quar.)
(quar.)
Alpha Portland Cement
Aluminum Goods Mfg. Co., cap. stk
J40c
t20c
tl *4%
$1
k
$15*
Allied Stores Corp. 5% pref.
t$15*
t$15*
Aluminium, Ltd
(guar.)
50c
Aluminum Mrg.. Inc.
(quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
50c
l\U
American Automobile Insurance (St. L.)
American Bank Note preferred (quar.)
(qu.)
__
25c
75c
(quar.)
American Can Co. (quar.)
$1
American Chicle Co. (quar.)
American Envelope
$1**
Co., 7% pref. A (quar.)
American General Corp. $3 conv.
$2 A conv. preferred (quar.)
pref. (quar.)
—
50c
American Locomotive Co.
Sept. 30 Sept. 15
Dec.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
25c
Sept.
t$2
Aug. 15
Sept. 3
Sept. 3
25c
(quar.)
31 Dec.
HP
75c
15
Sept. 15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Aug. 15 July
Sept. 16 Sept.
Aug.
Sept.
5c
(HI.) (initial, quar.)
preferred
1 Sept. 14*
5 Aug. 20
1 Aug. 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Sept.
Sept.
25c
American Metal Co
American Meter Co., Inc
American Paper Goods Co.
Aug. 15 July
Aug 10 July
20c
(monthly)
American Insurance Co. (Newark) s-a.)
Extra
American Investment Co.
75c
625*c
preferred (quar.)
American Home Products
Holders
When
Payable of Record
20c
25c
-
Bonus
Preferred
1 £
25c
-
Agnew-Surpass Shoe Stores (s.-a.)
conv.
1 £
Oct.
31
25
Sept.14 Sept. 3
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
1 Sept. 16
8ept. 3 Aug. 15
Oct.
1 Sept. 17
Sept. 25 Sept. 2
30c
Addressograph Multigraph
Aetna Ball Bearing Mfg
$2
Oct.
Aug. 15
include dividends an¬
Acme Wire Co. (quar.)
Preferred
2 1
Aug. 31
Aug. 31
Aug. 15
Aug. 26 i
Aug. 26
Aug. 30
Aug. 30
in the preceding table.
Per
Name
Preferred
1
1
3
give the dividends announced in previous weeks
and not yet paid.
The list does not
nounced this week, these being given
Preference
.
Sept. 14
31
11
17
25*
3
25
Aug. 15
Aug. 15
Aug. 15
Aug. 14*
Sept. 3
Sept. 3
Aug. 15
Aug.
7
Aug. 22
Aug. 22
Aug. 29
Sept. 5
7% preferred (quar.)
$15*
Sept. 16
$15*
7% pref. (quar.)
Dec.
$15*
Sept. 1 Aug. 27
5
Aug. 15 Aug.
5
Aug. 30 Aug.
2
Aug. 31 Aug.
Sept. 30 Sept. 14
Oct.
2 Sept.
5
Sept. 3 Aug. 15
Sept. 3 Aug.
5
Sept. 16 Sept. 3
Sept. 28 Sept.18
16 Dec.
5
American Radiator & Standard Sanitary—
Preferred (quar.)
American Re-Insurance Co. (quar.)
American Rolling Mill 4 5*% pref
American Smelting & Refining
*—
40c
t$15*
-—
preferred (quar.)
Anglo-Canadian Telephone Co. class A (quar.I.¬
Armstrong Cork Co. (interim)
Preferred (quar.)
Art Metal Works (quar.)
Associated Breweries of Canada (quar.)
American Sugar Refining
Preferred (quar.)--
Associated Dry Goods 1st pref.
2d preferred
Atlas Corp., 6% pref. (quar.)
(quar.)
Bankers & Shippers Ins. Co. (N. Y.) (quar.)
Baldwin Locomotive Works pref. (s.-a.)
Best & Co
50c
25c
American Steel Foundries
$15*
15c
25c
ili
J25c
$15*
$15*
+$15*
75c
$15*
$1.05
40c
Sept. 30 Sept. 14
Oct.
1 Sept. 14
9
Sept. 3 Aug.
Sept. 3 Aug.
9
Aug. 31 Aug. 20
5
Aug. 13 Aug.
Sept. 3 Aug. 17
Aug. 15 July 25
Volume
The Commercial
151
Per
Name of Company
Share
Bayuk Cigars, Inc. (quar.)__.
First preferred (quar.)
25c
I
Bethlehem Steel Corp
7% preferred (quar.)
Bel ding Heminway Co. (quar.)
Birmingham Gas Co. 83 H prior pref. (quar.)—_
Blauner's preferred (quar.)
Bono mo Publishers (quar.)
sih
$ix
$ix
20c
87 He
75c
3Hc
Boston Fund
16c
(quar.)
Bourjois. Inc., 82H preferred (quar.)
Bower Roller Bearing Co
Brewer (C.) & Co. (monthly)
„
«sm
50c
$1 %
Brooklyn Telegraph & Messenger Co. (quar.)
Brooklyn Union Gas
Brown Oil, Ltd. (quar.)
Buck Hill Falls Co. (quar.)
Burlington Mills Corp
Burroughs Adding Machine Co
Butler Bros., preferred (quar.)
Buckeye Pipe Line Co
Byron Jackson Co. (quar.)
Calgary Edmonton Corp
California Packing Corp. (quar.)
Preferred (quar.)
California Water Service Co. 6% pref. A & B
25c
81H
12 He
10c
371?
25c
10c
.
25c
62 He
•37 He
California Western States Life Insurance (s.-a.)
Cambria iron s^mi -annual..
50c
Campbell, Wyanfc & Cannon Foundry Co
Canada Starch Co., Ltd., 7% pref. (s.-a.)__
Canada Wire & Cable, class A (quar.)
Class A (quar.)
Class B (interim)
Preferred (quar.)
25c
t$3H
$1
$1
|25c
illH
J50c
Canadian-Fairbanks-Morse Co
Canadian Oil Cos., Ltd. (quar.)
Extra
50c
12 He
12 He
50c
25c
25c
75c
Carman & Co., Inc., class A (quar.)
Castle (A. M.) Co
Extra
Cedar Rapids
Mfg. & Power (quar.)
Corp. of America—A div. in
com.
Sept. 15 Aug. 31
15 Sept. 30
3 Aug.
9
1 Sept. 6
Oct.
1
Aug. 15 Aug.
Sept. 1 Aug. 20
1
Aug. 15 Aug.
1 June 25
Oct.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Sept.
Oct.
20 July 31
15 Aug.
1
20 Sept. 6
25 Aug. 20
3 Aug. 21
3 Aug.
1
28 Aug.
15 Aug.
15 Aug.
5 July
1 Aug.
14 Aug.
15 July
30 Aug.
15 July
15 July
15 July
15 Aug.
1 Sept.
Aug. 23 Aug.
Aug. 15 Aug.
Sept. 15 Aug.
Dec.
3
1
5
27
7
23
31
31
31
31
31
31
14
2
8
31
15 Nov. 30
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Aug. 15 July 31
Aug. 15 July 15
1
Aug. 15 Aug.
1
Aug. 15 Aug.
Aug. 31 Aug. 15
Aug. 10 July 31
Aug. 10 July 31
Aug. 15 July 31
stk.
at the rate of one sh. for each 40 shs. of com¬
Aug. 15 June 14
mon held
Centra] Ohio Steel Products
Central Eureka Mining (bi-mo.)
25c
8c
Central Vermont Public Service $6 pref. (qu.)_
$1H
Century Ribbon Mills, 7% pref. (quar.)
25c
Champion Paper & Fibre
Preferred
81H
(quar.)
Chartered Investors $5 preferred (quar.)
S1H
25c
Chicago Yellow Cab
Chile Copper Co
50c
81H
Chrysler Corp
Cincinnati union Terminal,
81X
pref. (quar.)-.
87 He
Cleveland & Pittsburgh RR. 7% gtd. (quar.)
50c
4% guaranteed (quar.)
Colgate-Palmolive-Peet, pref. (quar.)
$ 1.06H
12 He
Quarterly
Colt's Patent Fire Arms Mfg. (quar.)
50c
Columbia Gas & Elec.
Corp., 6%
prer.
A (quar.)
5% cumulative preferred (quar.)..,
!1S
5% cumulative preference (quar.)..
81X
Columbia Pictures Corp. $2% conv. pref. (qu.).
Commonwealth International Corp. (quar.)
Commonwealth Utils. Corp. 6% pref. B (quar.)_
6H% preferred C (quar.)
6H % preferred C (quar.)
Community Public Service Co. (quar.)
Concord Gas. 7% preferred..
Conduits National Co. (interim)
Connecticut Light & Power (quar.)
Preferred (quar.)
Connecticut Power Co. (quar.)..;
Connecticut River Power Co. 7% pref. (quar.)..
Consolidated Cigar Corp. 7% preferred (quar.).
Consolidated Oil Corp. (quar.)
Consolidated Paper Co
III
•Jg
t50c
15c
75c
81H
62 He
$1H
81X
20c
25c
82
25c
Consolidated Retail Stores 8% pref. (quar.)
Container Corp. of Amer.
Continental Can Co. (interim)
60c
5c
25c
Continental Cushion Spring
Continental Oil
Copperweld Steel Co
5% cum conv. preferred (quar.)
Corporate Investors, Ltd., class A (quar.)
Cosmos Imperial Mills (quar.)
Creameries of America, Inc., $3 H conv. pf. (qu.)
Crown Drug Co. preferred (quar.)
Crown Zellerbach, $5 pref. (quar.)
Crum & Forster
685|c
20c
62 He
5c
30c
87 He
43 He
81H
Crundin-Martin Mfg. Co. 7% pref. (s.-a.)
Cuban-American Manganese pref. A & B
82
83 H
32c
Cuneo Press, Inc., preferred
81H
pref. (quar.)
(quar.)
25c
Dayton Rubber Mrg
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
Decca Records, Inc
Dentist's Supply Co. (N. Y.) (quar.)...,
Quarterly
Sept. 3 Aug.
Aug. 15 July
Aug. 15 July
Sept. 2 Aug.
Sept. 16 Aug.
Oct.
1 Sept.
Sept. 3 Aug.
Sept. 3 Aug.
Aug. 27 Aug.
Sept. 12 Aug.
Oct.
1 Sept.
Sept. 3 Aug.
Sept. 3 Aug.
Sept. 30 Sept.
Aug. 15 July
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
15
31
31
20
31
14
1
23
9
12
18
10
10
10
18
30 Sept. 12
Oct.
July
July
July
Aug.
July
1 Sept.
Dec.
2 Nov. 15
15
15
15
15
15
Sept. 2 Aug.
Aug. 15 July
Aug. 15 July
Aug.
8 Aug.
Oct.
Sept.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Aug.
Sept.
Aug. 15 July
Sept. 1 Aug.
Oct.
1 Sept.
Aug. 20 Aug.
Aug. 15 July
Aug. 15 July
Sept. 30 Sept.
Sept. 10 Sept.
Sept. 10 Sept.
Aug. 15 July
Aug. 15 July
Aug. 31 Aug.
Aug. 15 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
Aug. 3 Aug.
Aug. 15 Aug.
Sept. 16 Aug.
Aug. 15 Aug.
20
20
20
1
15
14
15
29
31
5
14
15
15
15
15
15
21
14
5
25
31
3
1
1
30
31
10
8
13
19
2
9
31
3
1-2-41 Dec. 23
Aug. 28 Aug. 14
Sept. 3 Aug. 20
2 Nov. 12
Sept.
3 Aug. 12
3-1-41
2-10-41
Sept. 3 Aug. 16
Sept. 3 Aug. 16
Aug. 15 July 31
Aug.
7 July
5
Aug.
7 July
5
Oct.
1 Sept. 10
Sept. 3 Aug. 17
(semi-ann.)
(semi-ann.)
Corp.
(quar.)
Diem & Wing Paper Co. 5% pref. (quar.)..
Distillers Ltd., Amer. dep. rec. (final)
Bonus
Dixie-Vortex Co. class A (quar.)
Doctor Pepper Co. (quar.)
Dec.
Quarterly
2 Nov. 16
Dominion & Anglo Investment Corp., Ltd.—
.
Dominion Bridge Co., Ltd. (quar.)
Dover & Rockaway RR. Co. (s.-a.)
Dow Chemical Co
(guar.)
Duplan Silk Corp. (s.-a.)
East Shore Public Service Co. 86 pref. (quar.)
$6 H Preferred (quar.)
Elgin National Watch
i.
Elizabeth & Trenton RR. (s.-a.)
Preferred (semi-annual)
Empire & Bay State Telegraph guar, (quar.)
Employers Reinsurance Corp. (quar.)
Emporium Cap well 7% prer. (s.-a.)
4 H % preferred (quar.)
4H% preferred (quar.)
Engineers Public Service $6 pref. (quar.)
$5H preferred (quar.)
$5 preferred (quar.)
Ever-sharp, Inc., new 6% pref. (quar.)
New
5% preferred (quar.).
New 5% preferred (quar
p.).
Fairbanks, Morse & Co. (quar.)
Fairchild Aviation Corp
Falstaff Brewing Co. (quar.)
Preferred (semi-annual)
..
Sept. 3 Aug. 15
Aug. 24 July 31
Oct.
1 Sept. 30
Aug. 15 Aug.
1
Aug. 15 Aug.
1
Aug. 16 Aug.
1
Sept. 1 Aug. 10
Sept. 1 Aug. 10
Sept. 21 Sept. 7
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept. 3 Aug. 21
Aug. 15 July 31
Sept. 21 Sept
7
Oct.
1 Sept. 21
1- 2-41 Dec. 21
Oct.
1 Sept. 13
Oct.
1
Oct.
1
Oct.
1
1-2-41
4-1-41
Sept. 13
Sept. 13
Sept. 15
Dec. 15
3-15-41
Sept. 3 Aug. 10
Aug.
9 July 26
Aug. 31 Aug. 17
Oct.
1 Sept. 16
18 Dec.
14
31
Jan.
10
11
Freeport Sulphur (quar.)
Extra
(quar.)
Genera] Cigar Co. 7% pref. (quar.)
General Electric Ltd. Am. dep. receipts.
Bonus
10
31
15
15
20
20
16
16
20
16
Aug. 20 Aug.
Aug. 20 Aug.
Sept. 3 Aug.
Sept.
Aug.
? % preferred (quar.)
10
10
16
16
26
31
5
Nov. 15 Nov. 6
Aug. 15 Aug. 5
Nov. 15 Nov. 6
General Foods Corp. (quar.)
General Metals Corp. (s.-a.)
General Outdoor Advertising class A (quar.)
Class A (quar.)
Preferred (quar.)
Preferred (quar.)
General Steel Wares Ltd. part. pref. (quar.)
Part, preferred (part, dividend)
Gibraltar Fire & Marine Insurance (s.-a.)
Extra
Gold & Stock Telegraph Co. (quar.)_
Grace National Bank (s.-a.)
Granby Consol Mining, Smelting & Power Co__
Graton & Knight Co. 7% preferred
Great Laxes Dredge & Dock
Greene Cananea Copper Co
Greenfield Tap & Die $6 pref
Grumman Aircraft Engineering
Gurd (Charles) & Co. preferred (quar.).
Hackensack Water pref. A (quar.)
Hale Bros. Stores. Inc. (quar.)
Hamilton Watch Co
Preferred (quar.)
Hanna (M. A.) Co. 85cum. pref.
Banners Oil Co., common
Common
2 Dec.
30
28
Sept. 25 Sept.
Aug. 15 July
Sept. 3 Aug.
Sept. 3 Aug.
Sept. 3 Aug.
Aug. 15 July
Sept. 3 Aug.
Sept. 3 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Aug. 19 July
Aug. 19 July
Aug. 15 July
Aug. 15 July
Aug. 15 Aug.
Fort Wayne & Jackson RR., 5H% pref. (s.-a.)__
Four Star Petroleum, Ltd
Oct.
15
15
1 Sept. 30
Sept.
Sept.
1 Aug. 28
3 Aug. 16
Aug. 15 Aug. 5
Aug. 15 Aug. 2
Sept. 16 Sept. 6
Aug. 15 Aug.
1
Aug.
5 July 26
Aug. 15 Aug.
1
Sept. 30 Sept. 16
Sept. 3 Aug. 15
Sept. 16 Aug. 30
Sept. 39 Aug. 16
Sept. 1 Aug. 15
Sept. 15
(quar.)
Dec.
15
Harris burg Gas Co. 7% pref. (quar.)
Harris & Co., preferred (quar.)
Oct.
Nov.
15 Sept. 30
1 Oct. 25
Havana Electric & Utilities Co. 6% 1st pref
Hawaiian Agricultural Co. (monthly)
Hawaiian Commercial & Sugar Co. (auar.)
Aug
Aug.
Aug.
Aug.
15
20
15
15
Hedley Mascot Gold Mines
Henkel Clauss, pref. (quar.)
...
Oct.
Hercules Powder Co. preferred (quar.)
Extra
Hooker Electrochemical
Nov.
Border's, Inc. (quar.)
Hormel (Geo. A.) & Co
Preferred A (quar.)
Horn (A. C. )7% preferred (quar.)
S^c
45c
6% preferred (quar.)
Horn & Hardart (N.Y.)
Huston (J.) Peanut Co. (quar.)
Idaho Maryland Mines
(monthly)
Illuminating & Power Securities (quar.)
7% preferred (quar.)
Indiana Assoc. Telep. Corp. 86 pref. (quar.)
Ingersoll Rand Co
International Business Machines (quar.)
International Harvester, pref. (quar.)
Internationa] Match Corp
International Match Realization Co., Ltd
Liquidating div. payable to holders of v. t. c.
International Ocean Teleg. Co. (quar.)
International Rys. of Cent. Amer. 5% pref
July 31
Aug. 10
Aug.
5
July 24
Sept. 20
Aug. 2
July 25
July 25
Aug. 20
Sept. 17
Aug. 15
July 29
July 29
July 18
1 Oct.
Aug. 15 July
Aug. 15 July
Sept. 3 Aug.
Sept. 3 Aug.
Sept. 3 Aug.
Aug. 15 Aug.
Aug. 21 Aug.
Aug.
9 July
Aug. 15 July
Aug. 15 Aug.
Sept. 3 Aug.
Oct. 10 Sept.
Sept. 3 Aug,
Aug.
19
27
27
19
19
14
5
8
31
31
1
5
23
5
7
Aug. 14 July "12
Oct.
1 Sept. 30
Aug. 15 Aug. 8
Sept. 2 Aug. 10
Iron Fireman Mfg. common v. t. c. (quar.)
Common v. t. c. (quar.)
Jantzen Knitting
1
Aug. 15
Aug. 15
Aug. 15
Aug. 30
Sept. 27
Sept. 3
Aug. '12
Aug. 12
Aug. 31
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard. Spencer, Bartlett & Co. (monthly)—.
Monthly
Hires (Chas. E.) Co
Hollinger Consol. Gold Mines (monthly) __;
Dec.
Mills, pref. (quar.)
2 Nov.
9
Sept. 3 Aug. 25
Sept. 20 Sept. 6
Oct.
1 Sept. 16
Sept. 3 Aug. 20
Jewel Tea Co., Inc. (quar.)
Keith-Albee-Orpheum 7% preferred
Kemper-Thomas 7% special pref. (quar.)
8pecial preferred (quar.)
Kennecott Copper Corp
Dec.
2 Nov. 20
30
30
20
20
Nov.
Aug. 31 /
Aug. 311
Aug.
1
Aug.
9
1 Sept. 30
1 Sept. 30
Klein (D. EmH)
Oct.
1 Sept. 20
Knickerbocker Fund
Aug. 20 July 31
Sept. 3 Aug.
7
Sept. 16
Sept.
Sept.
Aug.
Aug.
Special
Kentucky Utilities junior pref. (quar.)
Kinney (G. R.) 85 prior preferred
Kirkland Lake Gold Mining (s.-a.)_.
Nov.
Special
(quar.)
-
Mill, 7% preferred (quar.).
SI X
*1 %A
Landis Machine preferred (quar.)
Preferred (quar.)
Dec.
Leath & Co., preferred (quar.)
3 Aug. 12
Preferred
Quarterly
1 Aug. 20
Dec.
Dec.
Ferro Enamel Corp
Florida Portland Cement 7% pref
Florida Power Corp. pref. A (quar.)
Fuller Brush Co., 7% preferred
Holders
Sept. 30 Sept. 16
Farmers & Traders Life Insurance (quar.).
.
When
Payable\of Record
Sept. 16 Aug.
Dec. 16 Nov.
Mar. 15 Feb.
Oct.
1 Sept
;
Sept.
Sept.
5% preferred (quar.)
Quarterly
Quarterly
2 Nov. 26
Jan.1*41 Dec. 20
Preferred
Fansteel Metallurgical Corp., preferred (quar.).
Preferred (quar.)
Farallone Packing Co. (quar.)
Dec.
Quarterly
Preferred
Share
Lanston Monotype Machine (quar.)
La Salle Wines & Champagne, Inc
Diamond Match Co. (quar.)
Preferred
Per
Name of Company
Lake of the Woods
Denver Union Stockyards 5H% pref. (quar.)__
Detroit-Hillsdale Ac Southwestern (s.-a.)
Dictaphone
649
Holders
When
Payable of Record
*
Canadian Converters
Celanese
SI
& Financial Chronicle
Lehigh Portland Cement Co., 4% pref. (quar.).
Leitch Gold Mines (quar.)
Libbey-Owens-Ford Glass
Li boy,' McNeil & Libby
Life Savers Corp. (quar.)
Special
Liggett <3f Myers Tobacco com. & com. B (qu.)
Lincoln National Life Insurance Co. (quar.)
Lindsay Light & Chemical
Link-Belt Co. (quar.)
21
10
14
14
31
30
Nov.
26
Oct.
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Lock-Joint Pipe Co. (monthly)
Monthly
Preferred (quar.)
Loew's, Inc., 86H pref. (quar.)
Lone Star Gas, common
Corrected: Previously announced as pref.
Loose-Wiles Biscuit Co., preferred (quar.)
Louisville Henderson & St. Louis Ry. (s.-a.)
Preferred (s.-a.)
Louisville & Nashville RR. Co
Lumkenheimer Co
6H% pref. (quar )
6 H % preferred (quar.)
Luzerne County Gas & Elec. Corp., 871st pref—
86, 1st preferred (quar.)
Lynch Corp
—-—,—
MacMillan Co. (quar,)..
Preferred (quar.)
—
Macy (R. H.) & Co
Madison Square Garden
Magma Copper Co
Magnin (I.) & Co. preferred (quar.)
Preferred (quar.)
i
Mammoth Mining Co
Dec.
.....
--
1 Oct.
Aug. 15 Aug.
Sept. 3 Aug.
Preferred (quar.)
Lionel Corp. (quar.)
Little Miami RR. Co., original capital (quar.)-.
.....
16
Aug. 31 Aug.
Aug. 20 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Aug. 15 July
Sept. 16 Aug.
Aug. 15 July
Sept. 3 Aug.
Sept. 3 Aug.
Sept. 2 Aug.
31
1
1
16
5
9
1 Sept. 14
Aug. 31 Aug. 10
Sept. 10 Aug. 24
10 Nov. 25
Sept. 10 Aug. 24
Dec.
10 Nov. 25
Aug. 31 Aug.
Sept. 30 Sept.
Oct.
1 Sept.
Aug. 15 July
Aug. 22 July
Oct.
Aug.
Aug.
Aug.
Aug.
Oct.
21
20
21
29
22
1 Sept. 18
15
15
26
15
Aug.
1
Aug.
I
July 29
Aug.
5
1 Sept. 21
1-2-41 Dec. 23
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
15
15
15
15
8
3
30
31
31
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept. 16 Aug.
Aug. 15 Aug.
5
9
2
9
15
30
5
Nov. 15 Nov.
5,
Aug. 30
The Commercial & Financial Chronicle
650
Per
Name of
Share
Company
5c
Managed Investments, Inc. (quar.)
25c
Manhattan Shirt Co. (quar.)
40c
75c
Sept.
91A
preferred (quar.
6% 2d preferred (quar.)
Massachusetts Bonding & Insurance Corp
May Department Stores (quar.)
May Hosiery Mills $4 pref. (quar.)
Mclntyre Porcupine Mines iuuar.;__„
Meadville Telephone Co. (auar.)
Meier & Frank (quar.)
Mercantile Acceptance
91A
$1
—
60c
37Ac
Seot.
Aug.
5
Aug.
1
15 July
Sept.
5 Sept.
Dec.
5 Dec.
1
Sept.
5 Sept,
1
Dec.
5 Dec.
I
40c
uia
pref.
(quar.)
HA
$1A
—
Extra
Quarterly
Extra.
5A% cumulative preferred (quar.)
5A% cumulative preferred (quar.)
Monarch Life Insurance Co. (s.-a.)
Monolith Portland Cement Co. 8% pref
Monsanto Chemical Co., pref. A & B (semi-ann.)
Moody's Investors Service pref. (quar.)
Moore (Wm. R.) Dry Goods Co. (quar.)
Quarterly
Morris & Co. pref. (quar.)
Morris (Philip) & Co., Ltd., Inc.—
5% conv. preferred A (quar.)
Morris Plan insurance Society (quar.)
—
(Md.j class A (quar.)
B
National Gypsum Co., preferred (quar.)
National Linen Service $7 pref. (s.-a.)
$5 preferred (semi-ann.)
National Paper & Type Co
Preferred (s.-a.)
National Food Products Corp., class
National Power & Light Co
7% preferred
6% preferred
6% preferred
10c
75c
Ac
J2UC
JlOc
J20c
J10C
\%m
til A
91A
t25c
$2 A
75c
$1A
$1A
91A
UK
lis
«1H
$1>*
SI A
SI A
37 Ac
Pacilic Lighting
SI A
Preferred A & B (quar.).
25c
(quar.)
Peninsular Grinding Wheel Co
Peninsular Telephone (quar.)
Quarterly
Preferred A (quar.)
Preferred A (quar.)
Preferred A (quar.)
Penmans Ltd. (quar.)
Pennsylvania Salt Manufacturing
Peoria & Bureau Valley RR. Co
Pepsi-Cola Co
Pfaudler Co., 6% preferred (quar.)
Pfeiffer Brewing Co. (quar.)...
Phelps Dodge Corp
Philadelphia Electric Power, 8% pref. (quar.)..
Philadelphia Germantown & Norristown RR
Philadelphia Insulated Wire (s.-a.)
Phillip Morris & Co. pref. (quar.)
Philippine Long Distance Telephone Co. (mo.)—
Phoenix Acceptance Corp. (quar.)
Quarterly
Pillsbury Flour Mills (quar.)
Piper Air Corp. conv. pref. (quar.)
Pitney-Bowes Postage Meter (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh Coke & Iron Co. $5 conv. pref
Pittsburgh Screw & Bolt
Pollock Paper & Box 7 % preferred (quar.)
7% preferred (quar.)
Poor & Co., $1A class A (quar.)
Princeton Water Co. (N. J.) (quar.)
Privateer Mines, Ltd
Procter & Gamble Co. (quar.)
Public National Bank & Trust Co. (quar.)
Public Service of N. J. 8% pref. (quar.)
(quar.)
—
50c
Aug. 15 Aug.
1
Oct.
1 Oct.
1
Dec.
30
1-2-41
Sept.
1 Aug. 15
Aug. 30 Aug. 15
Sept. 1 Aug. 23
Dec.
1 Nov. 22
Aug. 31 Aug. 17
Sept. 28 Sept. 14
Sept. 3 Aug. 15
3
3
3
Aug. 15
Sept. 3
Sept. 30
Sept. 30
8ept.30
Sept. 3
Sept. 30
Aug. 20
Aug. 20
Sept. 20
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Panhandle Eastern Pipe Line—
Parker Pen Co
Southeastern Greyhound Lines, pref.
Southern California Edison Co., Ltd. (quar.)..
Southern Canada Power Co. (quar.)
Sovereign Investment. Inc. (quar.)
Spiegel, Inc., preferred (quar.)
Stamford Water Co. (quar.)
25
30
2
31
31
20
25c
34*|c
5A% preferred (quar.)
Corp. (quar.)
South Bend Lathe Works (quar.)
South Carolina Power Co. 1st $6 pref. (qu )
South Pittsburgh Water Co. 5% Pref. (s.-a.)
Southview Pulp Co
Preferred (quar.)
9 July
15 July
9 Aug.
15 July
15 July
15 July
25c
50c
Pacific Gas & Electric, 6% pref. (quar.)
91A Nov.
Aug.
Aug.
Oct.
91A
Aug.
91A
30c
Sept.
37 Ac.
Aug.
t20c Aug.
6 Ac
50c
Mfg. Co
1
1
16
91A
30c
60c
Pacific Fire Insurance Co. (quar.)
50c
Skelly Oil Co
Smith (S. Morgan) Co. (quar.)
9
Dec. 30 Dec.
$2
40c
30c
...
15c
25c
2 Nov.
Aug.
Sept.
Aug.
Aug.
Aug.
Sept. 20 Aug.
Oct.
1 Sept.
91A
91A
Outboard Marine & Mfg. Co
Owens-Illinois Glass
23c
$1A
City Gas & Electric 7% pref. (quar.)
Dec.
31
31
25
22
30
30
20
20
20
20
5
15
14
14
14
20
23
10
8
23
23
16
92 A
10c
—
-
Sept. 15 Sept.
Aug. 15 Aug.
Sept. 19 Aug.
Aug. 19 July
Aug.
5 July
Sept. 10 Aug.
Aug. 10 July
Aug. 10 July
Sept. 3 Aug.
S3 A
25c
Ottawa Electric Ry. (quar.)
Jan.
92 A
SI
20c
92 A
Otis Elevator Co
20
Sept. 20
Dec. 20
1
lHc
SI A
75c
Onomea Sugar (monthly)
20
Dec.
Oct.
Nov. 15 Nov.
91 H
25c
Oswego & Syracuse RR. (s.-a.)
Dec.
Jan.
50c
40c
Oklahoma Natural Gas Co
(quar.)
Oct.
Jan.
50c
50c
30c
(quar.)
Omar, Inc., preferred (quar.)
Sept. 20
Sept. 20
7
Sept. 3 Aug.
Aug. 31 Aug. 15
Oct. 15 Sept. 10
Aug. 31 Aug. 16
Aug. 15 July 31
1*
Aug. 15 Aug.
Sept, 3 Aug. 16
Sept. 2 Aug. 22
Sept. 2 Aug. 22
Aug. 15 July 31
Aug. 15 July 31
Sept. 3 July 29
Aug. 15 July 31
1
Aug. 15 Aug.
Oct.
1 Aug. 26
Sept.
1 Aug. 16
1
Aug. 15 Aug.
91A
25c
Preferred (quar.)
25c
Common
Soss
87Hc
5c
50c
50c
Oct.
SI A
Standard Brands, Inc. $4A cum.
10c
SI A
40c
1
91A
pref. (quar.).
10c
Standard Silica Corp
40c
3 Aug. 15
Sept. 3 Aug. 20
Aug. 15 July 26
Oct.
1 Sept. 14
1-1—41 Dec.
14
35c
Aug. 15 Aug.
5
35c
Nov. 15 Nov.
4
35c
2-15-41
75c
25c
Aug.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
50c
Oct.
91A
93A
95
91H
25c
SI A
10c
$1**
42c
12Ac
12Ac
40c
15c
10c
75c
$13*
15c
91A
91A
37Ac
91
3c
50c
37Ac
92
7% preferred (quar.)
6% preferred (monthly)
91A
$5 preferred (quar.)
$13*
50c
50c
SI
30c
25c
Sept.
Aug.
Sept.
Aug.
Aug.
2—4—41
5
15 Aug.
14 Aug. 31
10 July 19
20 July 31
1 Aug. 21
10 Aug. 20
10 Aug. 16
1 Sept.10
4 Aug. 20
15 Aug.
1
1 Aug. 15
31 Aug. 20
5
15 Aug.
Nov. 15 Nov.
5
Aug. 31 Aug. 15
Sept. 3 Aug. 20
Aug. 20 Aug.
1
Oct.
1 Sept. 14
Sept.
1 Aug. 20
Aug. 17 July 26
Sept. 15 Sept.15
Dec.
15 Dec.
15
Sept.
1 Aug. 15
Aug. 20 July 20
Aug. 10 July 30
Aug. 15 July 25
Oct.
1 Sept. 20
Sept. 14 Aug. 15
Sept. 14 Aug. 15
Sept. 14 Aug. 15
Sept. 14 Aug. 15
Aug. 15 July 15
Sept.
1 Aug. 15
Oct.
1 Sept.16
Sept. 16 Aug. 23
31)*c
$1>*
SI**
Stanley Works 5% pref. (quar.)
Stecher-Traung Lithograph 5% pref. (quar.)
5% preferred (quar.)
25c
Stein (A.) & Co
$1**
Strawbridge & Clothier prior pref. (quar.)
Stromberg Carlson Telep. Mfg. Co. pref. (qu.)__
Stuart (D. A.) Oil, Ltd., pref. (quar.)
Sun Oil Co.
91%
20c
25c
(Phila., Pa.)
91A
Preferred (quar.)
Swift & Co.'(quar.)
30c
56c
Tampa Electric (quar.)..
Preferred (quar.)
Texas Pacific Coal & Oil Co. (quar.)
Thatcher Mfg., conv. pref. (quar.)
Thew Shovel Co
SI**
10c
90c
50c
SI**
Preferred (quar.)
Toburn Gold Mines
2c
2c
Extra..,
25c
Trane Co
Preferred
91A
91A
(quar.)
Union Electric (Mo.) $5 preferred (quar.)
Union Oil & Calif, (quar.)
25c
25c
United Biscuit Co. of America
United Bond A Share
l td
United Engineering &
Preferred (quar.)
15c
Foundry
United Gas
(quar.)
...
50c
SI**
92 A
Corp. 97 oref
25c
United Gas Improvement (quar.)...
Preferred (quar.)
91A
Rys. 7% preferred (mo.)
58 l-3c
United Light
581-3c
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
53c
53c
50c
50c
25c
United Mercnants & Manufacturers, Inc.
92 A
United New Jersey RR. & Canal (quar.)
United States Petroleum Co. (quar.)
2c
2c
Quarterly
(quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
Utica Clinton & Binghamton RR. Co
Vapor Car Heating, Inc. (quar.)
7% pref (quar.)
7% preferred (quar.)
7% preferred (quar )
Virginia Coal & Iron Co
Virginian Ry. (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
(quar.)
preferred
(quar.)
Walker (H.) Gooderman & Worts, Ltd. (qu.)__
Preferred
(quar.)
Walworth Co. 6% pref
Warren Foundry & Pipe
Welch Grape Juice Co., pref. (quar.)
West Michigan Steel Foundry—
Convertible preferred (quar.)
West Penn Electric 7% preferred (quar.)
6% preferred (quar.)
West Virginia Pulp & Paper. 6% pref. (quar.)_Western Cartridge Co.. pref. (quar.)
Westgate-Greenland Oil Co. (monthly)
Westinghouse Air Brake
Westminster Paper Co., Ltd. (s.-a.)
Westmoreland, Inc. (quar.)
Weston Electrical Instruments (quar.)
Weston (Geo.) Ltd. (quar.)
Whitaker Paper Co
7% preferred (quar.)
White (8. S.) Dental Mfg. (quar.)
Will & Baumer Candle Co., In
Ltd.
(s.-a.)
Dec.
Dec.
31
31
10
31
1
31
22
22
1
24
31
10
12
30
2
2
9
30
30
15
16
15
16
15
16
2
Oct. 10 Sept. 20
Sept. 15 Sept. 5
Dec.
15 Dec.
5
50c
Sept.
1 Aug. 25
Oct.
1 Sept. 28
Dec. 30
1-1-41
1
Aug. 10 Aug.
Sept. 10 Sept. 2
Sept. 10 Aug. 31
Dec.
'
«1**
50c
62 Ac
37 Ac
37 Ac
37 Ac
91A
91A
t$l
J25c
60c
50c
SI**
20 Nov. 30*
10 Nov. 30
3-9-41
3-1-41
Sept. 3 Aug. 23
Sept. 25 Sept. 14
1 Oct.
2-1-41 Jan.
Nov.
5-1-41 Apr.
8-1-41 July
19
18
19
19
Sept. 20 Sept. 10
10
Oct.
19 Oct.
Sept.
Sept.
Aug.
Sept.
Aug.
15 Aug. 23
15 Aug. 23
1
15 Aug.
3 Aug. 15
31 Aug. 15
Aug.
July
July
July
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
3
15
15
15
20
25c
15
19
19
25
July 31
15 Aug. 10
Sept. 14 Aug. 15
25c
Nov.
1
25c
50c
1 Sept. 14
Sept. 10 Aug. 27
Oct.
1 Sept. 12
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Aug. 13 July 29
8
Aug. 15 Aug.
Oct.
1 Sept. 14
Aug. 15 July 31
1
Aug. 15 Aug.
43**c
SI?*
91A
91A
91A
lc
20c
$1
$1**
15c
10c
Oct.
15
Oct.
1—
Extra
Payable in U. S. funds.
Wrigley (Wm.) Jr. Monthly
15
Nov.
1 Oct.
15
60c
Sept.
10c
(quar.)
1 Oct.
50c
—
Wright-Hargreaves Mines Ltd. (quar.)
Oct.
9
3 Aug.
1 Aug. 22
Oct.
1 Aug. 22
Sept.
2 Aug. 20
1 Sept. 20
1 Sept. 10
25c
25c
Monthly
Oct.
Mercantile Institution
Oct.
10c
Quarterly
Transfer books not closed for this
Nov.
15c
Yale & Towne Mfg. Co
Yuba Consolidated Gold Fields
1
Aug. 15 July
Aug. 15 July
Sept. 3 Aug.
Aug. 15 July
Aug. 15 Aug.
Sept. 15 Aug.
Aug. 22 July
Aug. 22 July
Aug. 15 Aug.
Sept. 3 Aug.
Aug. 15 July
Aug. 10 July
Sept. 1 Aug.
Oct.
15 Sept.
Aug. 13 Aug.
Aug. 13 Aug.
Sept. 3 Aug.
Sept. 30 Aug.
Sept. 30 Aug.
Sept. 3 Aug.
Oct.
Sept.
Aug.
Sept.
Oct.
Sept.
Aug.
Sept.
Oct.
Sept.
5c
......
Woolworth (F. W.) Co.
*
90c
$1**
191A
$2**
91A
Hosiery Co. (quar.)
Extra
Zion's Co-operative
$1A
91A
25c
(quar.)
Wilson & Co., 6% preferred
Wilson Line, Inc., 5% pref.
Winstead
14
Dec.
37 Ac
Vulcan Detinnlng (quar.)
Wilsil
Dec. 31 Dec.
1
Aug. 15 Aug.
Sept. 2 Aug. 12
Sept. 1 Aug. 13
Sept. 3 Aug. 15
Sept. 16 Aug. 24
Sept. 3 Aug. 10
Oct.
1 Sept.
3
Sept. 20 Aug. 31*
25c
Universal Insurance Co.
7%
1
50c
Quarterly
Preferred
1 Nov.
15 July 31
31 Aug. 15
1 Sept.10
19 Aug. 10
1 Aug. 15
15 July 20
15 July 31
Sept.
1 Aug. 15
Aug. 25 Aug. 15
Aug. 20 July 31
Sept.14 Aug. 31
5
Aug. 15 Aug.
Sept.16 Sept. 3
5
Aug. 15 Aug.
Sept. 14 Sept. 5
1
Aug. 15 Aug.
Sept. 30 Sept. 14
50c
United States Pipe & Foundry Co. (quar.)
1 Sept. 14
Sept.
5
Aug. 15 Aug.
Sept. 2 Aug. 15
Oct.
1 Sept. 19
Oct.
1 Sept. 19
6
Aug. 15 Aug.
Sept. 14 Aug. 31
Sept.
1 Aug. 15
Aug. 26 July 24
Aug. 10 July 31
Aug. 10 July 31
Aug. 10 July 31
Aug. 28 July 25
SI A
Standard Wholesale Phosphate & Acid Works..
uia
91A
Okonite Co., 0% preferred
Oct.
20
20
5
Aug. 31 Aug. 20
40c
.
15 Dec.
15
15c
25c
Seaboard Oil of Delaware (quar.)
Served, Inc
Dec.
26 July
37Ac
75c
Sioux
Occidental Insurance (quar.)
Ohio Steel Products
....
Dillon Co
20
23
14
Sept.
Sept.
1 Oct.
SI A
3 Aug.
1 Aug.
Oct.
1 Sept.
Aug. 15 July
Aug. 15 July
Extra
Northwestern Public Service 7 % pref
13
Nov.
Aug. 15 July 25
Aug. 15 July 25
Oct.
1 Sept. 20
10c
$1
37 Ac
National Standard Co. (extra)
23 Dec.
1 Sept. 10
1 Sept. 10
50c
preferred (quar.)
Scotten
Oct.
50c
Shawinigan Water & Power
15c
Neptune Meter Co. 8% pref. (quar.)
New Amsterdam Casualty Co. (s.-a.)
Newberry (J. J.) Co. pref. (quar.)
1900 Corp.. class A (quar.)
Class A (quar.)
Norfolk & Western Ry. (quar.)
4% preferred (quar.)
North American Oil Consol. (quar.)
North River Insurance Co. (quar.)
Northern Insurance Co. of N. Y
Dec.
5%
Oct.
15c
Silex Co
lc
Muskogee Co., 0% preferred (quar.)
Muskegon Motor Specialty, class A (quar.)
National Biscuit Co
Preferred (quar.)
Preferred (quar.)
50c
Safeway Stores. Inc
1 Sept.
1
16 Aug. 30
22
8 July 11
12 Aug. 22
10 Sept. 19
$1*4
50c
Rochester Button Co. pref. (quar.)
Rolland Paper, com. and vot. trust ctfs. (quar.)
Preferred (quar.).
20
91A
Mount Diablo Mining (quar.)
Oct.
Aug. 31 Aug.
20c
(quar. interim)
Dec. 23 Dec.
25c
(quar.)
31
20
Oct.
1 Sept. 20
Sept. 30 Sept. 20
Aug. 15 July
Holders
When
Payable oj Record
Sept.
Aug.
Aug.
Sept.
Oct.
25c
—
Quarterly
Sept. 23 Sept. 20
$1
Quarterly
Pullman, Inc
Common B
5c
10c
6% Pref (mo.)
Puget Sound Pulp & Timber (special)
15c
J25c
Reynolds (R. J.) Tobacco Co. (quar. interim..
5c
$1H
Pender (David) Grocery, class A
SI A
Quaker Oats Co., preferred (quar.)
Quaker State Oil Refining
Quebec Power Co. (quar.)_
Reading Co. (quar.)*
1st preferred (quar.)
2nd preferred (quar.)
Remington Rand, Inc. (interim)
94 A preferred (quar.)
Republic Investors Fund, Inc.—
6% preferred A & B (quar.)
1
30c
Modern Containers, Ltd. (quar.)
Quarterly
Aug. 31 Aug. 15
31
Aug. 15 Aug.
1
$1**
(quar.)
Midvale Co
Preferred (quar.)
lb
Share
Name of Company
Roberts' Public Markets (quar.)
—
$5 J* conv. prior preferred
25
30c
Missouri-Kansas Pipe Line Co
Class B stock
National Credit Co.
July
3 Aug.
15c
Michigan Silica (quar.)
Quarterly.
....
—
Mid-West Rubber Reclaiming Co., $4 pref. (qu.)
Middlesex Water (quar.)
Motor Finance Corp.
Preferred (quar.)
Sept. 15
Sept. 15
25c
Merck & Co., Inc—
Preferred (quar.)
Metal & Thermit Corp.
Preferred (quar.)
Aug.
1
Aug. 12
Aug.
1
Aug.
1
25c
Corp.—
6% preferred (quar.)
5% preferred (quar.)..
6% preferred (quar.)
0% preferred (quar.)
Mercantile Stores, preferred
Aug. 15
Sept. 3
15
15
30
30
5
Aug.
Aug.
Sept.
Sept.
Aug.
10c
Extra
Marshall Field & Co. 6%
Per
Holders
Payable of Record
87 Mc
(quar.),
Manufacturers Casualty Ins.
When
Aug. 3, 1940
Aug. 10 July 10
Sept. 15 Sept. 5
50c
50c
Dec.
15 Dec
5
dividend*
t On account of accumulated dividends,
t Payable in Canadian funds, and in
deduction of a tax of 5% of the amount
the case of non-residents of Canada
of such dividend will be made.
Volume
The Commercial & Financial Chronicle
151
Condition of the Federal Reserve Bank
New
The
of
The
following shows the condition of the Federal Reserve
business July 31,
1940,
weekly
STATEMENT OF
date last year:
issued
statement
Clearing House
comparison with the previous week and the corresponding
in
MEMBERS
THE
OF
July 31, 1940 July 24, 1940 Aug. 2, 1939
*
hand and
$
$
Bank of New York
Bank of Manhattan Co.
9,044,292,000 9.124,837,000 6,682,411,000
National City Bank
Chem Bank <fe Trust Co.
20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
Total reserves...
U.
S.
41,748,000
21,000,000
15,000,000
Govt
77,500,000
direct and guaranteed.
165,000
283,000
305,000
Cent Hanover Bk&Tr Co
204,000
201,000
909,000
Corn Exch Bank Tr Co.
369,000
484,000
1,214,000
Flrst National Bank
bills
discounted..
10,000,000
Irving Trust Co
50,000,000
212,000
Bills bought In open market.
Industrial advances
l,99l",666
1,811",000
Continental Bk & Tr Co.
4,000,000
2,131,000
Chase National Bank...
Fifth Avenue Bank
100,270,000
405,667,000
345,434,000
404,981,000
345,372,000
Notes
Deposits,
Average
Average
Title Guar & Trust Co..
6,000,000
343,471,000
Marine Midland Tr Co..
New York Trust Co
5,000,000
Public Nat Bk & Tr Co.
750,353,000
751,101,000
753,576,000
67,000
2,208,000
157,620,000
167,640,000
Totals.
Uncollected Items
Bank premises
Other assets
♦
4,911,000
9,802,000
5,032,000
1,173,000
45,405,000
4,193,000
47,210,000
121,154,000
85,577,000
932,644,800 14,756,844,000
707,858,000
8,639,500
10,067,700
518,518,000
As per official reports:
1940; State, June 29, 1940; trust
National, June 29.
companies, June 29, 1940.
8,926,000
16,734,000
14,566,000
Includes deposits In foreign branches as follows: a $280,227,000 (latest available
date); 5 $73,749,000 (latest available date); c $1,980,000 (Aug. 1); d $73,853,000
(latest available date); e $21,225,000 (July 17).
9,988,763,000 10064,794,000 7,598,576,000
Total assets
28,083,000
923,000
720,055,000
17,000
99,016,000
61,594,000
716,498,000
752,533,000
17,000
1,463,000
163,845,000
9,785,000
16,828,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks...
6,875,000
73,900,000
2,324,000
3,003,000
37,197,000
2,055,000
51,347,000
12,500,000
7,000,000
7,000,000
Comm'l Nat Bk & Tr Co
Government securities
direct and guaranteed
21,062,000
40,589,000
176,877,000
56,869,000
4,115,400
81,778,200 el,148,797,000
2,465,000
13,794,000
9,448,000
123,649,000
421,476,000
28,000,800
25,000,000
266,076,000
106,951,000
Bills
S.
Time
Deposits,
500,000
Bankers Trust Co
anteed:
Bonds
Total U.
Net Demand
13,940,700
213,895,000
594,504,000
26,651,100
68,819,400 a2,427,918,000
755,410,000
57,240,100
185,639,400 52,207,051,000
40,151,100
679,672,000
73,285,300 d, 115,896,000
299,294,000
21,021,300
109,530,400
720,443,000
719,947,000
53,310,000
4,450,400
57,518,000
134,091,000 d2,993,980,000
6,000,000
20,000,000
Other bills discounted...
Total
HOUSE
1, 1940
S
discounted:
by
CLEARING
Undivided
Surplus and
Capital
Members
8,938,862,000 9,017,114,000 6,588,427,000
1,747,000
1,035,000
1,035,000
92,237,000
106,688,000
104,395,000
Other cash t
Secured
NEW YORK
c
United States Treasury.*
Redemption fund—F. R. notes.
Bills
York City
New
Profits
•
Clearing House
$
on
the
by
Friday afternoon is given in full below:
on
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY. AUG.
Assets—
Gold certificates
York City
Weekly Return of the New
Clearing House
York
Bank of New York at the close of
651
<
,
Liabilities—
F. R. notes in actual circulation
Deposits—Member bank
reserve acc't.
U.S. Treasurer—General account
Foreign bank
Other deposits
1,406,292,000 1,392,823,000 1,131,894,000
7,281,537,000 7,391,410,000 5,549,081,000
301,058,000
240,736,000
245,194,000
111,088,000
262,599,000
282,547,000
236,330,000
511,714,000
503,288,000
each day
8,312,566,000 8,406,459,000 6,197,557,000
148,798,000
145,654,000
141,855,000
Total deposits
Deferred availability Items
435,000
323,000
Other liabilities, lncl. accrued dividends.
STOCK
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
July 29
July 30
July 31
Aug. 1
Aug. 2
38/73 /ltf
Brltlsh Amer Tobacco.
37/6
72/6
Cable & Wire ord
51,080,000
53,326,000
7,109,000
11,707,000
51,084,000
53,326,000
7,109,000
12,409,000
Other capital accounts.
50,873,000
£38
£10
£9?*
30/26/9
Cons Goldflelds of S A.
52,463,000
Courtaulds S & Co
7,457,000
8,419,000
Distillers Co
Electric A Musical Ind
Total liabilities and capital accounts... 9,988,763,000 10064,794,000 7,598,576,000
Ratio
of
F. R.
total
to
reserve
depos't
HudsonsBayCo
and
93.1%
93.1%
756,000
to
Industrial
make
758,000
Imp Tob of G B A I..
91.2%
2,188,000
liabilities combined
note
Commitments
London Mid Ry..^
ad¬
Metal
vances
RloTlnto
t "Other cash" does not Include Federal reserve notes or a bank's own Federal
Rolls Royce
*
These are certificates given
100
cents
59.06
to
cents, these certificates
United Molasses
devalued from
Vlckers
being worth less to the extent of the
£9?*
30/26/3
£9H
28/9
26/7)4
£3)4
£3)4
£3)4
55/6
6/10)4
15/3
23/88/1)4
£12)4
62/6
£5)4
£5)4
£5)4
£5
55/9
6/15/3
22/6
90/£12
62/6
£5)4
£5
55/9
6/•
15/3
21/9
89/4)4
£12M
62/6
£5)4
£5
57/6
33/1)4
19/7)4
13/1)4
54/4)4
31/3
19/10)4
13/3
56/10)4
33/9
19/10)4
13/-
57/6
33/1)4
19/7)4
12/10)4
Wltwatersrand
West
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
!
£39
56/6/4)4
15/3
23/87/6
£12)4
62/6
56/3
6/6
15/3
23/90/-
54/4)4
33/9
19/9
13/4)4
Shell Transport
by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934,
37/73/9
£39
,£9^
28/9
26/3
29/4)*
26/1)4
£12H
62/6
£5)4
£5)4
Box
Rand Mines
Reserve bank notes.
over
Closed
Ford Ltd
£39
£3)4
£3",,
De Beers
36/6
73/9
36/3
73 /1)$
£38
Central Mln & Invest..
Capital paid In
received by cable
as
July 27
Boots Pure Drugs
Capital Accounts—
Surplus (Section 7)
Surplus (Section 13-b).
EXCHANGE
of the past week:
1,115,000
9,864,835,000 9,941,572,000 7,479,364,000
Total liabilities
LONDON
THE
Quotations of representative stocks
£l»n
£2h«
£2)4
Areas
£2
£2
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of
These
and liabilities of the reporting member banksln
resources
figures
are
always
the Federal Reserve
System
101 leading cities from which weekly returns
the figures for the latest week
upon
immediately preceding which
we
in
appear
our
are
obtained.
The comments of the Board of Governors of
week behind those for the Reserve banks themselves.
a
department of (iCurrent Events and Discussions
also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
described in
an
announcement of the Federal Reserve Bank of New York of
The changes in
April 20, 1937, as follows:
This classification has been changed primarily to show the
purchasing or carrying
the report form are confined to the classification of loans and discounts.
amounts of
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City
outside New York City.
cial paper bought in open market" under the
revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural
would each be segregated as "on securities" and
A
more
and those located
Provision has been made also to Include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
"otherwise secured and unsecured.'
detailed explanation of the revisions was published in the May 29,
loans" and "other loans,1*
lu
1937, issue of the "Chronicle," page 3590
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON
JULY 24, 1940 (In Millions of Dollars
i
Federal Reserve Districts—
Total
Boston
New York
Phila.
ASSETS
$
$
%
%
%
$
Atlanta
Chicago
*
Cleveland Richmond
%
St. Louis Minneap. Kan. City
$
Dallas
San Fran.
$
J
$
S
23,947
1,188
10,324
1,192
1,885
687
625
3,473
695
401
685
528
2,264
Loans—total
8,514
610
3,131
461
705
271
308
979
325
191
307
267
959
Commercial. Indus, and agrlcul. loans
4,462
297
1,827
220
269
121
153
604
182
96
.182
175
336
290
64
90
31
6
10
3
38
8
3
21
2
14
411
13
293
23
21
3
4
34
4
1
3
2
10
18
220
30
25
14
11
80
200
50
176
44
32
29
1
1
106
207
Loans and Investments—total
Open market paper..
Loans to brokers and dealers In
securs.
purchasing or carrying
Other loans lor
476
securities
1,206
Real estate loans
1
"
36
Loans to banks
_
„
138
472
794
Treasury bills
8
397
1
79
-
~
-
69
13
121
55
------
1
104
113
62
2
321
11
7
10
14
45
11
29
23
385
1
1
1
61
50
168
17
32
5
------
73
------
2,093
Treasury notes
States
_
1,633
Other loans
United
......
bonds
.....
Obligations guar, by U. S. Govt
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
Balances with domestic banks
Other assets—net
39
1,110
34
165
161
38
302
39
29
43
65
6,565
355
2,841
328
603
134
109
1,051
143
115
92
86
708
2,419
48
1,356
90
124
53
63
295
69
23
67
42
189
68
3,562
128
1,489
279
287
68
105
525
108
43
134
58
338
11,526
610
6,801
492
684
205
133
1,496
239
93
200
138
435
14
76
12
7
17
11
24
498
145
100
20
49
23
3,181
170
224
204
337
257
224
532
182
133
321
290
307
1,151
71
386
80
96
38
51
76
21
16
23
30
263
20,984
1,291
10.410
1,027
1,410
543
427
2,895
495
311
557
491
1,127
5,314
235
1,057
262
742
202
191
970
190
116
146
136
1,067
530
13
60
46
42
33
42
138
16
2
19
31
88
8,308
361
3,781
420
460
299
280
1,225
348
152
417
246
319
624
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter bank deposits;
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital accounts
1
5
1
1
■......
1
1
717
22
291
14
16
35
12
21
6
8
2
4
286
3,773
245
1,612
214
380
98
94
396
94
60
105
88
387
676
16
-
------
------
—-
1
------
8
------
------
------
------
19
------
The Commercial & Financial Chronicle
652
Weekly Returns of the Board of Governors of the
Aug. 3, 1940
Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on
The following was
Thursday afternoon, Aug. 1,
Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
showing the condition of the 12
COMBINED RESOURCES
AND LIABILITIES OF THE FEDERAL RESERVE BANKS
AT THE CLOSE OF BUSINESS JULY 31, 1940
July 31,
July 24,
July 17,
July 3,
June 26,
1940
1940
1940
1940
1940
1940
June 19,
1940
S
(000) Omiited
Three Ciphers
$
3
$
$
1
$
July
10,
June
June
12,
Aug. 2.
5,
1940
S
1939
1940
3
$
ASSETS
Gold ctfs. on hand and due from
notes)
12,853
380,284
377,336
Other cash *—
Total reserves
18,113,976
12,852
U. 8. Treas.x.
Redemption fund (Federal Reserve
18,188,977
18,579,165
-
18,507,113
18,028,478
10,353
367,639
18,406,470
17.944,476
10,862
360,233
17,653,476
17,840.475
10,862
338,248
10,862
378,780
18,043,118
18,189,585
18,315,571
17,536,475
11,191
17,201,476
11,190
367,698
371,023
17,053,492
10,490
348,578
13,869,222
9,101
349,505
17,918,689
17,580,364
17,412,560
14,227,828
Bills discounted:
Secured
by
direct and
obligations,
U. S. Government
guaranteed
1,073
1,891
998
768
'654
711
704
691
1,781
1,729
1,439
1,350
1,437
1,557
1,501
1.101
1,316
1,450
1,332
3,587
3,672
2,727
2,207
2,004
2,148
2,261
2,192
2,417
2,782
4,660
8,884
"9",103
9,118
*9", 153
"¥,186
"¥,975
9,011
""9",085
9,088
11,746
1,321,196
1,126,732
1,323,196
1,126,732
1,323,196
1,126.732
1,323,196
1,126,732
1,323,196
1,126,732
1,343,183
1,130,125
1,343,183
1,130,125
1,346,995
1,130,125
1,346,995
911,090
1,130,125
1,176,109
Other bills discounted
Total bills discounted
545
"
Industrial advances.-
United States Government securities,
direct and
guaranteed:
Bonds
Notes
——
Bills
366,220
--
-
securities,
Total U. S. Govt
direct
and
2,447,928
guaranteed
2,449,928
2,449,928
2,449,928
2.449,928
.
2,473,308
I '
2,460,484
Total bills and securities
2,461,253
2,461,758
2,461,085
2,461,262
2,473,308
2,477,120
2,477.120
2,453,419
2,484,511
2,488,622
2,488,990
2,470,370
+
2,484,544
Gold held abroad
47
47
47
47
47
47
47
47
21,193
654,894
41,432
57,153
23,608
790,313
22,981
659,473
41,439
18.489
55,381
20,227
721,440
41,436
54,450
656,231
41.490
54,057
20,642
805,226
41,536
53,019
20,149
819,868
41,532
68,863
18,871
673,347
41,511
64,396
21,801,202
Federal Reserve notes of other banks
Uncollected Items
Bank premises..
Other assets...
Total assets
21,743,590
21,779,245
21,555.977
21,488,447
21,297,976
21,323,670
21,019,445
20,699,722
LIABILITIES
Federal Reserve notes in actual circulation
178
47
21,433
640,802
41,417
57,854
_L
Due from foreign banks
5,247,601
5,223,282
13,498,134
13,564,561
41,440
56,114
V
22,130
648,826
42,259
49,126
17,460,717
5,230,359
5,232,463
5,247,837
5,144,450
5.103.916
5,081,314
5,065.239
4,530,715
13,863,019
13,764,343
297,428
13,722,819
300,610
658,679
480,897
13,712,233
298,212
659,828
438,487
13,510,111
265,424
13,386,697
308,135
10,412,883
863,462
455,030
559,080
454,181
494,321
311,136
694,083
642,925
278,395
Foreign banks
787,371
742,077
733,601
Other deposits
594.991
585,358
564,920
765,082
508,748
13,736,629
221,447
753,332
492,022
15,574,579
617,784
2,303
15,534,921
626,010
2,205
15,439,935
750,395
1,690
15,335,601
629,472
1,881
15,203,430
679,476
1,373
15,163,005
629,569
5,786
15,108,760
750,862
5,301
14,789,645
785,528
9,297
14,643,334 11,938,661
632,339iiW; 642,946
2,879
5,277 TV
21,442,267
21,386,418
21,422,379
21,199,417
21,132,116
20,942,810
20,968,839
20,665,784
20,346,189
137,499
151,720
26,839
42,877
137,460
151,720
26,839
41,153
137,449
151,720
26,839
40,858
137,238
137,194
151,720
26.839
40,763
151,720
26,839
40,578
137,103
151,720
26,839
39,504
137,097
151,720
26.839
39,175
tl38,169
151,720
26,839
t38,933
136,165
151,720
26,839
38,809
21,801,202
21,743,590
21,779,245
21,555,977
21,488,447
21,297,976
21,323,670
21,019,445
20,699,722
17,460,717
89.2%
89.2%
89.0%
89.0%
88.9%
88.8%
88.7%
88.5%
88.4%
86.4%
8,586
8,587
8,611
8,682
8,700
8,762
8,587
8,676
8,828
11,403
2,212
1,402
1,117
Deposits—Member banks' reserve account...
United States Treasurer—General account..
Total deposits
Deferred
availability items
Other liabilities, lncl.
accrued dividends
Total liabilities
351,180
17,115,201
it
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
—
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
135,408
149,152
27,264
33,692
Maturity Distribution of Bills and
Short-Term Securities—
1,454
1,198
1,026
1,069
1,171
1,451
1,814
16-30 days bills discounted
80
111
115
136
145
178
112
87
149
155
31-60 days bills discounted
320
336
224
153
162
182
281
256
196
2,250
275
304
214
235
128
132
367
1-15 days bills discounted
61-90 days bills discounted
489
324
296
Over 90 days bills discounted
571
554
374
414
468
516
447
495
491
434
3,672
2,727
2,207
2,004
2,148
2,261
2,192
2,417
2,782
4,660
Total bills discounted
•1
28
1-15 days bills bought
16-30
31-60
31-90
Over
In open market
days bills bought In open market..
days bills bought In open market
days bills bought in open market
90 days bills bought In open market
47
107
363
545
Total bills bought in open market
"2",079
"i~88l
1-15 days industrial advances
"¥, 151
"l~913
95
368
1"
l'oio
"¥,057
"¥,137
"1,621
"T.623
387
98
79
604
588
59
1,297
16-30 days Industrial advances
63
67
31-60 days industrial advances
207
207
184
89
78
352
881
902
893
526
61-90 days industrial advances
251
259
287
362
369
218
207
102
85
331
6,482
6,491
6,401
6,421
6,462
6,250
5,707
5,856
5,899
9,533
8,975
9,011
9,085
9,088
11,746
Over 90 days industrial advances
Total industrial advances
9,103
8,884
9,118
9,153
9,186
U. 8. Govt, securities, direct and guaranteed:
1-15 days
85,355
85,140
16-30 days.
127,675
68,050
31-60 days
61-90 days
*
2,447",928
2,449",928
2,449",928
2,449",928
2,44¥.928
2,473"308
2,473", 308
2,477,125
2.477.126
2,087,199
2,447,928
2,449,928
2,449,928
2.449,928
2,449.928
2,473,308
2,473,308
2,477,120
2,477,120
2,453,419
5,553,139
305,538
5,566,947
343,665
5,565,621
5,550,315
317,852
5,533,705
5.422,695
318,779
5,367,189
4,814,318
285,868
5.452,808
308,358
5,398,209
335,262
"316,895
301,950
283,603
5,247,601
5,223,282
5,230,359
5,232,463
5,247,837
5,144,450
5,103,916
5.081,314
5,065,239
4,530,715
5,664,500
1,836
5,679,500
1,614
5,669,500
1,265
5,624,500
1,152
5,604,500
5,557,500
1,669
5,455,500
2,028
4,928.500
1,434
5,536,500
1,429
5.483.500
1,334
5,666,336
Over 90_days
5,681,114
5,670.765
5,625,652
5,605.834
5,558,934
5,537.929
5.485.169
5.457,528
4.930.463
"f*"!
Total U. S. Government securities, direct
tr
and guaranteed
b.
""
*■»<
-«
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
dm
<M -m
-
•«
4
In actual circulation
Collateral
Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U. 8. Treas...
B j eligible paper
1,963
United States Government securities
Total collateral
•
"Other cash"
does not include
Federal
Reserve
notes,
t Revised figures.
These are certificates given by the United States Treasury for the gold taken over from
ceniton Jan. 31, 1934, these certificates being worth les3 to the extent of the difference, the
x
provisions of the Gold Reserve Act of 1934.
the Reserve banks when the dollar was devalued from 100 cents to 59.08
difference itself having been appropriated as pro
by the Treasury under
-
Volume
The Commercial & Financial Chronicle
151
653
Weekly Returns of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY
Three
Ciphers
(000)
Total
Boston
New York
i
$
%
Cleveland Richmond
Phila.
ASSETS
Gold
%
certificates
hand
on
and
%
Atlanta
%
St. Louis Minneap. Kan.
Chicago
S
I
I
1
%
San Fran
Dallas
City
■
%
I
due
953.196 1,205,624
from United States Treasury
18.188,977 1,115,198 8,938,862
Redemption fund—Fed. Rea. notes..
12,852
1,988
1,035
Other cash *
104,395
377,330
31,503
Total
31, 1940
Omitted
Federal Reserve Agent at—
242,950 1,011,380
678
1,309
382,001
261,827
301,069 2,826.384
1,246
1,109
19,177
47,308
433,540
1,935
22,482
451
518
675
17,043
8,305
17,636
987,105 1,232,809
18,579,165 1,148,689 9,044,292
reserves
456,880
26,579
481,297
381.492 2,874,801
451,034
270,650
400,372
1,302
32,607
606
35,492
14,809
258,437 1,048,187
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
~
1,891
1,781
Total bills discounted
Industrial advances
85
165
126
148
100
14
571
475
31
136
21
204
86
44
90
208
18
85
83
301
573
08
3,672
Other bills discounted.——.
106
369
212
192
190
222
589
85
558
332
709
108
40
8,884
1,138
1,811
2,664
366
843
217
302
5
221
193
465
659
1,321,196
404,981
345,372
104,845
89.412
135,492
66,140
56,406
48,453
41,322
140,192
119,557
61,152
51,491
52,151
38,880
33,157
62,422
1,126,732
96,376
82,190
53,236
43,913
110,772
94,407
2,447,928
178,566
750,353
194,257
251,041
122,546
89.775
259,749
113,303
72,037
115,658
95,404
205,239
2,460,484
179,810
752,533
197,133
251,599
123,579
90,214
260,640
113,393
72,816
110,183
96,578
206,000
U. 8. Govt, securities, direct A guar.:
Bonds........
Notes
Total
U.
Govt,
8.
direct and guaranteed
Total bills and securities
47
3
18
5
4
2
2
6
1
1
1
21,433
607
1,463
1,479
542
4,431
22,269
2,758
89,062
1,786
163,845
2,885
52,687
1,016
58,989
1,803
77,883
1,579
640,802
27,320
41,417
2,857
5,462
2,500
2,009
3,351
27,862
3,149
4,669
6,491
3,297
2,058
5,881
27,591
1,133
2,659
33,281
2,893
3,853
2,391
2,534
14,280
1,379
57,854
9,785
16,827
1,084
45,733
4,508
21,801,202 1,394,808 9,988,763 1,240,237 1,576,051
666,247
499,623 3,236,499
597,689
Due from foreign bankB
Fed. Res. notes of other banks
Uncollected items
Bank
premises
Other
115,549
securities,
assets
Total assets
See
a
1,742
2,647
362,653
551,693
4
5,196
386,941 1,299,998
LIABILITIES
F. R. notes In actual circulation
5,247,601
428,922 1,406.292
363.282
476.874
228,569
168,208 1,139,325
197,973
142,923
191,824
82,196
421,213
13,498,134
774,968 7,281,537
245,194
44,152
282,547
55,979
669,016
29,603
845,980
300,748
301,634
149,863
208,169
60,005
33,3M
28,749
72,839
9,678
33,678
23,662
2,187
7,202
24,471
17,231
4,954
28,226
76,755
22,713
1,004
217,955
24,951
23,496
2,185
713,356
503,288
229,204 1,745,704
115,114
32,160
27,413
93,986
5,279
6,183
882,895 8,312,566
799,036
988.502
369,924
294,056 1,960,987
301,141
196,519
320,112
268,587
820,254
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account.
694,083
Foreign banks
787,371
594,991
Other
deposits..
—
Total deposits
7,796
15,574,579
Deferred availability Items
23,496
28,147
57,238
21,513
617,784
57,944
145,654
44,348
76,723
52,163
24,216
90,216
27,311
13,800
28,992
24,632
31,785
2,303
384
323
519
219
38
100
234
84
103
137
83
79
21,442,267 1,370,145 9,864,835 1,207,185 1,542,318
650,694
486,580 3,190,762
586,509
353,345
541,065
4,143
4,709
2,959
4,409
4,136
11,635
3,152
3,613
3,974
10,224
1,142
1,464
1,266
2,121
2,087
Other liabilities, lncl. accrued dlvs
Total liabilities
375,498 1,273,331
CAPITAL ACCOUNTS
Capital paid In
137,499
9,335
51.084
11,880
14,041
13,898
151,720
10,405
53,326
14,323
5,725
22,824
26,839
2,874
7,109
14,198
4,393
5,320
5,247
4,659
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
2,049
12,409
2,581
3,246
1,740
713
42,877
1,007
4,362
1,429
7,586
1,790
1,001
2,196
Total liabilities and capital accounts 21,801,202 1,394,808 9,988,763 1,240,237 1,576,051
Commitments to make Indus, ad vs...
756
265
8,586
1,136
1,161
666,247
499,623 3,236,499
597,689
362,653
551,693
16
375
59
152
♦
"Other cash" does not Include Federal Reserve notes,
RESERVE
Total
Boston
New York
Phila.
S
S
$
S
Federal Reserve notes:
696
510
2,067
386,941 1,299,998
3,460
Less than 1500.
a
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
1,946
538
NOTE
STATEMENT
Cleveland Richmond
S
Atlanta
Chicago
%
1
$
$
San Fran.
Dallas
Minneap. Kan. City
St. Louis
$
$
%
S
Issued to F. R. Bank by F. R. Agent
5,553,139
199,970
8,146
479,389
11,231
148,410
5,493
89,154
15,867
183,069 1,183,019
14,861
43,694
209,204
10,508
499,275
22,401
244,436
305,538
450,262 1,487,155
21,340
80,803
379,790
Held by Federal Reserve Bank....
6,958
58,170
5,247,601
428,922 1,406,292
363,282
476,874
228,569
168,208 1,139,325
197,973
142,923
191,824
82,190
421,213
5,664,500
1,836
460,000 1,505,000
390,000
503,000
260,000
190,000 1,200,000
219,000
150,500
205,000
93,000
489,000
369
212
85
557
317
5,066,336
460,106 1,505,369
390,212
219,085
151,057
205,317
93,000
489,000
In actual circulation
Collateral held
by Agent
security
as
for notes Issued to banks:
Gold certificates
hand and
on
from United States
due
Treasury
Eligible paper
Total collateral..
United States
Rates
quoted
are
Aug. 28 1940
Sept.
4 1940
Sept. 11 1940
Sept. 18 1940.
603,000
190,000 1,200,000
260,190
THE
Trading
for discount at purchase.
of the
Asked
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
.
190
Treasury Bills—Friday, Aug. 2
Bid
Aug. 7 1940
Aug. 15 1940.—.....
Aug. 21 1940
106
Bid
Sept. 25 1940
Oct.
9 1940
Oct.
16 1940
Oct.
23 1940
Oct.
30 1940
PARIS BOURSE
this exchange
our
suspended June 11, because
the country, and has
quotations reported appeared
was
conditions then prevailing in
war
not since been resumed.
in
0.06%
0.00%
0.06%
0.06%
0.06%
0.00%
2 1940...——
Oct.
Asked
on
Last
issue of June 15, page
THE
BERLIN
3777.
EXCHANGE
STOCK
Closing prices of representative stocks
each day of the past week:
July
29
Quotations for United States Treasury Notes—Friday,
one
or
more
32ds of
point.
a
Int.
Rale
Maturity
Asked
Maturity
Rate
Bid
Asked
15 1940...
Mar. 15 1941...
June
15 1941...
Dec.
15 1941...
Mar. 15 1942...
Sept. 15 1942...
Dec.
15 1942...
1*4%
1 %%
1H%
1%%
1 %%
2%
1 %%
101.2
101.4
June
101.12
101.14
Sept. 15 1943...
101.12
101.14
101.23
101.25
Mar. 15 1944...
102.24
102.26
June
104.1
104.3
Sept. 15 1944...
103.22
103.24
Mar. 15 1945...
Dec.
15 1943...
1%%
1%
1X%
1%
%%
15 1944
the
stocks and bonds listed
as
on
averages
183
183
183
124
124
124
124
133
133
133
133
126
126
120
124
175
176
177
178
112
113
113
112
112
112
230
—124
236
124
237
237
238
238
124
124
124
124
Siemens A Halske
__
(8%)
100.20
101.15
101.17
100.5
100.7
ENGLISH
101.17
100.18
;
'
120
FINANCIAL
of
representative
the New York Stock
Exchange
as
Sliver, per oz__
Closed
Gold, p. fine oz. 108s,
Consols, 2 34 %
Closed
British 334%
W. L
Closed
Wed.,
Tues.,
Mon.,
July 29
Fri.,
Thurs.,
-
Aug. 1
Aug. 2
22 9-16d.
22^d.
22 %d.
22 5-16d.
22 5-16d.
168s.
168s.
168s.
168s.
108s.
£72 H
£72^
£72^
£72%
£73 %
£99 %
£99 %
£991Ji«
£99 %
£99%
£110K
£110 %
£110%
£110%
July 30
July 31
British 4%
1960-90
compiled by Dow, Jones & Co.:
MARKET—PER CABLE
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The daily
-
daily closing
182
124
102.4
101.15
Stock and Bond Averages
are
151
124
Sat.,
July 27
Below
150
101.18
102.2
139
102
101.16
1%
H%
16 1943...
101.30
2
139
124
Vereinlgte Stahlwerke (0%)...
Dec.
1
148
182
126
133
120
125
176
(8%)
Commerz Bank (8%)
Reichsbank (new shares)
Int.
Bid
Aug.
Aug.
31
of Par
181
125
Deutsche Bank (0%)
132
Deutsche Reichsbahn (German Rys. 7%).>126
Dresdner Bank (0%)
124
Farbenlndustrle I. G. (8%)
177
Berliner Kraft u. Llcht
Figures after decimal point represent
July
30
Percent
Allegemeine Elektrlzltaets-GesellBchaft(0%)149
Aug. 2
received by cable
July
July
27
i.
as
Closed
£110%
price of silver per ounce (in cents) in the United
States on the same days have been:
The
Stocks
Bond*
10
■
BarN.Y.(for'n) 34?*
10
Aug.
July
July
July
July
20
15
Total
10
First
Second
10
Total
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Aug.
30
Indus¬
Date
roads
ties
Stocks
trials
Rails
Rails
ties
34^
U%
34^
M%
34^
71.11
71.11
71.11
71.11
71.11
U. S. Treasury
Bonds
120.37
2.
120.13
1.
120.14
31.
125.97
30.
29. ,123.15
122.45
27.
22.82
42.91
20.95
22.83
26.92
22.70
26.95
106.70
92.40
42.86
106.56
42.82
106.48
46.95
107.90
92.45
46.91
107.90
88.45
92.28
46.93
107.84
88.38
88.48
27.09
22.75
42.85
106.48
92.09
47.23
107.83
26.58
22.37
41.95
106.41
91.86
46.67
107.82
88.19
26.38
22.21
41.69
106.24
92.08
46.39
107.64
88.09
88.41
(newly mined)
United
71.11
States
Government
York Stock Exchange—See
Transactions
at
the
Securities
following
New
York
on
the
New
page.
Stock
Daily, Weekly and Yearly—See page 669.
Exchange.
Aug. 3,
654
1940
New York Stock Exchange
Stock and Bond Sales
DAILY, WEEKLY AND YEARLY
Pages—Page One
Occupying Altogether Sixteen
NOTICE—Cash and deferred delivery sales are disregarded
account Is taken of such sales In computing the range for the year.
N<
transactions of the day.
In the day's range, unless they are the only
as
New York Stock Exchange
United States Government Securities on the
Below
we
furnish
a
week.
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a.point.
Daily Record, of U. S. Bond Prices July 27
119.24
113.19
High
113.20
113.19
113.20
113.19
Close
1
10
Total sales in $1,000 units...
•mmmm
High
105.12
105.16
Low.
105.12
105.13
Close
Close
Close
Total sales in $1,000 units...
113.20
Low.
105.12
105.13
1
14
Total sales in $1,000 units...
294s, 1949-53
Low.
Close
102.15
102.12
102.12
102.15
102.12
102.15
102.12
2
5
Total sales in $1,000 units...
294s, 1950-52
*1
105.14
mmmm
105.14
mmmm
m
..
Close
'/
■
ml
m
m
—
4
mmmrn
*,
*+++■
mmmm
.----*
103.10
103.11
immmm
m-mmm
103.10
103.11
mmmm
103.8
■■mmmm
■mmmm
103.8
''
103.15
103.12
"im
102.9
102.14
102.17
102.20
102.22
102.21
Low.
102.9
102.12
102.14
102.20
102.20
102.20
102.9
102.14
102.14
102.20
102.22
102.21
16
5
10
2KB, 1954-56.,
103.16
103.13
103.15
103,13
Close
1
*3
5
Total sales in $1,000 units...
*4
.
(High
108.12
Low.
108.12
108.12
108.12
Close
108.12
108.12
108.12
6
6
2
'
High
2s, 1947
-
-
—
109.7
109.7
109.7
109.7
109.7
High
109.7
mm mm
Total sales in $1,000 units...
109.7
Low.
109.7
2s, 1948-50
.
111.7
111.5
'mi
111.4
111.7
111.4
111.7
111.6
....
103.17
mmmm
103.13
103.15
mm
103.13
103.17
26
mm
■
mm
mmmm
....
■
mmmm
'mmmm
mmmm
mmmm
m
mm~~
mmmm
m'mmm
-mmmm
mmmm
Close
m
Total sales in $1,000 units...
Low
mm
mmmm
'
mm
■
Low.
3s, 1942-47
110.16
110.16
Close
Close
Total sales in $1,000 units...
m
mmmm
m
mmmrn
104.1
mmm
104.1
mmmrn
mmmm
2
mmm
1
mm'm'm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
'
Low.
2KB, 1942-47
3
-——
m
m
-
-
'
107.26
107.27
107.28
107.28
107.27
107.28
107.28
Close
107,
107.26
107
■
mmmm
mmmm
107.
^
mmmm
mmmrn
107.26
107.27
107.28
107.28
5
1
2
11
108.22
Low.
108.22
(Close
108.22
Total sales in $1,000 units...
107
Close
106.28
107
107
Low.
3s, series A, 1944-52
107
106.31
••
-
106.28
-
»
'
106.31
'
w
1
m
^
m
mrn'rn
4
■mmmm
106.28
m
1
mmmm
"
Total sales in $1,000 units...
High
3
2KB, 1942-44
(High
_■
High
Home Owners' Loan
.
...
....
,
(High
2Kb, 1945-47
.
Total sales in $1,000 units...
Total sales in $1,000 units...
•
mmmm
m'Ommm
mmmm
mmmm
"mi m -00
m
High
(High
•
107.14
(Close
107.14
Total sales in $1,000 units...
Low.
101.19
5
*
/High
106.14
Odd lot sales,
106.16
•( Low.
Note—The
106.16
(Close
3
$1,000 units...
106.13
106.14
Low.
106.13
106.14
106.15
(Close
106.13
106.14
106.15
Total sales in $1,000 units...
3
6
106.14
106.16
106.14
106.14
106.16
106.14
106.16
106.16
5
7
2
*
■
mmmm
mmmrn
mmmm
4
$ Cash sale.
Transactions in registered
sales
only
bonds
of coupon
were:
106.16
Low.
(Close
101.19
mmmm
includes
table
101.19
mmmm
9
t Deferred delivery sale.
above
101.19
•
5
(High
bonds.
■
mmmm
mmmrn
mmmm
101.19
Total sales in $1,000 units
mmmm
mmmm
■mmmrn
m
'mmmm
101.19
Close
194s. 1945-47
107.14
Low.
mm
mmmm
mmmm
mmmm
m
Total sales in $1,000 units...
Total sales in $1,000 units...
mmmrn
mmmm
mmmm
Low.
Close
Low.
(Close
sa es in
■
104.2
mmm
104.1
mmmm
'
(High
Total
5
mm
■
(Low.
(Close
Jo
mm
m
104.2
''mmmm
High
Total sales in $1,000 units.._
2948.
mm
104.2
----
;
110.16
(High
m
„
„
High
| Low.
294s. 1951-54
107.7
mmmm
mmmm
mm
■
Total sales in $1,000 units...
Low
Total sales in $1,000 units
2948, 1948-51
107.7
'mmmrn
rn'+'mm
^m.m
■
mmmm
■
(Close
2J*s, 1955-60
—
„„
Close
(High
I
107.7
mmmm
"
Low.
3s, 1944-49
Total sales in $1,000 units..
I
....
mmmm
'
-
High
Close
....
'.'mmmm
mmm
mmmm
mmmm
-mm'mm
....
Low.
394s, 1944-64
(High
3s, 1951-55—...
mmmm
■
'
High
Federal Farm Mortgage
Total sales in $1,000 units
•
+ rni
111.6
Close
....
mmmm
103.16
mmm
mmmm
*.mmm
mmmrn
mmmm
Total sales in $1,000 units...
111.6
Low.
mmmm
mmmm
.
rnmmrn
2
•'
Close
1
1
(High
'mmmm
mmmm
'mmmm
'
—
Close
(High
mm
mm
Low.
—
-(Low.
3s, 1946-48...-
13
13
108.12
108.12
109.7
3
High
103.12
(Close
1
103.13
103.12
Total sales in $1,000 units...
'•
4
Ml
103.11
103.10
■
103.9
m-mm
Total sales in $1,000 units...
Total sales in $1,000 units.
105.14
mmmm
mmmrn
m
m
*
Low.
_■
107.26
mmmm
—.
mmmm
Olosc
39*s, 1949-52
m
....
Low.
2KB, 1951-53
108.6
Total sales in $1,000 units..
39*8, 1946-49
107.26
'
(High
3^8, 1944-46
mmmrn
mmmm
.
High
108.6
108.6
Total sales in $1,000 units..
3Kb, 1943-45
m
Close
1
Low.
I Close
•
*
-
mmmm
Low-
(High
2Kb, 1941
mmmm
■
High
Total sales in $1,000 units...
■
mm'm w
mmmm
102.12
Low
''rn'mmrn
107.26
102.12
[High
"mmmm
*,m mm¬
•
Total sales in $1,000 units...
Total sales in $1,000 units—
3Hb. 1943-47
m.mmm
■'
Low.
294s, 1948
[High
3J*s, 1941-43
mmmm
mmmm
'
[High
-
Low.
294B, 1945
Aug. 2
Aug. 1
.mmmm
mmmm
mmmm
5
Total sales In 51,000 units..
ZHb, 1946-66
High
119.24
(Close
4fl, 1944-54
July 30 July 31
Daily Record of U. S. Bond Prices July 27 July 29
Treasury
119.24
/Low
4Ks, 1947-52
Aug. 2
July 29 July 30 July 31 Aug. 1
[High
Treasury
Mortgage
transactions in Treasury, Home Owners' Loan and Federal Farm
daily record of th'e
(High
294s, 1958-63
294s, 1960-65
_
m
99 Total sales in $1,000 units...
106.15
United States Treasury
to 109.6
to 111.2
lTreas.394s, 1944-1946.109.6
1 Treas.494s, 1947-1952.119.22to 119.221
lTreas.3948.1946-1956.114.1 to 114.1 I
1 Treas.394s, 1946-1949.111.2
Bills—See previous page.
United States Treasury Notes,
&c.—See previous page.
New York Stock Record
LOW
AND
HIGH
PRICES—PER
NOT PER
SHARE,
Sales
NEW YORK STOCK
the
CENT
STOCKS
for
SALE
EXCHANGE
Saturday
July 27
Monday
July 29
July 30
July 31
Aug. 1
Aug. 2
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
58%
*117
58i2
*57i2
58V8
5814
Wednesday
58l4
5878
5878
Thursday
5834
Friday
587g
141
*117
141
*117
141
*3214
40
*32
40
*33
40
*44
4412
44
44
4434
*5l8
*17%
5l2
18
13i4
*51S
18
18
13
13
13
*1778
*13%
40i4
40
41%
*13%
4134
1334
39l2
42%
423g
43
*12
s4
%
4%
34
4%
934
8%
15%
10
87g
15%
2258
40
18
18
18
*12
%
%
43g
412
4%
4i2
5%
%
8%
*8
*13%
*20%
»,
i«
9%
8%
878
8
15
14l2
21%
21
*
*8%
*146
"9%
148%
*9
10
*11
11%
578
57«
*63
64
30
30
*12%
*1%
12%
1%
•«
9i4
8
1412
21i2
74
878
878
14812 148i2
*9
*1U8
57g
*62l2
30i2
*12i8
*I%
10
11%
6%
64
3H8
1234
15s
*10
14
*10
14
*40%
*1378
417fi
*40l2
*1334
42
14
58i2
58
14%
58
*6%
I
6%
40
58
614
36
6i2
36i2
43g
412
ui«
9
8%
15
2178
*70
878
34
10
834
15%
22l2
74
87g
148l2 150
9%
914
Ills
11%
40
45
45
558
5%
18
34
22
*70
74
878
150
64
64
*9%
11%
638
*627g
3134
*12l8
33
9
151%
32
6
63g
11%
638
68
33
*32
40
46%
46%
558
4%
»i«
9%
18
*9%
*11%
6%
*63
327g
No par
16%June 5
12%June 15
36%June 10
% June 10
1,100
*%
34
300
4%
4%
4%
3,700
1,900
"i«
9%
8
8
*834
4% May 28
%
*13
150
34%May 25
300
8%
74
594% pf A without
war.
100
Allen Industries Ino
100
Allied Cbenn'cat A Dye .No par
Allied Kid Co
5
700
Allied Mills Co loo..
10
11%
11%
6%
6%
*63
67
33%
33%
*12%
*1%
1234
1%
*12%
*10
14
*10
14
*10
417g
43
*40%
43
*40%
43
14
14%
*40%
14%
583}}
60%
7%
60
634
36%
37%
37%
1%
*1%
No par
Allied Stores Corp .....No par
143g
14%
60
60%
59
60%
6,100
Am Ague Chem (Del)..No par
Am Aril nee Inc
...10
7%
2,100
American B*nk Note......10
40
40
$ In receivership,
7%
40
a
40
June 22
10
June
5
l%May 15
9%May 28
38%May 23
12%May 22
4134 Jan 12
60
No par
1438
7%
61
634June 11
135%June 10
8%May 15
6% conv prefened
Amerada Corp
14%
41
May 21
Amalgam Leather Co Ino...l
14%
6078
778
73g
7
15%May 21
"TOO
A Ilia-Chalmers Mfg
600
6% preferred
400
Def. delivery,
n
New stock,
50
r Cash sale,
x
46% Apr
52% Apr
33% Apr
31% Mar
Jan
6% Aug
9
27% Apr
19% Jan
58% Jan
% Mar 11
11
Mar 26
7
"366
.....100
Apr
77
4
534June 10
4%May 21
%June
21%Mav 22
5,700
preferred
Apr
120
May 21
4
No par
Alpha Portland Cem..JVo par
5%
200
1234
*12%
1
53
8
Feb
Juno 10
Jan
8
1% Jan
8
3
14%
Jan
12% Jan 4
17% Apr 8
26%May 10
73% Mar 21
1234 Apr 16
182
Apr 9
14
Jan 25
%
Jan
share
71% Sept
149% Sept
49% No*
66% Oct
11% 8ept
25
Mar
27%
68
Jan
Sept
1% Sept
Feb
68
6% Dec
% July
5% Aug
10
Jan
2
Sept
68
Feb
20% Sept
4% Sept
18
8
June
14
Apr
23% 8ept
28% Jan
52
May
6%
Apr
151%
Apr
10
Apr
Apr
6
Apr
7378May
8
54%
417a Jan
28
Jan
4
9
2% Jan
9
69
Sept
Sept
1178 Occ
200% Sept
1478 Sept
15% Sept
11% Jan
Apr
71
Apr
12% Apr
1% June
48% Jan
1978 Jan
3% Sept
Aug
Apr 22
12
Aug
21
58% Apr
5
50
Apr
21
Jan
4
16
Apr
74% Sept
24% Sept
75
Apr 15
26
June
47
9% Sept
46% Dec
17%
Jan
60
Jan
18
6
June 10
1234 Apr
9
June 18
50
3
v
Sept
9%
35
Ex-dlv.
19
1578 Sept
45% Apr
16'4 Apr 23
9% Jan 2
16
Highest
$ per share $ per
70% Feb 14
147
May 21
60
4%May 21
65 May 28
9,500
14
417g
7%
10
Allegheny Corp
No par
594 % Dt A with $30 war. 100
2,600
*9%
13s
Alaska Juneau Gold Mln
""466
9
*834
1134
1234
Air Way El Appliance..No par
Alabama A Vicksburg Ry.100
$2.50 prior oonv prel.No par
Alghny Lud St? Corp._Vc par
All eg A West Ry 6% gtd—100
14
1%
No par
900
74
*70
33
..10
Corp
Air Reduction Ino
5,600
150% 150%
6%
Adams-Mlliils
Ad dress- Multgr
1434
10
67
3,700
1,000
Steel
217g
213g
9
150
May 22
26
No par
8,300
14%
30
No par
Co
Adams Express
1334
217g
May 22
Acme
4334
9%
May 21
110
800
*13
9%
50
100
Abraham A Straus
534
18
$ per share
No par
conv pre!
Lowest
Highest
$ per share
900
43
1334
14%
*70
Abbott Laboratories
494%
47
534
558
21%
*8
500
100-Share Lou
Lowest
Par
141
1234
1%
*1%
*10
Bid and asked prices, no sales on this day.
10
*117
40
*32
*44
141
*117
*3312
%
*#ie
*
5%
141
5878
*5734
18
13
40
*13
4434
53g
*117
Range for Previous
Year 1939
Range Since Jan. 1
On Basis of
Week
$ per share
tTuesday
Ex-right.
Jan
H Called for redemption.
Sept
Dec
Volume
New York Stock Record-Continued—Page 2
151
Sales
CENT
NOT PER
for
LOW
AND
HIGH
July 29
5 per share
Friday
Aug. 2
$ per share
S per share
Shares
*6
*534
6%
6%
534
*35
37
37
3634
3634
3634 • 3634
132i2 13212 *129% 132% *129% 132% *129% 135
2%
2%
2%
2%
2%
2%
2i8
2%
95
95%
96
95%
9434
95%
9312
9312
6
5i2
*3434
37
*174
177
24
2334
23%
177
*174
176% *174
*174
24%
25%
24%
Range Since Jan. 1
On Basis of
Week
S per share
S per share
6
6
*5%
EXCHANGE
Thursday
Aug. 1
July 30
$ per share
*13212 135
2%
2i8
93i4
93%
STOCKS
NEW YORK STOCK
the
Wednesday
July 31
Tuesday
Monday
*35
SHARE,
PRICES—PER
SALE
Saturday
July 27
177
*174
177
24
25
*42
Am Brake Shoe & Fdy. No par
20
2%
2,500
95%
95%
*174% 178%
24%
25
2,900
2%
43
25%
43%
24%
American Bosch Corn
300
131
5% %
conv
1
Amer Cable & Radio Corp__l
25
"moo
American Car & Fdy
1834
*103
*119
*5
*6
5%
500
American Colortype Co
10
Am Comm'l Alcohol Corp..20
884
300
American Crystal Sugar
*45jj
*8%
9
*76
134
*412
*H4
12i2
26
80
*4%
*1%
1434
6%
1%
1434
*3%
4
178
5
*4%
6%
1%
14%
1%
14%
4%
12%
*3%
4%
13%
*3%
12
30%
4%
30
31
27
2834
28%
4
4
30
*25
30
*25
*52
55
*52
55
*1*4,
*20i8
2i8
22
314
*334
4
4
4
13
*11%
29
29
2834
4%
4%
29%
53%
*26%
2
2
*1%
*21%
*26%
*38
40
*38
40
*38
40
*38
40
*38%
*47
49
*47%
1234
49
*47%
13
*13
51%
12%
53%
12%
2%
1434
49
14
54%
1234
*12l2
2034
*3
1278
50
50
12l2
1212
*2
*2
2l4
*1334
14 58
*21%
3%
178
2%
14%
14%
*90
110
*90
100
*90
22
22
22
22
3l2
312
*41l8
534
48
54%
1%
146
148
1078
6134
1034
62%
838
83s
8%
*678
714
28%
28%
36
41%
534
36%
1034
*60
*27
36
*132
*7
13478 *132
*55
56
*55
*142% 144
*142%
*2234
23%
22%
*12
12%
*12
14
*13
*13
m
*13%
14
74%
145
15%
159%
73%
"
75"
145
3%
*141%
3%
9
3%'
834
9%
~
*90
92
5
1034
I
90
I c90%
90
9
938
8%
39%
40%
5
40
193a
5%
40
19%
5%
40
20%
38%
5%
*35
20%
*25
2578
27
101
4%
26%
101
4%
42
40
40
40
*35
75
*35
75
*35
*29
29%
*4%
*70
29%
8%
*4%
8%
5
*70
...
5%
*67
74%
5%
*67 "
*61%
*30%
6434
*61%
5%
3^%
88
88
~
*15%
87
'
15%
*47
*30%
48
15%
*47
30
*8
*414
29%
8%
434
102
102
5%
74%
6434
34%
5%
~
5%
*35
25%
30
30%
9
4%
8%
4%
534
5%
87
88
89%
,
1534
15%
*47
48
153.1
16%
*47
48
12%
14%
3%
2%
16
4%
14%
*2%
*15
14%
3%
3%
90%
15%
47%
12%
5,200
*9%
11%
*11%
14%
434
*8%
*39%
9%
834
4%
*8%
3934
9%
4%
39%
*9%
438
*21
25
*21
4%
25
5
1534
334
478
8%
39
9%
39
10%
434
25
4%
*21%
•
*12%
*9
21%
15%
3%
7
46
45
45%
1,700
1,300
64
62%
6234
400
334
39%
10%
5%
25
*21%
7
2%
5
10%
7
434
15%
8%
*4%
100
110
*15
5
153.4
3%
38%
3*766
21%
*109
5%
4%
8%
*38
*10
*4%
*22%
*5%
*2%
2%
5% preferred
*8%
9
28
*26%
76%
*
32
*111
*8%
120
4% conv pref series A...100
Atlas Corp
...6
28%
*18%
*51
29
28%
1834
5134
27%
77%
27
77%
*
32
18%
1834
*51
273s
27%
79
79
119
30%
18%
5134
*51%
2734
813s
121
121%
119
*18
19
*18
19
18%
19
17
17
*16%
17
17
17%
*118
*118%
7%
*7%
*16%
16%
17%'
63
*11%
13
*61%
63
*61%
*
13
8%
7%
7%
738
*16%
*11%
*
32
I
29%
18%
Aviation
15%
3%
7,700
5,000
Baldwin Loco Works v t c—13
4%
8%
900
10%
5
*21%
25
*51%
30%*
1834
5134
28
28
*2734
29
79
81%
79
80
119% 119%
18%
18%
17%
17%
8%
8%
*
1,000
200
Baltimore A Ohio........100
Barber Asphalt
Barker
25
8%
2,800
700
Beatrice Creamery
25
—
Beech Creek RR
60
20
2834
2834
79%
80%
1,000
39,200
120
500
8%;
13
*12
13
*12%
13
*12%
13
63
63
63
63
65
65
*63
78
17%
t In receivership.
700
21
17%
8%
a
102
7
3,200
Pr
I
pfdJ2.60d'v ser*38No par
No par
Beet A Co
Bethlehem Steel (Del).No par
100
7% preferred
Bigelow-Sanf Corp Ino.No par
Black A Decker Mfg CoN> par
...No par
Blaw-Knox Co
20
Ino
5
Bloomlngdale Brothers. No par
50
Blumenthal A Co
400
17%
Def. delivery,
Bliss A Laughlln
n
June 24
May
7
43%June
6
New stock,
pref—..100
r Cash sale.
1
1
9
25% Aug
36% Apr
127% Sept
59% Apr
Aug
Aug
20%
41
Apr
14% July
Apr
18%
15% Apr
75% Mar
1378 Deo
Feb 23
148
176% Mar 12
89% Apr 15
9184 Apr 9
151
May 3
Apr
73
Apr
75%
132
Oct
Sept
8%
Jan
14%
96
Jan
Aug
3%
Apr
15% Sep
1534 Apr 12
4% Apr 10
Feb 27
Apr 30
Apr 22
Apr 22
68
Apr 20
35%
110%
7%
64%
4
4334 Apr
4
9% Jan 4
102
July 23
Apr
Jan 11
Aug
12
24
Apr
48
Sept
2O84
Apr
Apr
40
Sept
35
8
2
Apr
4
13%
Apr
27% Aug
884
1%
Sept
5478
Jan
Apr
Apr
21
4
Dec
21
Apr
37
Sept
97
May
106
3% Aug
33S4 Apr
60
60
Mar
65
3184 Sept
7% Sept
5% Apr
58
Jan
13
Mar
73
6%
Jan
Sept
Deo
884 Sept
Sept
Jan
10%
Oct
100
Apr
Dec
10%
7884
Jan
70
Jan
85
Jan 16
41
Apr
81
Oct
45
Mar 26
30
Apr
38
June
90
Jan
100
June
21
Sept
8
May
100% Mar
8
25% Jan
3
67% Apr 24
23% Jan 3
2238 Apr 20
22% Apr 20
27%May 7
Jan 25
110
9% Mar 19
Feb 14
61
x4984 Dec
15
684
Apr
Aug
9% Aug
18% Sept
4
4
4
8% Apr 15
19%May 10
6% Jan 2
8% Mar
6% Mar
32% Mar
Jan
8
42%
71
Jan
Mar
30% Jan
26*4 Sept
26
24%
Sept
Oct
Apr
110%June
7
Apr
9% July
48% Aug
71
Sept
43% Apr
127
Jan
4%
Apr
8
Sept
2
Apr
37b
16
Nov
30%
3% Aug
9% Aug
3% Aug
484 Sept
Jan
Jan
9% Nov
31% Sept
8*4 Jan
11% Sept
11%
Dec
30%
49
Deo
87%
10% Aug
14% Jan
52% Jan
16% Apr
Oct
104%
21%
Jan
Jan
Jan
6
Apr
13
Jan
29% Mar
24%
Apr
33
Feb
13% Jan
Aug
19%
Jan
Apr
26% Nov
1J6% Nov
17
Oot
Apr
98
Apr
107% Nov
8% Jan
7%June 10
20% May 21
lll%June 10
8684 Apr 17
11%
15%
115% Mar 12
109%
18%May 21
May 28
3534 Apr 16
112% Apr 22
g
6484 Sep
28%
Aug
xEx-dlv.
97% Sept
18% Jan
171% Dec
87% Jan
8984 Jan
163% May
Apr
8%
June
June 27
34
Oct
Sept
Apr
4% Sept
78
50
54
Jan
8%
9
116
14
22
11
27
28
l7%May 22
49%June25
22%May 21,
63%May 23
l09%May 22
14
May 21
15 May 15
534May 15
l3%May 21
11
May 14
Nov
144
July
112%June 11
4
May 21
1% Feb 7
10 May 21
4% May 15
l238May 23
234May 15
3%May 15
7%June 11
34
May 21
8%May 21
4
May 15
20
May 21
29%May
May
7% June
6334 Feb
24% May
Jan
69
80%May 13
102
20
46% Sept
Sept
63
153
124>4 Jan 10
June 17
Jan
Oct
140
Mar 13
11
IO84
May 23
57
102
Beech-Nut Packing Co
500
May 21
105
Beneficial Indus Loan..No par
19%
13
No par
$5 preferred w w
200
9
18
80
Preferred x-warrents.No par
200
13
preferred
8n0
17%!
this day.
No par
100
Bayuk Cigars Ino
1st
"""600
5
BarnsdaH OH Co..
8,200
*17
on
60
5134
173s
Bid and asked Drfces; no sale
No par
30%
18%
17
16%
Corp
Brothers
5134
*17
8%
16%
100
..10
18%
30
19%
17%
8%
60
Beidlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation
5
120% 120%
*17
100
4% preferred
Bangor A Aroostook
Conv 5% preferred.....
634 % preferred
32
120
*18%
—Nt par
Corp. of Del (Thel.3
$5 prior A
10
7,600
*4%
29%
*18%
100
5% conv preferred
2%
10%
30%
18%
5134
No par
No par
5%
32
60
6% preferred
Atlas Powder
Austin Nichols.....
*110
116
*112% 121
*112% 120
*110% 121
8%
8%
*8%
838
*8%
8%
8%
8%
9
51%
28
*18%
51%
*
25
100
10%
Feb
93
68% July 6
49%May 22
29%June 18
82
May 23
8%June 6
9%June 5
l8%May 21
....100
No par
150
70
152%May 1
338g Jan 3
14% Apr 12
17% Jan 6
23% Feb 23
9
1
Ati G A W I 88 Lines
Atlantic Refining
Atlas Tack Corp
39
37% Apr 15
54
April
147
Apr 15
4%May 22
9%May 22
434
39
39%
96% Jan 12
100
Atlantic Coast Line RR
300
600
May 21
68% Jan 4
22%May 21
6%May 22
3%May 22
39%May 21
15%
*434
*8%
May 21
100
5%
7%
*7%
8%
8
8
8%
83s
8%
8%
27%
27%
27%
28%
28%
28
28
2734 *26% 27341
11434 *111% 11434 *111% 11434 *111% 113
*111% 113
11434 *111
23
23
*22
2234
2234
22%
23
23%
*22%
23
23% *22
*106
112
*106
112
*106
112
*106
112
*105% 112
*105% 112
*104
112
*103
112
*104
112
*104
112
*103
112
*103% 112
32
Fe.-lCO
6% preferrred
15%
334
4%
15%
3%
4%
8%
8%
27%
120
100
...
Atch Topeka A Santa
434
*15
15%
8%
*2678
*111
100
100
6% 1st preferred
7% 2d preferred
*111
*
100
No par
Arnold Constable Corp
5
A/tloom Corp..
No par
7% preferred
100
Associated Dry Goods
1
20
*114% 120
5%
No par
$6 conv prior pref
5% preferred
110
*114% 120
16
8%
100
*6234
116
4%
21
21%
4
35
7% preferred
Armstrong Cork Co
"
*45
2%
4%
11
7
5%
*15%
12%
14%
5
Armour A Co of Illinois
200
800
15% Mar
22% Mar
112%May
gtdlOO
Jan
-Jan
80% Sept
12%May 21
May 21
Nov
18%
22%
107
134June 17
49
162
Apr
AncborHock Glass Corp. 12.50
$5 dlv pref
..No par
Copper Mining
Feb
Deo
Sept
41% Apr
Andes
Jan
7
68% Nov
11% June
May 21
4
*26
60
Jan
1234 Mar
118s Feb 23
20
June
Sept
30% Jan
79% Jan
15'4 Jan
5% Sept
40% Jan
124% Mar
17% Jan
Anaconda W A Cable..No par
"""310
15%
47%
12%
*11%
May 21
Dec
3% Aug
70
634 Apr 8
12% Jan 4
101% Apr 15
12
Apr 23
25%May 21
4% May 22
35
June 10
Apr
8% Sept
140
Mar
May 21
1
Oct
28
Jan
10% Jan
18
100
Assoc Investments Co. No par
*8814
64
163
Apr
22% Dec
112
21% Sept
3% Apr
32
Apr
Mar
52% Apr 23
8% Apr 10
45% Apr 22
32
Apr
""260
15%
*2%
16
484
1434
3%
478
8%
1478
3%
4%
8%
39%
9%
*4%
*4%
16
434
34%
47
10
6
No par
Preferred..
Amer Zinc Lead A Smelt
500
15%
14%
213g
2%May 21
6% May 21
83% June 11
No par
6
47
12%
4
97%June
16%
*538
2%
*2%
2%
16
4%
$6 1st preferred
American Woolen
June
ArmourACo(Del)pf7%
2,900
7034
'
136
100
10
Am Water Wks A Elec.No par
74%
89
25
6% preferred
Am Type Founders Ino
600
48%
89
25
Common class B..
5
10
46%
65%
116
American Tobacco
June
1,300
89%
Co...100
8
5%
109% 109% *109
*114% 120
*114% 116
*114% 116
*434
578
*5%
534
5%
5%
Amer Telep A Teleg
23
5%
*62
10
No par
May 28
51%May 22
May 25
19%May 21
9%May 22
11
May 18
l234May 28
73% July 30
ll%May 21
145 May 28
69
May 22
70
May 21
139
20
5
5%
*32%
21
June 12
Archer Daniels Mldl'd.No par
5%
*67
135
A P W Paper Co Ino
5%
*65
5% Jan
63% Jan
100
300
74%
26
15
21
21
600
1,000
4%
34%
No par
300
4%
67
American Stores
100
50
11
122
100
27,100
203.4
20% June
2
May
34%May
28%May
4%May
6
May 21
May 15
30% May 21
15 prior conv pref
25
Anaconda Copper Mining..60
100
Mar 19
23
Building Co.No par
Smelting A Refg.No par
Amer Steel Foundries..No par
1,700
2,300
538
4%
*45%
*2%
2,300
40
*4%
62%
62
1.300
11,600
300
46%
46%
100
9
62%
62
900
2,600
*8
*45%
*45%
5,300
Mar 20
121
9%May 15
Amer Ship
Amer
2%
25
3
48% May 21
7
June 6
American Sugar Refining.. 100
Preferred
100
9
6434
Sept
July
26
Am Sumatra Tobacco.-No par
*8%
*67
9
6
33
Apr 26
Apr 27
57
100
4H % conv pref
American Safety Rasor._18.50
American Seating Co..No par
100
834
4%
*32%
American Rolling Mill
500
"""800
7
*14%
4%
""266
30
74%
No par
American Stove Co
500
75
7
62
6,900
*35
64 34
34%
15 preferred
Am Rad A Stand San'y.No par
Preferred
100
25
a;30
*62%
No par
100
30%
*67
16 preferred
Preferred
75
*32
No par
Amer Power A Light—No par
6% preferred
*30
74%
American News Co
American Snuff
*35
6434
34%
384 Sept
6% Jan
45
134May 15
1234May 28
90
100
preferred
90
26
*25
conv
""166
75
*11%
20%
46%
640
30%
12%
12
12%
12
*8%
10
*9%
10
10
1434 *11%
14% *1178
14%
21
21
2034
21%
21
109%
*107% 109% *107% 109% *108
*7
7
7
7%
7
7
*61
400
3,300
*70
102
*8%
*11%
*2034
*45%
400
400
*35
4%
12
*11%
25%
20%
6
Amer Metal Co Ltd...No par
1,000
42
*35
42
21%
*67
87
5%
Aug
Apr
5,800
8%
8%
*38%
5%
2034
*61%
*32
834
39
25
Aug
1,400
91
75
27
101
4%
39
Jan
Aug
10
40
27
4%
4%
8%
60
Jan
Mar 29
11
13,900
15
15%
*14%
15%
*14%
15%
111% 112
111% 111% *112
113%
9%
9%
834
9
*8%
9
*134
2%
238
23«
*134
2%
27
27
27%
27%
*26%
28%
*102% 105
102% 102% *102% 105
4%
4%
4%
4%
4%
4%
*4034 41
40%
41
*40% 41%
101
26%
101
*40
*734
8%
40
588
42
21%
1878
1834
*22
25%
*24
26
*21%
26
*14
*14
14%
14%
14%
14%
*111% 112% *111% 111% *111% 111%
*8%
9%
*8%
9%
884
9%
*134
2%
*134
2%
*134
2%
101
90%
884
38%
Apr
14%
3
1
13
1,200
_
92
Apr
1%
2% Mar
Apr 22
41
3,200
162
*90
25%
4I84
934 Jau
25% Nov
Sept
8
Sept
43% Sept
3
""640
73%
73%
*15
*15
17%
160
161%
160
73%
73%
90
Apr
Jan
Preferred..
6%
11%
90
Apr
12
Apr 24
6%
6
*146
Apr
8
147j Jan
3% Jan
21%
384
50%
43%
43%
6%
162
Apr
10
700
*75
74
74
76%
74
74
*16
17
17
15%
*15% 16% *15%
16134 162%
162% 16234
15934
161% 163
75
75
75%
75%
74
45* ' 75
75
76
7634
77%
76%
76%
75
76
7684
*144
147
147
*141% 147 1*144
147 1*144
147
3%
3%
3%
3%
3%'
3%
3%'
*3%
3%
9%
9%
9%
8%
9%'
8%
9%
9
9%
18%
*26
44
6
*146
Dec
6
300
66
4%
*35%
40
44
43%
6%
American Locomotive.-No par
17% Sept
884 Feb
1178 Sept
18% Sept
86% Sept
6% Jan
6% Sept
3% Jan
30% Nov
178
63
100%
*8%
7%
2834
3634
7334
884
5
****»
334
50%
June
Feb
484 May
Aug
12%
35
May 23
3
Apr
2% Sept
132
4
66% Apr
378 Apr
30
May 23
*41%May 31
10 May 22
50
pref
6%
61
22s,
238
14%
3%
conv
5% Sept
Oct
115% Mar
38
l%May 21
Amer Internat Corp...No par
Amer Invest Co of 111..No par
Apr
25%
60i2May 3
6% Apr 23
May 28
18
Aug
24% Jan
May 24
45%May 21
100
Dec
5
7% Jan
1
pref
Oct
May
May 25
*14%
50%
non cum
Oct
9
4
5
3% Mar 8
6% Apr 16
2% Jan 8
28% Jan 8
..No par
American Ice...
6%
3
July
64
109%
15% Apr 18
91% Mar 25
23
60
preferred
179
40%
May 18
1,100
3%
50%
conv
Aug
30% Aug
13% Apr
Feb 23
934 Apr
8% Jan
9%May 28
23
May 21
American Home Products
57»4 Sept
16% Aug
100
13
2%May 21
$6 preferred
No par
Amer Hawaiian 88 Co
10
American Hide & Leather
1
116% Sept
Apr
Sept
150
23% Jan 3
112% Apr 22
140%May 9
10»4May 21
No par
83%
July 19
33%May 10
51>4 Jan 2
10
1,600
21%
177
3%June 17
1
May 15
........
17 2d preferred A
140
125
38
5,100
12%
21%
334
50%
Amer European Sees
N* par
Amer & Fot'n Power...No par
17 preferred
No par
Jan
8
3% Aug
3is4 Apr
Apr
3
116% Jan 29
75%May 27
l%May 22
1
3
June 28
...100
14
59
12%
*2%
10
100
Highest
3 per share f per share
Amer Mach A Fdj Co.No par
Amer Mach A Metals..No par
13%
*90
No par
6% 1st preferred
American Encaustic Tiling
5%
58
21%
*37
39%
600
12%
2-%
*2%
22
162
300
56
15%
6
49
*3%
100%
*146
66
11
62%
8%
7%
2838
*90
,
"
834
*37
6
*48
400
1%
23
3%
42
13%
*15
43%
4234
162
5%
*146
*38%
Am Chain A Cable Ino-No
par
6 % conv preferred
100
6%
11
11%
11%
11%
11
11%
*64%
67 |
66%
67%
*66
67%
8%
8%
*8%
8%
8%
*8%
8%
7%
*7%
7%
7
7
7%
7%j
3034
31%
30%
30%
3034
30%
30%
37%
38 |
3834
3834
3934
a:38%
38%
36%
134% *132
134% *131% 13434 *134
13478 *132
134%
55
55
*56
*56
58
56
58
*55% 57%
142
144
142% *142
*142% 144
*142% 144
144
2334
24
24% 25%
23%
25
241.1
24%
23%
12
12
12
12
12
12
*1134
12%
12%
*13
14
*13
14
*13
14
14
*13
13%
14
*1334
14%
*133)}
*13%
14%
*13%
14%
14%
14%
*73
14
7434
*14
15%
15934 160
74%
74%
75%
75%
41%
146
*2134
1,700
""360
12%
*90
3%
3,800
55
238
15%
50
49
3%
100%
22
334
3%
3%
*2%
15%
*90
22
48
48
41%
558
42
678
*146
3%
3%
49
23%
3%
53%
12%
2%
15%
100%
22
*48
*22
*54%
100
29%
4%
28%'
54% ■
*26%
49
5034
*12%
*47%
13%
53%
12%
*48
1234
49
1334
*3
2%
21
3%
*134
53%
178
23
3%
-II
13
4%
4%
29%
54%
2%
24
3%
40
53%
1,200
384
*3%
*12
""800
1%
15%
*14
15%
*3%
40
500
6
*1%
1%
1%
*14%
53%
29
6
...100
Am Coal Co of Allegh Co NJ25
100
1%
1%
*3%
134
Preferred...
American Chicle
81
*76
80
134
12
*12
834
8%
884
9%
6i2
1%
14
*25
*334
80
134
9
80
*1%
*3%
*11%
4i2
26
*834
*76%
134
9
80
1%
*412
1%
1378
1418
*3l2
*1H2
5
9i2
*1%
6t2
1-%
14i8
5
8134
*76
8134
134
*5
5
5
*4%
*834
42«2
42%
Lowest
share
234 July 18
2% July 25
May 21
May 27
18 May 28
34
May 21
13%May 28
100 May 21
112 May 23
9
May 23
5%May 18
4%May 18
8
May 21
87
No par
2,300
2,400
43%
135
May 24
164
..100
per
9%May
4584 Jan
5%June 26
May 21
American Can
Preferred
Highest
%
share
28
128
..100
pref
4212
42%
43%
42%
42%
*19
19%
19
19
*18%
19%
18%
1878
19
1834
19%
10734
1 0734 *105
10734 *105
IO784 *105
10734 *105
10734 *103
*119
122
*11834 122
122
*119
122
*11834 122
*11884 122
13
*5
13
*5
13
*5%
*5%
13
*5%
13
13.
*6
*6%
7
6%
6%
6I4
6%
*6%
*6%
7
42
8 per
Range for Previous
Year 1939
100-<S7)ars Lots
Lowest
Par
400
6%
35%
*6%
35%
131
655
105
Apr 11
Jan 24
32
127
9
2
9
22% Mar 13
56% Jan 18
9% Apr
67% Apr
36% Apr
39
28
July
7
May
3
Jan
89«4May 10
125%May 10
34% Jan 6
27*4 Sept
10478 Sept
32
Nov
128%
Aug
Oot
Jan
16%
Apr
9%
73%
33*4
1778
48%
Apr
Apr
22%
Dec
66
Dee
7%
52
32
Apr
Nov
Sept
oct
57% Mar
50% June
100
99%
Apr
1578
Apr
120% Sept
32*4 Oct
24% Oct
17% Jan
36% Oct
14
Apr
Sept
22% Apr
11% /an
23% Jan
22
Dec
18
Apr
13%
Deo
23% Mar
80
Mar
36
Apr
57
Ex-righta.
8%
Apr
T Called for redemption.
1
11
Dec
^
New York Stock
656
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page
Sales
Monday
July 29
Tuesday
July 30
9 per share
9 per share
9 per share
1312
1334
13%
26
*25%
*107
25%
110
109
14
25%
*22%
23%
19%
1584
*1%
19%
19%
16%
134
16%
193g
17%
1%
19%
1634
19%
17
*13g
*l3g
134
33
33
34
34
31%
31%
;
33
*32
*5
5
8%
1778
5
6%
18%
36
*32%
35
*40%
43
*40%
43
*3%
3%
3%
23%
23%
115
*108
17
17%
*29
32
*20
20%
*29
20%
734'
*7%
*102% 105
3%
24%
334
3%
38%
*38%
434
434
27%
27%
32
384
39%
7%
8
105
334
5
5
27%
1784
734
*2%
7%
4%
8
23g
7%
*2%
7%
*7
20
3%
*7
4%
*19%
3%
7%
3%
77g
20%
3%
7%
56
56
56
56
*11%
12
Xl2
12
218%
*48%
18%
53
18
18
1834
1834
*47
63
*49%
53
1%
1
1%
5%
5%
12%
12%
1434
14%
1
2%
33
*384
4
334
*36%
37
*36%
534
13
*111
*6%
53
*17
134
*434
*3
3%
5%
*2%
5
*3
334
*90
95
*90
23
24
4%
*21%
*18%
*101
334
37
37
90
4
37
*89%
28%
*2%
6%
*52%
17%
*134
17%
184
*4%
*21%
4%
22
22
4%
22%
22%
I884
*18
I884
1834
1834
*99% 100
101
37%
98
*7
*90
1%
1%
8
4%
38
22%
*15%
*4%
38%
98
*90
98
*1%
*%
'u
*%
%
«i«
'16
*%
*%
34
934
*3g
*2784
3134
*28
*43
48
*43
*%
%
*%
*%
6684
*31%
»I6
«»
71«
*%
ht
834
*10%
71
74%
73%
10%
10%
10%
*10%
91%
115
32%
32%
140
*95
23
*108% 112
17
*
32%
*133
32%
75
73%
10%
10
234
*2%
2%
34%
33%
34%
90
124
*
63
*
112% 112%
33%
*
28%
32%
63
*
49
2784
124
32%
140
48
28%
32%
*133
28%
33
140
103% 103%
*58% 59
11%
113g
102% 104
*58
*97%
*217g
*98
9934
2234
113g
23%
59
12
9934
23%
*108% 111% *108% 112
16
2
*2%
18%
*134
18%
1834
2
57g
82
16
2
3
4%
19
1834
6
82
17
2
284
*134
193g
*20
584
82
1134
*98
23%
17
17
3
3l2
*184
3%
*184
9
1034
234
*10%
10%
300
3
3
600
25
*22%
73%
74
"
10%
*85
90
25
~31~ 500
600
90
*2%
*32
.
124
63
48
283g
63
113
113
*33
34%
*78%
80
*
28%
32%
*133
28%
3234
112
*109
2,500
17
17
17
3
3%
4%
*2%
*2%
*134
""500
"MOO
2,200
83
*79
83
400
*68
75
*65
75
40
81%
*79
81
8034
99%
35%
357g
*10214 106
47g
*18%
19%
30
30
*98%
4%
30%
*18%
2934
*99
99%
99
37
3634
3534
*102
103
5
1934
30
99
377g
*102% 103
16,900
300
4%
4%
800
18%
29%
18%
300
*99
30
2,800
99%
3734
103
100
3784
4,800
103
Chlckasha Cotton Oil
Chllds Co.
par
No par
10
100
30% Dec
109% Aug
19% Jan
72% Mar
30*4 Sept
5%
Jan
113% Aug
12% Sept
14*4 sept
6%
96
Oct
Sept
52%
Jan
13
Jan
47% Jan
22% Sept
98
Apr
105
Dec
17
Aug
30
Jan
Apr
21%
Oct
6%
z3% Dec
29% Sept
27
47% Sept
95% June
8684
Apr
Oct
l3g Sept
1% Aug
9% Apr
% Apr
% June
3g Jan
«4 Jan
% Dec
% Dec
% Jan
4
Sept
4% Sept
14
Oct
% Sept
1% Sept
1% Sept
39% Sept
41
50
44
50% Nov
May 22
Mar
Aug
%May 20
% July 23
Jan
% June
% Sept
84 Apr
% Aug
%May 21
% Jan
% Aug
1% Jan
1% Sept
%
7% Apr
9% Mar
7?gMay 21
11% Mar 28
9
25
Apr
41
63%
Apr
Apr
94%
9
79
Jan
May 21
10
2%May 21
July 22
23
53%May 28
July
8
56
June 19
108
May 21
26
May 21
74
May 16
46%May 16
25%May 22
25%May 21
May 22
Feb
4% Dec
6
Jan 30
46% Sept
2% Apr
4% Apr 26
40% Apr 18
124
July
Mar
15
Apr
140
May
68
6
114% Jan 10
43% Mar 8
Sept
Oct
14% May
97% June
58
4%
34%
Mar
Oct
140
Oct
May
Feb
69
Feb
115
80
Mar 28
69
Sept
48
Mar 26
42
Jan
41% Apr
15% Sept
13% Jan
106% Sept
20% Apr
8
65
Apr
1
4
34% June
Feb
39
Oct
78
Mar
45% May
60% Jan
38
Dec
Sept
135
Mar
Sept
133
par
63
Feb 27
58
Jan
No par
10%May 21
20
Feb 21
11% Apr
June 10
100
July 22
No pa
100
Colo Fuel A Iron
Corp .No par
Colorado A Southern
'.100
4% 1st preferred...
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.60
Class B
2.50
Columbia Gas A Elec.-No par
6% preferred series A
100
5% preferred
—100
Columbian Carbon v t c No par
Columbia Plct v t c...No par
$2.75 conv preferred. No par
Commercial Credit
10
131
94
16%May 21
108
May 23
12%May 21
184May 15
Apr
4
16
May 21
16
May 21
26%
26%
7%
93%
4%May 22
67%May 28
3
59
June
71
May 29
3%May 21
14%May 24
27%June 10
June
8
9,500
Commercial Solvents.-No par
7,700
Commonw'lth A Sou..No
60%
63%
60%
30%
307g
*60%
3034
30%
307g
I3g
60%
31
par
$6 preferred series..-No par
Commonwealth Edison Co.
Cash sale,
.25
x
4
May 21
9884 Apr 4
8% Mar 15
23% Jan 29
48
Jan
3
108% Feb 21
56
Apr
8
113
Mar
6
16% Apr 5
184 June 28
257gJune 10
33
Ex-rlghts.
Apr
8
8
Apr
14
Apr
Jan
62% Dec
18
37%
Dec
Oct
111% Dec
24% Sept
8% Sept
9*4 Sept
8% Sept*
25% Dec
25% Dec
5% Apr
74% Jan
62% Jan
*
9
Feb
91
Mar
83
Feb
73
Jan 26
79
73% Jan
y
Apr
14
Mar 12
Mar 12
Apr 8
Apr 8
*4May 22
42
May 21
Ex-dlv.
Apr
284 Aug
3% Sept
3% Aug
4
4
5
97
97g
1%
100
11% Apr
434 Apr
684 AIM:
June 10
9.%
20%
8
May 10
May 17
June 13
1%
60%
31
24
May 22
32
934
35% Apr
21% Apr
112% Feb 10
2
95
1%
45% Apr
2
4>i % conv preferred.
100
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
934
Sept
122% Mar
64% Sept
105
No par
r
Sept
4
94% Mar
Mar 30
preferred
n New stock,
33
131
1%
Def. delivery.
Sept
85% July
99%May 21
56 May 24
par
10%
a
z43
125
1%
X In receivership,
Sept
Feb 14
934
this day.
Jan
8
142
par
..100
13g
on
June
3% Sept
20% Jan
124
10%
Bid and asked prices; no sales
12% Jan
6%
Apr
CCC A St Louis Ry Co
100
6% preferred
_100
Clev El Ilium $4.50 pf.No par
1%
60%
•
Jan
z60
93g
9,800
Jan
Jan
47
41% Sept
30% Aug
May 15
May 21
1%
400
Sept
5% Aug
3% Sept
10% Sept
1734 Jan
20% Jan
35% Jan
May 18
9%
60%
307g
Sept
June
Jan
10
2
1%
59%
3084
Oct
18
Jan
6% Sept
8%-Aay 15
23%May 21
24
Peabody A Co..No
Apr
22
8
9
18
23
3
8
16
3
24
4
.100
Special gtd 4% stock
.50
Climax Molybdenum..No par
Apr
8% Feb 157
36% Feb 15
98
Clev Graph Bronze Co
(The).l
Clev A Pitts RR Co 7% gtd.60
Dec
Sept
Sept
May
July
Apr
41% Jan 10
423g
97%
2%
2%
Sept
9% Jan
23*4 Mar
July
32
4% Apr
20
1% Jan
1434 Jan
45
Equipment.
conv
Apr 16
June 25
9%
59%
28
13
21
Mar
89
1%
303g
28
21
28
5
Cluett
H«4May 10
3034 Apr
29% Mar
20% Dec
1884 Jan
784 Sept
Sept
18% Apr
2% Apr
103% Sept
384 June
3% Apr
3% Apr
85% June
_
.100
9%
60%
30%
*4May
6%May
% Feb
% Feb
%May
%May
58
May
June 18
1%
303g
107gJune 10
3%May 22
30%May 28
84%June 17
7gMay 15
Jan
34% Mar
17%
7% Aug
26% Apr 22
21%May
106 May
30
53
38% Apr
13% Apr
84
Apr
10
25
*9%
*58%
17%May 22
No par
Clark
110
11834 Jan
66% Jan
35% Apr 29
16% Apr 15
6% Mar 26
33% Apr 3
91% Apr 8
14% Jan 26
No par
5
6H% preferred
City Investing Co
City Stores
36%
3%
29%
4%
Jan
No par
Chrysler Corp
City Ice A Fuel
5%
*79 7g
82
preferred
$4 .25 pref
81%
*4%
conv
Collins A Alkman
81%
*79%
Chicago Pneumat Tool.No
""500
82
57g
100
Colgate-Palmollve-Peet
50
20
534
par
^Chicago A North West'n.100
"9^500
80
20
5
100
Coca-Cola Co (The)...No
Class A
No
3
20%
57g
85 preferred
""700
3
20
584
Chicago Mall Order Co
|Chic Mil St P A Pac—No
Preferred
112
20%
47g
21
106
"3", 500
140
20
6
*4%
*1884
*101
40
48
20
71
29%
50
500
5%
70
35%
700
124
*
323g
140
2%
33
20
74
35
90
*44%
2%
33
100
Chile Copper Co..
7434
10%
10
25
7% preferred
100
6% preferred
100
Chicago Yellow Cab...No par
%
*8%
m
No par
Pr pf ($2.60) cum dlv No par
J Chic Rock Isl A Pacific
100
6
82
106
9
^Chesapeake Corp
83
*16
20
*79
35%
*%
20
*71
35%
»16
20
71%
*98% 100
"700
1
*)
6
Preferred
48
*%
4%
20%
81
*4%
47g
*1834 21
28% 29
*98% 100
*109
*3
81
•
283g
323g
*133
*2%
71%
*101
*46 %
3
81%
21
—
2
4%
20
20%
82
29
*
*16%
*2l4
*2%
*67
29
*..—
*43
%
*102% 10234 *103% 103%
*58
*58%
59%
59%
12
12%
1238
11%
12
*98
9934
*98
9934
9934
24
*23
24
2334
2384
*108% 112
17
300
59%
*79
4%
33
48
103% 104
*58
3
*414
*18%
*44%
*2%
3134
%
Cab Mfg
tChlc A East 111 Ry 6% pf. 100
tChlc Great West 4% pf-.lOO
3
10%
3134
112% 112% *11234 114
33% 33%
*33-%
34%
78% 78%
*78%
80
33%
78%
78%
*133
*85
90
*44%
*
27
25
234
*22%
91
*
140
*23
28%
3
*44%
*2%
*33%
124
49
27
3
*90
*112% 113%
3234
33
*78% 79%
*2
1834
5%
92
63
*.—
*2%
*134
84
*22%
*44%
*2%234
31% 32%
234
32%
*102% 103%
*58%
59%
113g
113g
5%
10%
71
*
*82
*10%
28%
27"
*183g
103g
10%
*2684
*188g
834
•*%
*8%
67
80
*16
*10
884
*%
*8%
*22%
*78%
*21
»16
10%
63
*32%
*%
3%May 22
15%May 21
16 May 28
99% June 22
Chesapeake A Ohio Ry
1,000
*%
*%
1
Jan
Jan
6% Nov
30
13% Apr
28g July
63% Aug
72
100
8
65%
Aug
9% Apr
12
Apr
3% Jan
6
13% Jan
106% Aug
Apr
Mar
% Feb
4% Aug
35
100
Sept
16% Nov
77
July 12
30% Aug
41
84% Nov
May
May 21
15% Dec
Ap,
45
33g Jan
114% Mar
5% Apr
Jan
Apr
91
Aug
3234May
June 15
22%May 24
Apr
Apr
May 21
No par
Feb 21
Apr 17
119
Apr
June
6
3
r
Jan
Feb
Mar 13
48
June 12
25% Nov
Jan
7
12% Feb 15
2%May 18
Jan
50% Dec
2% June
May 21
106
2
Apr
15%
31%
25%
11%
13%
48%
Jan
5
l%May 15
Aug
1
6% Mar
40% Jan
4
5,400
1%
*934
*28%
42%May 15
20 May 21
Feb
53
6% Mar
5% Apr
18% Apr
Feb 21
19% Apr 18
23% Apr 3
75
734
Aug
11
4% Jan
90
Cham Pap A Fib Co 6% pf. 100
Common
No par
Checker
"""500
_
Chain Belt Co
•
Mar
40
4% Sept
3434 Oct
15% Aug
21% Apr
11% Apr
33% Apr 29
par
6% prior preferred
40
6% Feb 17
..100
Preferred
100
%
*43
Central Vloleta Sugar Co
620
%
%
^Central RR of New Jersey 100
Century Ribbon Mills.No
*%
48
28%
67%
220
*8,
%
,84
June 10
17% July 19
20
400
1,500
"600
10
100
Central Aguirre Assoc .No par
Central Foundry Co
1
Central 111 Lt
pref.,100
700
%
*'l6
No par
May 24
105%May 22
*%
*43
Caterpillar Tractor
2
39%May 23
7% prior preferred......100
Celotex Corp
....No par
6% preferred
100
*'ie
*28%
.100
22%May 21
Celanese Corp of Amer.No par
%
%
..10
350
'16
*3g
July 16
12,000
*%
10
1
Preferred series A
734
*1%
34
23gMay 22
Preferred
2,600
May 21
4%May 21
May 21
1134May 21
29%May 28
3%May 23
36% Aug 1
75%June 3
1,200
784
*28%
3
40
97
77g
%6
3
*90
1
«16
10%
400
25
..25
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
..5
Carriers A Genefal Corp
1
Case (J I) Co
100
400
400
*7g
%
*8
70
21
Jan
Apr
Apr
Apr
29% Apr
3
Apr
1334 jan
21
Dec
Aug
32
4
4434 jan
81%
15%
26%
52%
1%
8%
24
22
9434 Apr
6% Jan
22
Jan
Jan
Apr
41
7
10% Feb
111 May
22
No par
Capital Admin class A
$3 preferred A
140
6%May
May
9 May
14
May
50% July
39
1
6
Certain-teed Products
1
10
31%
234
124
*133
*%
*3g
9%
84
10%
*
32%
'1#
Canadian Pacific Ry
500
Jan 19
11
par
...IOO
Cannon Mills
200
*'l6
'l 6
Canada Sou Ry Co
3,000
1,400
3%May 22
2
1
Campbell W A C Fdy..No
Canada Dry Ginger Ale
1,200
1%
7%
*%
*
97
May 23
May 21
Jan
63% Dec
13% Apr
31% Jan
9% Apr
23% Apr
Cerro de Pasco Copper.No par
*1%
6%May 23
May 28
17%May 28
2%May 24
4,400
4%
38%
May 21
1434May 21
Jan
28%
27
1
5
334 Apr 11
24% Apr 6
110% July 9
25% Jan 4
37% Apr 30
29% Apr 6
30
preferred
conv
237g
167g
4%
38%
13%May 21
27
3434
121% Dec
Sept
Aug
Apr
31
Apr
41«4 Apr
1% Apr
7% Apr
7% Jan
""400
24
3
4%May 21
"""26
*15%
5
30
10
5%
*23
5334 Apr
May 21
5%May 21
3%
102
»16
234
*90
*90
*7%
9%
31%
47%
*%
*%
*%
834
98
*10%
*
*112
*8
10%
38
1
%
*43
%
23%
*15%
4%
*1%
'16
•ie
48
*90
8
*3g
9%
*28%
*%
*%
43g
39%
1
*%
%
934
3134
16%
*4%
38%
*99%
24
1%
*7
*%
*23
*15%
1
43g
43g
22% 22%
*18%
1834
*99% 100
43g
2334
1834
100
23%
167g
4%
38?g
23
dep7%pf_100
*3
2334
Jan
Mar 15
39% Feb
Jan
12%
16%
18«4
1%
19%
5%
784
16%
1334 Apr 29
2334 Apr 8
22
Sept
51
21% Jan 10
12% Jan
5% Apr 22
13% Apr 22
Calumet A Hecla Cons Cop..6
334
*90
24%
4%
22%
*18%
111%
7
22
33
*5
5
3%
24
4%
22%
19
17
»ie
7%
*%
243g
22%
*1
4
*3
102
*90
*18%
*99% 100
4%
39%
*»!•
33%
111
3%
*3
102
4%
111
■
5
5
3%
22
*i%4
*10%
91%
*44%
*2%
6
*3
24
*4
*284
*22%
*3
24
17%
*10
111
3%
23%
22%
"
5%
11134
24%
100
4%
36% ' 36%
*3
3%
4%
33%
*334
*3%
111
24
*15
*8
2
*3
3%
*22
*9%
57
17%
*0
4
3
37%
*36%
37%
91
91
95
*90%
92
*28
*28
29% 29%
29%
29%
2%
2%
*2%
25S
2% ' 2%
*50
*50
*497g 52%
52%
52%
10934 1O034 *109
10934 *109
10934
48
48%
47%
48
46% 47%
30
30%
29%
30
297g
303g
II784 118% *118% 119
118% 118%
*6%
634
63g
6%
6%
63g
53
*52
53
53
*503g
53
*17%
177g
*17%
1734
177g
18%
2
*2
1%
17g
2%
2%
11134 *111
11134
3%
*2%
3%
5
33
37%
*90%
95
29%
2%
2834 303g
116% 11784
63g
6%
53
18
*1
50
33
22%
*90
3,600
33
*32%
*90
4%
15%
37%
49
16
8
12%May 22
7% July 3
Callahan Zinc Lead
600
3
May 21
16>4 Aug
100% Sept
4
17%May 21
-.
"i'ioo
*35
8
21
Zinc
6
By era Co (A M)
No par
Participating preferred
100
Byron Jackson Co
No par
California Packing....No par
5% preferred
60
5,900
3
33
1
234 Jan
37%May
4%May 23
13%May
27 May
38 May
1% Jan
13% Jan
3
Butte Copper A
300
534
28% Apr 15
29%May 1
123% Jan 3
70% Mar 20
29% Apr 25
24% Mar 27
25% Jan 3
20
5%
1,200
134.
37%
90
38
1
May 22
Highest
9 per share 9 per share
No par
Butler Bros
800
512
26
share
No par
No par
Bush Term Bldg
210
*1234
1434
3
*22,
*4
1
June 10
127gMay 21
1
May 18
97
Bush Terminal
400
534
May 23
per
Burlington Mills Corp
1
Burroughs Add Mach..No par
60
1234
15%
9
Bulova Watch
2,600
534
13%
37%
*15%
3734
12%
I73g
share
61«4May22
177gMay 28
17
Year 1939
Lowest
Highest
Bullard Co
700
63
3%
90
108
*11%
173g
*48%
15%
95
4%
1
1%
534
1234
173g
53
36%
28%
2834
116% 116%
11134 *111
*2%
17
3%
2%
2
*48%
7,800
3,400
15
*23g
17%
*11%
1
,
13
*48
51
49
*47%
50
50%
10934 10934 *105% IO984 al09
109
*46
47
47%
46%
46% 48
*134
127g
19%
53
1,000
187g
3%
7%
of IOO-Share Lots
127gJune 10
1934May 22
99
IOO
7% preferred..
Budd Wheel—...
54
per
par
No
2,700
3%
*7%
$
100
Mfg
5%
29%
27%
334
73«
55%
54
5
7% preferred
Budd (E G)
300
36%
28%
*17
73g
54
60
19%
par
Bucyrus-Erle Co
430
19%
15%
90
57
7%
56%
2,900
20
36%
3%
33
4
*27%
*53
3%
37g
*434
484
5
3%
2,400
par
No par
Brown Shoe Co
600
5
*19%
Brlggs Manufacturing.No par
Brlggs A Stratton
No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.lVo par
Bklyn-Manh Transit-.No par
Bruns-Balke-Collender.No par
8
*7
19%
Brewing Corp 01 America
3
Bridgeport Brass Co...No par
""800
23g
7%
47g
7%
5
""900
734
7
IOO
preferred series A .No
Brooklyn Union Gas...No
77g
110
39
5
S6
2%
2%
14»4
90
28
8
3%
38%
23g
734
*35%
2%
32%
»384
3
29
28
17%
7%
14%
*27%
*11534 116%
*6
6%
*2734
*26%
*17%
26%
zl234
15%
*8884
2%
29
27
18%
7%
2%
*2734
36%
36% *
33%
*5
*18
5%
13
5
*48%
1
5%
5%
12%
3
434
19%
3%
7%
5584
*11%
*105
3
38 81
5
28
17%
106
334
38%
5%
28
*19%
1234
105
3%
3934
900
2,100
25,600
21
15
.
Bower Roller Bearing Co
32
/
77g
105
39
27%
20
*2%
21
1
Borden Co (The)
Borg-Warner Corp
Boston & Maine RR
~"m
17%
*29
17%
5
*32
32
21
Bond Stores Inc
3,200
115
*16%
21
27
*4%
*108
1734
No par
7,900
3%
24
2334
115
400
38
43
3%
*29
28%
5
42%
3%
237g
32
16%
*4%
*37%
*417g
21
4%
77g
2%
87g
37
6
Class B
5,100
11,300
5%
9%
1834
*29
39
50
9%
19
5%
9%
19
5
Bohn Aluminum A Brass
Bon Ami class A—...No par
""300
*20%
77g
2%
57
1734
59
357g
5%
32
28
*7
3%
77g
*108
17%
27
8%
*27g
23%
115
16%
27
2%
*14%
17%
27
*27%
*67g
*1
23%
*108
42%
3%
23%
3%
Boeing Alrolane Co
120
*34
21
20%
39
47g
28%
43
3%
784
8
103% 103%
384
3%
784
*35
^
Par
3,700
23%
19%
17%
134
On Basis
Lowest
14,200
*22%
19%
I07g
*1%
37
5%
9%
187g
36
*42
177g
*34
5%
934
19%
*34
35
43
3%
24
*29
16%
7%
2%
*55
18%
115
♦17%
20%'
19%
*16%
27
*11%
23%
17%
*103% 105
3%
5%
9%
18%
*32%
*417g
3%
*108
115
7%
38%
434
5
9
8%
1734
*32
5%
12%
59
60
23%
134
*7
58
*57
*22%
1584
3%
58
60
19%
Shares
14%
1434
27% 27%
10834 109
23
19
*19
14%
147g
27
27%
108% 108%
1434
27%
109
60
*1%
7%
27
23
15%
16%
27
22%
1*4
*26
15%
26
56%
19
17%
14%
14
Range for Previous
EXCHANGE
Week
9 per share
9 per share
$ per share
the
Aug. 2
|
Aug. 1
22%
15%
23%
|
NEW YORK STOCK
Friday
Thursday
56%
19
*108
,
60
*1%
6
July 31
108% 10834 *107
109
15%
8%
17%
I
Wednesday
2334
*55%
*2214
•
,
Aug. 3, 1940
Range Since Jan. 1
for
July 27
Saturday
3
STOCKS
96
Oct
Apr
6% Dec
16% Dec
38% Apr
98% Oct
42
Apr
10334 Sept
8% Aug
1% Dec
4584 Jan
z25% Apr
15% Jan
30% Mar
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
72% Aug
32% Dec
T Called for redemption.
Volume
AND
LOW
New York Stock Record-Continued—Page 4
151
SALE
HIGH
PRICES—PER
SHARE,
Sales
CENT
NOT PER
657
Monday
July 27
July 29
Tuesday
July 30
$ per share
$ per share
$ per share
*25s
3
17l2
12%
*J2
*12
1214
♦12
*20
2078
20
20
*87g
93g
80
*17
*12
*25g
17i2
914
*85s
*72
80
*83
*7214
♦83
85
53s
6l2
2778
277g
♦106
1075s
*5s
%
*6%
7
*212
2«4
614
*1*4
6%
*2%
3
15s
*11
13
83s
*34
7g
13
100%
1 14i8
*8%
34
*77
81
*78
100
14
8%
9
s4
80i2
39
38l8
38% *385g
♦11512 116% *115i2 116%
534
534
*55s
6
*35%
36
35l2 35l2
234
234
19
1914
23
1734
*21%
1734
5412
*53%
48
48
234
19
*22
1734
*53l2
473g
27g
19%
2234
177g
54l2
473g
497g
4978
4958
*172
180
175
*49
*172
5%
5%
5
5g
917g
24
1434
91%
*2312
15
*91%
*2312
*4
12lg
*12
93g
*73%
5ft
107
*9
*73
1214
*2114
22
80
*107
§5
85
584
29%
29
107
107l2
87g
84
80l2
3834
116
6
♦35l2
234
19
23
1778
54
48
4934
*%
1478
♦7i8
*212
6l4
*1%
*234
7%
*7%
712
234
2i2
2i2
100
6i2
6I4
63ft
8,300
15ft
*li4
*234
15ft
7g
27
%
1584
94l2
23i2
9412
2312
45ft
5
%
15i2
518
s4
16
9412
23l2
*4
458
26i8
*37i8
3784
29l4
29%
3012
2984
4
41ft
67%
107g
2234
2lg
184
4
*66
72
*66
70
*10%
*2112
11%
2284
*1014
*2134
11%
2234
67l4
107g
*2184
2
2%
2
2
3912
67g
39
39
*24%
2412
*2414
243g
*70
80
*70
80
*70
*45
50
*45
50
*45
*18
18*2
*18i8
*3I8
18i2
4I8
*2
*38l2
634
678
39%
678
243g
*80
82
3
*17ft
4%
*66
3012
837ft
4%
4%
70
1034
1434
1484
15
lls4
113g *1H4
33g
33ft
33g
*18
3g
*%
%
*111
11712 *1111211712
*13
1358
1334
1334
*27%
28i2 *2714
2814
38
"
*38l2
3912
38%
6
*57g
*578
6
157g
157g *157ft
16
80
♦7312 76i4 *70
11%
♦I8I4
1278
**69
*10
34
*3338
1834
13
*1812
1312
70
*10
1*3338
*6912
*1431s 145
*19%
20l2
142
20
26%
37%
37%
10
3934
100
153ft
10,000
87%
210
*37
*2
414
170
4%
4
4%
2,400
29®4
40
66
*63
75
11%
2284
*10%
11
2234
400
*22
2i4
4012
~i",I66
2%
2%
2%
2%
*2%
397ft
397ft
4014
40%
7%
2,400
14,400
2412
3,100
25
25%
80
*70
80
*70
80
*70
80
50
*45
50
*45
50
*45
50
18%
18
25
18i2
*3%
*1534
18%
*18
18'4
*18%
*314
*1584
*4%
19
600
4
18
""266
15
15
*15
16%
117ft
llSg
1214
11%
3i4
312
312
312
*ig
%
*'s
%
118
117% 117% *113
14
14%
*13%
14%
2734
2734
38%
*28
28i2
*3734
38
6%
16%
6
6
1634
1634
*3734
6
16%
24i2
7
237ft
25%
*314
4%
16
16
434
*4%
1*111
111
111
16
16
434
112%
1534
*2378
24l2
*1514
400
11%
3%
11%
3%
11%
3%
16
11%
*%
3g
*%
118
3%
119%
119
11
1878
137g
70l2
197ft
19%
19%
13%
135ft
137ft
7234
71%
73%
142
145
14512 '2:145
20i8
215ft
21% 22%
*6%
7
6%
634
*18%
1384
19%
*19%
34%
19%
14
7134
19
13%
137g
72%
72
71
145
175
*166
317g
30%
37ft
120
122
*143
170
170
*168
32
3134
15
14'4
*13%
»i«
32l2
*14
3134
1434
3g
*14
*i»
3212
3234
33
%
34%
337ft
13
13%
13
1384
32
13%
*13%
13
413
>4
1434
%
34
*®1«
34
514
5%
34
335g
30
30
30
305ft
3412
31%
28
5i4
*28
29%
281ft
2834
5%
33%
3034
29%
534
34%
31%
29%
1%
84
514
33
30
28
♦1
Us
*31 ^
*40l2
•it
H8
•«
53ft
118
*1
13ft
33
*31 «« 33
*31
33
42
*40%'" 41%
*4012
42
1%
*74
*81
*82
*108
*10814 111
87g
9
*74 4
79% 1*74
793ft
83% 8312 1*81
8312
*85
90
*85
90
*8l2
*108l4 111
*74
884
*7g
*112
♦34
134
*78
*1%
1%
*84
*35g
4
H8
6
31
84
*»n
*4i8
*35i2
5
*18%
*1314
37
19
14
♦88
99
*15
17
*1234
13%
*2i2
*i2
*19%
*85i8
1378
*34i2
*1134
78
*158
*1
234
a4
21
87
1378
35
20i2
3n2
*»).
34
6%
6%
31%
*.«
5
*4
5
365ft
365g
36
18
18%
*13i4
18%
1378
*13%
37%
18%
14
*88
99
*88
99
16
16
16%
13
13
*1234
*4
212
2i2
*2
%
*20
21
*2%
*%
*20%
87
*85i8
*1384
87
1434
*1334
*34%
3434
3434
*12
20i2
*1134
Bid and asked prices; no
16%
13%
284
#ie
100
10
30%
287ft
287ft
1%
307ft
*28%
1%
34
1,700
500
300
42
200
9
79
*80
i 79
83%
*74
*80
83
*85
90
*85
90
1%
*
7ft
684
3234
*3%
6%
37ft
6%
32%
32%
%
"16
1%
*1
%
*3%
*6%
32
No par
9%
5,600
"ioo
600
7ft
1%
1%
400
37ft
6%
32
400
800
8,100
%
100
50
3
60
5% preferred
100
Engineers Public Service
1
$5 conv preferred
No par
$5)4 preferred
No par
No par
preferred
Equitable Office Bldg..No par
JErle Railroad...
4% 1st preferred....
4% 2d preferred
Eureka Vacuum Cleaner
Evans Products Co—
Ex-Cell-O Corp
100
100
100
6
5
.3
Exchange Buffet Corp.No par
Fairbanks Oo 8% pref
100
*334
5
37
1,900
Fairbanks Morse A Co. No par
18%
18%
1,700
Fajardo Bug Co of Pr
*13%
*87%
*13%
14
99
*87%
99
*13%
*87%
99
17
17
*17
20
19
19
600
13%
13%
*1234
13%
1334
300
*2%
*%
234
234
200
»!•
200
20%
400
1*2%
234
16
*86
89
*86
89
*1334
14%
35%
20%
*1334
3434
14%
*1334
34%
1434
100
35%
34%
1,100
35
*12
*12
2034
20%
*20
*12
t In receivership,
a
Traction... 15
$6 preferred
*
Federal Mln A Smelt Co.
.2
Federal-Mogul Corp
5
Federal Motor Truck..No par
Federal Water Berv A.Ne'par
Federated Dept Stores.No par
4)4% preferred....
100
Ferro Enamel oorp...
1
Fidel Phen Fire Ins N Y.S2.50
Fllene's (Wm) Sons Co.No par
Federal Light A
14%
347g
*20
Rico..20
100
20%
Def. delivery,
n New
stock,
r Cash
sale.
84
Mar
Jan
13% Apr
3% Aug
14% Sept
4% Apr
103
Sept
15»4 Apr
15
15
14
15
25
5 May 21
20% Jan 15
%May
%May
l%May
%May
27gMay
7
June
17% Mar
10% Sept
11234 Deo
Oct
25%
18% Dec
125% Jan
23% Jan 10
103
36% Apr 10
43% Feb
10% Feb 21
28
Jan
85«4 Apr
14% Apr
Feb 29
Apr
Sept
18
28
Oot
878 Sept
1% Jan
125% Oct
323ft Jan
Apr
36'4 Sept
34% July
6% Aug
13% Sept
66
Sept
984 May
10% Nov
20% Mar
30
Mar
Apr
4
Sept
27% July
«8 Dec
171
25
Apr
3% Sept
38
55% June
Apr
12% Aug
20
Nov
91
23
Jan
447ft July
90
July
13% Nov
35% Jan
22% Jan
34.
July
87*4 Nov
144% Deo
17% Deo
19% Jan
30
Apr 9
Apr 24
6
Mar
10
Mar 30
6
Dec
13»4 Jan 18
10
Apr
108
Apr
Apr
116% Nov
188% Sept
Sept
124% Aug
120
Jan 17
189% Apr
8
126%
126
4
112
Mar
II884 Jan 19
44%May
6% Jan
-
118%
317g
186% Jan
183% Feb
307ft Oct
197ft July
15%
Apr
17% Jan
1% Jan
15% Sept
1
Aug
22%
Apr
8%
Apr
8% Jan
36% Jan
3184 Jan
33%May
I84 Jan JO
4178 Jan 3
46
Apr 13
Mar 19
12% Jan
8
83
Jan
8
89
Jan
8
97
Jan
[8
1% Sept
6% Apr
20% Apr
18% Apr
23% Apr
%
*103% Mar
7
Apr
62% Apr
65% Apr
69 |
Apr
Aug
1
Aug
38ft
Jan
40% Oct
18% Nov
3% Mar
12% Jan
41%
Jan
38
Feb
35
Sept
3% Sept
42«4 Nov
55
Sept
111
Jan
137ft Aug
80% June
89
Aug
95
Aug
17ft Sept
3
Sept
Sept
17g Sept
Feb
6
3% Sept
5% Mar
Apr
6
11% Apr 25
3434May 10
14%
3
%
Jan
Feb
Deo
8% Sept
1% Apr
3% Sept
1% Apr
1
Apr
28
32% Aug
«4
7i Jan
I84 Jan
3% Jan
5
June
111% Sept
12% Apr
384 July
4184 Apr 16
18% Apr 20
I84 Jan 4
112
14
138% Apr
156% Sept
8
Jan
Corp
Apr
Apr
45
Sept
19% Sept
Deo
7% Sept
63% Sept
13% Nov
32% Nov
11'4
Apr
El Paso Natural Gas
4% Aug
19%
73%
57ft Jan
37
preferred
No par
$6 preferred
No par
Elec Storage Battery..No par
Elk Horn Coal Corp...No par
3% Sept
Apr
38
19% Apr
23% Jan
I6684 Jan
36%
91«
113% Apr 12
237g Apr
28%May
178
4
20
8% Apr
May 22
18%
89
5% Mar
Apr 27
17
June 10
37
20
22% Apr 30
June 10
18
*2%
28%
22
37
1334
93
Dec
155
$7
8% Sept
Sept
Aug
Aug
117
Electric Power A Light. No par
Jan
96
9
Aug
10%May 21
%May 22
3
May 15
l8%May 21
15%May 21
r247ftJune 6
%May 22
26
May 21
35 May 22
102 May 22
6%May 21
63
May 31
66 May 31
Deo
62% Sept
20
4
2
3
Elec A Mus Ind Am shares...
94
48
17
101%
May 21
Jan
Feb
40%
91% Feb 24
10
Apr
20% Sept
% Mar 28
41%
37% Mar
17% Deo
13
65
l0%May 28
Apr
Apr
947fiMay 10
2534June 10
3
May 15
Jan
13
27ft Aug
24% Apr 23
2378 Jan 10
137
25
June
Jan
32% Aug
3
100
6% cum preferred
Eaton Manufacturing Co
Apr
24%
Dec
2% July
87gMay 10
Rolling Mills
5
Eastman Kodak (N J).No par
Eastern
75
3
112%May 22
18%
14
*13
HTgMay 22
8%May 21
2%May 21
% July 11
98%May 22
12%May 21
2678May 22
32 May 21
484May 15
12%May 21
56% May 24
9%May 15
Duquesne Light 6% 1st pf.100
Eastern Airlines Ino
1
38
*37ft
June 10
9%June 10
114 May 15
l46%May 28
114 May 22
18%
4%
June 13
l3%May 22
21
1
37
4%
107
No par
8% preferred
...100
Du P de Nem (EI) A Co...20
$4.60 preferred
No par
$6
»16
*9ie
29% Feb 24
4% Jan
51 May
May 28
1434 Jan 12
5
May 21
Endlcott-Johnson
111
9%
i%;
No par
Electric Boat
30%
7l6
Co
4,100
1,600
1%
25
13%
5,600
5,600
*1
6% partlc preferred
Eltlngon Bchlld
No par
Electric Auto-Lite (The)
5
84
*7ft
*1%
No par
Edison Bros Stores Ino
5%
*74
Match
8,200
*40%
4
sales on this day.
2,900
34%
31
29%
*108
Apr 22
19%June
No par
*86
20%
Detroit Edison
Dunhlh International..
87
21%
100
110
177
4% Jan
May 10
Delaware Lack A Western..50
Apr
62
Apr 25
60
2",000
1%
*32%
*»!•
Delaware & Hudson
38
.26% Jan
67ft Aug
20% Apr
June 11
10
% Sept
Sept
93
Jan
6
16
95
14%May 15
3
May 21
13'4May 22
3%May 22
67% Sept
Aug
Sept
Apr
Apr
May 17
61% Sept
3
7% Apr
1% Apr
24% Jan
105
Jan
Sept
9
Dresser Mfg Co
700
49
'647ft Apr
43% Apr 4
21%May 4
95%May 9
43%May 10
June 17
31% Jan
32% Sept
150
30%June 12
12
May 22
75 May 21
25
May 21
64 May 21
l'4May 24
334May 21
60
May 21
97gMay 23
2
5% Nov
May
61% Jan
65% Jan
179 May
50
Duplan Silk
6,500
Apr
Mar 29
«!•
I
34
1%
1%
1%
32
Dlesel-Wemmer-Gllbert
600
600
16%
92
...No par
20
200
7", 300
Jan
Apr
No par
8,000
Jan
Deo
Apr
197ft Aug
Sept
31
May
10%
28
6
116
407ft
33
Dow Chemical Co
5%
*7„
6%
»
Co
Preferred
Mar
51% Sept
Apr
June 10
5
Jan
100
Apr
75
25
2
22% Mar
5
21%May 21
34%
*»16
'16
111
Dec
Apr
Dec
Feb 26
6,400
33%
9%
Deo
29%
1%
45
July 17
65% July
5%
*108
Sept
17%
*87% Sept
32% Apr
*106
Sept
Mar
Feb
18% June 11
No par
34%
*1%
Sept
34
1017ft
1
4
Jan 10
Apr 9
Jan 26
Apr
36
3%May 22
Douglas Aircraft
5%
'18
9
Aug
Sept
11%
Apr
3234 Feb
784 Jan
387g Apr
Doehler Die Casting Co No par
Dome Mines Ltd
No par
600
33%
90
*3%
32%
13%
83%
1%
*35ft
4
13%
*14
34%
42
9%
*1
Deere A
6
1,900
4,000
*40%
*%6
1»4
1
*%
34%
13%
%
34%
79
1*85
1%
U
*14
97g Sept
5% Sept
Apr
70
May 28
44%May 21
165 May 25
4 May 21
30%May 22
14 May 21
ll%May 22
31%
1434
*31%
*33
111
*1
*35S
*512
3n4
6
31
90
%
%
5s
*%
*85
32
1434
42
834
Davega Stores Corp
Conv 5% preferred
Class A
150
33
33
*40%
884
793g
8312
111
♦108
♦
%
34%
13%
5i4
3312
*»u
33
*»i«
*14
317ft
41
1,600
146
297ft
384
124% 12434
12434
176
*168% 176
122
176
3112
-
Apr
9% June
1
Class A
Cushman's Sons 7% pref.. 100
$8 preferred
...No par
Cutler-Hammer Inc
No par
Dixie-Vortex
116% 116% *116
29%
29%
29%
334
*3%
37ft
119% 120
*166
317g
116% 116%
2% Jan
12% Mar
77ft Mar
8%
Il%Mar
32% Mar 14
6% pref with warrants.. 100
76
*70
137ft
145
Mar
108% Aug
Deo
88
6% July 25
Distil Corp-Seagr's Ltd.No par
*10
7014
35
Feb
I84
1
1,500
1H2
3178
Curtlss-Wright
16%
|125
175
Curtis Pub Co (The)...No par
Preferred
No par
17
....
31
6
16%
'
*166
30
Diamond T Motor Car Co...2
*33%
37ft
100
Ino
600
12
4
Press
500
34%
297ft
Preferred
Cudahy Packing Co
57ft
*10
4
preferred...100
Cuban-American Sugar
10
3834
*33%
287ft
No par
*37
12
30
w._No par
6
3512
116% 1165ft
w
3784
*10i4
*33%
116% 116% *116%
2834
2878
2878
287ft
*358
4
♦35g
4
11934 11934
*11834 120
pref
*578
113ft
36
7
conv
ex-warrants
Pref
3734
*10
2OI4
*10
$2.25
Devoe A Raynolds A..No par
113g
3412
*333ft
Crown Cork & Seal.__.No par
Diamond
75%
May 15
June 14
180
80
2
June 13
600
*70
277ftMay 26
23
14%
80
5
75
28
57ft
16%
May 21
1100
conv preferred
JDenv A R G West 6% pf.100
"460
June
33
Corp (The).2
Crosley Corp (The)
No par
5%
Cream of Wheat
14%
21%
21%
22
21%
6%
6%'
6%
6%
2:10
10
IOI4
IOI4
*984
11
*9%
11
|
*114l2
*114%
,*114%
*114%
*114% ...J
*114%
157
157
15912 163% 163l4 16434
157% 15734
16434 165
165% 167 |
125
124% 124% 125
125
12414 12414 1243ft 12438
*124% 125 1
11%
1,800
1,500
%'
70
June
28
*70
Sept
6% Aug
1
July
7
Feb
1%
97%
49%
116%
9%
40%
434
% July 31
14%
28%
14%
Aug
11
85
784 Sept
3»4 Dec
15% Jan 10
13
Dayton Pow A Lt 4>$ % pf. 100
15
104
25
10
2,500
16
24%
*28
91
84
2
18% Mar
Apr
7% Nov
27
Apr
IOI84 Jan
19% Apr 24
1
Co
Davison Chemical Co (The).l
15
118
Crane
200
200
*23®4
100
coty inc
Coty Internal Corp
Cuneo
7%
7%
Preferred
Cuba RR 6%
4%
7
conv. pref.
6% series
60
Corn Exch Bank Trust Co.20
Corn Products Refining
25
700
*87
66
6
7%May 21
84May 16
..No par
6,800
8612
*22
Class B
Crown Zellerbach Corp..
6
$5 conv pref erred. ..No par
Crucible Steel of America. .100
Preferred
100
83l2
4%
June
97ftMay 21
30
30%
*2
Consumers P Co$4.50 pfNo par
Container Corp of America.20
93
1434
*85
*70
142
*6
7
*6
*10
"5",200
26%
I
1512
*1014
412
*14%
*1H8
33g
43ft
7
*15
20
*414
1,100
3,900
5,800
30
115g
*3i4
4i8
4%
20
♦1534
20
16%
*414
4l2
412
4i2
4%
4%
*110% 112lft *110l2 1121ft *110% 112% *110% 112%
1514
*153s
1534
1514
153ft
155ft
1534
16%
2438
24%
243ft
2414
2414 *24
24%
24%
418
*3ig
*15
16
*4
397ft
3934
7i8
5%
%
240
4%
2234
*22
100
175
300
87%
15%
87%
100
370
2,000
95
147ft
86i2
15
87
500
4,200
25
3934
15
1
2%May 21
8S4May 22
93%May 22
33
4,600
94%
3734'
87
Consol RR of Cuba
6% pf.100
Consol Coal Co (Del) v t 0..25
5% preferred v t c
100
32«4 Nov
9% Oot
Apr
Apr
79%
110% Mar 25
1% Jan 5
10% Apr 4
4% Apr 4
8% Apr 9
2% Jan 3
4% Apr 29
25
600
*23%
*36%
29%
78i2
*178
$2 parti c pref.
No par
Consol Laundries Corp
5
Consol Oil Corp..
.No par
5%
25%May
200
1,200
6,200
95
*3714
87
May 21
97%May 21
%May 17
5%May 22
2% May 23
5%May 22
15% Mar 16
47 May 21
2,800
24
27
23
15 preferred.
No par
Consol Film Industries
1
Sept
30%
73
Apr 5
97ft Feb 21
3278 Apr 5
l6%June 10
l8%May 21
1534
26%
95
Continental OH of Del..
5
Continental Steel Corp. No par
Copperweld Steel Co
5
l2
37
37
May 29
4%May 21
106%May 31
4%May 21
157ft
2712
3784
88 9
37
9
8% preferred
...100
Continental Can Inc..
20
14.50 preferred
No'par
Continental Diamond Fibre. 5
Continental Insurance
$2.50
Continental Motors
l
l2
*4
Apr
8%
Apr
5
per
Apr
15% Aug
8
92
100
157ft
24
Apr
May 29
75
.100
Consol Coppermlnes Corp...5
Consol Edison of N Y_.No par
16
63
Continental Bak Co d A No par
*47g
%
5
*9412
No par
100
preferred
prior pref..
5
19
12% July 8
31% Apr 16
1,700
1,600
*172
174
5
Jan 15
June 12
17%June 10
7% Jan 29
8®4
84
5
8
10
l
4,000
7g
174
par
10
Ctfa of deposit
Consol Aircraft Corp
Consolidated Cigar
share
Feb
Jan
97ft Deo
share $
$ per
6% Jan 3
24% Feb 17
13% Feb 29
145ft
85s
1438
1«4
300
2%May 22
May 18
Highest
Lowest
$ per share
14
par
Range for devious
Year 1939
Highest
share
xl4%
7S
175
Conde Nast Pub Inc.—No par
Congoleum-Nalrn Inc. .No
Congress Cigar
No
per
700
85ft
28%
*78%
4
100
600
$
10012 100l2
34
88
4%
15s
3
82
*80
*80
82
80i2 *80t2
84
39%
39%
387g
387ft
385g
39%
391ft
11612 *11414 120
*114% 120
*11414 120
6
*6
6%
6%
6ig
6l8
6is
36
36
36
35%
36i2 *36
36%
234
27g
284
284
278
234
27ft
18
18%
19l8
18i2
19ig
177ft
18
23
23
22
22
2234
23
*21%
18
18
18
18
18l4
I8I4
18%
54
56
*5412
*54%
56i4
*54i2
56
49
49
4834
49
49
4834
49%
50
4978
50
*49% 4934
4934
4978
*172
400
14
*12
14
*12
IOOI4 IOOI4
14i2
15
9ig
34
1412
25g
3
85s
88W
2
200
®4
*86
*4'8
700
34
*14i8
81
10712 107l2
34
63ft
9
9
*4
23%
25
81
4,900
12,100
584
*5g
3%
13l2
13
176
*3718
*78%
2914
55g
Par
7%
10
87
*83
29
*35
3934
14% »1412
29I4
500
34
ri4
3734
100
80
*66
578
2878
1075s
55ft
100
2,900
93ft
*87g
93ft
80
85
5%
285ft
10012 100% *100 1100%
14
14%H14%
11434
247g
*87ft
*66
3
237g
12l2
*12
3
*35
300
12
234
*37ig
*12
*12
Lowest
1,000
17
17
22
7i2
40
284
17i4
12%
12
7
*35
284
17%
2184
*2l2
6%
158
*37%
Shares
12i8
67g
*2I2
614
*114
*12
Aug. 2
$ per share
3
3
2134
93ft
2034
*83
107
*93
45g
12%
*12
*5g
5
23%
3734
*412
2314
*1218
On Basis oj loo-Share Lots
EXCHANGE
Week
Thursday
3
173ft
17
534
28«4
*5
15
93
24
*234
85
5l2
283g
*172
5
84
*5g
15
3
17%
12i8
12*4
21%
93g
80
*83
85
*11%
14
*234
173s
20%
53g
5%
2734 28
*10678 1075g
*5s
34
*65g
67g
*2%
2»4
6U
614
*1%
15s
3
*25g
*99% 100i4
14
3
17%
12ig
12%
the
Aug. 1
July 31
$ per share
Range Since Jan. 1
NEW YORK STOCK
Friday
S per share
Wednesday
STOCKS
for
Saturday
13
Apr
Dec
25% Nov
2% Jan
87g Sept
Jan
%June13
3%June 10
29%June 5
17%May 21
49% Apr 8
31% Apr 18
24
Apr
20
Apr
11
May 23
187ft Apr
3
11
Apr
437g Jan
38% Sept
18% Aug
85
June 10
Mar 27
81
Jan
98
Deo
16
July 24
29
Dec
31%
Dec
13
July 29
3
14% July 23
47ft Jan 4
8% Mar 11
102
28% Jan
2%
Apr
Aug
84 May
2%
6% Nov
2% May 15
%iMay 22
15 May 28
25
Jan
9
3
18%
Apr
1%
27%
5
95
Apr
5
82% Sept
89«4
10 May 21
27%May 21
20
Jan
3
17% Nov
23% Nov
14%May 20
22% Jan
79
June
* Ex-dlv.
y
1
Jan
40% Feb 14
Ex-rlghte
5
Jan
Oct
Feb
Apr
40%
Dec
16% Sept
21%
Dec
27»4
T Called for redemption.
New York Stock Record—Continued—Page 5
658
SALE PRICES—PER
SHARE, NOT PER CENT
Aug. 3,
AND
HIGH
Tuesday
July 30
Wednesday
July 27
Monday
July 29
% per share
5 per share
5 per share
S per share
1412
Thursray
Auy. 1
.
July 31
14l2
141,4
I ?
Sales
STOCKS
Range 8inee Jan. 1
for
WW
Saturday
NEW YORK STOCK
On Basis of IQQ-Share Lots
the
EXCHANGE
Friday
Aug. 2
$ per share
per share
Week
Shares
1414 1*1414
14%
95
94
94
*9278
14%
94
*39
40%
*40
40%
14%
Lowest
Firestone Tire A Rubber
100
6% preferred series A
100
First National Stores...No par
1478
*14i2
14*4
95
*92
95
*92
95
*3914
*12*4
*2612
*2014
*1%
40%
13
27*4
22
1%
*3912
4012
*39*4
4012
1278
27*4
13ls
14
3912
143g
40
12*4
143s
14
14
13%
14
2,200
27i2
28
28
28
28
28
28
28
800
*2014
22
*20%
22
*20%
*1%
22
*27
300
"""906
400
"V.600
10
-
*25
34
*29
2912
30
29%
2
♦1*4
212
11%
2%
*11
18
*98
2912
10012
4%
*4%
*2%
*1U8
18*2
*98
*4%
2*4
12>2
18%
100%
412
10
10
11
11
*47
55
*47
55
4%
*4*8
*95
43*4
6%
*6*4
136
136
*2%
212
5
5
15
*1312
*54*8
60
1712
*1512
*105% 106
32%
32%
40
40%
128
44
*125
*41
*10*4
21*8
175s
*9
*17
*
39l8
*2
*2%
*77%
11%
*49%
14%
*68
*2
*29%
»i«
*5
"2,166
2
2
*134
2
*134
2
500
*2%
3
2%
*1112
2%
*134
234
12'2
*11%
*18
18*8
18%
*99
4ig
107g
*47
458
*99
100
4ig
lllg
4%
45
*13314 135*4
136
6*4
6*4
*214
2l2
*2'4
4534
634
6*
2l2
5ls
14%
*13%
60
*55
143«
58l2
17
*10518 106
105l2 106
33is
34
32i4
3314
4014
40*4
40*8
4012
*16'2
17l2
16*4
115
118
2l2
*514
14%
*56i2
1714
33i2
40i4
*11%
1234
*11%
.18%
*16
18%
993.1
*98
100
4%
9934
4%
11%
*10%
12
55
*47
55
4%
102
7
67g
*135
2%
53g
*14
60
17
17
4
*612
107
^%
67g
*2
%
11
11
*98
41g
67g
106
107
103
*12
1H2
*98
*116
*107S
21*4
*1814
9l2
20l2
*17
4%
*9
*99
18l2
18l2
9i2
18i2
*187g
*99
14%
14%
*70
*1%
*29%
4%
3634
212
*2U
214
*78i2
117g
*38%
2%
2%
1234
2%
7934
80
12
15
*2%
*214
*78
*72
75
*2
2%
*30
33
*29%
*9ie
%
5%
*12%
*8%
*11%
5%
13%
12
31%
*23%
31%
24%
14%
22%
20%
14%
2438
9
*8
5%
12%
8%
11
11
11
*32
32%
24%
14%
23%
20%
33
*83S
75
20%
11
17
*H2
*12i2
1%
1^4
*1214
*8%
*156
*14%
98%
*97
20%
21
150
5%
88
2%
95
9
91%
166
15
*130
*514
*85
2%
*93
*8%
56
2%
97
9
*126
*5%
*85
2%
96
8%
91
91
*91
*156
166
*156
*14%
79
*78
79%
*127
*127% 129
*50
534
88
*51
1434
80
129
60 lg
14%
80
129
*52
38%
200
2%
2%
800
*2%
51%
15%
51%
700
15%
15%
15%
3,000
*25
*414
*9
38 78
133
*98
32
3834
*30
900
32
*32%
13%
*13
150
*126
534
*534
88
*85
2%
2*8
96
*94
8%
9134
834
9134
166
*156
1434
1434
81
80%
129% ♦127
56
*52
*100
3914
40341
32
32
32
I
IH4
40
*31U
12
♦
4
*3%
4
I
*3%
Bid and aaked prices- no gales on this day.
$5
preferred
Common
$0
preferred
preferred
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No par
preferred
General Tire A Rubber Co
95 conv preferred
No
Glmbel Brothers
$0
par
No par
preferred
No par
No par
Glldden Co (The)
4Yi % conv preferred
50
Gobel (Adolf)
11%
11%
12
11%
11
11%
*1034
11%
17%
1%
*12%
17%
*17
17%
2,700
1%
100
134
134
1%
1%
""566
13%
*12%
13%
*12%
13%
200
32
*31
33%
*1%
*12
14%
8%
*31
33%
*32
13
*1234
33%
13%
14%
*12%
10
preferred
20
101
*97%
*20
150
*126
57g
*534
.
*98
20%
*85
2%
*96
150
20%
*126
5%
2%
*2%
*156
15%
81
165
*91
*156
151.1
82
*101
40%
*31%
80%
~l"266
*3%
100
100
2
Hazel-Atlas Glass Co
25
Hecker Products
Helme (G W)
1
25
9%
*101
81%
Hercules Powder
6%
*3%
Motors
94
No par
conv
preferred
No par
9%
40%
7%
5%
6%
700
July
5% Sept
18
35
Jan
75
Jan
16
Dec
25%
Jan
100
Oct
Apr
36%
Jan
107% Sept
Dec
Jan
36%
44% Jan
47% Aug
118% July
1% Jan
65% July
99
Jan
112
Sept
56%
1% Jan 11
19% Jan
99% Feb 21
»ii Apr
Apr
% June
38
6%
Feb
Jan
10% Jan
111% Nov
1% Sept
12% Sept
28
Jan
85% Aug
% June
92%
Apr
14
18% Apr
33>4 Jan
15% Jan 11
31%May 10
16
15
Apr
Sept
Jan
41
Apr
2434 Mar
13% Jan
1%
20%
19% Apr
12% Aug
Jan
Jan
15%
Oct
43% Sept
20% Nov
15% Jan
8% Sept
034Mar 6
51% Mar 14
18
99%
15%
May
23% Jan
10% Aug
97% Nov
23% Apr 27
106
9
Oct
126% June
3% Sept
Mar
July
128% Dec
Apr
7
Jan
130% Mar
Apr
105
Jan
Jan
Mar
Apr
5%
Apr
27% Mar
8% Jan
43%
54
Oct
Nov
Feb
Mar
Jan
3
58% Apr
2
43
Sept
19*4 Jan
4
14
Sept
66% Mar
24% Jan
44% Mar 26
4% Apr 22
34
May
47
3% Apr 11
88
Jan
8
2034 Apr 4
69% Mar 7
24% Apr 4
97% Feb 21
4% Feb
8
71% Jan
9
1% Jan 30
9% Apr 10
2%
Jan
1%
Apr
80
Apr
Apr
Apr
24%
Nov
109%
63
87
% Aug
4% Apr
10%May
1034 Apr
36«4 Apr
3
8
8
9%
10
142
55
Jan
8
Apr 24
Jan 2
Feb
6
Jan 29
Dec
Apr
Jan
Nov
Jan
Jan
5% Sept
80
Dec
14% Dec
Mar
74% Mar
38% Jan
2% June
07
4
July 17
2%
Jan
13%
21%
Jan
3% Mar
70
14% Jan
25%
18%
28%
29%
13%
6% Aug
1%
10%
15%
10%
22%
Mar
Nov
Sept
Dec
Dec
Sept
35
Aug
25
Aug
24% Jan
22% Jan
12% Apr
16% Apr
23% Aug
22% Sept
33% Sept
37% Sept
129% Sept
141% July
42
5
May 20
9%May 21
10% May 22
100%June 18
16%May 23
95
June 25
130
May
5% May
83%June
2%May
27
21
27
4
Apr
3
10
Apr'
5
1734 Jan
12
Jan
Jan
Apr
6
Sept
9
Apr
30
Sept
3
8
34% Apr 22
11
Apr
Apr
22% Sept
29
May
32% May
Jan
18
Apr
37
Jan
9
%
2
Jan
38
Dec
5
Apr
18
Oct
100% Jan 12
9
Apr
105
Oct
105% Mar 30
96
May
4
17
Apr
Apr 12
123
Sept
Jan
28% JaD
138
9% Apr
104
Apr
5
9
June 11
110
155
Jan 12
160
Jan
8
Mar 20
21% Apr 22
100% Apr 9
10%
Jan
92
2
Apr
93
Apr
8% Apr
100
Sept
148
Oct
10
Apr
63
Apr
128% Apr
54 *
Jan
100
110
60% Jan 12
28
May 22
38
27
par
No par
100
preferred
8%May 21
54%May 22
105
May 17
3%May 22
5
28% July 26
100
3
2%May 22
12 May 24
100
1
100
«4 Jan
3
May 15
%May 14
5%May 21
Mar 30
Apr 13
16% Apr 16
71% Apr 25
lll%May 13
6% Jan 3
50% Feb 21
1% Feb 20
Jan
2
13% Jan
3
3
6
3
1
24% Jan
Leased lines
100
31
June 12
1000
3
May 18
43% Apr
6% Jan
x
Ex-dlv.
y
4% Sept
40
4% July
May 21
r Cash Bale,
Apr
6% Feb 17
Jan
12
4%
8%
60% Oct
102
Sept
5
27
0% preferred series A... 100
RR Sec ctfs series A
Apr
Apr
% Dec
2% Sept
21% Sept
7% Feb 20
Ex-rlghts.
144
Feb
4%
May 21
May 13
May 21
35% Apr 4
7% Mar 4
16% Apr 20
103% Nov
33% Sept
71
35
4% July 15
Nov
18%
8
17
86
May 21
6% Sept
Apr
20% Feb 19
4% Apr 16
113% Jan 29
11% Apr 8
19
63% Dec
35% July
21% Mar
12% June
4
4
21
89%June 5
7%June10
12% May 23
76%May 23
May
24%
14%
35% Apr
103
preferred
New stock,
9
103% Mar
11
28
Jan 10
Jan
Jan
Jan
149
100
Hupp Motor Car Corp
n
7%
18%
62
Apr
12.50
Illinois Central RR Co
4
18% Oct
15% Sept
104% Dec
Dec
125% Dec
7% Apr
Jan
Sept
3% Sept
6% Sept
Apr
72%
58%May
55
30
Apr
39
50% Apr
127% Mar 23
Jan
90% Jan
9% Sept
Mar
%
Jan
Jan
29%
17%
% Jan
Apr
130% Jan
108%
Sept
31
101
Sept
43
9
Jan
Oct
5
37% Sept
Sept
7%
49% Apr 15
118% Jan
10
25
65
8
5
900
Def. delivery,
Jan
Aug
Jan
July
38
Apr
No par
10
1,200
""56
90
2%
29% Apr
87
Apr 24
19% Apr 16
117% Mar 29
110
51
31%
z9% Sept
45% Aug
5% May
128
Jan
44
25% Sept
105% June
Apr
May
Apr
Apr
103% Apr
14
Aug
66% Aug
1% Apr
27
Sept
18% Apr
1% Apr
2
July
7% Aug
9
July
94
Apr
3«4 Apr
share
per
Apr
Sept
15
Sept
14% Apr
29% Sept
5% Nov
8% Aug
95
May
47% Sept
.10
Hud Bay Min A Sm LtdNo par
Hudson Motor Car
No par
2,300
8% Jan
3% Jan
11% Jan
41
38%
25
40
94%May 21
12% July 16
Hudson A Manhattan
"266
Mar 20
No par
Howe Sound Co
2,500
7®4 Apr
67% Jan
67% Apr 16
115% Jan 9
18»4 Jan 4
Houston OH of Texas v t C..25
2,000
14% Apr 24
May
51
133% Jan 30
No par
Household Finance
.
105% Mar 27
6% Apr 22
July 17
Mining
Class B
2,700
5% Apr 24
Apr 30
18% Mar
20
June 11
Houdallle-Hershey cl A .No
ICO
2% Jan
50
preferred
Homestake
5,500
Apr 30
127
Hollander A Sons (A)
Holly Sugar Corp
Apr 29
Apr 18
32% Jan 25
3834 Apr 15
145
Jan
21
100
HlndeA Dauch Paper Co
Holland Furnace (Del)
4%
Apr
104
Apr
1%
Jan
10734
21%
83%
6%
17%
99%
17
25% Apr
3% Jan
35
No par
cum preferred
Hershey Chocolate
14%
34
*30
100
Hercules
—
40%
Corp
Preferred
15%
26
*4%
a
30
600
106
26
t In receivership,
29%June
25
300
53
*13%
4
25
200
106
34
Water
8%
53
40%
100
6% preferred
Corp of Amer class A
6
preferred
Hayes Mfg Corp
165
15%
56
preferred
Hat
129% *12534 129% *125% 127%
*52
100
Harbison-Walk Refrao.No par
97%
8%
834
913.1
100
1,500
""106
June 13
2
3% Apr 18
30% Apr 18
9%%
*96
97%
834
*90%
15%May 21
18% May 22
Jan
Highest
share 9
25% Apr 29
21%
2%
21%May 29
ll%May 22
46
21% Apr
38% Mar 20
1% July 13
11 May 21
1% July 23
8 May 21
0%
88
June 11
25
:
Jan 24
14%June 26
60
5%
12%May 22
21% Jan
106
9 per
1
7% preferred class A
20
May 21
July 16
May 21
May 21
share
10
Hall Printing Co
10
Hamilton Watch Co.—No par
150
5%
*85
88
20
May 22
per
No par
preferred
100
Hanna (M A) Co $5 pf.No par
102
„
Year 1939
Lowest
27% July 30
23 May 22
9%May 22
9 May 29
1
98%
*101
98%
100
Aircraft Corp
Hackensack
14%
101
No par
preferred
6%
500
*1234
No par
Gulf Mobile A Northern
100
32
13
2
l%May 15
May 22
%May 14
4%May 22
9%June 7
6%June10
10 May 18
26 May 21
preferred
14%
32
33%
13%
1434
33%May 21
4% May 21
May 22
11 May 21
30 May 21
69
100
Guantanamo Sugar
3
No par
(W T) Co
Grumman
June
No par
preferred
Greyhound Corp (The).No par
4,600
9
43
45
1,300
1734
1%
4
5% preferred
No par
Goodyear Tire A Rubb.No par
conv
Feb
10%May 22
Great Western Sugar..No par
Preferred
100 zl23
11%
i
7%May 23
2
$5
July 22
13%May 28
98
10
Green Bay A West RR
Green (H L) Co Inc
700
1
May 21
16%May 28
77
5%
29%
June
13% July 23
May 21
10
1
Gt Nor Iron Ore Prop—No par
Great Northern pref...No par
30
28
28
22
10
%June 6
9%June 10
86% Jan 15
%May 15
par
No
Grant
1,400
17
13
21
3%June10
5%May 21
100
Gold A Stock Telegraph Co 100
Goebel Brewing Co
900
20%
%May
May
77%May
118 May
37%May
110 May
32%June
35
Goodrich Co (B F)
32%
*20%
May 22
lll%May 22
1
32%
*23%
29%
4
6
32%
20%
36
Gillette Safety Razor..No par
Without dlv ctfs
29%
44%
100
Granite City Steel
20%
5
14
100
24%
June
l2%May 23
102 May 21
20% May 21
Gen Steel Cast $6 pref..No par
General Telephone Corp
20
200
243.1
94
20
9%
29%
34
par
12
*834
I
56
No
June 14
35%May 25
5%May 22
118 May 27
l%May 15
4%May 15
ll%May 24
48% Feb 6
General Refractories...No par
General Shoe Corp
1
*11
I
82
.100
12
40
1434
No par
Gen Realty A Utilities...... 1
$0
8
45%June14
3%May 21
.1
preferred
June 19
3%May 28
No par
General Printing Ink
1
133
165
par
5
*28
9
No
Gen Outdoor Adv A...No par
Grand Union w dlv ctfs. No par
*127
97%
10
Granby Consol MS&P
11*8
1H2
1H2
11%
12UI
12%
1134
12%
*11%
12%
*56
58
58
58
*5614
58
*57lg
58
*57%
*57%
58
10414 *103
10418 *104
104% *102% 104% *102% 104% *102% 104%
37g
3%
378
4
378
4
378
4
3%
3%
3%
3%
*28is
287g
2834
30
287g
2914
2934
29%
30
2934
29%
29%
*3A
*34
13 18
*34
"is
"is
*34
1316
*34
*%
131S
*3
4
*3
4
3'8
3%
4
3%
3%
*3%
*3%
4
15
15
15
*15i4
1534
1514
151.4
15%
15%
15%
15%
15%
4
4
4
4
4
334
334
4
4
3%
*3%
4
9
916
%
%
%
s8
9i«
9is
9io
%
1
7%
7's
*7%
7'8
738
778!
734
734
7%
7%
*7%
7%
*13%
14
*1312 1414
*13%
14% *13%
14%
14%
*13%
*13%
14%
*39
*37
41
417g
41
*39%
41 I *39
39%
39%
*39%
41
*3lg
General Motors Corp
Graham-Paige Motors
50
9134
100
600
2,500
*56
4
preferred
200
®is
*103
*3ig
6%
5%
133
*100
39"
$0 conv pref series A .No par
No par
General Mills
12%
%
*29
2%
par
5%
*127
88
No
*12%
9ig
12%
33%
preferred
$4.50
Gen Gas A Electric A..No par
5%
29%
33
100
Electric Co...No par
General Foods Corp.—No par
Preferred
29
13
preferred
General
Gotham Silk Hose
2%
33
133
27%
29%
12%
7%
No par
12%
834
*105
110
*104'8 110
*104% 110
*105
107
*1314
HI4
*13%
14%
14%
I4I4
14%
*13%
25
26
26
26
*26
28
25l2
*26
30
434
*414
4%
4%
4.%
412
4%
4%
*4%
9i2
9ig
9i8
*914
0l2
*914
9%
9%
*9%
3914
6,400
76
*1%
*30
1414
*98
*30
10
79%
75
74%
2%
33
*104i8 110
*13li
600
2%
12
*23%
14% *1234
102
*101% 102
*10H4 102
98%
98%
98l2
98%
98%
21
21
21%
2U2
21%
150
38%
12
9io
14%
134
*101
40
2%
100
5%
1%
102
300
2%
Cable Corp ...No par
No par
A
12%
20%
1%
14%
14%
12%
15,300
17%
14%
12%
~Y,500
U
*12%
1234
14%
*1%
12%
200
24%'
16%
33%
33%
1,9Q0
14%
1%
*30%
*32%
12%
*12%
100
5%
51%
23%
16%
13
36%
14%
10%
33%
5%
*48
24%
*1%
33%
*36
5%
24
10%
*30%
*32%
*12%
3,600
*14
1134
10%
1234
*30%
*32%
13%
*1234
4%
14%
11%
13
4%
25
*23%
11%
10%
13
""960
14%
3U2
29%
*1%
11%
8%
28%
*12
11%
51
5
General Cigar Ino
0%
*11%
32%
28%
1%
500
200
934
28%
11%
14%
984
19%
100
12%
31%
2434
*11
27%
*1%
*12%
340
237g
934
35
*12
2,700
*78
*1%
5%
133
16%
1%
14%
1%
19%
12%
*30
13
35
10%
300
7934
74%
2%
*127
*127
1134
23
15
916
5%
13
300
51%
33
5
No par
Corp
No par
1,400
*99
Bronze
No par
12%
15%
Baking
18 preferred..
0%
19
363.i
5%
*47
General
5
Gen Railway Signal
*2134
4%
*3534
5%
517g
"is
20%
4%
50
15
*11%
*5
50
No par
Gen Public Service
2434
11
41g
*35l2
5U
preferred
16
Gen Am Transportation
100
13%
11
1134
5M % conv preferred
50
Gen Amer Investors..-No par
1,600
~
24%
934
*9%
103
60
1,760
7i«
*1834
51%
»i«
400
%
13%
»i«
9;
11%
514
50
*98
19
1434
5%
12%
2,100
100
51%
*2
300
7
19
14%
*72
I
4%
*99
52
2%
124
7
20
12%
5178
75
35,100
4%
100
40
52%
45%
7
18%
*37
2%
*78%
11%
80
|
4%
22%
40
2%
127
"""BOO
200
18%
*37
11%
|
43%
22%
40
78
124
18%
9%
*37
*2%
200
243%
23
13%
78
45%
113.1
*1212
2l4
127
1134
60
95
I
1,300
*11
133
*91
6,400
1434
127g
2>8
80
33,400
24%
*35
*2%
I
34%
40%
24%
1278
11%
*50%
2%
912
100
97
7% cum preferred
24%
1134
1434
2%June 11
10%May 21
May 21
Gannet Co conv 96 pref No par
Class
116
l%May 14
12
General
%
103
par
10
100
116
24% May 28
No par
100
107
5
May 22
2%May 22
20
May 24
10
preferred
1,500
500
June
9%May 21
61
Galr Co Inc (Robert)..—
Gamewell Co (The)
5%
%
*13%
518
*46l2
*12ig
2ig
75
1434
24%:
*98
»16
12
4I4
3512
2*8
33
9
1812
*99
58
*127
*5%
150
3334
45% 4534
124% 125
*41
44%
4%
1,300
|
40%
127% 127%
*634
103
*1H2
4'g
35i2
5is
*4612
*35*8
11%
*98
103
lUs
4ig
36*4
5%
50
127g
1118
4%
36*4
514
50
13
39is
2%
79%
914
18l2
100
7
22%
18%
11%
21*8
18
45
4%
I8I4
*13%
23%
126%'
7
22
14*4
23%
IH4
2134
22
*85
7
150
*10412 10978 *106% 109% *105
109%
I
%
*%
*%
%
%
*%
12
1134
12%
*1134
11%
11%
11%
IH4
*1312
*22%
46
43g
41g
67g
IH4
14*4
23
127%;
Gabriel
14%
56%
17%
107
119%
par
Sulphur Co
Co (The) cl A ..No
General
*17
40%
par
5
106
*l2
*13l2
24U
*107g
22%
12
9i«
11*4
*25
35
*91«
l2
,
*23%
*130
40%
Francisco Sugar Co
102
10
No
No
Free port
100
56%
*106% 109%
34%
33%
100
.......
97 conv preferred
*5
15
*56%
34%
40%
4H % conv pref
Foster-Wheeler
*14
5%
14%
60
17%
l%May 15
l8%June10
2%
*2%
12%May 21
May 21
32%May 22
10%May 22
84
3
1,300
88%
*14
20%
*6%
*135
2%
f
1 Follansbee Brothers..No par
Machinery Corp
10
Food
Gaylord Container Corp
200
|
49%
35
14%
*97
6%
145
share
per
24%June 10
19 May 20
Gar Wood Industries Inc
"306
47s
102
*8734
22%
20%
*101
49
par
800
I
*25
**8
*25
87*4
128% 12812
24%
*1%
*11%
5
*4%
*95
48%
par
No
700
I
35
35
87*4
14%
*12
*2%
4%
102
4%
12
55
88%
*8
*8
*25
22%
*16%
*1%
*47%
4%
1134
*47
10
*•%
*23%
11%
*10%
*4%
*95
47%
4%
No
Florence Stove Co
$3
"""196
1 00
*25
32-%
28%
1,500
1234
*17
122
*116
115
3%
13
106
106
3
187g
139
139
136
5ig
*47g
*13%
*54
*4l2
*95
102
45
4'4
IH4
*47
55
234
Fllntkote Co (The)
F'k'nSimon&Co Ino 7% pf.100
*8734
*11%
*7%
*10%
*31%
*20%
31
%
100
*m8
4%
*35t4
*5is
*4612
*12i4
*30i4
35
103
23
34
30%
8878
4
*13%
*25
3034
*25
J2
4
%
34
31
*95
'
35
88
128%
*6%
67g
*104l2 107
*12
5g
*10*4
III4
*98
30
31
*87ig
87lg
88
12712 12712 *126i2
44 lg
44 ]8
453g
4434
46
44*8'
126ig *125
126% *125
120'g *125
*41
*41
43
43
43
'
44
*8
*25
*87%
4l2
*25
31
*25
4414
96
4414
*114
118
*114
4%
102
43*4
100
90
29%
*1*4
*25
10
$
Range for Previous
Highest
Florshelm Shoe class A.No par
*2014
22
*20%
22
17g
*1%
17«
17g
17g
1*4
1*4
*1%
178
26
26
*26
27%
25% 25%
2414
2414
*23%
25
*102% 107
*11% 107
*102i2 107
*102% 107
*10212 107
*102I2 107
13
1334
13%
*1234
133g
13%
12*4
12*4
1318
13*s
12%
12%
*70
74
74
*70
~
8234
*67%
77
83
*70
83
*70
83
3
3
3
*234
234
♦23,!
3
234
*2*4
*2*4
3
*2*4
24
24
Par
600
*14%
*90
*92
1940
9
% Aug
Aug
May
Oct
Nov
4% Nov
12% Dec
13% May
117
Mar
167
June
18% Nov
101% Sept
135% Mar
65% Aug
115
July
19
Jan
51
Jan
11% Mar
21% Sept
110
Oct
66% May
36% Mar
17% Jan
73% July
110% Aug
9% Sept
•
57
Sept
1%
Jan
5%
Jan
3534 Sept
8% Jan
2% Jan
20% Jan
Apr
35
Jan
38% Sept
49
Mar
16%
43< Sept
11%
T Called for redemption
Jan
Volume
LOW
AND
New Yark Stock
151
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
NEW YORK STOCK
for
Saturday
July 27
9 per share
*5%
*21i4
Monday
.
I
July 29
Tuesday
■
|
$ per share
Wednesday
,
|
July 30
9 per share
,
|
July 31
Thursday
j
Aug. 1
S per share
9 per share
the
Friday
.
6%
*5U
6i8
*5%
6%
*5%
6%
*5%
6%
*5%
6%
*21U
2178
2178
2178
22%
22%
*21%
22%
2134
£91%
22%
92
89
89
157
*82
83
90
90
90
157
*140
157
*88%
♦140
91%
*146
19
93
157
*146
146
8234
82%
82%
87«
878
9%
9
9%
9%
93g
5%
5%
*5%
5%
*5%
5%
2%
2H
*2%
2«4
5%
*25a
234
2%
2%
25%
25%
25%
26%
26%
234
26%
*5%
2%
*233,
*2%
26%
*24
25
*103
105
105
*103
105
*234
3%
*7h
T%
*234
714
3%
75s
*1%
1%
138
1%
*1914 20%
*141l2 143l2
*103
109
*103
109
109
*103
3
3
8
8%
8
8%
1%
*1%
1%
*1%
1%
*1%
*2%
21
21
*20
142
21%
143% 145
142
*140
234
22%
145
400
600
10
400
2 34
8
13,
*20%
*19% 20%
14212 14212
3%
8%
1,300
5,100
1,800
109
*2%
3%
10
9%
5%
2%
25%
25%
734
2,100
82%
9%
5%
'"900
146
82
82%
8%
8214
8%
*5%
82%
*8%
*514
8234
8234
93%
150
5,400
8
400
1%
22%
100
142% 142%
44%
4434
600
*20
3,800
45
43i2 43i2
43
43%
44%
43% 45%
4534 46
*156
163
*156
163
163
163
*156
*1597, 184%! 1617, 16178 *156
*2%
234
234
2%
*2%
234
*2%
234
*25)5
234
2%
2%
7
6%
6i,
*6%
634
6%
6%
6I4
6U
684
634
678
*334
4%! *334
*378
4%
4%
4%
*378
4%
*378
4%
*37g
23U
*118
23%
125
121,
*47
121,
47«4
*21,
38
25j
3812
227g
*118
23
23l8
12018 *118
123,
13%
13
4734
48%
*2%
50%
4978
14%
53
2%
*2%
3784
2%
38%
212
3812
*37
100
500
3,000
38
38%
14%
5234
2%
Indian Refining
10
Industrial Rayon
ingersoll Rand...
Inland Steel Co
No par
Intercbemlcal Corp
..No par
6% preferred
100
Intercont'l Rubber....No par
Interlace Iron..
No par
5478
53%
55%
19,800
200
5% conv pref
100
Internat Rys of CentAmNo par
33i2
*31
33
32
32
32
32
*31
34
*32
34
300
5% preferred
International Salt
*28
2812
28%
28%
28%
28%
*2734
29
*2834
29
400
International Sboe
200
International Sliver
18%
105
2i2
*25,
*6
25,
J
6%
*7512
*61,
*24U
90
61*
26%
*123
*16%
*88
I8I4
18%
*93
105
21*
212
278
6l4
*25s
*6
*7534
*61)5
*2414
25«
*234
6%
*7534
*6%
*2434
90
6l2
26i4
*123
*10U
1034
45U
*18
105
11
11%
*17
20
19
19
104
*88
100
99
99
2%
234
3
234
6%
6%
*7534
90
3
6%
90
*6%
6%
2434
123
11%
2%
2%
6%
*7534
*6%
25
234
2434
6%
26%
*123
11
20
*90
18%
11%
*4
*1193,
4U
*4
*13
15
*13
*10
12%
*10
*85
100
*834
9
*9712 103l2
12
12
*534
578
*95]s 100
25U
25U
*11934
*86
*834
414
'
4%
*11
11%
*101*
127,
*334
*19U
*18's
105
12
1278
4'4
♦193s
20
*18i8
105
*134
1
*378
20
2
1
27,
*193,
278
1934
*1034
11
*22
2434
105
*134
1
278
1934
*1034
*2234
38
71
*68
71
200
*10%
11%
*10%
11%
100
Jones & Laughlln St'l pref. 100
Kalamazoo Stove A Furn
10
""266
Kan City P A L pf ser B No par
Kansas City Southern.No par
1,500
20
*11934
4%
*4%
147«
11%
11%
*92% 100
934
*9%
*97% 103%
12%
12%
*4
4%
100
6%
1,200
9
*92% 100
*9
•
12%
6%
*95% 100
6%
6
261)5
*96
*2%
23%
26
23%
3
*2%
3
*25%
*1%
*23
$5 prior preferred—.No par
3,000
1
30%
26
30%
""loo
30%
7%
*6%
7%
10
12%
*10%
13%
*10%
12%
13%
1278
*10%
133,
*43,
13
13%
60
5
200
Lane Bryant
20%
20%
300
Lee Rubber A Tire
100
Lehigh Portland Cement
4% conv preferred
f Lehigh Valley RR
13
5
*4%
5
2034
20%
20%
*20
*19
20
19
19
*19
*4%
21
17g
*17jj
1%
*1
3
*1034
11
2434
*23
*105% 108
2
2
2
1%
*1
1%
*105% 108
3%
20
IU4
13
*20
4%
19%
2434
20
*3
3.
1978
Wi
107)5
*23%
24
39%
*1034
*23%
40
*678
40
11
3%
197)5
11%
24
1,800
1,800
107
108
120
2
2
700
1
1,400
4,400
67,
23%
403,
678
900
20
11%
23%
40%
*19%
*107,
700
3%
1
*3
2,100
300
100
3838
7%
75)5
75)j
X7
7
7
7
*38i2
7l2
40
391*
3978
*39
41
*37
41
*37
41
*36
40
300
*93
95l2
*9312
95
95
95
95
95
95
95
95
500
97%
700
95
—10
25
3
38%
Kresge (F S) Co..
Kresge Dept Stores
*6%
3
1934
38
Kendall Co $6 pt pf A..No par
Kennecott Copper
No par
Keystone Steel A W Co .No par
Kimberly-Clark
No par
Kinney (G R) Co
30%
20%'
178
800
25
*1
1
2 MOO
1234
34%
134
25%
23%
73s
*105% 108
2
27%
1
39
4034
7
Kress (g H)
A Co
No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
5%
preferred....
Lambert
Co
100
No
(Tbe)
par
No par
—.5
26
100
60
Lehigh Valley Coal
No par
6% conv preferred..
50
Lehman Corp (The)
1
Lebn A Fink Prod Corp
6
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Llhby McNeil A Libby
7
Life Savers Corp
6
Liggett A Myers Tobacco..25
97
96
97
97
97
*175
178
*175
178
*175
178
*175
178
,*175
178
176% 176%
100
*19
21
*19
21
*19
19%
19
19
19
19
*19
300
Lily Tulip Cup Corp..No
*1712
18'2
171*
1712
18
18%
1734
18%'
*1734
18%
*18
500
Lima Locomotive Wks.No par
*3278
3434
3278
3278
*33%
3434
34
3434
35
500
Link Belt Co
*9i8
*13i2
93S
14
2434
25%
9%
14
2178
22i8
22
3278
32
212
*15
16
*10658 IO8I4
197(5
*149
1978
154
*18
19l2
*23),
*15
17
20
*149
5514
193s
54l2
28
19%
*125
*1912
20
1934
24
24
2334
1034
*5i8
134
7
*101*
2534
134
4
4
*4
*4
5
4%
No par
Long Bell Lumber A...No par
15%
*15%
16%
*15%
16%
*15%
16%
109% *107
109% *106% 109% *106% 109%
*20
20%
20%
*1978 20
*1934 20
100
Loose-Wiles Biscuit
22%
2278
22
3378
33
33
3278
2%
154
*2%
*150
*1884
31
1%
193,
2078
24%
25
25
1034
*10%
26
27
134
*1%
7
*5%
175s
*1234
78
*3,
1
*34
1
4
4%
4
4%
478
4%
32
17%
*30%
*17%
13%
*1234
13%
17%
4%
4%
11%
31%
*8%
*26%
2534
11%
32%
1134
31%
*8%
*26%
1178
32%
8%
25%
27%
2634
2434
2634
2478
25%
25%
25%
*167
*167
170
170
*167
2534
2%
2%
2%
49%
*2%
49%
*2%
2434
*22%
2434
*21%
2434
*20%
2434
10334
102
*100
102
13
12
12
*1314
133)j
13%
13%
*98% 109
102
102
*48%
*100
50
10334 *100
*12%
13%
*1284
13%
13%
13%
1378
14%
*98% 107
*987, 109
21%
21%
*2134
22%
*22
*6'4
22%
714
*6%
7%
634
634
*6%
7%
28%
28i4
*28%
28%
28%
28%
£28%
28%
*7l8
714
7
7
7%
7%
7%
7%
•
27
170
50
*12
*21'2
878
47%
2%
*100
*98l2 109
9
Bid and >is»ed price
; no sales on
23
hi* day.
234
13
*1234
*14%
14%
*99% 109
2234 2234
*6%
7%
28
28%
7%
7%
,200
1,400
""400
600
7,
No
par
1
Lone Star Cement Corp
25
preferred
Lorillard (P) Co
7% preferred
100
5%
10
100
Louisville Gas A El A..No par
Louisville
A Nashville....100
MacAndrews A Forbes.
10
4%
4%
4,900
12
3134
2,500
16,500
2,100
380
Maracalbo Oil Exploration.. 1
M arlne M ldland Corp
6
pref. 100
Marshall Field A Co—No par
900
Mathieson Alkali Wks No par
*23%
'
6%
23%
""206
6%
28%
200
7%
*28
7%
I In ••ecelvershlp.
a
1
Martin (Glenn
No
No
preferred
par
par
15% Jan
109
100
5
79
1278
20
384
21
June 10
160
June 12
% May
1%
20
Jan 11
9%
23
Apr
36%
Apr
4%
45
109
4% Apr
18 84
Jan
109%May
26% Apr
162
May
3
21% Jan
5
2,200
Mclntyre Porcupine Mines..6
26
1,700
McKeesport Tin Plate..... 10
r Cash sale,
June
6
June 26
5%May 15
x Ex-dlv
y
Apr
10
Aug
13% June
2984
Dec
30%(Sept
J0l%jsept
6
Mar
38% Sept
2
Aug
16% Sept
105
19%
138
Jan
Apr
Sept
1584
Jan
36%
Apr
3
28
Apr
136%May 10
124
Feb
18
Aug
Jan 25
35
Jan
2834 Jan
31
3
25% Sept
Apr 15
1284 Jan
11% Sept
25% Apr
4
Mar
8
38
1
4% Apr 18
Apr
77, Mar 11
5
Apr
35% Feb 28
17% July 17
9
5
Apr
Apr
16% Jan 17
10
Apr
1
Apr
9
5% Jan 5
8% Mar 29
l%May
4% Apr
378 Aug
934
15% Feb 21
4784 Apr 16
1434 Apr 15
407, Jan 8
3234 Apr 16
170
Mar
2
4
96%June 14
lO%May 22
May 21
17%May 21
Sept
15
2034 Aug
31% Apr
4
60
par
93
Sept
152
18% Mar 27
8
2
10
11
3
2
Sept
95% Sept
5
9
4
29% Jan 3
41
Apr 6
14% Apr 27
417, Apr 15
37% Mar 15
109% Apr 8
Apr
33
95
Apr 15
Apr 15
No
1
Apr
3
30% Apr
May 2.1
Apr
Sept
9% Apr 20
20
10
Apr
Dec
2% Sept
29
par
No par
Jan
17
Feb 19
53% Jan
May 23
Apri
112
14
46% Jan
884May 21
2634June 25
6%May 21
2l84june 10
Jan
3%
1% Jan
39% Apr
84May
3%May
278May
Apr
25.
3
14%May
ll%May
Apr
7
12% Sept
3584 Jan 4
23% Jan 10
l5%May 21
May
May
Apr
Apr
Dec
20%
16% Jan 11
6% Apr 6
May 28
May 22
Apr
23 84 Sept
12
33
Apr
Apr
I84
5
5
53% Jan
87,June
Apr
20
3
9
May 15
38
May
2684May
June
884
Feb 26
9% Jan
1834 Jan
Aug
28
Feb 16
29% Jan
34% Apr
Apr
7% Apr
14% Feb 9
46% Apr 18
284 Jan 24
3184 Apr 8
36%May 22
2% May 22
McGraw ElecCo
New stock,
85
1978 Apr 23
103% Apr 16
387, Jan 3
4
Apr
Sept
12% Apr
8
Apr 18
par
McCrory Stores Corp
1
6°7, conv preferred..... 100
n
90
17% Apr 23
26
Apr
8%
Feb 23
June 10
McGraw-Hill Pub Co..No par
Def. delivery,
11
5
97
No
No
Department Stores... 10
1st cum pref
117% Jan
6% Apr
8
5
4
McCall Corp
4
Jan
15% Jan
30
24
800
300
7% Apr
20
4
2434 Apr
No par
26
2,100
Apr
15%May 21
9%May 18
18%May 21
1 % July
$6
Apr
13
Apr
Marl5
Jan
21%May
27
10
Sept
Aug
35
48, jan
1
7%
59
4
10
23
17
31
21
18
22
31
24
21
5
22
30
21
21
21
23
31
22
21
Sept
122
May 17
10
Manatl Sugar Co
Maytag Co..
$3 preferred
13
4
l%May 23
34 Apr 17
May 15
Apr
119% Sept
3
Jan 15
2
Magma Copper..
Martin-Parry
18
Jan
13%June
105%May
18%May
138%May
15%May
Sept
7% Nov
9
July 15
115
June
Sept
75
9
Jan
Mar 27
lOO%June 10
20%May
May
Jan
9%
778 Aug
Mar 13
77% Jan
l6%May 21'
16%May 22
May
170
200
52
l%May 22
!7%May 20
19%May 23
2 May 21
23%June 11
23%May 22
4
May 21
8%May 23
12
May 15
3%May 28
No par
Madison Sq Garden..-No par
pr
4
76
Apr 10
132
27%May 21
May
25
"""600
17
May 21
17
Macy (R H) Co Inc
Market fct Ry 6%
37g Sept
127% May 14
24%May 21
130
*167
49%
49%
*2%
234
*23% '2434
*99
10334
1234
1234
14%
14%
*99% 109
Dec
8% Jan
.
100
L) Co
Corp
Masonlte Corp
8%
107
28
"
t Manhattan Ry 7% guar. 100
Modified 3% guar
100
Manhattan Shirt...
25
300
Oct
Jan
16
2
Sept
84
121
29
60% June
33
97,June 10
No par
preferred
Mack Trucks Inc
Mandel Bros
17%
13%
4%
11%
50
17%
13%
4%
|
2
6%
32
4
3034
*23,
*22%
6%
32
24%
1034
287,
134
*27%
134
*5%
*30%
*17%
*1234
4%
87,
47
*1284
134
4
11%
212
*30%
*17%
1034
21%
No par
Inc
Loft Inc
6%
"
207,
24%
*10%
4%'
3134
49
*125
25
*34
834
247«
100
1
1078
25%
1,000
32
*84
30%
170
I
400
19%
57
287,
*5%
10
*29
*27
*1%
600
152
19%
*56%
1034'
178
7
152
10
32
27
8%
*2434
*24%
19%
2%
57
21%
1034
*167
154
21
*24%
*10%
30%
25
2%
*125
20%
8%
2512
56
*29%
*125
2034
10i2
170
*19
56
*29
2934
83,
*150
154
*55
26
4%
4%
*2%
2%
1078
25
*2i4
*21i4
400
23%
33
30
♦166
*465)(
50,900
1,800
22%
33%
13%
13i2
*1738
*1234
34
22%
327,
2%
23%
32
175s
1
100
*5%
*30%
*17%
*1234
*7,
4,400
38
Jan
jan
Dec
May
40'4 Sept
23% Apr
25%
16.60 preferred
29
109% Apr
180t,May
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
6%
Apr
May 22
Lion Oil Refining Co ...No par
1434
67%
Jan
19
May 22
700
138
25% Aug
3% Jan
39% Jan
10% Jan
June 10
13%May 21
27 May 21
9
May 15
lO%May 21
22% July 3
20%May 21
97
May 22
Aug
8%
Jan
June 19
600
Loews
6%
Apr
31% May
16
101%
19%
*10%
*934
jan
May
Dec
Sept
87
..No par
5534
35
169
25
30
24%
7
*17-3s
10
34%
Sept
123
117%May 28
3%May 21
11 May 23
9
May 23
92 May 21
7%May 21
__
10
4
3
Apr 29
100
par
17% Sept
5%
Jan 11
90
122%May 22
48%May 15
87
Oct
Oct
102% Apr
434 Jan
478 Jan
May 21
3434May 22
10
41
Sept
3
28
June 21
Jan
578 sept
37,
«J34 Apr
2% Aug
457, Sept
56t4 Feb 6
37% Apr 12
36% Jan
June 10
Dec
195'4 Mar
71% Sept
I6684 Aug
Jan
....26
Series B
Preferred
*100
55%
20
26%
134
*5%
*9%
9%
19%
32
*2434
13,400
9%
55%
24
1034
*30
83,
2634
9%
*125
32
2912
14%
263,
*29
20%
*29
*101*
14
2678
*149
54%
28
27
14
26%
20
20%
154
28
*26l4
♦is,
14
27%
107% 107% *107
*27
*101*
14
26%
22%
32%
2%
15%
212
*541*
*125
14
2634
35
24%
25
24%
25
2434 25
102
102% 102% *100
10234 *100
32
*23,
97%
20%
18%
3412
10
14%
9%
22%
*3112
97%
14
253)5
245)5
1025)5
245,
*97
97%
25%
9%
14
103:% *100
*24
*100
2434
24%
96i2
142
5
5% Jan 24
8%May 21
4%May 22
87%June 20
Class B.
Apr
Sept
73
267,May 28
25 May 23
l3%May 21
97% Jan 15
ls4May 15
17,May 15
4%May 21
74% June 11
5%May 21
20%May 23
95
cl A.l
30%
125,
*19
100
1234
*32
6
conv
16
133
Sept
1678 Sept
145
7
57,
9% Mar
46% Oct
109% Dec
3
Jan 23
21
Apr
1% Apr
Jan
9884 Sept
Apr
7% Aug
2%
4
5
3878 Jan
Kelsey Hayes Wh'l
26
20%
20
*96
100
90
6
37
44
Apr
Jan
14% Apr 20
3
Kelth-Albee-Orpheum pf—100
27
2778
127),
34%
134
25%
23%
1
*6%
125g
4%
105
*2%
100
100
30%
*25
30
6%
414
3
*23
26
2934
6I4
12
20
*1%
*23
23%
*1%
6%
12%
6%
4% preferred.
6%
*2434
2934
125)5
134
25%
23%
*2%
3
12
*32
*32
33
3
*96
100
34
127,
23%
*23
6%
27%
*1234
27%
13
23
*1%
1278
6%
2734
127(5
27%
134
25%
23%
134
934
*97% 103%
1234
147,
38%
*951*
Preferred
"2", 066
12%
2512
*2434
2934
*5'4
*10l2
125s
*68
58
127%
"""loo
100
*97% 103%
*23
6I4
No par
58
*125
12%
9
9
2
30
No par
Johns-Manvllle
58
67
Mar 28
5% Jan
9
125
Aug
21%May
122
125
Sept
157
1278 Jan
38
Jan
131
17% Apr
2% Apr
share
9% Sept
Apr
86
28
5
per
29%
147% May
9% Apr
4% Apr
2»4 Sept
10%May 21
40%May 21
l84May 18
1
*57
4
16
27
11
14
Apr
1634 Apr
171
19%June
June
Jan
4%
3
191% Mar 12
62s4 Jan 4
June 11
May 22
May 25
l'4May 22
5% May 22
3%May 23
109
118
113
38
..1
5% conv preferred
Kay ser (J) A Co
*134
26
500
4434
4434
preferred
Kaufmann Dept Stores
*31%
*5U
45
$6
Jar vis (W B) Co
Jewel Tea Co. Inc
"""loo
33
30
10
*11
par
...1
*10%
12%
*92% 100
*9%
9%
*97% 103%
*31l8
*112
*241*
500
*123
*11%
No
*14%
33
*212
11%
Intertype Corp
Island Creek Coal
11%
*31'2
3
400
1478j *14%
2534
1234
*2l2
6%
24%
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
*10%
*86
100
1214
1214
534
6
*95i8 100
23
*6%
24%
100
Teleg...No par
*13
13
2314
90
Telep
12%
*12
23
800
61
*6
7% preferred
Inter
147g
1234
26
4%'
27,
*2%
*7584
50
*10
*12
*22
45
100
5,900
1,200
2%
2%
100
No par
No par
*13
147fj
12l2
*971* 103l2
25'g
*4%
6%
25
1*11984
*11934
4%
2%
6%
90
*123
123
*44
*44
45
45
4478
4478 447(5
*56
56
57
58
57i2
5634
57%
58%
*12512 127l2 *125l2 12712 *125% 127% *125% 127%
*67
74
*70
74
*70
70
72
I
72%
*11
11
11
I
*10l2
11% *10'2
III4
11%
*11934
2%
June 10
2%May 15
6%May 21
1
May 21
18%May 21
1
Preferred
100
Inter Paper A Power Co.... 16
470
91
1
Jan
47% Mar 20
8
145
Int Nickel of Canada.-No par
2%
June
Highest
9 per share S
Apr
90% Apr
1578 Apr
6% Feb
6% Feb
7%May 22
4%June 11
2%May 21
22
934 Apr
Lowest
29
158
June 26
66%May 22
Int. Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
13,400
3978
145
lnternat'1 Harvester ...No par
Preferred
.100
64~900
2%
5 May 23
l6%May 21
72 May 25
136
15%
38
9 per share
Internat Agricultural..No par
Prior preferred
100
Int. Business Machlnes.No par
14%
2%
S per share
20
Insuranshares Ctfs Inc
1
t Interboro Rap Transit...100
15
381
Year 1939
Highest
Inspiration Cons Copper
29
*88
^
No par
100
*27%
,
No par
6% preferred
*31
*16'4
38
Par
Internat'l M lnlng Corp
24
23%
24%I 22% 23%
22%
23%
120% *118
125% *119% 125% *119% 125%
1214
1178
473,
*2%
Range for Previous
of 100-Share Lots
Lowest
Shares
$ per share
217,
*140
Range Since Jan. 1
On Basis
EXCHANGE
Week
Aug. 2
659
6
4% Feb 23
3
Apr
26% Aug
2
May
30
•
Sept
2034 Aug
155
4034
Nov
Apr
3% Sept
2434
Dec
93
Jan
16% Jan
8
107,
Apr
1778 Apr
8
934
105
111
29
Mar 29
Feb 24
Apr
3
9% Apr 25
47% Jan 3
127, Jan
Ex-rlghts.
8
Jan
88
Jan
15%
Apr
5% Sept
39
884
Sept
Apr
1 Called for redemption
New York Stock Record—Continued—Page 7
660
SHARE, NOT PER CENT
AND
SALE PRICES—PER
HIGH
Range Since Jan. 1
Fri *xiy
July 30
Aug. 2
$ per share
4%
4%
2134 2134
6i4
65s
$ per share
4-%
4%
22
22%
*65s
7
S per share
$ per share
Shares
July 29
$ per share
$ per share
108
*95
8%
*8
4%
*21%
*63s
*95
*8%
84
*78
*65
68
*67
*2734
28
*78
*25s
*1358
3
1434
28ls
*23s
*1338
14
*11
*26>4
*6%
1234
*11
28%
7
1234
*26%
634
1212
2838
*2812 30
*11134 11312 *11134
36-'
*36
3634
*104
110l2 *105
*234
*234
3 I
35
*30
83<
*8
♦1
.
*ig
*117g
*8
*95
108
23«
14
14
12'2
8912
108
*95
9
84
*78
68
*66
28
234
28%
234
80
78
68
68
*14
*12l2
28i4
28
7
714
1234
I27g
29
30
11312 II2I4
3612
36l2
110% *105
3 I
*27g
33%' *30
147g
1312
*8
8%
h
2%
*18
%
*ll%
214
*%
23s
%
*117
*120
12H2
3934
*3238
*26
*1014
40lg
35
2714
107«
197g
34
*%
2%
*2%
2%
%
*%
*%
1212
12%
1234
9034
*«!«
120
120
*119
314
314
*25
30
1234
*72i4
1234
73
15
19i2
3%
*25
*538
*4134
4I4
*12
512
*41%
4%
4%
123g
187«
19
183s
634
9
10%
*614
684
634
*814
*95s
834
8%
8%
19
19
19
*161
166
*161
10
10
193g
19%
*161
163
10M
19i2
163
*42
438
13
19
7
*8%
10%
19%
*161
4-38
13I4
1914
7's
884
11
I
]934'
14
14
*13%
90ig
*82
90is
*84
94
*1512
17
1H4
10
*16
17
*16
1134
137g
113s
11%
9%
6%
9%
*814
634
6%
*8%
634
*80
85
*163s
1634
*160
168
141
141
*17%
*80lg
1612
*160
434
434
*534
6%
2034
2038
*8%
634
7%
9%
7
I
434
6%
21
j
9%
1,200
90
200
4%
4%
5,300
460
19%
19%
7%
834
19
12%
19%
900
100
1034
*161
1,700
19%
19%
1934
I
7%'
82
82
I
1634
17
16%
17
I
7,000
834
*10
1034
166
100
7
7
*8%
4,200
166
14%
*13%
1478
*84
94
*84
*16
""206
1,000
10%
14
600
112
112
.*112
114
112
*111
5,125
112
*4%
434'
*6
6%
21
21%
*8%
6%
*80
16%
9%
7
82
17
30
100
3,000
168
*160
168
*160
168
*160
168
*138
142
*138
142
141
141
18
7%
1812
7%
59%
59%
6
6
6
*834
30%
10
30i4
36
5%
57g
*9%
3034
*87g
30'2
*27l4
5%
*8ig
10
10
3012
36
514
8i2
*31
5%
*8%
10
19%
734
60%
6
10
32
36
5%
8%
10%
18
19
734
60
6
*9%
32%
*34
19
734
1834
1834
734
6%
6%
6%
10
32%
32%
36
5%
*9%
*34
5%
*8%
8%
*5%
*8%
10%
10%
10%
18
18
*17%
10
32%
36
800
7%
6
*834
3234
33%
"Y.eoo
36
18%
*17%
18%
75
72
72
*72
75
*72
75
10
42
*39
42
*40
42
*40
42
200
*13
*23
2378
*2412
26
24
*245g
41
42
12
12%
1334
26
13%
24%
*25
2534
26%
*312
37g
*3%
37g
*3%
378
*534
6%
*6ig
7
*534
*106
111% *106
111% *106
111%
2234
23%
23%
23%
23%
23%
7%
738
7%
7%
7%
7%
4134
4134
*40% 43
*40%
43
12
12
12%
1234
12%
12%
*13
13%
14
13%
13%
13%
25
25
25%
25%
25%
25%
*25
26%
*25%
25%
25%
25%
*4
37g
4%
4%
4%
4%
6%
*105
106
*106
11714 *106
*105
*5034
5212
%
%
5s
*%
*1
*19l2
*2412
20
*51
ht
*%
*%
197g
27
*2414
20584 20534 *204l2
*11014 112l2 *110l4
19
19
19
*56lg
57
57
*54
55
54
155s
*8612
1534
15l2
88
87l2
57g
6
6
11134 hi34 *110l2
*337g
34i2
*3378
*23s ' 2i2
*238
26%
26% *25
»1434
*1434
15i2
*6
6
6i8
106
106
106
*584
107
107
*105
7
107
*6%
7
*105
107
117U ♦106
117% *106
117% *106
117% *106
117%
52l2
*52
52% 62%
52% 52%
*52
54
5334
*%
s
>16
*%
'i«
%
%
%
%
8ie
*%
8ie
%
*%
816
%
*%
#16
%
♦14
*%
%
*%
%
*%
%
20
2014 21
20% 21
20%
2034 20%
20%
27
27
27
26l2 *26
*25
27
*25%
27
*207
214
214
*20412 214
*207
214
*208% 214
11212 *110
111
11212
111
110% 110% *110% 111%
20
20
1934
20
20
20
2014
20%
20%
57
*56
57
57
5658
*55
*55
5634
5634
54
*5312 5412
55
55
I
54% 54% *54% 55
1534
1558 167g
16%
17%
16%
16%
16%
16%
87l2
87l2 8712
*8634 87%
*87
95
I
87%
87%
6I4
6's
65s
6%
6%
6%
6%
6%
6%
11178 *11012 1117g *110% 111% *11034 111% *11034 11134
34% *3378 34l2 *33% 34%
*33%
34%
*33%
34%
3l2
2l2
2i2
*2%
234
*2%
234
*2%
234
28
27
27
2612 *25
*25
28
*25
27
j
15i2 *1434 15l4
*14%
15%
*14%
15
*14%
15
I
"YJoo
3,000
400
28,200
1,400
6,100
preferred
Mining Corp
Newport Industries
1
6%May 24
N Y Air Brake
No par
30%May 21
New York Central
No par
9%May 21
N Y Chic 4 St Louis Co... 100
Corp
*135
75s
*22i2
*20
143
734
24
22
51
*4S
*11334
55
....
55
*135
712
143
712
24
*20
22
*48
51
*11334
*135
778
143
S18
24
25
22
22
*48
51
*11334
55
5l2
5i2
538
538
*2i2
*9i2
25g
1078
*2%
234
10
*43g
5
♦43s
*934
1078
293g
*934
*912
434
1078
55
5i2
258
10
434
*934
29%
*135
8
143
8%
25
25
*22
23
*48
51
*1133457
558
2%
107g
514
1078
30i4
3934
1H8
57
5%
*2%
*10%
*135
8
143
27
*22
24%
*48
51
*11384
57%
534
2%
12
4%
4%
*10%
10%
57%
Bid and asked prices: no sales on this day.
*135
JNYNH4 Hartford
200
Adjust 4% preferred....100
North American Co
10
105
May 25
8
"3", 700
28
800
*23
24%
100
*48
51
Northern Central
5%
5%
1,000
2%
2%
70
*9%
484
10%
434
*10%
2934
10%
2934
9%
70
*4%
5%
120
*10%
10%
1
Equip
Corp (The)
Oppenheim
Collins
Otis Elevator
Otis Steel
$5.50
27
May 22
2% May 15
26% July 27
14
July
2
5%June 10
1%
Jan
Jan
% Jan
8
% Jan
3
60
Jan
45
Feb
31% Aug
30% Feb
22% Sept
9% Apr
119
4
2
July 31
May
121% Jan 30
16
Apr 18
5% Feb 16
Feb 28
30
Apr
9
Sept
ll%June11
12434June 11
7
May 21
21
May 21
No par
1st pref..No par
Outboard Marine 4 Mfg
5
.
.'
19
100
1st preferred
No par
No par
Pacific Ltg Corp
Pacific Mills
11834 11834
170
Pacific Telep 4 Teleg
148% 149
100
a New stock,
19
Jan
17%
Oct
30
Jan
7%
Jan
44% Mar
1484 Sept
70% Dec
111% Nov
9% Jan
62
Aug
26% Nov
Aug
I884 Sept
21%
7%
8%
10%
24%
170%
Apr 30
July 18
July 20
Apr 15
Jan 24
Mar 6
19
Apr 1
99% Apr 17
20% Jan 3
16%
Jan
8
7%
7% Sept
21% Sept
147% Oct
10% Apr
9%
15
Apr
14%
Dec
26%
18% Aug
110
Sept
117%
107
Sept
114
Jan 31
22% Apr
27
Jan
4
8% Jan
Jan
Sept
Jan
Mar
Apr
8%
Oct
4% Jan
20% Sept
10% Sept
0%
Feb
28%
Jan
4%
8% Sept
83
Sept
17% June
152
Sept
132
Oct
14%
684
Apr
18%
16%
100
27%
Jan
Jan
Mar
Jan
173% Aug
145
Feb
35% Sept
Apr
10
Aug
July
52
73«4 Jan
934 Jan
Jan
16
12%
8
96
Jan
18% July
3
Mar 14
Apr 4
Jan 6
Jan 3
Nov
17%
Sept
Jan
7%
26%
15%
12%
Jan
17% Nov
96% May
2384 Sept
87
6% Apr
114
Dec
28% Mar
175
13% Mar 12
18% Apr 17
116% Jan 3
82
Sept
5% Aug
15%
Jan
20
Jan
14%May
10
4334 Apr
33% July
59%
Jan
43% Apr
8% Apr
10% Apr 11
10%June 24
25% Mar 13
41
Deo
60%
Apr
Apr
5%
Oct
11%
Feb
Apr 29
110
6
Jan
4
23% July 31
11% Feb 20
Apr
2%
8% Sept
18%
Apr
73% Mar
32
Apr
105% Sept
29% June
87% Aug
42
July
112%June
Apr
17»4 Sept
Apr
8%
62
Sept
Jan
3
27
18% Jan
3
11% Sept
23% Sept
21%
Jan
4
10%
Apr
25% Sept
39
Jan
3
18%
Apr
45»4 Sept
30
Apr
43%
60
33% Mar
9
8% Apr 22
12% Apr 22
Feb
184 May
1034 Sept
4% July
15% Sept
115% Mar 11
111% Apr 30
106
Nov
118% Mar
119
May
120
Mar
Feb 20
47
July
62
Mar
Dec
1% Sept
Dec
3g May
5% Sept
1% Sept
17
8ept
% Jan
3
%
Jan
4
1%
2
% Jan 11
20% Apr 22
6
226%May 4
113% Mar 27
23 84 Jan 3
35% Apr
8
3
26>4 Jan
90% Feb 20
9% Jan 3
113
Mar 2^
36
Apr 29
5%-J^an 3
42% JluM#
16%May 29
8-%May 7
112
Mar 28
6% Apr
18% Jan
144
4
4
Feb 19
3
12% Jan
41
4
4
Jan 11
8% June
31%
Dec
33%
Dec
Jan
217
Nov
103% Sept
113
June
168
18%
Apr
52% Sept
50% 8ept
12% Apr
82
7\
100
291
Jan
June
Sept
Sept
26%
Feb
59% Aug
59
Aug
29% Nov
89
1484
Nov
Jan
113
Dec
40
Oct
284
Apr
6% Nov
32%
Apr
4484 Aug
0
Aug
101% Sept
.4% Sept
8ept
12
100% Sept
484 Aug
15% Sept
128
7%
33
Oct
Apr
July
30
Jan
20% Mar
113% May
8% Jan
27% Jan
148% July
10
Sept
65% Sept
26% Dec
4
10%
55
Jan 22
54
Dec
Jan 17
40%
114%
Jan
120
Jan
120
Dec
6
50
Apr
70
Jan
10% Apr 26
034 Jan 6
3
Aug
7% Sept
7% Nov
2384 Feb 13
2% Apr
11% June
4
384 June
3234 Apr
64%
Jan
Apr
3484 Mar
41
Apr
984
34% Apr 15
100
115
9%
Apr
139
Mar 12
114
Apr
154
Jan 24
128
Sept
Ex-rights.
Nov
27%
Apr 15
4
25
15% Sept
12>4 Mar
Jan
14
3
Apr
Apr
12%
Jan
y
5784 Oct
47
Sept
37% Mar
14
16% Jan
Ex-div.
122% May
43% Sept
5% Sept
50
r
Oct
May
22% Jan
May 21
r Cash saD
121
Apr
May 22
May 25
2% Sept
'21
Sept
Aug
8
100
5
IM84 Sept
4
33
25
2% Jan
984 Jan
1% Sept
60
No par
300
Jan
105
No par
Pacific Gas 4 Electric
1,400
Jan
Mar
Mar 14
Mar 29
9%May 21
25% May 22
Corp (Cai).lO
3" 600
preferred
June 10
434June 10
2
May 22
8
May 22
33s May 22
10
2d preferred
6%
42
5
Pacific Coast Co
June 10
47
May 24
H5%May 24
No par
Jan
July
8% Feb 16
53
Apr
7% Feb 15
83
111
14% Mar
No par
Apr
16% Apr
3% Aug
1584 Mar 20
39
7% May 21
95
May 23
2% May 22
100
Co
.
10
18% Apr
26% Jan
14%
Aug
2% Aug
% Dec
10% dkpr
85»4 Apr
110
Sept
112
Sept
40% Apr
19% Jan
10%May 21
No par
6%
% July
0
100
114
54
4>4
119
Dec
85%
884 Aug
1
Sept
120% Nov
36
8
2
3
Apr
No par
conv
Pacific Finance
delivery
11
23% Apr
8% preferred A
30
Def
5
4%May 15
101
May 24
84%June
50
No par
39
a
103% Sept
2% Sept
434 Apr 24
48
Apr 25
Jan 10
Norwalk Tire 4 Rubber No par
Preferred
50
Norwich Pharmacal Co..2.50
30
X In recei 'ersnip
Jan 20
110
Dec
18
44% 8ept
Jan
Ry Co
38%
10%
10%
8
58
Pacific Amer Fisheries Inc
2%
Apr
Apr
Nov
40
Apr
Apr
54
69
Owens-Illinois Glass Co. 12.60
5%
9%
14%May 21
101
9
47%May 22
15 May 14
1,000
*2%
8
Apr
Apr
May
47%May 22
Northern Pacific Ry
100
North States Pow $5 pf No par
Northwestern Telegraph-_.50
Outlet Co
5%
40% Apr
6%
11%
18%
122
50
Preferred
56
9
.50
0% preferred
8
23% Jan 15
May 23
20
May 22
North Amer Aviation
2,500
17%May
Nov
6% Jan
28% Jan
21% Sept
39% Jan
16% Sept
11% Sept
25
% Apr 27
% Apr 12
% Apr 4
175
13,500
10
7
56
June
100
0% preferred series
5% % pref series
143
56
45
N Y
300
30
May 21
Apr 27
110
100
Conv preferred
Norfolk 4 Western Ry
*11334
57%
104
100
100
"""260
21
21
21
21
4% May 22
{N Y Ontario 4 Western.. 100
*23
8%
*23
30
2914
2914
2984
30%
39
*3914
40
39
3912 395s
39l2
39%
39%
*9i2
IOI4
IOI4
1H8
IOI4
*934
11%
*10%
11%
118
118
118
*116l2 118
118% *118
125
*118
II884
*148
150
*148
150
*14634 150
*148
148%
|*148 150
*
6
6%
11
*22i8
*54
6
No par
....No par
5% preferred
Omnibus
6%
14
8%May
15 May
20%May
3%May
6% preferred series A... 100
400
11
6%
14
20% July 20
10
73
Aug
8
12% Apr 10
June 12
Newraont
14
Oct
63
30%
July
28%May
100
May 21
3
share
101% Nov
14% Sept
39% Aug
28% Dec
32% Apr
91
13l2 1312
*13%
*13%
13%
13%
1078
107g
*1034
11
*10%
11
10%
10%
102
102
*100l2 104
*100l2 104
*101
104
*100% 104
*101
104
*3
*3
*3
3l2
3l2
3l2
*3%
3%
3%
3%
3%
3%
125s
125g
14
1234
13
13l2 1312
14%
1334
13%
13%
14
*10i2
6I4
9%June 26
Shipbldg Corp part stk..l
Noblltt-Sparks Indus Inc
5
100
Feb 21
63% Apr
100
70
26
July 31
Oliver Farm
6
7%May 21
10% non-cum pref
50
N Y Lack 4 West Ry Co.. 100
6,200
4
3% Jan
10%
July
5
5
May 22
50
200
0
2
50
May
30
"""loo
6,400
May
82
72
Ohio Oil Co
6's
13l2
.100
.No par
N Y 4 Harlem RR Co
50
30
85
34% Mar
6% Jan
4 M % conv serial
pref
100
Newberry Co (J J)_...No par
5% pref series A
100
NYC Omnibus
"moo
Aug
14
New York Dock
100
Jan
0
1
400
*12l2
100
Nelsner Bros Inc
"Y,606
13%
11
458May24
8
May 23
20%May 24
35%June25
40
5H % prior preferred
0% prior preferred
6%
*1284
13%May 21
5%May 22
May 21
per
Aug
88
3
148% Jan 29
48
6%
Highest
share $
Apr 15
May 29
No par
per
14%May
June 19
Corp
25
National Supply (The) Pa__10
100
1,000
107
1
1
4
132
Nat Mail & St'l Cast Co No par
300
100
8-% Apr
32% Apr
9% Jan
100 *160
100
No par
*72
June 19
14%May 22
No par
*38
$
9
173% Jan 31
Natomas Co
77
12
13U
2434
10
0% preferred B
conv
June 10
60
par
National Lead Co
6
13
23
28
23
7%June 6
5%May 21
1
Nelil Corp
41
41
Gypsum Co
conv preferred.No
$4.50
200
8%
41
1H2
125s
17
Nat Enam & Stamping No par
Nat
"l'ooo
*8%
10%
*72
*40
10
No par
10%
8%
10%
42
1134
1318
107%June
107
May
3
May
6%May
No par
80
42
preferred
May 21
11%June
100
National Tea Co
5%
*41
1H2
6
100
"Ysoo
5%
5%
*70
*40
7% pref class A
7% pref class B
$2
*17
11U2 *106
11H2 *106
111%
22
*20l2
21
21%
2H2
22%
6%
6V
67g
67g
67g
7%
1
Nat Dairy Products...No par
1,600
10
*34
9%May 22
No par
National Steel
17
*17%
Register
National Cylinder Gas Co
National Pow 4 Lt
10ig
*106
10
Nat Cash
2,300
17
1018
July 17
May 18
June 26
2,700
10ig
18
13
91
6
59%
6
June 11
100
60
7%
60%
l0%June
155
100
7% preferred A
"llO
18%
*18%
7%
60%
60
June 10
9
10
pref
cum
Nat Bond & Invest Co. No par
6%
200
141
18.
Nat Aviation Corp
National Biscuit Co
3,500
141
712
59
5% July 15
7%June20
10
5
Nat Distillers Prod
*160
June 10
13% Jan 13
conv pref
~2~506
168
18
3%May 21
11
Nat Dept Stores......No par
17
16%
June 15
41
1
6%
"Y,66o
82
*80
May 28
97%May 22
4
May 21
Nat Automotive Fibres Inc.-l
6%
*6
20%
*8%
634
50
100
National Acme Co
May 21
8%May 22
5
Nashv Chatt & St Louis
434
6%
21
934
*4%
20
6% preferred
100
Murray Corp of America.. 10
Myers (F 4 E) Bros...No par
Nash-Kelvinator Corp
May 21
2%May 14
No par
No par
No par
6% pref series A
11%
13%
Co class B
8% May 22
May 21
Nat Bond & Share Corp No par
17%
11%
*10
50
Essex
$7 preferred
Munsingwear Inc
Murphy Co (G O)
7%
94
14034 141
8%
300
10
*111
112
82
75g
59
*8
914
*534
114
82
*7%
58'4
*57g
*2914
*5i8
*111
4%
20%
*73%
14%
112
3
1,500
12%
14
*111
16
19%
*109
14%
*112
2058
1
10%
112
*534
Mulllns Mfg
11%
114
203g
15
11%
1534
*18%
*27g
17%
*111
112
1
*9%
*112
*111
12
Mueller Brass Co
*16
14 lg
14%
1414
143s
*112
*112
114
114
412
6l2
2034
914
634
85
17
Motor Products Corp ..No par
Motor Wheel Corp
6
*11%
14
412
*534
20U
500
11%
11%
14
4%
Morris &
17%
14
*438
410
10%
III4
*97g
97g
26%
11%
11%
10
No par
26%
10
10
Preferred series B
Montg Ward & Co. Inc. No par
Morrell (J) & Co
No par
*13%
I
No par
200
127g
19%
$4 50 preferred
8,300
12%
*10
10
35%
1,300
*8%
5% conv preferred
100
Mohawk Carpet Mills.....20
%May 18
l%May 22
%June 27
%June 21
9%May 21
80%June 10
110
May 23
113%May 27
3l%May 21
33% May 21
21%June 20
4184
5%
*42%
*161
.
15
*82
17
*15
*13ig
30
•
100
100
Monsanto Chemical Co
May 21
7% May 21
10
No par
7% preferred series A
JMlssourl Pacific RR
35%
534
44
434
*7
20
No par
Mission Corp
June 20
2%May 15
41%
4%
44
95
35%
2634
5%
44 1
*5%
*42%
4% conv pref series B—100
Mollne Power Impt
1
Minn
42
*109
534
14
90l8
120
40
2,200
7334
75
109
163
*119
500
1,300
127g
75
*7314
55s
120
"2,500
28
75
109
*11734 119
No par
8% cum 1st pref
100
Minn-Honeywell Regu.No par
Mo-Kan-Texas RR
"i~200
127g
*74
534
43%
438
®i«
9034
ll%May 22
11%June 25
24
May 22
6%May 21
ll%May 21
23%May 21
103 May 24
33%May 21
$0.50 preferred
""206
28
73
13%
700
13%
7334
73
4134
Midland Steel Prod
120
5
0
2% May 22
Mid-Continent Petroleum.. 10
1,100
Feb
53% Feb
04
24%May 24
5
2,100
May 31
7%May 28
5
28
28
*13
414
Mesta Machine Co
Miami Copper
3
13
*109
j
1#
12%' 1278
89
90
..No par
$6 preferred series A .No par
15.50 pref ser B w w.No par
Melville Shoe Corp
1
Mengel Co (The)
1
5% conv 1st pref
50
2,000
300
\
1
100
Mead Corp..
Merch & M'n Trans Co .No par
"""600
3
3
27
5%
130
15%
13
5%
800
19%
27
53s
10
300
1,000
15%
13
1834
*lll4
11%
8
Stores Co—
McLellan
6% conv preferred
~3~666
*18%
19
30
*6%
*8%
*82
41%
*35%
2634
13
18l2
*13ig
*119
4212
35
27
1134
15
*26
1238
193s
7
*91-.
120
13
*12%
414
14
119
42
41%
34%
35
27 I
2634
11% *lll4
15 |
15
19
19
278
314
30
4134
44
120
8
8
11734 118
1234
*109
*109
400
"
%
92i4
9314
119
119
%
%
1234
9234
%
*11734
*1734
*314
68
*%
118
2634
1H2
147g
18%
3I4
80
2%
12%'
2634
107g
77
68
8%
%
4034
80
68
2%
9112
15
15
15
*1734
*77
*%
1212
*34
9%
25s
*'8
90
4018
108
9%
Lowest
$ per share
share
4
May 15
l7%May 28
5
May 21
13 series conv pref.. .No par
*66
78
68
$ per
McKesson & Robbing, Inc.-.5
*8%
1214
35
*7%
*96
9%
1,900
1,000
2%
89
40
4%
8%
34
89
*3278
2634
1078
108
Par
Year 1939
Lots
Highest
Lowest
22%
7%
*22
8
*%
%
6%
9%
9%
4%
4%
22%
6%
2834 29%
29% 29%
283s
28% 2834
27g
2%
278
3
234
*234
3
15
14%
15
15%
1514 *14l2 1514
*11%
13
*11%
13%
14
*12
14
28
28
27%
28
28
28
28
*7%
7%
7%
7%
712
75s
77g
1234
13
1234
13
13
13
13
31%
30%
31
31%
31
31
3l«8
111
112
112% 112%
H2I4 113
113
*38
40
39
39
36l2
38
38
110% *106
110%
110%*105
110i2 *106
*234
3
278
27g
3
27g
27g
*30
*30%
35
33%
35 1 *30is 35
118
*8834
4%
*22
*96
108
9
8%
834
*%
*>2
*214
*30
43s
21%
6%
On Basis of 100-Share
Week
July 27
Range for Previous
EXCHANGE
Thursday
Aug. 1
Tuesday
4%
21%
6%
STOCKS
NEW YORK STOCK
the
Wednesday
July 31
Monday
4%
21l2
*638
Sales
for
LOW
Saturday
Aug. 3, 1940
52
Oct
21% 8ept
132
June
156% July
T Cabed for redemption.
Volume
r
New York Stock
151
Record—Continued—Page
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
Sales
CENT
NOT PER
STOCKS
NEW YORK STOCK
fOT
jur
Saturday
1
July 27
1
Monday
*3%
*5%
3%
,
July 29
$ per share
j
*3%
*5%
3%
13%
*7%
6
3%
14
9
*7%
%
Tuesday
%
661
$ per share
$ per share
3%
*5%.
6
3%
3%
6%
3%
15%
8%
%
3%
14
14%
9
Aug. 1
*7%
*9i«
%
$ per share
Shares
3%
6%
*3-%
*5%3%
14%
*734
%
3%
6
6
3%
3%
14%
*7%
14%
9
%
*9n>
6,900
9
%
200
5%
15,000
32
*30%
32
*30%
32
*32
34
32
32
*31%
34
*90
97
*90
97
*96
99
*97
99
*97
99
*97
99
5
5
5
72
*7%
o158
*70%
7%
17%
1%
*69%
*15
*15
*48
50
79
79
79
*6%
*2
2%
13
*
19%
*17%
•••
19%
*33
1%
8
*15
8%
17%
*15
7
48%
48%
79%
80
20
*18
13
—
-
-
~
*2
2%
*1
1%
8
*1
7
6%
*48%
*1%
2%
2%
13
20%
19%
*2
9
28%
17%
*17
20
*17
6%
7%
27%
43%
*43%
44
*42%
*83
90
*82
44
*80
90
5ie
*23%
135
"*4~
*21
4%
21%
9%
200
28%
70
19%
18%
390
20
*17
20
17%
*17
6%
*6%
7
*6%
*65
69%
7%
29%
28
*%e
*19
4%
3%
38
*2%
50
69%
*6%
33%
3
-
6%
8
43%
*43
44
90
*82
90
7i«
*77%
*112
4%
32%
*2%
32%
*2%
3
*38
50
*24
24%
*38
7
7
*7
*62
68
*"
135
"4%
*60
4%
*19
22
135
"*4%
7%
7
*65
68
mmmmm
----
mm
l
*%
*7%
*95S
*28%
63i4
*11458
*36%
*106%
*1205s
*13414
*155l8
*115
712
1012
31
63%
I16i2
3758
10858
*%
7i2
9%
*934
*29
63
135
34
7i2
1018
10l2
31
6334
64
*934
*29l2
*7%
734
10%
10%
*83
88
*83
88
76
76
76
11%
11
11
1078
434
*65
1714
*14l2
29i2
*12%
*2H4
*18i4
1714
15l2
29i2
125g
2534
*2
2l4
31i2
734
19
8
10l2
738
*1634
*15
54
36%
36i8
19
1534
1234
1234
2534
19
2%
28%
734
*734
28%
*8
10l2
73g
73g
*45
4714
*57
70
♦73
77
8
8
19
1234
*2H4
18%
*2
*2818
*734
70
167g
90%
16
30
8
4714
17
89
*17
834
*57
1%
27g
8
*45
li4
76%
11%
11%
434
5334
3
30
*2
*82
88
765g
1U2
11%
47g
*65
30
*2H4
*183s
1%
17%
9012
*8
3
121
553g
64
116
122
36%
63%
11534 116
55%
55
1778
17%
100
17%
3,300
30%
700
185g
2%
2978
834
8
1012
734
13%'
12%
*2134
13
*12%
12%
2534
*2184
25
*19
20
13
*21%
*1834
*2
2534
20
2%
*2
.
19
*2
2%
29
29
287s
2878
*6%
11
*7
11
8
*8
8
*778
10%
*8
28%
*6%
8
8
*8
10%
34%
5214
3434
*52
55
*52
55
*52
55
8
8
8
8
8
8
8
*5%
5%
334
14%
3034
31t4
32%
*%
*16
*%
*19
*%
*%
%
478
*%«
%
%
6
334
*14%
*%
33
16
1
33%
*3%
'1
%
478
*4
105% 10534
20%
*3
20%
43%
105
2134
*5%
*3%
*14%
*%
33
1534
*14%
1
*%
3334
3lt
**lt
%
4%
*3%
10534
22%
*44
Pitts Screw A Bolt
No par
Pittsburgh Steel Co
No par
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
5
Pond Creek Pocahontas No par
Poor A Co class B
33
*%
%
*3%
85
Procter A Gamble
No par
No par
53
June
100
89%
1,020
79%
200
900
6,900
8
'moo
35
3,800
55
10
8
8
7,000
*5
6
100
*3%
334
15
'"206
l'eoo
8% Jan
11
2
Jan
15
47s Aug
6% Apr
4
34% Apr 25
1934 Apr 8
37 May 10
16% Apr 8
151% July 3
l%Mar 12
22% Feb 9
Jan
6
12% Jan
4
22
Apr
12% Aug
18
June
6
Sept
Aug
142
% Apr
17% Sept
6% Apr
7% Aug
2% Feb 27
8
July
3
3
% Aug
5
14% Jan
14% Jan
6
Aug
6% Sept
Apr
50% Apr
18
42%May 9
71% Apr 16
118% Jan 2
43% Apr 8
115% Jan 11
31% Apr
101% Sept
112
Mar
Apr 20
112
Sept
Mar 29
129
Apr
2
147
Apr
Sept
115
May 21
118
Jan
No par
7
May 21
100
84
June 12
100
73%May 28
No par
Quaker State Oil Ref Corp.. 10
Radio
Corp of Amer...No
par
No par
53.50 conv 1st pref..No par
Radlo-Kelth-Orpheu m
9
June
6
11
May 23
4%May 23
90
Apr 15
preferred
100
Manhattan.No par
48%May 21
34
June 19
111
Sept
x22% Aug
6% Aug
32% Jan
ll%May
97%May
May
15% Feb
15% Feb
7% Apr
90
Apr 15
69
Apr 8
89
2%June 20
6% conv
Raybestos
l6%May 21
—No par
6% preferred
6% conv preferred
Purity Bakeries
Rayonier
Inc
Silk
1
50
Hosiery
6
Preferred
100
3
70
Sept
63% Aug
10% Jan
11
Aug
5
Aug
85% June
63%
Apr
Apr
June 20
36% July
100
Co
13
6%May 21
8%May 21
8
10
6
10
100
100
Reynolds Metals Co—No par
5M % conv preferred
.100
Spring
1
No par
No par
Copper Mines.
Ruberold Co (The)
No par
100
St Joseph Lead
10
Def. delivery.
5%
7
Apr
6%
Apr
Apr
9% Dec
9
13% Feb
10% Jan
67% Apr
50
Dec
69
Jan
60
Apr
2
Apr
% July
1278 Apr
43
Apr
42
Apr
237§ Jan
70%May 21
May 21
7%May 21
17% July 26
30% Apr
21% July
70
June 26
92
63
39
May 27
61% Apr
60
8%May 21
75% Mar 28
6%May 21
June 10
May 22
6%May 22
95
80
Apr
May
14% Jan
9%
Apr 17
8
15% Feb 20
96% Apr 8
ll%May
44
May
64
35
52
8% Jan
3
7% Jan
3
4
9
%
42
Jan
3
27%
% Jan
2
% Apr 19
•n July 13
2
Jan 30
7g Jan
5
3
May 10
100
96
May 21
111% Mar 28
17
May 21
31% Apr 26
r
Cash sale.
6%
22% Apr
1% Feb
June 10
No par
stock,
6%
26
Feb 27
4
—
7% June
Jan
June 17
34
preferred
37% Julyi
4%May 22
3% July 2
ll%May 28
%May 15
12
Jan
9
May 21
xEx-dlv.
-y
4%May 18
63
Mar 14
Ex-rights.
Apr
Aug
78%
2
8
100
Savage Arms Corp
n New
Dec
Jan 12
Jan
Stores.——No par
preferred.—
July
Dec
40
May 15
May 21
62
Ritter Dental Mfg
2%
Mar
May 28
32
1,000
880
7
20% Sept
16
Jan
50
10
Common
105% 105%
*22%
23%
4%
May 22
*37%June
Reynolds (R J) Tob class B.10
Richfield Oil Corp
65
par
_
Corp.—No
June
6% June
4% Feb
6
Preferred with warrants..25
Reynolds
May 28
6
Remington-Rand
5%
a
Sept
128
Safeway
100
*4
t In receivership,
Apr
158
6
165
1,700
*3%
44%
60
145
44%
*3i«
4
80
6
^Rutland RR 7% pref
%
%
Mar
May 22
1,200
*%
Apr
4
June
jSt Louis-San Francisco—100
6% preferred
100
tSt Louis South western—.100
%
%
4%
Apr
12
4
143
Roan Antelope
1
33
2%
4
9% Apr
126
Rensselaer A Sara RR Co.-100
8
*%
Mar 12
100
Reliance Mfg
10%
9%
15
Jan 17
7
27% Jan
100
14
*32
110
100
Reliable Stores
85
1
Jan
23
Apr
35% Mar
preferred
Republic Steel Corp.—No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper A Brass
6
34%
36
Feb
28% Apr 26
49% Jan 5
preferred
41,100
*52
8
66
preferred
190
11%
5
112%May 22
30%June10
1734
11
Aug
May 21
110%May 22
600
*80
15%
44%
105% 105%
22% 22%
21
29
17
21
21
May 21
1
*9
8%
35
33%
%May
6% July
6%May
6%May
5
50
Apr
2
May 10
5%May 21
Apr
31%
154
3
% Feb 14
15 May 28
12% Jan 13
2% July
25
9
176
May 21
Sept
Sept
6% Feb
6
7
Jan
% July
6
May
151% July
Apr
Apr
41% Jan
June 10
No par
6% conv 1st pref
5% conv 2d pref
4
Mar 26
167
4%May 15
5
May 15
l6%May 22
10 May 21
19 May 21
28%
7% Apr
40
154
1
*4
22%
100
JReo Motors vtc
44
45
105% 10534
22%
3434
*3%
*4
44%
*8
334
*19
Bid and asked prices; no sales on this day.
6
7% guar preferred
136
Jan
6% Sept
5% Apr
1
Apr
May
"""960
88
5%
334
6
*3
Pitts Coke A Iron Corp No par
55 conv preferred
No par
Pitts Ft Wayne A C Ry Co. 100
1%
*78%
8
*5
100
55
8
334
15
1
303,i
100
preferred
*44
55
35
5234
578
6%
27%May 22
238May 24
36 May 28
22
May 29
35 May 21
107% Feb 10
3%May 22
16 May 24
5%May 24
64«4May 22
17%
10% ' 10%
34%
3434
Pittsburgh Coal of Pa
7% preferred
5 M% preferred
8
3434
100
Class A
*80
8%
35
Preferred
25
Pirelli Co of Italy "Am shares"
Pitt CCA St LRR Co
100
19
8
8%
5
PUlsbury Flour Mills
77%
*44
35
No par
Hosiery
*72
85
8!8
Phoenix
*17%
55
10%
Petroleum
Jan 10
30
1%
9%
*80
85
Phillips
19
*72
10%
124
77%
19
77%
*44
*80
Jan 23
Jan 23
3%May 18
par
100
*834
*17%
*72
10%
136
No
preferred
8
200
85
100
7%
11
"4"200
1018
74
Rels (Robt) A Co 1st pref.
8
*16
478
"""80
70
*80
9
2
2
17
4
23
49
|
58Mar
97%May
Real
8
80
% Mar 20
May 21
8% Apr
10% Feb
9%May 28
8
May 22
l»4May 21
24%May 23
*48
80
68
Apr
Apr
13% Sept
21
Apr
17
*58
89
10
par
Apr
May
1934June
8
9%
75
2
7%
50
70
18%
90%
78%
30%
Jan
Apr
50
49
173g
90%
78%
120% June
15
Aug
4% 1st preferred
4% 2d preferred
8
1%
1734
89%
4
21%May
38% Jan
900
*48
1%
17%
5
24% Jan
""306
*58
13s
3
May 18
16%
70
*1%
Jan
16% Jan
12% June
10% Apr
48
1%
18%
9012
15
23
25
121
Apr
Apr
2% Aug
17% Aug
11% Sept
23
Apr
29%May
48
1%
17l2
903g
15
5
May 22
May 18
May 22
Feb 17
37%May
17% Apr
26% Apr 10
*57
8%
934June 25
118% Jan
4
%
l6l2May 22
l3%May 21
70
734
8
24
47
7%
4% Jan
25
2%
28%
l%May 22
l%May 22
ll84May 21
preferred
Reading Company
47
19
44
19
Apr
74
52
*58
77i2
*4
"l"400
*17
55
*3i2
100
12,500
19
*44
43%
1,400
100
*72
3%
43U
1055s 10534
*2038
2034
Ti66
1,500
13
2534
Dec
8
Pub Ser El A Gas pf 55.No par
3
*16%
16%
30%
z5%
48
96%May
June
36
Pure Oil (The)
37
1734
4
4
Phila A
Apr
Apr
1% Aug
5% Apr
Jan
50
Apr
,
11%
Jan 11
Pullman Inc
3
30%
12% Mar
1%
36
85
6,500
*36
17
6
92
47
8,700
3
30%
Feb
2% Apr 12
44% Apr 9
22% Apr 16
2% Mar 12
Apr
Sept
Sept
6% Sept
72
Sept
7% Sept
14% Sept
35
6
Postal Teleg'h Inc pref .No par
Pressed Steel Car Co Ino
1
37
*1634
18
Apr
June
%
45% Apr
101% Jan 25
8% Apr
94
Apr 15
10% Apr 6
40% Jan
55 preferred B
|
Jan
June 11
25
No par
2,000
19,600
278
19
5
June 12
1
70
preferred
6%
7%
8%
17%'
10
Deo
9% Sept
25%June 10
37%May 25
$6
200
30
7
3
Phelps-Dodge Corp
Philadelphia Co 6% pref
55 preferred
16%
6% Dec
4
4% Mar 11
25% Apr 4
Apr 25
400
30
4
Highest
share
per
24
109% 109%
56"
7% Jan
8% Jan
1
Petroleum Corp of Amer...
Pfelffer Brewing Co...No par
100
100
No par
6% pf (ser of Feb 1 '29). 100
*55
share
Apr
5% prior preferred
5% preferred...
Pub Serv Corp of N J ..No par
123
ver
4%
13%
39%
29%
70
*121
5
l%June 13
5%May 21
17%May 22
ll%May 21
15 May 22
6%May 28
6%May 18
100
2,700
36%
share
Lowest
10%May 13
62% Jan
6
IPorto Rio-Am Tob cl A No par
[ *36%
16%
3018
100
700
3
*16
*4.
mm
37
—
77%
*3i2
mm
*65
55
Peoria A Eastern Ry Co
Pere Marquette Ry Co
36%
37
*65
45
4
mm
27S
9
1
mm
1,000
*36%
9
*%
mm
36i8
78
14i2
300
m
3,600
64
116
*72
*%
100
64
121
9
52%
mm
*155
*76
934
mm
""206
109
9
19
85
mm
11
*65
55
m
33
*44
*3i8
*14%
480
mm m.
"
*30
7712
*5
30
*10
55
8
1,170
11
*44
*52
20
31
109
78
8%
300
31
122
*8%
*15%
914
2,000
*10
64%
64%
II6I4
36% 367g
10834 10834
*74
*80
m
"10
11
*70%
87g
700
31
*115i8 118
19
20%
75g
734
*7512
*lli4
*10l8
*4%
8%
7%
10%
75g
10
118
7i2
*1538
77g
105g
1
*34
*1347g 140
*135% 139% *135% 141
1 563g *155
1563s *155
156%
*115% 118
*115% 118
*115% 118
19% 20%
19%
1934
19%
19%
734
77g
734
77g
7%
734
*8478
*82
86
*82
87l2
86
77
76%
765g
7734
*77%
78
11%
11%
11%
11% *11%
11%
*11
*11
*11
11%
11%
11%
434
5
4%
434
434
434
19l8
*ll8
16%
88I4
734
10
34
157
714
*714
734
10%
11%
317g
34
140
18l2
*8
34
*155
7%
*734
*5g
3,
*134
19i8
734
*%
73g
10%
*10%
317g
6334
157
*36
—
mm mmm
140
36
—
mm
*18i2
714
3H2
..
*134
36
«.
68
*65
*115
5334
27g
-
7%
*155
54
3
„
100
140
157
*5314
2%
-
1,000
118
*1014
45g
—
5
125
434
mm
22
*114
11
m
150
II6I4 116U *114
116%
36l2
36%
36l4
3678
10778 10778 *10734 10834
*121
125
*122
123ig
*65
100
200
*146
*145%
*146
*146
*146
*145%
172
172
*171% 176
*171% 176
*171'% 176
*171% 176
*171% 176
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
*7
7%
8
7%
7%
*7%
7%
7%
*7%
7%
*7%
7%
*19
*19
*20
22
*20
22%
22
22%
22
*21%
21%
21%
*14
15
15
15
*14%
15%
15%
*15
15%
15%
15%
15%
*30
30
30
*30
*30
31%
31%
31%
*31%
31%
*31%
31%
11
11
*9%
10%
10%
11% *1034
11
11
11%
*10%
11%
*152
*151%
*152
*151%
*152
*152
1
1
*%
1
%
%
*%
*%
"l""
1
*%
*%
*16%
16%
17
*16%
16%
16%
16% *16%
16%
16%
16%
16%
*13
15% *12%
15% *12%
14% *12%
15%
*12%
15%
15% *13%
*7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
■»
6,400
24%
*6%
7%
Pennsylvania RR
60
Peoples Drug Stores Ino
5
Peoples G L A C C(Chlc)._100
5% conv pref series A
3
"*4%
*19
Penn G1 Sand Corp v t c No
par
17 ccnv preferred
No par
Phillips Jones Corp
.
1
Penn Coal A Coke Corp
10
Penn-Dixie Cement
No par
17 conv pref ser A
No par
500
;.
par
No par
Reading C A I.No
Philip Morris A Co Ltd
50
*
5
-
49
49
22
*19
68
*38
*24%
Parmelee Traneporta'n. No
Pathe Film Corp
600
33%
50
2.50
300
*2%
49
-
1
No par
716
4
24%
24%
#
49
100
38
33
Parke Davis A Co
Parker Rust Proof Co
77%
4
33%
8,200
Lmmrnmmm
140
*27
4%
3
49
77%
*112
38
33%
28%
*516
78%
140
*3%
*27
38
8%
28%
716
*5i«
78%
*3%
*1111
600
43%
*82
136
*27
4%
21%
200
8%
8
29%
24%
135
6%
8
*5u
21%
6%
*6%
1
Park Utah Consol Mines
Pet Milk Co
20
28%
50
""4%
*17%
6%
8
*23%
49
18%
18%
20
29%
*77%
*112
18%
*17%
*38
*
7
*6%
38
32%
49
4%
21%
3%
*27
32%
2%
135
118
19%
29
718
78%
77%
*112
24
*60
6%
7%
7%
28
24
"♦4"
3
*7%
*38
*21
*2
3
28%
*46
*
400
9%
18
32%
2%
49
400
28%
*3%
24
*46
*
19%
34%
*7%
20
*27
3
19%
34%
28%
77
40
19
34%
14,300
8
118
*2%
100
-
20
30
77
*38
-
-
19%
8
*112
32%
13
20%
*27%
18%
77
*32
20
*11%
7
140
4%
300
28%
5i«
38
2%
7
77
*3%
200
28%
*112
*27
2,600
9
*80
*%
200
2%
*120
*2
90
*43
3,900
27%
27%
17%
*6%
*7%
27%
*43%
*7%
27%
7
80
19
44
90
6%
*7
900
49%
*19
11%
19%
3
*6
200
34
19%
34%
*27%
17%
1%
*1%
*2%
20
700
7%
*6%
2%
*120
20%
*33%
33%
80
2%
11%
«.
_
10
*48
80
*1%
*2%
*18%
20
*11
*120
100
7%
49%
80
2%
6% 1st preferred
6% 2d preferred
Park A Tilford Inc
20
per
71
100
100
*1
6%
49%
Parafflne Co Ino
No par
4% conv preferred
100
Paramount Pictures Ino
1
800
7%
79%
1
8%
*19
1%
7%
Panhandle Prod A Ref
33%
20
8
Packard Motor Car
No par
Pan Amer
Airways Corp
5
Pan-Amer Petrol & Transp._5
17%
1%
1,100
1,600
5
2%June10
5% July 10
2%May 15
12 May 21
634 Jan 16
%May 22
26%June 11
99%May 7
4%May 21
64 May 23
6%May 21
15 May 21
l%May 21
31% July 22
l3%May 22
34May 28
6%May 21
5%June 26
45 May 23
*1%
33%
19%
100
75
8%
1%
33
20
*18%
«.
20%
19%
34%
2%
*17%
*33%
35
*2
«*<
20%
19
3334
20
1%
79%
13
*120
20%
*33%
6%
20
*11
'
1%
*48
2%
2%
2%
5%
75
1%
7
*2
2%
*17%
*33%
34%
2%
*2
8%
2
19%
19
71%
8
15
7
*11
*120
71%
8
15
*71%
49%
79%
*2%
*17%
20
*17%
*11
*120
19%
2
2%
*2%
5%
8%
1%
8%
5%
17%
1%
33%
19%
1%
8%
75
33
*1
5%
5%
*71%
*7%
19%
1%
7%
6%
49%
5%
*15
33
32%
*18%
1%
7%
6%
7%
7%
17%
1%
1%
19%
*1
74
7%
33
*32%
19%
5%
*71%
Par
Pacific Tin Consol'd
Corp...1
Pacific Western Oil Corp.-.10
Penney (J C) Co
100
10,900
*»!•
Year 1939
Highest
Patlno Mines A Enterprises. 10
Penlck A Ford
No par
6%
*7%
%
1,500
3%
3%
14
9
Lowest
14%
*5%
3%
15%
Range for Previous
EXCHANGE
~
4
4
4
*30%
5%
Ranoe Since Jan. 1
On Basis of 100-Share Lois
Week
1
S per share
the
Friday
Aug. 2
Thursday
I
July 31
3%
*»u
Wednesday
July 30
5 per share
3%
14
•
8
»"■«
Apr
Sept
July
Apr
6% May
10
Sept
15% Sept
Apr
Apr
% June
%
Aug
1% May
3% May
27% Apr
82%
10%
Jan
Apr
I Called for redemption.
New York Stock Record—Continued—Page 9
662
LOW
AND
HIGH SALE PRICES—PER
Sales
SHARE, NOT PER CENT
Friday
the
July 30
Aug. 2
Week
$ per share
$ per share
$ per share
$ per share
Shares
Monday
Tuesday
July 27
July 29
$ per share
$ per share
9%
934
9%
71
73
♦69
*<8
*2%
*37 >2
*18
3lt
2%
*2 %
*39
40
114
*71
104
*104
*3i»
*'2
*1%
*%
*12%
*%
»H
13%
13%
*1%
*4134
*4%
*3584
6
36
5
7318
978
*9%
♦5114
*314
*3512
812
8I2
♦15
4i2
1512
15i2
♦134
2
*21
*134
*2212
23
♦15
1514
15
*109
110
*1212
*12i2
*6%
*1612
83s
14
7
7
*1612
812
*1%
*1234
*18
*136
17
8*8
u2
*1%
13
18*4
*1234
1734
134
140
2734
2734
400
200
8%
preferred
*39
40
300
Scott
Paper Co
114
114
114
106
*104
106
*%
3%
42%
4234
5
5
27%
15%
»134
2
23
8%
I84
134
*23
15%
90
8%
8%
1234
1812
18%
18a4
*31
3312
*31%
834
11%
27%
27%
834
12%
19%
33%
27%
8%
27%
*18
*134
145
*134
*12%
1834
18%
1734
1%
1%
12%
*1%
13
36%
8%
11%
2
2
4
4
19
*31%
4
63
8%
1134
2
4
63
4%
*134
1%
484
8%
8%
3614
36
26l«
24%
54
54
54
69
18
*18%
18%
*1734
37%
37%
37%
37%
26%
*26
27
2634
18%
38%
2634
54
*53%
54
54
54
7
6%
7
6%
6%
6%
Seaboard Oil Co of Del.No par
100
2
5,500
Seagrave Corp
No par
Sears Roebuck A Co—No par
2,000
Serve! Inc
*10%
10%
11%
*44
61
100
334
4284
5%
400
700
36%
10
834
1,100
*3%
*42
5%
36%
8%
300
500
103
*4
1,700
33%
*28'4
30
29%
67
66
6%
7%
734
634
*4%
5
7%
6%
6%
6%
*48%
4834
*48%
123
123
8
,*121
8
*14%
*1%
15%'
*11%
1%
12%
*24
26
*4
6
8
634
434
7%
6%
34
30
66
7
5
30
30
*65%
66
734
66
6%
*4%
33%
*2834
65%
6%
*434
29%
*65
34
6%
8
6%
4834>
6%
6%
49
48%
48%
7%
5
4834
5%
7%
8%
122
*121% 124
124
7
48%
6%
7
*48%
33%
31
6 534
6%
4%
8
7%
122
8
*7%
8
8
8
15%
15%
15%
15%
1534
1%
*1%
1%
1%
1%
1134
25%
12%
*24%
12%
12%
13%
*23%
25%
24%
*4
6
*4
6
*15
1%
11%
*4
33%
*29%
65%
6%
*434
734
122
122
7%
*17
5
15
Junei 10
400
8nlder Packing Corp...No par
10,500
1,200
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum.. 1
400
S'eastern Greyhound Lines..5
600
So Porto Rico Sugar—.No par
50
Southern Calif Edison
Southern Pacific Co
No par
7,900
Southern
No par
6,800
Spear A Co
400
3738
27%
53%
634
3734
2734
53%
634
6,800
1,400
40
3,500
*5
*4%
4%
42
3%
*3%
3%
*5%
39%
5%
39%
*2%
3
31
31
*3%
5%
39
*234
31
*6%
6%
*334
3%'
*6
8%
7
*9
9%
*9
40
40
*2%
3
*29%
30
*3%
*2234
5%
*4%
*3134
*1%
3%
24
5%
4%
3%
9%
*38
*2%
30
3%
*2234
5%
*4%
*1%
8%
88%
*23%
2334
*42
43%
2334
42%
6%
*3%
4%
*6%
8%
6%
6%
16%
*14%
*1%
*1534
7%
1%
134
16
7%
*18
*25%
*10%
68
26%
10%
434
17
*5%
1%
*56%
*3%
*6%
*37
42
3
*2%
30
*30%
3%
24
5%
4%
33
1%
12%
3%
*22%
*5%
*4%
33
*38
234
*30%
3%
24
5%
88%
2334
42%
3%
7%
10%
42
234
32
33g
23%
*4%
*32%
*3%
5%
37%
*2%
3134
*9%
534
36%
*2%
32%
"3",400
6
6%
1,000
2,600
3%
*3%
*23
*3
3%
400
*23
25%
50
5%
1,800
4%
33%
1%
1,400
1%
*1%
*11%
1%
14
9%
24
24%
24
43
93s
9%
90
88
88
243g
24%
43%
24%
43%
43
*1%
*6%
8%
6%
15%
6%
*15%
6%
*6%
6%
6
*1*166
16%
*15%
16%
*15%
16
100
2
*1%
*1534
2
17%
30
*734
7%
500
*1
*%
318
1,500
2684
11
12
12%
13
12%
7034
7034
72
70%
70%
*113
116% *113
116%
116% *113
*12%
12%
12%
12%
1234
1234
83
83%
84%
84%
84%
84%
1,600
18,300
6,500
A
2534
10%
2
*1%
17%
734
114
l
%
26
26%
10%
11%
70%
£113
*16%
7%
*%
26%
113
2
17
7%
3lf
26%
12%
71%
*1%
*16
17
7%
318
26
78
78
77
77
79
*15%
16
*15%
16
*15%
16
*15%
16
*25
26
*25
26
*25
26
*25%
26%
15%
26%
*33%
34
34
38
37
*16
16%
*13%
14%
34%
16%
15
*111
*12%
34%
16%
15
*111
36%
36%
17%
17%
17%
14%
15
14%
*111
...
48%
48%
49
49
141?
14
14
*13%
2
1%
1%
2
1%
3234
33
33%
33%
•Bid and asked rrlces:no sales
ms
79
on
33%
*79
17%
14%
*112
49
14%
2
33%
this day.
*48%
*13%
1%
3334
7%
3
26%
80
15%
26%
38%
17%
1434
118%
*52%
67
*4
4%
Without warrants
1
Inc (James)
0
5!4% preferred
Telautograph Corp..
60
6
5
Tennessee Corp
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust
*6%
No par
No par
Thermold
$3 dlv
x26%
79%
79%
40
700
1,100
500
*15%
26%
1534
26%
200
37%
1634
14%
3734
17%
14%
118%
14,800
6,600
1,000
*112
200
""*466
15
*13%
15
100
2
5,900
3434
2,400
2
34%
J In receivership,
a
Def. delivery,
334 July 11
5
May 22
May 21
8
36%June 27
2%June 11
3
10
26
May 15
June
5
preferred
Ry
100
Thompson (J R)
26
Thompson Prods Inc..No par
Thompson Starrett Co.No
par
preferred.No par
Tide Water Associated Oil.. 10
pref
Detroit
.No par
Axle..
preferred
10
...No par
Truax-Traer Corp
No par
10
20tb Gen Fox Film CorpNo par
$1.50 preferred
Nopar
preferred
.—
100
Twin Coach Co....
1
fUleo A Co
No par
234 Feb
6
4
2
Jan
25-%May 28
1
May 18
8
May 21
834May 28
81
May 28
18
May 21
35%May 21
4%May 21
10%May 21
4%May 22
l%May 22
69% July 11
3%May 21
6%May 22
5
May 21
14
May 22
l%May 22
13%May 22
6%May 23
%June 28
Under Elliott Fisher Co No par
Union Bag A Paper
No par
21%June 10
Union Carbide A Carb.No par
Union El Co of Mof 5 pf No par
59%June 10
105
May 27
12
May 21
71
May 25
Union Oil of California
25
Union Pacific RR Co
4%
Deferred
100
.
...100
9%May 21
70
June 10
Union Prem. Food Stores,Inc.1
Union Tank Car
No par
22%
United
..5
5
31% July
No par
100
12%May
110% June
No par
42%May
Aircraft Corp
Un Atr Lines Transport..
United Biscuit Co
Preferred.
49
20%May 23
5'oMay 22
June 19
Third Avenue
7%
May 25
2%May 21
1
oonv
conv
May 22
3
4% May 14
33
30
Co
cum
3*4May 22
4%May 21
28%May 20
100
Preferred
Twin City Rapid Tran.No par
*48%
34
pref
conv
1
100
No par
Truscon Steel Co
4934
i
$3.60
Mfg
The Fair
$6
""*566
May 22
3
434May 21
Transue A Williams St'l No par
Trl-Contlnental Corp..No par
8%
l%May 21
9%May 22
20
May 21
£l7%May 29
17
June 10
100
4%
May 24
25
1,300
4%
47
Symington-Gould Corp w w.l
Swift International Ltd
1%
*6%
734
Swift A Co
6%
*1%
4%
1%
67%
4%
8%
6%
*1%
Paper Co
10
Sweets Co of Amer (The)-—50
1734
5%
1%
*52%
16
preferred
6%
Sunshine Mining Co..
1734
5%
1%
69%
*6%
I
No par
*538
6%
1%
*56%
734
Corp (The)
Oil
Transcont'l & West Air Inc. .5
*5%
2%
Sun
5,900
1%
16
Studebaker
No par
3,300
5
18
4
1
Stone A Webster
43%
5
43%
5
18
4
5
Ttmken Roller Beartng.No pa/
Transamerica Corp
2
5
69%
10
Stokely Bros A Co Inc
Tlmken
18
4
Sterling Products Inc..
Stewart-Warner Corp
3,400
4%
8
25
Standard OH of New Jersey.25
Starrett Co (The) L 8.-No par
$3 50
800
Apr
5%
Dec
29
Standard Oil of Indiana
24
17%
*1%
*56%
100
"
Dec
18%
22% Jan
26% Jan
$4 50
434
*5%
100
57'4
12%May 21
17% May 22
20%May 28
29%June 1
23
May 21
56
May 21
4%May 15
4%May 20
5
May 21
584 May 21
200
18%
6%
May 22
26%May 23
$7 cum prior pref
No par
Standard Oil of Calif...No par
5",200
484
46
7% Jan
9%
92
17%
Dec
18% Jan
14
434
Dec
53
Apr
8% Aug
9%May 25
9%
*86%
17%
0%
1%
69%
4%
34%
484May 22
No par
*11
24
Apr
.No par
100
*414
Apr
11
42
Dec
1034
*5
36
3
2
11% Jan 3
66% Apr 9
40% Apr 10
2
42
33%
9
57% Apr
2% Jan
*934
53s
Feb
3884 Apr
May 18
2%May 22
Texas A Pacific Ry Co
4%
47
May 21
1
Thatcher
3%
25%
May 21
Standard Gas A El Co .No par
preferred..
United Carbon Co
United-Cair Fast Corp.No par
No par
United Corporation
$3 preferred
n
New stock,
No par
r Cash sale
9% Sept
19
45% May 28
Oct
$6 cum prior pref
Jan
33
Apr
94
100
40
Sept
14%
108% Apr
200
600
60
June 10
*334
3
4334 Sept
3% Jan
98
*6
*37
36% Nov
No par
3%
3334
14
14,800
Jan
Apr
7% Apr
Talcott
"i',900
Dec
23%
May 21
$4
Dec
Apr
5
preferred
13% July
35% Sept
143
29%
21%
Jan
No par
Standard Brands
3% Sept
Apr
1% Aug
4% Apr
Jan
Sept
15% Sept
Mar
34
May 14
24
70% Nov
22% Dec
51% Sept
Sutherland
"4" 200
23%
10%
11%
15%
2334 Apr 11
14%May 29
900
32
10%
May
7
72
July 29
200
1,400
32%
5%
*4%
9%
1
Apr
3
l%May 21
334June 12
7%May 15
*12%May 21
3
33%
53s
No par
1% Sept
Apr
Jan
63
Dec
17% Mar
Sept
39
July 17
Sept
Dec
14
31
Oct
Jan
Sept
13
l3%May 21
May 21
Jan
3<4 June
28%
29%
21
127
6
8% Sepi
32>4
127
3
Jan
107% Nov
112
Apr
10% Aug
Jan
Feb
Apr
12%
Feb
Mar 11
Oct
1184
38iz Aug
17% Sept
Jan
9
Jan
Sept
7% Sept
54
Apr
11%
Apr
30%May
15% Jan
20% Jan
3478 Jan
8
17% Apr
2% Dec
16% Apr
15% Aug
30%May 10
152% Apr 23
118%May 29
32
78
33%
3
42
3%
534
37%
Conv S4 50 pref
Square D Co
7% May 21
l%July 1
10 May 22
1684May 21
128
May 28
23% May 22
6-%May 21
100
4%
*4%
*32%
*3%
2
Spiegel Inc
18%
11%
2434
12%
2%
16%
10c
Superheater Co (The).-No par
Superior Oil Corp..
Superior Steel Corp..—.—100
400
*2%
*77
33%
2,400
1%
4%
*12
42%
50
8
*30%
12%
82%
2
124
7%
*15
3
82
14%
800
32
12%
1%
11,800
*2%
82
*13%
738
48%
*30%
12%
48%
*13%
4%
42
3%
5%
38%
42
*37
81
50
7%
*4634
*121
preferred
1
3%
*6
12%
82
*48
4,200
33%
5%
*88
69
16%
734
4%
*88%
6%
*14
484
734
6%
*6
*12%
*80%
*111
434
33%
*1%
4%
34%
9%
90
15%
116% *113
39%
3
32%
6%
*314
1%
13
42%
4%
42
3%
5%
22%
1%
*1134
6%
10%
234
32
9%
9
16%
2534
*9%
42
*6
*1%
3%
*6
*15
*1584
*7%
*%
6
7
9%
68
*113
32%
9%
90
69%
32
3%
*11
*514
31%
334
9%
1%
*56%
3
334
1%
1234
434
*2%
5%
38%
*234
31%
6%
*9
17
3
6%
*11
434
3%
5%
39%
6%
*32%
17
*3%
5%
38%
6%
33
*87
5%
39%
600
2,800
1,400
900
5%
*32%
7
5
5%
*4%
*32%
*3%
42
65%
300
5
5%
4%
42
7,900
5,500
17,400
5%
6%
5
'
2,000
4,225
1,900
5
*4%
*32%
300
6
5
4%
1,900
17%
*5%
*4%
*32%
"""700
1
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
$3 conv pref A.
No par
$6.50
$4 60
31
No par
Sparks Wlthlngton
700
18
7
100
preferred
6%
800
1734
65%
Ry
Mobile A Ohio stk tr ctfs 100
10
31
—25
1,600
4,300
70
33%
100
preferred
8%
Feb '9
23%May 10
May'21
*62%
32%
4
200
19
5
Apr
70
preferred
12%June
3
Jan
2% Apr 29
10%May■22
6
*434
Aug
101
$6
>
Smith (A O) Corp
10
Smith A Cor TyDewr—No par
1,000
17%
17%
6%
978 Aug
4*4
Apr
14%
7%
17%
8%
19
18%
17%
6
Jan
08%
No par
*13%
*7%
19
17%
6%
19
17%
108% Feb 7
6% Jan 10
120
6
18%
6
95%June114
June
6% Dec
114%May
25
17%
6%
28
'22
May
*4
19
7% Mar 13
40% Feb 13
13% Jan 4
434May 21
May 29
34
May>24
*23
6
43
Apr
67
*11%
17%
72
6
66
105
6
18%
Apr
Dec
Apr
3% May
Sloss Sheffield Steel A Iron. 100
15
Sept
61
Skelly Oil Co
10
1
Apr
100
*4
6
1
15% Aug
1% June
700
112
6
17%
% Aug
1534
1534
112
Co
Jan
Jan
52% July
117% May
Apr
25
24%
19
Sept
1
10%
11%
10%
17%May>24
1%
13
24%
18%
17%
105
Slmonds Saw & Steel ...No par
1%
*1134
24%
6
17%
8
Apr
60%
3
Jan
2% Mar 25
Apr 6
July 27
7%June
%
384 Apr
44% Sept
200
Simmons
Mines
76% Aug
23
1534
1%
1234
19
preferred-.100
conv
17% Mar
16% Jan 11
15% Apr 9
69% Apr 12
534 Jan 11
Simms
16
*5%
15
Oil.
Union
5M%
Silver King Coalition
share
Aug
Sept
88
200
*15
*18%
17%
Shell
per
10
61
3% Sept
24% Sept
3% Jan
85% Nov
18% Jan
21% Jan
20
24
20
33%
Q)...No par
2
2
3g Jan
1% Jan
12% May 23
'
l%May 31
5,200
7,200
33
(Frank
Highest
l
Feb 27
109
—..No par
Petroleum
10
31
3312
Hhattucii
Sheaffer (W A) Pen Co .No par
42
4
Jan
115% Jan 11
107% June 25
101%June24
%May 16
8s May 18
11
May 21
l%May 15
61%May 21
8%June 10
8%May 21
51% Aug 1
3
May 21
3% May>22
1,200
6'8
3314
$5 conv preferred
49
May 14
share
per
15%
*1%
57
57
*54
57
*56%
57
*54%
61
*56% 57
32
32
32
31
31
3234
32%
32%
31%
32%
6
6
6
6%
6%
6%
6i8
6%
6%
6%
6%
*10512 109
*105% 109
*105% 107
*105% 107
*105% 107
*105% 109
1%
1%
1%
1%
*1%
134
*112
13s
1%
1%
1%
1%
4
334
334
4%
4%
4%
3%
4%
4%
4%
3%
378
15
*13%
1434
1434
14%
14% *14
1334
1334
1434 *14% 15%
*1634
17
17%
17%
17%
17%
17%
1734
1734
18
16%
17%
18
18
18i8
18is
18U
18%
18%
1834
18%
18%
18%
1834
24%
2484
2438 24%
24%
24%
24%
24%
24% 24%
2434
24%
3078
No par
No par
Sharon Steel Corp
Sharpe A Dob me
No par
$3.50 conv pref ser A.No par
2
% Apr 22
2%May 21
.6
500
57
*54
1
—
14% Mar 27
85%May 9
% Jan 2
7*4 Feb 21
7%May 21
64% July
34
1
share
$ per
share
per
4%
1534
2%
_
70
preferred
4-2%
200
76 34
1%
1%
*1%
1%
12%
13
*1234
12%
12%
19
18%
18%
18%
1834
145
*133% 153
*133% 153
2734
27%
273s
*2738
27%
8%
8%
t
8%
8%
11%
11%
11%
1158
12%
1934
18%
I884
1834
1834
33%
*31%
33% *31%
33%
*1%
2
1%
1%
1%
4%
*4%
5%
*4%
5%
*65
No par
No par
No par
100
preferred
$4.60
$4 preferred
tSeaboard Air Line
*1%
8%
i
70
5*4% preferred
JSchulte Retail Stores
76%
10%
1%
*63
*53%
100
1
13%
*80
36
25%
*5312
6l2
1534
25
36%
*25
*%
*12%
5
.—100
1
100
No par
Schenley Distillers Corp
$
23
2%
90
18
18%
*36
4%
24
90
10
2,200
*101
16
16
*62%
*1712
8%
*101% 103
*110% 112
*110% 112
1334
1334
1334
14
*7
*7
7%
7%
7%
17%
1634
16 34
17% *17
7%
1634
136
4234
5%
13%
8I2
H2
%
,
112
1634
8
5%
*36
*15%
15%
90
13
1312
*42
*23
15%
*110
110
*3%
24
85
33
6%
4%
16
15%
*31%
612
8%
85
15%
18
19
36%
103
4%
*15%
23
*18
63
3%
5%
103
16
2
23
15i2
10%
61
42%
*36
878
8%
*134
10%
11
51%
33g
3%
42%
36%
8%
1112
2
412
76%
10%
*10%
51%
*4%
*3534
36
8®8
10%
*51%
61
3%
50
%•
76
10%
10%
*51%
*2%
13%
1%
1%
76%
*1%
17g
%
3u
3
40
%
10%
8^
*1012
300
13%
1%
76
107s
*62i4
4,100
18
10%
10%
8l4
*4
10%
7412
%
3
13%
77
*1%
1078
*178
10%
*72%
»i«
10
*80
*80
*109
*13
102% 10212 *102% 103%
*4%
4%
1 4%
4i2
103
*4is
11
73
*104
106
Par
Lowest
Highest
Lowes*
10%
*2%
Year 1939
EXCHANGE
73
*39
40
74
5
*8%
10*4
71%
%
3
%
*%
%
®ii
13%
2
42
♦101
*104
106
*J16
42
*912
*39
3 934
*104
106
7334
97g
10%
56
33*
42®4
*5114
3'g
*2%
278
27g
39
I4
9i«
13%
2
7334
10
10%
61
3's
7312
*934
%
%
%
%•
2%
41
%
»1212
10%
71%
*10778 11334 *10778 11334 *107% 11334 *110
114
104
10%
73
10
97s
71
1940
Range for Previous
100-SAar# Lois
On Basis oj
STOCK
NEW YORK
Thursday
Aug. 1
Range Since Jan. 1
STOCKS
for
Wednesday
July 31
Saturday
Aug. 3,
1
15% Aug
12
12
J.tu
May
May
21
3
21
28
20
23
24
l%May 29
26% June 11
x Ex-dlv.
y
6
Jan
Oct
20%
Apr
25% Oct
33% Sept
30
Sept
38
Aug
63% Sept
20%
Apr
36
Sept
65
Apr
80
Dec
12%
Jan
6% Aug
2
Apr
5
8%
Apr
6%
734 Sept
17%
Jan
Apr
10
Oct
4534 Sept
66
Jan
Feb 13
118% SeDt
10% Jan 20
2%
Jan
17%
35%
7%
24%
32%
5
3
Jan
Apr
Feb
Mar
Apr
Jan
4
28
25
22
25
9% Jan 3
73gMay 3
Apr 11
Mar
5
5% Mar
6
Mar 21
47% Apr 4
4% Apr 4
3534 Apr 11
8% Jan 8
6% Jan 4
12% Jan 8
18% Jan 8
63
Mar 21
4
Feb 16
42% Feb 16
634 Mar 8
Mar
7
7% Apr 8
534 Apr 22
38% Apr 16
2% Jan 4
Jan 27
12
May
97
May 10
6
27% Apr 24
52
Jan
3
7
Jan
10%
Apr
4
27%
23
Jan
5%
Apr
3%
12% Feb 21
34
Dec
June
2234 Aug
6578May
7
7%
24% Sept
Apr
8% Apr
12% Jan
40
34%
108
13%
8% Feb 15
6
75% Mar
434
10
46% Jan
34% April
80'4 Jan 3
124
16% Mar
Mar 14
2178 Apr
4
8% Apr
2*4 Jan
4
128% June
Apr
11»4 July
19% Sept
134 Aug
38% Jan
3% Sept
10
7%
Apr
22% Jan
30% Mar
10% Jan
25% Sept
2434 June
37% Sept
4%
Aug
12% Sept
33s
4%
Aug
9% Sept
Aug
33%
Oct
7% Mar
43% July
Apr
2284 Sept
578 Sept
17
3% Aug
4
6% Mar
Apr
9% Sept
32% Aug
5034 Sept
3%
26
Aug
Sept
7
Aug
584 Nov
5% Jan
38% Sept
11% Sept
9
Jan
22%
Jan
15%
Dec
24
Oct
48
Dec
61
Oct
8% Sept
3%
Dec
5'4
Oct
Sept
2%
14
1%
41
Oct
Apr
6
Nov
Apr
30
33
Nov
Jan
234 Sept
17
Apr
1% July
7% Apr
9% Aug
3%
Oct
434 Nov
33% Nov
334 Jan
18% Dec
14% Mar
Sept
96
Feb
10s4
Apr
25
Dec
34%
Apr
64%
83
5
Sept
6%
Apr
Jan
8% Sept
12%
10%
Dec
5%
Apr
4
2
Mar
82% Mar 7
5% Apr 15
74
Apr
3
Apr
784 8ept
10% Apr 24
13% Jan 4
25% Jan 23
6
Apr
113s
Dec
14% Sept
26% Jan
34% Jan
1984 Sept
4
1%
Apr
4
17%
Apr
13% Mar 14
1% Jan 11
7%
Apr
84
Dec
3% Apr
30
45
Apr
Feb 19
1834 Apr 22
88% Jan 4
110%May 2
17% Jan 8
98
8
Apr
34% Sept
6
Aug
65% Apr
108'4 Sept
15% Aug
81% Apr
89% Feb 10
16
July 13
78
29%May 11
63% Apr 16
2334 Apr 4
18
Apr 17
20% Mar
119
Feb 23
65%May
19% Apr
2% Apr
42
2
6
4
Feb 13
Ex-rights,
31
7%
Apr
Aug
Jan
1% Sept
88
Jan
384 Aug
35% Aug
12%
434
Jan
Jan
66
Jan
13%
Dec
94% Sept
118
July
1984
Jan
105
Sept
90
July
24% Sept
51
Nov
Apr
16% Dec
14% Sept
112% Mar
119% June
I884 July
52
Apr
69 %
13%
Apr
20
2
Apr
30%
Apr
3«4
Oct
Mar
Feb
39% Aug
f Called for redemption.
Volume
LOW
AND
New York Stock
151
HIGH
SALE
PRICES—PER
SHARE,
NOT
Record-Concluded—Page
July 27
Monday
July 29
Tuesday
July 30
S per share
$ per share
$ per share
*4
*2%
♦40
*334
j
4
4%
3
40%
4
*29
29%
♦64 %
64%'
12
Ranoe Since Jan. 1
On Basis of 100-Sftars Lots
♦78
4
4
83
*6%
|
*234
*40%
4%
3
41
4
4
4
29%
29%
64%
4
11334
*78
83
7V
6%
I
6134
62
*78
714!
7%
6%
62
7%
714
62%
6334
1178
30
♦26
30
*17*4
18*4
*17*4
*4
5
*4
18*4
434
4%
*6%
50
3%
7%
*6%
50
*48
*4
3%
*27
7%
5934
25%
25%
*32%
*%
18%
25*4
18%
18*4
19%
*76
78
79
48%
78%
48%
*48
62
62
*61
25%
*32%
34
%
*%
7i4
714
65
8
32
45%
1%
44
634
1%
*6
*6
50%
63%
55%
116% 117%
*41
45
15
*54
58%
*13%
*5434
14%
58%
153
*77%
*%
*12%
*143
80
17
29%
*77%
7i.
4334
4334'
*143
80
*12%
*77%
%
7ie
17%
29%
45
*43%
14%
*52%
153
*%
29*4
32
12
30%
3034
1%
6%
1%
45
*23
40
2334
*22%
2
*2
2
*17%
*116
1834
*18
120
*634
*116
7%,
"
*38%
*31%
41
33
*77
83
*634
*38%
*31%
82%
*123
*123
*%
*%
*6%
34
1
7
*19
20
*93
98
3%
2334
*4%
3%
2334
12%
4%
*%
*14%
2%
1
15%
2%
*27
35
*12
*1%
1%
10
*6
41%
7i#
17%
32
|
I
2334
2
2%
1834
*18
118
*116
734
*6%
41
33
*38%
33
*77
83
*123
...
*%
%
*%
*6%
19%
19%
*93
*3%
*23%
*12
*4%
1
*15
2%
*27
*1%
*%
*%
1
7
*6%
31
41%
42%
2334
2%
19%
15
*18%
*18%
117
734
41
41
33%
82%
*77
82%
s4
*%
%
*6%
1
7
23%
*12%
334
25%
13%
4%
*4%
1%
*1
15%
1%'
15%
2%
*3
24
*6%
24%
24%
25
25
*24
*14%
*1734
*234
*16%
15
15
*15
18%
18%
234
*414
*%
*17
*27%
*3%
6
*5
»is
1734
21
21
*93
94
*126% 133
*30
31%
*3234
33
34%
*68
34%
70
97%
*21%
22%
*96% 120
*60%
65
*8%'
9
97%
9%
8%
*5
*98
27%
3%
10
8%
5%
104
28
3%
7
*%
8i«
10
8%
5%
10
27%
3%
*4%
*%
116
1
15%
104
*99
I
28
28
3%'
6 j
»u
3%
*438
107
|
28%
3%
6 |
*%
10%
9%
8%
8
8%
8%
5%
5%
5%
20%
*19
20%
*1%
2%
*1%
2%
*4%
2%
4%
*4%
5534
2%
4%
4%
55*4
56
2
2%
4%
56
*113
26%
100%
5%
*19
33
106%
100
116
10
45
26
100%
106
50
26
*25
26
4%
8
1%
2634
3234
18%
*40
2034
*1%
2%
*4%
*4%
*53
45
2034
2
2%
4%
*19
4%
56
*113
2634
32%
18%
2634
3234
18%
*53
*113
27
33%
19%
26%
33%
18%
100
1,100
2,400
1%
"3^5O6
300
8
400
3
17%
1,000
63
300
100%
110
110
104
130
114%
400
80
1,100
16%
107
10
5%
*35
45
*37
2034
*19
2034
1%
2%
4%
4%
*54
1%
*1%
2%
2%
4%
4%
4%
4%
55
26%
33%
*54
26
124
*112
9%
30%
9%
30%
*112
934
31%
90
*75
*16
17%
*16
*1034
11
*75
*2%
•
238
124
9%
30%
11
*2%
90
*112
*43%
I
102
17%
17%
13%
16%
*112
124
10
10
10%
11%
31%
333s
3234
33%
*82
17%
17
11
11%
*2%
23s
124
|
90
181?
11%
2%
*82
90
1834
19
11%
*2%
11%
2%
Bid and asked p-lces- no sales m this day
47
102
79
79%
16%
*1634
18 I
13
1338
13
13%
112% 113
*114
124 I
1034
10%
1034
1034'
32%
33
I
32%
33 |
*82
90
I *82
90 I
*18%
1834
1834
18%'
11
2%
11
|
23g'
u
Jan
48
60
Jan
68%
41% Aug
98% May
Jan
124% Apr 23
39% Apr 5
48% Feb 20
234 Apr 24
7% Apr 24
2% Apr 11
70
Jan 15
159
Jan 22
112
Mar 27
*4 Apr
19
43%May
39% Mar
117% Apr
49%May
69% Feb
31% Mar
4% Jan
31% Jan
118
3
Maryland
l3%May
May
2%May
15% May
60 8May 23
91
June 3
85
July
Sept
163
June
Apr
78
Feb
Jan
1
Sept
16
Aug
21
Sept
40
Sept
40
Nov
16
25
Apr
Apr
Sept
34% Apr
54% Aug
18% Apr
2% Apr
Apr
64% Apr
101
Jan
100
Mar
135
May
125
Deo
Mar
131
Mar
Jan
*4 July
3
Sept
2% Jan
1% July
6% Apr
15% Apr
13g
7% Apr
23%May
101
Mar 15
1% Jan )0
25% Jan 10
4% Feb 19
50
Jan
4
Jan
Jan 11
85
8
Oot
Apr
9%
Jan
30*4 Sept
50*4
Jan
14%
Oct
7
Dec
20% July
14% Mar
1% Dec
21
Dec
3% Deo
36
Jan
3% Sept
23% July
98% July
Feb
2%
44
6%
68
Jan
Mar
Jan
July
2
Marl6
1*8 Nov
3%
9
Marl6
6% Apr
19% Apr
35*4
Oct
14*4
Apr
24%
Jan
Sept
32*4
Jan
Apr
3*4
28%
Jan
79
Jan
31% Jan
2834 Feb
20% Apr 22
24
4
20
4% Feb 29
29% Apr 16
16
75
65% Aug
Jan
Jan
4
1%
July
Jan
13*4 May
Oot
Deo
Deo
105% Sept
15% Nov
115
Nov
par
50
60
30
l08%May 23
11
May 21
l00%May 17
21
118% Apr 30
2V8May 3
105
40% Apr
2%May 15
4% May 18
%May 15
8% Apr
l4%May 22
15%May 21
76
May 21
110 May 21
Jan 20
May
18% May
93<4June
51
May
8
July
21
13
29
3
1
7%May 21
4% Mar 23
No par
Prior preferred
20
Wilcox Oil A Gas Co
5
6% conv preferred
Wilson A Co Ino
10
.No par
3%May 22
38
Jan
4
l434May 22
l%May 15
1% Jan
3
5
Jan 15
334 May 21
No par
45
June
7
116
Jan
preferred
10
(F W) Co
10
5
7% preferred A
..100
preferred B
100
Prior pref 4H% series.. 100
Prior pf 4H% convserleslOO
6%
4
Jan
1
20% Apr
2% Apr
3% Apr
Jan
*8
28*4 Jan
28% Jan
118
Jan
138
Dec
167s
Jan
Apr
18%
82%
Apr
126
373gMay
38% Feb 13
10%
16%
May
145
Apr
Apr
42
July
98
Jan 30
74
Apr
97
Oct
15%
Apr
38%
Oct
80
Jan
80
Jan
45
July
78
Oct
35% Apr 9
105
Apr 30
71
Apr 6
11% Apr 18
13% Apr 9
11% Apr 10
7%May 3
57% Mar 8
24%May 2
3%
3%
6*4
7%
70
8%
7
Dec
Apr
3% 8ept
1*4
14
14
1
2
121% Mar
1534May 21
May 18
13%May 21
27% Apr
1
9
42% Apr
24%May
5
8
June
2*8 June
2% Aug
32
Aug
105% Apr
15
Apr
36
Sept
Deo
4% Nov
3% Feb
6%
Feb
7% Sept
60% Nov
115
Sept
31*4 8ept
50% Jan
71
Jan 2^
10% Apr
47% July
74
Oct
July 25
69
Apr 23
43
69
Oot
5
42
29
June
May
8
54%May
Apr
May
23% July
31% Apr
25
Jan
3
18*4 Sept
12,800
Yellow Truck A Coach cl B.. 1
19%
Jan
4
11%
Cash sal®
20%
June 17
200
r
Jan
55
9
9
A.-.100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp—....1
7
60
Apr 26
ser
12% Mar
15*4 Oot
4% Nov
Sept
2% Aug
6
Oct
34*4 Nov
Jan 11
Apr 22
Deo
Apr
Apr 22
Apr 13
75
Aug
93
5*4% preferred
Deo
July 29
129
100
Deo
70
May 23
15'1 May 28
934May 21
98
May 25
6%June10
26%June 10
80 May 28
No par
Mar
Apr
June 17
Preferred
28%
39%
39%
*29
June 10
Youngstown S A T
Sept
121
73
Young Spring A Wire..No par
37
37% Sept
Sept
Apr
91
Wright Aeronautical
Deo
36% Nov
6*4 8ept
11% Sept
2
Sept
3
Mar
30
19%
Dec
Apr 29
June 10
C0N0 par
Corp_..l
Willys-Overland Motors..... 1
New stock
5*4 Sept
33*4 Sept
106
Motor Co
White Rock Mln 8pr
n
Aug
Deo
29»4
July
39
Def. delivery
Deo
56's
Sept
No par
100
44%
15
Wrlgley (Wrn) Jr (Del).No par
Yale A Towne Mfg Co
25
700
116% July
112%
Wortbingt'n PAM(DeJ)No par
"l,200
Sept
107%
6,600
30
Dec
17
Apr
Wool worth
1,300
Oof
64
Apr
Woodward Iron Co
10,600
2%
Apr
June 10
Wisconsin El Pow 8% pref. 100
50
Sept
8% Mar
88
1,400
100
4
85
5,300
800
37%June
46*4 July
95
100
6% conv preferred
Wheeling A L E Ry Co
$6
June
82*4 8ept
120% Sept
4% July
63g
14
68% Sept
*70
Jan
16% Feb
9% Jan 10
May
30 May
%May
3%May
22
May
20
May
6% Mar
52*4 Jan
114*4 Nov
15% Apr
35%
%May 16
60% Sept
Oct
Mar
37% July
45%
%
146
17
May 22
3%May 21
Mav
15% Sept
49
8
Union Telegraph. "00
White
200
28
14
10
4
9
109
15
18%May 22
June
6% May
1% Apr
46
Apr
10% 8ept
67
118
1
June 26
Oct
Deo
Mar
7% July
35% July
29% Sept
112% Sept
28%May 29
71
May 23
89
10
Sept
1*4
Jan
180
Jan
48
% luly
_
Feb 29
30
39
113
9
4% 2d preferred
100
Pacific 6% pref.. 100
White 8ewing Mach
2%'
*2%
Apr
70% Jan 11
65
35
June 10
5*4 Aug
Apr
32*4 Sept
31% Oct
1% Deo
Apr
July
36%June 14
120
Apr
13% Apr
3% July
31%
200
11%I
*10%
t In receivership
5
May 22
May 23
May 18
23
80\
preferred
100
$5 conv prior pref
No par
White Dental Mfg(The S3) 20
200
79
l%May 15
Apr
Jan
6%
42
47
May 24
4
April
24
*40
104
1>4 Jan
41% Jan
117
85
4234'
79
19
6% Aug
65% Sept
149*4 8ept
46
Apr
5H % conv preferred
100
Wheeling Steel Corp
No par
42
*4384
39
3,100
*37%
*44%
*100
May
May 28
41%
46%
79
1234 Apr 23
60
150
3
7% Apr 23
100
10
*37
104
Jan
Jan 25
39% Jan
1,400
40
79
103g
89
182%May 14
6% Mar 9
3234Mar 11
'28
Apr 25
27%May 21
28%May 21
1,000
33%
1834
17% Sept
14
Sept
26
f
26
33%
1834
Mar
Apr
1st preferred....'
1,700
i
*113
33%;
19%
5
Weston Elec Instrument. 12 50
100
'
1034 Apr 11
Westvaco Chlor Prod..No par
13,700
55
26%
100
35%May 28
56% Jan 6
Jan
87% Mar
900
"loo
2
2
July
7% Sept
11
June
400
40
41%' *40
May 23
22%June 10
Nov
Sept
115
Westinghouse El A Mfg
10
19
25
112
14
110% Apr 12
100
$4 conv preferred
2%
4%
4%
June 24
Sept
76
%May 21
12
15
108
7,900
45
*19
5
95
117% June
90
Westlnghouse Air BrakeNo par
67
13
Pap Co No
5,400
8
June
Feb
May 11
Apr 12
59
74
8% Sept
35% Sept
96%May 22
Western Auto Supply Co... 10
4,400
1,100
10%
734
5%
Apr 10
Jan 3
6% Ap*
3*4 Aug
584 Mar
share
7% Mar
Jan
8*4
100
WestPennPowCo 4J$ % Df-100
West Va Pulp A
97
Mar 12
Apr
8ept
per
100
preferred
preferred
Western
75
12%
7%
6%
2,300
*63
12
No par
West Penn El class A..No par
4,000
*65
12
1
No par
11
110
Jan
May 10
15
22
21
16
23
21
21
21
21
22
No par
6
Feb 24
17
June 10
$4 conv preferred
Western
65
17%
Pipe
3
15
61
2
No par
85% Jan
117%
13%
7%
7%
June 26
14
No par
3
l2%May 24
45
May 24
l34%June 8
5
Western
5%
41
100
Wesson Oil A Snowdrift No par
300
8%
l%May 22
5%May 28
1
May 18
No par
Wayne Pump Co
Webster Elsenlohr
"166
73
*16
B
$3 convertible pref..No par
*i«
65
17%
12%
par
No par
13.85 conv pref
JWarreo Bros Co
3%
6
*70
*16%
No par
preferred
*%
65
46%
7%
1
5
July
42%June
%May 15
5%May 21
Warner Bros Pictures
3%
74
7934
17%
1234
Class
21
l6%May 22
Ward Baking Co cl A ..No par
*4%
*60
46%
100
23
22
21
No par
Co
Preferred
%
10%
31
3
21
22
64% Deo
3% Apr
25*4 Apr
62% Apr
Jan
38% Jan
No par
System
H% pref with warrants 100
6%
*64
104
preferred A..
0% preferred
i',900
65
100
5%
Walgreen
500
78
*79%
*16%
12%
25
100
100
500
*60
7934
preferred
65% Mar 14
63g Jan 3
11
14
5% pflOO
19
*65
*42
6%
Dec
74
14
Vulcan Detlnning Co
Preferred
Aug
21
May
2l34June
27<4June
%May
15 May
68%May
39'4 May
60 May
42
May
i03%May
109
25
4%
4%
Mar 13
Highest
share %
ver
6
May 21
100
Virginia Ry Co
S
7% Apr 11
35
1939
Lowest
share
6
No par
preferred
Va El A Pow |6 pref
Va Iron Coal A Coke
17
21
21
per
50
No par
15%
66
*9334 100
6%
Chem
Washington Gas Lt Co.No par
Waukesha Motor Co
6
75
*78
Vlcks Shreve A Pac Ry_._100
Victor Chemical Works
5
Va-Carollna
Warren Fdy A
*60
81
.....6
100
*65
47
Vlck Chemlca' Co
400
18%
100
par
25
70
.
Corp of Am.No
25%
75
*78%
Vanadium
100
Walk(H)Good A W Ltd N
*18
*94
par
No par
Walworth Co
*60
*43
preferred... No
7,800
*65
41%
46%
5
Preferred
*3%
-1*113
19%;
No par
8% preferred...,
100
Universal Pictures 1st pref. 100
Vadsco Sales
No par
*4%
5%
26%
33%
1
Universal-Cyclops Steel Corp 1
28%
8%
2034
2%
2%
4%
4%
55%
*1%
2%
4%
4%
Conv pref C70c)
*28%
10
i
25
Corp
United Stores class A
%
10%
834
5%
*35
preferred
28%
3%
28%
»i®
45
U 8 Tobacco Co.......No par
2,000
38
1%
734
*23%
*99
100
Uni ed Stockyards
4
900
2%
25
107
*99
"400
100
16
2%
15%
18%
3%
1%
No par
Preferred
Waldorf
13
*30
38
300
1
17%'
1734
17%
18
18%
1834
18
1734
18%
21%
21%
21%
21%
21%
21%
21%
21%
21%
93
94%
94% 97%
97%
98%
98
100
99% 10134
*126% 133
*12612 133 ,*126% 133
*126% 133
*126% 133 1
*30
30%
3034 31%
31%
32
3134
3134
31%
32%
32% 32%!
33
33
33%
33%
33%
33%
*33%
34
35
35
34% 34%
34% 3434
35
35
34%
34%
70
70
*69
75
*68% 75
*69%
75
*69%
75
97%
97%
97% 97%
97i2
97%
97%
97%
97%
97%
21%
21%
22%
23%
22%
22%
22%
23%
2234
23
*96% 120
*96% 120
*9334 106 | *9334 120
*9384 106
*60%
65
*60%
65
*60%
65
*60%
65
*60%
65
*8%
9
8%
8%
*7*4
8%
*8
9
8%
83g
*35
33
100
200
17
45
113
17
15%
18%
3%
1734
30
7
%
*15%
t
100
200
20%
98
16
*1%
*6%
*24
8
700
30
*4%
15%
*18%
18%
*234
*2%
2%
17%
18
18
17%
*62%
66 j *62%
62%
65
*98
100% 100% 100%
100%
106% 106% 106% 106% *106
9934
9934 100
100
*100%
116
116
114% 114%
114%
15%
16%
16%
17
16%
*18
63
*30
60
50
Corp
"260
4%
26
2%
A Mln
Preferred
400
4%
*25%
*12%
1
16
10
100
100
21
*35
4%
17
63
*98
I
25
*22%
24
1
16
2%
1%
24
*15
35
1%
24
234
2%
No par
Ct
1st preferred
May
2'4May
25% July
14
May
3%May
JWabash Railway Co.....100
*6%
26
2%
*27
*%
*%
IS
10
...5
78
*94%
15%
conv cl A_.No par
Prior preferred.. ......100
U S Pipe A Foundry
20
7% 1st preferred
33%
78
34
4%
50
Van Raalte Co Ino
43
98
4%
1%
*32%
4%
5
30
6%
*39
13
Corp
400
116
6%
6%
33%
*94%
3%
3%
8,800
2%
19%
*1»34
7
23
21
24
2%
116
82%
June 10
45
*20
4%
8
2%
20
4%
*22%
104
27%
*6%
98
40
May 18
5% May 22
50
Partlc A
conv
Jan 15
165
5^ % conv preferred
56
May 21
May 25
20
U 8 Industrial Alcohol. No
par
U S Leather Co..
No par
7%
3
100
U S Hoffman Mach
U 8 Smelting Re
6
June 10
No par
Gypsum Co
7% preferred
U 8 9 eel
28
22
1
21
22
21
22
6
U 8 Freight Co
8%
S
6
31
Year
Highest
share
3% May
2%May
3978 Aug
2% May
25%May
60
Ma;
10%May
107%June
pref. 100
cony
U S
U 8 Rubb«.
per
80
2634
114%
*42
20
*1
3%
3%
18
17%
*63
65%
65%!
*100
103% *100
100%
*106% 110 |*106% 110 |
100% 100% *100% 100%
*116
116% *116
116%
*14
15
14%
14%
*98
ic
7
20%
1,200
4
31%'
31
*26
*23
24
*%
25%
*12%
24
24%
*234
*15%
%
%
17
*112
42%
10
%
<
*12
31%'
2634
Corp
%
No par
Universal Leaf Tob
*123
12%
35
7i«
17%
*123
*15
15
18%
200
1,200
100
41
25%'
*6
*63
6%
41
12%
*4%
1%
110
500
153
19
25 ~
10
*143
116
*32%
*77
*123
....
*94%
334
*27
1,100
i *77
19
41
33%
98
1%
32%
43%
2
6%
1%
1%
56%
116
33
*94
35
2,300
82
2%
8
3%
23%
12%
2%
500
54%, 63,500
*52
*22%
117
8
98
1
200
6234
117%'
1%
115
42%
2%
19
*20
2%
1,000
51
6234
5334
117%
*6
6%
*52
23
*6
18%
42%
*2%
118
*25%
| 115
23
15
*22%
*23%
|
*56
20
15%
*49
153
82
*%
*12
30%
26
115
20
3%
31%
26
*112
*56
2334
200
10,400
100
%
26
...
%
20
83'4
400
*5234
10
No par
fU 8 Realty A rmp
•u
1934
8 384
15
*143
U 8 Distrlb
U 8 Playing Card Co
32%
2
5
5
Paperboard..
USA Foreign Secur
16 first preferred
100
56
|
United
1,400
*4234
*1%
32%
100
United Fruit Co..
No par
United Gas Improv't. .No par
J5 preferred
.....No par
United Mer & Manu Inc v 10 I
35
45
56%
Preferred
United Electric Coal Cos
United Eng & Fdy
26
45
*52%
United Drug Inc..
......5
United Dyewood
Corp
10
*33
*14%
*53
*12%
115
*56
100
15
%
26
400
45
12%
115
I
»i«
*1%
*6
*1%
7%
5934
Par
,
26
26%
43
43
100
45
82
26
7%
*48
""260
4%
*4
*14
153
115
19
7%
5934
200
15
*78
26
a40
1%
*143
*110
42
6%'
80
26
*18
60
45
153
115
*27%
19
4%
34
*32%
*378
700
2,200
*14
_
26
*39
|
1%
20
45
14%
56%
*110
*56
1%
6%
1%
200
4%
33
*»!•
32
4%
83
33
26%
32
1%
6%
1%
434'
*33
*31
9%
4%
♦7%
7%
*80
52%
9%
8%
8
8%
8%
*734
65%
65%
64%
65
175
175
*175% 182
*6%
*48
%
2,200
8,600
*334
*78
20%
1934
20%
83
83
I
81%
*49
50% *49%
51
I
62
62% *61%
63%
53%
55%
5358
54%
117% 118% 2:116% 11734
79
700
1,000
1,100
1,500
*4%
4%
83
*7
7%
5934
26%
3334
*43
45
*1%
18*4
4%
7% |
7%
5934 *48
26
26%
26%
*32% 34
3334
*9x«
*'i$
%
19% 2034
20%
1*4
6%
1%
*1%
*43%
*13%
*133
1%
4%
*27%
4%'
*48%
44
*1%
4%:
32
4
*4
8%
65%
178%
*4
4%
35 . *27%
18*4 *18
*4
4%
65
100
220
29%
64
9%
4%'
*78
7%'
*6%
1,500
4
9%
4%
1,500
*29
6334
4
83
4%
278
45
4%
278
*39
64%
9?8i
Lowest
_
1178
12
1178
12
11334 11378 *113% H378
3%'
7%
79
50%
63%
52*4
116
116%
31*4 3134
51%
*115% 116%
45%
%
51
50*4
*30
34
I
12
*4
Shares
4
9%
18»4
*4
$ per share
Range for Previous
EXCHANGE
29t2
*29
64
334
83
the
Week
1
14
11334'
*175
*3%
*25%
Aug.
$ per share
$ per share
4%
4%
*4%
4%
*234
3 I
*278
3
40
4O84' 397„ 3978
29%
*29
29%
63%
63% 64
11%
12
12
113% 11334 *1133s 11334
*8%
9% 1
9
934
*3%
4
*3%
334
4
4
*378
4 1
7%
*6
*61%
4%
3
40%
378
2934
64 I
12 I
NEW YORK STOCK
Friday
Aug. 2
Thursday
I
July 31
*78
12
113% 113%
*8%
9
*3%
*3%
4%
*284
40%
378
Wednesday
663
STOCKS
for
Saturday
10
Sales
CENT
PER
12%May 21
8%May 21
2
Mar
x Ex-dlv
1
y
124
Apr 23
14
Apr 16
48%
Jan
85
Apr
75
Mar
98
Apr
9% Aug
3
30
93%May 10
28% Jan
4
74
17% Apr 8
4% Apr 22
12
Ex-rlghts
Apr
17
Apr
May
23%
Jan
38% Sept
53% Sept
124% Nov
85% Dec
33% Mar
21% Oct
127
21%
Nov
Jan
56% Sept
92
Sept
Sept
Apr
34
Apr
22% Jan
3% Sept
Aug
7 Called for redemption.
Aug. 3, 1940
664
York Stock Exchange
Bond Record—New
FRIDAY, WEEKLY AND
YEARLY
,,°come,and defaulted bonds. Cash and deferred delivery sales are disregarded in the
for theregular weekly range
^ w®ek- and when selling outside of whenvear bonds mature. are shown in a footnote
the the
month
tdey occur.
No account is taken of such sales in comnutin* ihe ranee
thevn/vw
letters in the column beaded "Interest Period" indicate in each case the
if
wnicn
in me wee
tbe week in whirh
The italic
Friday
Friday
Range or
BONDS
119.24
J
113.20
Treasury Z%8
Treasury 354s.
1943-1947'/ D
A
D
113.19 113.19
M
8
*114.5
8
102.12
108.6
Treasury 314s
254s
Treasury 2 lis
9
103 12 105.17
108.12
108.12
14
3
107.30 110.21
9
108 23 112 13
*111.27111.30
109 14 113.10
*110.16110.20
108 6
S\
110.16
110.16
8
107.28 107.26
107.28
M
8
108.22
108.22
106 20 109.20
♦0s
M
S
*108.7
108.10
105 24 109 19
♦6s of
D
107.14
107.14
104.16 108.30
J
14
106.16
17
103 15 108 1
214s
Treasury 214s
Treasury 214s
Treasury 214s
Treasury
D
106.16 106.14
J
D
*108.4
108.8
8
107 26
107.26
D
105.14 105.12 105.16
*105.15105.19
M
-----J®48
--J949-1953
J
8
M
1950-1952
Treasury 2 lis—
106.15 106.13
J
1960-1905
1946
Treasury 2lis
D
1954-1956
-----1947
1948-1960
234s
Treasury 2s
Treasury 2s
Federal Farm Mortgage
Corp—
3„"
2 lis
Mar
38
Owners' Loan Corp—
May
1 1944
103.8
102.9
New York
103.13
104.23
♦Costa Rica (Rep
102.22
Cuba
101 13 104.24
105 22 108 24
*107.16107.19
M N
107.7
107.7
107.7
105 20108.21
/
J
104.1
104.1
104.2
103.16 105.15
M
-1952
8
103.9
*103.26103.29
AfN
101.19
101.19
108.12
103.1
..1980
D
/
9544
96
9644
102.12
"l3
8844
729
9744
Municipal
&
B
O
M
8
♦El Salvador 8s ctfs
29
40
40
06
.....
1144
1144
♦1144
1971
8 f extl conv loan 4s Feb
1972
loan 4s Apr
1972
1955
8 f extl
conv
Australia 30 year 6s
External 6s of 1927
1957
External g 454s of 1928
Belgium 25-yr extl 054s
1544
1444
744
1044
114i
*2144
b
74
74
75
23
7044
Refunding s f 4 54-4 54s
External read) 4 54-4 54s
63
6444
57
0144
95
5644
56 4i
5844
73
6444
A
O
5654
59
46
5544
8744
8744
4744
4944
16
39
01
4744
40 4i
48
12
38
9044
4254
27
34
84
9 54
10
/
S
M
External
s
f 4)4-454s
s
A
F
S
J
J
O
O
D
*5
♦6s assented
♦Ry extl s f 6s
♦6s assented
♦08 assented
Sept
M
8
70
70
A
O
75
75
O
75
75
A
For footnotes see pa<re
669
844
1144
50
12
19
844
51
5
33
*35"
8
4954
1944
MN
"4944
51
/ D
12
51
*21
*4544
D
J
"70~"
48
3
33
4444
4444
4554
4
M N
4944
4944
2
40
0744
3144
3144
2
31
4544
O
♦Medellln (Colombia) 044s
15
Mendoza (Prov)
"16
F
A
8344
7854
85
56
Af N
6344
6054
6344
18
1044
1044
1044
15
1044
10 44
12
A
O
F
A
J
D
J
D
J
D
*53
MN
*1
1954
1954
61
93 54
♦Assenting 4s of 1904
9054
♦Assenting 4s of 1910
1954
1945
{♦Treaa 6s of '13 assent
1933
/
J
7144
7144
58 44
89
71
71
5944
J
M
S
*15
18
1544
J
J
*144i
17
10
6Ji
654
6
744
18
1944
1943
Milan (City. Italy)
Mlnas
extl 644s
1952
(State)—
f 0 44s_.
Geraes
*1244
1544
12
17
*11
1144
11
1444
1958
1959
♦Montevideo (City) 7s
1952
♦6s series A
1959
New So Wales (State) extl 6s__1967
External s f 5s
Apr 1958
1244
1144
12
17
Norway 20-year extl 6s
1044
1454
12
17
1044
1444
External
944
0
"Is"
M2V
MA
O
1244
11
11
"15"
10
15
19
♦Sec extl s
♦Sec extl s f 0 44s
20-year external 09
External sink fund 444s
*1244
1144
"1144
1244
1244
12
17
4s s f extl loan
11
11
1044
Municipal Bank extl s f 5s
20
1244
*1244
11
*1244
11
11
1044
20
1244
1144
1044
1454
1644
1454
17
14 44
12
1644
1044
1444
*1244
*11
"ilk"
s
f 444s
1943
.1944
1956
1965
1963
1970
J
1044
D
57
*1
/
/
Q
of 1899 £.1945
♦Assenting 6s of 1899....
1946 Q
♦Mexico (US) extl 5s
8844
/
MIS
28
72
MA'
MN
2644
Mexican Irrigation—
78
37
40
"2744
107
9044
8544
—
J
101J4
*84 %
8
J
83
J
A
4744
*25
M S
69
J
A
4554
4644
4644
D
J
55
3
M
4544
M N
28
7344
M
26441
90 44
8144
J
2544
8044
72
J
944'
A
F
8944
81
F
*644
80
J
F
M N
9044
J
A
944
MN
*644
80 44
35
A
*654
944
A
A
654
J
11J4
♦444s stamped assented.
58
654
1254
4sreadj
1644
*3044
J\
B '47
Italian Public Utility extl 7s... 1952
Japanese Govt 30-yr s f 6 44s
1964
Extl sinking fund 5 44s
1905
♦Jugoslavia (State Mtge Bk) 7s 1967
♦Leipzig (Germany) s f 7s
1947
♦Lower Austria (Provlnoe) 7 44s 1950
14
F
13
J
1144
*10
71
13
o
8
M N
M N
06
16
71
O
1951
O
A
*12
O
A... 1952
1940
744sl960
Helslngfors (City; extl 644s
1960
Hungarian Cons Municipal Loan—
♦7 44s secured s f g
1945
♦7s secured sfg
1940
♦Hungarian Land M Inst 7 44s. 1901
♦Sinking fund 7 44s ser B
1901
6544
6344
1444
22
*14
FA
♦Heidelberg (German) extl
65
3144
1968
1960
39 54
41
14J4
22
*9
Italy (Kingdom of) extl 7s
38 54
J
1964
16J4
22
D
J
MA
Italian Cred Consortium 7s ser
1
51
21
*744
Irish Free State extl s f 5s
65
/
1544
20
21
O
A
1054
29
/
*1244
8744
454
—
34
J
16
17
16
J D
78
42
844
45
A
*20
1979
46
1963
42 44
/
Hungary 744s ext at 444s to...
65
1961
1961
1962
8
8
/
M
..1968
paid
♦Hamburg (State 6s)
79
44
1963
♦0s assented
61
4344
1961
75
MA
Bks
paid
Haiti (Republic) s f 6s ser
1644
23 44
1844
1844
18*4
65
A
1902
♦08 assented
♦External sinking fund 6s
744
1644
46
8
F
1960
1960
75
O
1958
15
12
*744
M
Jan 1961
Jan 1961
♦External sinking fund 6s
12
1144
1144
48
Feb 1961
♦Extl sinking fund 6s__Sept
15
*42
1942
70
O
7s..1984
3044 10044
35
108
844
A
1942
2754
70
A
♦Greek Government s f ser
102 44
32
"4
4144
1044
D
♦6s Apr. 1937 coupon on..1960
3354
26%
A
20
1244
1
174i
50
D
♦Farm Loan s f 6s...Oct 15 1960
3444
30%
27 54
M S
7sstamped..1949
11949
German Prov & Communal
♦6s part
38
/
M 8
unstamped
♦7s part
12
/
...
♦6s assented
♦7s
♦Sink fund secured 6s
1444
"1344"
F
1961
7-year 254s_.
.......1944
30-year 3s...
1967
30-year 3s
1968
♦Carlsbad (City) 8s
1964
♦Cent Agrlo Bank (Ger) 7s
1950
♦Farm Loan s f 6s..-July 15 I960
♦6s Jan. 1937 coupon on..I960
♦Extl sinking fund 6s.-Feb
50
M
Aug 15 1945
♦External sinking fund 6s
12
8
J
ks
♦Chile (Rep)—Extl s f 7s
♦7s assented
1444
1144
1144
O
1952
10-year 2548
^*134i
D
I960
6s
14k
33 H
34
O
♦^Cons Agrlc Loan) 0 44s
5044
4144
*44
D
♦German Repextl
12
644
7
4544
*40
D
1968
Canada (Dom of) 30-yr 4s
1744
M
1967
f ?«
♦Stabilization loan 754s
26-year 3
4144
/
1975
1984
3% external s f S bonds
♦Secured
48
MN
Bulgaria (Kingdom of)—
12
80 I
*5
A
stamped
1905
unstamped
1966
♦544s stamp(Canadlan Holder) *65
9644
6344
1961
1977
1976
1976
f 454-4548
100
103
♦544s
A
♦Brazil (U 8 of) external 8s
♦External s f 614s of 1926
External
26
5444
5344
*7344
A
♦5 44s of 1930
F
Buenos Air68 (Prov of)
9944
9944
5344
International—
German Govt
77
M N
1968
♦6s stamped
1444
744
1844
M N
1941
1967
♦External s f 0 54s of 1927..-1957
♦7s (Central Ry)
1952
Brisbane (City) s f 6s
1967
Sinking fund gold 6s.
1958
20-year s f 6s
1960
♦Budapest (City of) 6s
1962
14%
1444
I960
♦External sinking fund 6s
754
744
1966
♦Berlin (Germany) s f 054s
15 44
o
1955
External 30-year s f 7s
754
D
-.1945
1949
External s f 6s
16
11
♦10 44
1967
♦Bavaria (Free State) 6Ha.
1544
1144
134i
1144
744
134i
11
1154
O
I960
♦Austrian (Govt) s f 7s
8
11
J\
O
Antwerp (City) external 6s
8 f external 4 44 s
14%
*9944
F
Estonia (Republic of) 7s
/
♦External sec s f 7s 3d series. 1967
1958
Argentine (National Government)—
8 f external 454s
1948
2844
21
71
70 44
*100
J
1948
1967
Finland (Republlo) ext 6s
1945
♦Frankfort (City of) a f 0 44s.—1953
French Republic 7 44s stamped. 1941
7 44s unstamped
1941
External 7s stamped
..—.1949
7s unstamped
1949
20
22
/
2244
70
70
102
of dep
31
/
2444
*70
J
1942
1955
External g 4 44s
Apr 15 1902
Dominican Rep Cust Ad 544S-.1942
1st ser 544s of 1926
1940
2d series sink fund 644s
1940
Customs Admin 644s 2d ser.. 1961
6 44s 1st series
1969
6 44s 2d series
1969
♦Dresden (City) external 7s.—1945
*2044
A
A
20 44
2244
J
A
External gold 5 V£s
*2044
F
2044
2444
F A
F
I
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947
♦Gtd sink fund 6s
1948
Akersbus (King of Norway) 4s. 1968
♦Antloqula (Dept) coll 7s A...1946
♦External s f 7s series B
1945
♦External s f 7s series C
1946
♦External s f 7s series D
1945
♦External s f 7s 1st series —1957
♦External sec s f 7s 2d series. 1967
20 44
2044
/ D
A7N
F A
J /
Denmark 20-year extl 6a
104.25
100.5
*103.17103 20
D
"26 k
A
City
3% Corporate stock
A O
MN
F A
..1952
♦Sinking fund 8s ser
2444
27
*2044
/
/
105 2
105 4
6
107
106.28 106.28
/
23
2444
1949
1949
2544
2344
2544
external debt
1977
Sinking fund 6 44S—Jan 16 1953
♦Public wks 544s...June 30 1945
♦Czechoslovakia (Rep of) 8s
1951
8
*4
*1544
1951 M N
1944 M S
of) 7s
(Republic) 5s of 1904
External 6s of 1914 ser A
External loan 444s ser C
102 28 105.30
"28
103.17
S
M S
107.3
101.7
102 2
944
944
D
J
10
17
*1444
8\
M
4 44s
Translo Unification Issue—
Govt.
103.4
*104.26104.29
D
M
Oct 1961
Jan 1961
61
102.22
—..1942-1944
1946-1947
series O
114s series M
2 lis
107 2
103.2
19
103.11
102.21
D
1 1942-1947
3s series A
ibjf.ri
M 8
Mar 16 1944-1964
May 16 1944-1949
Jan
15 1942-1947
..
105 13 108.31
1144
10
(Republic of)—
1928
1927
8
D
D
J
J951-1963
106 18 109.13
...
1144
MN
Bank 6448—1947
♦Sinking fund 7s of 1920
1946
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5e
...1962
25-year gold 4 44s
1953
{♦Cordoba (City) 7s stamped-.1967
Cordoba (Prov) Argentina 7s..1942
103 13 108
J
10
JWN
assented—'
of
11
10
♦Colombia Mtge
103 24 108.12
*106.22106.26
106.15
S
M
111 22
11
1144
Colombia
109.7
111.7
13
*10
104 20 109 16
109.7
111.4
111.6
*11 H
107 20 111.30
107 12 110.1
10
10
1961
♦Guar sink fund 6s
1962
♦6s assented
...1962
♦Chilean Cons Munlc 7s
1960
♦7s assented
1960
♦Chinese (Hukuang Ry) 5s.--.1951
♦Cologne (City) Germany 6448.1950
♦6s
M
2lis
Foreign
103.15
D
Treasury 2lis
Home
107 16 109.30
D
Treasury 2 lis
3Wb
1
O
D
}^5-1960
--]£46-1947
1^48-1961
Treasury
Treasury
108.6
M
_
214s
Treasury
102 11 104.24
i~ln«n
Treasury 3s
Treasury
111 16 115.9
?n1«~Jn^c
J®40-1948
Treasury 314s
Treasury 3s.
111.18 1156
"""8
No.
High
*11 H
♦Chile Mtge
103.12
108.6
O
JoSliolS
J^4-1946
!212~!qS
Treasury 3 lis
11
102.15
& Munlc. (Cont.)
Bank 644s
1957
♦644s assented
1957
♦Sink fund 654s of 1920
1961
♦654s assented
1961
♦Guar sink fund 6s
—1961
Foreign Govt.
High
121.0
1172
114.9
M
Treasury 354s.
Treasury 3lis
5'
119.26
is
Asked
A
Bid
Price
Low
O
Low
No.
High
A
1947-1962
1944-1964
1946-1966
1941-1943
treasury 444s
Treasury 354s
1
Jan.
Asked
Low
Government
Treasury 4s
Friday's
N. Y. STOCK EXCHANGE
Week Ended Aug. 2
Since
A
Bid
Price
2
Week Ended Aug.
United States
Range or
Sale
BONDS
Range
Friday's
Sale
EXCHANGE
N. Y. 8TOCK
Week's
Last
Week's
Last
144
144
144
1%
144
*144
J
A
O
*144
J
M 8
M
30
754
"2%
2944
30 54
844
8
75
754
854
D
50
50
MA
*40
49
51
2
2
70
J
~~5
F
A
A
O
49
47
49
7
F
A
4244
4044
49
12
F
A
47
4844
15
M
S,
O1
42 44
12
A
37
41
17
F
A
3744
4044
12
/
D
2744
2744
5
"42 44
41
37
Volume
New York Bond
151
BONDS
N.
Y.
8TOCK
Last
EXCHANGE
Oriental Devel guar 6a
Extl deb 5 Ha
Low
1952 F
O
1953 J
No
D
N. Y. STOCK EXCHANGE
High
Low
53 *
9H
"25
14
♦Peru (Rep of) external 78
♦Nat Loan extl a f 6a 1st
19
54
65
49 H
68
75
"~4
96 H 105H
72 H
82
"ii
50
74K
1947 M S
6H
6h
13
4*
10 H
1953 M
Austin A N W 1st gu g 5s...1941 J
1959
7
7
5
5H
11
65h
M
1960 J
S
6 *
6*
77
4 *
10*
6 *
6*
35
4
H
inn
8*
8 *
D
1961
O
1940
6*
O
9*
*4
4*
7
J
4*
4*
1
10h
10h
10
6
J
8h
9
Ref A gen
14h
HH
12
18*
1952
14
14
7
11H
17H
1941
A
O
77
77 h
5
59
25-year external 6a
♦RhlDe-Main-Danube 7a A
.->1947 F
A
50
51
6
41H
98
1950
M
15
21
♦Rio de Janeiro (City of) 8s
♦Extl sec 6 34b
1946
A
O
8H
7*
8K
7
5H
11*
1953
F
A
6*
6*
7*
22
4H
10H
♦6s extl
f g
a
A
1946
S
12
12
O
9
8h
D
20
7
7
5H
103
13
UK
1968
J
1966
M N
9
10
40
5
12
1967
J
D
9
10h
21
7
12
1952
A
O
32
33 h
30
27
61
♦Roumania (Kingdom of) 7s
1959
F
A
*7*
10
7*
12 H
♦February 1937 coupon paid....
♦Saarbruecken (City) 6s
10
7H
9H
1953
/
J
1984
M S
♦7a extl loan of 1926
Santa Fe extl
a
Sao Paulo (City of, Brazil)—
♦8a extl secured a f
32 *
*4
f 4a
K
22
"53 h
53 h
"53* ~80~~
54 h
...1952
Af N
9*
9
9*
6
5
12
1957
M N
7*
6 *
7*
3
5
10*
♦6 Ha extl secured a f
San Paulo (State of)—
§♦88 extl loan of 1921
J
/
J
12H
1956
M
8
11*
♦6s extl dollar loan
1968
J
J
♦Secured
1940 A
O
♦Saxon State Mtge Inst 7a
♦Sinking fund
..1945 J
•7a aeries B
extl
see
67
6
13 H
12*
15
10h
33
4H
4H
32*
9
12*
11*
37 H
1962
13H
to Sept 1
to Sept
1946)
♦Conv due
19
7H
14*
S'west Dlv 1st M (int at 3 * %
to Jan 1 1947) due...1950 J
Toledo Cin Dlv ref 4a A..1959 J
Bangor A Aroostook 1st 5a—1943 J
Con ref 4a
J
1951
4s stamped..
...1951 J
Battle Cr A Stur 1st gu 3a..1989 J
Beech Creek ext 1st g 3*8..1951 A
Bell Telep of Pa 5s aeries B..1948 J
1st A ref 5s series C
1960 A
Belvldere Del cons 3*8
1943 J
♦Berlin City El Co deb 6*8.1951 J
F
♦Deb sinking fund 6*s_..1959
♦Debenture 6s
1955 A
♦Berlin Elec El A Undergr 6 *8 '56 A
Beth Steel 3*s conv debs.. 1952 A
3 *s 1952 (called bonds)
Cons mtge 3*s ser F
195Q J
Consol mtge 3s ser G
1960 F
Consol mtge 3*s ser H...1965 F
/
J
x
O
x
54
54*
S
29*
29*
29*
54*
54*
57
10
A
1946
F
♦External
a
f 6s
1960
M N
♦External
a
f 6s
50*
23
41
53
62 H
65
53
*
63
2
51
1964 AfN
44
63
48
44 h
63
3*s-4-4*s'(S bonds of '37)
39*
36
...1979 AfN
39
..1979
1978
AfN
F
D
35*
35*
34
35
36
35
A
38*
2
6
17
56*
52
40
66
1952
33
25
61
1952
M N
8
10
F
A
1961
J
D
3
3*
58*
60
14
55*
7*
69
Bank
Week's
Last
Range or
Range
Rating
Sale
Friday's
Since
See A
Price
EXCHANGE
Week Ended
RAILROAD
Friday
Elig. dk
BONDS
STOCK
Aug. 2
Bid
&
Ask
Jan. 1
and INDUSTRIAL
COMPANIES
Coll trust 4s of 1907
1947 /
Adriatic Elec Co extl 78
1st
cons
cons
conv
99
105*
99
98* 104*
100
105*
108*
O y bb
1943
D
x
aa
*109*
110*
109
110*
D
x
aa
*107
107*
105
108*
*50
58*
45
O
x
Allegb A West 1st gu 4a
1998 A
Allegh Val gen guar g 4a
1942 M 8
y
♦AIplne-Montan Steel 7a
x
1955 Af 8 y b
b
x
J y b
1
80*
60
65
105
*100
59
64*
104* 107*
99
101*
89
99*
106* 111
17*
17*
46*
68*
97
"97*
10
108
108*
26
'48*
"49"
"60
102*
102*
99*
90
106
*14
"99*
99
7
100* 105*
91
105*
108*
108*
59
104
93
103* 110*
3
100
100
8
100
107
Am Wat Wks A Elec 6s ser A. 1975 MN y bbb2
107
108
11
96
109
103*
13
bbb3
103
102
109*
110*
107*
♦Anglo-Chilean Nitrate—
cc
2
27*
27*
2
J
y
bb
1
1
bbb4
A
x
aa
2
J
x
aa
2
41*
*97*
100*
100*
41*
x
1967
1st m
a
f 4a
Jan
1995 Q
(Del) 4s B...1955 F
ser
C (Del)
1957 J
y
101*
98
General 4s
1995 A
0
x
aa
1995
Nov
x
bbb3
Stamped 4a
2
1995 MN
1955 J D
x
bbb3
Conv gold 4s of 1909
x
aa
Conv 4a of 1905
1955 J
D
x
1960 / D
x
Conv deb 4*8
1948 J
D
x
Rocky Mtn Dlv 1st 4a
1965 J
J
x
x
aa
Cal-Arlz let A ref 4*8 A.. 1962 M S
x
"86"
aa
J
*85
aa
Trans-Con Short L 1st 4a..1958 /
105*
aa
Conv gold 48 of 1910
106*
101*
101*
"57
10
a
aa
1946 J
D
x
Atl A Charl A L 1st 4*8 A.. 1944 J
/
x
/
x
bbb3
1st 30-year 5s series B
43
86
19
96*
1
96
1
*
96
102*
99*
*110*
103*
"36
99*
3
107*
103
107*"
94*
97
97
72*
113*
114*
17
132
113*
132*
132*
7
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6
15*
11*
1
15*
15*
1
15
O
z
cccl
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...
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19
21
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104*
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100
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100*
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3
107
105*32
101*
87
99
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104*
31
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104*
201
35
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109* 109*
92
99*
98*
76
103* 112
z
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234
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76
76
79*
79
76
73*
76
69
41*
40*
70
73*
219
79*
76
73*
21*
23*
390
6*
6*
4
108*
18
cccl
AfN
73*
79
23*
2
76
73*
2
2
2
108
108*
68
19*
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105
103""
103""
103"
112
13
113
113
2
96
94*
96
107
106*
107
15
111*
111*
111*
20
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108* 113*
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84
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102
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168
A
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D
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cc
2
*2*
4
70
12*
88* 107*
111*
US"
23*
110*
83*10317 32
....
3
1st Hen A ref 6s series A.. 1947 AfN x bbb3
Debenture gold 5a
1950 / D ybb 3
1st Men A ref 5s series B...1957 AfN x bbb3
♦Certificates of deposit
Bush Terminal 1st 4s
-
34
*106*
1952 A
O ybb
39
37*
*3
109* 112*
107* 109
25*
3
6
5
70
2*
1
65*
32*
40
4
55
58
26
103
103
1
100
1
65
39*
1955 J
J y b
2
1960 A
2
A
O y b
O x a
A
O
x
bbb3
73*
73*
J
x
aa
2
81*
82*
Consolidated 5s
Calif-Oregon Power 4s
Canada Sou
cons gu
6a
+.1966
A. 1.1962
58
2
46*
40*
7
6*
70
47
61
106*
85
72* 103*
J
x
aa
2
85
83
85
75* 106*
Oct 1969 A
O
x
aa
2
84*
83*
84*
Guaranteed gold 5s
1970 F
Guar gold 4*8—June 15 1955 J
Guaranteed gold 4*s
1956 F
A
x
aa
2
84*
84*
85
75* 107*
74* 107
D
x
aa
2
83
83*
72* 105*
A
x
aa
2
"82*
aa
2
82*
80*
82*
x
81*
72* 103*
71* 103
aa
3
"97*
J y bbb2
49*
Guaranteed gold 5s
M
S
Canadian Northern deb 6 *8.1946 J
Can Pac Ry 4% deb atk perpet.. J
Coll trust 4 *8
1946 M
J
Sept 1951
x
Coll trust gold 5s..Dec
1
x
1944 J
5s equip trust ctfs
S
J
x
aa
2
1954 J
D
x
a
J
x
a
2
J
z
96*
47*
ccc3
Collateral trust 4*s
1960 J
f♦Carolina Cent 1st guar 4a.1949 J
2
"94"
97*
87
49*
31
63*
2
a
65*
57*
93
89*
87* 108*
54
84*
94
63
66
57
113*
69*
48
58
79
*33
37
35
D x a
Caro Clinch A Ohio 1st 68 A.1952 J
Carriers A Gen Corp 5a w w.. 1950 MN y b
3
107
107
102
109*
1
94
94*
90
100*
3
*44
48*
40
45*
4
80
80*
73*
90*
*8 *
17*
8*
26*
30*
A
y
b
*
30
A
z
ccc3
1945 MN
J^Consol gold 5s
z
cc
2
*5*
5*
♦Ref A gen 5 *a series B..1959 A
♦Ref A gen 5s aeries C
1959 A
O
z
c
2
*1*
z
C
2
*1*
J
D
z
cc
2
J
z
cc
2
ybb
2
1*
1*
2
1946 /
4
....
2
O
♦Chatt Dlv pur mon g 4a..1951
♦Mobile Dlv 1st g 6s
Central Foundry mtge 6a...1941
M
Gen mortgage 5s
2
1941 M 8 y b
Cent Hud G A E 1st A ref 3 *s '65 Af S x aaa3
Cent Illinois Light 3*a
1966 A O x aaa4
t»Cent New Engl 1st
^♦Central of N J gen
gu
4a..1961 J
g 5a...1987 J
1987 J
1962 A
♦General 4s
*
79
85
*107*
2
49*
50
14*
z
ccc3
O
x
a
3
106*
107
14
2
63*
65
63
63
44
45*
b
1948 Af S y b
Certaln-teed Prod 5*8 A
74
67*
73*
59
3
66
31*
73
61*
54
108
109
78
18
105* 110
62*
112*31
65
82*
54*
*108"
20*
10*
10
Champion Paper A Fibre—
99*
*
AfN y b
3
MN x bbb2
1941
50
44*
54
12
11
2
41
37
4
J
2
32
85
7
ybb
I*
4*
102»32
109
13
13*
13*
12*
y
7*
3*
70
ccc3
O ybb
19*
109* 111*
b
A
45
106
85
109*
*109*
z
Through Short L 1st gu 4s.1954 A
Guaranteed g 6a
1960 F
97*
4
90
z
A
6s31942
4*
8
7
102»»2
J
Central N Y Power 3*s
Cent Pac 1st ref gu gold 4a.. 1949 F
Central RR A Bkg of Ga
4*
*2*
100
102#32
J
95* 104*
95
104*
101* 107*
77*
87*
3
104*
bbb3
103*
4
102
aaa4
126
126*
3
118
126*
100
100*
31
94
100*
100*
18
94
100*
100*
107
12
103
107*
4*8 (1935 issue)-I960 M S
8 f deb 4*s (1938 lssue)..1950 M S
Chesapeake A Ohio Ry—
x
bbb3
x
General gold 4*s
1992 Af S
Ref A imp mtge 3*s D..1996 MN
x
x
aaa2
100*
A
x
aaa2
100*
D
106*
106*
76*
89
Ref A Impt M 3 *a aer E—1996 F
Ref A impt M 3*8 aer F._ 1963 J
92
96*
Potta Creek
90*
97*
96
R A A Dlv 1st con g 4s...1989 J
2d consol gold 4s
1989 J
Warm Spring V 1st g 5s..1941 Af
Br 1st 4s
1946 J
x
aaa2
x
aaa2
x
aaa3
*155*
113* 117*
J
x
aaa3
*102
106
aaa2
8
x
100*
♦Chic A Alton RR ref g 3s..1949 A
O
z
Chic Burl A Q—III Dlv 3*8.1949 J
J
x
aa
2
104* 109*
U'iiols Division 4a
1949
J
J
x
aa
114
General 4a
1958 Af
8
x
a
92
97
let A ref 4*s series B
1977 F
A
x
109
2
93
99*
1st A ref 68 Beries A
1971
F
104*
J
110*
105*
22
J
99
100
101* 106*
104*
103*
S f deb
114
"95"
117*
127* 135
b
a
Buffalo Gen Elec 4*s B
1981 F
Buff Nlag Elec 3 *« series C.1967 /
112
z
108
*112
aa
45
72*
O
x
95
92
96
bbb3
1944 J
A tl Knox ANorlstg58
106*
85*
96*
2
72
37
16
S y b
27*
Atchison Top A Santa Fe—
Adjustment gold 4a
64
45
16
A
M 3*8—1966
58
84
1
Inc mtge 4*s ser A. July 1970 AfN
t*Boston A N Y Air L 1st 4s. 1955 F A
cons
49*
*35
1
Central Steel 1st g a 8a
Ark A Mem Br A Term 5s..1964 Af S
15*
69*
*66*
aaa3
^♦Cent of Ga 1st g 5a...Nov 1945 F
108
Armour A Co
aaa3
47*
108*
8 f Income deb
aaa3
75
108*
tAnn Arbor 1st g 4s.
1
26*
108*
x
61
58
aaa3
J y bb
61
3
64
256
aaa3
0
70
ccc2
x
deb. 1950 J
64
z
x
conv
1
D y bb
106*
Anaconda Cop Mln deb 4 *a. 1950 A
60
D
106
D
60
Cart A Adlr 1st gu gold 4a...1981 F
Celotex Corp deb 4*a w w.. 1947 J
53
1966 J
101
♦Cent Branch U P 1st g 4a. .1948 J
106
3*a debentures
Am Type Founders
46*
89
87
61
aaa3
x
32
1
7
89*
Amer Telep A Teleg—
20-year sinking fund 5*8.1943 M N
3*a debentures
1961 A O
25
90
49*
97*
bbb3
Am Internat Corp conv 5*8.1949 J
45*
53*
90
69
73*
""48*
y
1949 AfN
44*
53*
68*
47
2
deb 5a...2030 M 8
Amer IG Chem conv 5 Ha
40
108*
a
45*
2
1
73
O y bbb2
S
4
b
bbb3
2
105
A y bbb2
40
141
*62*
1951 F
4*a debentures
A Ills-Chalmers Mfg conv 4a. 1952 M
10
73*
52*
43*
aa
Allied Stores Corp deb 4 *8—1950 A
57*
88*
50
73*
0 y bb
x
45
46*
cc
56*
86*
•
"86*
D y b
1950 A O
56*
73*
50
bbb3
A y bb
1949 /
5a
♦5a stamped
*40
O y b
O y b
assented.... 1948
Am A Foreign Pow
27* 57*
97* 104*
1952
Alb&Susq 1st guar 3*s
1946
Alleghany Corp coll trust 5a. 1944
Coll A
99
1943
A 5a
4s series B_.
warr
39
98*
A y bb
Albany Perfor Wrap Pap 6s.._1948
6a with
37
cc
D y bb
10-year deb 4*a stamped. 1946
Ala Gt Sou 1st
z
1948 Af 8 y bb
3
1955 M N y b
...1961 A O y b
J
1960 J
1st g 4*8 series JJ
1st mtge 4s series RR
Guar gold 4 *s
T !♦ Abltlbl Pow A Pap 1st 58.1953 / D
Adams Express coll tr g 4a
31
7*
/
1944i/ D
Big Sandy 1st mtge 4a
Bush Term Bldgs 5s gu
58*
15*
293
Canadian Nat gold 4*s
1957 J
Guaranteed gold 5s..July 1969 J
A
1958
2
382
13*
b
at 3% to 1946) due
1957 AfN
tBurllngton Cedar Rapid A NorfMat A coll 5a
1934 A O
51*
J
10
27*
12*
31
13
z
53
31*
O
10
30*
A
33
34
J
*27*
ccc4
I Buffalo Rochester A Pgh Ry—
Stamped modified (Interest
A
F
ccc4
31
31
b
55*
1984
...1958
36
15*
69*
16*
z
32 *
3*-4-4*s ($ bonds of '37)
...1978 J
18
202
70*
65
56
347
x
TBklyn Manhat Transit 4*a1968 AfN
Bklyn Union El et g 5s
1950 F A
Bklyn Un Gas 1st cons g 5s.. 1945 AfN
J
139
31
56*
J
87
O
36
133
D
*55
40 H
z
x
J
A
M
31
27*
3
D y bb 2
O x bbb4
F
A
35*
30*
J y bb
J y bb
1955
J
31
J y bb
Sydney (City)
1952
68*
28
MN ybb
Ref g 4s extended to..1951
Blaw Knox 1st mtge 3 *s._.1950 F
15H
1961
66
30*
3
A
Bklyn Edison
.....1971
67*
cc
Boston A Maine 1st 5s A C—1967 M
7H
"60 ""
69
Pgh L E A W Va System—
16
11
.....
34*
76*
102* 107*
82
94*
65*
z
Feb 1
1960 F
18
10*
10
Af N
41
23*
62*
98
z
F (lnt at 1 %
1946) due..1996 \f S
20*
12*
1034
10
28
5
ser
1
1st M 5s series II
M N
106
34
*91*
ccc4
15*
N. Y.
18
107
z
9
Yokohoma (City) extl 6s
107
a
x
z
*13
♦4H8 assented
18
D
A
MtgeJBank 7s
2
70
due—2000 Af S
F
♦Vienna (City of) 6a
♦Warsaw (City) external 7a
28
69*
(lnt at 1 %
1947
3 Ha extl readjustment
28
"76"
3
3
♦Sileslan Landowners Asan 6s
Venetian Prov
70
ccc4
5*
conv
55
bb
5*
34-4 Hs extl readj
17
z
3
external conversion
64*
33*
63*
32*
3
5
3*-4*-4#i«s extl
2
S
"*3*
4-4
bb
3
D
readjustment
y
3
D
external
76
b
J
♦Uruguay (Republic) extl 8a
62
61*
J y
J
f 5 Ha
Taiwan Elec Pow at 6 Ha
Tokyo City 6a loan of 1912
External a f 5 Ha guar
41
12
J y b
1958
a
39
69
J y b
...1958
♦4Hs assented..
69*
47*
68*
68*
z
8*
20
D
1946
♦Silesia (Prov of) extl 7a
12*
*17
D
J
6 Ha
g
Serbs Croats A Slovenes (Kingdom)
♦8a secured extl
1962
23
21
11K
10*
9*
31*
J
1950
f 7a
6
20 H
.......1936
♦8a external
♦7a extl water loan
s
46*
2
O
1946) due...1995 J
13
S
O
♦7a municipal loan
Rome (City) extl 6 Ha
2
bb
D
(lnt at 1%
1946) due..1995 J
1
Ref A gen ser D
M
51
Dec
to Dec 1
11H
"~2
to
ii*
6*
6
*4
1952 AfN
Rio Grande do Sul (State of)—
♦8a extl loan of 1921
bb
Ref A gen ser C(int at 11-5%
4
D
1966
f 7a
77
84*
6
1
High
Low
Ref A gen ser A
9H
^
s
No.
bbb3
68*
ion
1951
Queensland (State) extl
High
Jan.
y
3
16H
4
6
*4H
J
1950
"4h
1963
f 6a
Rince
O
S60
y
O y bb
1st mtge gold 4s
July 1948 A
Stamped modified bonds—
3 *
*8
O
1961
♦Prague (Greater City) 7*8
♦Prussia (Free State) extl 0*s
Range
fs
fe
Ask
x
3
1st mtge g (Int at 4% to
Oct 1 1946) due.July 1948 A
8
*4 *
O
1968
♦External sink fund g 8s
♦4)4s assented
♦Porto Alegre (City of) 8a
♦Extl loan 7343---
A
Low
J y bb
9H
O
1947
...1958
f7a
♦4*8 assented
a
At! A Dan 1st g 4a
1948 J
Second mortgage 4a
1948 J
Atl Gulf A W T S3 coll tr 58—1959 J
Atlantic Refining deb 3a
aer
Friday's
Bid
Baltimore A Ohio RR—
101
*
Af N
_
6a 2d aer
Price
Range or
Sale
See a
General unified 4 *a A
1964 J D
10-year coll tr 5s..May 1 1945 Af N
LAN coll gold 4a
Oct 1952 MN
57 h
Last
Rating
a.
Railroad & Indus. Co«. (Cont.)
Atl Coast L 1st cons
4s.July 1952 M S
~55 "
1963
♦Poland (Rep of) gold 6a
♦External
2
? t
**«
Week's
Friday
Elig. &
£
Week Ended Aug. 2
19 H
56
52 h
*24 h
101
BONDS
Since
Jan. 1
1963 M N
♦Ctfs of deposit (series A)
♦Pernambuco (State of) 7a
♦434b assented
♦Stabilization loans
52 h
A
Range
II
aq&a
20
•
"55 h
56
M N
1955
♦Stamped assented
a f
MS
1958
High
*
A
1953
-
Oslo (City) a f 434s
♦Panama (Rep) extl 534b
♦Extl a f 5s ser A
♦Nat Loan extl
Friday's
A
Ask
Bid
Price
Foreign Govt. & Mun. (Concl)
♦Nuremburg (City) extl 6a
665
2
Bank
Range or
Sale
Week Ended Aug. 2
Record—Continued—Page
Week's
Friday
A
x
11*
ccc3
95
95
7*
11*
95*
109
110
90*
16*
98
93* 102*
100
2
99*
88*
89*
83
93
bbb3
78*
80
71
84*
86 *
75
90
bbb3
85*
85*
A
For footnotes see page 669
Attention is directed to the new column incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See 1.
Bank
Last
Rating
Sale
STOCK EXCHANGE
Week Ended Aug. 2
Y.
Cos. (Corn.)
111 1st 60.1934
J*Cblc A E III Ry geD 6s
1951
Price
See a
O
A
b
r
M N
8
J
/
z
J
z
ccc3
J
z
cc
2
3
z
cc
16
6
12M
12M
'""6
12H
3M
1854
10M
354
1754
"b%
6
654
5
6
4
20
4 Ms
60
60
22
2254
15M
28M
z
ccc3
♦17
27
1854
2754
z
ccc3
2354
18
2954
ccc3
23 m
23
24
17
2954
ccc3
24 M
2454
16M
30M
Gen A ref M 4s
♦Ceng3Ms ser B.May 1 1989
♦Gen 4 Ms series C.May 1 1989
♦Gen 4Mb series E.May 1 1989
z
F.May 1 1989
z
*104
x
aa
3
J
z
cccl
5M
11M
J
z
cccl
*7
8
5M
11M
A
z
ddd2
*1 %
2
1M
ddd2
*1*4
2
3M
2M
2
5*4
6
z
z
J
D..1961
1965
G. 1966
F
ccc2
x
aa
3
O
x
aa
3
8
x
aa
3
M
x
a
J
J
x
aaa4
A
107M
10
1354
10
18M
Ed El III (N Y) 1st cons g
tf*Du! Sou Shore A Atl g 5e
East Ry Minn Nor
Dlv 1st 4«1948
East T Va A Ga Dlv 1st 6s... 1956
♦Btpd 4s n p Fed lnc tax. 1987 m n
7
ccc2
19
12
ccc2
14
14
z
ccc2
1454
1454
1154
10M
1854
1854
1954
Electric Auto Lite conv
1987 mn
lnc tax.. 1987 m n
1987 mn
z
♦Gen 68 stpd Fed
13 54
16
M N
z
ccc2
D
z
cc
♦
J
D
z
D
z
mn
z
1 2037 J
ref 4Mb C..May 1 2037 J
1st A ref 4 Ms stpd.May
♦1st A
♦Conv 4?<s series
A
1949
J|*Chleago Railways 1st 5s stpd
Feb 1940 26% part pd__1927
t#Cblc R 1 A Pac Ry gen 4s__1988
8M
854
8M
854
854
5M
2
c
I
1354
39
2
124
cc
1
6m
554
c
1
*654
7m
c
1
♦5
654
5
1
z
c
y
bbb2
y
bb
bbb3
*93
x
aaa4
149
149
141
149 M
bbb3
106 H
107 m
104
110
*50*4
*50*4
59
A
1944 A
Guaranteed 4s
O
x
3
aa
1st mtge 3Ms series E
1963 3
J
x
aaa3
3 Ms
1951 m 8
x
aa
J
x
aaa3
J
x
a
3
1st A ref M 4 Mb series D_. 1962 m 8 x a
1943 A O y b
Chllds Co deb 6s
105
2
guaranteed
1963
1st mtge 3Ms series F
Chic A West Indiana con 4s. 1952 J
^♦Choctaw Ok A Gulf con 6s. 1962 M n
Cincinnati Gas A Elec 3Ms.. 1966 F A
10754
10554
107M
105M
100 M
3
9954
109
104
110
10654
100 M
106 M
9954 10054
10054
91
87
91
91 m
87
9554
9654
4254
43
3654
69
11
12 M
1354
>'
2
cc
x
aaa4
10754"
x
aaa4
*10854
11054
x
aaal
x
aaa4
♦10354
1c854
x
aaa4
106M 11054
10954 11154
10754
D
Cln Leb A Nor 1st con gu 4s. 1942 mn
Cln Un Term 1st gu 3 Ms D_. 1971 M n
*10854
1967 J
lBtmtge3Ms
1969 F
1st mtge gu 3Mb ser E
Clearfield A Mab 1st gu 6s.. 1943 J
A
J y bb
107 M
0054
91
4
z
103
105
2
104 M
*65
"85""
110 M
107
10954
111 54
75
75
D
bbb3
.1993
D
bbb3
St I. Dlv 1st coll trg
4s._
b
J
bb
68
3
51M
bbb2
.
26
1953
z
cccl
2
18
25 M
1967
1975
M N
z
c
12
12M
149
A
O
z
c
12
10M
10M
12M
114
♦Erie A Jersey 1st a f 6s. .1955 J
♦Genessee River 1st sf 6s_. 1957 J
J
z
b
62
62
62 M
6
44
64
/
z
b
71 m
71m
1
52
71M
92
97
♦Gen
conv
4s series D
♦
f Ref A Imp 5s of 1927
♦| Ref A lmpt 5s of 1930-
—
1954 F
.1956 J
—
.1942 A
O
1942 J
x
aaa2
x
aaa2
100M
10754 108 M
aaa2
1950 F
54 M
100
10054
♦10454
x
37
♦105
j
1948 MN
79 H
10554 10654
109 M 109 M
aaa2
x
aa
2
*102
ref 4mb series B. .1981
x
aa
2
*102
x
bbb3
77
77
66
83 M
*7654
82
72
7254
6654
74
64
90M
82 M
1st
s
Coal River Ry
x
bbb3
.1973
x
bbb3
.1977
f 6s series B guar
1st s f 4 mb series C
x
bbb3
73 M
.1945
x
aaa2
x
bbb3
*10354
y
.1970
Colo A South 4Mb series A.
1980 M n
7454
10054 108
56 M
68
10254 10654
104 54
74
b
y
b
25M
74
4
2554
26
26
65
7554
20M
34M
ColumbiaG A E deb 5s.May 1952 MN
Debenture 5s
Apr 15 1952 A O
Debenture 5s
Jan 16 1961 J
x
bbb3
x
bbb3
x
bbb3
Columbus A H V 1st ext g 4s. 1948 A
Columbus A Tol 1st ext 4s..1955 F
x
aaa3
*11254
113
x
aaa4
*10754
110M 11054
106
10954
..
Columbus Ry Pow A Lt 4s.. 1965 MN
Commercial Mackay Corp—
Income deh
x
aa
'104 %
x
aa
3
a
x
bbb3
s
x
aa
123
10454
10454
53
11
107
3754
3954
73
11054
22
121
12354
148
*9054
3
4mb
1951
x
a
1961
x
aa
3
92
99M 105M
99
106
9754 106 M
37 M
114M
40
10854
10954 13054
88 M
9054
108M 110
*109
109
10654 U154
115M 119
*108^
1
f
3M« A
5
10954
4
x
guar
109"
107
110M
Consol Edison of New York—
1946
x
3 Ms debentures
1948
x
aa
8mb debentures
3 Mb debentures
1956
x
aa
4
1958
x
aa
4
x
10454
4
10654
12
cccl
aa
10654
10454
10654
105
108"
106
6
10754
108
13
10354 107 M
10454 108 M
103
107M
10554 10954
•Consolidated Hydro-Elec Works
of Upper Wuertemberg 7b.1956
conv
deb 3Me...l951
bbb2
x
J*ConsoI Ry non-conv deb 4s 1954
♦Debenture 4s
...1966
♦Debenture 4s
1966
z
z
cccl
z
ccc2
6s
1960
65
14 54
10254 10654
6454
10554
*1254
106
19
11
19
*1254
*1254
106
cccl
Consolidation Coal
14
cccl
z
s f
19
13
1854
8
1954
J
Rub 3Ms.. 1948 A
t*Fla Cent A Pennln 5s
1943 J
t Florida East Coast 1st 4 Ms. 1959 J
Firestone Tire A
3 Ms
1st mtge 3 Mb
mtge
May 1 1965 AfN
x
1967 MN
x
aa
mtge 3 Mb
....1970 MN
x
aa
1st
mtge
3Mb
1966 MN
1969 MN
x
aa
107 54
x
a
108m
D
x
aa
1st mtge 3Mb
Oil conv
-
2Mb..1948
J
Crane Co s f deb 3 Mb
Crown Cork A Seal s f 4s
1951 F
A
x
1950 MN
x
a
8 I 4Mb debentures
1948 J
x
bbb3
Crucible Steel 4Mb debs....1948 F
x
bbb4
Cuba Nor Ry 1st 6 Ms
Cuba RR lBt 6s g
y
b
62
J
.1945
J
1942 J
104 M 109 M
110M
105
"10454
a
2
"1C354
105
17
10954
10754
22
106
11154
12
102 M
10754
10654
10854
34
107 54
33
10454
10454
13
106 54
2
104
10354
10354
5
10454
105
37
99M 10454
105 M
101
18
88
15
10954
5
31
23
"13
20
46
21
2
19
35
J
aa3
M N y bb
10454
49
104
4854
Attention is directed to the
20
10454
50
new
62
48
2M
3
2
2M
*2
x
a
101
y
b
x
aaa3
102 M 10554
37M
column i
6354
2M
*4
z
48m
*121
A ybb
I
104 *4
J
y
bb
3
J
z
cccl
104%
*20 M
D
z
cccl
z
cccl
32
*26 M
x
b
3
z
c
1M
2M
100"«101
1
101
2
121
124M
105
104m
100 M
105
~32
30
26 M
30
69 m
71 m
cccl
*12M
z
cccl
55 M
73
14
9
22 M
18M
18M
22
104
40
100 M
82
82
1
77 M
*29
82
29 M
13M
*16
104
28 %
34 M
107
103
66
14
z
D ybb
95
103m
*103
103
103m
105M
91 %
104M
80
3
3
81
77%
1
1
76m
1961 3
x
a
4
107%
108
1952 J
x
bbb3
102 M
102M
95 m
96 M
85 m
86 M
87
1973 J
3
99M 105
24 M
*9m
69 %
63
44
50
122M
*102i6i# 103 m
aaa3
y
96 m
10
17
21
49
80
76
96 M
61M
88
104 % 108 M
103
94
96 M
88
87
x
bbb3
x
bbb3
3
x
bbb3
86M
85 %
3
x
bbb3
103m
102M
103 m
102
x
bbb3
94 m
93 %
94 m
48
94 M
88
105
3
Gen mtge 3Mb series I ...1907 3
x bbb3
Feb y bb 1
Feb
c
2
78 *4
78
78m
34
68 M
80
58
61M
*61 M
♦Green Bay A West deb ctfa A♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
1940 MN x aaa2
Gulf Mob A Nor 1st 5Ma B._ 1950 a o y bb 4
1st mtge 68 series C
i960 a o y bb 4
Gulf A Ship Island RR—
1st A ref Term M 5s stpd
Gulf States Steel sf 4Ms...
1952
1961
3
b
A
bbb3
Gulf States Utl! 3 Ms ser D..1969 M N
3
♦HarpeD MlDlng 0s
1949 J
Hocking Val 1st cods g 4
Hoe(R) ACol8tmtge
tl»Housatonlc Ry
Ms.11999
cons g
J
83
81
aaa4
"83"
77
Hllnols Central RR—
1st gold 4s
65M
8
83 %
90 M
96
21
*17m
122M
122 M
"5
79 m
80 %
5
70
b
2
49 m
bbb2
100 M
29
40 M
96 M
22
29m
43 %
"4b'~
"68
11%
HIM
12%
44
111M
3
29
12M
86
xbbb4
1961 J
x
bbb4
*83
36 %
*20
9*4
M
16 %
91
83
86 M
80
86 H
"46"
32M
48M
44 %
46
21
34
50
2
39 %
40 m
19
34 %
MN ybb 2
1955 MN y bb 2
r a y ccc2
41 m
42
6
31M
45
48 M
51
52
16
40
50 M
38m
41
78
*42
1953
43 %
28 M
70
40 M
76
bbb3
*71 m
*45
65
68
65
bb
4
*54 m
60 M
62 M
65M
ybb
2
*42
49 m
ybb
4
*40
50
4
1966
1951
ybb
1951
x
Western Lines 1st g 4s
1951
ybb
40 m
D ybb
D ybb
2
2
52 m
3
52 m
m
47 M
52 m
*55
bbb3
1963 j
1st a ref 4mb series C—-1963 j
♦Ilseder Steel Corp 6s
1948 f
I^Ind Bloom A W 1st ext 4s. 1940 A
1950 j
A Louisville 1st gu 4s. 1956 j
A
z
J y bbb2
J z ccc2
ncorporated In this tabulation pertaining to bank
50
*63" "66"
*47m
"56"
45 m
44 %
45 %
78
33
42 m
41m
42 m
12
30
50 M
47
19M
21
99 M
54
99 M
cccl
ox bbb3
78 M
"45" "54"
111 Cent and Chic St L A N O—
|*Ind
50
2
1955 MN y bb
J ybb
1952 j
Springfield Dlv 1st g 3 Ms
Ind 111 A Iowa 1st g 4s
37 M
108 M 112M
86
87 %
87
55 M
101
127
120
*83
87 m
80 M
2
♦123m
"46*
123
21
49 m
101
13
1951 A O x bbb4
M 8 x bbb4
1951
1952 A O ybb 2
Joint 1st ref 5s series A
21M
115
79 m
1951 J
..
103M
106 M 111H
122 %
1st gold 3 Ms
Gold 3 Ms
8 M
90 M
81
14
Extended 1st gold 3 Ms
1st gold 3s sterling
Refunding 5s
40-year 4MB
Aug 1
Cairo Bridge gold 4s
96 H
87 %
75
110M
MN
D y ccc2
"83*
103m
2
Hudson Co Gas 1st g 5s
1949 MN x aaa3
Hudson A Mnnhat 1st 5s A.. 1957 F A y b
3
A O z ccc2
♦Adj Income 5s
Feb 1957
O x aaa4
Illinois Bell Telp 3 Ms ser B.1970 A
88
2M
6 *A
103
bb
4mb debs...
1954
Hudson Coal lstsf 6s ser A-1962 J
64
110m
103 m
M N
1944
5s" 1937
Houston Oil
77
76
*85 m
cccl
O
9
50
100 M 100M
3
a
/
A
*4M
2
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s..1951
21
Del.A Hudson lBt A ref 4s..1943
8M
8M
*2M
10454 110
10354 110M
19
Dayton P A L 1st mtge 3s..1970 J
3M
c
y
20
*16
5m
c
Litchfield Dlv 1st gold 3s.. 1951
Loulsv Dlv A Term g 3Ms. 1953
ccc2
2
4M
z
10954
y ccc2
y
J
b
5%
*4m
x
40
65 M
55m
5m
bbb4
15
46 M
48
55 m
1
x
10754
46 M
5m
1950
102 M 10654
50
55m
cc
A y
104M
107
103
105m
b
General 4 Ms series D
1976
General 4mb series E
1977
Genera! mtge 4s series G..1946
Gen mtge 4s series H
1946
6454
6s series B extended to 1946
*33 *4
J y b
(Japan) 78—1944
1950 J
Collateral truBtgold 4s
3
104 m
81
F
18M
108
99
cc
O
7«. 1945
gu g 4 m«1941
Grays Point Term 1st gu 6s.. 1947 3
65
y
669.
105"
4
J
D x bbb3
Goodrich (B F) 1st 4mb
1956
Gotham Silk Hos deb 5s w w.1946 M 8 y bb 4
Gouv A Oswegatchle 1st 5s.. 1942 J D y b
2
J
J x aaa2
Grand R A I ext 1st
11
10754
10854
10954
10754
104M
104M
101
-
z
J
General 6s series C
100
z
D
Great Northern 4 Ms ser A.
General 5 mb series B
102
100
104
z
Gas A El of Berg Co cons g 5s 1949 J
Gen Am Investors deb 6s A. 1962 F
Gen Cable 1st 8 f 5 Mb A
1947 J
sec
102
102
103m
101
3
D y bb
t f ♦Proof of claim filed by owner MN
♦Certificates of deposit
J
Fort StUDCo 1st g 4 Ms.-.1941 J
Francisco Sugar coll trust 6S.1956 MN
♦Gen Elec (Germany) 7s
103
102
*100M
103m
ccc2
z
t §*Proof of claim filed by owner MN
(Amended) 1st cons 2-4s. .1982
65 M
1952 J
7 Ms series A extended to 1946. J
For footnotes see page
J
♦Certificates of deposit..
Fonda Johns A Glov 4 Ms...1952
1654
10654
aa
1st
Continental
D y bb
O x a
1974 M 8
♦1st A ref 6s series A
Collateral trust gold 4s
Refunding 4s
Purchased lines 3 Ma
Consumers Power Co—
1st
bbb2
M
_
3Ms debentures..
Consol Oil
bbb2
x
1942
.
1968' J D
1958
Stamped
10454
106
38m
Conn A Pasump Rlv 1st 4s..1943
Conn Ry A L 1st A ref 4 mb.-1951
Conn Rlv Pow
105
I
Commonwealth Edison Co—
1st mtge 3M« series I
Conv debs 3mb
39
10454
104
105
4
Apr 1 1969 May
w w._
bbb2
x
1st A gen a f 6Mb
*10654
.1943
1st gu 4s
Colo Fuel A Iron gen a f 6s
♦5s Income mtge
bbb2
x
8
1942
105
Cleve Short Line 1st gu 4 Ms .1961
Cleve Union Term gu 6 Ms. 1972
A
x
105
8
Gt Cons El Pow
x
.1977
Gen
108M
100
65
65
♦9954
108
6954
70
♦10754
A
106
103m
♦Good Hope Steel A Ir
aaa2
Gen 4 Ms series A
107m
*102
67
bbb3
Series D 3 Me guar..
*106M
51M
x
4 Ms guar..
a
6s International series.. 1942 M
M
• f 5s
30-year deb 6s series B
98
60
97
bb
x
50
51
*94
18
A y
8
stamped
18
8M
8M
D
M
43M
21
6954
2
♦N Y A Erie RR ext lBt 4a. 1947 M N y bb
M S z b
|*3d mtge 4mb
1938
1
x
Series C 3 Ms guar..
26
20 m
6
O
Series A
13 %
49
1942 A
Series B 3Ms guar
28 M
2
7954
5254
Spr A Col Dlv 1st g 4s... .1940 M 8
Cleve A Pgb gen gu 4 Mb B
17 M
5054
6754
♦75
2
199" MN
53
49
.1993
J
25 *4
1940
♦20-year s f deb 6s
1948 M N
IGen Motors Accept deb 3MB1951 F A
Gen Steel Cast 5Ms w w.,.1949
t*Georgla A Ala Ry 5s.Oct 1 1945
J
X |*Ga Caro A Nor 1st ext 6s. 1934
Cleve Cln Chic A St Louis Ry—
fief A Impt 4 Ms series E_ .1977 j
Cln Wab A M Dlv 1st 4b_ .1991 j
24 *4
20 M
♦Sinking fund deb 6Ms..
General g 4s
General 6s series B
25m
20 m
1st Hen 6s stamped
Chicago Union Station—
2
O
61 M
6354
cc
14
47 M
54
63 M
z
1
1st lien
40
44 M
J
Federal Light A Trac 1st 5s.. 1942
48
14
20 m
2M
43
62 m
95 m
20 %
20 M
67
54
60 *4
2
"20 m
8054
51
62 M
2
cccl
Fairbanks Morse deb 4s.
43
59
ccc2
cccl
Ernesto Breda 7s
2
60
z
z
754
3
m 8 y b
Dec 1 1960
61
56
3
O y bb
O ybb
z
67
*4554
95
90 M
96 *4
O
69
"51"
x
2
O
354
80
107M
105
aa
x
1953
♦Series B
<
3M
454
15
30 M
12
106 M 109 M
20%
8M
754
8*4
154
1M
♦65
3
ybb
ChlcT H A Bo'eastern 1st 6s.1960
18
4
bbb2
y
1951
1954
10 M
5%
z
JuDe 161961
49
9M
1254
1
z
Ch 8t I. A New Orleans 5S..1961
Memphis Dlv 1st g 4s
13m
1254
cc
z
m'v
ccc2
ccc2
z
m"s
4
36 M
42
49
44
47 M
11M
154
2
1%
2
z
♦Certificates of deposit
1154
6
z
J
J
1934 AO
|*Secured 4 Ms series A—1962
♦Certificates of deposit
♦Conv g 4Mb
1960
Income guar 6s
8M
2
cc
1154
6
954
*8M
2
cc
FA zbb
♦Certificates of deposit
|*Refundlng gold 4s
Gold 3 Ms
2
21 M
x
J*Erie RR 1st cons g
♦1st consol gen lien g 4s... 1996
♦Conv 4s series A
1953
1st ref g 6«
105M 107 M
105 M 108 M
107m
J
1965
4s prlorl996
6s stamped
40 M
25M
101
O
1965
El Paso AS Wist 6s
113
MN
5s. 1995
4s
1952
♦Gen 4Mb Btpd Fed lnc tax
♦
108 M
107m
1354
20 H
109M 111M
107m
12M
12M
106
1937
ccc2
1654
88
Duquesne Llgbt 1st M 3 Ms. -1965
z
16
28
*107m
20 %
107 m
106m
tChicago A North Western Ry—
♦General g 3 Ms
—1987 mjv
♦General 4s
1987 m n
1936
May 1 2037
97
*105 *4
1
|♦Secured 6 Ms..
96 m
97
2
110M
30M
4
354
50
20
ccc2
154
♦13
"4
aa
554
ccc2
20
aaa3
1M
♦4mb stamped
20
107 %
3
z
4%
z
45
x
c
♦13M
59
110
*30
x
cc
13M
109m
110
J
z
ccc2
109m
110
O
z
z
109m
D
O
18
9
J
a
13%
108"
A
1951
5
4
49 M
3 Ms 1962
Dow Chemical deb 3s
8
4
108
D y b
3
D z ccc2
M N
1M
41
5M
*3*4
z
A
15
*49 m
8
1995
Dul Miss A Ir Range Ry
754
254
2
cc
A
Detroit Term A Tunnel 4 Ms. 1961
A
Jan 1 2000
z
106 M 109M
"Tm
6M
*
M
Detroit A Mac 1st Hen g 5s..1995 J
J
tCldc Mllw Bt Paul A Pac RR—
♦Mt»ze e 5s series A
..1975 f
♦Conv adj 6s
c
105m
*106m
7M
F
Gen A ref mtge 3 mb ser
♦Second gold 4s
106
♦107m
3
O
ser
109
104
3
aa
A
62
2
107
aa
x
B.Apr 1978
Detroit Edison 4Ms ser
High
Low
x
J
J*Denv A R G W gen
♦Assented (subj to plan)..
♦Ref A lmpt 5s ser
No
High
Low
Jan. 1
03 6Q
J
4a._1930
1936
5s Aug 1955
10M
ccc3
J ybb
J
st mortgage
^♦Des M A Ft Dodge 4a ctfs 1935
f*Des Plains Val 1st gu 4Ms. 1947
63
z
♦Gen 4M" series
16
21
2
...May 1 1989
♦Gen 4s series A
3054
3
*15M
ccc3
z
J
19M
16
"lb"
MN
J
96
'
Since
Ask
a
J
1969
1969
"ft A ref 4548
Range
Friday's
Bid
(Cont.)
tf*Den A R G 1st cons g
^♦Consol gold 4mb
100
Price
Range or
Sale
See a
4 Ms—1971
86
7
Rating
2
Railroad ft Indus. Cos.
Del Power A Light 1st
16
ccci
J
High
Last
Elig. A
EXCHANGE
STOCK
12254
1954
1054
10
19M
43
2854
y.
Week Ended Aug.
117
22
96
27
27 m
1454
1454
95
ccc3
z
Low
4
13 %
cccl
A/N y bbb2
M
No
12254
13M
14M
cccl
z
gold 6#.. 1982
f*Oblcago Great West 1st 4a. 1959
t^Cbfc Ind A Loulsv ref 08—1947
♦Refunding g 6a series B—1947
♦Refunding 4a series C—1947
♦1st A get 6s series A
1966
♦1st A gen 6s ser B..May 1966
Chic Ind A Rou 50-year 4s..1966
I Chic Milwaukee A 8t Paul—
N.
Jan. 1
High
122M
2
z
♦Certifiestea of deposit
Chicago A Erie 1st
Ask
Low
Railroad ft lndu«.
If ♦Chicago A East
Since
Friday »
A
BONDS
Range
Range or
Bid
Week's
Friday
Bank
Week's
Friday
Elig. A
BONDS
N.
Aug. 3, 1940
New York Bond Record-Continued- Page 3
666
*99
58%
"59"
10 M
10M
eligibility and rating of bonds.
8M
61
17
See a.
r
Volume
New York Bond Rscord—Continued
151
Bank
Elig. dk
BONDS
N.
Y.
Last
Sale
See k
Price
x
bbb2
x
aa
y
bb
z
bb
High
High
104 %
19
105)4
100
106
102 $4
104%
100%
94
3
89
81
22
70
33X
22
cc
33
z
bb
77%
N.
104
12
93%
z
7% notes. .1932 M 8
No. Low
105 %
80
80%
BONDS
Since
81
39%
67
77%
29
77%
{♦Int-Grt Nor 1st 6s
♦Adjustment 6s
ser
O y bb
J
A. .1962
ser
Ozcc
A.July 1952
♦1st 5s series B
J
1944
Int Merc Marine
1941
a
1956
f 6s
z
7%
47%
58
102 X
8 y b
101%
102%
100%
"86%
73%
86%
"
A y bb
J y b
1947
S
3
6%
37%
17
53
14%
14%
74%
76%
103%
30
102 %
42
99
101%
73
90% 104 i«t
73%
86%
28%
30%
1
1
82
Low
21
bbb4
aa
a
o
x
bbb3
46
f
A
z
ddd2
*6%
47%
1%
1
1
1%
73
95
Dybb
8 y bb
3
O
53
97%
"32%
O zb
I
g 4s 1936
z b
♦Certificates of deposit...
1
Kan City Sou 1st gold 3s. ...1950 A O x bbb3
J
86%
39%
38%
69%
68%
32%
31%
62%
66
107%
107%
"33
{♦1st
w w
stmp (par $645) 1943
♦Ctfs
w w
stmp (par $925) 1943 UN
25
24%
1
50
20
50
16
105
cccl
M 8 y bb
3
J
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4%s.l961
Stamped
1961
3
/
x
a
X
J
x
x
bbb3
4%s unguaranteed
1961 J
Kings County El L & P 6s... 1997
J
x
bb
0
x
x
a
2
x
a
2
x
a
3
x
a
2
1st A ref 6 %s
Koppers Co 4s series A
Kresge Foundation 3% notesl950 M 8
{♦Kreuger & Toll secured 6s—
Uniform ctfs of deposit
1959 M S
(♦Laclede Gas Lt ref A ext 5s 1939
*150%
*106%
*107%
105
100 %
50
♦
75
80
90
80
168
104%
102%
105%
102%
3%
12
66
bbbll
*84
90
....
80
4%
85
85
49
24
38
48%
49
4
38
Coll tr 6s series A
1942 F
A y b
2
3
33
A yb
42
3
39
80
5
69%
80
2
79%
Lake Erie A Western RR—
x
bbb3
y
bb
3
D x a
*90%
87%
2
1975 Dec y cccl
f 4%s A..1954 J J y bb 2
J y bb 2
♦1st mtge Income reg
s
♦1st A ref
s
1954
s
♦5s stamped
7"i
y
♦General
cons
37%
27
35
30%
22
*26
33%
29%
30
30
32
23
b
30
30
z
b
30
30
20%
24%
30
30
20%
70
50
2
2
53
53
49%
38%
bb
40
30
38%
40 %
40%
13%
15
13%
14
z
cccl
z
ccc2
17
16
17
z
cccl
18%
15
18%
47%
x
a
x
bbb4
O
x
aaa4
A
X
aaa4
...1951
D
x
a
102
.
y
bb
43
48
"l~28%
128%
"106%
106%
128%
95%
106%
102%
40
107
_
M 8 xbbb3
91%
M S xbbb3
91%
18
*68%
91%
91%
91%
1944 A
aaa3
124%
x
aa
3
x
aa
3
*109
8%
8%
9%
8%
10%
16%
16%
10
19%
51%
54
17
16%
19
x
bbb3
101
1st A ret 4 %s series C.....2003
o
x
bbb3
o
x
bbb3
o
x
bbb3
J
South Ry joint Monon 4s. 1952
Atl Knox A Cine Dlv 4s..1955 AfN
•Lower Aust Hydro El 6 %s,1944
A
x a
x
a
3
y
bbb2
x
aaa3
z
49
3
1955 A O x a
♦McKesson A Robblns d 5 %s *50 M S y b
McCrory Stores deb 3%s
Maine Central RR 4s
ser
A. 1945
Gen mtge 4%s series A... 1960
2013
{♦Man G B A N W 1st 3%s_1941
s
f 6S..1947
Stamped
103
103"
2
96
93%
72%
48%
33%
2
D y b
2
y
cccl
"11%
ccc2
z
D zee
Manila Elec RR A Lt s f 5s.. 1953 M 8 y
Manila RR (South Lines) 48.1959 AfN y
Marlon Steam Shovel
2
D y bb
Manatl Sugar 4s s f...Feb 1 1957 MN
{♦Manhat Ry (N Y) cons 4S.1990 A O
♦Second 4s
79
1
aa
1
a
1
"86"
86
*48%
*85%
*31%
27
7%
12
15
8
19%
15%
14
13%
14%
12
8%
16%
4%
5%
4
3%
8%
16
12%
For footnotes see page 669.
6s
2
12%
12%
80
16%
5
25
25
ccc2
cccl
24%
32%
cccl
34
z
M 8
ccc2
z
cccl
40%
25%
34%
34%
40%
41%
39%
39%
2%
21%
20%
21%
15
25%
31
20%
20
193
20
25%
34%
34%
41%
41%
55
5
25
150
24
48%
*105%
106%
109%
21%
22
53
*49
x
y
Gen a ref
8
110%
bb
a
4
103
bbb2
lOl"
18
5
111
111
100%
3
x
y
1965 A
8%s *66 J D
109%
101%
*56
105
69%
a
y
*
y
bb
107
b
*--.-.
y
bb
y
bb
110%
103
112%
95% 104%
71% 86
56
♦
105
56
79
y
Morris A Essex lBt gu
a o
a O
3%s..2000 ». ®
J* £
b
2
y
Constr M 5s series A
Constr M
4
a
A
...1960
5s series B...1955 a
1955
Mut Un Tel gtd 6s ext at
40%
32%
x
•
x
55%
65
56%
34%
32%
Nash Chatt A St L 4s ser A.. 1978 F
J
Nat Acme
4%s extended to. 1946
24% 39
104% 109%
109
114%
112129
101%
100% 101%
65%
*102%
bbb3
y bb
4
x
bbb2
x
a
3
x
a
2
44%
*113%
101%
2
D
56%
47%
27
40%
38%
65%
106%
107"
103%
104%
64
70%
102
102%
103% 107%
99% 106%
„
M^
5% 1941 5f N
56%
*108
aaa2
x
"
39%
37%
31%
38
b
yb
4%s series B...1955 MN
Mountain States T a T 3%s.l968
Mutual Fuel Gas 1st gu g 58.1947
3%s
1949
1914 coupon on.1957 J
♦4 %s July 1914 coupon on 1957 J
♦4%s July 1914 coupon off 1957 J
z
z
...
♦Ass't warr A rets No 4 on '57 J
♦4s April 1914 coupon on. 1977 A
♦4s April 1914 coupon off.. 1977 A
Z
O
0
z
♦Ass't warr A rets No 5 on '77 A
O
z
...,
(♦Ass't warr A rets No 4 on '26
z
106%
104%
...
..
..
*1
101
1
*%
z
*%
%
z
1
%
%
17
%
*%
...,
""%
*%
*%
%
*1%
1%
%
—
Nat RR of Mex prior Hen 4%s—
z
%
..
x
aa
Natl Supply
x
a
%
%
100% 105%
102
105%
%
103%
z
b
*60
D
x
aaa3
{♦New England RR guar 6s .1945 J
♦Consol guar 4s..
1945 J
New Eng Tel A Tel 5s A
1952 J D
1st g 4 %8 series B.._
1961 MN
N J Junction RR guar 1st 4s. 1986 F A
N J Pow A Light 1st 4%S
i960 A 0
z
cccl
%
%
104
National Steel 1st mtge 3s...1965
1%
%
*%
*%
%
103%
110
3%s
110
67
89
94%
95%
95%
85%
87
129%
86%
110
1954
111%
z
aaa2
aaa2
y
bbb2
aa
2
y
1983 J
bb
63
3
3
124%
36
43%
43%
43
40
31%
122
128%
122% 121%
60% 60%
105% 109
64% 78%
127%
125
70
*60
106%
106
106%
71
119
*120%
*37%
*37%
126%
124%
cccl
x
y
bb
New Orl Pub Ser 1st 5s ser A.1952
x
68%
68%
x
bbb3
New Orleans Term 1st gu 4s. 1953
y
bbb2
z
b
%sA'52
20
95
78
10
12
5
"l3
♦1st 5s series B
88
72%
84
101
104%
82%
112
112%
73% 83
104% 107
15%
15%
103
104%
...1964 a
b
♦Certificates of deposit.
F"A
♦Certificates of deposit.
♦1st 4 %s series D...
1956
♦Certificates of deposit
♦1st 5%s series A
1954 OA
♦Certificates of deposit
ccc2
z
b
z
b
32
1
39%
37%
.
~
-
-
33%
33%
32
*27
*107
-
-
-
37
23%
36%
29
—
32%
27
40
3
----
-
-
58%
37%
26
--
2
40
-
33%
--
32
32
-
28%
38
*
1
ccc2
33
30
24
aaa2
J
Newp A C Bdge gen gu 4%s.l945
21
25
35
*30
*
1
60
23
2
30
30%
ccc2
b
a'f
7
45
102% 105%
101% 106%
55
71%
29%
31%
*20
31%
23
1
z
z
1956
1st 5s series C
ccc2
o
12
104%
104%
64%
30
1
15
60
103
104%
64%
104%
ccc2
♦Certificates of deposit
92% 102%
83
59
bbb3
1st A ref 5sseries B._—..1955
NO ANE lstref Almp
----
44
25
38%
111%
44% 62%
111
N Y Cent RR 4s series A
1998
A y bb
57%
56%
96
37
81
101
81%
83
74
83
70
81
..1946
A..2013
82
10
10-year 3%s sec s f
Ref ANmpt 4%s series
O y bb
73
0
52%
53%
311
38
49%
19
39
55%
Ref A lmpt 5s series C
2013
52%
58%
57%
54%
59%
143
43
56%
62%
103%
34
8
86%
48%
23
30%
46
76
86%
39
63
Conv secured
3%a
N Y Cent A Hud River, 3
..1952 MN
%s. 1997
Debenture 4s
J
Lake Shore coll gold 3%s.l998
Mich Cent coll gold 3%s.l998, F
"80 "
*13
19%
*76
81
81
Ref 5%8 series A
b
2
*66%
66%
81
66
81
Ref 4 %s series
66%
52%
83
4s collateral trust
61%
60
15%
64%
22
y
3
b
0 y b
1942 J
F
3
Attention la directed to the
36
----
--
z
M s
1938
mtge 4%s....
debentures
ccc2
1
21%
21%
Monongahela W Penn Pub Ser
b
ccc3
16%
12%
12%
%
16
1
z
(♦Secured 5% notes
z
b
16%
4
21%
21%
2
15%
*14%
15%
-
---
12%
21%
20%
22
16%
15%
15%
12%
----
--
15%
15%
%
-----
z cccl
♦Certificates of deposit.....
2
Moh'k a Malone 1st gu g 4s. 1991 M 8 y b
Monongahela Ry 1st 4s ser A1960 AfN x aa 4
y
z
16%
---
13
z
" A
1977
♦Ref a lmpt 4%8
♦Certificates of deposit
J
z
16
*14%
2
J
y
bb
x
a
-
new
63
-
-
-
.
J y bb
-
-
—
92%
36
84
67
7
85
95
53%
48%
62%
45%
38%
68%
59%
86%
61%
62
2
56%
57
3
O y bb
65%
56%
64%
66%
bbb2
63%
80%
57%
80%
92%
57
A y
42%
79%
92
A y bbb2
60
N Y Chic A St Louis—
1974]
A
C—......1978 M
8 y bb
1946
F
A y
bbb2
1st mtge 3%s extended to.
1947,
A
O
1941
A
0 y b
column Incorporated in
this tabulation pertaining to
x
2
84%
81%
54%
83%
57
89
bbb3
3-year 6% notes
(♦Market St Ry 7s ser A April '40
(Stamp mod) ext 5s
.1945 Q
16
z
78
"80"
1%
ccc2
z
106
85
105
7
c
♦4s April 1914 coupon on..1951
120
75
"l2
104%
41
----
1%
ccc2
♦4s April 1914 coupon off.. 1951
♦Ass't warr A rets No 4 on *51
108
84
16%
-----
1%
16%
120% 126%
2
94%
87%
15%
*14%
2
79
O
y
32
16%
13%
ccc2
104
5
ccc»
104%
32%
26%
15%
ccc2
{(♦N O Tex A Mex n-c Inc 5s 1935
3
20
25%
15%
12%
cc
118
90
28
101
St Louis Dlv 2d gold 3s
1980 M 8
Mob A Montg 1st g 4%s__1945 M S
80
cccl
99
105
112
O
93%
55
National Rys of Mexico—
2
83
.2003
83%
104%
*80%
*110%
20
{Mobile a Ohio RR—
♦Montgomery Dlv 1st g 5s 1947
♦Certificates of deposit
45
Louisville A Nashville RR—
*85
80
12%
12%
47
121% 127%
120% 131%
109%
94%
59%
60
25
123
"84
43
77
4
2
1
92%
92%
82%
*108%
A X bbb2
2
%
----
45
8
30
63%
124%
2003
2%
1%
----
1%
7%
15
105
122%
1st A ret 3%s series E
2003
Faducab & Mem Dlv 4s..1946 F
6%
6
71
3
3
1st A ref 4s series D
3%
3%
----
5%
2%
15
"~3
aa
1st A ref 58 series B
7
4%
2%
71
"91%
bbb3
Lou A Jeff Bridge Co gu 4s..1945 M 8
3%
cccl
108%
x
123
1
9
b
Newark Consol Gas cons 5s. 1948 J
x
ser
%
4%
z
100% 105
28%
73%
40
x
...
—
45
ccc2
9
102%
O
5s debenture
-
8%
2%
25%
A
{♦Naugatuck RR 1st g 4s...1954 AfN
.1951 F A
A. 1969 J J
Louisville Gas A Elec 3%s..l966 m a
Lorlllard (P) Co deb 7s
16%
mm
4%
1%
%
*1%
45
cccl
New Orl Great Nor 6s A
Louisiana A Ark 1st 5s
O
104% 104%
M 8 ybbb2
8
----
cc
109
123%
"l02%
1
52
cc
Nat Dairy Prod deb 3 %s w w 1951 AfN
M 8
Nat Distillers Prod
40
2
120
123 %
A x a
O
29
49
46
102
Dyb
A
14
6
101
*93
_
"
1952
Lone Star Gas 3%s debs
1953
♦Long Dock Co 3%s ext to..1950
Long Island unified 4s
.1949
Guar ref gold 4s
..1949
48 stamped
1949
45%
*115%
3
Little Miami gen 4s series A. 1962 MJVi aaa3
Loews Inc s f deb 3%s
1946 FAx aaa3
Lombard Elec 7s series A
13%
*46
O y bb
.
30
53%
65%
48%
45%
15%
15%
16%
16%
16%
16%
J
30
32
ccc2
J
30
38%
39
15%
O
-
cc
♦4 %s Jan
1965
9%
37%
15%
-
-
{(♦Mo Pao 3d 7s ext at 4%Jul *38 MN
39
*27%
*27%
b
cccl
conv debs 1947
D
73
*1%
cc
b
f 4 %s series 0.1955
f 5s series D... 1955!
*52%
1
cc
o
f
b
bb
-
—
*3%
5%
bb
J
a
1980
f 5s series A...1955
b
53
—
-
%
cccl
s
z
bb
-
4%
cc
.1978 MN
s
z
b
11%
cccl
.1949 AfN
s
*49
b
55
25%
11%
*12
cccl
Gen a ref
b
b
-
94%
cccl
Gen a ref
z
—
„
*43
*14
-
cccl
Af~S
Gen a ref
30
z
2
j
F
90
1
ccc2
deb 4%s..l952
c
37
5
37
McNeil A Llbby 4s.. 1955
conv
z
Montreal Tram 1st a ref 5s..1941 J
2003 Af N
68 debenture
1
Montana Power 1st a ref
83
1941
Lion Oil Ref
1%
55%
37
Oy bbb3
O y bbb3
Liquid Carbonic 4s
1%
57
83
3
z
Liggett A Myers Tobacco 78.1944
c
39%
bbb3
'
Ibby
z
42
ccc2
Lex A East 1st 50-yr 5s gu
2
28
z
6s assented
6%
8
b
z
1941
6%
4
z
g 5s
cc
56
2003 M N
{Leh Val Term Ry 1st gu
ccc3
z
30%
50%
z
5s
ccc3
z
49%
2003 MN
♦5s assented
z
J
48%
2003 MN
4%s
♦4 %s assented
M 8
50
30%
2003 M N
.2003 AfN
4s
♦4s assented
cons
94
88
y
a y
{Leh Val N Y 1st gu 4%s.._1940
4%s assented
.1940
Lehigh Valley RR—
cons g
82
79%
x
x
1943
Leh Val Harbor Term gu 5s. .1954
♦General
1
42%
79%
z
1974
♦6s stamped
A
ya
♦Sec 6% notes extended to 1943
♦Gen
mmmm
z
1964
.1974
f 5s
A
¥
1964
f 5s
♦5s stamped....
♦1st A ref
93%
87%
z
1954 F
f 5s
ccc2
1977 M 8
1st a ref g 58 series H
1st
Cons sink fund 4%s ser C.1954 J
5
ccc2
b
♦Certificates of deposit
♦1st a ref 5s series I
1981 FA
45
80
49
20
20
z
♦Certificates of deposit
44
1942 F
42%
41%
42%
Coll tr 6s series B
2
90
z
♦Certificates of deposit..H...
1%
....
48%
♦5s stamped
104%
96
j
1965
♦1st & ref 5s series Q
♦
2
♦1st A ref
97
1962 J
A
107
108%
100% 106
101
102%
2
Lehigh A New Eng RR 4s A.1966 A O
Lehigh A N Y 1st gu g 4s
1945 M S
Lehigh Valley Coal Co—
♦5s stamped
1944
ser
♦Conv gold 5%s_,
A y b
s
41
/
cons 5s
105% 107%
A y b
Lehigh C A Nav
103%
♦Certificates of deposit
85
157
172
O y bb
2d gold 5s
66%
102%
/
1st a ref 5s series A
80
1942 A
Lake Sb A Mich So g 3
Lautaro Nitrate Co Ltd—
55
3
z
4s Int gu'38 J
♦1st A ref 5s series F
68
92%
1953 F
1960 F
1941 J
lis...1997 J
1
a
UN
♦Certificates of deposit
♦General 4s
....1975
Coll A ref 5 %s series C
J
con g
50
Ref A ext mtge 5s
1947
62%
x
103%
66%
D
1962 j
j
Prior Uen 4%s series D
1978
♦Cum adjust 5s ser A.. Jan 1967 A
103%
104% 107%
Ooll & ref 5 Vie series D
3% to
62%
40-year 4s series B
100
106
90%
85%
51%
49%
5s extended at
*59%
*90%
4
{Missouri Pacific RR Co—
*2%
O
A
*70
2
2
3
cons
Prior lien 5s
14%
"79%
*70~"
aaa4
J
1954
J
1954
.1951 M N
Kings Co Lighting 1st 5s
13%
*20
*
bbb3
1961 J
Plain
100
*104
bbb3
J
a
Missouri-Kansas-Texas RR—
109
*10
warr
%
18%
bb
D
♦1st a ref 5%sseries B
1978 J
{♦Mo-Ill RR 1st 5s serfes A. 1959 j
Mo Kan a Tex 1st gold 4s... 1990 j
*10
(par $925) 1943
♦Ctfs with
18
y
J
5s gu as to !nt..l938 J
j
♦1st a ref 6s series A
1946 J
♦25-year 5%s
1949 M 8
65
1
25
♦Ctfs
z
7%
%
----
j
1938 J
{(♦MStP&SS M
97%
84
65
66
3
aaa4
x
93
32
--
Jybb
38
12
90
31%
62%
{(♦K C Ft S & M Ry ref
Ref & lmpt 5s
Apr 1950 J
Kansas City Term 1st 4s
1960 J
Karstadt (Rudolph) Inc—
10
97%
*85%
bbb4
x
54
96%
3
Jones A Laughlln Steel 4%s A1961
Kanawha & Mlcb 1st gu g 4s 1990
5%
%
x
♦1st a ref gold 43
1949 M 8
♦Ref a ext 50-yr 5s ser A.1962 Q f
(♦1st
James Frankl A Clear 1st 4s.l959
2
8
j
{(♦Mil a No 1st ext 4%s—1939
♦(Con ext 4%s
1939
{♦Mil Spar a N W 1st gu 4s. 1947
{♦Milw a State Line 1st 3 %s 1941
{♦Minn & 8t Louts 5s ctfs
1934
High
100% 105%
112%
35% 90
109
*14
cccl
8 y bb
Low
7
2
46
*%
z
No
105%
110%
105%
110%
Jan. 1
44%
22
High
x
Jack Lans & Sag 3 %s
1951
1st gold 3%S...
1952 AfN
Ref a lmpt 4%s series C—1979 j
Michigan Consol Gas 4s
1963 M S
{(♦Mid of N J 1st ext 5s
1940 a o
Since
0Qt§
Ask
A
x
z
Range
Friday's
Bid
M 8
♦Mex Internat 1st 4s asstd..l977 M S
♦Mlag MU1 Mach 1st s f 7S..1956 j D
Mich Cent Det a Bay
City-
99
78
52
cccl
z
6%
3
63
27%
29%
28%
A y b
{♦Iowa Cent Ry 1st St ref 4s.l951
48
2
1%
9
^Ny bbb2
Int Telep A Teleg deb g 4%sl952
Debenture 5s...
1955
1
60
O y ccc4
J y bb
—
90%
16%
7%
1%
8%
7%
*7
47%
78
9%
*1%
cccl
3
83
9
cccl
z
Oyb
Internat Paper 5a aer A A B.1947
Ref s f 6s series A
1955
Int Rys Cent Amer let 5s B .1972
1st ilea & ref 6%s
82
1
J
1956
♦1st g 5s series C
Internal Hydro El deb 6s
83
„
cccl
z
Price
M S
M
Interlace Iron conv deb 4s.. 1947 A
Sale
See k
Railroad & Indus. Cos. (Cont.)
Mead Corp 1st mfe 4%s
1955
Metrop Ed 1st 4%a series D.1968
Metrop Wat 8ew a D 5%s..l950
{(♦Met W side El (Chic) 4s. 1938
a
Range or
Rating
STOCK EXCHANGE
Week Ended Aug. 2
Week's
Last
Elig. A
Y.
Jan. 1
106
105%
104 J*
Friday
Bank
Range
or
Friday't
A
Ask
*
aaa2
X
Inspiration Cons Copper 4s. 1962
{♦Interboro Rap Tran 1st 5s1966 /
(♦10-year 6s...
1932 A
conv
Bid
Low
Railroad & Indus. Cos. (Com.)
Ind Union Ry 3%s series B.1986 M 8
J
Industrial Rayon 4%s
1948 J
Inland Steel 1st mtge 3s ser F1961
(♦10-year
Range
Rating
EXCHANGE
STOCK
Week Ended Aug. 2
667
Page 4
-
Week's
Friday
90
78%
81%
85
42
246
48
73
53
80%
90
66
86
388
bank eligibility and rating of bonds.
See A.
Friday
Week.'*
haul
Range or
Range
Rating
Sale
Friday's
Since
Y. STOCK EXCHANGE
Week Ended Aug. 2
See
Price
k
Bid
A
Railroad & Indus.
Cos. (Cont.)
A—1953
1953
N Y Dock 1st gold 4s
1951
Conv 5% notes
..1947
N Y Edison 3 Ms ser D
1965
1st lien A ref 3^8 aer E—.1966
1st gu 4mb
6e series B.
let guar
N
Y A
aa
aa
3
A
y
x
1973
A RR 5 Ms 42
I>k A Impt 5s 1943
Branch gen 4s.. 1941
♦N Y L E A W
N Y A Long
t J*N Y A
To 9M
N E (Boat
Term) 4s *39
RR—
{♦N Y New Hav A Hart
♦Non conv deb 4s...
1947
♦Non-conv debenture 3 Ms 1947
♦Non-conv deb 3M8
1954
♦Non-conv debenture 4s..1955
♦Non-conv debenture 4s.. 1956
♦Conv debenture 3 Ms
1956
♦Conv debenture 6s
..1948
{♦Collateral trust 6s
1940
♦Debenture 4s
1957
♦1st A ref 4 Ms ser of 1927.1967
{♦Harlem R A Pt Ch 1st 4s 1954
M N
z
cc
x
aa
123 m
116M
116M
J/N
b
*98 %
z
57 m
11
105
110m
120 % 126 m
12
113m 118m
8m
97
m
♦Certificates of
80
Phillips Petrol conv 3s
Pitts Coke A Iron conv
80 M
65
80m
*25
72
71
Pitts C C C A 8t L
b
*60
z
cccl
*12m
16
11
20
M
8
cccl
*12%
15m
15
19m
Series
z
cccl
13m
15 m
11h
19m
Series
O
z
4
J
z
cccl
13m
11
z
cccl
14
14
10
20 M
20 m
*14
15
10
20
Series H cons guar
135
12m
19m
24%
36 m
z
cccl
J
z
cccl
A
O
z
cccl
17
18
29 %
18
30
z
cc
D
z
MJV
z
b
3M
17m
38
12
23 m
Gen mtge 5s series B
66
5
58
72
Gen 4mb series
12
3
8%
1%
4M
1
17 M
4m
5
2
*1%
1942
A
O
b
2
*78m
—1940
—1943
N Y Telep 3Msser B
1967
N Y Trap Rock 1st 6s
1946
6s stamped
1946
{{♦N Y West A Bost 1st 4 Ms 1946
Niagara Falls Power 3Ms... 1966
Nlag Lock A O Pow 1st 5s A. 1955
Niagara Share (Mo) deb 6 Ms 1950
{{♦Norf South 1st A ref 5s..1961
♦Terminal 1st gold 5s__
O
A
49 %
2
b
6m
2m
3
*109%
85
43
"50m
110
107
hom
106
100 m
3
105
108 m
1st gen 5s series
104 M
104 m
105
2
100
M 106 M
1st gen 5b series
105M
105m
106m
49
101
107 m
8
9
30
6m
12
6m
14
J
aa
4
J
J
cc
2
17m
F
A
c
2
*7%
8m
*7
9%
cc
1
IN
bb
1
52 m
J
aaa4
18
*110M
A
J
2
*75
2
*81%
c
2
*3M
Si aaa3
M
109m
4
*108m
O
a
IN
b
1
F
c
2
12
c
2
*12
A
A
102m
102 M
100
M N
z
92
3<m
109
17 m
7%
13
A
x
aaa4
F
A x a
F
A
x
F
A
x
71%
5
123 m
123M
1
106M
106
106m
24
a
105M
105m
105m
6
a
106 m
106m
106m
54 m
10
4
aa
*112M
aa
*105
108m
*57
ccc2
z
*35m
*35%
ccc2
40 m
68%
bb
43 m
42 %
bb
48%
46 h
49
2
44
33 m
49 m
61m
40m
66
14
53 m
51%
108m
108%
105 m 110m
95
95
*90
6m
3%
8H
108m
107 %
108 m
Rlchm Term Ry 1st gen
♦Rlma Steel 1st s f 7s
1965 M N
x
a
4
107 m
106 m
107m
105
S
x
a
4
109
108m
109
104 %
109 m
110
110
J
x
a
4
1966 J
D
x
a
4
D
x
bbb4
109
109m
101 m
109m
109m
109m
109m
107 m 110m
107
103
*105m
x
aa
3
x
aa
3
90 %
96 %
93
105 m
D
x
aaa2
*110%
110M
108
111%
J
J
x
aaa2
J
x
J
x
aaa2
117
aaa2
J y bb
2
116
112M 118m
117
Toe"
106
69
69
107 m
18
104
70
24
68
109 m
113m
112m
St Lawr A Adlr 1st g 5s
109m
109
109m
23
105m hom
2
3
55
53
3
79
80
109
aa
2
4
*104
A
S
x
103m 110m
104 m
104m
103 m 105
102 m 102
46 %
40
61M
85m
85 m
76
90 m
47
126
O y ccc3
39
39
36
122
122
121
M
S
x
aaa3
M
8
z
b
67 m
2
F
A
x
aa
*m'ht
101
D
x
aa
*105%
105% 100
*101%
102
J
a
F
M
A
x
x
103m
103m
104
100 m
101
100 m
5 y b
D
J
106
103 m
103m
a
lOlM
>
"28
gold
17M
20
12 M
13
17
14M
17
103 M 109
103 M 105
8M
a
3
a
4
108 %
107 m
108M
"35
bbb4
107m
107
107 m
23
x
aaa2
101
aaa2
x
aa
2
O
x
a
3
90 h
x
aaai
118M
1965
x
a
3
1968
x
a
3
1970
x
bbb4
103m
110M
89 m
D
1981
E——1984
1952
x
a
3
97m
x
a
3
97m
40
34 %
5M
x
bbb4
85
85
26 M
{♦St L Peor A N W 1st gu 5s 1948
1959
66 M
St L Pub Serv 1st mtge 5s
02 M
♦Certificates
»107m
113m
114" "~4
114
114
Peoples Gas LAC cons 6s„ 1943
Refunding gold 5s
1947 M 8
x
aa
x
a
O
z
b
z
b
z
cc
x
a
A
deposit
of deposit
Apr
F
A
10
15M
_
14 M
♦Con M 4 Ms series A
1978
♦Ctfs of deposit stamped
13%
67
{♦St L S W 1st 4s bond ctfs. 1989
38
♦2d 4s lnc bond ctfs..Nov 1989
21M
{♦1st term A unifying 53—1952
13M
♦Gen A ref g 5s series A... 1990
82
{♦St Paul E Gr Trk 1st 4 Ms. 1947
{♦St P A K C Sh L gu 4MS—1941
St Paul Un Dep 5s guar
1972
00
104 m
109m
S A A Ar Pass 1st gu g 4s
1943
% 109 m
San Antonio Pub Serv 4s
5H
8
118
110m
100
1963
110M
115
1
111
115
81
92
105
109M HI
21
90 m
25
118M
7
103
103 %
92
115m 120 H
94 m 104 m
108m
HOM
18
100 M
89
90 m
48
79
91
8cloto VANE 1st gu 4s
97%
98 m
18
89m
99 m
{Seaboard Air Line Ry—
33
89
99 m
75m
87 m
{♦1st g 4s unstamped
{♦4s g stamped
109
hom
♦Stamped
♦Guar
s
f 6 Ms series B—.
110m 116
111
117m
114
*115m
33
18M
33 M
28 %
1940
guar 6 Ms
111M
54
Santa Fe Pres A Phen 1st 5s. 1942
{♦Schulco Co
68 M
108H
109
San Diego Consol G A E 4s.. 1965
90 %
117m
*112
47
47
29 M
♦Stamped
114M 123^
8
{♦Refunding 4s
2M
♦1st cons 6s series A
~7l"
63
56
71
70%
20
53
70 m
♦Certificates of deposit.
10
106m hom
7%
2M
♦Certificates of deposit.
67m
6%
5M
8%
3
1959
15M
2M
1950
15
6M
1H
.1950
Oct 1949
69m
70 m
14M
1950
♦Prior Hen 5s series B
St Paul A Dul 1st con g 4s..1968
101M
m
14 %
{♦St L-San Fr pr lien 4s A...1950
♦Certificates of deposit
♦Adjustment 5s
O
12M
♦{Rlv A G Dlv 1st g 4s—.1933
♦Certificates of deposit
107
97m
A
10M
33
20
1996
...1996
6s
107
90
07
x
x
Ms.-1974
2d
101
101
3
x
Gen mtge4Msserles
107 m
88
55
1969
A
102 %
99 m 106 m
105
99
3
26
bbb2
x
Peoria A Pekln Un 1st 5
72
J
aa
Apr 1990
m
*45 %
1981
4s
19M
15M
112
2
aa
^{♦Peoria A East 1st cons 4sl940
75
74
108M
bbb3
A y b
M
dollar May 1 '48 IN
♦Income
15
St L Rocky Mt A P 5s stpd—1955
F
30
20
14
St Louis Iron Mtn A Southern—
85
109m
*103 m
a
80
60 m
71
9
*58 m
*108m
x
C...1970
4M8—1960
103 %
Saguenay Pow Ltd 1st M 4 Ms '66
St Joe A Grand Island 1st 4s. 1947
108
x
Gen mtge 3Ms series
100M
98 M
26
1948
14
Ms debentures
1974
Pennsylvania RR cons g 4s.. 1943 M N
Consol gold 4s
1948 M N
♦C ertificates of
77
24
aaa4
4
Conv deb 3Ms
92
{♦Rut-Canadian 4s strap
1949
{♦Rutland RR 4Ms stmp...1941
106 M
him
x
4mb 1960
'77
109
103
1969
112m
55
aaa4
Pa Ohio A Det 1st A ref 4 Ms A
General 4Ms series
Gen mtge 3 Ms series J
♦Ruhr Chemical s f 6s
110M
D
1963
Penn-Dlxle Cement 1st 6s A. 1941
105
{{♦R I Ark A Louis lst4Ms.l934
119
112
1952 M N
28-year 4s
110M
99 %
Gen mtge 3Ms series H...1967
Gen mtge 3 Ms series I
1967
111
b
1942
Penn Co gu 3 Ms coll tr ser B.1941
Guar 3M8 trust ctfs C
1942
Guar 3 Ms trust ctfs D
1944
150
220
106
89M 102
90
100M
♦1st con A coll trust 4s A..1949
112M
3
bb
♦Paullsta Ry lat a f 7a
140
222
Roch Gas A El 4 Ms ser D...1977
aaa2
M 8
113
75M
75
{{♦Rio Gr June 1st gu 5s
1939
{{♦Rio Gr West 1st g 4s... 1939
113
*116%
5
63M
63%
108
bbb3
1955
aaa2
1944
6a. 1949
Debenture I 4 Ms
x
5s—1952
aaa2
b
1955
series A
108 m
90
95 m
A
IN
J
F
95
106
84 M
3%
60 %
1952
4s s f conv debentures
6M
108m
90 M
90%
60 M
1955
2
90 M
M
62 M
1953
♦Cons mtge 6s of 1930
c
Paramount Pictures 3 Ms deb *47
General 5s series B
♦Cons mtge 6s of 1928
aaa3
61%
107M
bbb3
1952
x
Paramount Broadway Corp—
General 4M8
♦Direct mtge 6s
z
1966
Ref mtge 3Ms series C
1966
Paducah A III lat Hg 4MS—1955
Panhandle East Pipe L 4s
1952
Consol sinking fund
x
♦Rhine-Westphalia El Pr 78.1950
66 m
108M
110m 110m
50
1940
40
4s. 1938
1938
Lt 3 Ms
bbb2
1946
f 7s
38
Pacific Tel A Tel 3 Ms ser B„
series B
s
♦3Ms assented
26
1961 J
Guar 4s ser E trust ctfs
bbb3
Revere Cop A Br 1st M 4mb 1956
♦Rhelnelbe Union
54%
106 %
"POM IOOM
53 m
53 h
5a
1946
Pacific Gaa A El 4s series G.1964
lat A ref mtge 3^sser H..1961
let A ref mtge 3 Ms ser I...1966
Pat A Passaic G A E cons
x
Gen mtge 4mb series C—.1956
8
1st mtge A 4 Ms.. 1962 J
Parmelee Trans deb 6a
*210M
Remington Rand deb 4mb w w *56
60 H
1946 J
ctfs
--- —
4
,y
52%
Pacific Coast Co 1st g
4s sterl stpd
aa
Richfield Oil Corp—
1st g 6a.. 1943
1st 5s. 1945
Nav con g 4a.. 1946
Short Line 1st cons g 5s. 1946
A
aaa4
x
J
—
111H
145
aaa4
x
1943 M
Guar stpd cons 5s
*70
3
aaa4
x
58 m
aa
Oregon RR A
Pow
x
2037
1968
f deb 5s...1948
53 h
bbb3
Ontario Transmission
4 Ms
8z b
*1%
11
2037
60
bb
Ontario Power N F
Penna
I
bb
1972 J
Penn Glass Sand 1st M
{♦Providence Term 1st 4s... 1956
cc
♦Rhine-Ruhr Water Serv 68.1953
45
40
79
306
1946 J
{♦Pac RR of Mo 1st ext g
{♦2d ext gold 5s
31m
54 m
40
81%
91
106M U0%
1951
Public Service El A Gas 3Ms 1968
1948 J
3 Ms
1st M s f g 3s loan
91
bb
1967 M
3%b..
70
78
44
A...2047
Ref A lmpt 6s series B
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 6s series D
2047
Northern States Power 3 Ms. 1967
Northwestern Teleg 4mb ext 1944
4s... 1997
59 m
33
68m
Id g 3s Jan.. .2047
Ref A lmpt 4 Ms series
40 m
115
49
107 %
100m
"46" "54 m
68
Pur mon 1st M conv 5MS.1954
bbb2
92
65M
Republic Steel Corp 4 Ms ser B '01
♦Certificates of deposit
4a debentures
117
Rensselaer A Saratoga 6s gu. 1941
01
45
62
ccc3
O
99 %
102
4mb without warrants.., .1950
O
1st rntge 4s..
13
62
114
107
24
54 m
J
Gen A ref 4mb series B—.1997
x
109m
115
110m
114m 118
99 m 108 m
81%
J
102m 108 m
x
105
59
J
8
109
108m ho
104
J
8
.54 m
70%
Gen A ref 4 Ms series A...1997
M
112
110
*98m
106m
114
2
54%
*103%
AfNjz
Purity Bakeries s
108 m
104 m
108
....
52
.1942
1st A ref mtge 5s
20
32
100
52
Reading Co Jersey Cent coll 4s '51
M
107
*108m
117m 126m
102 m 107 m
101
115
107 m
106
Pub Serv of Nor 111 3 Ms
79
5
106m
♦Certificates of deposit
Pressed Steel Car deb 6s
2
....
*114
*107m
101
108 m
110
52
8M
4
109
3
110
110
99m
16M
3M
105% 108
j.
110
115
111 %
9m
2m
93 m
107 m
*105
{♦Providence Sec guar deb 4s 1957
96 m 104 m
18 m
8
102 m
110
106 M
108
100«,2103
Potomac El Pow 1st M 3MS.1966
6M
107 m 112
109
107
109 m
100
*108m
♦Certificates of deposit
90
78
4
12M
71x
ccc2
O
A
Otla Steel
110
1960
1950
♦6s 8tamped
HOM
100
104m h2m
*108 m
*110
A...1948
1902
1974
1977
1st 5s extended to
108m
{♦Porto Rico Am Tob conv 0s '42
111m
85 m
89 h
1st 4
B
C
Ms series D
Port Gen Elec 1st 4 Ms
62 m
39 m
52%
~93~~
bb
bb
D
J
y~}\z
.1945
Ore-Wash RR A Nav 4s
Pitts Y A Ash 1st 4s ser
aaa4
bbb3
F
*105 %
52
bbb3
107 %
99%
1959
1960
B
mtge 4mb series C
20
*100^16
1977
C
1st mtge 4mb series
J
(stamped can¬
A
cellation of guarantee). 1945
Ore
107 m
Pitts A W Va 1st 4Mb ser A. 1958
1st
85
1st rntge g 58
let mtge
series A
J/N
{Northern Ohio Ry—
4s..
190
4
1st A ref mtge 8s
{{♦Norfolk A South 1st g 68.1941
Norf A W Ry 1st eons g 4s...1996
North Amer Co deb 8 Ms
1949
Debenture 3Ms
1954
Debenture 4s
—1959
North Cent gen A ref 5s
1974
Gen A ref 4 Ms series A
1974
Oklahoma Gaa A Elec
Gen mtge 5s
M N
J
deposit
1st 4a..
Ohio Edison 1st mtge 4a
3m
3
Pitts Va A Char 1st 4s guar. 1943
2
c
♦General gold 5s
{♦Og A L Cham 1st gu g
141
1960
1963
1964
1970
1975
4 Ms
16m
3
8
Series J cons guar
14
cc
Ohio Connecting Ry
10
16m
'
4 Ms A '52
4s
66
cccl
M
Series
3m
M N
J
,
115
100
hom
14m
1948
Series I cons 4mb
3
13 h
J
J
114
24
hom
1942
1942
D 4s guar
..1945
E 3 Ms guar gold...1949
F 4s guar gold
1953
G 4s guar
1957
A/N
/
M HOM
106 m
Series B 4 %h guar—
Series
J
109
106 M
Series C 4 Ms guar
A
111M
104 M 108 M
4 Ms A—.1940
z
62
107
119
72m
80 H
80 H
2
3
60
45
108 m
deposit—
64
80
71
45
109 %
ref 58.1973
194 9
{{♦Philippine Ry 1st s f 4s._1937
50
1
High
110m
♦Conv deb 68
60
Since
Jan.
51%
??
60
{♦Phlla A Read C A I
14
100
Range
<3
Low
59
series C—.1977
General 4 Ms series D
1981
Phlla Co sec 5s series A._—1967
Phi la Electric 1st A ref 3 Ms. 1967
8
lien 6s stamp. 1958
N Y A Rlchm Gas 1st 6s A—1951
N Y Steam Corp 1st 3 Ms...1963
{{♦N Y Susq A W 1st ref 58.1937
{♦2d gold 4 Ms
1937
Gen lien ry A
-M
35 CO
67 m
Phelps Dodge codv 3 Ms deb.1952
Phi la Bait A Wash 1st g 4s..1943
General 5s series B
1974
O
N Y Rys prior
North Pacific prior lien
O
Asked
B
56
D
♦1st gtd g 5s
A
1st ser A 6s.1956
1956
series C
1980
1st 4s series
1st g 4 Ms
M
A
4s. 1993
Queens El Lt A Povr 3 Ms *65
♦Certificates of
1,3
Friday's
Pere Marquette
90
58
J
{♦N Y Prov A Boston 4s
N Y A Putnam 1st con gu
Range or
Bid
Cos. (Cont.)
Railroad & Indus.
99 %
ref K 48—1992
♦General 4s
46
43
.1955
{♦N Y Ont A West
56m
53 m
*64%
3
J ybb
8 y bb
M
108 m
102
52
bhb2
bbb2
J
107 m
46 m
13
12
2
M N y
M N y
101
123m
2
M N
14
20
104 M 110
108«
109^
109
aaa4
Ms series B
♦N Y L E A W Coal
!
See k
2
General g 4 Ms
x
4
♦
aaa4
High
low
48m
107m
aaa4
x
58.1948
Greenwood Lake 581946
gold 3 mb
2000
Lack A West 4sser A...1973
Week Ended Aug.
104 m
48 m
48m
gold 4a—1949
{♦N Y &
107m
47 m
"48*
3
ccc2
No
108
*107
b
y
106m
107
3
x
aaa4
N Y A Harlem
N Y
x
x
H A Pow g
Purchase money
N Y
F
F
F
Erie—See Erie RR
N Y Gas El Lt
Last
Rating
EXCHANGE
High
Hiah
Low
N Y Connect
Y. STOCK
Jan. 1
Asked
Elig. &
BONDS
N.
Week's
Friday 1
Bank
Dank
Elig. &
BONDS
N.
Aug. 3, 1940
New York Bond Record—Continued—Page 5
668
1%
{{♦Atl A Blrm 1st gu4s.„
6m
*107m
7
4
110M
3m
▲
I
For footnotes see page
669
Attention la directed to the new column
incorporated in this tabulation pertaining to
baak eligibility and rating
of bonds. See a.
Volume
Week Ended Aug. 2
Railroad & Indus. Cos.
Price
See a
^a.
Bid
t*Seaboard All Fla 6s A ctfs.1935
z
c
IX
2
3
1935
z
c
IX
IX
1
IX
IX
debS—1954
x
aa
4
79
93 %
Railroad & Indus.
Shlnyetsu El Pow 1st 6 ?*s_..1952
♦81emens A Halake deb 6?*s.l951
y
b
1
55?*
67
26
55
1946
z
Slleslan-Am Corp coll tr 7s._1941
y
♦Silesia Elec Corp 6?*s
97
62?*
63
*41?*
z
15?*
34?*
1952
1950
Socony-Vacuum Oil 3s debs. 1964
-
2
——
-
—
---
"15?*
4
33*
12?*
100?*
8
94
__
100?*
101
3
104?*
104%
104?*
100?*
36
101
102?* 106?*
99 X
x
bbb3
x
aaa4
South A Nor Ala RR gu
x
a
3
*115?*
South Bell Tel A Tel
x
aaa3
107?*
104?*
108?*
8
104?*
12
108?*
109?*
108?*
1
105?* 108?*
110
5
107?* Ill
101
106
Skelly Oil 33 debs
5s..1963
3?*s__.1962
3s debentures
1979
Southern Calif Gas 4?*s
1961
1st mtge A ref 4s
1965
Southern Colo Power 6s A..1947
Southern Kraft Corp 4?*s_—1946
x
aaa3
M S
x
aaa3
F
x
aaa2
J
x
bbb3
D
x
bbb3
A
*105
102?*
4 ?*s
1951
coll) .1949
4?*s (Oregon Lines) A.1977
1st
1968
1969
1981
1946
-
Gold 4?*s
-
Gold 4?*s
10-year secured 3%a
San Fran Term 1st 4s
O
A
481*
70
35
53
Warner Bros Plct 6s debs
bb
2
y
——
bbb3
87?*
54?*
88
40
83
91?*
56?*
56?*
99
42
61?*
bb
2
72?*
70
72?*
59
63
bb
2
77?*
15
57
*75
85
73?*
84?*
78
Western
bbb2
bbb2
68
68
4
63
72
West N Y A Pa gen gold 4s.-1943 A
aaa4
aaa4
z
cccl
x
a
3
x
aaa4
87?*
74?*
111?*
105?*
105?*
16?*
16?*
103?*
105?*
—
—
—
*103
104?*
104
104?*
2
94
aa
4
105
x
aaa3
127
aaa4
*114
4
110
aa
x
aaa3
y
bb
4
x
a
3
110
bbb3
x
x
8
*87?*
-
x
S
I
M S
2
a
18%
19
74
55
72?*
68
27
53?*
72
1
53?*
72
90
97?*
90
f Western Pac 1st 5s
57?*
19?*
197
x
aa
z
30-year 5s
i960
♦Westphalia Un El Power 68.1953
West Shore 1st 4s guar
J
65?*
48?*
45
x
aa
x
bbb2
x
bbb2
z
cc
Wilson A Co 1st M 4s A
x
"123*
J
Conv deb 3?*s
1947 A
Winston-Salem S B 1st 48—1960 J
55?*
105?*
21
57?*
59
105
3
5
*
4
a
x
aaa3
J y bb
z b
mmmmm
98
99
121?*
*105?*
1
106?*
1
121?*
1
30
*12
cccl
x
J
99
1
aa
3
A
x
aa
107?*
-1970
35-year 3Vis debenture.--1971
Ref mtge 3?*s ser A
1980
United Biscuit 3?*s debs.—1955
United Cigar-Whelan Sts 58.1952
United Drug Co (Del) 5s
1953
3
x
aa
./
D
x
aaa3
A
O
x
a
3
A
O y b
4
7
11
*8
----
109?*
102?*
102?*
113?*
113
113?*
-
4
M S ybb
99?*
102?*
---
■■
m
„
l"02?*
106
97?*
97?*
102?*
105?*
98
98 J*
102?*
106
----
x
x
aa
11940
1 1941
1 1941
1 1942
1 1942
1 1943
1 1943
1 1944
11944
1 1945
1 1945
1 1946
1 1946
1 1947
1 1947
1 1948
1 1948
1 1949
J*Wor A Conn East 1st 43*8.1943 J
Youngstown Sheet A Tube—
J
z
c
5
2
30
2
aa
110
*99 X
*3
S
x
a
1961 MN
x
bbb4
x
aa
*100
aa
*100
aa
*100
-
— -
x
aa
99?*
80
x
aa
*100
MN
x
aa
MN
x
aa
MN
x
aa
MN
x
aa
MN
x
aa
MN
x
aa
MN
x
aa
week and not Included In the year y range
Cash sales transacted during the current
e
14?*
14?*
No. sales.
a Deferred delivery sale: only
Included in year's range.
transaction during current week,
transaction during current week,
n Odd lot sale, no
Cash sale; only
{ Negotiability impaired by maturity,
t The price represented Is
200-pound unit of bonds.
Accrued Interest payable at
9
8
109?* 112?*
tlon 'per
been called In their
77X
89%
2 at 103.
General Motors Accept 33*s 1951, Aug. 6 at 103.
Staley (A. E.) Mfg. 4s 1946, Aug. 5 at 103.
t Companies reported
being
as
in bankruptcy, receivership, or reorganized
assumed by such companies.
under
Section 77 of the Bankruptcy Act, or securities
♦
110?*
Friday's bid and asked price.
Bonds selling flat.
Deferred
No sales transacted during current week.
delivery sales transacted during the current week and not
Included in
the yearly range:
No sales.
a
100
1003*
1003*
100
1003*
100 3*
1003*
1003* 1003*
100?*
100%
1003*
100?* 1003*
100?*
Bank Eligibility and Rating Column—x
Indicates those bonds which we believe
eligible for bank Investment.
1003*
*1003*
100
*100
*00%
1003*
100 3*
1003*
Indicates those bonds we believe are not bank eligible due
some provision In the bond tending to make lt speculative.
y
or
z
in process of
Indicates Issues in default, In bankruptcy, or
The rating symbols In this column are
either to rating status
reorganization.""
each bond
the numeral Immediately
In all cases the symbols
Where all four agencies rate a bond
based on the ratings assigned to
by the four rating agencies.
The letters Indicate the quality and
following shows the number of agencies so rating the bonds.
100
MN
aa
*100
1003*
MN
aa
*1003*
1013*
1003* 1003*
1003* 1003*
1003* 1003*
MN
aa
1003*
1003*
100
1949 MN
aa
1003*
1003*
1950 MN
a a
aa
1003*
1003*
1003*
1950 MN
1951 MN
aa
*993*
1003*
1003* 1003*
1003* 1003*
1003* 1003*
1003*
1003*
wi }]represent
the rating given by the majority.
1003* 1003*
100%
1951 MN
x
aa
*993*
1952 MN
x
aa
1 1952 MN
x
aa
*99 3*
*99 3*
1 1953 MN
x
aa
1 1953 MN
x
aa
x
aa
1003*
*100?*
1 1954 MN
1003*
*100
aa
*100?*
100?* 100?*
x
aa
*100?*
100
100
D
z
18
25
20
233*
20
24?*
z
z
Z
z
A—1955
1957
A Pacific RR—
1934
1934
*20
—
Stock Exchange,
Stocks,
July 26, 1940
Railroad A
State
United
Total
Number of
Shares
Mis cell.
Municipal
States
Bond
For'n Bonds
Bonds
Bonds
$149,000
$1,464,000
873*
5
$1,293,000
2,885,000
274,000
45,000
673,620
673,000
42,000
555,360
5,132,000
4,099,000
532,000
70,000
20
84
45,000
327,090
3,328,000
385,000
Friday
25
20
87
83,320
255,990
Thursday..
20 3*
cccl
296,840
2,883,000
494,000
61,000
3,204,000
5,847,000
4,701,000
3,758,000
3,438,000
2,192,220
$19,620,000
$2,507,000
$285,000
$22,412,000
Monday
.
93?*
x
bbb2
101 x
100?*
101?*
30
96
104
x
bbb3
mx
101
1013*
43
95
1043*
A
x
aa
x
aa
*106
z
Sales at
*106
MN
'
Total.
c
z
..
*%
New York
Exchange
13*
3*
X
Week Ended Aug.
Jan. 1 to Aug.
3
Stock
1940
1940
1939
2,192,220
4,275,997
134,895,065
130.342,652
$285,000
$27,897,000
136,495,000
$52,123,000
2,507,000
19,620,000
$1,097,000
2,720,000
23,695,000
785,348,000
144,335,000
781,131,000
$27,512,000
$949,740,000
$977,589,000
Bohds
State and
foreign
Railroad and industrial
Total.
See note a above.
directed to the new column
3
1939
$22,412,000
Stocks—No. of shares
Government
Sales
$22,000
1 uesday—
Saturday-
—
xbbb3
F
York
New
the
at
All Issues
default.
Wednesday.
..
b
z
-1947
W..1951
Lt A Trac 1st A ref 58.1944
Power A Light 1st 58—1944
♦3?*s assented A
United Stockyds 4?*s w
Transactions
Week Ended
x
J
»
majority of the issues bearing symbols ccc or lower are in
bearing ddd or lower are In default.
A great
993*
1003* 1003*
*100
1 1955 MN
1951
1951
1951
A. 1947
differently, then the highest single rating Is shown.
Daily, Weekly and Yearly
1 1954 MN
Corp 6 Ma A—1951
Attention is
have
Stock Exchange bond lssuesjwhlch
entirety:
Brooklyn-Manhattan Transit 43*s 1966, Aug.
104?* 106
58?*
75X
the dollar quota
exchange rate of
$4.8484.
! The following Is a list of the New York
115
*100
MN
1013* 109?*
101
106?*
—
1003*
MN
1053*
1003*
x
105
1073* 1103*
93*
14
1003*
x
104
105
4
1948 M
1033*
9
110
106
89?*
67?*
»
1003*
MN
13
103?*
Conv deb 4s
v
MN
~~8
105?* 109
108
MN
110
10 X
4?*
66?*
*99 X
*99 X
aa
1083*
43*
83*
1083*
1083*
93*
133*
1003* 106?*
33
7?*
*53*
2
92?* 99?*
92?* 99?*
102?* 102?*
28
x
23
26
21
7
4
110
84
x
14
203*
7?*
a
19
66
MN
253*
30
203*
cccl
x
59
82?*
MN
102
112
13?*
cccl
Corp—
debentures—
96
z
D
103
110
1
100?* 104?*
*108
aaa4
100
"16
2
z
Wisconsin Public Service 48.-1961 J
1103* 116!*
96?* 1023*
10
213*
♦
Canal gen 4s.—1944
M S
"64
21
213*
3
24
66
"83?*
473*
22
ccc2
cc
108
14?*
13?*
--
107?*
*109?*
'
3
MJV
98?*
107?*
52 3*
32
99?*
104
----
--
35
2
121?* 125
*12
z
17?*
14
112
aaa2
z
aa
82?*
55?*
6
70
123*
105?*
1003*
x
x
107?*
72
51
102
J
z
673*
53?*
103*
1023*
*993*
123*
105?*
J
^♦Wls Cent 50-yr 1st gen 4s—1949 J
O
55?*
*105?*
x
A
105?*
105?*
50
17
100
2
O ybb
*1133*
101?*
923*
112
bbb3
1955 J
25X
100?*
95
1023*
86
107?* 1083*
10%
18?*
10?*
18?*
33
663*
65?*
163*
483*
453*
*143*
J y bb
1940 MN
12?*
65
J y bb
2361 J
5
633*
65
b
z
2361 /
Registered
653*
72
79
15
107?*
193*
107?*
*123*
123*
*623*
M 8 y b
/
90
89
ccc2
113
843*
833*
84
107?*
2
♦5s assented
1946 M 8 z cccl
Western Union Teleg g 43*8.1950 M N y bb 2
25-year gold 5s
1951 J D y b
r
34-year 3 Ha deb
104% 1103*
1153* 120
107?* 112
98
102?*
110?*
1013*
1013*
bbb3
x
A—1946 M S
ser
J
O
62?*
11?*
2
aaa2
x
aaa3
off
1977
♦Certificates of deposit
Wisconsin Elec Power 33*8—1968 A
45
46
87
x
§♦4 ?*s July coupon
§♦4 ?*s assented
110
4
♦Certificates of deposit
|*Su A Du dlv A ter 1st 4s. 1936 M N
53?*
62?*
J
Vera Cruz
a
O xbbb3
1952
104?* 110?*
106 X
4
62?*
MN
1947
Vandalia cons g 4s series
Cons s f 4s series B
Maryland 1st 4s
1st A ref 5 3*8 series A
13
100
100
1
debentures..—_—-—1959
Utah
aaa3
x
t{♦Wilkes-Bar A East gu 53.1942 J D
92
76%
86
Union Pac RR—
Utah
aaa3
1163*
1283*
120
1093*
1163*
*1083*
1163*
x
102
3
3
♦3^8 assented C
♦Sink fund deb 6 ?*s ser
--- —
70
1063* 1093*
1083* 109 3*
al24
ol24
3
x
White Sew Mach deb 6s
67
56 X
57?*
2
aa
series C
aa
Wheeling A L E RR 4s——1949 M S
Wheeling Steel 43*8 series—.1966 F A
76
*84?*
cccl
♦3Ma assented A
aaa4
x
37
60
65
903*
36?*
35
109?*
*106?*
80?*
16
"40
70
63?*
4
aaa3
x
38
106?*
67?*
67
aaa4
♦Sec s f 6?*s
x
104?* 111?*
90
106?*
67?*
66?*
♦
-
106?*
2
a
x
♦Un Steel Wks
*
aaa3
1st mtge s f 4s ser C
J
37
56
78
b
x
111?* 115?*
4
105?*
bbb3
x
J
M
36?*
*313*
y
40
104?*
bbb3
x
-
105?*
bbb3
x
z
2.65s
104?* 106?*
122
128?*
115
109
x
x
2.60s
23
127
X
100?* 106?*
81
113?*
9
97
105?*
J
F
2.55s
103?* 107?*
101?* 106?*
147
aaa4
23?*
15
62
bb
F
2.50s
2
104?*
z
A
2.45s
6
104?*
x
(Chic) 5s.1945
series A. 1942
2.40s
108?* 112
102
108?*
----
104?*
x
Union Oil of Calif 6s
2.35s
1
111?*
MN
M
"363*
1013* 106 3*
79?*
x
J
80?*
A y b
West Penn Power 1st 5s E—1963 M S
1st mtge 3 3*s series 1
1966 /
J
West Va Pulp A Paper 3s.—1954 j
d
2
M S y b
2.30s
65?*
x
UJlgawa Elec Power 8 f 7s... 1945
J
Union Electric (Mo) 3?*S— 1962
2.25s
52
46
y
F
2.15s
80?*
69
793*
*823*
303*
69
S y b
1941 m S z cc
y
/
2.20s
59
68
80?*
2
1948 M
y
7?*8—1955
-—1952
2.103
14
O ybb
O y b
1955 A
y
deb A. 1953
2.05s
9?*
104
7
103?*
D xbbb2
ybb
♦Tyrol Hydro-El Pow
♦Guar sec s f 7
-
2.00s
63?*
bbbl
x
Tri-Cont Corp 5s conv
1.95s
4?*
58
O
bbb3
1.903
34
57
y
A
b
1.85s
5
73?*
ybb
1.80s
5
73
x
1.75s
cc
Washington Cent 1st gold 4s. 1948 Q M
Wash Term 1st gu 3 3*8
1945 F A
1st 40-year guar 4s
1945|F A
Westchester Ltg 5s stpd gtd.1950 J D
Gen mtge 33*8
1967 J D
y
1.625s
z
126
A
1.50s
9?*
O
53
J
1.375s
43*
40?*
J
Nov
May
Nov
.May
...Nov
May
Nov
May
JNov
May
Nov
May
Nov
May
Nov
-May
-Nov
May
Nov
May
..Nov
May
Nov
May
-Nov
May
Nov
May
Nov
May
9?*
17
52?*
3
9?*
43*
53*
39?*
bbb2
42
A%
53
x
393*
43*
*43*
40
58
5
133*
13
7
cc
2
50?*
39?*
*5
51
20
93*
cc
Warren RR 1st ref gu g 3 3*8.2000 F
1953
1.25s
6s debentures
30?*
47?*
42?*
83*
*353*
1955 A
Walworth Co 1st M 4s
40
30
83*
28
3
83*
1945 J
45?*
41
103*
cc
50?*
J ybb
9?*
z
30
MJV y b
443*
20
41
443*
z
148
J
48
103*
253*
....
z
40?*
A Imp 3 Xs *60
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
1.125s
107?*
104
.
80?*
13
28
G A W—
38?*
T8
14
143*
3*
109?*
102
O
39
Tol St Louis A West
1.00s
106?*
62
A
40
Tol A Ohio Cent ref
.875s
Walker (Hiram)
46?*
cccl
3
.75s
♦Ref A gen 5s series B
1976 F
♦Ref A gen 4 3*8 series C—_ 1978 A
♦Ref A gen 5s series D
1980 A
2
2
b
.625s
*♦ Wabash Ry ref A gen 53*8 A *75 M S
"39 k~
ybb
.503
b
^♦Warren Bros Co deb 6s
y
,375s
z
40
13
*21
cc
50?*
y
Serial
z
♦Omaha Dlv 1st g 33*8—.1941 A 0
♦Toledo A Chic Dlv g 4s..1941 M S
613*
76 3*
543*
10
1083*
393*
39?*
cc
30
J
United States Steel
z
119
A
U N J RR A
j
40
70
108
1
111
107
4
"57" "~2
56
b
40?*
1953
grant 4s
z
38?*
J
1st A land
j
40?*
1960
3s
102?*
1941 j
{♦Des Moines Dlv 1st 4s..1939 j
2
♦AdJ Income 5s
Jan 1960
{♦Third Ave RR 1st g 5s—.1937
Tide Water Asso Oil 3?*s.„1952
Tokyo Elec Light Co Ltd—
t{♦Union Elev Ry
97 X
b
M N y b
deb 6s 1945
Swift A Co 1st M 3?*S—
1950
Tenn Coal Iron dp RR gen 53.1951
Term Assn St L 1st cons 5s..1944
Gen refund s f g 4s
1953
Texarkana A Ft S gu 6 Ha A. 1950
Texas Corp 3s deb
—1959
Texas A N O con gold 5s..-.1943
Texas A Pacific 1st gold 5s—2000
Gen A ref 5s series B
1977
Gen A ref 5s series C
1979
Gen A ref 5s series D
1980
Tex Pac Mo Pac Ter 5?*s A.1964
.
2
z
M S ybb
1950
1st 6s dollar series
----
j
High
*
18
453*
*75
aaa2
1954 /
No. Low
High
110
109?*
453*
1939 Af N zb
2
1939 F A z ccc2
{♦2d gold 5s
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
M 8 y b
4s...1955
1st 48 stamped
1955
Southern Ry 1st cons g 6s..1994
Devel A gen 4s series A...1956
Devel A gen 6s
1956
Devel A gen 6?*s
1956
Mem Dlv 1st g 5s
1996
St Louis Dlv 1st g 4s
1951
So'western Bell Tel 3?*s B..1964
1st A ref 3s series C
1968
^♦Spokane Internat 1st g 5s. 1955
UStaley (A E) Mfg 1st M 4s. 1946
Standard 011 N J deb 3s
1961
Third Ave Ry 1st ref 4s
105?*
102?*
109?*
101?* 105?*
104
110
Jan. 1
Ask
A
Low
2
2
So Pac RR 1st ref guar
2?*s debenture
Studebaker Corp conv
*105?*
bbb4
x
D ybb
J
So Pac coll 4s(Cent Pac
Gold 4?*s
119
115
Bid
Cos.(ConcL)
Convertible deb 43* s
Southern Natural Gas—
1st mtge pipe line
48
See a
#♦ 1st gold 5s
102 %
Since
Friday's
Sale
Price
x
Range
Range or
Rating
Virginian Ry 3 ?*s series A—1966 M 8
1 Wabash RR Co.—
18?*
36
14 %
1
3
100
"36
cccl
sbbb2
Simmons Co deb 4s
96?*
97
Last
Elig. &
EXCHANGE
Va Elec A Pow 33*8 ser B...1968 M S
x aa
2
Va Iron Coal A Coke 1st g 5s. 1949 M 8
y ccc3
Va A Southwest 1st
gu 5s.—2003 /
j y bbb2
1st cons 5s
1958 A O y bb 2
97 X
♦6s Series B certificates
Shell Union Oil 2?*s
STOCK
Week Ended Aug. 2
High
No. Low
High
Low
(Cont.)
BONDS
Y.
Jan. 1
Ask
A
N.
Since
Friday's
Sale
Rating
Range
Range or
Last
Elig. &
EXCHANGE
STOCK
Y.
Week's
Friday
Bank
Week's
Friday
Bank
BONDS
N.
669
New York Bond Record—Concluded—Page 6
151
Incorporated in this tabulation pertaining to
bank eligibility and rating of bonda.^
New York Curb
670
Exchange—Weekly and Yearly Record
Aug. 3, 1940
disregarded In the week's range unless they are the only transactions of the week and when selling outside
footnote 1b the week In which they occur. No account is taken of sueh sales in computing the range for the year
NOTICE—Cash and deferred delivery sales are
weekly range are shown In a
of the regular
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (July 27, 1940) and ending the present Friday (Aug. 2, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the following
the week
Sales
Friday
Last
Sale
Pat
STOCKS
Acme Wire Co
Price
Week i
Range
of Frices
Low
High
Friday
Range Since Jan. 1,1940
for
Lou>
13
common.10
High
Par
May
22%
Jan
22%
Mar
May
5%
5%
CzIbsb
Ainswortb Mfg common..5
5%
com—1
"Yx "Yx
Investors common..*
|Alr
5%
20%
5x
5%
100
20%
July
3,400
4%
4
Jan
May
10
20%
1
A
Air Associates Inc
Jan
700
"806
1% May
17%
*
Conv preferred...
X
400
m'x 'Yob'x YoYx
190
X
%
Warrants
pt-*
Alabama Power Co $7
%
82
2
Apr
Apr
July
111%
2%
98
Mar
July
8
July
May
18
50
17
July
153
165
1,700
114
114
150
18
mx
3%
11%
138%
108
June
May
May
May
July
20
36
June
200
4
May
Aluminum Industries com *
Aluminium Ltd common.*
0% preferred
..100
62%
66X
700
com..l
American Book Co
100
Amer Box Board Co com.l
X
X
100
American Beverage
37
4%
37
4%
Jan
May
16%
5%
42%
90%
X
Aluminum Goods Mfg..
4%
Feb
11%
110% Mar
109% May
1% Apr
49% Apr
7% Apr
:::x
Jan
2%
*ii
Jau
20%
Jan
June
80
13
65
pref
Corp...l
X
Amer Centrifugal
X
r.200
%
Jan
25
Class A with warrants.25
Class B
..1
CyanamJd class A. 10
10
Lines com..l
-
Amer Export
32%
10%
35X
UX
9,000
1,800
%
200
31
33X
UX
*ie
com...*
10
"33X
4%% preferred..... 100
Amer General Corp com 10c
32 conv preferred
..1
32 60 conv preferred...1
Amer Hard Rubber Co..50
Amer Laundry Mach—20
1UX
25
14%
Amer Lt A Traccom
28X
1
200
X
28%
Amer Foreign Pow warr—
American Gas A dec
6%
25% June
22% June
*i#
*je
11
33%
111%
350
3
200
26
May
8% May
% Mar
9% May
25% May
107% July
2% May
22% May
26% May
11
May
13% June
11% May
1,600
100
111
2%
26
Jan
26
300
10%
32%
260
14%
28
100
28%
28%
4
73
May
X June
70
May
5
May
3% May
% Mar
"78"
5%
Am Superpower Corp com *
1st 36 preferred
....*
""%
5%
"78"
5%
4
4
800
100
36 series preferred
..*
American Thread 6% pf..5
Anchor Post Fence......*
X
68%
10%
1.100
1,100
48
100
6
~"i% "Yx
68
"100
X
200
%
65%
10%
Angostura-Wupperman ..1
X
Apr
aim*
Jan
Mar
112% 112%
1u
'i«
1%
2%
2,800
11%
4%
4%
100
0% preferred......—10
pref—.*
87
...1
Art Metal Works com....6
"~4X
11%
4%
4%
11%
4
100
4
1,300
May
July
May
Mav
Class A
35 preferred
Option warrants.....
*
500
9%
10%
7,400
"Yx "Yx
""360
H
.....1
2
2%
1,600
4%
X
2%
5%
X
"~400
12
Corp—..1
Atlas Corp warrants
45
Apr
Jan
May
June
48%
Apr
6%
%
Feb
8%
Feb
1%
Feb
Mar
Apr
2%
3%
May
June
May
June
May
8%
7%
Apr
Apr
8
May
17%
Mar
Apr
1% May
36
Apr
3%
Jan
May
49
Jan
Apr
Apr
20
May
10% May
30
May
10% July
10
May
4
May
1%
%
7% July
7% June
Am deprcts ord bearer £
1%
Am dep rets ord reg_.10s
16
JBrown Co6% pref....100
Brown Fence A Wire
19
16
200
16
18%
British Col Power cl A...
19
450
15
2%
2%
200
1%
com.
1%
1,000
May
1%
30
1
com...
$1.60 preferred
$5 1st preferred
Cable Elee Prod
1% May
...
preferred
25
lx
1%
5%
500
200
*
10%
37%
150
28
20%
99%
9%
20%
99%
10%
1,300
16
50
1,200
6O0
com
Vot trust Ctffl
May
June
1% May
6% July
5%
37%
20%
Jan
July
May
10
Class A preferred
Brown Forman Distillery.
60c
1% May
38
Feb
14%
34
Apr
Mar
19%
17
Jan
Apr
Jan
May
90% May
9
May
H June
% July
% June
% May
20%
Feb
20
Feb
1%
Mar
22
Feb
36
May
5%
Feb
18%
Feb
2% May
38
4%
11%
May
Jan
Jan
43
Feb
22%
Jan
108
Jan
14%
Jan
2%
Jan
1%
1%
Apr
1
Jan
Mar
Cables A Wireless Ltd—
Am dep
5%% prefabs £1
Apr
115
Jan
X
2%
2%
8%
99
Jan
Apr
Apr
Apr
Jan
11%
6%
5%
Aug
7% partic preferred
1%
1%
1%
1,500
3%
Apr
11% May
1%
Feb
17
May
25
1
5%
9%
9%
75
0%
5%
6%
1,700
%
X
X
X
"">1*
Apr
9%
300
i'ooo
Canadian Indus Alcohol—
Class A voting...
—*
3%
Apr
18%
Mar
2%
Apr
17% May
5%
Apr
July
5% May
1
22
Jan
11%
Apr
June
2%
Jan
X May
1%
Feb
Class B non-voting....*
Canadian
Marconi
..1
6% May
Capital City Products
*
Carlb Syndicate
—26c
Carman a Co class A
»
Jan
Feb
Carter (J W) Co common. 1
Casco Products
Castle (A M) common
Catail n Corp of Amer
10
1
Jan
May
May
25
May
7% May
40%
Apr
27
Carnation Co common...*
Carolina P A L $7 pref...*
$6 preferred
....♦
Carrier Corp common....1
9%
%
18%
4%
*
Class B
Mar
H
'n
Atlas
Plywood Corp.....*
I Austin Silver Mines
1
14%
14%
14%
'it
Products.—..5
3% May
3% May
Avery (B F) A Sons com.5
25
4%
23%
Apr
6
Jan
Feb
2%
Mar
4
15"
"l5"
May
May
May
107
9
107
20
97%
103
104
30
86
8%
3,400
5% May
5% May
1%
Jan
Feb
109
May
104% May
15%
Jan
7
16%
2%
7%
Apr
7%
100
7
7%
16%
2%
9%
200
6
May
12
Feb
50
15
June
20
Jan
16%
2%
300
2%
2%
700
35%
"~2%
%
35%
50
20
Mar
Jan
17
Apr
1%
Feb
10
34
Babcock A Wilcox Co....*
25%
24%
26%
"2^906
5%
6%
26%
1,800
X
May
3
Jan
100
18%. May
6
....30
26
4% May
18
300
May
4% May
ri« July
Baldwin Rubber Co com.l
Bardstown Distill inc..—1
Barium Stainless Steel...1
%
%
Mar
1
9%
14
Baumann—See "Ludwlg"
Beau Brummell Ties Ino—1
Beaunlt Mills Ino com.. 10
..20
For footnote* see page 675
"l3~
9%
"h"
50
3~300
.
8
May
3% May
9% May
3% May
4
12%
June
Feb
24%
50
74
74
10
*
14%
1% May
6
5%
15
Jan
Apr
Jan
Apr
Mar
June
3%
8%
111
111
Jan
Jan
10%
Apr
Apr
*ii May
100
•i. May
Conv pref opt ser '29.100
Chamberlin Metal Weather
1%
3
X May
10
preferred
Jan
Jan
Jan
Jan
Jan
Jan
4% May
7% Mar
400
98
"7%
'"260
13%
"7"
175
June
13
Jan
95
May
117
Apr
June
83
Apr
6
May
*i< June
1
13
5%
5%
69
6
69%
3,900
200
96
96
10
96
"5% "5%
"300
Mar
10
%
Apr
July
29%
Mar
4
Jan
6%
May
49
May
79%
7%
July
July
July
12%
4% May
May
85
May
75
May
45
*
Clark Controller Co
.1
Claude Neon Lights Inc.. 1
X
%
2%
8%
2%
2%
55
96%
..100
City Auto Stamping
*
City 4c Suburban Homes 10
115% May
10
!'
$0
May
2% July
4% May
Cherry Burrell common. .6
Chesebrougb Mfg
25
60c preferred B.......*
$6 preferred BB
•
Cities Serv P A L $7 pref.*
Jan
May
25
..6
Cities Service common.. 10
$6 preferred
..._..*
Feb
6% May
95% May
1%
Charts Corp common
17%
500
25
1%
Strip Co
5%
Feb
34%
Feb
87% May
105%
6% preferred.....—100
7% preferred...
100
Conv preferred
100
1%
May
109
Jan
X
X
%
127
June
91
500
Chief Consol Mining
Cbilds Co preferred
Apr
13
Jan
Jan
1,100
Jan
11%
7%
16%
8%
20%
69%
X
he
Apr
8% May
27% May
7% Apr
%
Apr
%
Jan
100
"150
May
2% June
X
3%
80%
Apr
14%
l66"
98
106%
"99"
100
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West UtU 50c
Cent States Elec com.—.1
Apr
4%
Barlow A Seelig Mfg—
31-20 conv A com
5
Basic Dolomite Ine com..1
23%
74
53
Baldwin Locomotive—
Purch warrants for com.
com
24%
Chicago Flexible 8haft Co 5
Chicago Rivet A Mach—.4
Tobacco-
Ayrshire Patoka Collieries 1
300
120% 122
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
Jan
1%
Jan
6% Feb
7% Mar
Jan
% July
2% May
1st partic pref
Cent Hud G A E
120%
*
$7 dlv. preferred.
19% May
lfX
25
..
Mar
16
15
...
Corp..
68
Apr
104% May
JaD
% June
"4% r4% """166
Automatic Voting Mach..*
25
June
3% June
May
2
May
11% May
""200
7% 1st partic pref.
100
Celluloid Corp common. 15
Apr
'
2,200
Atlas Drop Forge com...6
conv pref
900
Am deprcts ord reg...£
British Celanese Ltd—
15
2%
1% June
Atlantic Coast Line Co—60
31.50
Jan
Canadian Car A Fdy Ltd—
Feb
July
Batb Iron Works Corp
11%
Camden Firelnsur Assn.. 5
Canada Cement Co Ltd..*
May
1
May
7% preferred
Jan
6
Amer Tobacco-
Feb
Apr
Feb
66
Class A common
11%
11%
Registered
3% Feb
1% Mar
Apr
100
Axton-Flsber
150
27
A
2
Jan
Coast RR Co pref— .100
Warrants
27
100
100
British Amer Oil coupon..
% June
5%
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries—
Aviation A Trans
preferred
X
"166
Burry Biscuit Corp..12%c
Jan
*i«
0% preferred w w
0% preferred x-w_
X
Jan
%
109% Apr
10% May
Atlanta Birmingham A
Automatic
"2% ""2%
Brlllo Mfg Co common...
$6
6%
22% May
1%
Jan
Mar
29
100
.....
Brill Corp class A
Class B
British
Feb
Apr
Mar
2%
31%
36
Bridgeport Gas Light CoBridgeport Machine
7%
A pr
8%
%
1,800
Preferred
May
iji
14%
40
Jan
A pr
Celanese Corp of America
Assoc Tel A Tel class A..
Atlantic Rayon
28
""166
30
Burma Corp Am dep rets..
Jan
V t o common.
common
June
May
June
5%
Jan
%
Assoc Laundries of Amer *
New
33%
3%
1%
10%
"""460
3%
Buckeye Pipe Line
50
Buff Niagara A East Pow—
*u
1
May
3%
Jan
Jan
Feb
May
%
400
%
5%
Apr
8%
%
...1
...
5
"5%
5
"29"
Bruce (E L) Co common..5
6% Mav
1
Common.
Jan
2%
Apr
Associated dec Industries
£1
|Associated Gas A Elec—
May
6%
9%
Brown Rubber Co
Assoc Breweries of Can...*
'Amer deposit rets
4%
2%
12 %
preferred
Calamba Sugar Estate..20
Callite Tungsten Corp
1
Feb
100
100
Apr
Mar
Mar
%
Bunker Hill A Sullivan 2.60
6%
•11
4% May
Jan
1% May
1% May
6% May
%
"T%
Jan
36
Mar
2,100
1,000
—
17
he
100
2
5%
14
(H C) Co com...
Jan
200
1%
"~2
13%
%
75
May
5%
5%
14
3%
May
"1.
June
10% July
36% June
June
108
Mar
4M%
40 %
%
May
2% May
1
May
% May
8% Mav
10
125
common
Can Colonial Airways
112%
Apr
May
Breeze Corp common....
Brewster Aeronautical...
Mar
Jan
114
Brazilian Tr Lt A Pow
Apr
May
June
23
100
....—
Republics
10
Amer Seal Kap common..2
1
•is
Apr
May
50
'n
7% 1st preferred
Mar
14% Apr
39% Jan
111% July
May
X
American
Ashland Oil A Ref Co
39%
19%
May
65
...—100
1
Amer Meter Co
.*
Amer Pneumatic Service.*
Amer Potash A Chemical.*
Preferred
Aro Equl, ment Corp
36
81%
34%
19%
18%
16%
29%
25%
Amer Maracalbo Co
Arkansas P A L 37
33%
1%
25
1,000
common.100
Common cl A uon-vot..*
Apr
13%
14
28
preferred...—-.25
Apex Elec Mfg Co com...*
Appalachian deo Power—
37 preferred
*
lArcturus Radio Tube...l
Arkansas Nat Gas com...*
June
35
Jan
118
Bowman-BUtmore com.
Class
A
136
Bourjols Inc
Mar
% May
July
23
7% 1st preferred.—.100
Borne Scrymser Co
25
Apr
Jan
May
88
Purchase warrants
2d
Apr
30
30
Blumentha) (S) & Co
Apr
Feb
97
$2.60 preferred
Blrdsboro Steel Foundry
Bohack
Feb
32%
8%
May
Blckfords Inc common...
Blauner's
High
8%
3
Furniture.
4
May
11% July
21
Apr
192% Apr
118% Apr
18
Low
3% Mayl
13% July
100
Conv preferred
Berkev A Gay
Am Cities Power & Lt—
Amer Mfg Co
117
1,300
2,900
Benson A Hedges com..."
Blue Ridge Corp com
%
S3 preferred
Amer Fork A Hoe
%% pf. 100
Bell Tel of Pa 6
Feb
1%
10c
10c
Common class B
Class B n-v...
96
Bliss (E W) common
-
Class A common
Amer
100
$3 opt codv pref
3
100
11X
10
Class A conv com
Class
15%
4%
Jan
1%
Shares
4%
16%
4%
Beilanca Aircraft com
A pr
108%
150
3
American Capital—
,li*
78%
May
May
% May
S3 conv pref
25
Aluminum Co common...*
0% preferred
100
Mar
Week
High
Low
4%
Bell Tel of Canada
Range Since Jan. 1,1940
/or
Range,
|
of Prices
Aircraft Corp
Beech
A Machine Co com
111%
7% preferred 100
100
AllesA Fisher Inc com...*
Alliance Investment
.*
Allied Intl Investing—
Allied Products (Mich)..
May
0%
14% May
3%
Apr
30% Apr
Feb
90%
$6 preferred....
*
Allegheny Ludlum Steel—
Jan
7
June
*58
Alabama Ot Bout hern.. 60
35 60 prior
Price
I
Bell Aircraft Corp com—
Aero Supply Mfg—
Clasp
Sale
(Continued)
Shares
Sales
Week's
Last
STOCKS
Week
4% May
75
115%
Mar
110
Mar
7H
Feb
6
12
%
X
100
May
May
16%
Jau
% May
X
Mar
Apr
Volume
New York Curb
151
Friday
Sales
STOCKS
Last
Week's Range
(Continued)
Sale
of Prices
Par
Price
Elec
Shares
Range Since Jan. 1,1940
43
100
250
Club Alum Utensil Co
2X
*
2)4
8)4
8X
8)4
100
Patent Fire Arms.25
Colt-
4H
79)4
4
Colorado Fuel &. Iron warr.
79
1,100
350
2X
Apr
6X May
8)4
Jan
Fansteel
May
2)4
Jan
3)4 May
3)4 May
4)4
Jan
7)4 May
88
May
June
70X
Feb
IX May
2)4
Jan
51
100
5% preferred...
1
IX
IX
IX
1,000
Commonwealth A Southern
X
X
3,000
Distribution.. 1
25
25
Community Pub Service 25
100
X
Jan
>11
Jan
IX June
IX
Jan
21X June
38)4
Apr
'
Community Water Serv_.l
X
Apr
X
May
Macb—
Comik) Shoe
1
V tcext to 1946
18
11)4 May
•
Feb
Conn Gas A Coke Secur—
S3
•
preferred
42)4
IX
May
76 X
80
67 H
May
1
IX
Consol Mln A Smelt Ltd..5
20)4
Consol Gas
Utilities
8%
2
1
Consol Retail Stores
IX
21X
2
,
600
100
100
Consol steel Corp com
5)4
93
5
5)4
93
93
1
Cook Paint A Varnish
1,200
7)4
6%
1 X
4
'ili
5
*
Jan
May
Jan
6X May
11)4
May
"900
'ix
May
3X
May
May
X
30
Apr
5)4
X
Feb
"lOO
1
May
IX
65
May
77 X
Feb
IX
200
IX
Jan
2)4
8X
100
6X
May
13 X
Apr
Apr
Feb
7X
Jan
13)4
3X
1,900
200
.
June
13
May
3X
2X
3X
300
IX
Jan
100
3)4
July
IX
IX
300
2X
nu May
Jan
4
June
IX
May
May
H
3)4
3)4
100
17
17
11)4
11)4
50
"Ex
"300
100
24)4 May
6)4
Jan
X
Apr
IX Apr
4
May
8)4
IX
25
"ix "ix
"lOO
Feb
Feb
8)4 June
17 X
17
Apr
1X
Jan
4%
9)4
May
ix
5%
$6
41
Jan
July
July
78
Jan
preferred....
Warrants
85)4
52
100
preferred
100
4)4
4)4
100
16)4
16)4
100
"20 k "26 k
"175
16)4
Jan
July
15 X
Mar
May
16X
Apr
41
Apr
Apr
Apr
15
100
9
10
25
Feb
50
Feb
i««
......
200
4)4
4X
200
May
90
Mar
25)4
May
48
Apr
1
Apr
X May
IX
General ShareboldlngBCorp
Common
90
64
65
10)4
65
$6 conv preferred-.....*
600
10)4
June
81
Jan
Apr
99
X
X
1
July
106
May
55
General Tire A Rubber—
6% preferred A
100
8
May
10X
Apr
...*
32
May
41
Mar
Georgia Power S6 pref--.*
88
May
Gen Water O A E oom...l
S3
15
preferred
100
87 X
...*
preferred..
Gl'bert (A C) common...*
40)4
....*
Preferred
40
40X
4)4
Jan
16
July
19
Feb
*8)4
May
19 X
Jan
Feb
Gorham
$3
preferred..
Apr
Apr
6X
9X
Apr
May
32 X
Apr
11)4
Apr
20 X
50
20
May
200
5
May
10
93
May
95
*xe
hi
300
hi
Apr
hi
Feb
IX
Jan
Feb
25
105
25
Feb
11
June
17
Apr
Apr
Apr
Apr
IX
...*
Apr
May
32
Mfg common.. 10
23)4
24 X
400
18
June
May
8
Jan
Grand Rapids Varnish... 1
4X
4)4
100
4
June
28 X
8
June
6
Apr
Feb
Feb
Gray Mfg Co
6
6
100
4X May
11X
Jau
150
May
123)4 May
114)4
Apr
June
49X
10)4
Apr
Apr
IX
Feb
27 X
14
...10
Great Atl A Pac Tea—
Non-vot
com
91)4
Feb
IX
36)4
May
June
37 X
May
Greenfield Tap A Die
Apr
May
93)4
42
•
stock
42
88
Grocery Sts Prod com..25c
98
Apr
2
Jan
May
11)4
May
17)4
X
May
Feb
Mar
12)4
May
July
IX
2)4
Jan
Mar
1)4
Apr
22
Jan
100
7% 1st preferred
Gt Northern Paper.....25
*
Gulf States Utll 35.50 pf.*
36
preferred..
hi
X
28
Apr
Apr
*10
Apr
Baramermlli
20X
July
28
Jan
Hartford Elec Light
June
Apr
Hartford Rayon v t 0
36
6X May
800
200
Mar
13 X
5X
June
May
May
9)4
7)4
25)4 May
12 X
Jan
5)4 Mar
June
4
Mar
Mar
2X
..100
110
30
110
90
2)4
Jan
Mar
X
39X
J»u
Jan
102
June
111)4
Jan
May
114 X
Mar
hi
67
2X
2
72
72
Mar
May
40X
May
62
May
70)4
Apr
May
IX
Jan
X
Feb
IX
J&n
2)4
July
8)4
Apr
25
50
IX
17)4
..25c
454
6% conv preferred
78
Jan
Hecla Mining Co
Apr
Helena Rubensteln
50
IX
64
„
Jan
May
X June
2)4 Aug
79)4 May
Heller
w w
2)4
8)4
Jan
Apr
Hewitt Rubber common..5
2X
2X
600
47)4
48)4
175
26
May
55)4
Mar
21
21)4
350
12)4
8X
May
May
Mar
24)4
Mar
10)4
IX
Holt (H)—See Henry
May
May
28
Apr
Apr
Apr
28
Apr
Hormel (Geo A) A Co
X
*
17
36 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
15
Elec Bond A Share com..5
,
25
17
13
275
17
14
100
2X
June
17 X
Jan
Jan
Horn
May
Apr
May
May
73)4
20
1,300
42
2,600
61
350
35
preferred
*
62 X
36
preferred
*
70
67 X
62)4
70
Elec P A L 2d pref A
*
16X
16
16X
warrants
1
11X
100
~~3~X ~~3X
*400
11X
12
7X
X
10X
21
Elgin Nat Watch Co....15
4
3X
3)4
76
El 6%
pf 100
Empire (.as A Fuel Co—
May
May
May
June
July
Feb
14)4
Feb
200
29 X
Jan
36 X
Apr
100
2X
July
3X
29X
29X
"50
14)4
3)4
108
6
5X
29)4
Jan
Hummel-Ross Fibre Corp
Hussmann-Ligonler Co...
Apr
IHuylers of Del Ino—
Common.
.....1
5)4 May
79
Feb
8X June
Ju y
Illinois Iowa Power Co
May
Mar
May
26
2.150
19)4
100
July
2)4 May
May
19)4
July
3)4
112)4
68
87
20)4
July
Feb
88)4
3)4
Apr
May
June
19)4
:'5 x
May
55X June
X
May
4X
July
8)4
Jau
26
13 X
Jan
14
Jan
11
Jan
5% conv preferred
50
25)4
5)4
Mar
Illuminating Shares A..
Apr
Imperial Chemical Indus—
Illinois Zinc Co
Am dep rota regis
•
£1
May
8)4 June
Jan
hi June
X
m x
Feb
July
10 x
Feb
2X
Feb
6
2
3)4
5)4
25)4
6
1,300
4)4
4)4
100
34)4
3
25)4
24)4
Apr
IX June
100
IX
34 X
IX
6
Dlv arrear ctfs
Feb
Apr
Jan
9)4
4% May
50
*
•11
Apr
Jan
120
120
47 X
6%
Apr
2X
34
600
July
hi
Jan
100
86
100
=
Jan
14
1,900
88
900
675
Jau
12
18
May
20 X
f
10
May
700
55
June
*u
1
June
x5X
7
54
57
24 X
Equity Corp common.. 10c
33 conv preferred.. ....1
May
22)4
17
67
9
Apr
92
May
•
10
9
13
May
2X
32
2)4
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities
Hygrade Food Prod
5
Hygrade flyivanla Corp..*
hi
Equip..5
May
60
Humble Oil A Ref...
20
25
8
75
Jan
68)4
73
100
July
72
73
9X
100
6
72
72
6X
*
A Hardart
56
100
100
100
100
Empire Power part stock.*
Jan
Mar
preferred
Hub bell (Harvey) Ino
67
6% preferi ed
614% preferred
7% preferred
8% preferred
Mar
70 X
Horn A Hardart Baking..*
8)4
64)4
10,000
11
-
•
com*
(A O Co common.. 1
3X May
60
6X
Apr
27 X
June
Jan
Apr
12)4
9)4 May
9)4
70
Border's, Inc..
Horn
13 X
7X
14
27
Holophane Co common..*
Apr
13X
Jan
May
May
Feb
13 X
6
9)4
Co
1
Hoe (R) A Co class A...10
Holllnger Consol G M
5
Hires (Chas E)
4)4
3X
5X
60 X
Mar
4
May
3X
May
24
10
Hey den Chemical
37 preferred series A...*
4
3)4
21)4
Henry Holt A Co—
Participating class A...*
Jan
6H May
Eastern Malleable Iron..25
Jan
Jan
29
7)4 May
23X May
2
25
ex-warr
"500
East Gas A Fuel Assoo—
100
100
50
800
...26
12)4
Preferred
4,200
May
1)4 May
11 ' May
4)4
Jan
May
July
IX
17)4
4)4
300
7
1)4
"~7X "~8~~
2X
2
•
Co common
Preferred
May
»
Class A
""hi "~H
*
4)4 May
16
Hearn Dept Stores com..5
32)4
600
400
1
B non vot common
May
Apr
2)4
1
Haverty Furniture conv pf*
Hazel tine Corp
*
June
110
Apr
Feb
20 X
•s
Hat Corp of America—
20)4
107 X
Mar
14
5X
400
X
9)4
23)4
1,500
X
7X
21)4
67
9X
25
1
Harvard Brewing Co
Jau
107 X
29)4
110
Paper.....10
56 X
Durham Hosiery cl B com
»
Duro-Test Corp common. 1
Duval Texas Sulphur
*
Eagle Plcher lead
10
67
Jan
Apr
Apr
135
25)4 June
IX May
400
*
Gypsum Lime A Alabast.*
HaU Lamp Co
...5
IX
9)4
X
25
Gulf OH Corp
"50
8X
9
1
Guardian Investors
50
108
108
Dubiller Condenser Corp.l
For footnotes see page
Apr
May
6X
4)4
90
64
60
100
Emerson Elec Mfg
49
6X May
4,400
*
Gorham Inc class A..
7)4
Jau
5)4
5
95
*
preferred
Feb
Mar
91
6X
9
Goodman Mfg Co......50
17
lol)4
4H
Gladding MoBean A Co..*
Glen AJden Coal
Jau
4X May
40 X July
*
May
6X
*
Electrographlc Corp..
Mar
65
28 X
Gen Rayon Co A stock...*
2)4
67
10
Eastern States Corp
hi
Mar
70
28)4
Goldfleld Consol Mines.. 1
25 X
..100
4)4% prior pref
6% preferred
65
X May
28)4
Feb
4
6
6
Dominion Tar A Chemical*
Common
Tn
70
Gen Outdoor Adv 6% pflOO
Gen Pub Serv S6 pref
*
7
13
com..
Duke Power Co
Feb
X June
IX
£1
preferred
Jan
Jan
27)4
4)4
25
*
Apr
19
1)4
15
Jan
xlO
20 H
Co common. 1
preferred
32 X
X May
25
25
20 X
Jan
Apr
90
20 X
Apr
xllX
20X
Feb
20
16 X
Hart man Tobacco Co....*
D Iver Harris Co
17X May
May
100
90
90
Godchaux Sugars class A.*
Class B
•
2)4
300
conv preferred... 100
Gamewell Co $6 conv pf..*
Gatlneau Power Co com.. •
Feb
-
100
10
Draper Corp
Jan
Jan
30
18
10)4
22 X
1
10
Dominion Steel A Coal B 25
Inc
400
8)4
IX
X
IX
Dominion Bridge Co Ltd.*
Eb quire
Feb
10)4
8)4
7)4
Llouors new..2)4
Emsco Derrick A
Mar
3)4
*
Distillers Co Ltd—
Empire Dlst
113
June
Gilchrist Co...
16 X
20
Fdy...l
w w
Diamond Shoe Corp com.*
Option
"7-5
Feb
Ap
May
84)4
100
De Vllblss Co common..10
7%
Feb
1
22X May
X May
8)4
Feb
Us May
25
25
Det Mich Stove Co com..l
5)4 %
70
it
3
"E"
50
Am dep rets ord reg
Mar
51X May
84 X May
1
12
112
21
35
Derby OH A Ref Corp com*
A conv preferred
*
Detroit Gasket A Mfg
1
Dobeckmun
May
12
100
18
6)4
Stores
1
Dennlson Mfg cl A com..5
Dlvco-Twln Truck
8H
36 X
Jan
hi May
X June
May
108
Decca Records common.. 1
Distilled
Jan
Feb
Feb
*
preferred
May
May
12 X
Gen Flreprooflng com
*
Gen Gas A El 6% pref B.*
General Investment com.l
98
8)4
Dejay
7%
5)4
9
Amer dep rets ord reg-£l
May
Prod
conv stock
Jan
May
3X
2%
prel.100
Curtis Mfg Co (Mo)
5
Darby Petroleum com
5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Detroit Steel
Mar
IX
General Alloys Co.......*
Gen Electric Co Ltd—
6
Detroit Paper Prod
Feb
S3
Jan
18
Cuban Tobacco com
8% debenture
15 X
July
Apr
10 X
Cuneo Press 6 X%
36 prior pref....
June
12
IX
*
10
5
conv
Apr
Apr
8
8)4 May
May
19)4 May
6)4
25
-
6% preferred
97 X
Jan
X
IX May
Crown Drug Co com...25c
preferred
Cuban Atlantic Sugar
May
9)4
15
May
IX
3X
Internat A..*
Detroit Gray Iron
Jan
20
66
13
*
Crown Cent Petrol (Md).5
A
Jan
May
Crowley, Mllner A Co
Class
May
3)4
May
I
Crystal OH Ref com
100
107)4 108)4
»
May
7
Croft Brewing Co
SO
2)4
39 X
8X
1
Crocker Wheeler Eleo
7% conv preferred
Feb
120
4
300
IX
IX
66
Creole Petroleum
Crown Cork
8X
6)4
10)4
28
1
Fuller (Geo A) Co com
500
.—£1
Ltd
100
July
May
*
Apr
Jan
X
50
preferred
conv
9X
4
6)4 July
17X May
June
IX
3X
23
*
Cosden Petroleum com..
Courtaulds
~7X
~7X
3X
...1
Reynolds
16 preferred A
50
Apr
2
12)4
500
9X
83)4
84
*
Copper Range Co
•
Cornucopia Gold Mines 6o
Corroon A
200
31
1
Conv partlc pref
Fruehauf Trailer Co
May
X
6)4
6X
.*
preference
3,900
6)4
June
7X May
9)4
Common
Feb
40
*
S3 prior
4)4
Fox (Peter) Brewing Co..5
Apr
May
IX
1
Cont Roll A Steel new
com
600
Class B voting
__*
Ford Motor of France—
Amer dep rets... 100 frcs
3X
7
100
Continental Oil of Mex
Cooper-Bessemer
High
July
33
Florida P A L $7 pref....*
Ford Motor Co Ltd—
IX
*
Cont G A E 7% prior pf
9)4
21
9X
8X
Mfg Co
5
Fed Compress A W'h'se 25
Flat Amer dep rets
Fldello Brewery
1
Fire Association (Phllal 100
Ford Motor of Canada—
Class A non-vot..
9X
4X
6X
21
Metallurgical...*
IX
«
June
IX
18
75
100
10
preferred
Consol Royalty OU
May
111
Feb
45
July
500
300
2)4
100
X% series B pref
May
X
2
1
Consol G E L P Bait com.*
4
Low
Froedtert Grain A Malt—
Conn Telep A Elec Corp._l
Consol Biscuit Co
6)4
21
Am dep rets ord ref...£l
Warrants
Commonw
9X
4X
Fedders
Columbia Gas &. Eleo—
Columbia Oil A Gas
Range Since Jan. 1, 1940
Week
23
Fanny Farmer Candy.... 1
May
Share
2
Feb
67
for
of Prices
Low
High
...1
com
8)4 May
H
£1
preferred
Falrchlld Aviation
1
Falrchlld Eng A Airplane. 1
Falstaff Brewing
1
6
Colon Development ord...
conv
Eversharp Inc
Feb
May
4
Colin & Rosenberger Inc.*
6%
Feb
7)4
May
100
Cockshutt Plow Co com..*
Price
Par
48 X
1
Eureka Pipe Line com..50
5)4
May
Cllnchfleld Coal Corp._100
Sale
Aug
Mar
May
30
Sale
Week's Ranoe
Last
High
Low
3H
STOCKS
(Continued)
*
Cleveland Tractor com
671
Friday
for
Week
May
5X
5)4
42
*
Ilium
High
Low
5X
Clayton & Lambert Mfg..*
Cleveland
Exchange—Continued—Page 2
3
Jan
100
28 X
May
47 X
700
2X
Mar
21X May
5X
33 X
4X
Mar
9X
May
4X
May
7X
Mar
June
63 X
Mar
900
;
65
6)4
Jan
6
Apr
May
Apr
Jan
New York Curb
672
STOCKS
Last
reel's
Sale
(Continued)
Par
Price
Imperial OH (Can) coup.
Exchange—Continued—Page
Sales
Friday
Range
of Prices
High
Low
654
634
634
634
6l4
834
Registered
Imperial Tobacco of Can.6
Ireland
&
1,100
300
Jan
13 34
Jan
Jan
£1
6
334
new_734
Service 0% pf-100
preferred
7%
July
24
34
434
10
Pf—100
111
11134
100
Mar
22
10 34
100
IndplsPA
July
Mar
2134
10234 May
113
Feb
July
Apr
Apr
Jan
Non-voting class A
1
Class B
1
34 May
34 July
Feb
Feb
Industrial Finance—
V t c common
1
preferred
100
7%
Ti«
9
International Cigar
C434
63
0434
450
Macb *
Jan
Jan
5034 aMy
1734 June
34
1634
34
23 34
73
Ap»
Apr
Apr
Apr
Internat Hydro Elec—
60
Pref S3.60 series
8
Internat Industries Inc—1
Internat Paper
1%
8
134
& Pow warr
134
5
5
100
534 May
1
1,100
75
234
334
23,300
934
1034
June
434 June
134 May
5,100
1534
234
1234
1034
*
Coupon shares
Registered shares
*
International Products—*
334
Internat Safety Razor B.*
International Utility—
Class A
Class B
100
3
1
300
34
300
534
*
34
34
100
Home
34
Apr
834 June
2334 May
Vitamin—1
International
434
434
834
234 May
634 June
4,400
2,100
9
Interstate Power $7 pref.*
Iron Fireman Mfg v
Irving Air Chute
434
434
25
1454
14
1334
1434
1334
*300
12
100
12
May
May
300
Mar
34
Jan
Jan
Jan
1734
Mar
Jan
17 34
Feb
34
July
May
109
Mar
18
June
36
Jan
2634 May
534
6
June
2734
534
534
200
5
May
334 May
111
Jan
134
05
134
134
20
Jan
Mar
Mar
7334
Mar
1
May,
134 June
*1# June!
400
Kelln (D Emll) Co com..*
1134 June
2
Jan
234
134
Jan
Jan
9
15
Apr
May
334
July
1034
834
Apr
Jan
*
Koppers Co 0% pref... 100
Kresge Dept Stores—
7834
7634
7834
50
75
May
65
Feb
534
Lackawanna RR (N J). 100
Lake Shore Mines Ltd
1
1234
3
12
5 34
1234
100
2,200
Lane Bryant 7% pref..100
3
3
500
96
Lakey Foundry & Mach._l
96
10
Lane Wells Co common.. 1
Lehigh Coal & Nav
Common
57
11434
634
634
634
3934
234
600
30k
"166
6
50
290
634
1,700
300
6%
preferred
Mar
1634
034
34
Mar
434 May
134 May
634
Apr
34
3534
12 34
Apr
July
22 34
Mar
June
134
Apr
21
May
7 34 June
3
Feb
Feb
Mar
Llpton (Thos J) Inc—
Jan
1
Feb
94
Feb
534
Apr
May
5
May
534
2434
1134
May
Jan
164
July
11734
934
41
34 May
Jan
Apr
Apr
1
Jan
234
734
May
Apr
Jan
150
13934 May
171
1534 May
26
Jan
150
z2234
July
30
Jan
34
234
*22 34
168
2334
May
234
5 34
534
2,100
1,400
1034
1034
200
14
1434
150
3
Apr
Jan
54 May
434
434
234 May
434 May
12
12534
Jan
Feb
634 May
Nachman-Sprlngfllled
1
com
*
34
13
14
31
Feb
1134
Feb
500
11
June
35
934
10
1134
1034
"33 k
34~"
1,800
7,700
"360
3
300
Nat Rubber Mach
*
National Steel Car Ltd...*
National Sugar Refining.*
2734
734
5
134
134
34
34
654
Feb
10
June
54 M
7
May
1134
Feb
834
Mar
100
534 May
834
Jan
100
1
10
134
1
334 May
34
2,600
8
May
May
May
11034
May
8434 May
3
1234
154
134
1234
Jan
Apr
Feb
July
Jan
117 34
Apr
8434
May
May
6
Jan
434 May
34 June
7
Apr
1834 June
834 June
*
63
6334
150
11634
11534 11634
30
55
May
18
6334
May
11034 June
334 June
1034 May
1
Jan
3034
Apr
1334
7034
2534
Jan
Apr
834
May
1534
Apr
Apr
1434
500
59
61)4
500
49
26
26
100
26
July
2
61
Feb
354
May
54
1
*
July
Jan
Jan
136 34
14
New Mex & Ariz Land...l
com
Jan
Jan
Apr
24
»
New Process Co
N Y Auction Co
July
Feb
9734
334
200
4%non-cum.l00
Jan
2
334
44
200
Nestle Le Mur Co cl A...*
Nevada Calif Elec new..10
Jan
154 May
3134 May
7034 June
1,200
534
(Herman) Corp
6
Neptune Meter class A...*
New England Tel & Tel 100
New Haven Clock Co
*
New Idea Inc common
*
New Jersey Zinc
25
May
June
30
*
100
May
734
10
Jan
1734
Apr
4734
Apr
1434 May
Jan
1334
5
National Tea 534% pref. 10
National Transit
.12.50
Nat Tunnel & Mines
*
Pow Assoc
Jan
Jan
Apr
234
preferred
Mar
8134
34
*
preferred
Mar
10
May
1134
600
$2
17 34
June
1134 May
34 May
10
July
90
New Engl
Apr
400
87 34
cum
Apr
May
1334
10
34
*
3%
2154
142
834 May
34
Nat Mfg & Stores com
*
National Oil Products...4
National P «fc L $6 pref
National Refining com
May
6
*
Nat Bellas Hess
May
July
034
75
Nelson
May
1234 May
11
7034 May
134 June
...100
Jan
100
May
10734 June
100
7 34
3934
•
common
Apr
Apr
May
Mountain States Power-
2534
434
Apr
Mar
234
6
Mountain City Cop com.5c
Mountain Producers
10
934 July
234 May
Jan
Apr
May
Apr
834 May
12034
Jan
634
Monogram Pictures com.l
Monroe Loan Soc A.
1
Montana Dakota Util__.10
Apr
z71
Jan
July
May
334
"3934
Mar
34
34 May
2
"30k
57
11234 11434
$2.60
z6 34
34
*
67
134
30
Jan
Apr
Apr
N Y
13
...25
13
100
13
*
common
34
Loblaw Groceterias cl A..*
Class B
»
Locke Steel Chain
Lone Star Gas Corp
6
934
*
1234
834
13
934
150
2,200
10
May
734 May
Long Island Lighting—
Common
16n
1
100
36
32J4
3534
3234
36
100
Loudon Packing
*
Louisiana Land & Explor.l
Louisiana P & L $0 pref..*
434
434
1,300
June
134
4834
Jan
24
24
May
44 34
Jan
134 May
334 May
10134 10234
60
92
June
Mar
2
Mar
Apr
Apr
Apr
21
1,300
100
Jan
25
Jan
100
preferred
Common
10
6%
1st preferred
6% 2d preferred
Jan
134
100
86
42
34
534
*
Mead Johnson & Co
»
Memphis Nat Gas com
MercantUe Stores com
6
Merchants & Mfg cl A
1
139
300
534
400
139
140
434
20
434
100
*
98
100
39
34
Feb
234
Jan
5
Jan
.
3,600
234
Feb
Jan
May
334 May
11
May
Apr
434
434
634% A preferred... 100
Mesabl Iron Co
1
68
3 34
"366
434
434
600
34
Participating preferred.*
Merritt Chapman «k Scott *
Warrants
34
20
17034
Apr
534 May
1834
Apr
5
I
Common
$6
II.*
Nor Ind Pub Ser 0%
pf.100
7%
preferred
34
134
25c
15
675
68
100
10334
10334 10334
30
334
6,000
July
34
Mar
Ohio Brass Co cl B com..*
Ohio Edison $0 pref
*
2134
2134
75
134
100
134
3534
July
Jan
Feb
July
4234
Jan
134
Jan
534
Jan
Engineering..*
com
Ohio Oil 0% pref erred.. 100
Ohio Power 0% pref...100
2654
Jan
52
Feb
95
May
May
May
7
May
May
•h
354
110
Jan
Mar
May
17
May
95
May
11734 May
934
Apr
Jan
1534
21
Apr
3834 May
334
Aug
2434 May
11054 Mar
94
June
107
Apr
11634
Feb
12
334
34
3 34
Feb
534
Feb
9934
Feb
7134 May
934 Mar
Jan
100
1534
Mar
»»»
1
Apr
700
*
34
Apr
Feb
Mar
6
1034
4
200
Mar
134
97
1034
Ogden Corp
34
Jan
92
87
15
May
4434 May
34 Mar
234 May
N0vadel-Agene Corp
July
Jan
634
2054
15
Jan
76
Apr
103 34
57
200
July
May
May
754
29
May
May
600
434
50
108
May
1,200
82 34
2134
16
8234
100
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest
34
34
81
2034
.1
preferred
3034
34
June
May
834 May
34 May
334 May
Mar
Jan
Jan
Apr
Nor Amer Lt & Power—
May
4
Apr
109
Jan
50
2
334
May
July
85
200
1034
1534
100
67
73
334 May
25
3 34
334 May
100
0% prior preferred... 50
No Am UtUlty Securities. *
Nor Central Texas OH...5
9 34
Jan
May
34 May
Corp B 1
Apr
July
34
434
5
North Amer Rayon cl A._*
Class B common
*
434 May
123
May
534
J»i
62 34
134 July
134 May
2134
Jan
1
May
60
86
4
McCord Rad & Mfg B__
McWilliams Dredging
11
375
83
62
June
May Hosiery MiUs Ino—
$4 preferred
8134
434
•
2
400
98
100
Noma Electric
"266
2354
10
300
100
Nipisslng Mines
2
83
434
100
Apr
30
434
Nineteen Hundred
17
2
Jan
17
NIles-Bement-Pond
July
2934
534
Jan
10
May
Communica'ns ord reg £1
1
106
534
Feb
10
29
1
106
Mar
Jan
Massey Harris common..*
1834
Class B common
Class A preferred
May
300
18
Class B opt warrants
Niagara Share—
10
334
11834
May
May
Class A opt warrants
Apr
Apr
Apr
30
234
Mar
Niagara Hudson Power-
134
25
*
Jan
934
30
10434 10434
1834
534% preferred
100
New York Transit Co
5
N Y Water Serv
6% pf.100
29 34
Marconi Internat Marine
Margay Oil Corp
2834
May
103 34
»
Jan
25
15
Apr
May
7
1534
Shipbuilding Corp—
June
Manlscbewltz(The B) Co.*
Mapes Consol Mfg Co..
nav
15
Founders shares
1
New York State El <fc Gas—
20
*
Master Electric Co
$0
N Y
34 May
134 May
22
1
Marlon Steam Shovel
Mass Utll Assoc v t o
City Omnibus—
Warrants..
N Y & Honduras Rosarlo 10
N Y Merchandise
10
N Y Pr & Lt 7% pref__100
20
22
6
preferred
Jan
234
6 34
10634
1
4 34
Manatl Sugar opt warr.
Mangel Stores
Mar
1054 May
250
100
common
34 May
13 34
50
3334
Ludwlg Bauman & Co com*
««#>
800
43 34
634
Develop...26
G) Inc..l
F" footnote*
7
1
Monarch Machine Tool..*
75
12
934
134
Missouri Pub Serv com..*
Mock Jud Voehrlnger—
0%
Le Tourneau (R
Corp
634
July
1534
*
Line Material Co
100
1134 June
434 May
1
....
97
125
§NebeI (Oscar) Co com...*
Nebraska Pow 7 % pref. 100
Nehl Corp 1st preferred..*
934 June
»
7
Jan
19
10
Navarro OH Co
Langendorf Utd Bakeries—
»
Mar
May
134
Mississippi River Power—
0% preferred
100
9034 May
Apr
Jan
»ii
12
109)4
3934
4% conv 1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
June
434
Mar
460
134
Nat Union Radio new..30c
K!elnert(I B)Rubber Co. 10
Knott Corp common
1
Partlc preferred
106
15
50c
11
Apr
95
Klrkl'd Lake G M Co Ltd. 1
Metal TextUe
*
Mid vale Co
Mid-West Abrasive
1034
Mar
55
June
July
June
4J4
15
National Candy Co
*
National City Lines com.l
$3 conv preferred
50
National Container (Del). 1
734
11234
34
5
National Breweries com..*
8134 June
65
200
1,100
*
dlv shares.*
Mar
034
*i» May
Kings Co Ltg 7% pf B.100
6% preferred D
.100
Kingston Products
...1
Klrby Petroleum
1
conv
cum
Mar
120
*
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
$6
non
National Fuel Gas
113
Keith (Geo E)7% 1st pf 100
o.
$2
9534
97
Lefcourt Realty com
Conv preferred
234
18
634
Murray Ohio Mfg Co
*
Muskegon Piston Ring.234
Muskogee Co common...*
90
Apr
9
Midland Steel Products—
Feb
3,100
Lynch Corp
preferred
conv
2 34
10434
2334
Conv 7% 1st pref
Conv 7 % 1st pf v t
1
1
May
Apr
May
7% pref class A
0% pref class B
t c
t c
Mountain Sta Tel & Tel 100
102
preferred
v
v
334 May
May
Ken-RadTube&LampA *
""260
jMoorc (Tom) Dist Stmp 1
Mtge Bank of Col Am shs..
Jan
May
0%
Class A
Mar
634
34
90
KansasG&E7% pref. 100
734
Middle West Corp com..5
Midland Oil Corp—
2334
80
Class B
734
734
734
16634
75
Lit Brothers
Micromatlc Hone Corp__.l
*
Montreal Lt Ht & Pow..*
20
Class A
Apr
Moody Investors part pf.*
9934
Kobacher Stores Inc
134
634
4
Apr
9234
Key Co common
July
May
July
54
July
9934
Kennedy's Ino
Apr
•x»
May
92
2234
8
54
100
90
534%
104
May
May
6%
2234
May
434
Middle States Petroleum-
1
104
34
100
10
134 May
*
preferred
100
preferred
100
7% preferred
100
Jones & Laughlln Steel. 100
Julian & Kokenge com--1*
1,400
May
1834
Apr
10834
Jan
34 June
34
534
4334
Jersey Central Pow & Lt—
Oil
Preferred
Feb
34
434
Minnesota Mln & Mfg
*
Minnesota P & L 7% pf 100
37
Mar
34
1
Jeannette Glass Co
104
34
534
Jan
534 May
134
Apr
434
1034
13 34
High
34
Feb
Mar
*
acobs (F L) Co
May
334
34
1
t c—*
1
Italian Superpower A
Leonard
*
Montgomery Ward A
4*4
Equip.. 1
Interstate Hosiery Mills..*
Investors Royalty
preferred
Molybdenum Corp
$3 .60 prior pref
*
Warrants series of 1940.
Low
934
19 34
934
Range Since Jan. 1, 1940
Shares
Mining Corp of Canada..*
Feb
July
High
Midwest Piping & Sup...*
634 May
Jan
534
34
534
Low
Jan
1934
May
ht
*
$1.76 preferred
334
834 June
934 June
Price
Apr
International Petroleum—
Interstate
$6
Midwest Oil Co
Internat Metal Indus A._*
Week
Michigan Bumper Corp_.l
Michigan Steel Tube
2.50
Michigan Sugar Co
*
$2
Insurance Co of No Am. 10
for
of Prices
Metropolitan Edison—
Class B
Indian Ter Ilium Oil—
Week's Range
Sale
Par
1234
1234
Sales
Last
Hihg
534 June
634 May
734 June
2,300
Indiana Pipe Line
Indiana
TOCKS
(Continued)
Low
Imperial Tobacco of Great
Britain
Friday
Range Since Jan. 1, 1940
for
Weel
Shares
Aug. 3, 1940
3
654 June
134 June
11054 May
Volume
New York Curb
151
Sale
Par
Ohio P S 7% 1st pref
6%
Week's Range
Last
STOCKS
(.Continued)
96
~17%
17%
Oklahoma Nat Gas com. 16
Apr
Apr
21%
Apr
St Lawrence Corp Ltd
*
Class A $2 conv pref. .50
St Regis Paper com
6
July
13% May
"600""
18
39
May
50
Mar
100
prior pref.—*
*
Omar Inc
1
Overseas Securities
*
Pacific Can Co common..*
May
117
Mar
150
48%
48%
60
preferred
$5%
Ryerson & Haynes com__l
5%
Ollstocks Ltd common...5
$3
Mar
8%
June
25
106
116%
108%
May
conv
<1.30
Feb
3%
Feb
Savoy Oil Co
15%
May
Paramount Motors
19
July
29%
Mar
44
June
63
Mar
108%
95%
Feb
May
May
6%
Feb
Feb
Jan
Feb
20
9%
6%
Feb
Jan
3%
Jan
Seem an Bros Inc
12%
Feb
"37%
10%
Jan
May
35%
Jan
Selberllng Rubber com...*
Selby Shoe Co
*
41
May
49%
Feb
"TOO
37%
%
Segal Lock & Hardware. .1
May
600
Apr
36%
May
May
32%
Apr
%
Mar
%
July
5,000
2%
1%
May
2%
Jan
800
11%
Jan
22%
Apr
Sentry Safety Control
Serrlck Corp
*
64
Apr
65
Jan
33
June
May
Shattuck Henn Mlnlng___6
60c
2%
1
1%
com.l
15%
Corp com
Airlines
2
Mai
3
May
'
16%
Pennsylvania Edison Co—
$5 series
pref
$2.80 series pref
A
CI ass
Penn Pr & Lt $7
$6
% May
103% May
25
111% 111%
*
*
50
20
pref
preferred
Penn Salt MfgCo
97% May
rl58% May
Amer dep rets reg
Jan
113%
Mar
112
Feb
May
1
8%
8
8%
32
30
4,500
650
Pierce Governor common. *
1%
1%
"""500
8%
120
Jan
July
Feb
May
29%
3%
31%
0%
Feb
May
15%
Mar
May
47%
18%
Apr
May
5
20%
Jan
1
June
2
Jan
Line stamped
$3
conv
Solar Mfg Co
Apr
45
Feb
South
1
10%
10%
10%
1,100
Apr
Southwest Pa Pipe
Pittsburgh & Lake Erie. 50
59%
58
60
510
43
May
13%
61%
Jan
Southern
11
100
9
May
82%
400
65
June
2
300
8
7.50
Plough Inc com
11
77
8
100
Powdrell &
Power
Alexander
3%
4
4
Jan
15
Feb
Southern Pipe Line
Mar
10
Feb
300
4%
May
%
July
May
2%
8%
May
7n
June
5%
Jan
50
102
102
*
600
9%
Feb
95
May
Apr
9%
102% May
rl04%
6%
May
107
4%
May
100
100
10
111
111
109
June
May
113%
Mar
Public Service of Indiana—
$6 preferred
100% May
92%
92
92%
100
67
May
41%
41%
43%
225
35
May
69% May
99
*
*
$7 prior preferred
June
109%
Feb
113% May
0% prior lien pref... 100
104% June
7% prior lien pref...100
80%
83%
925
24
23
25%
4,450
19%
18%
20
1,100
83
*
$0 preferred
*
Puget Sound Pulp & Tim *
Pyle-Natlonal Co com
6
Pyrene Manufacturing.. 10
prior preferred
58
May
13% May
11%
Jan
7%
'""e"
"o"
"""100
4%
May
May
86
Jan
32%
Jan
7%
Feb
155
20
142
May
155
July
8
May
13
Feb
com—*
11%
40
19%
20%
Feb
Feb
6% May
34
May
%
16%
May
1,000
200
5
5
50c
Reliance Elec & Eng'g—5
4%
May
in
July
May
July
10
4%
...
4%
4%
'I'lOO
4
May
J12% June
1
*
1
4
1%
1%
"Too
%
May
1% May
14
Feb
41
July
1%
2%
26%
6
Feb
Jan
Jan
%
13%
Mar
6%
19%
Mar
*5%
Jan
2%
Apr
Apr
Co-
104"
7i«
Jan
May
94
May
104%
105%
116%
July
July
Feb
%
200
"50
Rochester G&E10 % pf C100
0% preferred D..
100
Rochester Tel 0)4% prflOO
Jan
95
%
104""
%
1
Voting trust ctfs
100
30
Reiter-Foster Oil
Radiator
116%
11
Inc—*
Feb
May
14
Jan
Standard Pow <fe Lt...
Preferred
Standard Products Co
8%
8%
300
6
2
2
100
1%
Jan
1%
5
May
Root Petroleum Co
20
4%
Rossla International
Royalite OH Co Ltd
Royal Typewriter
Russeks Fifth Ave
Rustless Iron & Steel
$2.50
conv
pref...
n*nn»e--
6%
11%
Jan
2%
Mar
May
6%
Aug
100
2%
Jan
1%
1%
100
Jan
5
July
1%
May
8
May
1
May
1%
6%
16
1%
Mar
%
4%
%
12%
3%
3%
July
7%
Apr
*u
Jan
Mar
Feb
Jan
Feb
Jan
%
16%
Jan
Mar
100
15%
May
24
Mar
1%
300
1
May
49
50
250
400
26%
May
20%
41%
Feb
May
250
100%
June
110%
%
%
520
%
June
%
May
Jan
6,400
ht
Aug
%
20
Mar
27%
Jan
May
10%
Apr
he May
*i»
19
May
40%
Jan
1
Jan
1%
Feb
%
li«
250
25
24
23%
24%
200
16%
May
15% May
%
%
%
ht May
800
100
1%
675
3,100
4%
1%
400
15%
May
50
Apr
July
5
July
May
2%
Jan
Jar
50
33
Jan
8
8
8
50
6
May
7%
7%
200
1%
1%
1%
300
2
1%
2
600
1%
Aug
1%
May
Stocks._*
*
Tobacco Secur Tr—
Ordinary reg
registered
Todd Shipyards Corp
.£1
5s
21
Jan
Jan
62
Feb
15
Apr
4%
38
Feb
Apr
9% May
9%
Apr
2
Jan
3%
4%
Feb
%
9
200
6%
May
10%
13%
9
9
100
8
May
15
1%
1%
600
1%
May
2
May
Jan
Feb
1%
9
Jan
Jan
Apr
Apr
Apr
Jan
13
Apr
36
Jan
Jan
21
40%
May
33%
13
Jan
Feb
5
2%
July
9%
Jan
900
2%
May
6
3%
Jan
300
25%
%
May
"T%
7*300
%
Jan
30%
%
1%
10%
1,200
8%
May
16%
*17% *17%
r%
7%
200
27
.....
1%
9%
Apr
Jan
Jan
Apr
Feb
Mar
114
103
7%
200
May
2
pref.. 100
Co
2
Shovel Co com
5
A Constr *
Jan
May
*i» Mar
Texon Oil A Land
Def
5%
2%
Texas P & L 7%
Tobacco A Allied
May
May
35
2%
*26%
Tobacco Prod Exports
8
2
35
2%
A—1
Mar
4%
1%
300
35
.1
Mar
40
"Io% "ii%
4%
11%
39% June
10% June
Tampa Electric Co com.
5
Mar
1,200
15
05
Mar
11
18%
34%
18
Class B common
June
42
Feb
14
100% 106%
34
1
.1
2%
6
18%
Machinery....—*
Co
—1
— 1
Roofing Inc
Mar
Jan
2
May
50
Superior OH Co (Calif)..25
Superior Port Cement—
$3.30 A part.
*
Tilo
Jan
2%
6%
5%% conv pref
Thew
Apr
600
May
7% June
Sunray Oil
Tlshman Realty
2%
1
*
nasf
100
500
May
16
6%
16%
8%
Sun Ray Drug
Taggart Corp com
Apr
4% May
20
May
7%
Apr
%
6%
7%
Swan Finch OH Corp
Apr
Jan
Ordinary shares
2% May
50
Co—1
Consol Petrol
*
For f
4%
%
%
*
*
Ryan Aeronautical
Ryan
Mar
300
phate & Acid Wks Inc.20
ord reg—£1
Rome Cable Corp com—5
pref
170%
14%
1%
6
Standard Tube clB
1
Standard Wholesale Phos¬
Sullivan
Jan
72
Feb
7%
3%
6%
%
Starrett (The) Corp v t c.
Jan
2
Mar
4%
1
*
_*
1
1
Taylor Distilling Co
1
Technicolor Ino common.*
conv
1% June
3%
6%
106%
fTastyeast Inc class
Am dep rets
$1.20
Mar
200
66
100
$5 preferred
Rolls Royce Ltd—
Roosevelt Meld Inc
30%
30%
Stroock (S) Co
10%
Feb
1,000
20
Reeves (Daniel) common.
Roeser & Pendleton
10
Standard Oil (Ky)
Jan
June
% June
*
*
Reed Roller Bit Co
11%
40
11%
*
60c
Rio Grande Valley Gas
Mar
May
24% June
$1.60 conv preferred-.20
Standard Invest $5% pref *
Feb
%
%
Raymond Concrete Pile—
Common
...—*
Richmond
40%
27
100
167
1
Common
*
Stein (A) & Co common..*
Sterchl Bros Stores
*
0% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc.
1
Sterling Inc
1
Stetson (J B) Co com.—*
Stlnnes (Hugo) Corp
5
*u June
5% June
1,100
Railway & Utll Invest A_1
Raytheon Mfg com
Red Bank Oil Co
May
400
28%
Steel Co of Canada—
%
Jan
30%
1%
Standard Steel Spring
125
warrants
Republic Aviation
Rheem Mfg Co
Rice Stix Dry Goods
*
*
Standard Cap & Seal com. 1
Conv preferred
10
Standard Dredging Corp—
Apr
Mar
June
2%
28%
Inc
10%
94
Jan
30%
Standard Brewing Co
Standard Silver Lead
180
155
100
*
preferred
Apr
100
May
Mar
5
1%
3%
1%
*
Spencer Shoe Corp
May
Radio-Keith-Orphuem-
S3 conv
Apr
200
5%
29
101% 103
Quaker Oats common...
preferred
1%
2%
4%
25
Preferred A
Common class B
Puget Sound P & L—
Quebec Power Co
Feb
3%
1%
Standard Oil (Ohio) com 25
Public Service of Okla—
Ry & Light Secur
Soutnern Union Ga-
Stahl-Meyer
May
Jan
2% May
105% Mar
%
Feb
May
Jan
1st preferred
*
Spanish <fe Gen Corp—
Am dep rets ord reg..£l
$6 preferred
Optlon
10
*
42
2,500
July
Apr
Mar
1%
100
100
May
%
May
500
Southern Phosphate Co. 10
Public Service of Colorado
0%
7% preferred
Jan
Feb
9%
155
100
1%
Southern Colo Pow cl A.25
Apr
1%
4%
1%
Mar
35
South New Engl Tel...
May
Jan
June
Jan
Jan
%
4
1%
%
5% original preferred.25
2% May
32
6%
Apr
22%
Apr
6% June
Line. 10
Spalding (A G) <fc Bros...l
*
*
15%
Jan
1%
25'
6% preferred B
5%% pref series C...25
11
1%
100
Southland Royalty Co...6
Prudential Investors
May
Edison—
Jan
Providence Gas
$5
Calif
May
7%
%
8
Feb
Apr
July
2%
May
500
6%
%
Jan
Mar
44
Jan
%
11%
35
Apr
7%
May
Apr
Jan
8%
Nev__20
Prosperity Co class B
*
114%
May
24%
1%
Metals of Am
May
106
22
81%
Producers Corp of
7%
50
28
July
*
1
100
T%
July
%
Jan
June
25
Penn OH
May
75
18%
1%
10
Prentice-Hall Inc com
1st preferred
1st preferred
62%
%
55
Premier Gold Mining.... 1
0%
750
95
*
Pratt & Lambert Co
Pressed
100
Apr
600
300
100
Corp. of Canada..*
1st preferred
6%
"June
200
"11
3%
Apr
6%
2,400
105%
105
Mar
13%
104
%
25c
5
5
Potero Sugar common
1% May
7% June
10
Pneumatic Scale com...10
Polaris Mining Co
8%
*
2
Mar
3% May
10
May
1,000
%
1
1
Sonotone Corp
May
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Mar
Sioux City G & E 7% Df 100
Skinner Organ
6
May
Pittsburgh Metallurgical 10
1%
8%
*n
1%
May
Forgings
Jan
2%
reg.£l
8
Pittsburgh
Apr
9%
100
Singer Mfg Co
Singer Mfg Co Ltd—
6
500
60
Jan
100
5
4%
39
6%
*6%
12
12
*
50
*
May
July
pref
1
South Coast Corp com__.l
Meter
Apr
25
common
Boss Mfg com
Pitney-Bowes Postage
Pitts Bess & L E RR
Jan
59%
May
Simplicity Pattern com..l
Simpson'8 Ltd B stock...*
4% June
113% June
9%
Pioneer Gold Mines Ltd_.l
%
6%
May
Shreveport El Dorado Pipe
Amer dep rets ord
A. 10
May
June
35
100
Sherwln-WlUlams of Can. *
185
com..25
Simmons H'ware & Paint
May
200
Jan
Jan
5%
5% cum pref ser AAA 100
bherwln-Williams
Jan
4
4%
4%
11%
11%
71%
75%
110
110%
3%
11%
Jan
May
4%
%
1%
8%
11
19
2
Phoenix Securities—
Conv $3 pref series
4
8%
22
4%
May
6
Mar
100
__.*
Jan
May
Simmons-Boardman Pub—
24
10
%
3%
1
Silex Co
24
115% 115%
%
%
Jan
May
1
Common
£1
1
1
Jan
53
pref
*
Phila Elec Pow 8% pref.25
Apr
Mar
Selfridge Prov Stores—
Apr
125
Phila Elec Co $5
40
37
16%
69%
Philadelphia Co common.*
Apr
June
35
2%
5
72%
90%
28%
68%
24
*
Phillips Packing Co
stock
Feb
12
69%
100
Pilaris Tire & Rubber
%
1
Convertible
$5.50 prior stock
25
Allotment certificates...
53% May
Pennsylvania sugar com
Penn Water & Power Co.*
Pepperell Mfg Co
Perfect Circle Co
%
Common
Shawlnlgan Wat & Pow..*
*
common
Jan
1
500
Too
8eton Leather common.._*
*
Pennsylvania Gas & Elec—
%
"43% "45"
16%
May
Cent
July
Mar
8%
May
Penn
9%
1
14,700
4
3%
30
Pennroad
May
•u May
Selected Industries Inc—
May
27
Penn Traffic Co
4%
%
*
6
300
45%
22%
2,300
Securities Corp general...*
20
300
1,700
1
%
2% June
1,200
1,600
9
*
*11
Fuel..
Jan
Water Service $0 pref..*
Sculln Steel Co com
*
June
72
24
25
*
Penn-Mex
May
Scranton Lace common..*
Scranton Spring Brook
100
Mfg
100
10%
26%
10%
...*
common
25
$1.40 preferred
34
Rcranton Elec Sfi pref
Hchiff Co
Peninsular Telephone com*
Class B
Jan
May
Jan
Jan
10
"~7%
45
14
31%
3%
45%
1
%
May
8
*
Grocery A
July
May
100
6
35
26%
Patchogue-Ply mouth Mills *
Pender (D)
Jan
May
Scovlll
100
3%
T
May
1%
Apr
10
7%
May
9%
July
29
Warrants
Parkersburg Rig & ReeL.l
81%
May
34%
Corp.l
Parker Pen Co
May
7u
May
20
3
48%
500
%
Apr
28
4
shares
550
%
May
13%
Pantepec OH of VenezuelaAmerican
63%
56
Jan
Apr
2
July
Feb
*
preferred
1st
8,200
15%
4%
4%
3
2%
2%
63%
4%
May
300
82
82
Feb
May
9
900
13%
33%
29%
29%
104% 104%
29 %
5%% 1st pref erred... 25
Pacific Lighting $5 pref..*
Pacific P & L 7% pref. .100
Pacific Public Service
*
2
May
%
100
13%
32%
1st pf.25
High
Low
100
%
1
8%
1%
Range Since Jan. 1, 1940
for
Week
Shares
2
100
May
5
%
%
Samson United Corp com.l
Sanford MUls
*
Oliver United Filters B
Pacific G & E 6%
7% preferred
Salt Dome Oil Co
Low
Price
Par
Range
of Prices
High
Sale
High
Low
Week's
Last
STOCKS
(Continued)
Shares
104
106
1,1940
Range Since Jan.
for
High
673
Sales
Fnauy
Week
of Prices
Low
Price
100
100
1st preferred
Exchange—Continued—Page 4
Sates
Friday
May
2%
Jan
May
24%
Apr
Apr
12%
July
7
%
Jan
48%
May
3% May
10%
%
Mar
55
May
15
1%
69
Apr
Jan
5% May
10%
%
Apr
76
Jan
Apr
Apr
New York Curb
674
STOCKS
Last
Week's
Sal«
(Concluded)
Par
100
7% preferred
100
Tonopab-Belmont Dev. 10c
Tonopab Mining of Nev_~
Toledo Edison 6% pref
106
for
Ranoe
of Prices
High
Low
Price
95
10
104
500
1%
234
100
2%
hi
•n
600
1%
1
234
Trl-Contlnental warrants
100
Trunz Pork Stores Inc—
Tubize ChatUlon Corp—
Class A
%
May
3* May
ar834
Jan
634
6%
3%
Union Gas of Canada
8
Jan
Apr
3* May
3* May
1%
Feb
734 May
2 ?4 Mar
134
Jan
1
Jan
m
834
874
200
12%
11?*
1234
4,700
10?*
1
10?*
100
United Chemicals com...*
S3 cum A oart pref—
Un Clgar-Whelan
United
Sta._10c
34
%
Elastic Corp
United Gas Corp com
1
i%
10934
13*
134
10834 110
United G A E
3,800
United Lt A Pow com A..»
Common class B
1st preferred
United Milk Products
50
"16
16
*
30
28
3034
_
S5 1st pref with warr
*
U S Lines pref
*
2%
1
20
U S Plywood
51 34 conv pref
~31%
1
com
1st S7 conv pref.
United Wall Paper
Jan
1967 y bbbl
13*
39
Apr
,27
Apr
53*
8
June
71
62
550
23*
23?*
234
20
3134
200
1J4 May
193* June
100
26
600
1
47
May
May
6
Universal Products Co
Jan
18?*
200
50
18?*
"l7
"17"
"50
13*
600
6534
*
134
663*
60
1
13*
134
134
1834
2734
13*
18
263*
Debentures
434s
x
x
7% pref.. 100
Vogt Manufacturing
*
93*
Vultee Aircralt Co
1
7
93*
7?*
Waco Aircraft Co
•
3?*
4
Wagner Baking
7% preferred
*
200
1,000
bbb3
Associated Elec 434s
1953
y
b
z
dddl
dddl
Mar
Mar
2
Apr
May
72
Apr
Feb
Jan
June
6534
Apr
*11
Jan
234
Apr
13*
Mar
July
29
Apr
May
?4 May
63
May
7
May
634 July
30
Apr
Walker Mining Co
"ie
Wayne Knitting Mills...6
Wellington Oil Co
l®
13
VA
500
13
VA
100
VA
♦Debenture 6a
♦Conv deb 534s
Assoc TAT deb 5 34s
Atlanta Gas Lt 434s
A '65 y b
1955
500
hi
July
12?4 May
134 Aug
Jan
84
May
12
Apr
10
1%
43*
4
"98"
1950
b
Bell Telep of Canada—
1st 5s series B
1957
aa
aa
Birmingham Elec 434s
Birmingham Gas 5s
1968
x
bbb3
Broad River Pow 5s
1954
y
bb
Canada Northern Pr 5s
Canadian Pac Ry 6s_.
Cent Power 5s ser D—
Cent States Elec 5a
1953
x
a
1942
x
a
1
1959 y bb
1948 y
100
534
43*
534
600
43*^43*
l
100
6
434
6
33*
434
300
2,800
£20
22
Bogota (see Mtge Bank of)
♦Cauca Valley 7s....1948
9
9
May
5934
May
1734 May
Jan
113*
Apr
73*
Feb
53*
Jan
May
3* May
7?* May
5?* May
034
Aug
73*
Mar
2
113*
934
Jan
May
112
Jan
Mar
Apr
334 May
434 May
434
734
Jan
43*.June
53*
Jan
£11
5
10334
65
10054
15,000
3,000
63
15,000
3334
49,000
773*
14,000
4934 140,000
995*
83?*
9534 1023*
2534
41
-534
4134
6434
77
783*
95 34
8034
78 ?4
76
78?* 225,000
75 ?4
1,100
6514
785*
7554
Cities Serv PAL5348
1952
634s
y
77
y
"85?*
Conn Lt A Pr 7s A
x
66
7734
77?*
9,000
94,000
14.000
92,000
66
78
85
aaa4
1969
x
aaa4
1954
x
aaa4
y
b
87
87?*
98?*
109
109
11034
3,000
107
107
5,000
763*
9254
75?*
92 34
81
98?*
127
130
£125
aaa4
x
1943
N
7554
51,000
973*
"97?*
1971
1951
Consol Gas El Lt A Power—
6 9 34
7734
8534
b
bb
37
75?*
76?*
1949 y b
Community Pr A Lt 68—.1957
Jan
Tobacco 5a
—£1 28
1353*
105
11134
10434 109
"'91?*
1955
x
a
2
1959
x
bbb4
106 54
1956
y
bb
90 ?4
50
"9634
Delaware El Pow 534s
Eastern Gas A Fuel 4s
2
Edison El 111 (Bost) 334s,. -1965 x aaa4
Elec Power A Light 5s ....2030 y b
4
12434 128
130
87
4
Cudahy Packing 3?*s
96
89?*
9234
50
9634
106 34 10654
80
78?*
793*
£110
"843*
83?*
15,000
75
69.000
80
94
5,000
13,000
11,000
58,000
45
6134
9934
8434
Elmira Wat Lt A RR 68—1950
El Paso Elec 5s A
1950
x
x
bbb3
£105
107
x
bbb2
105
105
45
46
136", 000
1952
a
4
119
119
Ercole Mare 111 Eleo Mfg—
034s series A
1953 y b
Erie Lighting 5s
1967 x a
Federal Wat Serv 534s
Finland Residential Mtge
Banks 6s-5a stpd
Florida Power 4s ser C
Florida Power A Lt 6s
1954
y
b
£107?4 108
983*
99?*
4
£33
1901 y cccl
—
123*
Feb
Jan
5s ex-warr a temped
G»tin«au Power 3?*s A
x
bbb3
1944
y
bb
1909
x
a
103
bbb3
x
104 3*
8534
112
70
8434
7,000
110
120
103
9,000
"6660
106
1015* 1053*
23
473*
10634 1095*
2~2~666
89
10134
22 34
47?*
103
103?4 10434
107
745*
11,000
30,000
57
983* 1043*
100
105
Gary Electric A Gas—
634
1966
1954
119
903*
93
104
108
11034
Empire Dlst El 6s
June
♦General Rayon 6s A
Gen Wat Wks A El 5s
Georgia Power ref 5s
Georgia Pow A Lt 5s
Jan
7?* June
29
Feb
£10034 101
6534 67
£98
1956
y
bb
1948
z
ccc2
1943 y bb
1967
x
4
1953
z
b
y
bb
"72
3*
ccc4
1941
y
1950
Gr Nor Pow 5s stpd
1950
Green Mount Pow 3?*s—1963
x
a
3
x
a
2
x
aa
2
y
b
2
y
ccc2
Grapd Trunk West 4s
15
Grocery Store Prod 6s
1945
Guantanamo A West 6s—.1958
20
14
Feb
1534 May
Guardian Investors 5s
1948 y c
£11
15
14
June
16
Apr
♦Hamburg Elec 7s
1935
£23
40
18
May
52
Jan
1953
£18
45
20
May
49
Mar
♦Hamburg El Underground
A St Ry 534s
—1938
£3
£11
25
0
Mar
7
15
7?*
May
734 May
18
94
102
83
10054
100
£13
7134
£70
£59
72
70
~i7~.666
29,000
21,000
75
89
101
10354 10734
59
75
23
723*
4A.000
"653* "7534
91
70
90
61
60
112
106
10334 1043*
10,000
58
"4234
87 34
58
1,000
42 34
43
2934
3134
8,000
7,000
78
10854
993* 10534
52
63?*
4234
53
23
42?*
1534
16
June
16
56
18. 000
Jan
£11
99
£109
1043*
9934
10534 10634
70
1978 y b
97 34 102
11,000
99
75
£
"ioo"""
106 34
1965
98?*
983*
a
Glen Alden Coal 4s
Gobel (Adolf) 434s
28 34
Feb
15
June
Jan
"65?*
1953 y b
♦Gesfruel 6s
.
Danzig Port & Waterways
1952
♦German Con M unlo 7s '47
♦Secured 6s
1947
For footnotes see page 675.
I
99 34
95
70
1955
034s
89
8034
..1952
Ext 5s
,152
90
18,000
1,000
17,000
79
Registered
334 June
2
1,000
89?* 117
39^666
8034
2
2034 July
2034 June
24
20
8834 116
138
33?4
3134
753*
453*
13034
1950 y b
Conv deb 5s
ser
79,000
13,000
95
2,000
25,000
4
$
£20
99
9234
2,000
1944 y b
Apr
Week
£11
9534 105
2,000
83
1958 y bb
Jan
for
1951
75
1,000
85
6s ser A stamped...
Cont'l Gas A El 5a.
Sales
Jan 1947
34?*
10434 107?*
10334 110
Consol Gas UtU Co—
FOREIGN
BONDS
32
bb
Cities Service 5e
General Pub Serv 5s
Gen Pub Utll 0 34s A
GOVERNMENT
AND MUNICIPALITIES
28?*
1034
53
85
bb
Jan
98
Woolworth (F W) Ltd—
Amer dep rets
_.5s
10
3,000
3,000
83
z
y
1955 y bb
Apr
234
734
034
com.
7% pf 100
265*
2854
"85"
1927
—1952
6s series B
Feb
4
1
6814
10234
76?*
493*
102
3?* May
1,500
77 34
75?*
66
..1909 y b
934 May
3*
10
83
4934
933*
Debenture 6s
14
634
100
101
33%
333*
cc
May
13* May
3*
30
10
1966 y b
{♦Chic Rys 5s ctfs
Cincinnati St Ry 534s A
(Bait) 3)*s
100
66
634s
1964 y cc
Cent States PAL 534s... 1953 y b
Apr
31
634
11
11634 101,000
£146 34 150
9834
9834
983*
96 3*
9734
9734
10334 10334
"75?*
92
6
_
99
102
1957 y bb
1st ref mtge 3s ser P
Consol Gas (Bait City)—
Gen mtge 434s
334 May
Wilson-Jones Co
534s
3
Jan
800
1
111
1153*
aa
x
x
C
1958 y b
Apr
129
13,000
103
9734
9934
9934
x
1960
...1998
5a series
Jan
1,100
Westmoreland Coal new_20
♦6 series A
3
2
""20
u_
Cent Bk of German State A
♦Prov Banks 6s B..1951
z
Debenture 5e
Aug
53* May
Apr
13*
Feb
13*
1534 May
121
10234 108
3834 6234
21,000
46,000
1083*
£100
99
bb
July
75
88,000
Baldwin Locom Works—
4
234
%
4
100
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1940
y
15
66
106?* 10634
May
"9934
Western Tablet A Statlon'y
Common
Wright Hargreaves Ltd..*
aa
1947
15
1434
15
1947 ybb
5s without warrants
153*
£106
Cuban
234
Western Air Express....
Western Grocer com....20
Western Maryland Ry—
Wolverine Portl Cement-10
Wolverine Tube com....2
x
1534
1534
65
a
*64
Atlantic City Elec 3 3*s
Avery A Sons (B F)—
6s with warrants
x
15
14 %
£14?*
3
1
Went worth Mfg..
1.25
West Texas UtU $0 pref..*
West Va Coal & Coke....*
Wichita River Oil Corp. .lu
WiUlams (R C) A Co...
Apr
334 June
34 July
29,000
1,000
5,000
15
z
Mar
74
125
{Associated Gas A El Co—
1968
Mar
~"~2<j
"75"
Class B
5034
1977
Apr
134
5
"75"
75
Watt A Bond class A
1063*
1063* 11154
103 34 108
14?*
534
May
May
90?* 10534
21,000
105?* 106
5034
51?*
dddl
13*
3
3
106
dddl
13* May
300
40,000
dddl
63*
73*
63*
1073* 1083*
108 34 110
106
bbb3
x
z
Jan
134
1053* 105?4
7,000
4,000
125
bbb3
1948
1956
z
2
May
a
z
Feb
5*
10654
98?* 1043*
1083*
110
1003* 10234
3
x
2024
Mar
16
105 34
99
109 3*
10234
1948
May
21
18,000
10734
103
1083* 108?*
4
Appalac Power Deb 6s
Arkansas Pr A Lt 5s
13
50
7.000
109
104 34
1,000
108
1963
May
200
105
105
£10434 10434
110
2010 ybb
1st mtge 4s
Bethlehem Steel 6s
1,000
Petroleum..
Petroleum
1970
Mar
100
Va Pub Serv
Wilson Products Inc
1960
24
hi
...1
Williams Oil-O-Mat Ht.
f debs
s
May
38
134
$4 conv preferred
6
Van Norman Mach Tool.6
Weyenberg Shoe Mfg
1950
3348
1950
34 May
$6.60 priority stock
1
Utility A Ind Corp com..6
Conv preferred...
7
100
23*8 sf debs
15
13*
Since
Jan. 1
American Gas A Elec Co.—
1949
Apr
234 May
2334
Range
9
1053* 106
10334 104
♦Conv deb 434s..
May
14?* May
134 May
*48?* May
for
Week
Co—
1st 5s
4
134
Price
♦Conv deb 4 34s....
♦Conv deb 5s...'
34
234 May
10c
v t o
Feb
Jan
34
Range
of Prices
Low
High
Sale
Feb
Feb
6
134 June
34
6
♦External
Power
Weeks'
Last
See i
♦Convertible 6s....
*
Utah-Idaho Sugar
Utah Pow A Lt S7 pref
Utah Radio Products
July
Apr
Apr
634 May
July
300
Jan
Mar
2834
3534
234
Apr
34
1
Danish
Alabama
Sales
Friday
&
Rating
Apr
34
Feb
hi
1,100
4
Jan
Appalachian Elec Pow—
May
3* May
3,100
43*
8
♦20-year 7s
Elig
BONDS
Feb
73*
734
1,100
Bank
RAILROAD and INDUSTRIALS
Am Pow A Lt deb 6s..
33* May
334 May
4
com
July
Apr
*
Universal Pictures
Apr
„fV43*
Apr
4
Class B
Mar
1968 y bbbl
45
Universal Cooler class A.
173*
1st A ret 5s
10
Universal Corp v t o...
Universal Insurance
Feb
J43* June
1st A ref 4 34s
734
8334
-
5*
Jan
134
734
Apr
54
May
3934 June
154
•h
Jan
1073*
23*
2
1,000
Jan
3*
15
15
3*
109
*
Universal Consol Oil
1,000
105
120
*16
34
£107
TlOO
%
134
hi
£108
U S Rubber Reclaiming..*
U 8 Stores common
60c
United Stores common.50o
Mar
hi
a
44
73*
4?*
1
Mar
105*
a
Feb
1
16 34
a
Feb
1
Mar
Jan
5
x
134
500
Apr
June
934
754
x
89
Jan
2433*
31
14 34
46 34
x
513*
52
June
£hi
Apr
May
4
Apr
Feb
11
16
£6?*
.1949
Mar
Mar
26
-----
1951
65
•11 June
42?*
6?*
Jan
2654
2654
15
1946
Apr
100
1%
♦Baden 7s
♦Santiago 7s...
Jan
Jan
16
3
1
Woodley
15
♦Issue of Oct 1927
♦Mtge Bk of ChHe 68.1931
Mtge Bk of Denmark 5s *72
♦Parana (State) 7s
1958
♦Rio de Janeiro 0348.1959
♦Russian Govt 6348—1919
♦534s
1921
1956
6
Wisconsin P & L
£1354
1927
1st A ret 6a
U S and Int'l Securities..*
Winnipeg Electric B
♦Issue of May
Feb
'62% "6434
U S
7% 1st preferred
28
Mar
15
Mtge Bk of Bogota 7s. 1947
Jan
239
6?*
Venezuelan
£20
£1034
£23
Apr
13 3*
June
1534 May
%
%
A
1
V a Is par Corp com
26
1054
754 June
1st A ref 5a
Feb
25
com
35
8
8,000
Jan
434
Preferred
Utility Iniquities
£20
♦Medellin 7s stamped. 1951
July
May
United Shoe Mach com.25
U S Radiator
Apr
Feb
£1034
103*
♦Maranhao 7s
7u
70
United Specialties com
U S Foil Co class B
com
Jan
1958
73*
1154
103*
11334
Am dep rets ord reg—
Graphite
334
1334
334
Jan
Feb
£6 34
Feb
20
10
July
554 May
.1958
♦034s stamped
33*s s f debs
10% preferred
13
834
2K
•
United Profit Sharing._25c
Jan
Jan
United Molasses Co—
UnitedNJRR4 Canal 100
12
Jan
*
S3 partic pref
1734
34
10?* May
1,000
%
5*
*
June
Hi
Jan
5,600
7% pref. 100
20
Mar
100
100
Apr
13*
14u May
87?* June
3*
Feb
79
May
34 May
34 May
500
*
hi
11
34 May
10,400
*
1st S7 pref. non-voting.*
High
19
643*
3*
634
Option warrants
Low
£11
643*
Jan
5?*
Jan
834 May
593* May
Corp warrants
United
334
Feb
3* June
*834
Jan
634
Union Investment com—
Aircraft Prod
Apr
Apr
334 May
UnStk Yds of Omaha.. 100
United
134
Range Since Jan. lt 1940
S
Lima (City) Peru—
300
1
10
Unexcelled Mfg Co
Jan
Apr
6,500
534
Week
h«
hi
1034
39?*
33*
6 34
5
for
of Prices
Low
High
♦Hanover (City) 7s___1939
♦Hanover (Prov) 6348-1949
4?< May
May
13* May
634 May
300
1%
Week's Range
Sale
Price
Mar
115
% May
20
.......
1
109
Apr
Jan
2
100
6
Tung-Sol Lamp Works—
80c conv preferred.—.
Udylite Corp
lUlen A Co ser A pref——1
Series B pref
hi
Last
High
May
May
hi
hi
hi
Sales
BONDS
(Continued)
Low
30
113
113
Aug. 3, 1940
Friday
Range Since Jan. 1, 1940
Week
Shares
106
106
Trans Lux Corp
Transwestern Oil Co
Exchange—Continued—Page 5
Sales
triaay
Attention is directed to the
new
1734
1
z
dd
1
£18
50
z
cccl
£11
50
July
column in this tabulation pertaining to bank
eligibility and rating of bonds.
See i.
Volume
New York Curb
151
Bank
See
Houston Gulf Gas 6s
deb 6
Last
Elig. &
Rating
BONDS
{Continued)
conv
Friday
1943
#s
x
Sale
Price
a
bbb3
1943 ybb
x
aa
3
z
c
1
y
b
2
Houston Lt A Pr 3#s
1
6s series B
2
x
aa
3
109 #
1953
x
bbb3
107 H
1st A ref 5#s ser B
1st A ret 5a ser C
1954
x
bbb3
8 f deb 5#s
May
'loin
bbb3
1957 ybb
3
97 H
1958 y bbbl
—1950 y b
2
Indiana Hydro Elec 5e
Indiana Service 5a
"73#
1st Hen A ref 5s
z
x
%
1,000
67
109# 109#
106# 107#
105# 106
104# 105#
99
97#
1,000
4,000
22,000
56.000
35,000
25T666
4s series A
Puget Sound
101#
74
70 H
70#
71#
36,000
56
90
90#
10,000
60
105
1st A ref 5s
109#
1955 yb
22
23#
3,000
7s series E
1957 yb
22#
2,000
21
24
23
24#
2,000
20#
60#
62#
62,000
51#
71#
36,000
29
51
14,000
103
♦7s series F
1952 yb
Interstate Power 5s...
Iowa-Neb LAP 5s
5s series
1
1957 y b
4
1952 y ccc2
1957 y bbb4
Debenture 6s
1961
y
x
aa
Isarco Hydro Elec 7s
Italian Superpower 6s
Jacksonville Gas
1952
y
1963
37#
105
bbb4
1958
B..,
Iowa Pow A Lt 4#s
39
39#
105#
*103# 104#
*107
107#
3
y cc
Scullln Steel
106#
106#
106# 109#
37
1,000
29
37
2,000
30#
1942
z
b
1966
x
aa
46#
2022
x
a
Lake Sup Dlst Pow 3 Hb
1966
x
a
♦I-eonard Tlets 7Hb
1946
z
cccl
Long Island Ltg 6s
1945
x
bbb3
Louisiana Pow A Lt 5s
1957
x
a
46# 46#
*103
110
11,000
*122# 126
106#
*17
104#
4
107
2,000
103# 104#
106# 107
~s"666
3,000
127#
103# 106""
103# 108
1941 zdd
1948
y
b
1
19
19
4
60
60
5,000
4,000
19
1952
4s series G
x
bbb2
1947
1971
Deb 4 Ha
y
b
x
aa
100
100
2,000
94
2
94
5,000
*106# 107#
108# 108#
*94
95#
.1965
x
aa
Middle States Pet 6#s
1945
y
bb
Midland
Valley RR 5s
Mllw Gas Light 4#s
1943
1967
y
bb
x
bbb2
Minn PAL
1978
x
bbb3
103
103
103#
10,000
1955
x
bbb3
106#
106# 106#
1,000
1955
x
bbb2
Miss Power A Lt 5s
1957
x
bbb3
104# 104#
104# 105
1,000
15,000
Miss River Pow 1st 5s
1951
x
aa
4#s
1st A ref 5s
Mississippi Power 5s
69
109#
x
94
bb
Deb 5s series B
{♦Nat Pub Serv 5s ctfs—1978
Nebraska Power 4#s
z
Nevada-Calif Elec 5s
58#
x
Conv deb 5s
New Eng Power 3#s
aaa2
51#
97
86
125
bb
y
bb
5s stamped
1942
y
bb
♦Income 6s series A
116
20
102
52
66#
39,000
51
46*000
1949 y bb
105
88#
93
York
2,000
Penn A Ohio—
1950
1980
-1964
2004
x
x
aaa3
1954
x
aa
1953
y
b
1956
y
b
No Boat Ltg Prop 3#S—.1947
x
aa
N Y State E A G 4#s
1st mtge 3#s
N Y A WestchT Ltg 4s
Debenture 5s
Nippon El Pow 6#s
y
bbb2
x
a
103#
*95#
97
103# 103#
a
108#
108
108#
4,000
10,000
*105# 106
*112#
68#
58#
58#
105
1948
y
b
1957
x
bbb4
105#
1945
y
bb
109#
3#s_.-.1968
x
aa
Nor Cont'l Utll 5#s
N'western Pub Serv 5s
Ogden Gas 1st 5s
-
Ohio Pow 1st mtge
41#
107#
3
1962
x
a
1955
x
bbb3
Okla Power A Water 5s—1948
x
bb
1941
x
aaa2
1942
1955
1964
x
aaa4
Pacific Pow A Ltg 58
Park Lexington 3s
y
bbbl
z
ccc2
Penn Cent LAP
1977
x
bbb2
1979
x
bbb2
1971
x
aa
1962
x aa
Ohio Public Serv
4s
Okla Nat Gas 3#s B
4
103
101# 102
104# 105
40
41#
105#
109# 109#
107# 107#
107# 108#
108
108#
102# 103
105
100# 103#
97
103#
72#
64
98#
2,000
64
72#
72#
72#
73#
2
93
93
104
35
101
107#
103#
103#
104#
100#
104
97#
95#
96# 103
48,000
102
108
108#
26,000
July 1 *60
x
aa
3
108
108
108#
107# 107#
10,000
1968 x aa
4
105#
106# 110#
106# 110#
107# 107#
105# 105#
42# 44
Pub
y
bb
x
bbb3
2022 y bb
Serv 6s
2
1,000
6,000
5,000
5,000
87
104
113
105#
27,000
37
105
105
3,000
104
106#
4
99
100
4,000
90
105#
1,000
105
108#
1946
x
bbb4
106
106
1989
z
b
*46
52
2
53
40
60
49
74#
49#
48
74#
74#
74#
48
74#
49
74#
14#
24#
1948
69#
69#
71#
71#
1951
69#
48
1948
63,000
22,000
1957
69#
69
71#
20#
22
9,000
36
37
31,000
27
46#
37
38
37
2,000
18
37
22#
24#
20,000
105# 105#
25,000
Deo 1 1966
70
1940
*36#
1946
1953
I960
z
!yb
x
1
bbb4
1979 y bb
105#
106#
2022 y bbb2
1956
s
1950
3
"96#
4
34,000
21#
46
101# 106#
104# 108#
106# 107#
9,000
*115
117#
96#
98
*12*666
88# 103#
12,000
56
62#
61#
f 6s
z
1949
x
6#
62#
109
7
6,000
*115#
aaa4
1945 zb
26
6#
114
26#
*26#
*16
1
1975 y b
87
*4*666
24
119#
69
12#
118#
45#
40
16
30
16
19#
73
89#
74#
91
21
87
88
89#
2
1974 y b
89#
4,000
107# 107#
90
91#
55,000
78
95
8,000
110
119
2
1952 x bbb3
♦58 Income debt
91#
116#
99#
95#
103
3
36,000
6,000
116# 117
*85#
2
3
1964
z
cc
104# 110
87
72#
99#
1,000
96#
102# 103
102# 103#
99# 99#
17,000
2
1951
Wash Ry A Elec 4s
2,000
57
10,000
72#
2
31
23
89
95# 100#
85
101#
3,000
99# 103#
8,000
95
103#
2,000
94
101#
4
10#
109#
Waldorf-Astoria Hotel—
65
3,000
14,000
2
a
Deb 6s series A
2022 x bb
Va Pub Service 6# A——1946
ybb
1st ref 5s series B
1950 y bb
Deb S f 6s
1946 y b
103
10,000
17
72#
2
a
Deb 68 series A
...1973 yb
2
Utah Power A Light Co—
1st Hen A gen 4#s
1944 x bbb3
81
95#
102# 105#
104# 109
52
5,000
12
5,000
x
1st lien A cons 6#s
1959 x bbb3
UnLt ARys (Del)
5#s—1952 y bb 3
United Lt A Rys
(Me)—
99#
100#
94
17.000
100#
*27#
102#
108
Debenture 6s
Debenture 6#8
110
3,000
9,000
136
71#' 31,000
71# 30,000
71# 67.000
♦1st
106#
111# 114#
8,000
127
United Light A Pow Co-
102
15.000
8,000
69
x
6#s.__ 1952 yb
122#
71#
71#
71#
11,000
15
109#
lUlen A Co—
No Amer Lt A Power—
5#s series A
20#
105#
3
6s series A
2,000
*3*000
*26#
69#
Tletz (L) see Leonard—
Twin City Rap Tr
83
23,000
18
14#
102
2
Tide Water Power 5s
110
62
New Orleans Pub Serv—
♦Ext 4#s stamped
cc
3,000
*11
cccl
United El Service 7s
—1956 y bb
1
♦United Industrial 6#8—1941 z cccl
1,000
51
100# 100#
101# 102
134#
bbb2
Texas Power A Lt 5s
6s series A
26
36,000
115
100#
z
2,000
4,000
"96#
aaa2
Conv 6s 4th stp
United Elec N J 4s
2,000
66
x
99
20
*11
106# 106#
133
134#
3
108# 111#
120
128#
51,000
66#
1
cccl
aa
8,000
aa
El 6#s
Texas Elec Service 5s
107#
64#
64#
64#
b
z
88#
x
7s 2d stamped 4s
98
101
116
z
x
97
80
88
20
102# 102#
112# 113
Ternl Hydro
105
37666
116
88#
100
81
102#
7s 2d stamped 4s
♦Ctfs of dep
108# 110#
*107# 108
95
96#
99#
98# 100
aaa3
y
New
70
104#
9 <# 103#
102# 107
96
104#
17.000
106# 106#
71#
73#
4
100#
83
112#
6s gold debs
98
110# 110#
125
bb
86
Standard Pow A Lt 68 —.1957
♦Starrett Corp Inc 5s
1950
Stlnnes (Hugo) Corp—
111
91# 100#
101#
112#
'*65#
x
Debenture 5#s
106
95
~
y
75,000
12,000
55,000
4
Debentures 6s
Debenture 6s
95
109
26
94#
158
104# 108
bb
(stamped)
Conv 6s
(stamped)
101#
3.000
65#
1961
1948
1954
New Eng Pow Assn 5s
81
12,000
"72#
1947 y b
1948 y b
1950 y b
5s
33,000
99
112# 112#
107
107#
bbb3
1956 y bb
N E Gas A El Assn 5s
95
96#
2
128
bbb2
6s
104# 109#
125
aa
New Amsterdam Gas 6s—1948
94
6,000
2
bb
13,000
y
Spalding (A G) 5s
71#
110#
aaa2
x
x
109# 110
*22
x
Nelsner Bros Realty 6s ....1948
4,000
99#
2
v
2,000
106# 107
98#
99#
95#
96#
93#
94#
106#
Standard Gas A Electrio—
U2#
-
1981
2022
6s series A
*6*666
a
y
So west Pow A Lt 6s
19
100# 100#
2026 y bbb2
2030 y bbb2
Nat Pow A Lt 6s A
"27666
103# 104#
Missouri Pub Serv 5s...—1960 y bb
Nassau A Suffolk Ltg 5s—1945
60
4
150# 150'#
3
x
105# 106#
104# 106#
b
Indiana Ry 4s.___
1951
tS'western Assoc Tel 5s.-.1961
Memphis Comml Appeal
Mengel Co conv 4#s
Metropolitan Ed 4s E
30,000
Registered
S'west
♦7s mtgesf
16
105# 106#
*105# 106
y
£°u Counties Gas 4#a
8ou
Mansfeld Mln A Smelt—
McCord Rad A Mlg—
6s stamped.
__I
91#
14
1951 y b
Ref M 3 #s B
104# 108
40
61
1,000
z
Sou Calif Edison Ltd—
Ref M 3#s
39
53#
102# 107#
117
106# 106#
5,000
14#
May 1 1960
42
—
5s stamped
Kansas Elec Pow 3 #s
Kansas Gas A E ec 6s
67
14#
x
W A P4#s—1967
1st 4 #s series D
1970
Sheridan Wyo Coal 6a
1947
Sou Carolina Pow 5s
1957
Southeast PAL 6s
.2025
52
37
67
1943
Inc 3s
Since
Jan. 1
1
1951
Shawlnlgan
103
37
b
♦Schulte Real Est 6s
Scrlpp (E W) Co 5 #s-
Range
I
2
1950 y bb
1953
for
High
a
5#s—1949 ybb
C
6#s
1958
Safe Harbor Water 4
#8—1979
San Joaquin L A P
6s B —1952
♦8axon Pub Wks 6s
1937
43#
49#
47#
19#
ser
♦Ruhr Gas Corp
6#s
♦Ruhr Housing
International Power Sec—
6#s series C
P A L
1st A ref 4#s ser D
1950
Queens Boro Gas A Elec—
5#s series A
1952
73#
92#
a
1966
Low
Week
b
y aa
Pub Serv of
Oklahoma—
Range
of Prices
z
1949
Public Service of N J—
6% perpetual certificates
Week's
x
1964
s
100
90
bb
1st mtge
3#s
f debs 4s
79
57
Price
Sales
Sale
See a
Power Corp (Can)
4#sB
1959
♦Prussian Electric 6s
1954
Public Service Co of Colo—
105# 109#
101
107#
98# 107
96# 105#
87
Last
(Concluded)
81
66
Friday
Rating
BONDS
106# 111#
93
74 '
73
675
Elig. <fc
Since
64
46,000
6
Ba
Range
Jan. 1
100# 105
100
103#
*98# 100
1963 yb
♦Indianapolis Gas 5s A __—1952
Indpls Pow A Lt 3 #8
1968
for
Week
69
67
1949 y b
1967
x
of Prices
High
*67
Idaho Power 3#s
III Pr A Lt 1st 6s ser A
1956
Week's Range
Low
*102 H 103
*101# 102#
109# 109#
25
*3 H
3
1966
♦Hungarian Ital Bk 7#s,__1963
Hygrade Food 6s A
1949
Exchange—Concluded—Page
Sales
x
aa
4
4
108
Washington Water Pow 3#s'64
106
West Penn Elec 5s
West Penn Traction
49#
106#
2030 x bbb3
56... 1960
West
Newspaper Un 6s.__ 1944
Wheeling Elec Co 5s
1941
111#
109#
109#
Wise Pow A Light 4s
aa
2
bb
aaa2
bb
1
1947 V bb
52
z
54
99
105
95#
2,000
11,000
5,000
2,000
3,000
10,000
*103
106#
106#
106# 106#
95# 97#
97#
2
—1937
♦Stamped 5s
'113#
108#
108# 108#
106# 106#
113
113#
2
x
1966 x bbb3
{♦York Rys Co 5s
109
x
y
4
108
107
108# 109#
104# 108
104# 117
43
60#
103
"4*666
105
102# 107#
90
98
17,000
99
27,000
94
99
Pacific Gas A Elec Co—
1st 6s series B
Pacific Ltg A Pow 5s
4#s
1st 5s
Penn Electric 4s F
5s series H
106#
106#
*108
"93#
92#
*39#
"103#
103
107
111#
93#
40
26*660
*104# 107
104# 104#
107# 107#
2
——1950 y bb
6s aeries A
5s series D
1959
y
bb
1947
x
aa
1954
Deb 5#s series B
x
aa
107#
107#
106# 110#
108# 112
86
97#
43#
96# 104#
101
107#
39#
103#
"e'ooo
108#
107#
107#
*107
100
106
6,000
104# 108#
108#
3,000
108#
17,000
1.000
104# 109#
101# 108#
Penn Ohio Edison
Penn Pub Serv 6s C
2,000
47*666
107#
108
106
105
108#
108#
♦
♦ Friday's bid and asked price.
4s series B
-1981
x
bbb2
4s series D
1961
x
bbb2
97
x
aa
3
99#
112#
y
bb
4
101
Hydro El 6#s.„I960
Pittsburgh Coal 68
1949
y
b
1
y
bb
3
1948
y
bb
2
1953
z
b
2
1972
1962
Piedm't
Pittsburgh Steel 6s
♦Pomeranian
Elec
6s
♦Portland Gas A Coke 5s__1940 y bb
b
2
x
a
4
1961
1947
x
a
4
4#s series F
Potrero Sug 7s stpd
y
ccc2
96#
97#
99#
98#
112# 112#
100# 101
30
*104
102#
30
26.000
91
22,000
95
7,000
9,000
5,000
101# 102#
12*666
90
90
82
83#
3.000
108# 108#
*108# 111
*~82~"
5,000
*46
50
99
102#
"2*666
e
90
y
53#
Under-the-rule sales transacted during the current week and
or yearly range:
not Included
In
weekly
106# 109#
107# 110#
47
In weekly or
No Sales.
94
75
1961, Aug. 31 at 104.
Cash sales transacted during the current week and not Included
yearly range:
14
78#
In receivership.
T Called for redemption!
Southwestern Assoc Telep 5s
106#
No sales being transacted during current week.
Bonds being traded flat.
| Reported
110# 115
92
102#
24 1
48#
13
20
♦
98#
100#
103
105#
*13
1
z
1956
Stamped.;
Potomac Edison 5s E
a Deferred delivery sales not Included In
year's range,
d ExUnder the rule sales not Included in year's
range,
r Cash sales not In¬
x Ex-dlvldend.
n
cluded In year's range,
Peoples Gas L A Coke—
Phlla Elec Pow 5#s
Phlla Rapid Transit 6s
No par value,
lnterest.
No sales.
▼
Deferred deUvery sales transacted during the current week and not Included in
weekly
or
yearly range:
.
No sales.
*
Abbreviations
Used
Above—"cod."
certificates
of
deposit;
"cons," consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock'
v t c." voting trust
certificates; "w 1," when Issued; "w w." with warrants: "x-w"
'
without warrants.
A
Bank
Eligibility
and
Rating Column—x Indicates
those
bonds
which we
believe eligible for bank investment.
y
Indicates those
status or some
z
bonds we believe are not bank eligible due either to rating
provision In the bond tending to make lt speculative.
Indicates Issues in default. In bankruptcy, or In process of reorganization.
The rating symbols in this column are based on the ratings assigned to each
The letters Indicate the quality and the numeral
mmediateiy following shows the number of agencies so rating the bond.
In all
bond by the four rating agencies.
the symbols will represent the rating given by the majority.
Where aU four
gencles rate a bond differently, then the highest single rating Is shown.
ases
A great majority of the Issues bearing symbols ccc or lower are In default.
isues
j
Attention is directed to the
new
column in this
bearing ddd or lower are in default.
tabulation pertaining to bank eligibility and rating
of bonds.
See note
A
above.
All
The Commercial & Financial Chronicle
676
Aug. 3,
1940
Other Stock Exchanges
Sales
Friday
Week's
Last
Exchange
Baltimore Stock
Last
Bait Transit Co com
Common class A
115
Aviation Corp
2 50
May
Apr
2
9
June
10
90
12
May
1934
Apr
45c
400
26c June
65c
Mar
40c
40c
200
25c
55c
Jan
Apr
Feb
July
265
Mar
100
1234
July
27
May
28 34
2.00
176
2694
June
1634
1654
425
1.05
1.05
100
2.00
New Amsterdam
Nor Amer OU Co
Casualty®
com....l
Central Ry._.50
2
Mar
1.00
2.50
Jan
May
12
1734
Apr
May
1.45
Jan
20
45
84 34
90
Mar
10
8694
July
90
Mar
14J4
May
2334
87 94
8634
1934
1934
2934
1.15 June
100
1,247
8794
8694
Phillips Packing Co preflOO
248
5
248
248
2734
Guar
Jan
9
H7% prf25
8 Fidelity &
130
Jan
16 34
Mills com. 100
0
9134 May
Jan
55c
45c
9
Merch & Miners Transp..*
Northern
Athey Iruss Wheel
69
2134
1634
12 34
Mt Ver-Wdb
Apr
40
115
34
1234
MononW PennP
14
19
634
.-1
1
50
Mercantile Trust Co
443
52
6
com.P
100
pref
Mar Tex Oil--
Apr
Feb
July
1.35
225
6
20
Finance Co of Am A
Houston Oil
83 34
11934
1.70
78 34
117 34
1.60
7634
117
May
23c
May
Jan
Bonds-
Finance Co of Am
102
102
4% 1947
23
May
3534
Apr
1,500
30
May
4034
Apr
4,000
35 34
3534
1975
A 6s flat
3294
3194
1975
Bait Transit 4s flat
102
May
10334
Jan
$7,000
Boston Stock Exchange
July 27 to Aug. 2, both
Sales
Range Since Jan. 1, 1940
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
Shares
434
3
A—5
10
5
Low
1%
15954
8094
8034
81K
8054
3694
3554
42 94
4134
19
Boston Herald Traveler. .*
1854
IK
163 34
8034
8234
3634
42 34
1934
13 34
Feb
20
July
50
134
Apr
2
Jan
1,371
144%
May
July
10
100
CIA 1st prefstd
100
CI A 1st pref
—.100
CI B 1st prefstd
100
CI D 1st prefstd
100
2
Boston Personal Prop Trs *
13
12
Crane Co com
30
234
125
101
234i
470
6
134 June
3
134
Feb
2 34
134
May
11
May
Jan
334 May
334 Mar
134 June
1134
16
June
Apr
June
1934
Jan
Jan
134
834
634
Mar
4834
2094
100
100
4734
20
1
45
434
May
405
334
May
'40
Feb
Feb
65c
100
1st preferred
100
Preferred B__._.
63c
100
11
Employers Group.
*
2034
Gillette Safety Razor
*
494
1334 May
2394
Jan
1334 May
1634
50
14)4 June
2594
2234
Apr
10
50
20
F'eb
1634
I
150
534 June
1194
Feb
234
300
Mar
550
234 July
434 May
494
5
734
Jan
1734 June
1034 May
2394
1934
Apr
1934
35
1234
30
70
45c June
17
100
1434 May
20
8034
370
71
May
8834
34
200
Jan
94
Jan
434
100
July
834
12034
Apr
434
34
500
Mar
94
Jan
734
300
450
434 May
34 May
734
194
Aug
1
28 34
29
200
2594 June
65
67
40
11c
100
50
534
100
22
1.00
Jan
91
Jan
3034
30 34
31
13 34
234
634
234
5,250
2534 May
33
Apr
14
22 34
234
634
234
May
1694
1
May
334
594 May
8
Jan
30
2
May
434
Feb
130
10
May
1934
Apr
28
1894 May
13)4 June
33
10
51
May
72
May
1 534
250
12
May
19
Feb
23
150
1534
1634
105
60
60
1434
134
60
294
2394
Jan
11
11
50
934 May
1494
Mar
25 34
3 34
1
1
5
434
»
General Foods com..
44
434
*
50
.25
Reece Button Hole MachlO
Stone & Webster
*
3534 May
134 May
100
3634 May
950
38
115
8
934
515
734
Apr
694
Apr
May
1234
Feb
1294
May
25
Apr
Feb
May
1294
May
2794
Jan
Hall Printing Co com...10
1234
13
50
994 May
2094
Feb
9
400
8
May
834
100
7
June
1094
Apr
40
25
July
2694
May
May
1634
Apr
Jan
1934
Apr
8
July
Feb
9
Apr
Helleman Brewing cap
Jan
Hein Werner Motor Parts-3
Apr
Heller pref (w w)
1
834
834
834
25
25
25
1134,
1234
17
17
Hupp Motor Car com
1
734
394 May
334 July
934
Houdallle-Hershey cl B.
1434
100
Jan
Jan
294
49 94 Apr
Apr
5634
1734
Hubbell Harvey Inc com.5
754
1,080
134
May
Apr
5734
100
290
9
50
•u
•is
1
14
100
hi May
190
6 34
May
1334
300
1894
May
28
234
234
50
*
82 34
66*4
International Harvest com*
43 34
8234
4534
40
May
250
3834
1034
1134
500
9
434
434
250
4
7
100
Inland Steel
Co cap
Jan
15c
Feb
1134
1
Katz Drug Co com
May
1634
Apr
2434
Jan
Jan
Jan
Apr
134 June
334
Mar
May
June
9034
Jan
May
17
•
May
534 May
6294
Jan
Jan
694
894
Feb
Apr
Kentucky Util—
134
7
Kellogg Switchboard com.*
May
Feb
1
8
Indep Pneu Tool vtc
*
Indiana Steel Prod com..l
92c
Feb
10
26
734
24
May
137
Apr
34
Feb
634
Aug
934
Jan
Feb
12
734
May
754
834
152
634
May
1234
Jan
2634
2734
1,451
2234
May
3334
Mar
30
10
2534
6234
6434
44
27
27
550
5
1,050
May
1134
2034
134
734
May
934
1934
Feb
11c
3
934
1834
Feb
Apr
65
600
Gossard (H W) Co com..*
Great Lakes D & D com..*
2
July
1034
9
434
4734
2
40 34
4534
Mar
30
Shawmut Assn T C
May
140
Apr
June
1954
1034
1934
134
734
934
734
234
1534
Jarvis (WB) Co (new) capl
(Ctfs of dep)
Apr
July
134
1434
17
La
33
2994
Goodyear T & Rub com..*
Old Colony Railroad—
11c
May
Apr
25
40c
Apr
21
200
18
July
10
Apr
100
834
May
147 rl08
Apr
494
834
May
2,400
14
1794
Jan
*
lie
Apr
Jan
May
3
Goldblatt Bros Inc..
Illinois Central RR com 100
<
434
4434
134
4034
9
1134 May
500
50
2
2
100
50
3 34
2 5 34
Jan
434
134
Jan
1134 June
434
Mar
194 May
1394 May
Apr
44
May
434
Jan
634
May
June
11c
Apr
2494
26 34
Jan
1,310
10c
Jan
234
734
Apr
234
1434
3ie
100
90
534
554
11634 11634
43c
Mar
10
100
398
14 K
13 34
"634
50
12
au
Feb
4
434
15
40c
May
5334 May
434
20
43c
Mar
694
300
489
8
Gillette Safety Razor com *
Racing Assn
....2.50
1134
34
534
7434
4
100
17
N Y N H & H RR
7534 May
534
834
434
334
134
12
New England Tel & Tel 100
734 May
Jan
Feb
37
7034
Gen Motors Corp com.. 10
220
lie
1434
100
June
64
74
"534
General Outdoor Adv com*
434
134
1134
554
11634
34
*
Aug
16 34
100
1494
Feb
634
34
July
300
175
Inc
May
May
34
734
11
334
5
92
67
2034
17
434
90
107
106
34
May
10
4
100
Jan
17
7934
734 May
134 June
5434
134
43
(Boston) 25
Apr
50
Gen Amer Trans Corp
4
pref
100
Mergenthaler Linotype..*
Jan
634
16
Mar
41
curn
June
9
234
1234
24J4
4
44
.
50
45
100
101
Jr cumul pref
6% pref
Kerlyn Oil Co com A
Leath & Co cum pref
101
234
234
5
Kingsbury Brew Co cap_.l
38
May
4934
90
50
May
10334
234
June
334
34
Jan
400
34
25
*
80
10
4534
25
25
10
34
Jan
Feb,
Jan'
Mar
2394 May
30
Mar
United Rhoe Mach Corp.25
pref
25
Warren Bros
*
"6234
44
1
134
1%
1,026
150
55
Jan
May
Apr
Apr
3934 June
50
34
May
31
Apr
LibbyMcNelll&Llbby com7
5
May
9
8434
Jan
Lincoln Printing com
*
134
134
50
134
July
4434
Apr
Lindsay Lt & Chm com.10
634
634
100
434
Jan
334
734
134
Mar
Lion Oil Ref cap
*
934
934
May
1434
Apr
Loudon Packing com
Union Twist Drill Co...
*
2
2
150
134
Jan
234
Apr
5
22
22
50
2094
July
2894
Apr
334 May
794
39
Apr
1534
Feb
Bonds-
Lynch Corp com
Boston & Maine RR—
70
2134
2334 113,000
1948
4%
mtge A494%
9434
95
7334 $36,500
6734
1934
July
July
87
May
Aug
McCord Itad & Mfg A...*
2334
Aug
McQuay-Norris Mfg
Field
98
Apr
Merch &
12,000
Class A
$2
cum
534
SECURITIES
Listed and
*
com
11%
534
425
4
40
9
Apr
Midland United
Midland Util
2634
4
Jan
7% prior lien
PaI H.Davis & <90.
pfd*
Montgomery Ward
Principal Exchanges
Teletype
Trading Dept. OGO. 405-406
Municipal Dept. OGO. 521
Natl Standard
Bell System
North American Car com20
2J0
24 34
June
30
1,200
394
Jan
434
July
Jan
Jan
Jan
634
1,750
750
194
May
Mar
594
July
434
IOC
334 June
694
Jan
50
94
634
Jan
450
34
Jan
334 June
534
34
534
534
334
894
Apr
1
150
1
Jan
May
4234
326
32
May
194
5594
Apr
3934
2734
2634
434
28
156
23
May
2894
Jan
2534
27
250
2034 May
36
Apr
5
200
434
10
Northern 111 Finance com
CHICAGO
4
2634
1
534
10
5
Apr
434
4
.*
com
com
Noblitt-Sparks Ind cap
334
894 May
434
34
Monroe Chemical Co com*
Members
950
6
434
100
com
1,000
4
994
100
Miller & Hart Inc
July
4
5
In. 100
pr
34
434
334
pf A
conv
6%
20
II
11
*
part pref
Middle West Corp cap
Unlisted
La Salle St.,
I
34
1
com
6% pref A
10 S.
534
34
*
Mlckelberry's Food com.l
CHICAGO
754
634
Mfrs Sec—
7334
Eastern Mass St Ry—
Series A494s
634
Marshall
1960
1970
1st Mtge A
Inc
15
16
May
41
ii%
July
2,300
17
12J4
1234
*
"Ik
Mar
5
65
Eversharp Inc com
*
Oil" Cot c" I" 111
Apr
1194
134
1634
Fuller Mfg Co com
Class A
Isle Roy ale Copper Co.. 15
3% May
Apr
May
*
Mar
Preferred
cum
100
12
3034
*
Common
Mar
Hathaway Bakeries—
6%
250
Eddy Paper Co (The)
*
Elec Household Util Corp.5
334
334
4
734 May
2434 May
834 June
1534
Dodge Mfg Corp com
5534
134 May
150
134
334
19
Torrlngton Co (The)
50
475
Apr
Apr
Dixie-Vortex Co—
May
35
67
10
*
Quincy Mining Co
400
9
3034
Jan
894
494
1134
*
Deere & Co com
26
21
65c
67
67
100
Pennsylvania RR
934
434 May
294 May
894 May
1634
General Finance Corp cm.l
Pacific Mills Co...
50
34
Oudahy Packg 7% pref. 100
CunnlnghamDrugStores2 34
Decker (Alf) & Cobn com 10
271
4854
2134
Mass St Ry—
North Butte
370
1534
*
25
173
2
2
*
Narragansett
5
234
Elgin Nratl Watch Co—15
Common
5%
434
234
834
7
Continental Steel—
Jan
4
Maine Central Com
Mar
334 May
5
Container Corp of Amer_20
Apr
334
Loews Theatres
Apr
4594
100
17
Mar
1034
Copper Range
25
East Gas & Fuel Assn—
Helvetia
Jan
June
94
30
50
434
8034
July
2034
100
Adjustment
900
3434
9
Consmrs Co v t c pr pt sh50
May
1
Eastern 8 8 Lines com
1
434
19%
1234
Feb
May
534
Eastern
434
Apr
2234 May
434
Mar
1634
183
11
94% prior pref
0% preferred
Mar
794
194
Feb
2034
6
Mar
910
8
1
4
17594
May
834
234
86
July
534
Common
May
4
10
103
May
13
11
100
Jan
146
806
285
May
Commonwealth Edison—
3434
6
...
4134
1,004
2834
1
Convertible preferred-.*
38 34
234
Brown-Dorrell Co com...*
Calumet & Hecla..
Apr
1634
50c
pf *
Common (new)
Central States Pow&Lt
120
5
B OS ton-Previdence.
21
1634
—
1,828
240
234
1194 May
1634
5
Brach & Sons (E J) cap...*
Brown Fnc & Wr cl A prf.*
Bruce Co (E L) com
5
Burd Piston Ring com
1
Butler Brothers
10
Cumul conv pref
30c
Camp Wy & Can Fdy cap-*
Castle & Co (A M) com. 10
Cent 111 Pub !-er $6 pref..*
Central 111 Secur com
1
Conv pref
*
Common
36 34
60 34
2
234
150
5
17534
M ay
Mar
Borg Warner Corp—
Common
794
preferred
Prior
80
277 x66 '*4
11
834
Berghoff Brewing Corp._.l
Binks Mfg Co cap
1
Bliss & Laughlin Inc com.5
Capital
...25
Compressed Ind Gases cap5
Consolidated Biscuit cojn.l
Consolidated Oil Corp
*
Maine—
&
Boston
IK
162 %
100
Elevated
Boston
24
18
18
50
1st pref
6% non-cum pref-.--.50
Amer Tel & Tel
100
Big-Sanford Carpet preflOO
Boston & Albany
100
Boston Edison Co (new).25
894 May
9
9
Chicago Towel com
*
Chicago Yellow Cab cap..*
High
50
3034
Bendlx Aviation com
Chrysler Corp common..6
Co—
1034
1834
8
434
Cities Service Co com—10
Amer Pneumatic Serv
1034 May
3434
Aviation & Transport cap. I
Barlow <fe 8eellg Mfg
Feb
250
1
1
Chicago Corp common
Last
Stocks—
434
cap...4
Belden Mfg Co com
July
14
150
1134
33 34
2934
15934 163 34
Amer Tel & Tel Co cap.
(Del)
High
494
234 May
10
17J4
Central & 8 W $7 pr In pr.*
inclusive, compiled from official sales lists
Friday
Allis-Chalmere
Low
100
1034
M*fg~
May
42
434
934
11
25
A
11134 June
6
May
11
218
31c
11734
tc 1
Fidelity & Deposit
High
Week
Shares
11
10
Co..*
100
Armour & Co common...5
Asbestos Mfg Co
-.1
Associates Invest Co com.*
1334
31c
100
East'n Sugars As comv
Low
Shares
13 34
Pow...*
94% pref B.
Range Since Jan. 1, 1940
for
of Prices
High
Low
Range Since Jan. 1,1940
for
Range
434
com.*
Aetna Ball Bearing com._l
Allied Laboratories
*
Allied Products Corp... 10
f loan
13 34
Price
Par
(Continued)
Adams Oil & Gas Co
Week
High
Low
100
1st pre! v 10-.
Consol Gas EL4
4
of Prices
Price
*
vtc*
Arundel Corp
Week's Range
Sale
Par
Stocks
Sales
Friday
Stocks—
Sale
10
30
156
534
3
Fet
934
July
Jan
Jan
594 May
12
1594
Feb
May
20
734
Jar
406
794
Junt
12
Jan
12
16
8 34
May
1294
Jan
10
46
994
July
1234
Jan
36
834 May
1434
Northern Paper Mills com*
9
9
Northwest Bancorp com..*
854
834
Nor West Uti—
Chicago Stock Exchange
7% pref.
July 27 to Aug. 2, both inclusive, compiled from official sales lists
Friday
Last
Par
for
Salt
Stocks—
Week's Range
of Prices
Low
High
Week
Price
Shares
Range Since Jan. 1. 1940
50
20
2034
26C
15
May
2434
Jan
100
34
3494
201
25
May
38 94
Feb
24
24
176
2334 May
6
Peoples G Lt&Coke
cap
Co..*
Poor & Co cl B
High
Pressed Steel Car
24
1
1034
794
If
594
May
1294
934
1034
l,55f
694
May
1494
Common
*
For footnotes
see
5834
4494
25
page
680
59
210
46
255
5034 May
3434 May
7034
Jan
5134
Apr
Quaker Oats Co common
Preferred
100
"103
15334
1
1
15f
10234 103
15334 155
676
95
Jun<i
123 94
96
141
JUIKi
155
1
Process Corp (The) com.
Acme Steel Co com
29
734
*
com
*
Abbott Laboratories—
Jan
1034
1034
Omnibus Corp com
Perfect Circle (The)
Low
934
Nunn Bush Shoe com..234
Penn RR capital
Sales
12
100
34 May
Mar
Jan
Jan
Aug
Feb
July
Volume
The Commercial & Financial Chronicle
151
Friday
Last
Stocks
Rath
(.Concluded)
Packing com
Low
8%
Sears Roebuck A Co cap..*
76%
1
High
Low
33
50
Feb
Stocks (Concluded)
55%
Jan
Jan
White Motor
Youngstown Sheet
1%
8%
8%
8%
July
8%
76%
250
6
May
10%
Feb
1,186
62
May
88
100
for
of Prices
Week
Low
_l
High
4%
clO% alO%
031% o33%
Range Since Jan. 1,1940
Shares
Low
50
4%
High
4%
July
7% May
26% June
Apr
1%
Week's Range
Price
Par
Upson-Walton
12
200
7%
8
Last
Sale
Shares
39
Sales
Friday
Range Since Jan. 1, 1940
for
Week
High
39
10
Reliance Mfg Co com... 10
Scbwltzer Cummins cap._l
Serrick Corp cl B com
Range
of Prices
Price
Par
Sales
Week's
Sale
677
73
1%
1%
May
2%
60
& Tube*
100
115
5%
13%
Apr
48%
Jan
Jan
Mar
Signode Steel Strap Co—
24
30
Preferred
Sivyer Steel Castings
*
Spiegel Inc
2
common
25
24
mmmm
-
Sou Bend Lathe Wks cap.5
28%
mmmmrnm
St Joseph Lead Co cap. .10
240
13
13
28%
29%
7%
33%
6%
33%
24
Aug
Apr
31
10% June
50
800
15
30
130
Exchange—See
533.
page
Apr
May
5
10
Detroit Stock
Jan
May
20%
28%
July
11
Jan
38%
Apr
Stand Dredge—
1%
1
Common (new)
25
Standard Oil of Ind
1%
100
May
2%
Mar
24%
819
20%
May
28%
Apr
7%
375
2%
Feb
28%
2,100
1,129
15%
Jan
Texas Corp capital
25
Thompson (J R) com...25
36%
24%
6%
26%
17%
18%
36%
4%
69%
68
71%
419
16%
61%
17%
65%
55%
1
150
Union Carb A Carbon cap *
.
„
«.
-
-
_
5
7
Sunstrand Mach T'l com_5
28
Swift International cap.. 15
17%
Stewart Warner
19
25
Swift & Co
4%
United Air Lines Tr cap..5
U S Gypsum Co com
20
United States Steel com..*
Feb
9
29% May
Feb
19%
799
17%
May
32%
25%
39
251
33
May
47%
5%
Apr
17
June
4
Jan
Mar
Judo
88
Jan
New York Stock Exchange
200
12%
May
23%
Apr
Loe Angelee Stock
172
50%
June
87%
Jan
May
68%
124%
Apr
1%
Jan
2%
Apr
%
Jan
Jan
2,927
41%
160
103%
May
100
%
May
May
50
%
*
850
16%
Wayne Pump Co cap
1
Westrn Union Teleg cm 100
Westh'se El A Mfg com.60
10
14%
14%
May
June
28%
100%
18%
18%
18%
17%
95% 100%
23% May
Jan
24%
117%
90%
76%
88%
June
Wieboldt Stores cum pr pf*
June
pref
cum
54%
100
-
-
-
-
7
Common
Walgreen Co com
1%
5
Utility & Indus pref
%
Wisconsin Bank shares cm*
4%
Woodall Indust Inc cap..2
mmimmmm
Wrlgley (Wm Jr) cap
mmmmrnm
*
Zenith Radio Corp com..*
200
1%
95
623 W. 6th St.
Los
July 27
to Aug.
Los Angeles
Angeles Stock Exchange
2, both inclusive, compiled from official sales lists
Jan
Friday
Last
Week's Range
for
May
May
Sale
Week
6%
May
93%
8%
May
17%
Apr
Apr
Apr
of Prices
Low
High
4%
3%
5
50
3%
79%
100
11%
310
95
Stocks-
Par
Aircraft Accessories cl A50c
Rights
July 27 to Aug. 2, both inclusive, compiled from official sales lists
Sale
Far
Stocks—
Price
Sales
Week'8 Range
of Prices
High
Low
Range Since Jan. 1, 1940
for
Week
Low
Shares
High
Broadway Dept Store Inc.*
Byron Jackson Co
;
*
Calif Packing Corp com..*
Chrysler Corp
6
Consolidated Oil Corp
*
Consolidated Steel Corp..*
Consolidated Steel pref
*
Creameries of Amer
Aluminum Industries
*
Baldwin
8
Burger Brewing
0%
10
Cin Gas & Elec pref
June
11%
Feb
7
Feb
18%
Apr
65
2%
2% June,
3%
43
Jan1
47
106 % 107 %
50
Cincinnati Telephone.—50
6
30
20
74
100
June
47
2%
94%
Jan
110
2%
94%
100
93
47
100
Cincinnati Street._
20
6%
10
2%
*
50
Preferred
1
Blue Diamond Corp...
Exchange
1% May
85% May
11% May
13 %
Jan
56
Cin Union Stock Yards
*
12
12%
110
Formica Insulation.
*
17%
19
180
2%
Mar
Feb
v t
c..l
Electrical Prods Corp
Exeter Oil Co cl A com
General Motors
9
9
132
30c
30c
30c
200
45%
45%
45%
487
11c
4,000
7c
Jan
160
Mar
26%
3%
2%
24%
3%
2%
26%
3%
3
999
23% June
41%
208
3% May
1%
Jan
4%
Jan
2,528
4%
May
4c
4c
1,000
Jan
com
Nordon Corp Ltd
100
Wurlitzer pref
Lane-Wells Co
Mar
Apr
Lockheed Aircraft Corp.. 1
Mar
Los Angeles Investment. 10
-.1
1
4c
1
30c
30c
30c
300
10%
29%
10%
29%
10%
29%
418
Apr
pomlO
Pacific Gas & Elec coin..25
250
Feb
Pacific G A El
33
33
33
117
62% June
71%
Apr
Oceanic Oil Co
18
Feb
23
Apr
Pacific Finance Corp
27% June
1% May
8% June
10
39
95
July
Mar
109
Jan
...
6% 1st pf-25
5%% st pref
25
Pacific Lighting Corn com *
Puget Sound Pulp A Tim.*
Unlisted—
25
*
..._10
Am Rolling Mill
Columbia Gas
General Motors
11
11
*45 %
84
11%
5%
45
9% May
4% May
37% May
75
5%
46
135
17
Apr
7%
Apr
56%
Apr
Republic Petroleum com.l
Richfield Oil Corp com
*
o29%
o39%
18%
2
8
Roberts Public Markets..2
9
4%
a43%
029%
23%
3%
27%
riignal Oil & Gas Co A
*
Solar Aircraft Co
So Calif Edison Co Ltd..26
Ohio Listed and Unlisted Securities
preferred
6% pref B
5%% preferred C
Original
Members Cleveland Stock Exchange
So Calif Gas Co
6%
pr
25
25
25
clA25
Southern Pacific Co... 100
Standard OH Co of Calif-
Taylor Milling Corp
Transamerlca Corp
RUSSELLco.
*
2
Union Oil of Calif
25
1%
Vega Airplane Co
Union Commerce Building, Cleveland
Telephone: CHerry 6050
Vultee
Aircraft com..... 1
Wellington Oil Co of Del—1
A. T. & T. CLEV. 565 & 566
18%
1%
45
30%
28%
32%
08%
18%
7%
4%
13
9%
7%
2
18%
2
Apr
6c
Jan
Apr
147
100
12
28% May
54
Jan
49%
1% Mey
2%
6
8%
Mar
Apr
Jan
Jan
Jan
May
May
7%
Jan
3% May
50% Mar
62%
26
May
33% May
308
30
May
May
May
May
May
May
May
May
31
805
20%
2%
23%
38%
27%
24%
4
156
2
Apr
Feb
1,363
4%
4%
043% 044%
029% o29%
23
23%
3
3%
27% 27%
42%
45
29% 30%
28%
28%
32%
32%
08%
09
18%
18%
7%.
7%
4%
5
12%
13
9%
10
7%
7%
Feb
47o
200
9
July
13%
34%
34%
31%
2
c75c
3c May
29c June
14
9% May
26% May
29
May
26% May
37% May
8
o75c
9
1
Ryan Aeronautical Co
29% 029%
038 % 039%
8
a75c
Warrants
Safeway Stores Inc
*
Security Co units ben int..
GILLIS
Jan
Apr
Apr
10c
22
95
6%
10c
June
95
56
Mar
Lincoln Petroleum Co.. 10c
16
2%
17%
43c
Apr
75
169
100
Apr
10%
May
440
130
5
Apr
July
12%
20
150
5
6
Jan
20
2
5
8% May
25c May
38% May
3% May
6% May
6%
12%
9%
*
17
June
600
Lunkenheimer.
33%
May
4
10
Menasco Mfg Co
2
7
100
675
9%
Apr
15
1,760
Jan
Jan
9%
34%
33
5%
12%.
5%
8
1
43
2
5%
11%
5%
5%
Jan
90%
24%
May
33%
5%
12%
26
40
May
10
100
June
June
*
50
6%
May
29
Preferred
6%
Feb
14
23 %
U S Printing
60
510
6%
3
6% May
14% May
27
25
U S Playing Card.
25
291
100
1,835
382
256
372
20 %
011% Cll%
018% 018%
72%
72%
575
37
20
100
oll%
018%
72%
14
30H
63%
4
15%
30%
9%
26
20
4
15%
25 %
37
*
425
4
14
20%
—*
1,050
2%
1%
3% May
15c July
Jan
4%
30
37
Randall A
15c
2%
1%
July
5c July
2% May
1% May
3% June
10% May
16% May
57% May
6
May
3% May
14
30%
65
10c
2%
1%
High
2
15%
30%
*
P & G...
995
9
Goodyear Tire & Rubber.*
Hancock Oil Co A
*
30
Low
2%
*
Mar
100 %- Mar
Hobart "A"
*
2%
1
com
Kroger
—
2%
Range Since Jan. 1.1940
Shares
4
Gladding McBean A Co..*
Globe Grain & Milling. .25
14%
19%
29%
Gibson Art
Price
11c
Bandini Petroleum Co
Last
Sales
Jan
Feb
5
Friday
Teletype L.A. 290
Apr
4%
Cincinnati Stock
San Francisco Stock Exchanga
5%
10
200
78%
10%
Jan
May
Chicago Board of Trade
Exchange
72%
125
90%
90%
MEMBERS
60%
50%
116% 118%
1%
1%
1%
1%
%
%
20
19%
7%
Utah Radio Products coml
Wm. Cavalier & Co.
Apr
17%
1,650
96
1
210
400
703
150
1,118
125
62 %c
7
2,033
17% June
200
7% June
4% May
12
May
4%
Jan
6% July
2
May
2,163
2,028
2,130
525
100
Jan
1% May
10
Apr
7
Apr
4%
30%
46%
30%
29%
34%
15%
26%
Apr
Mar
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
10
Jan
7
Mar
17%
14
Jan
Apr
7%
July
3%
Jan
Mining—
9c
9c
1%
1%
1%
05%
o5%
70
a36% 039%
o59%ol62%
241
B1 Mammoth Cons Mg 10c
Cleveland Stock
July 27
to Aug. 2,
both inclusive, compiled from official sales lists
Sales
Friday
Last
Sale
Par
Stocks—
Price
Week's Range
of Price 8
Low
Addressograph-Mul cm 10
a\3
Airway Electric pref.-.100
20
c
7%
American Coach & Body .5
c
10%
100
5
*21%
Cliffs Corp com
14%
Colonial Finance
-.1
Dow Chemical pref
100
Cleveland Ry—
al3%
20
7%
Range Since Jan. 1, 1940
for
Week
70
27
125
60
6%
Jan
45% May
9%
10%
509
10
June
57%
260
46
May
21%
21%
96
17%
Jan
14%
15
1,021
12%
May
11%
11%
115% 115%
477
55
10% May
113
June
19%
20
1
*
05%
o39%
062%
19%
..
100
...60
Atcbsn Topk A 8 Fe Ry 100
High
12% June
8% Mar
.
Refining.
Amer Tel & Tel Co
Anaconda Copper
Low
Shares
.
Jan
July
ol6
Atlantic Refg Co (The). .25
Baldwin Locomo Wks vtc.
21%
15%
08%
029%
o79%
—5
Barnsdall Oil Co
8%
Apr
Bendlx Aviation Corp....5
66%
Apr
Bethlehem Steel Corp
14%
63%
Apr
36
Jan
May
*
B org-Warner Corp
5
Caterpillar Tractor Co...*
10
Cities Service Co
18%
Apr
Columbia Gas A Elee
13
Apr
Commer Solvents Corp...*
117
Apr
Commonwealth A Sou...*
*
Curtlss-Wrlght Corp.
a31%
—*
Eaton Mfg
10
a32
190
12
c
Firestone T & R
c
General Electric com...*
o32
014% al4%
a34%
196
25
oil
all%
115
ol2% al2%
11
12%
15%
15%
120
com.
General T & R Co
c
Glidden Cocommon....*
*
Goodrich B F
Great Lakes Towing... 100
a55
100
Preferred
055
42
10
16
21%
Jan
Jan
General Electric Co
•
23%
19%
Jan
General Foods Corp
a40
Jan
Goodrich (B F) Co
*
*
10
20%
Apr
Kennecott Copper
Corp..*
o27
18
Apr
Tbpw'R Tnft
13%
May
Feb
Apr
♦
5
50
Feb
60
May
May
15
Jan
Montgomery Ward A Co.*
New York Central RR—*
17%
Jan
North American Co...—*
40%
13%
21%
Apr
Packard Motor Car Co..*
Apr
Paramount Pictures Inc.-l
Apr
Pennsylvania RR
12%
290
12
16
16
107
13% May
23% May
a28% a31
Midland Steel Prod...__.*
Murray Ohio Mfg
National Acme—
6%
*
c
N Y Central RR com...*
c
Ohio Oil com
100
105
10%
1
National Refining new...*
Prior preferred
a6
*
1
Troxel Mfg
c
U 8 Steel com
1
*
For footnotes see page 680,
217
June
76
87
9% May
5% June
7
11
14
35
34%
2%
2%
a51% a55%
381
31
al7
35
July
61
12
*
.....*
2
30
35
*
Rlchman Bros
403
308
*
Patterson-Sargent
Republic Steel com
06%
08%
6% May
13%
Jan
al8%
o7%
Otis Steel
c
45
10%
al8% al9%
3
2%
39
41%
all% al2%
*
12
100
308
1%
07
41
May
37
Nor American Aviation. 10
Medusa Portland Cement *
5%
5%
9%
12% May
26% May
10% May
11
May
12%
Kelly Island Lime & Tr. _*
017
047%
1
Curtis-Wright Class A—1
Electric Bond A Share Co.5
22
2%
42
May
July
May
May
Aug
May
3%
41%
18%
Apr
July
Jan
8% May
12%
14%
23%
40%
5%
68%
Jan
Mar
Jan
Ohio Oil Co
*
50
Pure Oil Co.
*
Republic Steel Corp
*
Sears Roebuck A Co
»
So cony-Vacuum Oil Co..15
Standard Brands Inc.....*
Standard Oil Co (NJ)
25
1
Feb
Studebaker Corp
Swift A Co
Jan
Texas Corp (The)—.i—26
Mar
9c
6c June
1,000
200
14 %C
Jan
May
2%
Jan
1
Unlisted—
Amer Rad A Std Sanli
Amer Smelting A
57 y
*
*
_.
Cleve Cliffs Iron pref
High
a54% o55
Amer Home Prod com__l
City Ice & Fuel
Consol Chollar G A S M
Exchange
25
19
19%
ol5% ol6%
21%
21%
15%
15%
08%
a8%
o29% a30%
076% 081
ol5% ol7%
047% 047%
5%
5%
5%
5%
9%
9%
1%
1%
o6% o7%
25
25
25
06
a6
a6
33%
33%
012
024%
o41%
12%
16%
20
6
3%
5%
19%
o7%
17%
076%
8%
6%
033%
80
413
53
100
540
5
30
69
298
60
100
131
155
100
88
100
17
5% May
35% July
148
May
19
July
15
May
20% June
10
47%
174%
31%
24%
Jan
Jan
Mar
22
Apr
Apr
May
13
May
11% Mar
25% June
68% June
19%
May
12%
34%
Apr
Apr
84
16% June
24%
Apr
Apr
51
51%
Jan
6%
July
7%
16%
Apr
Apr
5% July
4% June
9% July
87%c May
7
June
24% June
5% May
Apr
1% June
11% Mar
29% Feb
8%
Jan
33%
a40
o40%
oll% ol2%
o25% o27%
277
27
May
40
Jan
77
41
May
Feb
16% May
24% July
47%
20%
38
Apr
024 % o24%
75
22
June
35%
Feb
041% o4l%
12%
12%
16%
16%
117
39
June
47% May
18%
Jan
26
Apr
Apr
Apr
130
260
776
9%
150
May
July
June
May
May
May
July
6
6
200
3%
5%
3%
550
5%
210
15%
16%
5%
2%
5%
19%
07%
07%
16%
18%
073 % 076%
8%
8%
6%
6%
a33% a33%
170
19%
20
20
19%
7
7%
7%
018%
al8% ol8%
039
039
o39
100
20
1,935
88
415
9
Jan
14% May
68% June
7% May
150
5
May
50
30
June
600
5% May
10
18
20
88%
June
July
23%
7%
4
8%
24%
9
23%
87%
12%
7%
43%
12%
23%
47%
Apr
Mar
Apr
Jan
Jan
Apr
Apr
Apr
Jan
Feb
Feb
Feb
Apr
Range Since Jan. 1, 1940
Last
Par
Week's Range
for
Sale
(Conclvded)
of Prices
Low
High
Week
Price
•
a9%
a70%
70
8%
June
11
63%
June
82%
12%
May
23%
36%
United Aircraft Corp....
10
C20
Apr
340
34%
Apr
18%
July
July
51%
87
38%
55
•
Westlnghouse El A Mfg.60 al01%
a2%
Willys-Overland Motors .1
U P Steel Corp
May
66
Apr
738
50
Members
1%
3%
Mar
for
of Prices
Low
High
Price
108
22X
7%
5%
7%
50
5%
171
Col Gas & Elec Co
*
25c
1
1
636
15%
87
IX
350
IX
16
May
26%
6
May
11%
May
7%
20c
Apr
1
25c
Jan
May
10%
6%
90c
850
75c May
1.50
76%
76%
60
66
June
5%
6
125
4%
60c
50c
300
30c May
33
33
21%
116
93%
94%
157
77
24
24
10
General Paint Corp pref..
Golden State Co Ltd
Hawaiian Pine Co Ltd...
Jan
2\X
94%
May
15% May
10
pref..100
(E G) MfgCo
*
Low
Budd
10
1
Pennsylvania RR
50
Penna Salt Mfg
60
Phlla Elec of Pa $5 pref..*
pref...25
Scott Paper
*
Tonopah Mining..
1
United Corp com
*
Phila Elec Power
*
Preferred
146%
184
340
4
45%
805
38
4.516
1,455
36%
27
Jan
Magna vox Co Ltd
6
5%
8%
1%
Mar
2%
24%
175%
120%
31%
14% May
159
May
115%
169
112%
June
30%
421
28%
June
38%
39%
Jan
49
685
7%
400
5% May
7% May
11
•
100
8%
300
7% June
11
Jan
22
8%
22
200
16% May
23%
Feb
13
13
100
10
15% May
*
125
1.25
25
29%
32%
29%
29%
30
1,654
32%
29%
39%
37%
29%
39%
1,749
6% 1st preferred
25
5%% 1st preferred—.25
*
Pacihc Pub Serv
.
Jan
June
117%
Feb
10
12%
Apr
compiled from official sales lists
Sales
Range Since Jan. 1, 1940
Week
Low
High
•
*
Ely A Walker D G 2d pflOO
4
Emerson Elec com
Laclede Steel
3%
15
15
14%
14%
14%
98
98
98
40
150
45
3%
3%
87
8%
6%
28%
8X
28%
5
15%
135
3%
50
87
135
6%
30
70
8%
Jpn
6
5
July
8
Apr
15%
100
15
June
20
Apr
5
1.40
Aug
10
Feb
4.50
July
20%
Aug
28
7%
Aug
12%
Aug
12%
70
235
8
40
4%
19
90
30
1.00
12
9%
205
7%
27%
124
70
70
1959
63%
1964
9%
7%
Apr
29%
2%
9
Apr
Apr
26%
7%
27
10%
45
Mar
1.00
*
May
12%
2%
St Louis Pub Serv com A.*
June
June
7%
36%
1,329
4%
6% June
27
4
98
Aug
12%
90
Jan
July
20%
8
7%
3% June
81
May
10%
20%
.1
15
102% May
6%
12%
Sterling Alum com
Feb
25%
Mo Portland Cement cm-25
Natl Bearing Metals com.*
Scullln Steel com
93
Jan
97
1.50
Wagner Electric com
Apr
Mar
125
1.40
*
Rice-Stlx Dry Goods com.*
2nd pref
100
St Louis Bk Bldg Eqpt cm*
19%
27
July
150
1.50
National Candy com
4
3% June
13% June
13%
6%
5
com...
May
Jan
Apr
8%
350
Lemp Brew
29
16%
Apr
"
*
20
com
100
3%
mmm — m m>
5
Key Co com
July
26
6%
International Shoe com..*
36%
73%
73%
29%
Huttlg S A D com
June
10
1
Hus8mann-Llgonier com.*
May
66
50
Grlesedleck-West Br com.*
Falstaff Brew com
28
30%
73%
26%
100
Preferred
46
30
3% May
90
July
Apr
Mar
Jan
6%
100
May
Jan
4%
May
1.00 June
1.37
Jan
9%
July
2%
5%
May
5%
Jan
21% May
9
Apr
30
Apr
67
Jan
70
July
63%
$1,000
7,100
65
May
66%
Jan
9%
5,400
8
May
12%
Jan
60
1941
'
St i. Pub Serv 5s
5s
7% preferred
Francisco Stock
Sale
Par
Stocks—
Price
Exchange
Week's Range
of Prices
100
Aircraft Accessories rights.
High
12c
Range Since Jan. 1,
for
4%
4%
4%
200
8
8
4%
4
8%
4%
5%
1,143
10
Calamha Sugar com
Calif Packing Corp pref.50
290
9
12%
12%
524
12%
18%
770
14
49%
26%
48%
3%
21%
24
435
6
350
26%
Calif Water Service preflOO
Caterpillar Tractor com..*
Central Eureka Mln com.l
Cons Cbera Ind A..
*
Caremertes of Am Inc coml
181
12
17%
49%
12%
Calif Packing Corp com.. *
46%
46%
3%
21%
5
70
July
4% May
5% June
3%
3%
5%
*
20
670
5c
11%
Atlas Imp Diesel Engine. .5
Byron Jackson Co
Low
600
Assoc Insur Fund Inc... 10
Gold
31 %
50
May
108 %
Jan
5
200
3% May
5%
Feb
18
1940
333
16
May
21 %
Jan
118%
45
113
June
138%
Mar
148
10
142
June
154
19%
470
12%
Jan
205
2.25
275
1%
Apr
6%
8%
5%
May
May
26%
Feb
52 %
4
Jan
20
11
July
24%
14
May
437
29% May
37% May
14%
14%
Jan
24%
12% May
5% May
3% May
111
2,470
19%
Mar
Jan
8%
Jan
7
Apr
1.50
1.50
5%
25
23
26
23
26%
33
32%
33
Super Mold Corp cap... 10
Texas Consolidated OU..1
Transamerlca Corp
2
Union Oil Co of Calif—.25
Union Sugar com
—
25
"lx
.25
Victor Equip Co com
Jan
30%
Mar
3,363
21
May
42
May
420
8%
3,232
2,295
25
25%
313
5c
4% May
28% May
200
5c
4%
12%
7%
7%
3%
1
Apr
6%
May
18%
8%
1.90
22
18
•
1.50 May
323
23
5
4,916
13
819
6%
May
17% May
34%
15%
Jan
Jan
Jan
May
26%
33%
Feb
5c
July
20c
Feb
4%
May
6%
Mar
May
22
12
17%
Jan
7X
110
6% May
10
Apr
7%
200
7
15%
Jan
3%
140
3
June
Jan
4% May
5
12
12
157
8
May
13
10
Western Pipe A Steel
17
27
262
15
June
22% May
1.50
111
6%
6%
Am Rad A St Sntry
,.*
American Tel A Tel Co. 100 al61% al59% a!62%
65c
75c
Amer Toll Bridge (Del)..l
2,415
1.50
Yosemlte Ptld Cem pref.10
1.45
May
July
2.90
Jan
July
9%
174%
Mar
Unlisted—
Anglo Nat Corp A com
•
6
52c
June
leb
Apr
92c June
255
12%
12%
230
2.00
100
al5% al5%
25
14
May
25%
Jan
a6%
a4%
21%
2.00
12%
Atchison Topeka A 8 FelOO
Atlas Corp com
5
Aviation Corp of Del
*
Bendlx Aviation Corp...6
5%
149
21%
Anaconda Copper Mln..60
Argonaut Mining Co
125
401
a6%
25
9%
Mar
a4%
a4%
Jan
8%
4% May
26% May
8%
Apr
35%
Apr
a29% a30%
l"65
50
95
18%
May
31%
Apr
8%
Feb
12%
July
1.50 May
4 00
75o
Jan
1.05
1.05
288
10
10
150
9%
May
14%
Jan
Cities Service Co com.. 10
c5%
a5%
84
4%
Feb
6%
May
Coen Co's Ic A
a20c
a20c
55
10c
Jan
50c
Apr
Blair A Co Inc cap
1
Bunker Hill A Sullivan.2%
10
*
com
Cons Edison Co of N V..*
a29%
Consolidated Oil Corp...*
Curtlss Wright Corp
1
028% a29%
"~~7%
Domlngues Oil
Fields Co.*
a6%
32
7
155
24
June
108
6
June
32%
7%
Apr
6%
July
11%
Mar
141
25
May
36
175
28% June
41
Jan
17
Mar
20%
Apr
5
June
90
5
1,676
Jdaho Mary Mines Canada*
nternatl Nick Co Corp..l
a23% a24%
Kenn Copper Corp com..*
a25% a28
150
22
24%
200
1
5c
8c
1,400
Mountain City Copper...5
2%
4%
2%
4%
300
24%
Navigation Co...*
Nasb-Kelvinator Corp
5
National Distillers Prod..*
American
com.
210
a21
20
al5% al7
a21
100
a21
20% June
24%
22
May
5c
Aug
2% May
4% June
10
19
14%
16
25
20
July
July
16
16
33
15
June
110
3%
Radio Corp of America...*
Shumacb Wall Bd pref...*
22
22
44
8
8
185
7
3%
Packard Motor Co com..*
6% preferred
*
4
3%
511
20%
212
a4%
50
3
July
May
16% June
4% May
18% June
May
27%
30%
800
24
30%
161
26% May
a6
a6%
55
a6%
a6%
20%
27%
25
..*
Studebaker Corp com
June
a20
3%
3%
20%
a4%
Standard Brands Inc
July
a20
Avlatlon..l
1
5
5
May
May
90
5% May
20% July
a37% a39%
a34 % a38%
125
38% July
325
39
90c
90c
600
52%
54%
574
20%
Sun McKee Slbk Co A...*
Apr
33%
all
5
M J&M&MCons
Jan
525
all
Goodrich (B F) Co com..*
2
32
32
33%
General Electric Co com..*
a6%
7%
June
Jan
7
Apr
38%
35%
Mar
35
Jan
May
12c
Jan
4%
7%
Apr
26
Feb
Apr
26%
23%
23%
Mar
6%
Feb
4%
23%
Jan
Apr
7%
Apr
Feb
Jan
25% Mar
12%
Jan
30% May
30% July
7%
Apr
12%
Feb
21%
Feb
46% May
51%
Apr
Jan
19
55
19%
Mar
7%
15%
26%
187
Feb
July
May
45
2%
4
900
So Calif Edison com....25
July
May
May
49%
Aug
24% June
500
Jan
29% May
17
11
17
100
Shasta Water Co com
High
12c
Jan
148
18%
Pennsylvania RR Co...50
Week
Shares
Alaska Packers Assn...100
Alaska-Juneau
list
Sales
Low
May
100
11
Oahu Sugar Co Ltd cap.20
Olaa Sugar Co
20
July 27 to Aug. 2, both inclusive, compiled from official sales
Last
34
13
25
North American Co
Friday
255
31
Signal Oil & Gas Co cl A..*
Sound view Pulp Co com. 5
No
San
Apr
Jan
16%
Schlesinger Co (B F) com.*
Mataon
Bonds—
Scullln Steel 3s
Jan
Apr
29%
1
Preferred
Preferred
May
30
1.50
3-» %
34%
95c
118
148
Universal Consolidated.. 10
50
May
25% June
28% May
25% May
25
Rayonier Incorp com
Standard Oil Co of Calif.
St. Louis Stock Exchange
39
Apr
Mar
105
18
Southern Pacific Co
39
May
10%
105
com...
1st preferred
Pacific Tel A Tel com.. 100
So Ca IGas pref ser A
5
105
220
15%
107%
June
10
309
Jan
5
Pacific Light Corp
$5 dividend
1.25
121
Pacific Coast Aggregates.5
789
May
137
9%
Century Electric Co
22
5%
6,990
285
1.75
9%
Jan
19% Apr
4% May
8%
1.60
181
12%
Shares
Jan
July
Feb
41%
33%
of Prices
Low
High
50c
7
12% May
Apr
3.00
500
for
May
Jan
7
8
Week'8 Range
7
July
8%
4%
11
Dr Pepper com
2.85
100
7%
12%
Columbia Brew com
658
4%
12
mmmm.
Apr
1,132
Ryan Aeronautical Co...l
*
1
1.30
66c
7%
15%
Richfield Oil Corp com...*
Westmoreland Coal
7% pref.. 100
Apr
Rheem Manufacturing Co 1
July
Burkhart Mfg com
Jan
41%
Jan
11%
Bruce (E L)
35
23% June
Apr
11%
30
44
21
Feb
Jan
*
35% June
100
%
9%
Brown Shoe com
135
290
2%
32
Price
Feb
ht June
113% 114%
..*
16%
1% June
26% June
11%
Par
11% May
100
69
34% May
Jan
10%
Sale
Apr
65c
1
Apr ,
Preferred
100
Apr ! Puget Sound P A T com.
Jan ; R E A R Co Ltd com
*
Apr
Preferred
100
33
Last
8%
500
6u
2
Friday
June
7%
Pacific Can Co com
Jan
2%
173
July 27 to Aug. 2, both inclusive,
Jan
July
17%
12%
10%
8%
National Auto Fibres com 1
Feb
May
30
12
225
11
15
2%
Magnln A Co (I) com...
Jan
6%
90%
*
Stocks—
14%
MarcJbant Calcul Mach. ..6
Apr
Westmoreland Inc
American Inv com
11
Feb
No American Oil Cons..10
14%
June
115
114%
Feb
30
May
173
•is
Jan
76c
26
1%
30X
1%
Mar
20%
50c May
30
Langendorf Utd Bak A...*
Leslie Salt Co
..10
May
28%
33%
65%
115%
25
11%
14% May
600
444
Mar
29%
2%
446
397
55c
14%
Apr
Apr
June
20%
9%
18%
52c
14%
36%
34
Pac G A E Co com
25%
1%
9%
18%
18%
55
Jan
27%
1%
19%
Mar
40
Jan
516
120
Apr
34
7%
175%
140
7%
56
9%
125%
211
245
May
27% May
7% May
7%
May
5
2
38
140
9%
113%
Apr
3% June
3% May
55% June
75
1%
7%
877
30
Hutchinson Sugar Plant.15
60
44
46%
*
Preferred
United Gas Imprvmnt cm*
232
4%
Lehigh CoalA Navlgatn..*
National Power & Light..*
Pennroad Corp vtc
May
67
6
Electric Storage Battery 100
General Motors
9%
3%
4
*
Budd Wheel Co
Chrusler Corp
46
30
Honolulu Plantation Co.20
High
159% 161
118%
22
N atom as Co
9%
9%
116% 118%
Barber Co
17% May
Jan
Menasco Mfg Co com
Shares
12%
10
July
Range Since Jan. 1, 1940
215
11%
18%
50c
Week
11%
Mar
8%
•
Sales
Price
2.20
Apr
compiled from official sales lists
for
1.00 June
44%
Inc...l
Lockheed Aircraft Corp_.l
of Prices
Low
High
Feb
100
18%
LeTourneau (R G)
Week's Range
33%
1.25
Holly Development
1
Honolulu Oil Corp cap...*
104%
May
28
May
Apr
May
19% June
99%
178
1.25
Food Machine Corp com 10
May
90c
21%
Feb
Foster & Klelser
May
May
40
44%
General Motors com
June
~5%
Apr
May
Apr
7%
00c
20%
35
Jan
75
Jan
14% May
203
20
4%
30
10%
303
9
112
May
May
16%
com...2%
Galland Merc Laundry...
2.522
95
5
40%
Jan
1 %
75% May
15
16%
Mar
Jan
168
8
8
40
1
1%
May
87
86
40%
14
May
21
15%
50
Preferred (ww)
Oliver Utd Filters cl A
Bell Tel Co of Pa
High
12% May
14%
86
Jan
6X
Sale
*
American Tel A Tel—100
Low
Shares
3,627
15%
9% June
8%
Last
—
Price
Fireman's Fund Ins Co. .25
Apr
76 X
Friday
American Stores
Week
Emnorlum-Capwell Corp
Jan
4%
Philadelphia Stock Exchange
Par
Range Since Jan. 1, 1940
for
of Prices
Low
High
D1 Giorgio Fruit pref... 100
May
6
July 27 to Aug. 2, both inclusive,
Stocks—
Par
Crown Zellerbacb com.
Preferred
8X
Vanadium-Alloys Stl Corp*
Westlnghouse Air Brake..*
Stocks (Concluded)
High
91
1
Renner Co
Low
76 X
6
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
20
12
15
Lone Star Gas Co com...*
Supply Co
10
Natl Flreprooflng Corp.. .*
1
11%
12
100
Hoppers Co pref
60
25c
25c
1
Mt Fuel
Sales
Week's Range
Sale
Shares
21A
Duquesne Brewing Co—5
Follansbee Bros pref
100
Fort Pitt Brewing
1
In San Francisco and Los Angeles
Week
Ulaw-Knox Co
Preferred
Exchange
Last
Range Since Jan. 1, 1940
Week's Range
Allegheny Ludlum Steel..
Consolidated Ice Co
are
New York
Friday
Sales
Sale
Par
which
Cortlandt 7-4150
Apr
Pittsburgh Stock Exchange
compiled from official sales lists
Last
Stock
York
Hew
111 Broadway,
July 27 to Aug. 2, both inclusive,
Stocks—
Exchanges,
Schwabacher 8l Co.
Private Wire to own offices
Friday
Stock
Coast
Pacific
Jan
115
a93%a!01%
a2%
a2%
on
Feb
46
solicited
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Feb
15
al6% al6%
34%
37%
a 19% a20%
53 %
55
US Rubber Co
Orders
High
94
a9%
a9%
a67% a70%
a!6%
Union Carbide A Carbon
Low
Shares
open
United Air Lines Transpt.6
Tide Water Assoc Oil Co. 10
Aug. 3, 1940
Sales
Friday
Stocks
Financial Chronicle
The Commercial &
678
May
Feb
Jan
Mar
July
Jan
May
4%
Mar
May
26%
May
June
6
Apr
Texas Corp com
25
United Aircraft Corp cap. 5
U S Petroleum Co
1
a37%
""90c
United States Steel com..*
*
No par value,
trading privileges,
a
a
55c May
42%
May
1.15
Jan
66%
Jan
dividend
e Admitted to unlisted
r Cash sale—Not Included In range for
Listed, fin default. J Title changed from
Odd lot sales, b Ex-«tock
d Deferred delivery,
year.
rEx-dlvldend.
v Ex-rights,
The Whal Co.
o Eversharp, Ino
June
Volume
The Commercial & Financial Chronicle
151
679
Canadian Markets
LISTED
AND UNLISTED
Montreal Stock
Service
Stocks
Par
Hamilton Bridge
Hollinger Gold
Howard Smith Paper
68R
of Prices
*
Price
3X
45*
for
11
110
9.60
16
172
115* May
95
95
20
24
6s
4^8
1 1956
Oct
39
37
42
5s
39
6s
Sept
5s
..May
4s
June
4V*s
Jan
Prov of Brltteh Columbia—
6s
July
4Hs
Oct
12 1949
1 1953
75
78
72
75
Province of Manitoba—
4**s
1 1941
72
70
75
2 1959
June
6s
70
75
74
78
71
75
Dec
4Hs
Apr
95X
87
16 1943
1 1959
1
95 X
97 X
89
78 >*
80 X
82
1962
15 1965
84
Mar
2 1950
81
4s
Feb
1
1958
78
82 X
81
4Kb
Sept
15 1952
76
1 1961
Mar
1 1960
80
12
175
345*
1,698
155* June
275* May
125* June
465*
Jan
UX
"l5"
110
15
780
24
Feb
70
20
70
June
94
Feb
17 X
May
May
27
16 X
17 5*
230
14
3X
2X
35*
85
2
*
25*
364
2 5*
Mar
55*
Jan
*
3X
3
35*
561
25* May
6X
Jan
5X
5X
55*
63
5
June
6
110
Mar
95*
112
July
5
107
Jan
McColl Frontenac Oil
Mitchell (J S) pref
100
Montreal Cottons pref. 100
Montreal LH4P Cons..*
Montreal Telegraph
40
112
112
110X uox
27 X
28 X
28
»
Preferred
1
40
Feb
40
10
40
June
25
26
25
38
40
100
1,242
38
26
930
25
36
Montreal Tramways
National Breweries
36
10
*
40X
44 5*
*
24 X
20
24 5*
Noranda Mines Ltd
*
53 X
52
56
Nov
15 1946
53
1 1951
56
23 X
235*
...
Ogilvle Flour Mills
98
Canadian Pacific Ry—
49
50
4Xa
Sept
1 1948
65H
67 X
66
68
6s
Dec
1
1954
66
67 X
41*8
68
62
4Hb
July
1 1960
53
60 X
6s
July
1 1944
93
94 X
Bonds
Ask
St Lawrence
83 X
83 X
4X*.
.July
1957
5s.
.July
1969
6s.
.Oct
1969
5s.
.Feb
83
6H»
July
1 1946
84 X
85
98
85X
84 X
Pacific Ry—
Jan
1 1962
4s
3a
34
June
69
295
20
Mar
43
May
July
325*
1,072
785*
Jan
80
20
June
335*
Jan
Mar
1,225
6X June
135*
90
9
Jan
16
98
50
J*
July
5
90
June
75
50
65*
371
6
Feb
Jan
1025*
72
135*
2,438
9
24
Jan
64
10
60
May
80 5*
Feb
14
14
73
13
June
175*
5
3
June
6
Feb
5
100
May
May
1075*
Mar
'~3X
6X
3X
35*
1005* 1005*
25*
50
St Lawrence Paper pref. 100
18
114
Steel
Co of
80
1 1962
75
35*
925
2
155*
16
1,135
10
315*
175*
15X
Mar
Jan
115*
Jan
33
173
Apr
625*
Apr
1,025
16
May
20
114
July
126
11
50
95* June
62
July
63
May
15
Jan
865*
Jan
185*
64
64
317
...25
64
645*
100
100
5
5
35*
Wabasso Cotton
35*
10
255
6
25*
June
May
Jan
245*
Mar
83
Jan
11
May
Jan
65*
24
Wllslls Ltd.
16 X
25
400
24
June
37
Mar
135
24
100
135
30
120
June
135
Aug
17
200
165*
16
May
1.00
1.10
50
1.00
June
25*
1.00
1.00
Class B
Preferred
Jan
65*
21
114
114
"64"
Canada.....*
Kootenay pref
H May
20
May
105*
Winnipeg Electric A
Grand Trunk
Jan
Mar
ux
Corp
A preferred
West
85
82 X
82 X
69
64
*
*
Tooke Brothers pref
United 8teei Corp..
Canadian Northern Ry—
84
June
12 X
Shwiiigan Wat A Power..*
(American Dollar Prices)
82
33
25
Closing bid and asked quotations, Friday, Aug. 2
1 1951
Jan
64
*
100
Preferred
15 1955
1956
Jan
June
July
May
May
Sher Williams of Can prf 100
Southern Canada Power..*
June
Feb
565*
385*
95*
60
Saguenay Power pref...100
debentures.
15 1942
Dec
15 1944
Ask
Jan
Feb
Ask
4s perpetual
Government Guaranteed
315*
Jan
Mar
45
9
98
6X
»
Quebec Power
Bid
120
9X
.*
6% preferred
95*
9
100
Power Corp of Canada
Price Bros & Co Ltd
Ask
Sept
May
56
Oct
6s
.Feb
Jan
14X
25
Regent Knitting.
4?*8
June
70
Natl Steel Car Corp
Niagara Wire Weaving
(American Dohar Prices)
4tfs.
June
70
56
Closing bid and asked quotations, Friday, Aug.
4^8
8 5*
Lindsay (CW)
Preferred
Bid
Feb
418
Ottawa Car Aircraft....
Ottawa L H & Power... 100
Canadian National Ry—
23
1,460
135*
155*
Penmans
Dominion
Feb
105*
13K
14 X
32 X
82
Railway Bonds
Sept
Jan
165*
165*
10
5X8
Canadian Pacific Ry—
34
24
13X
53
84
Bid
195* June
Apr
10 X
79
78
5s
106
24
4>*s
Province of Nova Scotia—
May
*
15 1943
May
5s
Jan
Apr
*
June
41*s
Prov of Saskatchewan—
15 1960
15 1961
Apr
93 X
1942
4^8
Prov of New Brunswick
6s
1
Province of Quebeo—
15 1954
Aug
5s
Oct
Apr
15
235*
Massey-Harris
Ask
Province of Ontario—
1 1948
Jan
85
July
85*
of Can.6
Lake of the Woods
Bid
Ask
Province of Alberta—
High
May
11
International Petroleum..*
Intl Power pref
100
•
3
15
Legare pref
Bid
Low
760
Closing bid and asked quotations, Friday, Aug. 2
(American Dollar Prices)
Range Since Jan. 1, 1940
Week
Shares
*
International Bronze.....*
Intl Nickel of Canada
*
Municipal Issues
High
5
Hudson Bay Mining
Imperial Oil Ltd
Imperial Tobacco
Provincial and
Low
100
Preferred
*^7 Place d Annes, Montreal
Montreal Curb Market
(.Concluded)
Week's Range
Sale
Greenshields & Co
?rr
Exchange
e,
Sales
Last
Securities.
Montreal Stock
Exchange
Friday
all Canadian
on
1.00
100
1 00
July
25*
245*
Apr
Jan
Jan
100
6
6
100
6
July
12
Apr
100
30
30
5
58
Jan
70
Mar
9
9
200
85* June
13
Apr
85 X
....
Jan
86
Woods Mfg pref
Zellers
Banks—
Canadlenne
Montreal Stock
Commerce
Exchange
100
138
140
100
141
141
2
139
..100
180
180
44
171
280
280
20
150
150
103
....
Montreal....
......
Week's Range
Sale
Stocks—
Par
Price
Acme Glove Works Ltd..*
Agnew Surpass Shoe
*
Alberta Pacific Grain A__*
Algoma Steel
-
—
-
10
100
9
100
Electric Corp
3
10
100
-
9
*
Preferred
of Prices
High
Low
3
------
list
100
150
138
Aug
July
July
164
1765*
Mar
212
Mar
280
July
311
Mar
150
June
190
Mai
Sales
Friday
Last
100
Royal...
July 27 to Aug. 2, both inclusive, compiled from official sales
Nova Scotia..
50
9X
84
84
Apr
Range Since Jan. 1, 1940
for
Week
Low
Shares
Montreal Curb Market
High
July 27 to Aug. 2, both inclusive, compiled from official sales lists
100
3
May
4
Apr
5
9
June
12
Mar
Friday
100
1
Aug
3
Mar
Last
Week's Range
for
235
7
May
Apr
Sale
10
92
of Prices
Low
High
Shares
Jan
16 X
10 0
Feb
*
——————
5X
5X
15
6
May
8X
43 X
43 X
43 X
12
46
Mar
49 X
Jan
Asoestos
16X
16 X
17
335
14 X
May
26 X
Jan
15
15
100
12 X
May
19X
Mar
Par
Price
Range Since Jan. 1, 1940
Week
Low
High
Feb
Anglo Can Tel Co pref..50
Stocks—
Sales
Amal
Corp
•
Breweries....*
Associated
Abltlbl Pow A Paper Co..»
6%
cum
100
------
pf 100
------
pref
Abltlbl PAP
7%
cum
Aluminium Ltd
11
Batburst Pow A Paper A.»
Bell
100
Telephone
------
Brazilian Tr Lt A Power.*
4X
25
British Col Power Corp A *
Bruck Silk Mills..
10
UX
148
148 X
4X
25
*
5
25X
875
233
2,301
150
6X May
130
3X
24
4%
13X
4X
25
Building Products A (new) *
12
6
12 X
13 X
12 X
210
Bulolo
210
10
Canada Cement..
*
4X
4X
217
4X
Canada Cement pref—100
Can North Power Corp
*
5%
preferred
50
Canadian Bronze
Mar
Brewers A DIsts of Vane..5
ux
------
10 X
30
Mar
7
May
17X
Jan
May
23 X
Feb
Canada Malting Co Ltd..*
May
8X
Jan
Can North
7%
cum
30
80
June
99
Fee
Canada Vinegars Ltd
*
75
11
May
23
Feb
Cndn Breweries Ltd
*
150
13
July
22
Mar
ux
4X
*
Preferred
55
10 X
May
2X
9 J*
June
8X
Mar
June
21 X
Apr
Canadian Vickers Ltd
June
45
Jan
Commercial Alcohols Ltd.*
344
32
20
29
18
Jan
------
975*
------
-
—
*
815
14
Canadian Indus Ltd B.__*
Cndn PAP Inv
5%
6X
7X
7%
Rights
15X
12 X
May
May
27 X
30
1,225
20
May
120
120
120
22
106
June
22
22
155
20
Jan
--*
1,215
6
14X
30
100
Celanese
Preferred
7
UX
*
*
25
Preferred
Canadian
245
1.65 May
6
July
IX
1X
65
6
6
55
4X
5
3,230
4
May
*
5X
5X
100
4
Consol Mining A 8meltlng6
32 X
Cndn Ind Alcohol
*
Canadian Locomotive
*
Canadian
Paclfio
Ry
Cockshutt Plow
IX
—
—
-
-
—
4X
25
4
Crown Cork A Seal Co—*
16X
Distillers Seagrams
Dominion
Bridge
*
Jan
Dominion Woo Jena
22
Mar
26
991
19 X
180
8X
2,601
5A
Dominion Steel A Coal B 25
7X
Dom Tar A Chem
5H
Dominion
*
Teztlle.___._-*
Dryden Paper
*
6
*
Eastern Dairies
Enamel A Heating Prod..*
English Electric class B—*
Foundation Co of Can
*
5%
preferred
.100
5
5X
May
Jan
Jan
6X
Jan
4
July
5X
Feb
15
May
23 X
255*
Jan
295
24
May
35
33
33
975*
975*
50
30
June
39
Feb
16
95
July
111
Feb
6
65*
1.20
------
177
177
2
-
—
mmmm
------
45*
2
1.20
25
6
June
25
50
1.10
292
22
10
178
15
June
2X
May
31X
July
235
Jan
Jan
Apr
Apr
Mar
2
5*
50
2
July
5
3
125
2
May
8X
Jan
1.55 May
3.50
Mar
8X
Apr
1.75
1 90
620
35*
45*
5,564
3X
May
29
1.10
29
1.10
15
20
20
May
1.00
740
25*
3
865
2
45*
5
880
3X June
*
May
9
Jan
Ford Motor of Can A
»
48 X
32
Jan
Fraser Co's Ltd
*
Apr
Fraser Co Ltd vot tr
5%
------
15
15
8
115*
Apr
Lake St John P A P
*
40X
Jan
Lake Sulphite Pulp
Ltd..*
22
95*
13
cum pfd 20
Apr
155*
8
115*
13
385
50
2,015
75
4
13X
6
June
July
44
Feb
3X
Feb
9X
Feb
10
8X
6X
Jan
Jan
Jan
10
Jan
22 H
Feb
May
June
20
21X
Jan
13
May
16X
Apr
7X
Jan
Feb
27 X
15 X
Jan
3
May
June
Mar
6
400
4
12
5
12
July
12
100
115
100
July
100
July
July
321
9
May
22
Jan
80
25
June
59
July
70
82
June
101 J*
1 65
Apr
6X
Mar
4
May
May
May
May
5X
July
13
13 5*
------
305*
32
935*
935*
935*
1.25
1.25
15
1.00
45*
45*
60
3X
7
9
550
5X
5
5
90
65*
55*
25
Massey-Harris Co Ltd—
70
8X
90 X
Apr
96
12
100
----
100
MacLaren Power A Paper *
695
81
5%
cum
pref
100
Jan
1.00
Apr
Jan
Apr
4
4
4
30
3
May
5X
5X
10 X
40
6
May
15X
Feb
85
85
90
80
June
Provincial Transport Co..*
2
90
96 X
6 00
Feb
2
Jan
Sarnla Bridge Co Ltd A..*
10 x
Feb
96
Feb
5X
90
2,835
30
1.75 May
4X
77
July
June
Feb
135*
McColl-Frontenac Oil—
ux
July
8X May
5
Jan
Apr
75
45*
May
5X
750
1.45
Apr
1,030
4
50c
88
45*
18
45*
Fleet Aircraft Ltd
19 X May
22X June
16
May
6X
June
45*
175*
_.*
Class B.
2X
BX
55*
May
990
.50
•
IX
2 5*
55*
25
Preferred
305
25*
45*
5
3
2
80c June
55*
50
------
305
*
Donnacona Paper A
3
9X
101
May
May
3X May
3
May
50
10 K
32
430
——-mm
------
-
Rights
General Steel Wares
7X
81
1,115
17 X
June
5
Aug
May
25 X
June
6
45*
9
June
19 X
2
10
24
5
29
24
1,945
5
Falrchild Aircraft Ltd
21
24 X
2X
11
35*
*
Feb
100
24 X
-
100
Preferred
19X
450
25
-
Dominion Eng Works Ltd *
Feb
Jan
24
*
June
Jan
28 H
3%
34
*
25
-
cum pf *
37 X
128
Inter Paints
Dominion Coal pref
-
25
Consolidated Paper Corp.*
Cndn Car A Foundry
45*
0.50
11
255*
pfd 100
15X
3X
175*
Canada A Dom Sugar Co. *
14X
13
5
------
»
85
nx
1,050
Feb
May
Brit Amer Oil Co Ltd
14
31
~m.-m~.rn.
25*
Beauharnols Power Corp.*
Apr
June
May
1.00
98
100
Bathurst P A P Co cl B.__*
13
------
*
Canada Steamship (new).*
3X
Jan
*
85
Can Forglngs class A__.._*
Can Forglngs class B
4X
July
15 X
169
80c
6%
pref
100
Distillers Ltd...*
cum
Melchers
------
10
Pre'erred
45*
Mitchell (Robt) Co Ltd..*
*
No par value,
r
—
-
—- -
-
Canadian market.
15X
Apr
Jan
7X
Feb
5X
July
3, 1940
Aug.
Chronicle
The Commercial & Financial
680
Unlisted
Canadian Markets—Listed and
Market
Montreal Curb
for
of Prices
Week
Sale
$1 cum.
37 H
Feb
Jan
Feb
16 H June
20 H
Feb
1,000
/The Toronto Stock Exchange
MemDers| Winnipeg Grain Exchange
.
Kirkland Lake
Mines——
Malartlc Gold
O'Brien Gold
500
35c
July
200
6c
July
20c
Jan
2,000
lc June
2Hc
Jan
2.73
3.00
2,900
1.95 June
4.10
Jan
32c
32c
800
25c June
1.25
Jan
Friday
Week's Range
for
of Prices
Week
31c
1,100
20c May
68c
Jan
Last
97c
97c
200
95c May
1.45
Jan
{Continued)
Stocks
19H
80
July
31H
3.25
50
2.28 June
4.80
Feb
85c
98c
6,000
57c June
1.45
Mar
83c
83c
100
59c
July
1.82
Jan
Dome Mines
4c
4c
1,000
2c June
10 He
Jan
Dominion Bank.
1.75
1.75
100
1.55 June
2.65
Apr
1.35
1.35
200
1.00 May
2.10
Jan
1.38
1.53
4,200
1.05 June
2.11
Jan
2.55
2.70
700
2.46 June
4.15
1.40 June
Jan
Dominion Tar
Julyi
41c
Jan
Dominion Woollens
1.47 June
2.40
Jan
—-—1
15H
1.75
100
67c
800
1.83
1.83
100
67c
67c
800
64 c
San Antonio Gold
1
Sherrltt-Gordon Mines—1
Slscoe Gold Mines Ltd—1
Sladen-Malartic—
1
1.75
67c
——1
6*c
4,050
20c
Denison
...——...
.
Distillers
5.
Eastern
61c
20c June
Jan
3
July
5H
3
June
*
425
4H
5
503
3
July
Feb
pref.20
8H
9H
July
8c
Apr
Steel
_
Jan
_
*
1
...—*
2.75
32c
47c June
1.00
Jan
English Electric clB
*
4.15
6.00
Jsfn
Falconbridge
•
2.50
2.50
2.55
11c
3,000
8c June
31c
Jan
Fanny Farmer
1
1
24 H
24 H
24 H
59c
1.30
520
14 H
50
Eldorado
1.10 June
2.35
Jan
14H
7c
40c
Mar
Gatineau Power
7c
July
Gatineau Power
3.10
Jan
36
June
18
125
23
Francoeur
July
7c
2,910
Jan
God's Lake
Week
Anglo Canadian
Anglo-Huronlan
Arntfleld
Gold Mines
Bank of Montreal
Bank of Nova
Hamilton Bridge
Jan
Ham Theat
1 He
Jan
Preferred
100
60c
6,900
1.60
Bralorne
Brewers &
2.68
July
28o
Jan
5c
Howey
268
Feb
11,500
Jan
Hunts
11H
5H
5 He
5Hc
36
36
64
4He
6c
8.30
,8.50
4H
5
4
4
July
July
1.19
27,100
5c
1,000
July
July
11HC
Jan
11.00
May
Apr
3
May
10H
5H
14H
May
24H
July
*
1H
2
60
1H
Aug
1,200
Preferred
Canada
Malting
23 H
30
Mar
3H
Apr
Canada Wire class A
*
Breweries
*
Canadian
1.30
*
Cndn Bk of Commerce. 100
150
Canadian
*
40c
25
4H
Canadian Malartlc
Canadian Oil
C P R
Canadian Wtrebound
225
June
16 H
Mar
17c June
41c
Apr
15H
1,850
27 H
May
47
Jan
14H
15
5,428
12H
June
24
Feb
12
12
7 He
June
39 H
Apr
MacLeod Cockshutt
65
June
104 H
Apr
Madsen Red Lake
118
29
117
150
Jan
Malartlc
Mines
Gold
Maple Leaf Milling
Preferred
100
1.15
July
2.75
Apr
Massey-Harris
240
21H
May
31H
Apr
Feb
McColl-Frontenac
Preferred
135
June
25
6
June
10 H
Feb
Mclntyre
30
17
July
22
McKenzie
20 H
May
28 H
22 H
170
20
May
26M
Jan
3.30
4,670
June
4.75
Feb
1
1
1
1
*
3.10
1.35
1.55
May
2.55
31c 33 He
23 H
1.00
24,300
13,400
20 He
July
62o
Jan
54c
June
1.45
Mar
2H
2 H
50
1H
May
5H
Jan
4H
4H
100
3H May
9H
Jan
*
*
100
2H
3H
1,580
*
100
5
1
14
16H
Jan
McVittie
McWatters Gold
*
29 H
495
20
May
37 H
Feb
40c
4,550
July
85c
14 H
51
5H
15
May
4
May
100
13 H
May
600
56c
July
Apr
8H
Moore Corp
Apr
22
Moore Corp A__
Jan
25
June
59 H
Jan
399
5
June
9H
Feb
25
5H
80
June
101
58
Apr
93
93
41 H
60
37 H
Aug
1.00
10,150
85c
June
1.47
Jan
15Hc
Jan
Jan
9c
27c
9c
500
4c
June
26c
30c
6,200
20c
June
58c
1,025
45c June
1.33
50c
38
150
40
150
45c
10,300
38 H
43c
38
50c
60
60
100
*
.100
6H
95c
Moneta
Mar
21
May
660
32
28
2 He
41H
93
Mining Corp
39e
30
1
Jan
12
Jan
15,200
95c
29
50
2.25
85c
June
May
2,733
Jan
260
May
5
Jan
1,050
7H
4H
3.40
2.25
5H
Mon Knit pr
May
23H
12 H
Jan
Jan
July
3
24
165
32c
Mar
July
3
2.15
I,265
370
Apr
23
2.15
15
7H
Jan
5HC
June
1.71
Feb
Feb
10
100
Jan
13
lc May
9
500
Apr
178
Jan
22 He
88o
Macassa
99
29 H
40
65
July
9H
June
30
85
Apr
5c
Feb
July
78
86
33 H
Mar
July
12
Jan
7.25
17
June
*
B
Jan
Feb
21H
4.75 June
32
6H
8H
June
475
lHc
9H
July
41c
June
6H
Jan
15 H
60
3
6H
Jan
1.54
2,300
182
18
2.75
70c June
55 c
4H
134
1.20 June
3
Jan
146
Jan
6H
5H
1.30
19c
55c
July
25
Jan
July
3c
3
1H
9H June
10
6H
425
1.30
65c
20c May
l
2H
8 H
15
lHc
9H
2H
June
5
4,500
6c
*
40H
245
8
..
A
Jan
May
34 H
5.00
Loblaw
10
2.000
12
6H
4.95
*
*
1
3
1
25
Little Long Lac
54
18c
8H
32 X
1,279
1,968
Jan
15
*
13 H
19H
28 H
»
Celanese
Jan
13
19
14H
6H
15
15 H
19H
14 H
•
25
June
1
Jan
9H
Preferred
3,461
14 H
47c
6H
Class B
10H
Lake Shore
McColl pr
Can Car & Foundry
10 H
18c
2.39
18
20
74H
34
June
140
Canadian Canners
Canadian Canners A
June
"~7
June
24
Cnan Breweries pref
May
54
13 H
18c
54
"
5
5
7,081
Leltch
Jan
30
95c
Legare pr
Jan
Apr
8
2.23
Lang & Sons
34
57
90c
Lamaque Gold
Jan
May
io x
2.05
Jan
2H
H
40 He
10H
1.00
391
19
July
7
1,500
1,013
21 He
57
3,000
4
Jan
Feb
317
26c
14
3.10
7 He
23 H
1.42
3H
May
1
Apr
Jul j
June
1.30
lHc June
Apr
Jan
Jan
9 50
23 H
1.30
11H
1.72
Jan
7,410
1,370
11
1.57
1
1
82
13 H
15
Kirkland Lake
117
Canada Steamships pref. 50
16
Kerr-Addison
Jelllcoe
86
Canada Steamships
7H June
7,500
6,300
1
*
5
360
9
4,667
17,520
33
82
*
Can Permanent Mtge.,100
Jan
3c June
24c
4H
*
Jan
10c
1,500
2 He
25c
Canada Packers
1.48
3 He
4c
Levy Bros
Canada Cement...
Feb
May
55c
16,834
4c
8.60
12
Feb
72 H
71c
1
Int Util B
3HC
120
1,500
2.50
May
68 He
100
17H
601
lHc
SH
June
60
10
20c
June
3.05
13 H
May
Apr
50c
200
20c
Lebel Oro
3.00
~2H
3
425
90c
2c
*
Lapa-Cadillac
...
Laura Record (new)
lHc
*
*
100
4H
67
23c
*
*
Jan
13 H
-
1.62
•
International Nickel
Jan
*
1.40
Feb
10 H
11
5
Int Met A
Jan
*
1
Jan
3HC
9
*
6
1
69c
Building Prod
Canada Bread
J
1
*
Imperial Oil
Imperial Tobacco
Inspiration..
Huron
19HC
Buff alo-Ankerite.—
•
3Hc
3Hc
71c
23 H
June
July
28c May
6 Ho
2 75
Calmont
% c June
lc July
90c
Min <fc Sm._*
B
*
& Erie
100
lc June
26,302
l
*
1
Calgary & Edmonton
Mar
2H
Apr
June
45
53c
Jan
14c
42
June
840
9Hc
Apr
3H
18
46C
Mar
7.40
236
8Hc
Jan
6H
169
52 Ho
3 Ho June
935
46c
Jan
July
35
2,000
9Hc
Mar
102
July
100
25
-
5H
200
July
2H May
1,786
H
Apr
9He
130
20
4H
4H
15H
July
90
295
15c
May
7
15
149
33c
70c
58,700
3,000
8.50
Bunker Hill
Mar
2Hc
270
9Hc
17H
Brouian-Porcuplne
Brown Oil
Jan
May
3,000
3H
Hudson Bay
July
7c July
17H
31Hc June
40c
3H
67
International Petroleum
5
*
Apr
64c
1
Feb
July
13 He
Jan
14H
1
Homestead
315
24 H
Class B
Co
211
Brit Columbia Power A..*
British American Oil
Oil
Home
July
170
275
148
27H
July
Jan
200
•
Distillers
July
91c June
22
*
-
Brazilian Traction
Harker
H & Dauch
1
1
Bobjo
Jan
Jan
5
-.50
Blue Ribbon pref
Rock.
17c
211
1
Big Missouri
Hard
3.00
4c
280
4H
1
Bldgood Kirkland
Jan
July
1.50
280
13 He
June
12
36
Jan
149
13
10
July
1.03
Apr
8
19
1,500
211
100
Bell Telephone Co
June
87
2,000
6,600
•
Beauharnola
2H
3H
lc
Hoilinger Consolidated
100
Beatty 1st pref
July
12
He
38o
80c
Feb
5Hc
17
lc
6Hc
92
57 H
June
16
He
July
78c
July
2 He
500
1
July
92
51H
10
4 He
Hall i well
10c
79c
87
53 H
Halcrow Sway
41c June
Jan
June
Jan
lc
92
Jan
Jan
58
Apr
9 He
1
Beattie Gold
22c
26c
20
Apr
20
Jan
23c
June
5c
2.87
10c
10c
July
7Hc June
3
125
6c
2,500
3
*
4,500
11
7Hc
9c
8H
17H
9Hc
11
500
22,800
32c
40c
Gypsum
11,700
7 He
3,250
13c
11c 12Hc
30c
18
15,250
1
Jan
July
1.36
*
Apr
69c
July
1.20
Exploration
Jan
10 H
June
1.19
Bathurst Power class A
97
July
May
25c
12
16H
27 H
7 He
July
4H
75c
6c
*
Feb
79
5H
6c
280
16H
5
4Hc
1
*
1
182
Jan
July
425
53 H
3
Jan
5H
70
*
*
*
...1
Jan
70c
85 H
5H
70
70
Apr
10H
22 H
10
2
1,650
1,000
Base Metals
Bear
.....
8Hc
54c
100
Bank of Toronto
Apr
11c
Apr
Mar
6Ho
10
11
13c
30c
1.50
Scotia.-100
32c
25
1.50
182
3,300
19c June
85 H
11
lHc
1
100
Cons
30
750
11
"~5H
12c 14 He
66c
June
2,000
140
10
27 H
13c
-1
*
*
1
1
Amm Gold
945
2.50
50c June
1.10
*
prf 100
*
Aldermac Copper
525
4H
3 H
10
6 00
20 H
1,215
_*
—
.
Gunnar
Alberta PacificGrain
Aunor
-
Gr Lake vot trust
Greening Wire
High
Low
95c
80c
July
June
4H
50
pref
Goodyear
vtpr
Shares
2H
1 75
15 H
15
29c
1
1
*
Goodyear
Grandoro
for
of Prices
Low
High
Alberta Pacific Grain
Bankfleld
official sales lists
Range Since Jan. 1,1940
Week's Range
Sale
10
lHc July
3H June
13 H
July
4H
15H
*
pref...100
*
*
..."
1
Eagle
Gold
Sales
Last
4H
Jan
Jan
Feb
6
2,455
1,220
,■
2.50
2.50
General Steel Wares
Exchange
Friday
3
3
*
*
*
A
1.30 May
100
1.74
Ford
Goldale.
*
1.23
July
July
24c May
7c
23
Jan
14H
800
25c
57c
50c May
2,000
25c
100
100
4.10
18H
8
4,125
Apr
Jan
2.90 June
June
May
21c June
1.95
100
35c
2.48 June
both inclusive, compiled from
preferred
7% preferred
3.05
12
33c
200
Toronto Stock
6%
2.65
12
3c
1,000
19,560
4c
4c
800
1.60
Price
Jan
Jan
310
56c
14H
Par
Jan
5H
3.00
1.30
23
15 H
3,213
3.15
56c
1.63
Jan
6H June
Jan
4
Golden Gate..
Abltlbl
2,105
36 H
4H
Federal-Klrkland
*
Dalhousie Oil Co
*
Foundation Petroleums.—
Home Oil Co Ltd
*
RoyallteOl! Co Ltd
*
210
May
3H
Fleet Aircraft
Canadian Oil Cos
July
19
8H
11c
Anglo-Canadian Oil Co—*
Calgary & Edmonton
*
150
23
55c
Oil-
Stocks—
24
3 15
11c
May
29
175
3.00
56c
1
Teck Hughes
Jan
27 H
June
7H
East Malartlc
Apr
8c
May
16
21H
—1
Jan
95c
July
18 H
690
7K
East Crest
1.15
3c
740
21H
*
Dominion Steel class B..25
Dominion Stores
*
July
19 X
175
Dominion Foundry
60c June
53c
24 H
19 H
6,590
3 He
25H
20 H
3c
1
*
*
100
Seagrams
3,600
2,200
37c
33 c
Gold Mine—1
Walte-Arnulet Mines
1
Wood-Cadillac Mines
1
High
Low
Jan
2.40
Par
1940
Range Since Jan. 1,
Shares
High
Low
Price
Jan
3.25
Gold
_ __ 1
Preston-East Dome M — 1
July 27 to Aug. 2,
Sales
Sale
18
Pickle Crow
Sullivan Cons
Stock Exchange
Toronto
30c
1
Quebec Gold
Jan
lc
Pandora-Cadillac Gold — 1
Pato Cons Gold Dredglng.l
Pend Oreille M & M
1
Perron Gold
Mar
6c
1
Macassa
Jan
6c
87c
lc
—1
Mines
Lake Shore
30c
July
1 He June
6c
1
Gold
10 He
300
TORONTO
Jordan Street
11
14 He
Corp—*
Diamond-.1
Cndn Malar tic Gold-- — -*
Central Cadillac Gold
1
Duparquet Mining Co>—1
East Malartlc M Ltd—--1
Eldorado Gold
—1
Francoeur Gold
*
Copper
Brazil Gold &
CRAWFORD & CO.
F. J.
5H
43 H
125
14 He 14 He
lHc
1 He
40c
40c
Mines—
Aldermac
112
Feb
4
19 H
19
*
preferred
Industrial Securities
High
93 H June
115
listed and unlisted
on
Canadian Mining and
29H June
10
4H
38
4H
United
41
96
96
6% cum pf.100
Securities Ltd.-100
Walker-Good A Worts(H) *
Sou Can Pr
Low
Shares
High
Low
Price
Par
(Concluded)
Stocks
Range Since Jan. 1, 1940
Week's Range
Last
incited
Inquiries
Sales
Friday
150
25
152
July
60
Jan
Jan
May
65
Jan
37 He
July
93 Ho
34H
June
May
48
Apr
189
May
145
1.78'
5c
5c
25c
1,000
73c
81c
14,794
46o
52c
8,700
..1
Research
Chesterville
Cochenour
5
Cockshutt Plow
1.12
Conlaurum
Consolidated
Cons
35
Davles
Gas
Petroleum
.100
*
157
13c
3c
19,500
2c
June
Jan
1
lc
lc
1,000
lc
July
2HC
Apr
*
20
25H
25 H
25
25 H
Apr
25
45
22
Aug
July
37 H
25
26 H
Mar
May
10 H
Jan
69
Jan
2.55
Jan
July
14c
Jan
National Brewing
54c
Jan
National Grocers pref
41c June
1.05
Jan
Nat Sewer A
78c
Jan
National Steel Car
1.45 May
5c
33c
July
100
3H
May
9H
Jan
1.00
June
1.98
Jan
Noranda Mines
5
12H
July
19
Feb
May
49
Jan
July
178
14
157
15c
891
63
II,200
28 H
141
12c
June
'
Feb
35o
Apr
*
No par value.
150
7
54
44 H
500
14c 17Hc
*
7 H
40
*
Nay bob
4,300
34 H
12c
2Hc
8C
1
5H
32
155
1,910
Jan
1.18
14
Bakeries..
Smelters..
Consumers
1.90
75c
15c June
700
24c
76c
Central Porcupine
1.80
"24c
l
Central Patricia
Chemical
56c
Morris-Klrkland
Murpny
56c
Castle Trethewey
27,900
50 H
55
1,404
6H
35
12c
43
June
July
37 He
Jan
July
78 H
Jan
Volume
II
Commercial & Financial Chronicle
The
151
681
Canadian Markets-
Watling, Lerchen & Co.
Listed and Unlisted
Members
New
Toronto Stock
York
Stock
Detroit Stock Exchange
Exchange
Ford
Range Since Jan. 1, 1940
Last
Stocks
(.Concluded)
of Prices
Low
500
3%
*
3%
3;
190
3% May
4%
Apr
71
700
60c June
1.35
Apr
Omega
1
15c
15c
II
*
26c
26C
2(
500
Pacific Petroleum
*
*
Paymaster
1
Cons
Perron
Last
Week's Range
for
Mar
Sale
of Prices
Week
34c
30
Allen Electric
Jan
Jan
111
Atlas Drop Forge com
5
Baldwin Rubber com____l
l.(
1,600
80? June
20c 2411
6,650
20c May
53c
Jan
Brlggs Mfg
Burroughs Add Machine.*
Chrysler Corp com
5
1.36
l.f
3,750
1 01
2.38
2.65
2.7
4,260
June
2.12
Jan
July
4.25
Jan
2.12
1
com
1
1.85
1.85
l.S
1,250
1 45
July
2.35
Apr
Delsel-Wemmer-Gil
67c
67c
7C
1,500
60c
July
2.18
Jan
Detroit Edison
5% June
11%
Jan
Detroit Gray Iron com
12c June
22
Feb
Prairie Royalties
May
12%
Feb
Detroit Paper Prod com._l
June
2.3b
Jan
Ex-Cell-O Corp com
Federal Mogul com
6%
6J
13c
13h
1,000
Pressed Metals
♦
Preston E Dome
1
Reno Gold
1
7%
li
Royal Bank of Canada. 100
Royallte Oil
11
3%c
_
150
22 %
22%
8t Anthony
3,600
5c
Senator-Rouyn
25c
18%c
65c
65c
5.50
Sigma
Simpsons pref
5.35
Slave Lake
*
Stedman
*
Preferred
Jan
15%
Mar
10%
May
2%
Jan
6%
Apr
May
3%
Apr
July
80c
Apr
Feb
Apr
2%
11%
810
May
13%
14%
*
11%
12%
1,175
9% June
15%
Apr
35c
35c
125
52c
1%
1%
100
33c May
1
May
1%
Jan
42c
42c
100
35c
60c
Mar
23%
23%
704
600
570
Jan
July
1.18
Jan
Kingston Products com__l
8.75
Jan
Kinsel Drug com
tMar
Kresge (S S) com
Mar
14
July
2.00
Jan
—
—
m
—
m'mm
m
—
m
mm
m.
Motor Products
20c
100
18c May
70c
550
60c
4%
133
4
7%
750
7
July
425
9%
May
1,135
1,275
4%
May
m »
—
4%
1
com
7
7%
11
*
com
11
115
22
June
28%
Mar
10
"T%
5%
5%
61% June
86%
Jan
Packard Motor Car com..*
3%
3%
3%
63
83
Jan
Parke Davis com
33%
33%
11%
536
200
65
May
Murray Corp com
;_.._*
3.10
Apr
Parker-Wolverine
8%c
Apr
85c
July
2.05
Jan
Rlckel (H W) com
1,710
50c June
1.02
Jan
River Raison Paper com..*
Scotten-Dlllon com
10
Timken-Det Axle
10
21,125
16,000
1.13
55c
9
9%
•
1.05
June
3c June
9%
Feb
Tivoli Brewing com
1
Jan
Union Investment com
*
mm
United Specialties
1
90c
40
1.00
July
2.25 May
com
108
105
108
10
105
July
110
Jan
Universal Cooler B
*
*
22
19
22
420
16
July
32
Jan
Warner Aircraft com
1
10c
500
12c
35c
July
Jan
2
35c
1
13 %
35c
United Fuel B pref
United Steel
14
34%
3% June
30
10
79c
17,745
55c June
2.50
927
1.95 June
2.95
3.10
3,749
37%
38%
660
19%
200
8c
4,600
1
77c
Ventures
»
2.20
2.20
Walte Amulet
*
Walkers
*
3.10
38
19
*
7c
1
Mar
1%
Jan
27c
Apr
1.25
Apr
6
Apr
Mar
11%
16
Apr
Feb
8%
4%
Mar
Jan
44%
14% May
1% Mar
500
1
344
2%
2%
401
18%
24%
600
m
1%
2%
950
1%
July
2%
Apr
2%
100
2
Jan
Mar
6%
7%
1,285
4
Jan
3%
7%
Mar
1%
mm
m
mmm
Jan
2%
Apr
25
Jan
26%
Apr
Apr
1%
200
1
May
2%
600
90c May
1%
11c
11c
300
10c
Jan
25c
Apr
5%
5%
9%
148
4%
May
6%
Mar
175
7
June
13%
Apr
1%
mm
"He
m
575
3
1% May
18% July
18% May
1.50
1
mmmm m
m
Mar
May
m
9%
Jan
Mar
5
Upper Canada
Preferred
Mar
3%
3
1,626
m
m
Young Spring & Wire....*
Feb
42
3%
76c
Jan
17
May
30
4
*
1.12
25 %c June
12
May
16
3%
25
Wendlgo
700
412
13 %
33%
»
8%
Feb
1%
23
Wolverine Brewing com__l
Wolverine Tube com
106
26
2%
1%
1
Towagmac
2% May
31% July
Jan
2%
mmmmmrn
4.15
Jan
Jan
1%
m
Feb
June
A
m
3.45
100
Gas
m
12
Toronto Elevator
Uchl Gold
m
July
2 40
12c
m
June
5,983
July
Apr
18%
m.
8%
3.05
July
56
2%
1.90
90c
1
"i %
2
120
3.15
Hughes
*
com
1,955
2.20
2.25
Sylvanlte Gold.
•
11%
Peninsular Mtl Prod com.l
1,100
1.55
Sullivan
T T Tailors pref
75c
75c
20c
65c
m
307
1.05
Texas Canadian
19% May
75c
~
65
4%C
Feb
1
1
...
10
Microraatic Hone
10
*
com
com
Preferred
Jan
7%c
July
40c
-
10
McClanahan Oil
8
«*
m.
1
Masco Screw Prod
65
Apr
40c
Jan
5c
Apr
May
5%
Apr
1~53
1%
34
2
m
2%
24%
*
Tamblyn common
2
200
Mar
100
2%
64
Sud Basin
Fuel
20%
238
78c
22
25
Straw Lake Beach
United
390
13
78c
24%
Steep Rock Iron Mines...*
Union
75c
31%
13
65
Steel of Canada
Teck
350
31%
"
13
650
Hurd Lock & Mfg com___l
2%c June
"""78c
600
Iioudaille-Hershey B
25
Mar
9%
Jan
300
2%
41c
95c
4,500
1% May
2%
61c
5C
700
40c
60c May
12
Apr
1%
7%
11%
20c June
40c
1%
2%
7.900
12
*
Jan
May
T%
9,983
4%c
Standard Chemical
125
1
mmrn'm,
1
Michigan Sugar com
Standard Paving
98% May
88
250
1%
*
62c
62c
Apr
14
100
1%
3% June
30c
Slscoe Gold
Sladen-Malartic
19%
14%
1%
1%
38% May
15c
105
Feb
2%
285
Hosklns Mfg com
July
Apr
4%
575
1,471
Jan
79
110
90%
May
May
314
2%
4%
4.00 June
1,300
91
90
100
Jan
55% May
72%
Apr
45%
2.50
10c June
12%
8
4%
July
50c
23%
560
13% May
7% July
117% 119
119
5
Goebel Brewing com
4,275
1,156
14%
10
Hall Lamp com
6,200
Sherritt-Gordon
19%
44%
Jan
Aug
4% June
General Motors com...^ 10
Feb
5c
2%
Jan
210
6,500
Sand River
Mar
Mar
May
100
502
2%
......
*
1.25 June
5,150
4%
7%
2%
5%
7%
72%
3
36%
7%c
3,120
Feb
High
18
100
Grand Valley Brew com__l
9%C
2%
Mar
6%c
190
July
com
com
17% May
20
22%
July
145%
Feb
Frankenmuth Brew com_.l
Gar Wood Ind com
.3
Jan
57c
2%c June
105
1.70
San Antonio
12c
500
151
149
1.30
16,650
3%
15c
_
6
210
8
1.70
1
Roche LL
8
1.75
1%
5
Det-Mlchigan Stove com.l
*
25c
Power Corp.
1%
100
2%
------
Continental Motors com__l
10
Low
Shares
1%
*
1
Gold
Powell-Rouyu
Range Since Jan. 1, 1940
High
Low
Price
1
com
2.35
1.00
"20c
1
Apr
40c
June
90
Par
Feb
6%c
2%c June
25c July
1,200
97 i
97
97 %
1
Pickle-Crow
Pioneer
Friday
Feb
June
7
1,500
2(
25c
1
Page-Hersey
Pamour
Porcupine
5
3c
*
Sales
Jan
61c
Stocks—
Pacalta Oils
Exchange
Aug. 2, both inclusive, compiled from official sales lists
to
13%
17c
100
9
9
*
July 27
July
11c June
3,000
Oro Plata
Ottawa Car
Detroit Stock
Feb
7c
July
3%c
75c
5
Okalta Oils
•
High
Low
Shares
HM
1
Northern Star pref.
DETROIT
Telephone: Randolph 6530
Week
Price
Par
Nordon Oil
for
Sale
Chicago Stock Exchange
Building
Sales
Friday
New York Curb Associate
Exchange
97o May
4.35
Jan
20%
Feb
16c
6c June
Apr
West Canada Flour pref 100
24
25
30
21
July
47
Apr
Western Grocers
43
43
5
40
June
60
May
10%
11
1,070
9% June
15
Progressing
Favorably
Canadian
in
Prairie
Provinces, Bank of Montreal States
Provinces
Prairie
the
In
Jan
43%
June
June
No par value.
Crops
Jan
6.05
2.70 May
29%
16%
Jan
6%
May
*
of
Canada
cool
weather
and
timely rains and showers have checked deterioration and
crops on the whole are progressing favorably, according to
the Aug, 1 crop report of the Bank of Montreal.
The bank
Apr
...*
11
Westons
Wood Cadillac
1
9c
9c
11 %c
1,200
8c June
30o
Wright Hargreavea
»
5.SO
5.55
5.95
43,950
4.25 June
8.15
Jan
adds:
Crop conditions in Saskatchewan are
Jan
Crop
Bonds—
War
tribution of moisture,
Loans.
.1952
100
99
100% ?21,300
99%
rH §
July
Apr
variable due to the uneven dis¬
satisfactory.
but summerfallow fields are generally
continue favorable.
prospects in Alberta and Manitoba
maturing rapidly but harvesting will not be general in
katchewan for about two weeks.
Wheat is
Manitoba and Sas¬
Grasshoppers are numerous in some dis¬
j
tricts
Toronto Stock
Exchange—Curb Section
crops
July 27 to Aug. 2, both inclusive, compiled from official sales lists
Last
Week's
Sale
Par
Price
Range
of Prices
Low
High
Range Since Jan. 1, 1940
for
Week
have made rapid progress during the past week and prospects generally
favorable for average yields, except as regards fodder and
are
Low
Shares
Ontario crop prospects remain
and apples; grapes
High
*
3%
4
25
Can Vinegars
*
6
6
100
5
May
15%
Jan
Consolidated Paper
*
3%
4%
7,122
3
May
8%
Apr
28c
1,450
Dalhousie
•\
28c
*
3%
6
Aug
55c
20c June
May
Jan
A heavy hay crop
are
canning corn,
sections.
In
encouraging in respect to grain, corn, roots
and tree fruits other than apples are expected to give
below average yields.
Can Bud Brew
4%
Hail losses have occurred
In Quebec Province
Pastures are in good condition.
points.
which being still backward, may be below normal in many
Sales
Friday
Stocks—
although little further damage is reported.
at scattered
Tobacco has improved but growth is below normal.
has been stored.
In the Maritime Provinces prospects
and other roots, and
favorable for good crops of hay, grains, potatoes
apple
orchards are making satisfactory
progress.
In British Columbia
and later hay crops are light. Tomatoes
fruits promise average or close
yields, except in the lower Fraser Valley where yields will be
17
Apr
early hay yielded well, but grain
40
Jan
are a
DeHaviliand
*
7
7
15
Dominion Bridge
*
24
26
337
28
28
Feb
1%C
500
25% June
l%c July
31%
1%C
2%c
Mar
1.25
1.40
4,170
99c May
2.36
Jan
15
1% June
3%
Apr
1,000
2%c June
8%c
Jan
Montreal Pow
*
Oils Selections
*
Pend-Orellle
1
Rogers Majestic clA
Temisk Mln
1.25
*
4c
1
_
2
2
5%c
75
6% June
22
June
to
heavy crop and most of the later tree
average
light.
Pay 70 Cents a Bushel on Wheat—
Tax Imposed
J. H. MacKinnon, Canadian Trade Commissioner, an¬
nounced in tbe House of Commons on July 24 tbat the
Canadian Wheat Board will continue to pay the guaranteed
Canada Again to
15 Cents Processing
Industrial and Public
Utility Bonds
Closing bid and asked quotations, Friday, Aug. 2
(American Dollar Prices)
Bid
Bid
Ask
Ask
36
Federal Grain 6s
1949
60
62
Alberta Pac Grain 6s._1946
58
60
Gen Steel Wares 4%s.l952
61
63
1948
British Col Pow 4%s_1960
65
67
Gt Lakes Pap Co 1st 6s '65
57
59
61
63
Lake St John Pr & Pap Co
Calgary Power Co 5s..I960
75
77
Massey-Harrls 4%s.._1954
54
64
66
McColl-Front Oil 4%s 1949
63
65
Canada SS Lines 5s...1957
58%
60%
Canadian Cannere 4s. 1951
63
65
N Scotia Stl <fc Coal 3 %s
'63
51
53
Power Corp of Can 4%s '59
62
64
Price Brothers 1st 5s. .1957
61
63
1962
64
66
1966
66
processing tax of 15 cents a bushel on wheat made into flour
or other jiroducts for consumption in Canada.
An Ottawa
telephone dispatch of July 24 to the New York 4'Times"
56
Canada Cement
price of 70 cents a bushel for the new crop of spring wheat.
The feature of the wheat policy of the Government was a
68
Abitlbl P & P ctfs 5S..1953
Algoma Steel 5s
34
5%s
4%s.l951
1961
55
57
Canadian Vlckera Co 6s '47
26
28
65
67
Quebec Power 4s
Dom Tar & Cbem 4%s 1951
63
65
Saguenay Power—
4%s series B
50
Famous Players 4%s._ 1951
63
65
4-5s series A
1965
45
47
*
4-5s series B
1965
32
34
value.
/Flat
price.
n
Nominal.
pegged at approximately the present
restrictions will govern farmers'
deliveries to elevators to avoid
facilities. The limit of 5,000 bushels which
the Wheat Board under the 70-cent minimum
has been eliminated, so that farmers may deal exclusively with the
glutting the country's storage
any one
price
par
will remain the same as last year,
price of 71 % cents a bushel
for No. 1 hard wheat at Winnipeg and the Winnipeg Grain Exchange will
remain open.
This, Mr. MacKinnon intimated, was at the request of the
will remain
Quota
48
•No
wheat policy are
the futures market
the announcement of the Government's
British Cereal Board.
Winnipeg Electric—
1966
4s
•
Other points in
that the price guarantee
Dom Steel & Coal 6%s 1955
Donnacona Paper Co—
said:
Board.
farmer could deliver to
The Commercial &
Aug. 3, 1940
Financial Chronicle
682
Quotations
City Bonds
New York
Feb
Nov
a 4s
May
a4s
May
a 4s
a4 34B Apr
a434s Apr
Oct
1 1960
1 1962
ci434b Sept
a434flMar,
a4 Ms
11834 11954
4348 April 1941 to
1964 to '71
Highway Imp 434s Sept '63
Canal Imp 434b Jan 1964..
120
Chicago &Sah
119 X
121 X
121
12214
118
121 H
12334
124 54 126 X
Francisco Banks
140
197
184
485
54%
1%
334s
Federal
2a
113 X
434s Jan 1 1945.
2a
York—
Refunding—
48
1st ser Mar 1 '75
3 34s 2nd ser May 1'76
3s
4th ser Dec 15 '76
1942-1960
Inland Terminal 4348 ser
Reconstruction Finance
100 11
Corp
100 22
102 21
1942-1960.
...
Trl borough
D
10234 10334
10134 102 34
62 60
to 97
61.50
2.40
Fifth Avenue
First National of N Y.
Govt of Puerto
101
99
101
Feb
1941
11961
115
U S conversion 3s
112
40
45
2434
1034
2534
10
50
1734
10
12
43
49
2934
3134
25
27
29
Penn Exchange
3154
2954
Peoples National
Public National
168
162
120
Sterling Nat Bank & Tr
1695
Companies
Bid
Par
Ask
Bid
100
190
210
5134
Guaranty-
100
277
282
15
19
Irving..
7134
35
Bronx County new..
Brooklyn
7634
Kings County
Lawyers
Manufacturers
319
311
49 34
11
100 1480
27
25
34 34
20
.Ask
1946
JAJ
MAN
3s 1956 opt 1946
,
10634 10634
11054 1113-4
10534 10554! 3348 1955 opt 1945..MAN
JAJ
10534 10634! 4fl 1946 opt 1944
JAJ
3s 1966 opt 1946
20
8934
9234
42 54
4454
50
Clinton Trust
Continental Bank A Tr.10
30
35
New York
25
100
12
13 34
Title Guarantee A Tr. -.12
4854
4954
Trade Bank A Trust.. ..10
20
Corn Exch Bk A Tr.
4434
Empire new
Burlington
Denver
First
*» —<•
r3
99
Phoenix
Is, 2s
99
234s
First Texas 2s,
...
5s.
103
Phoenix
99
434s
102
Potomac 134s
99
54a. 334s
634s
Illinois Midwest 434s, 5s._
Mi
-
—
85
99
Southern Minnesota
Virginian Is.
98
-
13
80
Union Detroit 234b
9934
—
23
rI2
Southwest (Ark) 5s
mmm
100
434b
—
-
99
San Antonio 54s, 2s
'
-
63
IndIanapolls5i
Iowa 434s,
■
—
«.
r21
St. Louis
99
la, sl34
Fremont 434s,
—>
9954
First Trust Chicago—
Fletcher
—
40
98 34
Pennsylvania 134s, 134b...
99
3s, 334s
1545
82
99
r35
First Montgomery—
First New Orleans—
1495
8234
134b_.
Oregon-Washlngton
...
90
100
United States
13 34
80
-
80
York 6s
North Carolina 34s,
134a, 2s
4
1134
.100
85
New
Carolina—
5234
83
82
Lincoln 534s
334
99
1348, 3s
80
Lincoln 5s.
r6
99
Chicago
99
Lafayette 34s, 2s
Lincoln 434s
99
3634
103
Ask
Bid
Ask
Bid
30
Bank Bonds
Joint Stock Land
134s
Atlantic 34s, 134s
4734
5034
20
Preferred
Underwriters..
10534 10634'
Atlanta 54s,
12
1530
3
Central Hanover...
Ask
Bid
Ask
Fulton
Chemical Bank A Trust. 10
Bid
1234
660
HO
Bank of New York. ...100
10
Bankers
Federal Land Bank Bonds
3a 1955 opt
Ask
50
1234
National Safety Bank. 12 34
100
85
.
Par
11034
11134
1946
Conversion 3s 1947
115
112
Bid
Par
NaMonal City
118
109
1943.
July 1948 opt
6s
Stocks
National Bronx Bank
1634
1534
40
New York Trust
Rico—
10234 104
Hawaii 434s Oct 1956.
102.5
122
434s July 1952
6348 Aug
6s
134% notes Feb 1 1944.. 102.3
Ask
Bid
.100 620
100 1655
100
Merchants Bank
9934 102 34
99
10134 10434
Apr
Commercial National..100
Ask
Bid
U S Panama 3s June
13.55
Chase
Bonds
Ask
1955
1952
5s
Co. 10
Bank of Yorktown._66 2-3
Bensonhurst National. ..50
Bank of Manhattan
Bridge—
234s serial rev 194&-1952
10734
1959
1952
Oot
Par
f revenue
1980
38 serial rev 1958-1975 .
Philippine Government—
4348 July
U 8 Housing Authority—
100 26 101.2
New York Bank
103 34 105
99
9834
3 348 s
6 25
United States Insular
4 34s
10534
15*77
3348 5th ser Aug
10734
Bid
101.12
10034 101 6
1%B Jan 3 1944—
Call July 3 '40 at lor
•
*
34% notes July 20 1941 100 20
100 24
34%
Nov
1 1941 100 22
100 20
34%
Jan
15 1942 100 24
1%
July
1 1942 101.4 101.6
100 20
General A
E
M AS
M AS
1941
Corp
109.13
May 15 1941 100.11
348
100 28
1943—
Call Nov 16 '40 at
Ask
Bid
10834 10934
6 25
Ask
Home Owners' Loan
100 10 100 12
Aug
1 1941
100 26
Nov 15 1941
100.6
May
1 1943
Home Loan Banks
Deo 1 1940 100 16
Apr
1 1943 102 18
2s May 16
Bonds
Port of New
M AS
M AS
1941
3534
3334
Bid
Ask
Commodity Credit Corp—
134
Ask
California Toll Bridge—
Holland Tunnel 434 s ser
FRANCI8CO—
SAN
Governmental Agencies
Bid
61.10
1949.
'60 to '67
Barge C T
Public Authority
4s '76
100
.100
iBk of Amer N T A S A 12 34
215
209
Obligations of
300
475
T454
73
Ask
288
Northern Trust Co
Federal Natl Mtge Assn—
San Fran-Oakland
Ask
Bid
Par
Harris Trust A Savings.
Bank
A Trust
100
Continental Illinois Natl
Bank A Trust
33 1-3
First National—.....100
American National
121 34 123
mmm
Bid
1 1941 6 .40%
2 1941,6 .40%
Ask
Bid
Par
134
Canal Imp 4s JAJ
142
4^8 1965
11754 119
4s Mar A Sept
...
142
34% due
34% due
120 34 121 34
Improvement— ,
1958 to '67
Highway
Canal A Highway—
62.25
34% duo
2 1941'6 30%
1 1941 6 30%
World War Bonus—
62.20 less 1
3s 1981
1X854: 120
11934 12034
Jan
..Feb
May
June
34% due
34% due
Sept 3 1940 6 .20%
Oct 1 1940 6 20%
Nov 1 1940 6 .25%
Dec 2 1940,6.25%
>4% due
J4% due
34% due
11934
118
Bid
less 1
62.10
3s 1974
Feb
34s Jan
34 8 Nov
34s Mar
Ask
Bid
Can A High Imp
117 34 11834
117 H 11834
Ask
Bid
Ask
Bid
State Bonds
New York
5s Jan A Mar
June
a4 34B
Credit Bank Debentures
Ask
118
1964
1966
1972
1974
1976
1977
10734 10834 a4
1978
10634 10734 a4
1981
10534 10634 a4
o4 34b May
1957
113
11134
1957
11234 11334 a4 34»Nov
a4 34s Mar
1963
11234 114
1965
11334 11434 a4 Mb June
1 1967,
11434 11534 a4 34s July
a4 Ms Dec
15 1971
117
116
1 1979,
11634 11734 a4 34s Dec
1 1957
1 1958......
1 1959
1 1977
1 1980
May
a48
9734
1
1
15
1
15
1
16
1
1
1
1
1
a434s Mar
9734
9634
10134 10234
10834
107
a3^8 July
1 1975...—
a3Hfl May
1 1954
a3 J^8 Nov I 1 1954
a3^s Mar ' 1 1960
o334»Jan
15 1976
<z4a
9534
9634
1977......
1979
1
1
Jan
a 3s
9434
15 1969
a2*A» July
ada
Federal Intermediate
hid
ASH
lid
Aug. 2
Over-the-Counter Securities—Friday
on
99
1 54b
Joint Stock Land Bank Stocks
Ask
Par
Bid
Atlanta
78
82
New York
7
48
62
North Carolina
100
100
4
Atlantic
86
90
Dallas
63
73
Pennsylvania
100
30
34
Denver
50
55
Potomac
110
51
58
San Antonio
100
100
100
Des Moines
100
105
Par
Bid
14
First Carollnas
Ask
18
5
434
Lincoln
6
100
Virginia
234
Fremont
234
100
3
105
7
Virginia-Carolina
FHA Insured Mortgages
Telephone and Telegraph Stocks
Par
Am Dlst Teleg
(N J) com.*
100
Preferred.
Bid
89
Par
Ask
9434
New York Mutual Tel..25
Bid
Ask
17
11334 116
Pac A Atl
92
100
Telegraph...25
1434
16 34
*
25
30
3154
z2954
Peninsular Telep com
Bid
Arkansas 4348
5s
Bid
Asked
10134 10234
10134 10234
102
10334
Alabama 4 34 s
102
434s
Mexico 434b
New Jersey
New
N Y (Metrop area)
New York State
40
118
I
Emp A Bay State Tel..100
43
1
100
100
23
1
Mtn States Tel A Tel.. 100
127
Franklin Telegraph
Int Ocean Telegraph
72
r—1 cc •«
II II
11254
..25
So A Atl Telegraph
17
21
100
157
162
Sou New Eng Telep...
Chain Store Stocks
Par
Bid
B
/G Foods Inccommon..*
Bohack (H C) common...*
100
7% preferred
100
Co Inc..*
Diamond Shoe pref
Flshman (M H)
•
No par value,
/Flat price,
maturities,
a
|O MH
Ask
2 34
2
23
10134 108
734
9
Interchangeable.
.
Kress
Par
(S H) 6% pref..,100
Bid
Ask
(Daniel) pref... 100
$5 preferred
6 Basis price,
Texas 434s
Maryland 434b
102
103
101
10234
1134
102
103
10234 10334
Louisiana 434s
A servicing fee from
1
10134 102J4
10234 10334
102
10334
10134 10234
10154 103
10134 103
Tennessee 434s
Insured Farm Mtges 4
34s
Virginia 434s
West Virginia 434s
34% to 34% must be
101
10234
101
10234
10134 10234
deducted from interest rate.
1234
99
»
F.H.A. INSURED
d Coupon,
1634
1854
e Ex Interest
shown Is for all
Now listed on New York Stock Exchange.
z
Now selling on New York Curb Exchange.
189.50 of principal amount.
The
best
"Hedge" security for
Circular
Phone
5% was paid on July 2 and
on
MORTGAGES
Banks and Insurance Co's.
request
STORMS AND CO.
Commonwealth Building
Quotation not furnished by sponsor or Issuer.
South Carolina 434s
10134 10234
102
10334
Indiana 434s
United Cigar-Whelan Stores
n Nominal Quotation
r In recelvorshlp.
Quotation
wi When Issued
w-s With stock,
x Ex-dlvldend.
J Quotation based on
Sept 25
Pennsylvania 434s
Rhode Island 434s
10134 10234
10134 10234
Delaware
SPECIALIZING
Reeves
y
♦
10234
10134 10254
Michigan 434b
100
18.50 1st pref
10334
101
Illinois 434s
Roch eater Telephone—
102
Georgia 4 34 8
1
North Carolina 434s
Florida 4348..
Preferred A
1
10134 10234
101
102
434s..
4J^s
434s
District of Columbia 434s.
Minnesota 434s
116
3134
103
10134 10234
Massachusetts 434s
of Canada
100
Bell Telep of Pa pref
100
Cuban Teleph 6% pref. 100
Bell Telep
Asked
"
Attantic 1170
PITTSBURGH, PA.
Volume
683
Commercial & Financial Chronicle
The
151
Quotations on Qver-the-Counter Securities—Friday Aug. 2—Continued
I
Guaranteed Railroad Stocks
nsurance
Par
Companies
Ask
Bid
Par
ASk
Bid
119
123
...5
f0
Home Fire Security
10
Home...
28 X
Mjtmkrrs T^rw
10
66m
70 m
Ins Co of North Amer
10
64
10
20 X
39
21*
Jersey Insurance of N Y.20
5
18
19m
Knickerbocker
Amer Fidel A Cas Co com 5
|OUARAKTSH>I
I stocks
1 Since 1855]
NEW YORK
Homestead Fire
25
American Alliance
Ytrk Stotk Extktng*
Dealers in
120 Broadway
20%
1m
17m
Agricultural
3o$cpb Walker $ Sons
11
12m
Lincoln Fire
American Equitable
Tel. REetor
American Home
...
2M
12m
14
Mass Bonding A Ins.. 12M
42 X
44 x
Merch
American Reserve..
17 X
47
18%
Merch A Mfrs Fire NY..6
49
National
36
National Fire
American Surety
10
...25
Automobile
(Guarantor In Parentheses)
in Dollars
Betterment stock
pref (N Y Central)—
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)....
Morris A Essex (Del Lack A Western)
New
70
5
(Pennsylvania)
Pittsburgh Bessemer A Lake Erie (U S Steel)..
19
21
New Brunswick
Carolina
10
28 X
20%
10
21m
23
7
25
34*
6
2M
29 X
32X
80 m
83 m
10
15
3.00
35
38
6.00
90
Fidelity A Dep of Md...20
Fireman's Fd of San Fr.25
Eagle Fire
Employers Re-Insurance 10
5.00
67
77m
80 m
2.00
47
2.00
44 m
...
47
6
10
Fire Assn of Phlla
42 X
10
145
155
40
43
60.00
500
800
5
Northwestern
2m
.
24 m
111m 119
National .25
26
110
Paclflo Indemnity Co
10
37
39 m
41
Phoenix
10
75 m
79 m
6
13m
62*
Provld ence-Wash lngton .10
33m
15m
35m
94
97
Reinsurance Corp (N
6m
24 m
26
23 m
25
5
8X
Franklin Fire
5
27X
General Reinsurance Corp 5
Preferred Accident
118
10
Republic (Texas)
28*
Y).2
10
10
Revere (Paul) Fire
7m
4
2m
Rhode Island
238
229
38 m
40*
St Paul Fire A Marine..25
10
Georgia Home
23
25
Seaboard Fire A Marine..5
5M
10
33 m
35m
10
Springfield Fire A Mar..25
29 m
31m
24
26
Seaboard Surety
Glens Falls Fire
40 X
42*
Security New Haven
6
100
5.00
51m
64 m
Globe A Republic
4.00
87
90
4.50
35
39
Globe A Rutgers Fire
2d preferred
1.60
42
45
3.00
80
6
15
15
8%
9*
109m 113
40 m
38 m
11
14
Standard Accident..
67
Stuyveeant
26*
Sun Life Assurance.
100
175
225
11
Travelers
100
404
414
6
24*
Great Amer Indemnity...
1
8m
7.00
170 m
176
Halifax
10
10
164
10
25
26m
59
158
63
Hanover
6.64
Hartford Fire
10
75
78
52
54
6
3m
2m
Co..2
19m
20 M
4
U 8 Fidelity A Guar
11 m
7.00
Steam Boiler.. 10
10
8
62
Great American
Hartford
115
Pacific Fire
Gibraltar Fire A Marine. 10
6.00
25m
60
28 X
136
94
10m
26 X
130 m
3m
2m
91
2 50
North River
16
14m
5
12 50
Northern
26m
36m
3.875
Pittsburgh Fort Wayne A Chicago (Penna) pref
100
Pittsburgh Youngs town A Ashtabula pref (Penna).. 100
Rensselaer A Saratoga (Delaware A Hudson)
...100
St Louis Bridge 1st pref (Terminal RR)
...100
Second preferred
...
100
Tunne 1RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
100
10
48
Northeastern
8
62
67 m
9.00
4.00
17m
33m
45
60 m
115
Firemen's of Newark
60
..60
60
Preferred
1m
47
8X
Excess
Federal
3.60
16M
31m
New York Fire
5
2.00
93 X
62 m
2
10
New Amsterdam Cas
New Hampshire Fire
50
York Lackawanna A Destern (D L A W)
Northern Centra)
Oswego A Syracuse (Del Lack A Western)
8m
7m
National Liberty
2
National Union Fire....20 j133m 139
8
95
8.50
5.50
55m
603
8.75
25
100
100
100
100
60
53M
585
Continental Casualty
74
Louis pre! (N Y Central)..100
(Pennsylvania)
......50
60
Delaware (Pennsylvania)
Fort Wayne A Jackson
6.00
10
7
Connecticut Gen Life...10
118
112m
10.50
7m
27 m
City of New York
City Title
75
70 m
6.00
(Illinois Central)
100
Albany A Susquehanna (Delaware A Hudson)
100
Allegheny A Western (Buff Roch A Pitts)
100
Beech Creek (New York Central)
_
60
Boston A Albany (New York Central)..
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
...100
Carolina Clinch field A Ohio com (L A N-A C L)
100
Alabama A Vlcksburg
46
24 m
£92
Camden Fire
Asked
Bid
34
61
Casualty......10
100
Boston
Dividend
Cleve Cln Chicago A St
10
2M
6m
2M
Bankers A Shippers
9m
2m
42
6
Fire Assur com
25
Baltimore American
Guaranteed Railroad Stocks
Cleveland A Pittsburgh
1
Maryland Casualty...
7m
5m
10
2m
19
64 m
42 m
8m
1m
1m
58 m
...5
..—5
American Re-Insurance.10
American of Newark
2-6600
30 m
29m
48
Aetna Cas A Surety
46 m
48 m
63
31m
6r»m
33 m
Bid
Ask
U S Fire
10
U S Guarantee
,
2.50
Westchester Fire
66
3.00
130
136
10.00
239 m
244
6.00
47 m
61m
-.100
Vicksburg Shreveport A Pacific (Illinois Central)..100
5.00
60
65
5.00
66
62
Alabama
.......—100
5.00
60
65
American Arch
60
60
3.50
24X
27 m
Amer Bern berg
3.00
54 m
58
American Cyanamld—
6 00
Valley (Delaware Lackawanna A Western)
Preferred
Warren RR of N J (Del
West Jersey A Seashore
Lack A Western)
(Penn-Readlng)
Industrial Stocks and Bonds
Par
Equipment Bonds
1M
Ask
Bid
A com...*
200
61.25
0.75
Missouri Pacific 4 Ms
62 75
Baltimore A Ohio 414s
62.75
2.00
Nash Chat A St Louis 2mb
62.30
1 75
Bessemer A Lake Erie 2Ms
61.75
1.25
Nat Steel Car Lines 5b
62 25
1.50
Boston A Maine 6s
63.00
2.00
New York Central
62 25
1.75
Canadian National 4Ms-5e
67 50
6.60
62.35
1 80
Canadian Pacific 4Ms...
67 25
6 2
N Y Chic A St Louis 4s..
63.40
2.50
Central RR of N J 4 Ms..
63 00
2.00
N Y N H A Hartford 3s.
63.00
2.10
Central of Georgia 4s
64.00
3.00
North Amer Car 4Ms-5Ms
64.25
Chesapeake A Ohio 4Ms--j
Chic Burl A Qulncy 2Ms..
61.75
1.00
Northern Pacific 2*s-2*s
62.10
2.25
61.25
0.50
62.25
1.75
61.80
1.25
No W Refr Line 3 Mb-4s
Chic Mllw A St Paul 6s...
64.60
3.75
Pennsylvania 4mb series D
Chic A Northwestern 4Ms.
62 75
200
Cllnchfield 2Ms
62.25
175
Del Lack A Western 4s
63.75
2.75
Denv A Rio Gr West 4 Ms.
63.00
2.00
Erie 4 Ms
4s series
E
3.26
62.15
1 65
62.40
2mb series G A H
1.75
2ms-2m8 and 4Mb
30C
66
72
Petroleum Heat A Power.*
IX
IX
2X
American Mtg 5%
pref 100
2
Arden Farms com v t c
32
35
65 M
10
Botany Worsted Mills cl A5
IX
Art Metal Construction. 10
Autocar Co com
$1.25 preferred
3X
10
Castings..*
Mfg...60
Buckeye Steel
Brown A Sharpe
16M
167
62.00
1 60
1.60
Texas A Pacific
Long Island 4 Ms
62.75
2.00
Union Pacific 2mb—
62.75
2.00
Western M aryland
62.50
2.00
Western Pacific 6s
Louisiana A Ark
3*8
Maine Central 5s
Merchants
15
1.40
1.50
63.00
2.00
4*s-4Ms.
62.fO
1.59
Wheellng A Lake Erie 2mb
1.75
62 50
1 25
1.50
62.(0
61.70
1.20
West Fruit Exp
Despatch
2MB. 4MB A 6s
4s-4Ms—
62.(0
61.90
Southern Ry 4s
62.10|
62
2s
Railroad Bonds
Bid
Asked
47
1945
1944
J45
48
1943
1940
6s
Baltimore A Ohio 4s secured notes
Boston A Albany 4Mb
/45
77 M
101
1945
5Ms
--
Boston A Maine 5s
1944
4Ms
Cambria A Clearfield 4s
-————
-
1956
1951
1961
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5s
Yards 5s
Chicago Stock
4s
Cleveland Terminal A Valley
equipment 5s
Elgin Jollet A Eastern 3 mb ser A
—
5
6
fl cum preferred
._*
Consolidated Aircraft—
Cuban-Amer
Hoboken Ferry 5s
Illinois Central—Louisville Div A
Terminal 3Ms
Indiana Illinois A Iowa 4s
1946
1953
.1950
40
45
104M
114
———-—1947
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
Providence A
1961
1947
Worcester 4s
Tennessee Alabama A Georgia 4s
Terre Haute A
Peoria 5s
Toledo Peoria A
—
—
Western 4s
Toledo Terminal 4M8
Toronto Hamilton A
Buffalo 4s
3M ser A
Union Pacific ref mt-e
United New Jersey Railroad A
Canal 3Ms
Vermont Valley 4Mb
Vicksburgh Bridge 1st 4-6s
Washington County Ry 3Mb
West Virginia A
.....
Pittsburgh 4s
/
1957
—-—1942
1967
1957
1946
1980
—...
1951
1940
...
1968
—1954
1990
90
104 M
99 M
102
98 M
11
100
30
13
1
8M
*
2M
2M
13X
12*
122
118
Tokheim Oil Tank A Pump
16
Trlco Products Corp
*
13M
31 M
14M
33 X
37
Triumph Explosives
2
3X
4%
23
26M
28
31 M
United Artists Theat 00m. ♦
%
United Piece Dye Works.*
Preferred
100
%
%
1M
2%
Farnsworth Telev A Rad.l
IX
8M
25
30
IX
46 M
11M
19*
Amer shs *
Packings com...*
Garlock
Gen Fire
58
61M
*
Bake Shops
Preferred
Foundation Co
Extinguisher...*
Gen Machinery Corp com *
27
2
3M
1
Veeder-Root Inc com
Welch Grape Juice com
2%
48 M
12M
21M
28 M
4%
3M
48 M
Paper..25
42
12
5
Harrlsburg Steel Corp
41 X
45
13M
1M
2
preferred
*
King Seeley Corp oom...l
Landers Frary A Clark..25
24 M
27
Lawrence Portl Cement 100
11
•
100
*
S5
Inb
preferred
2M
100
61
19M
108
63 M
21M
Western Dairies—
Name changed to
Arden
Farms
Steel..*
Wilcox A Gibb8 com....60
...100
Worcester Salt
4
5
7
8%
42 M
common..
2X
28 M
31M
61M
Bonds—
Amer Writ Paper
6S..1961
/58M
Brown Co 5Mb ser
A.. 1946
1948
137%.
40
80 %
103 M
104
Carrier Corp 4Mb
8M
Chic Dally News
10M
26M
12*
11*
56
59
Minn A Ont
3*8.1950
Deep Rock Oil 7s.__.1937
Stamped
......
Pap 6s
1945
12*
13M
49 X
50*
1 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
60 M
1
100
7% preferred
7M
13*
8M
Scovlll
Texas Corporation
13
/40M
/35M
11
83 X
43
37
M
14
42
39M
103* 104
Woodward Iron Co—
Superior Oil 3Ms.
2d conv Income 5s..1962
85
Preferred
Mfg3*s deb—1950
1950
38.1965
62 M
iTH
115
Muskegon Piston Ring.2M
National Casket
*
4
*
100
York Ice Machinery
24M
Rockwell Corp...l
Co
7%
5M
£43 M
39
36 preferred
*
10
30
*
Great Lakes 88 Co com..*
Marlin
1H
2%
100
$5
5
Common
Wick wire Spencer
Humor Corp
Merck
loo"
*
33 X
preferred
Mallory (P R) A Co
1959
1940
New York A Harlem 3Ms
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 4mb
1947
Pennsylvania A New York Canal 5s extended to.....——1949
Philadelphia A Reading Terminal 5s
1941
9
3*
8
14
Long Bell Lumber
I960
4s
Memphis Union Station 5s
New London Northern 4s
62
2M
*
Dixon (Jos) Crucible... 100
Domestic Finance cum pf. *
Draper Corp
*
58
103 X
58
Dictaphone Corp
98
103 M
•
Steel common
Time Ino
60
1950
3%
18M
Taylor Wharton Iron A
24 M
55
Supply
96M
Louisville A Nashville 3Ms
2%
17M
com...10
Devoe A Raynolds B com »
Dentists
68 M
1978
__1
Tampax (nc com..
57 M
51
Kansas Oklahoma A Gulf 5s
......6
Talon Inc com
8M
Great Northern
70
»
*
Sylvania Indus Corp
Tennessee Products
Interstate Bakeries com..*
65
Strom berg-Carlson
55 X
Preferred
101X
49
22 M
Graton A Knight com
101
4%
37 M
47
*
63
"20"
3M
34
_•
Pub
79
110
X
26 M
27%
104M 106
20
Manganese.2
$3 conv pref
Cro well-Col Her
Machine Tool-.-.-
"56"
5%
41
Stanley Works Inc.—26
Standard Screw
Thompson Auto Arms
75
15
64M' 69M
9M.
18MI 21M
Columbia Baking com...*
59
1995
2M
Giddlngs A Lewis
102 M
Remington Arms com
4
Good
1945
Florida Southern 4s
101M
86
54
1970
-
57
78 X
100
—1951
1960
...—
Connecting Railway of Philadelphia 4s
Cuba RR improvement and
1955
56 X
4%
18
170M
35
Federal
Ak ron Canton & Youngs town
Singer Manufacturing. .100
Skenandoa Rayon Corp..*
2
3.50
3s..
3
3
64.25
Lehigh A New Engl 4Mb..
38 M
32
Shippers Car Line 5s
Southern Pacific 4 Ms
Kansas City Southern
Safety Car Htg A Ltg...50
Scovlll Manufacturing..25
1
5 50
1.50
2X
13
7%
10
66 75
2.00
11
5M
15
100
Grand Trunk Western 5s..
62 40
Pollak
Exploration
1
Manufacturing...*
,4*
Chilton Co common
City A Suburban Homes 10
2mb
Pilgrim
Conversion
*
Chic Burl A Qulncy
Coca Cola Bottling (N Y) *
1 25
Permutit Co
25M
61M
12M
6M
100
•
1/0
2 00
2M
23 X
$3 partic preferred
Arlington Mills
Armstrong Rubber A
2.00
61.80
244
229
10c
2 00
62 50
*
4*
62.75
Illinois Central 3s
Co
1
62.00
Great Northern Ry 2s
10%
14
1
62 60
62 00
m
12%
Petroleum
4s-4Ms.
J
.....*
Corp..25
Peral-Cola
St Louis S'western 4mb—
Reading Co 4Mb
Pan Amer Match
18M
150
St Louis-San Fran
3%
51 M
24
2.00
Express
41
12 M
48 M
4%
25M
39
15M
62.26
Growers
12M
*
3M
21M
22 M
63.00
4s
Ohio Match Co
1
..50
Products...*
4mb and 4Mb
Fruit
preferred
Hardware....25
Maize
Cessna Aircraft
Pere Marquette—
5%
New Britain Machine
11X
1.69
63.50
4mb
2Mb
Nat Paper A Type com
16M
11X
2%
series
American
Atlantic Coast Line 4mb..
2%
34
15M
Distilling Co 6% pflO
American Enka Corp
»
Amer
Par
Ask
31
*
Amer
Ask
Bid
Bid
♦
6% conv pref 1st ser.. 10
2|j
Railroad
Ino
Mills
99* 100 X
103M 103M
112
40
95
61
Sugar Securities
"55"
102 M
117
87
91
85
65
70
Bid
Bonds
Ask
89
99
100m
1951
98"
97
78
100
3MB
47
58
60
Preferred
1
114
15
1940-1942
118
682.
17
28 M
Savannah
For footnotes see page
6H
Sugar Refg—1
Vertientes-Camaguey
Sugar Co
5
West Indies Sugar Corp.. 1
41
Sugar—
Bid
%
5M
46
1954
79M
45
19'
/43
/38
Estates—
1947
Haytlan Corp 4s
New Niquero
105
/17M
1
Haytlan Corp com
*
Punta Alegre Sugar Corp. *
5s
V
Par
1989
Baraqua Sugar
6s
107 M
94
Antilla Sugar Estates—
6s
108
Stocks
Eastern Sugar Assoc com.
IX
4X
Ask
7
18
IX
OX
30
2X
4%
The Commercial & Financial Chronicle
684
Quotations
Public
Over-the-Counter Securities—Friday Aug. 2—Continued
on
Utility Preferred Stocks'
Investing Companies
Bid
Pat
A St
Bid
Par
Investors Fund C_.
Ask
8.73
1
9.32
*
10.13
10.78
Securities—
8.23
8.95
1?*
♦Amerex Holding Corp—*
2.43
2.66
Series B-l
25.92
28.37
13
20.19
22.14
2.77
14?*
3.06
Series B-2
Amer Business Shares—
Series B-3
12.67
Inc..
Amer Gen Equities Inc 25c
Am Insurance Stock Corp*
Assoc Stand OU Shares...2
5.96
6.58
Series B-4
6.40
7.04
Series K-l
13.74
15.06
Series K-2
8.07
8.93
11.30
12.46
Admlnls'd Fund Inc
"
Bought
Sold
•
Aeronautical
Quoted
•
Affiliated Fund Inc
Jackson & Curtis
Amer Foreign Invest
ESTABLISHED 1879
Members
"3?*
3%
4?*
♦Class A
New York City
5.96
Manhattan Bond Fund Inc
3.28
1
14.22
.14
.29
Broad St Invest Co Inc..5
20.16
21.79
1
11?*
8.38
6.46
7.13
10c
3.65
4.75
1
17.45
18.76
Mass Investors 2d Fund..
8.35
8.98
10
8.93
9.76
Maryland Fund Inc
13.22
British Type Invest A...1
Teletype N.Y. 1-1600
3.38
5.41
Knickbocker Fund
4?*
3%
♦5% preferred
7.55
2.99
6
5
...
Basic Industry Shares.. 10
BArclay
7-1600
Series S-2
13.97
Series 8-4
Bankers Nat Investing—
12?*
Boston Fund
Tel.
-
Series 8-3
Principal Stock and Commodity Exchanges
115 Broadway
~3~~
Keystone Custodian Funds
Inc
Bullock Fund Ltd
Mass Investors Trust
Mutual Invest Fund
Nation .Wide Securities—
Public
Alabama Power 97 pref..»
6% pref.25
Pr A Lt 7% pf..*
Bid
Arkansas
Gas
A
*0.50 preferred
*
Birmingham Gas—
*3.60 prior preferred..50
3?*
92%
94?*
7% pi 100
6?*% pf.*
6%pf 100
New Eng Pub Serv Co—
$7 prior lien pref
*
$0 prior lien pref
*
$6 cum preferred
*
7%
preferred
_
Consumers Power *5 pref.*
Continental Gas St Eleo—
7%
100
preferred
Derby Gas A El *7 pref..*
*0.60
cum
»
preferred
Florida Pr A Lt *7 pref..*
1?*
%
118?*
86?*
33
Series AA
1
48?*
97
*
preferred
Series A A mod
67?*
68?*
63?*
65?*
10?*
12?*
22?*
25?*
105?* 107?*
107
79?*
109?*
81?*
7%
cum
*
100
0% pf.100
preferred
N Y Water Serv
100?* 102?*
107?* 109?*
110?* 113
8M
10?*
104?* 106?*
92?*
61?*
95
64?*
*
34 preferred
Northern States Power
7% pref
104?* 106?*
19?*
116?*
21?*
100
Eastern
*
*
Peoples Lt A Pr 33 pref.25
Philadelphia Co—
23?*
24
81
83
105?* 107?*
111?* 114?*
Kansas Pow A Lt 4?* % 100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
7%
preferred
100
31
33
104
105?*
102?* 103?*
84?*
87
34?*
37
preferred
preferred
*
23?*
Mass Utilities Associates—
5% conv partlc pref..50
Mississippi Power *6 pref.*
37 prior lien pref
*
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
2
S'western G A E
Texas Pow A Lt
*
92
82
94?*
84?*
4?*
15
28?*
7.89
5.68
6.16
'
1.34
Deposited Bank Shs ser A 1
Deposited Insur Shs A__
mm m m
16.53
m
mm
m
5.81
6.30
2.44
2.65
Railroad equipment
5.04
Steel
5.86
Oils
'
m m
m
m
No Amer Bond Trust ctfs.
1
2.47
1
3.20
2.50
5.15
5.80
Series 1956
1
.99
1.10
Series 1958
1
m
mm
m
16.94
5.57
6.18
110?* 112?*
Fiscal Fund Ino—
F
•
16.24
20
First Mutual Trust Fund.
20?*
91?*
94?*
10c
2.20
2.43
2.96
3.29
Bank stock series
Pub
10
8.35
3.55
4~05
Fundamental Invest Inc. 2
14.55
15 82
4.30
5.04
Fixed Trust Shares A
B
20?*
4?*
_»
...
17?*
106?* 107?*
107?* no?*
Utilities Corp
.38
13.09
6.45
7.25
101
5% deb series A
Representative Tr Shs. .10
98
8.79
9.29
Republic Invest Fund
3.00
3.38
77.60
79.16
Clark Fund Inc
Selected Amer Shares..2?*
7.56
Selected Income Shares.. 1
3.70
10c
*
5.46
6.05
13.51
14.34
Sovereign
Investors
Spencer Trask Fund
Standard Utilities Inc. 50c
.28
.34
59?*
62?*
General Capital Corp
♦
General Investors Trust. 1
25.18
27.08
4.42
4.82
Group Securities—
AA
4.36
Agricultural shares
2
1
3.76
4.10
7.42
8.07
Building shares
4.68
5.10
Chemical
5.89
6.41
Electrical Equipment
Food shares
7.82
8.50
3.78
4.12
2.51
2.75
shares
—
■
mm mm
mm
mmm
♦Series
C
1
2.14
♦Series
D
1
2.08
1
1
4.70
mm
♦Series
A
♦Series
B
m
4.24
25c
27
Merchandise
27
28?*
67?*
Mining shares
Petroleum shares
4.59
5.00
Trusteed Industry Shs 25c
3.51
3.83
U 8 El Lt A Pr Shares A—
15?*
3.25
3.55
21?*
RR Equipment shares..
Steel shares
Tobacco shares
20?*
units
5.10
West Penn Power com
47?*
West Texas Utll 36 pref—»
•
25?*
98
26?*
100?*
4.70
5.12
4.54
.10
.30
13.04
14.02
1.95
2.10
Class B
.48
1.99
B
1
♦Huron Holding Corp
Fund
Wellington
Investment
12.53
.53
.79
•
mmmm
mmmm
13.79
4.95
1
Incorporated Investors..5
Independence Trust Shs.*
18?*
45?*
mmm
mmmm
.71
65?*
4.68
mm
mm'mm
Trusteed Amer Bank Shs—
25?*
shares
—
Trustee Stand OH Shs—
*
Participating
—
Trustee Stand Invest Shs—
*
33 pref
—
—
m
mm
4.76
Aviation shares
shares
2~24
1
B
Supervised Shares
*
32.75 pref
8.25
Super Corp of Amer cl A.2
Investing shares
16?*
.33
12.24
10c
♦State St Invest Corp...*
3.90
23
5?*
-
Scudder, Stevens and
Insurance stk series. 10c
78 H
-
.
----
2.05
Shares
Eaton A Howard Manage¬
ment Fund series A-l__
■
15.73
20?*
-
2.42
25c
C
Series
6.36
1.94
Series 1955
5.47
45?*
No Amer Tr Shares 1953.♦
2 62
Fidelity Fund Ino
Washington Ry A Ltg Co—
27?*
7.29
Metals
Railroad
4.23
15.29
Delaware Fund
Automobile
17
*
9.72
Machinery
31
115
37?*
65?*
75?*
7.42
8.99
Quarterly Inc Shares.. 10c
19?*
8.55
6.85
equipment-
Putnam (Geo) Fund
101?* 103?*
Utah Pow A Lt 37 pref
7% pref
5.05
Electrical
Plymouth Fund Inc
63?*
6.77
7.90
10.77
♦
5% pf.100
7% pf.100
Mississippi P A L *0 pref.*
Missouri Kan Pipe Line..6
Monongahela West Penn
Pub Serv
8.41
4.66
supplies
17.44
Southern Indiana G A E—
United
6% preferred
7.77
Building
25.12
33?*
Mountain States Power
Bank stock
Chemical
10.03
103?* 105?*
21?*
22?*
100
84
3%
10.58
23.36
100
0% preferred D
32?*
preferred
4.66
9.79
Equit Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Rochester Gas A Eleo—
81?*
97
4.29
85?*
Pub Serv Co of Indiana—
Southern Nat Gas com.7?*
22?*
28?*
110?*
Foundation Trust Shs A.l
*
4.8% preferred
*2
mmm m
Fundament! Tr Shares A 2
cum
Sierra Pacific Pow com
Mass Pow A Lt Associates
mmmm
293*
Automobile
Insurance stock
Cumulative Trust Shares. *
116?*
25
Jamaica Water Supply...*
Jer Cent P A L 7% pf._100
mmmm
'
27?*
115
6.25
82?*
114
Pipe
38?*
23
10
100
1
N Y Stocks Inc—
34?*
Panhandle
36?*
Interstate Natural Gas...*
♦Common B shares
D
preferred
100
preferred
100
Okla G A E 7% pref... 100
Pacific Pr A Lt 7% pf. . 100
Penn Pow A Lt 37 pref
Indlanap Pow A Lt com..*
100
m
♦Crum A Forster Insurance
Dividend
0%
7%
37?*
69
59
Ohio Public Service—
35?*
67?*
57
10
m
Diversified Trustee Shares
Penna Edison 35 pref
107?* no?*
♦8% preferred
♦7% preferred
114
2.42
J
com..
New England Fund
m
m
Aviation
mm
2.42
.1
Series ACC mod
♦Crum A Forster
(Colo) ser B shares
Agriculture
2.05
New Orleans Pub Service
47
9?*
2.05
Accumulative series._.l
35
Hartford Electric Llght.25
11.05
64?*
Line Co
Federal Water Serv Corp—
*0 cum preferred
.*
10.25
32
(Del)
Cent Pr A Lt 7% pref. 100
Consol Elec & Gas *0 pref.*
3.66
83*
2.09
62?*
Northeastern El Wat A El
100
100
preferred
3.09
New Eng Pr Assn
Central Maine Power—
*0
5.62
Fund
New Eng G A E
10 cum preferred
*
preferred
1.16
5.22
♦Continental Shares pf 100
Corporate Trust Shares.. 1
28?*
Carolina Power A Light—
97
1.02
National Investors Corp.l
30?*
4?*
7%pf 100
New York Power A Light—
Cent Indian Pow
3.22
(Md) voting share8__25c
10.00
Chemical
National Gas A El Corp. 10
84
Birmingham Elec 97 pref.
♦
24.64
9.24
Ask
6?*
Nassau A Suf Ltg
3.25
22.92
—..1
Bid
5?*
Electrlo
Atlantic City El 0% pref.*
Par
Ask
2.45
Century Shares Trust...*
Utility Stocks
100?* 102?*
Amer Utll Serv
Associated
|
Canadian Inv Fund Ltd__l
Commonwealth Invest... 1
Par
Banking
Corporations
Public
Bid
Utility Bonds
Institutional Securities Ltd
Ask
Bid
Ask
Amer Gas A Pow 3-5s. 1953
53%
55%
Kansas Power Co 4s. .1964
102
102H
Amer Utility Serv 6s__1904
Associated Electric 5s. 1961
86%
88%
57H
Kan Pow A Lt 3?*s.._1969
Kentucky UtU 4s
1970
no?*
111
Bank
♦Blair A Co
*
,95
1.05
♦First Boston
1.16
1.28
17.06
1
2
.
♦Schoellkopf Hutton A
15.78
23
20
*
♦Class B
Group shares
Insurance Group shares.
Investm't Co of Amer—10
1?*
%
♦Central Nat Corp cl A
Corp
10
15?*
17
10c
?*
1
102
Assoc Gas A Elec Corp—
Income deb 3?*s...l978
Income deb 3?*s.._1978
Income deb 4s
1978
Income deb 4?*s...l978
Conv deb 4s
1973
56
fl4%
14?*
f 14?*
/15?*
n 5%
15
Lehigh VaUey Tran 5s 1960
55?*
57?*
15?*
15?*
Lexington Water Pow 5s'68
81?*
84
Marion Ites Pow 3?*s.l90O
Montana-Dakota
f22
25
Conv deb 4?*s
Conv deb 5s
..1973
!2 5%
f26%
27
1973
Conv deb 5?*s
1973
m%
28
8s without warrants 1940
Assoo Gas A Elec Co—
/59
62
Cons ret deb 4?*s...l958
/ll?*
12?*
/10
12?*
1983
/10
Sf
1980
/10
/10
Sink fund inc 5-0S..1986
New Eng G A E Assn 5s '02
NY PA NJ UtlHtles 5s 1950
N Y State Elec A Gas
Sink fund inc 5s
lno4?*s-6?*8
1954
4s
Northern
Public Service 3?*s_1969
12?*
3?*s
1904
1st Hen colli; rust 08.1940
Cent III El A Gas 3?*s. 1904
Central Illinois Pub Serv—
99?* 101
90?*
94?*
92?*
96?*
101?*
1st mtge 3?*8
1968
Central Pow A Lt 3?*s 1909
Central Public Utility—
105
105?*
Income 5?*s with stk *52
Cities Service deb 5S..1963
flH
2?*
76%
77%
104?* 104?*
Cleve Elec Blum 3s.._1970
6s series B
1962
Crescent Public Service—
CoU Inc 6s (w-s)____i954
Cumberl'd Co PAL 3?*8'66
Dallas Pow A Lt 3?*s.l907
Dallas Ry A Term 08.1951
105
105?*
76
78?*
Parr Shoals Power 5s. 1952
3?*s 1964
3?*s
1970
1st
lien
3-0s
1961
103?* 105?*
6s
1950
Pub Serv of Indiana 4s 1909
Pub UtU Cons 5?*s
1948
54?*
89?*
55?*
54?*
55?*
mmm
101
1948
106
100?*
mmm
1958
Plalnfleld Union Wat 5s '61
107
105
mmm
mmm
mmm
1946
81
84
0s series A
1946
83
87
Rochester A Lake
)
mmm
Ontario
1938
Water 5s
101
101?*
Huntington
Water—
St Joseph Wat 4s ser
.1954
mmm
1954
mmmm
5s
nsH
6s
1962
mmmm
mmm
A 1966
103
'
mmm
Scranton Gas A Water Co
4?*s
1958
Scranton-Sprlng Brook
20
103
103?*
87
88?*
Water Service 5s. 1961
Indianapolis Water—
1st A ref 5s A
1st mtge 3?*s
1966
105
1957
105
106?*
1967
Shenango Val 4s ser B. 1961
104?* 105?*
96?*
98?*
97
99
102?*
mmm
South Bay Cons Water—
CoUateral 5s
1951
67
4 ?*s.
1947
Sioux City G A E 4s__1966
Sou Cities UtU 5s A
1958
104?* 105?*
50?*
52?*
75
S'western Gas A El 3 t*s *70
104?* 104?*
S'western Lt A Pow 3?*s'69
105?* 106?*
Tel Bond A Share 5S..1958
Texas Public Serv 5S..1961
Toledo Edison 1st 3?*sl968
1st mtge 3?*s
1970
19 0
United Pub UtU 6s A. 1960
105?*
Utica Gas A Electric Co—
5s
1957
Iowa Pub 8erv 3?*s__1969
59
/56?*
104?* 105?*
Iowa Southern Util 4s. 1970
West Penn Power 3s. .1970
West Texas UtU 3?*s_1969
100?* 100?*
102?*ll03?*
75%
Western Public Service—
Jersey Cent PAL 3?*s '65
73?*
99?* 101?*
107?* 108
104?* 105?*
s
f
debs 3?*s
53*s
i960
100?* 101?*
101?* 103?*
78
Springfield City Water—
Kankakee Water 4?*s.l939
Kokomo W W Co 5s__ 1958
102?*
1950
5s.
69?*
St Joseph Ry Lt Ht A Pow
86?*
105
mmm
101?*
mmm
1956
103
Texarkana Wat 1st 5s. 1958
101?*
105
4s A
mmm
105
Monmouth Consol W 5s '56
101
Monongahela Valley Water
53*8
1950
Union Water Serv 5?*s '51
102
101
Morgantown Water 5s 1965
63
60?*
107?* 108
108
Pittsburgh Sub Water—
Richmond W W Co 5s 1957
100?*
105
mmm
104
Phlla Suburb Wat 4s. .1905
5s
JopUn W W Co 5s
84?*
mmm
Community Water Service
5s series B
99
Republic Service—
78?*
ndlanapolls P A L 3?*s '70
Inland Gas Corp—
6?*s stamped
.1952
101
102?* 103
87?*
101?*
104
105?* 106?*
Portland Electric Power—
109?*
75?*
Federated Ucll 5?*s... 1957
1954
.1957
mmm
1948
1948
PlneUas Water Co 5?*s.'59
107?*
City Water (Chattanooga)
1st 5s series C
100H
Prior lien 5s
1941
1950
1st consol 5s
City of New Castle Water
5s series B
109?* no?*
Peoples Light A Power—
101
Cons Cities Lt Pow A Trac
6s
1962
Consol E A G 0s A
1902
106
Ask
Peoria Water Works Co—
1st consol 4s
5?*s series B
108?* 109?*
Penn Wat A Pow
Cent Ark Pub Serv 5s. 1948
Central Gas A Elec—
1st Hen coll tr5?*s_. 1940
100
105
103?*
84
105?* 106?*
Nor States Power (Wise)—
12?*
1st A ref 5s
Calif Water Service 4s 1961
82?*
104
5s
12?*
Bid
Ask
102
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s *58
Butler Water Co 5s
1957
63
Indiana—
Old Dominion Pow 5s. 1951
Biackstone Valley Gas
A Electric 3?*s
..1908
Bid
Alabama Wat Serv 5s_1957
105?* 106?*
Corp
1965
Water Bonds
104?* 105?*
UtU—
4?*s
28
Sink fund inc
4?*s..l983
1955
4?*s
Pomeroy Inc com
102?*
101?* 102?*
105
W Va Water Serv 4s..1961
105
Muncle Water Works 5s '65
105
Western N
mmm
Y Water Co—
5s series B
5s series B
1951
53*8
1951
97?*
99?*
98?* 100?*
98
99?*
New York Wat Serv 5s '51
1950
1st mtge 5s
New Rochelle Water—
mmm
107
1951
1st mtge 5?*s
1950
99?*
98?*
102?*
Westmoreland Water—
5s
1952
102?*
1956
101
mmm
Wichita Water—
126
129
104?* 105?*
105?* 106?*
100?* 101?*
Ohio Cities Water 5?* 8 *53
Ohio VaUey Water 5s. 1954
108
Ohio Water Service 4s. 1964
Ore-Wash Wat Serv 5s 1957
104?* 106?*
96?*
98?*
98
For footnotes see page 682.
___
5s series B
53 series C
1960
6s series A
..1949
W'mBport Water 5s
1952
105
mm
103
mmm
102?*
Volume
The Commercial
151
Quotations
685
& Financial Chronicle
Over-ttie-Counter Securities—Friday Aug. 2—Concluded
on
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities
Quoted Here
which you have interest, you wiil probably
in
cation
and
/19
1st leasehold 3«-6s 1944
29
31
68
60
N Y Majestic Corp—
4s with stock stmp__1956
14 y
N Y Title A Mtge Co—
quotations are carried for all active over-the-counter
stocks
f29
/4
B'way Barclay inc 2s__1956
B'way & 41st Street—
In this publi¬
our
The classes of securities covered are:
bonds.
1948
3s
fi2y
1957
Cheseborough Bldg 1st 6s'48
Bonds
33
48 y
Public
Foreign Government Bonds
Railroad Bonds
...
Court & Remsen St Off Bid
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
let 3 lis
1950
Dorset 1st A fixed 2s_.1957
Insurance Stocks
Real Estate Trust and Land
Utility Stocks
1st 4s (w-s)
22 y
47 X
34 X
36 X
b3%
bbH
42 y
44
2d mtge 6s
103 E 57tb St 1st 68
— — —
33
32
fiy
...
1951
b2H
...
1941
18 y
...
165 Broadway Building—
Sec s f ctfs 4y a (w-1V68
3y
31 y
Eqult Off Bldg deb 5s 1952
Deb 6s 1952 legended
35
33
35
Prudence Secur Co—
Stocks
U. S. Government Securities
60 Broadway Bldg—
1st Income 3s
Mining Stocks
U. S. Territorial Bonds
500 Fifth Avenue—
by a stamped
Realty Assoc Sec Corp—
6lis (stamped 4s)..1949
f7
33
33
14
1939
32
1943
54
bby
1957
Income
59
61
36
/13
/25
5s
9
30
1400 Broadway Bldg—
1st 4s stamped
1948
Your subscription should be sent to
Roxy Theatre—
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s... 1958
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
55
1961
18
163^
1946
52d A Madison Off Bldg—•
1st leasehold 3s. Jan 1 *52
Quotation Record is published monthly and
sells for $12.50 per year.
5
4b X
Ollcrom Corp v t c
1 Park Avenue—
'
2y
Mill Stocks
The Bank and
19
4
19
26 y
Hotel units
Title Guarantee and Safe Deposit
ties
17
24 y
1948
Eastern Ambassador
Stocks
Investing Company Securities
17 y
by a series C-2
by8 aeriea F-l
35
Colonade Construction—
Federal Land Bank Bonds
Joint Stock Land Bank Securi*
1965
2s
6^8 series Q
Chanin Bldg 1st mtge 4s *45
Public Utility
Canadian
66
20>*
by a series BK
Canadian
Out-of-Town)
64
N Y Athletic Club—
Domestic
and
Domestic (New York
1945
Sf deb 5s
Brooklyn Fox Corp—
Municipal Bonds—
Companies—
Metropol Playhouses Inc—
---
5
Broadway Motors Bldg—
4-6s
Banks and Trust
Ash
Bid
Ask
Alden Apt 1st mtge 3s. 1957
Beacon Hotel lnc 4s__1958
find them in
monthly Bank and Quotation Record.
Bid
Certificates
42 Bway
1st 6s
Savoy Plaza Corp—
38 with stock
1956
1956
fs
...
...
60 Park Place
"...
32
75
/14
1947
28
32
1950
23 y
25
1967
21
25
76
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
8X
(Newark)—
1st 3Ks
35
Graybar Bldg 1st Ishld 5s *46
8X
8
Sherneth Corp—
1st by s(w-s)
'
14
Fuller Bldg debt 6s.__1944
1st mtge 4s—
1st 21i-4s (w-s)
1949
61 Broadway Bldg—
Foreign Stocks, Bonds and Coupons
Hotel St
George 4s
15 y
42
28 y
1950
3ya with stock
616 Madison Ave—
44
30
3s with stock
Inactive Exchanges
Syracuse Hotel
1st 4-58
& CO.,
BRAUNL
52 William
Lewis Morris Apt
40~
2 Park Ave Bldg 1st 4-5s'48
61
64
32 y
34
/14
mmm
1
/50
— mm
7
my,
Hungarian Ttal Bk 7Ha '32
Wall A Beaver St Corp—
mv,
i
my
mm —
5
/14
5
7
/12
my
16 ^
5
my
15^
mm
—
mm
7s_.
/3 y
f3y
/3 y
)
i
3
—
3 y
7
6s..
/4
1st 5s (Bklyn)
f7
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 68.1956
15
8%
3y
4
y
15
31"
Leipzig O'land Pr 6^8 *46
Leipzig Trade Fair 78.1953
fl4
/3
fi3y
/14
Luneberg Power Light A
Water 7s
1948
/13
Mannheim A Palat 7s. 1941
fl6
...
...
...
mm
36
Brown, Samuel G. Adams, R. W. Pressprich
Clinton S. Lutkins,
...
mm —
Munlc Bk Heesen 7s to '45
/14
/20
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
/14
...
/4
19f 3
/15
who will be the senior partner, has been
...
2
will be the general partners
a limited partner.
will be
of the new firm and R. W. Pressprich Sr.,
associated as a
...
/24
conducted
by the general partnership of this name.
...
/14
'mm
—
Montevideo
scrip
7s to
mm —
/40
of the Allied Chemical
...
fbb
/60
-
mm —
...
Nat Central Savings Bk of
3
7
11
my
P-8
3
7
by
/4
...
/4
— mm
1947
4s
3
Congoleum-Nairn, Inc.; Hooker Electrochemical
Hanover Fire Insurance Co.; Guardian
Assets Corp. and the Rye Trust Co.
He is also Treasurer of the United
Hospital of Rye, Harrison and Port Chester.
Barrett Brown, Norman K. Karn and Charles L. Bergmann, who are
Inc.;
Founders,
Type
Fulton Fire Insurance Co.;
have all been associated with R. W.
Samuel G. Adams and R. W.
formerly partners of the old firm.
being admitted to the firm at this time,
North German Lloyd—
11
/io y
n
1962
National Hungarian A Ind
Mtge 7s
1948
Hungary 7ya
23
/4
Co. and the Allied Chemical &
Co.;
(A A B) 4s... 1946-1947
(C A D) 4s... 1948-1949
— —
—
f23
36 y
38 y
Pressprich & Co. for a number of years.
Pressprich Jr. were
—Ilirsch, Lilienthal & Co., members of the
Central Agric Bank—
see German Central Bk
Oldenburg-Free State—
7b to
Central German Power
---
Oberpfals Elec 7s
1946
Panama City by a
/15
]
.....1945
1952
that Arthur Rittmaster, formerly a
announce
fl4
f 14
3
72"
/40
uy
)
my
io y
)
/i2y
/oy
14 y
?
Panama
6% scrip
Poland 3s
—
/12>*
10
1956
Porto Alegre 7s
1968
(Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
---
& Smith, and
Alexander Rittmaster, Sidney Klein and Jack R.
of the branch office of Henry
J20
/18
1933
R C Church Welfare 7s '46
Saarbruecken M Bk 6s.'47
main office at 165
...
f5y
fi2y
fi2y
/n
6%
/14
/14
/15
mm —
mm
...
...
mm
— —
/2
/17
/2
7s.
—
7s ctfs of deposit.. 1957
4s scrip
— — —
8s
—
1948
8s ctfs of deposit. 1948
/4
/14
Frankfurt 7s to...
— —
30
M
mm —
/18
— — —
8%
1947
Santa Fe 4s stamped. 1942
Santander (Colom) 78.1948
Sao Paulo (Brazil) 6a. 1943
6 ya
1
m — -
Saxon State Mtge 6s..
German Central Bank
1938
State
'
/37
/2
sy
1954
/I o
—
Guatemala 4]
1948
oo
-
—
60
Hamburg Electric 6s.. 1938
/23
Housing A Real Imp 7s '46
/14
/4
Hungarian Cent Mut 7s '37
/9
...
-m
and
brokerage
1947
/60
/14K
/6
fi5y
f!4y
fl4
Philadelphia.
Partners in the firm are Morton
Co. and previously Manager of
the
and Edward C. Hamstrom,
formerly partner in the firm of Hamstrom & Co., which has been dissolved.
Associated with them are Francis Palmer, Stuart T. Cull and Laurence J.
Philadelphia office of Jenks, Gwynne & Co.,
...
Colfer.
—Martin
rey
the Philadelphia Stock
Board of Trade and will transact a general
business in securities and commodities with
....
'
Lazar, who has specialized
in foreign securities on La
...
...
...
-
m
mm
St. for the past
a
Walter R. Brailsford.
foreign securities department
—
own
Salle
with Brailsford & Co., 208
Mr. kazar will establish
Since 1932 he has headed his
18 years, has become associated
South La Salle St., Chicago,
for the firm.
firm of Lazar & Co. here.
mm
...
200
Huff,
house,
Mtge Bk Jugoslavia
1956
ri5
20
2d series 5s
1956
ri5
20
fib
---
Geyer
&
Hecht,
Inc.,
New York over-the-counter
has opened a Boston office at
private wire facilities to
""^-Lehman
securities
direct
10 Post Office Square, with
its main office in New York.
Brothers announce that Jules
with their Chicago
—
Electric 7s
Tollma 7s
1953
7
fey
fx
/9
8tettln Pub Util 7s... 1946
Toho
/14
the Chicago
F. Cann has become
office at 231 South La Salle St.
associated
Mr. Cann was previously
—
Hanover Hari Water Wks
1957
...
5s
38
1946
Graz (Austria) ii
German scrip
1951
81em A Halske deb 6s. 2930
/24
Office
■
Santa Catbarina (Brail!)—
Saxon Pub Works 7S..1945
/14
Exchange and
investment
formation of the investment firm of
The new firm has memberships on
Co.
Jenks, formerly partner of Bioren &
/8
7s 1957
mm —
mm —
Jenks &
offices at 1421 Chestnut St.,
—
Co., and
Broadway, New York.
...
Salvador
fl7
Philip Henry
Ross have been added to the staff at the
—Announcement has been made of the
...
ey
—
mm —
1182 Broadway office.
the Lake Placid office of Hirsch, Lilienthal &
Michael Pam and Cornelius B.
...
/14
Rio de Janeiro
Edwin Emrich, formerly Manager
Clews & Co. at 234 Fifth Ave., is now Associate
Manager of Hirsch, Lilienthal & Co.'s
De Ronde is now with
mm —
mm—
mm —
Phillips also
branch
Smith have become associated with their
1441 Broadway, New York.
...
'—mm
/i2y
1941
5s
___
Rom Cath Church bya '4b
bXa.
office at
Protestant Church
6s 1936..
fl4
/14
/14
/48
/20
/3
/6
New York Stock Exchange,
member of the firm of Morris
...
formerly with Morris &
/4
69
3
and director
Prior to this time he had for many
& Dye Corp.
served in various executive capacities with the General Chemical
Dye Corp. He is a director of the American
years
Nat Bank Panama—
mm —
15
of the firm since his resignation as Vice-President
partner
mm —
Nassau Land bank bya '38
)
Haiti 6s
the
Stock Exchange, has been announced for
of continuing the investment security business formerly
Clinton S. Lutkins, Barrett
/35
Buenos Aires scrip
6s
purpose
Jr., Norman K. Karn and Charles L. Bergmann
3
Funding 3s
the New York
members of
...
1945
Hungarian Bank19€
Brown Coal Ind Corp—
Conversion
partnership of R. W. Pressprich & Co.,
...
1943
Land M Bk Warsaw 8s '41
Munich
7Ha
Agricultural 6s
NOTICES
CURRENT
—The formation of the limited
mm —
6s.
6s.
46
682.
20
Meridional® Elec 7s..1957
/14
my
British
German
65
mmm
5
Madgeburg 6s
City Savings Bank
Westlnghouse Bldg—
1st mtge 4s
1948
43
1951
20
/45
bXa.
1947
For footnotes see page
mm-
1936
Koholyt bya
Bavarian Palatinate Cons
3
19X
Ash
mm-
7s..
mm-
18
1950
1st 4ya w-s
mm —
\
8s.
11
1961
3s
1952
Hungarian Discount A Ex¬
change Bank 7s
7s.
4i y
Walbrldge Bldg (Buffalo)—
1st 6s (L I)
3
40
m-m
f22
37 y
1963
lpt & gen 3-4s
bid
20 y
1958
Trinity Bldgs Corp—
1st by a
1939
London Terrace Apts—
of the quotations shown below are
Ash
1st 3-5s
.
Ludwlg Baumann—
nominal.
Bid
.
40
Building—
Income 6lis w-s
Due to the European situation some
37
Lexington Hotel units
Foreign Unlisted Dollar Bonds
...
Textile Bldg—
1951
Lincoln
71
1955
48
Bldg—
1st 4s
Tel. HAnover 2-5422
St., N. Y.
1948
Lefcourt State Bldg—
1st lease 4-6
s
1948
INC.
(Syracuse)
1st 3s...
Lefcourt Manhattan Bldg
1947
76
80
fi4y
come
— —
—— —
/35
...
Unterelbe Electric 6s__l953
/14
...
Veaten Elec Ry 7s
1947
/14
...
Wurtemberg 7s to
1945
/14
Co.
associated with R. W. Pressprich &
—G. L.
Uruguay conversion scrip..
70
—
1955
Willstaetter, formerly of
Arnhold and S. Bleichroeder, has be¬
associated with M. Schloss, dealer in
—William
I. Zabriskie has been
stock exchange firm of
foreign and unlisted securities.
admitted to general partnership in the
Halsted & Harrison.
*
The Commercial & Financial
Chronicle
686
Aug. 3, 1940
General Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mochanlcal
reasons
However, they
FILING
OF
UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
it ia not
always possible to arrange companies in exact alphabetical
order.
always as near alphabetical position as
possible.
ore
REGISTRATION
STATEMENTS
SECURITIES ACT
UNDER
W. H. Pitkin, Vice-President, and J. W. Laird,
Controller, represented
hearing.
They consented to reduce their valuation
10,742 shares of stock of the Mexican Telegraph Co., a joint
subsidiary
of Western Union and All America Cables, from
$1,074,200
the corporation at the
of
The
following additional registration statements (Nos. 4463
4465, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The
to
amount involved is
approximately $2,692,500.
Interstate Home Equipment
Co., Inc. (2-4463, Form A-2) of Provi¬
a registration statement
covering 40,000 shares of $1
dence, R.I. has filed
par common stock.
The stock will be offered
Filed July 26, 1940.
Phillips Hotel Operating Co. (2-4464, Form E-l) of Kansas City, Mo.,
has filed a
registration statement covering $865,000 of 1st mortgage
5%
leasehold bonds, due 1952. New bonds will be issued in
exchange for a like
principal amount of outstanding 5% bonds due 1937 to 1940. Arthur
Fels
Bond & Mortgage Co. of Kansas
City, Mo. will act as agent to effect ex¬
changes. Filed July 26, 1940.
Clear Creek Corp. (2-4465, Form A-l) of Idaho
Springs, Colo, has filed
a registration
statement covering 1,100,000 shares or capital
stock, par 10
cents.
500,000 shares will be offered through underwriter at $1.62
H a
share for the account of the issuer and a like number of
shares will p,lso be
offered tnrough underwriter at the same
price for the account of
Wardmore
Corp. 100,000 shares will be issued to underwriter by Wardmore Corp. as
additional compensation, and will then be offered by
underwriter at $1.62M
f>er share. Proceeds Pasternak is President of the
nvestment.
H. J. of the issue will be used for machinery, development and
company.
J. H. Lederer
Co., Inc. has been named underwriter, and Wardmore
Corp. may be an
Filed July 29, 1940.
&
underwriter.
148,
in
previous list of registration statements
issue of July 27, page 538.
our
was
Corporation has notified the New York Stock Exchange that
Aetna Ball
July 22,
(2) Under collateral trust indenture dated June 1, 1929:
Cash in the amount of $1,245,767 was delivered to the Continental
Bank & Trust Co., New York, trustee, for
deposit as additional
collateral under collateral trust indenture dated June
1, 1929,
pursuant to the terms of such indenture.
The cash so deposited
was transferred,
$1,000,000 from collateral income held by them
under the above indenture, and $245,767 from
special account
held by them.
51,365 shares of Chesapeake & Ohio Ry. common stock was substituted
under the above indenture for $1,939,028 of "deposited cash"
under
such
indenture.
9,002
shares
of
such
stock
were
substituted
as original collateral for
$339,825 of original "deposited
cash," and 42,363 shares of such stock were substituted as addi¬
tional
collateral
for
$1,599,203
additional
of
"deposited cash.'
Filing Plan Extended—
The Marine Midland Trust Co., New York, as trustee for
1939
1940_
$ 163,676
34,372
$135,663
22,480
$129,304
490,392
$113,183
441,988
$619,696
42,504
$555,171
60.750
$577,193
Dividends.
on
were substituted as additional collateral for
$332,502 of additional
"deposited cash," and 441 of such shares were substituted as
original collateral for $16,647 of original "deposited cash."
given
Bearing Mfg. Co.—Earnings—
429.
Under collateral trust indebture dated Feb. 1, 1929:
9,249 shares of Chesapeake & Ohio Iiy. common stock, held at the
Manufacturers Trust Co., was substituted for $349,149 of "de¬
posited cash" held under such indenture.
3,808 of such shares
(1)
Time for
6 Months Ended June 30—•
Net profit from operations
Provision for Federal normal income tax
p.
the following changes in collateral under
Allegheny Corp. collateral trust
indentures, dated Feb. 1, 1929 and June 1, 1929, respectively, were made:
held
The last
$472,648.
Alleghany Corp.—Changes in Collateral—•
by certain stockholders of the
company at a price to be filed by amendment.
Proceeds of the issue will
revert to the company. The name of the underwriter will
be filed by amend¬
ment.
par to
The corporation spokesmen also consented to write off the
valuation of
1,000 shares of stock of the Cuba All America Cables, Inc., carried on the
books at $100,000 par.
Milo R. Maltbie, Chairman of the Commission,
said the parent corporation had never realized
anything on its investment
of $100,000 in the Cuba company stock and had been
paying deficits of
about $100,000 a year on the subsidiary for several years.—V.
$494,421
$0.93
Alleghany 5s
to Nov. 1, 1940, the time
plan of readjustment for the 5s of 1950 may be submitted,
under the terms of the agreement dated Sept. 28, 1939, under which Manu¬
facturers Trust Co. is holding in trust 107,579 shares of
Chesapeake & Ohio
Ry. common stock withdrawn from the collateral securing Alleghany 5s
of 1950, and
within which
Alleghany Corp. have extended
a
of 1944.
Collateral for Bonds Appraised—
Collateral securing Alleghany Corp. 5% bonds of 1950 has an appraised
of $6,789,503, equivalent to 30.175% of the
$22,500,000 principal
value
amount of the
Earnings per shire
—V. 151, p. 234.
Air
on
June 30'40
Sept. 30'39
877,881
858,294
289,741
205,125
582,111
Cash
Accts. and notes
receivable
Inventories
782 311
Sundry deposits &
►
advances
Inv. in other
z
Property,
and
9,128
274,445
Accounts payable-
Sept. 30'39
$217,625
$156,027
180,000
50,000
commis'ns, &c_.
25.840
Pref. div. payableProv. for Fed. tax
4,799
income (est.)
52,130
24,500
1,851
14,075
211,026
on
18,765
► opment costs...
Unamort. leasehold
68,823
log costs
38,276
improvements._
976
Sund. prepd. exps.
11,147
4,701
9,539
Total
reserves
12,500
1st pref. (par $9)..
Com. stk. (par $1)
19,575
108,013
101,879
Capital surplus
Earned surp. (since
May 5,1931)...
511,701
510,440
380,418
217.431
24*678
depreciation in the amount of $159,947 ($141,843
in 1939) and loss
reserve for revaluation of
$43,585 ($45,699 in 1939).
Note—Unissued shares of common stock were
reserved at June 30, l940,as
follows:
(a) 22,495 shares for conversion of
1st pref. stock; (b) 17,975
shares under
options granted to officers and
employees at $8.50 per share,
exercisable at various dates to
Oct. 1,1942.
The income
statement for the 9 months ended June 30 was
published in
V. 151, p. 638.
'
-i
Co.—Earnings—
1940
1.
.
Other income
a
$335,295
Dr 4,922
-^vvf
yj/A
/U
Taxes assumed
on
$400,047
63,405
97,500
3,839
6,853
-----------
—
expense.
interest
$330,373
63,405
97,500
3,706
6,967
xNe& income
$227,977
Bonds Called—
A
total of $28,000 1st
mtge. bonds, 4H% series due 1951, has been
called for redemption on
Sept. 1 at 101 and accrued interest.
will be made at the
Payment
Central Hanover Bank & Trust
Co., New York City.
—V. 150, p. 3961.
Stocks Reduced—
&
Radio,
Inc.—Book
Value
of
This company which is
owned by the International
Telephone & Telegraph
Corp. agreed on July 26 at a public
hearing before the New York Public
Service Commission to reduce the
book value of certain stocks of two sub¬
sidiaries by about $700,000.
Several weeks ago, the
Commission ordered
the utility to
write-off $2,400,000 from the book value of its
•equipment.
securities behind the 5s of 1944 was the addition of 9,249 shares of Chesa¬
peake & Ohio common from the Manufacturers Trust account in exchange
for cash, as ordered by
the Court.
Guaranty placed
per $1,000 par amount, on Terminal Share
from that of May 1.—V. 151, p. 538.
notes
a valuation of $447.61,
held by it, unchanged
A total of $29,000 first
mortgage 3H% bonds due 1965 have been called
for redemption on Sept. 1 at 105.—V. 149, p. 717.
RR.—Earnings—
June—
1940
Gross from railway.....
Net from railway
1939
1938
1937
$1,349,166
$1,412,570
240,478
371,880
$1,346,385
218,109
def61,74l
8,144,231
2,038,918
408,711
def7,835
95,549
7,652,343
Net ry. opex. income
From Jan. 1—
Gross from railway
Net from railway.
$1,231,025
254,450
def23,162
7,530,707
1,494,141
def63,544
7,133,084
1,181,276
def392,842
1,208,319
der306,832
Aluminum Co. of America—Prices Reduced
Assets—Utility plant, $4,537,667; special funds,
$29,000 ; cash, $114,896;
receivable (net), $453,583;
current balances due from affiliated
companies, $4,058; advances to officers and
employees, $1,537; materials,
supplies and merchandise,
$110,193; prepaid taxes and insurance, $16,443;
deferred charges,
$102,053; total, $5,369,428.
)
Liabilities—Common stock (60,000 no par
shares), $1,331,300; long-term
debt, $2,909,000; accounts
payable, $61,705; due to Southern Natural Gas
Co.
(parent company),
$116,434; accrued interest on long-term
debt,
$26,419; accrued taxes, $45,638; accrued
Federal and State income
taxes,
$62,968; miscellaneous accrued
liabilities, $5,982: customers' deposits,
$77,474; contributions for
extensions, $15,520; reserves, $1,589; capital
surplus, $290,982; earned
surplus, $424,416; itotal, $5,369,428.
Cables
outstanding bonds, according to the Guaranty Trust Co. of New York,
On May 1 the appraised value of the collateral was $44,103,714,
142.06%.
Collateral does not include $995,200 of cash held by the
trustee as "impounded
income."
The only change since May 1 in the
or
—
Company announced
accounts
America
of
trustee.
$158,795
of debt discount and
expense.
Balance Sheet June 30, 1940
Ail
amount of the secured gold notes of the Terminal Shares, Inc.
Collateral securing
Alleghany Corp. 5% bonds of 1944 on Aug. 1 had
appraised value of $42,584,326, equivalent to 137.2% of the par value
Net ry. oper. income
—V. 150, p. 4115.
473
aJBefore interest and amortization
of the Federal Court.
an
Alton
Income.
Miscellaneous interest
Amortization of debt discount and
,
$1,980,027
1,644,732
$392,268
7,780
expenses
operating income
1939
$2,488,537
2,096,270
revenue..
Net
recent order
1, 1940, placed a value of 38K per share on
stock, 4H on Chesapeake Corp. common stock, 1J4 on
Lehigh Coal & Navigation Co. common stock, A on Missouri Pacific RR.
common stock,
19 cents on Missouri Pacific RR. pref. stock, 6cents
per share on the Pittston Co. common stock, 75 per share on Wheeling &
Lake Erie Ry. Co. 4% prior lien stock, $10 per $1,000 principal amount
of Missouri Pacific RR.
5% conv. goid bonds, and $465.66 per $1,000
common
Allentown-Bethlehem Gas Co.—Bonds Called-^
12 Months Ended
June 30—
Total operating
Operating
a
The appraisals as of Aug.
C. & O.
principal
$1,U7.795|
$1,514,452
Total
$1,514,452 $1,117,795
After reserve for doubtful
accounts of $14,211 in 1940 and
$10,700 in
1939.
z After
reserve for
*
Alabama Gas
securing the corporation's 5% bonds of 1949 has an
value of $29,399,331, or 134% of the $21,938,000 principal
outstanding, according to an appraisal as of Aug. 1, 1940, by the
Continental Bank & Trust Co., trustee.
On May 1, 1940, the collateral
was valued at
$29,181,714, or 133.02%.
The 5s of 1949 appraisal does not
include $781,898 of impounded income which is not classified as collateral.
The only change since
May 1, 1940, in the securities collateralizing the
two issues is an increase of 51,365 shares in the shares of
Chesapeake &
Ohio Ry. behind the 5s of 1949, which were drawn down from an escrow
account with the Manufacturers Trust Co. in exchange for
$1,939,082 cash,
amount
in accordance with
Res. lor new cata¬
Other
collateral
appraised
June 30*40
Note payable
Acer, taxes, wages,
plant
bonds outstanding, according to an appraisal as of Aug. 1,
1940. by the Marine Midland Trust Co. of New York, trustee.
On May 1,
1940, date of the last appraisal, the collateral was valued at $7,014,328,
or 31.17% of the principal amount.
The
Sheet-
Liabilities—
7,469
1.254
cos__
equipment.
New product devel-
^
$1.06
Associates, Inc.—Balance
AS8et8-
x
121"500 "snares"
plant and
on Aug. 1 that in line with the policy of a continuing
prices, it made another price reduction of one cent a
pound for aluminum on Aug. 1, effective immediately.
This is the second
price change this year.
On March 25 the company lowered its price for
aluminum from 20 cents to 19 cents a pound. The reduction now effective
brings the price down to 18 cents.
lower
In
trend
in its
discussing the company's price policy last November, Roy A. Hunt,
President of the company, said: "The benefits of research and development
of plants ana facilities permit the company to
expect lower costs. In line with its expressed policy, it intends to share such
economies with the consumers of aluminum."—V. 150, p. 4115.
together with expansion
American Bank Note Co. (& Subs.)—Earnings—
Period End. June 30—
Operating profit
_
Net profit
Pref. div.—foreign sub..
Pref. div.—A. B. N. Co.
$511,759
23,064
40,993
$353,126
Total income
$163,125
56,505
76,104
57,841
58,074
44,061
$552,752
113,030
115,531
10,424
78,348
$162,676
5,315
67,435
$50,566
6,012
67,435
$245,843
10,110
$89,926
def$22.881
Com.divs.—A. B. N.Co.
Surplus
1940—6 Mos.—1939
$140,061
22,055
Depreciation
Other deductions
Prov. for income taxes.
1940—3 Mos.—1939
$331,071
Other income
—Y. 150. p.3037.
/
134,870
$175,370
44,376
$219,746
116,694
85,573
15,024
$2,455
11,923
134,870
64,994
$100,863 def$209,332
Volume
The Commercial
151
American
Profit from sale of
Dividends
Interest
secur.
Total.
$37,738
$367,445
84,900
135,037
8,265
4,457
$510,747
$127,096
12,900
$116,397
20,100
$121,136
20,100
Research fees.
1938
$24,948
87,073
4,377
100,934
2,061
bonds, &c—
on
Liabilities—
1937
1939
1940
$ 18,140
stocks
on
Balance Sheet March 31, 1940
Capital Corp.- -Earnings-
6 M >s. End. June 30—
11,850
Fees of trustees, transfer
9,367
9,791
14,566
11,965
24,349
2,300
22,441
1,608
28,951
1,900
$65,020
69,072
44,000
$62,457
$68,782
$411,274
69.348
69,416
72,750
69,485
150,18
and taxes
Prov. for Fed. inc. taxes
Net income
Prior pref. dividends
Preferred dividends
46,375
Comparative Balance Sheet June 30
$314,365
5188,374
Securities bought &
not
Secure, sold & un¬
Other
7,573.011
7,459.951
secure
Investments
220.000
220.000
receivable..
Diva
received
523.593
2,386,210
15,902
11,974
Prior pref. stock
a
b Preferred
c
& advs.,
sec.
sub.,&c$515.151,909
cur¬
Class A comstk.
Prepaid
"9,722
stock...
~6~678
expenses..
Total
6,404
Capital surplus
Earned surplus...
$7,989,103 $8,135,476
Int. & divs. rec—subsidiaries
Accrued accounts
2,354,497
2,161
Other current assets
Deferred charges
exps..
Operating
Operation
$6,783,250
2,100,676
revenue
63.266
4,128.387
Maintenance
360,251
522,579
Depreciation
1,047,436
1,122,407
Other income
21,716
$7,410,965
Deprec'n & depletion
Research & devel. exp__
Interest
Federal income tax
1,786,693
1,218,014
230,085
1,152,045
$5,471,591
$3,208,785
321,118
Int. & other deductions.
765,742
424,394
$2,203,835 $28,289,003 $26,206,589
9,771,736
742,865
9,552,672
5,092,519
424,394
5,092,519
$984,060
$1,036,576 $13,643,811 $11,342,334
$984,060
129,166
$1,036,576 $13,643,811 $11,342,334
2,052,556
156,991
1,530,481
$2,174,196
Total income
pref. stocks
on
b Balance
$3,529,903
Int. from subs. consol__
382,165
$5,584,413
1,578,213
$5,853,756
1,334,565
1,411,872
964,421
321,745
878.287
267,166
677,713
847,758
207,349
586,439
33,320
273,896
33,320
33,320
Minority interest
Pref.
divs.
from
subs.
.
dividends
Preferred
Shs. of common stock
Earnings
per
—V. 151, p.
__
-
share
539.
American
$3,024,128
117,030
2,618.365
$1.11
$2,149,714
51,965
2,618,369
$vy.80
2,520,368
$1.13
"$I7l98J)65
Balance
97,116
a
Restated for
Ltd. (& Subs.)—Earnings—
1940—12 Mos.—1939
$4,324,260 $2,236,656
3,256,512
3,241,583
1940—3 Mos.—1939
$778,564
$447,782
754,576
866,031
Other income
of
int.
earned
$2,763
loss$528
$8,056
over oper. expenses.
$4,147
144,050
77,806
of
(based
securs.
average
Net loss
on
26,944
36,059
12,235
70,612
$34,999
$35,531
$14,998
$74,760
cost)
Total profit
for
Fed.
Prov.
normal
7.900
5,400
1,000
160,249
35,580
637,865
235,575
Net profit
Dividends paid
$30,131
32,758
$13,998
$64,706
22.084
on
sale of secur
36,449
126,020
146,250
153,851
515,427
534,734
136,685
598,348
506.236
$653,642
$4,963,096
$2,813,625
10,313
332,159
150,000
36,604
_
Pays, under employees
annuity plan
;
Depreciation..
Depletion
38,320
118,589
132,000
43,094
Prior for
res.
Prov. for
$891,520
135,121
for conting.
exploration—
Adj. of metal price fluct.
Includes $1,033 dividend received.
Cr3,238
Assets—Cash in banks, $43,243; accounts
receivable, $2,021; securities
by the executive committee of the
in conformity with resolutions passed by the board of directors
(cost $936,367), $557,801; accrued interest receivable, $5,603; furniture
and fixtures, less reserve for depreciation of $227, $1,146; prepaid insurance,
&c., $955; total, $610,768.
Liabilities—Payable for securities purchased but not received, $704;
accounts payable and accrued expenses, $2,845; provision
for Federal
capital stock tax, $1,800; provision for taxes applicable to prior periods,
$2,000; provision for Federal income taxes, $13,662; common stock (par
$0.10), $10,073; capital surplus, $941,551; earned surplus, $16,700; less—
excess
of cost over market value of securities owned, $378,566; total,
owned—at market value as determined
company
$610,768.—V. 150, p. 2563.
American
Period End. Mar. 31—
Power Co.,
1940—3 Mos.—1939
Inc.
(&
Subs.)—
1940—12 Mos.—1939
8,661
5,993
$651,989
132,205
$4,472,276
$2,771,028
641,257
222,860
Cr 1,599
U. S. & foreign inc. tax.
Minority interest
$538,377
Net profit
Earn. per sh. on com
—V. 150, p. 2866.
$0.36
.stk.
American News
942,712
7,680
Cr478
Cr8,738
$2,138,509
$1.42
$3,521,885
$2.55
$520,263
$0.34
Co.—New Secretary—
A.
Company has notified the New York Stock Exchange that William
has been elected Secretary to fill the vacancy caused by the
Eichhorn
resignation of Herbert Greenwood.—V.
American Water
& Foreign
CV8.660
$759,637
& normal stock reserve
Balance Sheet June 30, 1940
r
118,986
486,797
623,050
156,392
38,120
540",223
10,054
$27,100
23,367
normal income tax
x
Admin. & selling exp—
Taxes other than income
Amortization of invest--
Profit realized from sales
$5,478,239
$1,313,813
40,784
114,839
$7,580,771
130*856
$1,533,141
Total income
Interest
Excess
$995,618 $13,072,861 $10,984,894
comparative purposes,
b Of income for common stocks
American Gas & Electric Co.—V. 151, p. 403.
Period End. June 30—
1937
1,780,010
2,133,738
1,925,083
177,811
of subsidiaries owned by
Profit before charges...
$11,125
6,978
$14,898,641
$1,301,569 $16,364,150
128,140
1,366,206
""$960,168
^Balance
I
$1,363,758 $17,236,842 $15,440,469
62,188
872,692
541.828
140,781
pref. stock.—
on
American Metal Co.,
Foreign Investing Corp.—Earnings-
[Formerly Foreign Bond Associates, Inc.]
6 Mos. End. June 30—
1940
1939
1938
Interest earned
x$24,070
$13,736
$13,297
Operating expenses
16,014
14,264
10,534
85,372
(net)
Int. & other deductions.
$2,844,325
$524,649
34,066
2,520,368
$0.19
$1,283,437
Total income
Taxes & exps.
1,988,170
57,409
1,988,170
74,380
165,681
4,510
165,681
4,530
consolidated
Divs.
Net income
$2,129,060 $28,134,892 $26,060,284
74,775
154,111
146,305
Divs.
Other income
Total income
$6,157,089 $82,576,111 $74,483,052
1,981,286
26,107,428
23,340,546
335,829
4,547,576
4,093,785
881,088
11,487.655
10.773,757
829,825
12,298,560
10,214,679
Amer. Gas A El. Co.-
$5,241,090
343,323
374,474
$2,152,480
Operating income
Other income
b Balance
1937
1938
1939
1940
1940—12 Afos.-al939
Subsidiaries Consolidated-
..$7,989,103 $8,135,476
Total
$7,036,491
(& Subs.)—Earnings—
1940—Month—al939.
Period End. June HO—
63,266
Cyanamid Co. (& Subs.)- —Earnings—
6 Mos. End. June 30—
$530,009,132
Total
$530,009,132
American Gas & Electric Co.
31.244
Represented by 25,118 (25,218 in 1939) no par shares,
b Represented
by 88,000 (93,000 in 1939) no par shares,
c Represented by 110,472 no
par shares,
d Represented by 632,662 no par shares.
Note—There were outstanding at June 30, 1940, warrants entitling the
holders to purchase 70,000 shares class B
common stock at $1 a share
(subject to certain conditions set forth in a contract dated March 19, 1936)
before Jan. 1, 1942.—V. 150, p. 3811,
Oper. profit after
Earned surplus
a Represented
by preferred ($7), cumulative, 478,995 shares; $6 pre¬
ferred, cumulative, 387,025.65 (including scrip equivalent to 4.65 shares);
2d preferred, series A ($7), cumulative, 2,597,311 shares; common, 2,082,938
shares; option warrants to purchase 6,642,794.8 shares of common stock for
$25 a share (one share of 2d preferred stock, series A ($7), acceptable, in
lieu of cash, with warrants for four shares, in full payment for four shares
of common stock); capital stock subscribed—preferred stock ($7) allotment
certificates, $480.—V. 150, p. 3036.
930.000
11,047
1,787,497
176.437
29,083,649
Deferred credit
6,733,856
Total
a
American
65,000.000
21,096
18,977
Accounts receivable
Accounts payable
4,079.928
545,059
dClassBcom.stk.
748
recelv..
,
Treasury
50.000.000
46,281
rent rates of exchange..
2,395.710
880.000
11.047
stock.
val.)$393,940,452
series,
due 2030
5,701,452
Taxes
Int., &c
Capital stock (no par
Notes payable
United States currency
Foreign currencies at
a
Gold debentures, 5%
Cash in banks—on demand:
553,243
Acer. expe.& taxes
97.450
delivered
Invest,
1939
1940
Liabilities—
1939
1940
Assets—
Cash
Invest,
23,117
52,542
agents, &c
Gen. exps., incl. salaries
687
& Financial Chronicle
150, p. 1270.
■
Works & Electric Co.,
,,„„w
....
Inc.-—Weekly
Output—
Output of electric energy of
the electric properties of American
Water
week ended July 27, 1940, totaled 54,682,000
of 16.3% over the output of 47,019,000 kilowatt
hours for the corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
years follows:
<
•
Week Ended—
1940
1939
1938
1937
£§36
Works & Electric Co. for the
Subsidiaries—
Operating revenues
$14,828,744 $14,851,460 $58,520,730 $59,718,590
Oper. exps., incl. taxes.
9,261,059
8,997,817 .36,583,384
36,373,237
Prop, retire, res. approp.
1,402,520
1,245.578
5,567,331
5,393,634
kilowatt hours, an increase
,
^
_
Net oper. revenues
for lease of plants
$4,165,165
$4,608,065 $16,370,015 $17,951,719
Rent
16,829
4,050
2,996
(net)
20,330
Gross income
Interest to public & other
deductions-
Int. chgd. to construct'n
Pref. divs. to public
$4,162,169
93,626
$4,604,015 $16,353,186 $17,931,389
666,542
791,072
87,545
$4,255,795
Operating income
Other income (net)
$4,691,560 $17,019,728 $18,722,461
626,163
Crll,108
548,873
770.037
Cr36,543
595,593
2,701,933
Cr38,927
2,241,335
3,409,818
Crl31,544
2,424,965
CV32.593
125,347
556,879
773,594
98,890
323,596
278,103
Exchange adjustm'ts on
working capital (net).
Portion applicable to mi¬
23,725
nority interests
a
$3,100,735
Net equity
&
American
Power
$3,138,236 $11,234,912 $11,967,525
Foreign
Co., Inc.—
3,100,735
10,140
Net equity
Other income
a
3,138.236
11,234,912
11,967,525
6,556
53,643
54,665
July 6.x
July 13
July 20
July 27
x
Includes
45,057,000 38,876,000 33,488,000
52,596,000 46,361.000 39,81*.000
52,700,000 45,lGt,000 39,518,000
54,682,000 47,019,000 40.463,000
July 4 holiday.—V. 151, p. 539.
American
44,221,000
50,993,000
49,906,000
50,318,000
43,273,000
45,270,000
46,969,000
47,181,000
Telephone & Telegraph Co.—Overseas
Tele¬
phone Calls Increase—
traffic over
radio telephone circuits to South America and across the
previous records, according to figures compiled by the
With a total of nearly
the Bell System's
2,000 messages for the month of June,
Pacific broke all
Overseas Service staff of the A. T. & T. Co.
Traffic on these routes during
July indicates that the volume for this month will equal or exceed the June
record.
Current figures also show that despite the sharp drop in Trans¬
atlantic business due to the imposition of military censorships, overseas
traffic generally is less than 15% below what it was a year ago.
The growth in South American and Transpacific telephone traffic has
been steady since last fall.
South American business is at present averag¬
ing about three times what it did last year at this time, while Transpacific
business is more than double the figure for the corresponding period last
Traffic with continental European countries with which service is
what it was a year ago.
It is of interest
the Caribbean region—the West Indies, Central America,
the northern part of South America—has grown about 80 % in the past
year.
te
Total
Expenses, incl. taxes
Interest to public & other
deductions
-
$3,144,792 $11,288,555 $12,022,190
530,925
145,261
522,859
1,554,312
6,029,631
6,253,166
$1,513,262
$1,445,219
$4,736,065
$5,238,099
Of American & Foreign
Power Co., Inc., in income of subsidiaries (not
all of which is available in United States
Statement of Income of
Period End. Mar. 31—
Income:
Fromsubsid—
m
Total
Expenses, incl. taxes...
Int. & other deductions.
Company Only
1940—12 Mos.—1939
$9,063,837
$8,485,103
10,140
6,556
53,643
54,665
$1,943,459
$1,836,874
$9,117,480
$8,539,768
152,643
145.261
522,859
530,925
1,444,970
1,554,312
6,029,631
6,253,166
$345,846
$137,301
$2,564,990
$1,755,677
*^Atthe outbreak of the war, military restrictions abroad shut off all private
and
commercial telephone service with Great Britain
Great Britain and France continued to accept
Europe.
and continental
government and
Within 10 days however, general service to continental Europe,
except France, was restored over two new circuits to Europe. A New YorkRome circuit, already under construction, was rushed to completion.
Also,
arrangements were made speedily with the Netherlands for a temporary
circuit between New York and Amsterdam.
Although the establishment of
such circuits usually requires many months, this channel was in operation
calls.
within
a
week.
While the
,
Amsterdam circuit is no longer operating, two
_
,
,
other circuits to
continental Europe have been recently set up so that today Europe can be
reached by direct circuits to Rome, Bern and Berlin.
In some cases this
gives two
different routes to a country.
tii
„
time Bell System overseas telephone service with Europe
Bulgaria, Finland, Germany, Great Britain, Hungary, Italy
At the present
Bal. carried to earned
surplus
also that traffic in
press
currency).
1940—3 Mos.—1939
$1,933,319
$1,830,318
Other.
^
still available has doubled over
and
1,444,970
.
Balance
a
$3,110,875
152,643
includes
The Commercial & Financial Chronicle
688
Latvia, Lithuania, Portugal, Roumania, Sweden, Switzerland, and Yougoslavia.
As yet, the service has not been restored to France, Belgium,
Holland, Norway, Denmark and Spain.
The New York-Paris circuit is still shut down.
In the case of Great
Britain, Koumania and Italy the service is limited to government and press
calls.
Practically all countries permit broadcasting by American com¬
mentators and newspapermen to the American networks over Transatlantic
telephone circuits.—V. 151, p. 404.
Anaconda Wire & Cable
nations are effective for all such
1939
_1940
manufacturing operations
Interest earned (net)
$801,696
JJrUl
$1,137 ,098
on
z.Hob
—
$1,139,954
Total income
113,481
$367,979
$0.87
Gas and were in close contact with the previous management.
$131,293
$0.31
439,913
218,581
Soiling and administrative expenses
— r - Depreciation, obsolescence and dismantlements—
individuals concerned."
Seeks to Sell Certificates'—
.
Net income
■-
-
Earns, per share on 421,981 shares capital
stock...
Walter H. Pollak, trustee, has filed an application in Federal District
Court for authority to sell $200,000 of trustee's certificates to meet current
—V. 151, p. 98.
Anchor
running expenses of the trusteeship.
for a hearing on the application.
Hocking Glass Corp. (& Subs.)—Earnings
12 Months Ended June 30—
Consolidated
—
1940
1939
$1,180,665
$1.30
Earnings per share
150, p.3500.
on common
Judge Vincent L. Leibell set Aug. 12
Weekly Output—
$1,374,219
$1.55
Utility
Tha
profit after depreciation, taxes,
net
and all other charges
^
"The trustees have felt from the beginning of their operations," it was
said, "that efficiency of operations and the improvement of morale would
flow best from a revision of that management and that, therefore, accept¬
ance of the resignations was in the interests of both the system and the
$801,255
439,511
216,918
13,533
Pro v. for Federal income taxes
positions.
In commenting on the resignations, Willard L. Thorp and Denis J. Driscoll, trustees for the corporation, stated that they wished to emphasize that
the acceptance of the resignations in "no way purports to be a comment on
the ability or quality of these men."
The trustees added, however, that
the individuals were at the center of previous operations of Associated
Co.—•Earnings—
*
3 Months Ended June 30—
Profit
Aug. 3, 1940
Harry Reid, President of the New York State
Electric & Gas Corp., an Associated Gas subsidiary; Henry A. Stix, VicePresident and Controller of the Associated Gas & Electric Corp. and VicePresident of the Utility Management Corp., service organization of the
Associated system; and S. J. Magse, Vice-President of the Associated Gas
& Electric Co.
Each official held other posts in the system and the resig¬
The three officials are
Management Corp. reports that for tha week ended July 26
net electric output of the Associated Gas & Electric group was 100,021,471
units (kwh.).
This is an increase of 11,707,305 units or 13.3% above pro¬
duction of 88,314,166 units a year ago. —V. 151. p. 540.
—V.
Ann Arbor
Atchison
RR.—Earnings—
June
1939
1938
1937
$324,284
47,487
12,122
$306,091
$277,138
41,195
8,557
$339,055
67,072
34,251
1,985,649
1,812,472
231,882
109,186
21,806
1,635,143
161,612
def41,931
2,065,471
322,116
Gross from railway
Net from railway
Net ry. oper. income,.
From Jan. 1—
Gross from railway
Net from
railway
Net ry. oper. income..
—V. 150, p. 4116.
57.430
25,359
Period End. June 30—•
1940—Month—1939
1940—6 Mos.—1939
Railway oper. revenues.$13,978,642 $14,903,710 $75,183,585 $70,986,093
Railway oper-expenses. 11,187,487
11,272,949
63,4278054
60,801,178
al,246,510
b7,397,883
b7,128,262
Railway tax accruals... al,285,592
Other debits or credits._
Crl21,513
Dr47,640
Crll5,164
Dr391,463
405,386
190,110
Net ry. oper. income.
Arizona Edison Co.,
Period End. June 30—
Company'—
:
_
$439,734
226,262
20,918
46,899
62,524
_
Taxes
Retirement approp'n
Net
Other
oper.
Int.
on
85,966
185,593
245,305
60,039
$73,508
$1,575,618
794,136
72,269
189,294
234,934
bonds
$284,984
25,986
$78,132
34,497
$332,688
118,241
24,520
2,451
3,172
99,319
7,356
9,799
1,215
$55,292
947
Fed. & State inc. taxes..
Other deductions
Net income
333
94,493
6,946
13,256
3,365
$22,629
Miscellaneous interest-_
$13,159
$96,387
Note—"Interest on 1st mortgage bonds" in the above statement for all
periods comprises interest on the old 1st
mortgage bonds up to Nov. 4,
1939 (the date of their
redemption), and interest on the new bonds from
that date. The new 1st
mortgage bonds were sold on the day the redemption
notice was published (30 days
prior to the redemption of the old 1st mortgage
bonds).
Interest on the new first
mortgage bonds for this 30-day period,
amounting to $9,000, was charged to earned surplus in 1939.
Balance Sheet June 30,1940
_
June—
Assets—Plant property and equipment"in service
(net), $4,992,lOf;
work in progress, $51,871; automotive equipment (less reserve),
$27,416; investments, $2,504; cash, $254,650; accounts and notes receivable
£oS8!^.cfc.
(lT r^erve), $125,846; materials
total,
$5,643,322.
and supplies, $94,681; deferred charges,
a..—1st mortgage bonds, $2,700,000; 2nd mortgage income bonds,
accounts payable,
$39,949; miscellaneous current liabilities,
p.
1938
$255,685
5,691
Net ry. oper. income
From Jan. 1—
def38,544
def21,616
def45,113
1937
$278,361
def3,610
def27,789
Gross from railway..
Net from railway
1,728,272
141,349
defl49,650
1,801,849
271,074
def34,706
1,658,166
105,966
defl97,452
1,946,486
253,503
18,194
Net ry. oper. income
—V. 151, p. 4117.
Atlanta & West Point
or
Switch"—
Holders of
$59,000,000 fixed interest obligations of the company 'were
warned by their "general protective
committee," in a report issued July 28,
to be on guard against
reported "studied attempts" to get them "to sell or
'switch' at a time most
disadvantageous to them."
"While we refrain from
making any commitment
as
to
Revealing that the
trustees
no
committee would tend to indicate that
secure ultimate control of these
a
en masse,
public.
The "general protective
committee," of which Irwin McD. Garfield,
Boston, and Jack Lewis Kraus II, of New York, are Chairman and
Counsel,
respectively, expresses the opinion that reorganization of Associated will
not take the form of a
single specific, comprehensive plan, on which security¬
holders will vote in the next two or three
years, but that it will proceed
step by step, from day to day, as approved
by the Court.
The final plan,
the committee believes, will be more
or less of a
formality, hence the
the part
on
committee.
neces¬
of the securityholders and their
In its report the committee
financial statement, submitted
challenges "the essential unreality" of the
to the Court
by the trustees on June 15
last.
Discussing depreciation, particularly, the report
says: "The caution
must be exercised that this
statement does nothing more than
honestly to
project to the securityholders an approximation of
what current results are
in terms of like
presentations made
rates
of
on
one
depreciation
by the former management.
No new
hand, and no determination of actual
on the other.
Not until the former management's
yardsticks have been discarded for a standard
approved by the
figures on Associated's earnings and expenses
be regarded as
trustworthy."
dubious
trustees and the Court can
..-^sociated's Properties, when reorganization was begun, were located in
States and the Philippine Islands.
Commenting on the approved or
proposed sale of certain of the units in
Maryland, Indiana, Ohio, Kentucky
and up-State New
York, the report says: "It would appear that
integration
27
interest
will
mainly center
on
the
New Jersey and Pennsylvania."
Operating
Operating
closely-knit
properties in
New
York,
Successor Trustee—
Colonial Trust Co. has been
appointed successor trustee under an inden¬
Co., dated May 1, 1933, securing $1,252,630 principal amount of income debentures of
1983.
Announcement of the resignations
as
well
June 30—
as
920,649
122,707
1,235
revenues
RR.—Earnings—
1940—Month—1939
$3,407,932
2,996,089
_
expenses.
Net oper. revenues
1940—6 Months—1939
$3,404,486 $26,276,332 $26,119,358
2,835,638
20,669,331
18,892,282
$411,843
350,000
$568,848
350,000
$5,607,001
2,950,000
$7,227,076
2,950,000
Operating income
Equip. & joint fac. rents
$61,843
268,066
$218,848
279,193
$2,657,001
1,513,950
$4,277,076
1,565,194
Net ry. oper. income.
x$206,223
x$60,345
$1,143,051
$2,711,882
Loss.—V. 150, p. 4117.
x
Atlas Powder Co.
(& Subs.)—Earnings—
1940—6 Mos—1939
1940—3 Mos.—1939
$4,719,321
$3,820,317
$9,191,705
$7,467,254
3,949,399
238,484
3,376,966
174,494
7,782,195
451,410
6,585,340
344,870
$531,438
23.040
$268,857
11,477
$958,100
47,356
$537,044
13,644
taxes-a
$554,478
174,657
$280,334
51,129
$1,005,456
260,938
$550,688
100,775
Net income
Divs. on pref. stock
$379,821
85,746
$229,205
85,746
$744,518
171,493
$449,913
171,493
,075
$143,459
$573,025
$278,420
250,288
$1.17
249,163
$0.58
250,288
$2.29
249,163
$1.12
Cost
,
of
goods
sold,
de¬
livery & other exps...
Prov. for deprec. & obsol.
Net operating profit.
_
Inc. from invests., &c
Income before Federal
income taxes
Amount
earned
common
Shs.
of
on
stock
stock
common
outstanding
Amount earned per share
a
Federal taxes accrued
on
basis of
existing laws.
Balance Sheet June 30
1940
Assets—
c
Plant,
§
4,275,589
7,179,901
4,053,135
858,270
3,676.510
rec.
2,290,910
2,113,894
Notesrec.—Empl.
9,708
17.058
191,867
43,707
Notes & accts.
Liabilities-
$
a
div.
Stock
of
1,324,618
991,609
incl.
pref. stk.
and Federal tax.
Notes payable
el,427,000
Reserve for contin¬
Misc.accts. & notes
receivable, &c._
Current accts. due
from unconsol..
pay.,
on
S
8,761,725
9,860,900
8,761,725
6,869,700
Common stock..
Accts.
1939
$
Preferred stock
equipment. 7,747,672
G'dwill, pats., &c. 4,053,160
Secur. of alfll. cos.
933,269
Cash
1940
1939
property
and
gencies
387,696
274,076
Paid-in surplus
1,008,790
828.098
Surplus
4,431,197
4,054,187
5,256
Atlas
Powder Co
d373,368 b3.247,181
3,198,790
2,537,405
774,226
659,597
Securities invest..
282,485
288,985
Defd items (net).
69,682
89,696
Inventories
Marketable
secure.
Total
24,200,726
24,770,595
Total
24,200,726 24,770,595
a Common stock
represented by 262,852 shares of no par value,
b Rep¬
resented by 30,012 shares of preferred and 13,688 shares of common stock,
c After reserve for
depreciation and obsolescence of $8,891,235 in 1940 and
$8,265,684 in 1939.
d 12,563 shares,
e
$50,000 current—V. 150,
p.
2868^
Auburn Central Mfg.- Corp.—Transfer Agent—
Schroder Trust Co. has been appointed transfer agent for the $50 par
preferred and no par value common stock of this corporation.—
V.
holding key positions in the Associated Gas & Electric
Co. system resigned on July 25 from all
executive posts in this
$1,000,000,000
holding company, which is undergoing reorganization in
the Federal Court
.
775,937
value
Officials Resign—
Three officials
e^, ?r™
of A. G. & E.,
16,299
defl24.629
Taxes
ture of Associated Gas & Electric
a»
848,884
96,953
def48.862
Atlantic Coast Line
Period End
direct aim of the old management
reorganization proceedings through
seemingly put in control of
large quantities of securities of the
top companies previously held by the
having the employees,
appraisals have been made
$146,966
21,258
15.372
of
was to
sity for continuing alertness
1937
6,039
defl7,399
—V. 150, p. 4117.
Fed. income
looking into the
Utility Employees' Securities Co.," which reportedly controls
$35,000,000
of Associated holdings, the
report adds: "Information received by this
the device of
1938
$128,713
914,711
112,470
def29,683
Net ry. oper. income
trustworthy indication
the system, now under
reorganization,
circumstances surrounding the formation of the
are
1939
$134,379
10,323
defl2,484
Net ry. oper. income...
From Jan. 1—
Gross from railway.
Net from railway
ultimate worth," the report states, "your
committee feels that current market
prices afford
of the real value of your securities."
RR.—Earnings-
1940
Gross from railway
Net from railway.
Sales
of Attempts to Get Them to "Sell
5,549
$144,826
15,819
def7,738
June—
Period End. June 30—
Co.—Security Holders Warned
-Earnings-
1939
2867.
Associated Gas & Electric
$2,665,190
$269,894
25,720
$10,534; accrued taxes, $74,319; Federal and State income
taxes, $18,272;
on 1st
mortgage bonds, $36,000; interest on2ndmortgage income
interest on consumers'
deposits, $11,997; other liabilities,
f 159,964; capital stock, $524,487; earned surplus, $247,975; total, $5,643,150,
$4,473,812
1940
interest
322.—V.
$2,336,612
$251,742
Gross from railway
Net from railway
$310,970
137,989
22,673
2,673
11,567
1st mtge. bonds.
2nd mtge. inc.
4,623
$305,561
27,127
$87,489
27,000
revenue
on
$1,701,656
879,230
$1,627,076
and
Atlanta Birmingham & Coast RR.—
1940—12 Mos.—1939
$395,757
195,106
21,377
45,727
$83,132
4,357
revenue
Gross income
Int.
Inc.—Earnings-
1940—3 Mos.—1939
Total oper. revenue
1940
for
1939, respectively, $404,329 and $394,835
representing accruals under the Carriers Taxing Act of 1937 and the Un¬
employment Insurance Acts.
b Includes for 1940 and 1939, respectively $2,250,083 and $2,150,932
representing accruals under the Carriers Taxing Act of 1937 and the Un¬
employment Insurance Acts.—V. 150, p. 4117.
See Western Dairies, Inc., below.
Operation
Maintenance...
Includes
a
Arden Farms Co.—New
Topeka & Santa Fe Ry.—Earnings—*
[Incl. Gulf Colorado & Sanata Fe Ry. and Panhandle & Santa Fe Ry.]
1940
was
by the individuals involved.
made by the trustees
151,
p.
239.
Bayuk Cigars, Inc.— To Retire Preferred Stock—
Company has informed the New York Stock Exchange of the drawing
on
Aug. 5, 1940, of 4,400 shares of first preferred stock for redemption on
15, 1940, at $110 per share, plus accrued dividend.—V. 151, p. 541.
Oct.
Volume
The
151
Babcock & Wilcox Co.
6 Mos. End. June 30—
Loss on oper. after sell.,
Blaw-Knox Co.—Interim Common Dividend—
(& Subs.)—Earnings—
1937
1938
1939
1940
admin, and gen. exps.,
incl. prov. for doubtful
$l,496,477prof$803,281
$383,004
289,001
operations $1,984,599
on
$672,005
34,109
5,046
*$l,796,724prof$545,433
25,786
39,185
18,247
2,987
$2,023,717
1,812
547,000
$632,849
3,771
$l,752,691prof$587,605
5,658
7,550
85,536
Subway, tunnel and rapid transit line rentals
Interest on bonds
L
$636,620
$l,758,350prof$494,519
Miscellaneous items
"■'I)
35,203
Interest and exchange-.
3,915
Total loss.
Interest paid
Prov. for Fed. inc. taxes.
Net loss
257,848
300,247
Company's proportion of
undistributed
Boston Elevated
p.
Rent for leased roads
Works—Exchange Date—
In accordance with the provisions of the Plan of
Reorganization of The
issuable thereunder will become
Sept. 1, 1940.
However, in an announcement made on Aug. 1,
the company calls attention to the fact that as this date falls upon a Sunday
and the following day is a legal noliday (in the State of Pennsylvania) the
last day upon whicn such scrip can be exchanged will be Tuesday, Sept. 3,
Baldwin Locomotive Works, scrip issued or
void after
1940.
The Plan of Reorganizalion required the company to issue non-interest
bearing and or non-dividend bearing scrip for Refunding Mortgage Bonds
of tne First Convertible Series, new Preferred Stock, and Voting Trust
Certificates representing new common stock, if and to the extent that the
units of exchange tendered by security holders entitled them to a fraction
of any new security.
The plan further provided that this scrip in appropri¬
ate amounts would be exchangeable for new securities and, if not so ex¬
changed, would become void at the expiration of three years from the date
when the plan was confirmed by the Court.—V. 151, p. 540.
Baltimore & Ohio RR.—Earnings—
railway
From Jan.
1—
83,159,829
20,177,058
12,376,162
Gross from railway
Net from railway
Net ry. oper. income—
69,801,167
1 5,022,548
7,708,221
88,011,669
21,833,107
13,763,860
61,612,141
10,051,529
2,514,320
151. p. 540.
Beaumont Sour Lake & Western
Ry.—Earnings —
1939
1938
1937
—
$215,695
81,478
30,798
$177,393
39,637
def5,497
$174,383
35,899
3,875
$197,031
43,398
defl 1,959
Net ry. oper. income.—
1,502,979
680,097
341,514
1,491,745
648,999
308,89?
1,566,933
701,915
375,163
1,745,218
853,938
444,936
Gross from
railway
Net from railway
Net ry. oper. income.
From Jan. 1—
Gross from railway
Net
from railway
—V. 150,
i). 4118.
%
account of
accumulations on the $1.50 convertible preferred stock, payable Sept. 1,
to holders of record Aug.
15.
Similar payment was made on June 1,
March 1, last, and on Dec. 1, 1939, and a dividend of 37)^ cents was paid
on Sept. 15,
1939, this latter being the first dividend paid since March 1,
1938, when a regular quarterly dividend of like amount was distributed.
—V. 150, p. 3964.
Directors have declared a dividend of 75 cents per share on
$275,283
Surplus for June—
detailed figures show that Boston & Maine
income after fixed charges of $286,058.
Substracting
"The
in June earned net
from this figure the
proportional amount or contingent charges accruing during the 18 days
from June 13, amounting to $50,000 to the capital fund; the sinking fund
on the new first mortgage bonds, amounting to $33,955; interest on the new
income mortgage bonds, amounting to $108,646; and the sinking fund on
bonds, amounting to $24,143—a total of $216,745
of $69,312.
mortgage 4%, 20-year bonds amounts to $67,910,200.
The new issue of 4H% 30-year income bonds amounts to $48,287,000, and the plan of exchange provides for a sinking fund of 1%
annually on each issue if earned,"—V. 151, p. 542.
income mortgage
new
—it shows that the Boston & Maine had a surplus
"The
issue of first
new
Property Trust—Earnings-
Boston Personal
Bell
Telephone Co. of Pa.—Earnings
$54,005
$49,471
$4.9,047
596
623
922
3,537
1,550
3,071
994
-4,057
1,353
$48,322
394,137
$44,782
379,903
$43,840
382,945
$442,459
41,738
$424,685
$400,721
$382,947
$426,785
41,738
$385,048
(other than Fed.
Adjust, for reduction in accr. Fed.
cap. stock tax based upon prov. of
Cr 1,125
Revenue Act of 1938
Other expenses (trustee's commissions
and general expenses paid & accr'd)
-
Accrued Federal income tax
Net income
Surplus income at April 1.
Dividend
-
Surplus income at June 30
41,738
Balance Sheet June 30
Divs. receivable—
Invest. In securs..
$45,045
24,211
4,215,455
$56,347
27,778
4,247,763
Cash in bank
1940
1939
15.
$41,738
$41,738
Accrued liabilities.
8,037
6,945
Capital shares__
3,953,025
239,890
3,953,025
239,890
Dr311,523
400,721
Z>r339,834
382,947
Liabilities—
1939
1940
Assets—
Div. pay. July
x
Loss on sale of se¬
—
curities (net)
1940—6 Mos.—1939
1940—Month—1939
Operating revenues
Uncollectible oper. rev..
$6,272,280
21,544
Operating revenues.__
Operating expenses..
$6,250,736
4,172,755
$5,948,102 $37,681,059 $35,417,142
4,115,044 25,189,508 24,276,681
Net oper. revenues...
$2,077,981
773.070
$1,833,058 $12,491,551 $11,140,461
521,800
3,630,942
3,159,435
Surplus income
$5,975,832 $37,790,770 $35,556,195
27,730
109,711
139,053
—
.
Operating taxes
Net operating
Net income
—V.
151,
p.
$1,304,911
$1,311,258
$8,860,609
$7,981,026
856,751
income.
863,762
6,176,656
(Ernesto) Breda Co.—Interest Not Paid—•
dividend paid since Dec.
Net
profit from oper'ns
RR.—Earnings —
1940
railway
railway
oper. income
1938
1939
$2,055,496
1,298,064
948,399
$1,496,807
799,574
735,851
June—
Gross from
Net from
$1,374,877
48,375
45,829
94,276
$1,003,724
90,338
$844,007
$653,833
$1,280,601
$913,386
45,053
Net prof,
48,474
98,953
87,760
$889,061
218,474
$702,307
$1,379,554
$1,001,146
149,930
317,544
203,599
$670,586
from oper..
$552,377
$1,062,009
$797,546
Oth. income less miscell.
$751,879
246,964
164,829
profit
before em¬
ployees' bonus and in-
Net
1937
$2,295,986
1,496,902
1,361,386
Prov. for income taxes
Net
6,675,992
2,729,772
Gross from railway
Net from railway.
Net ry. oper. income—
—V. 150, p. 4118.
Bethlehem Steel
4,070,834
679,824
2,584,981
def66,415
8,378,112
4,061,084
2,152,370
522,515
def270,706
3,5^7,171
—V. 150, p. 2713.
Co.—Earnings—
1940—3 Mos.—1939
$8,608,954
3,846,280
Operating expenses
_
Depreciation
Special prov. for retir—
1,005,390
Uncollectible revenue—
20,846
1,784,170
Taxesaccrued
1940—12 Mos.—1939
$8,335,728 $36,368,859 $34,068,198
3,877,903
17,584,470 15,653,091
——
695,212
870,482
3,931,746
3,493,546
750,000
20,766
87,659
127,377
1,690,017
6,514,183
6,592,703
Other oper. revenues
a
Operating expenses
Depreciation
5,553,084
1,380,680
5,264,037
1,128,238
b Taxes
3,095,924
2,998,420
Operating income— $2,973,907
Nonoperating revenues.
65,631
Nonoper. rev. deducts..
32,809
$3,264,359
Int. on long-term
c
on
478,606
1,921,391
1,933,690
Nassau^lectric
$1,439,955 a$5,7l2,077 a$5,675,870
mittee on Stock
Brooklyn Queens County &
1941 (stamped), and 5%
11,714,689
$13,773,270,$12,908,042
499,250
126,821
$13,280,471
2,243,634
294,606
Corp.—Delisting—
Commission July 26 announced a
public
York regional office, on the
Suburban RR. 5% first mortgage gold bonds,
first consolidated mortgage gold bonds, 1941
RR. 4% first cons. mtge. gold bonds, 1951 (stamped).
application stated, among other things, that the Exchange s Com¬
List is of the opinion that the distribution of these securities
is so inadequate as to make further dealings in them on the Exchange in¬
advisable.—V. 150, p.3347.
The
in 1940 and $9.20 per
21,19o,324
5,743,884
application of the New York Stock Exchange to strike the following securi¬
ties from listing and registration:
Brooklyn & Queens Transit Corp. $6 cum. div. pref. stock (no par).
Brooklyn City RR. 5% first consolidated mortgage bonds, 1941.
$7,609,560
Equivalent to $9.26 per share of common stock
in 1939.—V. 151, p. 542.
12,186,996
397,541
125,937
119,836
32,146
Aug. 20 at the Commission's New
$7,633,468
hare
21,961,042
5,683,452
$2,381,347
Securities and Exchange
$1,918,561
477,954
1,321,540
$53,604,760 $51,561,939
i,352,049 $14,044,874
555,520
2,222,080
109,317
299,649
Brooklyn & Queens Transit
The
hearing
$1,998,814
$1,520,860
1449050,898
$50,240,399
$2,687,212 $11,523,145 $10,742,231
a Includes
maintenance expenditures: three months—1940, $703,202?
1939, $784,004.
12 months—1940, $2,565,831; 1939,. $2,507,606.
b In¬
cluding provision for Federal income tax.
c Amortization of debt discount
and expense and miscellaneous deductions.—V. 150, p. 2870.
Net income..
$7,506,269
103,291
Int., dis. & rents, &c—
555,520
69,862
debt..
Other interest
$7,500,799
132,669
Gross income
$3,006,729
Gross income
$1,876,560
42,001
_
j
369,723,863 357,499,240 1551701,934
$12,593,618 $12,246,027 $52,177,982
409,977
409,027
1,426,778
revenues..$13,003,595 $12,655,054
income. $1,952,267
Non-operating income.
46,547
Net operating
(kw..
hours).
Sales of electricity
Total oper.
1940—12 Mos.—1939
1940—3 Mos.—1939
Period End. June 30—
Borden Co.-—Interim Dividend—
dividend of 30 cents per share on the
common stock, payable Sept. 3 to holders of record Aug. 15.
Like amount
was paid on June 1 and March 1, last, and compares with 50 cents paid on
Dec. 20, 1939; 30 cents on Sept. 1, June 1 and March 1, 1939, and a final'
dividend of 40 cents paid on Dec. 20, 1938.—V. 150, p. 2565.
Period End June 30—
.
Brooklyn Edison Co., Inc.—Earnings—
Directors have declared an interim
Operating revenues
__
profit
Sales of electricity
Corp.—Debentures Called—
Corporation has called for redemption on Aug. 26, 1940, $23,040,000
aggregate principal amount, of its 15 year sinking fund convertible 3^%
debentures, due 1952.
The debentures to be redeemed have been deter¬
mined by lot by the trustee and will be paid and redeemed at the principal
amount thereof and interest accrued and unpaid to Aug. 26, 1940, together
with a premium of 5%.
Holders desiring to receive payment of the redemption price prior to
Aug. 26 may do so by surrendering their debentures on or after Aug. 7.
—V. 151, p. 541.
a
$699,663
Prov. for depreciation..
1—
income
$892,383
before depreciation
charges.
Bessemer & Lake Erie
1940—12 Mos.—1939
1940—6 Mos.—1939
Period End. June 30—
150, p. 3347.
Net
sinking fund
The interest due Aug. 1, 1940, on the iirst mortgage 7%
bonds, due 1954, was not paid on that date.—V. 133, p. 803.
the common
1 and on June 1, 1939, this latter being the first
13, 1937, when a similar distribution was made.
25 cents pakbon Sept.
Hurricane expense
150, p. 2713.
Briggs & Stratton Corp.—Earnings-
Corp.—To Pay 75-Cent Dividend—
stock, payable Sept. 3 to holders of record Aug. 10.
This compares with
50 cents paid on June 1, and March 1, last; $1 paid on Dec. 11, 1939; and
Boston Edison
$4,331,888 $4,284,711
Total
Represented by 260,860 no-par shares.—V.
x
5,275,233
Directors have declared a dividend of 75 cents per share on
Net ry.
From Jan.
$4,331,888 $4,284,711
Total
239.
Bendix Aviation
—V.
1938
1939
1940
3 Months Ended June 30—
Income from securities.
Paid-in surplus-..
Period End. June 30—
meeting
of about $70,000 for the
charges set up in the plan, and shows a surplus
month of June after meeting all these charges.
Total
Mills, Inc.—Accumulated Dividends—
Beaunit
$290,602
receipts.
effective on and after June 13, and all the contingent
charges under its consummated plan of exchange, the road in June had a
surplus of about $70,000, according to a statement by E. S. French, Presi¬
dent.
The showing, Mr. French's statement pointed out, was made with
the new fixed charges being operative only during the last 18 days of the
month.
Mr. French's statement read as follows:
"Our June report of earnings in which the last 18 days is figured on the
new basis made possible by the revision of our debt structure under the
plan of exchange, declared operative as of June 13, and finally consummated
on July 25, present some interesting facts.
"The road earned from June 13 on, all the fixed charges and contingent
Taxes paid & accrued
income taxes)
1940
June—
over
406.
p.
fixed charges,
new
the
1940
1939
1938
1937
$15,294,836 $12,770,868 $10,801,886 $14,504,624
Net from railway
4,280,468
3,177,999
2,620,243
3,082,476
Net ry. oper. income—_
2,840,614
1,863,883
1,381,337
2,019,618
June—
Gross from
137,537
3,761
236,017
329,374
99,497
6,860
Analysis of the road's June financial statement shows that after
its
Baldwin Locomotive
151,
Boston & Maine RR.—Shows
289,522
250,510
110,762
136,721
3,761
236,023
329,374
99,497
6,685
;
Excess of cost of service
-V.
328,915
1939
$2,077,020
1,539,256
Div dends
*
98.
1940
$2,057,946
1,536,487
Federal, State and municipal tax accruals
net
earnings of cos. more
50% owned (not
incl. above)
Ry.—Earnings—
Month of June—
Total receipts
Total operating expenses
than
—V.
interim dividend of 12 H
made on the common shares
distribution
$1,474,905
Net loss
151,
be the first
285,391
Income from investm'ts.
—V.
an
stock, payable Aug.
common
$2,269,990
Deprec. of bldgs., mach.,
equipment, &c
the
cents per share on
31 to holders of record Aug. 10.
This
since Dec. 20,
1937 when a year-end dividend of 50 cents was paid.
Previously in 1937
company paid interim dividends of 25 cents on Sept. 30 and June 30 and
20 cents on April 15.—V. 151, p. 406.
Directors have declared
the
will
accounts & notes
689
Commercial & Financial Chronicle
690
The Commercial & Financial
Chronicle
Brooklyn Union Gas Co.—Earnings—
Period End. June 30—
Operating
1940—6 Mos.—1939
Bullock
1940—12 Mos
1939
Amortiz.
of
30,302
1,794,311
325,100
General taxes
Federal income tax
Operating income
com.
!,548,723
156,700
$5,011,100
Dr98,323
$4,912,777
2,510,000
on
stk.
Dr64,249
$4,477,935
Dr61,333
$2,567,009
1,249.500
$2,578,499
1,255,000
$4,416,602
2,504,500
149,339
54,112
210,727
$1,701,375
$2,290,370
$1.57 ifelTl$1.70
$2.28
$3.07
outstd'g jjai
—V. 150. p. 2870.
Brown Co.
(Me.)—Deposits and Assents
~~
$27,576
250
$34^250
y
Includes
Burlington Mills Corp. (& Subs.)—Earnings—
1940
1939
1938
1937
$1,277,709
$757,131
$726,171
624,757
$2.05
624,757
$1.21
$220,422
545,632
$0.40
_
and Federal inc. taxes
Shares capital stock
Earnings per share
2414.
545.623
$1.33
—V. 150, p.
California Water Service
Co.—Earnings—
12 Months Ended June 30—
Gross revenues.
Net income after
—V.
151,
p.
1939
$2,629,831
458,670
543.
Directors have declared
the
1940
$2,721,009
497,636
charges
Callite Tungsten
Corp.—Dividend—
semi-annual dividend of 10 cents
per share on
15 to stockholders of record Aug. 1.—
a
stock, payable Aug.
V. 151, P. 406.
common
Calumet & Hecla Consolidated Copper
conditions in the industry,
Period End. June 30—
1940—3 Mos.—1939
Rev. from copper sold.. $2,226,186
$3,303,718
Cost of same
1,467,482
2,353,695
new
supply due to suspension of shipments from abroad.
Important
new
customers are, however, reluctant to
make permanent connections
with your
company while it is in trusteeship
Operating income
To Issue
$15^462
-
Net income
6 Mos. End. July 1—
Net profit after charges
by the special master appointed by the Court.
Regardless of the size of your own
holdings, your prompt assent is of
importance.
Although the plan was not presented to security owners
until May 20, 1940, assents
have already been received from the holders of
over
44% of the bonds and over 41% of the preferred stock.
The required
proportions to make the plan effective are 66
2-3% of the bonds and a
majority of the preferred stock.
The percentage of bonds required to make
the plan effective cannot
be procured without a
large number of assents
from owners of even
single bonds.
Owners of certificates of
deposit must file their own acceptances.
The
committee's approval of the
plan does not constitute an acceptance for you.
It is in your interest to
accept the plan as soon as possible in order not only
that the
company may acquire the necessary additional
working capital,
which is contingent
upon the plan becoming effective, but also that the
com-
seeking
$16,729
11,614
$25,713
upon receipt of stock of a predecessor corporation for
exchange, $1,992;
capital stock ($1 par), $152,123; capital surplus, $1,712,585; earned surplus,
$350,744; total, $2,224,171 —V. 150, p. 832.
to Plan—
your company are
$45,154
10,904
302
$37,922
10,346
Balance Sheet June 30, 1940
The plan of
reorganization has been accepted by substantially all institu¬
tions, banks, brokers and individuals known to be owners
of large amounts
of affected securities.
It has been approved and assent
recommended by
all protective committees and
by
$24,015
8,303
1937
Assets—Investments at average cost, $1,791,205; cash in
bank, $427,349;
cash dividends receivable, $5,170; deferred
charges, $447; total, $2,224,171.
Liabilities—Accounts payable and accrued
expenses, $2,923; provision
for Federal, State and miscellaneous taxes,
$3,804; dividends payable
Reorganization managers of the company (Serge
Semenenko, Chairman),
letter to securityholders dated
July 27, states:
Sany may benefit fully from present favorable
lany who use products of the type made
$33,540
x Exclusive of profits and losses from
sales of investments,
$1,007 miscellaneous income.
n a
sources of
1938
$24,015
Prov. for Fed. inc. tax._
112,407
$1,269,387
745,364
1939
$25,410
8,984
>M
'
...~~
Expenses.
x
$2,642,748
$1,168,171
Gross income
Int. on long-term debt..
Other interest and mis¬
cellaneous deductions.
shs.
1,761,894
252,200
$2,600,493
Z>r33,483
Other income (net)
Net Income
Earns, per sh.
proceeds from
sales of rights
Total income
91,035
3,546,439
460,800
1940'*
y$37.922 '«
Net cash
plant
gas
acquisition adjustm'ts
Fund, Ltd.—Earnings—
6 Mos End. June 30—
Income—Cash dividends
$12,661,272 $11,941,743 $24,033,414 $22 ,947,036
Operating expenses
6,094,188
5,778,214
11,835,076
,450,475
Maintenance
835,039
789.407
1,590,220
,560,857
Provision for deprec'n..
981,840
717,280
2,036,909
,219.180
revenues
Aug. 3, 1940
Certificates—
Co.—Earnings
1940—6 Mos—1939
$3,745,959
$3,531,759
2,448,387
2,499,774
$758,704
8,336
$950,023
4,307
$1,297,571
10,584
$1,031,986
1,088
$767,040
264,980
291,225
37,000
$954,330
472,638
316,334
3,500
$1,308,155
442,100
485,888
65,000
$1,033,073
500,559
337,145
3,500
$173,833
Other income
$161,859
$315,167
$191,869
A
hearing will be held in Federal Court at Portland
Aug. 6 on the petition
tha^rustees of the company for authority to issue certificates of indebted¬
of
Total income-
Depreciation
Depletion
ness in an amount
not exceeding $843,000.
for the purpose of
paying off
Proceeds are to be used solely
outstanding certificates of indebtedness issued
150, p. 4118.
Sept. 12, 1939.—V.
Fed. income tax (est.)..
Net profit
Bucyru8-Erie Co.-—Earnings —
6 Mos. End. June 30—
1940
Gross income
$3,073,955
Expenses
1938
$1,871,750
1,018,820
1,359,538
Operating profit
—V.
1939
1937
$2,013,965
1,065,789
$1,497,459
1,039,162
$1,714,417
173,211
Total income
Depreciation
$852,930
306,402
$4.58,296
293,586
$1,159,332
289,345
$751,883
282,100
106" 900
y278~,700
$679,487
213,346
$362,883
215,551
June—
$601,761
215,633
350,006
x70,051
Z367.300
Prov. for contingencies.
Federal taxes, &c
RR.—Earnings—
1940
Gross from railway
Net from railway
$1,181,785
301',324
190",500
Cambria & Indiana
$948,176
233,609
$1,887,628
Other income
150, p. 2870.
1939
$112,075
1938
$107,861
1937
76.649
14,565
27,873
45,090
Net ry. oper. income._.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
45,616
84,627
40,038
$98,989
31,555
74,140
742,426
277,522
♦
605,813
225,125
402,766
543,370
122,438
340,234
658,539
263,983
492,845
479,314
—V. 150, p. 4119.
...
.
Net profit
Preferred dividends
Common dividends
Surplus
x
$1,100,271
203,298
306,432
Canadian National Lines in New
June—
$466,141
$147,332
$386,128
contingencies re investment in Ruston
Bucyrus, Ltd.
Federal and State income taxes and
provisions
surtax on undistributed
earnings,
z Provision
for Federal
Provision
lederal
income
Net from railway
Net ry. oper. income...
—V. 150, p. 4119.
taxes made at rates in
Revenue Act of 1940, adopted June
25,1940.
Balance Sheet June 30
1940
1939
Assets—
y
1940
LiaWlties—
Land, buildings,
machinery, Ac.
7%
5,169,929
3.042,297
.
Cash
Marketable
sec...
Inventories
Investment assets.
Common
2,517,608
Accounts payable.
Dividends payable
429,603
•3,239,069
Misc. acc'ts pay..
Accrued payrolls..
186,11G
125", 448
Reserves..
249,132
242,453
794,941
425,892
175,534
169,379
24,243
92,267
114,258
5,606,372
7,042,332
70.000
189,283
6,664,902
95,917
4,823,289
1,871.507
3,624,373
33,814
6,838,511
6,839,781
Deferred charges__
Goodwill
Accrued
6,128,635
409,595
taxes
Acer, commis., &c.
106,481
Add'l costs of
a
258,281
cludes
5,600,596
Earned surplus..
Total
7,650.576
End. June 30—
Operating
revenues
Oper.
deductions...
rev.
gross
inc
Net income
150, p. 3041.
$2,483,779
$11,643~755
2,958
2,335
$2,486,737 $11,646,090 $10,560,853
1,066,117
4,226,774
4.282,274
deductions
rev.
$7,419,316
$998,204
Dr422
$5,486,084
$1,139,515
inc
499,915
$997,781
489,430
$5,493,456
from gross
income
150,
p.
$639,600
3814.
Burlington-Rock
June—
11,268,653
Net earnings....
—V. 151, p. 543.
1,992,918
$3,500,537
$4,350,727
2,003,111
$2,347,616
$2,923,055
Carmelite
Sisters
1938
1937
$68,048
def33,836
def60,330
$94,289
defl4,617
def44,35I
474,874
defl56,149
def308,678
391,635
def258,349
def414,670
605,474
def77,412
def240,8U
of
the
9,290,839
1940—6 Mos.—1939
$75,384,672 $61,807,844
62,748,665
56,456,501
$1,063,318 $12,636,007
$5,351,343
Divine
Heart
total of
$40,000 1st mtge. 4% bonds dated July
called for redemption on Aug. 15 at 100.
of
Jesus
(of
15,
1936, has been
Corp.—Earnings—
[Formerly International Carriers, Ltd.]
*
6 Mos. End. June 30—
Total income.
Management fee
Fees of custodian, regis¬
trar, transfer agents &
div. paying agents
Legal & auditing fees.__
State franchise taxes and
Fed. capital stock tax.
1940
1939
$141,692
6,467
$107,234
18,805
$93,904
13,401
$148,159
13,564
$126,038
13,204
$107,305
12,050
5,888
4,991
8,144
2,729
8,265
2,577
2,864
3,417
58,345
4,457
57,600
6,026
59,640
650
Income—Cash dividends
Interest on bonds, &c_
Other expenses
RR.—Earnings —
425
$39,550
$21,929
$91,972
464,434
prof61,866
1938
_
3,216
59,340
.1937
$164,057
26,713
$190,770
22,381
_
Prov. for normal Federal
1940
1939
1938
1937
$100,513
$136,480
36,513
20,524
$100,729
defl9,562
1,717
defl 1,514
|
Net ry. oper. income.
$4,348,325
2,401
1939
$77,706
def32,210
def57,401
,
Missouri)—Bonds Called—
$6,278,579
$90,651
def4,642
Gross from
railway
Net from
railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Island
$508,351
7,371
1,443,505
329,520
128,034
Ry.—Earnings—•
expenses..
Corp.—Earnings—
Operating income
$1,136,643
Non-oper. income (net).
2,872
Deduct'ns
Working
$10,563,706
Dr2,853
1940—3 Mos.—1939
1940—12 Mos.—1939
$5,101,669
$4,832,538 $20,750,243 $19,640,491
3,965,026
3,834,334
15,264,159
15,292,166
1,41a,112
267,333
55,196
150, p. 4119.
Carriers & General
Buffalo Niagara Electric
revenues
$1,420,620
def96,743
Period End. June 30—
1940—Month—1939
Gross earnings
....$14,191,708 $10,354,156
$8,547,965 $38,528,645 $35,022,023
6,064,185
26,884,890
24,458,318
$1,586,834
Period End. June 30—
Oper.
(& Subs.)—
$9,593,286
6,949,470
598,613
def79,949
def245,569
Canadian Pacific
A
—V.
Operating
—V.
1940—12 Mos.—1939
$2,641,364
1,054,530
Gross income
Deduc's fr.
1940—3 Mos.—1939
$2,643,816
Dr2,452
Operating income
Non-oper. mc (net)
-V.
Net from railway..
Net ry. oper. income...
in
Buffalo Niagara & Eastern
Power Corp.
Period
Net
Net ry. oper. income
From Jan. 1—
Gross from railway
$90,950
def25,429
def53,988
1937
$157,029
def20,542
dei'61,382
def58,413
Vermont—Earnings—
1940
railway
Net from railway
and $5,462,730 in 1939.
a In¬
1939), representing cost of preferred and
treasury.—V. 150, p. 3653.
common stocks in
642,327
447,106
June—
1938
..$116,705
1,329,735
315,273
139,522
1,777,257
Gross from
.27,753,572 26,572,354
1939
$125,176
def40,990
def65,387
defl6,621
railway
742,211
Maine—Earnings—
1940
$154,372
5,827
Net ry. oper. income
—V. 150, p. 4119.
|5-Z58,543 in 1940
$1,267,605 ($1,010,029
7,373
def262.716
Canadian Pacific Lines in
customers
--27,753,572 26,572,354
Net from
con¬
Advances
Total
640,351,
606,340
def91,039
def94,914
def353,734
def345,674
def310
Net ry. oper. income
From Jan. 1—
Gross from railway
tracts Invoiced to
Capital surplus
843,481
def340,991
Gross from railway
Net from railway
63,819
190,657
stock
1937
$132,503
def4,960
def49,572
>
June—
6,034.300
6,128,635
483,692
107,326
5,065,179
_
Acc'ts& bills rec._
3,824,688
Due from affil. cos.
118,641
Other assets
$
5,782,500
1938
$98,610
def6,750
def7,152
def48,730 '£ def43,660
$106.2251
Canadian Pacific Lines in
1939
S
cum. pref. stk
1939
$133,728
def8,071
61,533
Net ry. oper. income
From Jan. 1—
Gross from railway
for
y Estimated amount for all
for
1940
Gross from railway
Net from railway
$590,542
England—Earnings —
1,790
def7,82<*
,
income tax
Net incomeloss on sales
Net
$61,161
■
of in¬
vestments
613,283
23,698
__
—V. 150, p. 4118.
def75,174
593.489
690,916
def20,255
defl03,779
44,620
82,780
def62,121
def48,992
(computed
basis of a vge. cost).
643,131
on
Net
operating loss
Dividends declared
„
_
78,407
443,141
$17,246
30,124
$403,591
30,124
$442,505prof$153,83O
60,212
60,212
Volume
The Commercial & Financial Chronicle
151
Balance Sheet June 30
Assets—
a
1940
Investments
Rec. for
Prov.
deliv'd,.
Acer. int. on
23,499
25,187
for
6,605
Deferred charges._
2,000,000
5% debentures
112,174
value
2566
p.
at
June
30,
Central
$6,296,427
15,062
602,120
Gross profit from sales
4,836,735
Gross profit from miscell.
$7,421,222 $7,480,258
Total
1939,
$4,023,919;
1940,
$4,736,263.—V
Foundry Co.—Bonds Called —
1937
1938
$1,224,978
74,045
def78,874
$1,256,482
123,955
def28,116
$1,207,186
124,045
7,671,298
7,309,881
689,719
defl46,057
def32,248
From Jan. 1—
Gross from railway..
911,435
122,938
8,818,346
1,556,413
797,485
Net oper. income
See note
$2,392,620
$3,330,510
$3,967,693
1,404,263
1,390,227
1,289,473
1,208,602
8,884
903
9,816
3,193
$2,031,222
212,924
$2,755,898
65,374
$1,001,489
102,182
$2,190,460
$1,103,671
552,216
569,007
$2,244,146
393,472
$2,949,557
832,378
and admin.
gen.
expenses
and accounts
Other income credits
Income charges
Gross income
$944,447
$4,264,694
$4,146,972
261
697
308,083
88,017
x293,235
X363.771
$1,330,181
income
$446,648
348,674
$1,557,439
464,897
688,750
$1,753,408
464,750
964,250
$1.98
$2.34
taxes.
Net income for theft
s-
Preferred dividends
494,968
Common dividends
137,675
Earns, per sh. on 551,000
Nil
$2.24
Includes $33,543
($11,936 in 1937) for surtax on undistributed income.
Maintenance
and
$1,307,162 ($1,245,640 in 1939), depreciation,
$1,371,092 ($1,344,412 in 1939); taxes, other
repairs,
depletion and amortization,
$682,913 ($609,781 in 1939), and rents and royalties,
$64,574 ($54,823 in 1939).
Fiscal year of companies consists of 13 periods
than income taxes,
of four weeks each.
3,339
$944,708
537,357
$1,014,203
502,242
$4,265,391
2,068,579
Consolidated Balance Sheet
$4,150,311
2,282,540
Assess—
Apr. 28 '40 Apr.30'39
$2,196,811
Other
2,166,517
307,399
324,380
5,605,770
11,107
and
notes
accts. receivable
Central New York Power Corp.
$1,406,465
6,485
Operating income
$1,231,500
Non-oper. income (net).
5,862
a
$1,237,361
666,405
$1,412,950
621,224
$570,956
Gross income
Deduct'ns from gross inc.
1940—12 Mos—1939
$6,132,159 $24,606,751 $24,783,590
a4,725,694
19,680,274 al8,726,527
Operating revenues
$5,980,628
Oper. rev. deductions...
4,749,128
Net
(& Subs.)—Earnings—
1940—3 Mos.—1939
Period End. June 30—
a$791,726
income
$4,926,477
27,089
$4,953,566
2,576,586
$6,057,062
31,049
$6,088,111
2,570,089
Sell
Bonds
Privately
1939.
Common Shares to
105,263
and
Parent—
and
Proceeds from sale of the bonds at 101, to be sold privately,
stock.
of the
P. S. Commission for authority
and 105,263 shares (no par)
additional
stock,
common
to
be sold
its parent
to
company
(Niagara Hudson Power Corp.) for $3,000,000, will be applied by Central
build an additional unit at its Oswego steam plant, extension of its
electric transmission and distribution system, and enlargement and improve¬
ment of its gas production facilities.—V. 151, p. 543.
to
Central Power & Light
Co.—Earnings—
1940—3 Mos.—1939
Period End. June 30—
$2,377,708
1,669,337
$2,370,699
1,554,652
$708,371
Operating revenues
Oper. expenses & taxes._
$816,047
1940—12 Mos.—1939
$9,383,142
$9,064,337
6,437,944
5,828,851
5,025,727
9,7 98
rec.
$3,235,486
6,739
2,642
$818,971
448.363
$2,947,234
1,478,967
$3,242,225
1,826,253
$352,178
Int. & other deductions.
2,924
$711,013
358,834
Gross income
$2,945,198
2,036
and
c
$370,608
$1,468,267
$1,415,971
—V.
151, p. 100.
Central RR. of New
railway
Net from railway
Net ry. oper. income..
1937
1938
1939
$2,724,447
557,476
def40,455
$2,423,945
629,199
100,082
15,584,535
3,598,313
161,501
14,195,152
3.709,728
446,982
16,791,667
4,893,113
1,575,507
$2,896,462
$2,562,481
6.59,930
91,225
17,288,169
4,024,469
506,024
.
735,506
187,049
Gross from railway
—V. 150, p. 4120.
After
(Albany,
Corp.
N.
Y.)—Bonds
b After
of the
bonds due 1975 have been called
outstanding 2d mtge. 6%
15 at 100.
for redemption on Aug.
Chain
Belt
Co.—Earnings—
$3,573,890
1,952,501
342,157
Gross
92,943
Wisconsin & Massachusetts income taxes
After provision for
$2.44
depreciation
on
plants and equipment,
y
The 1940
provision is based on the 1940 Revenue Act. z Based on 486,705 shares out¬
standing, esclusive of 12,955 shares held as treasury stock.
June 30,'40
Dec. 31/39
I
Demand and time
Accrued
June30/40
Accounts payable
& cash
on hand
.$2,245,218 $1,372,562
203,788
U. S. Treas. bonds
deposits
Notes
and
y
$1,041,935
87,834
216,117
95,329
$8,121,537 $7,880,403
1,206,196
244,420
74,507
Div. payable
Deferred income. 1
33,297
45,576
121,676
,
Capital stock
Surplus..
Total
$210,580
1,099,709
248,772
106,137
1,326.563
469,824
293,662
69,553
41,939
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 4120.
392,431
230,548
Chicago Burlington & Quincy RR.-
From Jan.
1939
1940
Earnings —
1937
1938
def88,733
$7,166,607
1,089,110
defl5,813
$6,867,811
1,242,758
142,850
$7,470,216
886,025
1,346,297
43,903,674
8,568,094
42,999,897
8,754,288
40,228,502
7,769,474
2,202,886
2,303,582
1,162,265
46,500,905
9,624,920
4,757.906
$7,026,375
915,143
railway
Net from railway
Net ry. oper. income
Gross from
1—
Gross from railway
Net ry. oper. income
—V. 150, p. 4120.
dividend of 50 cents per share on account of
preference stock, payable Sept. 1 to holders of record
Directors have declared a
accumulations on the
15.
Dividends of 75 cents were paid on June 1 and March 1, last;
Sept. 1, June 1, and on March 1, 1939; dividends of 50 cents were paid in the
Aug.
of 1938 and previously regular quarterly dividends of
share were distributed.—V. 151, p.
per
75 cents
544.
Chicago & Eastern Illinois Ry.—Earnings—
Net from railway
Gross from railway
1939
1938
1937
1940
$1,211,547
214,448
$1,135,972
158,979
$1,039,356
132,117
$1,236,656
1,576
def51,581
def43,905
def30,473
$7,483,572
1,317,946
$7,250,649
1,273,841
$6,801,595
1,092,951
34,096
defl9,269
defl53,099
$8,231,743
1,975,508
618,282
161,474
Chicago Great Western RR.—Earnings—
June—
Gross from railway
Net from railway
1940
$1,328,207
279,603
11,391
Net ry. oper. income
From Jan
1—
Net from railway
1939
1937
$1,253,908
181,508
def67,815
$1,436,874
8,493,162
1,978,322
324,155
7,882,070
1,146,417
def446,856
9,019,258
1,851,966
145,956
8,510,549
1,904,897
258,146
Net ry. oper. income—
—V. 150, p. 4121
1938
$1,415,745
356,852
81,105
Chicago & Illinois Midland
Ry.—Earnings—
281,907
33,426
1937
1940
railway
$346,246
Net from rail way119,200
$262,462
58,794
1938
$258,093
66,111
77,950
52,186
45,786
57,774
2,138,471
698,280
1,721,077
460,469
353,136
1,649,657
428,805
1,942,326
667.901
465.685
Net ry. oper. income
From Jan. 1—
railway
Net from railway.
Gross from
Net ry. oper.
473,427
income.__
1939
291,185
$295,042
81.268
—V. 151, P. 100.
Federal inc. taxes
y
47.079
1937
1938
$166,835
37,946
18,838
From Jan. 1—
85,571
expenses
7.000,729|
Chicago Indianapolis &
1940
$725,929
June—
railway
from railway
Gross from
24.916
Net
45.576
Net ry. oper. income
From Jan. 1—
4,041,129
2,711,499
$8,121,537 $7,880,403
Represented by 499,660 no par shares.—V. 150, p. 3041.
128,058
Accrd. royalties <fe
Res. for contings..
2,345,504
...—.
expenses.
Other assets
Accrd. property &
State inc. taxes..
(net). 2,405,838
Intangible assets_.
Total
149,967
and longreceivables
Fixed assets
Prepaid
2,094.361
179,507
•-
Other curr. assets.
term
1,351,549
191,481
Inventories
Invests,
171,791
general taxes__
1,489,196
1,573,688
Dec.SI,'39
$231,259
commis¬
sions and wages
accts.
receivable (net).
Ry.—Earnings-
1939
1,333,009
373,922
201,909
Net from railway
Net ry. oper. income
Gross from
Liabilities—
38,385,364 35,157,831
Total
$211,406
71,725
June—
Consolidated Balance Sheet
Assets—
371,210
c
1940
Gross from railway
$1,186,290
Net income
Net income per share
x
7,369,851
$197,087
44,325
15,829
Net from railway
profit on sales
Selling, adminis. & gen. exps., less other inc. of $40,777
y Federal income taxes
z
7,871,429
370,354
Earned surplus... 8,128,764
in)
Charleston & Western Carolina
June—
Gross from railway
Net ry. oper. income
—V. 151, p. 544.
[Including the operations of Baldwin-Duckworth Div. since Aug. 1, 1939]
Consolidated Statement for 12 Months Ended June 30, 1940
x
7,867,143
_
Capital surp. (paid
reserves
Net ry. oper. income
From Jan. 1—
Called—
All
d Common stock.
38,385,364 35,157,831
reserves,
June—
,
Warehouse
13,644
7,748,300
for depreciation of $16,667,071 in
After reserve for amortization of $77,955
1940 and $61,585 in 1939.
d Represented by 550,700 (551,000 in 1939)
par shares.—V. 150, p. 3349,
a
1940 and $15,597,357 in 1939.
Gross from railway
Central
-
6% cum. pref. stk.
($100 par)
8,779,300
equipment.26,582,435 23,493,199
167,682
181,257
1,120,557
1,189,100
three quarters
From Jan. 1—
Net from railway
Net ry. oper. income
9,920,742
10,414,511
23,632
Chicago Corp.—Accumulated Dividends—
Jersey—Earnings—
1940
June—
Gross from
(curr.) 109,311
Reserves
1,062,917
Patents
in
167,000
600,000
instalment.....
Deferred charges..
Total
sinking fund
Notes payable
plant
Net from railway.
Net income
230,547
772,596
250,003
214,746
1,097,180
(not current)
June—
Net oper. income
Other income (net)
257,658
1,059,026
Deb.
Long-term debt
Investments
b Property,
no
The company has applied to the New York
to issue $6,000,000 3lA%
25-year bonds
common
a
64,822
627,689
Other accts. pay..
Notes and accts.
$2,376,980 a$3,518,022
Changed to give effect to major adjustments made during year
To
Inventories
Advs.onrawmat'l
a
(trade)
Accrued liabilities-
2,293,470
receiv. (trade)..
$1,867,770
53,455
721,711
Notes payable
Accts. pay.
Notes and accts.
a
$407,350
$511,961
p.3041.
873,582
1,566,369
$
$
Liabilities-
$
^
Cash......
a
Net income.!
-V. 150,
193,659
Prov. for Fed. and State
Apr. 28 '40 Apr.30 *39
Int. & other deductions.
26,664
$3,538,234
Note—Included in the above statement for 1939 are the following charges:
$3,403,163 $14,804,394 $13,922,515
10,539,699
9,775,543
2,458,716
$1,014,131
72
Other income (net)
See note
(no par) shares
1940—12 Mos.—1939
1940—3 Mo a.—1939
363,635
$2,392,620.
$2,125,086
Selling,
x
83,619,498
2,605,367
$6,314,821
1,023,722
933,107
Prov. for doubtful notes
151, p. 407.
Period End. June 30—•
18,394
$6,600,797
1,361,232
1,280,958
$3,538,234
Gross profit
Central Illinois Public Service Co. —Earnings—
Operating revenues
Oper. exps. and taxes
33,441
Deprec., depl. & amort.
Taxes
(other than income taxes)
Rents and royalties
107,939
3,827
Net from railway
Net ry. oper. income
$6,567,356
12,708
594,052
34,046
Total gross profit
Maintenance and repairs
$1,329,150
7,944,251
887,238
def4,118
Net-ry. oper. income
$2,379,912
15,749
Gross income
1939
1940
June—•
$3,522,485
operations (net)
Central of Georgia Ry.— Earnings—
—V.
$23,276,175
16,979,749
4,774,365
Following approval of its plan to extend for five years the maturity
dates of its gen. mtge. bonds and convertible notes, due in 1941, company
has completed arrangements to redeem on Sept. 1 all of its outstanding
$350,600 five-year 1st mtge. 6% conv. bonds, due Sept. 1, 1941.
Funds
for the payment of these bonds at 102 will be provided by a bank loan which
has been negotiated at a lower rate of interest.
The 6% bonds are convertible into common stock of the company on or
before Aug. 17, on which date the conversion privilege expires.
Bonds are to be surrendered at the office of the Continental Bank &
Trust Co. of New York.—V. 151, p. 543.
Gross from railway
Net from railway
25, *37
&c.).$23,406,261 $20,182,514 $22,415,477
19,883,776
17,802,602
15,848,121
15,062
838.
,
and allowances,
Cost of goods sold.
Cap. stock (par $1)
123,490
Periods
Apr. 28, '40 Apr. 30, '39 Apr. 24, '38 Apr.
602,120
$7,421,222 $7,480,258
Market
a
2,000,000
Federal,
Capital surplus
150,
5,638
Consolidated Income Account for Stated
Years Ended—
Gross sales (less returns.
Dividend payable.
bonds/
Total
$20,702
State & misc. tax
1,121
Cash divs. recelv.. 1
$23,070
ChampioiYPaper & Fibre Co. (& Subs.)—Earnings—
1939
and
accrued expenses
sold,
sec.
not yet
Accts. payable
$7,138,482
785,570
193,666
Cash In banks.
1940
Liabilities—
1939
$6,498,291
691
railway
Net from railway
Gross from
Net ry. oper. income—
—V. 150, p. 4121.
214,486
85,203
.
Louisville Ry.—Earnings
1939
1938
$611,511
62,409
def67,084
$790,477
96,515
4,295,954
497,947
def320,115
3,875,948
361,440
def489,568
5.179.553
916.850
179,315
.
4,628,329
1.346,052
525,115
1937
$719,653
93,176
def29.217
116.884
The Commercial & Financial Chronicle
692
Chicago Mail Order Co.— -EarningsJune
x
y
1938
1939
tfil
Nil
$0.30
Federal taxes,
On
z
&c.
common
1937
$93,632
loss$97,942 loss$151,423
$102,924
After depreciation,
Directors have declared a special dividend of 10 cents per share on the
stock payable Aug. 7 to holders of record July 29.
Regular
quarterly dividend of 10 cents was paid on July 15, last.—V. 149, p. 102.
V—147, p. 2085.
-July 3-
29,
1940
6 Months Ended—
Net profit
Earnings per share
y
$0.27
346,181
shares
capital
Citizens Utilities Co.—15-Cent Dividend—
stock#
Sales for the six
June 30,
months ended
1940, were $12,665,140,
Directors have declared
com¬
Clear Creek
discontinued,
and that the holder or
holders may surrender and
deliver said equipment trust certificates on or after Aug. 10, 1940, to Con¬
tinental Illinois National Bank & Trust Co. of Chicago, 231 South LaSalle
St., Chicago, III., trustee, or to the New York Trust Co., 100 Broadway,
New York, N. Y., agency of said trustee, and receive an amount equal to
total unpaid principal amount thereof, plus accrued dividends to
Trust Co. of New York.
Holders of bonds may,
Series
July 15, 1937
Apr.
1, 1937
Apr.
1, 1938
Aug.
1, 1936
Aug.
1,1937
Aug.
1,1938
Aug.
1. 1939
Aug.
1,1940
July
1.1937
July
1, 1938
July
1, 1939
July
1. 1940
C
C
D
D
D
D
D
E
E
E
E
Holders
Due
F
F
F
F
G
G
G
G
H
H
H
H
July
July
July
July
July
July
July
July
July
July
July
July
further notified that
Series
1, 1937
1, 1938
1, 1939
1, 1940
1,1937
1,1938
1, 1939
June
June
Net inc.
June
June
Nov.
Nov.
K
K
L
L
L
L
1,1940
1,1937
1, 1938
1, 1939
1, 1940
Nov.
Nov.
Mar.
Mar.
Mar.
Mar.
after
—V.
150,
p.
Nov.
1940.
sideration
as
a
further
con¬
for
Chicago & North Western Ry.
June—
-Earnings—
1940
1939
1938
1937
$7,323,815
1,022,263
297,197
$6,774,835
956,376
102,853
$7,760,631
964,315
Clinchfield
aef4S,911
727,292
1938
1937
Net ry. oper. income
From Jan. 1—
204,598
Gross from railway
Net from railway
Net ry. oper. income
4,423,548
3,300,198
2,784,224
2,4 1 8,654
1,596,979
1.385,066
1,108,271
1.967,136
$389,233
142,471
110,782
$533,548
221,805
199,505
3,590,351
1,741,045
1,642.635
882,803
—V. 150, p.4122.
Cluett Peabody &
Co., Inc.—Consolidated Bal. Sheet—
June 30 '40 Dec. 31 '39
Assets—
$
Real estate
June 30'40 Dec. 31 '39
$
2,692,699
Liabilities—
patents,'
Goodwill,
$
4,405,986
3,397,000
4,405,986
3,397,000
732,420
390,141
Preferred stock...
Accounts
rights, tr. names,
Ac..
$
b Common stock
2,800,748
1
.....
payable
& accr. liabilities
2,379,714
2,427,952
Accrued
860.434
985,352
aAccts. receivable 2,474,483
4,265,066
Due under contr..
103,297
Res. for conting.
Pref. divs. payable
100,000
129,121
100,000
Sundry
116.098
rec's
Mlscell. investm'ts
_
73,543
9,098,223
14L562
6,613,347
212,264
190,313
17.047.025
Total...
taxes
16,438,991
59,448
Capital surplus.
1,647,628
59,448
1,647,628
Earned surplus...
5,740.812
5,324,315
d
17,047.025 16,438,991
Total
a After
deducting reserve for cash discount and doubtful accounts
amounting to $100,629 in 1940 and $134,720 in 1939.
b Represented by
677,844 shares of no par.
c After depreciation of $5,185,910 in 1940 and
$5,198,236 in 1939.
d Arising from sale of common stock at price in excess
of stated
in V.
value.
151,
p.
published
544.
Colorado & Southern Ry.June—
-Earnings1938
$488,698
def62,957
def 161,971
$530,864
123,769
34,671
$497,572
101,836
24,717
1937
$643,058
114,014
145,198
3,030,864
428,698
def60,653
2,920,288
555,874
15,594
2,874,003
385.760
defl70,343
3,702,088
780,419
358,414
1940
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
1939
Columbia Pictures Corp. (&
Subs.)
-Earnings-
39 Wks.End. 40 Wks.End.
Mar. 30 '40 April 1 '39
Mar. 26 '38 Mar. 27 '37
Gross fncome
$16,895,531 $14,654,703
$15,356,845 $14,415,207
Amortiz.
(Includes Chicago Rock Island & Gulf Ry.)
of
—V. 150, p. 4121.
862,854
9,936,267
4,994,569
8,248,178
4,753,219
$662,351
93,015
x$61,596
53,281
$426,009
50,509
$1,413,810
9,195
$755,366
39,844
52,675
y321,499
x$8,315
47,813
24,031
$476,518
$1,423,005
38,250
233",650
$341,349
206,259
Common dividends, cash
x$80,159
154,696
120,149
$438,268
154,696
262,101
$1,189,355
154,695
227,414
Shares com. stk. (no par)
railway operating income
9,712,833
5,003,466
$135,090 def$355,004
366.268
366,268
$21,471
349,468
$0.81
$807,246
316,358
36,873,553
1.545.117
Gross from railway
Net from railway
11,303.157
4,930,024
$6,995,109
1,334,094
37,343,258
6,832,419
From Jan. 1—
1939
$6,495,814
1,225,067
360,697
railway
Net from railway
Net railway operating income.
'
'
483.261
5,960.959
Expenses, deprec., &c__
Other income (net).
Interest
Federal income taxes, &c
Chicago St. Paul Minneapolis & Omaha Ry.— ■Earnings
June—
1940
1939
1938
Gross from railway
Net from railway
$1,390,559
$1,446,521
$1,382,988
Net ry. oper. income
From Jan. 1—
Gross from railway
def108,063
20.988
defl90,022
108,353
defl03,955
8,022,935
818.183
def519,352
7.777,696
J
Net from railway
Net ry. oper. income
105.235
1937
$1,481,595
19,233
106,738
8,165,678
524,513
7,537.217
783.718
def735,238
def455,003
def524,779
—Y. 150, p. 4121.
Net profit
Div.
on
$2.75 pref. stock
Earnings
472.343
per share..
Assets—
122 828 229
Marketable securities at cost
Drafts against car shipments
"II"
Notes and accounts receivable
Inventories
Investments and other assets
~~
^Land, buildings, machinery, equipment
Goodwill
6*987
845
3,084,140
y9,149.315
x29,599,093
6 529 938
and dies
64*.035',824
Dec. 31/39
$
72,565,104
2,572,374
7,065,489
8,361,962
54,896,619
7,166,983
67,673,980
2
Prepaid insurance, taxes, &c
1,070,790
A
0 C*
pi 0
©
___
Cash..
2,435,600
Accts. receivable. J
Notes
<8
1,252,408
625,426
795,300
479,136
8,566,224
193,346
10,784,318
203,301
8,608
receivable../
680,000/
\
68,630
10,866
Advance to outside
producers
Inventories
Prepaid expenses.
Deposits
Invest,
in
Liabilities—
/Une3$' 40
$
34 565 199
41,411,636
1,*754*021
808,332
Federal, State and foreign taxes on income.IIIII
10*.712*882
8,500,000
Reserves
on 'qno '1 c 1
16,100,573
Capital stock (par $5)____
2l'755*f»fiO
21,755,660
capital surplus
:::::::::::::
25,958,106
Earned surplus
127,577 126 107,960,682
by bank
8.966
Ac
------
243,285,175 222,494,989
x
of $4 505,266
y After reserve of $59,432.
z After re¬
for depreciation, Ac of
$47,699,201 in 1940 and $47,683,366 in 1939.
The income statement for six months
ended June 30 was published in
V. 151, p. 544.
serve
suit
Mlscell. investm'ts
a
1.183,931
Dlvs.
on
180,422
pref. stk.
51,565
payable
Owing
to
other
53,527
Res. for Fed. tax..
Deposits payable.
85,967
82,662
72,171
45.514
28.161
41,595
50.050
50.050
Funds withheld—
50,353
23.604
c321,757
145,591
for conting..
288,022
259.347
Res.
23,604
105,200
debentures.
1,000,000
$2.75 conv. pf.stk.
50,353
116,200
3,487.500
4,847,080
4)i%
b Common
stock.
1,260
1,260
Capital surplus
Land, bldgs.,Ac. 2.077,601
2,145,262
Earned surplus
Total
1,221,143
214,489
Cash remitted, Ac.
111,401
value of
life Insurance
$
500,000
domestic custom
for'n customers.
d563,957
side producers..
Sept.30 *39
Deposits rec. from
Cash in trust with¬
held from out¬
Cash
$
expenses
producers
coll.,
Sundry receivables
...
is^SoS
as
Liabilities—
Notes payable
Accts. pay. & accr.
Adv. payable from
wholly-
owned for'n subs
2,192,477
243,285,175 222,494,989
Dec. 31,'39
Accounts payable and accrued
payrolls
Accrued insurance and taxes.
$3.27
of inventory
Mar .30 '40
Sept.30'39
U.S. funds retained
Total
amortization
Comparative Consolidated Balance Sheet
«
deposit
Nil
y Includes
$300,000 provision for
$21,499 provision for foreign investments.
Mar.30'40
June 30, '40
.
$0.51
Loss,
x
and
Chrysler Corp.—Consolidated Balance Sheet—
on
-9 Months End-
production
costs, &c
1940
Gross from
AT°tal
After reserve
1939
1940
$608,255
272,883
Period—
Chicago Rock Island & Pacific Ry.—Earnings-
hand and
RR.—Earnings—
—V. 150, p.4123.
-Y. 150, p. 4121.
on
1938
$1,079,385
$0.42
$542,193
247,969
211,944
41,215.427
38,335,760
36,361,249
42,432,390
5,835,863
3,221,452
1,534.777
2,520,889
892,023 def1,635,030 def3,463,680 def1,007.828
Net from railway
Net ry. oper. income.
Cash
$0.69
Gross from railway
Net from railway
$7,695,097
1,738,670
Net ry. oper. income
From Jan. 1—
Gross from railway
.
1939
$1,311,690
$0.52
The income statement for the six months ended June 30 was
agreed to cut the dividend rate and
Gross from railway
Net from railway
Net
Co.—Earnings—
per share
150, p. 2719.
Gross from railway
Net from railway
arrange
June—
$2.03
Equipment Certificates—
on
elimination of the redemption features of the certificates
for surrender of $258,000 principal amount of the road's
1st & ref. 6% bonds held by trustee of the equipment issues as collateral
security.
These bonds are to be canceled.—V. 151, p. 544.
will
$2.50
Earnings
—V.
Deferred charges..
The company
has asked the Interstate Commerce Commission for
authority to reduce the dividend rate on $943,000 equipment certificates,
series M, and on $60,000 equipment ceetificates, series N, from
4% to
2H% and to waive its right to redeem the certificates prior to maturity.
The certificates now held by Reconstruction Finance
Corporation are
parts of issues put out in 1934 and 1935 and sold to the Public Works
Administration.
The RFC has
$651,957
$0.86
3816.
Merchandise
To Reduce Rates
$804,921
$1.14
Cash
Illinois
$276,965
Climax Molybdenum
National Bank & Trust Co. of Chicago, 231 South
LaSalle St., Chicago, 111., or to the New York Trust Co., 100
Broadway,
New York, N. Y., agency of said trustee, and receive an amount equal to
the total unpaid principal amount thereof, plus accrued dividends to Nov. 1,
Continental
1940—6 Mos.—1939
$368,181
3 Months Ended June 30—
1940
Net profit after depletion, deprecia¬
tion and Federal income taxes
$1,747,510
c
on
1940—3 Mos.—1939
stock
mon
1, 1940, the payment of divi¬
dends or interest upon equipment trust certificates series K, due Nov. 1,
1940, will be discontinued and that the holder or holders may surrender
and deliver said equipment trust certificates on or after Nov. 1, 1940, to
are
any
deprecia¬
tion, &c
Earns, per share on com¬
June—
1, 1937
1.1938
1.1939
1.1940
1, 1936
1, 1937
1, 1938
1, 1939
1, 1937
1, 1938
1, 1939
1, 1940
surrender said bonds at
Cleveland Graphite Bronze Co.—Earnings—
Period End. June 30—
Due
J
J
J
J
K
K
at their election,
time prior to Aug. 21, 1940, and thereupon will be entitled to receive the
full amount (including interest accrued to Aug. 21,
1940) payable as
aforesaid with respect thereto.—V. 151, p. 408.
Aug. 10, 1940:
Due
Corp.—Registers with SEC—
Cleveland Electric Illuminating Co.—Bonds Called—
the
Series
A
Initial dividend of
All of the outstanding ($40,000,000) 1st (formerly gen.) mtge. bonds,
3^% series due July 1, 1965, have been called for redemption on Aug. 21
at
105 and accrued interest.
Payment will be made at the Guaranty
cates, series A, due July 15, 1937; series
be
dividend of 15 cents per share on the common
See list given on first page of this department.
Chicago Milwaukee St. Paul & Pacific RR.—To Redeem
Certificates—
Holders of Chicago Milwaukee & St. Paul Ry. equipment trust certifi¬
C, due April 1, 1937, and April 1,
1938; and series D, due Aug. 1, 1936, Aug. 1, 1937, Aug. 1, 1938, Aug. 1,
1939, and Aug. 1,1940; andholders of Chicago Milwaukee St. Paul & Pacific
RR. equipment trust certificates, series E, F, G and H, due July 1, 1937,
July 1, 1938, July 1, 1939 and July 1, 1940; series J, due June 1, 1937,
June 1, 1938, June 1, 1939 and June 1, 1940; series K, due Nov. 1, 1936,
Nov. 1, 1937, Nov. 1, 1938, Nov. 1, 1939 and Nov. 1, 1940; and series L,
due March 1, 1937, March 1, 1938, March 1, 1939 and March 1, 1940, are
being notified that on June 18, 1940, an order was entered by the U. S.
District Court for the Northern District of Illinois, Eastern Division,
providing that on Aug. 10, 1940 the payment of dividends or interest upon
any equipment trust certificates of the following series and maturity dates
a
stock, payable Aug. 10 to holders of record Aug. 1.
10 cents was paid on Aug. 10, 1939.—V. 150, p. 4122.
pared to $12,482,186 last year, a gain of 1.47%.
E. M. Schnadig, Chairman, ascribed the increase in profit, with moderate
sales increase, to the change in the company's catalog and merchandise
policy.
"During the past year," he said, "we have increased our catalog
from a one pound to a two pound book, making possible the addition of
merchandise selling in higher priced brackets than heretofore.
This re¬
sults in greater net profit per sale.
We have almost doubled our credit
sales," he continued, "thus creating a new source for sales expansion."
Concluding, Mr. Schnadig said the immediate future looked promising
because of improved industrial activity.—V. 150, p. 988.
will
Aug. 3, 1940
Chilton Co.—Special Dividend—
15,599,851
15,794.345
Total
67,515
3,883,729
15,599.851
1,250,000
3,487,500
4,847,080
67.515
3,592,322
15,794,345
a After reserve of
$2,032,998 in 1940 and $1,934,763 in 1939.
b Repre¬
366,268 no par shares,
c Cash remitted to New York by foreign
subsidiary companies subsequent to Feb. 24, 1940.
d U. S. funds retained
by bank as collateral for sterling loan of English subsidiary.—V. 150, p. 3969
sented by
The Commercial & Financial Chronicle
692
Chicago Mail Order Co.—EarningsJune
6 Months Ended—
z
Earnings per share
After depreciation,
y
1Q3Q
Federal
1938
1938
special dividend of 10 cents per share on the
payable Aug. 7 to holders of record July 29.
Regular
quarterly dividend of 10 cents was paid on July 15, last.—V. 149, p. 102.
V—147, p. 2085.
z
$93,632
Nil
$0.27
346,181
shares capital
Nil
&c.
taxes,
On
Co.—Special Dividend—
stock
common
1Q37
loss$97,942 loss$151,423
$102,924
$0.30
Net profit
y
Chilton
Directors have declared a
-July 3-
29,
1940
Aug. 3, 1940
Citizens Utilities Co.—15-Cent Dividend—
stock
Directors have declared
I Sales for the six months ended June 30, 1940, were $12,665,140, com¬
pared to $12,482,186 last year, a gain of 1.47%.
E. M. Schnadig, Chairman, ascribed the increase in profit, with moderate
sales increase, to the change in the company's catalog and merchandise
policy.
"During the past year," he said, "we have increased our catalog
from a one pound to a two pound book, making possible the addition of
merchandise selling in higher priced brackets than heretofore.
This re¬
sults in greater net profit per sale.
We have almost doubled our credit
sales," he continued, "thus creating a new source for sales expansion."
Concluding, Mr. Schnadig said the immediate future looked promising
because of improved industrial activity.—V. 150, p. 988.
dividend of 15 cents per share on the common
a
stock, payable Aug. 10 to holders of record Aug. 1.
10 cents was paid on Aug. 10, 1939.—V. 150, p. 4122.
Clear Creek
Initial dividend of
Corp.—Registers with SEC—
See list given on first page of this department.
Cleveland Electric Illuminating Co.—Bonds Called—
All of the outstanding ($40,000,000) 1st (formerly gen.) mtge. bonds,
SH % series due July 1, 1965, have been called for redemption on Aug. 21
at
105 and accrued interest.
Payment will be made at the Guaranty
Trust Co. of New York.
Chicago Milwaukee St. Paul & Pacific RR.—To Redeem
Certificates—
Holders of
Holders
of bonds may, at their election, surrender said bonds at any
prior to Aug. 21, 1940, and thereupon will be entitled to receive the
(including interest accrued to Aug. 21, 1940) payable as
aforesaid with respect thereto.—V. 151, p. 408.
time
full
Chicago Milwaukee & St. Paul Ry. equipment trust certifi¬
cates, series A, due July 15, 1937; series C,"due April 1, 1937, and April 1,
1938; and series D, due Aug. 1, 1936, Aug. 1, 1937, Aug. 1, 1938, Aug. 1,
1939, and Aug. 1,1940; and holders of Chicago Milwaukee St. Paul & Pacific
July 1, 1937,
July 1, 1938, July 1, 1939 and July 1, 1940; series J, due June 1, 1937,
June 1, 1938, June 1, 1939 and June 1, 1940; series K, due Nov. 1, 1936,
Nov. 1, 1937, Nov. 1, 1938, Nov. 1, 1939 and Nov. 1, 1940; and series L,
due March 1, 1937, March 1, 1938, March 1, 1939 and March 1, 1940, are
being notified that on June 18, 1940, an order was entered by the U. S.
District Court for the Northern District of Illinois, Eastern Division,
providing that on Aug. 10, 1940 the payment of dividends or interest upon
any equipment trust certificates of the following series and maturity dates
will be discontinued, and that the holder or holders may surrender and
deliver said equipment trust certificates on or after Aug. 10, 1940, to Con¬
Cleveland Graphite Bronze
Period End. June 30—
RR. equipment trust certificates, series E, F, G and H, due
tinental Illinois National Bank & Trust Co. of Chicago, 231 South LaSalle
St., Chicago, 111., trustee,
or
to the New York Trust Co., 100 Broadway,
New York, N. Y., agency of said trustee, and receive an amount equal to
the total unpaid principal amount thereof,
plus accrued dividends to
Net inc.
Due
A
Series
July 15, 1937
Apr.
1, 1937
Apr.
1,1938
Aug.
1, 1936
Aug.
1,1937
Aug.
1, 1938
Aug.
1. 1939
Aug.
1, 1940
July
1. 1937
July
1, 1938
July
1, 1939
July
1. 1940
C
C
D
D
D
D
D
E
E
E
E
Holders
Due
July
F
F
F
F
G
G
G
G
H
H
H
H
1. 1937
1, 1938
1,1939
J
K
K
K
K
L
L
L
L
1,1937
1, 1938
1, 1939
1, 1940
1, 1937
1, 1938
1, 1939
1, 1940
June
June
June
June
Nov.
Nov.
Nov.
Nov.
Mar.
Mar.
Mar.
Mar.
1,
1,
1,
1,
1.
1,
1,
1,
1,
1,
1,
1,
1936
1937
1938
1939
1937
1938
1939
1940
—V.
150,
p.
Bank
&
Trust Co. of
Chicago, 231 South
LaSalle St., Chicago, 111., or to the New York Trust Co., 100
Broadway,
New York, N. Y., agency of said trustee, and receive an amount equal to
the total unpaid principal amount thereof, plus accrued dividends to Nov.
1,
1940.
Net
To Reduce Rates
has
company
M, and
the
Interstate
on
Commerce
Commission
on
certificates
held
now
by Reconstruction Finance Corporation are
1934 and 1935 and sold to tne Public Works
parts of issues put out in
Administration.
The
RFC
sideration
has
agreed to cut the dividend rate and
Earnings
per
further
a
con¬
for
June—
Clinchfield
Earnings—
1940
1939
1938
1937
$7,323,815
1,022,263
$7,760,631
964,315
297,197
$6,774,835
956,376
102,853
Net ry. oper. income
From Jan. 1—
Gross from railway
1940
—V. 150, p. 4121.
uef4S,911
727,292
142,471
110,782
$533,548
221,805
199,505
Gross from railway
4,423,548
Net from railway
Net ry. oper. income
2,418,654
1,967,136
3,300.198
1,596,979
1.385,066
2,784,224
1,108,271
882,803
3,590,351
1,741,045
1,642,635
From Jan. 1—
—V. J50, p. 4122.
Cluett Peabody &
June 30 '40
Assets—
1940
$6,995,109
1,334,094
483,261
37,343,258
6,832,419
2,800,748
June—
862,854
5,960,959
a
1940
1938
1937
$1,481,595
defl90,022
$1,382,988
108,353
defl03,955
8,022,935
818,183
def519,352
Net from railway
1939
$1,446,521
7.777,696
524,513
def735,238
7,537.217
8,165,678
20.988
Sundry
Accrued taxes
732,420
860.434
2,474,483
4,265,066
Due under contr..
103,297
129,121
100.000
100,000
116,098
73,543
141*562
Res. for conting..
Pref, divs. payable
9,098,223
6,613,347
190,313
Earned surplus...
Total
212,264
on
17,047,025 16,438,991
of stated
in V.
on
deposit
Colorado & Southern Ry.-
-
z
Land, buildings, machinery, equipment and dies
Goodwill
3,030,864
428,698
def60,653
r.
.
Federal, State and foreign taxes
Reserves
on
income
Capital stock (par $5)
Capital surplus...
Operating profit
-
72 565 104
54,896,619
7 166 983
64,035',824
67'673'980
2
572'374
7 065 489
8
Subs.)- Earnings—
-9 Months End.
-
x$61,596
53,281
$426,009
50,509
$1,413,810
9,195
x$8,315
47,813
24,031
$476,518
$1,423,005
38",250
233",650
$341,349
206,259
x$80,159
154,696
120,149
$438,268
154,696
$1,189,355
154,695
227,414
$135,090 def$355,004
366,268
366,268
$0.51
Nil
Net profit
Div. on $2.75 pref. stock
Common dividends, cash
Surplus...
Sharescom. stk. (no par)
per share
Earnings
$21,471
Loss,
y Includes
$300,000 provision for
$21,499 provision for foreign investments.
Assets—
262,101
349,468
$0.81
amortization
$807,246
316,358
$3.27
of inventory
Notes
J
$
1,252,408
680,000 f
receivable../
\
625,426
10,866
Advance to outside
producers
795,300
Deposits
Invest,
in
10,784,318
8,608
expenses.
479,136
8,566.224
193.346
Inventories
Prepaid
68,630
'
203,301
8,966
wholly-
owned for'n subs
$
34 565 1QQ
1,754,021
10.712 882
411
as
636
&c
243,285,175 222,494,989
published in
111,401
50,353
116,200
Miscell. Investm'ts
1,260
Land, bldgs.,&c. 2,077,601
Total
Owing
1,221,143
214,489
180,422
pref, stk.
51,565
to
other
Res. for Fed. tax..
Funds withheld
Cash remitted, <fcc.
Res. for conting
23,604
value of
life insurance
on
payable
Deposits payable85,967
held from out¬
a
1,183.931
expenses
Divs.
$
500,000
Adv. payable from
domestic custom
for'n customers.
d563,957
side producers..
Cash surr
$
53,527
72,171
82,662
28.161
41.595
45.514
Deposits rec. from
Cash in trust with¬
808 332
8 500 000
16|l00!573
Liabilities—
Notes payable
Accts. pay. <fc accr.
producers
coll.,
Sundry receivables
$
41
by bank
Afar .30 '40 Sept. 30 '39
Sept.SO '39
$
2,435.600
Accts. receivable..!
2,192,477
After
3.702,088
780,419
358,414
$755,366
39,844
52,675
y321,499
Total income
Interest
Federal income taxes, &c
36l'962
serve
V. 151, p. 544.
defl70,343
Comparative Consolidated Balance Sheet
reserve of $4,505,266.
y After reserve of $59 432
z After re¬
for depreciation, &c. of $47,699,201 in
1940 and $47,683,366 in 1939.
The income statement for six months
ended June 30 was
x
385.760
15,594
1937
$643,058
114,014
145,198
$662,351
93,015
Other income (net)
Dec. 31,'39
21,755,660
21,755,660
25,958,106
25,958,106
127,577,126 107,960.682
-
2,874,003
555.874
39 Wks.End. 40 Wks.End.
Mar. 30 '40 April 1 '39
Mar.30'40
20,962,'l81
Earned surplus..
$497,572
101,836
24,717
34,671
Columbia Pictures Corp, (&
243,285,175 222,494,989
June30,'40 Dec.31,'39
Liabilities—
Total
2,920,288
U.S. funds retained
Accounts payable and accrued payrolls
Accrued insurance and taxes
1938
1939
$530,864
123,769
Net from railway
x
1,070,790
Total
published
-Earnings—
1940
Net ry. oper. income
—V. 150, p. 4123.
and
1
Prepaid insurance, taxes, &c
1,647,628
17.047,025 16,438,991
$488,698
def62,957
defl61,971
Net ry. oper. income
From Jan. 1—
Gross from railway
472.343
x29,599,093
-
Investments and other assets...:
5,324,315
19,233
6 529 938
-
Total
59,448
1,647,628
5,740.812
surplus.
value.
June—
106,738
122,828.229
6,987,845
3,084 140
y9,149 315
Notes and accounts receivable..
Inventories
59.448
151, p. 544.
Cash
hand and
d Capital
390,141
a After
deducting reserve for cash discount and doubtful accounts
amounting to $100,629 in 1940 and $134,720 in 1939.
b Represented by
677,844 shares of no par.
c After depreciation of $5,185,910 in 1940 and
$5,198,236 in 1939.
d Arising from sale of common stock at price in excess
def524,779
June 30,'40
Marketable securities at cost
Drafts against car shipments
985.352
payable
& accr. liabilities
2,427,952
rec's.....
Chrysler Corp.- Consolidated Balance Sheet—
Cash
3,397,000
Miscell. investm'ts
783.718
*\. S3 etc
$
4,405.986
3,397,000
Accounts
1
Accts, receivable
def455,003
—Y. 150, p. 4121.
$
4,405,986
2,379,714
Special provisions
$1,390,559
105,235
defl08,063
Net ry. oper. income
Liabilities—
b Common stock..
Preferred stock
&c._
Chicago St. Paul Minneapolis & Omaha Ry.- ■Earnings
Net ry. oper. income
From Jan. 1—
Gross from railway
June 30 *40 Dec. 31 '39
$
2,692,699
Real estate
Goodwill, patents,
rights, tr. names,
36,873.553
1,545,117
Net railway operating income
—V. 150, p. 4121.
1QQQ
$6,495,814
1,225,067
360,697
Gross from railway
Net from railway
Gross from railway.
Net from railway
Co., Inc.—Consolidated Bal. Sheet-
Dec. 31 '39
5
Mar. 26 '38 Mar. 27 '37
$16,895,531 $14,654,703 $15,356,845 $14,415,207
Amortiz.
of production
costs, &c
11,303,157
9,712,833
9,936,267
8,248,178
Expenses, deprec., &c__
4,930,024
5,003,466
4,994,569
4,753,219
(Includes Chicago Rock Island & Gulf Ry.)
Net railway operating income
From Jan. 1—
1937
$389,233
Gross income
Chicago Rock Island & Pacific Ry.—EarningsGross from railway
Net from railway
1938
$542,193
247,969
211,944
Period—
June—
1939
$608,255
272,883
204,598
41,215,427
38,335,760
36,361,249
42,432,390
5,835.863
3,221.452
1,534,777
2,520,889
892,023 def1,635,030 def3,463,680 def1,007.828
Net from railway
Net ry. oper. income
$0.52
RR.—Earnings-
railway
Net from railway
Net ry. oper. income
Gross from railway
Net from railway
$7,695,097
1,738,670
Gross from railway
Net from railway
1938
$1,079,385
$0.42
share
Gross from
arrange
Chicago & North Western Ry.
1939
$1,311,690
The income statement for the six months ended June 30 was
as
elimination of the redemption features of the certificates
for surrender of $258,000 principal amount of the road's
1st & ref. 6% bonds held by trustee of the equipment issues as collateral
security.
These bonds are to be canceled.—V. 151, p. 544.
will
1940
$1,747,510
—V. 150, P. 2719.
for
$943,000 equipment certificates,
$60,000 equipment ceetificates, series N, from 4% to
2Yi% and to waive its rignt to redeem the certificates prior to maturity.
The
Co.—Earnings—
deprecia¬
Equipment Certificates—
asked
authority to reduce the dividend rate
series
$2.03
tion and Federal income taxes
Deferred charges—
on
$2.50
$0.69
profit after depletion,
Merchandise
The
$0.86
3816.
Cash
National
$651,957
$1.14
Climax Molybdenum
Continental
on
$804,921
3 Months Ended June 30—
c
Illinois
»
$276,965
stock
mon
Nov. 1, 1940, the payment of divi¬
dends or interest upon equipment trust certificates series K, due Nov. 1,
1940, will be discontinued and that the holder or holders may surrender
and deliver said equipment trust certificates on or after Nov. 1, 1940, to
are
1940—6 Mos.—1939
$368,181
June—
1937
1938
1939
1940
Co.—Earnings—
1940—3 Mos.—1939
deprecia-
Earns, per share on com¬
Due
J
J
J
1, 1940
July
July
July
July
July
July
July
July
July
July
July
further notified that
Series
after
tion, &c
Aug. 10, 1940:
Series
amount
15.599.851
105,200
1,260
2,145,262
15,794.345
50,050
50.050
50,353
23,604
145,591
C321.757
288.022
259.347
1,000,000
J2.75conv. pf. stk. 3,487.500
b Common stock. 4.847,080
1,250,000
3,487,500
4,847,080
Capital surplus
Earned surplus
67,515
67.515
3,883,729
3,592,322
15,599.851
15,794,345
4K%
debentures.
Total
a After reserve of
$2,032,998 in 1940 and $1,934,763 in 1939.
b Repre¬
sented by 366,268 no par shares,
c Cash remitted to New York by foreign
subsidiary companies subsequent to Feb. 24, 1940.
d U. S. funds retained
by bank as collateral for sterling loan of English subsidiary.—V. 150, p. 3969
Volume
Commercial & Financial Chronicle
The
151
Columbia Gas & Electric Corp.—Hearing
Commonwealth Edison Co. (& Subs.)—Earnings—
Off—
postponed until Sept. 10
on which corporation may reargue the question of the adequacy
of its corporation simplification plan under the "death sentence" of the
Utility Act of 1935.
Company requested the postponement from July 31.
—V. 151, p. 545.
The Securities and Exchange Commission has
the date
Commercial Investment Trust
Corp.—Semi-Ann.
Report
substantially higher than last year.
Net
period of 1939
notwithstanding the application of higher Federal taxes at recently increased
rates.
Average receivables were approximately $96,000,000 more than in
the same period a year ago. Deferred income available for future earnings
at June 30, 1940, stood at $26,646,494 compared with $22,235,824 at
The aggregate
of volume
was
earnings were somewhat more than in the corresponding
Dec. 31, 1939.
The volume of receivables acquired
comparison with 1939, follows:
by the operating
subsidiaries, in
1939
$
A'-$
"'V
y
Retail motor vehicle
cured
46,361,829
51,169,880
84,661
46,446,490
224,879,823 178,433,333
88,703.533
1,451,759
177,284,437
5,098,024
Industrial
6,549,783
Receivables of factoring subsidiaries. 128,448,595 116,969,533
625,866,171
Totals
4777785,327
$
vehicle
instalment
148,080,844
*39
$
$
lien
228,246,573 181,763,627 162,998,535
Industrial instalment obligations, se¬
cured by liens or guarantees107,688,970
Total instalment obligations
335,935,543
Wholesale lien notes and acceptances:
101,666,976
Industrial
39,467,006
978,135
39,125,840
438,9647750
41,340,941
1,801,709
38,232,683
2,139,142
Receivables of factoring subsidiaries.
93,200,721
283,430,603 256,199,256
61,764,225
Motor vehicle
Totals
income....$21,450,802 $20,418,186 $41,328,550 $39,928,272
280,669
570,836
610,914
960,246
count and expense....
charged to construe.
Dividends
Consolidated net inc..$15,754,682
Shs. of cap. stock out¬
standing ($25 par).—
Earns, per share
y
1937
$
1938
$
$
counts purchased
625,866.171 477,785,327 358,994,064 776,960,975
Net income after taxes
and after all deduct'ns
6,908,524
202,812
7,078,043
6,606,065
6,853,457
202.812
7,058,526
202,812
6,628,900
10,536,198
203,375
6,624,033
~def372,331
def655,273
21,745
Does
—
Community Public Service Co.—Earnings—•
1940—3 Mos—1939
2940
Liabilities—
$
53,857,257
37,637,539
438,964,750 331,324,870
$3,268,759
1,594,539
74,531
56,163
65,885
55,623
263,000
235,924
1,578,689
256,256
222,427
$259,480
$279,674
$1,175,296
$1,138,168
38,219
Net inc. from opers...
miscell.
28,391
66,883
23,246
operations
Dividends from sub
""$297,699
Balance..
Interest
bonds
on
of
Marketable sees.
Misc. accts. rec.
79,851
187,414
250,637
L,245,723
1,619,792
1,094,512
Capital stock of
Natl.
1,262,479
2,313
11,070
2,250
9,114
2,250
60,283
254,931
244,905
and
538
19.241
19,260
$176,682
$683,823
$522,051
3,557
Fed. & State income tax.
$172,505'
beginning
1,246,056
974,689
1,062,638
895,824
$1,418,561
Total
$1,151,371
$1,746,461
$1,417,875
Damage loss relating to
priorperiods
Premium
on
bonds
:
8,463
...—
...
re¬
306
11,531,000
2
5,027,368
365,654
400,000
cos.
Deferred charges
969",890
757,903
Furn. & fixtures
6
6
820,169
820,169
in common stock.....
Cash payment in lieu of
Issuance of fractional
—
>
stock 53,086,845
52,948,875
on com.
bal.
mfrs. <fe
1,102
1,297
due
selling
agts. by factor
11,534,839
10,744,445
4,945,902
4,183,172
3% debs.......
1^% notes
11,875,000
2% notes
20,000,000
1H% notes
52,500,000
33,000,000
&c
Notes payable..241,456,831
Divs. payable..
&
434,789
354,930
$438,142
$1,062,638
$438,142
$1,062,638
„
surplus end of
period
—
,
Earned
Includes interest to May 13,
1939, on 1st mtge. 5%, series A bonds,
1960, called for redemption and interest since March 13, 1939, on
presently outstanding bonds.
Note—Revenues of subsidiary which are not included in this statement are
due
for year
ended June 30, 1940.
Gross: $111,314, net $3,580.
and property, $12,869,779; Investments in subsidiary
$72,772; miscellaneous investments, $2,794; funds deposited
$103,000; bank deposits and cash on hand, $687,494; notes
receivable, $2,000; accounts receivable (net), $447,797; insurance and other
deposits, $4,267; inventory of material and supplies, $283,744; prepaid
taxes, insurance, &c., $38,588; unamortized debt discount and expense,
$215,910; total, $14,728,145.
Liabilities—Funded
debt,
$6,600,000; accounts payable,
$110,070;
liability for preferred stock called for redemption, $4,394; Federal and State
income taxes payable, $11,550; consumers' deposits, $278,571; unredeemed
ice coupons, $1,508; accrued interest on funded debt, $88,000; accrued
interest on consumers* deposits, $28,479; accrued insurance, wages, taxes,
Assets—Plant
companies,
with
3,640,535
27,500,000
149,562,006
3,631,235
trustee,
$102,188;
reserves,
earned surplus,
Accts. pay., incl.
Fed.
—
88.732
44,898
....
stock paid
in cash
,
contingencies.
$1,337,717:
common
stock
($25
,
par),
$5,727,525;
$438,141; total, $14,728,145.—V. 151, p. 242.
Compressed Industrial Gases, Inc.—Earnings—
State
11,607,373
8,568,270
Interest accrued
187,738
Deferred income 26,646,494
Period End. June 30—•
11,616,040
18,714,062
taxes.
Dealers'
44,898
115,352
stock dividend
Divs.
Balance Sheet June 30, 1940
Res. for losses &
Surety
Inv. in affll.
Credit
cos.,
1,531,000
Corp., at cost 11
Mis cel. invest..
9,544,100
1,262,479
Com. stk. scrip
depreciated
val.
10,468
3,016
2,273
replacements
Earned surplus
of period
$1,166,413
a367,480
dis¬
renewals
for
$1,242,179
264,000
50,348
bond
count and expense....
Prov.
$308,065
66,000
66,000
Sundry interest paid pub¬
lic & inter-co. int. (net)
Amortiz.
5,000
——
Cap. from conv.
xCommon
& other prod's
at
8
9,544,100
of preferred..
Repossessed cars
realizable
1939
Serial pref. stk._
84.25 ser. '35.
Notes and accts.
receivable
$3,195,540
$791,433
390,251
Net from mdse. & other
a
1940
1939
'
$
Assets-—
1940—12 Mos.—1939
$787,187
397,014
Total operating revenues
Consolidated Balance Sheet June 30
Cash
$2.39
shs. in connection with
not include undistributed earnings of National Surety Corp.,
which amounts to $722,319 in 1940, $854,612 in 1939, $1,012,709 in 1938
and $1,037,067 in 1937.
'
y
9.360,296
$2.35
The electricity output of the Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended July 27, 1940, was 160,927,000
kwh., compared with 139,175,000 kwh. in the corresponding period last
year, an increase of 15.6%.
The following are the output and percentage
comparisons for the last four weeks and the corresponding periods last year:
Kilowatt-hour Output
Percent
Week Ended—
1940
1939
July 27
.160,927,000
139,175,000
15.6 Inc.
July 20—
—151,616,000
134,535,000
12.7 Inc.
July 13
150,307,000
136,677,000
10.0 Inc.
July
6-..
129,388,000
130,192,000
0.6 Dec.
—v. 151, P. 545.
:'i.%
3,708,790
contingencies...'.
Divs. paid on pref. stock
Divs. paid on com. stock
Balance
12,324,528
,* :
acquired
Approp. for div. payable
for losses, credit res've
and
279,361
9,360,296
$1.30
$1.28
Net income
1939
696,754
0112,044
$12,171,967 $28,997,305 $22,386,170
12,324.528
Taxes
$
6,108
136,618
Weekly Output—
approximately 12-100 of 1%.
In addition there were 3,425 repossessed
motor vehicles in the possession of responsible dealers, subject to their
repurchase obligations, amounting to 49-100 of 1%.
Availing itself of the opportunity for securing funds at low rates, corpora¬
tion on Feb. 9 borrowed an aggregate of $30,000,000 from two life insurance
companies.
Of this aggregate, $10,000,000 was for a period of three years
at 1^% per annum and $20,000,000 for seven years at 2% per annum, with
the privilege of prior prepayment in whole or in part from time to time at a
slight premium.
Including these funds the corporation and its subsidiaries now have
similar term borrowings with original maturities ranging up to seven years
in an aggregate of $84,375,000 at interest rates from l]4 to 2% per annum.
On March 28,1940, the residual $8,000,000 of 3% debentures outstanding
was retired.
This completed the retirement of the entire $33,000,000 of
3% debentures due Nov. 1, 1946, and the $35,000,000 of 3}4% debentures
due July 1, 1951, through successive redemptions beginning April 15, 1939.
1940
1,500,330
392,519
0189,732
202,912
9,925
Operation.....
Maintenance
ac¬
15,823,116
preferred
on
Minority interests
June 30, with 704,205 retail motor vehicle accounts on the books,
subsidiaries had on hand 857 unliquidated repossessed motor vehicles, or
and
$40,888,518
1,463,064
182,450
0711,793
779,503
154,964
098,095
716,668
33,672
Cr434,418
Period End. June 30—
Consolidated Income Accounts 6 Months Ended June 30
19,258,431
5,332,759
16,990,793
20,801.301
7,497,377
17,141,154
Gross income...
$21,731,471 $20,989,022 $41,939,464
Int. on funded debt—
5,650,942
7,641,153
12,114,374
Amortization of debt dis¬
31,982,963
362,108,427 331,324,869
At
Volume of bills
10,264,245
2,809.118
8,472,062
Other income
11,479,062
The trend of the portfolio of outstanding receivables is shown below:
June 30, '40 Dec. 31, '39 June 30,
obligations.
10,654,208
4,426,735
8,670,374
Prov. for depreciation..
Net oper.
1940—12 Mos.—1939
1940—6 Mos.—1939
$77,340,119 $72,683,483 $150,530,481 $142460,610
97,234
97,484
193,793
149,458
3,008,863
2,695,693
5,753,583
5,080,707
25,203,886
23,701,554
49,942,458
47,569,147
3.828,017
4,225,141
7,872,265
8,151,043
stocks of subsidiaries.
51,254,541
Total instalment obligations..
motor
Other operation
Maintenance
State, local and miscell.
Federal taxes
Federal income tax
se-
or guarantees
Wholesale lien notes and acceptances:
Motor vehicle
.265,987,970
Retail
Power purchased
Gas purchased.
Int.
173,625,282 127,263.453
instalment obligations,
by liens
Operating revenues
Other interest charges..
instalment lien
obligations
Industrial
Period End. June 30—
Increase
1940
693
reserve
7,688,402
x
Net income
165,000
y
1940—3 Mos.—1939
$104,557
$69,447
Earnings per share
After all charges,
x
$0.40
y
$0.26
1940—6 Mos.—1939
$213,581
$116,116
$0.81
$0.44
On capital stock.—V. 151, p. 409.
J
MIn. in. of oth's
Connecticut Ry. &
in cap. stk. <fe
surp.
11,024
23,223,674
28,941,840
of subs.
Earned surplus.
Paid-up surplus.
Total.......509,034,046 384,811,1281
Total
20,990
25,444,055
28,784,970
509,034,046 384,811.128
x Represented by 3,539,123
(3,529,925 in 1939) no par shares after de¬
ducting 46,883 (53,368 in 1939) shares held in treasury at a value of $703,245
($800,520 in 1939).—V. 150, p. 3816.
Period End. June 30—•
The weekly kilowatt
Output—-
served, for the week ended July 25, 1940 amounted to
155,544,427 as compared with 138,011,225 for the corresponding week in
1939, an increase of 17,533,202 or 12.70%.
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. 545.
a meeting of the directors held July 30 the board declared dividends
company's common stock of 25 cents per share payable Aug. 26, 1940
close of business Aug. 15, 1940 and 25 cents
Gross income
lD4M%bon^!-.--l'
giving effect to the
consummation of the Plan of Corporate Simplification and the dividend
payable
on
$330,945
405,094
$234,683
405,641
$170,437
$736,039
$640,324
4,096
16,846
19,619
1,870
8,484
6,185
$164,471
$710,709
$614,520
84,431
87,728
341,730
354,802
1,609
26,517
5% bds
equip, purchase
Int. on 1st mtge.
Int.
on
a
Int.
on
1,961
advances from
dividends
to be declared after
Net income
Aug. 26 together with the payment of 25 cents per share on
total of 50 cents per share for the year 1940.—
Dec. 2, 1940, will make a
V. 151, p. 100.
Balance
_
_
_
5,400
32
5,400
47
21,600
2,320
21,600
2,661
"$90,394
Other deductions
Reservations of net inc.
5,225
„
contracts
share payade Dec. 2, 1940, to stockholders of record at the close of
business Nov. 15, 1940.'
the first
$68,867
101,570
$180,257
stock tax..
At
to stockholders of record at the
are
$87,519
ioi,488
Federal capital
United Gas Imp. Co._
Community Power & Light Co.—Dividends—
These
$2,595,425
2,360,742
hour output of electrical energy of subsidiaries of the
ditions of territory
per
$2,719,874
2,388,929
2,877
Total income
Commonwealth & Southern Corp., adjusted to show general business con¬
on
1940—12 Mos.—1039
$649,597
580,730
$189,007
5,873
Operating income
Non-operating income..
General expenses
Commonwealth & Southern Corp.—Weekly
1940—3 'Mos.—1939
$680,416
592,897
Operating revenues
Operating expenses
Prov. for
Lighting Co.—Earnings-
81,281
$69,335
77,985
$343,450
321,120
$203,715
308,047
$9,113
def$8,650
$22,330 def$104,332
Represents interest accrued, but not paid, on advances from United
Gas Improvement Co. under agreement and supplemental mortgage dated
June 23, 1904.
Note—Previous years' figures restated for comparative purposes.—V. 150,
a
p.
3657.
/
The Commercial & Financial Chronicle
694
Connecticut
Light & Power Co.—Debentures Culled—
A total of $78,000 20-year 3H% debentures, dated 8ept. 1, 1936 has
been called for redemption on Sept. 1 at 104 and accrued interest.
Payment
will be made at the Hartford-Connecticut Trust Co., Hartford, Connecticut.
—V. 150. p. 3353.
Chemical
Consolidated
3 Months Ended June 30—
Net profit before depreciation
Federal
income
Industries, Inc.
and
jno
.»
..
1938
...
$320,436
Federal income tax
-
^6,010
$188,014
13,189
108,097
$64^97
—V.
150,
$173,732
-
2720.
p.
Consolidated Edison Co. of New York, Inc.
^(Mkw^hoTrs)?.
(& Subs.)
1940—12 Mos.—1939
1940—3 Mos.—1939
Period End. June 30—
Sales of gas (Mcu. ft.)..
1,564,556
10,126,698
1,434,924
9,956,158
6,524,912
40,957,110
39,703,162
6,078,418
Sales of steam (M lbs.)..
2,008,594
1.904,944
11,178,353
10,192,958
Sales of electricity......
Sales of gas....!
48,518,257
1,939,325
646,769
47.371,124 200,188,584 192,100,062
10,257,335 41,592,331
40,962,592
1,865,535
10,704,152
9,8.54,134
666,906
2,588,168
2,728,308
Totaloper.revenues.. 61,427,525
a
Operating expenses... 28,565,341
Depreciation..........
6,385,780
b Taxes
14,121,070
60,160,900 255,073,235 245,645,096
28,658,288 117,092,276 116,887,508
5,918,588
25,855,852
22,846,270
13,266,874
55,787,028
52,345,591
10,323,174
Sales of steam
Other oper. revenues
d Dividends
income
Net
56,338,079
368,392
512,154
53,565.727
644,228
478,266
12,334,743
4,430,273
295,416
10,424
12,459,350
4,318,898
330,460
6,364
56,194,317
17,471,129
1,786,070
97,111
53,731,689
17,601,160
1,119,372
71,238
50,000
7,803,628
50,000
36,840,007
300,000
34,939,919
200,000
7,753,628
36,540,007
10,922,236
22,942,304
34,739,919
10,926,479
22,943,054
$2,675,467
long-term debt..
on
Other interest
12,317,150
266,262
124,062
7,548,630
Cross income
Int.
c
12,355,334
119,527
140,118
7,598,630
Operating income
Non-oper. revenues
Non-oper. rev. deduc'ns.
Balance
Preferred dividends.......
Common dividends
Balance
Earned per share of common stock
a Includes
mainton'ce
expenditures of....
b
$2.23
4,300,107
4,277,923
16,322,323
Including provision for Federal income tax.
c
discount and expense and miscellaneous deductions,
16,118,752
Amortization of debt
d On preferred stocks
of
subsidiary companies held by the public, and share of net income applic¬
able to minority interest in common stock of subsidiary companies,
e Of
net income appropriated for acquisition of bonds or of new
property.
1940—3 Mos.—1939
(M lew. hours)
Sales of gas (M cu. ft.)..
886,830
8,542,135
$
Sales of electricity
Sales of gas
25,551,791
8,572,251
Other oper. revenues...
1,478,185
Total oper. revenues..
Operating expenses—
Depreciation
a
b Taxes
Operating income
Non-oper. revenues
Non-oper.
deduc'ns
rev.
Gross income
Int.
c
long-term debt..
on
Other interest
Net
income.
Divs. declared
$5
on
cum.
Incl.
3,684,560
34,444,210
$
$
145,605,805
14,135,000
29,363,740
141,578,745
75,044,686
12,307,470
27,702,752
6,228,612
4,952,646
274,664
6,223,660
5,047,758
206,655
27,712,621
20,391,081
984,729
26,523,837
20,255,242
707,840
10,906,594
2,677,804
190,661
11,064,763
47,118,973
10,711,271
1,102,873
46,071,239
10,711,290
670,153
35,304,829
10,944,450
stock...
24,360,379
9,404,703
9,337,419
on common
2,447,694
c
Gas, Electric Light
(& Subs.)—Earnings—
Period End. June 30—
Electric oper. revenues..
Gas oper. revenues
Steam heating oper. revs
Total oper. revenues
1940—3 Mos.—1939
$6,906,743
2,338,292
137,176
$9,382,211
&
tax«*
Amortization of debt
&
Power
Co.
of
1940—12 Mos.—1939
$6,4.54,708 $27,814,711 $25,655,455
2,266,367
9,274,217
8,927,695
137,658
845.660
783,002
$8,858,734 $37,934,588 $35,366,152
6,790,878
29,200,335
27,379,357
Operating income.... $2,026,773
173,582
$2,067,856
171,870
$8,734,253
659,175
$7,986,794
693,018
Gross income
Total income deductions
$2,200,356
635,085
$2,239,726
627,166
$9,393,428
2,527,439
$8,679,813
2,448,757
Net Income........
on pref. stock
$1,565,271
250,801
$1,612,560
261,690
$6,865,989
1,003,206
$6,231,056
Other income
Divs.
mon
1,098,176
stock.
$1,314,470
1,050,657
$1,350,870
1,050,657
$5,862,783
4,202,629
$5,132,879
4,202,629
$300,213
$1,660,153
$930,250
$1.13
$i.i6
$5 02
$4<40
Earns, per share of com-
monstock
Consolidated Oil
__a Operating expenses are adjusted to equalize the costs of
power for the
effects of variable flow of the
Susquehanna River.
The adjustments are
through the balance sheet account "hydro
equalization,
and resulted
in an addition of $107,696
to, and a deduction of
$1,038,410 from, operating
30, 1940, respectively,
and reductions of $228,293 and
$155,753 from operating expenses in the 3
months and 12 months ended June
30, 1939, respectively.—V. 151, p. 546.
expenses in the 3 months and 12 months ended June
Consolidated Mutual Water Co.
Boettcher & Co., Denver,
int.
Corp.— Transfer Office Chanqed—
Corporation has notified the New York Stock Exchange that, effective
Aug. 1, 1940, its transfer office will be located at the office of the corpora¬
tion, 630 Fifth Ave., New York, N. Y., instead of 8 Liberty Place, New
York, N. Y.
Stock certificates may be surrendered for transfer and will
be redelivered by the corporation at the office of the Marine Midland Trust
Co. of New York, 120 Broadway, New York, N. Y., on and after that
date.—V. 151, p. 242.
Consolidated
Water Power &
Paper Co. (&. Subs.)—
Earnings for 6 Months Ended June 30, 1940
Manufacturing profit and other income—net
Provision for depreciation and depletion
$1,889,246
354,376
Net profit from operations
Interest on long-term debts...
Interest
on
other
$1,534,870
64,115
78
3,276
405,738
;.
obligations
Bond expense
Net income
$1,061,663
3,749,121
....
Total
$4,810,784
397,724
Earned surplus balance, June 30, 1940
$4,413,061
Consolidated Balance Sheet
June 30,*40
Assets—
Dec. 31,'39
$
Cash
June 30/40
Liabilities—
■Dec.31,'39
S
S
647,430
Accounts payable.
254,715
368,892
1,407,746
Bonds maturing..
8,363
36,174
187,256
250,470
679,031
1.397,737
76,528
1,980,946
681,405
8,673,890
8,665,774
258,153
463.980
&flowage 3,840,925
3,843,228
172,535
196,687
615,985
198,659
Accts. receivable..
Notes receivable..
110,089
1,871,306
....
Investments
x
$
493,906
Plant & equip
Real est
Notes payable.
Local taxes
350,000
..
taxes
Miscellaneous
crued
depletion
.
...
Inc. and cap. stock
ac¬
liabilities.
899,988
902,296
Reserves
275,530
239,518
303,642
Contribution in aid
210,212
143,802
Deferred charges..
Non-curr't recelv.
150,933
Deferred income..
of
12,285
9,916
1,874,000
2,574,000
10,000,000
5,216,723
9,886,125
4,543,673
18,606,426
18,889.436
Long-term debt
Capital
stock..
Surplus
Total......... 18,606,426
18,889,436
10,860
6,410
construction.
Total
x After
deducting reserve for depreciation
$9,173,097 in 1939 —V. 150, p. 2571.
of $9,448,503
in
1940 and
(Colo.)—Bonds Offered
Colo., are offering at 100 and
$90,000 4J^% 1st mtge. sinking fund bonds.
Dated Aug. 1,1940; due Aug. 1
able at Denver National Bank,
1955.
Denver,
Denome$l 000^500 ^
Principal and int. (F. & A.)
trustee.
All bonds
are
Net income
y
Eearnings
per
1940—3 Mos.—1939
$1,007,852
$0.21
share
$1,815,857
$0.37
After interest, depreciation and
stock.—V. 150, p. 3198.
x
Cook Paint & Varnish
1940—6 Mos.—1939
$2,537,280
$2,388,286
$0.51
Federal income taxes,
$0.54
y
On capital
Co.-j—Earnings—
7 Months Ended June 30—
1940
1939
$4,610,521
497,961
142,000
$3,996,027
338,120
105,000
$355,961
$1.26
Net sales
Net profits
$233,120
$0.70
Reserves for profit sharing and income taxes
Final net profits
Earnings per share
—V. 150, p. 685.
on common
stock
Cooper-Bessemer Corp.—To Pay 75-Cent Pref. Dividend—
Directors have declared a dividend of 75 cents per share on the $3 prior
reference stock, payable Aug. 23 to holders of record Aug. 9.
Dividend
and
on
April
paid May 10 last and one of 75 cents
1, 1939.—V. 150, p. 2571.
was
paid
on
Jan. 24 last
Copper District Power Co.—To Sell Bonds Privately—
Company has filed
an
application with the Securities and Exchange Com¬
private sale of $250,000 of 4>£% first
mission regarding the issuance and
bonds, series A, due June 1, 1956.
The company proposes to
sell $200,000 of the bonds to the following at 99% and accrued interest;
Modern Woodmen of America, $145,000; National Guardian Life Insur¬
ance Co., $30,000;
Price Brothers Co., $25,000.
The application states
pay¬
no arrangement has been made for the sale of the remaining $50,000
of bonds.
The proceeds will be applied to the payment of six unsecured 4H % notes
due Aug. 11, 1940, aggregating $78,750, and a $100,000 3>^% promissory
note due
July 1, 1940.
cost of additions to
The balance of the proceeds will be applied to the
the company's
property, plant and equipment, or to
reimburse the company for such expenditures.—V.
Credit Utility Banking Corp. (&
151, p. 101.
Sub.)—Earnings—
Consolidated Income Account for 6 Months Ended June 30, 1940
Gross .ncome
$190,640
Expenses
Interest paid
.1.
-
112,623
16,364
13,634
Provision for Federal income taxes
Net income
Dividends
$48,018
27.500
callable
reSt date upon 30 days' notice at 102 and int-
Company was formed in 1927 for the purpose of supplying
domestic purposes to an area in the suburban
section
)
Period End. June 30—
x
that
made
-
$23,6 57
mortgage
com-
stock.
on common
$17,397
will probably use the company's water, which should bring the annual
sinking fund payments up to $6,000 this year.
It is anticipated that within
the next few years there will be enough taps in use to bring the annual
sinking fund payments up to at least $7,200 per year.
This amount should
retire all of the bonds before maturity.
The sinking fund is to lie used for
the purchase of bonds in the open market at not to exceed the call price or
by tender or through call by lot at 102 and interest.
of $1.50 was
$263,813
Divs.
10,714
11,302
$12,363
Net income
Patents
7,355,438
Balance avail, for
$45,673
8,364
9,706
Continental Oil Co. (& Subs.)—Earnings—
Consolidated
dejirec.
$35,467
7,520
9,325
Tlmberlands—less
,
exp.
3,856
6,651
Sinkiny Fund—Company agrees to deposit with the trustee for principal
50c. per month per tap in use.
At the present time there are approximately
900 taps in use, which will produce approximately $5,400 per year.
There
are about 100 new homes under construction in this territory, most of which
Weekly Output—
Oper.
$35,165
4,902
$29,208
Gross income
Inventories
Consolidated Edison Co. of New York announced
production of the elec¬
tric plants of its system for the week ended
July 28, 1940, amounting to
140,600,000 kwh
compared with 137,600,000 kwh. for the
corresponding
week of 1939, an increase of
2.2%.—V. 151, p. 546.
a
$27,667
2,897
Water purchases
Operation and maintenance..
23 745 422
2,370,323
8,176,891
b Including provision for Federal income
tax.
discount and expense and miscellaneous deductions.
Baltimore
$23,667
2,295
3,246
Water sales
34,689,796
10,944,374
8,038,129
pref. stock.
2,677,822
210,050
74,394,444
1940
Cash dividends.
35,297,825
18,437,228
3,590,905
7,046,032
of
1939
Miscellaneous
101,751,697
34,225,261
5,601,787
34,574,965
6,015,689
the tabulation
figures show
comparative
following
Merchandise sales
3,502,127
33,655,221
105,015,151
maintenance
expenditures of
Earnings—The
earnings for the three years ended Jan. 31.
1938
1940—12 Mos.—1939
35,602,227
18,466,287
3,492,500
7,414,828
Balance available for divs.
a
The remainder of the proceeds will be used
savings in interest.
a
Earned surplus balance, Jan. 1,1940
877,403
8,472,233
$
25,146,513
8,571,120
1,580,192
1940
the purchase of $25,500 of unsecured notes of the company at a very
substantial discount, and in addition, a few necessary line extensions will
be made.
Provision for income taxes and contingencies
Comparative Income Statement of Company Only
Period End. June 30—
Sales of electricity
3,
population of the district is approxJ
in
$870,386
$2.08
eMiscell. reservation-..
Aug.
The total
Purpose—These bonds are being issued to refund $76,500 of first mortgage
bonds at
Final net profit.....
the west.
mately 10,000 including 175 business firms and approximately 2,500 families.
Since 1932, the company has been purchasing water from the City of
Denver at very reasonable rates, and distributing it through its own mains
to its users.
This is a mutual company, practically all of the stock being
owned by the water users themselves, as each user is required to purchase
five shares of stock.
Company is not operated for profit; however, water
charges are maintained at a sufficiently high level to pay operation, mainten¬
ance, debt service, and to take care of necessary expansion of facilities.
Company is operated by a board of three directors who receive no com¬
pensation, and there are no paid executives.
John M. Hadden of the
Denver & Rio Grande Western RR. is President.
109,927
$113,432
105,112
.
.
$247,o39
41,591
taxes
Depreciation
(& Subs.)—
1939
1940
Denver on
to
water
for
immediately adjacent
Consolidated Balance Sheet June 30, 1940
Assets—Cash, $626,674; notes and acceptances receivable, $4,471,527
(prepaid interest, expenses, &c.), $l2,*x79; New York State
other assets
bond, $1,035; furniture and fixtures, $1; total, $5,111,715.
m,
Volume
The Commercial & Financial Chronicle
151
payable, due within one year, $2,075,000; long-term
payable, to banks, $550,000; dividend payable, July 10,1940, $13,750;
$776,927; reserve for taxes and accrued interest, $29,950; deferred
income, $204,408; general reserve, $15,000; capital stock (55,000 shares
common B,-no par value), $1,100,000; surplus, $346,679; total, $5,111,715.
—V. 150, p. 1134.
Crown Zellerbach Corp.
Liabilities—Notes
notes
heading Crosby Corp.
"Chronicle," page 547.—V. 150, p. 3199.
Crown Cork International
Corp.—Report—
in part as
Company's report sent to stockholders on July 22 stated
that conditions arising from the war
in Europe make it inadvisable if not impossible to continue the policy of
including the financial statements of the foreign subsidiaries in the con¬
solidation.
Accordingly, since Dec. 31, 1939, the management has not
followed its former accounting policy of adjusting investments in foreign
subsidiaries to reflect the company's portion of their current profits or losses
and the exchange profit or loss resulting from the translation of their net
It is the opinion of the management
Operating
as
is now known to the management,
countries in which the subsidiaries are located follows:
Location of
to Total
Amounts
$806,676
Subsidiaries—
28.43%
758,997
285,076
118,510
158,877
426,885
190,303
-
France
—
Algeria
Belgium
Spain
—
—
-
—
Portugal
26.75%
10.05%
4.18%
5.60%
15.04%
92,093
Canada
Interest
Minority stockholders' proportion of
Pacific Mills, Ltd
/
86,629
U. S. and Canadian income taxes
( 2,204,807
100.00%
company's accounting policy, the
said investments have not been adjusted to reflect the results of operations
of the respective foreign subsidiaries for the six months ended June 30,
1940 or the exchange profit or loss resulting from the translation of their
net current assets, and no adjustment has been made for the undetermined
effect, if any, of the war.
The aforesaid amounts of investments and ad¬
vances therefore do not represent current or realizable values.
They are
merely the two consolidated companies' portion of the net assets of the
foreign subsidiaries as roported at Dec. 31, 1939 (translated into U. S.
dollars at that date in accordance with tne procedure outlined in the com¬
pany's report to the stockholders for the year 1939), after adjustment for
dividends and profits remitted to the company during 1940 and deemed to
have been earned and reported as income pirior to 1940.
In view of the aforestated conditions, ft is not possible at this time to
issue complete statements of income and surplus.
However, for the infor¬
mation of stockholders, there is set forth below a summary of determinable
items entered in the companies' books, affecting the income and surplus
of the company and its wholly owned domestic subsidiary for the six months
ended June 30, 1940:
In accordance with the change in the
profits received in
1940 from subs, in foreign
countries, excl. of div. of £14,185 13s. 4d. from English sub.
to which reference is made below__
Amounts thereof credited against the respective investment
accounts because deemed to be remittances of profits re¬
ported in previous years
from
$199,337
$48,541
sale
of
6,000
shares
of the capital stock
of the
$60 646
Total profit..
Amount credited to
companies.
.
27,649
8,7ll
surplus
—
Excess of cost over stated value of 8,150
$24,285
shares of class A stock
11,233
93,247
retired
Dividends declared on class A stock, 40 cents per share
Net debit to surplus
—
*
$80,196
dividend from the English subsidiary
deposit in London pending
This dividend has not been
included in the above summary of income but has been classified as deferred
income in the annexed balance sheet, translated into U. S. dollars at the
New York open market rate prevailing on the date when the dividend was
payable, June 15, 1940.
During the six months ended June 30, 1940 the company purchased and
retired 8,150 shares of its class A capital stock, at a total cost of $62,996.
As a result, the class A capital stock outstanding was reduced from 237,958
shares at Dec. 31, 1939, to 229,808 shares at June 30, 1940.
The
company
has
received
a
amounting to £14,185 13s. 4d, which is on
authority for conversion into U.S. dollars.
Consolidated Balance Sheet at June 30, 1940
[Not incl. in the consolidation the financial statements of subs, in foreign
countries.]
>
;i
Assets—Cash in U. S. banks and on hand, including $53,000 earmarked in
connection with bank loan to a French subsidiary, $479,679: cash in bank in
England, £59 17s. 8d., translated at $3.82 per pound sterling, the New
York open market rate on June 30, 1940, $229; accounts receivable, $5,777;
div. of £14,185 13s. 4d. (conversion into U. 8. dollars pending decision of
English exchange authorities), translated at $3.68 per pound sterling, the
New York open market rate on June 15, 1940, $52,203; investments in and
amounts receivable from subsidiaries in foreign countries
(less, reserve
against assets in Spain, provided in 1936 of $150,000), $2,687,421; office
furniture and equipment (less, allowance for depreciation of $3,501), $450;
total, $3,225,760.
Liabilities—Accounts payable and sundry accruals, $11,418; accrued
Federal income tax, estimated, $7,814; dividend payable, $34,471; amounts
payable to subsidiaries in foreign countries, $62,724; outstanding div.
checks issued prior to 1940, $2,308; deferred income representing div. of
£14,185 13s. 4d., the conversion of which into U. 8. dollars is pending de¬
cision of English exchange authorities, $52,203; reserve for contingencies,
provided in 1935, $300,000; $1 cumulative, participating class A stock,
$1,459,586: $1 non-cumuiative class B stock, $1,014,849; surplus, $280,388;
total, $3,225,760—V. 150, p. 3817.
Crown Cork & Seal Co., Ltd.—To Pay 50-Cent Dividend
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 15 to holders of record Aug. 10.
Previously quarterly
dividends of 40 cents were distributed.—V. 148, p. 435.
Cuba Northern
Rys.—Interest—
The company has advised the New York Stock Exchange that a tran¬
sitory provision of the new Constitution of Cuba became effective on
June 4, 1940, and automatically affects its issues traded on the Exchange
and that the transitory provision requires that interest be paid at the
rate of 1% per annum from June 4, 1940.
The Committee on Floor Procedure rules that beginning July 26 and
until further notice company's 1st mtge. gold bonds, SYi% series of 1942,
due
1942, shall
be dealt in "flat" and to be a delivery must carry the
Dec. 1, 1940, and subsequent coupons.
settlement of all Exchange contracts
2,642,593
1,695,627
$1.57
---
Includes additional
a
$2.42
$1.04
provision of $148,748 for prior years.
share on common
per
Consolidated Balance Sheet April 30
1939
1940
■
$
$
Assets—
3,748,158
7,339,904
117,232
11,807,662
3,948,848
Notes and accounts receivable, less prov. for losses
8,574,410
Divs. received from Fibreboard Products, Inc
117,232
Inventories
12,741,493
Other accounts receivable
339,305
Investments and receivables, other than current..
6,416,508
Land and timberlands, including pulp leases and
pulp timber cutting rights, less depletion
22,583,163
x
Buildings, machinery and equipment (net)
40,069,531
Intangibles, including water power lease (less
amortization(, water rights, patents, &c
7,428,615
Deferred charges to operations.
*
817,677
Cash
Provision for other taxes
Notes and loans payable prior to
April 30
Long-term debt
25, 1937
Earned surplus since
Total
x
tion and
-
reserve
103 036,783 102,170,668
-
for depreciation of
Inc., at cost amounting to $5,186,132.
Products, Inc., is represented by 39.7%
board Products,
in
1,959,765
16,894,779
1,212,207
52,965,500
11,305,995
9,129,581
3,419,991
13,800 ,000
L187 ,290
52,965 ,500
11,305 ,995
9,129 ,581
6,630 ,011
$40,631,523 in 1940 and $37,643,899
y Represented by 529,655 no-par shares, having a $100 liquida¬
assigned value,
a As adjusted,
bjlncludes investment in Fibre-
After
1939.
-
1,393,089
564,641
....
Common stock
($5 par)
Surplus at date of merger, March
date of merger
833,559
347 ,642
2,482 ,669
632 ,251
...
— - — .....
Ltd
$5 cumulative (convertible) preferred stock
Capital stock of Pacific Mills,
in
7,566,323
740,386
1,351 ,457
and other expenses
Other current liabilities
a
23,514,610
40.693,439
n
- -
Provision for U. S. and Canadian income taxes...
y
b6,642",953
103,036 ,783 102,170,668
:
2,491,563
3,204 ,386
Total
Liabilities—
Accounts payable
Accrued payroll, interest
Fibreboard
The investment
of the $7 pref.
stock, 44.1 % of the class A common and 50 % of the class B common.
After
providing for the equity of prior preferred stock the balance of net worth
is less than the liquidation value of the $7 preferred stock.
The propor¬
tionate amount of such net worth applicable to the 39.7% holding of the
$7 preferred stock is $5,976,875 in 1940 and $5,707,047 in 1939.—V. 151,
p. 410.
The company has advised
the New York Stock Exchange that a tran¬
sitory provision of the new Constitution of
1940, and automatically affects its issues
Cuba became effective June 4,
traded on the Exchange, and
provision requires that interest be paid at the rate of
1% per annum from June 4, 1940.
The Committee on Floor Procedure of the Exchange rules that beginning
July 26 and until further notice the Cuba RR. 1st mtge. 5% 50-year gold
bonds due 1952, the 1st lien & ref. mtge. gold bonds, Series A 7M%,
and series B 6%, extended to 1946, shall be dealt in "flat" and to be a
delivery must carry the Jan. 1,1940, Dec. 1, 1940, and subsequent coupons,
respectively.
„
,
The committee further rules that in settlement of all Exchange con¬
tracts in said
bonds on which interest ordinarily would be computed
through July 26, 1940, interest shall be computed up to but not including
July 26. 1940.—V. 150, p. 3045.
The committee further rules that
in said bonds on which interest
ordinarily would be computed through July 26; 1940, interest shall be
computed up to but not including July 26, 1940.—V. 150, p. 3199.
Cuban American Sugar
in Suit—
.
,
.
.
_
„
Co. —Plan Stayed Pending Action
>'{■
Jersey City, Aug, 1, ruled that the
recapitalization plan pending final hearing in a
Vice-Chancellor Charles M. Egan, at
company may
not effect a
stockholders suit against the company.
Two holders of preferred stock, Mary
Harriet
L.
to restrain
L. Buckley, of The Plains, Va., and
Hayes, of New York, entered a Chancery Court suit June ]/
the company from proceeding with the planned recapitalization.
The plan to convert
approved by a majority
preferred stock and increase common stock was
of stockholders, June 19.—V. 151, p. 410.
Co.—Accumulated Dividend—
Curtis Publishing
Directors have
declared
a
dividend of 75 cents per share on account
of
accumulations on the $7 cumulative preferred stock, payable Oct
1 to
holders of record Aug. 30.
Dividends of $1 were paid on July 1 and April 1
last; $1.12H was paid on Dec. 20 last; dividends of 50 cents were paid on
Oct. 2 and July 1, 1939, and dividends of 25 cents were paid on April 1,
1939, and Oct. 1 and July 1, 1938.
After payment of current dividend,
accruals will amount to $21.12XA Per share.-—V. 151, p. 102.
Delaware Lackawanna
June—
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 150, p. 4124.
& Western RR.-
1940
$4,231,224
1,091,462
636,057
2,856,241
713,739
216,033
$4,317,770
1,069,904
584,097
24,333,519
5,439,590
2,406,673
21,600,098
3,925,222
1,103,676
26,320,708
6,624,638
3,879,410
Delaware Power & Light Co.—Earnings—
1940—3 Mos.-—'1939
1940—12
0ldItionP& ta5S).d.e_P-r_f
$1,491,387
$1,411,032
913,472
3,967,809
3,654,607
$497,560
19,454
$2,020,546
$2,026,945
77,639
37,108
$505,698
138,500
3,124
$517,014
139,917
3,128
$2,098,185
554,000
12,498
$2,064,054
568,167
12,535
2,435
2,435
5,996
1,025
9,739
23,034
4,268
1,821
$1,444,490
debt-dt. disc. & exp.
disc. & exp.,
Int. on long-term
Amort, of dt.
bonds retired
547
382
9,739
20,171
2,685
2,027
$355,124
$364,131
$1,497,065
5,330
assumed on int—
638
interest
Other
■
Miscell. deductions
Net
—V.
income—
iWos.-—1939_
$5,681,552
$478,829
26,869
Gross income
Taxes
$5,988,355
1,012,558
Operating income
Non-oper. income
Amort, of
1937
$3,758,917
^
25,752,419
5,801,061
Earnings—
1938
1939
$3,876,612
777,774
266,368
Period End. June 30—
Total oper. revenues
in
$6,211,414
2,644,461
1,130,528
that the transitory
12,105
English subsidiary, &c
Salaries and other expenses of the two consolidated
Federal income and other Federal and State taxes
$5,015,390
2,648,275
2,261,199
;
Cuba RR.—Interest—
150,796
.
Balance
Profit
61,999
1,179,978
96,767
undistributed profits.-
Common stock
Earnings
6.71%
$2,837,421
and
42,739
al,304,570
$8,119,494
on
Cash dividends paid:
Preference stocks
3.24%
South Africa
Dividends
-
--
Percentages
>
England
$10,405,891 $11,855,261
656,640
468.930
$15,388,810 $10,874,821 $12,511,901
36,311
189,606
292,102
3,237,686
3,232,391
3,456,009
637,436
440,010
697,575
897,015
803,412
532,193
Depreciation
Depletion
U. S. surtax
6,032,349
6,078,387
6,544,944
expenses
Net profit
the foreign plants have not
suffered any material physical damage.
Advice to this effect has been
received regarding the plants located in Belgium, as well as the Netherlands
plant of a company owned jointly by the English and Belgian subsidiaries.
No current information is available regarding the plants located in France,
but the management is continuing its efforts to reestablish contact with
them.
Obviously, this management does not now know what, if any,
financial or economic conditions may be imposed in limitation of the opera¬
tion of the properties and business of the foreign subsidiaries or of the
realization by the company of the profits they may earn.
The principal assets of the company and its domestic subsidiary are
the investments in and receivables from subsidiaries in foreign countries,
carried at the total amount of $2,837,421.
An analysis of this amount by
So far
898,228
772,994
1,594,383
Total income.._
Other expenses (net)
current assets.
$49,891,332
32,901,950
—$21,464,824 $16,484,278 $17,887,610
Total
Profit from operations
__$14,919,880
Divs. from Fibreboard Products, Inc_
468,930
follows:
"
$19,870,441 $15,711,284 $16,989,382
Gross profit from sales.
Other operating income
corporation.
Note—This item erroneously appeared under the
1938
1939
/
1940
Sales, less freight, discount, returns,
allowances, &c
$56,526,576 $48,339,601
Cost of goods sold
36,656,135
32,628,317
Crosley Corp.—New Vice-President—
in last week's
(& Subs.)—Earnings—
Consolidated Income Account, Years Ended April 30
1
reserve,
The appointment of Robert I. Petrie as Vice-President and General
Sales Manager was announced on July 22 by Raymond C. Cosgrove, VicePresident and General Manager of the manufacturing division of the
695
151, p. 243.
I
The Commercial & Financial Chronicle
696
par $5, with authority to add to the list upon
of $2.50 par capital stock.
25 the Exchange removed the old capital stock from listing and
registration and admitted the new capital stock, par $2.50, to listing and
of shares of capital stock,
Corp.—Listing and Registration—
Delendo
The common stock (par $1) of this company
tillers Corp.) has been removed from listing and
York Curb Exchange.—V.
official notice of issuance 25,000 additional shares
(formerly Oidetyme Dis¬
registration by the New
On July
151, p. 410.
July
The Interstate Commerce Commission on
25
authorized the
Dodge Cork Co., Inc.—Earnings—
co.
Earnings for 6 Months Period Ended June 30, 1940
assume obligation and liability in respect of not exceeding $1,260,000
equipment trust certificates, series F, to be issued by the Pennsylvania
Co. for Insurances on Lives & Granting Annuities, as trustee, and sold
at
100.277 and accrued dividends in connection with the procurement
of certain equipment.
The certificates were offered for sale through competitive bidding,
to
,
.
and
in
addition requests for bids
bids were received.
Net sales—
,
Reserve for depreciation on fixed assets
Reserve for Federal and State income taxes
Weigh Proposed Plan—Opposing Creditors Argue
Solvency of Railroad in Fight to Reorganize—
Net
legal struggle over control of the road opened in U. S. District Court
July 29 at Denver, Colo., with an attempt to determine whether the con¬
cern is solvent.
Fifty of the nation's leading railroad attorneys are par¬
ticipating in the hearing on the plan of the Interstate Commerce Commission
for a reorganization which would include consolidation of the Rio Grande
and the Denver & Salt Lake Ry. (the Moffat road), and the so-called Dot-
Assets—Cash on hand and in banks, $19,185; accounts and notes receiv¬
able, less reserve for discounts, allowances, &c., $42,059; inventories of
materials, work in process, finished goods, and supplies, $217,312;
cash surrender value of life insurance, $2,285; land, buildings, machinery,
raw
and
^LiaMHties—Accounts payable,
Judge J. Foster Symes will be asked to decide whether the D.&R.6.W.
is solvent, according to a formal statement by William V. Uodges, Denver
Clay, head of the Reconstruction Finance Corporation's
legal staff on railroad matters, arrived to defend the ICC plan.
Aligned
against the RFC is a long list of bondholders, headed by an insurance group
which holds a major portion of the road's outstanding securities.
The insurance group's counsel, headed by Col. Henry W. Anderson,
of Richmond, Va., and New York City, filed a motion asking that the re¬
organization proceeding be dropped and that the creditors and claimants
be permitted to proceed under their mortgages and contract rights.
Judge
Symes will rule on this matter later.
Some of the creditors have objected to the ICC plan on the ground that
it would put the RFC in a favored position, requiring that the railroad's
entire indebtedness to the RFC be paid off first, thus putting certain mort¬
gage holders in a secondar class.
Mr. Hodges, pointing out that "one of the first questions to be decided
is the valuation of the railroad," called C. M. Lightburn, valuation engineer
for the Rio Grande for the last 23 years, as the first witness.
Mr. Lightburn set the total valuation of the D. & It. G. W. at about $215,000,000.
Mr. Hodges' position is that on the basis of this valuation the road is
solvent,
lie contends that the road's outstanding obligations are about
$70,000,000.
It was indicated that Mr. Hodges would present objections
to the ICC plan.
M.
earned surplus, $99,268; total,
Consolidated Income Account for
Years Ended May 31
1939
1940
1938
1938^
1937
$1,846,542
$1,717,190
264,286
21,926
145,018
def85,508
13,901
def272,551
$1,977,006
def162,693
64,250
10,612,088
9,826,771
1,015,802
556,034
def483,095 def 1,119,545
Cost of
Selling
and
7,743,547 $26,762,282 $24,871,196 $25,578,911
22,979,159
16,869,378
15,761,033
16,181,082
sales....!
$14,764,387
$9,892,904
$9,110,163
$9,397,829
2,817,025
2,663,340
2,256,893
2,323,626
1,921,986
2,159,341
1,477,121
1,839,783
$9,284,022
1,488,135
$5,312,385
1,243,788
$5,028,836
1,149,487
$6,080,925
613,541
$10,772,157
$6,556,173
$6,178,322
$6,694,466
1,744,460
1,542,680
1,406,329
936,047
fund. debt..
159,395
Miscellaneous charges..
Prov. for Fed. inc. taxes.
89,700
1,533,467
171,868
8,740
678,590
193,251
20,509
a708,423
administrar
tive expenses
Prov. for depreciation..
i
Gross income
&
12,203,918
480,643
def517,320
exp. on
Dr85,967
Cr24,190
Cr45,458
Cr87,304
300,000
3,095,765
$4,178,485
300,000
2,965,482
$3,895,269
197,862
2,835,000
$4,089,113
163,845
2,882,250
$3,763,402
$913,003
$862,407
$1,043,018
$6.65
$3.95
$3.91
$4.15
Preferred dividends
Common dividends
June—
Gross from railway
1940
1939
$87,444
def.34,723
Net from railway
Net ry. oper. income
1938
$93,254
def40,754
def 14,496
def7,798
From Jan. 1—
Gross from railway
Balance
1937
$152,708
29,722
49,619
$131,593
defl9,136
9,571
Earns,
sh. on com.
per
stock
Incl. $124,370 surtax
a
on
undist. profits in 1938 and $171,835 in 1937.
Consolidated Balance Sheet May 31
1,029,246
942,149
219,977
352,647
180,506
Net from railway
Net ry. oper. income
862,484
125,003
228,759
82,358
1,264,002
326,713
412,593
Assets—
a
Tramway System—Earnings1940—6 Mos.—1939
5 337,553
$1,509,949
$1,497,516
923,678
250,000
$2,997,597
1,850,428
500,000
379,391
217,750
3,504,430
217,750
$
Accounts payable-
Employees'
Notes and accts.
receivable.
1940—12 Mos.—1939
1940
liabilities—
$
$
Cash
U. 8. Govt, secure,
Period End. Jtrne 30—
Total operating revenue-
1939
1940
!
—V. 150. p. 4125.
2,404,223
Fed. income taxes.
55,446
1,531,040
751,485
Other taxes accr'd.
414,855
300,497
745,751
5,000,000
356,972
5,000,000
346,060
311,426
pensa'n awards
1 852,633
.
7,395,619
1,499,380
25,866,557
170,347
Res. for fire &
.
15-yr. 3% debs
163,184
.
191,881
$264,106
17,167
$267,778
19,824
Min. int. in capital
stock & surplus
$137,024
2,067
124,365
1,857
$141,885
5,359
$281,273
6,184
248,755
1,857
$287,602
11,961
251,517
Preferred stock.
Taxes
Investments
c
Fixed assets
Deferred charges..
Other
liab...
accr.
ac¬
cident losses and
damage claims..
or
Int.
on
underlying bonds
gen. & ref. bonds
Int.
on
equip, trust ctfs-
Balance
a
For debt
125,747
$8,736
$10,778
$24,476
$24,124
maturities, sinking funds and other corporate purposes.
Denver Tramway Corp. and Denver &
inter-company transactions eliminated.
Note—The statement includes
Intermountain
RR.
Co., with
—V. 150, p. 2878.
De
Detroit & Mackinac
Total.
48,185,010 41,854,993
After
a
Gross from railway
Net from railway
$66,457
7,541
1938
$72,833
13,249
941
337,360
37,756
8,800
—V. 150, p. 4125.
$73,518
7,664
2,066
353,866
46,423
9,574
361,759
55,869
def628
14,024
6,658
5 977
Net from railway
Net ry. oper. income...
1937
$72,302
420,678
86,866
40,183
Total...
48,185,010 41,854,993
1939.
b Represented by 1,031,988 no par shares,
depreciation and amortization.—V. 150, p. 2095.
1940
Gross profit on sales..
After reserves for
1939
1937
1938
$1,725,097
802,005
$710,355
652,519
137,689
$695,617
372,579
152,560
$92,288
29,039
loss$79,852
28,329
$170,477
23,067
$971,753
6,941
231,174
$121,327
11,874
Ioss$51,523
12,546
28,071
9,000
$193,544
31,061
19,263
$733,638
gen. & sell. exp.
Research & exper. exp..
$711,442
619,154
$923,092
48,661
Admin.,
$81,383
loss$73,069
$143,220
Gross income
Income charges
Prov. for income taxes..
Net income
Dividend
;
300,000
„
After
depreciation:
1940, $99,152.
a
c
Mfg. Co. (& Subs.)—Earnings—
6 Mos. End. June 30—
a
Other income
1939
733,771
6,000,000
for doubtful accounts, $171,663 in 1940 and $187,050 in
reserve
Net profit on sales..
Ry.—Earnings—
1940
764,739
6,000.000
_.
stock.15,829,609 15,829,609
Capital surplus
100,732
100,408
Earned surplus
14,992,555 11,229,152
Dresser
June—
deficit of subs.
b Common
Queen & Eastern RR.—Stdck—
The Interstate Commerce Commission on
July 19 authorized the com¬
pany to issue not exceeding 60,000 shares of common stock
(par $5) in
exchange, on a share-for-share basis, for an equal number of shares issued
without the authorization of the Commission.
Net ry. oper. income
From Jan. 1—
Gross from railway
62,189
3,200,910
6 ,576.460
30 ,203,511
.
$131,957
9,928
269,241
183,237
Gross income
$
3 ,833,919
_
Inventories...
$128,517
8,507
928,954
Net operating income.
Total miscellaneous inc.
1939
1,179,483
com-
$3,000,996
1,865,832
519,948
351,110
Operating expenses
Depreciation
a
158,575
704,594
a893,439
$7Tl59,167
& losses of sub. cos
Net income.
Denver & Salt Lake Ry.— -Earning s-
on
'
Minority share of profits
11,268,877
1,440,455
defl23,648
—Y. 151, p. 411.
Int.
1937
Sales (net of returns, al¬
lowances & freight).. $3
tal expenses
Int. & amort, of discount
$1,907,445
Net from railway
Net ry. oper. income
Denver
$445.009.—V. 150, p. 3045.
(& Subs.)—Earnings—
Dow Chemical Co.
Research and experimen¬
Earnings for June and Year to Date
From Jan. 1—
Gross from railway
trade, $18,840; drafts due under letters of
credit, $22,431; note payable bank, due prior to July 1. 1941, $20,000;
accrued wages, commissions. Taxes, and expenses, $19,367; note payable
bank due after July 1,1941, $85,000; deferred income and reserves for 1940
Federal and State taxes. &c., $6,803; common stock (par $5), $173,300;
counsel for the old D. & R. G. W.
1939
equipment (less reserve for depreciation of $58,777), $147,930; deferred
machinery in process of erection, patents, &c., $16,238; total,
charges,
cutoff.
1940
$17,195
profit
Balance Sheet June 30, 1940
A
railway
Net from railway
Net ry. oper. income
1,174
$27,716
4,439
6,082
Total income
was
June—
Gross from
$26,542
—
-
Other income
to 38 parties.
In response
The highest bid, 100.277 and accrued
Court to
Cassius
profit
Operating
trustees will be
sero
45,280
Selling and administrative expenses
made by Blyth & Co., Inc., New York, and has-been
On this basis the average annual cost of the proceeds to the
approximately 1.95%.
dividends,
accepted.
$256,033
184,212
—
—
-—___
Manufacturing costs, exclusive of depreciation,—
were sent
thereto three
3870.
149, p.
registration.—V.
RR.—Equipment Trusts
Denver & Rio Grande Western
Aug. 3, 1940
1937,
$40, 840;
1938,
1939,
$115,471"
June 30,*40
Dec. 31/29
$77,342;
Consolidated Balance Sheet
Detroit & Toledo Shore Line RR.June—
1940
Gross from
railway.
$244,787
113,700
41,689
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
1,932,573
1,038,847
Net from railway.
N^r?r^per-Arkc,ome---
473,352
—Y. 150, p. 4125.
1938
$190,915
69,184
8,411
1,535,176
644,104
190,632
Assets—
■Earnings—
1939
$141,896
42,376
def5,268
June 30 '40
Cash
1937
a
$240,036
102,820
52,125
Trade
2,049,212
1,169,673
623,403
$738,727
$603,121
ac¬
&
& Insurance..
104,530
83,575
175,409
73,491
289,986
182,837
crued int
1,463,945
1,282,229
1,680,832
1,485,495
crued
&
int.
Di-Noc
taxes
current)
439,997
£2 pronraiKr'ifiVhVrgs::;:::;:::
1939
1938
gg-Jig
E. A. Sweet, President states:
difficult to foretell wha,t the result
will
»
n
to any
$137,350
loss69,900
n
f
ki
? '{
lonf
S
a
T1
durlng
advantage of
H
35,431
32,834
be for the last
income
(est.)
payable July
15, 1940
Reserve
receivable
for
300.000
con¬
stock.
100,000
3,000,000
100,000
3,000,000
Earned surplus...
2,276,818
1,843,180
tingencies
d Common
458
Prop.,
plant
equipment
on
Div.
&
2,404,508
2,141,951
1
1
28,016
17,455
Patents
Distilled Liquors
SB
capital
stock,
par
$2.50,
It has
no
bank loans and
no
we are Prepared to meet any emergencies
uncertain times. We also feel that we
opportunity that may present itself
a
any
to further the progress of
your company.
nf
of
c
_
Deferred cbarges..
,
^id financial condition.
t h
168,538
Investments
?
year, we are most optimistic in believing that subject
unforeseen general business reverses, our business should
show an
improvement over the last six months of 1939.
♦a
242,692
157,410
b Receivables from
accts.
1940
& commissions.
Fed., State &Dom.
ac-
Offics. & employees
Mfg. Co.—Earnings—
Accr'd sals., wages
(not
distributors
6 Months Ended June 30—
$515,009
Inventories
Trade notes
1,184,932
473,625
114,242
Accounts payable.
Accr'd taxes, roy.,
$774,872
notes rec.
Liabilities—
Z>ec.31,'39
&
accts.
—V. 151, p. 411.
Corp.—Listing—
^as approved the listing
in substitution, share for
of 148,750 shares
share, for
a
like number
Total
a
$6,985,469 $5,886,204
After
reserves
of $50,000.
c
Total
$6,985,469 $5,886,204
of $67,225 in 1940 and $61,421 in 1939. b After reserves
reserves for depreciation
of $2,097,071 in 1940 and
After
$1,997,919 in 1939.
d Represented by 350,000
50,000 shires in treasury.—V. 150, P. 4125.
no
par
shares including
Duff-Norton Mfg. Co.—New President—
Robert G. Allen has been named President and a member of the board
of directors of this company, officials of the firm announced on July 23.
Mr. Allen succeeds the late Thomas A. McGinley, sportsman and indus¬
trialist,
as
President and director.—V.
151, p. 102.
Volume
The Commercial & Financial Chronicle
151
Duluth Missabe & Iron Range Ry.~ Earnings—
June—
1940
Gross from railway
Net from railway
Eastern Gas & Fuel Associates (&
1937
1938
1939
_
$3,835,413
2,846,149
2,111,357
$2,637,778
1,767,251
1,499,037
$1,526,107
$4,565,505
877,652
893,003
3,441,629
3,432,191
7,811,805
3,098,276
1,756,009
Net ry. oper. income
From Jan. 1—
Gross from railway
4,923,681
1,094,976
72,084
2,853,055
def516,525
def817,078
11,349,748
6,456,512
5,086,832
_
—V. 150, p. 4125.
Depreciation
and
$2,844,183
$11.54
depletion
1940
1939
1938
$272,165
90,430
*> 73,393
$210,567
$144,892
def2,778
50.^
Net ry. oper. income
From Jan. 1—
28,808
defl9,404
Gross from railway
Net from railway
1,131,066
194,765
95,668
Net ry. oper. income
—V. 150, p. 4125.
841,893
def44,625
def152,051
940,538
defl3,315
defl28,777
70,087
1,419,745
347,812
251,223
:
1939
$268,067
$437,670
y 131,710
228,969
1937
1936
$9,646,708 $10,299,463
9,601,205
9,035,490
$9,295,563
9,027,496
$421,039
16,631
expenses
1938
$9,326,610
8,905,571
revenues
Net oper. revenue
Other income
expenses
Taxes
Subs.)—Earnings—
1940—Month—1939
$708,998
$699,426
359,198
350,005
33,034
38,019
119,504
99,112
revenues
Operation...
Maintenance
Taxes (incl. inc. taxes)..
Net operating revenues
Non-oper. inc. (net)
1940—12 Mos.—1939
$9,009,857
4,353,289
418,875
1,328,554
$8,725,048
4,214,889
356,879
1,175,992
$197,262
17,032
$212,291
5,385
$2,909,140
24,554
$2,977,288
reserve accr.
$214,295
64,510
$217,676
63,708
$2,933,694
779,807
$2,954,084
764,691
Gross income..
Interest and amortizat'n
$149,784
35,979
$153,969
38,305
730
463
$2,153,888
436,456
11,929
$2,189,393
491,553
10,626
$113,076
$115,201
$1,705,503
$1,687,214
Balance
Retirement
$1,263,973
15,327
Miscellaneous
14,966
$45,503
13,716
$283,033
144,857
201,035
$59,219
165,272
173,536
$1,279,300
Pref. div. deductions:
loss$62,858 loss$279,588
23,176
93,072
518,356
x232,904
B. V. G. & E. Co
77,652
77,652
$1,627,851
24,570
$1,609,562
t; 25;I56
$1,603,281
309,824
$1,584,406
309,824
$1,913,105
143,903
$1,894,230
131,405
$1,769,202
468
$1,762,825
$1,768,733
$1,762,825
Balance
Applicable to minority interest
Net profit
$76,990
162,041
-
Dividends
Applicable to E. U. A
410,088
Non-subsidiary income
Balance, deficit.
Shares
stock
com.
$85,051
366,779
$0.21
$372,660 sur$117,952
$86,034
366,779
Nil
366,779
$0.92
366,779
Nil
x Including $14,797 surtax on undistributed
profits,
y Interest charges
only.
V'
Comparative Consolidated Balance Sheet Dec. 31
Assets—
'
*
$9,568,579 $10,403,585
_.
"
Working funds (cash).
28,305
90,919
130,203
153,143
securities
Interline traffic
246,206
847,623
29,079
67,893
111,542
153,864
190,183
150,408
246,089
1,097,295
Cash.
balances receivable
Agents' balances (net)
Insurance claims against underwriters
108,884
129,006
Accounts receivable
Note
1938
1939
Property and equipment (net)
Miscellaneous investments (cost)
x
Marketable
Total income
out¬
standing (no par)
Earnings per share
181,012
36,257
141,775
105,870
...
Special deposit
Deposit for redemption of non-par value pref. stock
outstanding, called Oct. 1, 1936, at $55 per sh.__
169,119
29,843
156,637
287,046
Materials and supplies
Other working assets
Expenses, taxes and interest..
Balance
Amount not available for dividends and surplus.
Balance available for dividends and surplus
Easy Washing Machine Corp.-—Earnings—
6 Mos. End. June 30—
Gross profit after cost of
Selling, admin. &
Interest of minority stockholder
$231,755
4,436,411
in Old Dominion
8,591
Steamship Co
Non-par value pref. stock outstanding, called for
redemption
;
Long-term debt
Audited vouchers and accounts payable
Interline traffic balances payable (net)
Interest accrued, rents and dividends payable
110
3,008,200
311,218
65,170
44,508
79,123
22,668
39,849
Taxes accrued
Other working liabilities.
Deferred credit items
184,185
Total operating reserves.
3,882,579
Surplus
$713,574
$308,522
$1,004,429
639,061
1,605
51,255
541,469
565,656
1,283
660,860
47,366
$180,346
124,942
$143,242
y$258,4l7
$296,202
259,188
*
Prov. for Fed. inc. tax..
Divs.
28,863
on common
stock.
Includes depreciation of $4,512 in 1940; $4,654
x
$4,914 in 1937.
3,539,600
298,979
90.515
22,002
43.516
29,601
39,547
208,589
4,006,842
y
in 1939; $6,088 in 1938
Loss.
Balance Sheet June 30, 1940
1938
1939
$231,425
4,436,411
$968,974
35,455
gen-
$12,305,338 $12,956,059
Common stock
$293,012
15,510
eral expenses
Other charges
Net profit
Liabilities—
No par value convertible preferred stock
$697,431
16,143
$872,267
4
Total income.
294,097
i
1937
1938
1939
$858,348
13,919
sales, &c
Other income
and
Total
1940
105,870
110
Deferred debit items
.
—V. 150, p. 4125.
x
953
receivable
Insurance fund
Dr23,204
$528,040
deduct'ns
Balance
Gross income
$285,226
$1.16
4125.
Period End. June 30—
Operating
Steamship Lines, Inc. (& Subs.)—Earnings—
Calendar Years—
p.
Eastern Utilities Associates (&
1937
$251,972
49,980
$8,321,266
400,144
4,076,196
2,924,368
635,332
Net income available for dividends.
Earned per share of 4 H % prior preferred stock
Duluth South Shore & Atlantic Ry .'—Earnings—
June—
Gross from railway
Net from railway
Other
$11,407,315
831,146
4,323,516
2,794,817
613,653
Debt discount and expense
150,
1939
1940
Total consolidated income
Federal income taxes (est.)...
—V.
Operating
Operating
Subs.)—Earnings—
12 Months Ended June 30—
m
Interest
Net from railway.
Net ry. oper. income
Eastern
697
Assets—Cash in banks and on hand, $674,363; United States Government
bonds, at cost, $44,788; accounts receivable (less, reserve for doubtful ac¬
counts of $24,046), $488,082; inventories of raw materials and supplies,
work in process and finished goods, $1,338,558; securities deposited with
New York State Industrial Commissioner under Workmen's Compensation
Law, at cost, $32,919; land, buildings, machinery and equipment, at cost
(less, reserves for depreciation and obsolesence of $2,349,942), $1,443,140;
goodwill, patents and trademarks, $508,835; deferred charges, $60,489;
total, $4,591,175.
0
Liabilities—Accounts payable, $296,467; accrued commissions and wages,
$50,775; accrued taxes, $44,836; other accrued liabilities, $25,671; provision
Federal income tax, $80,136; reserves for contingencies, $101,021;
common stock without par value, $2,456,808; capital (representing book
value placed on goodwill and patents at inception of company), $500,000;
earned surplus, $1,109,388; treasury stock, 19,400 shares of class B common
stock, at cost, Dr.$73,927; total, $4,591,175.
for
$12,305,338 $12,956,059
Total
x After depreciation and amortization of $14,321,292
in 1939 and $13,376,130 in 1938.—V. 151, p. 102.
Accum. Dividend—
Directors have declared
a
dividend of 17 V> cents per share on account
of
on the 7% pref. stock, par $10, payable Aug. 15 to holders
of record July 31. Dividend of 35 cents was paid on April 1, last; 17 Vi cents
on Jan. 15 last and on Nov. 15, 1939, 35 cents paid on Nov. i, 1938; 70
cents on Feb. 1, 1938, and dividends of 35 cents were paid on Oct. 1 and on
accumulations
Eastern Massachusetts Street
Ry.—Earnings—
1940—6 Mos.—1939
1940—Month—1939
Period End. June 30—
Railway oper. revenues.
Railway oper. expenses.
$560,670
370,375
$550,276
355,848
$3,665,934
2,333,698
$3,597,240
2,187,547
Net ry. oper. revenues
$190,295
60,042
$194,428
54,416
$1,332,236
352,143
$1,409,693
337,032
$130,253
5,042
$140,012
5,221
$980,093
29,644
$1,072,661
30,341
$135,295
$145,233
$1,009,737
$1,103,002
42,151
84,777
45,935
95,320
260,946
509,374
276,343
573,450
$8,367
$3,978
$239,417
$253,209
March
150,
Taxes
Net after taxes
Other income
Gross corp. income
Interest
on
...
Depreciation
aNetincome.
a
Before provision
for retirement losses.—V. 151, p.
1937, this latter being the initial distribution on the issue.—V.
1134.
1,
Ebasco Services,
Inc.—Weekly Input—
July 25, 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;
For
the
week ended
Operating Subsidiaries of—
funded debt,
rents, &c_
p.
1940
Increase-—-—•
Amount
Pet.
6.9%
9.8%
17.4%
inputs of any companies
1939
Co..131,118,000 122,626,000
8,492,000
Electric Power & Light Corp. 72,626,000
66,129,000
6,497,000
National Power & Light Co.. 90,710,000
77,283,000 13,427,000
American Power & Light
figures do not include the system
appearing in both periods.—V. 151, p. 548.
The above
102.
not
Eastern Minnesota Power Corp.—Earnings—
Earnings of Company Only for Quarter
1940
.
3,780
8,750
13,344
Maintenance
Provision for retirement reserve..
Taxes
—
Earnings for 6 Months Ended June 30,
1939
$100,373
46,881
Gross
earnings—
Operation
Eddy Paper Corp.-—Earnings—
Ended June 30
$97,077
43,102
4,692
8,750
13,255
Interest
on
$27,618
—
20,625
41
unfunded debt—
Net income
$3,913
.....
Consolidated Earnings for Quarter
$3,737
1940
1939
Operation
98,987
Maintenance
9,287
27,500
35,485
795
$248,610
91,872
12,371
27,500
34,870
2,325
$83,461
$79,671
25,962
25,962
Provision for retirement reserve.
General taxes.
—'
State and Federal income taxes
Gross
-
... ...
-
-
-
...
income
Subsidiary Deductions—
Interest
on
funded debt
:■
on
74
Preferred dividend requirements—
Parent Company
;
$32,379
20,625
_
Deductions—
Interest
on
Interest
on
unfunded debt—
Amortization of debt discount and expense,
—-—...—
—V. 150, p. 2722.
41
&c—^
42
3,038
2,874
$12,467
$8,838
Inc.—Earnings—
1037.
$11,779,464
$1.21
$1.43
Earnings per share
$1.23
$1.27
M
581,511
provision for Federal taxes, but before Federal tax on undis¬
tributed earnings. y On common stock.
The balance sheet includes cash of $2,256,707 and inventories of $2,338,706.
Total current assets exceeded total liabilities by a ratio of 5.02 to 1
compared with 4.52 to 1 a year ago.
Cash alone exceeded total liabilities
by a ratio of 2.46 to 1. The company has no bank loans.
Harry Edison, President, in releasing this report, stated that since the
present outlook for an upward trend in business appears to be favorable,
leases have been closed for a number of new units.
Consistent with the
company's conservative expansion policy, these additional units will be in
operation during this fall and next spring.—V. 151, p. 243.
After
870 Seventh Ave.
Corp.
(Park Central Hotel), N. Y«
Ci t y—Earnings—
Hotel (870 7th Avenue Corp.) showed earnings for the
1939 of 4.18% on $4,055,200 general mortgage bonds, after payment
operaing expenses and taxes, according to a statistical report just
released by Amott, Baker & Co., Inc.
The general mortgage 4lA% income
bond covered in the Amott, Baker report are junior in lien to a $1,214,229
first mortgage heid by the Equitable Life Assurance Society of the United
States.—V. 135, p. 758.
The Park Central
year
funded debt
Net income
67
3,333
17,929
20,625
unfunded debt
3,322
17,929
$36,173
Interest
Amortization of debt discount and expense, &c
$205,633
1433.
1940
1939
1938
Sales
$13,011,883 $12,464,015 $12,100,641
x Consolidated net profit
510,459
526,050
503,268
x
$255,516
Gross revenues
p.
6 Mos. End. June 30—
y
Ended June 30
150,
Edison Brothers Stores,
42
2,874
157,372
148,501
Net profit
$27,278
20,625
3,038
Amortization of debt discount and expense, &c
$511,506
Provision for local and Federal taxes
—V.
Net earnings
Interest on funded debt
1940
Profit before deducting depreciation and taxes
Provision for depreciation
of all
The Commercial & Financial Chronicle
698
Electric Bond & Share
+*
Taxes
i.
_.
_
-
Co.—Earnings—
Cap. Surp.
1940—3 Mos.—1939
1940—12 Mas.—1939
$2,698,019 a$3,169,191 $11,266,968 $11,526,171
398,891
377.561
1,532,978
1,469,049
126,763
111,430
371,160
357,168
Period End. June 30—
Grow income.
_TI
_
All other expenses------
Aug. 3, 1940
Consolidated Surplus Account Year Ended Dec. 31, 1939
Balance, Dec. 31, 1938—-——
Earn. Surp.
$161,037
$203,596
_ — -
'
ended Dec. 31,1939 (as above)
Adjustment of prior year Federal taxes
Discount on 8% cumul. pref. stock reacquired
(10~ •
during 1939 (108 shares).
Net income for year
75,/yu
------
24
.
-
$2,172,365
$2,680,200
$9,362,830
$9,699,954
2,108 483
Net income
2,108,483
8,433,930
8,433,930
Pref. stock divs. applic.
$571,717
$63,882
Balance
$928,900
Dividends declared on 6% cumul. prior preference
($4.50 per share)
Reserve for contingencies
stock
$1,266,024
aggregating $156,000 from Ebasco Services, Inc.
during the 3 months ended June
30, 1940; also two dividends of $338,794 each from American Gas & Electric
Co., whereas only one such dividend was received in the corresponding
period of 1940.
Includes
a
no
Ba ance,
Net inc.
June
dividends
12
the
for
9,362,830
b Transfer from capital stock
Miscellaneous credits
Total
Div. approp.
83,945
2,118
inventory of fuel and lubricating
of earned surplus
569
Of
a
investment
securities
12
months
$208,176; earned surplus, $217,102; total. $1.349.084.—V. 150, p. 3200.
ended
June 30, 1940, less provision of $30,575.14 for
b Representing par value of common stock
Jan.
on
Federal income tax.
scrip which became void
1, 1940, in accordance with terms of its issuance.
Comparative Balance Sheet June 30
Assets—
1940
1939
Elgin National Watch Co.—Annual Report—
Total income
54,000,000
15,000,000
28,925,000
740,000
5,037,120
3,326,460
860,000
5,037,120
3,952,767
25,000,000
25,000,000
20,000,000
408,809,052
2,600,000
11,280,919
9,378,598
679,907
100
100
93,027
United Gas Corp_
t4,800,000
5,000,000
20,000,000
408,809,052
2,600,000
12,471,847
10,988,755
676,928
6 American & Foreign Power Co., Inc
American & Foreign Power Co., Inc
78,090
28,925,000
Bonds:
(entir« issue).
Texas Power & Light Co. 4 M % 1st mtge_..
c Miscellaneous companies
d United Gas Public Service Co., 6% de¬
bentures.
—
-—
Cuban Eiectric Co., 6% debentures
e
f Stocks and option warrants
Stock of wholly owned subsidiary
Cash in banks
on
demand
Temporary cash investments
Accrued interest receivable
Other current assets—
Prepayments
Total...
$557,668,280 $556,401,554
Liabilities—
1940
$30,OoO,000
Accounts payable
Dividends declared
Accrued taxes
Reserves (appropriated from capital surplus)—
266,439
2,108,482
1,431,423
' 4,893,982
314,256,290
62,894,374
$30,000,000
115,565,500
26,335.734
142,580
2,108,482
1,354,395
4,893,982
314,170,226
61,830,653
115,565,500
26,251,788
—
Capital surplus
Earned surplus...
$2,194,169
$936,242
68,608
93,011
75.860
SI ,885,051
$1,029,253
93,162
219,348
v
145,107
$2,270,028
194,855
388,328
16,079
37,683
243,339
$1,214,501
$685,046
1,900,589
$1,389,744
1,710,845
127,731
281,114
Pension fund contributions
Bonus to officers and employees
75,687
21,519
8.731
20,708
21,649
Payments to retired employees
Sundry other charges
Net profit for the year
Balance of earned surplus at Jan. 1—
Total surplus
—
Dividends paid in cash
Balance of earned surplus at Dec. 31
Earns, per sh. on 400,000shs. com.stk
2,085,636
$3,300,137
800,000
$2,585,636
500,000
$3,100,589
1,200,000
$2,500,137
$2,085,636
$3.03
$1.71
$1,900,589
$3.47
Condensed Comparative Balance Sheet Dec. 31
1938
1939
Assets—
$
$
1,919,893
Cash
2,354,837
Marketable secure.
& accrued int...
1939
Liabilities—
1938
S
Accounts payableAccrued
salaries,
$
390,440
285,887
& bonus,
pension & re¬
3,249,535
1,856,444
wages
ceivable
3,414,642
2,677,232
lief
Inventories.
Accts.
1939
$6 pref. stock (300,000 no par shares)
$6 pref. stock (1,155,655 no par shares)
Common stock ($5 par)
1937
1938
$1,816,443
Provision for Federal income tax
Northern Texas Utilities Co., 6% 1st mort¬
gage
1939
Calendar Years—
Profit from operations
Other income
Investment securities and advances—
Notes and accounts receivable from:
1
Liabilities—1st mtge. 7% gold bonds, $190,000; note payable to bank,
$80 310; accounts payable and accrued accounts, incl. bond interest,
$78 996; Federal income tax, 1939 (estd.), $12,000; reserve for contingencies,
$16 000; unearned income, $5,698; 6% cumul. prior pref. stock, $350,000;
8% cumul. pref. stock, $75,800; common stock, $115,000; capital surplus,
569
disposed! of during the
$23,302; total, $1,349,084.
deferred charges,
$62,894,374 $314256,290 $377150,665
Balance, June 30, 1940
oils (at cost), $1,806; cash in sinking fund
(with trustee), $53; exces of cost of capital stocks of sub. companies over
value of underlying assets at date of acquisition in 1937, $105,897;
net book
$71,328,873 $314256,290 $385585,164
8,433,930
8,433,930
Miscellaneous debits
and terminal property, $1,142,002; equipment, tools,
automobiles (at cost less reserve of $7,782 for depreciation),
$6 085; inventory of repair parts and supplies, $20,611; cash, $43,537;
cash with trustee (for bond interest), $1,050; accounts receivable, $4,739;
2,118
•
$217,102
Assets—Ferry
fixtures and
135,390
83,945
------
$208,177
6% cumul. prior pref. stock, $5,250,000 8% cumul. pref. stock, $69,230
representing, respectively, the full amount accumulated to that date.
Condensed Consolidated Balance Sheet Dec. 31, 1939
9,362,830
135,390
value
ger
a.ouu
Note—Earned surplus at Dec. 31, 1939, includes amounts reserved by
board of directors for undeclared accumulative dividends as follows:
ended
months
_
15.750
-
the
Surplus for the 12 Months Ended June 30, 1940
Earned
Capital
Total
Surplus
Surplus
Surplus
July 1, 1939
$61,830,653 $314170,226 $376000,879
30, 1940
,
—
Balance, Dec. 31. 1939
such dividends were received
Excess of amount realized over led¬
a
$236,352
$208,177
Total
mrS'ofund^lSr^d-t
■whereas
4,580
&
& notes re¬
fund
con¬
tributions
2,313,005
3,073,973
Other assets......
27,477
56,187
Accrd. taxes other
Deferred charges..
73,541
26,023
than Fed.inc.tax
4,152,792
4,215,793
Capital assets
Reserve
for
396,845
114,739
Fed¬
eral Income tax.
General
124,228
137,464
226,000
1,50,000
1,500,000
1,500,000
Capital stock
6,000,000
Cap. surp. arising
reserves._
6,000,000
from reduction of
par value of cap.
Total
$557,668,280 $556.401,554
stock in 1933
4,000,000
4,000,000
Payable simultaneously with the bank loans of American & Foreign
Power Co., Inc., in amount of $16,000,000, which have been renewed and
are payable on or before Oct.
26, 1942.
Earned surplus
2,500,137
2,085,636
a
b
i
Presently subordinated to other indebtedness of American
Total
& Foreign
Valuation
c
at
market
quotations of miscellaneous bonds owned at
June 30, 1940, was at that date $4,849,400 and of those owned
at June 30,
1939, was at that date $5,596,700.
d Payment of principal and interest assumed
by United Gas Corp. on
Nov. 5, 1937. e The interest rate on Cuban Electric Co.
6% debentures was
reduced, by agreements, for a period, including the years 1938 and 1939
and to Nov. 1, 1940, to a rate of 43^% per annum.
f Valuation at market quotations of stocks and
option warrants owned at
June 30, 1940, was at that date $85,455,900 and of those owned at June
30,
1939, was at that date $90,908,900.
SEC Data Given Company—Commission's
Ruling
Fairbanks Co. (&
Holding Company
Act and therefore must be dissolved.
In the same decision, however, the SEC declared
that their utility divi¬
sion had, since the company's complaint was filed
against the tactics of the
staff, submitted for the information of E. B. & S.
enough evidence to meet
most of the objections of the
company.
The
voluminous data prepared by the utility division to
support the
against thesystem, cited under Section 11 (b) (1), the "death sentence"
Act, was placed in the record, but the Commission declared that this
A 27-page statement, making reference to
background material used by the division, did not con¬
part answer to E. B. & S., the SEC said.
decided also that the division would have to
demonstrate
a
It was
the
specific relevancy of the data to the issues in the Electric
Bond case before
such information could be assumed to be
proper testimony.
The utility
division was bound, the Commission further
ruled, to restrict the use of the
,
data and could not
Mlscell. credits
Electrolux Corp. (&
x
Net
y
Earnings
x
profit...
per
x
y
"""540
Est. Fed. income taxes
x
$374,697
$897,560
$0.30
$0.30
$0.72
on
$818,611
$0.66
undistributed
p.
3046.
Operating revenues
Operating expenses
Depreciation and amortization
$5,329
9F951
$68,498
_i
$872
loss$17,921
$49,867
Co.—$500,000 Bonds Sold Privately
has sold privately to a group of insurance
additional block of $500,000 3p2% 1st mtge.
companies an
bonds, due 1955, at 98
Earlier in July company sold privately an issue of $2,500,000 3Hs and
made arrangements (contingent upon approval of the stockholders at a
special meeting held July 23 to raise the authorized amount to be issued
to $10,000,000) to sell the additionai $500,000 of bonds.
The stockholders
on July 23 granted the necessary
authority so that the authorized amount
is now $10,000,000, of which there are $9,000,000 outstanding, including
the $500,000 above referred to.
Consolidated
Income
Period End. June 30—
Operating
Operation
Account
Maintenance
Depreciation
Taxes (includes Fed. inc.
tax)
for Period Ended June 30
1940—Month—1939
$467,702
revenues
144,116
16,229
52,535
1940—12 Mos.—1939
$419,226
126,799
$6,294,348
1,845,948
10,106
111,336
42,092
697,922
$5,249,847
1,485,173
105,226
590,630
68,982
50,982
859,168
503,928
$185,841
$189,248
$2,779,973
$2,564,890
15,118
—'—
$2,764,855
$2,564,890
Dr719
$189,248
1,148
19,326
12,246
$183,849
29,302
$190,396
27,383
$2,784,181
354,124
$2,577,137
361,206
Exploration & develop,
1,272
$184,568
Other income.
Gross income..
Interest
698
$107,481
Interest
Amortization of bond discount, adjusted
for"discount"onbonds
purchased for sinking fund
Loss on exercise of option to return capital stock of
Kaighn Ave South St. Ferry Co. to seller
'
Federal income taxes
~-IIIZIIIIZZ
698
8,374
255
Cr341
1,770
19,458
xCrl22,558
$153,595
8,632
$162,656
8,632
$2,419,913
103,579
$2,319,031
103.579
$144,963
$154,024
$2,316,334
$2,215,452
$0.24
Net income
Pref. stock div. require.
Bal.
for
com.
$0.25
$3.85
$3.68
divs. &
3 981
35,002
income
112
—The company
and expense
675 958
Operating income
Net income
4,115
10,240
No deduction for surtax.—V. 150, p. 3507.
b Miscell. inc. deducts._
$836,407
Ferryboat charters
Total
18.240
3,100
134
Amort, of debt discount
Ferries, Inc. (& Subs.)—Annual Report—
Earnings for Year Ended Dec. 31, 1939
Other income.
216
$82,350
loss$4,983
9,971
1,970
costs
$376,136
On 1,237,500 shs. capital stock (par $1).—V. 150,
Electric
$12,816
10,110
2,050
1937
1938
1946—6 Mos—1939
After charges and Federal income taxes and after
surtax
profits,
$16,923
10,163
Net income
a
Subs.)—Earnings—
1940—3 Mos.—1939
share
1939
(net)
reserve the right to make other uses of
the evidence
beyond those specified in its explanatory statement.—V. 150,
p. 3972.
Period End. June 30—
'
1940
for bad debts
shown to be justified.
stitute more than
Subs.)- -Earnings-
Deprec. of plant & eq'pt.
Int. on serial gold notes.
of the
not
15,150,886 14,260.489
El Paso Natural Gas
The company won a point of disagreement with the
utility division of
Securities and Exchange Commission July 30, when the Commission
ruled that the company had the right to be
informed of the basis of the
charge that four sub-holding companies of the Electric Bond system do not
meet the requirements of the
integration provision of the
was
Total
Oper. profit after charg'g
mfg., sell., admin. &
idle plant exp. & prov.
Utility System Against Staff—
the six volumes of
14,260,489
1763.
3 Mos. End. June 30-
Upholds
the
case
15,150,886
-V. 150, p.
Power Co., Inc., consisting of bank loans of
$16,000,000, the $4,000,000
similar debt due this company and debentures of
$50,000,000, until the
bank loans are paid,
cog
1,859
| 794
12,000
Earns, per sh. on 601,594
shs. of com. stk. ($3
Par)
a
Carried
operating expenses in 1939.
b Non-recurring income and
amortized debt expense and premium on funded debt retired by refinancing
Dec. 15, 1938.
Adjustment was credited to non-recurring
consummated
income
$75,291
in
expense, and donations (carried in operating expenses in 1939), are charged
to miscellaneous income deductions in 1940.
x Federal income tax accrual
in December, 1938, was reduced by $124,768 due to the write-off of un¬
instead
of
tax
expense
parison of operations.—V. 151,
for the purpose of retaining normal
548.
p.
com¬
Volume
The Commercial
151
& Financial Chronicle
699
Comparative Consolidated Balance Sheet June 30
1940
Assets—
Plant,
S
12,883
Com. stk. (S3 par)
Accts. receivable.-
524,973
662,719
Mat's & supplies..
170,329
122,446
19,736
175,069
120,726
Other def. debits._
78,887
47,894
Reacq. securities.
25,967
25,967
Unamort. debt dis¬
1,479,700
3,497,212
pay.
Serial
serial notes
to bank__.
notes
6.000,000
Vermilye Brothers
530,000
147,482
678,776
346,524
22,833
636,264
accrued..
29,963
Deferred credits.„
304,361
3,326,349
aid
8,317
3,763,378
Earned surplus
Total..
2,650,615
of
construction
8,317
2,702,728
Total
—
.26.475,396 23,041,457
Engineers Public Service Co. (& Subs.)—Earnings
Period End. June 30—
1940— Month—1939
Net oper. revenues.
__
$4,536,527
1,657,398
291,032
$1,482,968 $18,031,262
Dr3,733
Drl51,641
Other income (net)__
484,846
620,283
Dr8,807
$1,499,744
Interest & amortization.
628,713
$871,031
preferred stocks, declared
Balance
applicable to minority interests
a Balance
b Undeclared
Preferred dividends declared
Expenses and taxes
pref. stock of Eng. Pub. Serv. Co
$407,374
105,533
87.516
$512,907
325,301
110,827
25,000
$1,830,811
430,742
117,038
280,000
$51,780
$1,003,032
Interest....
95.163
250,000
$1,375,652
388,812
109,443
159,000
,177
$718,397
Depreciation
$5,049,728
254,161
22.344
375,450
Net profit
150,
...
4126.
p.
Florida East Coast
$5,654,366
2,285,192
"$47795,567
$2,481,602
$1.30
2,313,965
common stock and surplus
share of common stock
Applicable to Engineers Public Service Co. before allowing for un¬
cumulative preferred dividends of a subsidiary company,
b On
Ry.—Earnings—
June—
•
Gross from railway
Net from railway
Net ry. oper.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
1937
1938
1939
1940
$589,628
def2,707
income... defl61,164
$411,892
def81,803
defl96,898
def236,701
$463,593
def35,265
defl49,215
5,799,256
1,984,490
1,088,004
6,329,496
2,480,609
1,519,833
5,873,277
2,022,990
1,188,865
6,417,804
1,999,071
1,142,402
$361,052
defl01,410
—V. 150, p. 4126.
Follansbee
Steel
Corp .—Transfer Agent—
City Bank Farmers Trust Co. has been appointed transfer agent and
National City Bank of New York has been appointed registrar for
the preferred and common stocks of this corporation.—V. 151, p. 549.
The
Fort Worth & Denver City
Ry.—Earnings—
1940
1939
1938
1937
$474,606
96,393
20,573
$531,412
157,273
80,500
$692,198
261,798
169,494
$853,865
431,880
428,020
2,762,346
601,808
184,903
2,748,124
544,337
98,803
3,174,807
3,369.466
1,155,528
795,371
June—
Gross from railway
Net from railway
Net ry. oper. income...
From Jan.
1—
Net from railway......
Net ry. oper. income
805,803
302,220
—V. 150, p. 4126.
Galveston-Houston Co.
(& Subs.)-
-Earnings—
1940—12 Mos.—1939
1940—Month—1939
Period End. June 30—
$309,793
154,493
44,299
42,681
$302,483
150,347
46,266
39,125
$3,811,795
1,888,321
545,271
482,625
$3,653,718
1,794.423
537,139
445,107
$68,319
$66,745
389
$895,579
3,350
$877,050
453
$68,773
31,009
$67,134
30,454
$898,929
371,614
$880,594
385,653
$37,764
$36,680
$527,315
$494,941
equip, notes, &c_
13,501
4,244
13,484
3,523
Amort, of debt expense_
242
242
162,018
40,998
2,907
$19,776
$19,430
$321,391
Operating
Operation
revenues
MaintenanceTaxes
Balance for
a
175,665
91,192
102,896
$3,369,174
$1.76
Bal. applic. to stocks of Eng. Pub. Serv. Co.—
per
$1,293,605
82,047
$1,668~J90
Total income
—V.
$1,743,295
$1,575,668
93,122
Operating profit
Net inc. Mun. Ac. Corp.
Gross from railway
;
Earnings
$4,657,630
184,810
60,913
102,760
...
sources
Total
on
17,887
$5,955,181
300,815
;
Interest..
Divs.
$4,675,518
incl. in charges above:
cos.,
Earnings from other
$6,649,543
1,974,025
$5,596,075
10,623
dividends
Earnings from sub.
$8,970,613
2,321,071
$5,615,697
19,622
Balance
$10,063,061
2,608,095
$7,454,966
1,839,269
$812,811
Cum. pref. divs. earned but not declared
Amount
$17,540,915
Dr356.772
$1,479,235 $17,879,620 $17,184,143
666,424
7,816,560
8,213,529
Balance
on
—
Mos.—1939
$55,621,462 $53,459,119
20,303,429
19,799,368
3,564,618
3,626,202
6,317,288
5,840,236
c7,404,866
c6,652,397
$1,508,550
Depreciation
Taxes
Dividends
1940
1939
1938
1937
$12,154,582 $11,385,327 $10,488,266 $15,098,045
10,578,914
10,091,722
10,080,892
13,354,750
sales..
Costs and expenses
1940—12
$4,708,716
1,666,247
292,539
526,274
715,107
revenues
Maintenance
Balance
Fairbanks Morse & Co. (& Subs.)—Earnings—
6 Mos. End. June 30—
Net
Federal taxes
26,475,396 23,041,457
-V. 151. p. 548.
Operating
Operation
Teletype N. Y. 1-894
>
Taxes accrued
in
Y. CITY
N.
875,000
527,500
367,560
Contrib.
ST.,
HAnover 2-7881.
Accounts payable-
Res, for deprec'n..
BROAD
30
3,215,000
payie
(current).
Interest
BOUGHT—SOLD—QUOTED
bonds,
mtge
2M%
COMPANY
Preferred & Common
334% series
6,000,000
1st mtge.
bonis, 3% series
2,500,000
3% ser. notes pay
to bank..
1,312,500
16,701
count & expense
1st
FAIRBANKS
1,804,782
1,804,782
7% cum. pref. stk.
(par S100)
1,479,700
Prem. on com. stk. 3,497,212
5,114
_
$
Liabilities—
Notes receivable—
Prepayments
1939
$
1940
1939
$
Ac.22,266,832 20,707,038
Inv. & fund accts. 2,313,918
248,359
Cash
880,631
1,078,255
6,238
^Special deposits
6,170
props.,
Net oper. revenues
Non-oper. inc. (net)
3.544
earned
icluded
Sreferred in charges above, c Includes bonds owned bytaxes of $1,589,857
stock and amortization on Federal income parent company,
(1939—$998,480).—V.
151,
p.
Balance
Retirement accruals
102.
Gross income
Equitable Office Building Corp. —Directorate Reduced—
Stockholders at their adjourned annual meeting on Aug. 1 approved a
proposal that the number of directors be not less than five nor more than
10 persons, against nine to 20 previously.
At present, the company has 10
directors.
The
meeting thereupon adjourned again until Sept. 18 due to failure
to obtain sufficient proxies for a two-thirds vote needed on the proposal
to reduce stated capital from $8,986,645 to $862,098.
There were 521,572
shares represented at the meeting, or 60.5% of the outstanding shares.
—V. 150. p. 4126.
Int.
bonds—Houston
on
Electric Co
Int.
on
Balance
Int. paid on G.-H. Co. sec 'd 6% inc. bonds
Net income
L.
18,283
$276,781
14,604
$321,391
43,811
— _
162,253
34,357
3,266
$295,065
■
-
Dividends declared
-
Note—Net income for the above 12 months'periods includes net income
Fllectric Co. in the amounts of $269,987 and $233,707, re¬
of Houston
spectively.—Y. 151, p. 103.
Erie
Lighting Co.—Earnings—
12 Months Ended June 30—
1940
Operating
expenses
Maintenance
Provision
for retirements
Federal income
1939
$1,860,505
711,676
104,151
1
Total operating revenues
$1,688,669
778,702
109,096
165,386
46,519
100,468
176,530
80,259
145,094
tax
Other taxes
Gatineau Power Co.
Other income (net).
1
Months Ended April 30, 1940
$9-29§.?71
....
Other income
204,433
— .
Total income
— ——
Operating expense
Maintenance-----
$488,498
21,313
$642,794
(& Subs.)—Earthings—
Consolidated Earnings of the 12
Operating revenue.
— -—
_
—
on
$642,795
231,1.50
18,150
10,162
long-term debt
Other interest
Amortization of debt
discount, and
Interest charged to construction
expense-
$509,811
233,369
24.491
10,259
Crl75
Net income.....
-----
$383,508
$241,692
223,403
-
-
— —
—
General and administrative
bonds and prior liens_
debentures and other
exchange.
------
Interest
Loss
on
on
~
-
—
Net income before interest and other charges
Interest
... -
—
Provision for doubtful accounts.
Interest
608,768
—
— .
—————————
Taxes
-—. — — .... -
-
...
_ -
------- — -
—
—
— —
Federal Light & Traction Co.
Period End. June 30—
(& Subs.)—Earnings—
1940—3 Mos—1939
1940—12 Afos.-a 1939
$9,871,496
6,298,502
Net income
— — -----
Earned surplus at May
Operating revenue
$2,271,510
Oper. exps., maint. & tax
1,468,362
Prov. for depreciation &
retirements
174,166
$2,400,050
1,508,742
159,282
694,454
598,850
$628,982
Dr2,636
$732,026
Dr3,928
$2,878,541
Dr5,471
$2,973,703
4,579
$626,346
$728,098
$2,873,070
$2,978,282
113,693
45,970
115,402
45,995
449,443
183,910
458,547
184,037
158,082
168,931
650,066
702,542
Total income
$308,600
66,561
$397,770
66,561
$1,589,650
266,244
$1,633,156
266,244
1, 1939—
Operating revenue
Other income
Operating income
Other income
Int.,
discount &
charges of sub.
Pref. divs. of sub.
$9,804,930
6,232,377
5% cumul. pref. stock
534 % cumul. pref. stock
—
----Dividends on common stock—
Loss on debentures redeemed
— —
Amortization of discount and expense on refunded obligationsDividends
on
Dividends
on
Earned surplus at
cos
cos
April 30, 1940
Company Earnings for the 12 Months Ended April
other
Net
income
Preferred
dividends
Balance to earned
sur.
$242,039
$331,209
Earns.per sh.of com.stk.
$0.46
$0.63
$1,323,406
$2.52
$1,366,912
$2.60
Includes profit and loss adjustments made Dec. 31, 1938.
Note—The electric property of Grays Harbor Ry. & Light Co. was sold
Jan. 15, 1940, and the electric property of Willapa Electric Co. was sold
Jan. 22, 1940.
a
A comparison of the "balance to earned surplus after preferred dividends"
from the other companies, after eliminating Grays Harbor Ry. & Light Co.
and
Willapa Electric Co. from both periods, is:
Period End. June 30—
Balance to
1940—3 Mos.—1939
1940—12 Mos.—1939
earned surp.
after pref. divs.
—V. 150, p. 3660.
Florida
Public
$254,706
$1,088,720
$2,626,800
5,667,131
$8,293,931
609,800
192,558
1,403,681
5,522
206,350
1 $5,876,019
30, 1940
302,040
$0,492,299
—746,045
Operating expenses
Maintenance
201,314
—
422,597
Taxes
General and administrative
Provision for doubtful accounts
Net income before interest and
Interest on bonds and
—>
255,560
—.
3,074
.
other charges
prior liens
other
Interest on debentures and
+-;
—
exchange..
Provision for depreciation
Amortization of discount and expense.
Provision for income taxes
Loss on
— -
$7,863,709
2,414,444
815,620
133,968
1,139,902
189,734
573,800
$2,596,241
Net income
—V.
$248,116
133,965
L200,000
$9,190,259
Int., disct. & other chgs.
of Fed. L. & Tr. Co..
$7,957,027
2,414,444
189,734
576,567
— —
Provision for income taxes
-V. 150, p. 3047.
435,351
275,555
3,301
815,517
•
on
Provision for depreciation
Amortization of discount and expense
$9,503,405
150, p. 4126.
$1,064,130
General Bottlers, Inc.—Extra Dividend—,
Service
Co.—To
Sell $2,750,000 Bonds
Privately—See Southeastern Investing Corp.—V. 151,
p.
245.
dividend of five cents per share in ad
regular dividend of 10 cents per share on the common stock,
15 to holders of record Aug. 1.—V. 149, p. 4029.—
Directors have declared an extra
dition to the
both payable Aug.
The Commercial & Financial Chronicle
700
General Box
Co.—Earnings—
6 Months Ended June 30—
Profit from opers. after providing for
1939
1940
pares
1938
crease
$130,688
59,907
Profit from operations
Income from interest, rent, &c
$106,249
1,649
$70,780
2,355
$21,829
1,888
$107,897
xl.220
$73,136
2,754
$23,717
3,537
$106,677
$70,382
$20,180
..
Interest and other charges.
.
x
Other charges only.—V. 150, p. 3825,
61,401
and trucks, as compared with 700,461 units in
34.5%
corporation, including production from all sources,
totaled 46,297 cars and trucks in the quarter ended June 30, 1940, or 35.4%
less than sales of 71,614 units in the second quarter of 1939.
For the first
six months of 1940, such sales amounted to 103,779 cars and trucks, a
decrease of 28.5% from sales of 145,222 units in the corresponding period
a year ago.
These figures exclude sales in Germany inasmuch as such data
not, available.
are
The competitive position of the corporation, as measured by its percentage
car and truck registrations in the United States, is the most
of total new
for total
meeting called to act on a recapitalization plan was
July 30 until Sept. 24.
K. G. Palmer said the adjournment was taken because
those seeking recapitalization still lacked 15,000 preferred shares for a twothirds majority necessary to approve the program.
He said the plan had
received support of two-thirds of the class A and common stocks.
Waldron Ward, counsel for a group of minority stockholders, who filed
a New
Jersey Chancery Court suit protesting the recapitalization plan,
vainly opposed the move to adjourn.
The minority group suit was filed May 22 and caused postponement of
a meeting scheduled the next day for voting on the plan.
Since then Chan¬
cery Court announced it would not rule on the protest until stockholders
have voted.—V. 151, p. 550.
on
President
D.
General Foods
Corp.—Acquisition—
Company's subsidiary, General Seafoods Corp. has purchased the assets
business of Gulf Fish & Shrimp|Co., Inc., of New Orleans, La., and
National Seafoods Co., Inc., of Galveston, Texas, J. Lawrence Alphen,
President and General Manager of General Seafoods, announced on July 31:
"These acquired companies," said Mr. Alphen, "will quick-freeze and
can
shrimp, besides handling the fresh product.
Headquarters of the
shrimp division of General Seafoods will be maintained in New Orleans;
the main plant will be at Golden Meadow, La.
Other plants will continue
at:
Galveston, Port Sabine, Freeport, Port Lavaca, Port O'Connor, and
Aransas Pass, Texas.
"The new shrimp division employs 500 workers. These shrimp companies
now operate 12 draggers and buy shrimp from more than 600 individual
and
shore fishermen.
The company will continue to buy from them."—V. 151,
550.
p.
General
Instrument
Burr & Co.
and John J.
Motors
Acceptance
1939
$
Cash
%
38,733.782
1940
38 ,781,582
Investments....
1,053,637
3,092,156
,252,053
804,501
Co. autos. & of¬
(less deprec.).
Prepd.
to
237,777,749 220,929,016
_
_
505,314
528,895
Dealers'
1,322,243
1,302,083
1,227,604
(long-
debt)
262,454
172,152
170,918
4,508,245
16,786,087
Long-term debt. 168,250,000
Conting.A other
101,250,000
res
reserves.
6,377,482
50,000,000
11,250,000
11,250,000
8,750,000
16,778,012
($100
8,750,000
Undivided profsTotal
16,149,967
540,004,361 448,478.743
-V. 151, p. 103.
General
Motors
Corp.—Semi-Annual Report—Alfred P.
The Business Trend—In the message accompanying the dividend check of
June 12 the observation was made, in
dealing with the general trend of
business, that the program of national defense was certain sooner or later
to have an important influence as affecting the volume of
production and
the general trend of our national economy.
In the meantime, the scope of
that program has been expanded, and
apparently is to be far broader than
was contemplated at the time of that
writing.
Consequently, its influence
will be correspondingly increased.
Currently, all the indices commonly
used to determine the trend of business have improved.
It might be said
that there are three possible reasons for their
upward course:—First, the
effect of orders placed from overseas for war purposes;
second, psychological
improvement anticipating what is expected to take place sooner or later;
third, the influence of orders placed for national defense.
It will be recalled
that, even before the defense program was announced, there was an indica¬
that the
downward
course
beginning of the
advance
was
Net
x
year,
of general
business, which had prevailed
had been arrested, with indications that
about to take place.
Undoubtedly
a
sufficient time has
elapsed since the placing of war orders from overseas to justify the belief
having an appreciable effect in adding to the volume of
E reduction, and limited upthe area present, nevertheless in has indirect way
been rather although
been placed
to the in which such business
as
an
general improvement in the economy as a whole.
On the
other hand, it is not reasonable to assume that
any important direct stimu¬
a
lation has resulted
as yet from orders
placed for defense purposes.
As a
of fact, the influence of such business cannot be
appreciable for
months to come, although there is evidence that
some of the
matter
some
improve¬
ment which has occurred is the result of forward
buying in anticipation of
the effects of the defense program.
Giving weight to all the facts and cir¬
cumstances existing today, so far as the immediate
forward viewpoint is
concerned, it is likely that production will continue at a
relatively high
level, at least for some months to come—the uncertain factor, which
might
involve a setback but limited as to time and
scope, being a possible early
termination of the wart.
So far
as
aside from
the general trend of the corporation's own activities is
concerned,
a decline in the
early part of May and undoubtedly resulting
from the shock of events then
have shown a rising trend on
happening abroad, sales
of
cars
and trucks
seasonally adjusted basis.
As a result,
retail sales in the second quarter as a whole
registered a sizable gain over
last year, the latter part of the quarter in
particular reflecting a substantial
advance.
These observations apply to the
corporation's domestic sales.
a
As to sales to overseas markets from the
corporation's American
sources
of
production, conditions have not changed importantly
during the second
the trend following closely that of the first quarter which
registered
a substantial decline from the
corresponding period of a year ago
Produc¬
tion from English sources, influenced by the demand for
trucks for military
purposes, is substantially equivalent to that of a
year ago.
Product on
figures from German sources are not available.
quarter
Sales in Units and Value—Total sales to
dealers, including overseas ship¬
ments from the United States and Canadian
plants but excluding produc¬
tion by overseas
manufacturing subsidiaries, amounted to 549,605 cars and
trucks during the second quarter of 1940.
This compares with sales of
410,149 units for the corresponding quarter a year
ago—an increase of
34%.
Total sales in the first six months of 1940,
excluding production by
overseas manufacturing
subsidiaries, amounted to 1,098,787 cars and trucks,
compared with 841,206 in the first six months of 1939—a
gain of 30.6%.
Sales by the corporation to dealers within the United
States for the quarter
ended June 30, 1940 amounted to
506,585 cars and trucks, as compared
with 363,191 units for the second
quarter of 1939—an increase of 39.5%.
Sales to dealers in the United States
during the first six months of 1940
amounted
to
1,013,034
cars
and
trucks.
This
compares
with
sales
of
738,788 units in the corresponding period a year ago—an increase of 37.1
%.
Retail sales by dealers to consumers within the
United States for the
1,098,787
841,206
386,283
941,821
700,461
506,585
363,191
1,013,034
738,788
sales
S
sales,
value....$461809,533 $371532,580 $919960,089 $739400,883
Profit from oper. & in¬
come from invest. (incl.
divs.
rec.
from
subs.
consolidated)
87,564,610
62,733,024
175,391.638
129,561,383
Prov. for special conting¬
15,000,000
ency reserve
Prov.
15,000,000
for possible losses
under employee bene¬
fit plans
1,089,446
592,537
2,141,932
1,239,075
$71,475,164 $62,140,487 $158249,706 $128322,308
General Motors Corp.'s
equity in earns, (net)
of subs, not consol.,
less divs. received
Dr574,844
829,157
3,351,934
5.299.061
Net profit from oper.
and investments
$70,900,320 $62,969,644 $161601,640 $133621,369
Less provision for:
Int. on employees sav¬
ings fund less invest,
fund
reversions
acct.
of
savings
on
employees
withdrawn
before class maturi¬
ties
55,475
2,665,000
Employees bonus
Amounts
provided
bonus
payments
income
and
81,487
2,434,000
109,502
7,910,000
163,996
6,251,000
19,300
47,000
66,900
127,500
12,564,000
39,895,000
26,029,000
for
to
employees of certain
foreign subs
Prov. for U. S, & foreign
that they now are
there results
Motors
410,149
522,513
Remainder.
Jr., Chairman, states:
since the
549,605
to dealers—U.
not
Paid-in surplusEarned surplus.
540,004,361 448,478,743
5,934,177
50,000,000
stk.
shipments
repos¬
par)
Sloan
seas
4,491,953
19,204,280
Cap.
sales
Retail sales by dealers
to consumers—U. S.
General
taxes accrued.
session loss
Other defd.chgs-
Total
9,685,172
2,315,971
Fed. inc. & other
disct.
194Q—6 Mos.—1939
& Canada, incl .over¬
14,193,063
_
1940—3 Mos.—1939
to dealers in the U.S.
Corp.
& affil. cos
Motors
General
General
Motors
725,916
discount
exp.
term
Due
777,787
(notes pay.)..
Unamort.
Period End. June 30—
Sales of cars and trucks—
units:
Other accts. payInterest accrued-
fice equipment
$
Notes and loans
payable
495,670,767 405 ,951,189
(net)
Accts. receivable
1939
%
Liabilities—
Notes & bills rec.
tion
can escape.
Superimposed upon billions of dollars of deficits incurred
during the past few years, this additional expense to the Nation will neces¬
in additional deficits.
Many will be lulled into a sense of
security by the stimulation of business resulting from these expenditures.
They will think good times have arrived in fact, but when the inevitable
accounting is made, unfortunately the picture will look quite different.
sitate billions
Consolidated Income Account for 3 and 6 Months Ended June 30
1940
an
Employment—The improved level of operations during the second quarter
reflected in
corporation's employment figures.
During the second quarter of 1940
there was on the corporation's payrolls an average of 245,338 employees.
This compares with 221,584 for the second quarter of 1939—an increase of
10.7%. For the first six months of 1940 the average number of employees
was
246,317, as compared with 228,482 in the corresponding period a
year ago—an increase of 7.8%.
The average number of hours worked per week by all General Motors
hourly workers in the United States during the second quarter of 1940 was
38.2.
This compares with 31.6 hours for the same quarter a year ago—an
increase of 20.9%.
For the firxt six months of the current year, average
hours worked per week were 37.8, compared with 32.4 in the first six months
of 1939—an increase of 16.7%.
The increased number of hours of employ¬
ment resulted in increased weekly earnings inasmuch as the average hourly
earned rate was about the same in the two periods.
Payrolls during the quarter totaled $122,995,327.
This compares with
$90,737,460 in the quarter ended June 30, 1939.
For the first six months
of 1940, total payrolls amounted to $237,573,889, as compared with $188,527,028 in the first six months of 1939—a gain of 26 %.
Both payroll figures
for 1940 include a provision of $6,200,000 on account of an allowance for a
vacation with pay to hourly-rated workers.
All hourly-rated employees in the United States having one or more years
service have been granted one week's vacation with pay, or in lieu of vaca¬
tions, an allowance equal to 40 hours pay payable between July 1 and Dec. 1,
1940.. Substantially similar benefits have been extended to hourly-rated
employees in Canada.
The National Defense Program
and first six months of 1940, in comparison with a year ago, is
the
Sheet June 30—
A nsets—
&
■Consolidated Bal-
Corp.-
comparable period, both for passenger cars
and trucks attaining about 46% for
few
group
General
ance
a
trucks—cars
All are concerned with the problem of national defense.
Likewise, all are
involved in the huge cost necessitated by a program of this magnitude—
Corp.— Underwriters —
Bergen & Co., Ltd., are expected to head an
which plans to offer within two weeks, 98,000 common
shares of the corporation.—V. 151. p. 550.
underwriting
and
cars
the 1940 model year to date.
The stockholders'
adjourned
.
Overseas sales of the
favorable ever established for
288.
Corp.—Meeting Adjourned—
com
cars
the first six months of 1939—a gain of
and
General Cable
This
with 386,283 units in the corresponding quarter a year ago—an in¬
of 35.3%.
Retail deliveries during the first six months of 1940
amounted to 941,821
$164,495
58,246
$83,230
Depreciation
norma! tax
Aug. 3, 1940
second quarter of 1940 amounted to 522,513 cars and trucks.
excess
profits taxes
21,592,000
Net inc. for the period$46,568,545
General Motors Corp.'s
$47,843,157 $113620,238 $101049,873
proportion of net inc. 46,546,999
on pref. cap. stock
$5 series (less divs. ap-
47,814,603
113,575.460 100.992,531
Divs.
glicable to stock held
treasury)
l
Amt.
earned
on
2,294,555
2,294,555
4,589,110
4,589,110
com¬
mon capital stock..$44,252,444 $45,520,048 $108986,350 $96,403,421
Avge. number of shares
of com. cap. stock
43,165,395
42,942,832
43,165,402
42,942,834
Amount earned per share
of com. capital stock.
$1.02
$1.06
$2.52
$2.24
x After all
expenses incident thereto and after providing $11,190,754 and
$22,222,038 for the second quarter and the six months ended June 30,
1940, and $11,497,851 and $23,286,979 for the second quarter and the six
months ended June 30, 1939, respectively, for depreciation of real estate,
plants, and equipment.
Note—The above earnings do not include such portion of the earnings of
foreign subsidiaries as could not be remitted because of foreign exchange
restrictions.
Summary of Consolidated Surplus
Period End. June 30— 1940—3 Mos.—1939
1940—6 Mos.—1939
Earned surplus at begin¬
ning of period
$478,804,665 $442088,639 $446442,576 $423415,108
General Motors Corp.'s
47,814,603
proportion of net inc. 46,546,999
113,575,460 100.992,531
Earned surplus
before
dividends
...$525,351,664 $489903,242 $560018,036 $524407.639
Preferred dividends (net)
2,294,555
2,294,555
4,589,110
4,589,110
Common divs. (net)
43,164,376
32,213,414
75.536,193
64,423,256
.
1,
-
—
Earned surplus at end
of period.
$479,892,733 $455395.273 $479892,733 $455395,273
Note—Earned surplus includes $29,214,086 at June 30, 1940 and $28,893,356 at June 30, 1939 for net earned surplus of subsidiaries not consoli¬
dated; also $1,665,042 at June 30, 1940 and $1,729,560 at June 30, 1939 for
net earned
surplus of companies in which a substantial but not
50% interest is held.
more
than
Volume
The Commercial & Financial Chronicle
151
Consolidated Balance Sheet
Assets—
June 30, *40
Cash
Dec. 31, '39
8315.541,118
United States
ties
June 30,
8154,919,034
*39
$245,025,972
Govt, securi¬
148,092,438
115,969,136
3,000,533
1,100,266
8,806,900
1,723,981
79,764,422
183,732,422
247,020,734
___
132,002,116
900,178
(short-term)
10,625,184
1,501,493
81,654,875
233,764,789
246,434,121
15,419,632
769,417,418
9,590,133
1,371,437
56,464,174
153,231,544
245,848,938
Other marketable securities
(short-term)
Sight drafts and
_
C.
O.
D.
items.
Notes receivable
x Acc'ts rec. & trade
accept.
Inventories
Invest, and miscell. assets__
Capital stock in treasury,
Real estate, plants & equip,
Prepaid expenses and de¬
ferred charges
Goodwill, patents, &c
y7,835,725
777,491,396
__
Total
14,777,575
755,940,144
7,795,746
50,322,686
7,878,316
50.322,686
6,895,020
50,322,686
$1,828,127,020 $1,706,940,197 $1,657,437,751
June 30, *40
Dec. 31, '39
June 30, *39
$47,639,938
$79,226,059
*63,103,597
Liabilities—
Accounts
payable.
Taxes, payrolls, warranties
and sundry accr. items
Special deposits on uncom¬
70,678.396
24,214,039
300,000
64.432,896
pleted sales contracts
States & foreign in¬
come & excess profits taxes
Employees
savings
funds,
payable within one year__
Divs. pay. on pref. cap. stk.
Employees
savings
funds,
payable subsequent to one
39,712,566
46,464.601
46.939.329
United
41,814,997
3,667,422
1,529,703
8,070,649
2.294,555
4,808,094
bonus (at Dec.
31, 1939, based upon cost
of stock distrib. as bonus)
7,910,000
18,401,203
375,709,507
1,238,821
383,557,809
2,578,656
3,057,9*5
37,167,843
187,536,600
435,000,000
Contingencies & miscell
z$5 series pref. stock
Common stock ($10 par)
Minor, int. in preference stk.
of subsidiary company
1,888,613
Earned surplus
479,892,733
__
6,251,000
18,760,865
7,557,491
18,857,431
400,025,764
4,663,300
3,057,953
60,219,277
187,536,600
435,000,000
Deferred income
x
Profit
Net loss on for'n exch_
Miscellaneous income.
3,031,099
33,887,167
187,536,600
435,000,000
L888.613
1,888,613
446,442,576
455,395,273
$1,828,127,020 $1,706,940,197 $1,657,437,751
After reserve,
y
334,607 shares common and 39,722 shares $5 series
z Represented by 1,875,366 no par shares stated
preferred stock,
par
151,
p.
550.
-Earnings-
1939
-
1938
$701,311
598,478
$443,586
600,058
$1,128,943
585,111
$529,954
11,419
$102,833
5,785
x$156,472
6,216
$543,833
12,830
$541,372
468,414
$108,618
468,414
154,994
x$150,256
468,414
$556,663
468,414
$72,958
x$514,790
x$618,670
$88,249
Profit
Bond int. and amort—
on
sale real est., &c.
Net profitx
Loss.—V. 150, p. 3202.
Georgia & Florida RR.—Earnings-—
[Including Statesboro Northern Ry.l
Period End. June 30—
Railway oper. revenue._
Railway oper. expensesNet
rev.
1940—Month—1939
1940—6 Mos.—1939
$*9,112
84,150
$89,068
84,173
$535,067
534,221
$503,583
504,601
$4,962
8,126
$*,895
8,039
$847
49.395
loss$l,018
$3,164
$48,548
10,532
11,538
$49,053
11,649
11,790
$70,619
$72,492
5.552
from ry. oper.
Railway tax accruals
Joint facil. rents (net)_.
103
1,917
$3,144
2,405
1,938
Net ry. oper. loss
Non-operating income..
$5,185
1,375
$7,487
1,030
$3,810
$6,457
348
377
Railway oper. loss
Equip. rents (net)
-
$4,462,293
$537,559
$5,089,779
52,688 prof212,500 prof519,616
685,157
321,402
368,589
-
_
$5,094,762
$1,071,461
71,645.662
1,83J,178
$5,977,985
084,693
Crl,604
1,259,331
107,000
1,268,893
700,000
500,000
t,121,767 loss$210,176
951,931
450,000
Profit.
49,497,570
1,878,857
DrS,396
payable, &c_
Prov. for Fed. inc. tax__
Prov. for contingencies.
$3,510,696
1,172,995
800,000
$1,362,775
applic. to subs,
cap. stk. now owned.
Dr84
-
Profit for the 6 mos___
Preferred dividends
Common dividends
$1,362,692
1,030,078
Earns, per sh. on com.stk.
$0.26
-
961
625
2
$3,122,728 loss$2C9,551 a$3,510,698
1,545,116
515,039
1,030,078
651,626
$1.61
Nil
/
$1.90
No provision has been made for the undistributed profits tax for 1937
1936.
b Discounts, transportation
Note under balance sheet.
or
1940
and
excise
tax
—
1939
$
$
Assess—
Real
estate
&
Plants--
47,720,544
48,442,263
3,518,048
3,997,893
Inv. in and adv.
to other
Invests.
cos_
In
current
with
_
deducted,
x
See
held
trustee
Accts.
1,734,541
37,215,703
$
2,392,609
7,944,180
18,319,200
6,657,939
24,515,000
25,295,000
97,431
1,249
126,438
9,242
3,143,941
1,449,656
3,008,910
1,852.237
100,033
6,118,057
payable-
4J£% 1st mtge,
bonds
38,139,857
Bond, lndebt. of
by
under
subsidiaries..
indenture sec'g
1st mtge. bds.
MIn.Int. insubsc
4tf% series._
13,697
_
Cash in hands of
Sundry
accr'd
liabilities
Reserves
agt. for retire,
of
1939
44,025,838
24,721,860
and
gold debs
certain
European subs
loans
bills payable. 17,556,717
15-yr. 6% conv.
accts.
Inventory
Funds
1940
Mobilities—
$
b Common stock 44,025,838
d Pref. stock— 24,721,860
Bank
and
Def'd credits
15-yr. 6%
debs
Surplus..
conv. g.
accts. receiv..
592,395
Loss
$2,411,965
28,604
389,740
_
__
59,810,420
1,846,886
7,621,342
600,000
26,404,759
26,876,215
823,329
10,732,344
745,781
11,008,300
2,803,358
Other notes and
1937
6 Mos. End. June 30—
Profit from operations __ $1,122,349
Profit
1937
Trade notes and
Corp.
1940
Other income.
_
_
of co.'s bonds acquired
Int. on bonds, debs., bills
accts.receiv-.
General Steel Castings
Depreciation
_
Total profit
$2,773,102
Diff. bet .cost & face val.
a
Taxes, warranties & miscell.
Reserves—Deprec. of real
estate, plants and equip.
Employee benefit plans
value $100 per share.—V.
1938
63,288,800
1,801,260
expenses
Net loss
1939
admin.
Provision for deprec'n
4,374,180
year
Total
xl940
$67,502,026 $66,119,599 $51,913,986 $78,566,619
gen.
Consolidated Balance Sheet June 30
Employees
no
-6 Mos. End. June 30—
b Net sales..
Mfg. sell. &
a
2,294,555
701
(B. F.) Goodrich Co. (& Subs.)—Earnings—
6,823
48,035
Cash
Prepd. accts.,Ac
Total
2,927,947
-.131,077,214 132,627,3621
Total
-.131,077,214 132,627,362
a Real
estate, building, machinery and equipment after deducting
depreciation and soeeial reserves of $46,019,657 in 1940 and $46,653,848
in 1939.
b 1,3^3,255 no par shares,
c Including provision for Federal
taxes,
d Represented by 412,031 shares of no par value.
Note—Certain subsidiaries are located in belligerent European countries,
the principal one in France.
No final audited accounts of such principal
subsidiary, whose plant is located in territory now under military occupa¬
tion, have been received for the year ended Dec. 31, 1939, during which
period it is understood a small profit was made; and no accounts have been
received for the six months period ended June 30, 1940.
Owing to war
conditions, their assets and liabilities have been excluded from consolida¬
tion in the above balance sheet.
Instead, their securities are included at
the values shown by their books at Dec. 31, 1938.
Net current assets
of these subsidiaries and the parent company's
equity In such subsidiaries
at Dec. 31. 1939, amounted to approx. $950,000 and $1,544,000, respect¬
ively, of which net current assets of approx. $925,000 and parent com¬
pany's equity of $1,527,000 were in such principal subsidiary.
The B. F,
Goodrich Co. is contingently liable under guaranties of bank obligations
of such principal subsidiary, payable within one year from date of in¬
currence; which at April 30, 1940, the latest date as of which information
is available, amounted to 60,701,000 French francs, and £68,099.
In
the absence of adequate information, no reserve or charge against surplus
has been established in connection with such European subsidiaries.
Ac¬
cording to cable Information received early in July from Its Managing
Director, the plant of the principal subsidiary was then substantially
intact.
Loss
Other
deductions
$63,795
...
1,9$
i
$66,940
1,967
Joins Forces with
Phillips Petroleum to Make Synthetic Rubber
To increase the
Deficit before interest-
$4,157
$6,834
Week End. July 211940
1939
Oper. revenues (est.)
—V. 151, p. 551.
$16,650
$16,300
$65,783
$68,908
Jan. 1 to July 21
1940
$589,517
1939
$555,984
production of synthetic rubber so that additional com¬
can be made promptly available for use in national
defense and tnroughout industry, David M. Goodrich, chairman of the
board of the B. F. Goodrich Co. and Frank PnilHps, chairman of the board
of Phillips Petroleum Co., on July 31 announced the formation of Hydro¬
mercial
carbon Chemical & Rubber Co.
"This
Georgia Home Insurance Co. (Columbus, Ga.)—Extra
Dividend—
The directors
have declared
an
extra dividend of 15 cents per share in
addition to the regular semi-annual dividend of 50 cents per share on the
capital stock, par $10, both payable Aug. 1. to holders of record July 22.
Like amounts were paid on Feb. 1', last, and extras of 10 cents were paid
on Aug. 1, and on Feb. 1, 1939, Aug. 1, and Feb. 1, 1938, Aug. 2 and on
Feb. 1, 1937, and on Aug. 1, 1936.—V. 150, p. 690.
1940
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway—
Net from railway
Net ry. oper. income
—V. 150, p.
1939
1938
1937
$309,789
58,461
50,540
$289,259
43,949
44,218
$277,749
31,220
$207,100
31,953
104,914
1,893,281
319,193
266,936
1,744,809
268,327
250,225
1,659,138
187,704
161,465
1,910,656
388,644
415,975
36,476
4127.
Gillham Mining
Co., Inc., De Queen, Ark.—Judgment
Against Promoters—
The Securities and Exchange Commission
final judgment enjoining the company
July 26 reported the entry of
a
and George J. Werner, President,
violating the registration provisions of the Securities Act of 1933, in
connection with the sale of securities of the company.
The judgment was
entered by Judge Heartsill Ragon of the U.S. District Court at Fort Smith,
Ark., and consented to by the defendants.
The Commission's complaint charged that the defendants, since March
15, 1938, have been selling Prior Associates Memorandum Certificates and
capital stock of the company without effective registration under the Se¬
from
curities Act.
Grand Union Co.—Dividend—
regular meeting of the board of directors held on July 26, a distribu¬
on each $5.45 principal amount of the outstanding dividend
certificates was declared.
This distribution is payable on Sept. 7,
1940, upon presentation of distribution coupon No. 3 at the office of the
At
arrearage
were
paid
233 Broadway, New York, N. Y.
Dividends of like amounts
June 8 and March 8 last.—V. 151, p. 104.
on
Graybar Electric Co.—Government Contract—
Company has been awarded a contract to supply radio sets and related
equipment for the Signal Corps of the Army for a total contract price of
$2,004,930, the War Department announced on July 30.—V. 150, p. 2578.
concrete
evidence of the
willingness and ability of American
strengthening the Nation's defense position with respect to vital rubber
supplies, two major companies, each possessing a broad background of
experience in research, production and use of hydrocarbon products.
The
close coordination between these two companies accomplished by the
formation of Hydrocarbon Chemical & Rubber Co. will hasten the day
when, if necessary, every American tire as well as the thousands of other
rubber products can be made wholly with American rubber," the statement
.
•
"Phillips Petroleum Co. has a strong patent position in the processing of
petroleum hydrocarbon and possesses immediate supplies and vast reserves
of the raw materials used in the manufacture of synthetic rubber," it was
pointed out.
The Goodrich company announced several weeks ago, on
June 5th, the commercial production of the Nation's first automobile tires
made from synthetic rubber , after an Intensive 14-year independent develop¬
ment program in its rubber researcn laboratories, which are the oldest in
the country.
"In the formation
of the new Hydrocarbon Chemical & Rubber Co.
Goodrich and Phillips are combining their facilities for the manufacture of
synthetic rubber.
These are being rapidly expanded so that samples of
materials and detailed technical information relating to military and indus¬
trial uses of the new substances may be put in the hands of prospective
users," the statement said.
Present production is being substantially
increased.
The new company's principal offices will be located in Akron,
Ohio.
The directors of Hydrocarbon Chemical & Rubber Co. representing
Phillips Petroleum Co., are Frank Phillips, Chairman; K. S. Adams, Presi¬
dent and G. G. Oberfell, Vice-President in charge of research.
Represent¬
ing the B. F. Goodrich Co. are David M. Goodrich, Cnairman; John L.
Cohyer, President and T. G. Granam, Vice-President in charge of produo
tion, it was announced.
In charge of sales for the new concern will be Ross W. Thomas, who is
General Manager of the Phhgas division of Phillips and was described as
"the man primarily responsible for the spectacular growth of this division,
now the largest marketer of liquefied petroleum gas,"
a
tion of $1
company,
is
industries to voluntarily pool their knowledge and resources for the benefit
of the Nation's defense program," the statement said.
"The new organization brings together, for the purpose of immediately
said.
Georgia RR.—EarningsJune—
quantities
Builds Koroseal Plant—
Construction of a new $200,000 plant at Niagara Faus, N. Y., has been
started by this company for the manufacture of Koroseal, it was announced
on July 26.
Production of the synthetic rubber-like material is expected to
begin at the new plant in the early Fall.
Increased commitments for the
product have made necessary the expansion of facilities for its manufacture,
an
executive of the company
explained.
first synthetic division of the
The new unit, which is the
company to be
built at Niagara Falls because
proximity of coke, limestone and salt, raw materials needed in the
facture of Koroseal.—V. 151, p. 551.
located outside of Akron is being
of the
manu¬
Thi Commercial & Financial Chronicle
702
Granite
Costs,
1940
1939
1938
1937
$4,909,904
$4,169,083
$2,915,138
$7,594,022
4,796,390
4,065,270
„
depre-
expenses,
Other income
Total income..
charges
7.217,200
$103,813 loss$244.247
13,426
9,456
$376,821
11,948
$131,600
77,973
Operating income
3,159,385
$113,515
18,085
elation, &c
Interest
Hamilton Mfg. Co.—Earnings—
City Steel Co.-—Earnings—
6 Mos. End. June 30—
Sales billed
Aug. 3, 1940
$117,241 loss$234,791
76,262
32,969
$388,769
16,191
3,974
49.083
$35,046 loss$271,734
$323,495
June 15 '40 June 17, '39 June 18, *38 June 19, '37
dis¬
and
$945,936
$1,094,294
$1,501,243
$1,758,557
748,635
802,773
1.053,064
1,224,943
and adminis.
6 Mos. Ended—
Gross
sales
(less
counts,
returns
allowances)--.
Cost of sales
Sell., gen.
289,697
profit from opers.
236,585
262,271
$26,458
y$39,284
$185,908
12,726
9,500
$257,744
$39,184
y$29,784
28,441
29,236
30,703
64,000
2,780
$165,303
33,435
income
Other
265,062
$243,917
13,827
expenses
Net
$7,168
Special charges, includ'g
y5.933
y3,236
Federal taxes
Net profit
$50,390
x
Provision for Federal tax on undistributed
y
profits unnecessary,
Special charges only.—V. 150, p. 2882.
Great Lakes Engineering
Works—Dividend
—
share on the common
Directors have declared a dividend of 40 cents per
Total income
$1.40
paid on Dec. 23, 1937.—V. 149, p. 417o.
was
Great Northern
count and expense
Extraordinary charge—
Loss aris'g upon settle¬
ment of long-term note
receivable
Prov. for Fed. & State in¬
$8,906,215
3,389,700
$8,330,992
3,033,228
$5,963,838
1,994,196
2,332,994
Gross from railway.,...
Net ry.
2,158,394
1,176,719
oper.^income
41,395,472
12,047,484
3,735,485
Net ry. oper. income
—V. 150, p. 4127.
Green Bay
$9,120,317
3,716,773
3,805,357
41,207,930
11,925,046
8,740,351
'
& Mississippi Canal Co.—Bonds Called—
of $8,5,000
total
A
29,947,089
5,233,480
308,932
36,969,356
8,728,455
6,649,709
Gross from railway
Net from railway
& ref.
1st
1953 has been
4bonds due
mtge.
1 at 1023^.—V, 126, p. 879.
called for redemption on Sept.
Bay & Western RR.- -Earnings—
Green
1940
$129,563
16,226
def3,498
1938
$128,780
36,919
15,214
1939
Gross from railway
Net from railway
$131,132
35,817
11,592
June—
Net ry. oper.
income
Includes $4,600 for surtax,
1937
$147,974
38,207
19,556
y
x32,000
y$60,488
$107,754
63,059
Loss.
Balance Sheet June 15, 1940
1937
1938
1939
1940
Net from railway
Net income
Dividends paid
x
28,677
29,946
come taxes
Ry.—Earnings—
june—
$198,377
Int. on bonded indebt.
& amort, of bond dis¬
stock, par $10, payable Aug. 1 to holders of record July 12.
Previously
regular quarterly dividends of 15 cents per share were distributed.
In
addition extra dividends of 20 cents was paid on Dec. 22, 1939 and extra
of
12,469
.
Assets—Cash on hand and demand deposits, $65,217; notes and accounts
receivable, net of $12,500 reserve, $709,159; inventories, $1,262,973; cash
surrender value of life insurance on officers, $24,464; investments, $46,750;
sundry notes and accounts receivable, $155,097; fixed assets (less reserve
for depreciation of $1,352,511), $1,598,951; deferred charges,
$57,444;
total, $.3,920,056.
Liabilities—Notes payable, $250,000; accounts payable, $143,803; ac¬
crued wages, taxes, Interest, and expenses, $136,067; dividends payable,
$16,/18; first mortgage sinking fund payment payable Sept. 1, 1940 (less
bonds held in treasury and Sept. 1, 1939 retirements which are applicable
$39,000), $11,000; Federal income tax payable in 1940, $17,026;
long-term notes payable, due 1941-1942, $45,00u; reserves, $97,726; bonded
indebtedness, $1,141,500; first preferred stock, 7% cumulative (par $100),
$83,800; class A preferential participating stock (par $10), $610,040; com¬
mon stock (par $10), $721,750; capital surplus, $425,533; earned surplus,
$220,094; total, $3,920,056.—V. 149, p. 1026.
thereto,
Hancock Oil Co. of Calif.—Extra Dividend—
Directors have declared
an extra
dividend of 25 cents per share in addition
to the
Net from railway
Net ry. oper.
816,544
242,662
112,297
819,679
208,265
97,637
Gross from railway
income
842,899
205,855
110,096
162,775
defo7,277
regular quarterly dividend of 50 cents per share on the class A and
class B stocks, all payable Sept. 1 to holders of record Aug. 16.
Extras
of 75 cents were paid in preceding quarters.—V. 150, p. 2882.
—V. 150, p. 4127.
Hawaiian
Pineapple Co.—Extra Dividend—
Directors have declarta
Gulf Public Service
Co.—Earnings—
12 Months Ended June 30—
1939
1940_
Gross operating revenues
Operating expenses...
an extra dividend of 50 cents per share on the
stock, par $5. payable Aug. 30 to holders of record Aug. 20.
This
distribution w hich will bring dividend declarations for year to date to $1.25
common
$1,82,.>,630
878,050
Provision for retirements
74,055
178,011
Taxes (other
193,957
Maintenance-
than Federal income)
$1,691,943
834,492
72,637
150,658
179,950
share is less Philippine Territorial Unemployment Relief Tax of 0.6
ofl%.
V. 149, p. 1763
per
Hazel-Atlas Glass Co. (&
$501,557
16,871
Gross
Interest
1st mortgage 6% bonds..
Interest
on
on
9,575
unfunded debt
—...
27,949
Amortization charges.
-
Provision for depreciation
July 1. '39 June 29, '40
$8,145,274 $27,550,359 $30,424,145
6,163,130
21,234,751
23,061,083
191,312
750,448
763,477
Gross manufacturing profit
Selling, general & admin. expense
$1,790,831
739,019
$5,565,160
$1,051,813
$3,010,191
70,705
$3,780,475
$3,080,896
165,250
46,891
17,927
$3,805,129
55,230
35,135
7,213
695,685
Net sales, royalties & other oper. rev.
x Cost of goods sold
Other income.
Net income.
Balance Sheet June 30,
and investments, $7,925,249; miscellaneous investments;
$88,788; accounts receivable, $241,995; inventories, $156,306,
merchandise accounts receivable sold (contra), $15,869; special deposits,
$514; prepaid accounts, $22,833; unamortized debt discount and expense,
$22,765; other deferred charges, $4,257; total, $8,478,997.
Assets—Plant
Liabilities—Funded
debt,
$7,279,200;
common
stock,
$3,000;
secured
payable (non-current), $8,620; accounts
payable, $131,477; secured equipment purchase contracts payable, $33,026;
ice coupons outstanding, $3,293; accrued interest on funded debt, $31,788;
purchase
contracts
other accrued interest, $32,678; accrued taxes, &c., $103,135; merchandise
receivable sold
accounts
(contra), $15,869; consumers' and line extension
deposits, $113,245; accounts payable (parent company), $1,301,784; re¬
serves, $841,323; contributions for extensions. $25,202; deficit, $1,444,643;
total, $8,478,997.—V. 151, p. 552.
Gulf & Ship
1940
Gross from railway
From Jan.
$88,428
def224
1938
1937
$87,967
def9,306
def35,674
$133,630
29.265
19,347
645,906
41,987
defl22,615
830,804
172,970
$91,806
def34
def21,483
1—
Gross from railway
Net from railway
610,463
46,965
Net ry. oper. income...
—V. 150, p. 4127.
600,809
def101,906
defl04,737
Gulf States Utilities
44,823
a
23,673
1940
1939
$10,729,467 $10,403,703
—
Balance for interest
4,204,130
2,819,529
Balance for dividends and surplus..
3,595,380
2,211,185
After
depreciation and including non-operating income (net).
Note
for comparative purposes only; includas operations for the entire period of
Baton Rouge Electric Co. (except bus) and Louisiana Steam Generating
Corp. properties acquired Aug. 25, 1938.—V. 151, p. 245.
a
Guysborough Mines, Ltd.- -Earnings—
3 Months Ended June 30—
Tons of
ore
milled
1940
9.305
Net income for metals produced
Development and operating costs
operating profit.
Non-operating revenue
1939
$82,380
54.544
1938
10,509
$56,708
47,399
Provision for taxes
Estimated total profit
$27,836
272
1,950
$26,159
7,987
$58,825
48,469
$9,308
$10,356
285
Net
Dividends
Capital shares outstanding
Earnings per share
$10,535
Note—Due
Jan. 1, 1940,
a
1,061
$520,139
_
Balance.
Available
49,500
83 294
86|060
12,254
30,770
$258,201
interest on 1st mortgage junior lien
4% sinking fund
(annual requirement—$85,700), depletion, depreciation,
abandoned leases and Federal income taxes.—Y. 150, p. 1279.
a
bonds, series
for
B
to
the
recent
increases in
Federal
tax
rates,
retroactive to
additional $66,800 was withheld from this quarter's earnings
provision for estimated Federal tax liability on the balance
sheet.—V. 150, p. 3049.
an
Co., Inc.—New Vice-President—
Tne resignation of G. G. Rheuby, Vice-President and
director, from the
Executive Committee, was announced on July 31 by C. A. Higgins, Presi¬
dent, following the regular monthly meeting of the Board of Directors.
A. B. Nixon, director and formerly General Manager of the
company's
Naval Stores Department, was elected a Vice-President and a member of
the Executive Committee, filling the committee position vacated
by Judge
Rheuby. A. E. Forster, Assistant General Manager, Naval Stores Depart¬
ment, was appointed General Manager, succeeding Mr. Nixon.—V. 151,
page 552.
Company's plant and office building located at Camden, N. J., was com¬
pletely destroyed on July 30 by a fire that started with a series of explosions.
Company officials estimated that the value of the destroyed plant was
$600,000 and that materials worth $100,000 more had been consumed by
the flames.
It was believed that the damage to the scores of nearby homes
would amount to more than $1,000,000.—V. 142,
p. 3854.
Holly Development Co.—Earnings—
6 Mos. End. June 30—
Net profit after deduct¬
ing depreciation, de¬
pletion and income tax
Dividends paid
1940
1939
1938
1937
$86,782
18,000
$81,536
18,000
$31,655
18,000
$2,594
Balance
$20,594
18,000
$68,782
$63,536
$13,655
$0.02
$0.10
$0.09
Earns, persh. on 900,000
of
capital stock
outstanding ($1 par)_„
$0.94
Balance Sheet June 30
1940
leases,
1939
wells,
equipment,
Liabilities—
1940
Capital stock
&c_$l, 390,898 $1,432,279
Investments & ad¬
Accounts
payable
$900,000
272,682
304,459
1,719
19,333
365,157
26,582
361,361
secur.
12,500
12,500
Prepaid insurance-
1,778
$2,141,594
15,953
12,422
2,374
52,064.067
$900,000
4,772
8.266
-
Taxes accrued
vances at cost._
1939
Cash
Marketable
2,039
Reserve for divs.
-
Res. Fed. inc. tax.
9,000
9,000
8,040
27,927
821,976
828,733
312,014
347,559
Reserve for
and
deprec.
depletion.
Surplus
_
$519,078
•
Taxes (other than Federal income)
434,409
and added to
Inventory
'
Royalties and rentals
Other operating expense
$3,011,866
2,172,045
$5.41
$6.93
Including materials, maintenance and repairs, labor, royalties, taxes
and other operating costs.
/
A ccts. receivable.-
Consolidated Earnings for the 12 Months Ended June 30, 1940
[Includes Harshbarger Gas Co. from Jan. 1, 1940 to June 30, 19403
Maintenance
$2,352,321
2,172,045
434,409
24,654
x
Oil
$8,893
Corp. (& Subs.)—Earnings—
Purchased gas
498.508
$803,429
543,011
434,409
$1.85
-
Assets—
Operating revenues
Nonoperating income (net)
.
profit
179
700
Note—In the above figures no allowance has been made for depreciation.
—V. 150, p. 2882.
Hamilton Gas
1,012
243.425
Prov. for Feu. income taxes (est.)
shs.
Estimated
799
10,308
$6,599,585
2,819,111
(R. M.) Hollingshead Co.—Paint Factory Destroyed—
Co.—Earnings—
12 Months Ended June 30—
Operating revenues
Prov. for doubtful acc'ts and conting.
Hercules Powder
1939
def26,051
Net from railway
Net ry. oper. income
7,161
Loss on property retired
Miscellaneous deductions
Island RR.—Earnings—
June—
2,55-4,969
$1,058,973
1940
$421; cash,
equipment
12 Mos. Ended
June 29, '40
$55,899
127,342
283,988
—
long-term notes
Interest
$468,043
127,693
254,533
20,468
9,449
$69,572
income
on
$454,207
13,836
$518,428
Net operating Income
Non-operating income
Subs.)—Earnings—
3 Months
Period—
Total
Total
$2,064,067 $2,141,594
—V. 150, p. 2883.
Huntington Water Corp.—Sells $2,225,000 Bonds Pri¬
vately—The company has sold privately to an insurance
company an issue of $2,225,000
1st mtge. 3%% bonds
dated July 1, 1940, and due July 1, 1965.
Proceeds
will
be used to refund the three outstanding
aggregating $2,225,000 which have been called
for payment Aug. 26.
See V. 151, p. 553.
bond issues
Volume
The
151
Commercial & Financial Chronicle
Insuranshares Certificates, Inc.
Hupp Motor Car Co.—Meeting Again Adjourned—
The annual meeting, several times adjourned, the last time to July 24,
adjourned to Aug. 21, in Richmond, Va., by which time
officers believe the 1939 audit will be completed and the meeting can be
held.—Y. 150, p. 3663.
has been further
Illinois Central
1939
1938
1937
$8,398,213
1.482,579
$8,286,813
1,626,576
$7,950,612
1,727,233
605,268
672,199
827,857
$8,874,867
1,443,650
2,093,528
54,776,394
11,867.093
5,910,209
Gross from railway.
Net from railway
Net ry. oper. income.._
52,093,510
11,651,835
5,828,871
49,597,286
11,652,336
5,601,921
56,580,232
11,970,872
6,841,286
1—
Earnings of Company Only
1940
1939
1938
1937
$7,260,690
1,237,179
572,910
$7,249,945
1,414,973
677,261
$6,893,560
1,440,730
740,362
$7,585,421
1,048,304
1,715.678
June—
Gross from railway
Net from railway.
Net ry. oper. income—
1—
Net ry. oper.
151,
p.
47.489,097
9,850,770
income—
5,126,949
417.
Illinois
Commercial
42,969,081
9,779,936
4,965,381
48,695,337
9,481,510
5,446,514
Co.—Bonds
Telephone
obtained'by the company through the private sale of
$5,750,000 1st mtge. 3%% bonds dated June 1, 1940, and
due June 1, 1970.
The sale was arranged last June 26 at
a price of 101.
The called bonds were outstanding in same
aggregate amount as the new issue.
The sale of the bonds
arranged through Paine, Webber & Co.; Bonbright & Co., Inc., and Mitchum, Tully & Co., as agents for the company.
was
3 Mos. End. June 30—
1940
Income from cash divs__
.
1937
y$311,407
63,205
22,246
y$589,773
88,654
22,667
^
2.898
81
3,162
241
4,150
38
$352,190
1,065,778
$276,635
908,048
$222,553
809,908
$474,265
610,218
$1,417,968
441,908
$1,184,683
432,510
$1,032,461
446,318
$1,084,483
Miscellaneous—
income..
y$353,316
52,904
20,798
2,616
1,129
expenses-
Net
1938
1939
$429,998
46,006
28,056
Transfer agent's fees and
Undivided
—-----
earnings
Totai income..
—
Cash dividend
Undivided earns.June 30
y$85,250
$759,711
66.600
$827,977
74,200
$852,385
81,280
20,486
64,626
$672,625
767,135
$689,150
—
--
$771,105
x Exclusive of
profit on Securities sold credited to capital surplus,
y Ex¬
clusive of losses on sales of securities charged to capital surplus,
z Includes
Federal income tax.
Condensed Balance Sheet JuneZO
Assets—
1940
Total
y
—.$4,408,224
Represented by $1
LixmUies—
1939
$17,664
26,435
Investments-..— 4,364,125
Due from brokers.
par
$7,756
861
4,942,202
1939
1940
Due to brokers
320,071
Common stock..
602,600
Paid-in surplus— 3,140,731
Earned surplus...
656,029
Treasury stock... Drl 1,207
$668",200
y
$4,950,8191
Total—
3,630,049
672,625
Dr20,055
$4,408,224 $4,950,819
share.—V. 150, p. 2579.
International Great Northern RR.- —Earnings•
June—
Gross from railway
Net from railway
1937
1940
1939
1938
$902,901
106,122
902
$916,168
127,289
16,155
$944,843
74,240
def54,018
$1,038,354
5,582,916
o40,624
def236.681
5,582,148
592,591
def287,632
5,954,723
628,496
def345,285
6,503,935
1,084,455
20,732
Net ry. oper. income.-From Jan. 1—•
Gross from railway
Net from railway
Net ry. oper. income—.
—V. 150, p.4128.
175,460
21,513
The New York Curb Exchange has received notice that the interest due
Aug. 1, 1940 on the 7% secured gold bonds, series E, due Feb. 1, 1957, is
not being paid.
The committee on security rulings rules that beginning
Aug. 1, and until further notice, the bonds shall be dealt in flat and to be
delivery must carry the Aug. 1, 1940 and subsequent coupons. The com¬
mittee further rules that in settlement of all contracts in said bonds on which
interest ordinarily would be computed through Aug. 1, 1940, interest shall
be computed up to but not including Aug. 1, 1940.
Members' attention is directed to the fact that contracts in International
Power Securities Corp. 7% secured gold bonds, series E, due Feb. 1, 1937
due for settlement on Aug. 1, 1940 and Aug. 2, 1940 must be settled by
delivery of bonds with Aug. 1, 1940 and subsequent coupons attached in
consideration for which buyers must pay six months accrued interest in
addition to the contract
$976,059
$752,173
$1,084,483
$586,143
Includes interest of $2,708 in 1939, $85,965 in 1938 and $18,966 in 1937.
Condensed Statement of Net Resources June 30, 1940
On June 30,1940, the company had: Cash.
Inc.
797,375
31,421,463
31,598
132,625
------
Dividends receivable.
oper. revenues.
from
revenue
202,814
—
—
_
_
_
This leaves net resources of
These investments
of the company.—V.
$36,805,130
Net income
Phones—
Operating revenues—_.
$150,423
147
Uncollectible oper rev
$867,488
■
'
:
Period End. June 30—
x
Gross
profit.
Operating revenues—.
Operating expenses,.--,
$150,276
78,506
$133,806
72,131
$866,644
460,719
$797,300
405,669
Head and
Net oper. revenues. __
Rent for lease of oper.
$71,770
$61,675
$405,925
$391,631
Reserve for taxes—
337
120,432
prop___.._
Equipment Co., Inc.—Registers with
'\vv'
department.—V. 151, p. 417.
Intertype Corp.- -Earnings-
$798,075
775
844
V-
,
See list given on first page of this
1940—6 Mos—1939
$133,936
130
767,620
Telephone & Telegraph Corp.- -Gain in
Interstate Home
Telephone Corp.—Earnings—
1940—Month—1939
1,295,748
J
SEC—
Indiana Associated
1,412,450
1,237,060
740,459
Telephone operating subsidiaries of the International Telephone & Tele¬
graph Corp. in nine foreign countries have reported aggregate net gains of
The largest
27,552 telephones in service during the first six months of 1940.
gains have been reported by the companies in Latin America, which con¬
tributed a net increase of approximately 19,400 telephones for the six months
period.—V. 151, p. 418.
151, p. 417.
Period End. June 30—
1,374,369
142,373
56.073
fixed
—V. 151, p. 106.
carried at their cost of $46,802,691 on the books
are
161,008
178,606
97,187
for
available
charges
International
Making total resources of_
$36,959,282
Against which the company had liabilities of Management fee
payable July 1,1940-----46,006
Acct. payable for repurch. of treasury capital stock tr. ctfs.—14,540
Estimated Federal & State taxes
88,161
Accrued expenses
5,445
1940—6 Mos.—1939
$3,305,093
$3,234,012
1940—Month—1939
$464,143
$433,084
ry.
operations
$4,576,222
—
Investments, at market quotations: * Railroad bonds
Common and preferred stocks.
Accounts receivable from sale of treasury capital stock tr. ctfs
price.—V. 151, p. 418.
Rys. of Central America—Earnings—
Period End. June 30—
Railway
Net
*
x$33,706
794,271
26,500
International
y
47
$85,002
674,708
International Power Securities Corp.—No Interest
Management fee
—
15
$656,029
Earned surp. June 30-
417.
Incorporated Investors—Earnings—
Taxes
_
ury stock.
to meet the payment of its series A and
series B 1st mtge. 5% bonds, called for redemption Aug. 1,
were
1,068
z2~,903
$742,749
60,220
Total surplus
Divs. paid or accrued.
Portion of canceled treas¬
vately—Funds
—V. 151, p.
161
Previous surplus.
Sold Pri¬
45,472,157
9,936,357
5,267,781
$95,929
9,564
"4",938
Cash in banks
Gross from railway
Net from railway-
—V.
,
1937
1938
$43,239
9,357
$99,138
11,231
$86,510
656,239
.
Gross from railway
Net from railway
Net ry. oper. income-_
-Earnings—
1939
1940
$103,325
11,876
Net income.--
1940
From Jan.
6 Mos. End. JuneZO—
Dividends on securities.
Expenses..
Int. paid and accrued.
Franch. & cap. stk. taxes
RR.—Earnings of System—
June—
From Jan.
703
194C—6 Mos.—1939
$783,549
$789,611
-1939
mo—3 Mos.
$390,091
$367,192
branch office
312,446
22,894
20000
310,830
48,160
603,143
625,159
2,500
45,556
45,000
20,000
$34,751
selling expenses
Depreciation.
$5,702
$89,849
$48,688
95.664
»
50
25,673
50
20,182
678
128,417
$46,047
34,471
$41,443
$276,830
205,862
..
Operating taxes
Net operating income.
Net income
28,943
~~
$270,862
Net profit
x
Includes other income .- -V. 150, p. 3051.
Investment Co. of
198,055
America—Earnings—
Income Account Six Months Ended June 30
—Y. 150, p. 4128.
1940
Inland Steel Co. (&
1940
$3,057,674
1,212,138
462,375
248,063
$1,760,459
$1.08
^1,135.097
1938
1937
$454
$2,901
$3,993
84,403
63,315
46,476
109,951
$63,769
5,147
346
3,525
$49,376
21,181
3,960
525
$113,944
23,496
6,763
10,192
$0.72
Federal capital stock tax
and miscell. taxes
11,693
7,923
12,140
11,737
Includes $175,897 excess interest paid on account of refunding opera¬
Exps. of registration, &c.
2,137
17,230
$4.5,969
35,450
$6,204
prof2,176
Interest
-
-
Estimated Federal income taxes..
—.
Net income.
Earnings per share.
x
1938
$4,015,949
1,413,088
454,250
388,152
1939
$3,750
$88,153
22,861
Deprec. and depletion.
z
1939
$5,915,540
1,755,225
x62i,772
y664,887
$2,873,655
$1.76
3 Months Ended June 30—
Net after expenses
bonds.
Divs. from inv. in pref.
and common stocks
Int. on invest, in
Subs.)—Earnings—
.
—
tions non-recurring,
y Includes adjustments from Jan. 1, 1940 on account
of new rates under the revenue act of 1940 and after deducting from taxable
income the proportion of unamortized bond discount and expense and
premiums on series D 3 X % first mortgage bonds redeemed during period,
z On capital stock.
To
Pay $1 Dividend—
Administr. & research-Custodian and agency.Int. on bank loans,—
Profit---Loss from sales of inv-
a
quarterly dividends of 50 cents per share were distributed.—V. 150,
p.
3828.
-
-
Profit before prov. for
Federal income tax.
for mgt.
Prov.
dividend of $1 per share on the common stock,
no par value, payable Sept. 3 to holders of record Aug. 16.
Like amounts
were paid on June 1 and on March
1, last; a special dividend of $1.50
was
paid on Dec. 20, last; $1 on Dec. 1, 1939, and previously regular
Directors have declared
Total Income
21,799
7,088
.
$10,520
$11,570
$61,756
184,366 prof681,266
63,511
contingently payable.
for contingencies-
17,666
Prov.
"""793
Prov. for Fed. inc. tax.-
Net
$743,022
$8,380 loss!172,796
compen.
$10,520
profit
179
83,517
$7,587 loss$189,976
$595,994
Balance Sheet June ZO
Inspiration Consolidated Copper Co.—Earnings—
$1,276,610
12,384
....
Dividends and miscellaneous income
Total income
Interest
paid
$1,288,994
112,336
122,025
236,625
—
Arizona and U. S. income taxes (est.)
Provision for depreciation and obsolescence
Net income, without
—V. 150, p. 3204.
deduction for depletion
& Mos. End. June Z0—
x
1940
$4,535,482
b$5.05
otherwise re¬
stricted
shares
1,509
on
stocks ex-div. &
accrued
interest
15,425
receivable
Amt.
payable
payable for
sec.pur.not rec'—
Notes pay. to bank
2,280 Accrd, int. on notes
payable
Div. payable
Accrued Fed. capi¬
1939
a$5.13
1938
1937
y$4.93
y
y$4.83
On 814,674
$944
$1,616
stock.
13,594
7,927
500,000
—
—
1,750
51,694
——
63,249
tal stock tax...-
19,750
2,640
10,800
Res've for contlng.
12,100
due for shs.
co.'s cap.
20,000
for
Reserve
Fed'i
for sec.
income tax.....
794
Com. stk.(par $10)
28,443
delivery—
Investm'ts at cost- 4,325,503
$4,392,356 x$4,019,303 z$3.940,05d
no par capital stock,
z After deducting $385,768 blocked foreign
profits (1937, $437,989).
a On 855,408 shares no par capital stock,
b On 898,178 shares no par capital stock.—V. 150, p. 4128.
—
unpaid
Accts.
Accts.
troit banks or
Divs.
1939
1940
Liabilities—
sold for deferred
Corp.—Earnings—
After depreciation and estimated Federal income taxes,
net
$422,533
Cash in closed De¬
Acct. rec.
International Business Machines
x Net profit
Earnings per share
$818,008
1939
$162,095
Assets—
Cash in banks
Earnings for Six Months Ended June 30, 1940
Operating income.
1940
Totai
x
—
2,087,290
464,045
1,843,850
2,129,240
491,023
surplus-- 1,827,149
Capital surplus
4,530,177 Earned
..$4,532,976 $4,980,685
Includes unclaimed dividends.
Total-
.$4,532,976 $4,980,685
„
Note—Option warrants outstanding and which may be outstanding (upon
completion of conversion of common shares and option warrants of pre¬
decessor) are as follows:
The Commercial & Financial Chronicle
704
Option warrants to purchase 137,827 common shares of the capital stock
$115 per share, the option being exercisable at any
(& Subs.)—Earnings-
Keystone Public Service Co.
of this corporation at
time without limit.
Option warrants to purchase 279,848 common shares of the capital stock
of this corporation at $155 per share, the options being exercisable on or
before Dec. 31, 1942.—V. 150, p. 3063.
Aug. 3, 1940
12 Months Ended June
1940
30—
Iowa Public Service Co.—Earnings—
12 Months Ended June 30—
„
1940
116,820
679,941
72,249
74.638
35,941
103,087
$434,514
45,031
$367,466
45,524
$479,546
200,000
14,326
6,372
$412,990
$258,848
33,429
$199,263
33,429
$225,419
$165,834
Federal income tax
Other taxes
1939
„
$5,146,852
19,380
2,081,740
Total gross
$4,767,935
20,0o0
—
$4,787,315
1,918,741
263,542
252,300
earnings
Operation
Maintenance
-----
-
Provision for depreciation
General taxes
571,889
-_
—
_—
538,272
123,593
417,121
92,216
$1,536,188
683,333
$1,535,046
849,597
27,758
70,240
*
Federal and State income taxes
9,513
38,654
_
Other income (net)
_
Interest
long-term debt
on
Other interest
Amortization of debt discount and expense.
.
Net earnings.
—
Interest
on
long-term debt
Interest
on
unfunded debt
— — — —
Amortization of bond discount and expense
—CY1.674
3052.
Utilities Co. of
1940—12 Mos.—] 939
$345,060
193,462
exp.,
$332,055
188,430
$4,329,397
2,441,852
$4,148,414
2,354,697
34,500
maint. & tax
Provision for retirements
Oper.
Delaware—Earnings—
1940—Month—1939
Period End. June30—
Gross oper. earnings-
32,000
404,000
366.000
Net oper. earnings.--
$117,098
$111,625
$1,483,545
3,248
4,053
38,499
$115,679
58,520
12.553
7,492
$1,522,044
699,232
150,331
$1,471,719
702,234
150.761
mortgage bondsother fund, debtAmort. & other deduc'ns
Int.
on
Int.
on
a
Pro v. for
12,500
7,491
a
9'*.238
13,365
$42,308
$37,114
Fed. income taxes and
Jewel Tea Co.,
$568,311
an
as
555.
/
its sales for the four weeks ended July 13,
compared with $1,869,714 for parallel weeks in
increase of 10.32%.
Sales for the first 28 weeks of 1940 were
$13,041,363 for
p. 102.
a
like period in
1939,
an
$14,789,435, as compared with
increase of 13.40%.—V. 151,
xl,160,857
757,632
$1.87
757,632
$1.18
757,632
$0.96
757,632
$1.53
outstanding
Earnings per share
special meeting of stockholders held July 26, it was voted to increase
the authorized capital stock of the company from $1,920,000 to $3,000,000.
It was also voted to reduce the par value from $100 to $20 a share and to
issue five shares of the new $20 par stock for each one of the existing $100
par stock.
The company states that upon authorization of this change by
the Secretary of State of Vermont, it will then pay a stock dividend of two
shares of the new $20 par stock to each holder of five shares of the $20
par
stock.
The net effect of these changes will be to issue seven shares of $20
par stock for each existing share of $100 par stock.
Company's business dates back to 1876.
On May 1, 1940 the company
was employing 1,250 persons at Springfield, Vt.
It is one of the prominent
manufacturers of machine tools and is understood to be doing a greatly
a
'
increased
business
as
result
a
of
the
demands
of the
war
and
domestic
defense preparations.
Kansas
Gross
a
1940—Month—1939
earns.
Call sources)
Operating
expenses..-
$1,363,251
666,695
1940—12 Mos.—1939
$1,367,452 $17,057,557 $16,504,812
691,126 * 8,395,898
8,121,973
$696,556
118,512
8,540
178,489
$676,326
118,547
8,540
176,880
1,560
6,390
94,200
2,461
5,120
71,485
$288,864
Depreciation--
$0.51
Amortiz. of limited-term
investments
Miscl. income deductions
Iederal & State inc. taxes
-
Net profit
.Earns, per share common
after income tax.--..
$8,661,659
1,426,287
$8,382,839
1,413,518
102,479
102,479
2,133,175
2,210,240
18.071
65,986
18,698
64,333
Key West Electric Co.—Earnings-—
1940
Operating revenues—
$193,133
62,701
39,582
63,151
39,928
Balance for dividends and surplus
After
a
depreciation and including non-operating Income (net).—V. 151,
247.
Knudsen Creamery Co. of
Calif.—Earnings—
The company reports earnings of $46,000 after Federal taxes,
4% times preferred dividend requirements, for the quarter ended
1940, on outstanding preferred stock as of June 30.
G. Brashears & Co., Los Angeles, are offering the preferred
$8.50 per share.
Of the total issue of 65,000 shares offered, it
stood that approximately 7,000 shares have been sold to date.
V. 151, p. 247.
Lake Superior
about
June 30,
or
stock at
is under¬
See also
& Ishpeming RR.—Earnings—
1940
1939
1938
1937
$477,309
338,528
243,668
$306,782
201,322
169,672
$118,918
30,435
8,885
$389,478
259,775
202,694
1,101,375
538,232
298,793
697,828
229,749
15,348
341,907
defl63,653
def.309,130
1,309,325
Gross from railway
Net from railway
Net ry. oper. income
From Jan.
1—
Gross from railway
Net from railway
Net ry. oper. income—
_
686,756
462,944
—V. 150, p.4130.
Lehigh & Hudson River Ry.—Earnings1940
1939
1938
1937
$127,662
37,569
11,344
$120,476
28,986
4,597
$115,801
38,343
11,549
$136,240
37,562
13,629
794,620
259,983
102,447
765,696
243,520
87,409
686.962
845,985
187,361
32,715
267,161
June—
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
Net ry. oper. income
—V. 150, p. 4130.
1,014,067
840,098
$293,292
$3,901,594
108,242
./•
$6.97
Gross from
1939
1938
1937
$3,968,567
1,199,846
715,850
$3,261,720
607,823
134,461
$3,423,049
827,017
378,434
$4,092,260
770,921
310,688
23,094,418
6,246,158
3,013,025
railway
$6.65
p.
Net from railway
Net ry oper. income
Gross from railway
from railway
Net
Net ry. oper. income
—V. 150, p. 4130.
22,002,992
5,871,410
3,093,805
19,997,882
4,245,249
25,934,239
6,236,419
3,236,046
1939
$
S
—
1940
1939
1938
1937
Investments
$177,441
$235,228
126,369
$183,727
87,337
$181,777
112,125
Special funds
95.236
60,343
84,342
52,819
70,131
1.114,304
610,174
1,334,319
684,805
1,111,053
518,069
1,096,005
557,044
Accts. receivable-.
23,842
39,480
398,870
449,833
318,500
329,111
Mat'is & supplies-
133,726
12,451
132,970
Jan'l—0me"""
From
Gross from railway
Net from railway
ryi,CnPer' "JVoi?0—
—V.
4129.
875,502
24,598
185,568
(on
Cash in banks(time
1938
S
S
4,979,687
4,979,687
Com.stk. ($50 par) 2,997,350
2,997,350
Long-term debt.— 7,765,304
Accts. payable
151,119
7,734,625
1,063,045 Misc.
716,122
demand)
1939
S5 pref. stock
Accrd.
126,127
accounts..
149,826
173.047
liabils.
13,564
11,378
curr.
Deferred credits to
16.595
18,600
deposits)
Prepayments
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings'—
2il-.}VtekoH Ended~
June 29 '40 July 1 '39 July 2 '38 July 3 '37
Front before
i,
950,458
in banks
-Consol. Bal. Sheet Dec. 31Liabilities—
Plant, prop., fran¬
chises, Ac
19,942,134 20,238,898
Cash
1,340,208
1938
Assets—
4129.
Kansas Oklahoma & Gulf Ry
.—Earnings—»
Gross from railway
Net from railway-
•
1940
$3,733,473
$0.52
June—
Lehigh Valley Transit Co.
June—
p.
1939
$208,548
——-—
Balance for interest
a
From Jan. 1—
Including maintenance and general property tax.—V. 150,
150,
Preliminary.—V. 150, p. 3362.
Lehigh Valley RR.—Earnings—
Netearnings
Interest charges
Amortiz. of disct. & prem
a
y
12 Months Ended June 30—
Gross from railway
Net from railway
City Power & Light Co.—Earnings—
Period End. June 30—
After undistributed profits taxes,
June—
Jones & Lamson Machine Co.—Stock Increase Voted—
At
_
$495,882
Inc.—Sales—
$2,062,664,
were
_
x727,543
28,604
The company reports that
1940,
1939,
_
$897,299
And other expenses in connection with plan of recapitalization, and other
special charges.—V. 151, P.
1938
1937
$9,648,839 $12,163,667
after deprec..
$1,427,717
90,806
legal fees
income
1939
$11,040,319
yl940
saies
all other charges
-$1,418,200
Shares of common stock.
p.
Net
150, p. 3979.
Net profit
44,003
$120,346
58,047
Total net earnings
200,000
7,355
6,372
Keystone Steel & Wire Co.—Earnings—
x
Other income.
preferred stock
Years End. June 30—
Net
Iowa Southern
on
Balance
—V.
$638,506
Net income
—V. 150, p.
Dividends
Crl,224
$756,531
Interest charged to construction.
$1,333,323
70,453
109,939
60,205
Maintenance
Provision for retirements.
Operating revenues
—
Non-operating revenues (net)
1939
$1,430,399
638,467
Misc. curr. assetsDeferred charges—
Reserves
19,273
...
17,534
2,627,915
—
Earned surplus
3.326,307
3,200,594
3,315,205
35,752
6,383
38,537
37,774
Special deposits.—
income
6,164
38,762
48,523
„
pro v.
for
deprec. & inc. taxes.Depreciation
_
Frov. for
Net
income taxes..
profit
after
$891,482
343,785
120,635
$1,036,703
$882,665
370.381
140,412
393,987
100,484
$1,204,571
393,429
123,952
$427,063
$6.71
$525,909
$388,194
x$687.190
$6.04
$10.69
all
Pnrcchha^-
;--Per sh.on 7% cum.pf.stk
Before provision for surtax on undistributed
profits.
For the 52 weeks ended June 29,
1940, the company and subsidiary com¬
panies show a net profit of $877,780 after all
charges including settlement
of a lease obligation in the amount of
$400,000.
This is equal to $13.80
per share on 63,586 shares of 7% cumulative convertible
preferred stock.
lol,
(B.
26
p.
556.
F.) Keith Corp. (& Subs.)—Earnings—
Weeks Ended—
Profit
before
prov.
June 29, '40
Depreciation.
Provision for inc. taxes-
L Net
profit
after
July 1, '39
July 2, '38
$566,517
239,541
65,220
$679,100
263,088
83,125
$594,766
281,113
59,115
$889,887
$261,756
$332,887
$254,538
x$513,727
for
deprec. & inc. taxes--
July 3, '37
21,904,632 22,681,260
.
year
June—
Gross from
Total
21,904,632 22,681,260
ended Dec. 31, 1939 appeared in the "Chron¬
1940
railway
Net from railway
Net ry. oper. income
1939
1938
1937
$2,301,393
720,707
$2,399,190
796,195
183,924
$2,0.32,785
596,701
59,672
$2,160,090
500,628
9,379
11,949,864
2,343,571
def304,188
10,842,187
2,102,500
def328,715
12,160,445
2,037,391
def220,544
112,680
From Jan. 1—
Gross from
railway
Net from railway
Net ry. oper. income
—V. 150, p. 4130.
Los
11,474,545
2,112,614
def576,916
Angeles Ry. Corp.—Earnings—
Period End. June 30—
1940—Month—1939
84,050
Does not include any charge for surtax on
undistributed earnings.
For the 52 weeks ended June 29, 1940, the
company and subsidiary com¬
panies show a net profit of $504,141 after all charges
including a settlement
of lease obligations in the amount of
Operating revenue
Operating expenses.
Depreciation
$1,019,592
790,962
121,572
Net oper. revenue
292 110
all
charges..
—
Note—Earnings for the
Long Island RR.- •Earnings—
$8.18
x
—V.
Total
icle" of April 27, page 2730.—V. 150, p. 2730.
$107,058
80,509
$65,783
$26,548
x$13,565
Taxes
$1,011,105
826,120
119,202
79,348
1940—6 Mos.—1939
$6,253,698
4,855,762
702,554
$6,056,868
4,595,040
717,605
$695,382
482,348
$744,224
$213,034
1,211
$278,215
2,946
466,009
x
$400,000.—V. 150,
Int.
dividend of 25 cents per share on the common
stock, payable July 31 to holders of record July 26.
Previous dividend
was paid on Dec. 27,
1939 and also amounted to 25 cents per share.—•
V. 151, p. 556.
Kerr
Lake.Mines, Ltd.—Five-Cent Dividend
Directors have declared
a
192
x$13,374
363
446
$214,245
398,950
2,346
$281,162
423,048
3,235
$41,331
Gross income
a
dividend of 5 cents per share
stock, payable Sept. 4 to holders of record Aug. 20.
were paid on Oct. 20,1939 and dividends of 5
cents
1939 and on Aug. 15, 1938.—V. 149, p. 2235.
150
$26,698
67,665
$83,798
$187,050
$145,122
p. 2885.
Kendall Co.—2iy-Cent Common Dividend'—
Directors have declared
Operating income
Non-operating income-
the
common
Dividends of 10
were
paid
funded debt
on
unfunded debt—
Net
x
loss
Loss.—V.
69,978
150. p. 4130.
Lexington Water Power Co.—Interest Payment—
—
on
on
Int.
on
cents
June 16
q
'
Funds have been made available to meet the July 1 coupons on the first
mortgage 5% bonds, due 1968, and on the 5H% convertible sinking fund
debentures, due 1953, at the Chase National Bank and the Guaranty Trust
Co., respectively.
The payment of these coupons was deferred when due
The Commercial & Financial Chronicle
Volume 151
to
permit
completion
pending, which resulted In
arrangements that have enabled the utility to meet interest requirements on
these obligations within the
30-day period of grace granted the company
in the indentures
covering these obligations.—V. 151, p. 557.
of
negotiations
then
Louisiana & Arkansas Ry.—Earnings—
(Includes Lousiana & Texas Ry.)
June—
1939
1940
Gross from
$650,995
2 1 8,575
113,368
$560,629
156,683
88,617
3,979,204
1,363,214
763,719
3,442,196
1,065,714
V;
577,057
railway.
Net from railway
Net railway operating income..
From Jan. 1—
Gross from railway
Net from railway
Net railway operating income
__
__
—V. 150, p. 4130.
Louisville Gas & Electric Co.
(Del.) (& Subs.)—Earns.
1940
1939
$11,791,957 $10,973,323
3,655,401
3,389,528
647,236
605,501
1,300,000
1,241,667
1,428
1,426
1,132,899
1,159,255
713,425
609,575
revenues
Operation..
Maintenance
;
Appropriation for retirement
reserve.
Amortization of limited-term investments
Taxes.
.
Provision for Federal and State income taxes
Net operating income
Other income
Gross
Interest
$4,341,568
216,799
funded debt
Amortization of debt discount and expense
Other interest.
__
Amortization of flood and rehabilitation expense..
Amortization of contractual capital expenditures.
$3,966,370
209,239
$4,558,367
1,030,450
160,227
23,632
250,000
income
on
Miami Copper Co.—Earnings—
Earnings for 6 Months Ended June 30, 1940
$4,175,609
1,030,450
160,227
73,304
250,000
37,000
Cr6,532
25,681
37,000
_
Interest charged to construction
Miscellaneous deductions..
Cr7,638
25,417
Period End. June 30—
Balance...
Divs. on pref. stock of Louis v.
$3,039,279
Gas &
$2,605,478
1,354,920
1,354,920
$1,684,359
Net income
$1,250,558
3980.
p.
$481,113
'
$287,316
207,045
$271,467
189,885
$1,306,470
897,395
$1,195,890
Net oper. income.
Other income (net).
$80,271
$81,582
$355,711
58
58
$409,075
1,332
Gross income
Int. and other deduct'ns
$80,329
66,127
$81,640
63,821
$410,407
266,323
$356,229
255,065
$14,202
$17,819 *
$144,084
$101,164
Net income
—V.
150,
p.
...
1940
1939
1938
1937
$7,790,288
2,028,306
1,386,290
$7,040,664
1,951,388
1,355,964
$< 1,001,070
,229,616
667,317
$7,673,451
1,941,216
1,349,612
47,542,633
11,756,352
7,777,681
railway
Net from railway......
Net ry. oper. income
840,179
518
3981,
Michigan Sugar Co.—30-Cent Preferred Dividend—
Directors have declared
dividend of 30
a
cents
per
share on the 6%
payable Aug. 12 to holders of record
Previous payment was the 50-cent distribution made on June ,21,
1937.—V. 149, p. 1768.
cumulative preferred stock, par $10,
Aug. 1.
Midland Steel Products Co.
Period End. June 30—
1940—3
-Earnings-
Moi. —1939
$974,074
106,577
$1.17
1940—6 Mos.—1939
$2,040,766
$1,888,999
211,332
212,530
$793,507
$493,442
Expenses
$898,944
105,437
$867,496
100,609
42,542
72,434
158,468
.
Operating profitDepreciation..
Other
deductions
Res. for profit-sharing..
Federal income taxes
Louisville & Nashville RR.—Earnings—
June—
Gross from
'
Co.
Elec.
(Ky.) held by public (cash).
150,
'!"
1940—12 Mos.—1939
1940—3 JMos.—1939
Operating revenues
Oper. exps. and taxes..
Manufacturing profits.
—V
•*
Estimated net profit after deprec., but before income taxes
—V. 150, p. 3665.
Michigan Public Service Co.—Earnings—
Years Ended May 31—
Operating
705
$85,659; other assets," $30,443; furniture, furnishings and equipment*
$668,459; land and building, $*,275,593; prepaid expenses and deferred
charges, $71,731; total, $5,748,033.
Liabilities—Accounts payable (trade creditors, prepayments by guests,
&c.), $104,376; accrued liabilities (other than interest), $49,201; accrued
interest on 1st mtge. bonds, unmatured, $79,875; matured interest on un¬
issued bonds, $5,760; fixed liabilities, «>3,837,080; capital stock (par $1),
$389,738; paid-in surplus, $905,734; earned surplus, $348,868; reserves,
$27,402; total, $5,748,033.—V. 151, p. 282.
40,384,613
9,587,304
5,769,831
36 ,817,753
45,482,858
11,761,550
8,293,128
Net profit
Earns, per sh. on 234,915
shs. com. stk. (no par)
$1,677,667
101,372
$1,828,237
200,221
95,322
153,269
288,300
$476,411
$1,091,124
$1,017,377
$1.10
$2.79
$2.47
108,164
43,361
64,198
1,
216,379
88,772
137,252
217,887
—V. 150, p. 3666.
From Jan. 1—Gross from
railway
Net from railway.
Net ry. oper. income...
6 ,825,727
3 ,232,195
—V. 151, p. 419.
Luzerne County Gas & Electric
A
total
Corp.—Bonds Called—
of $18,000 first
and refunding mortgage gold bonds 6% series
due 1954 have been called for redemption on Sept. 1 at 105 and accrued
interest.
Payment will be made at the Pennsylvania Co. for Insurances on
Lives &
Granting Annuities; Philadelphia, Pa.—V. 150, p. 843.
McGraw-Hill Publishing Co., Inc.—To Pay
Directors
15-Cent Div.
July 29 declared a dividend of 15 cents per share on the
common stock payable Sept. 3 to holders of record Aug. 15.
Like amount
was paid on May 1, and Jan. 16, last, Oct. 16,1939 and on Jan. 3, 1939 and
a regular quarterly dividend of 15 cents was distributed on Jan.
14, 1938.
—V. 151, p. 419.
on
(R. H.) Macy & Co.—Official Resigns—
The resignation of Paul Hollister
licity Director,
the company.
as
announced on July 25 by Jack I. Straus, President of
The resignation is effective Sept. 15.—V. 150, p. 3519.
Majestic
Radio
&
Television
"■-!
Manufacturers Trading
Directors have declared
a
Corp.—To Pay Four-Cent Div.—
dividend of four cents per
share on the common
stock, payable July 31 to holders of record July 27. Di vidend of three cents
was paid on Oct. 31,1939 and a stock dividend of 2-100 of a share of common
stock was paid on July 31, 1939.—V. 150, p. 2106.
Marchant
4
Earns, per sh. on 226,642
common shares
$407,767
v
$361,451
$1.79
$192,557
$1.56
4, ;
$0,83
$0.80
—V. 150, p. 3981.
Martin-Parry Corp.—Earnings—
3 Mos. End. May 31
1940
1938
1939
1937
$305,839
225,093
$25,038
72,717
$5,991
43,088
$17,793
72,598
.prof$80,746
$47,680
$37,097
$54,806
654
463
458
970
prof$81,400
$47,217
$36,639
$53,835
731
142
147
131
3,162
17,052
1,773
Cost of goods sold
Disc't
purch. &
on
income
-
-
-
-
„
c
-.
_
railway
Net from railway
Net ry. oper. income
—V. 150, p. 4131.
626,002
271,760
161,936
590,764
210,693
107,787
...y.
Midwest Refineries,
685,134
291,643
188,643
1
j,
• v
•
Inc.—Acquisition—
approved acquisition of the Imperial Refining Co.
Grand Rapids.
Common stock voted or represented at a meeting on
July 26 to ratify the merger represented 71% of the issue outstanding.—
V. 150, p. 2584.
Stockholders
have
Minneapolis-Honeywell Regulator Co.—Extra Div.—
tion to
a
an
extra
dividend of 25 cents per share in addi¬
regular quarterly dividend of 50 cents per share on the common
stock, both payable Sept. 10 to holders of record
were made on June 10 last.—V. 151, p. 559.
Aug. 24.
Similar payments
Minneapolis & St. Louis RR.—Earnings—
Gross from
1939
1938
1937
w
$710,253
$696,320
$688,934
124,215
42,499
112,119
18,551
116,905
24,563
$637,147
56,003
123,387
4,241,228
710,590
railway.
Net from railway
Net ry. oper. income..
4,077,789
676,085
176,711
4,001,869
581,898
107,221
3,861,080
388,739
1,791
From Jan. 1—
Gross from railway
Net from railway.....
Net ry. oper. income..
218,719
New Road—Renews
Application for $4,000,000 RFC Loan—
Minneapolis & St. Louis Ry., newly-formed corporation has renewed
application to the Interstate Commerce Commission for $4,000,000 loan
from the Reconstruction Finance Corporation for the purpose of acquiring
its
1940—6 Mos.—1939
1940—3 Mos.—1939
$182,766
630,683
250,595
134,675
Gross from
$115,338
45,148
30,080
$99,878
39,087
23,261
The
Calculating Machine Co.—Earnings—
Period End. June 30—
Net profit after charges
and Federal taxes
5,676
$107,568
44,755
26,237
June1940
The New York Curb Exchange has suspended from dealings the capital
stock, par $1.—V
151, p. 248.
1937
1938
1939
1940
$88,497
23,857
Net ry. oper. income
From Jan. 1—
Corp.—Suspended from
-•;/'
Valley RR.—Earnings-
Directors have declared
Executive Vice-President and Pub¬
was
Dealings—
Midland
June—
Gross from railway
Net from railway
properties of the old Minneapolis & St. Louis RR. now in receivership.
The new company had filed a petition with the ICC asking permission
to be heard upon an amended application for authority to effect reorganiza¬
tion of the M. & St. L. and states that the amended plan which will be filed
is expected to meet objections raised by the ICC to an original plan which
provided for a split-up of the properties.
The original plan was rejected by the ICC last spring on the ground that
it would be in contravention of consolidation policy.
The M. & St. L.
reorganization managers now have developed a new plan which it is said
will meet ICC objections to separating the stronger and weaker portions of
the system.
The original plan provided for an RFC loan of $5,000,000.
—V. 151, p. 109.
Minneapolis St. Paul & Sault Ste. Marie Ry .—Earns.
(Excluding Wisconsin Central Ry.)
Interest
paid
Fed. & State inc. taxes.
.
Net loss.
.prof$60,455
159
$49,131
$36,786
$54,125
Balance Sheet May 31
1940
Assets—
$870,956
$897,488
Cash
945,098
132,749
Accts. rec.Oess res)
a
Prop. & plant
103,446
21.367
(less reserve).
65,568
89,025
Prep, insur,. &c_.
14,849
18,978
b Capital
stock...$1,432,734
accruals
Res.
lor
a
$1,999,917 $1,159,606
After
reserve
$1,403,733
86,504
25,376
294,400
175,120
570,238
$1,999,917
Total...
6,334
prof54,660
S1.159'606
for depreciation of $659,164 in 1940 and $646,435 in 1939.
b Represented by 199,550 (177,800 in 1939) no par
shares.—V. 150,
p.
2583.
$1,308,301
$1,251,121
$7,229,087
$6,135,343
297,745
215,281
35,361
497,716
53,025
265,746
213,183
35,744
507,257
56,781
1,339,010
3,073,656
300,964
1,286,000
1,348,659
207,346
3,048,337
313,510
$209,174
105,188
$172,409
102,568
$893,657
570,848
x.$68,510
554,792
$103,986
$69,841
25,356
11,907
$322,809
90,379
74,169
x$623,302
24,056
12,399
$67,531
10,776
$32,578
10,752
$158,261
61,977
x$802,368
70,435
Income before interest
$78,307
$43,330
accrued & paid
2,398
3,289
$220,239
18,057
x$731,933
21,124
$75,909
$40,041
x$202,l82
x&753,057
Total revenues
Savings on 1st mtge. bonds purchased for sinking
fund and retired
structure
before int.,
corp. exps.
& depreciationi
$1,370,199
1,033,837
$336,362
12.664
Transportation expenses
General expenses
Net railway revenues.
Taxes
Net after taxes
Hire of equipment
Rental or terminals
2.078
Int. being
_
$338,440
100,135
341
Balance Sheet June 30,
on
1,819
132.516
$194,404
profit (before income taxes)
Assets—Cash in bank and
fter
$431,633
7,594
131,127
expenses
Depreciation
Net
$103,629
1940
hand, $545,710; accounts receivable
210,919
101,425
77,640
Loss or deficit.
{Including Wisconsin Central Ry.]
June—
Gross from railway
Net
from railway
Net ry, oper.
income
Gross from railway
Net from railway
(net
provision for bad debts), $70,438; inventories of saleable supplies.
1,410,880
Balance before int. on
bonds, &c
96,930
1,579
Interest on bonded indebtedness
Bond and mortgage expenses
Corporate
expense
Maintenance of equipt..
x
Net profit
97,924
1939
$1,51®,918
1,099,949
...
.
335,225
575,020
Other income (net)
/
1940
$418,969
«...
278,626
592,136
Net after rents
Mayflower Hotel Corp.-^—jEarnings—
Expenses and taxes
1940—6 Mos.—1939^
$6,358,325 $5,225,098
106,987
Traffic expenses
250,900
....
State taxes
6 Months Ended June 30—
Gross income from operations
1940—Month—1939
$1,115,273
$1,046,210
83,325
109,703
Passenger revenue
All other revenue
Fed, and
Deficit
Total
1939
Accts. payable and
Funded debt
Inventories at cost
Freight revenue...
Maintenance of way and
1940
Liabilities—
1939
Period End. June 30—
Net ry. oper. income
—V. 150, p. 4131.
1937
$2,265,554
367,798
1940
$2,540,284
653,026
357,960
1939
$2,357,673
518,379
1938
$2,030,945
296,116
243,803
22,806
491,749
13,462,990
2,443,879
849,092
11,766,868
10,775,463
1,178,305
620,206
def419,863 defll54,687
12,816,436
2,001,936
801,765
The Commercial & Financial Chronicle
706
'
Monsanto Chemical
Mississippi Central RR.—Earnings—
railway.....
Net from railway
Net ry. oper. income
Gross from
railway
Net from railway
Net ry. oper.
—V.
1938
1940
1939
$52,419
defl3,114
def22,045
$68,233
2,174
def8,263
$63,077
12,626
3,704
393,381
20.401
def38,364
378,314
45,583
defl2,779
June—
Gross from
151,
p.
*
income
4132.
380,890
21,522
def32,872
1937
$74,773
8,018
def813
railway,
Gross from
Net from railway
$?5,533
*6,291
4,224
railway
Net from railway
Net ry. oper. income
—V. 151, p. 109.
0_„
-
Missouri Edison
Period, End. June 30-—
512,872
569,357
114,599
37,553
Gross from
§4,113
25,878
$3,612,252
$4,070,209
95,339
867,144
$2,940,673
$1,754,829
$3,877,191
93,184
566,913
166,545
363,550
232,242
x792,862
$2,280,577
$1,224,735
$2,852,087
2,126,859
264.939
1937
$63,390
def3,125
defl4,298
def7,209
460,417
31,464
def36,887
548,502
68,111
defl0,421
$83,884
3,399
min. int. in Ameri¬
can subsidiary
Prov. for divs. on pref.
shares of British sub.
21,626
26,305
22,838
Cr270,375
37,004
39.346
40,346
$3,356,475
$2.30
$2,217,267
$1,162,551
$0.85
$2,775,260
$2.49
to
1940—12 Mos. —1939
$67,417
45,252
$273,991
188,422
$274,156
185,744
$22,165
$61,231
41,210
$85,569
amounted
$1,461,873.
to
CM
$88,412
Comparative Consolidated Balance Sheet
—
199
268
$22,204
10,257
$85,768
40,365
$88,680
41,763
$11,947
3,216
$45,403
12,866
$46,917
12,866
$6,586
,
$19,671
9,869
$9,803
3.216
Gross income
$8,730
$32,537
Net income
Preferred stock div
Balance
$34,051
3,792,615
Funds
Due
1939
1938
1937
$185,929
87,950
47,809
$66,088
1,624
def9,953
$133,225
52,691
32,179
1,009,227
420,308
250,186
1,005,376
499,243
84,016
def5,899
730,021
241,557
116,856
444,070
252,701
LiaMlUies—
' Accts.
225.000
225,000
469,041
obsolesc. 16.428,872
15,331,138
Reserves—Deprec.
and
Contingencies..
288,680
206,228
subsidiary..
381,892
360,266
Pref. stock series A
5,000,000
5,000,000
5,000.000
5,000,000
Min. int. in Ameri¬
79,670
72,461
729,413
729,413
737,505
737,505
Invest .in Monsanto
assoc. cos
1,169.878
467,418
containers
on
Chemicals, Ltd.
3,324,067
Dep. for returnable
from officers
Invest, in
pay.
ital stock
67,284
5,075,315
S
5
A accr, 2,264,672
Est. Income taxes. 1,494,023
Divs. on pref. cap¬
approp.
stock, Ac
1—
railway—
Net from railway
Net ry. oper. Income
8,258,841
for
property addit'ns 5,075,315
Ry.—Earnings—
1940
railway
11,464
9,272,171
Chemicals, LtdInventories
purch. of capital
$168,199
65,161
33,192
June—
4,294,805
Due from Monsanto
A employees
Net from railway
Net ry. oper. income
5,364,814
4,360,021
-•
Recelv., less res
—V. 151, p. 110.
Missouri Illinois
I
$
Assets—
Cash
June 30*40 Dec. 31 '39
Dec. 31*39.
June 30'40
*
39
O
1
Interest and other deduc.
$1.60
sidiary, equivalent to $270,375, represents
company's 1939 earnings.
1
Net operating income-
36,482
i
depreciation and obsolescence during the period
The dividend received from the Biritsh sub¬
the final distribution of that
Hole—The provision for
1940-—3 Mos.— 1939
Other income--
From Jan.
$1,437,410
317,419
expenses—..
Other income.
Co.—Earnings—
Operating revenues
Operating exp. & taxes....
Gross from
632,773
$2,809,455
131,218
$3,107,726
Research
$3,473,239
1,449,435
586,394
Earns, per sh. on com..
def63
Net ry. oper. income.._
From Jan. 1—
Gross from
1937
$5,759,359
1,584,959
562,147
_
$3,910,312
159,897
Selling and adm. exps..
Prov. for inc. taxes- -est.
1938
1939
1938
1939_
$5,569,087
5,389
Ry.—Earnings-
1940
$84,657
12,158
(& Subs.)- —Earning
614,023
--
-
449,674
62,816
Co.
1940
$6,601,792
2.077,457
June 30—
6 Mos. End.
Gross profit
Income charges
Missouri & Arkansas
June—
Aug. 3, 1940
Mis cell invest., de¬
341,178
293,663
43,898,169 40,874,926
1
1
charges..
169,033
235,705
posits, Ac
Property
can
Series B
Com.stk. (par 510)12,416.940
12,417,120
Paid-in surplus... 11.193,533 11,181,277
Earned surplus
18,268,011 11,368,230
Patents A processes
Deferred
—V. 150, p. 4132.
Total
Missouri-Kansas-Texas RR.—Earnings-
-V.
June—
1940
$2,266,315
520,573
120,265
$2,379,815
518,588
125,868
13,036,157
2,503,501
401,443
13,321,448
2,292,782
175,037
Total
68,419,041
66,052,246
110.
1939
Gross from
68,419,041 66,052.246
151, p.
railway
railway
Net railway operating income
Net from
1—•
From Jan.
Gross from
railway
Net from railway.
Net railway operating
—V.
150,
income
Missouri Pacific
1938
Mt.
Gross from railway
$6,101,619
896,623
294,991
1,060
$7,045,073
1,352,687
430.447
38,125,587
6,864,109
1,672,286
37,077,250
5,809,652
588,432
45,110,232
10,128,038
4,199,074
559.
p.
Missouri Public Service
Period End. June 30—
Corp. (& Subs.)—Earnings—
Amortization of debt expense.
Provision for Federal income tax
$352,228
290,346
$374,829
295,103
$1,517,169
1,206,468
$61,882
$310,701
3,146
$338,133
520
$79,727
536
$62,402
55,005
$80,263
56,486
$313,847
$343,732
221,276
228,088
$7,397
$23,777
$92,570
$115,644
Net Income
5,598
—V. 150, p. 3667.
Mobile & Ohio
Purchased
on
RR.—Property Sold at Public Auction and
Behalf of Bondholders—
The properties of this bankrupt road were sold at public auction, Aug. 1,
for $13,411,915, with all but $15 worth of it
going to the road's bondholders'
reorganization committee.
„
In turn, the committee will
convey the property to the Gulf Mobile &
Northern RR. and the two will be merged into a
2,007,-mile major trunk
lino to be known as the Gulf Mobile & Ohio RR.
Practically all of the bidding was done by E. D. Scruggs, of New York,
representing the bondholders' committee. The sale is subject to approval
of the U. 8. District Court.
Mr. Scruggs bought in all properties with the
exception of certain con¬
tracts existing between the Mobile & Ohio and the
Gulf Terminal Co.,
operators of the Mobile Union Station and properties of the Mobile &
Bay Shore RR., a freight line running between Mobile and the Alabama
Nicholas Stallwortb,
Attorney for the First National Bank of Mobile,
trustee under the Bay Shore
mortgages, bought the interests in the Bay
coast.
Shore line
in
three sections at $5 each.
Earnings for June
.
June—
1940
Gross from
Net from
railway
railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry oper .income.
—-v.
151,
p.
.
Year
to
1939
Date
1938
1937
$887,476
89,068
def30,955
$892,731
142,824
18,225
$837,888
170,874
44,705
$1,029,296
248,057
119.435
5,656,471
5,708,384
1,115,545
299,203
5,609,048
1.158,055
330,517
6,102.410
1,472,407
722,753
979,742
-
and
151,021
420.
Monongahela Ry.—Earnings—
June—
1940
Gross from
railway
railway
oper. income...
Net from
Net ry.
From Jan.
V
railway
railway
ri50Per 413COme"""
1939
1938
1937
$350,230
217,958
115,023
$284,954
184.458
91,108
$349,431
2,550,722
1,525,618
1,605,419
704'633
335,911
1.611,333
873,964
308,232
2,300,356
1,350.712
670.090
243 275
104,694
1—
Gross from
Net from
$410,150
882,612
203,761
87.970
Mountain States Telephone &
Telegraph Co.—Earns.
Period End. June 30—
1940—Month—1939
1 940—6 Mos.—1939
Uncoil, «grIerfnUeS
operating rev...
$2,228,053
$2,136,186 $13,129,630 $12,474,956
Operating revenues
Operating expenses
$2,221,402
1,486,995
$2,133,274 $13,084,695 $12,443,987
1,403,285
8,823,302
8,318.996
Net oper. revenues
$734,407
6,651
2.912
44.935
30,969
2,617
7.442
stock & surplus.
$11,530
$7,939
_
2,556
$12,439
4,500
income
90
3,004
$7,030
4,500
-V. 150, p. 2889.
Munsingwear, Inc.—Tenders—
$1 514.132
1,175,999
Net operating incomeOther income (net)
$24,235
89
Dividends paid or accrued on preferred stock.
common
$44,735
20,600
$26,835
2,577
8,727
Net income from operations
on funded debt
Depreciation
Net
1939
1940
$46,685
19,850
Interest
1940—12 Mos.—1939
Operating revenues
Oper. expenses & taxes..
Int. & other deductions-
Telephone Cor p.--Earnings—
Balance available for
1940—3 Mos.—1939
Gross income.-
Vernon
3 Months Ended June 30—
1937
$6,453,340
1,163,345
1—
Net from railway
Net ry. oper. income
151,
1939
$6,212,111
950,338
198,222
40,042,970
7,626,203
2,696,059
railway
From Jan.
—V.
RR.—Earnings—
—
dividend of 31M cents per share on the common
Operating revenues
Operating expenses, maintenance and taxes
1940
June—
Net from railway
Net ry. oper. income...
Mortgage Co.—Dividend
a
stock, payable Sept. 16 to holders of record Aug. 31.
Previously regular
quarterly dividends of 50 cents per share were distributed.—V. 146, p. 1406.
3982.
p.
Gross from
Montreal Loan &
Directors have declared
Stockholders
are
invited to tender up to Aug. 12 all or part of their stock
for sale to the corporation at $14 per share, subject to tne condition, that
if more than 10.OC0 shares are tendered, purchases will be pro rated among
stockholders
on
basis of shares tendered.—V. 151, p. 559.
Narragansett
Electric
Co.—Preferred Stock Offered—
pref. stock, 434% series
(par $50), was offered Aug. 1 by a group headed by The
First Boston Corp.
The stock is priced at $53.25 per share,
and constitutes the only preferred stock of the company
now outstanding.
Associated as underwriters with The First
Boston Corp. are:
Bodell & Co., Inc.; Smith, Barney &
Co.; W. C. Langley & Co.; Bonbright & Co., Inc.; Blyth
& Co., Inc.; Lehman Brothers; Lee Higginson Corp.; Harris,
Hall & Co. (inc.); Blair & Co., Inc.; Goldman, Sachs &
Co.; Hornblower & Weeks; Kidder, Peabody & Co.; Paine,
Webber & Co.; Stone & Webster and Blodgett, Inc., and
White, Weld & Co.
A
new
issue of 180,000 shares cum.
The bankers
in
excess
that
the
announced
that orders
have been received
of the number of shares reserved for wholesale but
books
being kept
are
open
for additional dealer
orders.
Cumulative dividends payable Feb., May, Aug. and Nov.
Entitled upon
involuntary liquidation to $50 per share and upon voluntary liquidation to
$56 per share if such action is prior to Aug. 1, 1943 and $55 per share if such
action is on or after Aug. 1, 1943, together with accrued dividends in each
case.
Red. as a whole or in part at any time at $56 per share if red. date
is prior to Aug. 1, 1943 and $55
jper share if such red. is on or after Aug. 1,
1943, together with accrued dividends in each case.
Fully paid and non¬
assessable.
Transfer agent: Rhode Island Hospital Trust Co., Providence,
R. I.
Registrar: Providence National Bank, Providence, R. I.
Application of Proceeds—The proceeds of the preferred stock will be
deposited with Rhode Island Hospital Trust Co. under an escrow agreement
to be released only to reimburse the company for capitalizable expenditures
or to pay obligations incurred therefor.
Upon release from such escrow
agreement, the proceeds from the sale of the preferred stock, $9,315,000
(excluding accrued dividends and without deducting expenses estimated at
$84,000), will be devoted to the following purposes:
(1) The payment of presently outstanding bank loans ($3,183,712)
represented by notes of the company, which are dated July 23, 1940 and
which, subject to the right of prior payment, mature on Nov. 22, 1940 as
follows:
(a) Chase National Bank and First National Bank, Boston,
$900,000 each; Industrial Trust Co., $725,000: National Bank of Commerce
& TYust Co., $140,000: Rhode Island Hospital National Bank, $275,000;
Providence National Bank, $165,000; Phenix National Bank, $78,712;
(b) The payment of open account indebtedness representing a cash advance
made to the company on May 1, 1939
associate of the company, $500,000.
by United Electric Rys. Co.,
an
(2)
To reimburse the treasury of the company for capitalizable expendi¬
tures made to March 31, 1940 from current funds and to pay toward the
amount of capitalizable expenditures made and to be made from and after
such date, $5,631,288.
Capitalization and Funded Debt Upon Completion of Present Financing
Operating taxes
Net
operating income.
Net income
—V. 151, p. 110.
394,935
$729,989
310,310
$339,472
$419,679
244,376
!
338,602
$4,261,393
2,022.858
$2,238,535
1,725.811
$4,124,991
1,790,889
$2,334,102
1,840,520
Authorized
Outstanding
1st mtge. bonds, series A, 3K%
July 1,1966
Cumul.
pref.
($50par)
stock,
4)4%
Common stock ($50 par)_
due
-$34,000,000
series1
180,000 she.
522,487 shs.
$33,355,000
180,000 shs.
522,487 shs.
Volume
The Commercial & Financial Chronicle
151
Summary of Earnings
3 Mos. End.
Gross
oper.
Nashawena Mills—25-Cent Dividend—
Years End. Dec. 31-
Mar. 31 '40
1939
1937
1938
(after
rev.
elimination of inter-co-
sales)
Operating
expenses
Purchased electric energyMaintenance
Depreciation
Taxes,
other
than
$3,785,386 $13,386,607 $12,074,116 $12,703,199
1,484,501
4,811,363
4,571,633
4,221,460
295,986
1,260,412
1,294,657
1,304,773
604,438
146,283
740,630
952,937
297,690
1.191,099
936,971
1,025,125
Fed¬
325,740
1,327,084
1.129.736
1,072,063
141,383
406,322
246,433
347.264
$1,093,798
26,095
$3,649,694
136,560
$3,281,803
132,313
$3.78^,016
218,834
N et oper. income
$1,119,893
on funded debt- V
291,856
of discts. and
$3,786,253
1,177,423
$3,414,116
1,190,000
$4,0J6.649
1,190,000
Provisions
for
Federal
income taxes
Net operating income.
Other income
Directors have declared a dividend of 25 cents per share on the common
stock, payable Aug. 15 to holders of record Aug. 3.
Like amounts were
paid on Feb. 15, last, and on Nov. 15,
1939, this latter being the first
dividend paid since February, 1928, when $1.50
per share was distributed.
—V. 149, p. 2980.
National Aviation Corp.— -Earnings6 Mos. End. June 30—*
Profit from sale of securi¬
ties
eral income
_
Interest
1940
(net)
Mgt. &
on
5% bonds
27,518
Miscell. interest charges
111,033
49,914
22,717
37.654
17,186
5,679
2,626
_
Amortiz. of organiz. exps
Other charges against inc
115,547
32,385
22,717
112,201
27,934
22,717
32,097
Total profit
Dividends received
Interest received
Net profit
$132,112 loss$210,536
33,505
63,242
9,847
9,008
$109,947
33,015
8,914
$175,464 loss$138,286
$151,875
$609,625
Balance Sheet June 30
Invest, at cost
1939
Liabilities—
$6,396,695 $6,208,682
Accts. receivable—
1,022,326
3,748
483,440
10.595
Total
History and Business—Company
was
incorp. by special act of the Rhode
Island Legislature, approved April 8, 1926, under the name United Electric
An amendment thereto approved April 14, 1927, authorized
Power Co.
among other things, the present name.
As of Dec. 1. 1927 the company
acquired all the assets, property, rights, privileges and franchises of the
Narragansett
Electric
Lighting Co.
Company's business,
conducted
entirely within the State of Rhode Island, is principally that of manufacture,
purchase and sale of electricity for light, heat, power, resale and other
purposes and to a minor extent, the manufacture, purchase and sale of gas
for general use.
Electric and gas appliances are sold by company incidental
to such business.
Electricity pmchased is obtained principally from Rhode
Island Power Transmission Co., subsidiary of company.
Gas purchased
is obtained from the Providence Gas Co.
As of June 1. 1933, company acquired from New
England Power Associa¬
tion,
a parent of company, all of the capital stock of its present subsidiary,
Rhode Island Power Transmission Co., for a consideration of $578,893, and
also acquired from said association, as of July 1,1934, ail of the capital stock
of Tiverton Electric Light Co. for a consideration of $324,637.
On June 18,
1936, company's former subsidiary, South County Public Service Co., sold
4,000 shares of the capital stock of Mystic Power Co. (being all the capital
stock thereof) to New England Power Assn. for $460,000.
As of July 1,
1936, pursuant to a plan of liquidation, company acquired all the assets and
franchises and assumed the liabilities of its former
operating subsidiaries,
South County Public Service Co. and Tiverton Electric Light Co.. and
acquired all the assets and franchises and assumed the liabilities of its former
inactive subsidiaries, Bristol County Gas & Electric Co. and East Green¬
wich Electric Co.
In 1936 company also acquired the lines and franchises
of West Glocester Light &
Power Co.
All such business is conducted within the State of Rhode Tsland.
company.
During the period from Jan. 1,1935 to March 31, 1940, company and its
present and former operating subsidiaries, except Mystic Power Co., have
an
aggregate of approximately $10,643,000 for improvements and
for the purpose of safeguarding the existing
extensions to their properties
services and to provide for
increasing demands. During such period obsolete
equipment and property no longer useful in the business was retired, amount¬
ing to approximately $4,009,000.
Principal Underwriters—The name of each principal underwriter and the
respective amounts of the preferred stock underwritten are as follows;
Name—
No. of Shs.
The First Boston Corp
Bohell A Co., Inc
Smith, Barney A Co
W. C. Langley A Co
Bonbright A Co., Ine
Blyth A Co.. Inc
-.
-.
Name—
No. of Shs
4 500
Estabrook A Co
38,100
9,000
8,500
x
Capital stock.-- 2,386,373
4,139.369
720,691
Total
Period End. June 30—
(par $5).—V.
inc.
after
$134,393
,
150,
ment accruals
194C—12 Mos.—1939
$1,358,337
25,022
17,046
299,407
204,725
242,229
143,670
21,961
—.
Net income
14,101
—V. 150, p. 250.
National Public Service Corp.—Sale
Postponed—
The
New xork Trust Co., trustee for the company's
debentures, has
postponed to Sept. 18 from July 31 the sale at public auction of a single
block of 712,411 shares of Jersey Central Power & Light Co. common
stock, collateral supporting the debentures.
The stock was originally
scheduled to be auctioned on Sept. 28, 1936, but the sale has been postponed
from time to time.—V. 150, p. 4132.
National Union
Fire Insurance Co.—Extra Dividend—
The directors have declared
to semi-annual dividend
an
extra dividend of
$1 per share in addition
of >150 per share on the capital stock, par $20,
both payable
Similar amounts were
Aug. 19 to holders of record Aug. 6.
paid on Feb. 19,last, Aug. 14and Feb. 26, 1939, Aug, 15 and Feb. 14, 1938,
and Aug. 9 and Feb. 8,
1937, and previously semi-annual dividends of
$1 per share were distributed.—"V
Natural
Gas
Pipeline
.
150, p. 846.
Co. of America—Rates Ordered
Merrill
Lynch,
E.
A.
Pierce
A
Cassatt—
4.500
Ordering its first major reduction in gas pipeline rates, the Federal Power
on Aug. 1
entered an immediate interim order directing this
Commission
company to reduce its rates by not less than $3,750,000 annually.
In ordering this reduction, the FPC determined that a 6V£% return
"fair" for the company.
The Commission accepted, for the purposes
$13,000,000.
The Commission's order
Illinois
Commerce
granted the request of its own counsel and of the
in the pending rate case against Natural
Commission
Gas Pipeline Co. of America and the Texoma Natural Gas Co., which sells
about
90% of its production to the distributing company, the Commission
said.
More than
92% of the gas sold by Natural Gas Pipeline is sold In Illinois
approximately 90% is sold to the Chicago District Pipeline Co., which
Peoples Gas Light & Coke Co., the Public Service Co. of
Northern Illinois and the Western United Gas & Electric Co., the Com¬
mission said. The Illinois Commission stated in its petition that the Peoples
Gas Light & Coke Co. alone renders gas service to more than 800,000
domestic and other users of gas in Chicago.
In explaining the order, the Commission said that for the purpose of the
motion requesting the interim order, "the highest present rate base figure
for the companies* actual properties testified to by the companies' witnesses"
had been used, together with "the companies" estimates of revenue and
operating expenses" and other estimates.
The Commission opinion disallowed the claim made by the two companies
of $8,500,000 for their going concern value charging that this figure was
"arbitrary" and "not supported by substantial evidence."—V. 149, p. 3415.
and
in turn sells to the
Nebraska
Light & Power Co.—Earnings—
12 Months Ended June 30—
$150,797
74,497
5,387
12,088
14,478
2,295
Maintenance
Provision for retirements
General taxes
Federal income tax..Net operating income
Nonoperating income
$151,594
73,600
6,146
11,717
14,402
5,065
$42,053
Operation
$40,664
385
7,500
Bond A Goodwin, Inc
2,000
7,000
Brown. Lisle A Marshall
2,000
7,000
Chace, Whiteside A Symonds, Inc
MacColl. Eraser A Co.-
2,000
Rent—generating equipment
2.000
$1,9,220
Amortization of debt discount and expense
Harris, Hall A Co. (Inc.)———
Blair A Co., Inc..
1.093
2,400
Other interest
Lee Hlgelnson Corp
$40,684
16,279
1,692
1,093
2,400
$22,840
Lehman Brothers
20
$42,438
15,424
Arnold W. Jones A Co
-
5,700
—
,
Inc
Kidder, Peabody A Co
-
5,700
Miller A George-.
H. M. Payson A Co
5,700
—
2.500
2.500
5,700
-
4,500
Perrin, West A Winslow, Inc
—
2,000
5.700
Richardson A Clark
2,000
Whiting, Weeks A Stubbs, Inc
2,000
White, Weld A Co.
5,700
Reynolds A Co
1,000
Balance Sheet
as
at March
31, 1940
Property, plant & equipment, incl. intangible assets
$66,328,789
Construction work orders in progress
Investments in subsidiary
Cash in banks and
on
1,485,575
1,066,803
582,288
1,425,220
188,243
38,484
1,307,810
73,198
hand
Accounts and notes receivable
(net)
j.
Accts. receiv. from affil. cos., not subsidiaries
Other accounts receivable
;
Inventories
Restricted deposits
Prepaid taxes and other
174,786
expenses
Unamortized discounts and expenses and premiums for red. of
1st mtge. bonds
first mortgage 6% bonds
681
2,000
5,700
-
on
—
Net income
2,000
Stone A Webster and Blodget.Inc.
Paine, Webber A Co
Gross income
Interest
1,863,416
Balance Sheet June 30, 1940
Assets—Plant and Investment,
-
-
-
$74,534,613
-
Liabilities—
Neon Products of Western Canada,
$33,355,000
lstmtge. bonds, series A, 3M%. 1966
Advance payable to
Accounts payable to
affiliated company, not subsidiary
affiliated companies, not subsidiaries
Account payable to subsidiary
Other accounts payable
Accrued liabilities
Consumers'deposits
Reserves for depreciation
Insurance and casualty reserves
Contributions for extensions
Capital stock (par $50)
Earned surplus
Total
-V. 151, p. 421.
3,183,713
500,000
paid on Aug. 11, 1939 and on Dec. 20 and Aug.
15, 1938.—v. 149, p. 1333.
Nevada Northern Ry.—Earnings—
Net ry. oper. Income
From Jan. 1—
Gross from railway
107,155
Net from railway
1939
$54,297
28,37 1
10,761
$53,080
26,282
17,814
9,907
21,942
355,523
197,448
132,504
— -
1938
$43,275
17,358
1937
$56,016
28,734
1940
Gross from railway
18,853
540,275
322,728
155,932
256.466
91,262
104,877
59,355
335,977
161,822
117,430
-
—V. 150, P. 4132.
1,129,529
81,800
8,476,948
;
Ltd.—25-Cent Div.
Company paid a dividend of 25 cents per share on the common stock on
July 15 to holders of record June 29. Dividends of 25 cents per share were
Net from railway._
No tea payable to banks
$514,442; cash, $5,964; accounts receiv¬
able, $24,568; inventories, $10,343; special deposits, $148; prepaid accounts,
$1,231; unamortized debt discount and expense, $4,735; other deferred
charges, $150;total, $561,582.
Liabilities—Funded debt, $254,500; common stock ($100 par), $130,000
accounts payable, $4,424; accrued interest on funded debt, $2,545: other
accrued interest, $282; accrued taxes. Ac,, $9,302; consumers' and line
extension deposits, $8,114; accounts payable (parent company), $15,465;
reserves, $30,906; contributions for extensions, $828; reserve for issuance of
common stock,
$40,000; earned surplus, $65,216; total, $561,582.—V.
149, p. 1184.
June—
Total.
1939
1940
Gross operating revenues
8,500
—
is
of
this order only, a rate base of $74,420,424 for the company, although this
base exceeds book value of properties and working capital by more than
F. 8. Mo8oley A Co
Horn blower A Weeks
3366.
$1,567,668
Jackson A Curtis
Goldman. Sachs A Co
p.
$118,466
8,500
1
66,145
retire¬
8,500
-
...
4,139,369
Subs.)—Earnings—
1940—Month—1939
Operating revenues
2,386,373
$7,450,645 $6,717,94
National Gas & Electric Corp. (&
Gross
119,319
Paid-in surplus
Earned surplus
-—$7,450,645 $6,717,944
Represented by 477,274 shares
$3,539
13,199
80,951
119,319
Div. declared
x
1939
$3,943
Reserve for taxes-
Reduced—
Company's electric distribution system provides service in a territory
having an area of approximately 875 square miles and an aggregate popula¬
tion of approximately 467,000 persons.
Such territory includes the cities
of Providence, Cranston and Warwick situated in areas aggregating
approxi¬
mately 85 square miles which have a population of approximately 319,000
persons; nine urban townships situated in areas aggregating approximately
125 square miles which have a population of approximately 108,000 persons
and 15 rural townships situated in areas of approximately 665 square miles
which have a population of approximately 40,000 persons.
The territory
served by company is, in general, thickly settled and highly industrialized.
Diversified industries are served directly by company, the more important
industries being woolen, cotton and rayon textiles: jewelry; metal products;
foods and allied products; rubber products and printing and publishing.
In addition to sales to general customers, electricity is sold by company to
its subsidiary, Rhode Island Power Transmission Co., and to Mystic Power
Co.. United Electric Rys. Co., Attleboro Steam & Electric Co. and New
England Power Co., companies affiliated with company but not subsidiaries.
Company supplies manufactured gas in Warren. Bristol and Westerly.
The business of company's subsidiary, Rhode Tsland Power Transmission
Co., is the purchase, tranmission and sale of electricity for resale there
being no general customers.
All electricity is purchased principally from
New England Power Co., an affiliate and the company.
Electricity is sold
by Rhode Tsland Power Transmission Co. to company and Blackstone
Valley Gas & Electric Co., sales to the latter company including resale
secondary electricity supplied to certain large industrial customers of said
expended
charges
1940
Accruals..-
15,227
16,651
Cash.,
11,225
Prepaid A deferred
$405,000.
1937
$154,742
32,644
12,151
1940
Furn. A fixtures..
"$2,645,999
ConsoJ.net income...
$775,027
$2,387,511
$2,029,166
The annual dividend requirements on the
preferred stock will amount to
1938
$181,787 loss$148,803
43,598
60,275
6,077
1,458
$547,772
51,950
9,904
corp. expense
Prov. for Fed. inc. taxes
Assets—
A red. premiums
1939
$679,369
61,521
70,076
Amortiz.
exps
707
42,543
10,673
26,124,350
963,773
.$74,534,613
Net ry. oper.
income
New Amsterdam Casualty
Co.—New Director—•
Clifford W. Michel has been elected a director of this
page
company.—V. 151,
560.
New
England
Gas
&
Electric
Association—System
Output—
For the week ended
reports electric output
July 26 New England Gas & Electric Association
of 9,170,882 kwh.
This is an increase of 733,968
The Commercial & Financial Chronicle
708
kwh.
week
8.70% above production of 8,436,914 kwh. for the corresponding
or
a
year ago.
a
from 4% to 2 lA % the dividend rate on $1,485,000 equipment certificates
1934 and to have its right to redeem the certificates prior to maturity.
0.17% above production of 82,255.000 cu. ft. in the corresponding week
year ago.—V. 151, p. 560.
New Jersey Power &
Operating expenses
Maintenance
*
Certificates
been
Light Co.—Earnings—
1940
12 Months Ended June 30—
Total operating revenues
1,470,374
503,601
179,007
422,229
$1,840,851
$1,556,136
72,097
121,928
"$1,912,949
$1,678,064
639,150
639,150
Other interest-
31,096
Amortization of debt discount and expense--Interest charged to construction
45,419
CY256
26,778
45,419
—
——
Other taxes
Operating income
-
Other income
Gross income-
Interest
on
-
-
-
-
-
long-term debt
&
Queens Electric Light & Power Co.—
1940—3 Mos.—1939
1940—12 Mos.—1939
204,151,408 849,517,577 744,098,491
6,327,351
27,221.352
25,281,509
134,426
138,910
494,298
516,243
Total oper. revenues..
$6,466,261 $27,715,650 $25,797,752
4,102,819
15,785,379
15,164,619
588,661
2,270,000
1,882,945
1,045,221
4,436,258
4,342,261
$6,670,427
3,872,382
564,000
1,036,778
b Taxes
$729,560
4,615
1,483
$5,224,013
10,655
12,605
$4,407,927
27,135
5,200
$1,196,988
300,000
47,855
$732,692
300,000
8,488
$5,222,063
1,200,000
273,280
$4,429,862
1,200,000
52,640
$849,133
preferred stock.
$424,204
$3,748,783
104,590
$3,177,222
96,299
$3,644,193
$3,080,923
1,369,589
1,338,336
Operating income
$1,197,267
Non-oper. revenues—_
3,010
Non-oper. rev. deduc'ns
3,289
Gross income..
$763,433
Balance
York
a
Operating expenses...
Depreciation
203,565
preferred stocks
agency
Other oper. revenues
$966,998
199,661
$997,878
on
by that
Sales of elec. (kw. hours) 203,968,419
Sales of electricity.
6,536,001
Cr282
$1,197,540
Net income
Dividends
of
Finance Corporation, having
from the Public Works Administration.
held by Reconstruction
Period End. June 30—
266,845
373,154
487,171
245,162
432,993
Federal income tax
taken over
New
$4,398,191
1,402,705
Provision for retirements
are now
The RFC has assented to the dividend change.—V. 151, p. 560.
1939
_
$4,782,036
........—
RR.—Certificates —
The Interstate Commerce Commission has authorized the road to reduce
82,394,000 cu. ft., an increase of 139,000 cu. ft.
Gas output is reported at
'
or
Aug. 3, 1940
New York New Haven & Hartford
Int.
c
long-term debt..
on
Other interest
Net income.
Dividends declared
Note—This statement includes no income from the company's investment
on
in approximately one-third of the common
stock of Jersey Central Power &
Light Co. For th8 12 months ended June 30,1940, one-third of the reported
earnings of Jersey Central Power & Light Co. applicable to the common
stock, amounted to about $276,000.—V. 151, p. 422.
New
Balance avail, for divs.
a
expenditures of
dividend of 50 cents per
a
share on the common
share
were
Company
notes.
on
on
Period End. June 30—
distributed each three
New Orleans & Northeastern RR.—Sells Notes
Interstate
accruals
—
Proceeds from the sale
are
Nov. 1, 1940, of $1,371,000 of
June—
or
about Nov. 1
are
Maintenance
ITovision for retirements
1938
$125,518
30,657
26,504
$6,775,512
78,682
1,301,235
418,308
426,693
1,334,231
491,781
504,385
1,573.695
Interest
on
$2,837,294
2,406,578
151,514
Amortization of debt discount and expense
99,940
Amortization of miscellaneous suspense
Chicago & St. Louis RR.—Debentures—
Net income
New
Total oper. revenues..
Operating expenses
Depreciation
a
$59,578
19,765
1.5,666
$14,979
20,564
7,062
$1,767,731
79,852
43,701
$1,280,087
$63,677
244,842
59,641
$28,481
244,842
62,258
$1,803,882
979,370
285,342
$1,323,811
1,319,251
266,937
x$240,806
50,000
x$278,619
50,000
$539,170
300,000
x$262,377
200,000
x$290,806
225,325
x$328,619
247,999
$239,170
943,468
x$462,377
968,391
Gross income
Net
coupons to the Manufacturers
Gross from railway
Net from railway
1939
c
$206,745
162,353
125,766
Net ry. oper. income.__
From Jan. 1—
Gross from railway
$188,833
109,832
72,704
1,224,533
846,595
624,155
Net from railwayNet ry. oper. income—
a
193.
$212,193
$249,084
183,849
120,864 '
1,293.066
158,720
362,300
Mining Co.—Earnings
properties
b Amortization of debt discount and expense and miscellaneous deduc¬
tions.
c Of net income appropriated for acquisition of bonds or of new
property,
x
Loss.—V. 150, p. 2891.
New York
1,457,262
1,160,304
794,868
744,429
—V. 150, p. 4133.
New York & Honduras Rosario
Incl. maint. exps. of
1940
Net oper. income.
9,782,910
535,847
10,265,049
655,105
38,382,866
2.467,905
34,308,856
2,987,054
10,318,758
1,152,197
10,920,154
1.365,137
40,850,771
4,938,152
37,295,910
5,508,813
9,166,561
8,426,000
9,555,018
8,426,000
35,912.620
33,704,000
31,787,096
33.704,000
740,561
1,129,018
$382,141
13,281
.
Other income (net)_.
$368,860
26,422
Interest deductions..
Mining
Co.—10-year 5% income debenture notes, paid
March 1,1940
Net
income
Dividends
28,513
investments sold
or
redeemed
17,804
Balance
-V.
Profit for six months....
$312,983
$1,661
share
$413,085
$2.193
151, p.
June—
1940
Gross from railway
$467,865
Net from railway
Net ry. oper. income.__
25,929
def53,756
1939
$454,467
defl3,226
def91,404
1938
$592,846
91,237
6,461
2,564,341
Net from railway.
412,839
3,097,596
117,545
3,423,875
def37,193
r5r;^oper-in6?me--- def501-213
defl36,627
def378,706
8,806
Deduc. from gross inc
$974,043
$799,738
$3,366,035
62,761
80,397
291,612
307,220
$1,036,804
278,363
$880,135
288,959
$3,657,647
1,126,151
$3,807,180
1,144,800
$758,441
Operating income
Non-oper. income (net),
Gross income^.
150, p. 4133.
1940—3 Mos.—1939
1940—12 Mos- -1939
$2,603,369 $12,288,760 $10,642,569
$3,275,649
1,803,630
8,922,725
7,142,609
2,301,606
1937
$522,829
41,635
defl9,542
From Jan. 1—
Gross from railway
3,335,783
2,208,620 defl ,916,904
Niagara Falls Power Co. (& Subs.)—Earnings—
Operating revenues
Oper. rev. deductions
Ry.—Earnings—
10,133,564
422.
Period End. June 30—
New York Ontario & Western
1940—12 Mos.—1939
214,746,033 208,346,173
139,967,787 140,126,937
8,441,424
36,395,379
33,910,380
53,419,117
34,712,644
54,895,609
34,979,135
.
$265,106
19,363
1940—3 Mos.—1939
Operating revenues..
Operating expenses..
Operating taxes
1939
$304,246
39,140
Telephone Co.—Earnings—
Period End. June 30—•
Total income
Profit from operations
Interest and dividends on investments..
Interest for the year 1939, on Neptune Gold
76,099
32,375
97,269
1,094,132
891,284
653,477
6 Months Ended June 30—
Profit from opers. before expend, on new
properties
income
Miscell. reservation
Balance
1938
$9,907,098
6,501,989
529,747
1,595,275
377,265
Int. on long-term debt..
b Other interest
Connecting RR.—Earnings—1940
$1,867,059 $10,762,003
1,345,045
6,714,917
130,139
650,000
376,896
1,629,355
$1,942,111
1,357,268
148,000
Operating ihcome
Non-oper. revenues
Non-oper. rev. deduc'ns
by
June—
Corp.—Earnings1940—12 Mos.—1939
1940—3 Mos.—1939
11,178,353
10,192,958
2,008,594
1,904,944
$1,939,325
$1,865,534 $10,704,152
$9,854,134
57,851
52,964
2,786
1,525
Taxes
letter to note holders, said that the
forwarding their notes with all unmatured
Trust Co.—V. 151, p. 560.
.
lbs.)..
Other oper. revenues
for such purposes.
announced that the
a
York Steam
Period End. June 30—
Salesof steam (M
Sales of steam.
!
George D. Brooke, President, in
charged to construction
-V. 150, p. 3834.
necessary authorizations had been received from the Interstate Commerce
Commission and that note holders could receive cash and new debentures
$591,176
$2,531,495
$2,662,380
$3,499,960
510,054
Net income
—V. 150, p. 3057.
New York Power &
Period End. June 30—
Niagara Lockport & Ontario Power Co. (& Subs.)
Light Corp.—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
Operating revenues
$6,349,211
Oper. revenue deducts..
4,268,241
$6,234,495 $25,420,164 $25,327,947
a4,358,198
18,564,078 al7,716,408
Operating income
$2,080,970
Non-oper. income (net).
Dr5,362
$1,876,298
Dr502
$6,856,086
Dr8,206
$7,611,539
3,095
--$2,075,608
964,098
$1,875,796
1,151,748
$6,847,880
4,090,298
$7,614,634
4,627,288
$1,111,510
a$724,048
Deducts, from gross inc.
Net income
V
$5,895,904
2,444,682
408,643
143,484
65,851
Cr4,049
$4,139,808
long-term debt
Other interest
note holders.
Gross income
64,288
Cr7,935
Gross income
762,282
691,162
Company has
cash payment of 20% of the face
three-year, 6% unsecured notes due Oct. 1, and the new 6%
debentures for the remaining 80% of the notes are now available to the
.
$5,497,733
398,170
$6,854,194
Other income (net)
amount of its
—V
467.242
2,582,068
804,042
Operating income
$157,717
def20,356
defl2,714
The Interstate Commerce Commission on July 24 authorized the company
(1) to issue not exceeding $10*859,750 of 10-year 6% debentures, not ex¬
ceeding $10,143,000 thereof to be exchanged for 80% of the principal of
three-year 6% notes now outstanding or issuable in the aggregate amount
of $12,678,750, and in the event the Chesapeake & Ohio Ky. elects to accept,
in lieu of the 20% cash payments, an additional amount of debentures,
$716,750 thereof to be delivered to that company; and any part of the
$10,143,000 of debentures not exchanged for the notes to be authenticated
and delivered to the company; and (2) to sell from time to time at not less
than their principal amount and accrued interest to date of sale any of the
debentures so authenticated and delivered or purchased by the company
and held in its treasury, the proceeds from their sale to be used to
purchase,
redeem or pay actually outstanding obligations of the
company at prices
not exceeding their principal amounts, or to reimburse the
company for
per
2.703,332
1937
$137,762
defl3,484
def4,271
Interest
Earnings
1940
1939
$26,375,871 $25,056,214
12,696,736
13,337,766
1,474.675
1,276,633
1,921,574
1,894,770
Operating expenses
Other taxes
1,314,347
459,453
494,24/
Net ry. oper. income
on
169,919
Corp.—Earnings—
Total oper. revenues
—V. 150, p. 4133.
Profit
321,133
15,692
Federal income tax
47,678
54,131
From Jan. 1—
Gross from railway
on new
324,370
153.605
12 Months Ended June 30—
to be
Ry.—Earnings—
1939
$191,771
Net from railway
Expenditures
34,515
21,084
New York State Electric & Gas
prior lien 5% bonds.
1940
railway
Net from railway
Net ry. oper. income
New York
$1,200,827
30.362
.....
Net income
par, subject to approval of the
of $1,000,000 of 4% serial collateral
to be used to refund in part, the maturity
New Orleans Texas & Mexico
expenditures mad
$1,227,507
—V. 150, p. 4133.
purchased by the
following;
The Southern Ky. $350,000, Cincinnati New Orleans & Texas
Pacific Ky. $325,000, and Alabama Great Northern Ky. $325,000.—V. 151,
page 560.
-
New York
1946—12 Mos.—1939
$101,700
Commission,
The notes to be delivered on
Gross from
Co.—Earnings—
1940—Month—1939
$102,243
Operating revenues
Gross inc.. after retire.
Aug. 1 announced the sale at
Commerce
330,121
New York &. Richmond Gas
stock, payable Sept. 10 to holders of record Aug. 20. Similar amounts were
paid on July 15, June 10 and March 9, last; $1 was paid on Dec. 9, 1939,
and previously dividends of 50 cents per
months.—Vj 151, p. 111.
stock
362,934
b Including provision for Federal income tax.
c Amortization of debt
discount and expense and miscellaneous deductions.—V. 150, p. 2890.
Jersey Zinc Co.—oO-Cent Dividend—
Directors have declared
on common
Includes maintenance
^15Q^e^3^)57*Ve e^eC'
/
$2,757,582 a$2,987,345
mai°r adjustments made during
year 1939.
—
Earnings—
Period End.
June 30—
Operating revenues
Oper. rev. deductions
Operating income
Non-oper. income (net).
Gross income
Deduc. from gross inc
Net income
—V.150, p.3058.
1940—3
$2,642,432
2,042,762
Mos.—1939
1940—12 Mos.—1939
$2,532,397 $11,308,972 $10,562,395
1,976,285
8,256,736
7,633,790
$599,670
$736,112
5,357
6,269
$3,052,236
13,764
$2,928,605
21,531
$605,027
$742,381
362,584
372,635
$3,066,060
1,456,855
$2,950,136
1,494,967
$242,444
$369,746
$1,609,144
$1,455,168
Volume
The Commercial
151
& Financial Chrcfhicle
Northeastern
Niagara Hudson Power Corp. (& Subs.)—Earnings—
Period End. June 30—
1940—3 Mos.—1939
1940—12 Mos.—1939
Operating revenues
$21,702,280 $20,580,925 $87,659,863 $83,579,971
Oper. revenue deducts— 15,665,408 al4,755,226
63,934,381 a58,879,152
Operating income
Nonoper. income (net)
$6,036,872
190,358
Balance—
on
—
—
$3,777,055
—
—
1,839,200
Dividends
^Balance
on
pref. stks-
7,356,800
7,345,054
$1,618,083
606,006
$7,270,340
2,424,025
$7,849,466
2,424,025
$1,331,848 a$l,012,077
hours gener.'d
purchased
1.839,200
$1,937,855
606,006
_—
Net income-.
and
$3,457,283 $14,627,140 $15,194,520
pref. stocks of
subsidiaries—
Kilowatt
$6,021,984 $24,498,291 $25,470,800
2,564,701
9,871,151
10,276,280
—
—
therms
Sales of natural gas,
therms-
of
sh.
per
;v
1
7326793.637
,v..
1690218,400 6977731,600 6634090,000
5,459,470
4,838,127
28,517.675
21,368,411
19,759,987
in
37,805,990 113,075,433
com.
.
stock—
a
—$0.14
$0.10
$0.50
$0.56
Changed to give effect to major adjustments made during year 1939.
—V. 150, p. 3668.
.
The directors have declared
a dividend of $1
per share on the no par
payable Sept. 16 to holders of record Aug. 17.
Like
paid in preceding quarters.—V. 150, p. 3211.
stock,
amounts were
Norfolk Southern
June-—
Gross from
RR.—Earnings—
1938
$594,533
276,930
215,999
$695,856
304,072
228,342
2,174,535
2,274,813
438,984
139,383
2,277,620
470.102
168.103
2,617,191
677,250
330,632
'
Net from railway.
Net ry. oper. income
From Jan.
1—
Gross from railway
_
Net from railway
Net ry. oper. income
—V.
1939
$574,085
247,186
184,783
319,216
8,496
151, p. 251.
North American
Co.
(& Subs.)—Earnings—
Period End. June 30—
1940—3 Mos.—1939
1940—12 Mos.—1939
Total oper. revenues. —.$30,430,438 $28,856,185 $126,800,333 $119,210,129
Operating expenses.——
10,623,884
1,981,108
3,682,200
1,944,118
3,834,866
Maintenance.
Taxes
Provision for inc. taxes.
.
Approp.for deprec.res—
10,350,970
1,908,643
3,630,133
1,353,879
3,658,490
46,507,545
7,868,825
14,789,735
6,483.971
16,117,151
43,708,577
7,581,297
13,931,696
4,652,025
15,495.752
$8,364,262
^Ton-oper. re venues
2,464,525
$7,954,070 $35,033,106 $33,840,782
2,325,508
10,537,093
10,177,668
Gross income....
Interest on
$10,828,787 $10,279,578 $45,570,199 $44,018,450
funded debt.
3,439,627
3,544,793
13,870,227
14,940,597
Amort, of bond discount
and expense
296,253
301,136
19,633
Other interest charges..
Int. during construction
IS,764
chgd. to prop. & plant
Cr43,433
1,358,694
Crl2,269
1,461,548
401,082
225,000
258,601
225,000
Preferred divs. of subs.
_
1,201,808
83,054
0123,950
5,615,890
1,157,649
1.36,653
0114,130
7,204,139
Minority interests in net
income of subs
Other deductions
Net profit.
Divs.
on
$5,132,800
955,314
pref. stock
1,774,311
1,362,991
1,250,000
1,100,000
$4,481,136 $21,898,859 $18,180,551
955,484
3,821,688
2,642,444
Earnings
common
per
$4,177,486
share
$3,525,652 $18,077,171 $15,538,107
$0.49
$0.41
$2.11
$1.81
corresponding periods in previous years. According to the report the output
for the second quarter was 12% above that of a year ago, and was nearly as
high as for the first quarter of this year.
Pointing out that power use is a reliable barometer that reflects changes in
manufacturing activity, the report says, "The present demands for power
indicate that factories generally in our territories are operating at a high
rate.
In the case of our own subsidiaries, for example, their industrial
customers in the second quarter used 19% more power than in the same
quarter a year ago and 49% more than in that period two years ago.
This
year their use in the second quarter was 7 % higher than in the first quarter.
Last year it was 4 % higher.
Two years ago it was the same in both quarters.
"Electric sales to commercial and residential customers have also shown
substantial increases.
Second quarter sales to commercial users were 8%
higher than in the same period last year and sales to residential users
increased 10%.
As usually happens in both classifications, sales in the
second quarter were somewhat lower than in the first 3 months of this
year."—V. 151, p. 422.
North Texas Co.
(& Subs.)—Earnings-
Period End. June 30—
1940—Month—1939
$103,597
$110,915
60,845
60,803
15,306
16,492
13,973
13,252
Operating revenues
Operation_
—
.
1,736
25,438
1,894
156,140
222,992
232,987
99,852
205,334
217,373
98,994
$705,667
218,029
$923,697
211,480
586
5,907
y
disct.
'
...
563
581
5,812
1,730
$163,339
91,579
$747,338
366,317
$678,978
Divs% on preferred stock-
$174,899
91,579
$83,320
$71,760
$381,020
$312,661
Minority interest
Net income.
—
366,317
—V. 150, p. 4134.
Northern Pacific Ry.—Earnings—
1940
1939
1938
1937
$5,497,622
$5,403,916
$4,582,154
$5,467,645
1,172,555
808,791
1,029,540
665,585
600,173
285,292
1,684,088
30,623,920
6,099,685
4,402,078
27,989,798
3,466,606
1,693,411
24,245,075
1.531,178
def154,833
30,399,579
4,550,761
4,258,990
June—
Gross from railway
Net from railway..
—..
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p.4134.
889,744
(Del.)—Weekly Output—-
Electric output of the Northern States Power Co. system
for the week
ended July 27,
1940, totaled 30,474,045 kilowatt-hours, as compared with
27,367,373 kilowatt-hours for the corresponding week last year, an increase
of 11.4%.—V. 151, p. 561.
;
Northwestern Bell Telephone Co.—Earnings—
» v
1940—Month—1939
1940—6 Mos.—1939
$3,008,046
$2,972,179 $17,707,615 $17,277,593
Uncoil, operating rev
5,709
7,476
45,706
44,404
Period End. June 30—
Operating revenues
Operating revenues.
Operating expenses
.
1,997,424
$1,004,913
488,209
$958,095
360,516
$5,643,840
2,526,920
$5,527,563
2,304,455
$516,704
,473,646
Net oper. revenues...
Operating taxes
$597,579
501,404
$3,116,920
2,832,251
$3,223,108
2,607,879
Net operating income.
Netincome
151,
111.
p.
$2,964,703 $17,661,909 $17,233,189
2,006,608
12,018,069
11,705,626
$3,002,337
.
;
Norwich Pharmacal
Co.—Earnings1940
1939
1938
$370,945
$390,351
$284,882
$0.46
$0.49
6
Months Ended June 30—
Net profit after all charges and provision for income taxes
Earnings
mon
—V.
sh.
per
on
800,000 shs.
stock-.
150,
com¬
-
....
$o.36
i.
2736.
p.
Nu-Enamel
Corp.—Five-Cent Dividend—
Directors have declared a dividend of five cents per share on the common
stock, jpayable Aug. 10 to holders of record July 31. This will be the first
dividend paid since Oct. 1, 1937 when 15 cents per share was distributed.
—V. 151, p. 111.
Ohio Associated
Telephone Co.—Earnings—
1940—Month—1939
$69,026
$65,617
160
152
Uncoil, oper. revenue...
1940—6 Mos.—1939
$407,150
$387,109
948
897
of
stock
The electric output of North American consolidated subsidiaries for the
first and second quarters of this year established new records compared with
Maintenance
Taxes
$950,194
194,729
and expense, &c
Operating revenues
and surplus.
$212,350
44,383
2,310
_____
debt
of
$762,205
187,989
514
Gross income.....
Bond interest
$166,197
46,152
421
Operating income
Amortiz.
$2,372,322
1,020,376
124,577
$224,951
48,553
_
Other income
Other interest-
1940—12 Mos.—1939
$2,512,309
1,038,133
270,357
35,786
50,355
53,795
19,393
$176,409
48,542
General taxes
Prov. for Fed. inc. tax—
Period End. June 30—
Balance for com. divs.
(& Subs.)
52,953
57,740
29,638
Maintenance
Provision for retirements
—V.
Net oper. revenues...
Corp.
$595,883
$602,441
248,006
37,696
Northern States Power Co.
1937
1940
$496,499
171,361
110,472
railway
Electric
1940—3 Mos.—1939
...
Net ry. oper. income...
From Jan. 1—
•
Noranda Mines, Ltd.—$1 Dividend—
common
Period End. June 30—•
Operating revenues
Operating expenses
Balance
3,329,742
—
—
Earns,
$4,846,315 a$5,425,441
2104897828 1851032,477 8062296,542
Sales of mfd. gas, in cu.
i
feet
1755968300
Sales of mixed gas, in
&
Water
Earnings—
,
Gross income
Deducts, from gross inc.
Divs.
$5,825,699 $23,725,482 $24,700,819
196,285
772,809 <
769,981
$6,227,231
2,450,176
_
_
709
—
Net oper. revenues...
$13,474
$1,367,852
760,016
197,975
147,281
$1,357,774
$262,580
$258,833
21
91
Non-oper. inc. (net)
$68,866
45,657
$65,465
$406,202
266,531
$387,212
44,644
Net oper. revenues
...
$23,209
8,041
$20,821
6,974
$139,671
48,436
126,206
41,077
Net operating income.
$J 5,168
$13,847
$91,235
$85,129
Operating taxes.
—V.
150,
Central
Ohio
748,592
200,271
150,077
Balance
$13,565
10,291
$20,369
$3,274
$7,527
12.842
Telephone Corp.-—Earnings—
3 Months Ended June 30—
$262,739
136,222
$258,855
$116,865
7,425
$109,240
142,190
1939
1940a
Net income from operations...
......
$124,317
51,097
$73,220
22,764
12,219
3,510
Interest on funded debt—
Interest on unfunded debt
$140,106
57,413
$82,693
Operating revenues.......
...
Operating expenses, maintenance and taxes...—
—...
33,004
20", 684
CV108
5,382
2,499
preferred stock-
$28,687
7,500
$27,215
6,750
Balance avail, for common stock and surplus..
$21,187
$20,465
Depreciation
...
_ _
Amortization of debt expense...
Provision for Federal income tax.—_—
Dividends paid or
—V.
150,
p.
—
accrued
2891.
Ohio Connecting
Geo.
H.
on
57
Pabst Jr.,
Ry.—Tenders—
Treasurer of the Pennsylvania RR.,
will until 12
sale to him pn Sept. 3 of sufficient
bonds to exftaust the sum of $16,550.—V.139, p. 772.
o'clock noon Aug. 31 receive bids for the
1st mtge. 4%
Retirement accruals
260,006
4134.
p.
Net income—
1940—12 Mos.—1939
158
$20,369
Operating revenues
Operating expenses
Ohio Edison Co.—New Chairman—
R. Whiting of New York Chairman,
Wendell L. Willkie, Republican nominee for President of the
Directors on July 25 elected Justin
Gross income
Int.on equip, notes, &c_
880
949
$126,517
10,503
Bal. bef. bond int....
$2,394
2,815
$6,577
3,428
$116,013
37,142
Int. on
bonds—3% fixed
41,905
to succeed
United States.—V. 151, p. 424.
Ohio River Sand Co.—Accumulated
Balance
3% income interest
def$42 2
on
Net income
bonds.
—
$3,149
$78,872
34,225
$44,646
$67,335
41,221
$26,114
record Aug. 15.
Corp.—Bonds Called—
A total of $162,800 15-year first mortgage 5% sinking fund gold bonds,
due March 1, 1945 have been called for redemption on Sept. 1 at 102 and
accrued interest of 3%.
Payment will be made at the
Trust Co., Chicago. 111.—V. 130, p. 2405.
Northern Ohio
Chicago Title &
Telephone Co .—New Issue of Pref. Stock
This company issued as of July 1, 10,000 shares of 5% $100 par pre¬
ferred stock, 6,466 shares of which were in exchange for an equai number of
7% preferred shares, and 3,534 shares of which were issued to two insurance
companies which purchased them at 105.
The 7% preferred shares were
called at 107 K as of July 1, and those who accepted the exchange offer
made by the company received for each 7% share one 5% share and $2.50
cash; those who declined the exchange received the call price.
There were
outstanding 8,763 K shares of 7% preferred stock and therefore the new
issue included 1,2363^ shares whose issuance provided new capital funds
to the company.
The sale of shares to the two insurance companies was
negotiated privately with R. P. De Voe & Co. acting as agent for the
company.—V. 150, p. 3522.
■
-V:
Ontario Steel Products
■/
-
'
■
Co., Ltd.—To Pay 75-Cent Div.
Directors have declared an interim dividend of 75 cents per
common
Northern Illinois Coal
Dividend—
declared a dividend of $1 per share on account of ac¬
the 7% preferred stock, payable Sept. 1 to holders of
Directors have
cumulations on
stock, payable Aug. 15 to holders of record Aug. 6.
60 cents was paid on Aug. 15, 1939 and one of 50 cents on
149, p. 1770.
share on the
Dividend of
Aug. 15, 1938.
—V.
Oklahoma
City-Ada-Atoka Ry.—Earnings—,
June—
Gross from railway.....
Net from railway..
Net ry. oper. income._.
From Jan. 1—
Gross from railway
Net from railway..
Net ry. oper.
—V.
150, P.
income...
4135.
10,935
3,480
1937
$43,949
20,492
10,688
193,487
67,428
29,810
213,294
64,549
12,964
260,429
93,046
35,440
$34,515
.
141,043
26,363
defl2,237
$33,224
6,383
def2,220
1939
1940
$23,344
4,396
def1,824
1938
„
Orange & Rockland Electric Co.—To Sell Bonds Pri¬
vately—To Refund 4% Bonds—
The New York State
company
Public Service Commission July 26 authorized the
bonds to mature in 1965 for the
refunding, with other available funds, $1,153,000 of 4% bonds
to issue $1,150,000 1st mtge. 3%
purpose of
The Commercial <5 Financial Chronicle
710
maturing in 1960.
The new obligations will be sold privately to there
insurance companies.'
The old bonds will be redeemed at 104.
At the same time the Commission deferred action on a petition by the
company for permission to issue $480,500 5% cumulative preferred stock
for the purpose of retiring a corresponding amount of 6% preferred shares.
The new bonds will be sola to the following insurance companies: $700,000
to Mutual Life Insurance Co.; $250,000 to Home Life Insurance Co., and
$200,000 to State Mutual Life Insurance Co. of Worcester, Mass.
Under the Commission's orders the bonds are to be sold by Aug. 15,1940,
at not less than 101 and int. to date of delivery, to realize not less than
$1461,500.
The new issue will be secured by an existing mortgage and supplemental
indenture to be issued to Bankers Trust Co. as trustee.
They will be red.
upon 30 days' notice at prices ranging from 105 as of June 1,1940, declining
at varying premium rates and maturing on June 1, 1965.
The redemption premium on the outstanding issue will amount to $46,120,
and the Commission stipulated that this amount, with all other costs and
expenses in the redemption shall be charged to surplus.—V. 151, p. 252.
Otis Steel
First National Bank of San Francisco and American
of San Francisco as co-transfer agent and co-registrar, respec¬
Trust Co.
tively, of the capital stock of the corporation, effective as of Aug. 1, 1940.
—V. 150, p. 4135.
Rust-Proof
Parker
Directors have declared
Co.—Extra Dividend
an extra
Pecos Valley Power &
Period End. June 30—
Light Co.—Earnings —
1940—3 Mos.—1939
1940—12 Mos.—1939
$76,983
64,141
operating income*
$85,776
66,791
$327,919
267,588
$329,481
277,618
$12,842
Operating revenues
Operatingexp. & taxes..
$18,985
$60,331
$51,863
619
Gross income-
$244,127
loss$37,695
$521,346
619
__
$13,461
$18,985
21,739
22.265
$60,951
88,324
$51,863
90,210
$8,278
-
$3,280
$27,374
$38,347
$635,641
164,757
276,000
166.550
331,489
276,000
552,000
335.082
552,000
$196,630
Bond int. & amortiz. of
bond discount & exp._
the common shares
Like amounts were
paid on June 1, last.—V. 150, p. 3060.
Int. & other deductions.
taxes on income
—
dividend of 25 cents per share in addition
the regular quarterly dividend of like amount on
both payable Aug. 31 to holders of record Aug. 10.
to
1940—6 Mos.—1939
depreciation & Federal
$431,767
$362,143
$251,441
Net loss before interest
Depreciation
Prov. for Federal tax
Airways Corp.—Co-Transfer Agent—
Corporation has notified the New York Stock Exchange of the appoint¬
Other income.
1940—3 Mos.—1939
June 30—
Prof, before b'd charges,
1940
3,
ment of the Crocker
Net
Co.—Earnings-
Period End.
Pan American
Aug.
onnoncum.
—V. 150, p.
inc. deben
3061.
on
income (est.)
CY48.479
Pennsylvania-Central Airlines Corp.—Listing—
The New York Curb
Net loss
—V. 150, p. 3670.
shares
tional
—V. 149, p.
Oxford Paper Co. (&
Subs.)—Earnings—
Period Ended June 30—
Gain from oper. before deprecia'n
of capital
4183.
Exchange has approved the listing of 8,627 addi¬
stock, par $1, upon official notice of issuance.
Pennsylvania Edison Co. (& Sub.)—Earnings—
3 Mos. 1940 6 Mos. 1940
6 Mos. 1939
12 Months Ended June 30—
Total
..
Interest on bonds and serial bank notes
Provision for Federal taxes__
$1,068,425
398,553
98,378
134,360
$760,230
380,236
98,821
53,625
$300,307
income
Depreciation
$723,934
36,295
$642,339
199,317
49,959
92,756
Other income (net)
$996,594
71,831
$437,134
$227,548
1940
1939
$6,386,392
2,001,699
$5,755,610
1,769,797
Maintenance
$602,212
40,127
531,982
Provision for retirements
547,506
245,729
494,850
508,300
465,272
170,046
476,523
Total operating revenues
Operating expenses
Federal income tax
Other taxes
Operating income
Net earnings
Directors
declared a dividend of $1.25 per share on account of
the $5 preference stock, payable Sept. 1 to holders of
Dividend of like amount was paid on June 1 and March 1,
ast, and one of $1 was paid on Dec. 1, 1939, this latter being the first
dividend paid since March 1, 1938, when a regular quarterly dividend of
$1.25 per share was distributed.—V. 150, p. 2892.
on
record Aug. 15.
(re-elected); S. G. Amerman, Vice-President; R. S. Oellers, Vice-President,
Vice-President & Secretary.—V. 143, p. 2855.
and A. R. Matthews,
6 Mos. End. June 30—
Profit from sales of
Dividends on stocks
Interest on bonds, &c._
Total
1940
1139,751
1
1937
$781,104
152,863
6,083
$23,705
138,960
2,618
2,654
$124,115
85,472
30,150
Research service fees
$145,471
85,000
30,150
$165,283
85,000
19,350
$940,050
85,000
18,900
17,591
debentures-.
on
$3,065
10,928
11,340
11,913
.
Fees of trustees, transfer
agents, Ac
General
expenses,
incl.
salaries and taxes
33,874
32,063
38,891
Prov. for Fed. inc. taxes
$42,973
1,696,350
Surplus credits
Earned
Divs.
Divs.
on
on
33,233
x93,818
x483
Net loss
Earned surplus Jan. 1
$1,679,893
102,860
$1,725,811
102,860
$1,816,446
102,861
$2,660,348
102,860
167,074
cl. A com. stock
years
10,335
Earned surp. June 30.
$1,577,033
$371,875
on
preferred stocks
Balance
$1,028,479
$175,868
Pennsylvania Electric Co. (& Subs.)—Earnings—
12 Months Ended June 30—
$11,910,376 $11,( 69,563
4,562,92 1
4,654,347
expenses
Provision for retirements
—
—
Federal income tax
Other taxes
689,131
1,(69,012
453,139
915,848
826,324
$3,779,338
10,024
1,812,974
185,713
68,994
Cr25,276
Crl4,042
$^,250,164
Net income
$3,928,598
1,810.755
Interest on long-term debt
Other interest
Amortization of debt discount, prem. & expense..
Int. charged to construction
149,260
$4,290,349
Gross Income
$1,877,895
$1,622,951
$1,703,250
$2,390,413
Comparative Balance Sheet June 30
1939
Other
Liabilities—
$400,730
60,700
1940
1939
$22,468
Acer. exps. & taxes
Securities
$23,939
Pennsylvania
1 ,432,073
1,585*349
and not received
sec. (at cost)*
Common stocks.
4 ,102,461
5,019,683
339,652
318,318
54,450
debs., series A..
Note payable
a $3 pref. stock
53,620
c
Preferred
20-year
stocks
Bonds
Co.'s
own
receivable
Prepaid
a
gold
39,910
6,927
......
685,730
163,856
685,730
163,856
53,687
1,395,551
$7,298,324
41,265
1,395.551
Earned surplus...
1.577,034
1,622,951
$7,298,324
$7,481,162
Cl. C
com. stock
53,687
7,748
$7,481,162'
Total
Represented by 68,573 shares, no par.
b Represented by shares of $1
c Represented by shares of $0.10
par.—V. 151, p. 562.
Panhandle Eastern Pipe Line Co.
(&
12 Mos. End. June 30
Gross
revenues...
Net oper
revenue
Subs.)—Earnings
1939
1938
1937
$9,592,566
4,998,218
$8,190,690
4,104,190
income
Before provision for
$6,218,848
1,195,125
$5,164,716
1,280,183
$4,594,348
1,149,930
$4,086,500
1,116,395
$5,023,724
Total int. deductions...
Net
1940
$13,096,556 $11,163,975
6,877,708
5,999,260
Total oper. expenses
x
3,480,000
3,400,000
...
b C.. A com. stock
expenses..
Total
par.
5%
55,449
Capital surplus...
deben¬
tures
(cost)
Divs. & accr'd int.
$3,884,532 x$3,444,418
$2,970,105
Federal surtax
on
undistributed profits.
Consolidated Balance Sheet June 30
1940
1939
$
Assets—
$
1940
Other investm'ts..
210,258
Cash
1939
$
Liabilities—
Prop., plant <fc eq.61,698,684 58,710,830
a Intangibles
2,210,175
2,503,410
$
b Common
stock..20,184,175 18,216.300
Cl. A pref. stock..10,000,000 10,000,000
CI. B pref. stock.. 1,000,000
Ser. A 4% bonds..22,506,000
5,904,560
1,962.366
Acc'ts & notes rec.
845,473
823,650
Mat'l & supplies..
Non-curr. notes &
Other long-term dt
192,911
178,017
Accounts payable.
Divs declared
33,628
455,462
1,406,489
Accrued taxes
Accrued Interest..
1,527,238
300,670
acc'ts
receivable
15,158
224,334
15,233
146,500
133,475
2,383,936
Special deposits...
2,696,376
Prepaid acc'ts and
Other
deferred charges
Debt discount and
current
1,000.000
23,012,000
169,348
529,326
1,244,710
307,397
and
accrued liabils..
8,575
58,556
Total
73,607,655 67,247,691
cn7
807,367 (728,652 in 1939)
Deferred liabUities
Res. for depl., Ac. 8,406,178
Other reserves
759,206
6,637,762
Surplus
expenses
76.639
Glass
Sand
Corp.—Bonds
Sold—Harri-
Ripley & Co.; Smith, Barney & Co.; Merrill Lynch,
E. A. Pierce & Cassatt, and Riter & Co. offered July 30, a
new issue of $3,700,000 1st
mtge. 3Y%% sinking fund bonds,
due
June
interest.
1,
1960.
All
of
the
bonds
The offering price
5,453,978
6,961,478
Total.
73,607,655 67,247.691
and purcuase contracts, Ac.
no-par
shares.—V. 150,
141,255
535,615
p.
b Represented by
4136.
reported sold
102 and 'accrued
were
was
Net proceeds from the sale of these bonds and of
retire
all
bonds of the
are
to be used
the
outstanding 1st mtge.4H% sinking fund
corporation, the balance being added to working
capital.
J
Dated June 1, 1940; due June
1, 1960.
The Pennsylvania Co. for In"
S. Newhall.are trustees(J-D) payable in Philadelphia, and New York, in
such coin or currency of the United States of America as at the time of
payment is legal tender for public and private debts without deduction for,
and the corporation agrees to pay certain taxes specified in the indenture
which the corporation or the trustees may be required to pay thereon or
may be required or permitted to deduct or retain therefrom under any
present or future law of Pennsylvania and Massachusetts or of Maryland,
except succession or inheritance taxes, but not exceeding for eich calendar
year, in respect of each $1,000 principal amount of bonds $5 for Penn¬
sylvania taxes. $2.31 for Massachusetts taxes or $2.10 for Maryland taxes.
Corporation covenants to refund to each holder of bonds the amount of
certain Pennsylvania. Maryland or Massachusetts taxes paid by such
holder as a resident of any such State by reason of the ownership of such
bonds or receipt of income derived therefrom, but not exceeding for any
calendar year in respect of each $1,000 principal amount of bonds $5 for
Penna. taxes, $2.10 for Maryland taxes or $2.31 for Mass. taxes.
Sinking Fund—Corporation has agreed to pay to the fiscal agent semi¬
annually an amount sufficient to retire (at the sinking fund redemption
price applicable on the next interest payment date) the principal amount
of bonds (respective'y specified), starting with $84,000 on Oct. 20, 1945
and increasing to $139,000 on Oct. 20,
1959.
Any such sinking fund
payment may be made at the option of tne corporation in cash and (or)
in bonds at the sinking fund redemption price on the next succeeding Dec. 1
or June 1.
Such sinking fund payments may be anticipated and paid in
advance in whole or in part in bonds.
In addition to the stipulated sinking fund payments the corporation may
at its option pay to the sinking fund in cash on any Oct. 20 or
April 20,
beginning with Oct. 20, 1940, an additional amount sufficient to retire
not in excess of $100,000 principal amount of bonds.
Any such additional
payment shall, at the corporation's option, be credited against any such
future sinking fund payments as the corporation may designate.
Bonds are redeemable on any interest date on 30 days' notice, through
the operation of the sinking fund at the principal amount thereof
plus the
following premiums: 3% ir red. on or before Dec. 1, 1944: 2% if red.
thereafter and on or before Dec. 1, 1949; IH% if red. thereafter and on or
before Dec. 1, 1954: and
of 1% if red. thereafter.
Redemption, Other than for Sinking Fund—Corporation may at its election
redeem the bonds outstanding at any time as a whole, or in part on any
interest payment date, on at least 30 clays' published notice, at the principal
amount thereof, with accrued interest thereon, plus the following premiums:
5% if red. on or before May 31, 1945; 3^% if red. thereafter and on or
before May 31, 1950; 2% if red. thereafter and on or before
May 31, 1955;
and 1% if red. thereafter.
surance on
bought
investments
Inv
175,132
—V. 151, p. 253.
to
$1 ,316,601
526,862
921,911
360,781
$4,280,325
—
Operating income
Other income (net)...
$800,000 serial notes sold directly to banks,
Sec .sold & undellv.
1939
1940
Total operating revenues
during the morning.
Does not Include Federal surtax upon undistributed net income,
$26.380 excess of par value over cost of treasury debentures retired and
$135 refund of prior year's Federal income tax.
Cash
852,611
—V. 151, p. 253.
y
1940
;
$1,224,486
852,611
-
x
Assets—
18,496
man
Federal stock transfer tax
prior
Crl70
Net income
$12,671 prom0,219prof?697,185
1,738,482
1,806,227
1,963.162
y26,515
surplus
pref. stock
9,458
85,782
Maintenance
1938
/
revenues
Interest
1939
IO8B$17,474
1
141,589
secs.
Other interest
Operating
Investors, Inc.—Earnings—
long-term debt
on
$2,384,166
1,265,250
4,655
85,782
Amortization of debt discount and expense
Interest charged to construction
Dividend
Pacific Fire Insurance Co.—Personnel—
At their recent regular quarterly meeting, the board of directors made
the following changes in the official staff of the company:
O. V. Meserole, Chairman of the Board; L. R. Bowden, Vice-Chairman
of the Board: A. E. Heacock, President; L. P. Tremaine, Vice-President
Pacific Southern
Interest
$2,365,670
$2,584,806
1,265,250
Gross income
have
accumulations
$2,564,626
20,180
Other income (net)
Preferred Dividend—
Lives and Granting Annuities and C.
Principal and interest
UnderiDTiters—The names of the severai principal underwriters and the
amounts underwritten by them respectively, are as follows:
Harriman Ripley & Co., Inc
$1,415,000
Smith. Barney A Co
1,415,000
Merrill Lynch, E. A. Pierce A Cassatt
500,000
several
Riter A Co.
-
370,000
Volume
The Commercial & Financial Chronicle
151
History and Business—Corporation was incorporated in Pennsylvania,
July 13, 1927.
Corporation and subsidiaries are engaged in the business
of mining, crushing, grinding and otherwise
preparing for market, and
selling silica and silica sand for a wide variety of uses, most of which require
a product containing less than
1% of impurities.
p Corporation owns or controls approximately 9,000 acres of land on which
are located four of its plants and
developed and undeveloped silica deposits
of the Oriskany vein.
Approximately 6,600 of these acres are owned in
fee (subject to possible current tax and assessment liens and mortgage
liens; also leases, rights-of-way, easements, covenants and other similar
encumbrances not deemed material) and substantially all of the remainder
are held under long term
mining leases.
The acreage so owned or con¬
trolled is located principally in Pennsylvania, Maryland and West Virginia.
In addition the corporation owns in fee or controls
by leases or other agree¬
ments sand deposits of a lower grade in New Jersey.
Tavern Rock Sand
Co., a subsidiary, owns or controls approximately 100 acres in Missouri on
which are located the Klondike plant and developed and undeveloped silica
deposits.
a
Capitalization as of Dec. 31, 1939
Authorized
Outstanding
1st mtge. 4H % sk.fd. bds., due Dec. 1, '60_.$4,600,000
$4,203,000
$7 cum. conv. pref. stock (no par)
24,768 shs.
a24,768 shs.
Common stock (no par)
b450,000 shs.
c321,860 shs.
193768
a
..
In
May, 1940, 232 shares of preferred stock
were
retired through opera¬
tion of the sinking fund.
b Of the authorized shares 123,840 shares (now 122,680) are reserved for
conversion of the preferred stock, each share of which is convertible into
common stock
(v.t.c.) at the rate of 5 shares of common stock for each
►
share of preferred stock at any time up to
any
c
and including 10 days prior to
redemption date.
321,855 of such shares have been Issued in the
name
of the voting trustees
under the voting trust agreement.
Prior to or concurrently with the
delivery by the corporation of the
$3,700,000 of bonds (now offered) and the serial notes, corporation intends
bonds for redemption, to deposit in trust with Pennsyl¬
vania Co. for Insurances on Lives and Granting Annuities, as corporate
trustee funds sufficient for the redemption thereof.
Corporation also proposes to issue and sell privately, concurrently with
the delivery of the bonds (now offered), $800,000 of serial notes.
to call the above
Interest
Income
1928.
1934
Gross income
$7,214,262
1,732,728
Net income
on
pref. stock
_
Balance
b Other
purposes,
and
—V. 150, p.
business Aug. 5.—V.
Pierce Oil
,.
150, p. 3061.
The 8% cumulative convertible preferred stock ($100
par) has been sus¬
pended from dealings on the New York Stock Exchange.
Application is to be filed with Securities and Exchange Commission to
strike
the stock from listing and registration.
A liquidating dividend
which is payable to stockholders of record Aug. 1 constitutes
substantially
all of the assets of the corporation.—V. 151, p. 564.
1
Pittsburgh Coke & Iron Co. (& Subs.)—Earnings—
Period End. June HO—
Gross sales & earns., less
outward fr't,
returns & allowances.
Cost of sales & oper. exp.
1940—3 Mos. —1939
1940—6 Mos.—1939
725,142
435,643
555.878
$1,267,830
215,840
$2,696,132
1,939.643
128,982
157,414
175,264
56,453
9.913
3,000
39,974
114,183
79.830
4,212
14,533
6,000
8.427
3,000
$68,509
5,985
$458,838
23,753
$200,570
$212,898
36,199
$74,494
$482,591
167
35,853
136
72,770
2.516
$221,431
72,123
5,000
2,865
5,000
1,947
10,000
25,639
CV4.694
63.308
4,499
$143,028
29,043
29,164
27,962
$1,972,908
1,332,239
78,451
177,083
110,365
$205,404
7,494
26,451
$36,252
$328,235
31,101
$130,279
50,718
Prov. for doubtful accts.
Selling & admin, exps
Maintenance & repairs
Deprecia'n & depletion.
Taxes, other than Fed. &
__
Profit
Other income
Profit bef. other chgs.
Int. on funded debt
Other Interest
899,219
68,442
94,507
89.966
$4,182,845
2,891,337
160,106
322.009
6.000
20,861
614
Prov. for obsolescence of
Corporation has called for redemption on Aug. 31, next, all of its first
mortgage 4K% sinking fund bonds, maturing Dec. 1. 1960, of which there
is $4,201,000 outstanding.
The bonds will be paid off at 105 and accrued
interest at the offices of Brown Brothers Harriman & Co., Philadelphia and
New York, and at the office of Pennsylvania Company for Insurances on
Lives and Granting Annuities, Philadelphia, the corporate trustee.
The bonds will be paid off from the proceeds of the recent public offerings
of $3,700,000 first mortgage 3H% sinking fund bonds, due June 1, 1960,
$800,000 unsecured serial notes.—V. 151,
p.
replacement parts
Amort, of bd. disc. & exp
Prov. for
Fed.
&
Net profit.
Divs.
on
pref. stock
Consolidated Balance Sheet June 30
563.
1940
Pennsylvania RR. Regional System—Earnings—
1939
$
$
Cash In banks and
on
[Excluding Long Island RR. and Baltimore & Eastern RR.]
c
1940—6 Mos.—1939
Railway oper. revenues.$40,050,466 $33,932,633 $221230,028 $190075.611
Railway oper. expenses- 27,987,107
24,377,868 159,405,881 141,436,006
Jt. facil. rents—Dr. bal.
498,511
498,508
896,116
223,511
$9,554,765 $61,824,147 $48,639,605
2,536.695
17,145,300
13.639,112
469,737
2,945,668
2,719,971
425,726
2,945,710
2,445,465
429.165
3.928,336
2,392,298
61,282
1,075,959
806,676
Net ry. oper. income.
$6,758,113
5.762
10,000
3,917
Penn¬
sylvania income taxes.
Assets—
1940
Liabilities—
1939
S
614,959
570,282
$
Notes and accts.
receivable
1,061.166
746,443
1,776,234
1,072,393
2,378,994
Fixed assets (net). 10,040,036
Unamort. bd. disc.
Accounts payable.
Notes pay., bank-
661,095
410,706
200,000
200,000
Accrued liabilities.
hand
238,620
182,006
Sink. fd. payments
due currently...
113,744
91,725
9,120,311
Inventories
Investments
192.840
$5,632,160 $33,783,174 $26,636,083
Railway
Unemploym't ins. taxes.
Railway retirem't taxes.
E'q'p't rents—Dr. bal__
.
Corp.—Suspended from Dealings—
Penna. income taxes
Rents and royalties
I
rev.
Manufacture Synthetic Rubber
The Securities and Exchange Commission on July 26 granted the com¬
pany's application to withdraw its $5 par value common stock from listing
and registration on the Chicago Stock
Exchange, effective at the close of
249,329
536,672
1940—Month—1939
-To
b Including operat¬
replacements, and taxes.
Pictorial Paper Package Corp.—To Delist Stock—
43.070
192,258
renewals
Phillips Petroleum Co.-
$392,660
264.277
loss 84,661
205,565
201,320
196,625
and
See B. F. Goodrich Co. above.- -V. 151, p. 113.
253.665
from ry. oper.$12,063.359
taxes
3,188,600
$4,954,747 $20,142,267 $19,914,549
depreciation,
2739.
$44,426
47,274
49,821
Bonds Called—
ISiet
$5,544,819 $22,502,557 $22,274,839
590.072
2,360,290
2,360,290
Restated and adjusted for comparative
$295,680
283.230
269,310
Income
c
After depreciation, depletion and income taxes, but before interest, &c.
b Includes amortization of debt discount and expense, taxes on bond in¬
terest, interest on loan payable and premium on bonds retired,
c Before
dividendsand charges and credits to surplus.
Period End. June 30—
$5,481,534
590,072
expenses,
a
.
$7,303,490 $29,512,472 $29,160,288
1,758,671
7,009,915
6,885,449
$4,891,462
Income deductions
ing
al940—12 Mos.—al939
$18,576,612 $17,488,858 $74,046,743 $70,118,287
11,362,350
10,185,367
44,534,271
40,957,999
Deductions
a
and private sale of
utility income
b Oper. revenue deduct.
Divs.
1940—3 Mos.—al939
revenue and other
Funded Debt
$732,766
594,681
234,470
546,064
768,688
955,505
661,432
776,098
1930........
1932
on
Consolidated Earnings of the System
_
Period End. June 30—
Oper.
disc'ts,
Earnings for Calendar Years
a
711
Philadelphia Electric Co.—Earnings-
and expenses...
133,117
Prepaid ins., &c..
54,982
Res. for
Fed.
and
Penna. Inc.taxes
Funded
23,459
3.084,256
debt
92.690
2,934,276
98,458
Res've for rellnlng
57.394
blast furnace...
97,229
66,120
$5 pref. stock.v
2,295,126
6,108,862
6,104,654
a
b Common stock..
Earned surplus ac¬
cumulated since
Jan. 31. 1930
1,909,813
^
1,861,265
1.252,066
14,762,885
13,164,722
Company Only
Total
June—
1940
Gross from railway
From
Jan.
1938
1937
$39,964,850 $33,852,020 $29,017,280 $39,664,574
12,066,239
9,563,180
9,140.302
10,450,313
6,773,823
5,651,526
5,184,437
6,534,152
Net from railway
Net ry. oper. Income..
railway
.220,771,964
61,927,121
33,949,374
.
Net ry. oper. income..
—V. 151. p. 563.
.
189.623.404
48.760,373
26,811,001
167.524,652 234,499.503
41,826,071
58.614,732
19,678,844
37,595,550
June—
1940
railway
1939
$519,070
$454,289
43,007
def133,949
Net from railway
Net ry. oper. income
From
defl 1,584
defl81,178
1938
$440,222
2,846
defl61,901
1937
$565,919
62,834
defl34,230
Jan. 1—
Gross from railway
2,475,535
Net from railway
def355,892
Net ry. oper income—.def1269,045
—V. 150, p.
2,291,882
2,147,114
2,671,477
def446,466
def481,580
defl90,397
defl340,038 defl326,456 defll30,085
Acquisition—
Company has purchased a majority of stock of Davidson Ore Mining Co.,
headquarters in Buffalo, which has three underground ore mines in
Menimonee range of the Upper Michigan peninsular with capacity of 300,000
The Davidson company owns a minority Interest in Struthers Iron &
Steel Co. of Struthers, Ohio, and this interest now comes under control of
the Pittsburgh company, which will have a voice In the management of
Struthers to extent that it has named one of the five directors.
The Struthers company operates a blast furnace with annual
capacity of
150,000 tons, and It Is reported tne Pittsburgh company has been able to
obtaining some new business, since the blast furnaces
of the Pittsburgh company are operating at capacity. The Pittsburgh com¬
pany has not taken over any assets or assumed any liabilities of Struthers.
—V. 150, p. 2739.
assist Struthers in
Pittsburgh Shawmut & Northern RR.—Earnings
6 Months Ended June 30—
1940
Taxes
Operating income
—-
Other income...
Gross income
Interest on long-term debt.
Amortization
of debt
discount,
premium
$3,164,593
1,051,402
270,185
$1,313,609
209,364
$1,440,607
221,776
$1,522,973
411,742
—
1939
$3,049,624
1,156.691
274,146
305,176
Operating revenues
Operating expenses
Depreciation
Interest charged to construction...
Miscellaneous income deductions..
Cr91
Surplus
$1,113,901
53,732
859,696
$125,800
Common stock dividends
7,161
$1,039,228
53,732
859,696
Net income
Preferred stock dividends
Cr 14 9
8,514
Philadelphia
Net ry. oper.
—V. 150, p.
income—
4136.
Period End. June 30—
Net inc. after all charges
—V. 150, p. 2893.
Products
Co.,
1940—6 Mos.—1939
$263,210
$304,748
Inc.
(&
Subs.)—
1940—12 Mos.—1939
$481,767
$488,504
1940
def 13,930
def32,123
421,691
66,976
508.677
52,041
def 12,389
def 17.572
1939
1938
1937
Gross from railway. .
Net from railway—
Net ry. oper. income
$42,612
def3,975
def5,722
$34,382
$44,602
def7.694
def9.509
defl ,917
594,402
202,353
130,895
Net ry. oper. income
From Jan. 1—
255.023
def5,694
def22,165
242,590
def37,692
def41,050
316,506
def 11,455
13,889
9,188
—V. 151, p. 113.
Pittsburgh & West Virginia Ry.—Earnings—
1940
June—
Net ry. oper. income
From Jan. 1—
Gross from railway..
Net ry. oper. income
—V. 150, P. 4137.
1939
1938
1937
$353,836
102,677
77,352
_
Net from railway—
Net from railway
Phillips Hotel Operating Co.—Registers with SEC—
433,034
97,989
25,107
1937
$63,169
10.326
def746
$127,450
46,895
35,617
railway...
Gross from railway.
Dairy
602,988
185,168
98,429
1938
$64,599
.
Pittsburgh & Shawmut RR.—Earnings—
June—
$200,473
-Y. 150, p. 2892.
$73,203
14,249
1,348
From Jan. 1—
Gross from railway.
Net from railway.
Net from railway
21,000
1939
$83,329
12,940
def128
Net from railway
Net ry. oper. income
Gross from
53,020
10,560
interest
1940
June—
Gross from railway
$1,662,383
520,470
402,399
and
(net)
on
c
with
4136.
Taxes assumed
shares,
b Represented
After reserve of $93,270 In
no par
1940 and $89,118 in 1939.
Pennsylvania Water & Power Co. (& Subs.)-—Earnings
expense
Total
tons a year.
Pennsylvania-Reading Seashore Lines—Earnings—
Gross from
14,752,885 13,164,722
a Represented
by 24,242 (20,287 in 1939)
by 618.846 (619,250 in 1939) no par shares,
1—
Gross from railway
Net from
1939
...
$233,359
50,340
35,494
$223,931
42,153
29.388
$370,547
111,426
150,639
2,045,874
560,901
454,968
1,426,644
1,325,921
244,397
230,101
2,196,560
345,356
242,081
609,533
680,495
See list given on first page of this department.
Phoenix Hosiery Co.—Accumulated Dividend
The directors have declared
a
dividend of 87 34 cents per share on account
of accumulations oh the 7% cum. pref. stock, par $100, payable Sept. 1
to holders of record Aug. 19.
Like amount was paid on June 1, last;
dividend of $1.75 was
were
paid on March 1, last, and dividends of 8734 cents
paid in each of the 27 preceding quarters.—V. 150, p. 2893.
Pittsburgh Rys.—Reorganization Plan Filed—
reorganization plan for the system was filed In Federal Court
Pittsburgh, Aug. 1 with the object of providing the Pittsburgh district
an "adequate, attractive and modern mass transportation service."
The plan provides for formation of a new corporation into which would
be merged traction and other companies now operated under lease agree¬
A trustees'
at
ments.
The Commercial & Financial Chronicle
712
effecting this merger the company would issue $26,315,000 of common
stock and $19,883,500 of general mortgage bonds which would be given
to owners of the various companies for their present holdings.
Approximate present value placed upon the transportation system was
$46,984,489,—V. 146, p. 3814.
In
Postal
Investments and advances
Cash
199,273
159,691
1,156,349
^92,419
££8,937
of market)---
42,895
5,557,931
Mining and milling, prepaid insurance, taxes, &c_
125,630
112,935
614,844
8.063,908
48,116
50,215
293,147
294,827
50,819
34,044
270,896
211,209
$27,267
x$765,682
30,000
assignable to op-
„„
Accounts payable (trade)
Due to subsidiaries not consolidated
!-
87,350
86,629
533,835
$64,362
2,865
$1,329,517
28,811
$577,564
15,894
$259,021
18,236
$61,497
248,235
$1,300,706
329,558
$561,670
1,493,088
$277,257
$309,732
$1,630,264
$2,054,758
Loss.
Deductions
-
Total
a
Carpet
Sons
&
Poulson
Co.,
Inc.—
Holders of 1st mtge. 0lA% sinking fund gold bonds (assumed by General
are being notified that pursuant to an order of the Court
of Common Pleas of Philadelphia, Pa,, dated July 18, 1940, the Manu¬
facturers Trust Co. will make a partial distribution of 40% on account of
Carpet Corp.)
the
principal face amount of said bonds
after Avg. 5, 1940.—V. 122, p. 2811.
upon
presentation thereof
on
12 Months Ended June 30—
1940
and
1939
$16,479,505 $16,194,720
5,622,000
5,761,611
2,108,175
1,949,651
-------:
Balance for dividends and surplus..
including
non-operating
income
(net)
.—
83,761
6,468
Other deductions
Rail transp. revenue
$6,043,793
78,076
7,093
$6,043,541
418,805
49,035
$23,902,878 $23,391,499
A. L. Hammell has been appointed Vice-President in Charge of
Operations
of the company's central departments at
Chicago, succeeding E. M. Whittle
who has retired after 53 years of continuous service.
Mr. Hammell has
been succeeded as Vice-President in Charge of Operations in the Western
departments by A. W. Hayes, heretofore General Manager of the Texas
department at Houston, who in turn has been succeeded by W. M. Smith,
Assistant
Rayonier, Inc.-—50-Cent Preferred Dividend—
—To Produce Aluminum—
A loan of $15,800,000 to the
company has been authorized by the Re¬
construction Finance Corp. to enable the
company to produce aluminum,
a product considered essential to the
natonal defense program.
The company, according to Federal Loan
Administrator Jesse H. Jones,
is now exploring several sources of bauxite in this
country.
From this ore,
aluminum is refined and processed.
The plant facilities
authorized by Congress.—V.
150,
Richmond Radiator
p.
Co.—Earnings—
1940
^Sf'pf194811 deductions & Fed*inc'taxes--
Ruberoid Co. (&
1939
Net. ry.
From Jan.
Period End. June 30—
Net sales
$56,144
,
1939
1938
$4,063,350
791,958
429,112
$3,808,040
550,407
131,310
1937
$4,541,728
1,050,277
722,699
21,231,584
2,438,627
449,850
20,262,907
1,393,745
def761,215
24,680,436
4,385,814
2,413,428
1—
Gross from railway
21,573,537
2,823,959
935,528
on
Equipment Trust—
The trustees announce that interest coupons No. 29 maturing Aug. 15,
1940, pertaining to equipment trust certificates series "BB" will be pur¬
chased at their face value on and after Aug. 15, 1940, upon tender at the
office of C. W. Michel, executive eastern representative, 120 Broadway,
New York City.
Ownership certificates (form 1000) will be required from all holders
except corporations.—V.
151,
p.
565.
St. Louis San Francisco & Texas Ry.
June—
1940—3 Mos—1939
share
1940—6 Mos—1939
$7,668,378
$7,239,643
4,353,673
4,283,625
7,484,536
7,031,636
$302,435
$183,841
$0.61
$0.76
$0.46
$208,008
$0.52
durmg the periods.—V. 151, p. 565.
St.
Joseph Lead Co. (& Subs.N—Earnings—
Mos, End. June 30—
1940
1939
1938
Total income
Interest and expenses on
funded debt
1937
$4,20.5,193
Drl37,642
$2,340,947
17,171
$703,059
19,607
$8,270,559
58,595
$4,067,551
$2,358,118
$722,666
$6,329,164
Other deductions
569,945
474,540
Obsolescence of the Doe
538,878
195,029
518",777
547
898,706
50 000
__
Dividends paid
Earns, per sh. on cap.stk
^81
35,069
Run Mill
Depletion
446,246
209", 183
122",635
282^950
$1,415,028
zl,466,760
$46,184
1,466,760
977.840
$1.32
$0.02
$2.30
After expenses, including
writing off of development and exploration
charges,
y Includes dividend of 50c.
a
share declared Mav 17
1937
Includes dfvfdlnd
payable Sept. 20, 1937. of $977,840.
z
of 25c
declared May 12, 1939, payable
Sept. 20, 1939, of $488,920.
k
688,237
38,055
def204,613
Lines—Earnings-
1940—Month—1939
1940—6 Mos.—1939
$1,725,285
1,236,749
$1,548,871
1,413,019
$9,941,515
7,154,608
$9,316,656
7,453,196
Railway tax accruals
$488,536
113,085
$135,852
113,156
$2,786,906
667,643
$1,863,460
658,727
Railway oper. income
Other ry. oper. income.
$375,451
8,161
$22,696
30,536
$2,119,264
134,452
$1,204,733
167,318
Total ry. oper. income
Deduc. from ry. oper. inc.
$383,612
151,796
$53,232
175,898
$2,253,716
958,170
$1,372,051
1,008,284
$231,816
6,217
x$122,666
6,119
$1,295,546
40,156
$363,768
43,337
$238,033
x$116,547
265,809
$1,335,703
264,683
1,600,621
$407,105
1,604,857
$26,650
$382,356
$264,919
$1,197,753
Railway
Railway
oper. revenuesoper. expenses.
rev.
from ry. oper.
Net ry. oper. income.
Non-oper. income
Gross income.
Deduc. from gross income
Net deficit
x
Loss.—V.
151
p.
428.
Safeway Stores, Inc. (.& Subs.)6 Mos. End. June 30—
1940
Net profit after deprecia¬
tion and taxes
$2,382,943
Shares com. stock out¬
standing (no par)
per share
y
-Earninqs-
1939
1938
1937
$2,855,402 x$l,541,286 x$l,764,256
y805,284
806,599
806,560
$2.35
$2.96
$1.31
802,156
$1.59
provision was made for Federal surtax on undistributed
Average number outstanding during six months.
profits,
Preferred Stock Increase—
Stockholders at
a special meeting held July 30
approved and ratified an
to the charter increasing the authorized amount of the
5%
preferred stock to 300,000 from 190,159.
The company now will have two classes of stock authorized: 1,500,000
of no par common and 300,000 shares of $100 par, 5% preferred.
On April 16, 1940, the company redeemed all of its outstanding 6% and
7% preferred stocks.—V. 151, p. 429.
amendment
San Antonio Uvalde & Gulf
June—
1940
Gross from
railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
$80,077
defl8,101
def47,866
RR.—Earnings1939
1938
1937
$99,499
def6,415
def33.844
$81,974
defll,510
def40,428
def40,643
714,201
74,247
defll7,604
595,504
def64,804
def257,193
662,188
100,416
def97,857
$83,811
def 9,093
;
606,272
9,098
defl77,443
—V. 150, p. 4139.
Savage Arms Corp.—50-Cent Dividend—
Directors have declared
a dividend of 50 cents per share on the common
19 to holders of record Aug. 9.
This compares with
16 last and on Dec. 18, 1939 : 75 cents
paid on Nov. 15, 1939, and dividends of 25 cents paid on Aug. 21, 1939,
and Dec. 22, 1938—V. 151, p. 114.
stock, payable Aug.
25 cents paid on May 20 and Feb.
$4,507,361
y3,911.359
$0.72
x
797,922
143,226
def93,425
St. Louis Southwestern Ry.
Period End. June 30—•
42 667
____
_
Depreciation
774,901
136,165
def76,806
def145,765
1937
$124,447
P 8,214
def 28.713
—V. 150, p. 4138.
Note—Earnings shown above
include the Ruberoid Co.'s
equity in earnings of the Ruberiod Co., Ltd.
(England) only to the extent of dividends received from that
company
Profit from operations.
Other income
$204,464
91,333
50,220
xNo
$4,586,059
shares of capital stock.
1938
$193,342
82,003
46,065
656,473
52,995
Gtzss from railway
Net from railway
Net ry. oper. income—
-Earnings—
1939
$139,720
44,299
10,126
—
Earnings
$244,565
Net profit—
1940
Gross from railway
Net from railway
$29,583
$4,598,239
Cost of goods, sold, exp.,
deprec. Federal taxes,
less other income
6
1940
Net from railway
Net ry. oper. income—
Subs.)—Earnings—
The company has issued a correction of its
interim report for the second
quarter and first half of 1940.
The revised figures afford the
following:
x
1937
Ry.«—Earnings—
$3,945,993
900,145
oper. income—
559,161
2742.
6 Months Ended. June 30—■
^
4,639,650
1,989,673
1,393,392
'
June—
contemplated by
Reynolds Metals Co. will be somewhere in the Tennessee
Valley and pre¬
sumably will be located in the neighborhood of the new dam construction
i
4,181,846
1,646,412
1,118,855
Gross from railway
Net from railway
Reynolds Metals Co.—$15,800,000 RFC Loan Authorized
per
4,308,562
1,845,835
1,329,020
St. Louis-San Francisco
Net
Directors have declared a dividend of 50 cents
per share on account of
accumulations on the $2 cumulative preferred stock,
payable Aug. 26 to
holders of record Aug. 15.
Dividend of $1 was paid on July 25, last, and
50 cents paid on May 27 and March 11, last, and on Dec.
20, 1939, this
latter being the first dividend paid since
July 1, 1938 when a regular quar¬
terly dividend of 50 cents per share was distributed.—V. 151, p. 255.
Earnings
$458,654
82,623
52.561
1938
1939
—V. 150, p. 4138.
at
headquarters in New York City.
S. F.
Pitcher, former Superintendent of Organization in New York City, succeeds
Mr. Smith as Executive Assistant.—V. 151, p. 113.
x
$356,910
21,026
def 1,572
Net ry. oper. income
From Jan. 1—
Payments to rail and other carriers—express privileges.
—V
Ryv -Earnings-
$394,239
61,049
26,492
3,976,918
1,442,520
922,106
-
Net from railway
Net ry. oper. income
385,466
36,353
New Official—
Executive
depreciation.—V-
on
funded debt
former
for
reserve
1940
$412,148
57,884
18,203
Net ry. oper. income
From Jan. 1—
Gross from railway
Interest
Total rev. & income-.$15,925,408 $15,543,621 $71,522,481 $68,505,557
Operating expenses
9,172,230
8,835,191
44,157,176
41,915,075
Express taxes
619,156
579,720
2,994,587
2,777,164
x
b After
depletion,
St. Louis Brownsville & Mexico
Railway Express Agency, Inc.—Earnings—
Period End. May 31—
1940—Month—1939
1940—5 Mos.-rl939
Charges for transports.$15,675.808 $15,267,963 $70,442,910 $67,385,177
Other revs, and income.
249,600
275,658
1,079,571
1,120,380
x
for
$34,768,580 $32,784,629
-
-
Earnings of Company Only
Balance for interest
Interest and discount
reserve
162,185
-----
June—
or
Puget Sound Power & Light Co. (& Subs.)—Earnings
depreciation
V. 151, p. 564.
After
-
150, p. 3372.
Loss.—V. 151, p. 255.
After
-
Gross from railway
Net from railway
Partial Distribution—
17,343
1,153,677
10,842,348
-----
Earned surplus
Revaluation of ore reserves
484,045
$260,820
1,799
a
'39
62,966
98,845
844,193
22,358
1,123,611
9,581,145
313,328
114,147
1,229,621
Unrealized profit from sale of houses, &c——
Reserves
„„
Operating loss.
Nonoperating income—
revenues
31
$19,556,800 $19,556,800
36
41
1,692,423
1,181,343
Wages payableAccrued taxes (including income taxes)
30,000
5,000
revenues.
a
June 30 '40 Dec.
Capital stock (par $10)
Scrip outstanding
x$63,519
5,000
x$168,470
operating revenues.
Uncollectible
operating
Operating
$34,768,580 $32,784,629
„
Net telegraph & cable
W.)
JfM99
Total
7,762,135
miscellaneous expenses
(Charles
...
Liabilities—
1,328,236
1,364,816
Net deficit
8,497,523
1,904,561
2,847,189
49,056
5,752,568
141,833
Inventories (valuation not in excess
958,148
130,095
Conducting operations.Relief departments and
pensions
All
other
general and
x
11,002,790
hand and in banks
Miscellaneous assets
tization_
erations
on
Other notes and accounts receivable..
$1,813,579 $10,392,352 $10,406,256
121,707
704,797
628,612
102,330
All other maintenance--
Taxes
__
Notes and accounts receivable—trade
Telegraph & cable oper¬
ating revenues
$1,726,979
Repairs
Depreciation and amor-
'40 Dec. 31 '39
$5,758,776
$6,203,813
1,102,820
1,183,321
5,795,387
6,108,768
33,130
39,160
2,159,400
2,989,622
rights
underground equipment (at cost)
b Land, buildings, plant and equipment (at cost).
Railway construction—cost oeing refunded
1940—6 Mos.—1939
1940—Month—1939
—
1940
June 30
Assets—
Ore reserves and mineral
a
b Shafts and
Telegraph, Inc. (& Subs.)—Earnings-
Period End. June
Aug. 3,
Consolidated Balance Sheet
Savannah Electric & Power Co.—Earnings—
12 Months Ended June 30—
Operating
revenues
Balance for interest
Balance for dividends and surplus
a
Ihtle
a
P.
1940
1939
$2,382,652
$2,285,966
783,626
407,300
695,677
320,880
After depreciation and including non-operating income (net).—V. 151,
257.
Volume
The
151
Commercial & Financial Chronicle
Edmund
states that plans have been drawn for
buildings to accommodate the increased
Ground has been broken for the first
unit, 60 by 170 feet.
The building will be used to produce a new line of
aircraft accessories.
The second unit will be 85 by 120 feet, of steel con¬
1939
1940
immediate
$8,620,404
3,099,464
$8,842,745
3,126,565
692,675
1,360,000
struction, and part of the structure will have a second floor to provide addi¬
tional manufacturing space.
The two units, which will increase the com¬
pany's floor space by more than 25%, are scheduled to be ready for occu¬
460
$2,166,337
$2,181,488
451
Mr. Price advises that as of July 15, 1940, Solar had a backlog of $1,222,000.
Company's shipments for the four weeks ended June 22 amounted to
$2,181,940
after all
284,458
by
pancy
operating income
2,204
income
$124,497,
$2,168,541
620,000
income
Gross
funded debt.
on
of two
1,030,829
Provision for Federal income taxes
Interest
President,
1,205,763
271,125
Taxes
Net
Price,
429
Amortization of limited-term investments.--.-
Other
T.
construction
volume of manufacturing activity.
663,704
1,379,851
Buildings—Backlog $1,222,000—
To Construct Additional
Consolidated Gas & Electric Co.—Earnings
San Diego
Year Ended June 30—
Operating revenues
Operation
Maintenance and repairs
Depreciation
713
620,000
61,954
8,012
Cr7,340
7,620
61,954
9,504
Amortization of debt discount and expense
Other interest
Cr 19,860
Interest charged to construction..
Miscellaneous deductions
9,170
mid-September.
which,
reserves
according to company figures, developed net profits,
including taxes, of $10,823.
Their production schedule
for the .month of August calls for a higher delivery rate and another sub¬
stantial increase beginning Sept. 1 and continuing indefinitely at approxig
mately $150,000 per month, according to present
Southern California Edison Co.,
2,332,938
$1,491,694
2,045,434
117,749
------
$1,487,774
—
Earned surplus beginning of period
Insurance refund applicable to prior years
Adjustment of taxes applicable to prior year
Ltd.-—Earnings—
1940—12 Mos.—1939
1940—3 Mor.—1939
Period End. June 30—
Net income
bookings.—V. 151, p. 566^
Electric lighting revenue $5,046,198
Electric power revenue.
Miscell. revenue
5,855,903
248,997
$5,120,035 $21,126,847 $20,804,631
5,843.840
23,965,924
22,647,835
235,811
990,879
969,461
60,347
revenue-$ll,151,099 $11,199,685 $46,083,651 $44,421,927
Production expense
445,685
491,178
2,479,567
1,804,031
Transmission expense—
186,783
170,83 1
685,15 1
644,833
Distribution expense...
670,697
686,019
2,842,058
2,912,013
Commercial expense
684,493
675,763
2,752,603
2,692,575
Adminis. and gen. exp__
521,438
.523,178
2,367,713
2,100,246
Taxes
1,540,176
1,444.964
6,081,550
5,869,683
Prov. for Fed. inc. tax..
744,000
450,155
2,414,000
1,763,189
Prov. for depreciation..
1,839,931
1,847,948
7,603,802
6,872,158
Total oper.
$3,938,462
440,475
802,600
13,281
Common stock dividends.
-
Miscellaneous charges (net)
Earned surplus end of period
—V. 151, p.
$3,597,475
440,475
802,600
21,462
$2,682,106
Total.
Preferred stock dividends
$2,332,938
A
257.
Corp.—Accumulated Dividend
Schumacher Wall Board
The directors have declared a dividend of 50 cents per
Rent for lease of operat¬
share on the $2
partic. pref. stock, no par value, payable Aug. 15 to holders of record
Aug. 5.
Like amount was paid on May 15 and Feb. 15 last and compares
with $1 on Nov. 15, 1939; 50 cents on Aug. 15 and May 15, 1939; $1.50
on Feb.
15, 1939, and Nov. 15, 1938, and with 50 cents paid on Aug. 15
and July 15, 1938, and Aug. 16, May 15 andJFeb. 15, 1937, this latter being
the first dividend paid since May 15, 1932, when a regular quarterly divi¬
dend of like amount was distributed.—Y. 150, p. 4139.
cum.
Net earnings.— .—
and amort, of
—.
$8,723,164
6,062,619
Preferred
501,081
436,827
$3,585,957
$3,196,561
2,447,946
2,196,065
$1,138,011
$1,000,497
Depreciation and depletion
profit on sales.
Distrib., adminis. & gen. exps., incl. freight paid
goods sold
Operating profit
other interest, &c
Common
$1,115,052
1,077
x271,669
98,770
33,838
201,156
84,979
$879,902
127,097
534,353
$218,453
$231,517
$1.09
Net earnings
Dividends
on
preferred shares
Dividends on common shares
Earns, per
$1.12
Condensed Statement Comparing Current Assets and
$1,367,636
3,731,576
$2,438,899
4,824,844
—
-
Allother
—
$5,099,212
1,641,412
basis of Federal Revenue Act of 1940, enacted
$7,263,743
1,727,036
Total current assets
Total current liabilities
computed on
Taxes
1939
1940
...
Cash
June 25, 1940.
Thomas B. McCabe,
Liabilities
President, states that net sales for the six months of
$10,149,657 were the largest for any
six month period in the company's
history.
pointed out that expansion of the Brunswick Pulp & Paper Co. plant
completed and that a substantial portion of the increased pro¬
railway—-
Net ry. oper.
1938
$2,778,526
107,122
9,354
26,867
defl23,451
112,639
22,834,000
4,401,685
1,672,628
21,091,881
3,706,488
23,075,308
5,510,246
2,956,263
1940
$3,343,564
300,710
income...
Gross7?rOTo1railway
railway
Net from
2,178,633
Net ry. oper. income..—V. 150, p. 4139.
Solar Aircraft
sales
allowed.-
$1,079,580
—
Southern
832,96 1
profit
Other expenses.-——
Net
operating profit
Other income—
Gross
Other
—
—
income
deductions
State income taxes
Fed. inc.
-
taxes—normal—-_.
Federal income
$39,146
$55,149
5,794
1,225
5,363
23,329
1,115
3,505
■
$52,619
2,530
4,901
$26,764
$51,546
—
$22,299
Freight out.
Weeks Ended June 22, 1940
Earnings for 12
'«•
Profit before
dm «• •>
—'«*
«■» m <—
«"•
—
Apr. 27 '40 Apr.
$41,745
137,348
1,324
'+•
am
~ mm
Inventories
Deferred charges.-
Liabilities—
30 '39
$29,459
22,208
~ <m
mm'm*
mm
m
Payments
due
$191,865
411,294
16,139
217,934
148,757
38,126
$102,969
33,289
on
constr. contracts
Sals. & wages pay.
Acer, int.,
$364,857
49,498
Apr. 27'40 Apr. 30 *39
payable-
Notes payable
1,153
490
tal stock
Fixed assets
<+ m +.
Accounts
receivable..
Accts. rec., empl's
Subscrip'ns to capi¬
Accts.
Investments
—
and
in bank
-Other assets
—'•»
provision for taxes
Comparative Balance Sheet
Assets—
Cash on hand
x
$137,967
85,348
taxes—undist. profits surtax
Net income
x
$147,551
111^292
$36,259
2,887
15,215
1,349
8,297
—-
386,580
$232,711
166,442
$66,270
10,138
—
15,722
238,819
9,317
Res. for contings..
495
18,355
7,787
3,500
Acer. Fed. & State
130,768
3,558
19,028
18,374
6,033
2,117
ins., &c.
income
taxes
3,500
stock.
380,536
Com. stk. ($1 par)
Paid-in surplus
232,766
74,276
y
Preferred
Prem.
on
67*091
sale of stk
Earned surplus
228",900
60,242
19,652
Inc.—Tenders—
Ry.—Earnings—
(Includes Northern Alabama Ry.)
1940
railway
y
$1,012,667
$454,801
Total
$1,012,667
$454,801
x After reserve for depreciation of $51,049 in 1940 and $33,621 in 1939.
Represented by 47,567 no par shares.
$7,848,037
2,342,512
1,350,448
Gross from railway
Net from railway
Net after rents
—Third
1940
46,336,734
13,077,549
7,676,417
Week of July
1939
$2,520,463
Gross earns, (est.)
1,494,756
49,787,966
14,142,848
8,479,504
!
Jan.
1 to July 21
1940
1939
$2,518,041 $73,685,737 $69,292,549
—V. 151, p. 567.
Southeastern Electric & Gas Co.—Declaration
Effective
—To
Merge Southeastern Investing Corp.—See latter corpora¬
tion.—V. 151, pi 257.
Southeastern Greyhound
Period End. June 30—
Net oper. income
Other income (net)
Gross income
Int. & other deductions-
$4,260,997
$4,180,974
2,602,004
355,152
2,484,419
300,129
149,717
35,735
144,518
24,385
600,930
577,946
135,318
143,432
$114,883
35
$567,593
522
$675,047
249
$121,203
4,727
$114,918
5,216
$568,116
23,443
$675,296
61,735
$109,702
$544,673
~~T6UL562
Earns, per com. shares..
—V. 151, p. 430.
Southeastern
1940—12 Mos.—1939
$969,662
604,692
81,184
$116,476
Expenses...Depreciation
Taxes (other than income
taxes) and licenses..Fed. & State inc. taxes.-
The Securities and
Lines (& Subs.)—Earnings—
1940—3 Mos.—1939
$1,058,722
662,561
89,510
$121,199
4
Total oper. revenue
$0.53
$0.49 Hi
m
$2.50
$2.89
Investing Corp.—Declaration Effective—
Exchange Commission July 27 announced the adoption
order making effective the declarations and granting the application
of Southeastern Investing Corp., Southeastern Electric & Gas Co., and
Lexington Water Power Co.
(File 70-109), and Florida Public Service
Co. (File 70-110).
All of these companies are in the Associated Gas &
Electric Co. holding company system.
The Commission's action was taken under Rule U-8 recently adopted
under the Holding Company Act.
This rule makes unnecessary public
of
an
hearings on most applications and declarations unless ordered by the Com¬
mission.
In the present case, no requests for a hearing were received.
The matters covered in the declarations and application are as follows:
(!) Southeastern
Investing
Corp. will
be
merged into
Southeastern
Gas Co., which will take over the assets, including the invest¬
portfolio, and assume all of the liabilities of Southeastern Investing
Electric &
ment
°(2)
Florida Public Service Co. will sell $2,750,000 principal amount of
AXA% serial debentures, due 1943-45, to the John Hancock Mutual Life
Insurance Co. at 99
(3) Florida Public Service Co. will use the proceeds to redeem, at par,
its $2,750,000 5%
serial debentures, held by Southeastern Electric &
Gas Co. as a result of the merger of Southeastern Investing Corp.
(4) Southeastern Electric & Gas Co. will donate to Florida Public Service
Co. the following:
(a) $642,500 in cash; (b) $5,167,900 principal amount
of Florida Public Service Co.'s conv. income debentures; (c) open account
indebtedness amounting to $357,500.
(5) Southeastern Electric & Gas Co. will use the remainder ($2,107,500)
of the $2,750,000 received from Florida Public Service Co. as follows:
(a) $425,000 to repay the unpaid balance of a note to the Chemical Bank
& Trust Co.;
(b) $1,100,000 to repay the unpaid balance of a note to
Chase National Bank; $350,000 to be donated to Lexington Water Power
Co., a subsidiary; and (c) $232,500 to be donated to Eastern Power Co.,
a
subsidiary.
(6)
Southeastern Electric & Gas Co. will donate to Lexington Water
$125,000 of that company's 5conv. sinking fund deben¬
Power Co.
tures,
due 1953.
Southington Hardware Co.-—25-Cent Common Div.-~
of 25 cents per share on the common
Aug. 1 to holders of record July 23. Dividend of \2lA cents
paid on April 30, last, and previously regular quarterly dividends of
25 cents per share were distributed.—V. 150, p. 3065.
Directors have declared a dividend
Total
1939
$7,929,186
2,253,340
.
Net from railway
Net after rents
From Jan. 1—•
4,191
$76,408
goods sold
Gross
$496,068
358,101
$2.34
June—
$500,259
$534,131
$1,065,672
Total net sales
Cost of
$537,928
3,797
xl3,908
$1,889,019
$2.33
is inviting offers for the sale
Utilities Co. first mortgage gold bonds, convertible
Net income
Apr. 27, '40 Apr. 30, '39 Apr. 30, '38
gross
Discounts
1,055,750
Co.—Earnings—
Years Ended—
Total
1937
$3,096,606
376,235
1939
$3,162,044
305,322
24,863,071
4,935,132
June—
Gross from
Net from railway..
$1,368,735
$0.56
6% series, due Feb. 1, 1946, in an amount sufficient to exhaust the sum of
Offers will
$40,393 at a price not to exceed 101M % and accrued interest.
be received until 12 o'clock noon, Aug. 12, 1940 at the Corporate Trust
Department of the bank, 11 Broad St., New York.—V. 150, p. 3989.
duction from this source
Seaboard Air Line Ry.—Earnings—
$589,006
$0.49
Chase National Bank, as successor trustee,
been
is now available. In connection with the recent
acquisition by Scott Paper Co. of the Coos Bay Pulp Corp., it was stated
that earnings from this source from June 14, 1940 to June 29, 1940 were
included in the report.—V. 150, p. 3986.
$7,458,357
5,569,338
150, p. 2897.
Gross from
surplus--——-share on common shares, j
Balance for
$7,414,734
6,045,999
Southern Ice Co.,
$795,081
67,502
496,062
debenture bonds
income & capital stock taxes
Prov. for Pa. income & capital stock taxes
Prov. for Federal
$1,782,703
1,193,697
Remainder
82,890
31,666
$1,251,418
Total income
Interest on 3 M %
He
6,826,815
$363,640
common.
dividends
to it of Southern Ice &
has
6,609,641
$3,039,068 $12,502,732 $12,522,260
1,256,364
5,087,998
5,063,903
Earned per share on com.
mon stock outstanding
—V.
77,422
35,985
Brunswick Pulp & Paper Co. bonds owned-
Discount on purchases,
x
1,623,862
$2,813,650
1,256,370
$1,557,280
1,193,640
dividends
Balance for
5,089,776
taxes & other expenses
on
$4,662,929 $19,112,373 $19,349,076
1,538,822
discount..
Balance for dividends.
July 1, '39
June 29, '40
$10,149,657
6 Months Ended—•
Net sales
Int.
$4,352,472
Interest
Materials, wages & salaries, repairs & maint. local
Gross
$4,654,626 $18,649,620 $19,182,627
8,304
462,753
166,449
Paper Co.—Earnings—
Scott
on
292,573
288,000
288.587
Cr81.000
$4,339,622
12,850
Net oper. revenue..._
Net non-operating rev._
debt
'
72,023
183,000
72,272
106,000
ing property—Vernon
Prov. for employees-bonus
stock, payable
was
The Commercial & Financial Chronicle
714
Southwestern
Associated
Telephone Co.—Refunding
Issue Placed Privately—Company, on July 31, sold
privately
$3,250,000 3%% 1st mtge. bonds at 102.
Bonbright &
Co., Inc.; Paine, Webber & Co., and Mitchum, Tully &
Co. arranged the deal as agents of the company.
The new
issue is dated June 1, 1940, and matures June 1,1970.
Directors
have declared an extra dividend of five
cents per share in
to the regular quarterly dividend of 10 cents
per share on tne
stock, both payable Oct. 1 to holders of record
Sept. 10.
Extra
of three cents was paid on Oct. 2, 1939, and one of
five cents was paid on
Oct. 1, 1938.—V. 151, p. 259.
addition
Tennessee Central
June—
Operating
1940—Month—1939
$112,121
300
revenues
Uncoil, operating rev
Operating revenues.
Operating
$111,821
Net operating
Operating taxes
$44,050
revs.
13.415
Net operating income.
—V. 150, p. 4141.
$30,635
$107,903
—V.
$30,556
9,851
$271,334
def734
def3,601
18,611
1,304,700
317.568
1,122,951
223,723
145,991
54,277
1,028,823
195,174
31,743
1,263,265
307,635
157,159
$20,705
$204,537
$182,376
Seminary
1, 1935, has
$64,901
8,261
565
$69,725
13,214
5,694
$72,301
15,011
18,266
363,075
57,851
22,010
335,081
29,432
defl4,769
391,177
70,102
30,255
1939
1938
4,224,524
992,696
257,129
4,024,339
885,646
163,247
3,583,764
714,086
44,815
4,295,479
1,430,223
863,910
—V. 151, p. 114.
Period End. June30—
1940—3 Mos.- -1939
$
& allowances.
-
-
28,682,476
18,402,758
6,825,94 1
—
gen. exps.
3,453,777
67,002
Gross income
3,520,779
139,501
82,403
Foreign exch. adjust's.Other charges
Federal
$296,939
171,700
$3,518,342
1,825,107
$3,397,863
1,737,911
Operating income
Non-oper. income
$149,301
19,685
$125,238
23,960
$1,693,235
269.321
$1,659,951
286,297
$168,985
208,570
$149,198
214,495
$1,962,556
2,584,274
$1,946,248
2,597,986
$39,585
$65,297
$621,718
$651,738
Gross income
Deductions
Net loss
—V. 150, p. 4144.
27,014,764 110,551,566 109,368,057
17,725,444
71,564,111
72,011,943
7,158,305
27,245,719
27,806,002
2,131,015
82,182
11,741,736
362,519
9,949.464
12,010
12,104.255
788,254
37,407
510,866
874,868
371,515
2,242,196
1,652,122
2,424,007
225,000
1,264.810
1,792,264
225,000
7,984,241
1,581,175
8,562,939
900,000
5,059,243
$0.1239
$0.6059
.
-.
stock
Deprec. inc. in cost andi
430.479
1,774,949
After allowance for preferred dividends and
based
in hands of public.—V. 150, p. 3529.
x
Standard Fruit &
900,000
Operating profit
Depreciation
$766,306
441,696
earnings..
on
1,727,205
12,648,108 shares
$324,610
-V. 151, p. 114.
).
Standard Gas & Electric
1939
1938
1937
$308,640
631,905
$634,337
563,696
$602,108 loss$323,265
Securities owned..
Accts. <fc notes ree.
10410
Deposits
Directors at a meeting held Feb.
8, 1940 decided to omit the dividend of
25 cents per share previously declared and
scheduled to be paid on Feb. 20
May 20.
were
dend of 75 cents
was paid
1937 —V. 150, p. 2595.
Swiss-American
on
paid on Nov. 20 and Aug. 20, 1939; a divi¬
Aug. 20, 1937 and 50 cents paid on
May 20,
Electric Co.—Dividend—
Directors have declared a dividend of
5%, equal to 25 Swiss francs per
share, on the preferred stock for the fiscal
year 1939-40, payable July 24.
After deduction of the Swiss Federal
tax, the dividend is equivalent to 23.50
Swiss francs. Holders
may receive payment in United States
dollars, at the
current buying rate on the
day of surrender, upon presentation of
Coupon
No. 2 at the New York offices of
Brown Brothers Harriman &
Co. or
Schroder Trust Co.—V. 146, p. 1892
(K.) Taylor Distillihg Co.—May Sell Assets—
Company has called
a
meeting of stockholders for
Aug 5 to vote on
sale of its assets and business to National
Distillers Products Corp. for about
$2,300,000 cash. Of this, $717,000 is being offered
for the fixed assets and
$1,452,000 for the bulk whiskey.
The
also notified stockholders that National
Distillers had
previously obtained a judgment restraining it from
using the name "Taylor"
and calling for an account of profits. The
company also recently lost a tax
judgment for Federal income taxes amounting to
$76,000
Taylor has outstanding 44,775 shares of preferred
stock, callable at $11
a share, and 360,450 shares of
$1 par common. It is planned to
pay $1.65 a
share in accrued dividends on the preferred
and redeem it at the call
price.
After payment of outstanding obligations the
company will have on hand
$525,000 accounts receivable, $627,000 cash and
about $48,000 inventory
available for stockholders.—Y. 145.
p. 2707.
company
8,331,454
4,000,000
40.651
Inventories
9,379
251,061
as
200,614
1,286,043
1,022,836
y200,332
242,620
2,446
Drl9.104
$147,586
TAaMtilies—
Common stock...
154 442
June 14 *40 June 16 '3
$
5
7,500,000
7,500.000
Accounts payable.
Insurance reserve.
Accrued taxes. In¬
272,886
259,658
224,043
terest, <fcc
Deferred Income..
267,371
354,562
24,830
11,165
201,988
secur
ity on leases
Due from employ
28,186
256,818
16.034
Capital surplus...
1,500,000
1,500,000
Earned
4,145,604
Dr70.878
4,293,290
Dr59,210
surplus...
Treasury stock...
for stock purch.
Mlscell. assets
46,450
159,103
Deferred assets...
Total
x
Superior Oil Co. of Calif.—Common Dividend Omitted—
Dividends of 25 cents
$
7,947,283
4,000,000
x
258.
$12n.481
Consolidated Balance Sheet
and
(Hugo) Stinnes Corp. — Unlisted Trading—
$64,636
$25,961
$70,921
4,631
June 14 *40 June 16 '39
Assets—
Co.—Weekly Output—
The certificates of deposit
representing 7% gold notes, due Oct. 1, 1936
(stamped 4%), and stamped to indicated extension of
maturity date to
July 1, 1940, have been admitted to unlisted
trading.
The certificates are
issued in accordance with plan of
extension and deposit
agreement, dated
and
$45,387
$69/08
139.929
x Including provisions
for depreciation and
amortization of $35,176 in
1940 and $54,695 in 1939.
Note—In 1939 intra- company allocations of
rents included
charges to 39
properties which were credited to building
operations.
Beginning Jan. 1,
1940 such allocations were made to only seven
properties and the remaining
properties were charged directly with the
occupancy expenses actually
incurred. Where allocations are still made in the
seven remaining properties.
such are deemed advisable because of the
large scope of building operations
in proportion to restaurant operations.
increase of 16.1%.-—V. 151,
p. 567.
p.
$90,597
$447,322
511.958
$66,290
$70,641
$1,248,626
646,518
Electric output of the public
utility operating companies in the Standard
Gas A Electric Co. system for the week
ended July 27, 1940, totaled
134,505,730 kilowatt hours, as compared with
115,883,144 kilowatt hours for
the corresponding week last year, an
July 1, 1940.—V. 151,
$114,394
Net loss from operations.
Other income (net)
Cash
Steamship Corp. (& Subs.)—Earns.
1940
$261,743
171,145
building operations.
Prop, and equip
Goodwill, &c
6 Mos. End. June 30—
$296,688
182,293
Gross profit from operations
General and administrative expenses..
x
444,349
$5,108,362
4.846.620
$232,945
278,332
Building operating expenses
6,324,710
before arriv¬
ing at net income for
period
Net
Provs. for deprec. & amortiz. applicable to
rest's..
$0.5601
_
Common dividends.
x Net
income per share
acc.
60,190
252,912
$0.1739
Net income for period
Preferred dividends
other
Cost of sales, exclusive of depreciation
9,550.112
399,352
2,213,196
1 to
June 16 '39
$5,096.318
4,799,631
Restaurant operations:
Gross loss from
Jan
June 14 '40
Sales
x
Earnings—
Jan. 1 to
Period■—
Building operations:
1940—12 Mosr -1939
$
$
and
foreign income taxes.
common
1940— Month—1939
1940—12 Mos.—1939
$1,216,052
$1,249,679 $14,471,161 $14,280,946
908,936
952,740
10,952,819
10,883,083
$307,116
157,815
Subs.)—Earnings—
sales, less disc'ts,
Income credits.
of
771,120
244,515
174,416
Gross profit from restaurant
operations
Inc. (&
(Operations In foreign countries of certain subsidiaries included for similar
periods ended April 30 or May 31,1940 and 1939)
for
554,872
96,819
47,876
Ry. System—Earnings—
Operating revenues
Operating expenses.....
1937
$748,772
222,343
224,764
Prov.
507,956
124,804
65.599
(John R.) Thompson Co. (& Subs."*
Gross from railway
Net from railway
•
429,011
74,114
18,563
1937
$610,009
121,576
defl,722
Sell., adm. &
$116,249
26,569
33,679
—V. 150. p. 4143.
Third Avenue
1937
$70,304
7,225
def2,993
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
Net oper. revenue
1938
$740,634
174,044
62,353
Standard Brands,
1938
$61,661
3,017
def.5,560
Taxes
1939
1940
Cost of goods sold.
1939
$50,898
defl 1,422
def21,842
j
$773,878
75,357
def61,716
returns
1940
railway
Net from railway
Net ry. oper. income...
(Fort
railway
Net from railway
Net ry. oper. income—
From Jan. 1—
Gross
Ry.—Earnings—
Gross from
Spokane Portland & Seattle Ry.—Earnings-
.
432.
Period End. June 30—
150, p. 4141.
Net ry. oper. income—
p.
Texas Mexican
59.246
370,644
69,440
18,581
June—
151,
June—
$241,622
66,797
$68,782
15,683
6,677
Gross from
$200,864
45,789
Gross from railway..—
$634,667
393.045
1940
Net from railway
Net ry. oper. income—
1937
$142,309
20,322
Not from railway
Net ry. oper. income...
1.500
Spokane International Ry.- -Earnings-
Net ry. oper. income—
From Jan. 1—
Gross from railway
24.298
13,391
$636,167
$684,304
412,970
A total of $8,000 1st mtge. 6% refunding bonds dated Feb.
been called for redemption on Aug. 1 at 100.
Gross from railway
Net from railway
1938
$171,473
33,014
Net ry. oper. income
From Jan. 1—
—V.
$686,104
1,800
250
Southwestern Baptist
Theological
Worth, Texas)—Bonds Called—
June—
1939
$195,254
1940—6 Mos.—1939
$107,653
77,097
67.771
expenses.
Ry.—Earnings—
1940
Gross from railway
Net from railway
The New York Curb Exchange has removed from unlisted
trading
privileges the first mortgage 5% gold bonds, series A, due April 1, 1961.
Earnings for June and 6 Months
Mines, Ltd.-—Extra Dividend—
common
Proceeds of the sale of these bonds will be applied to the
repayment of
company's $3,250,000 1st mtge. 5s, due April 1, 1961, which have been
called for redemption at 104, as of Aug. 31, 194C
at office of City National
Bank & Trust Co. of Chicago.
Bonds may be
esented at any time prior
Period End. June 30—
Aug. 3, 1940
Teck Hughes Gold
'
13,902,827 14,085,536'
Total
13,902,827 14,085,536
After deducting $6,334,464 for
depreciation and amortization in 1940
"5,408,912 in 1939.—V. 150. p. 3530.
Tide Water Associated Oil Co.
6 Mos. End.
«/u/ie 30—
Net income
_
1940
$5,904,865*
Earnings
(& Subs.)-—Earnings—
1939
1938
1 937
$1,206,410
$5,992,705
$7,696,701
per share
$0.75
$0.19
/ $0.76
$0.99
After deducting all charges and
Federal income tax.
y On common
stock.—V. 151, p. 569.
y
x
Toledo Edison
Co.—Definitive Bonds Ready—
The Chase National Bank announced
that definitive first
mortgage bonds
series due 1970 are now available for
delivery in exchange for the
temporary bonds at its Corporate Trust
Department, 11 Broad 8t.
Central Hanover Bank & Trust
Co., 70 Broadway, New York City, is
exchanging at its Corporate Trust Department,
definitive 3M% sinking
fund debentures due 1960 for
outstanding
temporary debentures.—V. 150,
p.3838.
Toledo Peoria & Western
June—
1940
Gross from
railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Netry.
oper.
income.
RR.—Earnings—1939
$168,401
38,315
17,611
$187,430
34.723
1,130,371
356,885
147,251
1,018,030
292,857
118,848
1.026.641
271,235
.111,729
1,139,426
Tri-State Telephone & Telegraph
Operating re venues
Uncollectible oper.
1937
$178,399
47,124
18.550
—V. 150, p. 4144.
Period End. June 30—
1938
$195,731
72,129
29,743
1940—Month—1939
$551,820
$518,915
10,077
320,371
131,825
Co.—Earnings—
1940—6 Mos.—1939
$3,264,421
$2,979,006
10,184
1,963
1,322
261
Operating revenues.
Operating expenses
$551,498
377,781
$518,654
419.033
$3,254,237
2,310.209
$2,977,043
2,337.547
Net oper. revenues.
Operating taxes
$172,717
46,843
$99,621
42,754
$944,028
$639,496
289.181
241.732
Net oper. income
Net income
$125,874
58,712
$56,867
$654,847
49,270
244.412
$397,764
338,938
rev__
Volume
The
151
$4,289,151
3,735,443
$618,051
$561,066
430,615
30,060
T
8,109
3625,619
453,993
$92,283
$131,463
Gross income--
funded debt
Amortization of discount on funded debt
Miscellaneous debits
Net income
-
3.745.624
7 '5oo
31,730
8.432
Statement of
$14,361,664 $14,303,995 $29,296,260
Total dividends
$28,776,131
350,072
- 327,320
Gross profit from oper-Commercial expenses—
2,983,849
119,643
Net sundry charges
Depreciation
1,870,147
1.716,107
$3,806,596
2,851,309
37,087
98,420
$116,953
141,741
$439,990
139,632
$839,541
128,777
Net Inc. before deprec.
1937
1938
$2,960,821 $
2,468,371
52,460
$3,943,033
$856,867
33,000
foreign exchange
56.920
on
.
;'
i- ;v 1
,
7,300
Dr8,294
JDr4,249
$618,920
$292,064
loss$29,037
$664,827
357,307
67.768
29,036
$224,296
loss$58,073
$539,268
305,192
Consol. net income...
305,192
$0.73
305,192
$0.19
300.750
$1.79
out¬
standing (no par)
per
$0.96
share
$950,956
$1,488,015
Can. Govt, obligs
16,499
712,728
1,151,972
$199,854
154,384
467,105
130,530
54,562
48,078
56,365
26,101
2,468,539
earns,
not
12,387
real¬
ending July 27, 1940, 105,687,946 kwh.; same week last year,
kwh., an increase of 9,180.252 kwh.. or 9.5%.—V. 151, p. 570.
United Public Utilities Corp.
96,507,694
(& Subs.)—Earnings—
1940—12 Mos.—1939
1940—3 Mos.—1939
Subsidiaries—
$4,208,534
3,301,173
$1,061,077
833,332
$981,934
762,780
$4,480,777
Net earns, from opers.
Other income (net)
$227,745
5,124
$219,154
3,337
$1,017,746
18,250
$907,361
$232,869
3,327
$222,492
3,381
$1,035,995
14,283
$921,707
12,890
$229,543
$219,111
$1,021,712
$908,817
25,979
26,159
99,902
98,681
$192,952
$921,810
$810,136
101,480
7,491
1,170
405,919
27,946
5,036
407,138
31,538
4,687
$82,811
$482,909
$366,773
Total oper. revenues.
Oper.
exps.
& taxes
3,463,031
Prop., plants A eQ. 2,209,768
Patents, licenses A
expenses.
4
int.
In subs.
Capital stock and
United Pub. Utils.Corp.
Gen'l expenses A taxes*
4,664,364
4,870,437
surplus
Balance
a
65,831
73,634
companies
y
4
60,324
goodwill
MIn.
61,128
Int.
$5,991,779 $5,288,389
Total.....
.
...$5,991,779 $5,288,389
on
funded debt:
Collateral trust notes
101,480
6,799
1,341
-
10-year int. scrip
Miscell. deductions
Represented by 305,192 no par shares.—V. 150, p. 3067.
United States Pipe
14,346
56,920
ized
other
assets
y
restated for comparative purposes.
$203,564
61,038
21,001
Deferred Income..
Res. against for'gn
of life Insurance.
Total
$970,570
$457,420
$572,046
$587,408
Total net earnings
Gen.int.A misc. deduc'ns
taxes
Dividend payable.
Cash surrender val.
Prepaid
$270,940
231,742
expenses.
foreign
581,612
1,393,513
...
in transit
and
$11,053,837 $22,794,350 $22,281,195
11,625,883
23,251,770 23,251,765
stock$l 1,038.478
stock. 11,625,886
com.
on common
Federal, State and.
Inventory A goods
Invest,
pref. stock
Period End. June 30—
Accounts payable.
Accrued
notes
receivable
1,269
$26,620,430 $26,107,275
3,826,080
3,826,080
Weekly Output—
1939
1940
Liabilities—
1939
Cash
Trade accts.
$26,108,544
4,176
-
The electric output for the U. G. I. system companies for the weekjust
closed and the figures for the same week last year are as follows:
Week
Consolidated Balance Sheet June 30
1940
Assets—
on
Note—Previous years' figures
125,559
$261,612
income taxes
Earnings
$12,951,518 $12,966,877
1.913,040
1,913,040
Net income
Deficit
Federal, State A foreignt
stock
641
1,584
Drl3,l46
ity interests*
com.
$12,953,102 $12,967,518 $26,624,606
Net income
Divs.
Net inc. bef. int. A tax
income.$13,001,132 $13,020,892 $26,735,279 $26,226,242
48,030
53,374
110,673
117,698
Income approp. to special
fund reserve, Ac
Balance for
Profits applic. to minor¬
Shares
Net operating
Other deducts, from inc.
Divs.
27,624
Res. against ror'gn earns.
not realized
'
$14,480,102 $14,476,118 $29,646,332 $29,103,451
743.530
834,099
1,544.511
1,695,334
735,440
621,127
1,366,542
1,181,875
Total income
145,894
Obsolescence
Loss
172,123
118,438
other income
(& Subs.)—Earnings—
1939
1940
6 Mos. End. June 30—
194C—12 Mos.—1939
$22,808,302 $22,630,288
6,487,958
6,145,843
Int., income from miscel¬
laneous
invests,
and
Taxes
United-Carr Fastener Corp.
Income (Company Only)
Period End. June 30—
1940—6 Mos—1939
Divs.lrecd. or declared):
Subsidiary comranies.$l 1,237.483 $11,196,009
Other companies
3,12^,181
3,107,986
Expenses..
—V. 150. p. 2899.
& Foundry Co.—Earnings—
$93,944
Net income
1940
1939
1938
1937
$1,188,678 x$l,931,122 *$1,126,071 *$1,741,980
Allowance for deprec'n..
207,660
207,206
199,777
153,620
Res. for Fed'l income tax
198,000
289,000
148,000
z231,500
-v
6 Mos. End. June 30—
Total income
$783,018
Net profit
x
in
include those recording its transactions with respect to its lessee accounts
connection with the operation of the City of Philadelphia Gas Works.
$4,363,675
$553,708
7,358
--
Operating income
Non-operating income
on
1939
1940
Operating revenue
Operating expenses and taxes
Interest
Earnings—
Rapid Transit Co. (& Subs.)-
Twin City
6 Months Ended June 30—
715
Commercial & Financial Chronicle
$1,434,916
$778,294
$1,356,859
After deducting cost of operating, maintenance of plants, expenses of
and general offices, provision for taxes (other than Federal in "me
sales
and doubtful accounts,
z This provision is estimated to cover
Federal income taxes for the period except f >r contingent liability of addi¬
taxes),
tional tax on undistributed
-V.
p.
150,
3530.
United
Specialties Co.
-Common Dividend-
July 24 declared a dividend of 50 cents per share on the
common stock, payable Aug. 20 to holders of record Aug. 15. This will be
the first dividend paid since Dec. 24, 1937, when 35 cents per share was
distributed—V. 151, p. 433.
Directors
earnings.—V. 150, p. 1620.
on
Freight Co .—25-Cent Dividend—-
U. S.
share on the common
22. v Like amount was paid
paid on Dec. 21, 1939, this
being the first dividend paid since December, 1936.—V. 150, p. 3681.
Directors have declared a dividend of 25 cents per
United Gas Improvement Co.
(& Subs.)—Earnings—
1940—3 Mos.—1939
Period End. June 30—
1940—12 Mos.—1939
latter
$
Oper. revs, of utility subs 28,876,419
Ordinary expenses
10,111,751
Maintenance
1,636,821
Prov.
for deprec.,
re¬
newals & replacements
2,562,107
115.668,350 109,738,392
41,580,959
38.747,630
6,349,825
5,755,352
State
taxes..
10,488,792
1,329,648
6,421,168
5,394,140
570,755
for
& local
..X,
503,416
2,217.692
2,083.661
1,770,274
1,743,186
7,081,213
7,028,948
9,991,581
10,197,234
41.528,701
41,111,830
474,012
Operating income
Non-operating income..
441,311
1,219,354
__
10.638,545
2,598,913
42,748.055
2,562,846
premium and expense.
126,546
129,751
int—
44,261
64,119
85.066
42,886
57,533
514,143
171,885
240,904
37,594
279,767
10,465,593
Gross income
Int.
on
long-term debt..
on
Other interest
Other deductions
10,311,756
42,073,481
10,376,011
179,952
262,170
116,026
Cr25,905
CY7.443
Cr77,741
Total income
Deprec. and depletion.
deductions
7,608,660
7,779,311
31,307,341
30,779,055
Income taxes
83,484
69.668
310,895
259,960
7,525,176
7,709,643
30,996,446
30.519,095
1,027,496
1,023,025
4,119,850
4.052,182
mon
avail, for constocks of utility
6,497,680
Balance of
6,686,618
582,006
565,976
26.876.596
2,177,701
26,466,913
2,182,123
$5,131,429
1,086,764
33,412
573,000
412,000
37,000
$3,401,253
273,777
1,193,156
$2,067,722
$2.73
$1,649,924
$2.38
$713,7«9
$1.61
$1,934,320
$2.62
Surplus
Earns, per sh. on
com.stk
Consolidated Balance Sheet June 30
1
Plant and
z
■'1
v/ ' ' $'
equip.38,213,550 43,546,988
8,813,315
7,318,352
Accts. and notes
Marketable secure. 4,095,421
7,745,102
4,159,452
supplies 6,202,315
5,200,369
9,173,731
1940
1939
1940
x
Liabilities—
7,822,200
$
7,822,200
Common stock..23.899,200 23,883,120
Accounts payable. 1,602,970
1,140,630
Acer, payrolls, Ac. 1,013,223
783,554
Fed. A Dom. tax. 1,567,228
980,680
Dividends payable
734,369
733,967
y
14,578
8,464
1939
$
Preferred stock...
Curr.
Einpl. stock purch.
maturities—
prop.
281,151
243,628
pur.
instal.
10,000
152,911
15,611
Deferred charges.. 1,048,583
Conting. A oth.res 1,194,245
Paid-in surplus... 5,831,447
1,204,975
5,831,447
Earned surplus...24,340,171
for Insur¬
27,099,414
1,204,750
ance reserve....
subsidiaries
$3,782,036
1,142,718
46,099
$2,181,219
273,777
1,193,733
Deposit
Minority & former ints..
$5,008,924
1,235,240
50,826
605,000
$3,117,857
273,777
1,194,156
contracts..
Earns,
$5,854,400
1,265,733
71,209
981,000
$3,536,459
Preferred dividends
273,777
Common dividends__—
1,194,960
receivable, Ac..
on
164,056
Net income
Invent. A
pref. stocks and
other prior deductions
Divs.
1937
$4,967,373
123 948
profits
Cash....-
Balance
1938
$3,658,088
141,940
Surtax on undistributed
A. fjficts1
Sink, and other fund ap¬
-
Miscell.
0160,037
Net inc. of utility subs
1939
$4,866,984
159,124
Other income
520,304
Int. charged to construct
propriations of net inc.
6 Months Ended June 30 (Inch Subs.)
$5,695,276
Operating profit
961,651
Amortiz. of debt discount,
Taxes assumed
Income Account for
Federal
other
for
taxes
(& Subs.)—Earnings—
United States Gypsum Co.
1940
9.616,831
2,442,747
,
taxes
Prov.
9,697,708
1,376.199
2,233,130
Prov. for Federal income
Prov.
27,290,138
stock, payable Sept. 5 to holders of record Aug.
on March 7, last, and dividend of 50 cents was
Miscell. receivables
56J68
Miscell. lnvestm'ts
earnings of
Total
utility subs, applicable
to U. G. l. Co
5,915,674
...
6,120,642
24,698,895
24.284,790
Dr3,539
3,898
34,495
43,182
5,912.135
6,124,540
24.733.390
24,327,972
Earns, of non-utility subs
J.
Earns, of subs,
on
z
pref. stocks of subs,
>.
applic. to U. G. I. Co
19,825
1,629,324
19,901
1,642,356
81,589
6.842,096
6,475,473
7,561,284
deducted above
Total....
.68,005,053 69,489,987
and depletion,
y Represented by $20 par shares,
for bad debts.—V. 151, p. 116.
After reserve
F. B. Davis Jr.,
Sales for the six
cumul.
Other inc. of U. G. I. Co.
68,005,053 69,489,9871
After depreciation
United States Rubber Co.—Semi-Annual Report—
applic¬
able to U. G. I. Co.
Deferred divs.
x
7,786,797
31,657,075
30.883,045
800,438
750.229
3,025,902
2,996,176
6,760,846
956,520
7.036,568
28,631,173
956,520
3,826,080
27.886,869
3,826,080
79,600
Chairman, states:
months were $109,782,572, an increase of $21,433,524 or
24% over the same period of 1939. Net income before provision for income
taxes and adjustments was $7,001,117 in comparison with $5,729,644 for
1939. Provision for both Federal and foreign income taxes for the current
at the increased rates now in effect and the latter for 1940 also
amounting to $165,432 Initiated in the Nether¬
1940 but applied retroactively to 1939 income. The
loss on the sale in 1940 of the former general office building at 1790 Broad¬
way, New York, amounting to $437,345 was deducted from income.
After
all charges, net income for the first six months of 1940 was $4,234,239. Net
income for the same period of 1939 was $4,465,397.
The consolidated earned surplus on June 30, 1940 was $7,556,368 after
year are
includes the war defense taxes
Exp8.,
taxes
A
other
deductions
applicable to
capital
stocks
of
Balance
U.G.I. Co
Divs.
on
$5 div. pref.stk.
lands East Indies in
of full current dividends on the 8% non-cumulative preferred
On Aug. 1, 1940, directors declared a further dividend
share for the third quarter of 1940, payable Sept. 27, to holders of
record on Sept. 13, 1940.
Early in 1940, the remaining minority interest in Gillette Rubber Co.
was acquired and the corporation was liquidated.
During the six months a
total or eight subsidiary corporations were liquidated, most of which had
been acquired in the Fisk transaction.
Since the time company started reporting its earnings on a fully con¬
solidated basis, there has been no need to separately indicate the earnings
payment
stock to that date.
of $2 per
Balance
applicable to
stock
of
common
U.G.I. Co_
Earnings per share
5,804,326
6,080,048
24,805,093
$0.25
$0.26
$1.07
24,060.789
$1.04
years' figures restated for comparative purposes.
2—The above statement includes the financial statements of Philadelphia
Gas Works Co. which relate only to its corporate accounts and does not
Note 1—Previous
I
The Commercial & Financial Chronicle
716
from plantations, but due to the present international situation, it would
seem proper at this time to mention that of the net consolidated
earnings of
$4,234,239 there
For the
same
was
derived from plantations net earnings of $1,029,788.
below that part of companys' assets
dividend,
represented $1.48 per common share.
A summary of net income and of
shipments for the second quarter of
1940, and a comparison for the first six months of 1940 and the first six
there is shown
reason
which is located in
foreign countries, viz:
Plantations—Netherlands East Indies
British Malaya
Canada
$11,075,962
10,490,544
11,465.147
1,042,206
_
England
Continental Europe
Other (export)
months of 1939, follow:
2nd Quar.
1,928,652
Total
$36,387,352
-
1940
al939
1938
$109,782,572 $88,349,048 $67,829,786
b86,839,322 b67,356,772
51,178,469
Selling, adminis. & general expenses._ 15,303,286
14,396,662
13,368,694
Total
$7,639,964
425,441
-
—
_
Other income charges
Balance
-
Interest on funded indebtedness
Loss on sale of U. 8. Rubber Co. gen.
office bldg
$6,595,614
347,289
$6,942,903
255,676
$6,687,227
957,583
$36,000,000.
$3,259,419
1,263,226
Net current assets of the
corporation and its subsidiaries on June 30,
1940, after giving effect to such capital outlays and debt reductions and
after
deducting current dividend declarations, were $422,738,632,
compared with
$434,012,784 at March 31, 1940, and $403,881,707 at June
30, 1939, on a
similar basis.
On July
1, 1940, unexpended balances on approved
for
property additions and
betterments amounted to
approximately
employment and payroll statistics for the first six months of
1940
compared with the first six months of 1939 are as follows:
437,345
1,775,365
2,283,927
1,059,101
$4,279,845
lsl 6 Mos.
358,578
45,606
205,146
$4,234,239
1st 6 Mos.
1Q40
/V?
208,113
$163,461,751
_
1939
$
1938
$
Net
earnings
39,444,176
Charges & allowances for
depletion & deprecia¬
tion and obsolescence. 17,435,029
After all returns, discounts excise and sales
taxes, transportation and
allowances,
b Includes depreciation of active
plants and plantations of
$4,345,632 in 1940 and $4,071,507 in 1939.
c Not including sales and
earnings applicable to Fisk brands of tires which business was acquired in
1937
$
$
17,324,233
11,170,183
13,633,533
11,745,372
16,292,944
&,690,700
x575,190
570,133
1,478,474
37,423,682
3,363
1,322,975
06,358
2,392,988
076,338
December, 1939.
Net income
22,009,147
Int. on U. 8. Steel bonds
1,410,686,
Int. on bonds of subs
1,399,264
Cons' lidated Earned
Surplus June30,1940—Surplus, Jan. 1,1940, $5,926,income for six months ended June 30, 1940, $4,234,239;
total,
493; net
$10,160,732.
Less dividends
on
Consolidated
$14,691,481;
Capital
;
preferred stock, $2,604,364; earned surplus,
Net loss from disposal of
sundry property assets
Surplus June 30, 1940—Surplus, Jan. 1, 1940,
par value of common stock: 16,500 shares issued
the
period,
$237,406;
capital
surplus,
June
30,
01,811
71,448
19,201,008
6,304,919
8,703,252
1,309,761
6,304,919
Extraordinary deduc's
a
Net avail, for divs
Divs. on pref. stock
1940,
866,137
1,443,354
Common dividends
53,716,626
«
and securities—
excess over
under managers' shares plan ($10 per share),
$165,000; total, $14,856,481.
Less excess of cost over book value of
capital stock of subsidiary companies
acquired during
$14,619,075.
cYPfi
16.4
22.3
Consolidated Income Account for Quarter Ended June
30
101,463
$4,465,397 loss$239,213
a
June 30, 1940, $7,556,368.
Per Cent
"I
Average number of employees.
242,144
Total payroll
-.-.$199,871,911
$4,670,543 loss$ 137,750
1940
Net Income for six months
appropriations
$60,000,000.
The
Adjustment of inv. to market
Prov. for Fed. & foreign inc. taxes—
Net income for period
Divs. and equity in earns, applic. to
minority interests in subs
were approx¬
An amount of $130,000,000 of capital obligations also
retired through operation of sinking funds, at
maturity or by refinanc¬
ing, while $94,000,000 of capital obligations as described above were
issued,
making a net reduction in outstanding capital obligations of
was
$3,472,938
213,519
$7,795,638
794,521
4,838,404
imately $28,600,000.
$3,282,623
190,315
$8,065,405
269,767
6,288,398
properties, less credit for properties sold,
Net sales
Cost of goods sold
r Profit from operations--.
Other income credits
ls( 6 Mos.
Ending
June3Q,'39
$1,970,311
65.2
49.4
The capital outlays during the first six months of
1940 for additions to
and betterments of
Consolidated Income Account 6 Months Ended June 30
a
1st 6 Mos.
Ending
June30,'40
$36,315,003
Ending
June30, *40
Net inc. applicable to capital
stks..$19,201,008
Shipments of finished steel products:
Net tons
:
3,201,645
Per cent capacity
66.4
384,841
,
Aug. 3, 1940
The net income for the second
quarter of 1940 available for capital stocks
amounted to $19,201,008, which, after net
charges of $770,601 for refinanc¬
ing items above and after provision for the quarterly preferred
x5,010,426 b36,173,682
6,304,919 c25,219,677
Consolidated Balance Sheet June 30
Assets—
1940
Cash
Other accts. & notes receivable (less
reserves)
Finished goods
Goods in process of manufacture
Raw materials
—
Supplies
Miscellaneous investments at cost or lower
Net properties, plants and equipment
1st mtge. 5s Gillette Rubber Co
Reserve for insurance
Reserve for pensions
reserves
—
include
not
$13,907,408
4,681,127
3,360,036
42,044,000
100,000
1,415,378
1,643,717
317,446
3,430,202
-
—
cos-
317,424
2,916,588
1,838,861
65,109,100
15,762,610
11,269,293
5,381,769
410,061
65,109,100
17,360,920
14,619,075
b7,556,368
Total
$186,213,609 $168,103,594
assets
of
1939.
b Of which $7,421,677 is
150, P. 4145.
Fisk which were
acquired
the books of the
on
in
December,
Stockyards
Committee
on
Stock
List
of tne
Drops
Delisting
New
York Stock
Exchange na»
the Securities and
Exchange Commission a letter in regard to the
application of the United Stockyards
Corp. for the withdrawal of the
cum. conv. (no par)
pref. stock from listing and registration on
the Exchange.
The letter stated that the
Exchange does not intend to have a
repre¬
hearing scheduled to be held at the offices of
tne
on Aug. 12, but is submitting to the Com¬
mission supplemental information
concerning the listing of the shares
involved in the withdrawal
application.—V. 151, p 262
sentative appear at the
Commission in
Washington
Utah Ry.
Earnings—
June—
1940
$36,393
def2,228
Gross from
railway
Net from railway
Net ry. oper. income—
From Jan. 1—
Gross from railway
1939
$25,756
defl0,734
defl3,054
def612
337,035
38,477
51,879
18,080
United States Steel
1938
/
1937
$26,805
defl0,309
def9,234
$46,779
def7,455
3,451
4,649
272,185
623,568
104,201
38,923
def7,805
def61,061
Corp.—Quarterly Earnings Report—
Reporting the earnings of the corporation for
the second quarter of 1940
made by Irving S.
Olds, Chairman, that the directors
had declared the regular
quarterly dividend of $1.75
per share on the
preferred stock, payable on Aug. 20 to holders
of record
Aug. 2 and a divi¬
dend of $1 per share on the
common stock,
payable on Sept. 20 to holders
of record Aug. 20.
^
announcement was
Shipments of steel products during the
second quarter of 1940
showed
increase of 4% over the
shipments for the first
quarter of
of 1939.
sa?l.e
for the six months
tho
Earnings both
1940 and of
for the second quarter
terminating June 30, 1940, reflected subearnings for the
corresponding periods a
In order to effect substantial
reductions in annual
interest costs, certain
bonds were refinanced.
Provision was made for
the anticiDatorv retire¬
ment of the $10,000,000
Shore &
Eastern
Elgin Joliet & Eastern Ry. first
mortgage gold bonds
^ first Merest rate. The $9,000,000 Chicago
Ry.
mortgage gold bonds
due June
J?™ ^^e^\rate°f 4H %,
Ip.OOO OOO Elgm
1,
1969
were ca Ted.
The issues were replaced by
Joliet & Eastern Ry. first mortgage bonds, series A, due
1970, bearing
an interest rate of 3%
%.
The corooratlon called
Corp. 10-year debentures due
3H%.. of which there were
outstanding $95,140,000
this latter retirement was
obtained from the cash rel
sources of the corporation and
from the issuance
and sale of 17^ ono nnn
serial debentures
maturing $2,500,000
semi-annually Nov 1 1940 to Mav l
1955, bearing an average interest rate of less
than 2H % '
The net amount
<:
extraordinary items
the United States Steel
j5ne PT948 bmrinS
interest rate of
Cash to accomplish
an
amortization
&c. ,was
Months Ended June 30
1940
1939
$
1938
$
$
1937
$
73,908,479
34,649,902
22,504,268
98,976,831
32,728,623
27,998,236
23,280,309
31,623,416
41,179,856
Int. on U. 8. Steel bonds
2,256,291
Int. on bonds of subs...
2,859,916
Net loss from disposal of
sundry property assets
and securities
Cr251,354
6,651,666
1,732,275
c776,041
798,495
2,708,534
' 2,572,813
depletion
Net
&
deprecia¬
income
2,887,863
61,217
b Extraord. deductions.
Cr373,481
2,392,988
67,353,415
6,725
38,662
Net avail, for divs...
Divs. on pref. stock.:...
36,315,003
1,970,311
c6,302,577 a64.735,215
12,609,838
12,609,838
12,609,838 d45,935,840
Common dividends
17,406,504
Balance, surplus
6,298,661 clO,639.527 cl8,912,415
18,799,375
Earn, per sh. on com...
$2.72
Nil
Nil
$5.99
a
See footnote (b) above?
b See footnote (a) above,
c Loss or deficit
d Includes regular 3H % for six months and
9H % on account of arrearages'
To
Pay SI Common Dividend—
a dividend of $1
per share
value, payable Sept. 20 to holders of record
Dividend of like amount was paid on April
26, last, this latter
being tne first distribution made on the common shares since
Dec. 20,
1937, when a dividend of $1 per share was disbursed.
Dividend of 50
cents was paid on March 30,
1932, this latter being the only distribution
made that year; $5.50 was distributed
during 1931 and $7 per share was
paid in previous years.—V. 151, p. 262.
connected with
of bond
discounts,
these
premiums
refinancing operations
paid
on
$5,394,212, which is being charged off
during
Aug. 20.
Universal
bond
tK
such
retirements
year
194?
Pictures Co.,
Loan—•
Inc.—Refunds Mortgage—Bank
Company has refunded its studio mortgage by
concluding a loan, with the
First National Bank, Boston, of
$1,500,000 to run for five years and carry¬
ing interest at 5%, J. Cheever Cowdin, Chairman of the
board, announced
July 30.
Proceeds of the loan have been used to
pay off a maturing 6%
mortgage of $1,000,000 held by Consolidated Film
Industries, Inc. and to
increase working capital.
"The decision of the board to
increase the amount of the
loan," said
Mr. Cowdin, "was based on the
requirements of Universal's substantially
enlarged production program and on the curtailment of
receipts from abroad.
In
370,108
Net from railway
Net ry. oper. income
—V. 150, p. 4145.
as
$3.43
Directors at a meeting held July 30 declared
the common stock, no par
Corp.- -Exchange
Fight—
March 1,
10,954,005
Nil
arrearages,
deficit.
Income Account for 6
parent company.—V.
sent to
Lake
Nil
on
United
*^n?ner
and
or
al939
—
Minority ints. in cap. stock & surplus of sub.
8% non-cum. pref. stock ($100 par)
Common stock ($10 par)-Capital surplus
Earned surplus
of 1940
Loss
tion and obsolescence.
1940
Other accrued liabilities
1st mtge. & coll. trust 3 Vss
an
x
677,016
$19,693,991
9,357,398
4,671,331
42,044,000
Accrued taxes
The
29,969,260
4,410,115
15,993,703
1,368,233
$186,213,609 $168,103,594
Total.
Liabilities—
Does
917,538
x4,995.158 xll,315.345
Proportion of overhead expenses of Lake Superior Iron Ore
Properties,
which normally are included in value of the season's
production of ore car¬
ried in inventories, but which, because of
curtailment in tonnage, is not so
applied,
b Before surtax on undistributed profits,
c
Includes regular
1% % for June quarter and 5H % on account of
a
Total earns., half-year..
Charges & allowances for
Accounts, drafts and acceptances payable
a
Surplus for quarter...
4,192,837
Earn, per sh. on com.$1,48
1939
$14,095,464
24,846,679
48,716,189
21,892,462
4,113,635
1,103,300
Net plantation properties, plants &
equipment-Properties not required for operations—net
Prepaid and deferred assets
General
a
$10,174,215
36,833,914
1,255,963
34,026,349
5,828,742
21,541,167
1,931,101
1,959,445
47,749,734
20,519,950
3,573,237
819,792
Accounts & notes receivable (less reserve)
the interest
with
other
receipts
of conservatism at this time when
Universal, in common
motion picture producers, must
depend largely on domestic
to sustain its production
activities, it was decided to capitalize in
part the expenditures made over the last two
years, out of earnings, on
studio additions, improvements and modernization.
"Arrangements of this loan will leave Universal without
any maturity
close at hand, other than the
company's current revolving bank credits."
—V.
150,
p.
3992.
Vanadium Alloys Steel Co.—To
Pay 75-Cent
Dividend—
Directors have declared a dividend of 75 cents
per share on the common
stock, payable Sept. 3 to holders of record
Aug. 16.
This compares with
$1 paid on June 28, last: 75 cents paid on March
2, last; 50 cents on Dec. 2,*
1939, and dividends of 25 cents per share paid on
Sept. 2 and June 2, 1939.
—V. 150, p. 3681.
Vinco Corp., Detroit, Mich.—Stock
Offered—Corpora¬
tion, formerly Vinco Tool Co., is being publicly financed in
part through the offering July 29 of 79,999 shares of common
stock at $3 per share.
Of the total of 79,999 shares registered
with the Securities and
Exchange
Commission, 26,499 shares
being purchased from certain stockholders, 33,500 shares
20,000 shares are under option from
principal underwriter, A. M. Kidder
Co., New York, who is making the offering by means of
are
from the company, and
the company to the
&
a
prospectus.
The
company's
shareholders
at
a
special meeting
on
June
25, 1940,
altered and increased the
company's authorized common stock from 2,500
shares (no par but with a stated value
$20 per share) to 200,000 shares
($1 par).
At that time the shareholders voted to
issue 48.334 shares of
$1 par value common stock for each share of
common without par value
then outstanding.
\ '
Volume
The
151
Net proceeds from the sale of 33,500 shares of the company's authorized
put unissued stock are to be credited to the company's capital stock account
$1 per share, and $1.40 per share to the company's capital
to the extent of
surplus.
The company is planning to augment its production facilities to
the manuiacture and sale of
experimental parts for aircraft
engage
engines.
*h
m?™c
are sold
directly to automobile manufacturers, makers of comand military aircraft, tool and machine tool manufacturers, steel
the United States
Business with the United States Government is controlled
by strict
m|o visions protective to the Government.
The present management, headed by Joseph J.
prll continue.—V. 151 p. 117.
Osplack as President,
Sales of gas
Other operating
Operating
a
®
After depreciation and including
263.
p.
3,731,639
non-operating income (net).— V. 151,
4,041,950
1
.
;
.:
1938
$226,489
272,587
$18,737
31,895
$12,052
18,764
$46,098
19,147
$13,158
$6,712
60,327
loss$26,951
39,934
Other income.
Profit
;
137,546
$3,337,143
39,432
45,366
$3,418,149
$828,297
$841,334
458,550
29,702
458,550
31,705
$3,331,209
1,834,200
152,661
$3,432,019
1,834,200
130,275
$340,045
$351,079
$1,344,348
$1,467,544
364,042
343,227
1,338,785
1,247,026
of
.
50,127
36,257
mainte¬
nance
1939
$125,494
$817,128
33,926
9,720
long-term debt..
Includes
a
1940
$304,814
323,551
Expenses
on
$824,922
12,333
8,958
Other interest
c
Net income
Virginia Iron, Coal & Coke Co.—Earnings—
3 Months Ended June 30—
Gross
804,561
Gross income
Int.
$4,596,717 $19,677,625 $18,627,374
2,823,707
11,506,216
11,010,158
303,430
1,860,400
1,648,330
652,452
2,973,866
2,550,737
$4,825,118
2,755,035
440,600
b Taxes.
$20,067,334 $18,739,957
5,805,138
5,571,059
revenues
Balance for interest
Balance for dividends and surplus--
Total oper. revenues.-
Operating expenses
Depreciation
a
Non-operating revenuesNon-oper. rev; deducts.
1939
1940
12 Months Ended June 30—
1940—3 Mos.—1939
1940—12 Mos.—1939
81,658,015
74,241,219 346,656,303 301,819,815
1584562300 1,483924300 6,512899700 6,047940200
!,889,186 $12,571,433 $11,802,953
$3,056,089
1,686,215
7,017,366
6,737,331
1,750,923
21,316
88,826
87,090
revenues
18,106
Sales of gas (cu. ft.)
Sales of electricity
Operating income
Virginia Electric & Power Co.—Earnings—
^
Lighting Co.—Earnings—
Westchester
Period End. June 30—•
Sales of electricity(kwh.)
Govern-
mpht.
.Products
mills, agencies of foreign governments and to
717
Commercial & Financial Chronicle
exps.
Amortization of debt
150, p. 3070.
b Including provision for Federal income tax.
c
discount and expense and miscellaneous deductions.—V.
West Texas
Utilities Co .—Earnings—
12 Months Ended June 30,
Earnings for the
1940
$5,578,262
1,841,226
Total operating revenues,
Operation
Provision for depreciation
34,044
Int., idle plant expenses, &c
$66,885
For the six months ended June 30, 1940, net loss was $10,528 comparing
with net loss of $90,427 in first half of 1939 —V. 150, p. 3069.
$53,615
$20,886
Net loss
294,687
875,003
than income) Charges in lieu of Federal income taxes
454,484
165,781
Maintenance
Taxes (other
Net
1940
1939
1938
1937
$1,923,439
1,036,390
793,954
$1,903,829
1,050,461
$1,463,322
698,276
583,480
$1,604,327
8,924,823
4,139,843
3,352,543
9,557,316
5,212,209
4,457,341
June—
Gross from
railway
Net from railway......
Net ry. oper. income--.
From Jan.
Gross from railway
—V.
151,
788,549
817,604
715,703
1—
Net from railway..
Net ry. oper. income-.-
9,324,326
4,603,576
3,423,363
12,387,127
6,872,032
5,304,099
Bedford of Wilkes-Barre.
Sold
Net income-
Wabash Ry.—
Gross from railway.
Net from railway
1939
1938
1937
$3,426,271
$3/,336,585
$3,082,150
$3,535,892
_.
590,527
22,142
--
580,128
1,952
531,226
26,283
690,097
220,995
21,876,522
4,420,355
1,018,546
20,688,105
3,982,250
508,490
18,669,947
2,780,076
def587,715
23.455,187
5.710,702
2,607,223
Net ry. oper. income.
From Jan. 1—
Gross from railway...
Net from railway
Net ry. oper. income.
p.
..
—
Walworth Co.—Dividend
Payment—
payment of this dividend, which will be the first paid on the preferred
stock, arrearages will amount to 90 cents (not 60 cents as reported in last
weeks "Chronicle", page 570) per share.—V. 151, p. 570.
Warner Bros. Pictures, Inc.
(& Subs.)—Balance Sheet—
May 26 '40 May 27 '39
May 25, *40 May 27, '39
5
$
$
Liabilities
c
Real est., bldg.
Pref. stock-
—
b Common stock
equip.,
lease,
$
5,670,886
5,670,885
19,006,723
19,006,723
128,684,295 131,813,795 Mtge. & funded
debt-----—- 62,957,491
5,994,146
Cash
9,387,400
2,185,742
2,181,961 Notes payable-.
Accts. rec., &c_1,748,379
Accts. pay. and
18,689,884
Inventories
14,649,224
6,727,079
sundry accr'ls
1,197,948
1,648,193
Rights & scenar.
593,298 Opt. 6% conv.
498,682
Mtge. rec., &c._
&c
Deps.
redemption
1,069,858
deposits.
1,204,562
1,027,813
Due affil. cos...
116,806
Royalties pay..
of subs
968,470
110,000
921,490
Res. for Fed. tax
8,331,777
8,330,842
2,624,225
2,752,741
67,675
946,455
107,398
959,820
209,414
3,154,992
30,061
3,282,053
Adv. pay. deps.,
110,000
-
—
7,012,686
eNet curr.liabs.
Deferred charges
—
306,158
397,261
2,510,105
2,080,240
min.stkholdrs.
252,618
Conting .reserves
541,000
&c
dNet curr. assets
of subs.
Deferred
oper.
credits
Propor.applic.to
in foreign ter¬
4,225,682
Capital surplus.
343,600
253,528
486,500
2,909,746
57,316,563
57,134,331
f Pref. treas.stk.
515,514
ritories
Drl70,141
Earned surplus
Total
$9,577,349
1,134,461
4,372,776
$9,040,381
3,217,388
1,175,145
$1,566,514
Taxes
Operating profit
$1,883,869
54,094
$3,022,818
184,394
$3,674,166
96,022
$1,937,963
255,201
$3,207,213
$3,770,188
509,523
76,792
Other income
$1,643,306
Total earnings
Interest deductions-
259,088
Balance
a
Available for retirement reserve,
RR.—Earnings—
1940
1939
1938
1937
$1,385,599
263,778
$1,339,526
184,193
$1,190,028
def37,411
defl77,500
$1,328,037
def42,258
def202,056
6,998,405
5,938,245
714,994 defll25,379
defl48,822 def2004,034
7,623,214
108,966
def817,858
June—
Gross from railway
Net from railway
7,747,629
1,285,251
Net from railway
305,987
Net ry. oper. income—
—V. 150, p.
4148.
Western Public Service
12 Months Ended June
Operating
a
40,802
123,310
Net ry. oper. income—
From Jan. 1—
30—
Co. (& Subs.)—Earnings—
1940
1939
revenues.$2,150,496
486,926
167,926
Balance for interest-
and surplus
a After depreciation and including
264.
Total
168,532.666
.
Western Ry.
1939
$126,003
6,498
1938
$117,996
def226
9,707
def4,198
def9,710
32,574
823,380
104,695
771,358
52,370
855,216
103,478
43,509
Gross from railway
Net from railway
150,
p.
31,916
defl2,359
65,334
income
4148.
of $1 per share on the common
Aug. 30 to holders of record Aug. 13.
Dividends
of 87 Vi cents was paid on May 29 and Feb. 29, last; $1 on Dec. 22, 1939;
75 cents on Nov. 29 and Aug. 31, 1939, and previously regular quarterly
dividends of 50 cents per share were distributed.
Directors also declared a dividend of $1 per share on the 7% cum. partic.
pref. stock, par $50, likewise payable Aug. 30 to holders of record Aug. 13.
Previously regular quarterly dividends of 87 H cents per share were dis¬
tributed.*—V. 151, p. 571.
31 declared a dividend
(par $50) payable
Wheeling & Lake Erie Ry .—Earnings—
1940
1939
1938
railway
$1,564,991 $1,131,307
$879,501
Net from railway
620,377
352,054
265,041
Net ry. oper. income—
464,373
280,102
182,097
June—
Gross from
From Jan.
1—
Gross from railway
Net from
railway.
Net ry. oper.
—V.
income
7,892,566
2,725,691
2,135,739
4,526,150
879,235
557,238
Earnings for Period from
$38,004
Total income-Deductions
Snowdrift Co.—50-Cent Common Dividend
dividend of 50 cents per share on the common
stock, payable Aug. 31 to holders of record Aug. 26.
Last previous dis¬
tribution was the regular quarterly dividend of 12 >6 cents per share paid
8,318,333
2,731,264
2,545,755
Jan. 1 to June 30, 1940
bonds
16,209
72,086
Dividends on preferred stocks
Dividends on common stocks
—$126,299
-15,351
A-
V. 151, p. 570.
Wesson Oil &
353,968
498,962
Inc.—Earnings—
Wellington Fund,
f 3,490 shares at cost.
The income statement for the
published in
5,996,503
1,597,502
1,255,253
1937
$1,340,431
150, p. 4148.
Interest on
39 weeks ended May 25 was
Co.—To Pay $1 Div.-—
Westinghouse Electric & Mfg.
Directors on July
168,532,666 172,526,144
After
1937
$138,710
20,607
863,465
106,766
Net ry. oper. income
From Jan. 1—•
Net ry. oper.
513,190
171,917
non-operating income (net).—V. 151,
1940
$138,041
19,084
Net from railway
—V.
$2,173,472
of Alabama—Earnings—
June—
Gross from railway
depreciation, &c,
b Represented by 3,801,344 shares of $5 par
value,
c Represented
by 103,107 no par shares,
d Having exchange
restrictions,
e Operating in foreign territories having exchange restrictions,
a
516,342
2,148,827
$1,682,761 $2,690,871 $3,260,664
dividends and surplus.-—V. 150, p.
$1,384,217
a
2,181,753
1622.
stock
6,097.000
.
98,855
Accts. rec. from
Goodwill
.
......
822,019
-
Other assets
of fleers
4,118,277
Fund, debt (cur¬
rent)..
Invests, in affil.
companies
60,226,894
debs .called for
to
secur.
contr. & sink.
fund
1940—12 Mos.—1939 I
$4,625,280
1,606,950
$4,817,990
2,076,331
Operating revenue
Operating expenses
p.
dividend of 60 cents per share on the 6% pre¬
$10, payable Aug. 15 to holders of record Aug. 1. After
Directors have declared a
Assets—
1940—6 Mos.—1939
Balance for dividends
117.
ferred stock, par
Cos.—Earnings—
[Including Constituent Companies]
Period End. June SO—•
Gross from railway
1940
June—
$975,477
—
Western Pacific
Earnings—
152,129
14,493
14,926
—V. 150, p. 3994.
Privately—
Co., announce that they have acted as principals in a trans¬
22,000 shares common stock of this old and important
company located in Pennsylvania.
The shares were placed privately.—V.
117, p. 2120.
...
Other deductions
Allen &
action involving
a
and expense
General interest
Western Massachusetts
passed into new control on July 30 with the
resignation of Samuel T. Nicholson as President and General Manager and
with the election of E. Perry Holder, Executive Vice-President of Empire
Ordnance Corp., as the new operating head.
Mr. Nicholson becomes Chairman of the Board.
Benjamin S. Dowd,
President of the Empire Ordnance Corp., will be Vice-President and Treas¬
urer of the Vulcan.
Other officers are George H. Brown, former Secretary
and Sales Manager, retained as Sales Manager, and William E. Willingale,
former Vice-President and Treasurer, will become Credit and Collection
Manager and Assistant Treasurer.
Members of the newly elected Board besides Messrs. Nicholson, Dowd,
and Holder, are Charles H. Griffiths of Griffiths & Content, New York;
John C. Haddock of Wilkes-Barre; F. V. Huber of New York; George
Carey of Wilkes-Barre; Alvin M. Powell of Glen Ridge, N. J., and Paul
151,
797,310
Interest on long-term debt
Amortization of bond discount
Vulcan Iron Works—New Control—
—V.
7,255
$1,954,335
-
117.
p.
$1,947,081
-
—
Gross income
This 91-year-old company
Stock
operating income
Other income
Virginian Ry.—Earnings—
Ordinary net income
Net profit from
—
$110,948
129,365
security transactions
Directors have declared a
on
July 1, 1939.—V.
151, p. 118.
Inc.—Merger Effective—
The agreement of merger dated as of June 25, 1940, between Western
Dairies, Inc.; Arden Farms Co.; Arden Farms, Inc., and Arden Protected
Milk Co., was filed and recorded on Aug. 1, 1940, in Maryland and Dela¬
ware, and is now effective, it was announced on Aug. 2.
Under the terms
of this merger agreement Arden Farms Co.; Arden Farms, Inc., and Arden
Protected Milk Co. were merged into Western Dairies, Inc. which, under
the terms of the merger agreement, is to be known as Arden Farms Co.
Total income
Management fee
Provision for Pennsylvania
Furniture and
Western Dairies,
—V. 150, p.
3378.
I
.
corporate net income tax
fixtures purchased-
Net income for
—
the period
Dividends paid
$240,313
22,428
320
47
$217,518
146,992
Balance Sheet June 30, 1940
$488,676; interest and dividends, $33,013; marketable
$5,160,489; furniture and fixtures, $1; total, $5,682,179.
Liabilities—Federal taxes, $9,077; State taxes, $1,491; management fee,
$10,890; accrued custodian and transfer agent fees, $3,946; accrued divs.
Assets—Cash,
investments,
The Commercial & Financial Chronicle
718
capital ^plus,:$5,203,total, $.>,682,179.—V,
shares sold, $16; capital stock (par $1), $374,495;
228; earned surplus since July 1, 1939, $79,035;
on
150, p. 2443.
Liabilities—Accrued taxes (subject to final review),
$19,738; accounts
payable—sundry, $1,253; dividends payable, $5,843; reserve for retire¬
of preferred capital stock, $385; Wisconsin State
privilege dividend
taxes, $3,966; common stock ($1 par), $532,965; capital surplus.
$577,038;
earned surplus, from operations subsequent to Dec. 31, 1932 (less:
adjust¬
ment of securities to replacement cost based on quoted market
values at
June 30. 1940. $520,379), def?118,410; total, $1.022.779.—V. 150.
p. 3071
Wheeling Steel Corp. (& Subs.)—Earnings-
x
A
allowances_'$22,672,948
16,704.548
1,323,527
1,200,899
1,604,625
14,744.379
Lbj2,689
1,161.571
1,404.237
30,143,147
219,814
Cost of sales
Repairs & maint. charges
Prov. for deprec. & depl.
Sell.,gen. A adm. exps..
Taxes, other than inc.tax
Pror. for doubtful accts.
211.757
72,922
420,936
59,279
ment
-1939
1940—6 Mos.
1940—3 Mos.—1939
Period End. June3(L—
returns
*27'793'757
27,793.757
2.684,073
2,364.898
2.322,146
3,092,880
105,875
2,227.115
2.789,614
435.192
137,300
Wolverine
$1,560,256
$1,204,331
S2.582.711
$2,286,970
124,715
117,849
270,181
256,584
$1,684,971
$1,322,180
$2,852,892
Natural Gas Corp.—7]4rCent Dividend—
Directors have declared a dividend of 7
H cents per share on the common
stock, payable July 15 to holders of record June 29.
Dividend of two cents
was paid on Apxil 10. last; one-half cent was
paid on Dec. 15, 1939. and
one of one cent per share was distributed on
April 28, 1938.—V. 140, p.
________
Gross profit from oper.
Other income
$2,543,554
—
2445.
Wolverine Tube
Gross income
Interest charges, incl.
discount on bonds
Prov. for Federal income
„-ao
_
750,442
287,076
130.143
438,372
241,053
$1,019,426
$809,995
$1,664,078
$1,538,656
(estimated)
Netprofit.
x
c._
382,042
...
...
Co.—Earnings—
6 Months Ended June 30—
1940
1939
1938
Net profit after deprec., Fed. income
taxes, inventory loss, Ac
$222,713
$175,098 loss$15,185
Earns persh. on 396,122 shs. com stk
$0.53
041
Nil
June sales were the highest for any month in the history of the
company
and w >re 47% above June, 1939. sales.
For the first half of 1940 sales
were 36%
ahead of the like 1939 period.
The improvement in sales is
763,845
378,469
„
taxes
Aug. 3, 1940
preciation of $762), $1,147; prepaid expenses and deferred charges. $280;
total, $1,022,779.
...
not confined to any one
Including taxes, labor, idle plant expenses and other operating charges.
150, p. 3841.
industry, but is diversified.—V. 150,
3842.
p.
—V.
Wick wire Spencer Steel Co.
Quarter Ended—
Mar. 31 '40
30'39
P,025 prof$47,231
20,723
34,184
$4.017
43,762
income
Co., Rockford, 111.—Stock Offered
—A banking group headed by Paul H. Davis & Co. is
making
public offering of 62,000 shares of common stock (par $1)
at $13.50 per share.
Oth^r members of the syndicate include
Rawson Lizar3 & Co.; Otis & Co.; Ames, Emerich &
Co.,
Inc.; First Cleveland Corp.; Dempsey-Detmer & Co.; Fuller,
(& Sub.)—Earnings
June 30 '40
Loss from operations...
Other income
a
Total
Woodward Governor
$39,746
loss$48,302
$81,415
63,625
123,488
30,103
60,651
123,642
30,107
66,872
132,036
31,607
Int.
allowed
on
prepaid accounts,
discounts allowed, bad debts, and
franchise taxes, Ac
Provision for depreciation.
Interest
on
bonds and notes
Cruttenden & Co.; Carter H. Harrison &
Co., and Rogers
&
Tracy, Inc.
Of the total shares,
and 52,000 shares
Net loss before prov. for Inc. taxes.
$262,701
$177,471
a After deduction
for selling, administrative and
before provision for depreciation.—V. 150, p. 2902.
general
$149,100
expenses
but
6 Months Ended June 30—
^40
$1,753,221
1,365,085
Costs and expenses
Operating profit
10,000 are offered for the account of the company,
for the account of 13 stockholders.
The company's
Wright Aeronautical Corp.—Loan from RFC Arranaed—
(H. F.) Wilcox Oil & Gas Co.—Earnings—
Income
are
part of proceeds will be used to reimburse treasury, for capital
expenditure
and for machinery.—V. 151, p. 118.
1®38
a
$1,809,210
1,292.835
$1,479,060
1,123,566
$388,135
126,563
$516,375
174,703
$355,494
Other deductions
Profit
Other income
$261,572
11,491
$341,671
42,005
$251.9.54
20.539
$273,063
228.798
3.333
$383,677
202,617
$272,491
135,624
$40,932
$181,059
$133,401
103,540
Loans aggregating $92,000,000 to enable this corporation to
increase Its
airplane motor capacity were authorized by the Reconstruction Finance
Cornoration on July 26.
The
loans will make it possible for the
company to build an entirely new
plant both for manufacturing and assembling motors so that it can
increase
its capacity by 12,000 motors a year.
The agreement obligates the
Wright Aeronautical Corp. to grant an
option to the War Department for an additional
20,115 motors. The RFC
made a commitment for $55,5r0,000 June 20 to enable
Wright to increase
its capacity by 6,000 motors a year.
But, according to the RFC statement, the Air Corps and the War Ord¬
Department have now requested bids on 20,115 motors to be
delivered
years 1941 and 1942 which requires the larger
capacity.
Current commitment supersedes the one for
$55,5r0 made June 20.
Work on the new plant, which will be located in Hamilton
County, Ohio,
will be started as soon as contracts can be
negotiated with the War Depart¬
ed.—V. 151, o. 235.
nance
Profit
Depreciation and depletion
Amort, of bond discount A
.....
expense..
Net profit.
-V.
3.468
150. p. 3842.
during the fiscal
Yazoo &
Winters & Crampton Corp.—15-Cent Dividend—
Directors have declared
dividend of 15 cents per share on the common
stock, payable Aug. 15 to holders of record Aug. 5.
Dividend of 10 cents
was paid on
April 20, last, and on Aug. 25, 1939, this latter being the first
dividend paid on the common shares since
Aug. 20, 1937, when 27K cents
per share was distributed.—V. 149, p. 3281.
a
Wisconsin Central Ry.
Period End. June 30—
Co.—Earnings—
1940—Month—1939
Freight revenue.
Passenger revenue
$6,233,903
$5,631,525
145,711
151,144
29,449
398,790
35,489
738,195
1,007,807
173,685
2,553,890
210,104
726.909
9.55,782
170,869
2,331,042
200,108
$345,970
62,990
$1,550,222
454,279
$1,246,815
458,440
$356,232
30,167
35,637
$282,980
33,975
37,779
$1,045,943
217,059
188,054
$788,375
185,549
220,321
$290,429
$211,225
Dr5,232
$690,831
Dr26,669
$382,505
Dr7,320
revenues
$1,106,552
144,820
$443,852
87,619
Total
$996,468
28,469
81,614
$1,231,983
All other revenue
Dr28,973
$283,109
8,945
$205,993
9,840
$664,162
56,271
$353,531
60,899
Maint. of way A struct.
expense
Maint. of equipment
Traffic expenses
Transportation
expenses
154,084
29,028
425,603
General expenses
34,597
Taxes.
Net after taxes
Hire of equipment
Rental of terminals
__
Net after rents
Other income (net)
Income before interest
1
Bal.
1940—6 Mos.—1939
$5,706,258
$5,126,843
122,541
120,345
405,104
375,337
$1,118,534
25,622
87,827
before
int.
1940
Net ry. oper. income...
—V. 151. p. 118.
Wisconsin Hydro Electric
6,628,205
1,872,400
580,940
7,884,895
2,489,362
1.337,472
(L. A.) Young Spring & Wire Corp.—To Pay 50-Cent
Directors have declared a dividend of 50 cents
per share on the common
stock, payable Aug. 29 to holders of record
Aug. 15.
Last previous pay¬
75-cent distribution made on Oct. 1,1937.—V.
150, p. 3842.
ment was the
Youngstown Sheet & Tube Co. (& Subs.)—Earnings—
x
1940
$2,699,911
326,708
$2,428,584
390,690
447.544
$4,205,086
$3,026,619
$2,819,275
$5,879,941
918,420
Other income
1939*
$3,888,946
316,141
Operating profit
934,581
1,625.391
747,848
1,627,313
326,081
1,730,366
Interest, Ac
Deprec. and depletion
Miscellaneous charges..
Netprofit
$292,633
x
1,9»4.?01
133,182
$1,169,283
1,675.008
1938
137,561
$329,086
$118,033
1,675.008
$0.57
$0 07
After Federal income taxes.—V.
150, p. 4148.
per
1,675.008
share
Nil
1937
$5,432,397
682.991
1,444,472
$2,022,112
1,590.720
$1.14
Youngstown Steel Door Co.—50-Cent Dividend—
Co.—Earnings—
Quarter Ended June 30—
1940
1939
$165,067
62,030
Gross earnings
Operation
Maintenance
$161,829
58,927
7,679
18,750
21,615
2.325
5 507
_
Provision for retirement reserve
General taxes
18,750
22,141
State and Federal income taxes
6,621,353
1,715.478
506,113
1937
Common Dividend—
Earnings
$607,891
$1,289,446
395,346
368,850
York Knitting Mills, Ltd.—10-Cent Dividend—
Total income
$196,153
$1,057,052
286,503
78,495
Directors have declared a dividend of 10 cents
per share on the common
stock, payable Aug. 15 to holders of record
Aug. 8.
Dividend of 20 cents
was paid on Feb.
15, last, this latter being the first dividend paid on the
common shares since 1923.—V.
150, p. 858.
Shares common stock...
$274,164
1938
$1,036,868
211,603
def8.974
7,287,297
2,016,323
729,782
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
1939
$1,137,523
245,400
22,445
3 Mos. End. June 30—
on
bonds, Ac
—V. 150, p. 4148.
Mississippi Valley RR.<—Earnings—
June—
Gross from railway
Net from railway
Directors have declared a dividend of 50 cents
per share on the common
stock, payable Sept. 16 to holders of record
Aug. 31.
This compares with
25 cents paid on .Tune 15 and March
15, last; 50 cents paid on Dec. 15, 1939,
and 25 cents paid Sept. 15 and
June 15, 1939, and March 15, 1938.—
V.
151,
572.
p.
Sioux City Service
Co.—Earnings—
12 M<mths Ended June 30—
795
Net earnings
Interest on funded debt
Interest on unfunded debt
$55,843
25,962
74
$52,533
25,962
207
3,322
3,333
$26,484
$23,030
Amortization of debt discount and
expense, Ac
Net income
-V. 150, p. 2902.
Wisconsin
Investment Co.-Earnings
6 Mos. End. June 30—
Income—Int.
Int.
on
Divs.
1940
on
expenses
Prov. for income taxes.
Net profit
Dividends paid
Surplus..
x
Interest and dividends
17,135
2,898
39,769
1938
x$17,728
467
See
x
loss59,098
196
1937
(net).
$471,336
277,396
36,615
$15,446
..
-
Net earnings
on long-term debt
Amortization of bond discount and expense-
879
42,798
420,050
Net loss
-V. 151, p. 429.
Sioux City Gas & Electric
12 Months Ended June 30—
Operating
$21,911
48,345
Co.—Earnings—
1940
loss$40,904
13,065
$464,190
19,100
85,000
Non-operating
$12,147
$42,556
loss$53,968
52,446
$360,090
52,666
37,109
Maintenance
$42,556 def$106,414
investments.
$307,424
Federal and State income taxes
Total gross
revenue
(net)
earnings
Operation....
Provision for depreciation
General taxes
Net earnings
Interest
on
long-term debt
Interest on unfunded debt
Amortization of bond discount and expense
Interest charged to construction
Net income
-V. 151, p. 566.
...
1939
$3,306,588
revenues
$63,288
14,732
6,000
$12,147
$34,226
53,633
2,504
73.081
$28,889
15,242
1,500
on
$466,125
271,029
72,134
47,754
40,982
$35,899
49,055
2,290
Oneration
Maint enanceTaxes
1939
$462,123
4,002
2,654
$463
Balance Sheet June 30, 1940
and demand
deposits in banks, $208,391; marketdividends and interest on above
securities,
™
inef!i!istate of Wisconsin for privilege dividend taxes (assessdispute) per contra, $3,966; stockholders'
stock subscriptions
010.
company, at approximate liquidation
value, $2,219, <^5.tal»s oc,^:
office furniture and
fixtures, at cost (less reserve for de-
revenues
Interest
309
profit on sale of
investments
Miscell. income
Opsrating
$6,074
20,073
stocks.
Net
Total income
1939
$5,722
invest.
stk. subscr'ns.
on
Non-operating
1940
$468,682
1.11111111."
$3,085,671
37,180
$3,343,698
1,178,877
147,499
364,059
408,763
167,171
$3,122,851
1,075,650
115,471
372,709
399,879
130,691
$1,077,329
405,920
5,828
98,353
Cr5,182
$1,028,452
410,983
5,651
99,087
Crl ,721
$572,410
$514,452
Volume
The Commercial
151
& Financial Chronicle
719
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
n .A
Friday Aight, Aug. 2, 1040
Coffee—On the 29th ult. futures closed 1 point
point
off to 1
for the Santos contract, with sales totaling 29 lots,
up
The market ruled dull most of
the session.
Nothing was
doing in actuals where prices were the same as on Friday. A
London cable says rationing of coffee may start soon in
Great Britain as a result of consumption beyond the expectations of the Ministry of Foods.
Registered spot sales
in Santos last week were 148,000
bags for United States
against 127,000 the previous week and 2,000 for Europe
against 43,000 bags the week before.
Exports to Europe
last week were 45,000 bags against 8,000 the previous 8
weeks.
The destination
was
not known.
On the 30th ult.
futures closed 6 to 3
points net lower for the Santos contract.
Santos coffee futures were
unchanged to 4 points lower at
the end of the third hour on sales of about 8,000 bags.
Hedging, believed for New Orleans account against old crop
Brazils of deliverable grade, made
up the bulk of the selling,
While Sept. was at 5.60, off 4 points and a new seasonal low,
July, 1941, contracts were at 6.21, unchanged.
In Rio de
Janeiro the spot price on No. 7 coffee was off 200 reis to
11.8 milreis per 10 kilos.
On the 31st ult. futures closed 8 to
12 points net lower for the Santos contract, with sales total-
ing 60 lots.
There was a sale of 1 contract in Rio Dec. at
3.98, off 3 points from previous close. Santos coffee futures
were
at new seasonal lows
on what
appeared to be mostly
Losses of 8 points were made by early afterwith Dec. at 5.72. Sept. contracts at 5.50 were within
trade selling.
noon,
4
points of the all-time low for Santos coffee, 5.46 on May
this year.
The actual market was quiet and a shade
easier.
It was said that old crop Santos 2-3s had been sold
to New Orleans at 5.40, equivalent to about 5.20 for Santos
4s here.
Manizales were reported to have been traded at7.80.
On the 1st inst. futures closed 7 to 10 points net lower
for the Santos contract, with sales totaling 48 lots.
Santos
coffee futures under pressure of trade selling, said to be
again mostly hedge selling emanating from New Orleans,
broke 7 to 11 points to a new all time low of 5.41 for September contracts. The near month was off 7 points for the day.
The previous all time low was 5.46, made May 15th by the
spot month.
In Rio de Janeiro the No. 7 spot price was
200 reis. lower at 11.6 milreis per 10 kilos. The "A" contract
on the" New York market was
5 to 13 points lower, with
March selling at 3.95c., off 13 points.
Actuals were easier
with not much being done.
Today futures closed 1 point
net higher for the Santos contract, with sales totaling only
8 lots.
After yesterday's rather active trading and the fall
of Santos futures to a new all time low, trading became
stagnant with buyers and sellers alike aloof.
To early
afternoon only 500 bags had been done, all in December at
5.65c. per pound, up 4 points from last night's closing level,
The tendency to mark time extended to the actual market.
The Senate Banking Committee's approval of the extra five
hundred million dollars for Export-Import Bank loans on
surplus South American commodities, excited coffee men in
general because of the belief that the first commodity on
15
which loans will be extended will be coffee.
Rio coffee
Tniv
-
-
-
-
°S
3.96
---3.90] March.
r
4.00
prices closed as followsr
September"-"-".""
5.82]
December
Cocoa—On the 29th ult. futures closed 8 to 6 points net
lower.
Transactions totaled 702 lots.
The market moved
lower today as a result
largely of the continuation of the liquifew weeks. Trading
midday totaled 150 lots.
Licensed New York warehouse
stocks declined 1,100 bags over the weekend to 1,115,295
bags against 1,381,370 at the same time a year ago.
Arrivals
of cocoa in the United States continue large.
Total arrivals
in this country so far this month aggregated 611,877 bags,
compared with 145,883 bags in the same period last year.
Despite the heavy arrivals in July, the total figure since the
start of the year to date is still approximately 400 bags
behind last year's figure.
Local closing:
Sept., 4.02;
Oct., 4.03; Dec., 4.17; March, 4.29; May, 4.38; July, 4.48.
On the 30th ult. futures closed 2 points off to 1 point up compared with previous finals.
Transactions totaled 790 lots,
The opening range was 1 to 2 points lower than the previous
closing.
The market today touched the lowest levels since
last August.
The volume of transactions was heavy, with
650 lots changing hands at noon.
Most of the trading consisted of switching from the September delivery to the more
dation which has been present for the past
to
distant
months.
Licensed
New
York
warehouse
stocks
declined 1,400 bags to 1,113,822 bags, compared with 1,381,370 bags last year.
Local closing: Sept., 4.01; Dec., 4.17;
March, 4.29; May, 4.39; July, 4.48.
On the 31st ult.
futures closed 4 to 5 points net lower.
Transactions totaled
■
«
Transactions totaled 138 lots.
The market was steady during most of the session.
Sales to noon totaled 128 lots.
The
better tone was brought about chiefly by purchases by
manufacturers.
Licensed
New
York
warehouse
stocks
advanced 6,700 bags to 1,119,949 bags, compared with
1,382,865 bags last year.
Floats of cocoa from West Africa
and Brazil as of today amounted to 114,300 bags, against
138,224 bags a year ago.
Local closing: Sept., 4.01; Dec.,
4.17; March, 4.30; July, 4.47.
Today futures closes 8 to
7 points net higher.
Transactions totaled 111 lots.
Cocoa
futures were unchanged to 2 points above yesterday's close
today with September selling at 4.03 cents, up 2 points.
Total transactions to noon were 50 lots.
Licensed New
York warehouse stocks increased 2,300 bags today to 1,122,245 bags, against 1,379,611 bags a year ago.
Arrivals of
cocoa in the United States during July amounted to 656,500
bags, the largest month of the year, compared with 231,718
bags a year ago.
Total arrivals of cocoa in this country from
the first of the year to July 31st totaled 2,500,235 bags,
against 2,924,374 bags in the same period last year.
Local
closing: Sept., 4.09; Dec.. 4.25; March, 4.37.
Sugar—On the 29th ult. futures closed unchanged to 4
points higher for the domestic contract, with sales totaling
62 lots.
The world sugar contract closed 1 to 1H points off,
with sales totaling only 2 lots.
In the raw market 2,500
tons of Philippines, due Aug. 13 were sold to an operator
at 2.66, 3 points over Friday's price.
At 2.06c., 2,100
tons of Philippines due today and 3,000 due Aug. 6 were
offered, while at 2.67c. there were 1,500 tons due Aug. 5,
and at 2.70c., 3,500 tons due Sept. 11.
Puerto Ricos,
Aug. shipment, were held at 2.70 and Cubas, the same
position at 1.80, which would figure out 2.70 when the duty
of .90 is added.
The Senate Finance Committee Will consider the fate of the Cummings sugar bill on Wednesday,
World sugar futures had a very dull session.
There was
nothing in the news to move the market, although signs that
the war abroad might reach a climax soon was being considered.
On the 30th ult. futures closed 1 to 2 points net
lower for the domestic contract, with sales totaling 294 lots,
The world sugar contract closed 1 to 2 points net lower,
with sales totaling 43 lots.
It was disclosed that 3,000 tons
of Philippine raws sold yesterday to an operator at 2.65,
a point under an earlier sale.
The sugar was due Aug.
6.
Today 2,100 tons due tomorrow, is on offer at 2.65,
while other sugars including Cubas and Puerto Ricos for
Aug. shipment are available at a 2.70 basis.
Refiners
will pay 2.63 and operators 2.65 for nearby lots.
The
refined price structure has evened itself out at $4.35 in the
East; $4.30 in Chicago west to the Rocky Mountains, and
$4.20 in the South.
Traders expect refiners to cancel any
and set the stage for
as follows:
..3.841 December
-
September.
again consisted mainly of switching from September to the
more
distant months.
Licensed
New
York
warehouse
stocks declined 600 bags to 1,113,276 bags, against 1,381,370
bags a year ago.
Local closing:
Sept., 3.97; Dec., 4.12;
March, 4.25; July, 4.43.
On the 1st inst. futures closed 4 to 5 points net higher.
undelivered old contracts at the close of business tomorrow
prices closed
July
1 ,013 lots. The volume of sales again was heavy, with 700
lots changing hands to early afternoon. Most of the trading
a new
"contract"
ult. futures closed
move.
On the 31st
unchanged to 1 point net higher for the
totaling 199 lots.
The world
sugar contract closed H to 1H points net lower, with sales
totaling 61 lots.
There were no further sales of raws, but
nothing appears offered under 2.70.
At that level are
Cubas, Aug. shipment, and the following lots of Philippines:
1,500 tons due Aug. 5, 3,000 tons due the end of Aug. and
3,500 tons due Sept. 11. A further reduction in refined
sugar prices occurred in the South, when most refiners named
a price of $4.15.
This represents the lowest net price ever
received by cane refiners, namely, $3,532 per hundred
pounds after deducting the usual 2% discount for cash and
the excise tax of 53He. paid to the United States Treasury,
The Eastern quotation remains at $4.35.
On the 1st inst. futures closed 1 to 2 points net lower for
the Santos contract, with sales totaling 58 lots. The world
sugar contract closed 3H to 2 points net lower, with sales
totaling 156 lots. Refined sugar was cut again in the South,
this time a price of $4.05 being named for the city of New
Orleans only. In the raw market three sales were reported
/ unchanged from the last prices.
Godchaux got 2,000 tons
of Philippines due Aug. 6th at 2.64, while American bought
1,500 tons due Aug. 4th at 2.63 and a similar quantity due
Aug. 6th at that price. Reports from British India said that
imports from Java were being approved, including sugar,
and that the Java Government agreed to limit imports of
sugar to 35,000 tons for the current year.
This, if it applies
to the calendar year of 1940 and if true, would mean a drop
in shipments from over 400,000 tons in 1939. Today prices
closed 2 to 4 points net higher for the domestic contract,
with sales totaling 140 lots. The world sugar contract closed
domestic contract, with sales
,
The Commercial & Financial Chronicle
720
34 point lower to 34 point higher, with sales totaling 58 lots.
3 points higher on a good
trading up to early afternoon. Cuban buying was
Domestic sugar futures were 2 to
volume of
.
again in evidence.
The absorption of most unsold nearby
Philippines yesterday was regarded as having caused a
slightly improved sentiment.
An additional sale of raws
yesterday was reported, 3,000 tons due Aug. 16th, at 2.63 to
American Sugar Refining Company.
Today's offers include
3,500 tons of Philippines due Sept. 11th; 2,000 tons now load¬
ing and several cargoes of August shipment Puerto Ricos and
Cubas, all at 2.70. Meanwhile there exists a conviction that
refiners in this section of the country may soon feel impelled
to meet the price euts being made in the South.
World
sugar futures after an easier opening, turned better.
Prices closed
as
--1-74 March
1.84
1.79 May
1.80 July
1.89
1.92
Lard—On the 29th ult. futures closed 2 to 5 points net
The market ruled dull and narrow most of the day.
lower.
Very heavy lard exports were reported from New York today.
Shipments totaled 480,000 pounds, the only destination given
was Europe.
Hog receipts for the Western run were heavier
than the same day last year and totaled 72,300 head against
68,200 head for the same day last year.
Chicago hog prices
finished mostly 15c. to 25c. lower.
On the 30th ult. futures
closed 2 to 5 points net higher.
The opening range was un¬
changed to 2 points higher.
The market was relatively
quiet, with fluctuations very narrow.
Lard exports were
moderately heavy from the Port of New York, with clear¬
ances totaling 180,000 pounds.
Chicago hog prices declined
sharply again today and closed 15c. to 25c. lower.
Sales
ranged from $5.25 to $6.40 in the Chicago market.
Western
hog receipts were 64,500 head, against 57,000 head for the
same day a year ago.
On the 31st ult. futures closed 5 to 7
points net lower. The market ruled heavy during most of the
session, with no special feature attached to the trading.
The opening levels were 5 points higher.
Hog jmices at
Chicago today closed 10c. to 20c. higher, due to the lighter
receipts than expected.
Scattered sales were reportedt
during the day at prices ranging from $5.40 to $6.50. Western"
hog marketings totaled 93,400 head, against 48,700 head for
the
day last year..
same
unchanged to 2 points higher.
dull, with fluctuations extremely
narrow.
After the close of the market the Chicago lard
stocks report was issued and it showed that supplies there
increased 342,122 pounds from July 15 to July 31.
The
trade was expecting an increase of about 500,000 pounds.
Hog marketings at Chicago were considerably below the
same day last year, and totaled 45,400 head
against 54,200
head last year.
Prices on hogs at Chicago were 10 to 20c.
higher, with sales ranging from $5.50 to $6.65.
Today
futures closed 10 to 13 points net lower.
The lard market
was weak today in sympathy with the lower
grain and hog
market
today
was
markets.
DAILY
CLOSING PRICES
OF
LARD
FUTURES
IN
CHICAGO
Sat.
Mon.
July
September
5,47
5.57
5.42
5.52
5.52
5.45
5.57
5.52
5.52
5.42
October.
5.65
5.62
5.65
5.62
5.62
5.52
December
5.82
5.77
5.82
5.77
5.80
5.67
January, 1941
5.92
5.87
5.90
5.87
5.87
5.77
Tues.
Wed.
Thurs.
Fri.
Pork—(Export), mess, $20.75 (8-10 pieces to barrel);
family (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., 12c.;
6 to 8 lbs., 11
%c.; 8 to 10 lbs., 1034c.
Skinned, loose,
c.a.f.—14 to 16 lbs., 16Mc.; 18 to 20 lbs.,
15^c. Bellies:
Clear, f.o.b. New York: 6 to 8 lbs., 11c.; 8 to 10 lbs., 11c.;
12 to 14 lbs., 11c. Bellies: Clear, Dry Salted, Boxed, N. Y.—
8Uc.; 18 to 20 lbs., 7^c.; 20 to 25 lbs., 7Kc.;
77/sG. Butter: Firsts to Higher than Extra and
Premium Marks: 2634c. to 2734c.
Cheese: State, Held '39,
2C34c. to 22c.
Eggs: Mixed Colors: Checks to Special
Packs: 13c. to 1934c.
16 to 18 lbs.,
25 to 30 lbs.,
Oils—Linseed oil in tank cars is quoted 8.5c. to 8.7c.
Quotations: Chinawood: Tanks, spot—2434 bid, nominal;
shipment 2434 bid nominal; drums—2534 to 2634, nominal.
Coconut: Crude, tanks—.02% bid; Pacific
Coast—.0234 bid.
Corn: Crude: West, tanks, nearby—.0534 to .0534 nominal.
Olive:
Denatured:
Drums,
spot—$1.41)
to
$1.50
nominal.
Soy Bean: Tanks, West—.0434 tp .0.5; October-March—
.0434 to .0434; New York, l.c.l., raw— .065 bid.
Edible
Coconut: 76 degrees .0834 bid.
Lard: Ex. winter prime:
734 offer. Cod: Crude: Not quoted.
Turpentine: 3234 to
3434-
Rosins: $1.80 to $3.00.
Cottonseed
contracts.
Oil
Crude,
sales, yesterday, including switches, 76
S. E., val. 5c-nom.
Prices closed as
follows:
August
September
5.80
5.87©
5.88@
5.90 @
October—......
November
n
December
5.90 January, 1941
5.89 February
n
5.92©
5.93©
5.95©
March
6.02@
Rubber—On the 29th ult. futures closed 2 to
net
higher.
Transactions
totaled
112
lots.
15
The
5.94
5.95
n
6.04
points
market
opened with Oct. 5 points lower and other months 1 to 18
points higher, in the No. 1 standard contract.
The new
standard
contract
creased
was
inactive.
Certificated
stocks
in¬
by 240 tons to 750 tons.
1,470 tons were tendered
for delivery against the July contract.
This was the last day
upon which such notices could be issued and the total for the
1940
closing: Sept., 19.51; Dec., 18.78; Mar., 18.55. On the 30th
ult. futures closed unchanged to 19 points net higher for No. 1
standard, with sales totaling 94 lots.
The new standard
contract closed 2 to 7 points net higher, with sales of 16
lots.
The opening range was 4 points higher to 5 points
lower in the No. 1 standard contract.
The market strength¬
ened after the opening.
The new standard contract traded
60 tons.
50 tons were tendered for delivery against the
Aug. No. 1 standard contract.
This
which such notices could be issued.
pore
was the first day upon
The London and Singa¬
rubber markets closed quiet, prices unchanged to yd.
Certificated stocks in New York increased by 70
higher.
Local closing: Aug., 19.83; Sept., 19.51;
Dec., 18.97; Mar., 18.73.
On the 31st ult. futures closed
21 to 4 points net lower for the No. 1 standard contract, with
sales totaling 336 lots.
There were sales of 10 lots in the
New Standard Dec.
contract which was 3 points off from
previous close. The market opened 8 points lower to 6 points
higher in the No. 1 Standard contract.
Prices were steady
during the morning.
Transactions totaled 2,260 tons, of
which 1,940 tons were executed in switching operations. The
New Standard contract traded 100 tons, involving the Dec.
delivery at 18.80, up 10.
Certificated stocks increased by
120 tons to 940 tons.
The London and Singapore rubber
markets closed firm and quiet respectively, prices l-32d. to
yd. higher.
Local closing: No. 1 Standard: Aug., 19.62;
Sept., 19.37; Dec., 18.90; Mar., 18.69.
On the 1st inst. futures closed 4 to 9 points net lower.
opening
range was 7 to
contract.
The market
the
morning.
1,030 tons.
The
4 points lower for the No. 1 standard
was
inactive in both contracts during
Certificated stocks increased by 90 tons to
were tendered for delivery against the
Ten tons
August No. 1 standard contract.
The London rubber mar¬
steady, prices unchanged to yd. higher.
Local
closing: No.
1
Standard Contract: Aug.,
19.58;
Sept.,
19.33; Oct., 19.08; Dec., 18.81; Jan., 18.73.
Today futures
closed 7 to 24 points net higher, with sales totaling 26 lots
ket closed
for the No. 1 standard.
The new standard contract closed
20 points net higher, with sales of 26 lots.
Crude rubber
futures opened 38 points lower to 5 points higher in the No. 1
standard contract.
On the 1st inst. futures closed
The
3,
tons to 820 tons.
follows:
September
November
January, 1941
Aug.
month is 2,330 tons.
The London and Singapore rubber
markets closed quiet, prices unchanged to 3-16d higher. Local
Prices strengthened
ing.
totaled
Transactions
contract traded 210
tons.
following the open¬
70 tons.
The new standard
Certificated stocks increased by
60 tons to 1,090 tons.
Forty tons were tendered for delivery
against the August No. 1 standard contract.
The London
market closed quiet, prices 1-16 to 3-16d. higher,
while the Singapore market closed 1-32 to l-16d. higher.
Local closing: No. 1 standard: Aug., 19.65; Sept., 19.50;
Dec., 19.05.
New standard contract: Dec., 18.90; March,
rubber
18.70.
Hides—On the 29th ult. futures closed 6 to 16 points net
higher.
The opening range was 3 to 17 points net lower.
Subsequently prices worked steadily higher.
No important
developments were reported in the domestic spot hide market
during the day.
Prices for spot hides remained unchanged.
Transactions in hide futures today totaled 2,960,000 pounds.
Certificated stocks decreased by 1,784 hides to a total of
717,751 hides.
Local closing: Sept.,
8.81; Dec., 9.01;
Mar., 9.23; June, 9.45.
On the 30th ult. futures closed
22 to 19 points net higher.
Transactions totaled 92 lots.
The opening range was 17 points higher to 5
points lower.
Transactions up to early afternoon totaled 3,200,000 pounds.
Certificated stocks decreased by 11,350 hides to 706,221
hides.
Local closing: Sept., 9.03; Dec., 9.20; Mar., 9.42.
On the 31st ult. futures closed 2 to 5
points net lower.
Transactions totaled 4,760,000 pounds.
The opening range
was 10 points
up to 13 points lower, and during the greater
part of the day fluctuations were within a very narrow
range.
Trading in the domestic spot hide market was
reported somewhat more active and sales were reported of
30,000 hides at 1034c. for light native cows and 934c. for
branded cows.
The price for native steers was nominal
with buyers bidding 10c. and sellers
asking 10yc. a pound.
Local cIosing: Sept., 8.98; Dec., 9.18; Mar., 9.38; June, 9.58.
On the 1st inst. futures closed 2 points higher to 3
points
lower.
Trading was sluggish; transactions totaled only
2,320,000 pounds.
Certificated stocks decreased bv 1,227
hides to 704,994 hides.
Sentiment in trade circles was re¬
ported still rather bearish. The only sales heard of today in¬
cluded 20,000 native steers at 1034c. a pound, a decline of
34c. from the last previous business reported in these hides.
In the Argentine it was reported that 22,000
frigorifico steer
hides had been sold to England, but details were lacking.
Local closing: Sept.", 9.00; Dec., 9.15; Mar., 9.38; June, 9.58.
Today futures closed 7 to 10 points net lower. Transactions
totaled 110 lots.
Raw hide futures opened 1 point higher to
13 points lower.
Prices were steady during the morning.
Transactions totaled 1,160,000 pounds up to early afternoon.
Local closing: Sept., 8.90; Dec., 9.08; Mar., 9.28.
Ocean
Freights—Conditions have been more or less
quiet in the freight market the past week.
Charters in¬
cluded:
Grain:
Plate to North Atlantic, $5.50 per ton
(heavy grain), basis Buenos Aires. Plate to St. Lawrence,
$6 per ton (corn). South Africa to St. Lawrence, $11.75 per
ton (corn).
Time Charter: West Indies or Canadian trade,
$3 per ton.
North of Hatteras—South American trade, $3
per ton.
North of Hatteras—South African trade, $3.50
per ton.
Round trip Pacific trade $4 per ton. Three months,.
I
Volume
The Commercial
151
& Financial Chronicle
delivery and redelivery Far East, August, $3.85 per ton.
Another vessel, delivery Far East, redelivery North of
Hatteras, August, $4.50 per ton. Another vessel, reported
"gone," delivery India, August, no other details given. A
vessel, two to three months West Indies trade August, $3
per ton.
Scrap Iron: Atlantic range to Japan, $14 per ton.
Gulf to Japan, $14.25 per ton.
Pacific Coast to Japan,
$13.50 per ton.
West Indies to Japan, $14.50, nominal, per
ton.
7w.vv ■V'v1.'. -v-V"vyi
.y
Coal—Production of Pennsylvania
anthracite for the week
ended July 20 is estimated at 1,101,000 net tons, a slight
decrease of 4.8 per cent from tne week before, when produc¬
tion was 1,156,000 tons.
For the year to date, anthracite
production totals 27,944,000 tons, a decrease of 3.6 per cent
from the 28,984,000 tons produced in the same
period last
year.
Because hearings have been set for Aug. 15 in Wash¬
ington, coal trade quarters at New York are said to be
doubtful that the minimum prices under the Coal Act will
become effective Sept. 3 as planned.
The point is made
that a much longer time than two weeks will be needed to
take testimony from the many sides affected by the new price
set-up.
Bituminous prices, meanwhile, appear to have
undergone no great change in what remains of an open
market.
,'i.
Wool
Tops—On the 29th ult. futures closed 10 to 13 points
net lower.
There was light to moderate commission house
liquidation and local selling, which offerings were taken care
of partially by scale down buying orders.
Sales were small,
with the total for the day estimated at 35 contracts or 175,000
pounds.
Spot tops declined 10 points or lc. to 99c. a pound.
Local closing:
Oct., 91.6; Dec., 89.6; March, 88.5; May,
87.2.
On the 30th ult. futures closed 6 to 7 points net higher.
Wool top futures opened slightly firmer this morning and
extended their gains slightly further in subsequent trading
on
fairly general buying in the face of relatively light offer¬
ings.
Around noon prices, declined slightly from the early
morning lows on spot house profit taking.
Total transac¬
tions to midday were estimated in the trade at approxi¬
mately 250,000 pounds of tops, the same as in all of
yesterday's sessions.
Prices opened 2 to 4 points above
yesterday's closing levels and at the highs of the morning
recorded advances of 10 to 14 points above the last quotations
of the previous day.
Local closing: Oct., 92.2; Dec., 90.3;
March, 89.1.
On the 31st ult. futures closed 19 to 23 points
net lower.
There seemed to be constant pressure against
the
market today, coming largely from spot interests.
Commission houses and other spot interests were buyers on
the decline. Sales were estimated at about 125 lots or 625,000
pounds.
Spot tops declined 15 points or Ih£c. a pound to
983^e.
Local closing: Oct., 90.3; Dec., 88.1; March, 86.8;
May, 85.5.
On the 1st inst. futures closed unchanged to 4 points net
higher.
Sales were estimated at about 45 lots, or 225,000
pounds. Selling by spot houses featured the early dealings,
but later dried up, and with offerings light, a moderate rally
in prices on short covering and scattered trade buying de¬
veloped. Spot tops were 34c. lower at 98c. a pound. Local
closing: Oct., 90.7; Dec., 88.5; Mar., 86.9; May, 85.5. To¬
day futures closed 3 to 6 points net higher.
The wool top
futures market sold at firmer prices today in exceptionally
slow trading.
Total sales on the New York Exchange to
midday were estimated in the trade at only about 50,000
pounds of tops.
The lack of interest in the futures market
was
attributed chiefly to the dull business conditions in
domestic raw wool centers.
Local closing:
Oct., 91.0;
Dec., 89.0; Mar., 87.5.
•
Silk—On the 29th ult.
futures closed
34c. to 134c. net
lower for the No. 1 contract, with sales totaling 22 lots.
The
market opened 34 to 3c. lower.
Prices firmed following the
opening. Transactions were 200 bales in the No. 1 contract
up to early afternoon.
The No. 2 contract was inactive. The
price of Crack XX in the New York spot market declined lc.
to $2.53.
200 bales were tendered for delivery against the
Aug. No. 1 contract. This was the first day upon which such
notices could be issued.
The Yokohama Bourse as
compared
with Friday, closed 5 to 9 yen lower.
The price of Grade D
in the spot market remained unchanged at 1,350 yen a bale.
Local closing: No. 1 contracts: Aug., 2.47; Nov., 2.4334;
Feb., 2.39. On the 30th ult. futures closed 234 to 334c. net
higher. Sales totaled only 4 lots, all in the No. 1 contract.
The opening range was 134c. higher to unchanged.
The No.
2 contract was inactive.
The price of Crack XX in the New
York spot market remained unchanged at $2.53.
The
Yokohama Bourse closed 8 to 12 yen higher.
The price of
Grade D in the spot market remained unchanged at 1,350
yen a hale.
Local closing: No. 1 contract: Nov., 2.46; Mar.,
2.4134On the 31st ult. futures closed with only 7 lots
traded in the Aug. delivery of the No. 1 contract, which
ended unchanged with previous close.
Raw silk futures
opened unchanged to 34c. lower in the No. 1 contract. No
sales recorded in the No. 1 and No. 2 contracts during the
morning.
The price of Crack XX in the New York spot
market remained unchanged at $2.53.
The Yokohama
Bourse closed 6 to 8 yen higher.
The price of Grade D in
the spot market remained unchanged at 1,350 yen a bale.
Local closing: Aug., 2.48.
On the 1st inst. futures closed 234 to 434c. net higher.
Transactions totaled 25 lots, all in the No. 1 contract. The
opening
Prices
134 to 234c. higher for the No. 1 contract.
firm during the morning.
Transactions totaled
range was
were
721
120 bales in the No. 1 contract I
The
the New York spot market remained
price of crack XX in
unchanged at $2.53.
higher. The price
unchanged at 1,350
yen a bale.
Local closing: No. 1 contracts: Aug., 2.5034;
Sept., 2.5034; Oct., 2.48^; Nov., 2.48; Jan., 2.46; Mar.,
2.4434- Today futures closed with the sale of only 1 con¬
tract, which was in the Sept. delivery which closed at a net
loss of 134 points.
Raw silk futures opened 134 to 234®•
The Yokohama Bourse closed 4 to 8
yen
of grade D in the
spot market remained
lower in the No. 1 contract.
The market was inactive in
both the No. 1 and No. 2 contracts during the
morning.
The price of Crack XX in the New York
spot market ad¬
vanced 34 to $2.5334The Yokohama Bourse closed 1 to
4 yen
higher. The price of grade D in the spot market re¬
unchanged at 1,350 yen a bale.
Local closing:
contract:, Sept., 2.49.
mained
No. 1
COTTON
.
Friday Nighty Aug. 2, 1940
The Movement of the Crop, as indicated
by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 64,962
bales, against 21,723 bales last week and 19,881 bales the
previous week, making the total receipts since Aug. 1, 1940,
9,126 bales, against 35,292 bales for the same period of
1939, showing a decrease since Aug. 1, 1940, of 26,166 bales.
Sat.
Receipts at—
Galveston
Wed.
Tues.
453
Christi--
Thurs.
"355
4,057
1,336
7,614
15,941
5,693
30,320
27",449
77
4
3
4,451
992
Mobile-..,-
Total
2,171
4,992
1,601
2,087
24
New Orleans
Fri.
787
975
580
1,981
.
420
1,252
3,738
1,425
Houston
Corpus
Mon.
1,003
1,726
Savannah
243
106
4,454
"574
Wilmington
"88
Norfolk
Totals this week.
"119
9,126
53
4,966
3,029
11,434
32,557
3,850
574
260
64,962
The
following table shows the week's total receipts, the
total since Aug. 1, 1940, and the stocks tonight, compared
with last year:
1940
Receipts to
Aug. 2
This
Week
Galveston
1939
SinceAug
1, 1940
7,614
2,171
15^941
T, 992
5,693
30~320
This
Stock
SinceAug
1, 1939
Week
1940
1939
651.950
477,163
575V771
43.277
96,772
548,193
69,085
53,311
53*2",863
1,601
8,384
1,311
9,318
32,743
2,847
1,311
7,626
14,113
"243
16",752
"7",006
106
2,277
753
4,454
37
113,967
1
21,613
4,127
6,663
32,925
3,000
2,365
Brownsville
Houston
Corpus Christi--Beaumont
New Orleans
Mobile
_
_
_
Pensacola & G'p't
Jacksonville
119,916
31,778
345,617
48,971
54,089
1,336
140,314
28,093
5,439
9;785
26,093
1,360
Savannah
Charles ton
Lake Charles
13
3
861
574
Norfolk-
260
119
449
900
825
857
Wilmington
352
New York
Boston
Baltimore
Totals...
64.962
9,126
73,404
100
979
625
35,292 2,214.379 1,823,161
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1940
Receipts at—
1939
-
Savannah
8,384
9,318
16,702
2,277
4,454
New Orleans
Mobile--
37
1
861
Charleston—
Wilmington
1938
7,614
15,941
30,320
106
Galveston
Houston—__
"574
__
1937
1.325
6,337
5,207
763
474
238
678
1
1,857
5,087
9,930
2,508
2,608
5,253
443
252
330
3
1935
1936
1,039
6,237
2,926
2,417
7
f
816
518
626
359
50
260
900
370
396
358
""227
5,693
34,924
34,662
54,191
26,917
37,789
Total this wk.
64,962
73,404
49,379
68,215
.38,915
56,583
SinceAug. 1_.
9,126
35,292
27,548
41,729
38.915
67,544
Norfolk
All others.
The
exports for the week ending this evening reach a
which 15,270 were to Great Britain,
total of 25,881 bales, of
9,996 to Japan, 300 to China, and 315 to other destinations.
In the corresponding week last year total exports were
28,149 bales.
For the season to date aggregate exports
have been 23,101 bales, against 16,117 bales in the same
period of the previous season.
Below are the exports for
the week:
Exported to—
Week Ended
Aug. 2, 1940
Great
Exports from—
Ger¬
Britain
France
many
Italy
13,608
Houston
China
Other
110
268
190
2,303
14,923
1,361
"l5
7,217
25,881
1,361
"77
Mobile
77
7",202
Angeles
9,996
15,270
Total-.
Total
32
857
—
New Orleans--
Los
Japan
576
1,585
Galveston
Total
1939—
2,799
3,811
5.10S
Total
1938
6,502
3,394
5,387
From
3,776
8,260
300
315
4,057
15,076
380
8,221
28,149
7,498
46.117
Exported to—
Aug. 1,1940 to
Aug. 2, 1940
Exportsfrom—
Britain
Ger¬
Great
New Orleans
France
many
Italy
China
Other
14,923
7,217
961
7,202
13,608
Total
1939—
1,799
Total
1938—
6,149
9,020
—-
1,390
3.394
Total
190
"l5
268
961
-
Los Angeles—
Total
Japan
857
13,608
Houston
3,117
3,375
2,846
6,810
268
205
23,101
2,759
80
4,126
4,999
29,142
5,415
16,117
The Commercial & Financial Chronicle
722
In addition to above exports, our
give
telegrams tonight also
shipboard, not
the following amounts of cotton on
us
the 1st. inst
On
After
lower.
Aug. 3, 1940
prices closed unchanged to 2 points net
displaying
trend
steady
a
throughout
the
greater part of the day, cotton prices developed a mixed
tone later in the day in a small volume of transactions.
On
Shipboard Not Cleared for—
Leaving
Aug. 2 at—•
Ger¬
Britain France
Coast¬
Foreign
wise
"804
1,456
650,750
573,261
.543,518
113,967
Savannah
21.613
59,085
32-925
210,825
Charleston
Mobile
Norfolk
Other
ports—
Total
1939-1938--
♦
804
157
4",200
2,749
2,956
7,750
5,787
1940--
Total
Total
4,088
4,625
2,3)2
5,267
11,463
12,231
Shortly before the end of the trading period active options
2 points
were
levels.
1.200
2,510
4,675
250
3,375
1,300
Orleans..
Slock
Total
1,000
200
Galveston
Houston
New
Other
many
Great
8,385 2,205.994
25,872 1,797,289
30,122 2,274,364
mand
past
was
week was only
the
in
and
narrow
been
On
ult.
Price movement
There
was
little
Southern spot markets have
- ■
-
prices closed 3 to 5 points net lower.
Fluctuations held within
futures market
the
incentive for extensive operations
an
generally quiet.
the 27th
delivery during
generally lower.
either side of the market.
on
future
moderately active.
trend
offering
news
for
cotton
today in
a
a
5-point
range
in the local cotton
rather dull and featureless session.
opening
below yesterday's closing
steady, with initial
were
Worth
the
in
Street
textile
goods
market.
Trade
interests and local professionals were on the buying side of
the
market, while most of the contracts were supplied by
A prominent authority estimated the probable
cotton crop in the United States at 11,100,000 bales.
This
hedge sales.
with
compares
in
the
on
prices registering no change to a gain of 2 points over last
quotations of the preceding day.
Price-fixing, especially
in the October positions, was the chief feature of trading
and was brought about mainly by the continued good de¬
Estimated.
Speculation
above to 2 points
Futures
The
average
year's production of 11,800,000 bales.
during the preceding 10 years was 13,-
last
crop
500,000 bales.
Today
1
prices closed
for cotton
futures
point
up to 1 point off.
Prices
slightly irregular throughout the
moved
greater part of today's session
in light trading.
A short
before the close of business active positions showed a
decline of 3 points to an advance of 1 point over the clos¬
time
ing
levels
changed
of
to
the
1
previous
point lower
day.
on
a
Initial
small
prices
were
turnover.
un¬
Demand
principally from trade and New Orleans sources, with
buying orders around the previous closing levels.
Hedges
came
Again ignoring the better weather, traders marked time and
and
transactions
ing eased later in the morning and prices moved up slightly,
helped by scattered trade buying orders.
The impending
few
a
tures
were
largely routine.
The weather
map
showed
scattering showers at Eastern belt points and tempera¬
over the
South continued high.
This situation was
expected to aid the
and permit cultivation, although
there have been complaints that too high temperatures were
causing shedding or deterioration.
October cotton was
crop
relatively steadier than the rest of the list in the early trading,
at one time selling a point above the previous closing.
Other
months at their
highest showed losses of
a
point
or
two,
as a
small amount of
hedge selling through spot houses supplied
Spot sales for the week at
the 10 designated spot markets were limited to 14,938 bales
contracts in the
as
distant months.
compared with 24,321 in the preceding week and 40,547
in the similar week last year.
1 to 3 points net lower.
5-point
On the 29th ult. prices closed
The local cotton market held within
today, due to lack of important trade demand
hedges against the movement of cotton in south
Texas.
Liverpool and Bombay prices were slightly lower.
Liverpool cables stated that loans and subsidies are now such
a
and
a
range
few
Southern
bureau
selling supplied the bulk of contracts.
Sell¬
European uncertainties and the disposition
developments at Washington in connection with
the loan continue to be restraining influences in the
mar¬
to
report,
await
ket.
Weather
favorable
for
The official
New
conditions
crop
over
the
belt
considered
were
development.
quotation
for middling upland
York market each day for the
July 27 to Aug. 2—
"last
cotton in
week
Sat.
Mon.
Middling upland Vh (nominal)__10.19
Middling upland 15-16 (nom'l)_ 10.39
10.16
10.20
10.19
10.36
10.40
10.39
Tues.
the
has been:
Wed.
Thurs.
Fri.
10.17
10.37
10.18
10.38
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for
grade and
staple in relation to the base grade. Premiums and discounts
for grades and staples are the
average quotations of 10
markets designated by the
Secretary of Agriculture.
New
Contract—Basis Middling 15-16 inch, established for
deliveries on contract on August 7, and
staple premiums
J^-inch and 29-32average premiums over 15-16-inch
the 10 markets on
July 31.
and discounts represent full discount for
inch staple and 75% of the
cotton at
large part of the American marketing that size of the new
crop is less important than the size of home stocks, and
amount of freight space available for future
shipments. The
a
weather in the South
described in most quarters as ideal.
There were only a few scattered showers.
The forecast
indicated thunder showers in the Central
Belt, and the extent
of these rains may determine their value.
In trade
was
quarters
11,400,000 bales.
forecasts range from 11,000,000 to
present lull is attributed to uncertainty regarding the
Government cotton loan level, the war's effects on the ex¬
ports of American cotton, the extent of the Pan-American
Conference results, especially its endeavors to form a
cartel
to control surplus primary
commodities, and uncertainty
attending the elections this fall.
Spot sales at reporting
markets for the day were 2,186 bales
against 8,948 bales on
the corresponding day of last year.
On the 30th ult. prices closed 4 to 5
points net higher.
crop
The
Prices for cotton futures
displayed a steady tone today in a
volume of transactions.
Shortly before the end of
trading active deliveries were 1 to 4 points over yesterday's
closing levels.
Better than expected Liverpool cables
helped
steady local futures prices on the opening, with initial
quota¬
tions 1 to 2 points higher.
Trading was extremely light and
there were no sales in the
January, March or July deliveries
on the call.
Dealings consisted mainly of price fixing in
October and December
through trade and spot houses, while
contracts were supplied
by the South.
With spot business
in the South extremely limited and the
cotton goods markets
small
in the seventh consecutive week
during which sales fell
far below
production, traders felt that
now
only
cotton loan
announcement or further
developments abroad would pro¬
vide a much needed incentive to
trading.
On the 31st ult.
prices closed 1 to 3 points net lower.
After
a
displaying an
irregular tone throughout the greater part of the day, the
cotton market again turned steadier
during the late dealings
in
a moderate volume of sales.
A short time before the close
of business active months
registered gains of 1 to 3 points over
the closing levels of the
preceding day.
Initial prices were
2 to 4 points above
yesterday's last quotations, with the
market experiencing a better demand from
trade and Wall
Street
low
interests, attributed in some quarters to a relatively
private crop estimate.
Offerings came from Memphis
interests in the October
option and spot houses in the July
position, while locals sold in the other contracts.
October
contracts were in fair demand.
Foreign cables were mixed
in sentiment and were
mostly ignored locally.
Uncertainties
over the new loan rate and the
developments abroad caused a
reluctance on the part of traders to
make any extended
commitments.
Spot markets
were
dull.
%
29-32
15-16
31-32
Inch
Inch
Inch
Inch
1 Inch
.
and
Uv
White—
Middling Fair
.36
on
.45
on
.54
on
.60
.66
on
Strict Good Middling
Good Middling
.31
on
.39
on
.49
on
.55 on
61
on
.25
on
.33
on
.43
on
.49 on
.55
Strict
.12
on
.20
on
.30
on
.37
on
.44
on
on
.14
on
Middling
Middling
on
.19 off
.10 off
Basis
.06
.70 off
.63 off
.55 off
.50 off
.43 off
1.26 off
Strict Low Middling.
Low Middling
Extra
on
1.19 off
1.07 off
1.03 off
1.11
o If
.43
on
.20 on
.30
on
.10 off
Even
White—
Good Middling.
Strict Middling
.25
on
.12
on
Middling
.19 off
Strict Low Middling
Low Middling
.33
on
.49
on
.55
on
.37
on
.44
on
.06
on
.14
on
.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
Spotted—
Good Middling
.12 off
.03 off
.05
on
.18
on
Strict Middling
.26 off
.17 off
.08 off
.02 off
.04
on
aMlddllng
.80 off
.73 off
.64 off
.59 off
.53 off
.11
on
Middling spotted shall be tenderable only when and if the
Secretary of Agri¬
culture establishes a type for sue
grade.
a
Futures—The highest, lowest and
closing prices at New
as follows:
York for the past week have been
Saturday
July 27
Monday
July 29
Tuesday
July 30
Wednesday
July 31
Thursday
Friday
Aug. 1
Aug. 2
Augjl940)
Range-.
Closing
Sept.—
.
9.54 n
9.5171
9.55?i
9.54/1
9.5471
9.55t»
Range..
Closing.
9.39 n
9.36n
9.4071
9.3971
9.3971
9.40/1
Range..
9.39- 9.44
9.35- 9.40
9.38- 9.42
9.38- 9.44
9.37- 9.42
9.37-
Closing
9.39
9.36
9.40- 9.41
9.39
9.39H
9.40
9.3471
9.3371
9.3271
9.32/1
9.25- 9.31
9.24- 9.30
9.229.25
Oct.—
.
9.40
Nov.—
Range..
Closing
.
9.32n
9.2971
Dec.—
Range..
9.26-
Closing.
9.26
9.29
9.22-
9.28
9.24-
9.28
9.23
9.28
9.27
9.25
9.1371
—
9.17ti
9.1671
9.1471
—
9.27
Jan. (1941)
Range..
9.15-
Closing.
9.16n
9.15
9.15- 9.15
9.14/t
Feb.—
Range..
Closing
.
9.09n
9.0771
9.03- 9.07
8.99-
9.03
9.02
9.1171
9.1071
9.09/1
9.08/t
9.05- 9.09
9.02- 9.07
9.02- 9.03
9.05
9.0471
9.03
8.93/1
Mar.—
Range..
Closing.
April—
—
9.04
—
9.04-
9.07
9.0671
—
Range..
Closing.
May—
8.9471
8.9271
8.9671
8.9571
8.94«
Range..
8.86- 8.88
8.84- 8.88
8.84- 8.87
8.86- 8.90
S.84- 8.89
8.82-
Closing.
8.8671
8.83/1
8.87n
8.8671
8.84
8.84
-
8.85
June—
Range..
Closing
July—
8.7671
8.73n
8.7871*
8.76?i
8.747i
8.74/1
Range..
8.67- 8.68
8.64- 8.65
8.65-
8.66- 8.71
8.63- 8.66
8.61- 8.65
Closing
8.67
8.64
8.69
8.66
8.64
8.64
»
.
Nominal.
—
—
8.69
—
—
Volume
The Commercial & Financial Chronicle
151
Range for future prices at New York for the week ended
Aug, 2, 1940, and since trading began on each option:
New York
1940...
1939
Option for—
Range for Week
Range Since Beginning of Option
10.18c.
...
.
September
8.98 June
.
"9^35
October
Aug. 31 1939
July
14 1940
12 1940
9.00 June 14 1940
9.85 June
July
31
8.25 Nov.
1 1939 10.29 Apr.
8.33 June
6 1940 10.18
Apr.
17 1940
8.26 June
6 1940 10.14 Apr.
29
9.31
July
31
January
February...
9.15 July
27
9.15
July
27
March.....
8.99
July
29
9.09
July
31
Aug2
"§"90
July
31
"8*00 "May" Y8~ 1940
1915..—
1914
1921
13 .15c.
1920
,—39 .50c.
1919 ; —32 .80c.
...
12.00c.
1913
1912 .—.12.90c.
1911
.12.75c.
1910
15.45c.
_
_.
.
...
1918.
1917
...
..
.31 .10c.
.26 .50c.
—
.
—
13.90c.
9.35c.
—
1909....-12.60c.
Market and Sales at New York
"8*10 May" ~18~ 1940 16708 Apr."~17~ 1940
8~82
1916
—
.
17 1940
9.22 July
31 .15c.
.23 .90c.
—21 .45c.
.
..
...
17 1940
November..
December
...
—
11.95c.
13.15c.
.10.15c.
...
"29 9?44
1924.
1923
1922
..
11.35c.
12.65c.
...
8.08
Quotations for 32 Years
1932...
5.95c.
1931
8.15c.
1930
..13.10c.
1929
19.00c.
1928
19.95c.
1927
..17.45c.
1926
..18.70c.
1925... -24.40c.
9.69c.
8.61c.
.
1938...
1937
1936...
1935
1934...
1933
...
1940—
August
723
1941—
Spot Market
Futures
Market
Closed
Closed
April......
May
......
9j04 June 20 1940
June
July
Aug."
8J}1
8?71~~July
2
8*60 July"
31
23 1940
8 775
*Jul y~ 26* 1941
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday.
Nominal..:
Nominal.
Nominal..
New
(York
Contracts
Aug. 1
July 26 July 27 July 29 July 30 July 31
Aug. 1
'
•
—
:
....
2
I
i
<
1
I
1
13,200
6,700
6,900
15,600
13,100
6,900
2,900
7,719
8,300
13,400
368,000
333,700
16,500
12,100
December...
100
January
March.........
2",900
2,400
200
800
May
1,100
800
July
600
l",200
2,800
121,000
1,400
1,800
9,600
l",6o6
4,900
1,100
2,100
6,700
147,100
2,200
800
8,300
1,000
reports Friday night.
Aug. 1 in the last two
September, 1940....
:'.>X
■
■
Total all futures
25,200
w
»
WW"
12,200
22,400
29,100
200
39,300
987,900
July 24 July 25 July 26 July 27 July 29 July 30
Via St.
Louis
July 30
Aug. 1
Via Louisville
October—
7,650
December
2,050
2,050
500
1,550
2,100
900
3,100
1,700
150
300
2,200
100
100
950
300
1,200
700
1,550
750
1,350
400
800
500
March
May
July
Total all futures
12,050
300
1,100
30.850
260
25,200
100
150
300
300
5,500
7,550
500
350
2,750
2,750
214
214
1,000
6,432
4,071
2,570
3,084
2,484
...17,589
8,394
10,846
8,583
...
...
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
857
198
135
186
356
124
Inland, &c., from South
...12,709
6,258
2,512
2,512
Total to be deducted-
...12,907
6,393
3,555
2,992
2,001
7,491
5,591
...
Leaving total net overland
4,682
*
Including movement by rail to Canada.
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
supply of cotton and
give only the stock at
can
Alexandria and the spot prices at Liverpool:
_
At
Interior
the
1939
1940
Aug. 2—
Stock in Alexandria, Egypt
Middling upland, Liverpool
Egypt, good Giza, Liverpool.,
Peruvian Tanguis, g'd fair, L'pool
Broach, fine, Liverpool-O. P. Oomra, No. 1 staple, super¬
fine, Liverpool
207.000
1937
1938
287,000
4.89d.
189,000
7 82d.
13.32(1.
5.28d.
_
86,000
Estimated.
In Sight and Spinners'
Wpfik
Takinn<i
-1939•Since
Week
Aug. 1
9,126
2,001
36,000
73,404
7,491
35,292
120,000
80,000
-.177,644
..*26,141
47,127
*4,378
200,895
7,317
120,883
11,557
Came into sight during week- -151,503
Total in sight Aug. 2
42",749
Receipts at ports to Aug. 2...
Net overland to Aug. 2
64,962
4,682
Southern consumption to Aug. 2.108,000
Total marketed
Interior stocks in
-
excess
...
Aug. 1
5,591
North. spinnV takings to Aug. 2.
*
Decrease.
Movement into
15.822
sight in previous
Week—
Hales
1938—Aug. 5.
1937—Aug. 6
1936—Aug. 9.....
—
—
208,212
132,440
11.348
■„
7,565
years:
Since Aug. 1-
120,295 1938—..191,420 1937—
129,206 1936
—
—
-
—
Bales
-
—
—
—
.
—
99,435
—
157,536
.
129,206
6.20d.
Quotations for Middling Cotton at Other Markets
7.42d.
6 37d.
4.98d.
5~.84dT.
Y.40(L
8:52d.
4.09d.
4.09d.
5.36d.
6.20d.
Towns,
a
-1940Since
159,500
5,200
The Visible
visible
1,840
1,475
3,283
9,766
...
Via Virginia points
5-.950
43,800
1941—
Aug. 1
2,002
1,475
a500
...
1940—
Week
462
2,440
___a2,000
...
Via other routes, &c.
Open
New Orleans
—1939Since
•
Since
Week
Shipped—
Contracts
30,600
-
Aug. 1, as made up from telegraphic
The results for the week and since
years are as follows:
Total gross overland.
Inactive months—
-
....
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
Via Mounds, &c
Via Rock Island
1941—
-
-
-
r
Aug. 2—
October
_
-
-
Total week.
Since Aug. 1
Total
...
-1940—
1940—
Contract
...
Steady...
Steady
Steady
Steady
___
Nominal
for the week and since
Open
Steady
Steady
...
Nominal....
Nominal
_
__
SALES
Spot
4.23d.
4.09d.
5.32d.
the
movement,
that is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ana the same items for the
corresponding periods of the previous year—is set out in
Closing Quotations for Middling Cotton on—
Saturday
Week Ended
Monday
Tuesday
Wednesday
Thursday
Friday
Aug.. 2
%
115-16 ']J4
In.
9.56
Galveston..
.76
H
15-16
H
In.
In.
15-16
In.
In.
In.
In.
9.53
9.73
9.57
9.77
9 .50,
.15-16
j In.
9 .70
K
15-16
H
In.
In.
In.
9.50
9.70
il5-16
In.
50
9.70
10.10
.3010.10 10.3010.10 10.3010 .1010 3010.10 10.30
10 10.30
Mobile
detail below:
New Orleans
10.29
.3910.26 10.3610.30 10.4010 0910 .1910.08 10.18
.14 9.96 10.1110.00 10.15! 9 ,99,10 .15 9.99 10.14
10 10.20
9.99
Montgomery
10.30
Augusta
11.24
00 10.15
.4010.20 10.3510.25 10.4010 25 10 .4010.25 10.40
25 10.40
.4010.30 10.4010.30 10.4010 3010 .4010.30 10.40,10 30 10.40
.3911.21 11.3611.25 11.4011 2411 3911.24 11.39 11 25 11.40
10.30
.5010.30 10.6010.30
Savannah
...
Norfolk
Movement to Aug. 4, 1939
Movement to Aug. 2, 1940
1
Receipts
Season
Week
j
Ship¬
Stocks
ments
Towns
Aug.
Week
2
------
*803
Selma
m m —
177
861
6,535
75,239
12
'
>
*
-
-
1,107
2,663
-
-
193
4
733
23,014
116,365
7
375
Newport...
20,586
98
Bluff.
52
Pine
/
Walnut Rge
—
------
498
------
357
-
-
1
486
82
154,325
357
------
....
47,700
47,662
46,536
34,118
145,605
155
------
------
----
12
9",669
"4",128
59,879
29,788
693
240
-----*
....
147
50,986
66,770
------
24,985
6
Rock
little
9,292
20
29,237
"
Jonesboro..
935
•
------
------
—
—
-
37,516
97,348
39,288
12,089
9,914
136
36,741
Ga., Albany..
21
21
9,6907
112,286
1,294
1,292
502
2,497
313
3,075
25,765
73,905
118,361
300
29,700
100
------
200
31,900
410
26,305
35,776
391
1,101
24,576
55
;
+ +
Athens
Atlanta
27000
Augusta
1,414
Columbus..
107
200
Macon
-------
626
Rome
*
-
-
— —
-
-
2,000
1,677
—
139
------
-
—
-
—
-
La., Sbrevep't
"24
24
12
Miss., Clarksd
450
252
736
269
14
2,388
831
83
1,959
Natchez
*
-
—
-
67
328
-
-
-
25
------
-
136
------
305
------
16
320
1,778
2,002
28,665
4,603
1,859
1,081
90
270
1,744
637
5,167
1,944
154,573
87
87
1,543
71,214
1,726
714
34,587
481,761
38,626
3,130
29,123
251,964
55,570
561,383
628
8,813
290
7
1,075
1,058
2.343
28.641
617
20,853
7
531
1,508
-
-
—
-
-
—
462
'
------
Oklahoma—
15
towns ♦.
Gr'vUle
1,868
Tenn., Mem'8
Texas, Abilene
26.193
S. C.,
'
------
2,308
Brenham
----
..
2
---
Paris
-
4
Robs town..
-
21
1,595
Dallas
8
San Marcos
Texarkana
.
Waco
— — — — —
"257 |
------
162 :
162
'
Total ,66 towns
*
26,490
'
'
Austin
40,770
-
—
-
-
'
-
-
—
-
-
—
------
—
—
-
-
------
—
— —
15
52
6
3,761' 66,9111954.131
62,505
12,494
3,355
2,428
25
38,449
38,325
435
—
------
13,151
2,456
—
-
-
-
1.937
'
6
----
2
1
Includes the combined totals of 15 towns In Oklahoma
48
------
1,078
20,547
69
-
54
81
925
——
1
276
34,837
16,462
36,768' 55,188 2441,660
Frlaay
Aug. 2
'
I
9.42
9.43
9.436-9.440
9.29 n
December.
9.26n
9.32
9-306
9.30
9.296-9.30a
1941—
January
March
._
-
May..
July
9.176
9.186-9.20a 9.156-9.17a 9.206-9.22a
9.07
9.116-9.12a 9.096-9.1 lo
9.076-9.08a
9.166
8.886-8.90a 8.876-8.89a 8.926-8,94a 8.896-8.910
8.696-8.71a 8.676-8.69a 8.726-8.74a 8.696-8.710
8.89- 8.90
9.09
8.68
9.156
9.09
8.89
8.676-8.680
Tone—
31,216
59,515
17,060
15,423
15,340
39,131
2,273
----
Aug. 1
9.42n
October.
1,792
1,717
136
Thursday
July 31
9.44
nNominal.
New
Quiet
Quiet
Steady
Futures.—
-----
Wednesday
9.40
Spot
-
Tuesday
July 30
1940—
48,254
-
186
^
July 29
'
74,847
—
2,440
^
Monday
July 27
32,515
—
34
—
Saturday
889
24
30 10 5010.30 10.5010 30 10.50
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
349
70R
10.50,10
9.50 9.70 9.55
9.75 9 55 9 75 9.55
9.761 9 50 9.70
.3510.05 10.3510.05 10.3510 05 10 3510.05 10.35,10 05. 10.35
.54 9.31
9.511 9.35 9.551 9 34' 9 54 9.24 9,44 9 17' 9.37
.75
New Orleans Contract Market—The
53
16
2,586
10.05,10
9.341 9
—
for
2,456
------
'
'
N.C., Gr'boro
9.55
Little Rock
53
12,234
-
225
.
----
92
519
;
Vlcksburg..
Yazoo City.
Mo., St. Louis
381
------
•
54,030
30,063
24,910
46,524
11,723
12,193
■
62
Jackson
...
3,367
25
Columbus..
Greenwood
Memphis
Houston
20,886
132
------
31,525
842
12
12,
Hope
2,172
-------
341
98,036
390
1
Helena
4
■
48,252
'
Aug.
Dallas.
13,740
~
66
Ark., Blythev.
Forest City
Stocks
Week
Season
413
Eufaula
Montgom'y
Week
-7---
135
Ala., Birm'am
Ship¬
ments
Receipts
10.25
-
6Bld.
Steady
a
Quiet
Steady
Steady
Steady
Quiet.
Steady.
Quiet.
Steady.
'
Ask.
Members of
Board of Managers
New York Cotton Exchange—The
of the New York Cotton Exchange at
a
meeting held on Aug. 1 elected to membership in the Ex¬
change Otto Goedecke of Hallettsville, Texas.
Mr. Goedecke, who is engaged in the cotton exporting and merchandis¬
ing business, is also a member of the Houston Cotton Ex¬
change and the Houston Board of Trade.
The Board of Managers also elected to membership C.
Willis Connell of Clarksdale, Miss.
Mr. Connell, a partner
in the firm of Connell Bros., engaged in the spot cotton
business,
is also
a
member of the Memphis Cotton
Ex¬
change, the Clarksdale Cotton Exchange, and the Green¬
wood Cotton Exchange.
Cotton
Insulation Program Extension Announced—
Surplus Marketing Administration of the Department
of Agriculture announced on July 31 extension through
The
The Commercial & Financial Chronicle
724
June 30, 1941, of the cotton insulation program for the manu¬
facture of insulation material from United States cotton,
linters
and
announced
spinnable waste.
The program, which was
May 13, 1940, was extended to give manufac¬
turers additional time in which to make and sell the insula¬
tion.
It
was
further announced:
Designed to encourage the use of American cotton for insulating homes
and other buildings against heat, cold, and sound, the original
program
called for the manufacture of up to 6,700,000 pounds of insulation, of which
only 500,000 pounds was actually manufactured and sold before the final
date of the original program, June 30, 1940,
The extended program calls
for the manufacture of up to the remaining 6,200,000 pounds, and
gives
participating manufacturers until June 30, 1941 to make or sell the
insulation,
...
,
,
Aug. 3,
1940
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1940, are 4,748 bales;
in 1939 they were 46,849 bales, and in 1938 were 13,801
bales.
(2) That, although the receipts at the outports the
past week were 64,962 bales, the actual movement from
plantations was 38,821 bales, stock at interior towns having
increased 26,141 bales during the week.
from
the
Alexandria Receipts and Shipments-—The
following are
receipts and shipments for the past week and for the
corresponding week of the previous two years, as received by
the
cable:
'
,
,
Operating otherwise exactly as did the original program, the extended
provides payments of six cents per pound of insulation, including
fire-resistant impregnation,
but excluding backing material and metal
fasteners, to manufacturers whose applications are approved and who have
agreed to make, sell and deliver the product.
The program is similar in purpose to other programs conducted by the
Department of Agriculture to encourage greater domestic use of American
program
Alexandria, Egypt,
The Commodity Credit Corporation announced on April 3, 1940 that
no
requests for the release of loan cotton to any person other than the producer
will be accepted after July 31, 1940 unless the request is submitted to the
its agent within 15 days after it has been executed by the
standard form provided by the Corporation.
Loan cotton has been released previously on forms provided
by the
producer or his agent; and heretofore no time limit was set for the execution
of the release after signature by the producer.
The standard form requires certification by the producer and the
pur¬
chaser of the amount paid per pound for the equity involved as well as the
total amount paid the producer.
Corporation
producer on
or
a
as
a
Weevil have not been
quite
so
active
whole throughout the cotton belt.
Rain
Rainfall
Daus
Inches
2
0.38
y
0.29
Texas—Galveston
This week..
Since Aug
Amarillo
Abilene
Brenham..
dry
dry
dry
Brownsville
Corpus Christi
i
El
i
83
100
72
86
96
73
75
94
71
1
Hunts ville
0.10
i
96
0.09
Lampasas
Longview
95
__
y,
Paris
Weatherford
Oklahoma—Oklahoma City...
83
74
95
69
72
72
73
1940
32s Cop
Tioist
May
3_.
73
86
75
88
i
0.23
4
7.28
94
72
83
0.93
98
71
1
84
98
73
86
0.16
97
70
Alabama—Mobile.
5
0.54
9.5
72
s.
d.
1
0.03
96
12
4J4@12
0.94
98
2
0.37
1.59
98
69
14.74
12
434@12
95
71
74
83
8
Tampa
Georgia—Savannah
Atlanta
8
1.97
14.08
11 1034@12
IX
Nominal
CO
1
14.04
1
Macon
.
..
.
...
11 10>4@12
IX
9
@9
3
5.49
14.04
U10X@12
IX
Closed
@9
3
5.77
IX
7X
7.25
9
@9
3
5.76
14.22
11 1034@12
12
434 @12
934@1034
934 @10
9
14.04
7.82
9
@10
9
@9
3
5.66
28-
14.06
12
9
7.60
9
@10
9
@9
3
5.62
9
@9
3
9
@9
6
@12
July
'
14.13
5-
12
6
9
7.82
9
@10
12—
14.25
12
6
@12
9
7.98
9
@10
19„
14.19
12
6
@12
@12
9
7.83
8Vs@
14.05
12
43*@12
9
7.95
8X@
14.00
26-
12
434@12
734
7.82
8H@
2-
Shipping
News—As
shown
9
134
5.40
8 1034 @
9
IX
on
5.28
previous
a
the
page,
are as
follows:
Bales
New Orleans—
To Japan
1,585
To Japan
To China
To Manila
576
32
110
Houston—
1,361
.
Mobile—
To Great Britain.
Los Angeles—
77
To Japan
857
To Manila.
7,202
190
1.22
98
3
0.13
0.12
95
77
86
94
68
81
100
68
84
0.44
103
64
84
95
1
y
0.12
71
98
76
y
0.77
97
70
84
2.32
100
70
85
zero
zero
zero
Cotton
York
9.9
of gauge.
of gauge.
of gauge.
10.0
10.0
11,3
2.0
2.4
6.8
1.8
Stocks at Interior Towns
1939
1938
are no
longer quoted,
24,610 2411,420 2757,237 2263,791
Nil
are open
rates.
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:
Spot
Saturday
1938
Monday
Tuesday
Quiet
Quiet
Wednesday
Thursday
Friday
Quiet
Quiet
Market,
12:15
Quiet
P. M.
Mid. upl'ds
CLOSED
7 81d.
Quiet, un¬
changed to
7.87d.
7.86d.
7.82d.
7.82d.
Quiet,
Quiet,
4 to 6 pts.
1 to 3 pts.
advance
decline
St'y, 2 pts.
Quiet but
Quiet,
Quiet,
Quiet,
decline to
opened
st'y, 4 to 9
2 to 4 pts.
decline
2 to 4 pts.
2 to 3 pts.
advance
decline
2
Market,
P. M.
Nil
all quotations
New
from
cotton
Liverpool Imports, Stocks, &c.
Market
1939
as
25,881
for
and futures each
Receipts from Plantations
1940
Total
rates
World's Supply ana
Takings of Cotton.
India Cotton Movement from All Ports.
Plantations—The
1940
13,608
Freights—Current
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the
following tables:
Feet
2.9
3.9
15
in
Aug. 4, 1939
of gaugeof gauge-
To Manila.
268
85
May
10,724
8 1034@
Bales
4
16,498
5.23
telegraphic reports,
Galveston—
To Great Britain
zero
1938
3
exports of cotton from the United States the past week
have reached 25,881 bales.
The shipments in detail, as
made up from mail and
86
Above
1939
5.52
9
9H
A In**
5.61
3
8 10 34 @
9X
9%
73
Above
Receipts at Ports
IX
7—
99
End.
41,104
9X
@10
14-
Futures
10.
8X@
0.51
which finally reaches the market through the outports:
35,572
Closed
9
21„
84
following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
Southern consumption; they are
simply a statement of the
weekly movement from the plantations of that part of the
3.
5.54
6.48
To Japan
To China-i
zero
Receipts from the
1940
3
3
89
Feet
Shreveport
Vicksburg
5.33
9
@9
88
Aug. 2, 1940
Memphis
d.
5.28
IX
@9
69
Above
Above
-Above
Nashville
9
9
74
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:
Orleans
8 1034®
8 1034@
9
98
8
...
Upl'ds
d.
s.
9X
94
101
dry
Nashville
d.
s.
Cotton
Middl'g
Finest
8X@
0.46
y
Tennessee—Memphis
Chattanooga
Week
8.14
0.14
Charlotte
Raleigh
to
June
85
i
_
Twist
8%@ 9H
8X@ 9X
7.42
I
South Carolina—Charleston
were
Closed
Nominal
1
North Carolina—Ashe ville
crop
8.18
y
Augusta
New
d.
7X
17—
84
Miami
d.
834 Lbs. Shirt¬
ings, Common
32s Cop
7X
24-
83
2
70
71
...
Middl'g
Upl'ds
d.
s.
87
Birmingham
Montgomery
Florida—Jacksonville
2
Nil
17.
39,262
15,932
24.
16.918 2360,407 2725,840 2237,238
17,042 2321,071 2692,155 2216,336
Nil
42,308
16,953
Nil
Nil
14.112 2288,087 2667,674 2194.843
30,472
17,870
9,324
Nil
17,425 2255,647 2635,929 2167,585
Nil
Nil
Nil
July 27
16,177
Nil
Nil
Nil
Aug. 2
2119,305
40,690
3,658
Nil
Nil
36,239
28.
26,909
20,069 2220,186 2600,639
27,019 2190,925 2570,117
24.113 2152,669 2541,961
22,893 2100,527 2512,919
2138,496
23,331
21.
27,624
32,919
25,190
8,083
7,966
5,532
Nil
Nil
3,282
pts.
dec.
pts. adv.
pts. adv.
Quiet but
st'y, 1 to
3 pts.
pdv.
Quiet, un¬
changed to
1 pt. decl.
Nil
31.
June
7.
14.
July
5.
12.
27,653
26,363
19,555
33,685
19.
19,881
58,075
26.
21,723
73,527
64,962
73,404
Aug.
I
Common
85
.
600
1939
Cotton
Shirt¬
to Finest
14.86
10-
Lbs.
ings,
d.
87
99
101
3
Shreveport
Mississippi—Meridian
22,750
600
650
814
85
100
0.05
dry
3,100
3,700
15,300
_
84
98
2,500
17,200
22.300
_
Manchester Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for home trade is improving.
We give prices today below and leave those for previous weeks
of this and last year for comparison:
82
95
2,600
_
Egyptian bales weigh about 7.50 lbs.
Aug. 1
4,000 cantars and the foreign shipments nil bales.
89
0.71
I
.
80
67
Since
Aug. 1
This statement shows that the receipts for the week ended
84
99
This
Week
Note—A cantar is 99 lbs.
84
70
61
103
dry
dry
dry
Taylor
Arkansas—Fort Smith
► »*■ Little Rock..
Louisiana—New Orleans
72
98
dry
dry
dry
Nacogdoches
87
Since
Aug. 1
Total exports
82
75
98
1.00
Kerrville
67
98
dry
This
Week
To America
85
'
Paso
Fort Worth
Houston
Since
Aug. 1
_
_
83
0.10
3,800
1,300
Exports (bales)—
85
95
2,000
_
To Liverpool
To Manchester, &c__
To Continent & India
84
62
4,000
_.
This
Mean
75
104
Low
_
1.
Week
—-—Thermometer—-—
High
1938
Receipts (cantars)—
Returns by Telegraph—Telegraph advices to us this
evening indicate that due to dryness, cotton is poor in
northwest Texas.
It is reported as being in good condition
elsewhere.
Some cotton is deteriorating in southwestern
Oklahoma; however, good advances have been made else¬
where in this State.
1939
Aug. 1
grown cotton.
CCC Mails Standard Form for Repossessing Cotton
—Supplies of the new standard release form for cotton carried
by producers in Government loans have been mailed by the
Commodity Credit Corporation to the Reconstruction Fi¬
nance Corporation agencies serving cotton loan
notes, it was
announced July 31.
They will be made available to producers
or their agents upon request.
The announcement added:
1940
»2_
Nil
Nil
Prices of futures at
Liverpool for each day are given below:
Sat.
Mon.
Tues.
Wed.
Thur..
Fri.
to
2100,775
2081,164
17,684 2061,441 2490,599 2053,520
32.676 2034,995 2462,476 2024,282
43,924 2013,138 2444,446 1997,556
53,593 1980,272 2434,289 1978,400
49,379 1954,131 2441,606 1951,616
Nil
New Contract
July
Close Noon Close Noon Close Noon Close Noon Close Noon
Close
d.
d.
d.
d.
Nil
4,043
Nil
d.
*
7.46
7.48
7.52
*
7.14
7.16
7.20
7.21
December
*
d.
d.
d.
d.
d.
d.
7.52
October
1940
6.98
7.20
7.03
7.19
7.23
7.01
7.23
7.22
7.03
7.20
7.00
Nil
5,562
♦
6-90
6.93
6.96
6.99
6.99
6.96
7.00
6.98
6.97
40,045
3,438
17,198
January 1941
Nil
6.95
March
*
6.82
6.85
6.88
6.92
6.92
6.88
Nil
6.92
63,370
6.90
6.89
44.437
6.88
May
*
6.77
6.80
6.85
6.85
6.81
6.85
6.83
6.82
6.81
6.78
6.78
6.74
6.78
80,721
22,595
6.76
6.74
6.74
ft
6.74
*
July
38,821
Nominal.
• Closed.
6.69
Volume
The Commercial & Financial Chronicle
151
daily closing prices of wheat in new york
BREADSTUFFS
_
.
Sat.
-,r\Ar\
_
,
Friday Night, Aug. 2, 1940.
Flour—Although there
are
No. 2 red..
whole, the local mar-
September-.-.
With wheat markets ruling
ket continues
on
heavy and
much uncertainty in the air concerning Euro-
dull
ilAvelmnmeTite
T1p„n
course.
mncnmar®
Ue\eiopments,
pean
consumers
Deliveries
cautious.
be
so
a
nro,
are
inolinrvl
1a
to
lncnneu
h<*
de
pxtra
until
and
tions
has
been
temperatures
expected to
are
emphasized by
the heat
wave,
as
much
was
about 10c. below the
On the 29th ult.
prices closed unchanged to Mc.
net higher.
Wheat prices took an upward course today in a
market dominated principally by weather and grain storage
features of the Government farm program, with trade activity throttled by suspense over the European war. All
interests agreed that the outcome of the "battle of Britain"
is the most important factor in the market picture.
Thus,
pending a decision in Europe, trade has been reduced almost
to commercial transactions alone.
Some wheat buying was
credited to mills, but trade of this nature.was mostly routine,
Reduced receipts in the Southwest were only partially offset
by increased marketings further north, and the 12 terminals
received 2,384,000 bushels, 2,400,000 less than a week ago
but 400,000 more than a year ago, thus diminishing hedging
pressure.
On the 30th ult. prices closed lc. to lMc. net
higher. Argentine's sudden ban on wheat exports brought a
quick advance to wheat prices today before the trade began
to argue whether the action was surprising or to be expected,
The first quick reaction was surprise and prices moved more
than a cent higher, but later reflection by traders brought
mixed reactions.
Prices held most of the gains despite
assertions that the action merely signified that Argentina was
unwilling to further reduce stocks of old wheat with weather
conditions unfavorable to the current growing crop.
It was
noted here that Australia's crop this year has been repeatedly
said by Broomhall to be in poor shape. The Southern continent news overshadowed reports from Canada that the
1940 carryover would be nearer 300,000,000 bushels than the
250,000,000 bushels which had been officially estimated,
Crop news was generally ignored. Some rains were reported
in Iowa, with cloudy weather in Illinois, but no moisture was
received in the Northwest or Canada.
On the 31st ult. prices
closed Mc. to
Mc. net lower. Profit taking attracted by the
highest wheat prices in about 3 weeks, erased early fractional
gams today, and the market closed with small net losses,
Private estimates indicating Kansas wheat harvest is substantially larger than expected, with one of the State's leading
elevator concerns placing the crop at almost 113,000,000
bushels, or slightly larger than last year, attracted much
attention.
Profit taking was encouraged by the moisture
but after the early dip, prices rallied slightly due to the
reduced private estimates of production.
8eptember wheat,
which rose fractionally, helped to steady the wheat trade and
prices of deferred contracts showed very little change.
On the 1st mst. prices closed unchanged to %c. lower.
Comparatively steady wheat and corn prices today reflected
the grain trade's analysis of August private crop estimates
indicating that weather conditions in July reduced the prospeetive com and spring wheat harvests 5% to 13%, respectively. The estimates were about m line with trade expectations
and
were
offset
to
some
extent
by
evidence
tion.
Some
in
experts' figures of winter wheat produc-
hedging appeared
in the wheat pit at
times,
mva?ee?roparUftrforCAuguSdt contTtafn" Spates
wasfollowedbvMiliesat nhont
less in
but
corn
tills
was
sufficient'
w!
f-
Toda^ prices c osed M to
corn
prices
tj/o
InwhMtanMdiSffiv
to Hft prices to small
Prices
w*.
l/|c. net lower.
small
whnot
o
a
Wheat was
and
turned lower today, but most of the selling
wheat crop
commercial transactions.
With the
spring
virtually "made," some experts said dry weather
opemdons
°thxr^enr rains ^i^s^r^ti^erh^have
attributed
brought
was
nf
boot
LJ
■'Hmi
ing
help to wheat
roinit
.
tifm
tion
to
no
inppfi
expected.
(W
^
onri
thl
unwanted,
Seas°n s HWh and When Made
111%
85%
Apr.
>
Season's Low and When Made
I
72%
July
23,1940
74%
18, 1940 September-.-
May 27, 19401 December
July
23,1940
OctoberIIIIIII"iiiiiiiiiiiiiii
7?%M7?%T7i% W7\% Thurs' Fn'
73%
73%
iii-
73%
73%
73%
74%
Corn—On the 27th ult. prices closed M to-l^e. net
lower. Corn dropped as much as llAe. at one stage of the
session. Most of the week's advance of corn prices was
influenced by the summer's first widespread heat wave,
Heavy rains today served as quite a relief, drenching many
sections of the corn belt.
Reports indicated heaviest rainfall occurred in northwest Iowa and the official map showed
moisture was generous at such points as Charles City,
Davenport, Dubuque and Madison.
There was light to
fair precipitation in surrounding States, as well as in the
Northwest and Par Northwest. Furthermore, the forecast predicted cloudy weather and showers in most north
central States over the week and slightly lower temperatures
in Illinois and Indiana.
More precipitation also was in
prospect for next week, with temperatures near normal,
Some buying of corn was inspired by damage reports and
insufficient moisture in certain localities. On the 29th ult.
prices closed M to %c. net higher.
Almost the same influences that operated in boosting wheat, helped to lift the
corn market.
Loans on 1939 and 1938 corn mature Thursday but can be extended by producers.
Pit brokers pointed
out, however, that the size of the new crop and availability
of storage space probably will have much effect in determining the amount of grain to be marketed in coming months,
even though a 1940 loan program is offered.
On the 30th
ult. prices closed 1M to 1 Mc. net higher.
Corn was strengthened by a continuation of heat and drought over much of
the belt.
The Iowa rains were considered beneficial, but
did not cover enough corn growing territory. A large seetion of corn country in Illinois was reported as still in need
of good rains.
On the 31st ult. prices closed M to %c. net
lower. Corn prices fell about a cent, due to rain reports
in many sections of the best areas and forecast of continued
unsettled weather.
The Miller corn forecast indicates a
crop of 2,369,000,000 bushels, a reduction of 107,000,000
compared with the estimate a month ago, and 47,000,000
below the preliminary Government forecast. Production
last year totaled 2,619,000,000 bushels.
The crop expert
said com is entering August with a shortage of moisture and
plant deterioration in many sections.
The heaviest losses
are reported from Nebraska, South Dakota and Kansas,
but substantial losses also are shown in Illinois, Minnesota
and Iowa.
On the 1st inst. prices closed unchanged to %c. off. .Shipping sales of 142,000 bushels of corn helped to steady that
market.
Today prices closed 1 to l%c. net lower.
Some
selling of com was associated with further rains in parts
of the corn belt, but important producing sections east of
the Mississippi River and in the Ohio Valley were missed
and were reported in need of moisture.
In some localities
which have received rains almost daily the past week or so,
moisture was said to be more than ample.
Open interest
in corn tonight was 21,742,000 bushels,
daily closing prices of corn in new York
fjfoUfa rg2x Wg$ii %
No_ 2 yellow..__
Sat.
September
Ma°y!---!lIIIIIIIIIIIIIIIIIIIII
59%
Season's High and When Made
il:
fgffffi*!'--May
-
n
61%
July
'
® *
4
61%
62
63M
wj
!I:
59%
DeSbS.":
July
24,1940
24, i940|May...
,,^1,01,^1
tn
to
Producers
^
particular
^re rePofted
mo
1/0
thj^nrlm-tono
wirt
+
TradiM
60%
60%
60%
59%
Season's Low and When Made
rwf l^9qtl t)if rwkza
a
Fri.
61%
60
!l!'« imr it
n0
°f
62%
<>7fb
n«
*
#
61%
i
mo
Thurs.
Wed.
Tues.
Mon.
60%
8OK
in Chicago
prices of corn futures
daily closing
1/0
feature"
preParing to store ,arge 1uaatitie"
ot oats"
0n the 30th ult" prices °Iosed % t0 l/s°* "et
hi«her-
The strength in wheat, and corn markets had their
influence on oats values, the latter market responding readily
to the slightest demand.
On the 31st ult. prices closed
unchanged to Mc. off.
There was very little activity in the
" +_
rmTrW
cpprninalv fnnnsAH on wheat
oats futor^maiket, attention seemingly focused on
q
t]
lst
inst*
tjtices closed s/8 to 3/c. net lower.
wheat
Hedg-
ing and an upward revision of the cr°p estimate weakened
oats* The experts placed Production at 1,064,000,000, an
increase of
10,000,000 bushels compared with a month ago
and 127,000,000 bushels compared with a year ago. Today
prices closed V2 to %c. net lower.
Trading was fairly
^etenora-
actiVe, with the undertone heavy in sympathy with the
declining wheat and corn markets.
s™ates* 0pen interest 111 wheat tonigllt
79,o90,000 bushels.
76
76^
lnS Renditions were low-
j
? recuperaTendm0 to support wheat was the growscarcity of cash gram due to the loan program.
Wheat
ic
is
76%
77%
of
recently improved weather conditions for com and an upward revision
76%
77^
December
76
as
76%
77%
July
prices closed unchanged to Me.
from mills at times, and with
hedge pressure lighter, price declines were checked at about
Mc.
The 12 principal terminals received only 2,160,000
bushels compared with 3,750,000 a week ago.
For the week
receipts totaled 18,406,000 compared with 26,066,000 last
week and 11,105,000 a year ago.
Reports of large supplies
going into storage were more or less verified by the fact that
No. 2 hard at Chicago sold up to 74Mc., or 6Mc. below the
loan rate,-while at Kansas City the price of 70Mc-was 6Mc.
below the loan rate, and the Minneapolis quotation on No. 1
loan rate.
75%
75%
78
July 24,19401 May..—... 76
Aug. 2, 1940
daily closing prices of wheat futures in Winnipeg
Wheat received support
dark northern of
%*7?% *76% *75%
May—
Wheat—On the 27th ult.
off.
74
76^
December
light.
run
92%
75%
September
instruc-
abate somewhat shipping
92%
76^
«
exuu
improving slightly last week following a protracted slow
small volume.
The usual
letdown
Fri.
Thurs.
93
December
trend, again tend to be in only
summer
Wed.
93%
91%
May
contracts, which had appeared to
on
Taes.
Mon.
91%
daily closing prices of wheat futures in Chicago
indications of a slightly bet-
ter flour demand in the country as a
725
daily
closing prices
of oats futures
Sat.
May
Mon.
Tues.
in Chicago
Wed.
Thurs.
Fri.
11% 2299% ISP: ioP 18% 30%
IVi
31%
31%
32
31%
31
The Commercial & Financial Chronicle
726
| Season's High and When Made
\
Season's Low and
September--- 36
Apr. 19, 1940 September--- 27A
December
34%
June 12, 1940 December
28%
May
32
July 30. 19401 May
30%
30Ji
28%
27 %
II
D^mfellllll
Wed.
Tues.
Mon.
Sat.
October
July
July
Aug.
15, 1940
15,1940
2,1940
Wheat
29%
28%
27%
....
28 %
26 %
Thurs.
30
29
21%
wheat
29
27%
Much
markets.
corn
corn
of
the
demano
market
ruled
heavy
in
DAILY
was no
CLOSING
OF
PRICES
RYE
September
43%
46%
49%
—
—
—-
May
-
Season's
September
December
May
FUTURES
Mon.
Tues.
43%
46 %
49%
IN
44%
47
49%
High and When Made
j
Season's Low and
76%
40
Apr. 22, 1940 September
42
50%
May 29 1940 December
48
50%
July 24, 1940 May
DAILY CLOSING PRICES
July
October
46%
December—
DAILY CLOSING
PRICES
46%
47%
October
43%
46
49
34%
35%
36%
---
December
33%
34%
34%
34%
42%
45%
48%
June
29, 1940
29, 1940
July 25, 1940
45%
46%
44%
45%
WINNIPEG
Thurs.
Hard winter patents
Hard winter clears.---
Nominal
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
Manitoba No. 1, f.o.b. N. Y
92%
83%
Corn, New York—
,
No. 2 yellow, all rail
80%
331,000
9,000
913,000
59
48-54N
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
of the last three years:
afloat.....
bbls 196 lbs
Chicago
...
Wheat
99,000
bush 60 lbs
222,000
Milwaukee-
743,000
20,000
64,000
324,000
154,000
199,000
109,000
11,000
347,000
457,000
110,000
1,522,000
17,000
....
499,000
Indianapolis
1,192,000
St. Louis..
Peoria.....
nk.ooo
40,000
309,000
Kansas City
Omaha
24,000
4,252,000
2,367,000
2,456,000
330,000
Joseph.
Wichita
Sioux
bush 56 lbs bush 48 lbs
1,900,000
Buffalo
St.
bush 32 lbs
12,000
22,000
1,000
4,000
157,000
7,000
2,000
New Orleans.
129,000
153,000
228,000
1,000
1,272,000
11,250,000
42,000
134,000
7",000
6,304,000
41,310,000
684,000
105,000
14,000
919,000
8,514,000
5,760,000
1,196,000
4,000
10,000
206,000
"moo
81,000
16,000
419,000
80,000
10,000
2,000
51,000
386,000
55,000
218,000
152,000
53,000
633,000
1,111*666
Galveston
...
-
Fort Worth
Wichita
City.
9,424,000
-
Kansas City
Omaha
Sioux
——
City
800,000
St. Louis
8,338,000
1,136,000
Indianapolis
Peoria..v.—
Chicago
—
"
On
Lakes
605,000
1,351,000
On
1,046,000
341,000
286,000
364,000
228,000
1,539,000
69,000
128,000
96,000
145,000
106,000
2,000
146,000
"5:666
11,000
4,000
Same wk '38
429,000
21,931,000
3,133,000
6,950,000
2,667,000
4,533,000
1940...146,294,000 24,711,000
Wheat
2,000
30,000
166,000
667,000
1,118,000
1,869,000
1,825,000
691,000
Since Aug. 1
1939
21,956,000 460,740,000 251,523,000
1938
22,932,000 465,325,000
93,625,000 29,412,000 111860000
275,320,000 108,232,000 27,828,000 99,310,000
19,963,000 404,999,000 334,435,000 118,758,000
26,709,000 98,064,000
Total receipts of flour and grain at the
seaboard ports for
the week ended Saturday,
July 27, 1940, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rye
Barley
bush 56 lbs bush 48 lbs
137,000
14,000
222,000
232,000
21,000
34,000
200,000
66,666
Baltimore..
13,000
"6:660
1,000
298,000
47,000
New Orl'ns*
6,000
24,000
8,000
15,000
366,000
2,126,000
63,000
14,000
236:666
572,000
Quebec
Three
Ft. William & Pt. Arthur
Total July 27.
Tot. wk. '40
1939
*
on
....
115,000
Barley
Bushels
300,000
499,000
744,000
1.005,000
2,874,000
440,000
5,508,000
1,543,000
4,319,000
2,165,000
8,714,000
5,508,000
1,543,000
4,573,000
4,319,000
Total July 27, 1940 —400,364,000 24,711,000
7,673,000
10,257,000
8,892,000
Canadian
—
The world's
shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ended July 26 and since July 1, 1940, and
July 1, 1939, are
shown in the following:
Wheat
Week
Corn
Since
July
Since
1,
Bushel 8
July
1940
Bushels
No. Amer.
3,958,000
Black Sea.
48,000
Argentina.
3,339,000
Australia
14,020,000
560,000
12,245,000
l,
1939
Bushels
15,261,000
5,760,000
12,347,000
Week
July 26,
Since
July
1940
Bushels
1,
Since
July
1,
1940
1939
Bushels
Bushels
1,402,000
3,633,000
136.000
1,055.660
4,095,000
16,312,000
489,000
6,106.000
.
countries
Total
..
400,000
1,736,000
2,472,000
394,000
1,337,000
4,397,000
7,745,000
28,561,000
41,946,000
2,851,000
9,065,000
21,334,000
Loans
on
Warehouse-Stored
Corn
Will
Be
Ex¬
tended, CCC Announces—The Commodity Credit Cor¬
poration announced on July 30 that no loans secured by
in
warehouse storage would be extended
beyond their
maturity date of Aug.l, 1940.
There are approximately
12,000,000 bushels of such corn stored in the warehouses in
the States of Ohio,
Indiana, Illinois, Iowa, Minnesota,
South Dakota, Nebraska, Missouri and Kansas.
The CCC
further said:
The notes
held at the office of the Special Representative, 164 "West
111., and any producer who desires to pay his
directly to the above office for the original loan
plus interest and storage charges.
Such settlements will be accepted, if
received or postmarked on or before Aug. 5, 1940.
Many warehousemen have requested that this corn be moved as soon as
possible in order that they may be able to use their facilities to accomodate
wheat and other small grain crops which are now being harvested in this
Jackson
are
Blvd.,
Chicago,
loan may submit payment
tions
The Corporation will acquire title and cancel the producers'
obliga¬
all warehouse-stored corn not redeemed by Aug.
6, 1940.
Most
on
corn
The weather of the week
1,407,000
47,000
9,000
19,000
76,797,000
20,284,000
2,690,000
1,689,000
1,161,000
234,000
3,110,000
296,000
151,000
3,000
292,000
8,674,000
57,536,000
12,502,000
2,734,000
468,000
3,347,000
Receipts do not Include grain ssipang
through New Orleans for foreign ports
through bills of lading.
^
The exports from the several seaboard
ports for the week
ended Saturday, July 27, and since
Rye
Bushels
764,000
753,000
3,991,000
78,528,000
weather for the week ended
3,960,000
the annexed statement:
Oats
Bushels
Weather Report for the Week Ended July 31—The
general summary of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
222,000
Since Jan. 1
4,573,000
bushels; total,
York,
192,000
thus acquired by the Corporation will be made available to the
Federal Surplus Commodities Corporation for export.
7,208,000
1940
Week 1939.
8,714,000
...146,294,000 24,711,000
254,070,000
of the
648,000
Since Jan. 1
2,165,000
Corn
1940.-254,070,000
American
area.
19,000
211,000
Riv's
57,000
Bushels
Bushels
Other Can. & other elev. 115,996,000
corn
_.
110,000
336,000
231,000
70,000
Canadian—
No
4,000
13,422,000
Montreal
2,000
1,181,000
156,000
Lake, bay, river & seab'd 59,546,000
56,000
14,000
449,000
Galveston..
5,000
373,000
afloat....
11,000
170,000
Same wk '39
Sorel
2,018,000
2,000
787,000
India
1,515.000
Philadelphia
22,000
2,797,000
65,000
Other
11,000
Boston
1,006,000
2,223,000
315,000
75,000 bushels, against 91,000 bushels In 1939.
Barley—New
bushels; Buffalo, 809,000; Baltimore, 156,000; total, 1,157,000 bushels, against
20,000 bushels In 1939.
Wheat—New York, 559,000 bushels; New York
afloat,
174,000; Boston, 2,263,000; Philadelphia, 1,064,000; Baltimore, 1,084,000; Port¬
land, 1,211,000; Chicago, 45,000; Buffalo, 5,117,000; Duluth, 2,732,000; Erie,
2,010,000; Albany, 6,492,000; on Canal, 360,000; in transit, raU (U. S.), 2,098,000;
total, 25,209,000 bushels, against 6,567,000 bushels in 1939.
1,000
6,415.000
York.
715,000
2,505,000
Baltimore also has 100,000 bushels Australian wheat In store.
not included above: Oats—Buffalo, 75,000
342,000
203,000
New
70",666
66,000
355,000
Canal..
io~666
20,604,000
Receipts at-
sniooo
1,133,000
2,794,000
3,095,000
.......
Buffalo...
"
3*8",000
324,000
199,000
14,388,000
18,420,000
Duluth
Detroit.
6,231,000
4,000
377,000
...
Milwaukee
23,000
421,000
....
718,000
12,402,000
afloat.
Minneapolis
88,000
Tot. wk. '40
1937
6,000
5,273,000
65,000
411,000
...
19,000
48:666
721,000
Barley
980,000
Duluth
Toledo
bush 56 lbs
Rye
5,516,000
Minneapolis
Barley
Bushels
126,000
485,000
1940
Oats
Rye
Bushels
11,000
16,000
Philadelphia
Exports
Corn
179,000
Baltimore a
July 26,
Flour
Oats
Bushels
39,000
Summary—
43%
61%
All the statements below
Receipts at—
Corn
Busheis
New York
i
Oats, New York—
No. 2 white
Rye. United States, c.l.f.
Barley, New York—
40 lbs. feeding
Chicago, cash
stocks
GRaIN
Wlieal
Bushels
Note—Bonded grain
Rye flour patents
.3 35 >3.85
Seminola,
bl., bulk basis.5.50
Oats good
gc
2 59
Corn flour
2.35
Barley goods—
Coarse
Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.75@6.76
4.30@4.45
292,000
United States
a
34%
FLOUR
Spring pat. high protein.-4.85@5 00
Spring patents
4.50(#4.70
Clears, first spring.
4.25@4.45
Hard winter straights
(a)
9,000
Fri.
follows:
were as
75,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, July 27, were as follows:
Total July 27,
33%
34%
34%
35
77,715
388,993
69,000
at
granary
June
46%
25,000
54,000
138.000
St. Joseph
Fri.
When Made
OF BARLEY FUTURES IN
Sat. Mon.
Tues.
Wed.
July
Closing quotations
46%
46%
69,000
1,884,000
8,367,000
Hutchinson
OF RYE FUTURES IN WINNIPEG
Sat. Mm.
Tues.
Wed.
Thurs.
Fri.
46
46%
44%
------
4,000
visible
The
for
grains.
Thurs.
44%
46%
49%
179,230
Export data not available from Canadian ports.
a
CHICAGO
Wed.
a46,200
Since July 1 1939.
aggressive selling, however.
Sat.
December
other
999,000
3,768,000
Total week 1939.
With all other grain
only natural that rye futures should
markets lower, it was
There
the
115,000
3,546,000
11,409,000
Total week 1940.
futures
rye
23"6",666
648,000
Since July 1 1940.
%c. net lower.
Today prices closed
slide off.
with
sympathy
The
69,000
211,000
2,126,000
522,000
"
prices closed %c. lower.
43,200
"MOO
5,000
Three Rivers
markets.
On the 1st inst.
Bushels
Orleans
27>|
rye futures came from shorts covering.
On tne 31st ult.
prices closed 34 to %c. net lower.
The rye futures market
ruled heavy during most of the session, due to bearish
weather and crop reports and the reactionary trend of
wheat and
Barley
Bushels
Quebec
29 %
closed % to 34c. net higher.
This was not
response to the vigor and strength displayed by
and
Rye
Bushels
339,000
30th ult. prices
strong a
Oats
Barrels
343,000
New
—
Rye—on the 27th lilt, prices closed >8 to 34c. net lower.
Trading- was light and without feature.
On the 29th ult.
prices closed unchanged to ]/%c. off.
Like most of the other
grain markets, the rye futures market ruled quiet during
most of the session, with the undertone steady.
On the
the
Flour
Bushels
Fri.
....
Sorel...
so
Corn
Bushels
Exports from—
OP OATS FUTURES IN WINNIPEG
DAILY CLOSING PRICES
July
Aug. 3, 1940
When Made
July 1,
are
shown in
July 31, follows:
was characterized by a stagnant trough of low
region southwestward and an area of high pressure
over the Southeast.
Under this pressure situation showers were prevalent
in tne northern Great Plains and tne Lake region, but elsewhere the week
remained mostly dry and warm.
Mean temperatures for the week ranged from 6 degrees to as many as 13
degrees above normal throughout most of the Ohio and central Mississippi
Valleys, as well as in a major portion of the Lake region and the Atlantic
Coast States.
Slightly cooler weather prevailed in the Northwest, while
in the Far West temperatures were rather close to normal.
Maximum temperatures exceeded 100 degrees in many Atlantic Coast
districts and throughout the central Great Plains and adjacent areas, east¬
ward and westward.
At Dodge City, Kan., the maximum temperatures
exceeded 100 degrees on every day, while at Peoria, 111., tne maxima were
over 100 degrees on six days.
The highest temperature for the week as
pressure from the Lake
Volume
The
151
reported from first-order stations was 115 degrees at Pierre, 8. Dak.,
23d, while Columbia, S. C., reported 103 degrees and Raleigh,
on the
N. C.,
105 degrees.
Precipitation was moderate in portions of northern Kansas and eastern
Nebraska, as well as in northern Iowa and thence northwestward to
Dakota.
Moderate rains were also indicated from some localities of tne
Northwest and Middle Atlantic States, while fairly heavy falls were noted
North
week
locally in the Lake region.
In much of the South and Southwest the
wras practically rainless, while the Great Basin and central Rocky Mountain
areas were generally without appreciable rainfall.
The portion of the central Great Plains which were reported dry
week experienced another unfavorable hot, dry period, and, in addition,
similar conditions were noted over many portions of the central valleys,
last
Rocky Mountain area, and Southwest.
Considerable damage was
ported to growing crops in the central Great Plains where pastures
reported drying badly and locally not sufficient to support
Maximum temperatures throughout the area were reported above
re¬
the
degrees every day in many localities,
stations in South Dakota on the 24th.
are
livestock.
100
noted at two sub¬
with 116 degrees
In the Ohio Valley conditions
have
late
become serious, although dryness has been very unfavorable for
crops, with pastures burning in the dry sections, and a good, soaking rain
generally needed.
not yet
Rocky Mountain area temperatures were in excess of 100 degrees
rainfall was very light and scattered.
Dry-land crops
are suffering, with continued deterioration, while irrigation water supplies
are becoming short in many districts.
The hot, dry weather was favorable in central Gulf sections, as it dried
the soil rapidly and brought a favorable outlook for the crops that survived
the continued rains.
Some portions of the East, however, are becoming
quite dry, with pastures showing widespread need of moisture.
In marked
contrast to the hot, dry weather, some parts of the North Pacific States •
report the heaviest rainfall of record for the summer with harvesting and
spraying delayed and some damage to harvested crops by the excessive rains.
In the
in many localities and
wheat is now mostly completed
well along in other western and north¬
western sections.
Spring wheat cutting has been completed in southern
South Dakota and is well under way in other spring-wheat sections.
The
weather in general was favorable for all harvesting operations, with prac¬
tically no interruption and only local, inconsequential damage by showers.
Oat cutting has been completed in portions of the Ohio Valley and harvest
is
generally well along.
The soil was generally too dry for fall plowing in
the Great Plains, although some work has been done in Oklahoma wherever
Grains—Harvesting
Small
winter
throughout the Ohio Valley and is
possible.
Corn—The hot, dry weather that
prevailed generally over the corn
belt
generally unfavorable, but deterioration was largely confined to the
the belt.
In the Ohio Valley corn made fair to good pro¬
gress quite generally early in the week, but the advent of the hot, dry
weather toward the close was unfavorable, and the crop shows considerable
deterioration; in many areas the crop was tasseling, but there were many
reports of tassels being burned white in the dry areas.
In Missouri, while some corn is firing on uplands, it is not seriously
damaged elsewhere and, if conditions improve immediately, it is expected
that 80 or 90% of the crop will be made.
In Kansas corn deteriorated
was
drier portions of
generally, except in local areas, and, as much was tasseling, some is ex¬
pected to be damaged beyond recovery; tassels were burned white in many
areas
and the crop is generally firing.
Heat caused much damage in
Nebraska and South Dakota, especially on heavier soils, while some firing
noted in Minnesota.
was
In
Iowa corn
deteriorated or made only poor progress, due
winds.
Little progress has been
favorable heat and strong, dry
two weeks ago,
with the crop about
shows more or less heat damage,
bleached, and silks scorched.
The
crop
to the un¬
made since
all tasseled; about one-quarter of
the
with tassels killed, top leaves killed or
damage was arrested by a return to
moderate temperatures and adequate rains in many portions.
Cotton—Cotton did fairly well during the week, with a return to dry
weather favorable in central portions of the belt.
In Texas progress was
poor in tne Northwest, due to dryness, but elsewhere it was very good to
excellent, with the warmth beneficial in drying out previously wet areas.
The crop was fruiting heavily in the coastal plain and condition is generally
good.
Picking is making good advance in the extreme South, and it is
gradually expanding northward.
In Oklahoma cotton deteriorated in the southwestern and west-central
sections, but made good advance elsewhere, with squares and bloom general.
The dry
weather was more
fields are still grassy.
favorable in the central States of the belt,
but
In more eastern States the crop made generally
blooming well, with many bolls being set in southern
parts.
In general, the week was quite favorable for retarding weevil
activity throughout the belt.
some
good advance and is
furnished the following resume of
conditions in different States:
Virginia—Richmond: Warmth 5 degrees above normal; rain uneven with
south unduly dry.
Most crops need moisture, particularly, southeast
truck, berries and corn.
Peanuts somewhat undersized.
Tobacco harvest
in full swing; leaves ripening unduly fast; some burning reported.
Cotton
The weather bulletin
needs rain.
Carolina—Raleigh: Young plants and gardens injured by heat.
Progress of cotton good account ample sunshine and low humidity; con¬
dition fairly good; favorable for checking weevil.
Satisfactory progress
harvesting and curing tobacco; slight hail damage in scattered central areas.
Progress of corn poor due to lack of rain.
Marketing watermelons, canta¬
loupes, and fruit favored.
Pastures fair, but need rain.
South Carolina—Columbia: Hot, sunshiny; favorable for holding weevil
in check.
Progress and condition of cotton good; blooming rapidly; many
bolls; beginning to open in south.
Corn, truck, and sweet potatoes showing
some
deterioration; dry many sections.
Favorable for tobacco curing.
Peach shipment from Piedmont active.
Vegetables and melons plentiful.
North
More rain needed.
Georgia—Atlanta: Warm days; too
Soil drying rapidly; already too dry
corn, and pecans.
Much corn near
to extreme
hot for some truck crops in interior.
in many places for truck, peanuts,
maturity in south; silks and tassels
good.
Condition of cotton fairly good;
weevil and for cultivation; good bloom; opening in
north; progress mostly
favorable for checking
south; slight shedding.
Harvesting and curing tobacco favored.
Florida—Jacksonville: Very warm days; adequate rain.
Progress and
fair; favorable for checking weevil; bolls developing;
condition of cotton
beginning
to
Citrus groves
open.
Corn and sweet potatoes
good; fruit holding
good.
Mississippi—Vicksburg: Heat and sunshine baked soil to hard crust
west; steady, ample rain would be helpful there and locally elsewhere.
progress cultivating cotton; most fields grassy; development 2 to 3
weeks belated; moderately favorable for weevil activity in west and very
favorable in east; fruiting rather poorly.
Progress of corn mostly fair in
east and south third and locally good, but elsewhere progress generally
in
Fair
poor.
Progress of gardens, pastures,
and truck good in east, poor to fair
Hot, mostly dry; very favorable.
Crop out¬
Progress of cotton very good, except on lowlands;
Louisiana—New Orleans:
look much
improved.
fruiting rapidly; condition generally fair to good; considerable on lowlands
beyond recovery; favorable for checking weevil.
Condition of early corn
mostly good; late improving, but condition only poor to fair; much aban¬
doned.
Rice growing well; some early ripening.
Cane generally good;
needs cultivation.
Some truck that survived rains doing well.
Gardens
or
poor
total loss.
Feed crops doing
well; much hay saved.
Hot and dry in northwest and extreme south; else¬
warmth and adequate rain.
Grain harvests over; thresh¬
Texas— Houston:
where favorable
Early corn matured; good to excellent condition
corn needs rain in northwest.
Progress of cotton
in northwest with some shedding leaves and small bolls
weather; also poor progress in Corpus Christi area where
hot, drying winds detrimental; elsewhere progress generally good to ex¬
cellent; fruiting heavily on coastal plains and favorably in northeast quarter;
condition good to excellent on coastal plains, except some lower coast
areas where locally only fair; poor
to only fair in northwest where rain
needed, and good elsewhere: good progress picking in extreme south and
gradually expanding northward.
Truck and gardens good condition in
coastal region; poor in northeast, fair elsewhere.
Ranges and feed crops
ing
rapid
most
progress.
but late
areas,
poor to only fair
account hot, dry
burning in northeast, elsewhere generally
tion
good.
Cattle mostly good condi¬
Rice favorable progress.
.
Oklahoma—Oklahoma City:
Unfavorably hot, especially in west where
maxima 100 degrees or above daily.
Little rain, except few limited areas,
and lack of rain felt in north-central and west.
Threshing winter wheat in
northeast and some in shock in scattered areas.
Plowing where condition
favorable.
Corn
deteriorated
in
progress elsewhere; condition, as
southwest and west-central,
but
of west and north-central; fair
whole, good.
Cotton deteriorating in
good progress elsewhere; squares and
much
in
general; condition excellent in central, good in east, and fair
Pastures, grain sorghums, and gardens deteriorated in much
elsewhere.
Hauling stock water in southwest; scant
other west sections, but ample elsewhere.
bloom
of
in
west.
west,
but good
days helpful in south half where soil
weeks; soil moisture ample in northwest, but badly
Progress and condition of cotton very good; bloom¬
ing in south and southeast; normal advanced in northeast; favorable for
checking weevil.'. Condition of corn very good, except lack of rain felt in
northeast; early maturing rapidly.
Heat favored hay harvests.
Rapid
progress planting late potatoes.
•
' V ;\
;
Arkansas—Little
Rock: Warm
too wet to work past
depleted in northeast.
Tennessee—Nashville:
Progress
of
cotton
good;
blooming generally;
cultivating late; condition fairly good.
Progress of corn fair; too hot and
dry, except small areas; condition averages very good.
Progress and con¬
dition of tobacco fairly good; needs rain; considerable late.
Good progress
saving hay and grain.
Pastures, gardens and
THE DRY GOODS
New York,
With the return to more
truck deteriorating.
TRADE
Friday Night, Aug. 2, 1940.
moderate weather conditions as
during the latter
retail business gained perceptibly, notably
areas.
As heretofore, consumer interest
centered in summer apparel lines and accessories.
August
promotion events also met with a rather satisfactory response.
Department store sales the country over for the week ended
July 20, according to the Federal Reserve Board, improved
9 % over the corresponding week of last year.
For New York
and Brooklyn stores the Federal Reserve Bank of New York
reported an increase in the sales volume for the week ended
July 27 amounting to 6%.
Trading in the wholesale dry goods markets reflected the
continued cautious attitude of most wholesalers in covering
their fall requirements.
While the better flow of goods in
retail channels is bound to stimulate activities sooner or
later, wholesalers in general are reluctant to abandon their
present hand-to-mouth buying policies, pending decisive de¬
velopments in the war zone and a clearer outlook on fall
business prospects, especially in view of the impending elec¬
tion campaign.
However, with inventories in both whole¬
salers' and retailers' hands at moderate levels, and with large
Government purchases for the defense program in the offing,
a sudden revival in buying operations would not be surpris¬
ing, particularly when the realization grows that the present
buying reserve may very well lead to later delivery difficul¬
ties.
Business in silk goods continued dull, although prices
ruled steady, reflecting the firmer tone of the raw material
caused in part by prospective buying for the defense program .
recorded in most sections of the country
part of the week,
in the industrial
Trading in
rayon yarns
remained fairlv active, notably in
A good call continued for weaving yarns
in the operations of the weaving
the finer counts.
with the further increase
mills necessitating
quickening yarn deliveries.
Goods—Trading in the grav cloths
period under review in its previous quiet
Later in the week, however, a sudden rush for
Domestic
Cotton
markets started the
fashion.
goods made its appearance and as a result prices of most con¬
structions scored moderate gains.
While the immediate
cause of this buying spurt was seen in the rally of security
prices, the underlying influence was believed to be the fact
that Government agencies are about to purchase further
large quantities of goods for relief and defense purposes,
that users' inventories are known to be extremely light
in need of
replenishment.
and
and
Buying centered chiefly in the
major print cloths constructions, sohie
broadcloths, whereas industrial fabrics,
sheetings and carded
drills and Osnaburgs
neglected. Business in fine goods continued quiet
as mills appeared unwilling to meet the demand for price con¬
cessions.
Poplins moved in fair volume. Closing prices in
print cloths were as follows: 39-inch 80's, 6He.; 39-inch
72-76's, 6He.; 39-inch 68-72's, hV% to
3834-inch
64-60's, 4Hc.; 3834-inch 60-48's, 4He. v
remained
Digging peanuts.
well.
Dry.
Very warm days favored cotton and
checked weevil; progress of cotton good; condition mostly fair, but locally
poor in about one-fourth of State and good in scattered areas.
Corn firing
considerably, but condition averages fair.
Truck and gardens fair to
locally poor.
Hay and truck crops fair to good.
Pastures good.
Alabama—Montgomery:
in west.
727
Commercial & Financial Chronicle
Woolen
Goods—Trading in men's wear fabrics
continued
clothing manufacturers maintaining their cau¬
tious attitude in covering the balance of their fall needs.
A
counteracting influence was the announcement of further
considerable army purchases to take place early in the current
month.
Business in lightwear materials continued to give
a satisfactory account notwithstanding the postponement of
formal openings for next year's lines.
Reports from retail
clothing centers made an improved showing as high tempera¬
tures served to accelerate the sale of mid-summer apparel
lines.
Business in women's wear fabrics showed a slight con¬
traction, reflecting the slackening flow of fall goods in whole¬
sale channels.
Fleeces continued to move in fair volume.
spotty, with
Foreign Dry
Goods-—Trading in linens remained dull and
previously transactions were confined to occasional spot
lots in household and dress goods.
Reports from primary
centers indicate that, while the recent release of some yarn
stocks resulted in the clearing of a limited amount of export
orders, the tense supply situation remains unmitigated and
is causing further resorting to substitute fibres.
Business in
burlap continued dull, but prices displayed a slightly steadier
undertone, partly owing to reports that Indian mills are
planning the repurchase of burlap contracts for the purpose of
stabilizing the market.
Domestically lightweights were
quoted at 5.15c., heavies at 7.25c.
as
The Commercial & Financial Chronicle
728
The new bonds are to run 60
years, It is understood, and the rate of int.
pared down from the present 4%.
However, the lower interest rate will
apply only during the next 10 or 20 years, and it then will be increased so
Specialists in
Illinois & Missouri Bonds
'
•
'
'
'
"I
■
Jersey—Decrease in Municipal Defaults Reported—
Jersey municipalities in default on obli¬
gations dropped from 25 to 17 during the year ended June 30,
and municipal financial
reports generally showed "continued
improvement in the current debt position."
Government
Commissioner Walter R.
Darby said on July 30.
The number of New
Founded 1890
DIRECT
CHICAGO
WIRE
314 N.
ST.
that the average rate charged will be 4
%.
A condition imposed
by the PWA in the transaction is that all of the
the district be pooled and that the three
plants be placed under
one management.
Loup River and Sutherland had total income last year of
$375,000, compared with $390,000 of expenses.
Except for depreciation
charged on the generating plant owned by Loup River, no
depreciation is
included in these figures.
revenues of
New
Stifet, Nicotaus & Cojnc.
105 W. Adams St.
Aug. 3, 1940
Broadway
LOUIS
Mr. Darby reported municipal tax revenue notes
decreased from $1,785,on June 30, 1939, to
$1,015,822, June 30 last; tax anticipation notes,
$4,872,132 to $2,836,779; tax title lien notes and bonds, $987,477 to
$550,-
.262
News Items
106.
Arkansas—Large
Highway Debt Reduction Reported for
Recent Years—State
Comptroller Jim O. Goff reports State
highway debt as of June 30 at $13(^837,190 compared to
$159,900,503 on effective date of refunding Act 11 of 1934.
Interest payable under schedule set
up by Act 11 totals
$109,575,858, making aggregate debt of $246,413,048 for
payment through 1976-77 when final principal instalments
will be due.
Of gross
highway fund
of $12,506,935 in 1939-40, $9,263,901
applicable to debt service including tenders.
Total revenue in pre¬
ceding year was $11,612,724, of which $8,593,243 was applicable on debt
revenue
was
S6TViC6* '
Par value
•
■
•
-
•'
of debt obligations redeemed since effective date
of Act 11
$23,063,313 and cash paid was $19,396,211 for gross
saving
of $3,667,102 of principal.
Debt redemptions in 1939-40 totaled $3,700,062
of
1934
is
compared to $2,807,850 in preceding year, $2,807,850 in 1938-39 and
$4,458,652 in 1937 38.
Price of Arkansas bonds now approximates
par
and savings are limited to accrued interest
and future interest.
Act 11
of 1934 authorizes debt
redemptions at not to exceed
par.
Special Act of 1939 for refunding highway debt will
November general election as referred measure.
be submitted at
Florida—$Supreme Court
Holds Location of Industrial
a
Municipal Purpose—A decision by the Florida
Plants
Supreme Court made the location of industrial plants a
municipal purpose within the economic welfare provisions
of the
Constitution, according to
jiatch from Tallahassee
on
an
Tax title liens held by
municipalities a month ago showed a decrease
from $80,901,801, as of June
30, 1939, to $78,650,803, while the amount of
foreclosed property increased from
$23,186,116 to $31,229,475.
The com¬
parisons include all but 35 of the smaller municipalities from which
1940
reports had not been received when the compilation was made.
Assets of the 21 counties
aggregated $8,560,383 as of June 30, and total
liabilities were $4,432,760.
Largest items among the assets were cash
balances in current accounts
amounting to $5,767,729, and county and
State taxes due from municipalities. Most of the
liabilities were tax revenue
notes and
Census counters scrambled
population standings of America's big cities
a "25-biggest" list for 1940.
The list generally includes the same cities as in
1930, but 13 of the 25
have different ranks than 10 years
ago.
today to create
Houston, Tex., and Denver, Colo., made the grade for the first time,
crowding out Jersey City, N. J., and Portland, Ore.
Houston claimed
the biggest jump, from 26th to 21st.
Jersey City had the worst fall of the
big cities, from 23rd to 30th.
In
Philadelphia, Cleveland, St. Louis, Boston, Pittsburgh, San Francisco,
Newark, and Rochester, N. Y.
Preliminary figures—complete except for transients and other minor
factors not likely to change
standings—give the top 25 places to these cities:
1940 Rank
City
1930 Rank
1940 Pop.
1930 Pop.
highway bonds payable
suit and
the outcome will determine whether
1940-41 ma¬
turities will be refunded to finance a
$4,000,000 construction
jointly with the Bureau of Public Roads and the
Progress Administration.
program
),000 and 1941 maturities amount
$1,000,000.
Attorney-General Greek Rice said Chapman &
Cutler, Chicago, counsel
to the State Bond
Commission, raised the question whether the 1938 act
lor issuance of
highway bonds authorized tne Commission to refund
any
of the maturities
thereunder.
The 1938 act binds the State to
maintain
gasoline tax at six cents and not to
issue additional
conditions set forth therein.
bonds except under
Nebraska—Court
Upholds Ban on Tax Limitation—A
projjosed jiroperty tax limitation constitutional amendment
cannot be placed on the
Nebraska general election ballot
this
to
a
November,
a
report from
Aug. 2.
6
7
St. Louis
9
district judge ruled at
Lincoln, according
to the "Wall Street Journal" of
Omaha
The ruling upheld
Secretary of State Swanson's refusal to
accept initiative
petitions for the proposal on the
ground the sponsor, Nebraska Farm Bureau
Federation, had failed to comply with a
1939 statute governing precirculation requirements.
The
5
8
7
Boston-..
10
9
Pittsburgh
Washington
11
12
10
14
11
14
San Francisco
Milwaukee
Buffalo.
15
New Orleans
16
Minneapolis
20
Indianapolis
Houston
Seattle
26
18
22
23
.
24
25
Rochester
Louisville
Denver
States
12
13
16
19
20
22
24
29
—
6,930,446
3,376,438
1,950,961
1,568,662
1,238,048
900,429
804,874
821,960
781,188
669,817
486,869
634,394
578,249
573,076
458,762
464,351
451,160
442,337
399,746
364,161
386,150
366,847
324,694
318,713
318,415
21
21
489,976
452,852
428,236
400,175
386.170
17
18
19
Cincinnati
Newark.
Kansas City
7,380,259
3,384,556
1,935,086
1,618,549
1,496,792
878,385
854,144
813,748
796,520
665,384
663,153
629,553
589,558
575,150
492,282
15
17
13
United
gasoline tax, the State Bond Commission will institute
Maturities in August amount to
4
Los .Angeles.
Cleveland
Baltimore
8
to issue
of Highway Bond Act Expected—To
final opinion as to
authority conferred by the 1938
act for issuance of
$60,000,000 of
to
Detroit
5
they consider will contribute
a
Works
3
6
paper and
Mississippi—Test
out of
2
4
gurpose "will throw thefor whatever purpose the municipalities
door wide open to all
onds and impose taxes
secure
1
Chicago-
Philadelphia
1
July 26.
business prosperity of the city."
New York
2
3
Associated Press dis-
pulp mills to locate there.
The decision reversed a lower court order
denying validation of the bonds,
which were voted by Fernandina citizens in
an election.
Chief Justice Glenn
Terrell, who frequently has said that the definition
of municipal purpose changes with the
times and succeeding generations,
wrote the Court's
majority opinion.
The Fernandina charter and the
Federal and State Constitutions, he
said, authorize municipal undertakings that aid the
general welfare.
"Attention to the economic welfare," he
said, "is one of the main concerns
of a modern city."
He pointed out that the two big mills at Fernandina
provided employment for a thousand men and
thereby contributed to the
economic welfare of the city.
There was no charge of fraud or waste
in the city's contract to
pay Mr.
Anderson $25,000 for getting the two mills to
locate at Fernandina.
The
other $25,000 of the bond issue is to be
used for other municipal
purposes.
Justice Armstead Brown, who voted
to hold the bonds invalid, said he
feared that a decision
making industrial plant location a proper municipal
to the
line
with forecasts that rural
territories, especially suburban areas,
gaining at the expense of big cities, eight of the first 25 showed losses—
were
The
getting two
reserves.
States—1940
Census Figures Show
Changes in
Rankings of Big Cities—An Associated Press dispatch from
Washington on July 31 reported as follows:
Court in a 5-to-l ruling, upheld a $50,000 bond issue
by the City of
Fernandina, who had contracted to pay half the money to O. II.
Anderson
for his services in
appropriation
United
365,583
328,132
307,745
287,861
J
292,352
Housing
Authority—Dwelling Needs
of Defense Workers to Be Met—"USHA is 'tooled up' to do
the biggest and
quickest housing job America has ever seen."
Administrator Nathan Straus of the USHA said
in
on
discussing the dwelling needs for the thousands of
July 29
defense
workers involved in the national
program.
"There
is
no
'bottle-neck'
in
TTSHA."
Mr.
Straus
continued.
"The
USHA organization, with its 500 local
authorities located in early every
strategic community in the country, is producing, and will continue to
produce, homes for defense workers when and where
they are needed.
"The defense housing program does not need to wait
for surveys to deter¬
mine the facts.
It has them.
For three years local housing authorities
have been collecting the facts on
rentals, incomes, population trends,
industrial facilities, racial composition,
taxes, and municipal administration
costs, in their communities.
Today these facts are available.
"The defense housing
program need not stand still while personnel is
trained to do its job.
Every one of the 500 local authorities in the country
is an experienced
body of five men representing the varied social, economic,
and political interests of their
community.
Under them is a staff of
architects, construction experts, and management
specialists who constitute
the largest body of
experienced housing technicians in the United States.
"The USHA staff, in the field and at
Washington, is made up of persons
who, in many instances, have devoted most of their adult
lives
to
the
problems of housing at home and abroad."
"The
without
World
War," the Administrator said, "caught us without facts,
organization, without experience, without tools.
This time,"
he said, "we have all four.
Given adequate funds to keep the production
line in motion, we need fear no lack of homes
for defense workers."
At present there are about
500 local housing authorities in 37
the District of
Columbia, Hawaii, and Puerto Rico.
States,
Federation
acceptance of the petitions
through
a
denied.
The proposal,
income tax
regarded generally
as
sought
to
require Swanson's
mandamus action, which the judge
a
"backdoor" sales tax and State
law, would limit property tax levies in
and in cities to
Refunding Contemplated by Power and
Irrigation Districts—-A $40,000,000
refunding operation for
three Nebraska power and
irrigation districts is contemplated
in an agreement reached
between the districts and the Public
Works
Administration, holders of $38,000,000 of the obli¬
gations of the districts and on which
defaulted interest
amounts to $1,861,000. The
interest is to be covered
by the
proposed new bonds.
T,he districts were the Central Nebraska Power and
Ii n£ S and
LoYP^C w?nnmterestAn securities of the two
$1,100,000
$761,000, respectively.
ALABAMA
Charter cities and
Nebraska—-Bond
tt
Bond Proposals and Negotiations
rural sections to 7 mills
15 mills for general fund
expenditures.
localities with special bond levies
would be exempt.
MONTGOMERY,
Ala.— WARRANTS
OFFERED
TO
PUBLIC—A
$400,000 issue of 4M% semi-ann. water works revenue warrants is
being
offered by C. W. McNear & Co. of
Chicago, for public subscription.
Dated
June 1, 1940.
Denom. $1,000.
Due Aug. 1, 1941 to 1955.
Prin. and int.
payable at the City Treasurer's office, or at the Chemical Bank & Trust
Co.,
N. Y. City.
Legality to be approved by Reed, Hoyt. Washburn & Clay,
of New York.
The warrants are payable
solely from water works warrant
fund of 1940 and revenues derived from
operation of water works system.
ARIZONA
GILA COUNTY SCHOOL DISTRICTS
(P. O. Globe), Ariz.— WARCALLED—It is stated by Elton S. Bryant,
County Treasurer,
that in accordance with
Chapter 16, Article 7, Paragraph 868, Arizona
Revised Code, 1928, he called for
payment on July 24, the following regis¬
tered Gila Co.,
Ariz., warrants:
RANTS
Irrigation, Platte
latter amounts to
Volume
The Commercial
151
& Financial Chronicle
729
Other bids:
ARIZONA BONDS
Market* in all Municipal Ie*ue»
REFSNES, ELY,
BECK &. CO
PHOENIX, ARIZONA
Harris Trust & Savings Bank,
Lincoln
ARIZONA
& Co
1940.
Also the following Gila Co., Ariz., Sch. Dist. registered warrants:
Sch. Dist. No. 5, through warrant No. 26654, registered May 20, 1940.
Sch. Dist. No. 10, through warrant No. 4390, registered April 13, 1940.
Sch. Dist. No. 19, through warrant No. 5219, registered May 29, 1940.
Sch. Dist. No. 26. through warrant No. 5296, registered May. 29, 1940.
Sch. Dist. No. 33, through May 15, 1940.
High Sch. Dist. No. 1, through July 13, 1940.
High Sch. Dist. No. 26, through July 18, 1940.
Interest ceased on date called.
m%
ARKANSAS, State of—BOND TENDERS ACCEPTED—In connection
July 30, by the State Board of Education,
on behalf of the State Teachers' Retirement System, it is reported
that the following purchases were made:
$1,478.80 De Vails Bluff Bridge
refunding bonds; $30,200 road district refunding bonds, series A; $30,366.86
highway refunding bonds, series B; $649 toll bridge refunding bonds,
series B; $19,000 highway refunding bonds, series A, 4)4%, and $12,000
highway refunding bonds, series A, 5%.
The total amount of bonds pur¬
chased was $93,694.66 at a price of $94,293.45, which after deducting
accrued interest of $1,084.07, would show a net cash value of $93,209.38,
acting
thereby giving the State Teachers' Retirement System a net discount of
$485.28.
The average interest return was 3.67%, and the annual interest
on bonds purchased will amount to $3,443.42.
Ark.—BOND ELECTION—An election is said to be
scheduled for Aug. 23 in order to have the voters pass on the issuance of
the following bonds aggregating $347,500:
$300,000 airport improvement,
New
At 11
a. m.
is not to exceed
Instruction.
1,200,000 Special Tax School District No. 3 bonds. Due $75,000
April 1, 1941 to 1956.
The bonds maturing in the
years 1941 to 1946 incl., will bear int. at a rate not
exceeding 4% pi#annum, in a multiple of 34 of 1%,
to be specified in the bids for the bonds, and the bonds
maturing in the years 1947 to 1956, incl., will bear int.
at a rate not exceeding 434 % per annum, in a multiple
of M of 1%, to be specified in the bids for the bonds.
•
Theso bonds are part of an authorized issue of $2 ,180,000.
Enclose a certified check for $24,000, pay¬
able to the Board of Public Instruction.
Municipals
At 12 m.
O.
Prin. and int. payable in New
by issue by the Board of
advantageous bid, which
will be determined by the Board in its absolute and uncontrolled discretion.
General obligations; bonds payable from an unlimited tax to be levied upon
all taxable property (including homesteads) within the respective districts.
The bonds wilt be delivered at any city desired by the purchaser without
additional expense to uim on or about Aug. 23.
Tho approving opinion of
Masslich & Mitchell of New York, will be furnished.
Dated
COUNTY (P. O. Salinas), Calif.—SCHOOL BOND
Pfeiffer School District bonds offered for sale on
151, p. 447—were awarded to the First National Bank of
Pacific Grove as 3s, paying a premium of $11, equal to 100.22, a basis
ofabout2.96%.
Dated Aug 1, 1940.
Due $500 on Aug. 1 in 1941 to 1950.
$5,000
Denom. $1,000.
VOLUSIA
COUNTY
(P.
O.
Fla.—SEALED TENDERS
De Land),
INVITED—It is stated by I. Walter Hawkins, Clerk of the Board of County
Commissioners, that he will receive sealed tenders until Aug. 15, at 10 a. m.,
of the following issues of special road and bridge districts, road and bridge
DISTRICTS (P. O. Visalia), Calif.—
bonds aggregating $24,500, offered for sale
July 30—V. 151, p. 447 and 584—were awarded to Dean Witter & Co.
BOND SALES—The following
refunding bonds, dated Jan. 1,
of San Francisco, as 3s:
1936:
„
,■
,
■
,
Orange City-Enterprise, Orange City-Lake Helen, DeLand-Lake Helen,
Commissioners' Districts Nos. 2 and 3, DeLeon Springs-Glen wood, DeLeon
$22,000 Pixley Union School District bonds for a premium of $29, equal
to 100.44, a basis of about 2.95%.
Due in 1941 to 1958 incl.
2,500 Ducor Union School District bonds for a premium of $28, equal
to 101.12, a basis of about 2.82%.
Due on July 1, 1947.
Springs-Seville, Daytona Beach, Halifax, New Smyrna, Turnbull
Volusia County road and bridge district time warrants; Volusia
also all
County
refunding bridge bonds and time warrants dated July 1, 1934.
The amount of bonds to be purchased will be determined by the
COLORADO
County Commissioners.
will not be
FREMONT COUNTY SCHOOL DISTRICT NO. 41 (P. O. Cotopaxi),
Colo.—PRE-ELECTION SALE—A $15,000 issue of funding and building
bonds is said to have been purchased by O. F. Benwell of Denver, subject
to the outcome of a pending election.
Offerings must be firm for at least 10
Board of
days or same
considered.
IDAHO
ASHTON, Idaho—BONDS AUTHORIZED—The Board of Trustees is
said to have approved an ordinance providing for the issuance of the fol¬
lowing coupon bonds aggregating $92,000:
LA JUNTA, Colo.—BOND ELECTION—It is reported that an election
Aug. 20 in order to have the voters pass on the issuance of
$50,000 in funding bonds.
will be held on
$35,000 3%
semi-annual refunding bonds.
in 1942 to 1949 and
$3,000 in 1950.
Due July 1 as follows:
$4,000
_
$2,000
O. Frederick),
bonds is said to
purchased recently by Boswrorth, Chanute, Loughridge & Co. of
COUNTY SCHOOL DISTRICT NO. 16 (P.
Colo.—BONDS SOLD—A $10,000 issue of 3% funding
57,000 4% semi-annual refunding bonds.
Due July 1 as follows:
in 1950, $5,000 in 1951 to 1955, and $6,000 in 1956 to 1960.
Bonds
maturing July 1, 1957 to 1960, shall be redeemable at par and ac¬
crued interest at the option of the village on July 1, 1943, or any
interest payment date thereafter.
Denver.
DISTRICT NO. 76 (P. O. Greeley), Colo.
Dated July 1,
PUBLIC—A $10,000 issue of 3% semi-ann. funding
offered by Bos worth. Chanute. Loughridge & Co. of Denver,
for general investment.
Dated March 15, 1940.
Denom. $1,000. Due
$1,000 Sept. 15, 1941 to 1950.
Callable on or after Sept. 15, 1945. Prin.
and int. payable at the County Treasurer's office.
Legality approved by
Pershing, Nye, Bosworth & Dick of Denver.
BONDS OFFERED TO
urer's office, or at
bonds is being
1940.
Prin. and int. (J-J)
the State Treasurer's office.
with holders of the original
payable at the Village Treas¬
The bonds will be exchanged
bonds.
ILLINOIS
CHICAGO PARK DISTRICT, 111.—BOND CALL—The district has
exercised its option to call for redemption, at par and accrued interest, on
Sept. 1, 1940, a total of $2,689,000 4% series B refunding bonds, dated
Sept. 1, 1935, due Sept. 1, 1955, and callable March 1, 1940 or on any
subsequent interest date.
The bonds and all coupons due on or after Sept. 1.
1940 should be presented for payment at the District Treasurer's office or at
the First National Bank of Chicago.
Bonds may be surrendered for pay¬
ment at any time after July 29, 1940, and the holder will at once receive
full payment of the same amount of principal and interest as is payable on
Sept. 1, 1940.
CONNECTICUT
BRIDGEPORT, Conn.—BOND SALE—The $780,000 coupon series D
refunding bonds offered Aug. 1—V. 151, p. 584—were awarded to an
account composed of Halsey, Stuart & Co., Inc., G. M.-P. Murphy & Co.,
both of New York, and the R. F. Griggs Co. of Waterbury, as 144s, at a
price of 100.188, a basis of about 1.22%.
Dated Aug. 1, 1940 and due
Aug. 1 as follows: $80,000 from 1942 to 1944 incl. and $90,000 from 1945 to
1950 incl, Reoffered to yield from 0.40% to 1.30%, according to maturity.
April 1, 1940.
York City.
The award of the bonds will be made
Public Instruction to the bidder making the most
29—V.
WELD COUNTY SCHOOL
Instruction.
of Public
360,000 Special Tax School District No. 12 bonds.
Due
April 1, as follows:
$20,000 in 1941 to 1946, $15,000
in 1947 to 1954, and $20,000 in 1955 to 1960.
The
bonds maturing in the years 1941 to 1946 incl., will
bear int. at a rate not exceeding 4% per annum, in a
multiple of 34 of 1 %, to oe specified in the bids for the
bonds, and the bonds maturing in the years 1947 to
1960, incl., will bear int. at a rate not exceeding 434 %
per annum, in a multiple of 34 of 1%, to be specified
in the bids for tho bonds.
These bonds are part of an
authorized issue of $632,000. Enclose a certified check
for $7,200, payable to tne Board of Public Instruction.
MONTEREY
have been
$300,000 Special Tax School District No. 7 bonds. Due $15,000
April 1, 1941 to 1960.
The bonds maturing in the
1941 to 1946, incl., will bear int. at a rate not ex-*
ceeding 4% per annum, in a multiple of 34 of 1 %, to bo
specified in the bids for the bonds, and the bonds ma¬
turing in the yeajrs 1947 to 1960 incl., will bear int. at
a rate not exceeding 434 % per annum, in a multiple of
M of 1 %, to be specified in the bids for the bonds. The
bonds are part of an authorized issue of $455,000. En¬
close a certified check for $6,000, payable to the Board
:/years
Board of Supervisors.
WELD
$290,000 Special Tax School District No. 2 bonds. Due April 1
as follows:
$15,000 in 1941 to 1946, and $20,000 in
1948 to 1957.; The bonds maturing in the years 1941
to 1946 incl., will bear int. at a rate not exceeding 4%
per annum, in a multiple of J4 of 1 %, to be specified in
the bids for the bonds, and the bonds maturing in the
years 1948 to 1957 incl., will bear int. at a rate not ex¬
ceeding 434 % per annum, in a multiple of 34 of 1 % tobe specified in the bids for the bonds.
These bonds are
part of an authorized issue of $416,000.
Enclose a
certified check for $5,800, payable to Board of Public
:
Alameda), Calif.—SCHOOL BOND
10 a. m. on Aug. 6, by G. E.
not to exceed 4% semiDated Dec. 15, 1939.
Denom. $1,000.
Due Dec. 15, as follows: $11,000 in 1940, $10,000 in 1941
to 1949, and $9,000 in 1950.
Rate of interest to be in multiples of 44 of 1 %
and it shall not be necessary for such rate to be uniform for all of the bonds.
Split rate interest bids will be accepted.
The highest bid will be determined
by deducting from the total amount of interest which the District would be
required to pay up to the maturity of the bonds at the coupon rate specified
in the bid, the amount of premium paid therefor and the award will be made
at the lowest net cost to the District.
None of the bonds shall be sold for
less than their par value and accrued interest thereon to date of delivery.
For the convenience of the Board of Supervisors, bidders are requested, but
not required, to submit a calculation of the total net interest cost to the
District on the basis of their respective bids, which estimate, however,
shall not be conclusive either on the bidder or on the District.
Prin. and
int. payable in lawful money.
The bonds are part of an authorized issue
of $272,000.
Enclose a certified check for $10,000, payable to the Chairman,
on
PURCHASE AGREEMENT MADE—s
PINELLAS COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. O.
Clearwater), Fla.—BOND OFFERING—Sealed bids will be received by
G, V. Fuguitt, Secretary of the Board of Public Instruction, until Aug. 19,
for the purchase of the following coupon general refunding bonds aggregat¬
ing $2,120,000:
Los Angeles
TULARE COUNTY SCHOOL
100.099
bridge revenue
of Chapman &
legality and regularity, and subject to the execution
of a satisfactory contract for the construction and erection of the bridge.
Dated July 1, 1940.
Due $2,000 in 1942 and 1943, $3,000 in 1944 to 1946,
$4,000 in 1947 to 1949, $5,000 in 1950 to 1952, and $6,000 in 1953 to 1960.
Wade, County Clerk, for the purchase of $110,000
ann.
Alameda Unified School
District bonds.
SALE—The
100.1099
1.40%
100.278
Cutler of Chicago, as to
OFFERING—Sealed bids will be received until
July
100.42
for the purchase at par of 4% semi-annual causeway and
certificates to the amount of $88,000, subject to the opinion
CALIFORNIA
(P.
100.03
1.40%
1.40%
'
FORT PIERCE, Fla.—BOND
Telephone WHitehall 3-3470
COUNTY
ALAMEDA
1.35%
It is stated by H. M. Horton, City Clerk-Treasurer, that an agreement ha,
been entered into between the city and Leedy, Wheeler & Co., of Orlando
York Representative
62 Wall St.
100.139
—NOTE SALE— The $170,000 coupon revenue
anticipation serial notes offered Aug. 2 were awarded to Jackson & Curtis
of Boston as 0.75s at a price of 100.098, a basis of about 0.73%.
Dated
June 30, 1940.
Denom. $1,000.
Due $34,000 annually on June 30 from
1941 to 1945 incl.
Prin. and int. (J-D 30) payable at the First National
Bank of Boston or at the New Britain National Bank, New Britain, at
holders' option.
Legality approved by Storey, Thorndike, Palmer &
Dodge of Boston.
Second high bid of 100.476 for Is was made by Putnam
BANKAMERICA COMPANY
San Francisco
100.16
1.35%
NEW BRITAIN, Conn
$300,000 bonds.
Due $5,000 in 1944 to 1947, $6,000 in 1948 to 1950,
$7,000 in 1951 to 1953, $8,000 in 1954 and 1955, $9,000 in 1956 to
1958, $10,000 in 1959, $12,000 in 1960, $13,000 in 1961, $14,000
in 1962, $15,000 in 1963, $16,000 in 1964, $17,000 in 1965, $18,000
in 1966, $19,000 in 1967, $20,000 in 1968, $21,000 in 1969, and
$23,000 in 1970.
47,500 bonds.
Due $2,000 in 1944 to 1950, $2,500 in 1951 to 1954,
$3,000 in 1955 to 1957, $3,500 in 1958 to 1960, and $4,000 in 1961.
California
100.06
1.35%
FLORIDA
with the call for tenders as of
$47,500 fair park swimining pool bonds.
Interest rate
5%, payable semi-annually.
The bonds will mature:
1.30%
1.40%
& Co. of Hartford.
and
100.067
Noyes
-
Lazard Freres & Co., Union Securities Corp. and
First of Michigan Corp
.4,
ARKANSAS
LITTLE ROCK,
100.149
1.30%
Northern Trust Co.,
Chicago and R. D. White & Co__
Kidder, Peabody & Co., Roosevelt & Weigold, Inc.,
and F. W. Home & Co
Lehman Bros., Phelps, Fenn & Co. and R. W.
Pressprich & Co
R. L. Day & Co., Stone & Webster and Blodget,
Inc., Cooley & Co. and Edward M. Bradley & Co.
Chemical Bank & Trust Co., Kean, Taylor & Co.
and Equitable Securities Corp
Shields & Co., B. J. Van Ingen & Co
Estabrook & Co. and Putnam & Co
Harriman Ripley & Co., Inc. and Hemphill,
Road Fund, through July 5,
Rate Bid
int. Rate
Bidder—
Jackson & Curtis, Spencer Trask & Co. and
R. YOTng&Oo
/
The Commercial & Financial
Chronicle
730
MOLINE, 111.—BONDS SOLD—An
tion and equipment bonds
was
issue of $37,500 hopsital
reconstruc¬
sold to the White-Phillips Corp. of
Davenport.
town banks.
MOLINE SCHOOL DISTRICT NO. 40. III.—BUND
SALE—'The issue
of $100,000 school site bonds offered
to the Northern Trust Co. of
LOUISIANA
July 29—V. 151, p. 584—was awarded
Chicago, as lHs, at par plus a premium of
$782, equal to 100.782, a basis of about 1.36%. Dated Sept. 1, 1940
and
due *10,000 on July 1 from 1941 to 1950 incl.
Second high bid of
100.668
for 1 Ms was made by the
White-Phillips Co. of Davenport.
BOSSIER PARISH CONSOLIDATED
(P.
revenue
O.
price of 100.77—V. 151. p. 448—mature as follows: $68,000
Sept. 1, 1943,
$69,000 March and $70,000 Sept. 1, 1944, $71,000 March and
$72,000
Sept. 1, 1945. $73,000 March and $74,000 8ept. 1, 1946. $74,000
March
and $75,000 Sept. 1, 1947,
$76,000 March and $77,000 Sept. 1, 1948,
$78,000 March and $79,000 Sept. 1, 1949, $80,000 March and
$81,000
Sept. 1,1950, $82,000 March and $83,000 Sept. 1,1951. and $18,000
March
1, 1952.
School
SCHOOL DISTRICT NO. 3
DETAILS—It is stated by the
the $85,000
building bonds
SALE
Board
that
EAST BATON ROUGE PARISH SEWERAGE
DISTRICT
Baton Rouge), La.—BOND ELECTION—The Police
called
ance
INDIANA
(P. O. Jeffersonville),
La.—BOND
Parish
sold to Barrow, Leary & Co. of
Shreveport at 100.017, as noted here—
V. 151, p. 585—were purchased as follows:
$28,000 maturing Aug. 1,
$2,000 in 1941 to 1944, $3,000 in 1945 to 1948, $4,000 in 1949 and
1950.
as 2^s; $25,000
maturing Aug. 1, $4,000 in 1951. $5,000 in 1952 to 1954,
$6,000 in 1955, as 3s; and $32,000
maturing Aug. 1, $6,000 in 1956 to
1958. and $7,000 in 1959 and 1960, as 3Hb.
ISSUE DETAILS—The $1,300,000
2)4%
refunding bonds sold to John Nuveen & Co. of Chicago, at a
CLARK COUNTY
Benton),
Secretary of the
SPRINGFIELD, III.—BOND
electric
Aug. 3, 1940
Manufacturers Trust Co., J. P. Morgan &
Co., and a large list of out of
(P.
O.
Jury is said to have
election for Aug. 27 in order to have the voters
pass on the issu¬
$300,000 in sewer bonds.
an
of
JEFFERSON DAVIS PARISH
ROAD DISTRICT NO.
5
(P.
O.
Jennings), La.—PRICE PAID—It is reported that the $220,000 road
bonds sold to Weil & Co. of New Orleans, as
414a—V.
Ind.—MATURITY—The
151, p. 585—were
purchased at par.
Due on June 1 in 1943 to 1965, incl.
It was reported subsequently that
Barrow, Leary & Co., of Shreveport,
headed the account offering the bonds, which included
C. W. McNear &
Co., of Chicago, White, Dunbar A Co., of New
Orleans, Walter, Woody
& Heimerdinger, of
Cincinnati, Scharff & Jones, of New Orleans, AllisonWilliams Co., of Minneapolis, Equitable Securities
Corp., Weil & Co., and
Jac P. Ducournau, both of New Orleans.
$12,000 5% warrants sold to the Clark County State Bank for
a premium
of $27.62—V. 151, p. 584—mature Jan.
1, 1941.
The Citizens Trust Co.
bid par for 5s.
KENTLAND, Ind.—BOND OFFERING— Robert Hufty, Town ClerkTreasurer, will receive sealed bids until 7:30 p. m. on Aug. 19 for the
purchase of $10,000 3% town bonds.
Denom. $500.
Due $500 July 1,
1941; $500 Jan. 1 and July 1 from 1942 to 1950 incl. and $500 Jan.
1, 1951.
Interest J-J.
A certified check for 3% of the bonds bid
for, payable to
payable to the Board of Trustees, must accompany each proposal.
JENNINGS, La .—PRICE PAID—It is reported that the $393,000
public improvement, water works and sewerage extension bonds sold to
Weil & co. of New Orleans, as
4)4»—V. 151, p. 585—were purchased at
par.
Due on Tune 1 in 1943 to 1985.
It was reported subsequently that
Barrow, Leary & Co., of
KNOX,
Ind.—BOND SALE—The $6,000 sewer
system improvement
bonds offered July 19—V. 151,
p. 281—were awarded to the Farmers
Bank & Trust Co. of Knox, as
3s, at par plus a premium of $90, equal to
101.50, a basis of about 2.55%.
Dated Aug. 15, 1940 and due $1,000 on
Aug. 15 from 1941 to 1946 incl.
Shreveport,
headed the account offering the bonds, which included
C. W. McNear &
Co., of Chicago, White, Dunbar & Co., of New Orleans,
Walter, Woody
Heimerdinger, of Cincinnati, Scharff & Jones, of New Orleans, AllisonWilliams Co., of Minneapolis, Equitable Securities
Corp.. Weil & Co., and
Jac P. Ducournau, both of New Orleans.
&
KOKOMO, Ind.—WARRANT
rants
SALE—The issue of $70,000 time war"
151, p. 584—was awarded to the Union Bank
Kokomo, at 0.50% interest, plus a
premium of $5.
Due
The Albert McGann Securities Co. or South Bend, second
named a rate of 0.75% and premium of $5.
oftered July 30—V.
& Trust Co. of
in 90
days.
high bidder,
MARYLAND
MONROE TOWNSHIP (P. O.
Spurgeon), Ind.—BOND SALE—'The
$42,000 bonds offered July 27—V. 151, p. 448—were awarded to
WASHINGTON SUBURBAN SANITARY
OFFERING—Perry Boswell, Chairman,
Browning,
Van Duyn, Tisehler & Co. of Cincinnati.
Sale consisted of:
$19,500 School Township building bonds.
Due $1,500 on Jan. 1 from 1942
to 1954, inclusive.
22,500 Civil Township community building bonds.
Due $1,500 on Jan. 1
from 1942 to 1956, incl.
All of the bonds will be dated July 1, 1940.
RICHLAND TOWNSHIP (P. O.
Argos), Ind.—BOND SALE—The
$47,000 school township building and civil township
community building
bonds offered July 31—V. 151, p. 584—were
awarded to the Fletcher Trust
Co. of Indianapolis.
Dated Aug. 1, 1940.
IOWA
BUTLER TOWNSHIP
UNION
INDEPENDENT SCHOOL DISTRICT (P. O. Clarksville), Iowa—BOND SALE—The
$2,300 building
bonds offered for sale on
July 29—V. 151, p. 5t5—were awarded as 3s
at a price of 101.304,
according to the District Secretary.
CARROLL INDEPENDENT SCHOOL DISTRICT
(P. O. Carroll),
Iowa—BONDS VOTED—At an election held on
July 23 the voters are
have approved the issuance ot
$100,00
construction bonds by a
will
receive
sewer
semi-annual swimming
of coupon
pool bonds offered for sale at public auction on
p. 5o5—was awarded to the Merchants National Bank of
Cedar Rapids as l)4s,
paying a premium of $25, equal to 100 047, a basis
of about 1.49%.
Dated July 1, 1940.
Due on Nov. 1 in 1942 to 1952.
July 29—V. 151.
CERRO GORDO COUNTY
(P. O. Mason City), Iowa—BOND
SALE—The $80,000 issue of hospital bonds
offered for sale on
Aug. 1
151, p. 585—was awarded to W. D. Hanna &
Co. of Burlington
as l)4s,
paying a premium of $850, equal to 101.002, a basis of about
1.31%
Dated Aug. 1, 1940.
Due on Nov. 1 in 1941 to 1949, and on
May 1 in 1950*
—V.
PETERSON, Iowa—BOND
OFFERING—Sealed and open bids will be
received until Aug. 5 at 8 p.
m., by Madia E. Richard, Town Clerk, for the
purchase of an $11,000 issue of sewer bonds.
Dated July 1, 1940.
Due
Nov. 1, as follows: $500 in 1941 and
1942, $1,00(. in 1943, $500 in 1944,
$1,000 in 1945, $500 in 1946, and $1,000 in
1947 to 1953.
The bonds are
callable on any interest
payment date after Nov. 1, 1946.
The town re¬
serves the right to issue
$10,000, $10,500 or $11,000 rrinciral amount of
bonds. Bids shall
specify the rate of interest at which the bidder will take
the bonds at par
plus accrued interest. Interest jajable
May and Nov. 1.
The bonds will be sold
subject to the opinion as to their legality of
Stipp.
Perry, Bannister & Starzinger of Des Moines, which
op inion will be delivered
with the bonds. A certified check
for 5% of the principal amount bid
upon
is required.
(This notice supplements the
offering report given here
151, p. 5o5.)
on
July 27—V.
CENTER, Kan.—BOND
an
NEODESHA, Kan.—BOND ELECTION—The
City Clerk
election will
be held on Aug. 6
improvement bonds.
to
vote on the
that
approved
Dodge of Boston.
GREENVILLE, Ky.—BONDS OFFERED TO PUBLIC—The Bankers
Bond Co. of Louisville is
offering for general subscription a $20,000 issue
coupon semi-ann. municipal
building corporation bonds at prices to
yield from 2.50% to 4%, according to
maturity.
Denom. $1,000.
Dated
July 1, 1940.
llue $1,000 July 1, 1941 to
1960, callable on any interest
due date upon 30
days' notice at par and accrued interest,
plus a premium
of 14. of 1 % for each
year or a fraction thereof from the
redemption date to
the stated date of
maturity.
Prin. and int. payable at the First
City Bank
& Trust Co.,
Hopkinsville.
Legality approved by Woodward, Dawson &
Hobson of Louisville.
These bonds are secured
by a closed 1st mortgage
lien on the land and
building, including all further additions, located in
Greenville.
The value of this
property is appraised at around
$60,000 which is a three to one
coverage on the bonds.
These bonds are
payable from and secured
by an exclusive pledge of the
gross income and
revenues derived
by lease of said property, on a
yearly basis to the Green¬
City Council, at a yearly rental of
$1,800 which is sufficient to pay
all interest and
principal on this bond issue when
ville
due.
PUBLIC
SCHOOL
CORPORATION
(P.
O.
OFFERED 'TO PcBLIC—An $82,000 issue
°f 3semi-ann. first mortgage refunding bonds is being offered
by AlmLouisville, for general subscription.
Dated Sept. 1, 1940.
3,000 In 1941 to 1943, $4,000
STni?VJ* M'oHows:
1944 to 1949; $5,000
1950 to
in
in
1954, and $6,000 in 1955 to
1958, callable
any interest payment date after
30 days' published notice
at 102.50 for
the first
on
three years, and thereafter
at par.
Prin. and int. payable at the
National Bank of
Elizabethtown.
Legality approved by
Grafton & Grafton of
Louisville.
First-Hardin
v
GEORGETOWN, Ma**.—NOTE
York,
and $1,000 from
^ Aug. 15, 1940,
^n'8wlle offering
on
$9,946,000 offered
ing
authorities
in
Puerto
Rico.
Associate members of the
Bank. National City Bank,
syndicate headed by the
bid of 0.45%.
The notes
and mature on Oct. 15, 1940.
was one of five housing authority issues totaling
The
Aug. 1.
remaining four
Chemical
&
ISSUE DETAILS—The $19,000 1
% %
1949 to 1955 incl.
MALDEN, Mass.—BOND OFFERING—J. Howard Hughes, City Treas¬
urer,
will receive sealed bids
until noon (DST) on
Aug. 5 for the purchase
$105,000 coupon bonds, dividend as follows:
$35,000 macadam and sidewalk bonds.
Due $7,000 on Aug. 1 from 1941
1945 incl.
35,000 water bonds.
35,000 sewer bonds.
Due $7,000 on Aug. 1 from 1941 to 1945
incl.
Due Aug. 1 as follows:
$4,000 from 1941 to 1945
incl. and $3,000 from 1946 to 1950 incl.
of the bonds will be dated
Aug. 1, 1940.
Denom. $1,000.
Bidder
name one rate of interest in a
multiple of )4 of 1%.
Prin. and int.
(F-A), payable at the First National Bank of Boston.
Legal opinion of
Ropes, Gray, Best, Coolidge & Rugg of Boston will be furnished the success¬
to
bidder.
of Boston purchased
issue of $212,000 1%%
coupon municipal relief bonds.
Dated Aug. 1.
1940.
Due Aug. 1 as follows: $22,000 from 1941 to
1946 incl. and $20,000
from 1947 to 1950 incl.
Prin. and int. (F-A), payable at the National
Shawmut Bank of Boston.
The bonds are unlimited tax
obligations of the
an
city.
were
sold by local hous¬
group
Guaranty Trust Co.,
are
Chase
Bankers
National
Trust Co.,
Legality approved by Ropes, Gray, Best, Coolidge & Rugg of Boston.
NORTHAMPTON, Mass.—BOND
SALE—The $45,000 coupon muni
cipal relief bonds offered July 29—V. 151, p. 586—were awarded
to the
Second National Bank of Boston, as
Is, at a price of 100.33, a basis of about
0.93%. Dated Aug. 1, 1940 and due Aug. 1 as follows:
$5,000 from 1941
to 1945 incl. and $4,000 from 1946 to
1950 incl. Other bids:
Bidder—
Merchants National Bank of Boston
Estabrook & Co
R. L.
R.
K.
Day & Co.._
Webster & Co
Int. Rate
1%
1)4%
1H%
IH%
Rate Bid
100.177
100.81
100.77
100.319
REVERE, Mass.—NOTE SALE— The issue of $500,000 notes offered
July 30—V. 151, p. 586—was awarded to the First National
Bank of
Boston, the only bidder, at 0.72% discount. Dated July 30, 1940 and due
$200,000 each on March 14 and April 10, and
$100,000 on May 6, all in
1941.
(
WALTHAM, Ma**.—NOTE SALE—An issue of $200,000 notes was
awarded July 31 to Leavitt & Co. of New
York, at 0.2619% discount.
Due in nine months.
Other bids: Merchants National Bank of
Boston,
0.28%; First National Bank of Boston, 0.31%; WTaltham National
Bank,
0.32%; Second National Bank of Boston, 0.346%; Waltham
Savings Bank,
0.35%.
MICHIGAN
CARSONVILLE SCHOOL DISTRICT, Mich —BONDSDEFEATED—
The proposal to issue $8,000
gymnasium construction bonds failed to obtain
the required two-thirds
majority at the election on July 23.
GRATIOT TOWNSHIP (P. O.
Detroit), Mich.—BOND OFFERING—
Eugene C. Piornack, Township Clerk, will receive sealed bids until
8 p. m.
Aug. 5 for the purchase of $35,000 not to exceed
4)4% interest water
supply system revenue bonds.
Dated Aug. 1, 1940.
Due Aug. 1 as follows:
$1,000 from 1943 to 1947 incl. and $2,000 from 1948 to 1962 incl.
Prin. and
on
Bank
Palmer
Boston.
a
on a
Thorndike,
GLOUCESTER, Mass.—BOND SALE—The issue of $120,000 coupon
municipal relief bonds offered July 31 was awarded to the Gloucester Na¬
tional Bank, as Is, at a price of
100.168, a basis of about 0.97%.
Dated
Aug. 1, 1940.
Denom. $1,000.
Due $12,000 on Aug. 1 from 1941 to
1950 incl.
Prin. and int. (F-A) payable at the Merchants National
Bank
of Boston.
Legality approved by Storey. Thorndike, Palmer & Bodge of
Boston.
Second high bid of 101.155 for l)4s was made
by Tyler & Co. of
HOUSING AUTHORITY (P. O. LouisSOLD—A total of
$8,056,000 temporary loan notes
»
Storey,
water main notes sold at par to the Merrimack
National Bank of Haver¬
hill—V. 151, p. 585—mature as follows:
$1,500 from 1941 to 1948 incl.
.LOUISVILLEMyNICIpAL
Ky.
NOTES
was offered for sale on
Aug. 1 and awarded to
Chemical Bank & Trust Co. of
New
by
BOND ISSUE DETAILS—The above issue was
reported to have originally
been sold to the National Shawmut Bank of
Boston at a price of 100.005.
The Second National Bank of Boston bid
100.368 for Is.
MEDFORD, Mass.—BOND SALE—Tyler & Co.
of 4%
stedt Bros, of
Commission
MASSACHUSETTS
ful
COUNTY
Md.—BOND
the
All
states
issuance of $112,000 in
KENTUCKY
JoZ™ h oyn)' Ky.—BONDS
that
Owens
CAMBRIDGE, Mass.—BOND SALE—The Mercantile-Commerce Bank
& Trust Co. of St. Louis purchased
$400,000 V* % street construction bonds
and reoffered them to yield from
0.20% to 0.90%. according to maturity.
Dated Aug. 1, 1940.
Denom. $1,000.
Due $80,000 on Aug 1 frero 1941
to 1945 incl.
Prin. and int. (F-A) payable at the National
Shawmut
Bank of Boston.
Legality
to
ELECT 1 ON—The issuance of
$150,000
in power plant imp rovement bonds
will be submitted to the voters
at an
election scheduled for
Aug. 5, according to report.
power plant
DISTRICT,
announces
on
of
KANSAS
CLAY
office
construction purposes.
.
#
its
Masslich & Mitchell of New York City will be
furnished the successful
bidder.
A certified check for 1
% of the bonds, payable to order of the Com¬
mission, is required.
Issued under authority of Chapter 122 of the 1918
Acts of the General Assembly of
Maryland, as amended, for water main and
wide margin.
Iowa—BOND SALE—The $53,000 issue
at
Ave., Hyattsville, until
3 p.m. (EST) on Aug. 9, for the purchase of
$750,000 2%% coupon series
"UU" water and sewer bonds.
Dated Sept. 1, 1940.
Denom. $1,000.
Due
Sept. 1 as follows:
$15,000 from 1941 to 1950, incl. and $20,000 from 1951
to 1980, incl.,
Principal and interest (M-S) payable at the Equitable Trust
Co., Baltimore, or at the Chemical Bank & Trust
Co., New York.
Registerable as to principal only.
General obligations; unlimited tax.
Exempt from taxation by the State of Maryland and by the countries and
municipalities in the State; unconditionally guaranteed as to both
principal
and interest by
Montgomery and Prince George's Counties by endorse¬
ment on each bond; form of bonds
substantially the same as bonds of the
last preceding series.
Bonds will be delivered on or about
Sept. 15 at place
of purchaser's choice.
Application has been made to the Public Service
Commission of Maryland for its
approval of this issue.
Legal opinion of
said to
CEDAR RAPIDS,
bids
sealed
Volume
The Commercial
151
Bids will be
int. (F-A), payable at the National Bank of Detroit.
purchased by the State Board of Land Commissioners as 334s, at par.
Dueon July 1 in 1940 and on Jan. and July 1,1941 to 1960; callable at any
time after July 1, 1950.
received
price which will produce a net interest cost of not exceeding 6%. per
Township will furnish printed bonds and legal opinion of Miller,
Canfield, Paddock & Stone of Detroit.
A certified check for $1,000,
payable to order of the township, must accompany each proposal.
at
a
annum.
NEBRASKA
Mich.—BOND
SALE—The
$148,250
20—V. 151, p. 586—were
awarded to an account composed of Cray, McFawn & Petter, McDonald,
Moore & Hayes, and the D. G. Babbitt & Co., all of Detroit, at a price of
100.038 for a combination of 3s, 3Ms and 3 Ms, or a net interest cost of
about 3.31%. Dated Aug. 1, 1940. One bond for $250, others $1,000 each.
Due Aug. 1 as follows: $4,250 in 1941; $5,000, 1942 to 1964, 2nd.; $9,000
in 1965 and $10,000 in 1966 and 1967. All of the bonds maturing in the years
1951 to 1960, incl., shall be redeemable on any interest date on or after
Aug. 1, 1950. and the 1961 to 1967 maturities, incl., shall be redeemable
on any interest date on 14 days* notice; all redemptions to be in inverse
HUNTINGTON
WOODS,
HASTINGS, Neb.—BOND SALE DETAILS—It is reported that the
$50,000 refunding bonds sold to the Mortgage Investment Co. of Hastings,
as noted here—V. 151, p. 586—were purchased as 2Ms, are dated July 1,
1940, and mature on July 1 in 1943 to 1948; callable on and after July 1,
general obligation refunding bonds offered July
1945.
Prin. and int. (J-J) payable at the County Treasurer's
Legality to be approved by Chapman & Cutler of Chicago.
Denom. $1,000.
office.
HONEY CREEK CONSOLIDATED SCHOOL DISTRICT (P. O.
Dawson) Neb.—BOND ELECTION—It is said that an election will be
on Aug. 13 to vote on the issuance of $10,000 community house and
held
numerical order.
gymnasium bonds.
PONTIAC, Mich.—BOND CALL—Oscar Eckman, Director of Finance,
that various number series A refunding bonds of 1934, dated
March 1, 1934, due March 1, 1964. and subject to redemption at par and
accrued interest on any interest payment date, have been called for pay¬
ment on Sept. 1, 1940.
Bonds were selected for redemption by lot as pro¬
vided for in the resolution authorizing their issuance, and should be pre¬
sented for payment at the National Bank of Detroit, Detroit.
%
announces
PORT
HURON,
Mich.—BOND
SALE—The
$71,000 coupon
bond8
July 19—V. 151, p. 282—were awarded to the First of Michigan
Corp. of Detroit, at par plus a premium of $133.77, equal to 100.188, for
$51,000 lMs, due from 1941 to 1943 incl., and $20,000 Is, due from 1944
offered
to
Rate of Int.
Bidder—
1M%
1M%
1M %
IH%
1M%
1M%
134%
al 34%
1bl%
Chas. A. Parcells & Co., Detroit
/al34 %\
\blM%J
Miller, Kenower & Co., Detroit
—134%
Harriman, Ripley & Co., Chicago
T34%
Paine, Webber & Co., Detroit
134 %
First of Michigan Corp., Detroit
fal34%\
1 bl %
J
a For $51,000 due 1941-1943.
b $20,000 due 1944-1947.
Halsey, 8tuart & Co., Chicago
Ryan, Sutherland & Co.'1, Toledo
Stranahan, Harris & Co., ToledoJohn Nuveen & Co., Chicago
Channer Securities Co., Chicago
Cray, McFawn & Petter, Detroit
McDonald, Moore & Hayes, Inc., DetroitBraun, Bosworth & Co., Toledo
—
—
__
— .
Premiupi
$101.53
149.00
88.00
308.25
87.00
157.83
81.65
24.00
3.00
272.10
201.30
206.00
3.56
133.77
Minneapolis,
4407
Ave.)
Minn.—
main improvement war¬
rants offered for sale on July 29—V. 151, p. 586—were purchased by the
W. G. S hanke Co. of Minneapolis, at a price of 100.076, a basis of about
5.98%. Due in 1942 to 1950 incl.
Minn.—BOND
OSAKIS,
SALE— The
$10,000
special improvement
1.50, p. 2920—are said to have been
6—V.
purchased by Mairs-Shaughnessy & Co. of St. Paul as 2 34s at a price of
100.50, a basis of about 2.43%, contingent upon approval of legality by
qualified attorneys.
Due $1,000 on June 1 in 1943 to 1952, inclusive.
MISSISSIPPI
BOONEVILLE,
$330.00
303.00
National State Bank
236.30
McBride Miller & Co
H. L. Allen & Co
Minsch Monell & Co., Inc
John B. Carroll & Co
192.60
186.13
Miss.—BONDS SOLD—A $30,000 issue of 4M%
bonds is said to have been purchased by Leftwich
Dated May 1, 1940.
—.—
2 34'
234'
2 34'
- —
234'
Campbell & Co
H. B. Boland & Co
Dougherty Corkran & Co
Halsey Stuart & Co., Inc
— —
H. L. Schwamm & Co
...
COUNTY (P. O. Columbia) Miss.—BOND OFFERING—
bids will be received by the Clerk of the Board of Supervisors,
Sealed
according to report, until Aug. 5, for
MOSS
voters
POINT,
will
Miss.—BOND
be called
upon
natural gas system revenue
the purchase of $27,500 funding bonds.
ELECTION—It
is reported
that the
to pass on the proposed issuance of $80,000
bonds at an election scheduled for Aug. 20.
COUNTY (P. O. Newton), Miss .—PRICE PAID—It is
the Chancery Court that the $38,000 334% seminegotiable road improvement notes sold to Edward Jones & Co. of
Jackson, as noted here—V. 151, p. 586—were purchased at par.
Due on
Sept. 1 in 1941 to 1944.
NEWTON
150.60
PATERSON, N. J.—BOND SALE—The First
77.00
Par
National Bank of New
1—-
York was the successful bidder at the offering of $299,000 bonds on Aug.
V. 151, p. 587, on a tender for $298,000 bonds as 2s. at a price of
100.554,
a
basis of about 1.89%.
Sale consisted of:
$184,000 general improvement
to 1950 incl.
All of the bonds are dated
bonds. Due In annual instalments
from 1941
Due in annual instalments
from 1941
bonds.
Other bids:
incl. and $28,000 in 1949.
Due $30,000 from 1941 to
Aug. 1, 1940.
Rate Bid
Bid For
Int. Rate
299
Bidder—
John B. Carroll & Co., C. C.
2%
2%
100.18
2%
100.10
100.052
2%
234 %
100.02
101.754
Collings & Co.
and Buckley Bros
Adams & Mueller
299
Co.
&
Corkran
and
Charles
—
C. A. Preim & Co-___
Institution
Shields & Co. and H. B. Boland & Co
Lehman Bros, and Mercantile-Commerce
Patterson Savings
299
299
299
294
100.131
Minsch, Monell & Co
297
2 34%
100.855
297
2 34%
100.703
297
Bank & Trust Co
H. L. Allen & Co., J. S.
234%
100.70
298
234%
100,628
298
2 34%
100.605
298
2
k%
100.56
100.361
100.65
Rippel & Co. and
—
Halsey, Stuart & Co. and First of Michigan
Corp-——
--------Blair & Co., Inc., B. J. Van Ingen & Co.
and MacBride, Miller & Co
Kean, Taylor & Co., Hemohill, Noyes &
Co. and Van Deventer Bros.
.
234%
2A %
298
Campbell. Phelps & Co..
Citizens Trust Co. of Paterson
298
Jr.,
Kerr
8, for the
or
$11 ,oUU
incl.
not to
1940.
oonds of
each.
1949
No. Bonds
& Ross of Memphis, at par.
MARION
612.00
202.80
234'
234'
234'
—
Elizabethoort Banking Co
Central Home Trust Co
semi-ann. sewer extension
COLUMBIA, Miss.—BONDS SOLD—A $200,000 issue of 234% semi¬
annual armory construction bonds is reported to have been purchased by
the First National Bank of Memphis, paying a price of 100.017.
866.40
696.48
660.60
656.89
Butcher & Sherrerd-
First National Bank of Paterson
Curve
WARRANT SALE—The $1,300 6% annual water
bonds offered for sale on May
Premium
Clark & Co
MINNESOTA
O.
Other bids were as follows:
Aug. 1,1940.
Bidder
Elizabeth Trust Co
Dougherty,
(P.
registered
Rlppel &
100.881, a
$44,000 general obligation improvement bonds.
Due Aug. 1 as follows:
$3,000 from 1941 to 1948. incl. and $4,000 from 1949 to 1953, incl.
16,000 sewer bonds.
Due $1,000 on Aug. 1 from 1941 to 1956, incl.
114,000 street improvement
to 1950 incl.
.
(P. O. Detroit), Mich.—BONDS SOLD—The
$75,000 military hangar and addition revenue bonds for which no bids were
received May 14—V. 150, p. 3241—have since been sold as 4s, at par, to
Matthew Carey & Co. of Detroit. Dated Jan. 1, 1940. Due $5,000 on Jan. 1
from 1942 to 1956 incl.
Callable on any interest date at par and accrued
interest, plus a premium of 34 of 1% per year or fraction thereof from date
of redemption to date of maturity.
COUNTY
MORNINGSIDE
NEW JERSEY
All of the bonds bear date of
$49,000 special assessment paving bonds.
Due July 1 as follows: $17,000
in 1941 and $16,000 in 1942 and 1943.
22,000 paving bonds.
Due July 1 as follows: $2,000 in 1943 and 1944
and $6,000 from 1945 to 1947 incl.
All of the bonds will be dated July 1, 1940.
Other bids:
WAYNE
f^
ELIZABETH, N. J .—BOND SALE—The $60,000 coupon or
450—were awarded to J. S.
premium of $538.60, equal to
basis of about 1.62%.
Sale consisted of:
bonds offered July 30—V. 151, p.
Co. of Newark, as 134s, at nar plus a
Sale consisted of:
1947 incl.
731
& Financial Chronicle
exceed
t)%
interest coupon
Dated Aug. 1, 1940.
or
Borough
purchase
reKwwreu iinri"»
One bond for
$1.000. others $750
1942 to 1955.
Due Aug. 1 as follows:
$1,000 in 1941 and $750 from
Bidder to name a single rate of interest, expressed in
a
multiple of
Principal and interest (F-A) payable at the Borough Treasurer s
Second National Bank & Trust Co., Red Bank. The sum
required to be obtained at sale of the bonds is $11,500.
The bonds are
unlimited tax obligations of the borough and the approving lega opinion
of Apr legate, Stevens, Foster & Reussille of Red Bank will be furnished the
successful bidder.
A certified check for 2% of the amount of bonds offered,
payable to order of the borough, must accompany each proposal.
34 of 1 %.
office
or
at the
stated by the Clerk of
ann.
MnaitiiMl lands
Miss.—MATURITY—The Chancery
bonds sold to Lewis & Co. of Jack¬
son, as 234s. at 100.106, as noted here—V. 151, p. 586—are due on Aug. 1
as follows:
$2,500 in 1941, and $3,000 in 1942 to 1948, giving a basis of
PIKE COUNTY (P. O. Magnolia)
76 BEAVER STREET
CALL—It is
stated by R. S. Pitts, Jr., Clerk of the Board of Supervisors, that he is
calling for payment at par and accrued interest, on Sept. 1, at the First
National Bank, Pontotoc, $730,000 (of an authorized issue of $1,148,500)
par value of refunding bonds, bearing date of Mar. 1, 1935, bearing int°r38t
at the rate of 4% per annum, and maturing on Mar. 1, 1960 (with ri ht
of prior redemption as reserved therein), being all of the bonds of the issue
outstanding.
Interest ceases on date called.
PONTOTOC COUNTY (P. O. Pontotoc), Miss.—BOND
ST.
LOUIS, Mo.—BOND CALL—It is stated by Arthur C. Meyers,
Acting Secretary of the Board of Estimate and Apportionment, that he is
calling for payment on Sept. 1, at the Guaranty Trust Co., New York,
relief bonds in the aggregate amount of $725,000, bearing interest at the
rate of 2H %. M. & S., dated Sept. 1, 1935, of the denomination of $1,000
each, and numbered and maturing as follows:
incl.
1050, incl.
td 1425, incl.
350,000
25.000
1
to
701
350,
to
1401
Maturity
Sept. 1. 1941
Sept. 1, 1942
Amount
$350,000
Bond Numbers
Sept. 1, 1943
part of an authorized issue of $3,600,000 of relief bonds
by the city pursuant to Ordinance No. 40559, approved May 7,
Interest ceases on date called.
The bonds are
issued
1935.
BOZEMAN, Mont.—BONDS TO BE SOLD—It is
reported that the State
Armory Board will sell $92,000 bonds through the Union Bank & Trust Co.
of Helena, and Kalman & Co. of Minneapolis, for the construction of an
armory
NEW
VOTED—At an election held on July 16
have approved the issuance of $18,000 jail bonds.
the voters are said to
MONTANA, State of—BOND ELECTION—At
to be held on Nov. 5 the voters will be called upon to
of $850,000 in State College Building bonds.
the general election
ballot on the issuance
MINERAL COUNTY SCHOOL DISTRICT NO. 10 (P. O. Haugan)
Mont.—BOND SALE—The $4,000 issue of construction and equipment
bonds offered for sale on June 24—V. 150, p. 4010—is said to have been
YORK
BROWNVILLE UNION FREE SCHOOL DISTRICT
Dexter), N. Y —BOND OFFERING— Gertude E. Wood,
will receive sealed bids until 2 p. m. (DST) on Aug. 9, for
$60,000
not
to
exceed 6% interest coupon or
NO. 7 (P. O.
District Clerk,
the purchase of
registered school bonds,
divided as follows:
$40,000 series A bonds. Due Aug. 1 as follows: $2,000
incl. and $3,000 from 1946 to 1955, inclusive.
from 1941 to 1945.
f
,
,
Due $2,000 on Aug. 1 from 1941 to 1950, inclusive.
All of the bonds will be dated Aug. 1, 1940.
Denom. $1,000. Bidder to
name a single rate of interest, expressed in a multiple of 34 or l-10th of 1 %.
Principal and interest (F-A) payable at the First National Bank, Dexter,
with New York exchange.
The bonds are general obligations of the district
payable from unlimited taxes.
A certifed check for $1,200 payable to
order of the district, must accompany each proposal.
The approving legal
opinion of Dillon, Vandewater & Moore of New York City will be furnished
20,000 series B bonds.
successful bidder.
CHESTERFIELD (P. O. Keeseville), N. Y.—BOND SALE POST¬
PONED—The sale of $30,000 not to exceed 5% interest judgment funding
and overpass bonds, originally scheduled for July 31 as noted in—V. 151,
p. 587—was postponed to Aug. 6.
DEPEW, N. Y.—BOND
building in Bozeman.
CUT BANK, Mont.—BONDS
NEW YORK, N. Y.
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
Bell
the
MONTANA
Government Bonds
Tilney & Company
about 2.48%.
MISSOURI
-
Honsinf Authority Bonds
Clerk states that the $23,500 refunding
SALE—The $14,850 coupon or registered bonds
to the Manufacturers &
offered July 26—V. 151, p. 587—were awarded
Traders Trust Co. of Buffalo, as 2s, at a price of
1.96%.
100.158, a basis of about
Sale consisted of:
$10,000 improvement bonds. Due Aug. 1 as follows: $1,500 from 1941 to
1945, incl. and $500 from 1946 to 1950, inclusive.
2,850 village hall bonds.
Due Aug. 1 as follows: $350 in 1941 and $500
from 1942 to 1946, inclusive.
■ •
„
2.000 water bonds. Due $500 on Aug. 1 from 1941 to 1944,
All of the bonds will be dated Aug. 1, 1940.
Other bids:
,
Inclusive.
The Commercial & Financial Chronicle
732
Bidder—
Int. Rate
C. E. Weinig, White & Co
Citizens National Bank of Lancaster—
E. H. Rollins & Sons, Inc
Rate Bid
100.02
2.60%
100.537
100.218
3%
pensation to the inhabitants thereof.
The bonds are general obligations
payable from unlimited taxes.
The probable period of usefulness of the
purpose for which the bonds are issued is not less than 30 years from June 1,
GREENBURGH
(P. O. Tarrytown), N. Y'—BOND SALE—'The
$161,360 coupon or registered bonds offered July 31—V. 151, p. 587—were
awarded to A. C. Allyn & Co., Inc. and E. II. Rollins & Sons,
Inc., both
of New York, jointly, as 2.70s, at a price of 1C0.111, a basis of about
2.68%.
1940.
Sewer District
bonds.
Denom.
$1,000.
Due
as follows: $3,000 from 1941 to 1956 incl.; $2,000 from
1957
1968 incl., and $1,000 in 1969.
Bonds are general obligations
of the town, payable in the first instance from a levy upon
property
in the district but if not paid from such levy, then all of the
town's
taxable property will be subject to levy of unlimited ad
valorem
taxes in order to meet principal and interest charges.
25,000 Greenville Sewer District Extension bonds.
Denoms. $1,000 and
$500.
Due Jan. 1 as follows: $1,000 from 1941 to 1947
incl.,
and $1,500 from 1948 to 1959 incl.
Bonds are general obligations
of the town, payable in the first instance from a levy upon
property
in the district but if not paid from such levy, then all of the
town's
taxable property will be subject to levy of unlimited ad
valerom
taxes in order to meet principal and interest charges.
63,360 Hartsdale Lawns paving bonds.
One bond for $360, others $1,000
each.
Due Jan. 1 as follows: $7,360 in 1941, and $7,000 from
1942 to 1949 incl.
Bonds are general obligations of the
town,
payable in the first instance from a levy upon property in the dis¬
trict but if not paid from such levy, then all of the town's
taxable
property will be subject to levy of unlimited ad valorem taxes in
order to meet principal and interest charges.
All of the bonds bear date of July 1. 1940, and were
reoffered to yield
from 0.50% to 2.90%, according to maturity.
Other bids:
Bidder—
Int. Rale
and will take office the following Jan. 1.
,
WATERTOWN, N. Y.—BOND OFFERING—D. C. Ayres, City Treas¬
will receive sealed bids until noon (DST) on Aug. 9 for the purchase of
$260,000 not to exceed 6% interest coupon or registered bonds, divided as
urer,
follows:
100.16
3%
3M%
County Trust Co. of White Plains
HOOSICK (P. O. Hoosick
RYE, N. Y.—VOTES CITY STATUS—At a special election on July 30
the new charter whereby tne village will become a
1, 1942.
The change was approved by a vote of 1,206 to
34.
City officials will be determined at an election in November, 1941,
city on Jan.
Rale Bid
2%%
forms which may be obtained from the
the voters approved
100.429
$163,000 series of 1940 public welfare (Home relief) bonds. Due Aug. 1 as
follows:
$15,000, 1941 to 1943 incl.; $14,000, 1944 and 1945;
$21,000, 1946 and 1947, and $16,000 from 1948 to 1950 incl.
97,000 series of 1940 public works bonds. Due Aug. 1 as follows: $15,000,
1941 to 1943 incl.; $16,000 in 1944 and 1945 and
$4,000 from
George
B. Gibbons & Co...
on
PORT OF NEW YORK AUTHORITY, N. Y.—REJECTS BID FOR
$4,000,000 NOTES—The one Did submitted July 30 on an offering of
$4,000,000 notes was rejected by the Finance Committee, for the reason,
as stated by Frank C. Ferguson, Chairman of the
Authority, that there
was no competition in the
bidding.
The offer was made by the National
City Bank of New York and ttie Chase National Bank, in joint account,
and figured an average annual interest cost to tne
Authority of 1.46%.
The Finance Committee decided to postpone the sale
indefinitely.
The
notes were to be dated Aug.
1, 1940, and mature $800,000 annually on
March 1 from 1942 to 1946, incl.
Proceeds were to be used to retire approx¬
imately $4,000,000 of series F and FF Port Authority bonds, issued to the
States of New York and New Jersey in settlement of advances made
by
tnem in connection with construction of the George
Washington Bridge.
The bonds mature March 1, 1941.
Jan. 1
to
Marine Trust Co. and R. D.White & Co
Manufacturers & Traders Trust Co. and
Bids must be submitted
City Chamberlain, or from Caldwell & Raymond, of New York.
The
approving opinion of Caldwell & Raymond, of New York, will be furnished
Enclose a certified check for $5,720, payable to the city.
Sale consisted of:
$73,000 Hartsdale Lawns
Aug. 3, 1940
struction of an electric power plant and distribution system,
together with
the necessary facilities for furnishing electric energy to the city and for com¬
100.003
Falls), N. Y.—BOND SALE—The $24,000
1946 to 1950 incl.
coupon or registered public works bonds offered July 30 were awarded to
E. II. Rollins & Sons, Inc., New York, as 1.20s at a
All of the bonds will be dated Aug. 1, 1940.
Denom. $1,000. Bidder to
single rate of interest, expressed in a multiple of M or l-10th of 1
price of 100.12, a
basis of about 1.14%.
Dated Aug. 1,1940.
Denom. $1,000.
DueFeb. 1,
as follows:
$5,000 in 1941 and 1942, and $7,000 in 1943 and 1944.
Prin.
and int. (F-A) payable at the Peoples-First National
Bank, Hoosick Fans,
with New York exchange.
Logaiity approved by Dillon, Vandewater &
Moore of New York City.
Other bids:
R. D. White & Co., 100.05 for
1.20s; George B. Gibbons & Co., Inc., 100.04 for 1.40s.
name a
%.
Principal and interest (F-A) payable at the Northern New York Trust Co.,
Watertown, with New York exchange, or at the Marine Midland Trust Co.,
The bonds are general obligations of the
city, payable from
unlimited taxes. A certified check for $5,200,
payable to order of the city,
must accompany each proposal.
The approving legal opinion of Dillon,
Vandwater & Moore of New York City will be furnished the successful
New York.
MINEOLA, N. Y.—BOND OFFERING—Dwight G. Hunt, Village Clerk,
bidder.
will receive sealed bids until 2 p. m.
(DST) on Aug. 13 for the purchase
$15,000 not to exceed 5% interest coupon or registered fire truck bonds.
✓
of
Dated Aug. 1, 1940.
Denom. $1,000.
Due $3,000 on Aug.
to 1945 incl;
Bidder to name a single rate of interest,
a
mul¬
NEW YORK
N. Y.—BOND OFFERING—
Joseph D. McGoldrick, City
Comptroller, will receive sealed bids at his office in the
Municipal Building
until noon (DST) on Aug. 6 for the
purchase of $30,000,000 not to exceed
4% interest bonds, divided as follows:
$3,000,000 rapid transit railroad construction bonds.
Due $100,000 an¬
nually on Aug. 1 from 1941 to 1970 incl.
18,000,000 bonds, including $8",000,000 for construction of schools
and
$10,000,000 for various municipal purposes.
Due $725,000 an¬
nually on Aug. 1 from 1941 to 1965 incl.
4,500,000 various municipal purposes bonds.
Due $300,000 annually on
Aug. 1 from 1941 to 1955 incl.
4,500,000 various municipal purposes bonds.
Due $450,000 annually on
Aug. 1 from 1941 to 1950 incl.
All of the bonds will be dated
Aug. 1, 1940. They will be issued in
coupon
form in $1,000 denoms., or in
fully registered form in units of $1,000 or
multiples thereof.
Coupon serial bonds may be exchanged for
registered
bonds, but are not interchangeable.
Rate of interest
to be expressed in a
Bids for the entire issue offering to
purchase "all
multiple of M of 1%.
or
any part" of such issue may also submit a bid for "all
or none" of the
bonds, which bid must state not more than one rate of
interest.
check
YORK
State of)—BOND SALE—The
$15,000,000 State Institu¬
tions building bonds offered
July 30—V. 151, p. 451—were awarded to a
syndicate composed of the National
City Bank of New York, First National
Bank, Bankers Trust Co., llarriman
Ripley & Co., Inc., First Boston Corp.,
Smith, Barney & Co., Halsey, Stuart &
Co., Inc., Lazard Freres & Co. and
Corp. all of New York, as lMs, at 100.0411, a basis of
about 1.4968%.
Dated Aug. 1, 1940 and due
$600,000 annually on Aug. 1
from 1941 to 1965
the Union Securities
incl.
Terms of the sale
represented
for bonds of similar
maturity.
a
CAROLINA
AVERY COUNTY (P. O. Newland) N. C.—NOTES
SOLD—The First
National Bank of Clover, S. C., is said to have
purchased on July 30 a
$5,000 issue of revenue anticipation notes at 6%, plus a premium of
$51.
Due in six months.
LEXINGTON, N. C.—BOND SALE—The bonds aggregating $349,000
offered for sale on July 30—V. 151, p. 588—were awarded to a
syndicate
composed of Scott, Horner & Mason of Lynchburg,
Wells-Dickdy Co.
of Minneapolis, McAlister, Smith & Pate of
Greenvihe, and Mullaney,
Ross & Co. of Chicago at a price of
100.19, a net interest cost of about
3.57% on the bonds divided as follows:
$138,000 refunding water and light bonds as 3 Ms, maturing annually
$10,000 1948 to 1953, incl., $18,000 1954, $30,000 1955, and
$30,000 1956.
i
181,000 refunding street and sidewalk bonds as 3 Ms and 3 Ms, maturing
annually, $5,000 1946, $15,000 1957 to 1950 incl., $30,000 1951,
$30,000 1952, $35,000 1953, and $21,000 1954.
15,000 refunding bonds as 3 Ms, maturing $5,000 1946 and $10,000 1947.
15,000 refunding school bonds as 3 Ms, maturing $10,000 1949 and
$5,000 1950.
SHELBY SCHOOL DISTRICT (P. O.
Shelby), N. C.—BOND SALE
—The $75,000 coupon semi-ann. school bonds offered
for sale on July 30
—V. 151, p. 588—were awarded to F. W.
Oraigie & Co. of Richmond, as
2Ms, paying a premium of $297,751, equal to 100.396, a basis of about
2.46%.
Dated July 1, 1940.
Due on July 1 in 1944 to 1957 incl.
A certified
for 2% of the bonds bid
for, payable to order of the City Comptroller,
must
accompany each proposal. Sale of these bonds will not increase the
city's debt within the constitutional 10% limitation.
NEW
NORTH
1 from 1941
expressed in
tiple of M or l-10th of 1%.
Prin. and int. (F-A) payable at the First
National Bank, Mineola, with New York
exchange.
A certified check for
$300, payable to order of the village, must accompany each
proposal.
The approving legal opinion of Dillon,
Vandewater & Moore of New York
City will be furnished the successful bidder.
record low rate
BONDS PUBLICLY
OFFERED—The successful banking group reoffered
0.15% to 1.65%, according to maturity. The under¬
good demand for the obligations, two-thirds of the
issue
having been distributed by the close of business on the
day of the award.
OTHER BIDS—In addition to the
successful National City Bank
bid,
the State received four other offers
for the bonds.
Second high bid of
102.229 for lMs was made
by an account composed of the Bank of the
the bonds to yield from
writers reported a
Manhattan Co., New York;
Ladenburg, Thalmann & Co., C. J. Devine
5V ■£'*
•
4 Rollins & Sons, Inc., B. J. Van Ingen & Co., Inc. and Adams,
MeEntee & Co., Inc. Third in the
competition with a tender of 102.111 for
l^s was a syndicate which included Lehman
Bros., Guaranty Trust Co. of
New York, Phelps, Fenn & Co..
Inc., Eastman, Dillon & Co., Paine, Web¬
ber & Co.,
Tucker, Anthony & Co., Jackson & Curtis, Charles Clark &
Co.,
Campbell, Phelps & Co., Illinois Co. of
Chicago, Wisconsin Co. of Mil¬
waukee, Dougherty, Corkran & Co. and
Commerce Trust Co. of Kansas
City.
NORTH
DAKOTA
BEULAH SCHOOL DISTRICT NO. 27
(P. O. Beulah), N.
BOND OFFERING—Both sealed and oral bids were
received until
at 2 p. m., by B. A. Anderud, Clerk of the School
Dak.—
Aug. 3,
Board, for the purchase
of $34,000 not to exceed 4% semi-ann.
refunding bonds.
Dated Aug. 1
1940.
Dueon Aug. 1 as follows: $4,000 in 1941 to
1948, and $2,000 in
1949^
WHEATLAND SCHOOL DISTRICT NO. 3
(P. O. Devils Lake),
N. Dak.—BOND OFFERING—Sealed and oral bids will be
received until
Aug. 9. at 2 p. m„ by B. A. Reiter, District Clerk, at the office of the
County Auditor in Devils Lake, for the purchase of $24,000 not to exceed
4% semi-ann. funding and refunding bonds.
Dated July 1, 1940.
Denom.
$1,000.
Due July J, as follows: $1,000 in 1943 to 1952, and
$2,000 in 1953
to
1959.
Prin. and int. payable at any suitable bank or trust
company.
The District will furnish the executed bonds and the
approving legal opinion
of
Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis, without
purchaser.
A certified check for not less than
2% of the bid,
payable to the District, is required.
An issue of $20,000 for a like
purpose was offered on July 19, for which
all bids received were
rejected.
cost to the
o
The firm of J P.
Morgan &
and the final bid of 101.8399
sisted
Barr
in
Co., Inc. made an offer of 101.8713 for
l^s,
for lMs came from a
syndicate which con¬
part of the Chase National Bank of
New
Bros
& Co., R. W.
York, Hallgarten & Co.,
Pressprich & Co., Salomon Bros. & Hutzler,
Chemical Bank & Trust
Co., Blair & Co., Inc., Blyth &
Co., Marine Trust
Co. of Buffalo, Manufacturers
Trust Co., New York, Northern Trust
Co.,
Chicago, Harris Trust & Savings Bank,
Chicago, Kidder, Peabody & Co.,
and Estabrook & Co.
—BOND SALE—The $22,000 water bonds offered
p. 451—were awarded to E. H.
Rollins & Sons, Inc.,
70s, at a price of 100.19, a basis of
about 1.67%.
Dated
July 1, 1940 and due $2,000 on July 1 from
1941 to 1951, incl.
t
July 26—-V.
New York
,
1
J-J1— Marine Trust Co.
1.75% and
'
151,
as
premium
of Buffalo,
of $33.25.
second high bidder, named
OLEAN, N.
Y^—BOND OFFERING—L. A. Hettrick, Depty
58 receive sealed bids until 2 p. m. (DST) on Aug. 7, for the
$29,000 not to exceed 6
% interest
a
rate
of
City Clerk,
purchase of
coupon or registered public
improvement
July 1
1940
Denom. $1,000.
Due July 1 as follows:
1941 and 1942; $2,000 in
1943 and $3,000 from 1944 to
1950, incl.
if0inwraena-sl"!?
rat5 -°^ interesC expressed in a multiple of M of
l-10th of 1%.
Principal and interest (J-J)
payable at the Chase National
Bank, New York City.
The bonds are geneneral
obligations of the city,
Payable from unlimited taxes. A certified check for $580, payable to order
of the city, niust
accompany each proposal.
Legal opinion of Dillon,
Vandewater & Moore of New York
City will be furnished the successful
bidder.
bonds■
$3,000
Dated
in
i
Mv -.-v
n
^
PLATTSBURGH, N. Y.—BOND
receive
Chamberlain, will
sealed
bids
OFFERING—Susan E. Arthur, City
until 3 p.
m.
(DST) on Aug. 7 for
interest coupon or registered
electric power plant bonds
Dated June 1, 1940.
Denom. $1,000
Due
June 1, as follows: $15 000 in
1941, $16,000 in 1942, and $17,000 in
1943 to
1957.
Rate of interest to be in a
multiple of M or l-10th of 1%, and must
be the same for all of the bonds.
Prin. and int. payable at
the City Cham¬
berlain s office, or at the Central
Hanover Bank & Trust Co.
New
the purchase of $286,000 not
The bonds
are
to
exceed
4%
York.
issued for the purpose of
paying a portion of the cost of con¬
OHIO
CIRCLEVILLE, Ohio—BOND OFFERING—Lillian Young, City Audi¬
tor, will receive sealed bids Until
noon on
Aug. 10 for the purchase of $3,000
3M% coupon street improvement bonds.
Dated May 15, 1940.
Denom.
$1,000.
Due $1,000 on Sept. 15 from 1942 to 1944 incl.
Bidder may name
a
different rate of interest provided that fractional rates
are
expressed in
a
multiple of M of 1%.
Interest M-S.
A certified check for $100, payable to
order of the city, must
accompany each proposal.
(These bonds were originally scheduled for sale on July 15.)
CLEVELAND CITY SCHOOL DISTRICT.
Ohio—NOTES AUTHOR¬
IZED—Karl K. Morris, Clerk-Treasurer of the Board of
Education, re¬
ports the authorization of an issue of $2,650,000 tax
anticipation notes.
Dated as of the date of issuance.
Denoms. to suit purchaser.
Due in
six months, subject to call on or after Dec.
31, 1940, upon passage of a
resolution by the Board 10 days prior to
redemption date.
Prin. and int.
payable at the Irving Trust Co., New York City.
For the payment of
the notes, the sums to be received from the
September semi-annual set¬
tlement of taxes for the fiscal year 1940, shall be
appropriated, and the full
faith and credit of the Board of Education are
pledged for payment of the
notes.
COLUMBUS, Ohio—BOND SALE—The $203,720 coupon delinquent
tax No. 4 poor relief bonds offered
July 26—V. 151, p. 285—were awarded
to Ryan, Sutherland & Co. of
Toldeo, as lMs, at par plus a premium of
$363.33, equal to 100.178, a basis of about 1.21%
Dated. Aug. 1, 1940 and
1 as follows:
$25,720 in 1941; $25,000 from 1942 to 1945 incl. and
$26,000 from 1946 to 1948 incl.
Second high bid of 100.055 for 1
Ms was
made by Braun, Bosworth & Co. of Toldeo.
.
due Oct.
DEFIANCE CITY SCHOOL DISTRICT, Ohio—BOND OFFERING—
A. H. Latchaw, Cierk of the Board of
Education, will receive sealed bids
noon on Aug. 22 for the purchase of
$246,500 4% school improvement
bonds. Denoms. $1,000 and $500. Due as follows: $6,500 April 1 and $6,000
Oct. 1 from 1942 to 1954 incl.; $6,000 April 1 and Oct. 1 from
1955 to 1961
until
incl.
Bidder
rates are
may name a different rate of interest provided that fractional
expressed in
a
multiple of M of 1%.
in connection with issuance of the bonds have
Interest A-O.
oeen
Proceedings
taken under the direction
and
supervision of Taft, Stettinius & Hollister of Cincinnati, whose opinion
as to the legality of the issue will be furnished at
purchasers' expense.
A
certified check for $2,500, payable to order of the Board of
Education, must
accompany each proposal.
an
DOVER, Ohio—BONDS SOLD—The Sinking Fund Trustees purchased
issue of $7,000 2% street and sewer improvement bonds.
Dated April 1,
Volume
The Commercial & Financial Chronicle
'
151
1940.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1941 to 1947 incl.
Principal and interest (A.O) payable at the City Treasurer's office.
HUBBARD, Ohio—BOND OFFERING—A. J. O'Brien, Village Clerk,
•will receive sealed bids until noon (EST) on Aug. 10 for the purchase of
$14,571.50 334% coupon special assessment street improvement bonds.
Dated Aug.
1, 1940.
One bond for $796.50, others $725 each.
Due
$796.50 May 1 and $725 Nov. 1, 1942, and $725 on May 1 and Nov. 1 from
1943 to 1951 incl.
Bidder may name a different rate of interest provided
that fractional rates are expressed in a multiple of 34 of 1%.
Interest
M-N.
The bonds are issued in anticipation of the collection of special
assessments for street improvement purposes.
A certified check for $300,
payable to order of village, must accompany each proposal.
(Village had previously announced its intention to sell on July 13 an issue
of $14,573.10 334 % special assessment street improvement bonds.—V. 151,
p.
137.)
JEFFERSON COUNTY (P. O. Steubenville), Ohio—BOND
The $14,000 poor relief bonds offered July 30—V. 151, p. 287—were
to
Browning,
Co.
Tischler &
VanDuyn,
of Cincinnati, as
SALE—
awarded
134s, at par
Slus a premium of $16.80, equal July 1 from 1941 to 1947 incl. Other bids:
Dated
uly 1, 1940 and due $2,000 on to 100.12, a basis of about 1.22%.
Bidder—
-
Int. Rate
*
/
Premium
$7.70
Paine, Webber & Co_
134%
BancOhio Securities Co
134%
2.50
134 %
1-85
82.55
77.77
43.00
32.20
23.50
Par
Seasongood & Mayer
,
134 %
134%
J. A. White & Co
Charles A. Hinsch & Co
134%
Ryan, Sutherland & Co__.
Fullerton & Co
Stranahan.
134%
134%
;
Harris & Co
Veterans Aid Fund,
234%
Steubenville
Ohio—BONDS SOLD— The $60,000 3%
KENT,
water improvement
mortgage revenue bonds were sold at par as follows:
$25,000 to the Kent
National Bank, $20,000 to City Bank of Kent, and $15,000 to D. II.
Green
Estate.
approved
Legality
by
Squire,
Sanders &
Dempsey of
Cleveland.
(P. O. McConnellsville), Ohio—BOND OFFER¬
ING—Chester S. Strong, County Auditor, will receive sealed bids until
noon on Aug. 9 for the purchase of $10,000 3% courthouse bonds.
Dated
Oct. 1, 1940.
Denom. $1,000.
Due $1,000 on Oct. 1 in 1942, 1944, 1946,
1948, and from 1950 to 1955 incl.
Bidder may name a different rate of
interest provided that fractional rates are expressed in a multiple of 34 of 1 %.
Interest A-O.
A certified check for $100, payable to order of the County
Auditor, is required.
MORGAN COUNTY
HOLLAND, Ohio—BONDS AUTHORIZED—The Village
NEW
Council
July 8 authorized an issue of $27,000 434 % first mortgage water works
bonds.
Dated Aug. 1, 1940.
Denoms. $1,000 and $500.
Due
Aug. 1, as follows:
$500 from 1943 to 1947 incl.: $1,000, 1948 to 1967
incl. and $1,500 from 1968 to 1970 incl. Principal and interest (F-A) payable
at the Second National Bank of Cincinnati.
on
revenue
PERRY TOWNSHIP RURAL
SCHOOL DISTRICT (P. O. 216 Park
N. E., Massillon), Ohio—BOND SALE—The issue of $160,000
building bonds offered July 27—V. 151, p. 285—was awarded to the State
Teachers' Retirement System as 2s at par plus a premium of $832, equal
to 100.52, a basis of about 1.95%.
Dated June 1, 1940, and due as
follows:
$5,000, Nov. 1, 1941; $5,000, May 1 and Nov. 1 from 1942 to
1956 incl., and $5,000 May 1, 1957.
Second high bid of 100.316 for 2s
was made by Hawley, Huller & Co. of Cleveland.
View,
TOLEDO, Ohio—BOND OFFERING— Rudy Klein, City Auditor, wil
13 for the purchase of $385,000 3%
indebtedness liquidating bonds.
Dated Sept. 1, 1940.
Denom.
$1,000. Due $77,000 on Sept. 1 from 1946 to 1950 incl. Bidder may name
a different rate of interest provided that fractional rates are expressed in a
multiple of 34 of 1%. Principal and interest (M-S) payable at the Chemical
Bank & Trust Co., New York City.
Coupon bonds may be exchanged
for bonds registered as to principal and interest, at the request of the owner.
All proceedings incident to the proper authorization of this issue will be
taken under direction of a bond attorney whose opinion as to legality of
bonds may be procured by the purchaser at his own expense. Bonds to be
delivered to the buyer at Toledo. A certified check for 1 % of the amount of
bonds biu for, payable to order of the Commissioner of the Treasury, must
accompany each ju-oposal.
733
Rate Bid
Bidder—
Glover & MacGregor
103.989
Burr & Co
103.55
Capitol Bank & Trust Co. of Harrisburg
102.607
Dun cannon National Bank
102.00
First National Bank of New Springfield
102.00
Pa.—BOND OFFERING—Daisy U.
Gallagher, Secretary of the Board of School Directors, will receive sealed
bids until 8 p. m. on Aug. 14 for the purchase of $9,000 coupon high school
enlargement and equipment bonds of 1940.
Dated Oct. 1, 1940.
Denom.
$100.
Due Oct. 1 as follows:
$200 in 1943 and $400 from 1944 to 1965,
incl.
Callable on any interest date after Oct. 1, 1943, at par and accrued
interest.
Interest
payable A-O.
A certified check for $1,000 must
MOSCOW SCHOOL DISTRICT,
proposal.
accompany each
PHILADELPHIA, Pa.—BOND ELECTION—The voters will be asked
$42,000,000 sewer construction bond issue at the November
to approve a
general election.
Pa.—BOND
PITTSBURGH,
welfare
relief
bonds
offered
Bidder—
DISTRICT (P. O. Atwood), Okla.—BONDS
SOLD—The Superintendent of Schools reports that $2,150 improvement
bonds approved by the voters last May have been sold to Willis B. Askew
of Oklahoma
SCHOOL
City.
MAYSVILLE, Okla.—BONDS SOLD—The Town Clerk states that
$2,500 3% semi-annual water system bonds approved by the voters on
June 25, have been purchased by the First National Bank of Maysville.
VINITA, Okla.—BOND SALE DETAILS—In connection with the sale
light and power general obligation bonds to R. J. Edwards,
Inc. of Oklahoma City, at a net interest cost of about 2.72%, as noted here
•—V. 151, 1. 589—it is reported that the bonds were sold as follows: $24,000
maturing $8,000 Aug. 1, 1944 to 1946, as 134s, $64,000 maturing $8,000
Aug. 1, 1947 to 1954. as 234s, $24,000 maturing $8,000 Aug. 1, 1955 to
1957, as 2J4s, and $48,000 maturing $8,000 Aug. 1, 1958 to 1963, as 334s.
Dated Aug. 1, 1940.
Denom. $1,000.
Prin. and int. payable at the
fiscal agency of the State, in New York.
The bonds represent a direct and
binding obligation of the entire city, all taxable property therein being sub¬
ject to unlimited ad valorem taxes for the payment of both principal and
interest.
Legality approved by King & Fagin of Oklhahoma City.
of the $160,000
OREGON
DISTRICT NO. 6 (P. O. Central
SALE—The $20,000 coupon semi-annual school
July 29—V. 15i, p. 589—were awarded to the
Baker, Fordyce, Tucker Co. of Portland as 2s at a price of 100.31, a basis
of about 1.96%.
Dated July 1, 1940.
Due on Juiy 1 in 1941 to 1954.
SPRINGFIELD SCHOOL DISTRICT (P. O. Springfield), Ore.—
BONDS VOTED—The Superintendent of Schools states that the voters
approved the issuance of $100,000 in construction bonds at an election held
JACKSON
Bids
were
as
Ore.—BOND
Point),
on
Charles Clark &
Co., Philadelphia
Halsey, Stuart & Co., Inc., New York
Hemphill, Noyes & Co., New York, Phillips,
Schmertz &'Co., Pittsburgh and George G.
Applegate, Pittsburgh..
The Union Trust Co. of Pittsburgh, Pittsburgh.
UNION
VALE
HIGH
SCHOOL DISTRICT (P. O. Vale), Ore.—
bids will be received until 3 p. m. on Aug. 9
the purchase of $36,000 not to exceed 4% coupon
Dated July 1, 1940.
Denom. $500. Prin.
the State in N. Y. City, or at the
Treasurer's office.
The bonds are payable from an unlimited ad
tax and were authorized at the election held on June 24.
by the District Clerk for
semi-annual refunding bonds.
and int.
County
valorem
payable at the fiscal agency of
100.558
Int. Rate
1.75%
1.70%
1.75%
$1,366.60
270.00
117.00
Philadelphia and
George E. Snyder & Co., Philadelphia
M. M. Freeman & Co. Inc., Philadelphia
Lowber Stokes
1.90%
838.50
1,290.00
2.00%
1,714.50
2.00%
2.00%
Co.,
&
1,560.00
TOWNSHIP (P.
O. Uniontown), Pa..—BOND
OFFERING—Sealed bids will be received by the Township Secretary at
the office of O. W. Martin, 413 Second National Bank Bldg., Uniontown,
until 2 p. m. (EST) on Aug. 5 for the purchase of $20,000 4% coupon
funding and permanent road construction bonds.
Dated June 1, 1940.
Denom. $1,000.
Due $5,000 on June 1 from 1950 to 1953, incl.
Interest
J-D.
Registerable as to principal only.
UNION
SOUTH
POTTSGROVE
WEST
TOWNSHIP
SCHOOL DISTRICT
(P. O-
Stowe), Pa .—BOND OFFERING—H. W. Stauffer, Secretary of the Board
will receive sealed bids until 7:30 p. m. (DST) on Aug. 22
for the purchase of $22,500 2, 2 34, 2 34,2 34, 3,3 34, or 3 34, coup., registerable
as to principal only, building bonds.
Dated Sept. 1, 1940. One bond for
$500, others $1,000 each.
Due Sept. 1 as follows: $1,000 from 1941 to
1961 incl. and $1,500 in 1962.
Bidder to name a single rate of interest
payable M-S.
The bonds will be issued subject to approval of Townsend,
Elliott & Munson of Philadelphia.
A certified check for 2% of the bonds
bid for, payable to order of the District Treasurer, is required.
of School Directors,
ISLAND
RHODE
CENTRAL FALLS, R.
I.—BONDS SOLD—An issue of
from 1941 to
$200,000 work
1
bear 3% interest and mature $20,000 on June
1950, incl.
City Council approved the loan on May 27.
relief bonds was sold to
SOUTH
CAROLINA
SCHOOL DISTRICT NO. 5 (P.O. Charles¬
ton) S. C.—BONDS SOLD—It is stated that $19,000 4% semi-ann. im¬
provement bonds have been purchased jointly by G. H. Crawford & Co. or
Columbia, and George W. McCay of Charleston, paying a premium of
$57.25, equal to 100.301, a basis of about 3.96%. Dated June 1,1940. Due
as follows:
$1,000 in 1941 to 1953, and $2,000 in 1954 to 1956.
CHARLESTON COUNTY
INVESTMENT—A
S. C.—BONDS OFFERED FOR
offered
yield
$50,000 issue of 334% coupon semi-ann. refunding bonds is being
by Hamilton & Co. of Chester, for public subscription at prices to
from 1.50% to 3.15%, according to maturity.
Dated July 1, 1940. Due
on July 1 as follows:
$2,000,1942 to 1946; $3,000,1947 to 1951, and $5,000
1952 to 1956.
GREENWOOD, S. C—BONDS SOLD—The following 334% semi-ann.
bonds aggregating $200,000, are said to have been purchased
jointly*by Johnson, Lane, Space & Co. of Savannah, the Trust Co. or
refunding
Georgia, and the
Robinson-Humphreys Co., both of Atlanta, at a
$100,000 street improvement bonds.
Due July 1, as
and 1945, and $10,000 in 1946 to 1954.
price of
follows: $5,000 in 1944
,
^
100,000 sewerage extension bonas.
Due July 1 as follows: $1,000 in
1944 and 1945. $2,000 in 1946 to 1952. $3,000 in 1953 and 1954,
and $13,000 in 1955 to 1960.
'■
,
Dated July 1, 1940.
Legality approved by Nathans & Smkler of Charles¬
.
/•
ton'
CAROLINA, State of—NOTE SALE— The $25,000 semi-ann.
30—V. 151, p. 590—were awarded to the Peo¬
ples National Bank of Rock Hill as 134s, paying a premium of $31.75,
equal to 100.127, a basis of about 1.16%.
Dated Aug. 1, 1940. Due
$12,500 on Aug. 1 in 1941 and 1942.
SOUTH
notes
offered for sale on July
SOUTH
DAKOTA
INDEPENDENT SCHOOL DISTRICT
(P.
Dak.—PURCHASER—The District Clerk states that the
semi-ann. refunding bonds sold recently, as noted here—V.
were purchased by the Royal Neighbors of Rock Island, at
TRENT
S.
O. Trent),
$30,500 4 34%
151, p. 590—
par. Due on
Jan. 1 in 1942 to 1959.
TENNESSEE
July 23.
BOND OFFERING—Sealed
100.078
1.90%
Premium
.
Paine, Webber & Co., Chicago
Edw.
Rate Bid
100.18
134%
follows:
Bidder—
COUNTY SCHOOL
bonds offered for sale on
~coupon"Hpul^c
453—were awarded to
Int. Rate
1.70%
,
Charles Clark & Co
DARLINGTON,
OKLAHOMA
ATWOOD
$150,000
151, p.
Halsey, Stuart & Co., Inc
Hemphill, Noyes & Co.; Phillips, Schmerts & Co.,
and George G. Applegate
receive sealed bids until noon on Aug.
coupon
SALE—The
July 30—V.
Paine, Webber & Co. of Chicago as l)4s at par plus a premium of $1,366,
equai to 100.9106, a basis of about 1.65%.
Dated June 1, 1940, and due
June 1 as follows:
$8,000 from 1941 to 1958 incl., and $6,000 in 1959.
Among other bids were the following:
PARIS, Tenn.—BONDS AUTHORIZED—The City Council is said to
adopted a resolution calling for the issuance of not to exceed $35,000
public improvement bonds to be used in financing the city's share of a pro¬
posed Work Projects Administration street and sewer program.
have
TEXAS
Texas—BONDS OFFERED—Sealed bids were received
until 2 p. m. on Aug. 3, by the City Clerk, for the purchase of $35,000 not
to exceed 5% semi-ann. water works revenue bonds. Due $500 in 1942 and
1943. $1,000 in 1944 to 1963, and $2,000 in 1964 to 1970. The bonds shall
contain, at the option of the city, the right to redeem any or all of the bonds
after 15 years with and without the accelerated maturity clause.
These
are the bonds authorized at the election held on July 20.
AGUA DULCE,
PENNSYLVANIA
CLEARFIELD COUNTY (P. O. Clearfield), Vs.—BOND OFFERING
—Dan Gorman, County Comptroller, will receive sealed bids until
11
a. m.
(EST) on Aug. 15 for the purchase of $100,000 0.50%, 54%, 1%,
134 %. 134 %, 1J4 %, 2 %, 2 34 %, or 234 % coupon refunding bonds.
Dated
Sept. 1, 1940. Denom. $1,000.
Due $25,000 on Sept. 1 from 1941 to 1944,
incl.
Bidder to name a single rate
of interest, payable M-S.
Bonds regis-
principal only.
Payable as to prin. and int. at the County
Treasurer's office.
Purpose of the financing is to allow for refunding of now
outstanding callable bonds.
Sale will be subject to approving legal opinion
of Townsend, Elliott & Munson of Philadelphia.
A certified check for
2% of the bonds bid for, payable to order of the County Treasurer, is
required.
CRANESVILLE, Pa .—BOND SALE—The $11,000 3% coupon water
system bonds offered July 27—V. 151. p. 453—were awarded to the Albion
State Bank of Albion, at a price of 101.50, a basis of about 2.81%.
Dated
Aug. 1, 1940 and due $500 on Aug. 1 from 1944 to 1965 incl.; optional Aug. 1,
1950 or on any subsequent year.
The First National Bank of Albion, next
high bidder, named a price of 101.009.
DUNCANNON SCHOOL DISTRICT, Pa .—BOND SALE—The $12,800
terable
as
to
334% school bonds offered July 25—V. 151, p. 453—were awarded to
Phillips, Schmertz & Co. of Pittsburgh, at par plus a premium of $564.48,
equal to 104.41, a basis of about 3.05%.
Dated June 1, 1940. Due $800
on Dec. 1 from 1944 to 1959 incl.; except that the District reserves the right
after June 1, 1948 to advance the retirement of any or all of the bonds still
outstanding.
Other bids:
,
•
ALAMO HEIGHTS (P. O.
Alamo) Texas—BONDS
SOLD—The Deputy
that $50,000 334% semi-ann. street improvement bonds
approved by the voters at an election held on July 1, have been sold.
BOOKER, Texas—BONDS SOLD— The following refunding bonds ag
gregating $64,300 are said to have been purchased by Crummer & Co.
Inc., of Dallas, as 3s: $43,500 series 1939-A bonds, due on March 15,1959
and $20,800 series 1939-B bonds, due on March 15, 1963.
Town CJerk states
BURKBURNETT
Burkburnett),
INDEPENDENT
SCHOOL
DISTRICf (P. O.
Texas—BONDS SOLD—A $20,000 issue of 3% semi-annual
been purchased by the Farmers State Bank
refunding bonds is said to have
°f
FORTUSTOCKTON,
Texas—BONDS SOLD—A $10,000 issue
of 4%
bonds is said to have been purchased
& Co. of Austin.
Due on July 15 in
semi-annual water works improvement
July 11 by R. K. Dunbar
1948.
at par on
1941 to
CORPUS CHRISTI,
Texas—MATURITY—It is now reported that the
$875,000 3 34% semi-ann. tax-supported
Ranson-Davidson Co. of San Antonio, as
divided as follows:
bonds purchased at par by the
noted here—V. 151, p. 590—are
Aug.
$550,000 street improvement bonds.
Due Feb. 1, as follows: $15,000 in
1942, $20,000 1943 and 194.4, $15,000 in 1945 to 1947, $20,000
in 194K and 1949, $15,000 in 1950, $20,000 in 1951, $25,000 in
1952 to 1954, $20,000 in 1955 to 1957, $30,000 in 1958, $35,000 in
1959, $20,000 in 1960, $25,000 in 1961, $35,000 in 1962. $30,000
in 1963, $35,000 in 1964 and $30,000 in 1965.
325,000 sewer improvement and extension bonds. Due Feb. 1, as follows:
$25,000 in 1957. $30,000 in 1958, $50,000 in 1959, $35,000 in I960
and 1961. $40,000 in 1962, $35,000 in 1963 and 1964 and $40,000
_
in
Dated
Corpus
1965.
June
Christ!
Bosch & Floan, Porter Bldg., Portland, Ore., to reach them on or before
Aug. 15.
To the extent that funds are available, the lowest offerings will
accepted within reasonable price limitations, and the committee reserves
the rignt to reject any or all tenders.
According to the committee's records,
the range in market price during the past six months has been 29
high,
22Yi low, for certificates representing unstamped bonds; from 16 Y high
to 15 low for certificates representing stamped bonds.
Transactions have
been reported during tnat period at various prices within those limits.
Current bid prices on these certificates are reported as being 25 and 15,
respectively.
The last transaction in certificates representing unstamped
bonds of which we have record was made on July 3 at a price or 26 flat.
be
,
v
1, 1940.
Denon. $1,000.
Prin. and int. payable at the
National Bank of Corpus Christi.
These bonds were
authorized
by qualified electors and
payable from general ad valorem taxes
a direct obligation of the
city,
all taxable property therein within
by Dillon, Vandewater &
are
on
ISLAND COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 202
the limits prescribed by law.
Legality approved
Moore of New York and the Attorney General.
It
was
(P. O. Coupeville), Wash.—BOND OFFERING—Sealed bids will be re¬
a. m. on Aug. 10, by Allen Nienhaus, County Treasurer, for
the purchase of $14,000 school bonds.
Interest rate is not to exceed 5%,
payable annually.
Dated Aug. 20, 1940.
Denom. $500.
Bonds to run
for a period of 20 years, with option of the District to redeem any or all bonds
after two years from date of issue.
The various annual maturities of the
bonds will commence with the second year after the date of issue of the bonds
and will (as nearly as practicable) be in such amounts as will together with
interest on the outstanding bonds, be met by an equal annual tax levy for
the payment of the bonds and interest.
Prin. and int. payable at the
Countv Treasurer's office, or at the fiscal agency of tbe State in N. Y. City,
or at the State Treasurer's office.
Bidders are required to submit a bid
specifying: (a) the lowest rate of interest and premium, if any, above par,
at which such bidder will purchase the bonds; or (b) the lowest rate of
interest at which the bidder will purchase the bonds at par.
The bonds
are authorized by the laws of the State.
Enclose a certified chec* for 5%
ceived until 11
stated subsequently that A. S. Huyck & Co., of Chicago.
Sc
McClung
Knickerbocker, of Houston, R. K. Dunbar & Co., of Austin, Barcus,
Kindred & Co., of Chicago. Charles B. White & Co., of Houston, DunneIsrael Investment Co., of Wichita, and Dunn & Co., of San Antonio, were
associated with the above named in the purchase of the bonds.
GILMER, Texas—BOND SALE—The $35,000 water and sewer system
improvement bonds offered for sale on July 25—V. 151, p. 454—were
awarded jointly to the Farmers & Merchants National Bank, and the First
National Bank, both of Gilmer, as 3s at par, according to the City
Secretary.
Due on April 1 as follows: *1,000, 1941 to 1943; $2,000, 1944 to
1953, and
$4,000, 1954 to 1956; optional after 10 years.
HILL COUNTY ROAD DISTRICT NO. 5 (P. O.
HHlsboro), Texas
—BOND OFFERING—Sealed bids will be received until 10 a. m. on
Aug. 12
by the County Auditor for the purchase of $1,250 road bonds
of the amount of the bid.
at not less
than par.
VANCOUVER
HOUSTON, Texas—BOND OFFERING—We are informed by W. II.
Maunsell, City Controller, that sealed bids will be received until 10 a.m.
on Aug. 6, by H. C. Jacobs,
City Secretary, for the purchase of $100,000
SCHOOL
WEST
to
will pay all expenses incident to the issuance of the bonds.
Bonds approved
by Attorney General of the State of Texas and nationally recognized bond
attorneys.
Principal and interest payable at the Chase National Bank
of New York.
No split rate will be considered.
Bids must be in multiples
of *4 of 1 %.
Bids must be in strict conformity with notice of sale.
Bonds
issued under specific authority of
City Charter.
HURST SCHOOL DISTRICT (P. O. Fort Worth) Texas—BOND
SALE—The County Superintendent of Schools states that the
$10,000
4% semi-ann. construction bonds offered for sale without success on May 1,
noted here, have been since been
purchased by the State at
a
price of
par.
LAVACA COUNTY (P. O. Hallettsville) Texas—BOND OFFERING—
Sealed bids will be received by the
County Auditor until Aug. 17 for the
purchase of $45,000 3H% semi-ann. road and
bridge refunding bonds.
Dated Aug. 17, 1940. Due April
10, as follows: $1,000 in 1950 and 1951,
$2,000 in 1952 and 1953. $3,000 in 19.54, $4,000 in
1955, $2,000 in 1956,
$3,000 in 1957 and 1958, $4,000 in 1959, and $10,000 in 1960 and 1961.
LEWISVILLE, Texas—BONDS SOLD—It is reported that $49,000 5K %
semi-annual water works
refunding of 1940 bonds have been purchased at
par by Moss. Moore & Cecil, Inc., of Dallas.
Due on June 1 in 1941 to
1905.
*
McMULLEN COUNTY (P. O.
Tilden), Texas— BOND OFFERING—
It is reported that sealed bids will be
received until Aug. 24 by the County
Auditor for the purchase of $5,000
5% semi-annuai court bouse improve¬
ment
bonds.
(P.
O.
Vancouver),
Wash.—
ing bonds, according to report.
Bids must be for all
or none of the bonds.
A $2,000 certified check, payable
Mayor O. F. Holcombe, must accompany the bid.
Delivery anticipated on or about Sept. 10.
Bids must be for all or none
of the bonds.
Payment to. be made on delivery at Houston, with attorney's
final opinion.
City reserves right to reject or accept any or all bids.
City
DISTRICT
BOND ELECTION—At the primary election to be held on Sept. 10, the
voters will be asked to pass on the proposed issuance of $160,000 in build¬
feneral improvement bonds. 1941 to 1950 incl. Dated Sept. 1, 1940.
Denom. $1,000. Interest payable M-S.
>ue $10,000 on Sept.
1 in
as
3, 1940
fund for the purchase of certificates of deposit for 5K% bonds due 1943.
All tenders should be made to the committee's sinking fund agent, Warrens,
OHIO
COUNTY
(P. O.
VIRGINIA
Wheeling), W. Va .—BOND OFFERING—11
is stated by I. T. Killeen, Clerk of the Board of County Commissioners,
that he will receive sealed bids until 11 a. m. on Aug. 20, for the purchase
of
a
$500,000 issue of 2Y% court house bonds.
Interest payable J-J.
$1,000.
Dated July 1, 1940.
Due 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
Denom.
in
1956 and 1957; $15,000 in 1960 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,GC0 in 19)3, 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 proviaed in a resolution
of the Board dated June 12.
Prin. and int. payable at-the State Treas¬
urer's office, or at the National City Bank, New York.
No bid for less
than all of the bonds will be considered.
value of the bonds will be considered.
No bid which is less than the par
Legal provisions have been made
by the Board of County Commissioners for the levy and collection of
a
direct annual tax sufficient in amount to meet the payment of the interest
principal of the bonds; which shall have precedent over all other taxes
for general county purposes whatsoever, except levies for bonded debt in¬
debtedness in and for the county; (there being no debts incurred by the
Board prior to Nov. 8, 1932.)
The levies do not exceed any constitutional
and
or statutory limitation, and the amount of the
bonds
other indebtedness of the county, does not exceed any
stitutional limitation thereon. - For the payment of both
interest of the bonds, the full faith, credit and resources
together with all
statutory or con¬
the principal and
of the county are
irrevocably pledged within the limits prescribed by the State Constitution.
The validity of the bond issue has been
approved by the Attorney-Gen¬
eral under the terms of
ORANGE, Texas—BONDS SOLD—An issue of $136,000 4% semi-ann.
first mortgage sanitary sewer
system refunding bonds is said to have been
purchased at par by C. W. McNear & Co. of
Chicago.
SAN
BENITO, Texas—BONDS
SOLD—It is reported that $676,753.43
refunding, series of 1939 bonds have been purchased by the RansonDavidson Co. of San Antonio, as
3s, 4s and 5s, paying par. Due on March 1
in
1943 to 1972.
Chapter 13, Article 1, Section 25 of the Code of
West Virginia for the year 1937.
No review of the approval of the At¬
torney-General was applied for under said section, and as a consequence,
under the provisions of the section, no one
SOLD—The following bonds aggregating
$117,000, offered for sale on May 11 without success, as noted here—V.
150,
p. 3550—were purchased on July 22
by Fenner & Beane, Milton R. Under¬
wood & Co., and
McCiung & Knickerbocker, all of Houston, jointly, as
4s, at par;
•
$50,000 general obligation tax bonds.
nnn
67,000
1943 to 1?51^ *3,000 in 1952
water and
Due June 1
as
follows:
$1,000 in
to 1958; and $4,000 in 1959 to 1963.
sewer
revenue bonds.
Due June 1 as follows:
$2,000
1944; $3,000 in 1945 to 1959; and $4,000 in 1960 to 1963.
authority of Articles 1111 to 1118.
Revised Civil
Statutes of Texas, as
amended, and are to be secured by a first
lien on, and
pledge of, the revenues of the water works and sewer
system of the city after deducting the reasonable
expense of mainte¬
in 1942 to
Issued
nance
under
and
VIRGINIA, State of—BOND OPTION NOT EXERCISED—It
is stated that the syndicate headed
by F. S. Moseley & Co. of New York,
which purchased on July 23 the $500,000 road bonds, as
reported here in
detail—V. 151. p. 590—did not exercise its option to
purchase an additional
block of $500,000 bonds on July 26.
WHEELING, W. Va .—BOND OFFERING—It is stated by Howard C.
Lane, City Clerk, that he will receive sealed bids until 11 a. m. on Aug. 17,
for the purchase of the following bonds
aggregating $1,200,000: $500,000
bridge repair and rights-of-way; $120,000 streets and boulevards; $180,000
$50,000 colored recreation center; $250,000 city-county building;
$50,000 fire stations; $20,000 workshops and garages, and $30,000 municipal
department equipment bonds.
sewers;
WISCONSIN
operation.
June» .1940.
Denom. $1,000.
The bonds
optional June 1,
on 30 days' published notice
maturity and number.
DOUGLAS COUNTY (P.
are
1952, or on any interest paying date thereafter
at par and accrued
interest in inverse order of
SOUTH PARK INDEPENDENT
SCHOOL DISTRICT (P. O. BeauTexas—BOND ELECTION—It is reported that an election will be
has the right to contest in
bid for, payable to the Board of County Commissioners.
WEST
Texas—BONDS
now
any court or in any action or proceeding the legality of the bonds here con¬
or the tax
required to pay the same for any cause whatsoever. En¬
close a certified check for 2% of the face value of the amount of bonds
sidered,
O.
Superior),
Wis .—BOND OFFERING—
Sealed bids will be received until 2 p. m. on
Aug. 21, by S. P. Gray, County
Clerk, for the purchase of a *200.000 issue of not to exceed 4% coupon
semi-ann. poor relief bonds.
Dated Sept. 1, 1940.
Due $20,000 on Sept. 1
in 1941 to 1950 incl.
A certified check for $4,000 must accompany the bid.
P??
I ^
school
17Jn 9rder to have
w
voters pass on the issuance of $85,000
building bonds.
WEST
COLUMBIA SCHOOL DISTRICT
Texas—BONDS SOLD—The District
nasium bonds approved
by the
voters
(P.
O.
West Columbia)
Secretary states that $20,000 gym¬
on July 6, have been sold.
UTAH
LEHI, Utah—BOATDS SOLD—A $25,000 issue of electric light plant extern¬
al
i8™.saI* »° h?ve 1?een Purchased by Edward L. Burton & Co. of
Halt Lake
.
t
City, following the approval by the voters at
a recent
election.
VERMONT
cSALE—The $50,000
coupon
bonds offered
o.1prn£90_rw?re awarded to R. K. Webster & Co. of New
York as Is, at
100.599, a basis of about 0.80%.
Sale consisted of:
$45,000 street improvement bonds.
Due $9,000 on July 1 from 1941 to
1945, inclusive.
5,000 sidewalk and curbing bonds.
Due $1,000 on July 1 from 1941 to
1945, inclusive.
wA1L °Lth?i,bon487^iU
dated July 1, 1940.
i
nn
in
(P.
O.
what
is
Aug. 1, 1941 to 1955,
1965, as 2%s.
as
2Hs, and $40,000 maturing $4,000 Aug. 1, 1956
to
CANADA
AMHERST,
N.
Toronto obtained
bonds at
a
a
S.—OPTION GRANTED—W. C. Pitfield & Co. of
30-day option on an issue of $28,000 municipal airport
price of 97.58.
CANADA (Dominion of)—TREASURY BILL FINANCING—An issue
of three-months
of
Treasury bills
0.673%.
was
sold at
an average cost to
the Govern¬
HESPELER, Ont.—BOND
VIRGINIA
COUNTY
FILED—In
WASHAKIE COUNTY HIGH SCHOOL DISTRICT (P. O.
Worland)
Wyo.—BOND SALE DETAILS—In connection with the sale of the $100,
000 building bonds to the First Security Trust Co. of Salt Lake
City, as
noted here—V. 151, p. 590—it is stated that Edward L. Burton &
Co., of
Salt Lake City. Kalman & Co., of St. Paul, and the Continental National
Bank & Trust Co., of Salt Lake City, were associated with the above named
in the purchase of the bonds, paying a
premium of $107.50, equal to 100.107,
a net interest cost of about
2.649%, as follows: $60,000 maturing $4,000
ment
FAIRFAX
PETITION
ever filed in Wyoming by a munici¬
pality. the Town of Manville recently entered in the Federal District Court
at Cheyenne a petition seeking
bankruptcy designation and the cancellation
of bonded debt aggregating
$119,500.
Included in the bonds to be can¬
celed are:
$20,000 water bonds, Aug. 1, 1913; $20,000 water bonds, July 1,
1918; $25,000 water bonds, April 1, 1920; $17,000 sewer bonds, July 1,
1918, and $37,500 water bonds, Jan. 1. 1922.
Other bidders: For Is—
rvf' innUSrT
i' ^0'5?4; R. L. Day & Co., 100.591; Halsey. Stuart
E SvxJ Tyler & Co.
100.33; Chace, Whiteside <fc Symonds, 100.31;
wSS»i5.SnW ono'aHonai Shawmut Bank, 100.202; Salomon
1
^mS'l? ' InV^no!!1118^ S,ons- 100.119; First of Michigan
more
UK?052
Burr, 100.029. For 114&—Ballou, Adams & WhitteA
WYOMING
MANVILLE, Wyo.—BANKRUPTCY
believed to be the first action of its kind
SALE—Harrison & Co. of Toronto pur
3Yi % sewage disposal plant bonds at a price o
3.38%.
Due serially from 1941 to 1955 incl.
Second high bid of 100.77 was made by Harris, Ramsay & Co. of Toronto.
chased
Fairfax) Va.—BOND ELECTION—An
oifth'e'iHsuanceo°r jls^OO^c^lboncu; 7 in°rder t0 have tbe votere
pass
an
100.826,
a
issue of $14,000
basis of about
MILLTOWN, N. B.—BOND SALE—A
group
composed of T. M. Bell
& Co., F. J. Brennan & Co. and the Eastern Securities Co., all of St.
John,
purchased an issue of $55,000 4% improvement bonds.
and due serially from 1941 to 1955 incl.
WASHINGTON
DIST^IVTZNO01|NTv
that the bondholders
uON^£i?£TED DIKING
IMPROVEMENT
protective committee nas cash
available in the sinking
Dated July 1, 1940
MONCTON, N. B.—BOND SALE—Wood. Gundy & Co. of Toronto and
the Eastern Securities Co. of St. John, jointly, purchased an issue of
$327,50n 5% water works and paving sinking fund bonds.
Dated July 1. 1940
and due in 1960.
@FedFRASER